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

                     A S I A   P A C I F I C

          Monday, November 24, 2025, Vol. 28, No. 234

                           Headlines



A U S T R A L I A

ARROTEX AUSTRALIA: FS KKR Marks AU$10.8MM Loan at 34% Off
ART OF MENTORING: First Creditors' Meeting Set for Nov. 26
CENTURION CAPITAL: ASIC Suspends AFS Licence Until April 2026
DERRIMUT 247: Administrator Gets More Than 10 Bid for Assets
FITLINK BROWNS: First Creditors' Meeting Set for Dec. 1

HOME CARE: First Creditors' Meeting Set for Nov. 28
INOVA PHARMACEUTICALS: FS KKR Marks AU$3.9MM 1L Loan at 26% Off
MB CONSTRUCTION: First Creditors' Meeting Set for Nov. 28
MH QUEENSLAND: First Creditors' Meeting Set for Nov. 28
ONE26 FINANCIAL: First Creditors' Meeting Set for Nov. 28

STAR ENTERTAINMENT: Cuts 70 Senior Jobs Ahead of Bally's Takeover
STAR ENTERTAINMENT: Qld, NSW Approve US-led Rescue Deal


C H I N A

COUNTRY GARDEN: US Approval of Debt Restructuring Put on Hold
LONGFOR GROUP: S&P Downgrades ICR to 'BB-' on Weakening Sales
RETO ECO-SOLUTIONS: Sets Annual Shareholder Meeting for December 23
WEST CHINA CEMENT: Fitch Gives B(EXP) LongTerm IDR, Outlook Stable
WEST CHINA CEMENT: S&P Assigns Prelim. 'B+' ICR, Outlook Stable



I N D I A

A.V.R.N. HOTELS: CRISIL Keeps B- Debt Ratings in Not Cooperating
AKASH AGRO: CRISIL Keeps B Debt Ratings in Not Cooperating
ALPINE SHOES: Ind-Ra Keeps D Loan Rating in NonCooperating
ANJANI ROLLER: CRISIL Keeps B Debt Rating in Not Cooperating
APEX COCO: Ind-Ra Hikes Bank Loan Rating to B, Outlook Stable

APOLLO ENTERPRISES: CRISIL Keeps C Ratings in Not Cooperating
ATC CHEMICALS: CRISIL Keeps B Debt Ratings in Not Cooperating
AURO MIRRA: CRISIL Keeps B Debt Ratings in Not Cooperating
AVADHOOT PAPER: CRISIL Keeps B+ Debt Rating in Not Cooperating
B. BUCHA: CRISIL Keeps D Debt Ratings in Not Cooperating Category

BADDI INFRASTRUCTURE: CRISIL Keeps B Rating in Not Cooperating
BALDEO METALS: CRISIL Keeps D Debt Ratings in Not Cooperating
BHARAT HATCHERIES: CRISIL Keeps B Debt Ratings in Not Cooperating
BHARAT PLUS: CRISIL Keeps B Debt Rating in Not Cooperating
CHEMM FINANCE: Ind-Ra Cuts Loan Rating to B+

CHENAB INDUSTRIES: CRISIL Keeps D Ratings in Not Cooperating
CREATIVE COMPONENTS: CRISIL Withdraws B Rating on INR4.92cr Loan
DEWAN CHAND: CRISIL Keeps D Debt Ratings in Not Cooperating
GANGA KNIT: CRISIL Keeps D Debt Rating in Not Cooperating
GAURI INTERNATIONAL: CRISIL Keeps D Ratings in Not Cooperating

GOUTHAMI HATCHERIES: CRISIL Keeps D Ratings in Not Cooperating
GOVAAN STEELS: CRISIL Keeps D Debt Ratings in Not Cooperating
HARA GOURI: CRISIL Keeps D Debt Ratings in Not Cooperating
HOSHIARPUR ROLLER: CRISIL Keeps D Debt Ratings in Not Cooperating
INNOVA FABTEX: CRISIL Keeps D Debt Ratings in Not Cooperating

JAI HANUMAN: CRISIL Keeps D Debt Ratings in Not Cooperating
JAIPRAKASH ASSOCIATES: Adani Gets Creditors Nod to Buy Company
KAYGAON PAPER: Ind-Ra Affirms BB+ Loan Rating, Outlook Stable
M P ENTERTAINMENT: Ind-Ra Withdraws B- Bank Loan Rating
MARK INTERNATIONAL: CRISIL Keeps B+ Ratings in Not Cooperating

SIMBHAOLI SUGARS: CRISIL Moves D Debt Rating to Not Cooperating
SUSTAINABLE IMPACT: Ind-Ra Cuts Bank Loan Rating to D
VARUN JAL: CRISIL Upgrades Rating on INR34.6cr Term Loan to B+
WAVE BEVERAGES: Ind-Ra Moves BB+ Loan Rating to NonCooperating


M A L A Y S I A

1MDB: High Court Verdict for Najib Case Scheduled for Dec. 26


N E W   Z E A L A N D

BOURTON FARMS: BDO Wellington Appointed as Liquidators
COLORWAY PRINT: Court to Hear Wind-Up Petition on Nov. 27
FAYE CONSTRUCTION: Court to Hear Wind-Up Petition on Nov. 27
PATRICK JAMES: BDO Christchurch Appointed as Receivers
YVAPA PANEL: Grant Bruce Reynolds Appointed as Liquidator



P H I L I P P I N E S

ASTARA PHILIPPINES: Set to Cease Operations in January 2026


S I N G A P O R E

CARCELL THERAPEUTICS: Commences Wind-Up Proceedings
CENTURY INFINITE: Court to Hear Wind-Up Petition on Dec. 5
ENERGE ASIA: Court to Hear Wind-Up Petition on Nov. 28
GLOBAL MARITIME: Court to Hear Wind-Up Petition on Nov. 28
MYROOM RETAIL: Court Enters Wind-Up Order



V I E T N A M

ANZ BANK: Fitch Affirms 'BB+' Foreign Currency IDR, Outlook Stable
HSBC BANK: Fitch Affirms 'BB+' Foreign Currency IDR, Outlook Stable
STANDARD CHARTERED: Fitch Affirms BB+ LongTerm Foreign Currency IDR
VINFAST AUTO: Net Loss Widens to VND24 Trillion in Q3

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A U S T R A L I A
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ARROTEX AUSTRALIA: FS KKR Marks AU$10.8MM Loan at 34% Off
---------------------------------------------------------
FS KKR Capital Corp. has marked its AU$10,800,000 loan extended to
Arrotex Australia Group Pty Ltd to market at AU$7,100,000 or 66% of
the outstanding amount, according to FS KKR's Form 10-Q for the
quarterly period ended September 30, 2025, filed with the U.S.
Securities and Exchange Commission.

FS KKR is a participant in a First Lien Senior Secured Loan to
Arrotex Australia Group Pty Ltd. The loan accrues interest at a
rate of 6.00% per annum. The loan matures on June 2028.

FS KKR was incorporated under the general corporation laws of the
State of Maryland on December 21, 2007 and formally commenced
investment operations on January 2, 2009. The Company is an
externally managed, non-diversified, closed-end management
investment company that has elected to be regulated as a business
development company, or BDC, under the Investment Company Act of
1940.

The Company's investment objectives are to generate current income
and, to a lesser extent, long-term capital appreciation. The
Company's portfolio is comprised primarily of investments in senior
secured loans and second lien secured loans of private
middle-market U.S. companies and, to a lesser extent, subordinated
loans and certain asset-based financing loans of private U.S.
companies.

FS KKR is led by Michael C. Forman as Chief Executive Officer and
Steven Lilly as Chief Financial Officer.

The Fund can be reach through:

     Michael C. Forman
     FS KKR Capital Corp.
     201 Rouse Boulevard
     Philadelphia, PA 19112
     Tel. No.: (215) 495-1150

          About Arrotex Australia Group Pty Ltd

Arrotex is one of Australia's pharmaceutical providers, offering
branded and generic medicines, and fulfilling 1 in 2 PBS scripts,
with over 350 medicines.


ART OF MENTORING: First Creditors' Meeting Set for Nov. 26
----------------------------------------------------------
A first meeting of the creditors in the proceedings of Art of
Mentoring Pty Ltd will be held on Nov. 26, 2025 at 10:30 a.m. at
the offices of Jirsch Sutherland at Level 30, 140 William Street in
Melbourne and via teleconferencing facilities.

Malcolm Kimbal Howell of Jirsch Sutherland was appointed as
administrator of the company on Nov. 17, 2025.


CENTURION CAPITAL: ASIC Suspends AFS Licence Until April 2026
-------------------------------------------------------------
The Australian Securities & Investments Commission (ASIC) has
suspended the Australian financial services (AFS) licence of
Centurion Capital Limited until April 21, 2026.

The AFS licence was suspended because Centurion failed to meet its
statutory audit and financial reporting lodgement obligations for
the company and the BTR Real Estate Investment Fund (Fund) for the
financial years ending 2022, 2023 and 2024.

At the end of the suspension period, ASIC may take further action
if Centurion fails to rectify these breaches.

Centurion may apply to the Administrative Review Tribunal for a
review of ASIC's decision.

Centurion has held an AFSL since Dec. 22, 2009. The licence
authorises Centurion to provide financial product advice and deal
in a range of financial products, operate the Fund and provide
custodial and depository services to retail and wholesale clients.


DERRIMUT 247: Administrator Gets More Than 10 Bid for Assets
------------------------------------------------------------
The Greek Herald reports that HM Advisory, the administrator to
Derrimut Gyms, has confirmed more than 10 parties have lodged an
expression of interest with the administrator to purchase the
business and assets of the Derrimut Gyms. No details of the
interested parties can be disclosed as they are in the process of
signing confidentiality deeds.

On Nov. 5, HM Advisory's Stephen Dixon was appointed as
administrator to Derrimut Gyms which includes three companies –
Derrimut 247 Gym (VIC) Pty Ltd, Derrimut 247 Gym (SA) Pty Ltd and
ACN 139 283 104 Pty Ltd. The latter is the Trustee of the Solomos
Family Trust.

The administrator is currently investigating the financial affairs
of the companies and the impact for creditors and stakeholders
generally.

According to the Greek Herald, HM Advisory understands debts total
in excess of AUD40 million, however, the administrator will have a
more definitive amount as he prepares for a potential Deed of
Company Arrangement or a sale of the Companies' business and
assets.

The Greek Herald relates that the first meeting of creditors was
held on November 17, where creditors were updated on the financial
position of the companies and ongoing trading generally.

The creditors in attendance formed a Committee of Inspection with
10 members being nominated.

While HM Advisory continues to investigate the financial affairs of
Derrimut Gyms, it will be business as usual at the gyms.

On November 17, Dixon was also appointed as administrator of an
additional seven entities of the Derrimut Group, the Greek Herald
adds.


FITLINK BROWNS: First Creditors' Meeting Set for Dec. 1
-------------------------------------------------------
A first meeting of the creditors in the proceedings of Fitlink
Browns Plains Pty Ltd, Fitlink Bundall Pty Ltd, and Fitlink
Beenleigh Pty Ltd will be held on Dec. 1, 2025 at 10:00 a.m. via
virtual meeting (MS Teams meeting).

Lee Crosthwaite of Worrells was appointed as administrator of the
company on Nov. 19, 2025.


HOME CARE: First Creditors' Meeting Set for Nov. 28
---------------------------------------------------
A first meeting of the creditors in the proceedings of Home Care
Geelong Pty Ltd will be held on Nov. 28, 2025 at 11:00 a.m. via
electronic means.

Stephen John Michell of PCI Partners was appointed as administrator
of the company on Nov. 28, 2025.


INOVA PHARMACEUTICALS: FS KKR Marks AU$3.9MM 1L Loan at 26% Off
---------------------------------------------------------------
FS KKR Capital Corp. has marked its AU$3,900,000 loan extended to
iNova Pharmaceuticals (Australia) Pty Limited to market at
AU$2,900,000 or 74% of the outstanding amount, according to FS
KKR's Form 10-Q for the quarterly period ended September 30, 2025,
filed with the U.S. Securities and Exchange Commission.

FS KKR is a participant in a First Lien Senior Secured Loan to
iNova Pharmaceuticals (Australia) Pty Limited. The loan accrues
interest at a rate of 4.80% per annum. The loan matures on November
2031.

FS KKR was incorporated under the general corporation laws of the
State of Maryland on December 21, 2007 and formally commenced
investment operations on January 2, 2009. The Company is an
externally managed, non-diversified, closed-end management
investment company that has elected to be regulated as a business
development company, or BDC, under the Investment Company Act of
1940.

The Company's investment objectives are to generate current income
and, to a lesser extent, long-term capital appreciation. The
Company's portfolio is comprised primarily of investments in senior
secured loans and second lien secured loans of private
middle-market U.S. companies and, to a lesser extent, subordinated
loans and certain asset-based financing loans of private U.S.
companies.

FS KKR is led by Michael C. Forman as Chief Executive Officer and
Steven Lilly as Chief Financial Officer.

The Fund can be reach through:

     Michael C. Forman
     FS KKR Capital Corp.
     201 Rouse Boulevard
     Philadelphia, PA 19112
     Tel. No.: (215) 495-1150

        About iNova Pharmaceuticals (Australia) Pty Limited

iNova Pharmaceuticals (Australia) Pty Limited is a pharmaceutical
company that develops, markets, and sells non-prescription
medicines and prescription medicines.


MB CONSTRUCTION: First Creditors' Meeting Set for Nov. 28
---------------------------------------------------------
A first meeting of the creditors in the proceedings of MB
Construction Group Pty. Ltd. will be held on Nov. 28, 2025 at 11:00
a.m. at the offices of RSM Australia at Level 27, 120 Collins
Street in Melbourne and via virtual meeting technology.

Frank Lo Pilato and Adrian Hunter of RSM Australia Partners were
appointed as administrators of the company on Nov. 18, 2025.


MH QUEENSLAND: First Creditors' Meeting Set for Nov. 28
-------------------------------------------------------
A first meeting of the creditors in the proceedings of MH
Queensland Pty Ltd will be held on Nov. 28, 2025 at 10:30 a.m. via
virtual meeting (MS Teams meeting).

Lee Crosthwaite of Worrells was appointed as administrator of the
company on Nov. 18, 2025.


ONE26 FINANCIAL: First Creditors' Meeting Set for Nov. 28
---------------------------------------------------------
A first meeting of the creditors in the proceedings of One26
Financial Services Group Pty Ltd will be held on Nov. 28, 2025 at
10:00 a.m. via virtual meeting only.

Geoffrey Trent Hancock and Andrew John Spring of Jirsch Sutherland
were appointed as administrators of the company on Nov. 18, 2025.


STAR ENTERTAINMENT: Cuts 70 Senior Jobs Ahead of Bally's Takeover
-----------------------------------------------------------------
The Australian Financial Review reports that Star Entertainment is
axing up to 40 senior positions across the business in an effort to
cut costs ahead of the arrival of its new majority owners.

According to the Financial Review, American casino giant Bally's
Corporation and the billionaire Mathieson family are waiting on
probity approvals to take control of Star, which has faced extreme
financial pressure over the past 18 months.

The Financial Review relates that people familiar with the
regulatory approvals, who are not authorised to speak publicly,
said probity for Bally's and the Mathiesons could be finalised as
early as last week, five months after shareholders approved the
AUD300 million deal.

The decision will coincide with a company-wide restructure
announced internally last week by Star's chief executive Steve
McCann, the Financial Review relays. A business update sent last
week to staff said the group was making the changes to improve
operations and set up the business for the future.

"We continue to navigate financial and environmental challenges
while remaining firmly focused on building a stronger, future-ready
organisation," the Financial Review quotes Mr. McCann as saying.
"To support this, we've reviewed our structure to best align with
the group and property strategies.

"Unfortunately, this will mean some job losses, which will be
challenging for people, and we ask that everyone works to manage
through this process with respect and support for each other," Mr.
McCann wrote on November 10, adding that he would look to hire
staff in new areas.

Star declined to comment. The Financial Review says the cuts are
not a directive of the company's major shareholder in waiting,
which has separately flagged intentions to introduce changes to the
business.

Soo Kim, chairman of Star's new controlling investor Bally's, said
in April the casino operator needed new executives, arguing it had
been badly managed, the Financial Review recalls.

"The definition of insanity is doing the same thing over again and
again and expecting a different result," Mr. Kim said at the time.
"We need to put different executives in there – this particular
mix of executives has generated poor operating performance."

                     About Star Entertainment

The Star Entertainment Group Limited (ASX:SGR) --
https://www.starentertainmentgroup.com.au/ -- is an Australia-based
company that provides gaming, entertainment and hospitality
services. The Company operates The Star Sydney (Sydney), The Star
Gold Coast (Gold Coast) and Treasury Brisbane (Brisbane). The
Company operates through three segments: Sydney, Gold Coast and
Brisbane. Sydney segment consists of The Star Sydney's casino
operations, including hotels, restaurants, bars and other
entertainment facilities. Gold Coast segment consists of The Star
Gold Coast's casino operations, including hotels, theatre,
restaurants, bars and other entertainment facilities. Brisbane
segment includes Treasury's casino operations, including hotel,
restaurants and bars. The Company also manages the Gold Coast
Convention and Exhibition Centre on behalf of the Queensland
Government. The Company also owns Broadbeach Island on which the
Gold Coast casino is located.

The Star Entertainment Group posted three consecutive annual net
losses of AUD198.6 million, AUD2.43 billion and AUD1.68 billion for
the years ended June 30, 2022, 2023, and 2024, respectively.

The casino operator posted a statutory net loss after tax of
AUD471.5 million for the year ended June 30, 2025.

As reported in the the Troubled Company Reporter-Asia Pacific on
Jan. 21, 2025, Star Entertainment has warned that it faces
"material uncertainty" over its ability to stay afloat unless it
finds a solution to its worsening financial woes.

In a quarterly update to investors on Jan. 20, ASX-listed Star said
its revenue had fallen 15 per cent in the December quarter, citing
ongoing weakness in its operating performance. It pointed to a
"challenging" consumer environment, the impact of carded play in
NSW, and expenses caused by a series of regulatory and compliance
problems.

STAR ENTERTAINMENT: Qld, NSW Approve US-led Rescue Deal
-------------------------------------------------------
ABC News reports that Queensland and New South Wales gaming
authorities have given the green light to a US-led rescue package
for the embattled Star Entertainment Group.

Earlier this year, Star agreed to a AUD300 million lifeline from US
gambling giant Bally's, as well as Investment Holdings Pty Ltd,
which is controlled by pub baron Bruce Mathieson and his family.

The move was approved by shareholders in June, the ABC notes.
Combined the two companies will own more than half of the embattled
casino operator.

On Nov. 21, Queensland Attorney-General Deb Frecklington announced
she had given both Bally's and Investment Holdings the necessary
regulatory sign offs, according to the ABC.

She said an investigation by the state's Office of Liquor and
Gaming Regulation had deemed both entities to be "suitable".

"Following this investigation, and after careful review of the
material presented to me, I have now granted the necessary
regulatory approvals, which will allow Bally's Corporation and
Investment Holdings to convert their debt into equity in The Star,
at their discretion," the ABC quotes Ms. Frecklington as saying.

"This will provide both entities with a significant ownership stake
and influence over the management of The Star's casino operations
in Queensland."

The ABC adds that the NSW Independent Casino Commission (NICC) also
announced it had given Bally's the necessary approvals to become a
substantial shareholder of The Star.

The ABC relates that NICC chief commissioner Philip Crawford said
Bally's and its associated entities had undergone a rigorous
assessment.

He confirmed they had satisfied the NICC that there were no adverse
findings that would prevent them from becoming close associates of
Star.

The NICC also announced it had approved a proposal from Investment
Holdings to increase its shareholding in Star.

"Both the close associate approvals and the major change approval
for The Star will allow Bally's and Investment Holdings to move
forward with their financial and operational commitments in respect
of The Star which we anticipate will be happening very soon," the
ABC quotes Mr. Crawford as saying.

In an announcement to the ASX, Star said the approvals would enable
the conversation of Bally's and Investment Holdings' AUD300 million
investment into equity, the ABC reports.

It will also allow Star to nominate new members to its board.

In a statement, Star's chair Anne Ward said the group was pleased
with the regulatory approvals.

"This is a critical step in The Star's progress towards a return to
suitability and financial stability," she said.

"We look forward to working with each of Bally's and Investment
Holdings to facilitate an orderly transition and to provide a
pathway for a successful future for The Star."

                     About Star Entertainment

The Star Entertainment Group Limited (ASX:SGR) --
https://www.starentertainmentgroup.com.au/ -- is an Australia-based
company that provides gaming, entertainment and hospitality
services. The Company operates The Star Sydney (Sydney), The Star
Gold Coast (Gold Coast) and Treasury Brisbane (Brisbane). The
Company operates through three segments: Sydney, Gold Coast and
Brisbane. Sydney segment consists of The Star Sydney's casino
operations, including hotels, restaurants, bars and other
entertainment facilities. Gold Coast segment consists of The Star
Gold Coast's casino operations, including hotels, theatre,
restaurants, bars and other entertainment facilities. Brisbane
segment includes Treasury's casino operations, including hotel,
restaurants and bars. The Company also manages the Gold Coast
Convention and Exhibition Centre on behalf of the Queensland
Government. The Company also owns Broadbeach Island on which the
Gold Coast casino is located.

The Star Entertainment Group posted three consecutive annual net
losses of AUD198.6 million, AUD2.43 billion and AUD1.68 billion for
the years ended June 30, 2022, 2023, and 2024, respectively.

The casino operator posted a statutory net loss after tax of
AUD471.5 million for the year ended June 30, 2025.

As reported in the the Troubled Company Reporter-Asia Pacific on
Jan. 21, 2025, Star Entertainment has warned that it faces
"material uncertainty" over its ability to stay afloat unless it
finds a solution to its worsening financial woes.

In a quarterly update to investors on Jan. 20, ASX-listed Star said
its revenue had fallen 15 per cent in the December quarter, citing
ongoing weakness in its operating performance. It pointed to a
"challenging" consumer environment, the impact of carded play in
NSW, and expenses caused by a series of regulatory and compliance
problems.




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C H I N A
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COUNTRY GARDEN: US Approval of Debt Restructuring Put on Hold
-------------------------------------------------------------
James Nani of Bloomberg Law reports that a U.S. bankruptcy judge
has postponed recognition of Country Garden Holdings Co.'s Hong
Kong restructuring plan, which seeks to eliminate at least $10
billion in debt, due to concerns about the company's true base of
operations.

Judge Philip Bentley of the Southern District of New York said
Monday, November 17, 2025, that the developer must demonstrate that
its real corporate "nerve center" is located in Hong Kong before
the court can grant recognition.

The delay comes as Country Garden navigates one of the largest
restructurings in China's real estate sector amid an industry
downturn marked by unprecedented defaults. The company's filings,
the judge said, offered only conclusory assertions about its
operational headquarters, falling short of the factual showing
needed for recognition under Chapter 15.

         About Country Garden Holdings Company Limited

Country Garden Holdings Company Limited is a holding company that
has issued, borrowed, or guaranteed secured and unsecured debt as
part of a restructuring scheme. It serves as the ultimate parent of
the Country Garden Group, a major property developer in Hong Kong
and mainland China engaged in property development, construction,
interior decoration, and property investment. The group also
develops, operates, and manages hotels across its markets.

Country Garden Holdings sought relief under Chapter 15 of the U.S.
Bankruptcy Code (Bankr. S.D.N.Y. Case No. 25-12175) on October 1,
2025.

Honorable Bankruptcy Judge Philip Bentley handles the case.

The Debtor is represented by Christopher J. Hunker, Esq., of
Linklaters LLP.


LONGFOR GROUP: S&P Downgrades ICR to 'BB-' on Weakening Sales
-------------------------------------------------------------
S&P Global Ratings lowered its long-term issuer credit rating on
Longfor Group Holdings Ltd. to 'BB-' from 'BB'. At the same time,
S&P lowered the long-term issue rating on the company's senior
unsecured notes to 'B+' from 'BB-'.

S&P said, "The stable outlook on Longfor reflects our expectation
that the company's commercial property portfolio will support its
adequate liquidity buffer over the next 12 months despite
deteriorating contracted sales from property development."

Longfor's leverage will stay elevated in the next 12-24 months due
to deteriorating contracted sales and margins for its property
development business.

S&P said, "However, we believe Longfor's sizable commercial
property portfolio will enhance the company's positive operating
cash flow and allow it to access commercial property-pledged loans
to cover its debt repayment needs for the next 12 months.

"We downgraded Longfor to reflect rising leverage amid the
company's weakening property development business. Contracted sales
will likely remain under pressure for the next 12-24 months due to
further depletion of saleable resources. Longfor's prioritization
of clearing inventory units will continue to pressure margins in
its property development business.

"We forecast Longfor's total contracted sales will decline further
by 35% in 2025 to Chinese renminbi (RMB) 66 billion based on a
sell-through of 45% of saleable resources that we estimate at
RMB146 billion as of the end of 2024. The company's contracted
sales declined by 34% year on year in the first 10 months of 2025,
compared with a 16% decline for top-100 Chinese developers over
this period, according to CRIC, an information provider on the
Chinese real estate sector.

"We expect Longfor to recognize gross profit margins of 0%-5%
during 2025 to 2027, compared with 6% in 2024, and 11% in 2023.
Revenue for the property development segment will decline by 17%
for 2025 and 28% during 2026 , in our estimation.

"While we believe Longfor will be able to reduce its adjusted debt
by 1%-3% each year in 2025-2027 by growing rental and service
income, this will be partially tempered by weakness in the property
development segment. As such, we expect the company's leverage, as
measured by the ratio of debt to EBITDA, to remain elevated at
around 10x in 2026-2027, compared with 8.8x at the end of 2024.

"That said, Longfor has a record of disciplined cash flow
management. By our estimation, the company will be able to generate
about RMB6 billion of operating cash inflows per year in
2025-2027.

"This is because we believe growth in the non-property development
business, such as in rental and property service income, along with
a decline in construction capital expenditure, and lower land
spending will more than offset a RMB39 billion decline in cash
inflow from contracted sales in 2025. This will provide a liquidity
cushion, in our view.

"Longfor's adequate liquidity and well-managed debt capital
structure mitigate near-term risks. We estimate the company had
accessible cash (excluding cash from escrow accounts) of about
RMB25.5 billion as of June 30, 2025. To date, Longfor has repaid
all onshore bond maturities for 2025 and has offshore bank loans
that we estimate are equivalent to RMB2 billion due for the
remainder of 2025."

Longfor's debt maturities, including bonds and offshore bank loans,
will amount to RMB6 billion- RMB7 billion per year in 2026 and
2027, respectively, down from RMB22 billion in 2025. With
additional funding from commercial property loans, near-term risks
of debt repayment and refinancing remain manageable, in S&P's
view.

S&P said, "We expect solid performance from Longfor's retail
property portfolio to aid liquidity and funding access. We believe
the company can continue to make use of its commercial mall
portfolio for asset-pledged loans as a funding source. In our view,
Longfor can uphold the solid operating performance of its rental
asset portfolio to ensure asset quality and debt servicing
capabilities.

"We forecast rental income from the company's malls will grow 3%-5%
in 2025-2027. Rental income increased by 4.9% year on year during
the first half of 2025. This was supported by high occupancy of
97%, while total retail sales and foot traffic at its malls grew by
17% and 11%, respectively, during the period.

"We believe Longfor will continue to utilize its portfolio of
investment properties to obtain commercial property loans in 2025.
We estimate the company has the capacity to be able to borrow RMB20
billion more of commercial property loans from 2026 onwards.

"The stable outlook on Longfor reflects our expectation that the
company's commercial property portfolio will support an adequate
liquidity buffer for the next 12 months despite deteriorating
contracted sales from property development.

"We may lower the rating if Longfor's liquidity weakens. This could
happen if the company's property sales or growth in rental income
are materially below our expectation, leading to net operating cash
outflow for a prolonged period or significant cash depletion.

"We may also lower the rating if Longfor fails to sustain its
recurring income such that the ratio of rental income to interest
expense coverage does not stay above 1.0x.

"We may upgrade the rating if Longfor sustainably maintains EBITDA
interest coverage above 3x. This could happen if the company's
EBITDA and margins recover quicker than we anticipate, or adjusted
debt declines significantly more than our forecast due to higher
operating cash flow."


RETO ECO-SOLUTIONS: Sets Annual Shareholder Meeting for December 23
-------------------------------------------------------------------
ReTo Eco-Solutions, Inc. plans to hold its 2025 Annual Meeting of
Shareholders on December 23, 2025 (Beijing Time).

Shareholders as of the record date, close of business on November
19, 2025, will be entitled to vote at the Meeting.

The Meeting time and location, the proposals for the shareholders
to consider at the Meeting, and other information of the Meeting
will be set forth in the Company's proxy statement for the Meeting
to be filed with the Commission at a later date.

                       About Reto Eco-Solutions

Reto Eco-Solutions, Inc., through its operating subsidiaries in
China, is engaged in the manufacture and distribution of
eco-friendly construction materials (aggregates, bricks, pavers and
tiles), made from mining waste (iron tailings), as well as
equipment used for the production of these eco-friendly
construction materials. Headquartered in Beijing, Peoples Republic
of China, the Company also provides consultation, design, project
implementation and construction of urban ecological protection
projects through its operating subsidiaries in China. It also
provides parts, engineering support, consulting, technical advice
and service, and other project-related solutions for its
manufacturing equipment and environmental protection projects.

Irvine, California-based YCM CPA Inc., the Company's auditor since
2021, issued a "going concern" qualification in its report dated
May 8, 2025, attached to the Company's Annual Report on Form 10-K
for the year ended December 31, 2024, citing that the Company
reported a net loss of approximately $8.4 million and $16.1 million
for the years ended December 31, 2024 and 2023, respectively, and
the Company had a working deficit of approximately $2.6 million as
of December 31, 2024. These conditions raise substantial doubt
about the Company's ability to continue as a going concern.

WEST CHINA CEMENT: Fitch Gives B(EXP) LongTerm IDR, Outlook Stable
------------------------------------------------------------------
Fitch Ratings has assigned West China Cement Limited (WCC) an
expected Long-Term Issuer Default Rating (IDR) of 'B(EXP)' with a
Stable Outlook, as well as an expected rating of 'B(EXP)' and a
Recovery Rating of 'RR4' to its proposed senior unsecured notes.
The final ratings are contingent on the successful issuance of at
least around USD400 million in senior unsecured notes, which will
be used to repay the existing USD600 million notes due July 2026.

The Expected IDR is based on the company's post-refinancing credit
profile, supported by stable operations in China with a dominant
position in Southern Shaanxi Province, and diversification into
high-growth offshore markets, mainly in Africa.

Key Rating Drivers

Adequate Liquidity: Fitch expects WCC will face no significant debt
maturities until 2028 following the proposed bond issuance,
supporting financial flexibility and the expected rating. WCC sold
its Xinjiang assets to Anhui Conch Cement Company Limited
(A/Stable) for CNY1.65 billion in June 2025. Fitch expects proceeds
from the sale and new senior unsecured bonds to be used for
repayment of WCC's USD600 million notes due July 2026.

Readily available cash is projected to exceed CNY2.0 billion by
end-2026 (2024: CNY1.3 billion), supported by improving EBITDA,
moderate capex, and enhanced funding access.

Deconsolidation of Ethiopia: Fitch has deconsolidated WCC's
Ethiopian operations in its financial analysis due to uncertainty
regarding funds repatriation. Fitch adds back expected dividend
distributions from Ethiopia to EBITDA. Fitch estimates WCC could
repatriate up to 30% of the Ethiopian project's net income, given
the improved foreign reserve position in the country.

Moderate Geographical Diversification: WCC's expected rating
reflects its business profile with a combination of stable Chinese
business with a dominant position in South Shaanxi, and its
exposure to high-margin and high-growth markets, while constrained
by higher business risks in countries such as Ethiopia (RD),
Mozambique (CCC) and the Republic of Congo (CCC+). Fitch expects
WCC's China operations to remain stable, generating around CNY1.8
billion in annual EBITDA. Fitch sees no further asset disposals in
the Chinese market in the near future.

Improving FCF Generation: Fitch expects WCC's free cash flow (FCF)
to improve from neutral in 2025-2026 to CNY500 million in 2027,
supported by growing EBITDA and moderate capex. Fitch expects
EBITDA to increase from around CNY2.6 billion in 2025 to CNY3.6
billion in 2027 (excluding Ethiopia), driven by margin improvements
from offshore markets. Fitch assumes capex excluding Ethiopia is
CNY1.6 billion-1.8 billion over 2025-2027, with around 60% funded
by long-term project loans, supporting deleveraging from 3.8x in
2025 to 2.4x in 2027.

Recovery Rating 'RR4': Fitch includes only EBITDA from operations
in China and Mozambique for recovery analysis, as bond investors
may have limited access to assets and cash flow from other
countries in a distressed scenario due to the estimated negative
residual value at other offshore operating companies, and the
uncertainty in the amount of fund repatriation in Ethiopia.
Offshore secured loans, except those in Mozambique, are excluded
from cash flow distribution due to their non-recourse nature.

Peer Analysis

WCC's business profile is comparable with Mongolian Mining
Corporation (MMC, B+/Stable), Mongolia's largest coking coal
producer. MMC is a cost leader with a long mine life, but its
rating is constrained by limited scale and regulatory volatility.
WCC has a similar EBITDA size and stronger growth potential, but
Fitch views MMC's financial profile as stronger, with EBITDA net
leverage of 0.2x at end-2024 and no significant near-term
maturities while WCC has lower financial flexibility to counter
operating risks.

WCC has larger business scale and more diversified geographic
footprint than Çimko Çimento ve Beton San. ve Tic A.Ş. (Cimko,
B+/Stable), a major Turkish cement producer, but Cimko benefits
from lower leverage and strong FCF. Fitch expects Cimko to have
limited capex, generate positive FCF through 2028 with no major
maturing debt before 2030.

Key Assumptions

- Revenue excluding Ethiopia to be CNY7.7 billion in 2025, CNY8.5
billion in 2026, and CNY10.0 billion in 2027

- EBITDA margin excluding Ethiopia of 33% in 2025, 36% in 2026 and
36% in 2027

- Capex excluding Ethiopia of CNY1.7 billion in 2025, CNY1.8
billion 2026, and CNY1.6 billion in 2027

Recovery Analysis

Its Recovery Analysis includes only EBITDA from the operations in
China and Mozambique when calculating the going-concern EBITDA.

Fitch believes bond investors may not have access to assets and
cash flow from other countries in a distressed scenario, due to the
estimated negative equity value and uncertainty in the amount of
funds repatriation in Ethiopia. Accordingly, Fitch also excluded
offshore secured loans, except for the ones from Mozambique, from
the cash flow distribution due to their non-recourse nature.

Going-concern EBITDA of CNY2.3 billion;

Multiplier of 5x for EBITDA from China and 4x for Mozambique;

Offshore senior unsecured debt is structurally subordinated to
onshore secured and unsecured debt;

10% administrative claim;

Fitch estimates the waterfall generated recovery computation on the
offshore senior unsecured debt corresponds to a Recovery Rating of
'RR4';

For liquidation assumptions, Fitch assumed a 60% advance rate for
accounts receivable and 70% for inventory as most of these assets
are for China business; Fitch assumed a 40% advance rate for
unencumbered property, plant and equipment.

RATING SENSITIVITIES

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

- Substantially negative FCF beyond 2025 due to
weaker-than-expected business performance or high capex

- Weakening of liquidity

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

- Net EBITDA leverage sustained below 2.5x,

- CFO-capex / debt sustained above 5%,

- Demonstrating access to substantial funds from Ethiopia including
the repatriation of funds

Liquidity and Debt Structure

Fitch believes WCC will have no imminent refinancing pressure after
the proposed notes issuance. Readily available cash including cash
pledged for borrowing was CNY986 million at end-June 2025. Fitch
expects WCC's cash resources after receiving part of the proceeds
from asset disposal should have reached around CNY2.0 billion at
end-September 2025. Onshore short-term debt is mostly
working-capital loans, which Fitch expects to be rolled over.

Issuer Profile

WCC produces and markets cement and related products. The company
has a total production capacity of 37 million tonnes (mt) per
annum, Over 60% of its capacity situated in China (25mt), alongside
a meaningful overseas presence in Ethiopia, Mozambique, Democratic
Republic of Congo, and Uzbekistan. Its overseas operations provide
scale and geographic diversifications.

Date of Relevant Committee

23-Oct-2025

MACROECONOMIC ASSUMPTIONS AND SECTOR FORECASTS

Fitch's latest quarterly Global Corporates Sector Forecasts Monitor
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   
   -----------              ------                   --------   
West China Cement
Limited               LT IDR B(EXP) Expected Rating

   senior unsecured   LT     B(EXP) Expected Rating    RR4


WEST CHINA CEMENT: S&P Assigns Prelim. 'B+' ICR, Outlook Stable
---------------------------------------------------------------
S&P Global Ratings assigned a preliminary 'B+' long-term issuer
credit rating to West China Cement Ltd. (WCC) and a preliminary 'B'
issue rating to the proposed senior unsecured notes.

The stable rating outlook reflects our expectation that WCC will
maintain its size and moderate geographic diversification over the
next year and its ratio of debt to EBITDA will stay below 4x.

WCC is a small to midsize global cement producer with moderate
geographic diversification, operating in China and several African
countries.

S&P expects WCC's credit ratios to improve over the next two years,
supported by overseas growth in earnings and operating cash flow.
The company plans to issue U.S. dollar senior unsecured notes with
a maturity of three years or more to repurchase US$600 million in
notes due in 2026.

The preliminary issuer credit rating on WCC and the preliminary
issue rating are conditional on successful issuance of U.S. dollar
notes with a maturity of three years or more such that the company
successfully repays its US$600 million notes due in July 2026. The
final ratings will depend on our receipt and review of all final
documentation and final terms of the transaction. The preliminary
rating should therefore not be construed as evidence of the final
rating.

WCC will remain a small to midsize cement producer globally, with a
focus on regional markets in China and select African countries.
The company's total annual cement capacity of 37.3 million metric
tons (mt) as of June 30, 2025, positions it as a player with a
concentrated product offering.

WCC has a decent market position in its home base in China's
Shaanxi province and in new markets in Africa. It is the largest
cement producer in Shaanxi, with a market share of about 29% of
total capacity. The company has also expanded its geographic
presence through organic growth and acquisitions in Africa since
2019, including Mozambique, Ethiopia, and the Democratic Republic
of Congo (DRC). Contributions to revenue and gross profit from
these overseas operations reached over 35% and 50%, respectively,
in the first half of 2025, compared with minimal contributions
prior to 2021.

These overseas markets are emerging ones with good prospects for
growth in demand for cement; this could help offset weakness in
WCC's domestic market. However, operating in these emerging
countries exposes WCC to increased operational and execution risks.
In its financial management, the company will also need to address
exposures to multiple currencies. Capital controls in some
countries may also complicate dividend remittance. So far, S&P is
not aware of major risk management issues for WCC in these new
markets.

WCC's debt-to-EBITDA ratio is likely to improve in 2025-2026,
driven by expanding earnings from overseas operations and
decreasing capital expenditure (capex). The company's earnings and
profitability will grow during the period, with increasing
contributions from more profitable overseas operations. S&P expects
profit margins in WCC's African markets to remain higher than in
China, supported by the company's good positions in its African
markets, less competitive market conditions there, and strong local
demand.

Overseas profit should more than offset earnings weakness in China
on subdued domestic demand. As a result, S&P forecasts WCC's EBITDA
will expand to RMB3.2 billion-RMB4.4 billion in 2025-2026, from
RMB2.4 billion in 2024.

Stronger operating cash flow will likely be sufficient to cover the
company's capital outlays over the next two years. The company's
capex will decline to RMB1.1 billion-RMB1.3 billion in 2025-2026,
versus RMB1.9 billion in 2024, as it completes projects in
Mozambique and Uganda. As a result, adjusted debt will decline to
RMB10.5 billion-RMB12.5 billion over the period, from RMB12.8
billion in 2024. S&P forecasts WCC's debt-to-EBITDA ratio will
decrease to 3.7x in 2025 and 2.6x in 2026, from 4.4x-5.4x in
2023-2024.

WCC's liquidity will remain less than adequate over the next year
assuming successful issuance of U.S. dollar notes. S&P expects the
ratio of its liquidity sources to liquidity uses will stay below
1.2x. This is despite asset disposals and cash flow from other
businesses, such as property sales. Earlier this year, the company
sold its Xinjiang assets for RMB1.65 billion. The amount will be
used to repurchase part of the US$600 million notes due next year.

Refinancing using the new U.S. dollar notes for the existing US$600
million notes due in July 2026 will lengthen WCC's average debt
maturity. Yet the company's liquidity buffer will remain
constrained by its restricted cash and high short-term debt
maturities.

S&P will be discussing this rating action on Wednesday, Nov. 19,
2025, at 2:30 p.m. Singapore time. You may register for the webcast
at
https://event.on24.com/wcc/r/5152173/CDB0709CD28E6AACAA68845C0AD0CD30?partnerref=MR.
A replay will be also be available.

S&P said, "The stable rating outlook reflects our expectation that
WCC will remain a small to midsize cement producer with diversified
operations in China and Africa over the next one to two years. It
also reflects our view that the company's increased overseas
production will drive earnings and cash flow, which will be
sufficient to cover capex during the period. Therefore, the
debt-to-EBITDA ratio will likely improve to 3.0x-4.0x for the next
two years.

"We also expect WCC to manage execution and operational risks of
its overseas projects in the following two years.

"We may lower the rating if WCC's debt-to-EBITDA ratio remains
above 4.0x for a sustained period. This could happen if the
company's operating conditions deteriorate such that cement prices
and sales volume are significantly lower than we expect or if the
company pursues more aggressive, debt-funded expansion than we
anticipate.

"We may also downgrade WCC if its liquidity weakens. This could
result from weaker funds from operations, higher working capital
needs, or greater capital spending or acquisitions than we expect.

"We may also downgrade WCC if it generates insufficient cash flow
in U.S. dollars to service its U.S. dollar debt obligations.

"We may raise the rating if WCC's operating performance improves
such that its debt-to-EBITDA ratio stays below 3.0x while the
weighted average debt maturity remains longer than two years over a
sustained period.

"We may also raise the rating if WCC's liquidity is adequate on a
sustainable basis."




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

A.V.R.N. HOTELS: CRISIL Keeps B- Debt Ratings in Not Cooperating
----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of A.V.R.N.
Hotels Private Limited (AHPL) continue to be 'CRISIL B-/Stable
Issuer Not Cooperating'.

                         Amount
   Facilities         (INR Crore)    Ratings
   ----------         -----------    -------
   Proposed Long Term      18        CRISIL B-/Stable (Issuer Not
   Bank Loan Facility                Cooperating)

   Term Loan               27        CRISIL B-/Stable (Issuer Not
                                     Cooperating)

Crisil Ratings has been consistently following up with AHPL for
obtaining information through letter and email dated October 16,
2025 among others, apart from telephonic communication. However,
the issuer has remained non cooperative.    

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

Detailed Rationale

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

Incorporated in 1992, AHPL operates a three-star hotel under the
brand, Vijay Park. The company's operations are managed by Mr. A
Vijayaraghavan. AHPL is currently constructing hotels in Alandur
and Kolathur in Chennai.


AKASH AGRO: CRISIL Keeps B Debt Ratings in Not Cooperating
----------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Akash Agro
Industries - Sirsa (AAI) continue to be 'CRISIL B/Stable Issuer Not
Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit              9        CRISIL B/Stable (Issuer Not
                                     Cooperating)

   Warehouse Receipts      10        CRISIL B/Stable (Issuer Not
                                     Cooperating)

Crisil Ratings has been consistently following up with AAI for
obtaining information through letter and email dated October 16,
2025 among others, apart from telephonic communication. However,
the issuer has remained non cooperative.    

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

Detailed Rationale

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

AAI was establish in January 2018. The partners are Ms Laxmi Devi
and Mangat Raj, while the business is entirely managed by Mr
Shamlal Goyal. AAI is engaged in cotton ginning and pressing. It
also trade in cotton. It has its manufacturing facility located in
Sirsa, Haryana.



ALPINE SHOES: Ind-Ra Keeps D Loan Rating in NonCooperating
----------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained Alpine Shoes
Private Limited's (ASPL) bank facility ratings in the
non-cooperating category and has simultaneously withdrawn the same.


The detailed rating action is:

-- INR525.80 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)' 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 and has not provided any updates or material
information except confirmation on timely servicing of debt through
its no default statement. This is in accordance with Ind-Ra's
policy of 'Guidelines on What Constitutes Non-cooperation'. ASPL
was taken over by OFB Tech Private Limited (OFBTPL; parent company)
on October 17, 2024. Following the acquisition, the erstwhile
management of ASPL has exited and the management of OFBTPL has
assumed full operational control.

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 to review the ratings.
However, Ind-Ra has received the no default statement from the
issuer.

Limitations regarding Information Availability

Ind-Ra is unable to provide an updated forward-looking view on the
credit rating of ASPL, as the agency does not have adequate
information to review the rating. The delay in the business and
financial updates was owing to the acquisition of ASPL by OFPTPL.
Going forward, OFBTPL plans to merge ASPL with itself over the next
three-to-four quarters, post which ASPL would cease to exist. ASPL
has been non-cooperative with the agency since November 2023.

About the Company

ASPL was incorporated on February 15, 2010, manufactures footwear
in Himachal Pradesh and Haryana. It has been taken over by OFB Tech
in October 2024.

ANJANI ROLLER: CRISIL Keeps B Debt Rating in Not Cooperating
------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Anjani Roller
Flour Mills Private Limited (AFMPL; part of 'Gupta Group')
continues to be 'CRISIL B/Stable Issuer Not Cooperating'.

                       Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit            10        CRISIL B/Stable (Issuer Not
                                    Cooperating)

Crisil Ratings has been consistently following up with AFMPL for
obtaining information through letter and email dated October 16,
2025 among others, apart from telephonic communication. However,
the issuer has remained non cooperative.    

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

Detailed Rationale

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

The group was incorporated in 1995, with Mr Vijay Shankar Gupta and
his family members as the promoters. The company is engaged in the
processing of wheat into flour, with units in Navi Mumbai and Pune
(Maharashtra) and combined capacity of 720 metric tonnes per day.


APEX COCO: Ind-Ra Hikes Bank Loan Rating to B, Outlook Stable
-------------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded Apex Coco and
Solar Energy Limited's (ACSEL) bank facility rating to 'IND D' from
'IND B+'/Positive and simultaneously upgraded it to 'IND B' with a
Stable Outlook as follows:

-- INR1,358.29 bil. Bank loan facilities* downgraded and upgraded

     with IND B/Stable/IND A4 rating.

*Downgraded to 'IND D' before being upgraded

Detailed Rationale of the Rating Action

The downgrade reflects ACSEL's two to 51-day delays in debt
servicing from April to October 2024 due to liquidity stress from
delayed payments by Tamil Nadu Electricity Board (TNEB) for solar
power sales and operational losses during early expansion.
Additionally, coconut price hikes and longer receivable cycles
strained cash flows, leading to defaults.

The upgrade to 'IND B' reflects ACSEL's satisfactory debt servicing
for all bank facilities from April 2025 till date. The upgrade is
in line with the agency's Default Recognition Criteria and
Post-Default Curing Period Policy, as the delay in debt servicing
has been resolved through timely payments from TNEB. Consequently,
the company's overall financial performance improved in FY25,
leading to regular repayments. This is likely to continue in the
near to medium term.

Exposure to Raw Material Price Fluctuations: The company remains
exposed to price fluctuations in coconut, which is the major raw
material. Coconut prices has witnessed a sharp increase since FY24.
The EBITDA margin rose marginally in FY25 to 16.49% (FY24: 15.63%;
FY23: 33.84%) .

The management fixes the pricing of final products for a three- to
six-month period with no price variation clause in customer
contracts. However, the company revises its prices upon each
contract's expiry. The management has revised the selling prices
from August 2025 for the next six months, and another revision is
likely in January 2026. Ind-Ra expects an improvement in the EBITDA
margin in the near to medium term, supported timely revisions in
product prices to partially offset increases in raw material
costs.

Working Capital Intensive Nature of Business: The company's
operations are working capital intensive, with a net working
capital cycle of 154 days in FY25 (FY24: 185 days; FY23: 346 days).
It maintains inventory levels based on raw material prices.
Following a decline in coconut prices in FY23, the company had
maintained high inventory levels, leading to elongated inventory
days of 370, which gradually declined to 176 days in FY24 and 136
days in FY25. Debtor days remained almost stable at 66 in FY25
(FY24: 67) and creditor days at 47 (58). Any elongation of the
working capital cycle would be a key rating monitorable.

Revenue Growth in FY25; Likely to Improve: In FY25, ACSEL's revenue
grew to  INR2,285.72million  in FY25 (FY24: INR1,202.56 million),
due to increased demand particularly in the coconut cream and
coconut milk segment. Till 1HFY26, the company generated revenue of
INR2,165.42 million in the coconut segment and INR126.28 million in
the solar segment. The company had an order book for INR790.65
million as of October 2025, likely to be executed in the near term.
Ind-Ra expects the revenue to improve significantly in the near to
medium term, supported by a stable demand for coconut products in
the domestic and global markets.

Improvement in Credit Metrics in FY25: The interest coverage
(operating EBITDA/gross interest) and net financial leverage
(adjusted net debt/operating EBITDA) improved to 2.32x in FY25
(FY24: 0.98x) and 4x (17.45x), respectively, due to an improvement
in the absolute EBITDA to INR376.83 million (INR187.79 million) and
a decrease in the overall debt to INR1541.34 million (INR3,294.49
million).

ACSEL plans a capex towards installation of spray dryer machinery
and capacity expansion during FY27 and FY28, to be funded through
75% bank borrowings and 25% internal accruals. Ind-Ra expects the
overall credit metrics to improve further in the near term and
remain comfortable over the medium- long term, despite the
debt-funded capex, supported by the company's scheduled debt
repayments and the likely improvement in the scale of operations.

Net Worth Improved in FY25 upon Conversion of Unsecured Loans to
Equity: In December 2024, the company converted INR1,900 million of
unsecured loans into equity, significantly reducing its
debt-to-equity ratio to 0.84 (FY24: negative 15.42). Post
conversion, unsecured loans accounted for 27% in FY25 (FY24: 61%)
of the total borrowings, while term loans and short-term borrowings
were 48% (33%) and 25% (48%), respectively.

Liquidity

Poor: ACSEL's average month-end utilization of the fund-based
limits was 95.54% during the 12 months ended September 2025. The
free flow from operations remained negative INR136.69 million in
FY25 (FY24: negative INR34. 93 million) due to capex of INR66.37
million towards the purchase of second-hand tetra pack machines and
new packing machinery for 20 kg packs and cash out flow for working
capital requirement. The fund flow from operations improved to
INR217.29 million in FY25 (FY24: INR11.12 million), due to the
increase in absolute EBITDA. The cash and cash equivalents stood at
INR32.64 million at FYE25 (FYE25: INR18 million). As of 31 March
2025, the unsecured loans stood at INR419.46 million. The company
has term loan repayment obligations of INR310 million in FY26,
INR258.93 million in FY27, INR163 million in FY28. Cash flow from
operations remains negative due to changes in the working capital,
and Ind-Ra expects the same to continue in the near term.

Rating Sensitivities

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

Positive: An improvement in the liquidity position along with an
increase in the scale of operations leading to an improvement in
the credit metrics, all on a sustained basis, will be positive for
the ratings.

About the Company

Incorporated in 2012, ACSEL has a 30MW solar power plant and a 0.4
million coconuts per day coconut processing unit in Tirupur, Tamil
Nadu.

APOLLO ENTERPRISES: CRISIL Keeps C Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Apollo
Enterprises (AE) continue to be 'CRISIL C Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)      Ratings
   ----------        -----------      -------
   Cash Credit            2.5         CRISIL C (Issuer Not
                                      Cooperating)
   Cash Credit/
   Overdraft facility     1           CRISIL C (Issuer Not
                                      Cooperating)

   Rupee Term Loan        3.5         CRISIL C (Issuer Not
                                      Cooperating)

   Rupee Term Loan        3           CRISIL C (Issuer Not
                                      Cooperating)

Crisil Ratings has been consistently following up with AE for
obtaining information through letter and email dated October 16,
2025 among others, apart from telephonic communication. However,
the issuer has remained non cooperative.    

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

Detailed Rationale

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

AE was incorporated in 2005 as a partnership firm by Mr. Avinash
Virkar, Mr. Ankur Agarwal and Mr. Pawan Agarwal. The firm is in the
business of providing crane rental services.


ATC CHEMICALS: CRISIL Keeps B Debt Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of ATC Chemicals
India Private Limited (ATCIPL) continue to be 'CRISIL B/Stable
Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)      Ratings
   ----------        -----------      -------
   Cash Credit            4.00        CRISIL B/Stable (Issuer Not
                                      Cooperating)

   Long Term Loan         1.52        CRISIL B/Stable (Issuer Not
                                      Cooperating)

   Proposed Long Term     0.48        CRISIL B/Stable (Issuer Not
   Bank Loan Facility                 Cooperating)

Crisil Ratings has been consistently following up with ATCIPL for
obtaining information through letter and email dated October 16,
2025 among others, apart from telephonic communication. However,
the issuer has remained non cooperative.    

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

Detailed Rationale

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

Incorporated in 2004, ATCIPL manufactures leather chemicals. The
manufacturing facility is based in Pondicherry. The managing
director of the company is Mr. J B Gualino.


AURO MIRRA: CRISIL Keeps B Debt Ratings in Not Cooperating
----------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Auro Mirra
Detective Agency (AMDA) continue to be 'CRISIL B/Stable Issuer Not
Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Proposed Overdraft      9         CRISIL B/Stable (Issuer Not
   Facility                          Cooperating)

   Secured Overdraft       2         CRISIL B/Stable (Issuer Not
   Facility                          Cooperating)

Crisil Ratings has been consistently following up with AMDA for
obtaining information through letter and email dated October 16,
2025 among others, apart from telephonic communication. However,
the issuer has remained non cooperative.    

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

Detailed Rationale

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

AMDA is a sole proprietorship of of Mr.Srinivasen Ramesh, set up in
2012 in Dindigal. Tamil Nadu.  It provides services such as
temporary staffing and skilled employees on contractual basis.


AVADHOOT PAPER: CRISIL Keeps B+ Debt Rating in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Avadhoot Paper
Packaging Private Limited (APPPL) continues to be 'CRISIL B+/Stable
Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit             6         CRISIL B+/Stable (Issuer Not
                                     Cooperating)

Crisil Ratings has been consistently following up with APPPL for
obtaining information through letter and email dated October 16,
2025 among others, apart from telephonic communication. However,
the issuer has remained non cooperative.    

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

Detailed Rationale

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

APPPL, set up in 2014, manufactures corrugated boxes, and has
capacity of 24,000 tonne per annum at its facility at Barnala in
Punjab. Daily operations are managed by the director, Mr Vishal
Narula.


B. BUCHA: CRISIL Keeps D Debt Ratings in Not Cooperating Category
-----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of B. Bucha
Reddy and Co (BBRC) continue to be 'CRISIL D/CRISIL D Issuer Not
Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Bank Guarantee          8         CRISIL D (Issuer Not
                                     Cooperating)

   Overdraft Facility      5.5       CRISIL D (Issuer Not
                                     Cooperating)

   Proposed Long Term      0.5       CRISIL D (Issuer Not
   Bank Loan Facility                Cooperating)

Crisil Ratings has been consistently following up with BBRC for
obtaining information through letter and email dated October 16,
2025 among others, apart from telephonic communication. However,
the issuer has remained non cooperative.    

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

Detailed Rationale

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

Established in 1991 by Mr. B Bucha Reddy, BBRC is a partnership
firm engaged in civil construction work, mainly related to
irrigation projects in Andhra Pradesh (AP).


BADDI INFRASTRUCTURE: CRISIL Keeps B Rating in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Baddi
Infrastructure (BI) continues to be 'CRISIL B/Stable Issuer Not
Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Term Loan               6         CRISIL B/Stable (Issuer Not
                                     Cooperating)

Crisil Ratings has been consistently following up with BI for
obtaining information through letter and email dated October 16,
2025 among others, apart from telephonic communication. However,
the issuer has remained non cooperative.    

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

Detailed Rationale

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

BI has been got incorporated as a Special Purpose Vehicle (SPV) of
BBN Industries Association. The SPV was got incorporated on 6th of
May 2010 and was got converted as a Section-25 Company under the
Companies Act, 1956 on 21st of September 2010 as per guidelines of
Ministry of Commerce and Industry. BI is engaged in various
infrastructure development projects such as common effluent
treatment plant, technical training institute, widening and
strengthening of roads in the Baddi-Barotiwala-Nalagarh (BBN)
industrial cluster.


BALDEO METALS: CRISIL Keeps D Debt Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Baldeo Metals
Private Limited (BMPL) continue to be 'CRISIL D/CRISIL D Issuer Not
Cooperating'.

                       Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Bank Guarantee        4          CRISIL D (Issuer Not
                                    Cooperating)

   Cash Credit           5          CRISIL D (Issuer Not
                                    Cooperating)

   Letter of Credit     30          CRISIL D (Issuer Not
                                    Cooperating)

   Proposed Fund-        2          CRISIL D (Issuer Not
   Based Bank Limits                Cooperating)

Crisil Ratings has been consistently following up with BMPL for
obtaining information through letter and email dated October 16,
2025 among others, apart from telephonic communication. However,
the issuer has remained non cooperative.    

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

Detailed Rationale

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

Set up in 1990 by Mr Shyam Bihari Goyal as a proprietorship, Baldeo
Metal Works, the firm got reconstituted into a private-limited
company with its current name in 1997. BMPL is based in Delhi and
trades in non-ferrous metals, particularly copper; it also
manufactures ingots and draw wires, with capacity of 5 million
tonne per day. Around 95% of its revenue is derived from the
trading activity, which remains the key focus area of the company;
the manufacturing facility is used sparsely.


BHARAT HATCHERIES: CRISIL Keeps B Debt Ratings in Not Cooperating
-----------------------------------------------------------------
Crisil Ratings said the ratings on bank facilities of Bharat
Hatcheries (BH) continue to be 'Crisil B/Stable Issuer not
cooperating'.  

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Cash Credit             7        Crisil B/Stable (Issuer Not
                                    Cooperating)

   Proposed Long Term      1        Crisil B/Stable (Issuer Not
   Bank Loan Facility               Cooperating)

   Term Loan               2        Crisil B/Stable (Issuer Not
                                    Cooperating)

Crisil Ratings has been consistently following up with BH for
obtaining information through letter and email dated October 16,
2025 among others, apart from telephonic communication. However,
the issuer has remained non cooperative.    

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

Detailed Rationale

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

Established in 2002, BH is a partnership concern of Mr Rajvir Singh
Jaglan and his daughter, Ms Variappa Jaglan. It is engaged in
poultry breeding and hatching, and has day-old-chick breeder farms
in Panipat (Haryana).


BHARAT PLUS: CRISIL Keeps B Debt Rating in Not Cooperating
----------------------------------------------------------
Crisil Ratings said the rating on bank facilities of Bharat Plus
Ethanol Private Limited (BPEPL) continues to be 'Crisil B/Stable
Issuer not cooperating'.  

                         Amount
   Facilities          (INR Crore)    Ratings
   ----------          -----------    -------
   Proposed Long Term       140       CRISIL B/Stable (ISSUER NOT
   Bank Loan Facility                 COOPERATING)

Crisil Ratings has been consistently following up with BPEPL for
obtaining information through letter and email dated October 16,
2025 among others, apart from telephonic communication. However,
the issuer has remained non cooperative.    

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

Detailed Rationale

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

BPEPL, incorporated in June 2021, is setting up a 60-kilolitre per
day ethanol unit in Bihar for the production of ethanol, which will
be supplied to oil marketing companies under the Ethanol Blending
Programme.


CHEMM FINANCE: Ind-Ra Cuts Loan Rating to B+
--------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded Chemm Finance
Limited (CFL) and the rating on its non-convertible debentures
(NCDs) and bank loan facilities to 'IND B+/Negative (ISSUER NOT
COOPERATING' from 'IND BB/Negative (ISSUER NOT COOPERATING)'. 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 detailed rating actions are:

-- Issuer rating downgraded with IND B+/Negative (ISSUER NOT
     COOPERATING) rating;

-- INR63.69 mil. (reduced from INR137.06 mil.) Non-convertible
     debentures downgraded with IND B+/Negative (ISSUER NOT
     COOPERATING) rating; and

-- INR50 mil. Bank loan facilities downgraded with IND B+/
     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 downgrade of rating  indicates that the non-cooperation could
be symptomatic of possible disruption/distress in the issuer's
business. The issuer did not participate in the surveillance
exercise despite continuous requests and follow-ups by the agency
through emails and phone calls and has not provided information
about latest audited financial statement, sanctioned bank
facilities, business plans and projections for the next three
years. The rating action is in accordance with Ind-Ra's policy of
'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 CFL while reviewing the
rating. Ind-Ra had consistently followed up with CFL over emails,
apart from phone calls, from August 2024.

Limitations regarding Information Availability

Ind-Ra has reviewed the credit ratings of CFL 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 CFL'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 ratings were last reviewed on November 6, 2023.
Ind-Ra is unable to provide an update, as the agency does not have
adequate information to review the ratings.

About the Company

Incorporated in 1993, CFL was registered with the Reserve Bank of
India as a deposit-taking non-banking finance company on 27
February 1998. It mainly provides loans against gold asset
collateral, also in the form of household jewelry. The company,
which belongs to the Chemm Group, has its corporate office in
Bengaluru.

CHENAB INDUSTRIES: CRISIL Keeps D Ratings in Not Cooperating
------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Chenab
Industries Private Limited (CIPL) continue to be 'CRISIL D Issuer
Not Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Long Term Loan          4         CRISIL D (Issuer Not
                                     Cooperating)

   Proposed Cash           5.5       CRISIL D (Issuer Not
   Credit Limit                      Cooperating)

Crisil Ratings has been consistently following up with CIPL for
obtaining information through letter and email dated October 16,
2025 among others, apart from telephonic communication. However,
the issuer has remained non cooperative.    

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

Detailed Rationale

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

Promoted by Mr Kush Aggarwal and Mr D S Rana, CIPL is setting up a
plant in Govindsar Industrial Area in Kathua, Jammu, to manufacture
nylon and poly propylene yarn. Operations begun in April 2017.


CREATIVE COMPONENTS: CRISIL Withdraws B Rating on INR4.92cr Loan
----------------------------------------------------------------
CRISIL Ratings has withdrawn the ratings on certain bank facilities
of Creative Components Private Limited (CCPL), as:

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Cash Credit           4.50       Crisil B/Stable/Issuer Not
                                    Cooperating (Withdrawn)

   Long Term Loan        4.92       Crisil B/Stable/Issuer Not
                                    Cooperating (Withdrawn)

   Proposed Long Term    0.08       Crisil B/Stable/Issuer Not
   Bank Loan Facility               Cooperating (Withdrawn)

Crisil Ratings has been consistently following up with CCPL for
obtaining information through letter and email dated July 15, 2025
among others, apart from telephonic communication. However, the
issuer has remained non cooperative.

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

Detailed Rationale

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

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

Established as a partnership firm in 1996 and reconstituted as a
private limited company in 2006, CCPL manufactures plastic
components and molds for automobile companies and locks for Godrej
Locking Solutions and Systems and undertakes stamping work. The
company is managed by Mr. Subhash Jaisinghani and Mr. Ravindra
Hiremath It has two manufacturing facilities at Bhosari in Pune
(Maharashtra), and a pan-India market presence.


DEWAN CHAND: CRISIL Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Dewan Chand
(DC) continue to be 'CRISIL D/CRISIL D Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Bank Guarantee        4.5        CRISIL D (ISSUER NOT
                                    COOPERATING)

   Cash Credit/          2.5        CRISIL D (ISSUER NOT
   Overdraft                        COOPERATING)
   facility              
                                    
   Proposed Fund-        2.0        CRISIL D (ISSUER NOT
   Based Bank Limits                COOPERATING)

Crisil Ratings has been consistently following up with DC for
obtaining information through letter and email dated October 16,
2025 among others, apart from telephonic communication. However,
the issuer has remained non cooperative.    



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

Detailed Rationale

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

DC was established in as a proprietorship concern and was
reconstituted in 2009as a partnership firm. The firm constructs
buildings in the National Capital Region. It is classified as a
'Class A' contractor by the Public Works Department of Delhi and
has bid for various contracts involving construction of government
buildings since its inception. The firm has completed prestigious
contracts, such as Indian Oil Bhawan, police headquarters, Prastha
Bhawan and World Health House. The firm is managed by Mr Vikram
Kumar.


GANGA KNIT: CRISIL Keeps D Debt Rating in Not Cooperating
---------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Ganga Knit
Private Limited (GKPL) continues to be 'CRISIL D Issuer Not
Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit            14         CRISIL D (Issuer Not
                                     Cooperating)

Crisil Ratings has been consistently following up with GKPL for
obtaining information through letter and email dated October 16,
2025 among others, apart from telephonic communication. However,
the issuer has remained non cooperative.    

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

Detailed Rationale

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

Incorporated in 1996, GKPL trades in various types of yarns such as
cotton, polyester, acrylic, and viscose. The company caters to
various local fabric manufacturers in Ludhiana (Punjab). Promoters,
Mr. Ashok Kumar Ahuja and Mr. Gulshan Kumar Ahuja look after its
operations.


GAURI INTERNATIONAL: CRISIL Keeps D Ratings in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Gauri
International Private Limited (GIPL) continue to be 'CRISIL D
Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit            15         CRISIL D (Issuer Not
                                     Cooperating)

   Proposed Long Term      5         CRISIL D (Issuer Not
   Bank Loan Facility                Cooperating)

   Proposed Long Term      5         CRISIL D (Issuer Not
   Bank Loan Facility                Cooperating)

Crisil Ratings has been consistently following up with GIPL for
obtaining information through letter and email dated October 16,
2025 among others, apart from telephonic communication. However,
the issuer has remained non cooperative.    

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

Detailed Rationale

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

Incorporated in 2010 and based in Surat, Gujarat, GIPL manufactures
and trades in fabrics used in home furnishing, readymade garments,
and dress material. DISPL, also based in Surat and incorporated in
2013, is in a similar line of business. The manufacturing
facilities of both companies are in Surat. GIPL is promoted by Mr.
Dhaval Nakrani and DISPL is promoted by Mr. Nakrani and Mr. Vishal
Balar.


GOUTHAMI HATCHERIES: CRISIL Keeps D Ratings in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Gouthami
Hatcheries Private Limited (GHPL) continue to be 'CRISIL D Issuer
Not Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit            16         CRISIL D (Issuer Not
                                     Cooperating)

   Long Term Loan         16.5       CRISIL D (Issuer Not
                                     Cooperating)

   Proposed Long Term      7.12      CRISIL D (Issuer Not
   Bank Loan Facility                Cooperating)

Crisil Ratings has been consistently following up with GHPL for
obtaining information through letter and email dated October 16,
2025 among others, apart from telephonic communication. However,
the issuer has remained non cooperative.    

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

Detailed Rationale

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

GHPL, set up in 1999, produces hatching eggs and broiler birds.
SFPL, set up in 2009, manufactures poultry feed. The companies are
promoted by Mr. D Srinath Reddy and his wife, Ms. D Lokeshwari.


GOVAAN STEELS: CRISIL Keeps D Debt Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Govaan Steels
Private Limited (GSPL) continue to be 'CRISIL D/CRISIL D Issuer Not
Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit            10         CRISIL D (Issuer Not
                                     Cooperating)

   Letter of Credit       20         CRISIL D (Issuer Not
                                     Cooperating)

   Long Term Loan         15         CRISIL D (Issuer Not
                                     Cooperating)

   Proposed Cash           7.14      CRISIL D (Issuer Not
   Credit Limit                      Cooperating)

Crisil Ratings has been consistently following up with GSPL for
obtaining information through letter and email dated October 16,
2025 among others, apart from telephonic communication. However,
the issuer has remained non cooperative.    

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

Detailed Rationale

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

Incorporated in June 2008, GSPL manufactures mild steel billets and
thermo-mechanically treated (TMT) bars. GSPL commenced commercial
operations in September 2010 and is based in Coimbatore, Tamil
Nadu.


HARA GOURI: CRISIL Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------
Crisil Ratings said the ratings on bank facilities of Hara Gouri
Himghar Private Limited (HGHPL) continue to be 'Crisil D/Crisil D
Issuer not cooperating'.  

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Bank Guarantee        0.15        Crisil D (Issuer Not
                                     Cooperating)

   Cash Credit           6           Crisil D (Issuer Not
                                     Cooperating)

   Term Loan             2.85        Crisil D (Issuer Not
                                     Cooperating)

   Working Capital       1           Crisil D (Issuer Not
   Facility                          Cooperating)

Crisil Ratings has been consistently following up with HGHPL for
obtaining information through letter and email dated October 16,
2025 among others, apart from telephonic communication. However,
the issuer has remained non cooperative.    

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

Detailed Rationale

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


HGHPL was incorporated in 2012, promoted by Mr Haradhan Samanta and
Ms Tapasi Samanta. The company operates a cold storage unit for
potatoes, with capacity of 1,45,000 quintal, in Hooghly, West
Bengal. It occasionally trades in potatoes to ensure optimum
capacity utilisation, and also finances farmers' potato storage,
which is refinanced by banks.


HOSHIARPUR ROLLER: CRISIL Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Hoshiarpur
Roller Flour Mills Private Limited (HRFPL) continue to be 'CRISIL
D/CRISIL D Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit             8.5       CRISIL D (Issuer Not
                                     Cooperating)

   Overdraft Facility      1         CRISIL D (Issuer Not
                                     Cooperating)

   Overdraft Facility      2         CRISIL D (Issuer Not
                                     Cooperating)

   Proposed Long Term      0.26      CRISIL D (Issuer Not
   Bank Loan Facility                Cooperating)

   Proposed Long Term      0.04      CRISIL D (Issuer Not
   Bank Loan Facility                Cooperating)

Crisil Ratings has been consistently following up with HRFPL for
obtaining information through letter and email dated October 16,
2025 among others, apart from telephonic communication. However,
the issuer has remained non cooperative.    

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

Detailed Rationale

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


Set up in 1981 by Mr Anil Kumar Gupta and his family members, HRFPL
manufactures fine and coarse flour at its facilities in Hoshiarpur
(Punjab).


INNOVA FABTEX: CRISIL Keeps D Debt Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Innova Fabtex
Private Limited (Innova) continue to be 'CRISIL D Issuer Not
Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit            3          CRISIL D (Issuer Not
                                     Cooperating)

   Long Term Loan         1          CRISIL D (Issuer Not
                                     Cooperating)

   Proposed Long Term     6          CRISIL D (Issuer Not
   Bank Loan Facility                Cooperating)

Crisil Ratings has been consistently following up with Innova for
obtaining information through letter and email dated October 16,
2025 among others, apart from telephonic communication. However,
the issuer has remained non cooperative.    

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

Detailed Rationale

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

SKT was established in 2006 by Mr Sunil Kukreja. The firm
manufactures and trades in fabrics, mainly cotton, polyester, and
cotton-polyester fabrics. Later on in 2014, he along with his wife,
Mrs Lisha Kukreja, set up Innova in 2014; which is also engaged in
the same line of business.


JAI HANUMAN: CRISIL Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Jai Hanuman
Rice & General Mills (JHCGM) continue to be 'CRISIL D Issuer Not
Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit            4.00       CRISIL D (Issuer Not
                                     Cooperating)

   Term Loan              7.37       CRISIL D (Issuer Not
                                     Cooperating)

Crisil Ratings has been consistently following up with JHRGM for
obtaining information through letter and email dated October 16,
2025 among others, apart from telephonic communication. However,
the issuer has remained non cooperative.    

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

Detailed Rationale

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

JHRGM was established as a partnership firm in 2008 by Mr Surinder
Kumar and Mr Hari Krishan. The firm mills and processes basmati and
non-basmati rice. Its facilities are at Gharaunda in Karnal,
Haryana.


JAIPRAKASH ASSOCIATES: Adani Gets Creditors Nod to Buy Company
--------------------------------------------------------------
The Economic Times reports that Gautam Adani-led Adani Group has
received approval from the Committee of Creditors of Jaiprakash
Associates after lenders voted in favor of its resolution offer for
the bankrupt infrastructure and industrial group.

ET says the conglomerate confirmed the news that the creditors had
cleared its proposal under the Insolvency and Bankruptcy Code, as
per a regulatory filing on Wednesday.

ET relates that Adani Enterprises said it had "received a Letter of
Intent ('LOI') from the Resolution Professional ('RP') on November
19, 2025 at 3:05 p.m."

The deal is worth nearly $1.5 billion, Bloomberg reported, citing
people in the know. ET could not independently verify this amount.

The plan now requires approval from the National Company Law
Tribunal's Allahabad Bench and other regulatory authorities.

According to the filing, implementation may be carried out by Adani
Enterprises, its promoter group or other Adani entities, or through
a special purpose vehicle, "in accordance with the terms of the
resolution plan," ET relays.

ET was the first to report earlier on Nov. 19 that the vote in
favour of Adani was unanimous, even though Vedanta had emerged as
the highest bidder in an electronic auction with a INR17,000 crore
offer in September. According to sources known to ET, lenders
preferred Adani Enterprises because it offered higher upfront
payments, despite the net present value of its plan being "lower by
around INR500 crore" compared to Vedanta.

A score sheet circulated among creditors, and seen by ET, last week
had awarded Adani the highest evaluation out of 100. However, some
lenders challenged the scoring methodology.

Five bidders were originally in the fray, including Adani, Vedanta,
Dalmia Bharat, Naveen Jindal's Jindal Power and PNC Infratech.
Dalmia Bharat had initially led but did not participate in the
subsequent electronic auction, ET had reported.

One person familiar with the process told ET that the choice of
Adani could be open to legal challenge as its offer was not the
highest, though courts have generally upheld lenders' commercial
discretion in resolution cases.

Before the auction process concluded, Jaiprakash Associates'
promoter Manoj Gaur had offered a INR18,000 crore settlement to
exit insolvency, ET reported. However, lenders felt the promoters
could not provide sufficient financial backing.

                             About JAL

Jaiprakash Associates Ltd (JAL) is the flagship company of the
Jaypee group and is engaged in engineering and construction,
cement, real estate and hospitality businesses. JAL was one of the
leading cement manufacturers with an installed capacity of ~28
million tonnes per annum (mtpa) and under implementation capacity
of ~5 mtpa on a consolidated basis as on March 31, 2018. JAL is
also engaged in the construction business in the field of civil
engineering, design and construction of hydro-power, river valley
projects. JAL is also undertaking power generation, power
transmission, real estate, road BOT, healthcare and fertilizer
businesses through its various subsidiaries/SPVs.

JAL featured in Reserve Bank of India's second list of at least 26
defaulters with which it wants creditors to start the process of
debt resolution before initiating bankruptcy proceedings.

In September 2018, ICICI Bank had filed an insolvency petition
against JAL under Section 7 of IBC, claiming a default of more than
INR16,000 crore.

On June 3, 2024, the Allahabad bench of National Company Law
Tribunal (NCLT) admitted the insolvency plea filed by ICICI Bank.
The tribunal also appointed Bhuvan Madan as Interim Resolution
Professional of JAL after suspending the board of the company.

Bhuvan Madan is the resolution professional (RP) for the JAL. SBI
has also moved NCLT against JAL, claiming a total default of
INR6,893.15 crore as of Sept. 15, 2022.


KAYGAON PAPER: Ind-Ra Affirms BB+ Loan Rating, Outlook Stable
-------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Kaygaon Paper
Mills Private Limited's (KPMPL) bank loan facilities' rating as
follows:

-- INR367.23 mil. (reduced from INR419.20 mil.) Bank loan
     facilities affirmed with IND BB+/Stable/IND A4+ rating.

Detailed Rationale of the Rating Action

The affirmation reflects KPMPL's continued small scale of
operations, modest EBITDA margins and average credit metrics in
FY25. Ind-Ra expects the revenue to improve marginally in FY26.
Despite a likely increase in the cost of goods sold,  the EBITDA
margin is likely to remain stable in FY26 due to potential
fuel-cost benefits from the co-generation plant. The agency also
expects the credit metrics to improve in FY26, driven by a marginal
rise in EBITDA, and reduced debt levels.

The rating is supported by the company's operational track record
of over 35 years and the promoters' experience of nearly four
decades in the paper industry.

Detailed Description of Key Rating Drivers

Continued Small Scale of Operations: The ratings reflect KPMPL's
continued small scale of operations, as indicated by revenue of
INR1,761 million in FY25 (FY24: INR1,175 million) and EBITDA of
INR86.24 million (INR62.38 million). In FY25, the revenue grew on
account of increased production, led by higher demand, and improved
realization of INR31,770 per metric ton (MT; FY24: INR27,460 per
MT). During 5MFY26, KPMPL booked revenue of INR705 million,
including INR88 million from exports. The company had a total
installed capacity of 72,000 units in FY25, with a capacity
utilization of 76.45%  (FY24: 60.79%). In FY26, Ind-Ra expects the
revenue to improve marginally due to continued growth in demand and
higher realizations.

Modest EBITDA Margin; Likely to Sustain in FY26: The EBITDA margin
was 4.89% in FY25 (FY24: 5.31%), with a return on capital employed
of 3.4% (1.0%). In FY25, the EBITDA margin declined marginally as
the cost of goods sold as a percentage of revenue increased to
66.94% (FY24: 63.09%), owing to raw material price fluctuations,
and also because of increased selling expenses of 4.68% (3.25%).
The impact of these unfavorable factors was partially offset by a
decrease in power and fuel expenses as a percentage of revenue to
16.37% in FY25 (FY24: 19.27%), following the commencement of a
co-generation plant in October 2024, and better absorption of fixed
cost such as personnel and administrative expenses. In FY26, Ind-Ra
expects the EBITDA margin to remain at similar levels due to
similar expenditure levels.

Average Credit Metrics: Despite capitalization of interest on the
ongoing capex in 1HFY25, the interest coverage (operating
EBITDA/gross interest expenses) was stable at 2.72x in FY25 (FY24:
2.72x), due to a proportionate increase in operating EBITDA and
interest expenses. KPMPL's total debt increased to INR382.98
million at FYE25 (FYE24: INR357.70 million), mainly to fund capex
requirements. In spite of this, the net leverage (adjusted net
debt/operating EBITDAR) improved to 4.43x in FY25 (FY24: 5.72x),
due to the increase in EBITDA. In FY26, Ind-Ra expects the credit
metrics to improve further due to an increase in the EBITDA and a
decline in the total debt, resulting from scheduled repayment of
term loans.

Long Operational Track Record; Established Dealership Network: KMPL
has an operational track record of almost four decades in the paper
industry, which has enabled the company to establish strong
relationships with customers as well as suppliers. The company also
has a wide dealership network in the industry, which aids in fast
order execution.

Liquidity

Stretched: KPMPL's average maximum utilization of the fund-based
limits was 92.81% and that of the non-fund-based limits was 64%
during the 12 months ended July 2025. Ind-Ra expects the working
capital utilization levels to have been at similar levels since
then. The cash flow from operations declined to INR28.96 million in
FY25 (FY24: INR82.29 million) due to an increase in cash interest
payments.  The free cash flow improved on a yoy basis but remained
negative at INR31.80  million  in FY25 (FY24: negative INR90.86
million) on account of the capex incurred by the company. The
average net working capital cycle  improved to 44 days in FY25
(FY24: 66 days), mainly due to a reduction in the inventory holding
period to 31 days (62 days). The company provides a credit period
of 30 days to its customers and receives a credit period of 25-30
days from its suppliers. The inventory holding period ranges
between 15-20 days (with raw material holding of seven-to-10 days,
work-in-progress of five-to-seven days and finished good stocking
of three-to-five days). KPMPL has debt repayment obligations of
INR53.2 million and INR35.9 million in FY26 and FY27, respectively.
The cash and cash equivalents stood at INR0.69 million at FYE25
(FYE24: INR0.86 million). Furthermore, KPMPL does not have any
capital market exposure and relies on banks and financial
institutions to meet its funding requirements.

Rating Sensitivities

Negative: A significant decline in the revenue or EBITDA margins,
resulting in deterioration in the credit metrics and the liquidity
position, on a sustained basis, will be negative for the ratings.

Positive: A significant increase in the scale of operations and
profitability, resulting in comfortable credit metrics, with the
net leverage reducing below 3.0x, and an improvement in the
liquidity, all on a sustained basis, will be positive for the
ratings.

About the Company

Set up in 1989 as a private limited company by Omprakash Rathi,
KPMPL commenced commercial production in 1992. Its main business is
the manufacturing of kraft paper. The company's products are
utilized in the packaging industry, especially for making
corrugated boxes, which are used extensively for the shipment of
goods in the e-commerce industry. It has two production lines with
deckle size of 244cm and 335cm to cover the requirements of all
types of corrugation paper. The company manufactures kraft paper of
various grades viz. 16BF, 18BF, 20BF, 22BF and 24BF, and sell its
products through a well-established dealer network. The company
also exports to Singapore, China, the US and the Middle Eastern
countries. The company has an installed capacity of 72,000MT.

M P ENTERTAINMENT: Ind-Ra Withdraws B- Bank Loan Rating
-------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn M P Entertainment
and Developers Private Limited's (MPEDPL) bank loan facilities'
rating, as follows:

-- The 'IND B-/Negative (ISSUER NOT COOPERATING)' rating on the
     INR1.0 bil. 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 request for withdrawal of ratings and the no dues
certificate issued by the bankers. This is consistent with Ind-Ra's
Policy on Withdrawal of Ratings.

About the Company

MPEDPL is a part of the Indore-based C-21 Group. It owns and
operates the Malhar Mega Mall in Indore. The total constructed area
of the mall is 0.3 million square feet, with a gross leasable area
0.25 million square feet.

MARK INTERNATIONAL: CRISIL Keeps B+ Ratings in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Mark
International Foods Stuff Private Limited (MIFSPL) continue to be
'CRISIL B+/Stable Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit            12         CRISIL B+/Stable (Issuer Not
                                     Cooperating)

   Proposed Cash           3         CRISIL B+/Stable (Issuer Not
   Credit Limit                      Cooperating)

Crisil Ratings has been consistently following up with MIFSPL for
obtaining information through letter and email dated October 16,
2025 among others, apart from telephonic communication. However,
the issuer has remained non cooperative.    

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

Detailed Rationale

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

MIFSPL was set up in 2012, by the promoter, Mr Riyaz Kader. The
company processes and exports buffalo and other meat products, and
has a slaughter house and processing facility at Sangli,
Maharashtra.


SIMBHAOLI SUGARS: CRISIL Moves D Debt Rating to Not Cooperating
---------------------------------------------------------------
CRISIL Ratings has migrated the ratings on certain bank facilities
of Simbhaoli Sugars Limited (SSL), as:

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Long Term Rating      1041       Crisil D (ISSUER NOT
                                    COOPERATING; Rating Migrated)

In accordance with the terms of the rating agreement with SSL,
Crisil Ratings has sent repeated reminders for payment of fees
towards the surveillance exercise through letters and emails dated
March 13, 2025 and October 17, 2025 among others, apart from
telephonic communication. However, the issuer has remained non
cooperative.

'The investors, lenders and all other market participants should
exercise due caution while using the rating assigned/ reviewed with
the suffix 'ISSUER NOT COOPERATING'.

On account of lack of management cooperation towards non-payment of
fees, Crisil Ratings has migrated the rating on bank facilities of
SSL to 'Crisil D Issuer not cooperating'.

SSL (formerly, The Simbhaoli Sugar Mills Ltd) was originally
established as a partnership firm in 1933 in Simbhaoli, Uttar
Pradesh; the firm was reconstituted as a private limited company in
1936 and then as a public limited company with the current name in
1989.In 1992, SSL acquired a distillery and transformed its
Simbhaoli sugar plant into a sugar complex. The company now has an
integrated sugar unit and operates under the sugar-alcohol-power
business model. It is among the top 10 integrated sugar companies
in India.

SSL has three sugar plants, one each in Simbhaoli and Brijnathpur
in western Uttar Pradesh, and in Chilwaria in eastern Uttar
Pradesh; the company has a combined crushing capacity of 19500
tonnes of sugarcane per day. It produces a range of sugar products,
such as white crystal refined sugar, pharmaceutical-grade sugar,
superfine sugar, sugar cubes, icing sugar, table sugar, candy
sugar, and sugar sachets. SSL hived off its power and alcohol
division into two wholly owned subsidiaries, Simbhaoli Power Ltd
and Simbhaoli Spirits Ltd, in 2012. In November 2015, SSL was
merged into Simbhaoli Spirits Ltd. (w.e.f. April 1, 2015) and the
newly formed entity was named SSL.

SSL has incurred a marginal net profit of 1.93 crore on operating
income of 322 crore in Q3FY23 as compared to net loss of 0.36 in
Q3FY2022 on operating income of 259 crore.

SUSTAINABLE IMPACT: Ind-Ra Cuts Bank Loan Rating to D
-----------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded Sustainable
Impact August 2025 Trust's  Series A1 securitized notes' rating to
'Provisional IND D(SO)' from 'Provisional IND BBB(SO)'/Stable, and
has simultaneously upgraded the rating to 'Provisional IND
BBB(SO)'/Stable, as follows:

-- INR118.89 mil. Series A1 securitized notes due on May 22, 2027

     downgraded and simultaneously upgraded with Provisional IND
     BBB(SO)/Stable rating.

*Downgraded to 'Provisional IND D(SO)' and simultaneously upgraded
to 'Provisional IND BBB(SO)'/Stable

^The rating is provisional and contingent upon the execution of
certain documents and/occurrence of certain steps. Please refer to
the section, DISCLOSURES FOR PROVISIONAL RATING, for additional
details as per the Securities and Exchange Board of India's (SEBI)
Master Circular.

Analytical Approach

As part of its analysis, the agency has considered historical data
of the originator's portfolio to determine the base values of key
variables that would influence the level of expected losses in this
transaction. Ind-Ra has also studied the performance of market
peers operating in similar segments. The base values of the default
rate, recovery rate, time to recovery, collection efficiency,
prepayment rate and pool yield were stressed to assess whether the
level of credit enhancement (CE) was sufficient for the current
rating levels.

Ind-Ra stressed the above variables for the rating level as per its
Asset-Backed Securitizations Rating Criteria. Based on the rating
level, the agency also has made an adjustment for the borrowers
carrying the highest interest rate loans, assuming they will either
prepay or default. Based on the above assumptions, Ind-Ra has built
a pool cash flow model also considering the transaction structure.

Detailed Rationale of the Rating Action

The downgrade to 'Provisional IND D(SO)' reflects a one-day delay
in the payment of interest for the securitized note holders as of
the October 2025 payout. The delay was attributed to consecutive
holidays, including Diwali, and different banking holidays in Tamil
Nadu, where BDWA Finance Limited (BWDA; the originator or seller
and servicer; 'IND BBB-'/Stable) is based, and Maharashtra, where
the collection and processing account is located, which impacted
the banking operations and settlement timelines for the trust.
Additionally, sufficient funds were available in the form of a
fixed deposit (external credit enhancement) to meet timely interest
obligations for the securitized note holders; however, due to the
holiday, these funds could not be utilized for interest payments.
Consequently, the complete interest and principal payout were
completed on October 23, 2025 instead of October 22, 2025.

The ratings have been simultaneously upgraded to 'Provisional IND
BBB(SO)'/Stable in line with the agency's Default Recognition
Criteria and Post-Default Curing Period Policy as the delay was the
result of operations-related factors and was not caused by
non-availability of funds. Also, post the completion of the
payouts, the agency received communication from the trustee to
considering October 23, 2025 as the payout date instead of October
22, 2025.

The pool of joint liability group (36.44%), self-help group loans
(52.12%), and others (11.44%) microfinance loans to be assigned to
the trust has been originated by BWDA. The rating factors in the
originator's servicing and collection capabilities, the transaction
structure, and the availability of CE.

Quality of Asset Pool and Strength of Cash Flows: According to the
details provided by the originator to Ind-Ra, the collateral pool
to be assigned to the trust at par had an aggregate outstanding
principal balance of INR132.10 million as on the expected pool
cut-off date of July 31, 2025. As on the pool cut-off date, the
2,537-loan pool had a weighted average (WA) seasoning of 6.3 months
and WA amortization of 17.50%, implying a moderate repayment track
record of underlying borrowers. The pool had an average original
loan balance of INR69,449 and a WA internal rate of return of 23.9.
All the loans in the pool were current as on the cut-off date.

Payment Structure: The transaction has a par structure, wherein the
loan pool is to be assigned to the trust for a purchase
consideration equal to 90% of the pool principal outstanding (POS).
The provisional rating of the Series A1 securitized notes (SN)
addresses the timely payment of the interest and the ultimate
payment of the principal by the final maturity date of May 22, 2027
in accordance with the transaction documentation.

The transaction has a conditional turbo feature, where in case of
occurrence of one or more of the below events, the excess interest
spread is to be used for accelerated payments to Series A1 SN
holders:

-- on-book portfolio at risk > 90 days (PAR 90) exceeds 7.0% of
the total on-book receivables

-- pool PAR 0 (0+ dpd) > 2% of initial pool principal

-- capital adequacy ratio < 20.0%

Detailed Description of Key Rating Drivers

Track Record, Underwriting and Collection Capabilities of
Originator; Quality and Experience of Servicer: The provisional
rating is based on the origination, servicing, collection, and
recovery capabilities of BWDA, the legal and financial structure of
the transaction, pool characteristics and the CE provided in the
transaction. The agency is of the opinion that the issuer's
origination and servicing capabilities are of acceptable standards.


In Ind-Ra's view, the credit profile of the
originator/servicer does not fall under the speculative grade or
default rating category.

Provision for Appointment of Back-up Servicer: In the event of
servicer's event of default or other events as defined in the
documents, the trustee, on behalf of majority investors, shall be
entitled to terminate the services of the servicer and appoint
alternative/successor servicer in the manner as specified under
transaction documents.

Adequacy of CE: The transaction benefits from the available
internal and external CE. The internal CE for Series A1 SNs is in
the form of overcollateralization and excess interest spread of
10.0% and 8.7%, respectively, of the initial POS.

The transaction also benefits from the presence of an external CE
of 8.0% of the initial POS proposed to be in the form of fixed
deposits and will be in the name of the originator, with a lien
marked in favor of the trustee and to be kept with a bank rated
'BBB' or above by any of the SEBI-registered rating
agencies.

Repayment Track Record of Borrowers in Pool: The pool has a WA
seasoning of 6.3 months, implying reasonable repayment track
records of the borrowers in the pool. Also, all the loans were
current as on the cut-off date.

Geographical Concentration in the Pool; Unsecured Nature of
Underlying Assets: The pool is concentrated in Tamil Nadu (62%).
Furthermore, the highest pool concentration is in the district of
South Andaman (23.60%). The underlying loans are unsecured in
nature and are vulnerable to economic downturns.

Key Assumptions

Ind-Ra has derived a base case gross default rate of 7.5%-8.5%. The
default assumption has been derived keeping in mind the historical
portfolio performance of BFL as well as the current asset level
stress present in the microfinance industry. The agency has
analyzed the characteristics of the pool and established its base
case assumptions through the four key performance variables that
collectively affect the credit risk in a transaction - default
rate, recovery rate, recovery timeline and prepayment rate.

Ind-Ra has derived the recovery rate and monthly prepayment rate
based on the performance of the agency-rated transactions of the
originator and market inputs. Ind-Ra has assumed a base case
recovery rate of 20%-25%, with a base case recovery time of
six-to-nine months. The pool cash flow is further adjusted for
prepayments of underlying loans, assuming a base case monthly
prepayment rate of 0.25%-0.50%. As per the details provided by the
originator, the coupon rate for Series A1 SNs is in the range of
15%-15.50% per annum payable monthly.

As represented by the originator, Ind-Ra understands that the pool
assigned is as per the selection criteria applicable to the
transaction.

Liquidity

Superior: For the current transaction, the external and internal
CEs add liquidity comfort. Assuming a base case default scenario,
there is a liquidity cover of more than 3.0x of the scheduled
monthly obligations for the Series A1 SNs.

Rating Sensitivities

Positive: An improvement in the CE coverage, driven by robust
transaction performance, would lead to a positive rating action.

Negative: If the assumptions of base case default rate and recovery
rate are worsened by 20%, the model-implied rating sensitivity
suggests that the ratings of the Series A1 SNs will be downgraded
by two notches.

-- The CE is in the name of originator with lien marked in the
favor of the trust. In case the rating of CE provider falls below
'IND BBB-', and if the CE is not placed in the name of
the trust, then the rating of Series A1 SNs would be partially
linked to the rating of the CE provider.

--  In case the long-term rating of the servicer falls below
'IND BBB-', the trustee has an option to replace the
servicer with one having a long-term rating of at least 'IND
BBB-' or above. If this is not done in a timely manner, the
rating of Series A1 SNs would be partially linked to the rating of
the servicer.

-- In case the long-term rating of the account banks falls below
'BBB' by any of the SEBI-accredited credit rating
agencies, and if the account bank is not replaced with a bank
having a rating of 'BBB' or above, the ratings of Series
A1 SNs would be partially linked to the rating of the account
bank.

About the Trust

The trust, Sustainable Impact August 2025 Trust, is a special
purpose entity and has been set up primarily to acquire, set apart,
hold and administer the assigned assets in trust for the benefit of
the beneficiaries to whom securitization instruments will be issued
by the trust. The securitization instruments shall be issued by the
trust acting through the trustee in accordance with the terms and
conditions set out in the transaction documents. The underlying
loan receivables, including security interest in any underlying
assets, will be assigned to the trust for the benefit of
securitization instruments investors.

About the Originator

Incorporated in 2003, Tamil Nadu-based BWDA is an NBFC-MFI that
provides financial services predominantly to women borrowers
through self-help group and joint liability group models. BFL is
promoted by Joslin Thambi and provides financing mainly for
agriculture and allied activities and micro business activities.
The company reported an AUM of INR5.2 billion at end-March 2025.

VARUN JAL: CRISIL Upgrades Rating on INR34.6cr Term Loan to B+
--------------------------------------------------------------
Crisil Ratings has upgraded its rating on the long-term bank
facilities of Varun Jal Vidyut Shakti Pvt Ltd (VJVSPL) to 'Crisil
B+/Stable' from 'Crisil D'.

                      Amount
   Facilities      (INR Crore)    Ratings
   ----------      -----------    -------
   Term Loan            34.6      Crisil B+/Stable (Upgraded from
                                  'Crisil D')

The rating upgrade reflects track record of timely repayment of
debt obligation for more than 90 days on account of improved
liquidity.

The rating reflects VJVSPL's susceptibility to hydrology risks and
exposure to risks related to the stabilisation of the project.
These weaknesses are partially offset by the extensive experience
of the promoters in the power industry and expected comfortable
plant load factor (PLF) and debt service coverage ratio (DSCR).

Analytical Approach

The rating of VJVSPL has been arrived at on a standalone basis. The
unsecured loans of INR11.59 crore have been treated as debt.

Key Rating Drivers - Weaknesses

* Susceptibility to hydrology risks: Despite a detailed hydrology
analysis to mitigate future risk, power generation will continue to
depend on availability of adequate water flow. The water level in
the river depends on the annual yield of rainfall from the
south-west monsoon (June-November). The key risk is 'spread of
rainfall' across the monsoon: the more the even inflows into the
river, the longer the peak power generation periods and vice versa.
However, this risk is mitigated by catchment areas that are
well-designed to ensure the plant operates even at a lower PLF.

* Exposure to risks related to stabilisation of the project: The
company was scheduled to commence its project in January 2025,
which has now started in April 2025. The road leading to the plant
was destroyed due to heavy rainfall last year, thereby making it
inaccessible for nearly five months. Successful stabilisation of
operations at the new unit will remain a key rating sensitivity
factor.

* Nonetheless, the promoters' experience and involvement of
industry experts mitigate this risk to quite an extent. The project
is partly funded through debt of INR34.6 crore and the promoters'
individual networth also supports liquidity. The company also faces
low demand risk, as it has a PPA with Himachal Pradesh State
Electricity Board (HPSEB) for 40 years.

Key Rating Drivers - Strengths

* Extensive experience of the promoters: Longstanding presence in
the independent power producers and energy traders' segment has
enabled the promoters to develop a strong understanding of market
dynamics and establish healthy relationships with suppliers and
customers.

* Comfortable expected PLF, moderate DSCR coupled with escrow
mechanism: The PLF is expected to be comfortable at over 50% over
the medium term, resulting in DSCR being likely over 1.4 times over
the repayment tenure. The interest payments on the term loan have
started and principal payments will start from January 2026
onwards

Liquidity Stretched

Average DSCR is expected to be 1.43 times for the entire tenure of
the loan. As per the sanction terms, VJVSPL has to maintain debt
service reserve account (DSRA) equivalent to three months of debt
obligation. The DSRA is yet to be created by fiscal 2026. The
promoters are expected to infuse funds through equity or unsecured
loans to meet the working capital requirement and debt obligations,
in case of exigencies.

Outlook Stable

Crisil Ratings believes that VJVSPL will benefit, over the medium
term, from the extensive industry experience of its promoters.

Rating sensitivity factorss

Upward factors

* Successful ramp-up of operations, with PLFs higher than 45% on
sustained basis
* Sustenance of DSCR at comfortable levels

Downward factors

* Substantial delay in commencement of operations or lag in
ramp-up
* Significant degradation in PLF or unanticipated delays in
receipts leading to cash flow mismatches and DSCR below 1 time
* Any material change in the tariff structure or any other
regulatory measure weakening overall revenue profile

VJVSPL was incorporated in 2005 and is promoted by Mr Arun Kumar
and Mr Varun Pandit. The company is currently setting up a 5 MW
hydro power plant in Himachal Pradesh.


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

The instrument-wise rating action is:

-- INR2.350 bil. Bank loan facilities Outlook revised to
     Negative; migrated to non-cooperating category with IND
     BB+/Negative (ISSUER NOT COOPERATING)/IND A4+ (ISSUER NOT
     COOPERATING) rating.

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

Detailed Rationale of the Rating Action

The migration of WBPL's 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 WBPL while reviewing the
ratings. Ind-Ra had consistently followed up with WBPL over emails
until October 13, 2025, apart from phone calls. The issuer has
submitted no default statement until August 2025.

Limitations regarding Information Availability

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

About the Company

Incorporated in 2004, WBPL has a franchisee of Coca- Cola India Pvt
Ltd for the manufacturing and distribution of different products of
Coca- Cola in 11 districts of Punjab and two districts of Himachal
Pradesh.



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

1MDB: High Court Verdict for Najib Case Scheduled for Dec. 26
-------------------------------------------------------------
Tarani Palani at The Edge Malaysia reports that former prime
minister Datuk Seri Najib Razak's last ongoing criminal trial
involving the misappropriation of billions of ringgit at 1Malaysia
Development Bhd (1MDB) concluded on Nov. 18, following the
submissions of the prosecution and defence.

According to The Edge, the 303-day proceedings had dragged on for
seven long years, but the verdict is now in sight with the High
Court setting Dec. 26 as the date to hand down its decision, on
whether it will convict or acquit Najib of four charges of abuse of
power and 21 counts of money laundering amounting to about MYR2.2
billion, which had been misappropriated from the state strategic
development company.

After presiding judge Datuk Collin Lawrence Sequerah on Oct. 30,
2024, called on Najib to enter his defence, his lawyers began the
case in early December last year, calling a total of 26 witnesses,
The Edge notes.

The Edge says the main defence was that the money transferred to
Najib's personal bank accounts was donations from Saudi royalty,
that 1MDB was not the former prime minister's brainchild and that
the company managements had worked hand in glove with fugitive Low
Taek Jho (Jho Low) to siphon money from 1MDB for personal gain,
unbeknown to Najib.

Despite ruling that the prosecution had established a prima facie
case last October, the court is not bound by its findings.

According to The Edge, the 10-day oral submissions, during which
the prosecution and defence teams summarised and outlined their
most cogent arguments, which also saw Najib deliver an impassioned
address directly to the court, began late last month.

Already serving a prison sentence after he was found guilty in the
case involving SRC International, a wholly-owned subsidiary of
1MDB, Najib insisted that he was not seeking immunity but equality,
maintaining that the former 1MDB officials were the ones directly
involved in the questionable decisions and multimillion-dollar
transfers but who did not face any criminal sanctions, The Edge
says. Among those he named were former general counsel Jasmine Loo
Ai Swan, former CEOs Datuk Shahrol Azral Ibrahim Halmi and Mohd
Hazem Abdul Rahman, former chief financial officer Azmi Tahir and
Najib's former officer Datuk Amhari Efendi Nazaruddin.

The Edge relates that the prosecution derided Najib's address as an
exercise of "political theatre" and a "calculated distortion of
facts and law".

"The accused [Najib] paints himself as a victim of rogue
subordinates, when in truth he was the single most powerful
decision-maker in Malaysia as well as in 1MDB during the material
time . . . The accused was not the victim. He was the
orchestrator," lead deputy public prosecutor (DPP) Datuk Ahmad
Akram Gharib told the court.

Najib's unusual address aside, his lawyers adopted much of the same
arguments that were made during his SRC International case, The
Edge 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.

In July 2020, the High Court convicted former Prime Najib Razak on
all seven counts of abuse of power, money laundering and criminal
breach of trust and was sentenced to 12 years imprisonment and
fined MYR210 million.

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 $780 million in settlement amounts from
Malaysian banking group AmBank and audit firm Deloitte.




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

BOURTON FARMS: BDO Wellington Appointed as Liquidators
------------------------------------------------------
Iain Bruce Shephard and Jessica Jane Kellow of BDO Wellington on
Nov. 13, 2025, were appointed as liquidator of Bourton Farms
Limited.

The liquidators may be reached at:

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


COLORWAY PRINT: Court to Hear Wind-Up Petition on Nov. 27
---------------------------------------------------------
A petition to wind up the operations of Colorway Print NZ Limited
will be heard before the High Court at Rotorua on Nov. 27, 2025, at
10:00 a.m.

The Commissioner of Inland Revenue filed the petition against the
company on Oct. 7, 2025.

The Petitioner's solicitor is:

          Derick Lotz
          Inland Revenue, Legal Services
          663 Colombo Street
          Christchurch Central
          Christchurch


FAYE CONSTRUCTION: Court to Hear Wind-Up Petition on Nov. 27
------------------------------------------------------------
A petition to wind up the operations of Faye Construction Limited
will be heard before the High Court at Christchurch on Nov. 27,
2025, at 10:00 a.m.

The Commissioner of Inland Revenue filed the petition against the
company on Oct. 13, 2025.

The Petitioner's solicitor is:

          Derick Lotz
          Inland Revenue, Legal Services
          663 Colombo Street
          Christchurch Central
          Christchurch


PATRICK JAMES: BDO Christchurch Appointed as Receivers
------------------------------------------------------
Diana Matchett and Colin Gower of BDO Christchurch on Nov. 17,
2025, were appointed as receivers and managers of Patrick James
Foley.

The receivers and managers may be reached at:

          Diana Matchett
          Colin Gower
          BDO Christchurch
          Awly Building, Level 4
          287–293 Durham Street
          Christchurch 8013


YVAPA PANEL: Grant Bruce Reynolds Appointed as Liquidator
---------------------------------------------------------
Grant Bruce Reynolds of Reynolds & Associates on Nov. 17, 2025, was
appointed as liquidator of Yvapa Panel & Paint Limited.

The liquidator may be reached at:

          Reynolds & Associates Limited
          PO Box 259059
          Botany
          Auckland 2163




=====================
P H I L I P P I N E S
=====================

ASTARA PHILIPPINES: Set to Cease Operations in January 2026
-----------------------------------------------------------
Ira Panganiban at Autocar Philippines reports that Astara
Philippines is allegedly about to shut down its automotive
distribution operations in the Philippines by January 2026,
according to industry sources familiar with the transition.

Astara currently manages four vehicle brands locally - GAC Motor,
Peugeot, JMC, and JAC. Its exit will lead to the turnover of these
brands either to new distributors or directly to their respective
manufacturers, Autocar says. Formal announcements from the company
have not yet been issued, but partner networks have begun to
receive internal briefings on the phased withdrawal.

According to Autocar, several brands under Astara experienced
performance and operational difficulties in recent months. Peugeot
encountered extended parts-supply delays that affected customer
repairs. JMC and JAC continued to post limited market traction
despite relaunch efforts. GAC, while recording rapid sales growth
from 418 units in 2022 to over 3,200 units in 2024, has faced
stronger competition from hybrid and electric vehicle brands that
now dominate its price segments.

Autocar says Astara delivered notable gains early in its Philippine
operations. Peugeot grew its annual sales from 161 to 620 units,
while GAC became one of the fastest-expanding Chinese brands in the
market. However, sustaining after-sales support across its
portfolio reportedly became increasingly challenging as volumes
rose.

Autocar relates that preparations for the transition are underway.
GAC Motor has already established a Philippine company, GAC
International Philippines Inc., and is expected to assume full
control of its local distributorship once Astara completes its
exit. Negotiations for Peugeot's new distributor are ongoing.
Successors for JMC and JAC have yet to be finalized.

Astara has committed to prioritizing warranty coverage, service
continuity, and parts availability for all existing customers
during the handover, Autocar states. Dealers were informed that the
company aims to complete brand transitions before the beginning of
2026 to avoid disruptions.

Astara entered the Philippine market in 2021 with a European-owned
multi-brand distribution model uncommon in the local industry. Its
withdrawal marks one of the largest distributor exits in recent
years, affecting mainstream, premium, and commercial vehicle
segments.

Further announcements from Astara and the affected manufacturers
are expected in the coming months as the transition deadline
approaches, Autocar adds.




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

CARCELL THERAPEUTICS: Commences Wind-Up Proceedings
---------------------------------------------------
Members of Carcell Therapeutics Pte. Ltd. on Nov. 13, 2025, passed
a resolution to voluntarily wind up the company's operations.

The company's liquidator is:

         Ms. Chan Li Shan
         c/o Agile 8 Solutions  
         133 Cecil Street
         #14-01 Keck Seng Tower
         Singapore 069535


CENTURY INFINITE: Court to Hear Wind-Up Petition on Dec. 5
----------------------------------------------------------
A petition to wind up the operations of Century Infinite Tech. Pte.
Ltd. will be heard before the High Court of Singapore on Dec.  5,
2025, at 10:00 a.m.

DBS Bank Ltd filed the petition against the company on Nov. 14,
2025.

The Petitioner's solicitors are:

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


ENERGE ASIA: Court to Hear Wind-Up Petition on Nov. 28
------------------------------------------------------
A petition to wind up the operations of Energe Asia Pte. Ltd. will
be heard before the High Court of Singapore on Nov. 28, 2025, at
10:00 a.m.

Petco Trading Labuan Company Ltd filed the petition against the
company on Nov. 7, 2025.

The Petitioner's solicitors are:

          Watershed Law LLC
          6 Battery Road #03-01
          Singapore 049909


GLOBAL MARITIME: Court to Hear Wind-Up Petition on Nov. 28
----------------------------------------------------------
A petition to wind up the operations of Global Maritime Shipping
Pte. Ltd. will be heard before the High Court of Singapore on Nov.
28, 2025, at 10:00 a.m.

Dava Pte. Ltd. filed the petition against the company on Nov. 5,
2025.

The Petitioner's solicitors are:

          Incisive Law LLC
          120 Robinson Road #08-01
          Singapore 068913


MYROOM RETAIL: Court Enters Wind-Up Order
-----------------------------------------
The High Court of Singapore entered an order on Nov. 14, 2025, to
wind up the operations of Myroom Retail Private Limited.

Maybank Singapore Limited filed the petition against the company.

The company's liquidators are:

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




=============
V I E T N A M
=============

ANZ BANK: Fitch Affirms 'BB+' Foreign Currency IDR, Outlook Stable
------------------------------------------------------------------
Fitch has affirmed ANZ Bank (Vietnam) Limited's (ANZVL) Long-Term
Foreign-Currency Issuer Default Rating (IDR) at 'BB+' and Long-Term
Local-Currency IDR at 'BBB'. The Outlook on the Long-Term IDRs is
Stable. At the same time, the agency has also affirmed its
Shareholder Support Rating (SSR) at 'bb+'.

Key Rating Drivers

Parental Support Drives Rating: ANZVL's Long-Term IDRs are
underpinned by Fitch's expectation of support from ANZVL's 100%
parent, Australia and New Zealand Banking Group Limited (ANZ,
AA-/Stable/a+), if needed. The ratings consider the parent's strong
credit profile, ANZVL's close operational integration with its
parent as well as the reputational risks ANZ faces if the
subsidiary were to default.

ANZ's propensity to support its Vietnam subsidiary is, however,
constrained by its assessment of transfer and convertibility risk
in Vietnam, as indicated by the Country Ceiling of 'BB+'. Fitch has
used ANZ's Viability Rating (VR) as the anchor rating as there is
some uncertainty whether ANZVL's senior creditors will benefit from
the qualifying junior debt buffers of the parent. Fitch has not
assigned a VR to ANZVL, as the high operational linkages with its
parent render a standalone assessment less meaningful.

Lower Risk of Local-Currency Repayment: ANZVL's Long-Term
Local-Currency IDR is two notches above Vietnam's sovereign rating
(BB+/Stable), reflecting its view that the sovereign is less likely
to impose restrictions on the parent's support for ANZVL's
local-currency obligations, even if the sovereign comes under
distress. The Short-Term Foreign-Currency IDR is mapped to its
Long-Term Foreign-Currency IDR, according to Bank's Rating
Criteria. The Short-Term Local-Currency IDR is at the higher option
of 'F2' to reflect its view that the parent's propensity to support
is more certain in the near term.

Modest Franchise: ANZVL's balance sheet is small relative to the
local banking industry, and its equity and profit contribution is
also modest at less than 0.5% of the group. Nevertheless, the bank
continues to serve many of ANZ's group clients operating in
Vietnam, which is one of the fastest growing economies in the
region.

Institutional-Focused Strategy Shapes Balance Sheet: ANZVL operates
an institutional and wholesale banking business in Vietnam since it
disposed of its retail banking business in 2017. Its focused
strategy has helped to temper credit risks in its balance sheet,
with loans constituting a fraction of total assets, a majority of
which is extended to MNC clients with better credit quality. At the
same time, the narrower business model and larger share of
market-related income in its revenue base subject the bank to
higher earnings variability over the years.

Rating Sensitivities

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

The SSR is sensitive to Vietnam's Country Ceiling, sovereign rating
and the rating Outlook. Any downward revision is likely to lead to
similar revisions in the SSR, Long-Term IDRs and Outlook for ANZVL.
The Short-Term Local-Currency IDR will be downgraded if the
Long-Term Local-Currency IDR is downgraded. The Short-Term
Foreign-Currency IDR will be downgraded to 'C' if the Long-Term
Foreign-Currency IDR is downgraded to 'CCC+' or below.

ANZ's VR is six notches above Vietnam's Country Ceiling. A
substantial reduction in its assessment of ANZ's ability or
propensity to support ANZVL would have to occur before the
subsidiary's support-driven rating is affected, assuming no changes
to Vietnam's Country Ceiling, sovereign rating or the rating
Outlook. Fitch sees this as unlikely in the near to medium term.

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

ANZVL's ratings are constrained by Vietnam's sovereign rating and
Country Ceiling. Any upward revision in the sovereign rating and
Country Ceiling would be likely to lead to a corresponding revision
in the bank's SSR and Long-Term Foreign-Currency IDR, assuming the
parent's ability and propensity to support the bank remain intact.
A higher sovereign rating may not necessarily lead to an upgrade on
the Long-Term Local-Currency IDR, since it is already two notches
above the sovereign.

The Short-Term IDRs will be upgraded if the Long-Term IDRs are
upgraded to 'BBB'.

Public Ratings with Credit Linkage to other ratings

ANZVL's ratings are linked to Vietnam's sovereign rating and ANZ's
ratings.

ESG Considerations

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

   Entity/Debt                         Rating          Prior
   -----------                         ------          -----
ANZ Bank
(Vietnam) Limited   LT IDR              BB+ Affirmed   BB+
                    ST IDR              B   Affirmed   B
                    LC LT IDR           BBB Affirmed   BBB
                    LC ST IDR           F2  Affirmed   F2
                    Shareholder Support bb+ Affirmed   bb+


HSBC BANK: Fitch Affirms 'BB+' Foreign Currency IDR, Outlook Stable
-------------------------------------------------------------------
Fitch Ratings has affirmed HSBC Bank (Vietnam) Ltd's (HSBCV)
Long-Term Foreign-Currency Issuer Default Rating (IDR) at 'BB+' and
Long-Term Local-Currency IDR at 'BBB'. The Outlook is Stable. At
the same time, Fitch has affirmed the Shareholder Support Rating
(SSR) at 'bb+'.

Key Rating Drivers

Strong Parental Support: Fitch's assessment of HSBCV's Long-Term
IDR takes into account the strong ability and propensity of its
parent, The Hongkong and Shanghai Banking Corporation Limited
(HKSB, AA-/Stable/a+), to support the bank in times of need. Its
view factors in HSBCV's growing strategic importance and high
operational integration with its parent. Fitch also believes there
would be huge reputational risk to HKSB and HSBC Group should HSBCV
default.

Nevertheless, support is likely to be constrained by transfer and
convertibility risks in Vietnam (BB+/Stable), as indicated by the
Country Ceiling of 'BB+'. Fitch has used HKSB's Viability Rating
(VR) instead of its IDR as the anchor rating for shareholder
support. This is because Fitch does not think HSBCV would benefit
from the parent's qualifying junior debt buffer, as it is not a
material entity under the group's resolution framework.

Growth Market: HSBC Group deems Vietnam as one of its key growth
markets. HSBCV has been a beneficiary of sustained trade and
foreign direct investment inflow to Vietnam, given the bank's
strong international banking franchise, and Fitch expects this to
remain the case in the near to medium term. Fitch does not expect
the ongoing restructuring at HSBC Group to have a material impact
on HSBCV's role and strategy within the group in the near term.

Fitch has not assigned a VR to HSBCV because of the bank's high
operational linkages with its parent, which render a standalone
assessment less meaningful.

Lower Local-Currency Risk than Foreign: HSBCV's Long-Term
Local-Currency IDR is two notches above Vietnam's sovereign rating.
This reflects its belief that there is a lower likelihood of the
sovereign restricting parental support for HSBCV's local-currency
obligations relative to foreign-currency ones even if the sovereign
is in distress. The Short-Term IDR is mapped to the Long-Term IDR
in line with its Bank Rating Criteria. The Short-Term
Local-Currency IDR is at the higher option of 'F2' as Fitch
believes the parent's propensity to support is more certain in the
near term.

Rating Sensitivities

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

The SSR is sensitive to movements in Vietnam's Country Ceiling,
sovereign rating and rating Outlook. Any downward revision is
likely to lead to a similar revision in the SSR, Long-Term IDRs and
Outlook for HSBCV. The Short-Term Local-Currency IDR will be
downgraded if the Long-Term Local-Currency IDR is downgraded. The
Short-Term Foreign-Currency IDR will be downgraded to 'C' if the
Long-Term Foreign-Currency IDR is downgraded to 'CCC+' or below'.

HKSB's VR is six notches above Vietnam's Country Ceiling. Fitch
would need to substantially revise down its assessment of HKSB's
ability or propensity to support HSBCV before the subsidiary's
support-driven rating is affected. Fitch sees this as unlikely in
the near to medium term.

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

An upgrade of the sovereign rating and Country Ceiling would be
likely to lead to a corresponding revision in the bank's SSR and
Long-Term Foreign-Currency IDR, assuming the parent's ability and
propensity to support the bank remain intact. A higher sovereign
rating may not necessarily lead to an upgrade on the Long-Term
Local-Currency IDR, since it is already two notches above the
sovereign rating.

The Short-Term IDRs will be upgraded if the Long-Term IDRs are
upgraded.

Public Ratings with Credit Linkage to other ratings

HSBCV's ratings are linked to HKSB's Viability Rating based on its
expectation of extraordinary support.

ESG Considerations

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

   Entity/Debt                      Rating          Prior
   -----------                      ------          -----
HSBC Bank
(Vietnam) Ltd.   LT IDR              BB+ Affirmed   BB+
                 ST IDR              B   Affirmed   B
                 LC LT IDR           BBB Affirmed   BBB
                 LC ST IDR           F2  Affirmed   F2
                 Shareholder Support bb+ Affirmed   bb+


STANDARD CHARTERED: Fitch Affirms BB+ LongTerm Foreign Currency IDR
-------------------------------------------------------------------
Fitch has affirmed Standard Chartered Bank (Vietnam) Limited's
(SCBVL) Long-Term Foreign-Currency Issuer Default Rating (IDR) at
'BB+' and Long-Term Local-Currency IDR at 'BBB'. The Outlook on the
IDRs is Stable. At the same time, the agency has also affirmed the
bank's Shareholder Support Rating (SSR) at 'bb+'.

Key Rating Drivers

Strong Parental Support: The Long-Term IDRs of SCBVL factor in the
strong propensity and ability of its parent, Standard Chartered
Bank (Singapore) Limited (SCBS, A+/Stable/a), to support the bank
in times of need. This is underpinned by the shared branding with
its parent that could result in huge reputational cost should SCBS
allow SCBVL to default. It also factors in the parent's past
capital injections into SCBVL to support its growth, which
underline the group's commitment to grow its Vietnam business.

SCBVL's ability to access such support, however, is constrained by
transfer and convertibility risks in Vietnam, as indicated by
Vietnam's Country Ceiling of 'BB+'. Fitch has not assigned a
Viability Rating (VR) to SCBVL because the entity is a closely
integrated with the group, and this renders a standalone assessment
less meaningful. Fitch used SCBS's VR instead of its IDR as the
anchor rating for shareholder support, as it is uncertain whether
the qualifying junior debt buffers available to SCBS will also be
available to support SCBVL's senior creditors.

Lower Local-Currency Repayment Risks: The bank's Long-Term
Local-Currency IDR is two notches above Vietnam's sovereign rating
(BB+/Stable), reflecting its belief of a lower likelihood of the
sovereign restricting parental support for SCBVL's local-currency
obligations relative to foreign ones even if the sovereign is under
distress. The Short-Term Foreign-Currency IDR is mapped to its
Long-Term IDR, according to Bank's Rating Criteria. The Short-Term
Local-Currency IDR is at the higher option of 'F2' to reflect its
view that its parent's propensity to support is more certain in the
near term.

Strategically Important Subsidiary: SCBVL operates in one of SCB
group's high-growth markets, and Fitch expects its revenue and
profit contribution to increase in the medium term as the bank
benefits from Vietnam's rapidly expanding economy and FDI inflows.
SCBVL contributed about 5%-6% of SCBS's profit and revenue in
2024.

Rating Sensitivities

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

The SSR is sensitive to movements in Vietnam's Country Ceiling,
sovereign rating and sovereign rating Outlook. Any downward
revision of the sovereign rating would be likely to lead to similar
revisions in the SSR, Long-Term IDRs and Outlook for SCBVL. The
bank's Short-Term Local-Currency IDR will be downgraded if its
Long-Term Local-Currency IDR is downgraded. The Short-Term
Foreign-Currency IDR will be downgraded to 'C' if the Long-Term
Foreign-Currency IDR is downgraded to 'CCC+' or below.

SCBS's VR is five notches above Vietnam's Country Ceiling. There
would have to be a substantial revision in its assessment of SCBS's
ability or propensity to support SCBVL before the subsidiary's
support-driven rating is affected, assuming no changes to Vietnam's
Country Ceiling, sovereign rating and sovereign rating Outlook - a
scenario that Fitch thinks is unlikely to occur in the near term.

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

The bank's ratings are constrained by Vietnam's sovereign rating
and Country Ceiling. Any upward revision in the sovereign rating
and Country Ceiling would be likely to lead to a corresponding
revision in the bank's SSR and Long-Term Foreign-Currency IDR,
assuming the parent's ability and propensity to support the bank
remain intact. A higher sovereign rating may not necessarily lead
to an upgrade on the Long-Term Local-Currency IDR, since it is
already two notches above the sovereign.

The Short-Term IDRs will be upgraded if the Long-Term IDRs are
upgraded.

Public Ratings with Credit Linkage to other ratings

SCBVL's ratings are linked to Vietnam's sovereign rating and SCBS's
ratings.

ESG Considerations

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

   Entity/Debt                           Rating           Prior
   -----------                           ------           -----
Standard Chartered
Bank (Vietnam)
Limited               LT IDR              BB+ Affirmed    BB+
                      ST IDR              B   Affirmed    B
                      LC LT IDR           BBB Affirmed    BBB
                      LC ST IDR           F2  Affirmed    F2
                      Shareholder Support bb+ Affirmed    bb+


VINFAST AUTO: Net Loss Widens to VND24 Trillion in Q3
-----------------------------------------------------
Reuters reports that VinFast Auto Ltd. reported a bigger
third-quarter net loss on Nov. 21 as the electric vehicle maker
spent heavily to expand its footprint and boost sales amid intense
competition in Southeast Asia, the company's largest market.

According to Reuters, VinFast signed two loan facilities during the
quarter totaling $250 million, as it looks to ratchet up its
ambitious growth strategy and expand internationally even amid
tariff pressures and subdued demand in the United States.

Still, taking on additional debt could hammer the loss-making
company's margins at a time when it works aggressively to cut costs
by shifting to a dealership-based model and optimizing its supply
chain, Reuters notes.

"The company has shifted its focus from the U.S. and Europe to
other Asian markets but faces similar challenges competing with
Tesla and Chinese EVs, with its premium pricing a major hurdle,"
Reuters quotes Third Bridge analyst Izabella Yan as saying.

VinFast's third-quarter loss widened to VND24 trillion ($910.85
million) from VND13.25 trillion a year ago, Reuters discloses.

Quarterly gross margin was negative 56.2%, compared with negative
24% last year, largely attributed to higher warranty provision
rates and cost of vehicles sold, VinFast said.

"The company's strategy in Q3 2025 continued to focus on driving
top line growth," executives said on a post-earnings conference
call, Reuters relays.

They added that the company will see a higher contribution to
fourth-quarter vehicle sales from international locations, with the
ramp-up mostly coming from India, where it launched its factory
earlier this year.

Reuters adds that e-scooter and e-bike deliveries soared more than
six-fold in the quarter after Hanoi announced plans to ban
petrol-powered motorbikes in the city center starting in mid-2026.

The company's total revenue for the quarter stood at VND18.1
trillion, a rise of nearly 47% from the same period last year.

                        About VinFast Auto

VinFast Auto Ltd. (NASDAQ: VFS) -- https://vinfastauto.us/ -- is an
automotive manufacturer, engages in Automobiles and E-scooter
related business in Vietnam and the United States. The company
operates through Automobiles, E-scooter, Spare Parts, and
Aftermarket Services segments. The Automobiles segment offers
design, development, manufacturing, and sale of cars and electric
buses. The E-scooter segment provides design, development,
manufacturing, and sales of e-scooters. The Spare Parts, and
Aftermarket Services segment engages in sale of spare parts and
aftermarket services for automobiles and e-scooters. VinFast Auto
Ltd. is based in Hai Phong City, Vietnam. The company operates as a
subsidiary of Vingroup Joint Stock Company.

VinFast Auto's working capital deficit was VND106.7 million at
December 31, 2024.  The deficit was VND101.4 million at December
31, 2023.

At December 31, 2024, the Company had total current assets of
VND64.8 million and total current liabilities of VND171.5 million.
At December 31, 2023, the Company had total current assets of
VND50.6 million and total current liabilities of VND152.0 million.



                           *********


S U B S C R I P T I O N   I N F O R M A T I O N

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Editors.

Copyright 2025.  All rights reserved.  ISSN: 1520-9482.

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