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

                     A S I A   P A C I F I C

          Tuesday, February 20, 2024, Vol. 27, No. 37

                           Headlines



A U S T R A L I A

CIVIL PRO: Second Creditors' Meeting Set for Feb. 23
DB EQUIPMENT: Second Creditors' Meeting Set for Feb. 23
DC LIVING: Tradies Rush to Sites as Building Company Collapses
GDAM FINANCE: First Creditors' Meeting Set for Feb. 22
JEVNT PTY: Collapses Into Liquidation Over Unpaid Taxes

SWAG RURAL: First Creditors' Meeting Set for Feb. 23
TRINITY MINING: First Creditors' Meeting Set for Feb. 27
WILUNA MINING: Could Restart Gold Operations, Study Shows


C H I N A

HUMAN HORIZONS: EV Maker HiPhi Suspends Operations for Six Months
LOGAN GROUP: Liquidation Petitions Against Two Units Dismissed
REDSUN PROPERTIES: Faces Winding-Up Threat In Hong Kong


I N D I A

AARCOT CERAMIC: CRISIL Keeps D Debt Ratings in Not Cooperating
AGARWAL CORPORATION: CRISIL Keeps D Ratings in Not Cooperating
ALVA'S EDUCATION: Ind-Ra Hikes Bank Loan Rating to BB+
ANANYA WOOD: CRISIL Lowers Long/Short Term Debt Ratings to D
ANUBHA INDUSTRIES: Ind-Ra Affirms BB Loan Rating, Outlook Stable

ARAYAA SPINTEX: Ind-Ra Assigns B- Bank Loan Rating, Outlook Stable
BANSARD INDIA: Voluntary Liquidation Process Case Summary
BUDDHA GLOBAL: CRISIL Keeps D Debt Ratings in Not Cooperating
ENGAGED INSURTECH: Voluntary Liquidation Process Case Summary
EURO VISTAA: Ind-Ra Affirms BB Bank Loan Rating, Outlook Stable

FANIDHAR AGROTECH: CRISIL Withdraws B- Rating on INR21cr Loan
FANIDHAR ENTERPRISES: CRISIL Withdraws B Rating on INR21cr Loan
FUTURE CONSUMER: Defaults on Payment of INR133cr NCD
GUINEA MOTORS: CRISIL Hikes Rating on INR16.96cr Loan to B+
ISHI STOCK: Voluntary Liquidation Process Case Summary

ISSAR INVESTMENTS: Voluntary Liquidation Process Case Summary
JANA CAPITAL: Ind-Ra Hikes NonConvertible Debts Rating to BB-
JANA HOLDINGS: Ind-Ra Hikes NonConvertible Debts Rating to BB-
JCBL LIMITED: CRISIL Withdraws D Rating on INR11.62cr Corp. Loan
JUPITER INTERNATIONAL: Ind-Ra Assigns BB Rating, Outlook Stable

KEDIA TEXFAB: Ind-Ra Affirms BB+ Bank Loan Rating, Outlook Stable
KESHAVA ENTERPRISES: CRISIL Lowers Rating on INR7cr Loan to D
KETHOS TILES: CRISIL Keeps D Debt Ratings in Not Cooperating
KIRTIMAN CEMENTS: CRISIL Lowers Rating on INR18cr Cash Loan to D
KRISHNA RESIDENCY: Voluntary Liquidation Process Case Summary

KUFRI FUN: CRISIL Keeps D Debt Rating in Not Cooperating Category
LAKSHMI AGENCIES: CRISIL Keeps D Debt Ratings in Not Cooperating
M S SHIP: CRISIL Lowers Long/Short Term Debt Ratings to D
NCL GREEN: Ind-Ra Withdraws B+ NonConvertible Debts Rating
NEO WOOD: CRISIL Lowers Rating on INR15cr Cash Loan to B+

NETAJI OIL: CRISIL Withdraws B Rating on Long Term Debt
NEW STONE: CRISIL Hikes Rating on INR5cr Cash Loan to B-
NIMIT STEELS: CRISIL Keeps D Debt Ratings in Not Cooperating
PRG BUILDCON: Ind-Ra Hikes Bank Loan Rating to BB-, Outlook Stable
RAJGARIA TIMBER: CRISIL Lowers Long/Short Term Debt Ratings to D

S.A.M. APPARELS: CRISIL Keeps D Debt Ratings in Not Cooperating
SAI PROJECTS: CRISIL Keeps D Debt Ratings in Not Cooperating
SARDAR MOTORS: Ind-Ra Keeps BB+ Bank Loan Rating in NonCooperating
SARVODAY ASHRAM: CRISIL Keeps D Debt Ratings in Not Cooperating
SCL HEALTHCARE: Ind-Ra Affirms BB Rating, Outlook Positive

SCULPTOR MANAGEMENT: Voluntary Liquidation Process Case Summary
SHANKER INDUSTRIES: CRISIL Keeps B+ Rating in Not Cooperating
SMRITI APPARELS: CRISIL Keeps D Debt Ratings in Not Cooperating
SPECTRUM ELECTRICALS: Ind-Ra Moves BB+ Rating to Non-Cooperating
SYSTEMS TECHNOLOGY: Voluntary Liquidation Process Case Summary

TEXWIN SPINNING: Ind-Ra Assigns B+ Loan Rating, Outlook Stable
TOPSTAR PROJECTS: Voluntary Liquidation Process Case Summary
VELOHAR INFRA: CRISIL Keeps D Debt Ratings in Not Cooperating
VIJAYA HOSPITAL: Ind-Ra Moves BB+ Rating to NonCooperating


N E W   Z E A L A N D

BOOTZ LOGGING: Creditors' Proofs of Debt Due on March 12
BUILDHUB: Labour Hire Firm Goes Into Liquidation
COLAC BAY: Court to Hear Wind-Up Petition on Feb. 22
HUTCHINSON & HUNTER: Court to Hear Wind-Up Petition on Feb. 22
VICTORY GROUP: Creditors' Proofs of Debt Due on March 8

WAIHEKE AUTOMOTIVE: Creditors' Proofs of Debt Due on March 7


S I N G A P O R E

ALPHATECH SOLUTIONS: Court Enters Wind-Up Order
BESPOKIFY PTE: Commences Wind-Up Proceedings
HATSUGA ENTERPRISE: Court to Hear Wind-Up Petition on March 1
NEW LEAD: Court to Hear Wind-Up Petition on March 1
UOL DEVELOPMENT: Commences Wind-Up Proceedings


                           - - - - -


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

CIVIL PRO: Second Creditors' Meeting Set for Feb. 23
----------------------------------------------------
A second meeting of creditors in the proceedings of Civil Pro
Constructions Group Pty Ltd has been set for Feb. 23, 2024 at 11:30
a.m. at the offices of SV Partners at 22 Market Street in
Brisbane.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by Feb. 22, 2024 at 4:00 p.m.

Anne Meagher and Terry van der Velde of SV Partners were appointed
as administrators of the company on Nov. 13, 2023.


DB EQUIPMENT: Second Creditors' Meeting Set for Feb. 23
-------------------------------------------------------
A second meeting of creditors in the proceedings of DB Equipment
Australia Pty Ltd has been set for Feb. 23, 2024 at 11:00 a.m. at
the offices of Setter Shepard at Level 2, 117 Clarence Street in
Sydney.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by Feb. 22, 2024 at 4:00 p.m.

Adam Shepard of Setter Shepard was appointed as administrator of
the company on Jan. 18, 2024.


DC LIVING: Tradies Rush to Sites as Building Company Collapses
--------------------------------------------------------------
News.com.au reports that customers have been left high and dry
after their building company went bust and tradies rushed out to
strip their sites bare.

Earlier this month, news.com.au revealed that DC Living Pty Ltd,
trading under the names Living Homes VIC and Living Homes QLD, went
into administration.

The builder, headquartered in Brisbane, had undertaken more than
AUD10 million worth of construction work since July and had at
least 29 active sites on its books, according to the Queensland
Building and Construction Commission (QBCC).

According to news.com.au, the appointed administrators, Daniel
Quinn and David Stimpson of insolvency firm SV Partners, informed
creditors that DC Living had ceased trading and the QBCC has since
cancelled its building licence.

One customer, Jamie, who preferred not to share his last name, said
there is "no end in sight" despite he and his partner first signing
a building contract two years ago in the hopes they would by now be
living in their dream home.

In another blow to the homeowner, less than 24 hours after DC
Living went bust, the fencing and the skip bin was ripped out of
his building site, as frustrated tradies tried to reduce their
losses, news.com.au relays.

"Basically we found out on the Friday that they (DC Living) had
gone under," Jamie told news.com.au. "We were like 'Oh my god'."

Then over the weekend, the tradies came and took their stuff back
from his site, leaving some rubbish behind in the process.

News.com.au understands other customers have had a similar
experience.

What Jamie finds particularly galling is that less than two weeks
before DC Living went under, he had made a substantial progress
payment to the builder which was nearly six figures.

And just a few days before administrators were appointed, the
construction firm had installed a garage door at his near-completed
AUD600,000 house, news.com.au adds.


GDAM FINANCE: First Creditors' Meeting Set for Feb. 22
------------------------------------------------------
A first meeting of the creditors in the proceedings of GDAM Finance
Pty Ltd will be held on Feb. 22, 2024 at 11:00 a.m. at Level 9, 60
Pitt Street in Sydney.

Michael Hogan of HoganSprowles was appointed as administrator of
the company on Feb. 13, 2024.


JEVNT PTY: Collapses Into Liquidation Over Unpaid Taxes
-------------------------------------------------------
News.com.au reports that the tax office has flexed its muscles,
forcing a popular Oporto to either pay half a million in back taxes
or shut down.

News.com.au relates that two companies that operated Oporto
franchises in Sydney - Jevnt Pty Ltd and Pymz Pty Ltd - which
operated Oporto Newtown and Darling Harbour respectively, collapsed
into liquidation on Feb. 16 after the Australian Taxation Office
(ATO) issued their director, Ming Zhong, a notice demanding the
payment of back taxes it was owed.

Liquidator Henry McKenna, of Vincents, told news.com.au that the
businesses owed a combined amount of around AUD400,000 - AUD500,000
to the ATO.

He added Mr. Zhong had earlier been issued with a director penalty
notice by the ATO, which gave the companies 21 days to either pay
the debt or surrender into liquidation, news.com.au relays.

Failure to take one of those steps would have made Mr. Zhong
personally liable for the tax debt.

As a result of the liquidations, Oporto Newtown, in Sydney's inner
west, didn't open on Feb. 16 and hasn't traded since.

According to news.com.au, Mr. McKenna said that the Darling Harbour
location, in central Sydney, had already been shut for more than 12
months as it was located in the Harbourside Shopping Centre, which
closed for redevelopment in January 2023.

Mr. McKenna said around 20 casual or part-time staff of the Newtown
store had been affected by the closure.

He added that according to the information he had on hand so far,
it didn't appear that the businesses had any other significant
debts to supplier creditors, but it was possible that staff and the
landlord of the Newtown site may be owed a small amount of money,
news.com.au relays.

Mr. McKenna said that he was hoping the Newtown restaurant may
re-open, either as a company-run store or under the control of a
new franchisee.

"I'm talking with the franchisor about them coming in and reopening
the Newtown store – either they'll run it themselves or find
another franchisee to run it," he said.

However, he added that any such arrangement would be subject to the
agreement of the site's landlord.

According to the report, Mr. McKenna said the bulk of the tax debt
was accumulated during the difficult trading conditions created by
Covid-19, while the businesses had also suffered from increased
input costs.

Specialising in Portuguese-style chicken, Oporto's first restaurant
was founded in 1986 by António Cerqueira, an Australian of
Portuguese descent, Bondi, NSW.

Oporto Franchising is owned by fast-food business Craveable Brands,
which also owns Red Rooster, Chicken Treat and Chargrill
Charlie's.

There are currently more than 190 Oportos trading around
Australia.

News.com.au adds that the Oporto liquidations come after a popular
cafe, Cornersmith, also in Sydney's inner west announced it would
be closing last week after the owner described the Australian
hospitality industry as "a bit broken" due to the difficulty to
make a profit.

SWAG RURAL: First Creditors' Meeting Set for Feb. 23
----------------------------------------------------
A first meeting of the creditors in the proceedings of Swag Rural
Pty Ltd will be held on Feb. 23, 2024 at 10:30 a.m. via virtual
meeting.

S R Sellahewa and S G Reid of Rodgers Reidy were appointed as
administrators of the company on Feb. 13, 2024.


TRINITY MINING: First Creditors' Meeting Set for Feb. 27
--------------------------------------------------------
A first meeting of the creditors in the proceedings of Trinity
Mining Services and Supplies Pty Ltd will be held on Feb. 27, 2024
at 11:30 a.m. via teleconference facilities.

Stephen Dixon of Hamilton Murphy Advisory was appointed as
administrator of the company on Feb. 15, 2024.


WILUNA MINING: Could Restart Gold Operations, Study Shows
---------------------------------------------------------
Australian Mining reports that Wiluna Mining Corporation could be
gearing up to restart its gold operations in Western Australia
after previously announcing its insolvency in 2022.

FTI Consulting, the administrators who took over Wiluna 2022,
commissioned a pre-feasibility study (PFS) at the Wiluna gold mine
aiming to determine its future validity, the report says.

According to Australian Mining, the PFS projected a 9.5-year mine
life with 5.53 million ounces of resources and 1.29 million ounces
of reserves.

A restart at Wiluna is estimated to produce 750,000 tonnes of gold
ore each year, producing an average of 67,500 ounces of gold per
annum.

Australian Mining relates that FTI Consulting Senior Managing
Director Mike Ryan said the PFS demonstrated a potential pathway to
return to the Wiluna operations to a viable footing.

"As has been demonstrated through multiple resource and reserve
statements, Wiluna has a large amount of gold mineral and ore at
healthy grades," the report quotes Mr. Ryan as saying.

"The potential of the 5.24 million ounces of gold contained within
Wiluna resources cannot be overlooked.

"Unfortunately, the previous operations at the Wiluna gold mine
struggled with various operational and financial issues and were
unable to properly pursue this potential."

Australian Mining says the next phase for the mine would prioritise
sulphide material, supported by the existing operational carbon in
leach circuit. These processing circuits would be fed initially by
an open pit mine, later transitioning to underground mining.

Mr. Ryan said over $100 million has been invested in the
rehabilitation and development of the mine to bring it to its
current state.

"Our next step is to seek parties who are interested in Wiluna's
potential, as demonstrated by this PFS and the additional upside
opportunities possible should larger amounts of capital be
available and deployed," he said.

The PFS found the company will need $73 million to get the project
off the ground, which will go towards the establishment and upgrade
of critical infrastructure, adds Australian Mining.

                         About Wiluna Mining

Based in West Perth, Australia, Wiluna Mining Corporation Limited
-- https://www.wilunamining.com.au/ -- explores for and develops
gold properties. It holds a 100% interest in the Matilda-Wiluna
property located in Australia.

Michael Ryan, Kathryn Warwick, Ian Francis and Daniel Woodhouse of
FTI Consulting were appointed as administrators of Wiluna Mining
Corporation Limited; Wiluna Operations Pty Ltd; Wiluna Gold Pty
Ltd; Kimba Resources Pty Ltd; Zanthus Energy Pty Ltd; Lignite Pty
Ltd; and Scaddan Energy Pty Ltd on July 20, 2022.



=========
C H I N A
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HUMAN HORIZONS: EV Maker HiPhi Suspends Operations for Six Months
-----------------------------------------------------------------
Bloomberg News reports that Human Horizons Group suspended
operations for at least six months, adding to signs of an enduring
squeeze in the industry as growth slows.

Bloomberg relates that the Shanghai-based manufacturer of the
premium HiPhi brand suspended production on Sunday (Feb. 18) and
barred workers from entering its factory, said an employee who
asked not to be named because they have not been authorised to
speak publicly.

Workers will receive January wages at the end of this month, and
then salaries will be paid at a 70 per cent rate between Feb. 18
and Mar. 18, the employee said, citing a memo that had been sent to
workers.

After that, they'll be paid minimum wage. Workers who wish to
continue to pay into their national medical insurance plan should
resign by Feb. 25, the memo said, in a potential sign the firm will
face difficulties in continuing to cover social welfare
contributions, Bloomberg relays.

After years of rapid growth, the world's biggest EV market is
facing a slowdown as consumer demand wanes and escalating trade
tensions hurt the export outlook. That's pushed a growing number of
companies, including WM Motor and the EV division of the embattled
real estate developer China Evergrande Group, to the brink of
collapse and drawn the ire of senior government officials,
according to Bloomberg.

Human Horizons didn't respond to requests for comment from
Bloomberg News and calls to its sales office weren't answered. They
denied on record that operations were suspended to local media
outlets including Caixin who had reported the company being in
trouble.

Bloomberg says pressure has been building on Human Horizons, with
Chinese media reporting last month that it had closed stores in
cities including Guangzhou and Chengdu and hadn't paid some
suppliers on time. Human Horizons said then that it was operating
as normal.

Bloomberg relates that smaller players like Human Horizons are
being hit hard by the intense competition, and many are exiting the
industry entirely. The number of registered EV producers dropped to
100 last year from roughly 500 in 2019 as subsidies dried up.
HiPhi, whose EVs range from CNY339,000 to CNY570,000, sold fewer
than 8,000 vehicles in 2023.

Human Horizons' financial woes may also cast doubt over a US$5.6
billion deal inked in June last year with Saudi Arabia's Ministry
of Investment to collaborate on development, manufacture and sales
of EVs. The agency did not immediately respond to a request for
comment from Bloomberg News.


LOGAN GROUP: Liquidation Petitions Against Two Units Dismissed
--------------------------------------------------------------
Reuters reports that Logan Group said on Feb. 16 that liquidation
petitions against the Shenzhen developer and two of its units had
been dismissed.

"Grand Court of the Cayman Islands and the High Court of Hong Kong
have ordered that the Cayman Petition and the Hong Kong Petitions
be dismissed respectively," the company said in a stock exchange
filing.

Shares of the company jumped as much as 14.3% to their highest
since Jan. 29, Reuters notes.

Last month, the Hong Kong High Court had adjourned the liquidation
proceedings for four weeks to allow a group of banks time to decide
whether they would replace the original petitioners in the lawsuit
aimed at liquidating the Chinese property developer, Reuters says.

According to Reuters, the original petitioners, who hold Logan's
5.75% 2025 bond, had filed a winding-up petition against the
developer and its two units in November 2022 through Citicorp
International, the bond trustee.

The adjournment order came after Logan signed an agreement with a
key bondholder group on the terms of restructuring its $6.6 billion
in offshore debt, Reuters notes.

                           About Logan Group

Headquartered in Shenzhen, Guangdong, China, Logan Group Co Ltd is
a property developer. It develops and sells residential properties
and retail shops. The company also leases office units and retail
shops; and carries out construction works of office premises and
residential buildings for its external customers.

Logan and two of its subsidiaries received a winding-up petition in
November 2022 filed by the bond trustee who represents a few
investors holding the 5.75% 2025 bond, according to Reuters.


REDSUN PROPERTIES: Faces Winding-Up Threat In Hong Kong
-------------------------------------------------------
South China Morning Post reports that the debt crisis at Redsun
Properties Group is going from bad to worse as it has missed
payments on several offshore bonds since mid-2022 as China's
housing market struggles to overcome a three-year slump. Some
bondholders have now moved to put the developer out of business.

According to the Post, the Bank of New York Mellon (London branch)
has filed a winding-up petition against the firm for failing to
repay at least US$228.5 million, the company said in a Hong Kong
stock exchange filing on Feb. 16. The debt is related to a US$200
million two-year junk bond due in September 2023 plus unpaid
interest.

The petition was filed on February 14 in Hong Kong, according to
the filing. The hearing date was not disclosed. Redsun said it is
seeking legal advice on the matter. The US bank acts as the trustee
of the bond, according to the bond offering document published in
2021.

The Post says the litigation highlights the swift downfall of the
developer based in Nanjing in eastern Jiangsu province, which only
listed in Hong Kong less than six years ago. It also shows how some
foreign creditors have lost patience with many Chinese builders as
home sales have slumped after a liquidity crunch triggered by
Beijing's "three red lines" policy, and were later compounded by
the Covid-19 pandemic.

The same Hong Kong court last month granted a winding-up order
against China Evergrande Group after it failed to reorganise about
US$20 billion of offshore debts, the Post recalls. The Evergrande
case has been billed as the biggest corporate collapse of a Hong
Kong-listed entity, based on its US$337 billion of total
liabilities.

Since its last repayment of offshore bonds in April 2022, Redsun
has defaulted on some of its US$1.5 billion dollar-denominated
bonds, including in April and September last year. It hired Haitong
International Securities and Linklaters as external advisers in
August 2022 to deal with creditors.

"No hearing has taken place in relation to the petition and no
winding-up order has been made by the High Court against the
company," the developer said in Feb. 16 filing. Redsun said it has
been communicating with some bondholders to find a solution.

Zeng Huansha, the company's chairman and controlling shareholder,
is also under pressure. A creditor, Serica Agency Limited, has also
filed a petition to foreclose his personal investment vehicle for
failing to repay a US$275 million bond, according to an exchange
filing last month.

                      About Redsun Properties

Redsun Properties Group Limited engages in real estate development,
commercial properties and hotel operations in China.

The company was founded in 1996 and listed on the Hong Kong Stock
Exchange in July 2018.

As reported in the Troubled Company Reporter-Asia Pacific in late
September 2023, Moody's Investors Service has downgraded Redsun
Properties Group Limited's corporate family rating to Ca from Caa2
and the company's senior unsecured rating to C from Caa3, and
maintained the negative outlook.

"The downgrade of Redsun's ratings with a negative outlook reflects
the company's weak liquidity and Moody's expectation of weak
recovery prospects for the company's bondholders," says Cedric Lai,
a Moody's Vice President and Senior Analyst.

On Sept. 19, 2023, Redsun announced that the company does not
expect to repay its USD200 million senior notes due Sept. 20, 2023.
The non-payment of USD senior notes reflects the company's weak
liquidity and constrained financial flexibility. It could also
trigger repayment acceleration for its other debt obligations.



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I N D I A
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AARCOT CERAMIC: CRISIL Keeps D Debt Ratings in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Aarcot
Ceramic Private Limited (ACPL) continue to be 'CRISIL D/CRISIL D
Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Bank Guarantee         1          CRISIL D (Issuer Not
                                     Cooperating)

   Cash Credit            2.5        CRISIL D (Issuer Not
                                     Cooperating)

   Cash Term Loan         4.6        CRISIL D (Issuer Not
                                     Cooperating)
   Proposed Long Term
   Bank Loan Facility     4.4        CRISIL D (Issuer Not
                                     Cooperating)

CRISIL Ratings has been consistently following up with ACPL for
obtaining information through letter and email dated January 5,
2024 among others, apart from telephonic communication. However,
the issuer has remained non cooperative.

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

Detailed Rationale

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

ACPL, incorporated in Morbi (Gujarat) in 2013, is promoted by Mr.
Jitendra Lavjibhai Dekavadiya and Mr. Lakhmanbhai Madhavbhai
Zalariya. The company has set up a factory to manufacture digital
wall tiles and started commercial operation in November 2014.


AGARWAL CORPORATION: CRISIL Keeps D Ratings in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Agarwal
Corporation (AC) continue to be 'CRISIL D Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit            7          CRISIL D (Issuer Not
                                     Cooperating)

   Proposed Long Term     3          CRISIL D (Issuer Not
   Bank Loan Facility                Cooperating)

CRISIL Ratings has been consistently following up with AC for
obtaining information through letters and emails dated January 5,
2024 among others, apart from telephonic communication. However,
the issuer has remained non cooperative.

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

Detailed Rationale

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

AC, set up in 2001, is a proprietorship concern owned by Ms.
Manjula Agarwal. It trades in iron and steel products, including
cold-rolled and hot-rolled coils, steel sheets, steel beams, steel
plates, and thermo-mechanically treated bars, ingots, and billets.
Mr. Ashwini Agarwal (husband of Mrs. Manjula Agarwal) manages the
firm's operations.


ALVA'S EDUCATION: Ind-Ra Hikes Bank Loan Rating to BB+
------------------------------------------------------
India Ratings and Research (Ind-Ra) has taken the following rating
actions on Alva's Education Foundation's (AEF) bank facilities:

-- INR684.89 mil. Bank loans assigned with IND BB+/Positive
     rating;

-- INR720 mil. Bank loans upgraded with IND BB+/Positive rating;
     and

-- INR80 mil. Fund-based working capital upgraded with IND BB+/
     Positive rating.

Analytical Approach: Ind-Ra continues to consider AEF's standalone
profile for the rating purpose.

The upgrade and the Positive Outlook reflect an improvement in
AEF's operating performance and credit profile in FY23, and the
likelihood of the same continuing over the near-to-medium term.

Key Rating Drivers

The ratings reflect strong growth of 25.10% yoy in AEF's overall
student headcount to 18,810 in FY23, driven by a 47.49% yoy
increase in the school student headcount to 10,429. The student
headcount in colleges increased 5.22% yoy to 8,381 in FY23. Of the
total 18,810 students in FY23, about 55% of the students were from
schools and 45% were from colleges. As informed by the management
to Ind-Ra, the overall student headcount was 19,685 at
end-September 2023 and is likely to increase further by end-March
2024 as the admission process is ongoing. Ind-Ra expects gradual
growth in the student headcount over the medium term on account of
adequate demand for the courses offered by the institutes run by
the trust.

The ratings also reflect robust growth in AEF's revenue and the
maintenance of its comfortable EBITDA margin. Ind-Ra expects the
EBITDA margin to remain comfortable over the near-to-medium term on
the back of sustained revenue growth. AEF's revenue increased
32.42% yoy to INR2,932.16 million in FY23, mainly driven by the
tuition fee income, which proportioned 61% of the total revenue in
FY23, up 33.45% yoy at INR1,779.69 million. Hostel receipts was the
other major source of the revenue and it proportioned 37% in FY23,
up 28.79% yoy to INR1,079.77 million. AEF earned a revenue of about
INR2,438 million during April-November 2023. The EBITDA margin
remained comfortable but moderated to 28.80% in FY23 (FY22: 31.96%)
mainly due to 46.39% yoy increase in other operating expenses to
INR1,319.81 million.

The rating factors improvement in AEF's leverage and coverage
metrics in FY23. The net leverage (net debt/EBITDA) improved to
1.53x in FY23 (FY22: 2.31x) mainly on account of a 22.22% yoy
decline in the total debt to INR1,315.27 million and its interest
coverage increased to 5.43x (3.62x) and debt service coverage
increased to 1.37x (1.29x) owing to a 19.34% yoy increase in the
EBITDA to INR844.54 million. The trust has ongoing capex plans
worth INR1,693 million during FY24-FY25 towards purchase of the
hostel building and construction of additional academic blocks. The
capex would be funded by 75% debt and balance through internal
accruals. As of December 31, 2023, trust had availed INR900 million
loans from banks towards the capex. Despite the debt funded capex,
Ind-Ra expects AEF's leverage and coverage ratios to remain
comfortable in the near-to-medium term owing to the trust
sustaining its operating profitability.

The rating also benefits from AEF's strong operational track record
of over 29 years and its moderate market position regionally which
supports its operational profile.

Liquidity Indicator – Adequate: The unencumbered cash and bank
balances (including unencumbered fixed deposits) increased to
INR164.65 million at end-December 2023 (FYE23: INR41.81 million)
due to higher fee collections during April-June and
October-November 2023 as the trust collects fee in three
instalments from students and a majority of the fee is collected
during the first instalment which is generally during April-June.
The average cash and bank balance (including unencumbered fixed
deposits) was INR250 million during April-December 2023. The
receivable period remained elongated despite shortening to 84 days
in FY23 (FY22: 108 days). To reduce the receivables, the trust has
tied up with an external collection agency. The monthly utilization
of AEF's working capital limit of INR140 million averaged 61% for
the 12 months ended December 2023. AEF reported a net surplus of
INR390.62 million and cash accruals of INR688.92 million for FY23.
Ind-Ra expects AEF's cash flow from operations and unrestricted
cash and bank balances to be adequate for its debt repayments of
around INR507 million and INR515 million in FY24 and FY25,
respectively. Its cash flow from operations increased 13.49% yoy to
INR723.55 million in FY23 (FY22: INR637.56 million).

AEF's ratings are constrained by the trust's geographical
concentration as it is operating mainly in the Mangalore district
of Karnataka. Moreover, the education sector in India is highly
regulated and the trust's operations may be impacted in case of any
adverse regulatory changes in the central government policies and
regulations.

Rating Sensitivities

Positive: An improvement in the scale of operations while
maintaining the cash flow from operations, thereby leading to a
further improvement in the liquidity while maintaining a healthy
debt service coverage could lead to a positive rating action.

Negative: An inability to maintain the operating profitability,
which could lead to deterioration in the leverage and coverage
metrics, and stress on the liquidity position, all on a sustained
basis, will lead to a negative rating action.

Company Profile

Established in 1995, AEF is a charitable trust promoted by Dr.
Mohan Alva in Moodbidri, Karnataka. The trust manages 21
educational institutions that offers education from kindergarten to
standard 12 (K-12), pre-university, diploma, graduate and post
graduate degrees in engineering, nursing, allied health science,
ayurvedic, homeopathic, physiotherapy, and arts and science, among
others.

ANANYA WOOD: CRISIL Lowers Long/Short Term Debt Ratings to D
------------------------------------------------------------
CRISIL Ratings has downgraded its ratings on the bank facilities of
Ananya Wood Private Limited (AWPL; part of Rajgaria Group) have
been downgraded to 'CRISIL D/CRISIL D Issuer Not Cooperating' from
'CRISIL B/Stable/CRISIL A4 Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Long Term Rating       -          CRISIL D (ISSUER NOT
                                     COOPERATING; Downgraded from
                                     'CRISIL B/Stable ISSUER NOT
                                     COOPERATING')

   Short Term Rating      -          CRISIL D (ISSUER NOT
                                     COOPERATING; Downgraded from
                                     'CRISIL A4 ISSUER NOT
                                     COOPERATING')

CRISIL Ratings has been consistently following up with AWPL for
obtaining information through letters and emails dated February 7,
2024, 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
noncooperation 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 AWPL, which restricts CRISIL
Ratings' ability to take a forward-looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on AWPL
is consistent with 'Assessing Information Adequacy Risk'.

Based on the publicly available information, CRISIL Ratings
understands that the company has been classified as NPA. Hence,
CRISIL Ratings has downgraded its ratings on the bank facilities of
AWPL have been downgraded to 'CRISIL D/CRISIL D Issuer Not
Cooperating' from 'CRISIL B/Stable/CRISIL A4 Issuer Not
Cooperating'.

Analytical Approach

The business and financial risk profiles of Rajgaria Timber Pvt Ltd
(RTPL) and Ananya Woods Pvt Ltd (AWPL) have been combined for this
rating action. That is because the two companies, together referred
to as the Rajgaria group, have a common management and are in the
same business.

Set up as a partnership firm by Kolkata-based Rajgaria family, the
firm was reconstituted as a private-limited company in 2000.
Following a division in the Rajgaria family in 2004, Mr Pawan Kumar
Rajgaria acquired a controlling stake in RTPL. The company sells
sawed timber.

AWPL operates in the same business. It imports timber majorly from
West Africa.


ANUBHA INDUSTRIES: Ind-Ra Affirms BB Loan Rating, Outlook Stable
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has taken the following rating
actions on Anubha Industries Private Limited's (AIPL) bank
facilities:

-- INR800 mil. Fund-based working capital limits affirmed;
     Outlook revised to Stable from Negative with IND BB/Stable
     rating;

-- INR35.5 mil. Non-fund-based working capital limits affirmed
     with IND A4+ rating; and

-- INR311.4 mil. (reduced from 592.2 mil.) Term loan due on
     January 30, 2026 affirmed; Outlook revised to Stable from
     Negative with IND BB/Stable rating.

Analytical Approach:  Ind-Ra continues to take a standalone view of
AIPL to arrive at the ratings.

The Outlook revision to Stable from Negative reflects an
improvement in AIPL's operating performance in FY23 and Ind-Ra's
expectation of timely repayment of term debt during FY24.

Key Rating Drivers

AIPL's revenue increased to INR4,110 million in FY23 (FY22:
INR3,699.75 million), on account of an increase in demand for its
products. It achieved revenue of INR3,150 million in 9MFY24. Ind-Ra
expects the revenue to remain at similar levels in FY24. The scale
of operations remains medium.

Further, the EBITDA margin improved to 6.33% in FY23 (FY22: 5.34%),
although remained modest with a return on capital employed of 6.6%
(4.4%). The increase is margins was attributable to higher demand
and a slight reduction in the cost of goods sold. Ind-Ra expects
the profitability to remain stable in FY24.

The credit metrics improved in FY23 but continued to be modest due
to leveraged balance sheet and high-cost working capital funding.
The gross interest coverage (operating EBITDA/gross interest
expense) improved to 1.34x in FY23 (FY22: 1.05x) and the net
leverage (net debt/EBITDA) to 6.6x (8.6x) owing to an increase in
absolute EBITDA. Ind-Ra expects the credit metrics to improve
further in FY24, although remain modest, on account of a likely
improvement in EBITDA.

Liquidity Indicator - Stretched: The company has large debt
repayment obligations of INR202.78 million and INR106.59 million in
FY24 and FY25, respectively. Furthermore, Ind-Ra estimates the debt
service coverage ratio to be below 1.0x in FY24. However, the
agency draws comfort from the company's  ability to meet its debt
repayments from internal accruals and unsecured loans from
directors. AIPL's working capital cycle remained stretched,
although shortened to 119 days in FY23 (FY22: 137 days) due to a
decrease in the receivable period to 79 days (93 days) and
inventory holding period to 137 days (173 days), partially offset
by a decline in the payable period to 97 days (130 days). The
average use of the fund-based limits was also high at 99% during
the 12 months ended December 2023. The cash flow from operations
turned positive to INR23.21 million in FY23 (FY22: negative INR9.66
million) due to  higher operating EBITDA and favorable changes in
working capital. Consequently, the free cash flow from turned
positive to INR4.76 million in FY23 (FY22: negative INR26.3
million), despite capex of INR18.45 million (INR16.64 million).
AIPL had low free cash and cash equivalents of INR0.73 million at
FYE23 (FYE22: INR0.8 million). Ind-Ra expects the liquidity to
remain stretched and dependent on the promoters' funding in FY24 as
well.

However, the ratings remain supported by AIPL's promoters' more
than four decades of experience in the textile industry through its
other group companies, leading to established relationships with
its customers and suppliers.

Rating Sensitivities

Positive: An improvement in the liquidity position, along with an
improvement in the interest coverage above 1.75x, all on a
sustained basis, will be positive for the ratings.

Negative: A further deterioration in the liquidity profile or the
interest coverage reducing below 1.25x, all on a sustained basis,
will be negative for the ratings.

Company Profile

Incorporated in 2012, Surat-based AIPL manufactures denim and
cotton fabrics. The company has an installed capacity of 20 million
meters. Aditya Goyal is the managing director.

ARAYAA SPINTEX: Ind-Ra Assigns B- Bank Loan Rating, Outlook Stable
------------------------------------------------------------------
India Ratings and Research (Ind-Ra) has rated Arayaa Spintex
Private Limited's (ASPL) bank facilities as follows:

-- INR150 mil. Fund-based working capital limit assigned with
     IND B-/Stable/IND A4 rating; and

-- INR402.2 mil. Term loan due on September 1, 2031 assigned with
     IND B-/Stable rating.

Analytical Approach: Ind-Ra has assessed the company on a
standalone basis to assign the ratings.

Key Rating Drivers

Liquidity Indicator - Stretched: ACPL's average maximum utilization
of the fund-based limits was 74.74%, with one instance of
overutilization up to nine days, during the 12 months ended
November 2023. ASPL's net working capital cycle was stretched at
258 days in FY23, mainly on account of higher inventory days of 240
days.  The working capital cycle is likely to improve in FY24 due
to the stabilization of its operations. The cash flow from
operations stood at a negative INR151.8 million in FY23. Its cash
and cash equivalents stood at INR0.28 million at FYE23.
Furthermore, ACPL does not have any capital market exposure and
relies on banks and financial institutions to meet its funding
requirements. ASPL has scheduled debt repayment obligations of
INR29.4 million in FY24 and INR50.4 million in FY25.

The ratings reflect the nascent stage of operations of ASPL's
cotton yarn spinning mill in Burhanpur, Madhya Pradesh. The mill
has an installed capacity of 4096 rotors, translating into a
production capacity of 8700 metric tons per annum. The unit
commenced operations in December 2022. ASPL recorded a revenue of
INR166.37 million in FY23, and INR618.44 million in 9MFY24.The
scale of operations is small. Ind-Ra expects the revenue to improve
in near-to-medium term, supported by new orders, following stable
demand for textile products.

The ratings also factor in SSPL's modest EBITDA margin of 4.77% in
FY23, due to higher fixed costs during the first four months of its
operations. The company reported an EBITDA loss of INR48 million in
9MFY24 because of higher cost of goods sold. The ROCE was negative
in FY23. In near-to-medium term, Ind-Ra expects the EBITDA margins
to stabilize due to better absorption of fixed cost and incentives
schemes received from the government. However, Ind-Ra opines ASPL's
profitability would be vulnerable to volatility in cotton and yarn
prices and competition from established market players.

The ratings reflect ACPL's modest credit metrics, with gross
interest coverage (operating EBITDA/gross interest expenses) of
1.17x in FY23 and the net leverage (total adjusted net
debt/operating EBITDAR) of 61.38x.  In FY24, Ind-Ra expects the
credit metrics to improve due to the scheduled debt repayment.
However, the credit metrics are likely to deteriorate in FY25 owing
to the undertaking of capex of INR120 million to add 1,500 rotors,
which will be funded through 70% debt and 30% equity.

The rating, however, benefit from the unit's geographical
advantage, as it is located close to the cotton market, thereby
giving easy access to raw materials. Furthermore, the unit is in
Burhanpur District, which is a big center for the power looms
industry, and hence, the mill would not face issues related to
infrastructure, such as roads, power, water, and transportation.
The project is also likely to witness sufficient availability of
skilled/semi-skilled labor. In addition, ASPL benefits from an
export promotion capital goods scheme under Directorate General of
Foreign Trade foreign trade policy, wherein the goods can be bought
free of customs duty. Furthermore, the company will not have to pay
goods and services tax imports under the scheme.

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

Rating Sensitivities

Positive: A significant increase in the scale of operations while
maintaining the credit metrics, with the interest coverage
exceeding 1.3x along with an improvement in the liquidity, all on a
sustained basis, could lead to a positive rating action.

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

Company Profile

Incorporated in 2020, ASPL manufactures cotton yarn. Its
manufacturing unit, which is located in Burhanpur, Madhya Pradesh,
has an installed capacity of 4,096 rotors translating into a
production capacity of 8,700 metric tons per annum of cotton yarn.
The promoters are Krishna Kanhaiya Mittal, Ajay Mittal, Mohit
Mittal and Vishnu Mittal. The registered office is in Delhi.

BANSARD INDIA: Voluntary Liquidation Process Case Summary
---------------------------------------------------------
Debtor:    BANSARD INDIA PRIVATE LIMITED
           Second Floor, 1/3 Sir Gangaram Hospital
           Marg Old Rajiner Nagar
           New Delhi, India - 11060

Liquidation Commencement Date:     January 10, 2024

Court:   National Company Law Tribunal, New Delhi Bench

Liquidator:                Ms. Monika Kohli
                           31/36, Basement
                           Old Rajiner Nagar        
                           New Delhi - 110060
                           E-mail: monikakohli@gmail.com
                           Mobile:  9810480983

Last date for
submission of claims:      February 9, 2024


BUDDHA GLOBAL: CRISIL Keeps D Debt Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Buddha Global
Limited (BGL) continue to be 'CRISIL D/CRISIL D Issuer Not
Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit            4          CRISIL D (Issuer Not
                                     Cooperating)

   Overdraft Facility     4          CRISIL D (Issuer Not
                                     Cooperating)

CRISIL Ratings has been consistently following up with BGL for
obtaining information through letter and email dated January 05,
2024 among others, apart from telephonic communication. However,
the issuer has remained non cooperative.

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

Detailed Rationale

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

BGL was incorporated in 2011. It is engaged in importing and
trading agro commodities and other items such as rice, wheat,
pulses and other related food products. It is located in Delhi and
promoted by Mr. Deept Sarup Agarwal and Mr. Anil Tekriwal.


ENGAGED INSURTECH: Voluntary Liquidation Process Case Summary
-------------------------------------------------------------
Debtor:    Engaged Insurtech Private Limited
           205, Shiv Shakti Estate
           Opp Damodarpark L B S Marg
           Ghatkopar (W), Mumbai City
           Mumbai, Maharashtra
           India, 400086

Liquidation Commencement Date:  January 12, 2024

Court:   National Company Law Tribunal, New Delhi Bench

Liquidator:              Damodar Prasad Gupta
                         First Floor, 14 Rani Jhansi Road
                         Near Jhandewalan Temple
                         New Delhi - 110055
                         E-mail: sgsdel@gmail.com
                         Telephone No: +91 98710 07801

Last date for
submission of claims:    February 11, 2024


EURO VISTAA: Ind-Ra Affirms BB Bank Loan Rating, Outlook Stable
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Euro Vistaa
(India) Limited's (EVL) debt facilities as follows:

-- INR575 mil. Fund-based working capital limits affirmed with
     IND BB/Stable/IND A4+ rating;

-- INR75 mil. Term loan due on February 2027 affirmed with IND
     BB/Stable rating; and

-- INR40 mil. Non-fund-based working capital limits affirmed with
     IND A4+ rating.

Analytical Approach:  Ind-Ra continues to take a standalone view of
EVL to arrive at the ratings.

Key Rating Drivers

The affirmation reflects EVL's continued medium scale of operations
despite an improvement in its revenue to INR1,412.97 million in
FY23 (FY22: INR1,326.83 million) on account of an increase in the
orders from existing customers. During 9MFY24, EVL achieved a
revenue of INR850 million and had an order book of INR350 million
at end-December 2023, to be executed by March 2024. In FY24, Ind-Ra
expects the revenue to improve marginally yoy due to a slight
increase in the global demand for yarn and textile.

The ratings also reflect EVL's continued modest EBITDA margin
sustained at 4.84% in FY23 (FY22: 4.74%) on account of the standard
terms of its business, with a return on capital employed of 9.6%
(9.6%). In FY24, Ind-Ra expects the EBITDA margin to remain at
similar levels.

The ratings further reflect EVL's continued modest credit metrics.
The gross interest coverage (operating EBITDA/gross interest
expense) deteriorated slightly to 1.35x in FY23 (FY22: 1.5x) due to
an interest on the higher utilization of working capital limits
while the net financial leverage (adjusted net debt/operating
EBITDA) improved to 7.65x (8.94x) due to the repayment of long-term
debt. In FY24, Ind-Ra expects the credit metrics to remain at
similar levels amid the absence of any major debt-funded capex.

Liquidity Indicator – Stretched: EVL's average maximum
utilization of its fund-based and non-fund-based limits was 72.17%
and 96.73%, respectively, during the 12 months ended December 2023.
The cash flow from operations remained negative and deteriorated at
INR301.97 million in FY23 (FY22: negative INR70.17 million) due to
unfavorable changes in the working capital. The net working capital
cycle remained elongated at 177 days in FY23 (FY22: 166 days) due
to increase in debtor days to 177 days in FY23 (173 days) and a
decline in the creditor days to six (14). The cash and cash
equivalents stood at INR6.35 million at FYE23 (FYE22: INR3.77
million). EVL has scheduled debt repayments of INR4.0 million and
INR26.9 million in FY24 and FY25, respectively. EVL does not have
any capital market exposure and relies on banks to meet its funding
requirements.

The ratings, however, continue to be supported by ECL's promoters'
over three decades of experience in the trading of yarn. This has
facilitated the company to establish strong relationships with
customers as well as suppliers.

Rating Sensitivities

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

Positive: An increase in the scale of operations, along with an
improvement in the overall credit metrics with the interest
coverage increasing above 2.0x and an improvement in the liquidity
profile, all on a sustained basis, could lead to a positive rating
action.

Company Profile

EVL, established in 1987 at Mumbai, is a merchant exporter of
varieties of textile yarn. Punkajj Lath and family are the
promoters.

FANIDHAR AGROTECH: CRISIL Withdraws B- Rating on INR21cr Loan
-------------------------------------------------------------
CRISIL Ratings has withdrawn its rating on the bank facilities of
Fanidhar Agrotech Private Limited (FAPL) on the request of the
company and after receiving no objection certificate from the bank.
The rating action is in-line with CRISIL Rating's policy on
withdrawal of its rating on bank loan facilities.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit            21         CRISIL B-/Stable/Issuer Not
                                     Cooperating (Withdrawn)

CRISIL Ratings has been consistently following up with FAPL for
obtaining information through letter and email dated May 29, 2023
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 FAPL. 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 FAPL is consistent with 'Assessing Information Adequacy Risk'.
Based on the last available information, CRISIL Ratings has
Continued the ratings on the bank facilities of FAPL to 'CRISIL
B-/Stable Issuer not cooperating'.

Incorporated in 2010, FAPL is engaged in wholesaling and trading of
agro commodities and pulses such as castor seeds, guar seeds, wheat
grains and cluster beans. It is part of the Ahmedabad-based
Fanidhar group, promoted by Mr Krunal Patel and Mr Rushab Patel.


FANIDHAR ENTERPRISES: CRISIL Withdraws B Rating on INR21cr Loan
---------------------------------------------------------------
CRISIL Ratings has withdrawn its rating on the bank facilities of
Fanidhar Enterprises Private Limited (FEPL) on the request of the
company and after receiving no objection certificate from the bank.
The rating action is in-line with CRISIL Rating's policy on
withdrawal of its rating on bank loan facilities.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit            21         CRISIL B/Stable/Issuer Not
                                     Cooperating (Withdrawn)

   Proposed Fund-          2.36      CRISIL B/Stable/Issuer Not
   Based Bank Limits                 Cooperating (Withdrawn)

   Working Capital         0.64      CRISIL B/Stable/Issuer Not
   Term Loan                         Cooperating (Withdrawn)

CRISIL Ratings has been consistently following up with FEPL for
obtaining information through letter and email dated May 29, 2023
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 FEPL. 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 FEPL is consistent with 'Assessing Information Adequacy Risk'.
Based on the last available information, CRISIL Ratings has
Continued the ratings on the bank facilities of FEPL to 'CRISIL
B/Stable Issuer not cooperating'.

Incorporated in 2009, FEPL is engaged in wholesaling and trading of
agro commodities and pulses such as castor seeds, guar seeds, wheat
grains, cluster beans, cattle feeds, etc. It is part of the
Ahmedabad-based Fanidhar group, promoted by Mr Krunal Patel and Mr
Rushab Patel.


FUTURE CONSUMER: Defaults on Payment of INR133cr NCD
----------------------------------------------------
Business Standard reports that Future Consumer Ltd (FCL) has
defaulted on the payment of INR132.97 crore towards payment of
principal and interest of Non-Convertible Debentures (NCD) issued
by the company to CDC Emerging Markets.

FCL had defaulted on payment towards interest amount of INR32.97
crore and principal amount of INR100 crore, according to a
regulatory filing by the FMCG arm of the debt-ridden Future Group
on Feb. 16, Business Standard relays.

"The company has been unable to service its obligations towards
payment of principal and interest due on unlisted Non-Convertible
Debentures issued by the company to CDC Emerging Markets Ltd," it
said.

The default happened on Feb. 15, 2024, the report notes.

According to Business Standard, Future Consumer had sought
deferment for payment of principal and interest amount due towards
NCDs, the filing added.

It had NCDs of INR200 crore for a tenure of seven years with a
coupon rate of 11.07 per cent per annum. This was applicable from
the date of allotment, which is Feb. 15, 2018.

FCL, part of the Kishore Biyani-led Future Group, is in the
business of manufacturing, branding, and distributing FMCG food and
processed food products.

As on Dec. 31, 2023, the total financial indebtedness of FCL
including short-term and long-term debt was at INR478.99 crore,
Business Standard discloses.


GUINEA MOTORS: CRISIL Hikes Rating on INR16.96cr Loan to B+
-----------------------------------------------------------
Due to inadequate information and in line with the Securities
Exchange Board of India guidelines, CRISIL Ratings had migrated the
rating on the bank facilities of Guinea Motors Private Limited
(GMPL) to 'CRISIL BB-/Stable/CRISIL A4+ Issuer Not Cooperating'.
However, the management has subsequently started sharing requisite
information, necessary for carrying out a comprehensive review of
the rating. Consequently, CRISIL Ratings has revised its ratings
from 'CRISIL BB-/Stable/CRISIL A4+ Issuer Not Cooperating' to
'CRISIL D/CRISIL D' and simultaneously migrated it to 'CRISIL
B+/Stable/CRISIL A4'

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Bank Guarantee       0.12         CRISIL A4 (Revised from
                                     'CRISIL A4+ ISSUER NOT
                                     COOPERATING' to 'CRISIL D'
                                     and Simultaneously migrated
                                     to 'CRISIL A4')

   Cash Credit         16.96         CRISIL B+/Stable (Revised
                                     from 'CRISIL BB-/Stable
                                     ISSUER NOT COOPERATING' to
                                     'CRISIL D' and
                                     Simultaneously migrated to
                                     'CRISIL B+/Stable')

   Term Loan           3.27          CRISIL B+/Stable (Revised
                                     from 'CRISIL BB-/Stable
                                     ISSUER NOT COOPERATING' to
                                     'CRISIL D' and
                                     Simultaneously migrated to
                                     'CRISIL B+/Stable')

The downgrade reflects the delay in servicing term debt obligation
in fiscal 23.

The simultaneous rating upgrade reflects the sufficient track
record of financial discipline maintained by GMPL during the last 6
months ended January 2024.

The rating continues to reflect the company's weak financial risk
profile of the company and lack of pricing power against principal
supplier, Tata Motors Ltd (TML; rated 'CRISIL AA/Positive/CRISIL
A1+'), amidst intense competition. These weaknesses are partially
offset by the extensive industry experience of the proprietor.

Key Rating Drivers & Detailed Description

Weaknesses:

* Limited pricing power with the principal supplier and exposure to
intense competition: Being a small player, GMPL has low pricing
power against its principal supplier, TML. Intense competition from
other vehicle manufacturers prompts TML to add more dealerships to
improve penetration and sales. This in turn prompts players such as
GMPL to refurbish their showrooms and service centers regularly.

* Below-average financial risk profile: Financial risk profile is
marked by an expected average adjusted networth of INR14 crore and
average gearing of 2.85 times estimated as on March 31, 2024. Debt
protection metrics were also weak, as expected by interest coverage
of less than 2 times in fiscal 2024. The financial risk profile is
expected to improve over the medium term, aided by steady accretion
to reserve.

Strengths:

* Extensive experience of the promoter: The two-decade-long
experience of the promoter in the auto dealership business, his
strong understanding of market dynamics and healthy relationships
with suppliers and customers will continue to support the business.


Liquidity: Stretched

The bank limit is utilized at around 85%. Cash accrual is expected
at INR1.2-1.7 crore per annum, which is sufficient to repay yearly
debt obligation of INR1-1.30 crore over the medium term. Current
ratio is estimated at an adequate 1.4 times as on March 31, 2023.
The promoter is likely to extend financial support through equity
and unsecured loans to meet the working capital requirement and
debt obligation.

Outlook: Stable

CRISIL Ratings believes GMPL will continue to benefit from the
promoter's extensive experience.

Rating Sensitivity factors

Upward factors

* Growth in revenue and stable operating margin leading to net cash
accrual of INR1.5 crore.
* Efficient working capital management.
* Improvement in the debt protection metrics.

Downward factors

* Decline in operating income by more than 25% and fall in margin,
leading to lower cash accruals.
* Stretched working capital cycle weakening the capital structure.

GMPL, incorporated in 2000, is an authorised dealer of TML, for its
entire range of passenger cars, spares and accessories and also
provides servicing of passenger cars in Patna. GMPL has been
associated with TML since 2001. Day-to-day operations are looked
after by the promoter-director, Mr A K Gupta. The company has one
showroom and two service centres.


ISHI STOCK: Voluntary Liquidation Process Case Summary
------------------------------------------------------
Debtor:    Ishi Stock Brokers Private Limited
           Second Floor, K-71 Haus Khas Enclave
           New Delhi, Delhi
           India, 110016

Liquidation Commencement Date:    January 6, 2024

Court:   National Company Law Tribunal, New Delhi Bench

Liquidator:               Mrs. Monika Agarwal
                          205 Chopra Complex
                          8, Preet Vihar, Community Centre
                          New Delhi - 110092
                          Contact No. : +91-9873924087
                          E-mail: liquidator.ishistock@gmail.com
                          E-mail: cacsmonika.agarwal@gamil.com

Last date for
submission of claims:     February 4, 2024


ISSAR INVESTMENTS: Voluntary Liquidation Process Case Summary
-------------------------------------------------------------
Debtor:    Issar Investments (India) Private Limited
           H.No. 8-2-334, Serene Chambers
           Flat No. W-301 & 302
           Road No. 5, Banjara Hills
           Hyberdad - 500034
           Telangana

Liquidation Commencement Date:    December 26, 2023

Court:   National Company Law Tribunal, Hyderabad Bench

Liquidator:                Mr. Sivaram Reddy Rajula
                           Plot no. 188, Road No. 21-A
                           Prashasan Nagar
                           Road No. 72, Jubile Hills
                           Hyderabad - 5001100, Telangana
                           Email: sivaram@sgpassociates.com
                           Phone: 91-9848199770
                           Phone: 9140-35945968  

Last date for
submission of claims:      January 24, 2024


JANA CAPITAL: Ind-Ra Hikes NonConvertible Debts Rating to BB-
-------------------------------------------------------------
India Ratings and Research (Ind-Ra) has upgraded Jana Capital
Limited's (JCL) non-convertible debentures (NCDs) to 'IND BB-' from
'IND B-' with a Stable Outlook as follows:

-- INR26.50 mil. NCDs* upgraded with IND BB-/Stable rating.

*Details in Annexure

Analytical Approach: To arrive at the rating, Ind-Ra continues to
take a consolidated view of JCL and its 100% subsidiary Jana
Holdings Limited (JHL; debt rated at 'IND BB-'/Stable), as both the
entities have a cross-default clause with each other's
indebtedness. The rating also factors in the credit profile of Jana
Small Finance Bank (JSFB; 32% stake held by JHL), using Ind-Ra's
Rating FI Subsidiaries and Holding Companies criteria.

The upgrade reflects the significant improvement in the credit
profile  of the bank during FY23-FY24, supported by its higher
capital ratios and improved operating performance. The upgrade also
factors in the successful refinancing of sizeable NCDs which had
matured in May and November 2023. The rating continues to reflect
JCL and JHL's weak financial risk profile as reflected in their net
losses, weak capitalization, stretched liquidity and high
refinancing risks, given their limited financial flexibility.  

The rated NCDs are held by TPG Asia VI India Markets Pte. Ltd, and
are junior to JHL's other debt issuances.

A common independent director serving on the Boards of Ind-Ra and
JCL/JHL did not participate in the meeting of their board of
directors or in the meeting of the rating committee, when the
securities of such rated client were being discussed.

Key Rating Drivers

Higher Capital Ratios, Supported by Fresh Equity Raising and
Improving Accretion: JSFB's capital ratios were constrained prior
to FY23 and were just above the minimum regulatory capital ratios
requirement of 15% the total capital ratio. However, its Tier 1
capital ratio improved to 15.73% in 1HFY24 (FYE23: 13.0%, FY22:
11.83%, FYE21: 11.75%) and total capital adequacy ratio to 17.50%
(15.6%,15.26%, 15.51%), supported by an INR5.46 billion equity
raise and improved profitability, leading to higher accretion to
reserves.

JSFB is also in advanced stages of coming up with an initial public
offering (IPO), wherein Ind-Ra expects the bank to raise INR5.4
billion of equity, of which INR1.1 billion has already been raised
in the pre-IPO round recently. Post IPO, the tier 1 capital ratio
of the bank is expected to be around 20% which will be in line with
its peers.

Its capital ratios were also constrained by a high net
non-performing assets (NNPA)/equity ratio. However, with the
improving provisioning levels, the NNPA/equity has also improved to
comfortable levels of 7.1% in 1HFY24 (FY23: 26%, FY22: 42.8%, FY21:
54.9%).

Improving Asset Quality Metrics with Higher Provisioning Cover:
JSFB's gross NPA (GNPA) + write-offs declined to 3% in 1HFY24
(FY23: 6.9%; FY22: 8.4%, FY21: 8.3%) and NNPA reduced to 0.87%
(2.64%, 3.95%, 5.33%) due to the sale of stressed assets to asset
reconstruction companies in FY23 and 1HFY24. The bank also improved
its provision coverage ratio mainly in 1HFY24 to 64.9% (34%, 32%,
27.9%). Also, its restructured assets declined substantially to
below 0.5% in 1HFY24 (FY23: 2%). Ind-Ra does not expect any
covid-related stress in the portfolio now. The bank has revamped
its strategy post demonetization and has moved away from urban
microfinance since then. This along with the growing proportion of
secured portfolio had led to less volatility in credit costs during
the covid period. Ind-Ra expects the bank to maintain a provision
coverage ratio of 65%-70% in the near to medium term.

Likely Improvement in Profitability in Near-to-medium term: JSFB's
net interest margins have slightly declined over the past few years
due to the higher proportion of secured portfolio. However, they
remain higher than the mainstream banks at 8% in 1HFY24 (FY23:
8.1%, FY22: 8.1%, FY21: 8.7%), as its lending remains skewed mainly
towards the high-yield informal segment. The bank has contained
their operating costs since demonetization by taking various
cost-cutting measures, as reflected in the 2.6% CAGR growth in
operating expenses as against 24% CAGR growth in the loan book over
FY19-FY23, which resulted in better-than-peers opex to average
assets of 5.8% in 1HFY24 (FY23: 5.6%; FY19: 11.8%).  

The bank's credit costs remained elevated during the COVID-19
period, but were manageable at 3.5% in 1HFY24 (FY23: 4.8%; FY22:
4.6%). Overall, the bank reported improved profit of INR2.13
billion in 1HFY24 (FY23: INR2.56 billion; FY22: INR0.05 billion,
FY21: INR0.84 billion, FY20: INR0.3 billion) with improving return
on average asset of 1.7% (1.1%, 0.03%, 0.5%, 0.3%). The agency
believes the bank has the scale to be adequately profitable and
expects the credit costs to moderate with the rise of secured loans
in the portfolio, which could help it maintaining a RoAA of around
2% in the near to medium term.

High Refinancing and Valuation Risks for Holding Company: The
issued NCDs continue to  face refinancing risks. The NCDs need to
be repaid to the extent of the principal and at the rate of return
promised to the investors. JCL does not have any major upcoming
repayments in the near term, with  repayments of INR0.77 billion in
April 2025 and INR13.33 billion in June 2026.  Although the company
was able to service its debt repayments in the past through NCD
issuances, it faces refinancing risk, given the limited financial
flexibility of the holding companies as they do not have any
operations of their own and the repayment of NCDs is contingent
upon the bank's standalone performance.

Liquidity Indicator for JCL - Poor: JCL does not have cash flows to
service its debt obligations and will have to depend on the
monetization of its stake in JSFB or the secondary sale of shares,
refinance among other options, before the maturity date of the
respective instruments. The agency expects no/limited dividend
income from JSFB over the medium term.  JHL holds a 32% stake in
JSFB and is in the process of listing the bank.

Weak Standalone Financial Profile for JCL: As per 2QFY24 financials
, JCL's earnings profile remained weak with a net loss of INR469
million (FY23: INR3.57 billion, FY22: net loss of INR2.74 billion).
Moreover, JCL in FY23 was unable to meet the minimum capital
requirement of 30%  as per the regulatory requirements for an
non-banking financial institute-core investment company. JCL's FY23
auditor report indicated concerns related to the going concern
principle for JCL considering the accumulated losses, and the
resultant erosion in the net worth and breach of the regulatory
financial parameters.

Liquidity Indicator - Adequate: JSFB maintained an adequate
liquidity coverage ratio of 500% as of 1HFY24 (FY23: 553%; FY22:
555%, FY21: 1,199.67%), well above the minimum regulatory
requirement of 100%. The bank however had asset liability mismatch
of 14% in up to one-year bucket as on 30 September 2023, given most
of the term deposits have been booked for two-year tenor. However,
this is adequately covered by its excess SLR of INR14 billion (in
1HFY24) and unutilized lines available from refinancing
institutions of over INR11 billion. The agency believes that this
mismatch will be also supported by the funds to be raised through
IPO.  

Diversified Portfolio Mix with Growing Share of Secured Products:
At 1HFYE24, JSFB's total advances stood at INR214.4 billion (FY23:
INR180.0 billion; FY22: INR132.5 billion). It has a
well-diversified portfolio across products such as housing loans
(14%), micro loan against property (18%), secured SME (15%),
Vehicle loans (2%), gold loans (1%), loans to non-bank financial
companies (7%) and unsecured microfinance loans (42%). JSFB was
mainly operating in the microfinance segment after becoming a bank
in 2018.  

JSFB is strategically shifting towards a secured loan portfolio;
the share of secured loans in its portfolio increased to 58% at
1HFY24 (FYE23: 55%; FYE22: 53%). Ind-Ra expects this to further
increase to around 80% over the next two to three years, with a
focus mainly towards home loans, loan against property and secured
SME. Ind-Ra expects JSFB to maintain 25%-30% loan growth over the
medium term and might not launch any new products.

Ability to Garner Low-cost Deposit Monitorable: The share of
deposits in non-equity liabilities rose to 78% in 1HFY24 (FY23:
68%; FY22: 71%; FY21: 69%), largely due to the bank's increased
focus on digital banking and higher deposit rates than mainstream
banks. The current account and saving account ratio to the total
deposits though has improved over the years, remained moderate at
20.5% in 1HFY24 (FY23: 20.2%, FY22: 22.5%, FY1916.3%). JSFB's cost
of funds improved to 7.2% in FY23 (FY22: 7.4%, FY21: 8.6%), despite
the increase in policy rates as this was supported by a rollover of
50%-60% of its fixed deposits, which were raised at high interest
rates two-to-three years ago. The cost of funds increased to 7.6%
in 1HFY24 as the bank increased its deposit rates during the year,
which Ind-Ra expects to further increase by 10-20bp in 2HFY24. The
cost of funds, although improved, remains slightly higher than peer
SFBs'. The management aims to improve the bank's CASA ratio to
around 30% in the near to medium term. Its ability to continue to
garner deposits while reducing the spread between the mainstream
banks remains to be seen and will be a key monitorable over the
medium to long term.

Rating Sensitivities

Positive: The following events could lead to a negative ratings
action:

- substantial improvement in the holding companies' debt metrics,

- a continued improvement in the bank's scale of operations with
increased proportion of secured asset mix while maintaining its
profitability,

- bank's ability to garner low-cost deposits,

- JSFB maintaining adequate capitalization, and

- bank's demonstrated ability to manage its asset quality better
than peers.

Negative: The following events could lead to a negative ratings
action:

- JSFB's inability to raise adequate funds before refinancing
leading to default,

- bank's inability to manage the asset quality, leading to a sharp
rise in the credit costs,

- its failure to mobilize sufficient deposits,

- bank's capitalization levels (tier I capital risk adequacy
ratio) falling below 15.0%, and

- sustained deterioration in the bank's liquidity buffers.

Company Profile

JCL was incorporated on 26 March 2015 to carry on the business of
an investment company and to invest, buy, sell or deal in any
share, stock, and debenture. The company received a certificate of
registration dated 24 March 2017 from the Reserve Bank of India as
a non-banking financial institution – non-deposit taking –
systematically important core investment company under section 45IA
of the Reserve Bank of India Act, 1934. JSFB had total advances of
INR161 billion and a diversified presence across 25 states and
union territories in India at end-September 2023.

JANA HOLDINGS: Ind-Ra Hikes NonConvertible Debts Rating to BB-
--------------------------------------------------------------
India Ratings and Research (Ind-Ra) has upgraded Jana Holdings
Limited's (JHL) non-convertible debentures (NCDs) to 'IND BB-' from
'IND B-' with a Stable Outlook as follows:

-- INR6.68 mil. (reduced from INR10.38 mil.) NCDs* upgraded with
     IND BB-/Stable rating.

*Details in annexure

Analytical Approach: To arrive at the rating, Ind-Ra continues to
take a consolidated view of JHL and its 100% parent Jana Capital
Limited (JCL; debt rated at 'IND BB-'/Stable) as both the entities
have a cross-default clause with each other's indebtedness. The
rating also factors in the credit profile of Jana Small Finance
Bank (JSFB; 32% stake held by JHL), using Ind-Ra's Rating FI
Subsidiaries and Holding Companies criteria.

The upgrade reflects the significant improvement in the credit
profile  of the bank during FY23-FY24, supported by its higher
capital ratios and improved operating performance. The upgrade also
factors in the successful refinancing of sizeable NCDs which had
matured in May and November 2023. The rating continues to reflect
JCL and JHL's weak financial risk profile as reflected in their net
losses, weak capitalization, stretched liquidity and high
refinancing risks, given their limited financial flexibility.  

The rated NCDs are held by TPG Asia VI India Markets Pte. Ltd, and
are junior to JHL's other debt issuances.

A common independent director serving on the Boards of Ind-Ra and
JCL/JHL did not participate in the meeting of their board of
directors or in the meeting of the rating committee, when the
securities of such rated client were being discussed.

Key Rating Drivers

Higher Capital Ratios, Supported by Fresh Equity Raising and
Improving Accretion: JSFB's capital ratios were constrained prior
to FY23 and were just above the minimum regulatory capital ratios
requirement of 15% the total capital ratio. However, its Tier 1
capital ratio improved to 15.73% in 1HFY24 (FYE23: 13.0%, FY22:
11.83%, FYE21: 11.75%) and total capital adequacy ratio to 17.50%
(15.6%,15.26%, 15.51%), supported by an INR5.46 billion equity
raise and improved profitability, leading to higher accretion to
reserves.

JSFB is also in advanced stages of coming up with an initial public
offering (IPO), wherein Ind-Ra expects the bank to raise INR5.4
billion of equity, of which INR1.1 billion has already been raised
in the pre-IPO round recently. Post IPO, the tier 1 capital ratio
of the bank is expected to be around 20% which will be in line with
its peers.  

Its capital ratios were also constrained by a high net
non-performing assets (NNPA)/equity ratio. However, with the
improving provisioning levels, the NNPA/equity has also improved to
comfortable levels of 7.1% in 1HFY24 (FY23: 26%, FY22: 42.8%, FY21:
54.9%).

Improving Asset Quality Metrics with Higher Provisioning Cover:
JSFB's gross NPA (GNPA) + write-offs declined to 3% in 1HFY24
(FY23: 6.9%; FY22: 8.4%, FY21: 8.3%) and NNPA reduced to 0.87%
(2.64%, 3.95%, 5.33%) due to the sale of stressed assets to asset
reconstruction companies in FY23 and 1HFY24. The bank also improved
its provision coverage ratio mainly in 1HFY24 to 64.9% (34%, 32%,
27.9%). Also, its restructured assets declined substantially to
below 0.5% in 1HFY24 (FY23: 2%). Ind-Ra does not expect any
covid-related stress in the portfolio now. The bank has revamped
its strategy post demonetization and has moved away from urban
microfinance since then. This along with the growing proportion of
secured portfolio had led to less volatility in credit costs during
the covid period. Ind-Ra expects the bank to maintain a provision
coverage ratio of 65%-70% in the near to medium term.

Likely Improvement in Profitability in Near-to-medium term: JSFB's
net interest margins have slightly declined over the past few years
due to the higher proportion of secured portfolio. However, they
remain higher than the mainstream banks at 8% in 1HFY24 (FY23:
8.1%, FY22: 8.1%, FY21: 8.7%), as its lending remains skewed mainly
towards the high-yield informal segment. The bank has contained
their operating costs since demonetization by taking various
cost-cutting measures, as reflected in the 2.6% CAGR growth in
operating expenses as against 24% CAGR growth in the loan book over
FY19-FY23, which resulted in better-than-peers opex to average
assets of 5.8% in 1HFY24 (FY23: 5.6%; FY19: 11.8%).

The bank's credit costs remained elevated during the COVID-19
period, but were manageable at 3.5% in 1HFY24 (FY23: 4.8%; FY22:
4.6%). Overall, the bank reported improved profit of INR2.13
billion in 1HFY24 (FY23: INR2.56 billion; FY22: INR0.05 billion,
FY21: INR0.84 billion, FY20: INR0.3 billion) with improving return
on average asset of 1.7% (1.1%, 0.03%, 0.5%, 0.3%). The agency
believes the bank has the scale to be adequately profitable and
expects the credit costs to moderate with the rise of secured loans
in the portfolio, which could help it maintaining a RoAA of around
2% in the near to medium term.

High Refinancing and Valuation Risks for Holding Company: The
issued NCDs continue to  face refinancing risks. The NCDs need to
be repaid to the extent of the principal and at the rate of return
promised to the investors. JCL does not have any major upcoming
repayments in the near term, with  repayments of INR0.77 billion in
April 2025 and INR13.33 billion in June 2026.  Although the company
was able to service its debt repayments in the past through NCD
issuances, it faces refinancing risk, given the limited financial
flexibility of the holding companies as they do not have any
operations of their own and the repayment of NCDs is contingent
upon the bank's standalone performance.

Liquidity Indicator for JHL - Poor: JHL does not have cash flows to
service its debt obligations and will have to depend on the
monetization of its stake in JSFB or the secondary sale of shares,
refinance among other options, before the maturity date of the
respective instruments. The agency expects no/limited dividend
income from JSFB over the medium term. JHL holds a 32% stake in
JSFB and is in the process of listing the bank.

Weak Standalone Financial Profile - JHL: JHL's earnings profile
remains weak with a net loss of INR508 million in September 2023
(FY22: net loss of INR2,433.2 million). Moreover, JHL is not
meeting the minimum consolidated capital adequacy ratio (CAR) of
15% and minimum standalone leverage ratio of 1.25x, as per the
regulatory requirements for a non-operating financial holding
company. It is also not meeting the minimum net owned funds
requirement. The auditor's report on JHL for FY23 mentions the
material uncertainty related to a going concern, considering the
accumulated losses, the resultant erosion in the net worth and the
breaches in the regulatory financial parameters as stated above.

Liquidity Indicator - Adequate: JSFB maintained an adequate
liquidity coverage ratio of 500% as of 1HFY24 (FY23: 553%; FY22:
555%, FY21: 1,199.67%), well above the minimum regulatory
requirement of 100%. The bank however had asset liability mismatch
of 14% in up to one-year bucket as of September 30, 2023, given
most of the term deposits have been booked for two-year tenor.
However, this is adequately covered by its excess SLR of INR14
billion (in 1HFY24) and unutilized lines available from refinancing
institutions of over INR11 billion. The agency believes that this
mismatch will be also supported by the funds to be raised through
IPO.

Diversified Portfolio Mix with Growing Share of Secured Products:
At 1HFYE24, JSFB's total advances stood at INR214.4 billion (FY23:
INR180.0 billion; FY22: INR132.5 billion). It has a
well-diversified portfolio across products such as housing loans
(14%), micro loan against property (18%), secured SME (15%),
Vehicle loans (2%), gold loans (1%), loans to non-bank financial
companies (7%) and unsecured microfinance loans (42%). JSFB was
mainly operating in the microfinance segment after becoming a bank
in 2018.

JSFB is strategically shifting towards a secured loan portfolio;
the share of secured loans in its portfolio increased to 58% at
1HFY24 (FYE23: 55%; FYE22: 53%). Ind-Ra expects this to further
increase to around 80% over the next two to three years, with a
focus mainly towards home loans, loan against property and secured
SME. Ind-Ra expects JSFB to maintain 25%-30% loan growth over the
medium term and might not launch any new products.

Ability to Garner Low-cost Deposit Monitorable: The share of
deposits in non-equity liabilities rose to 78% in 1HFY24 (FY23:
68%; FY22: 71%; FY21: 69%), largely due to the bank's increased
focus on digital banking and higher deposit rates than mainstream
banks. The current account and saving account ratio to the total
deposits though has improved over the years, remained moderate at
20.5% in 1HFY24 (FY23: 20.2%, FY22: 22.5%, FY19: 16.3%). JSFB's
cost of funds improved to 7.2% in FY23 (FY22: 7.4%, FY21: 8.6%),
despite the increase in policy rates as this was supported by a
rollover of 50%-60% of its fixed deposits, which were raised at
high interest rates two-to-three years ago. The cost of funds
increased to 7.6% in 1HFY24 as the bank increased its deposit rates
during the year, which Ind-Ra expects to further increase by
10-20bp in 2HFY24. The cost of funds, although improved, remains
slightly higher than peer SFBs'. The management aims to improve the
bank's CASA ratio to around 30% in the near to medium term. Its
ability to continue to garner deposits while reducing the spread
between the mainstream banks remains to be seen and will be a key
monitorable over the medium to long term.

Rating Sensitivities

Positive: The following events could lead to a negative ratings
action:

- substantial improvement in the holding companies' debt metrics,

- a continued improvement in the bank's scale of operations with
increased proportion of secured asset mix while maintaining its
profitability,

- bank's ability to garner low-cost deposits,

- JSFB maintaining adequate capitalization, and

- bank's demonstrated ability to manage its asset quality better
than peers.

Negative: The following events could lead to a negative ratings
action:

- JSFB's inability to raise adequate funds before refinancing
leading to default,

- bank's inability to manage the asset quality, leading to a sharp
rise in the credit costs,

- its failure to mobilize sufficient deposits,

- bank's capitalization levels (tier I capital risk adequacy
ratio) falling below 15.0%, and

- sustained deterioration in the bank's liquidity buffers.

Company Profile

JHL is registered as a non-operating financial holding company
according to the regulatory guidelines, and is promoted by JCL, to
hold the promoter stake in JSFB.  

JCBL LIMITED: CRISIL Withdraws D Rating on INR11.62cr Corp. Loan
----------------------------------------------------------------
Due to inadequate information, CRISIL Ratings, in line with SEBI
guidelines, had migrated the rating of JCBL Limited (JCBL) to
'CRISIL D Issuer Not Cooperating'. CRISIL Ratings has withdrawn its
rating on bank facility of JCBL following a request from the
company and on receipt of a 'no dues certificate' from the banker.
Consequently, CRISIL Ratings is migrating the rating on bank
facilities of JCBL to 'CRISIL D' from 'CRISIL D Not Cooperating'.
The rating action is in line with CRISIL Ratings' policy on
withdrawal of bank loan ratings.

                      Amount
   Facilities      (INR Crore)     Ratings
   ----------      -----------     -------
   Corporate Loan      11.92       CRISIL D (Migrated from
                                   'CRISIL D ISSUER NOT
                                   COOPERATING'; Rating
                                   Withdrawn)

   Long Term Loan       1.68       CRISIL D (Migrated from
                                   'CRISIL D ISSUER NOT
                                   COOPERATING'; Rating
                                   Withdrawn)

Incorporated in 1989, JCBL is promoted by Mr Rajinder Aggarwal. The
Chandigarh-based company manufactures bus bodies for luxury coaches
and special vehicles such as ambulances, mobile automated teller
machines (ATMs), bullet-proof vans (for politicians), political
campaign vehicles and hospitals-on-wheels. It also manufactures
transport containers.


JUPITER INTERNATIONAL: Ind-Ra Assigns BB Rating, Outlook Stable
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has rated Jupiter International
Limited's (JIL) bank facilities as follows:

-- INR183 mil. Fund-based working capital limits assigned with
     IND BB/Stable/INDA4+ rating; and

-- INR80 mil. Term loan due on March 2026 assigned with IND BB/
     Stable rating.

ANALYTICAL APPROACH: Ind-Ra has taken a standalone view of JIL to
arrive at the ratings, while factoring in the debt for and the
benefits that could accrue from the company's proposed project
Ampin Solar One Private Limited. Management expects the project to
become a JIL subsidiary in FY25.

Key Rating Drivers

The ratings reflect JIL's medium scale of operations, with the
revenue increasing 42.62% to INR4,299.98 million in FY23 led by the
normalization of the impact of Russia-Ukraine war. Module
manufacturers (JIL's customers) were burdened by heavy freight and
price fluctuations because of the war, due to which their projects
had slowed down which ultimately impacted JIL's sales and caused a
higher inventory pile-up in FY22.

JIL has two manufacturing units: 500MW mono PERC unit and 300MW
multi-crystalline unit, contributing 10.87% and 88.24%,
respectively, to the FY23 revenue. The capacity utilization of the
units is around 87.09%. Over the medium term, the management
expects a lower revenue contribution of 10% from the multi
crystalline unit in view of a lower demand. Hence, majority of the
revenue is expected to come in from mono PERC cells. In 9MFY24, JIL
already achieved revenue of INR4,314 million.

Ind-Ra expects an improvement in the scale of operations over the
near term, backed by the adoption of improved technology for mono
PERC cells with a likely increase in the demand, leading to repeat
orders from existing customers. However, technological advancement
in this industry remains a key monitorable.

Over the medium term, the revenue growth will also be supported by
the setup of a 1.2GW cell & module integrated manufacturing unit in
Odisha with the monoPERC technology upgradable to TOPCon
technology. In this context, JIL is planning to invest INR550
million for a shareholding of 54.5% in Ampin Solar One, a JV with
Ampin Energy Transition Private Limited. The management expects the
total cost of the plant to be INR7,227.0 million, out of which
INR5,420 million will be funded through a term loan sanctioned by
IREDA.

The ratings further reflect JIL's volatile and modest EBITDA
margins of 5% in FY23 (FY22: 16.1%) with ROCE of 1.4% (10.3%). The
margins declined sharply in FY23 due to raw material price and
forex fluctuations and inventory losses. The major raw material
(silicon wafers) is imported from China and other raw materials
include commodities such as aluminum and copper. Ind-Ra expects the
margins to improve in FY24, due to increased revenue contribution
from better-margin product (monoPERC cells).

The ratings also reflect JIL's modest credit metrics, with the
interest coverage ratio (operating EBITDA/gross interest expenses)
declining significantly to 0.86x in FY23 (FY22: 2.58x) due to a
decline in the absolute EBITDA to INR216.36 million (INR484.54
million) along with an increase in the interest expense to
INR250.45 million (INR188.09 million. Also, the net leverage (total
adjusted net debt/operating EBITDAR) deteriorated to 9.97x in FY23
(FY22: 2.07x) due to the funds raised from Edelweiss Alternative
Asset Advisors Limited for capex amounting to INR1,657.17 million.

Ind-Ra expects the credit metrics to improve over the near term,
based on the expected increase in the absolute EBITDA and scheduled
debt repayments. Beyond which, upon the acquisition of stake in the
proposed project, the credit metrics could be affected by the debt
of the proposed subsidiary.

Liquidity Indicator - Stretched: The average maximum utilization of
the fund-based limits was high at 86.23% during the 12 months ended
November 2023. Also, the cash flow from operations stood at
INR479.6 million in FY23 (FY22: INR0.1 million). This along with
the capex of INR1,657.17 million for the expansion of 500MW mono
PERC plant led to the free cash flow remaining negative INR1,177.57
million (FY22: negative INR539.83 million). However, the net
working capital cycle stood short at 28 days in FY23 (FY22: 67
days), and improved due to the normalization of inventory days
which had abnormally increased in FY22 to 114 days. The cash and
cash equivalents reduced to INR8.59 million at FYE23 (FYE22:
INR1,277.76 million). JIL also had mutual funds amounting to INR250
million at FYE23. JIL has a scheduled repayment of INR442 million
in FY24 and INR682 million in FY25. In FY22, INR1,118.11 million of
cash balance was in the form of fixed deposits with banks. Also,
proceeds from the issue of debentures were received near end-FY22,
leading to the inflated cash balances at FYE22. Moreover, JIL does
not have any capital market exposure and relies on banks and
financial institutions to meet its funding requirements.

The ratings also factor in customer concentration with the top 10
customers contributing to 79.45% of the total revenue in FY23
(FY22: 78.13%).

The ratings however are supported by the company's promoter's
experience of over 15 years in the solar industry. This has led to
longstanding relationship with suppliers and customers, resulting
in smooth supplies of raw material and repeat orders respectively.

Rating Sensitivities

Positive: An sustained improvement in the profitability and
liquidity position along with the timely progress of the proposed
project will be positive for the ratings.

Negative: A sustained decline in the profitability and/or time/cost
overruns in the proposed project, leading to deterioration in the
liquidity position, will be negative for the ratings.

Company Profile

Incorporated in 1978, JIL manufactures solar cells at its
manufacturing units in Baddi, Himachal Pradesh. It has a 300MW
multi-crystalline cell manufacturing capacity and a 500MW mono PERC
cell manufacturing. Alok Garodia is the promoter of the company.

KEDIA TEXFAB: Ind-Ra Affirms BB+ Bank Loan Rating, Outlook Stable
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Kedia Texfab &
Industries Private Limited's (KTIPL) bank facilities as follows:

-- INR400 mil. Fund-based limits affirmed with IND BB+/Stable/IND

     A4+ rating; and

-- INR200 mil. Non-fund-based limits affirmed with IND A4+
     rating.

Analytical approach:  Ind-Ra continues to take a standalone view of
KTIPL to arrive at the ratings.

Key Rating Drivers

The affirmation reflects KTIPL's average credit metrics in FY23
with its gross interest coverage (operating EBITDA/gross interest
expenses) falling to 2.02x (FY22: 2.54x), due to an increase in the
interest paid on unsecured loans availed from the promoters to 12%
(8%). However, the net leverage (adjusted net debt/operating
EBITDAR) improved to 2.9x in FY23 (FY22: 7.64x) due to a decrease
in the cash credit utilization to INR105 million at FYE23 (FYE22:
INR386 million) led by a reduced demand for yarn and consequently,
declined trading activity in 2HFY23. The credit metrics are likely
to weaken yoy in FY24, due to a further weakening of demand in the
textile sector leading to a reduction in EBITDA, and consequently
the credit metrics.

The affirmation also reflects KTIPL's medium scale of operations,
with its revenue declining to INR3,981 million in FY23 (FY22:
INR4,285 million), due to an overall slowdown in the global export
demand in the textile sector and volatile cotton yarn prices. While
the realization of yarn increased to INR405 per kg (FY22: INR399),
the slowdown in the textile sector led to a reduction in the volume
traded to 9.8 million kilograms (FY22: 10.4 million kilograms).
During 8MFY24, the revenue came in at INR1,467 million. Ind-Ra
expects the revenue to decline sharply yoy in FY24 as well as FY25
due to a reduced export demand, especially from the US and the UK.


The ratings also factor in KTIPL's healthy EBITDA margins of 3.46%
in FY23 (FY22: 2.78%), with a return on capital employed of 15.9%
(12.7%).  The margins increased yoy in FY23, primarily due to a
lower recognition of bad debts during the year; operationally, the
performance was comparable to FY22's. However, the margins declined
to 2.2% in 8MFY24 due to poor market conditions in the textile
sector leading to a squeeze on margins to generate sales. Ind-Ra
expects the margins to remain at a level similar to 8MFY24's over
the near-to-midterm with continued weak sectoral demand.

Liquidity Indicator - Adequate: KTIPL's average maximum utilization
of the fund-based and the non-fund-based limits was 28% and 28.16%,
respectively, during the 12 months ended November 2023. The cash
flow from operations turned positive at INR389 million in FY23
(FY22: negative INR360 million), due to favorable changes in the
working capital.  The net working capital cycle shortened to 45
days in FY23 (FY22: 89 days), due to a decline in the debtor days
to 55  (112), which was both due to a write-off of bad debts worth
INR237 million from Bombay Rayon Fashion, a stressed textile
company undergoing corporate insolvency resolution process
proceedings, and a reduction in the scale of business in 2HFY23
with a slowdown witnessed in the sector. The cash and cash
equivalents stood at INR0.16 million at FYE23 (FYE22: INR0.3
million). The company has scheduled debt repayments of around INR4
million and INR12.4 million, in FY24 and FY25, respectively. KTIPL
does not have any capital market exposure and relies on banks and
financial institutions to meet its funding requirements.

The ratings are supported by the promoters' over five decades of
experience in the textile trading business, leading to established
relationships with its customers and suppliers.

Rating Sensitivities

Positive: An increase in the scale of operations and profitability,
while maintaining the promoter proportion in the overall debt  with
the sustenance of the credit metrics and liquidity position could
lead to a positive rating action.

Negative: A reduction in the scale of operations or profitability,
with an increase in non-promoter debt leading to a deterioration in
the credit metrics and liquidity, all on a sustained basis, could
lead to a negative rating action.

Company Profile

Incorporated in 2013, Mumbai-based KTIPL trades in cotton yarn and
cotton with procurement from Tamil Nadu, Andhra Pradesh and Madhya
Pradesh and sells mainly in Maharashtra. The company is promoted by
Manoj Kumar Kedia and Pawankumar Kedia.

KESHAVA ENTERPRISES: CRISIL Lowers Rating on INR7cr Loan to D
-------------------------------------------------------------
CRISIL Ratings has downgraded its ratings on the bank facilities of
Keshava Enterprises (KE) to 'CRISIL D Issuer Not Cooperating' from
'CRISIL B+/Stable Issuer Not Cooperating' based on publicly
available information.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit             7         CRISIL D (ISSUER NOT
                                     COOPERATING; Downgraded from
                                     'CRISIL B+/Stable ISSUER NOT
                                     COOPERATING')

CRISIL Ratings has been consistently following up with KE for
obtaining information through letter and email dated March 25, 2023
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

CRISIL Ratings has attempted to contact the issuer as well as its
lenders to get clarity on the aforementioned matter. However,
despite repeated attempts to engage with the issuer and its
lenders, CRISIL Ratings has failed to receive any information
either in this matter or the financial performance or strategic
intent of KE, which restricts CRISIL Ratings' ability to take a
forward looking view on the entity's credit quality. CRISIL Ratings
believes that rating action on KE is consistent with 'Assessing
Information Adequacy Risk'. Further, CRISIL Ratings has also not
been able to ascertain if there were any delays in debt servicing,
neither from the company nor from any independent sources.

Established in 1999, Keshava is a proprietorship firm of Ms
Shubhangi Lalit Manjrekar. It is an authorised distributor of
construction chemicals and coatings of SSCPL in Mumbai and the
Mumbai metropolitan region. It is also a distributor of Hindustan
Petroleum Corporation Ltd's lubricants in Navi Mumbai and Raigad in
Maharashtra. The firm's operations are managed by Mr Lalitkumar
Manjrekar.


KETHOS TILES: CRISIL Keeps D Debt Ratings in Not Cooperating
------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Kethos Tiles
Private Limited (KTPL) continue to be 'CRISIL D/CRISIL D Issuer Not
Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Bank Guarantee          5         CRISIL D (Issuer Not
                                     Cooperating)

   Cash Credit            13         CRISIL D (Issuer Not
                                     Cooperating)

   Long Term Loan         41.78      CRISIL D (Issuer Not
                                     Cooperating)

   Proposed Long Term      0.22      CRISIL D (Issuer Not
   Bank Loan Facility                Cooperating)


CRISIL Ratings has been consistently following up with KTPL for
obtaining information through letter and email dated January 5,
2024 among others, apart from telephonic communication. However,
the issuer has remained non cooperative.

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

Detailed Rationale

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

KTPL, incorporated in 2015, is setting up a plant to manufacture
double charge vitrified tiles with an installed capacity of 88,000
tonne per annum; partial commercial production has began in fiscal
2018. Ahmedabad-based Mr Kirtishbhai Patel, Mr Nareshbhai Patel, Mr
Bhupendra Patel, Mr Ashwinkumar S Patel, Mr Shaileshbhai C Patel,
and Mr Rajendra N Patel are the promoters.


KIRTIMAN CEMENTS: CRISIL Lowers Rating on INR18cr Cash Loan to D
----------------------------------------------------------------
CRISIL Ratings has downgraded its rating on the bank facilities of
Kirtiman Cements and Packaging Industries Limited (KCP) to 'CRISIL
D Issuer not cooperating' from 'CRISIL B+/Stable Issuer not
cooperating' as the entity has delayed servicing its debt
obligation, as per publicly available information.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit            18         CRISIL D (ISSUER NOT
                                     COOPERATING; Downgraded from
                                     'CRISIL B+/Stable ISSUER NOT
                                     COOPERATING')

   Proposed Long Term      0.02      CRISIL D (ISSUER NOT
   Bank Loan Facility                COOPERATING; Downgraded from
                                     'CRISIL B+/Stable ISSUER NOT
                                     COOPERATING')

   Term Loan               4.98      CRISIL D (ISSUER NOT
                                     COOPERATING; Downgraded from
                                     'CRISIL B+/Stable ISSUER NOT
                                     COOPERATING')

CRISIL Ratings has been consistently following up with KCP for
obtaining information through letters and emails dated January 22,
2022 and February 7, 2022 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.



Investors, lenders, and all other market participants should
exercise due caution while using rating assigned or reviewed with
the suffix 'Issuer not cooperating'. Such a rating lacks a
forward-looking component as it is arrived at without any
management interaction and based on best-available or limited or
dated information on the company.

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 KCP, which restricts CRISIL
Ratings' ability to take a forward-looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on KCP
is consistent with 'Assessing Information Adequacy Risk'.

KCP was incorporated in 1996 as a private-limited company by Mr.
Oberoi and his family members. However, the company commenced
operations only in August 2008. It manufactures polypropylene and
high-density polyethylene fabric bags and trades in jute bags. Its
facility is at Yamuna Nagar in Haryana. Mr Ashwini Oberoi and his
brother, Mr Sunil Oberoi, are the promoters.

Status of non cooperation with previous CRA:

KCP has not cooperated with Brickwork Ratings India Pvt Ltd
(Brickwork) which have classified the company as non-cooperative
through releases dated 04-May-2020. The reason provided by
Brickwork is non-furnishing of information for monitoring the
ratings.

KCP has not cooperated with Acuite Ratings and Research Limited
which have classified the company as non-cooperative through
releases dated 19-Jul-2017. The reason provided by Acuite Ratings
and Research is non-furnishing of information for monitoring the
ratings.

KCP has not cooperated with Credit Analysis & Research Ltd.which
have classified the company as non-cooperative through releases
dated 26-Apr-2017. The reason provided Credit Analysis & Research
Ltd. is non-furnishing of information for monitoring the ratings.


KRISHNA RESIDENCY: Voluntary Liquidation Process Case Summary
-------------------------------------------------------------
Debtor:    KRISHNA RESIDENCY PRIVATE LIMITED
           Vedanta Road Sarbahal, Jharsuguda
           Orissa 768201

Liquidation Commencement Date:    December 29, 2023

Court:   National Company Law Tribunal, Kolkata Bench

Liquidator:               Mr. Mohan Ram Goenka
                          46 B.B. Ganguly Street
                          406, 4th Floor
                          Kolkata - 700012
                          West Bengal
                          Email: goenkamohan@gmail.com

Last date for
submission of claims:    30th day from EGM


KUFRI FUN: CRISIL Keeps D Debt Rating in Not Cooperating Category
-----------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Kufri Fun
Campus Private Limited (KFCPL) continues to be 'CRISIL D Issuer Not
Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Term Loan               12        CRISIL D (Issuer Not
                                     Cooperating)

CRISIL Ratings has been consistently following up with KFCPL for
obtaining information through letter and email dated January 5,
2024 among others, apart from telephonic communication. However,
the issuer has remained non cooperative.

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

Detailed Rationale

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

Shimla-based KFCPL was established and promoted by Mr. Baldev
Thakur. It runs an amusement park with amenities such as amusement
rides, adventure sports and a restaurant.


LAKSHMI AGENCIES: CRISIL Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Sree Lakshmi
Agencies (SLA) continue to be 'CRISIL D/CRISIL D Issuer Not
Cooperating'.

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

   Cash Credit            1          CRISIL D (Issuer Not
                                     Cooperating)

   Cash Credit            0.5        CRISIL D (Issuer Not
                                     Cooperating)

   Letter of Credit       6          CRISIL D (Issuer Not
                                     Cooperating)

   Letter of Credit       0.5        CRISIL D (Issuer Not
                                     Cooperating)

   Letter of Credit       1          CRISIL D (Issuer Not
                                     Cooperating)

   Letter of Credit       2.5        CRISIL D (Issuer Not
                                     Cooperating)

CRISIL Ratings has been consistently following up with SLA for
obtaining information through letter and email dated January 05,
2024 among others, apart from telephonic communication. However,
the issuer has remained non cooperative.

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

Detailed Rationale

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

For arriving at the ratings, CRISIL Ratings has consolidated the
business and financial risk profiles of SLA and its group entity,
Sree Venkateshwara Enterprises (SVE), collectively known as the SV
group, as both the entities are in the same line of business and
have common promoters.

                          About the Group

SLA was established in 1993, as a partnership firm by Mrs. T Jaypal
and her sister, Mrs. Selva Sundari. The firm is the exclusive
distributor of ITC Ltd.'s cigarettes and fast-moving consumer goods
in Tiruvallur, and also trades in pulses, particularly urad dal.
SVE, set up in 2010, is the exclusive distributor of ITC's
cigarettes and fast-moving consumer goods in the Kanchipuram
district of Tamil Nadu. The firm also trades in pulses,
particularly urad dal. Operations are managed by Mr. Raj Kumar and
his brother, Mr. Ramesh Kumar.


M S SHIP: CRISIL Lowers Long/Short Term Debt Ratings to D
---------------------------------------------------------
CRISIL Ratings has downgraded its ratings on the bank facilities of
M S Ship Breaking Private Limited (MSSBPL) to 'CRISIL D/CRISIL D
Issuer Not Cooperating' from 'CRISIL B/Stable/CRISIL A4 Issuer Not
Cooperating' based on publicly available information.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Long Term Rating       -          CRISIL D (ISSUER NOT
                                     COOPERATING; Downgraded from
                                     'CRISIL B/Stable ISSUER NOT
                                     COOPERATING')

   Short Term Rating      -          CRISIL D (ISSUER NOT
                                     COOPERATING; Downgraded from
                                     'CRISIL A4 ISSUER NOT
                                     COOPERATING')

CRISIL Ratings has been consistently following up with MSSBPL for
obtaining information through letters and emails dated December 24,
2022 and February 17, 2023 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

CRISIL Ratings has attempted to contact the issuer as well as its
lenders to get clarity on the aforementioned matter. However,
despite repeated attempts to engage with the issuer and its
lenders, CRISIL Ratings has failed to receive any information
either in this matter or the financial performance or strategic
intent of MSSBPL, which restricts CRISIL Ratings' ability to take a
forward looking view on the entity's credit quality. CRISIL Ratings
believes that rating action on MSSBPL is consistent with 'Assessing
Information Adequacy Risk'. Further, CRISIL Ratings has also not
been able to ascertain if there were any delays in debt servicing,
neither from the company nor from any independent sources.

MSSBPL, incorporated in 1998, is engaged in ship-breaking
activities and trades in related materials. Until fiscal 2010, the
company was only into trading of iron and steel products and
thereafter started undertaking ship-breaking activities. Mr Pankaj
Agrawal, and his son Mr Punit Agrawal, manage the operations. The
ship-breaking is done at a yard in Mumbai for which the company
uses a plot in the Bombay Port Trust area on a rental basis.


NCL GREEN: Ind-Ra Withdraws B+ NonConvertible Debts Rating
----------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn the rating on NCL
Green Habitats Private Limited's (NCL Green) non-convertible
debentures (NCDs) as follows:

-- The IND B+ (ISSUER NOT COOPERATING)rating on the INR392.19
     mil. NCDs* is withdrawn.

*Details in annexure

Key Rating Drivers

Ind-Ra has withdrawn the rating as NCL Green has merged with its
parent NCL Holdings Limited in November 2023 and thus ceases to
exist. This is consistent with Ind-Ra's Policy on Withdrawal of
Ratings. Ind-Ra will no longer provide analytical and rating
coverage for the company.

Company Profile

Incorporated in 2001, NCL Green is engaged in the business of
purchase and sale of land, and real estate. NCL Holdings operates
in a similar line of business.

NEO WOOD: CRISIL Lowers Rating on INR15cr Cash Loan to B+
---------------------------------------------------------
Due to inadequate information, CRISIL Ratings, in line with SEBI
guidelines, had migrated the rating of Neo Wood Products LLP (NWP)
to 'CRISIL BB-/Stable/CRISIL A4+ Issuer Not Cooperating'. However,
the management has subsequently started sharing requisite
information, necessary for carrying out comprehensive review of the
rating. Consequently, CRISIL Rating is migrating the rating on bank
facilities of NWP from 'CRISIL BB-/Stable/CRISIL A4+ Issuer Not
Cooperating' to 'CRISIL B+/Stable/CRISIL A4'.

                      Amount
   Facilities      (INR Crore)    Ratings
   ----------      -----------    -------
   Cash Credit          15        CRISIL B+/Stable (Migrated from
                                  'CRISIL BB-/Stable ISSUER NOT
                                  COOPERATING')

   Cash Credit           5        CRISIL B+/Stable (Migrated from
                                  'CRISIL BB-/Stable ISSUER NOT
                                  COOPERATING')

   Letter of Credit     13        CRISIL A4 (Migrated from
                                  'CRISIL A4+ ISSUER NOT
                                  COOPERATING')

   Letter of Credit     34        CRISIL A4 (Migrated from
                                  'CRISIL A4+ ISSUER NOT
                                  COOPERATING')

The rating continues to reflect the firm's large working capital
requirement and modest scale of operations. These weaknesses are
partially offset by the extensive experience of the promoters in
the trading business and moderate financial risk profile.

Analytical Approach

Unsecured loans of INR1.95 crore as on March 31, 2023, from the
promoters has been treated as debt.

Key Rating Drivers & Detailed Description

Weaknesses:

* Modest scale of operations: The firm has reported about INR118
crore revenue in fiscal 2023, compared with INR176 crore in fiscal
2022. This decline was because an order for Kashmir was not
fulfilled. However, the revenue is expected to grow by almost
40-45% in fiscal 2024. Despite reporting healthy revenue of around
INR118 crore during fiscal 2023, scale continues to remain modest.
The firm is receiving regular orders from its customers that will
continue to aid business growth over the medium term. Sustained and
significant growth in revenue along with volumetric increase will
remain a key rating sensitivity factor.

* Large working capital requirement: Operations of the firm are
working capital intensive, as reflected in gross current assets of
287 days as on March 31, 2023, driven by receivables of 103 days.
As raw material is imported, inventory of around 168 days is
maintained to meet any contingency. The working capital cycle is
partly supported by payables of 175 days. Improvement in the
working capital cycle will be a key monitorable.

Strengths:

* Extensive experience of the promoters: The promoters have
experience of over 20 years in the timber business through their
group entities. This has given them an understanding of market
dynamics and enabled them to establish relationships with suppliers
and customers. As a result, they were able to stabilise operations
within two years of incorporation.

* Moderate financial risk profile: Capital structure was adequate,
as reflected in networth and gearing of INR24.12 crore and 1.03
time, respectively, as on March 31, 2023. Debt protection metrics
were moderate, as indicated by interest coverage ratio of 1.29
times in fiscal 2023. Going forward, capital structure is expected
to improve on account of steady accretion to reserves and minimal
capital withdrawals. In the absence of debt-funded capital
expenditure, the financial risk profile will improve over the
medium term.

Liquidity: Stretched

Bank limit utilisation is moderate at around 73.39 percent for the
past 12 months ended November 2023. The cash accruals are expected
to be over INR1.2-1.8 crores, which are sufficient against term
debt obligation of INR1.2-1.4 crore over the medium term. In
addition, it will act as a cushion to the liquidity of the firm.

Current ratio is moderate at 1.34 times on March 31, 2023.The
promoters are likely to extend support in the form of equity and
unsecured loans to meet its working capital requirements and
repayment obligations.

Outlook: Stable

CRISIL Ratings believes NWP will continue to benefit from the
extensive experience of the promoters.

Rating Sensitivity factors

Upward factors

* Steady revenue growth and margins maintained over 3%, leading to
higher cash accruals
* Improvement in the liquidity risk profile

Downward factors

* Decline in revenue or operating margin below 2%, leading to lower
cash accruals
* Sizeable stretch in the working capital cycle or large
debt-funded capex, weakening the liquidity and financial risk
profile of the company

NWP was incorporated in 2020. The firm trades timber, wood and
allied products. It is owned and managed by Mr. Pritam Garg and
Mrs. Mamta Agarwal.


NETAJI OIL: CRISIL Withdraws B Rating on Long Term Debt
-------------------------------------------------------
CRISIL Ratings has withdrawn its ratings on the bank facilities of
Netaji Oil Depot Unit Of Mrs Realty Pvt Ltd (NOD) on the request of
the company and receipt of a no objection certificate from its
lender. The rating action is in line with CRISIL Ratings' policy on
withdrawal of its ratings on bank loans.

                       Amount
   Facilities       (INR Crore)    Ratings
   ----------       -----------    -------
   Long Term Rating      -         CRISIL B/Stable (ISSUER NOT
                                   COOPERATING; Rating Withdrawn)

   Short Term Rating     -         CRISIL A4 (ISSUER NOT
                                   COOPERATING; Rating Withdrawn)

CRISIL Ratings has been consistently following up with NOD for
obtaining information through letters and emails dated January 28,
2023, March 13, 2023 and January 02, 2024 among others, apart from
telephonic communication. However, the issuer has remained non
cooperative.

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

Detailed Rationale

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

NOD was set up in 1971 as a partnership firm, which was taken over
by group company 'MRS Realty Pvt Ltd' (MRPL) in 2008. The partners
of NOD-Mr Sharwan Kumar Agarwal, Mr Rakesh Agarwal and Mr Roshan
Agarwal-were already directors of MRPL and retained control over
the firm. NOD trades edible and non-edible oil in Kolkata (West
Bengal), Kandla (Gujrat) and is also expanding to Assam.


NEW STONE: CRISIL Hikes Rating on INR5cr Cash Loan to B-
--------------------------------------------------------
CRISIL Ratings has upgraded its rating on the long-term bank
facilities of New Stone Quarry (NSQ) to 'CRISIL B-/Stable' from
'CRISIL C'.

                         Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit            5          CRISIL B-/Stable (Upgraded
                                     from 'CRISIL C')

   Proposed Fund-         2.15       CRISIL B-/Stable (Upgraded
   Based Bank Limits                 from 'CRISIL C')

   Term Loan              0.94       CRISIL B-/Stable (Upgraded
                                     from 'CRISIL C')

The rating upgrade reflects the improvement in the business and
financial risk profiles of NSQ as the company has recommended its
operations in FY23.

The rating also reflects the extensive experience of the partners
in stone quarrying activity and their established relationship with
the clients.

Key Rating Drivers & Detailed Description

Weaknesses:

* Subdued business risk profile: The firm was non-operational
between March 2020 and December 2021 due to low demand amid the
Covid-19 pandemic. Production recommenced in December 2021 and the
firm booked revenue of INR9.96 crore for fiscal 2023. Improvement
in the business risk profile remains a key monitorable.

* Weak financial risk profile: Losses incurred over the three
fiscals ended March 31, 2023, led to erosion of networth and,
hence, a weak capital structure with an networth of Rs.0.30 crores
and gearing of 26.69 times. Debt protection metrics were weak, too,
as reflected in interest coverage and net cash accrual to adjusted
debt ratio of 3.23 time and 0.05 time, respectively, for fiscal
2023.

Strength:

* Extensive experience of the partners in the stone quarrying
business: The decade-long experience of the partners in the stone
quarrying business and their healthy relationships with customers
and suppliers will continue to support the business risk profile.

Liquidity: Poor

Bank limit utilization was high at 95.52%, on average, for the last
12 months through November 2023. Cash accrual is expected to be
over INR1.6 crore against term debt obligation of INR0.4-0.5 crore
over the medium term and will cushion liquidity. Current ratio was
low at 0.58 time on March 31, 2023

Outlook: Stable

CRISIL Ratings believes NSQ will continue to benefit from the
extensive experience of its partners.

Rating Sensitivity Factors

Upward factors:

* Growth in revenue and operating margin leading to net cash
accrual of over INR2 crore.
* Improvement in the financial risk profile

Downward factors:

* Decline in revenue or profitability leading to net cash accrual
below INR70 lakh.
* Weakening in liquidity and inability of the partners to infuse
capital to service debt

NSQ was formed in 2003 as a partnership concern of Mr Hafeez
Contractor, Mr Sherryana Contractor, Mr Vallary Contractor and Mr
Yezdi Contractor. Based at Rampura in Dahod, Gujarat, the firm
undertakes stone quarrying activities


NIMIT STEELS: CRISIL Keeps D Debt Ratings in Not Cooperating
------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Nimit Steels
and Alloys Private Limited (NSAPL) continue to be 'CRISIL D/CRISIL
D Issuer Not Cooperating'.

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

   Cash Credit            10         CRISIL D (Issuer Not
                                     Cooperating)

   Cash Credit            15         CRISIL D (Issuer Not
                                     Cooperating)

   Letter of Credit       60         CRISIL D (Issuer Not
                                     Cooperating)

   Letter of Credit       18         CRISIL D (Issuer Not
                                     Cooperating)

   Letter of Credit       32         CRISIL D (Issuer Not
                                     Cooperating)

CRISIL Ratings has been consistently following up with NSAPL for
obtaining information through letter and email dated January 5,
2024 among others, apart from telephonic communication. However,
the issuer has remained non cooperative.

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

Detailed Rationale

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

NSAPL was incorporated in April 2003 by Mr Haresh Bhansali and his
son, Mr Akshay Bhansali. It is engaged in trading of special alloy
steels wire rods, round bars and billets. The company is based out
of Mumbai (Maharashtra).


PRG BUILDCON: Ind-Ra Hikes Bank Loan Rating to BB-, Outlook Stable
------------------------------------------------------------------
India Ratings and Research (Ind-Ra) has upgraded PRG BuildCon India
Pvt Ltd.'s (PRG) bank facilities' rating to 'IND BB-' from 'IND D
(ISSUER NOT COOPERATING)'. The Outlook is Stable.

The instrument-wise rating actions are:

-- INR50 mil. (reduced from INR70 mil.) Fund-based working
     capital limits upgraded with IND BB-/Stable rating; and

-- INR380 mil. (reduced from INR700 mil.) Non-fund-based working
     capital limits upgraded with IND A4+ rating.

Analytical Approach: Ind-Ra continues to take a standalone view of
PRG to arrive at the ratings.

The upgrade reflects no instances of overutilization of working
capital limits by PRG during the three months December 2023.

Key Rating Drivers

Rise in EBITDA Margins:  PRG's EBITDA margin increased to a healthy
27% in FY23 (FY22: 17.3%) as the company received orders directly
from the governments of Kerala, Telangana and Andhra Pradesh post
the elimination of agents, leading to funds flowing directly to
PRG. The return on capital employed was 20.1% in FY23 (FY22: 9%).
The absolute EBITDA increased to INR150.94 million in FY23 (FY22:
INR89.88 million). Ind-Ra expects the margins to remain at FY23
levels in the medium term.

Comfortable Credit Metrics: The credit metrics remained comfortable
with the company becoming net cash positive in FY23 (FY22 net
leverage (adjusted net debt/operating EBITDAR): 0.47x) with an
increase in the cash to INR82.94 million at FYE23 (FYE22: INR42.18
million). However, the gross interest coverage (operating
EBITDA/gross interest expense) deteriorated to 1.77x in FY23 (FY22:
4.42x) owing to an increase in interest expenses, resulting from a
one-time event wherein PRG used Nagarjuna Construction Company
Limited's (NCCs) letter of credit (LC) to procure materials and the
LC charges were borne by PRG. The company had used Nagarjuna
Construction Company's LC to gain benefit of lower interest rate.
However, Ind-Ra expects the interest coverage to improve in the
medium term due to a decrease in interest expenses.

Strong Order Book Position: As of December 31, 2023, PRG had an
order book of INR4,660 million, providing revenue visibility of
8.0x of FY23 total revenue. The company is likely to execute these
orders by March 2026. PRG reported muted revenue growth in FY23,
with revenue rising only to INR559.2 million (FY22: INR518.6
million), as one of the projects was stopped by the government and
the company is yet to recover fully from the impact of covid. The
scale of operations of PRG remained small during FY23. The agency
believes PRG would witness a stronger revenue growth in FY24, given
the robust order book. The company booked a revenue of INR253
million in 3QFY24, and it had also completed work worth  INR560
million, but it has not yet raised bills for the same as some GST
invoices are pending to be raised, while one project is awaiting
approval for extension of time, which should be received by March
2024.

Liquidity Indicator -Stretched: The net working capital cycle
remained elongated but improved to 602 days in FY23 (FY22: 824
days) due to a decrease in the inventory days to 440 days (664
days) and a fall in the debtor days to 239 days (264 days). The
average maximum utilization of the fund-based limits was 38.42% in
the 12 months ended December 2023. The unencumbered cash and cash
equivalents stood at INR82.94 million at FYE23 (FYE22: INR42.18
million). PRG does not have any capital market exposure and relies
on banks and financial institutions to meet its funding
requirements. It has bank limits with a single bank. The cash flow
from operations turned negative at INR133.6 million in FY23 (FY22:
INR38.94 million) due to a decrease in the fund flow from
operations and changes in working capital.

High Geographical Concentration Risk: PRG is exposed to
geographical concentration risk as it currently has projects in
Kerala and Telangana.

Experienced Promoter: The promoters have experience of around two
decades in the construction of civil construction projects such as
irrigation, building and water supply projects in Andhra Pradesh
and Telangana.

Rating Sensitivities

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

Negative: A decline in the scale of operations, leading to
deterioration in the credit metrics, with the interest coverage
falling below 1.5x, or deterioration in the liquidity, all on a
sustained basis, would be negative for the ratings.

Company Profile

Incorporated in December 2014 as Naya Infrastructure Pvt Ltd and
later renamed as PRG, the company primarily undertakes civil
contracting works in irrigation, building and drinking water supply
projects in Andhra Pradesh, Telangana and Kerala. PRG has been
certified as a special class civil contractor by the government of
Telangana. The daily operations of the company are managed by Sunil
Kumar Bontha.

RAJGARIA TIMBER: CRISIL Lowers Long/Short Term Debt Ratings to D
----------------------------------------------------------------
CRISIL Ratings has downgraded the ratings on bank facilities of
Rajgaria Timber Private Limited (RTPL; part of Rajgaria Group) to
'CRISIL D/CRISIL D Issuer Not Cooperating' from 'CRISIL
B/Stable/CRISIL A4 Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Long Term Rating       -          CRISIL D (ISSUER NOT
                                     COOPERATING; Downgraded from
                                     'CRISIL B/Stable ISSUER NOT
                                     COOPERATING')

   Short Term Rating      -          CRISIL D (ISSUER NOT
                                     COOPERATING; Downgraded from
                                     'CRISIL A4 ISSUER NOT
                                     COOPERATING')

CRISIL Ratings has been consistently following up with RTPL for
obtaining information through letters and emails dated February 7,
2024, 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
noncooperation 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 RTPL, which restricts CRISIL
Ratings' ability to take a forward-looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on RTPL
is consistent with 'Assessing Information Adequacy Risk'.

Based on the publicly available information, CRISIL Ratings AWPL
has been classified as NPA. Since CRISIL Ratings consolidates RTPL
and AWPL to arrive at the final rating (please refer to Analytical
approach section below). Hence, the ratings on bank facilities of
RTPL have been downgraded to 'CRISIL D/CRISIL D Issuer Not
Cooperating' from 'CRISIL B/Stable/CRISIL A4 Issuer Not
Cooperating'.

Analytical Approach

The business and financial risk profiles of Rajgaria Timber Pvt Ltd
(RTPL) and Ananya Woods Pvt Ltd (AWPL) have been combined for this
rating action. That is because the two companies, together referred
to as the Rajgaria group, have a common management and are in the
same business.

Set up as a partnership firm by Kolkata-based Mr Pawan Rajgaria and
family, the firm was reconstituted as a private-limited company in
2000. Following a division in the Rajgaria family in 2004, Mr Pawan
Kumar Rajgaria acquired a controlling stake in RTPL. The company
sells sawed timber.

Status of non cooperation with previous CRA

RTPL has not cooperated with Brickwork Ratings India Private
Limited which led to its classification as 'issuer not cooperative'
vide release dated December 31, 2019. The reason provided by
Brickwork Ratings India Private Limited Credit Analysis & Research
Ltd. is non-furnishing of information for monitoring of ratings.


S.A.M. APPARELS: CRISIL Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of S.A.M.
Apparels Private Limited (SAMAPL) continue to be 'CRISIL D/CRISIL D
Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Inland/Import          1.5        CRISIL D (Issuer Not
   Letter of Credit                  Cooperating)

   Packing Credit        16          CRISIL D (Issuer Not
                                     Cooperating)

   Packing Credit        10          CRISIL D (Issuer Not
                                     Cooperating)

   Term Loan              3.1        CRISIL D (Issuer Not
                                     Cooperating)

   Term Loan              2.9        CRISIL D (Issuer Not
                                     Cooperating)

CRISIL Ratings has been consistently following up with SAMAPL for
obtaining information through letter and email dated January 5,
2024 among others, apart from telephonic communication. However,
the issuer has remained non cooperative.

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

Detailed Rationale

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

The company is engaged in manufacturing and export of ladies'
garments. Its manufacturing facility is located in Noida, Uttar
Pradesh.


SAI PROJECTS: CRISIL Keeps D Debt Ratings in Not Cooperating
------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Sai Projects
and Systems Private Limited (SPS) continue to be 'CRISIL D/CRISIL D
Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Bank Guarantee        3.5         CRISIL D (Issuer Not
                                     Cooperating)

   Letter of Credit      0.6         CRISIL D (Issuer Not
                                     Cooperating)

   Overdraft Facility    1           CRISIL D (Issuer Not
                                     Cooperating)

   Overdraft Facility    3           CRISIL D (Issuer Not
                                     Cooperating)

   Proposed Overdraft    1           CRISIL D (Issuer Not
   Facility                          Cooperating)

CRISIL Ratings has been consistently following up with SPS for
obtaining information through letter and email dated January 5,
2024 among others, apart from telephonic communication. However,
the issuer has remained non cooperative.

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

Detailed Rationale

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

SPS was incorporated in the year 2007 and is engaged in the
business of providing turn-key electric solutions for factory
automation to varied industries. The company's corporate office is
located at Bangalore, Karnataka.


SARDAR MOTORS: Ind-Ra Keeps BB+ Bank Loan Rating in NonCooperating
------------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained Sardar Motors
(Autowheel) Private Limited's bank facilities' ratings in the
non-cooperating category and has simultaneously withdrawn the same.


The detailed rating actions are:

-- INR170 mil. Fund-based working capital limit* maintained in
     non-cooperating category and withdrawn; and

-- INR25 mil. Non-fund-based working capital limit** maintained
     in non-cooperating category and withdrawn.

Note: ISSUER NOT COOPERATING: Issuer did not co-operate; based on
the best available information. The ratings were last reviewed on
July 18, 2017. Ind-Ra is unable to provide an update, as the agency
does not have adequate information to review the ratings.

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

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

Key Rating Drivers

Ind-Ra has maintained the ratings in the non-cooperating category
because the issuer did not participate in the rating exercise
despite repeated follow-ups by the agency through emails and phone
calls, and has not provided information about the audited
financials, interim financials, sanctioned bank facilities and
utilization, business plan, information on corporate governance,
and management certificate.

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

Company Profile

Incorporated on January 3, 1995, Sardar Motors (Autowheel) is the
authorized dealer of Mahindra & Mahindra Limited ('IND AAA'/Stable)
and Honda Motorcycle & Scooter India, and has the super dealership
of Samsung Electronics Co. Ltd. in Gorakhpur, Uttar Pradesh.


SARVODAY ASHRAM: CRISIL Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Sarvoday
Ashram (Sarvoday) continue to be 'CRISIL D Issuer Not
Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit            7          CRISIL D (Issuer Not
                                     Cooperating)

   Proposed Cash          4          CRISIL D (Issuer Not
   Credit Limit                      Cooperating)

   Proposed Cash          3          CRISIL D (Issuer Not
   Credit Limit                      Cooperating)

CRISIL Ratings has been consistently following up with Sarvoday for
obtaining information through letter and email dated January 5,
2024 among others, apart from telephonic communication. However,
the issuer has remained non cooperative.

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

Detailed Rationale

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

Sarvoday is a society based out of Etah, Uttar Pradesh. Established
in 1952, Sarvoday has been engaged in the spinning, weaving and
marketing of khadi clothes and is affiliated to the Khadi and
Village Industries Commission (KVIC).


SCL HEALTHCARE: Ind-Ra Affirms BB Rating, Outlook Positive
----------------------------------------------------------
India Ratings and Research (Ind-Ra) has taken the following rating
actions on SCL Healthcare Private Limited's (SCLHPL) bank
facilities:

-- INR60 mil. Fund-based working capital limit affirmed; Outlook
     revised to Positive from Stable with IND BB/Positive/IND A4+
     rating;

-- INR1.450 bil. (reduced from INR1.527 bil.) Term loan due on
     June 30, 2032 affirmed; Outlook revised to Positive from
     Stable with IND BB/Positive rating;

-- INR190 mil. Fund-based working capital limit assigned with
     IND BB/Positive/IND A4+ rating; and

-- INR200 mil. Term loan due on September 30, 2028 assigned with
     IND BB/Positive rating.

Analytical Approach:  Ind-Ra continues to take a standalone view on
SCLHPL to arrive at the ratings.

The Positive Outlook reflects Ind-Ra's expectation of an
improvement in the occupancy of hospital beds, profitability and
liquidity in the medium term.

Key Rating Drivers

The rating also reflects SCLHPL's medium scale of operations with
its revenue of INR882.87 million in its first financial year of
operations in FY23. In 9MFY24, SCLHPL achieved revenue of
INR1,238.60 million. In the medium term, Ind-Ra expects the revenue
to improve with the increase in occupancy of beds to 48.75% till
November 2023.

Liquidity Indicator – Stretched: SCLHPL's cash flow from
operations deteriorated to INR15.11 million in FY23 (FY22: INR132.2
million), due to an increase in its interest expense. Furthermore,
its free cash flow improved but remained negative INR645.66 million
in FY23 (FY22: negative INR1,087.85 million), due to a reduction in
capex to INR660 million (INR1,220 million). SCLHPL's average
maximum utilization of the fund-based limits was 56.38% and that of
the non-fund-based limits was 100% during the 12 months ended
November 2023. The net working capital cycle stood at negative 67
days in FY23, the creditors days at 102, debtors at 22, and
inventory days at 13. SCLHPL does not have any capital market
exposure and relies on banks and financial institutions to meet its
funding requirements. The company has repayment obligations of
INR69.1 million in FY24 and INR148 million in FY25. The cash and
cash equivalents stood at INR2.2 million at FYE23 (FYE22: INR38.43
million).

SCLHPL's credit metrics are modest, with the gross interest
coverage (operating EBITDA/gross interest expense) at 0.15x and net
financial leverage (adjusted net debt/operating EBITDA) at 106.07x.
The company generated positive EBITDA of INR14.41 million in FY23.
Ind-Ra expects the credit metrics to improve in the medium term,
due to a further improvement in its EBITDA, despite a capex of
INR350 million. The capex is for the upgradation of radiology
department, and purchase of ventilators, MRI machines and general
and orthopedic surgical robots. The company plans to fund 75% of
the capex through bank loans and 25% through unsecured loans from
its the promoters. SCLHPL received a sanction for INR200 million
for the capex.  

SCLHPL's EBITDA margins are modest despite (FY23: 1.63%); there was
an improvement in its operational leverage. The return on capital
employed stood at negative 3.8% in FY23. In the medium term, Ind-Ra
expects the EBITDA margin to improve on account of higher
absorption of fixed costs with an increase in the revenue. The
company has reduced its discounts, which were provided in FY23 to
attract patients, to negligible.

The ratings are supported by the company's collaborations of
various doctor partners and the promoters' over two decades of
experience in the healthcare industry.

Rating Sensitivities

Negative: A lower-than-expected occupancy and profitability,
resulting a decline in the credit metrics with the interest
coverage below 2x and net leverage above 5x, or deterioration in
the liquidity could be negative for the ratings.

Positive: Substantial improvement in the occupancy and
profitability, leading to an improvement in the credit metrics with
the interest coverage above 2x and net leverage below 5x, along
with an improvement in the liquidity, could be positive for the
ratings.

Company Profile

Incorporated on November 20, 2017, SCLHPL operates a 380-bed
multi-specialty hospital namely Accord Super Specialty Hospital in
Faridabad . It provides specialized tertiary healthcare care
services.  Dr. Prabal Roy, Dr. Rohit Gupta, Dr. Rishi Gupta,
Niranjan Prasad, Dr. Sabita Kumari and Dr. Ram Chandra Soni are the
promoters.

SCULPTOR MANAGEMENT: Voluntary Liquidation Process Case Summary
---------------------------------------------------------------
Debtor:    SCULPTOR MANAGEMENT INDIA PRIVATE LIMITED
           #302, Pride Elite
           #10, Museum Road
           Bangalore - 560001
           Karnataka, India

Liquidation Commencement Date:    December 27, 2023

Court:   National Company Law Tribunal, Bengaluru Bench

Liquidator:              Mr. ANIL KUMAR DUBEY
                         Meridian Splendora Tower II
                         Flat 4F, 9A/1 Umakant Sen Lane
                         Kolkata - 700030

                         #47, Manipal Centre
                         South Block, Suite No. 218
                         2nd Floor, Dickenson Road
                         Bangalore - 560042
                         Karnataka, India
                         E-mail: anil@mandaassociates.in
                         Telephone: +91 8334984350


Last date for
submission of claims:    January 26, 2024



SHANKER INDUSTRIES: CRISIL Keeps B+ Rating in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Shanker
Industries (SI) continues to be 'CRISIL B+/Stable Issuer Not
Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit            7.5        CRISIL B+/Stable (Issuer Not
                                     Cooperating)

CRISIL Ratings has been consistently following up with SI for
obtaining information through letter and email dated December 15,
2023 among others, apart from telephonic communication. However,
the issuer has remained non cooperative and the rating on bank
facilities of SI continues to be 'CRISIL B+/Stable Issuer Not
Cooperating'.

The entity did not provide the No Default Statements (NDS) for the
last three months. Therefore, the issuer is being classified as
'non cooperative' in line with Clause 11. 3 of SEBI Master circular
dated July 3, 2023.

'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 SI, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on SI is
consistent with 'Assessing Information Adequacy Risk'. Based on the
last available information, the rating on bank facilities of SI
continues to be 'CRISIL B+/Stable Issuer Not Cooperating'.

Established in 2016 as a proprietorship firm by Mr Sahil Sharma, SI
manufactures polyvinyl chloride pipes, garden pipes and water
storages tanks at its facility in Phase 1, Industrial Growth
Centre, Samba, Jammu and Kashmir.


SMRITI APPARELS: CRISIL Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Smriti
Apparels Private Limited (SAPL) continue to be 'CRISIL D/CRISIL D
Issuer Not Cooperating'.

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

   Long Term Loan         0.24       CRISIL D (Issuer Not
                                     Cooperating)

   Packing Credit         9.5        CRISIL D (Issuer Not
                                     Cooperating)

CRISIL Ratings has been consistently following up with SAPL for
obtaining information through letter and email dated January 5,
2024 among others, apart from telephonic communication. However,
the issuer has remained non cooperative.

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

Detailed Rationale

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

SAPL was incorporated in 2003 and is promoted by the Gurgaon,
Haryana-based Arora family. The company manufactures leather
jackets and accessories. Mr Inder Arora and Ms Meenu Arora, the
company's directors, manage its operations.


SPECTRUM ELECTRICALS: Ind-Ra Moves BB+ Rating to Non-Cooperating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Spectrum
Electricals Industries Limited's bank facilities'  ratings to the
non-cooperating category. The issuer did not participate in the
rating exercise despite continuous requests and follow-ups by the
agency through emails and phone calls. Therefore, investors and
other users are advised to take appropriate caution while using
these ratings. The ratings will now appear as 'IND BB+/Stable
(ISSUER NOT COOPERATING)/IND A4+ (ISSUER NOT COOPERATING)' on the
agency's website.

The detailed rating actions are:

-- INR350 mil. Fund-based working capital limit migrated to non-
     cooperating category with IND BB+/Stable (ISSUER NOT
     COOPERATING)/IND A4+ (ISSUER NOT COOPERATING) rating;

-- INR10 mil. Non-fund-based working capital limit migrated to
     non-cooperating category with IND A4+ (ISSUER NOT
     COOPERATING) rating; and

-- INR440 mil. Term loan due on April 30, 2027 migrated to non-
     cooperating category with IND BB+/Stable (ISSUER NOT
     COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The issuer did not co-operate; based
on the best available information. The ratings were last reviewed
on December 22, 2022. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

Company Profile

Incorporated in 1995, Jalgaon, Maharashtra-based Spectrum
Electrical manufactures electrical press components, electrical
wire accessories, tools, molds and dies, sheet metal fabrication,
and irrigation equipment among others. The company has operational
manufacturing facilities in Jalgaon, Nashik and Hyderabad, and
plans a facility in Bangalore. The company is listed on the
National Stock Exchange of India Limited.

SYSTEMS TECHNOLOGY: Voluntary Liquidation Process Case Summary
--------------------------------------------------------------
Debtor:    SYSTEMS TECHNOLOGY GROUP (INDIA) PRIVATE LIMITED
           801, A North, Eight Floor Tidel Park
           No. 4 Canal Bank Road, Tarami Chennai
           Tamil Nadu - 600113
           India

Liquidation Commencement Date:   November 3, 2023

Court:   National Company Law Tribunal, Mumbai Bench

Liquidator:                Shashikant Shravan Dhamne
                           10, Shreeban, Opp. Police Ground
                           F.C. Road, Shivajinagar
                           Pune - 411016, Maharashtra
                           E-mail: ssdhamne@yahoo.co.in
                           Tel: 020-25665551
Last date for
submission of claims:      December 3, 2023


TEXWIN SPINNING: Ind-Ra Assigns B+ Loan Rating, Outlook Stable
--------------------------------------------------------------
India Ratings and Research (Ind-Ra) has rated Texwin Spinning Pvt
Ltd.'s (TSPL) bank facilities as follows:

-- INR140 mil. Fund-based working capital limit assigned with IND

     B+/Stable/IND A4 rating;

-- INR35.605 mil. Non-fund-based working capital limit assigned
     with IND A4 rating;

-- INR765.2 mil. Term loan due on September 2030 assigned with
     IND B+/Stable rating; and

-- INR400 mil. Proposed term loan assigned with IND B+/Stable
     rating.

Analytical Approach: Ind-Ra has assessed the company on a
standalone basis to assign the ratings.

TSPL commenced operations in May 2022.

Key Rating Drivers

Liquidity Indicator - Poor: TSPL has scheduled debt repayment
obligations of INR52.91 and INR55.75 million in FY24 and FY25,
respectively. The company does not have any capital market exposure
and relies on banks and financial institutions to meet its funding
requirements. The net working capital cycle was elongated at 83
days in FY23 due to high inventory days of 106 days. The cash flow
from operations stood at a negative INR100.93 million in FY23 due
to working capital requirement. Furthermore, the free cash flow
remained negative at INR224.45 million in FY23, due to the capex of
INR123.52 million undertaken by the company. TSPL's average maximum
utilization of the fund-based limits and non-fund based limits was
around 57% and 88.3%, respectively, during the 12 months ended
December 2023.  The cash and cash equivalents stood low at INR0.08
million at FYE23 (FYE22: INR32.63 million).

The ratings reflect TSPL's modest EBITDA margins of 7.8% and low
absolute EBITDA of INR58.16 million in FY23. Furthermore, the
EBITDA margins are susceptible to volatility in cotton prices.  The
ROCE was negative 0.9% in FY23. Ind-Ra expects the EBITDA margin to
deteriorate during FY24 owing to the overall slowdown in the
textile sector. However, the profitability is likely to improve
during FY25, driven by better absorption of fixed costs, due to a
likely increase in revenue, and savings in power costs, resulting
from the addition of captive sources of renewable power.

The ratings further reflect TSPL's weak credit metrics due to
modest EBITDA margins and  high debt levels (FY23: INR737.63
million). The net financial leverage (total adjusted net
debt/operating EBITDAR) was 12.68x in FY23 and interest coverage
(operating EBITDA/gross interest expense) was 1.41x. Ind-Ra expects
the net leverage to deteriorate during FY24, due to the infusion of
unsecured loans of INR150 million during the year, which would be
utilized to fund the company's capex. However, the credit metrics
are likely to improve FY25 onwards, backed by the rise in scale of
operations.

The ratings also factor in TSPL's small scale of operations, as
indicated by revenue of INR745.98 million in FY23. The company
achieved a revenue of INR843.2 million during 8MFY24. Ind-Ra
expects the revenue to improve on a yoy basis during FY24, led by
increasing demand for cotton yarn in the market supported by
increase in capacity utilization. Also, during FY24, the company
will be able to generate revenue on a full year basis, as against
FY23, with operations having commenced in May 2022.

Furthermore, the company plans to increase its capacity to
97,24,616kg per annum during FY25 from 45,15,000kg per annum. This
would entail capex of INR670 million, to be funded through term
loan of INR497.50 million and unsecured loans of INR172.5 million
from the promoters. Also, the company plans to install an 8MW solar
plant during FY25, with a likely cost of around INR335 million, to
be funded by term loan of INR250 million and unsecured loans of
INR85 million from the promoters. The management expects the capex
to be completed by June 2024 (including trial run) and commercial
production from the increased capacity to begin July 2024 onwards.
Ind-Ra expects the revenue to improve significantly upon successful
implementation of the capex plans, supported by increasing demand
for cotton yarn in the market.

The ratings, however, are supported by the promoter's experience of
more than eight years in the textile industry, which has helped the
firm establish strong relationships with customers as well as
suppliers.

Rating Sensitivities

Negative: A substantial decrease in the scale of operations or
operating profitability, or deterioration in the overall credit or
the liquidity profile, on a sustained basis, could lead to a
negative rating action.

Positive: An increase in the scale of operations and operating
profitability, along with an improvement in the overall credit
profile and the liquidity profile, with the net leverage reducing
below 4.5x, all on a sustained basis, could lead to a positive
rating action.

Company Profile

Incorporated on March 9, 2021, TSPL manufactures 100% cotton yarn
at its unit in Rajkot, Gujarat. The company has an installed
capacity of 45,15,000kg and began its commercial operations on May
26, 2022.

TOPSTAR PROJECTS: Voluntary Liquidation Process Case Summary
------------------------------------------------------------
Debtor:    TOPSTAR PROJECTS PRIVATE LIMITED
           46 Bepin Behary Ganguly Street
           2nd Floor, Office No. 3
           Kolkata - 700012

Liquidation Commencement Date:    January 9, 2024

Court:   National Company Law Tribunal, Kolkata Bench

Liquidator:              Mohan Ram Goenka
                         46 B.B. Ganguly Street
                         406, 4th Floor
                         Kolkata - 700012
                         West Bengal
                         E-mail: goenkamohan@gmail.com

Last date for
submission of claims:    30th day from EGM


VELOHAR INFRA: CRISIL Keeps D Debt Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Velohar Infra
Private Limited (Velohar) continue to be 'CRISIL D/CRISIL D Issuer
Not Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Bank Guarantee         5          CRISIL D (Issuer Not
                                     Cooperating)

   Cash Credit            3          CRISIL D (Issuer Not
                                     Cooperating)

   Proposed Long Term     2          CRISIL D (Issuer Not
   Bank Loan Facility                Cooperating)


CRISIL Ratings has been consistently following up with Velohar for
obtaining information through letter and email dated January 5,
2024 among others, apart from telephonic communication. However,
the issuer has remained non cooperative.

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

Detailed Rationale

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

Velohar, incorporated in 2009 and promoted by Mr. G Thiyagu and Ms.
S Vijayalakshmi, is an engineering, procurement, and construction
(EPC) contractor in the infrastructure segment.


VIJAYA HOSPITAL: Ind-Ra Moves BB+ Rating to NonCooperating
----------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Vijaya Hospital's
bank facilities' ratings to the non-cooperating category. The
issuer did not participate in the rating exercise despite
continuous requests and follow-ups by the agency through emails and
phone calls. Therefore, investors and other users are advised to
take appropriate caution while using these ratings. The ratings
will now appear as 'IND BB+'/Stable (ISSUER NOT COOPERATING)/'IND
A4+ (ISSUER NOT COOPERATING)' on the agency's website.

The instrument-wise rating actions are:

-- INR20 mil. Fund-based working capital limits migrated to non-
     cooperating category with IND BB+/Stable (ISSUER NOT
     COOPERATING)/IND A4+ (ISSUER NOT COOPERATING) rating; and

-- INR271.64 mil. Term loans due on March 2031 migrated to non-
     cooperating category with IND BB+/Stable (ISSUER NOT
     COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The issuer did not co-operate; based
on the best available information. The ratings were last reviewed
on December 9, 2022. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

Company Profile

Vijaya Hospital was established in Kottarakara on May 8, 1998. It
runs a hospital with a total capacity of 300 beds. Dr. VS Rajeev
and Dr. AK Mini Rajeev are 50:50 partners.



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

BOOTZ LOGGING: Creditors' Proofs of Debt Due on March 12
--------------------------------------------------------
Creditors of Bootz Logging Limited are required to file their
proofs of debt by March 12, 2024, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on Feb. 13, 2024.

The company's liquidators are:

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


BUILDHUB: Labour Hire Firm Goes Into Liquidation
------------------------------------------------
Stuff.co.nz reports that labour hire firm Buildhub has gone into
liquidation, leaving some of its migrant staff in limbo.

It follows the collapse of ELE Holdings before Christmas, which was
understood to have a workforce made up of 60% migrant workers.

Stuff relates that Immigration NZ said some of Buildhub's workforce
were on accredited employer work visas, which connect a person's
right to be in the country to their employment.

"We appreciate that this situation will be very difficult news for
these employees.

"We are working closely with the employer, the employees, and other
interested parties to ensure these workers can remain in New
Zealand lawfully. We are also exploring options for those who are
still overseas."

Buildhub offered labour hire in construction, electrical, plumbing,
painting and project management.

Its website said staff worked 4800 hours weekly. It is understood
staff were told by email on Feb. 16 that the company was in
liquidation and some are still waiting to be paid.

At the end of January, Buildhub posted an update on its website
saying that Immigration NZ had decided not to pursue charges
against it for migrant exploitation, according to Stuff.

"The company proactively sought the investigation, demonstrating a
commitment to upholding fair business practices.

"This is a joyous occasion for us and gives us strength to continue
our operations despite the challenges we have been facing."

RNZ reported in August that a group of migrants had complained
about contracts they signed with the company, Stuff recalls.

Buildhub has been approached for comment.

Mikee Santos, co-ordinator for the Union Network of Migrants, said
the company employed a lot of Hispanic and Latino migrants.

He said many would be in hardship now because they could not access
the financial support that residents could, Stuff relays.

To apply for new employment, they would need to change their visas,
which would take time, he said.

He said there were questions for the Government in why labour hire
firms had been able to saturate the construction sector with
migrant labour, Stuff adds.


COLAC BAY: Court to Hear Wind-Up Petition on Feb. 22
----------------------------------------------------
A petition to wind up the operations of Colac Bay Tavern 2012
Limited will be heard before the High Court at Invercargill on Feb.
22, 2024, at 11:45 a.m.

The Commissioner of Inland Revenue filed the petition against the
company on Oct. 19, 2023.

The Petitioner's solicitor is:

          Gabrielle McGillivray
          Inland Revenue, Legal Services
          PO Box 1782
          Christchurch 8140


HUTCHINSON & HUNTER: Court to Hear Wind-Up Petition on Feb. 22
--------------------------------------------------------------
A petition to wind up the operations of Hutchinson & Hunter Limited
will be heard before the High Court at Invercargill on Feb. 22,
2024, at 11:45 a.m.

The Commissioner of Inland Revenue filed the petition against the
company on Nov. 22, 2023.

The Petitioner's solicitor is:

          Gabrielle McGillivray
          Inland Revenue, Legal Services
          PO Box 1782
          Christchurch 8140


VICTORY GROUP: Creditors' Proofs of Debt Due on March 8
-------------------------------------------------------
Creditors of Victory Group Holdings Limited are required to file
their proofs of debt by March 8, 2024, to be included in the
company's dividend distribution.

The High Court at Auckland appointed Kristal Pihama and Leon
Francis Bowker of KPMG as liquidators on Feb. 8, 2024.


WAIHEKE AUTOMOTIVE: Creditors' Proofs of Debt Due on March 7
------------------------------------------------------------
Creditors of Waiheke Automotive Limited and KG Autos Limited are
required to file their proofs of debt by March 7, 2024, to be
included in the company's dividend distribution.

The company commenced wind-up proceedings on Feb. 7, 2024.

The company's liquidators are:

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




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

ALPHATECH SOLUTIONS: Court Enters Wind-Up Order
-----------------------------------------------
The High Court of Singapore entered an order on Feb. 9, 2024, to
wind up the operations of Alphatech Solutions Pte. Ltd.

Maybank Singapore Limited filed the petition against the company on
Jan. 16, 2024.

The company's liquidators are:

          Mr. Gary Loh Weng Fatt
          c/o BDO Advisory Pte. Ltd.
          600 North Bridge Road
          #23-01 Parkview Square
          Singapore 188778



BESPOKIFY PTE: Commences Wind-Up Proceedings
--------------------------------------------
Members of Bespokify Pte Ltd on Feb. 8, 2024, passed a resolution
to voluntarily wind up the company's operations.

The company's liquidator is:

          Mr. Tan Eng Soon
          c/o 7500A Beach Road
          #05-303/304 The Plaza
          Singapore 199591


HATSUGA ENTERPRISE: Court to Hear Wind-Up Petition on March 1
-------------------------------------------------------------
A petition to wind up the operations of Hatsuga Enterprise Pte Ltd,
M Nature Pte Ltd, M Plus Hair Pte Ltd and Monsoon Hair House Pte
Ltd will be heard before the High Court of Singapore on March 1,
2024, at 10:00 a.m.

M2 Group Pte Ltd filed the petition against the companies on Feb.
5, 2024.

The Petitioner's solicitors are:

          Quahe Woo & Palmer LLC
          180 Clemenceau Avenue
          #02-02 Haw Par Centre
          Singapore 239922


NEW LEAD: Court to Hear Wind-Up Petition on March 1
---------------------------------------------------
A petition to wind up the operations of New Lead Engineering Pte
Ltd will be heard before the High Court of Singapore on March 1,
2024, at 10:00 a.m.

Standard Chartered Bank (Singapore) Limited filed the petition
against the company on Feb. 8, 2024.

The Petitioner's solicitors are:

          Rajah & Tann Singapore LLP
          9 Straits View
          #06-07 Marina One West Tower
          Singapore 018937


UOL DEVELOPMENT: Commences Wind-Up Proceedings
----------------------------------------------
Members of UOL Development (Bartley) Pte Ltd, on Feb. 13, 2024,
passed a resolution to voluntarily wind up the company's
operations.

The company's liquidator is:

          Ms. Chin Moy Yin
          101 Upper Cross Street
          #05-24 People’s Park Centre
          Singapore 058357



                           *********


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

Troubled Company Reporter-Asia Pacific is a daily newsletter co-
published by Bankruptcy Creditors' Service, Inc., Fairless Hills,
Pennsylvania, USA, and Beard Group, Inc., Washington, D.C., USA.
Marites O. Claro, Joy A. Agravante, Rousel Elaine T. Fernandez,
Julie Anne L. Toledo, Ivy B. Magdadaro and Peter A. Chapman,
Editors.

Copyright 2024.  All rights reserved.  ISSN: 1520-9482.

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding,
electronic re-mailing and photocopying) is strictly prohibited
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Information contained herein is obtained from sources believed
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mail.  Additional e-mail subscriptions for members of the same
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thereof are US$25 each.  For subscription information, contact
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                *** End of Transmission ***