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

                     A S I A   P A C I F I C

          Monday, March 11, 2024, Vol. 27, No. 51

                           Headlines



A U S T R A L I A

ALLROADS PLANT: First Creditors' Meeting Set for March 14
ELYPTOL PTY: First Creditors' Meeting Set for March 15
G-STORE: Collapses Into Liquidation With AUD3.8MM in Debts
LOCH-CO NO 6: Liquidator Charged for Dishonestly Withdrawing Funds
MERLIN DIAMONDS: ASIC Disqualifies Former Director for Four Years

ORDE 2024-1: Moody's Assigns B2 Rating to AUD12MM Class F Notes
RORK PROJECTS: First Creditors' Meeting Set for March 13
TENARU TIMBER: First Creditors' Meeting Set for March 14
THORN ABS 1: Fitch Affirms 'BB-sf' Rating on Class E Notes
URBAN PLUMBERS: First Creditors' Meeting Set for March 14



C H I N A

CHINA EVERGRANDE: Liquidators Appoint Legal Advisers, Sources Say
KAISA GROUP: HK Court Moves Liquidation Hearing to April 29
XJ INT'L: May Face Liquidation as Bondholders Demand Repayment


H O N G   K O N G

SJM HOLDINGS: Annual Net Loss Narrows to HK$2.01BB in 2023


I N D I A

A H INTERNATIONAL: CRISIL Assigns B+ Rating to INR16.25cr Loan
ABC RAILROAD: Insolvency Resolution Process Case Summary
ABHISAR IMPEX: Insolvency Resolution Process Case Summary
AHAN ADD-CHEM: CARE Keeps D Debt Rating in Not Cooperating
AIMIL PHARMACEUTICALS: CRISIL Cuts Rating on INR71cr Loan to D

ALPHA MILK: ICRA Keeps B+ Debt Rating in Not Cooperating Category
AMRAPALI SMART: CARE Keeps D Debt Rating in Not Cooperating
ANANYA WOOD: Insolvency Resolution Process Case Summary
ANIIRUDH CIVIL: Liquidation Process Case Summary
ARKAS ENERGY: ICRA Moves D Debt Ratings to Not Cooperating

ATAM MANOHAR: Ind-Ra Affirms BB- Loan Rating, Outlook Stable
BLUEBERRY INDUSTRY: CARE Lowers Rating on INR12.89cr LT Loan to B
CHOUDHARY BROTHERS: CARE Keeps D Debt Rating in Not Cooperating
DALKAN SHIPBREAKING: Ind-Ra Cuts Bank Loan Rating to BB-
DESIGN CLASSICS: ICRA Lowers Rating on INR3.cr LT Loan to D

DOC MEDICAL: Voluntary Liquidation Process Case Summary
F6 CAPITAL: ICRA Lowers Rating on INR15cr LT Loan to B+
GHODAWAT ENTERPRISES: Ind-Ra Affirms BB+ Bank Loan Rating
GRACE SUPPLIERS: Ind-Ra Affirms BB Loan Rating, Outlook Stable
GROWTHPATH SOLUTIONS: CRISIL Withdraws B Rating on INR6cr Loan

HANDC POLYMATE: Voluntary Liquidation Process Case Summary
IRB INFRASTRUCTURE: Fitch Rates New USD Sr. Sec Notes 'BB+(EXP)'
JADEJA TRADELINK: CRISIL Assigns B Rating to INR5.14cr Loan
JAYSHRI GAYATRI: Ind-Ra Assigns BB+ LongTerm Issuer Rating
JBF INDUSTRIES: Insolvency Resolution Process Case Summary

KANDLA ENERGY: Liquidation Process Case Summary
KERALA STATE: Ind-Ra Moves B- Bank Loan Rating to NonCooperating
KHEDUT COTEX: ICRA Keeps D Debt Ratings in Not Cooperating
KLING ENTERPRISE: Liquidation Process Case Summary
KWALITY TOWNSHIP: ICRA Keeps D Debt Rating in Not Cooperating

LANSON MOTORS: Ind-Ra Cuts Loan Rating to BB, Outlook Stable
M. D. SUITINGS: CARE Lowers Rating on INR10cr LT Loan to B-
M. E. ENERGY: CRISIL Places 'B' Debt Ratings on Watch Developing
MAA SHEETLA: CARE Lowers Rating on INR7.50cr LT Loan to C
MAHI CORPORATION: ICRA Keeps D Debt Ratings in Not Cooperating

MAITHRI DRUGS: CRISIL Withdraws B Rating on LT/ST Debts
MARBILANO SURFACES: CARE Lowers Rating on INR34.40cr Loan to B+
MARIANELLA PROPERTIES: ICRA Keeps D Rating in Not Cooperating
MARKOLINES INFRA: Ind-Ra Keeps BB+ Loan Rating in NonCooperating
MEENAKSHI ASSOCIATES: CRISIL Withdraws D Rating on INR10cr Loan

MENSE ELECTRICALS: CARE Reaffirms B+ Rating on INR7cr LT Loan
MIL INDUSTRIES: Ind-Ra Affirms BB+ Loan Rating, Outlook Stable
MIL INDUSTRIES: Ind-Ra Corrects January 20, 2023 Rating Release
NANDANAM TILES: Insolvency Resolution Process Case Summary
NARENDRA DEV: ICRA Withdraws D Rating on INR2.50cr LT Loan

NAVIN COLD: ICRA Keeps D Debt Ratings in Not Cooperating Category
NAVYUG INDUSTRIES: CRISIL Lowers Rating on INR13cr Cash Loan to D
NCR RAIL: NCLT Admits Insolvency Resolution Bid vs. Company
NEESA LEISURE: NCLT Rejects Express Group's Revival Plan
NEETA DEVELOPER: ICRA Keeps B+ Debt Rating in Not Cooperating

NEW MOUNT: CRISIL Lowers Rating on INR20cr Cash Loan to B+
NEXRISE PUBLICATIONS: Insolvency Resolution Process Case Summary
PARAS STEEL: Ind-Ra Cuts Loan Rating to BB-, Outlook Stable
PERFECT COMMUNICATION: ICRA Keeps B+ Rating in Not Cooperating
PLASMA METAL: ICRA Keeps D Debt Rating in Not Cooperating

PRECISION MACHINES: Ind-Ra Cuts Loan Rating to BB+, Outlook Stable
PURANDAR MILK: ICRA Keeps D Debt Ratings in Not Cooperating
PUSH ENGINEERING: ICRA Keeps B+ Debt Ratings in Not Cooperating
QUADRANT TELEVENTURES: CARE Keeps D Debt Rating in Not Cooperating
RAJAT INFRA: CARE Keeps D Debt Ratings in Not Cooperating Category

RAPID METRORAIL SOUTH: ICRA Keeps D Rating in Not Cooperating
RAPID METRORAIL: ICRA Keeps D Debt Rating in Not Cooperating
REDDY PHARMACEUTICALS: ICRA Keeps C Ratings in Not Cooperating
ROHIT AGRO: CARE Moves B+ Debt Rating to Not Cooperating Category
SAI POINT: ICRA Keeps B Debt Rating in Not Cooperating Category

SAMRAT TYRES: Voluntary Liquidation Process Case Summary
SANGHVI LAND: Insolvency Resolution Process Case Summary
SHEKAR LOGISTICS: ICRA Upgrades Rating on INR14cr LT Loan to B
SHIVOM INVESTMENT: Insolvency Resolution Process Case Summary
SITARAM DENIMS: Ind-Ra Cuts Loan Rating to BB+, Outlook Stable

SIX SIGMA: CARE Keeps D Debt Rating in Not Cooperating Category
SKIL INFRASTRUCTURE: Insolvency Resolution Process Case Summary
SLV POWER: ICRA Keeps D Debt Ratings in Not Cooperating Category
SREI EQUIPMENT: CARE Reaffirms D Rating on INR15,854cr LT Loan
SREI INFRASTRUCTURE: CARE Reaffirms D Rating on INR10,772cr Loan

SUPREME ENGINEERING: Insolvency Resolution Process Case Summary
SWASTIK ENTERPRISE: ICRA Keeps D Debt Ratings in Not Cooperating
TANUK PHARMA: Voluntary Liquidation Process Case Summary
TATA MOTORS: Moody's Affirms 'Ba3' CFR, Outlook Remains Positive
TRIVENI WIRES: ICRA Keeps D Debt Ratings in Not Cooperating

UDAGIRI SUGAR: Ind-Ra Assigns BB+ Bank Loan Rating, Outlook Stable
ULTRA HOME: CARE Keeps D Debt Rating in Not Cooperating Category
VADRAJ CEMENT: Insolvency Resolution Process Case Summary
VAMA INFRA: ICRA Keeps B+ Debt Rating in Not Cooperating Category
VEDIC REALTY: Insolvency Resolution Process Case Summary

VIJAYKUMAR & CO: Ind-Ra Cuts Loan Rating to BB-, Outlook Stable
WIZARD BIOTECH: Insolvency Resolution Process Case Summary


I N D O N E S I A

ALAM SUTERA: Moody's Affirms 'Caa1' CFR, Outlook Remains Negative
MODERNLAND REALTY: Moody's Affirms 'Ca' CFR, Alters Outlook to Neg.


N E W   Z E A L A N D

FARMERS FIRST: Ecovis KGA Appointed as Receivers and Managers
KEEPER'S QUARTER: Creditors' Proofs of Debt Due on April 5
LUMENOSITY LIMITED: Court to Hear Wind-Up Petition on March 12
NAWOC LIMITED: Creditors' Proofs of Debt Due on April 5
PASARGAD LIMITED: Court to Hear Wind-Up Petition on March 15



P A K I S T A N

PAKISTAN WATER: Fitch Affirms 'CCC' LongTerm IDR


S I N G A P O R E

ENERGY WAVE: Court Enters Wind-Up Order
HL ENTERPRISE: Court Enters Wind-Up Order
ONE MORE: Court to Hear Wind-Up Petition on March 22
SEAN CHUA: Court to Hear Wind-Up Petition on March 22
XIN CHENG: Court to Hear Wind-Up Petition on March 22



V I E T N A M

PETROVIETNAM GAS: Fitch Affirms 'BB+' LongTerm IDR, Outlook Stable

                           - - - - -


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

ALLROADS PLANT: First Creditors' Meeting Set for March 14
---------------------------------------------------------
A first meeting of the creditors in the proceedings of Allroads
Plant Pty Ltd will be held on March 14, 2024 at 2:00 p.m. at Level
7, 201 Charlotte Street in Brisbane.

Darryl Kirk and Stephen Earel of Cor Cordis were appointed as
administrators of the company on March 4, 2024.


ELYPTOL PTY: First Creditors' Meeting Set for March 15
------------------------------------------------------
A first meeting of the creditors in the proceedings of Elyptol Pty
Ltd will be held on March 15, 2024 at 10:30 a.m. at the offices of
Cor Cordis at Level 29, 360 Collins Street in Melbourne and via
virtual meeting technology.

Barry Wight and Rachel Burdett of Cor Cordis were appointed as
administrators of the company on March 4, 2024.


G-STORE: Collapses Into Liquidation With AUD3.8MM in Debts
----------------------------------------------------------
News.com.au reports that a Victorian solar energy company has
plunged into liquidation with debts of AUD3.8 million.

Creditors voted to place G-Store into liquidation rather than have
their debts wiped at a fraction of the cost on March 8, news.com.au
discloses.

G-Store, headquartered in Melbourne's Malvern East and also with
premises in regional Victoria in Warragul, specialised in
installing custom solar energy and sustainability options into
homes.

But last month, the business appointed Philip Newman of insolvency
firm PCI Partners as administrator.

All 20 staff lost their jobs as a result. They learned that the
business had gone under when administrators showed up at their
workplace and had the locks changed.

Just past noon on Friday [March 8], creditors discarded the option
of taking G-Store out of administration and returning the control
to its sole director, Dion Epstein. Instead, they forced the
company to be wound up into liquidation, news.com.au reports.

G-Store's director, Mr. Epstein, personally guaranteed AUD1.182
million worth of loans. On top of that, the business owes 139
unsecured creditors AUD2.2 million.

With his company now in liquidation, secured lenders could apply to
bankrupt him to recover their money, news.com.au says.

Mr. Epstein's father, Robert Epstein, is the director of one of
G-Store's secured creditors, Coltvale Pty Ltd.

According to news.com.au, Coltvale Pty Ltd had put forward a deed
of company arrangement (DOCA), which is where they offer to buy
back G-Store and wipe its debts at a fraction of the cost.

The DOCA put forward would have given creditors 2.2 cents back for
every dollar they were owed.

However, this offer was roundly rejected, according to two people
who attended the meeting.

At the decision on March 8, five people voted in favor of the DOCA
while the remaining 34 voted to have the company shut down
permanently instead.

"Everyone came for blood," one person familiar with the matter told
news.com.au.

News.com.au has contacted Dion Epstein for comment.

In a statement to news.com.au before the company's liquidation,
Dion Epstein said he was "bitterly disappointed" and "tremendously
sorry" that his vision to move into solar powered homes had
failed.

Creditors had previously raised concerns about G-Store.

Chris Taylor, whose business Reclaim Energy is owed AUD200,000,
said he would "go all the way" into bankrupting the director of
G-Store.

"To walk away from AUD1.2 million worth of liabilities is just
ludicrous," news.com.au quotes Mr. Taylor as saying when discussing
why he would be voting against the DOCA.

Mr. Taylor's anger is compounded by the fact that he dropped off
AUD100,000 worth of stock to G-Store on January 31.

Just two days later, G-Store went into administration. A report
lodged with ASIC shows that G-Store was already in discussions with
administrators when Mr. Taylor dropped off his stock.

Dion Epstein told news.com.au that when the order for the stock had
been placed, he was not in discussions with administrators and he
intended to pay the debt.

"I had a meeting (with G-Store) on February 2 booked," Mr Taylor
recalled.

"I got to the front door and I got a message saying they can't meet
with me.

"By lunch time I'd been notified (that they were in
administration), by 1pm I was standing in their premises."

Mr. Taylor said he rushed to the warehouse to recover his stock –
but the administrators turned him away, news.com.au relays.


LOCH-CO NO 6: Liquidator Charged for Dishonestly Withdrawing Funds
------------------------------------------------------------------
Ronald Lester Cardwell of Cherrybrook, New South Wales, has been
convicted and sentenced to a term of 24 months imprisonment, to be
served by way of intensive correction order (ICO) for dishonestly
using his position as a liquidator to withdraw company funds,
following an ASIC investigation.

Mr. Cardwell pleaded guilty to one count of contravening s184(2) of
the Corporations Act 2001 (Cth) (Corporations Act), with one count
of contravening s63(1) of the Australian Securities and Investments
Commission Act 2001 (Cth) (ASIC Act) taken into account at sentence
pursuant to s16BA of the Crimes Act 1914 (Cth).

During the period of the ICO, Mr. Cardwell must not commit any
offence and must submit to supervision by a community corrections
officer. Mr. Cardwell must also complete 150 hours of community
service.

Mr. Cardwell has also been referred to community corrections for a
report relating to the imposition of a home detention condition.

The execution of the sentence is stayed pending receipt of the
report.

An ASIC investigation found that Mr. Cardwell, who is not a
registered liquidator, was appointed members' voluntary liquidator
of Loch-Co No 6 Pty Ltd on December 2, 2013. Between May 4, 2015
and March 17, 2016, Mr. Cardwell dishonestly used his position to
withdraw AUD150,367.12 in 12 separate transactions from Loch-Co's
liquidation bank account, for his own financial advantage.

Mr. Cardwell also failed to comply with a notice issued to him by
ASIC under section 33 of the ASIC Act requiring him to produce
books and records.

This matter was reported to ASIC by registered liquidator Steven
Gladman of Hall Chadwick, who was appointed the replacement
liquidator to Loch-Co on Oct. 17, 2016, by the NSW Supreme Court,
following an application by the members of Loch-Co to have Mr.
Cardwell removed as liquidator.

As a result of Mr. Cardwell's conviction, he is disqualified from
managing corporations for 5 years.

The matter is next listed on April 4, 2024 for receipt of the
report on a home detention condition as part of the ICO.

The Commonwealth Director of Public Prosecutions prosecuted the
matter following an ASIC referral.


MERLIN DIAMONDS: ASIC Disqualifies Former Director for Four Years
-----------------------------------------------------------------
Joseph Gutnick of St Kilda East, Victoria, has been disqualified by
the Australian Securities & Investments Commission (ASIC) from
managing corporations for a period of four years following his
involvement in three failed companies between June 2016 and March
2020.

Mr. Gutnick was a director of:

   * Axis Consultants Pty Ltd (Deregistered) A.C.N. 006 804 708
     (Axis),

   * Merlin Diamonds Limited (In Liquidation) A.C.N. 009 153 119
    (Merlin),

   * Legend International Holdings, Inc. (In Liquidation) A.C.N.
     120 855 352 (Legend).

In making its decision, ASIC found that Mr. Gutnick acted
improperly and failed to meet his obligations as director, in that
he:

   * exercised his powers as a director of Legend after it was
     wound up,

   * allowed Merlin to lend funds totalling AUD13,752,124.78 to
     Axis in circumstances where the loans caused detriment to
     Merlin and gave an advantage to Axis,

   * allowed Merlin to trade while insolvent,

   * failed to ensure Merlin maintained complete financial
     records,

   * failed to ensure Merlin complied with its obligations as a
     public company,

   * allowed Axis to lend money to related parties in
     circumstances where the loans were undocumented, not fully
     supported and verified with documentation,

   * failed to monitor and oversee Axis's financial affairs, and
  
   * failed to assist the liquidator of Axis when requested.

Legend and Merlin owned a combined total of AUD43,209,965 to
unsecured creditors, including to the Mount Isa City Council,
Northern Land Council, Northern Territory Department of Transport,
Queensland Department of Transport, Shire of Wyndham/East
Kimberley, Department of Primary Industry and Resources, Western
Australian State Revenue Office and Western Australian Department
of Mines, Industry.

In disqualifying Mr. Gutnick, ASIC relied upon the supplementary
reports lodged by liquidators Shane Cremin of Rodgers Reidy,
Timothy Norman and Salvatore Algeri of Deloitte, and Craig Shepard
and Mark Korda of KordaMentha.

ASIC assisted Mr. Cremin to prepare his statutory report by
granting approval for funding from the Assetless Administration
Fund.

Mr. Gutnick is disqualified from managing corporations until March
3, 2028.

Mr. Gutnick has the right to seek a review of ASIC's decision by
the Administrative Appeals Tribunal.

On April 2, 2020, following a successful ASIC application, the
Federal Court of Australia made orders to wind up Merlin on
insolvency grounds.

Section 206F of the Corporations Act allows ASIC to disqualify a
person from managing corporations for a maximum period of five
years if, within a seven-year period, the person was an officer of
two or more companies, and those companies were wound up and a
liquidator provides a report to ASIC about each of the company's
inability to pay its debts.

Through enforcement action against selected directors who
contravene s206F, ASIC demonstrates that there are appropriate
consequences for the mismanagement of small and large companies.
ASIC will take targeted action against individual directors to
protect the wider public, employees and other businesses against
the future mismanagement of companies.

ASIC maintains a banned and disqualified persons register that
provides information about people who have been disqualified from:

     * involvement in the management of a corporation,
     * auditing self-managed superannuation funds (SMSFs), or
     * practising in the financial services or credit industry.


ORDE 2024-1: Moody's Assigns B2 Rating to AUD12MM Class F Notes
---------------------------------------------------------------
Moody's Ratings has assigned definitive ratings to notes to be
issued by BNY Trust Company of Australia Ltd as trustee of ORDE
Series 2024-1 Trust.

Issuer: ORDE SERIES 2024-1 TRUST

AUD600 million Class A1 Notes, Assigned Aaa (sf)

AUD246 million Class A2 Notes, Assigned Aaa (sf)

AUD96.00 million Class B Notes, Assigned Aa2 (sf)

AUD5.00 million Class C Notes, Assigned A2 (sf)

AUD23.00 million Class D Notes, Assigned Baa2 (sf)

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

AUD12.00 million Class F Notes, Assigned B2 (sf)

The AUD3.60 million Class G1 Notes and AUD5.40 million Class G2
Notes are not rated by Moody's.

The transaction is a securitisation of Australian residential
mortgage loans originated by ORDE Mortgage Custodian Pty Ltd
(unrated) and serviced by ORDE Financial Pty Ltd (unrated).

RATINGS RATIONALE

The definitive ratings takes into account, among other factors:

-- Evaluation of the underlying receivables and their expected
performance;

-- Evaluation of the capital structure and credit enhancement
provided to the notes;

-- The availability of excess spread over the life of the
transaction; and

-- The liquidity facility in the amount of 1.5% of the notes
balance subject.

According to Moody's, the transaction benefits from various credit
strengths such as relatively high subordination to the senior
notes. However, Moody's notes that the transaction features some
credit weaknesses such as a high exposure to self-employed
borrowers of 78.8%, and a relatively high weighted average
scheduled LTV of 70.8%.

Moody's MILAN stressed loss for the collateral pool —
representing the loss that Moody's expects the portfolio to suffer
in the event of a severe recession scenario — is 10.3%. Moody's
expected loss for this transaction is 1.3%. These assumptions also
reflect Moody's assessment of the historical performance of ORDE's
portfolio in terms of delinquencies and defaults evidenced, and
benchmarking with comparable RMBS transactions in the Australian
market.

The key transactional features are as follows:

-- Principal collections will be distributed on a sequential basis
at first. Starting from the second anniversary of the closing date,
all notes (excluding the Class G1 and G2 Notes) may participate in
proportional principal collections distribution, subject to the
step down criteria being met. The step down criteria include, among
others, no charge-offs on any of the notes and Class A notes
subordination of at least double closing subordination percentage.
The Class G notes' share of principal will be allocated pro rata
and pari passu to the Class A1 to Class F Notes.

The key portfolio features are as follows:

-- The portfolio has a relatively moderate weighted-average
scheduled loan-to-value (LTV) ratio of 70.8%, with 0.5% of the
loans with a scheduled LTV ratio above 80%.

-- The portfolio has a weighted-average seasoning of 10.4 months,
with 36.2%  of loans originated in the last six months.

-- Investment and interest-only (IO) loans represent 47.1% and
24.3% of the pool, respectively.

-- 73.6% of loans were extended on an alternative documentation
(alt doc) basis.

Methodology Underlying the Rating Action:

The principal methodology used in these ratings was "Residential
Mortgage-Backed Securitizations methodology" published in October
2023.

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

Levels of credit protection that are greater than necessary to
protect investors against current expectations of loss could lead
to an upgrade of the ratings. Moody's current expectations of loss
could be better than its original expectations because of fewer
defaults by underlying obligors or higher recoveries on defaulted
loans. The Australian job market and the housing market are primary
drivers of performance.

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

RORK PROJECTS: First Creditors' Meeting Set for March 13
--------------------------------------------------------
A first meeting of the creditors in the proceedings of Rork
Projects (Holdings) Pty Ltd, Rork Projects (QLD) Pty Ltd, Rork
Projects Pty Ltd will be held on March 13, 2024 at 2:00 p.m. via
virtual meeting.

Mark Alfred Holland, Anthony Norman Connelly and William James
Harris of McGrathNicol were appointed as administrators of the
company on March 1, 2024.


TENARU TIMBER: First Creditors' Meeting Set for March 14
--------------------------------------------------------
A first meeting of the creditors in the proceedings of Tenaru
Timber & Finishes Pty Ltd will be held on March 14, 2024 at 2:30
p.m. virtually via teleconference facilities.

Innis Anthony Cull and Timothy James Bradd of Pitcher Partners were
appointed as administrators of the company on Nov. 9, 2024.


THORN ABS 1: Fitch Affirms 'BB-sf' Rating on Class E Notes
----------------------------------------------------------
Fitch Ratings has affirmed the rating of the notes of National RMBS
Trust 2012-1, Barton Series 2013-1R Trust and Thorn ABS Warehouse
Trust No. 1 after failing to perform a file review within the
timelines stated in the APAC Residential Mortgage Rating Criteria
and SME Balance Sheet Securitisation Rating Criteria. A file review
was completed for all transactions upon identification of the
error, with no material findings.

   Entity/Debt            Rating           Prior
   -----------            ------           -----

National RMBS
Trust 2012-1

   A AU3FN0016549     LT AAAsf  Affirmed   AAAs

Barton Series
2013-1R Trust

   A AU3FN0045035     LT AAAsf  Affirmed   AAAsf

Thorn ABS Warehouse
Trust No. 1

   A                  LT AAAsf  Affirmed   AAAsf
   B AU3FN007028      LT A+sf   Affirmed   A+sf
   C AU3FN0043956     LT BBB+s  Affirmed   BBB+sf
   D AU3FN0043964     LT BB+sf  Affirmed   BB+sf
   E AU3FN0043972     LT BB-sf  Affirmed   BB-sf

KEY RATING DRIVERS

Fitch's previous key rating drivers for the transactions were
discussed in Fitch Affirms Eight Barton Trust RMBS Tranches at
'AAAsf'; Outlook Stable, published 13 September 2023, Fitch Affirms
Five Classes from Thorn ABS Warehouse Trust No. 1; Outlook Stable,
published 12 July 2023, and Fitch Affirms 15 Tranches from Seven
National RMBS Transactions; Outlook Stable, published 8 May 2023.

RATING SENSITIVITIES

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

Fitch's previous sensitivities for the transactions were discussed
in the following publications:

- rating action commentary for Barton Series 2013-1R Trust,
published on 10 December 2021;

- rating action commentary for Thorn ABS Warehouse Trust No. 1,
published on 3 August 2022;

- rating action commentary for National RMBS Trust 2012-1 ,
published on 14 June 2022.

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

Macroeconomic conditions, loan performance and credit losses that
are better than Fitch's expectations, or sufficient build-up of
credit enhancement that would fully compensate for the credit
losses and cash flow stresses commensurate with higher rating
scenarios, all else being equal, would affect the transaction's
performance.

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

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

DATA ADEQUACY

Fitch has not reviewed the results of any third-party assessment of
the asset portfolio information as part of its ongoing monitoring
for any of the transactions.

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

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

ESG CONSIDERATIONS

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

URBAN PLUMBERS: First Creditors' Meeting Set for March 14
---------------------------------------------------------
A first meeting of the creditors in the proceedings of Urban
Plumbers Pty Ltd will be held on March 14, 2024 at 10:30 a.m. via
Microsoft Teams.

Sule Arnautovic of Salea Advisory was appointed as administrator of
the company on March 14, 2024.




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

CHINA EVERGRANDE: Liquidators Appoint Legal Advisers, Sources Say
-----------------------------------------------------------------
Reuters reports that China Evergrande liquidators have hired three
law firms to advise on the troubled property giant's winding-up
process, according to sources with direct knowledge of the matter.

Reuters relates that global firm Clifford Chance and Hong Kong
firms Tanner De Witt and Karas So were mandated recently to provide
legal advice on the liquidation, which has been under way for about
six weeks, the people added.

Alvarez and Marsal (A&M) Managing Directors Tiffany Wong and Eddie
Middleton were appointed liquidators by a Hong Kong judge on Jan.
29, bringing an end to more than 18 months of negotiations between
the firm and offshore bondholders, Reuters notes.

Reuters says the Guangzhou-based firm was considered the world's
most indebted developer with more than $300 billion of total
liabilities both onshore and offshore.

But Evergrande was ordered to be liquidated after it had been
unable to offer a concrete restructuring plan more than two years
after defaulting on its offshore debt and following several court
hearings.

The sources could not be identified discussing confidential
information, Reuters notes.

Lawyers working on the case will look for, among a number of
issues, evidence of wrongdoing and negligence across the company,
its management and external advisers that could have led to
Evergrande defaulting on its debt, the sources, as cited by
Reuters, said.

Reuters notes that Evergrande's liquidation could last for more
than a decade, according to some offshore investors, and become a
blueprint for future major Chinese corporate winding up processes.

The pace of Evergrande's liquidation would rely on whether mainland
Chinese courts recognise the Hong Kong judgment.

Recognising the ruling would allow creditors to seize unpledged
onshore Chinese assets, a process that could take a number of years
to complete, according to lawyers, Reuters relays.

                       About China Evergrande

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

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

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

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

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

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

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

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

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

KAISA GROUP: HK Court Moves Liquidation Hearing to April 29
-----------------------------------------------------------
Reuters reports that a Hong Kong court adjourned a hearing to
liquidate Chinese property developer Kaisa Group to April 29 after
a bond trustee, instructed by a major group of dollar bondholders,
replaced the original petitioner.

Reuters relates that the latest development came after Broad Peak
Investment, which filed the winding-up petition in July in relation
to non-payment of onshore bonds worth CNY170 million ($24 million),
sought to withdraw from the case as it has sold the debt holdings
earlier this year.

Shenzhen-based Kaisa has been working on a debt restructuring for
two years after defaulting its $12 billion of offshore debt in late
2021, Reuters says.

Kaisa is China's second-largest issuer of offshore debt among
developers after China Evergrande Group and was the first Chinese
property developer to default on its dollar bonds in 2015.

Many Chinese developers, including giant Country Garden are facing
winding-up petitions filed after the sector plunged into a debt
crisis in 2021, resulting in numerous firms defaulting on their
debt obligations. Evergrande was ordered to liquidate by the Hong
Kong High Court in January.

According to Reuters, Kaisa said in a filing on March 8 that
Citicorp International, the substituting petitioner, would file a
re-amended petition against the company in relation to the
non-payment of the 2023 notes with an outstanding principal of $750
million.

A lawyer for the ad hoc bondholder group said after the hearing on
March 8 that Citicorp is the bond trustee and it acts on the
instruction of the group.

A lawyer for Broad Peak in the last hearing in October cited a
statement that Kaisa filed with the court, saying creditors would
get less than 5% of their money back if it was forced into
liquidation. Kaisa also said its cash to short term debt ratio was
0.02 and that it was cashflow insolvent.

Kaisa had CNY232.5 billion of total liabilities and CNY278.7
billion of total assets as of the end of June 2023, Reuters
discloses citing interim results.

                         About Kaisa Group

Kaisa Group Holdings Ltd engages in real estate development in
China, including urban redevelopment projects in the GBA.  As of
June 30, 2021, the company's land bank comprised an aggregate gross
floor area of 31.1 million square meters of saleable resources
across over 50 cities in China.

As reported in the Troubled Company Reporter-Asia Pacific, on Oct.
13, 2022, Moody's Investors Service has withdrawn Kaisa Group
Holdings Ltd's Ca corporate family rating and its C senior
unsecured ratings.  Prior to the withdrawal, the rating outlook was
negative.


XJ INT'L: May Face Liquidation as Bondholders Demand Repayment
--------------------------------------------------------------
Caixin Global reports that XJ International Holdings Co. Ltd. said
it has received a statutory demand from bondholders to repay more
than $3 million of bonds within three weeks. If it doesn't, the
creditors will seek liquidation of the company's assets, Caixin
relates.

According to Caixin, XJ International received the demand to repay
$3.25 millions of principal and interest of the convertible bonds
from legal representative of the bondholders on March 5, the
company said in a statement March 6.

XJ International Holdings Co., Ltd., an investment holding company,
engages in the provision of higher education and secondary
vocational education services in China and Malaysia. The company
provides technician education and training, self-study examination,
adult education, technical management and consultancy, and other
training services, as well as sells textbooks and dormitory
bedding. It owns and operates schools, including colleges and
universities, junior colleges, and technician colleges. The company
was formerly known as Hope Education Group Co., Ltd. and changed
its name to XJ International Holdings Co., Ltd. in January 2024. XJ
International Holdings Co., Ltd. is a subsidiary of Hope Education
Investment Limited.




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

SJM HOLDINGS: Annual Net Loss Narrows to HK$2.01BB in 2023
----------------------------------------------------------
The Standard reports that SJM Holdings Ltd said its net loss
narrowed 74 percent to HK$2.01 billion, with no dividend declared.

Adjusted earnings before interest, taxation, depreciation and
amortization swung to HK$1.73 billion from a loss of HK$3.1 billion
in the previous year, The Standard discloses.

With the recovery in tourism, its net gaming revenue surged 2.3
times year-on-year to HK$20.1 billion last year, while hotel,
catering, retail, leasing and other income nearly trebled to
HK$1.82 billion.

Grand Lisboa Palace's and Grand Lisboa's gross revenue surged 4.34
and 3.79 times respectively, The Standard relays.

The occupancy rates of Grand Lisboa Palace Resort and Grand Lisboa
Hotel were 82.6 percent and 93 percent.

Finance costs rose 71.9 percent to HK$1.93 billion, mainly from
almost doubled bank loans. Its gearing ratio was 52.2 percent as of
December 2023 - 1 percentage point lower than the previous year.

SJM had an 11.9 percent share of Macau's gross gaming revenue this
year - 3.9 percentage points lower than in 2022 - including 14.8
percent of mass-market table gross gaming revenue and 3.5 percent
of VIP gross gaming revenue.

According to The Standard, SJM said it will increase its total
amount of non-gaming investment obligations by 20 percent to 14.4
billion patacas (HK$13.98 billion) during the 10-year gaming
concession ending in 2032, as Macau's overall gross gaming revenue
exceeded 180 billion patacas last year.

Its share inched up to HK$2.28 ahead of the revenue announcement.

SJM Holdings Limited -- https://www.sjmholdings.com/ -- an
investment holding company, owns, develops, and operates casinos
and related facilities in Macau, Hong Kong, and internationally.
The company operates through two segments, Gaming Operations; and
Hotel, Catering, Retail and Leasing Operations. The Gaming
Operations segment engages in the VIP gaming, mass market table
gaming, slot machine, and other gaming operations. The Hotel,
Catering, Retail, and Leasing Operations segment operates and
manages a hotel; and offers catering, retail, leasing and related
activities. It also provides marketing and promotion, property
development and construction, casino operations management,
dredging, gaming promotion, human resources and project management,
shopping mall management, food and beverage, treasury, management,
and hospitality services. SJM Holdings Limited is a subsidiary of
Sociedade de Turismo e Diversões de Macau, S.A.




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

A H INTERNATIONAL: CRISIL Assigns B+ Rating to INR16.25cr Loan
--------------------------------------------------------------
CRISIL Ratings has assigned its 'CRISIL B+/Stable/CRISIL A4'
ratings to the bank facilities of A H International Private Limited
(AHIPL).

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit           16.25       CRISIL B+/Stable (Assigned)

   Letter of Credit       6          CRISIL A4 (Assigned)

   Working Capital
   Term Loan              0.75       CRISIL B+/Stable (Assigned)

The rating reflects the exposure to intense competition,
susceptibility to cyclicality in end use industry, working capital
intensive operations and highly leveraged capital structure. These
weaknesses are partially offset by its extensive industry
experience of the promoters, well established customer base,
healthy product diversity support the scale and sustainability.

Analytical Approach

For arriving at the ratings, CRISIL Ratings has combined the
business and financial risk profiles of AHIPL and A H International
(AHI). This is because these entities, together referred to as the
AH group, operate in the same industry, have common promoters and
have significant operational and financial linkages.

Key Rating Drivers & Detailed Description

Weaknesses:

* Susceptibility to cyclicality in enduse industry and exposure to
intense competition: The business risk profile is susceptible to
inherent cyclicality in hospitality industry & therefore, linked to
performance of the economy. Also, due to the presence of large
number of organized & unorganized players in the segment driven by
low capital requirement, the industry is exposed to intense
competition. Therefore, scale of operations determines the
negotiating power with suppliers and customers, and ability to
withstand business downturns.

* Working capital intensive operations: Gross current assets were
at 235.2-258.6 days over the three fiscals ended March 31, 2023.
Its intensive working capital management is reflected in its gross
current assets (GCA) of 235.2 days as on March 31, 2023 and is
estimated to be over 207 days for FY24. Its large working capital
requirements arise from its high debtor and inventory levels. It is
required to extend long credit period. Furthermore, due to its
business need, it hold large work in process & inventory.

* Highly leveraged capital structure: The group has average
financial profile marked by high total outside liabilities to adj
tangible networth (TOL/ANW) for last three year ending on 31st
March 2023. Estimated TOL/ANW and gearing for FY24 stands at 7.64
and 3.89 times respectively.

Strengths:

* Extensive industry experience of the promoters: The promoters
have experience of over a decade in the industry. This has given
them an understanding of the dynamics of the market and enabled
them to establish relationships with suppliers and customers.

* Well established customer base: The group has long-standing
relationships with its customers and suppliers. Its customers
include some of the well-established brands in the hotel industry
such as Accor, Radisson, Ginger, Hyatt, Hilton, IHG, Lemon Tree,
Marriott, ITC, Oberoi, Taj, etc. The group has also established
yearly rate agreements with ITC, Taj, Marriott Hotels, Louvre
Hotels, Mahindra Holidays and Resorts India Limited, Sterling
Holiday Resorts Limited and Lemon Tree.

* Healthy product diversity supports scale and sustainability: The
group is an established player in the market and in operations for
over a decade, the scale of operations remains healthy. As the
group's product basket is diversified, mitigating the risk of
obsolescence in case of any new technology coming into the market.

Liquidity: Stretched

Bank limit utilization is moderate at around 76.09 percent for the
past twelve months ended December 2023. Cash accruals are expected
to be over INR3–INR3.5 crore which are sufficient against Nil
term debt obligation over the medium term.

Current ratio are moderate at 1.39 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 the group will continue to benefit from the
extensive experience of its promoters, and established
relationships with clients.

Rating Sensitivity factors

Upward factors

* Sustained improvement in scale of operation and sustenance of
operating margin, leading to higher cash accruals.
* Improvement in working capital cycle and financial risk profile
especially gearing less than 3 times.

Downward factors

* Decline in operating profitability or decline in scale of
operations leading to net cash accrual lower than INR2 crore.
* Large debt-funded capital expenditure weakens capital structure
or witnesses a substantial increase in its working capital
requirements thus weakening its liquidity & financial profile

                          About the Group

AHIPL was incorporated in 2021. AHIPL provides solutions for
hospitality FF&E (furniture, fixtures, and equipment) and OS&E
(operating supplies and equipment) requirements. These include
sourcing and manufacturing products for furniture & fixtures, in
room, housekeeping, F&B, kitchen, banquet, front office, spa,
security, and engineering departments. AHIPL's head office is
located in Jaipur (Rajasthan), with two global offices in Singapore
& Sri Lanka. AHIPL is owned & managed by Mr. Himanshu Lodha, Mr.
Vinay Lodha and Mrs. Amraw Devi Lodha.

AHI was incorporated in 2012 as a partnership firm. AHI is also
engaged in trading in hotel supplies. AHI is owned & managed by Mr.
Himanshu Lodha, Mr. Vinay Lodha and Mrs. Amraw Devi Lodha.


ABC RAILROAD: Insolvency Resolution Process Case Summary
--------------------------------------------------------
Debtor: ABC Railroad Products Pvt Ltd
HIG-IV, Wallmax House,
        Sector E, Aliganj Lucknow
  
Insolvency Commencement Date: February 1, 2024

Estimated date of closure of
insolvency resolution process: July 30, 2024

Court: National Company Law Tribunal, Allahabad Bench

Insolvency
Professional: Anuj Kumar Tiware
       C-147, Raja Ji Puram, Lucknow-17
              Email: anujtiwarics@gmail.com

Last date for
submission of claims: February 14, 2024

ABHISAR IMPEX: Insolvency Resolution Process Case Summary
---------------------------------------------------------
Debtor: Abhisar Impex Private Limited

        Registered Address:
        Thapar House
        124, Janpath
        New Delhi 110001
        
Insolvency Commencement Date: January 25, 2024

Court: National Company Law Tribunal, New Delhi Bench

Estimated date of closure of
insolvency resolution process: July 23, 2024

Interim Resolution
Professional: Ritu Rastogi
              D-1B, Flat No. 9A
              Janakpuri D Block
              New Delhi 110058
              E-mail: ritu_rastogi1@yahoo.co.in
                      abhisarimpexcirp@gmail.com

Last date for
submission of claims: February 15, 2024


AHAN ADD-CHEM: CARE Keeps D Debt Rating in Not Cooperating
----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Ahan
Add-Chem Private Limited (AACPL) continues to remain in the 'Issuer
Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      11.78       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Rationale & Key Rating Drivers

CARE has been seeking information from AACPL to monitor the
rating(s) vide e-mail communications dated December 1, 2023,
January 8, 2024, January 11, 2024, January 18, 2024, January 31,
2024 and February 19, 2024 along with numerous phone calls.
However, despite repeated requests, the company has not provided
the requisite information for monitoring the ratings. In line with
the extant SEBI guidelines, CARE Ratings Ltd. has reviewed the
rating on the basis of the best available information which
however, in CARE Ratings Ltd.'s opinion is not sufficient to arrive
at a fair rating. The ratings on AACPL's bank facilities will now
be denoted as 'CARE D; ISSUER NOT COOPERATING'.

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

The ratings assigned to the bank facilities of AACPL remain
constrained on account of delays in debt servicing owing to poor
liquidity position of the company.

Analytical Approach: Standalone

Outlook: Not Applicable

Detailed description of the key rating drivers

At the time of last rating on March 30, 2023 the following was the
weakness.

Key weaknesses

* Delays in Debt servicing: There are delays in repayment of term
loan. Besides, there have been instances of overdrawing of working
capital limits, which got regularised within a period of 30 days.
The delays in debt servicing are on account of poor liquidity as a
result of decrease in overall income of the company due to
discontinuation of one order.

Vadodara (Gujarat) based Ahan Add Chem Private Limited was
incorporated in 2010 by Mr. Rakesh Saraiya, Mr Kamlesh Shah, and
Mrs. Malini Sanghvi. The company was incorporated to undertake
manufacturing of organic chemicals (intermediate chemicals) which
are used in Pharmaceuticals, Chemical and Agrochemical industries.
The company had commenced its commercial operation from May 2018
onwards. AACPL is operating from its sole manufacturing unit
located at Padra, Dist. Vadodara, Gujarat having installed capacity
of plant is 828 MT per annum for manufacturing of organic
chemicals.


AIMIL PHARMACEUTICALS: CRISIL Cuts Rating on INR71cr Loan to D
--------------------------------------------------------------
CRISIL Ratings has downgraded its ratings on the bank facilities of
Aimil Pharmaceuticals India Ltd to 'CRISIL D' from 'CRISIL
BB-/Stable'.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Cash Credit            71        CRISIL D (Downgraded from
                                    'CRISIL BB-/Stable')

   Term Loan               4        CRISIL D (Downgraded from
                                    'CRISIL BB-/Stable')

The downgrade in ratings reflects instances of delays in repayment
of term debt obligations for month of January and February 2024 as
a result of poor liquidity.

The rating continues to reflect Instances of delays in reservicing
debt obligations for term loan, below-average financial risk
profile and large working capital requirement. These weaknesses are
partially offset by the extensive experience of the promoter in the
pharmaceutical industry (specializing in the traditional medicine
of Ayurveda).

Key Rating Drivers & Detailed Description

Weaknesses:

* Instances of delays in reservicing debt obligations for term
loan: The company has had delays in servicing its term debt
obligations for the months of January and February 2024 as a result
of poor liquidity.

* Below-average financial risk profile: Total outside liabilities
to tangible networth (TOL/TNW) ratio was high at 6.16 times as on
March 31, 2023 due to large working capital requirement and
dependence on external debt. Interest coverage and net cash accrual
to adjusted debt ratios were average at 1.76 times in fiscal 2023.
The financial risk profile is expected to remain at a similar level
on account of moderate profitability and high dependence on working
capital limits.

* Large working capital requirement: Gross current assets (GCAs)
were sizeable at 168 days as on March 31, 2023, driven by large
debtors of 122 days and inventory of 44 days. High receivables are
on account of extended credit period given to customers for
improving the scale of operations and large inventory is because of
stocking of many variants of products. GCAs are expected to remain
high on account of reduction in discount schemes offered to
customers which will stretch the debtor realisation period.
Efficient management of the working capital cycle will remain a key
monitorable.

Strength:

* Experience of the promoter: The promoter's experience of over
four decades in the pharmaceutical industry, healthy relationships
with customers and suppliers and diverse product portfolio should
continue to support the business. The company has achieved revenue
of INR383 crore with operating margins of 5.8% till December 2023
compared to INR480 crore in fiscal 2023.

Liquidity: poor

The firm has instances of delays in repayment of long-term debt
repayment obligations for the months of January and February 2024
as well as instances in previous months. Bank limits of INR71 crore
were fully utilized in the past 12 months through December 2023.

Rating Sensitivity factors

Upward factors:

* Timely honouring of debt obligations for continuous 3 months
* Sustained improvement in scale of operations and sustenance of
operating margin, leading to higher-than-expected net cash
accruals

The company is engaged in the manufacturing and marketing of
ayurvedic and unani herbal formulations in the form of tablets,
liquids (syrup and ointments), granules (semi-powder) and tropical
preparations.


ALPHA MILK: ICRA Keeps B+ Debt Rating in Not Cooperating Category
-----------------------------------------------------------------
ICRA has kept the long-term rating of Alpha Milk Foods Pvt. Ltd. in
the 'Issuer Not Cooperating' category. The rating is denoted as
[ICRA]B+(Stable) ISSUER NOT COOPERATING.

                      Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long Term-         24.00       [ICRA]B+ (Stable) ISSUER NOT
   Fund Based-                    COOPERATING; Rating continues
   Term Loan                      to remain under 'Issuer Not
                                  Cooperating' category

As part of its process and in accordance with its rating agreement
with Alpha Milk Foods Pvt. Ltd., ICRA has been trying to seek
information from the entity so as to monitor its performance.
Further, ICRA has been sending repeated reminders to the entity for
payment of surveillance fee that became due. Despite multiple
requests by ICRA, the entity's management has remained
non-cooperative.

In the absence of requisite information and in line with the
aforesaid policy of ICRA, the rating has been continued to the
"Issuer Not Cooperating" category. The rating is based on the best
available information.

AMFPL is setting up a milk processing plant in Hathras (Uttar
Pradesh) with a processing capacity of 4 lakh litres of milk per
day, to manufacture desi ghee, skimmed milk powder, dairy whitener,
butter etc. The company has been promoted by Mr Gian Prakash Gupta
and Mr Vipin Gupta. The promoters also have a Haryana based
company, incorporated in 1991, engaged in milk processing, under
the name of Karnal Milk Foods Limited.


AMRAPALI SMART: CARE Keeps D Debt Rating in Not Cooperating
-----------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Amrapali
Smart City Developers Private Limited (ASCDPL) continue to remain
in the 'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      270.00      CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Rationale and key rating drivers

CARE Ratings Ltd. had, vide its press release dated December 26,
2022, placed the rating(s) of ASCDPL under the 'issuer
non-cooperating' category as ASCDPL had failed to provide
information for monitoring of the rating and had not paid the
surveillance fees for the rating exercise as agreed to in its
Rating Agreement.

ASCDPL continues to be non-cooperative despite repeated requests
for submission of information through e-mails, phone calls and a
letter/email dated November 11, 2023, November 21, 2023, December
1, 2023.

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

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

Incorporated in 2010, Amrapali Smart City Developers Pvt Limited
(ASCDPL) is an SPV promoted by Amrapali group. ASCD is developing a
single group housing project in Greater Noida with total saleable
area of 116 lsf on total land area of 61 acres. ASCDPL has acquired
the land for the said project on lease from Greater Noida
Industrial Development Authority on deferred payment basis for
INR260cr. The company has launched the project in August 2010. In
2019, the Promoters of the company were sent behind the bars in an
alleged case of defrauding homebuyers.

ANANYA WOOD: Insolvency Resolution Process Case Summary
-------------------------------------------------------
Debtor: Ananya Wood Pvt Ltd

        Registered Address:
        "Raikva" 3A, Ram Mohan
        Mullick Garden Lane
        4th Floor, Room No. 10
        P.S. Beliaghata
        Kolkata 700010
        
Insolvency Commencement Date: February 2, 2024

Court: National Company Law Tribunal, Kolkata Bench

Estimated date of closure of
insolvency resolution process: July 31, 2024

Interim Resolution
Professional: Anil Agarwal
              Unit No. 508, 5th Floor
              1865 Rajdanga Main Road
              Kolkata, West Bengal 700107
              Email: anil@avbassociates.co.in

                  - and -

              Mousumi Co.
              Op. Housing Society
              Ground Floor, 15B
              Ballygunge Circular Road
              Kolkata 700019
              Email: ananyawood.ibc@gmail.com

Last date for
submission of claims: February 16, 2024


ANIIRUDH CIVIL: Liquidation Process Case Summary
------------------------------------------------
Debtor: Aniirudh Civil Engineers and Contractors Private Limited
B-11, Sita Estate, Aziz Baug Mahul Road,
        Chembur, Mumbai - 400074

Liquidation Commencement Date: February 1, 2024
                             
Court: National Company Law Tribunal, Mumbai Bench

Liquidator:  Ms. Kala Agarwal
      801, Embassy Centre, Plot No. 207,
             Jamnalal Bajaj Road, Nariman Point, Mumbai 400021
             Email: agarwalkala@gmail.com
                    accpl.cirp@gmail.com

Last date for
submission of claims: March 1, 2024


ARKAS ENERGY: ICRA Moves D Debt Ratings to Not Cooperating
----------------------------------------------------------
ICRA has migrated the ratings on certain bank facilities of Arkas
Energy LLP (AEL), as:

                    Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Term loan          17.65      [ICRA]D; ISSUER NOT COOPERATING;
                                 Rating moved to the 'Issuer Not
                                 Cooperating' category

Rationale

The ratings for the bank facilities of AEL have been moved to the
'Issuer Not Cooperating' category. The ratings are denoted as
"[ICRA]D; ISSUER NOT COOPERATING".  As part of its process and in
accordance with its rating agreement with Arkas Energy LLP, ICRA
has been trying to seek information from the entity so as to
monitor its performance, but despite repeated requests by ICRA, the
entity's management has remained non-cooperative. In the absence of
requisite information and in line with the aforesaid policy of
ICRA, a rating view has been taken on the entity based on the best
available information.

AEL, incorporated in June 2015 as a limited liability partnership,
is jointly held by two companies viz. Arkas Industries Private
Limited (formerly Ashish Industrial & Commercial Enterprises Pvt.
Ltd.) and BEC Infra Private Ltd. with a 90:10 ownership,
respectively. AEL owns and operates a 1x1.25-megawatt (MW) wind
turbine generator (WTG) at Kappadgudda, Karnataka, a 2x2-MW WTG at
Mandsaur, Madhya Pradesh, and a 1x2.1-MW WTG at Vajrakarur, Andhra
Pradesh.


ATAM MANOHAR: Ind-Ra Affirms BB- Loan Rating, Outlook Stable
------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed ATAM Manohar Ship
Breakers Private Limited's (AMSBPL) bank facilities' ratings as
follows:

-- INR1.150 bil. Non-fund-based working capital Facilities
     affirmed with IND BB-/Stable/IND A4+ rating;

-- INR172.5 mil. Fund-based working capital limits** affirmed
     with IND BB-/Stable/IND A4+ rating;

-- INR17.4 mil. Derivative limits affirmed with IND A4+ rating;

-- INR287.5 mil. Non-fund-based working capital Facilities
     assigned with IND BB-/Stable/IND A4+ rating;

-- INR43.1 mil. Fund-based working capital limits*** assigned
     with IND BB-/Stable/IND A4+ rating; and

-- INR15.1 mil. Derivative limits assigned with IND A4+ rating.

*Total limits restricted to INR1,470 million

** Fund-based working capital limits of INR172.5 million is
sublimit of non-fund-based working capital facilities of INR 1,150
million.

*** Fund-based working capital limits of INR43.1 million is
sublimit of non-fund-based working capital facilities of INR 287.5
million.

ANALYTICAL APPROACH : Ind-Ra continues to assess the company on a
standalone basis.

Key Rating Drivers

The affirmation reflects AMSBPL's continued modest EBITDA margin,
which fell to 1.39% in FY23 (FY22: 3.54%) due to inventory losses,
resulting from volatility in steel prices during the year. The
absolute EBITDA decreased to INR25.52 million in FY23 (FY22:
INR39.05 million). The ROCE was 7% in FY23 (FY22: 12.30%). The
EBITDA margin stood at 2% in 10MFY24. Ind-Ra expects the EBITDA
margin to remain at similar levels over the medium term.

The ratings reflect AMSBPL's continued modest credit metrics due to
modest margins. Despite the partial repayment of INR51.03 million
of an unsecured loan, the metrics deteriorated in FY23 due to the
decline in operating profit and an increase in the outstanding
non-fund-based facility to INR870.33 million (FY22: INR298.48
million). The gross interest coverage (operating EBITDA/gross
interest expense) weakened to 1.12x in FY23 (FY22: 1.66x) and the
net leverage (adjusted net debt/operating EBITDA) deteriorated to
19.05x (0.68x). Ind-Ra expects AMSBPL's credit metrics to improve
marginally in the medium term, backed by increased EBITDA and the
absence of any debt-led-capex plans.

Liquidity indicator - Stretched: The working capital cycle remained
negative at 62 days in FY23 (FY22: negative 33 days, FY21: negative
16 days), due to continued high payable days of 176 (102, 219). The
payable days increased in FY23 due to the fact that the payables
are against letters of credit, with an average payment period of
four-to-five months. AMSBPL does not have any capital market
exposure and relies on banks and financial institutions to meet its
funding requirements. The peak average utilization of the company's
fund-based working capital limits was 36.57% and that of its
non-fund-based working capital limits was 53.27% for the 12 months
ended January 2024. The cash flow from operations increased to
INR417.97 million in FY23 (FY22: INR21.70 million), owing to
favorable changes in its working capital. The free cash flow rose
to INR414.74 million in FY23 (FY22: INR16.30 million). The cash and
cash equivalents stood at INR471.89 million in FY23 (FYE22:
INR410.63 million). The company does not have any repayment
obligations in the medium term.

The ratings also reflect the continued small scale of operations,
with revenue of INR1,830.32 million in FY23 (FY22: INR1,103.76
million). The growth in revenue was mainly attributed to increased
sales of scrap, as the company had purchased large-sized ships in
FY23. The company's revenue is highly dependent on the type of
ships procured for dismantling, leading to the absence of revenue
visibility. During 10MFY24, the company booked revenue of INR1,438
million. Ind-Ra expects the revenue to remain at FY23 levels in the
medium term, due to similar nature of operations.

However, the ratings are supported by the promoters' nearly two
decades of experience in the ship breaking industry, leading to
established relationships with its customers and suppliers.
Furthermore, as stated by the management, the company hedges
90%-95% of its  foreign currency exposure through derivatives.

Rating Sensitivities

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

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

Company Profile

Incorporated in 1997, AMSBPL is engaged in purchasing the ships
from abroad and domestically and selling the scrap after breaking
the ships. The company is based in Bhavnagar, Gujarat. AMSBPL has
ship-cutting capacity of around 50,000 tons annually. AMSBPL is
promoted by Anil Jain and family.

BLUEBERRY INDUSTRY: CARE Lowers Rating on INR12.89cr LT Loan to B
-----------------------------------------------------------------
CARE Ratings has revised ratings on certain bank facilities of
Blueberry Industry (Blueberry), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      12.89       CARE B; Stable; ISSUER NOT
   Facilities                      COOPERATING; Revised from
                                   CARE B+; Stable and moved to
                                   ISSUER NOT COOPERATING category

Rationale and key rating drivers

CARE Ratings Ltd. has been seeking information from Blueberry to
monitor the rating(s) vide e-mail communications/letters dated
February 5, 2024 and February 12, 2024 and numerous phone calls.
However, despite repeated requests, the company has not provided
the requisite information for monitoring the ratings. In line with
the extant SEBI guidelines, CARE Ratings Ltd. has reviewed the
rating on the basis of the best available information which
however, in CARE Ratings Ltd.'s opinion is not sufficient to arrive
at a fair rating. Further, Blueberry has not paid the surveillance
fees for the rating exercise as agreed to in its Rating Agreement.
The rating on Bluberry's bank facilities will now be denoted as
CARE B; Stable; ISSUER NOT COOPERATING.

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

The ratings have been revised on account of inability to monitor
the performance of the firm going forward, due to noncooperation by
the issuer, which is critical for assessing the credit profile of
the firm.

Analytical approach: Standalone

Outlook: Stable

Detailed description of the key rating drivers:

At the time of last rating on February 6, 2023, the following were
the rating weaknesses and strengths:

Key weaknesses

* Constitution as proprietorship entity: Blueberry, being a
proprietorship entity, is exposed to inherent risk of the
proprietor's capital being withdrawn at time of personal
contingency and entity being dissolved upon the death/insolvency of
the proprietor. Furthermore, proprietorship entities have
restricted access to external borrowing as credit worthiness of
proprietor would be the key factors affecting credit decision for
the lenders.

* High customer concentration risk with dependence on the
performance of GCMMFL; albeit presence of long term agreement with
the principals: Blueberry derives its entire revenue from a single
customer which exposes it to high customer concentration risk.
However, Blueberry has entered into a long-term agreement with
KDMPCUL and GCMMFL for a period of 10 years with effect from
October 2016. Under the terms of the agreement raw milk will be
procured by KDMPCUL, will be processed into packaged milk and curd
by Blueberry and the finished products will be marketed by GCMMFL
under the brand name of Amul, Sagar, Taaza. Besides raw milk,
KDMPCUL will also supply all packaging materials, transportation
costs etc. and place technical qualified staff at its owned cost
for quality control. The risk of customer concentration is
mitigated to a large extent due to its long-term agreement.
However, the performance of the entity is linked with the
performance of GCMMFL as it is doing job work for GCMMFL only.

* Highly fragmented and competitive industry: The milk processing
industry is highly fragmented and competitive due to presence of
huge, small players owing to low entry barriers, low capital and
technology requirement. In such a competitive scenario smaller
entities like Blueberry in general are more vulnerable on account
of its small scale of operation.

* Exposure to project risk: The firm is also setting up an
additional unit which will largely cater to value added products in
dairy segment. The funding is expected to be met from Equity, Debt
and Grant with total cost of Rs 11 crores. All the civil work is
completed and currently the machinery installation is in progress.
The project is in final stages of implementation and is likely to
be operational from March 2023.

Key strengths

* Experienced proprietor: Mr. Kamal Deka has more than two decades
of business experience. He has an experience in the similar line of
business for around 12 years through a diary firm 'Nandin Dairy'.
Further, since 1996 he is into cable TV distribution
business, PCOs, transport, etc. In 2014 he had established a state
of art fully automated packaged drinking water plant at Panikhaiti,
Assam. He will look after the overall management of the entity.

* Improvement in financial performance in FY22 and 9MFY23: The
total operating income of the firm has improved from INR4.63 crore
in FY21 to INR5.44 crore in FY22. Also, the firm has achieved
operating income of INR3.94 crore till December 31, 2022. The
PBILDT margins has remained healthy at over 50% over the past 3
fiscal ending 31st March 2022. The firm has reported a PBILDT
margin of 59.82% in FY22 and 64.47% till Dec 31, 2022. The company
has been reporting negative PAT margin till FY21 on account of high
depreciation and Interest payment. However, the same has also
improved and the firm has reported a positive PAT margin of 12.05%
in FY22 and 19.54% till Dec 31, 2022.

Blueberry was established as a proprietorship entity by Mr. Kamal
Deka of Guwahati, Assam for setting up a liquid milk processing
plant in 2017. The entity has entered into a tripartite agreement
with Kaira District Milk Producers Co-operative Union Limited
(KDMPCUL) and Gujarat Co-operative Milk Marketing Federation
Limited (GCMMFL). As per agreement raw milk is procured by KDMPCUL
and the same is processed into packaged milk and curd by Blueberry.
The finished products i.e., processed milk in pouches and curd in
cups is marketed by GCMMFL. Blueberry activities will be limited to
processing of the raw milk and its packaging for which is be paid
processing charges. Blueberry has setup a liquid milk processing
plant with an aggregate project cost of Rs.15.40 crore.


CHOUDHARY BROTHERS: CARE Keeps D Debt Rating in Not Cooperating
---------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Choudhary
Brothers Agri Exports Private Limited (CBAEPL) continue to remain
in the 'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      10.00       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Rationale and key rating drivers

CARE Ratings Ltd. had, vide its press release dated December 26,
2022, placed the rating(s) of CBAEPL under the 'issuer
non-cooperating' category as CBAEPL had failed to provide
information for monitoring of the rating and had not paid the
surveillance fees for the rating exercise as agreed to in its
Rating Agreement.

CBAEPL continues to be non-cooperative despite repeated requests
for submission of information through e-mails, phone calls and a
letter/email dated November 11, 2023, November 21, 2023, December
1, 2023.

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

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

Jaipur (Rajasthan) based Choudhary Brothers Agri Exports Private
Limited (CBAEPL) was incorporated in 2015 by Mr. Amandeep Tarar and
Mr. Om Prakash Tarar, with an objective to primarily engage in
trading of different agricultural commodities including guar seeds,
barley, guar gum, mustard seeds, pulses and wheat.


DALKAN SHIPBREAKING: Ind-Ra Cuts Bank Loan Rating to BB-
--------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded Dalkan
Shipbreaking Limited's (DSBL) bank facilities' ratings to 'IND BB-'
from 'IND BB'. The Outlook is Stable.

The instrument-wise rating actions are:

-- INR700 mil. Non-fund-based working capital limits affirmed
     with IND A4+ rating;

-- INR250 mil. Non-fund-based working capital limits assigned
     with IND A4+ rating;

-- INR10.906 mil. (reduced from INR12.9 mil.) Term Loan due to
     November 30, 2026 downgraded with IND BB-/Stable rating; and

-- INR125 mil. Fund-based working capital limits* Long-term
     rating downgraded; short-term rating affirmed with IND BB-/
     Stable/IND A4 rating.

*Fund-based limit is a sublimit of the non-fund-based limit

Analytical Approach: Ind-Ra has taken a consolidated view of DSBL,
Vijay Kumar & Co (debt rated at 'IND BB-'/Stable), and Paras Steel
Corporation (debt rated at 'IND BB-'/Stable), jointly referred to
as the Bhupatrai Chimanlal group hereafter, while arriving at the
ratings. This is in view of the strong strategic and operational
ties among them and a common management.

The downgrade reflects the Bhupatrai Chimanlal group's
lower-than-Ind-Ra expected financial performance in FY23 and the
likelihood of it to remain in line with FY23 performance in FY24.

Key Rating Drivers

The group's revenue grew to INR1,806 million in FY23 (FY22:
INR1,416 million, FY21: INR1,077 million), although was
lower-than-Ind-Ra's expectation. The revenue growth was mainly
driven by higher sales of scrap, as the company had purchased
large-sized ships. The group's revenue is highly dependent upon the
type of ships procured by the group to dismantle, leading to the
absence of revenue visibility.

The group achieved revenue of INR1,392 million in 9MFY24. It has
also started generating revenue from trading of scrap in FY23
during the absence of ships available for breaking. Ind-Ra expects
the consolidated revenue for FY24 to remain in line with FY23 or
see a marginal improvement, since the group purchased two ships in
December 2023 and are in advance talks of purchasing an additional
ship, which is likely to be complete by March 2024 providing
medium-term revenue visibility.

The ratings also reflect the group's modest and volatile EBITDA
margins, which declined to 2.3% in FY23 (FY22: 2.51%). The decrease
in margins was due to a lower-than-average realization per unit
from the ships purchased for dismantling and a higher average
metal/scrap prices. Since the management has started trading of
steel scrap during the absence of ships, the agency expects the
margins to remain low considering the nature of operations. The
return on capital employed stood at 4.5% in FY23 (FY22: 3.5%). The
operating margins fluctuated between 2% and 6% over FY20-FY23,
reflecting the volatility in the prices of steel scrap as well as
the purchase price of ships.

The ratings also factor in the group's modest credit metrics. The
interest coverage (operating EBITDA/gross interest) deteriorated to
0.70x in FY23 (FY22: 1.01x) mainly due to an increase in the
interest cost to INR60 million (INR35 million) backed by higher
interest paid towards unsecured loans which increased to INR455
million (FY22: INR245 million). However, the net financial leverage
(adjusted net debt/operating EBITDA) improved to 11.60x (20.97x)
due to a decrease in the overall debt to INR601 million (INR854
million). Ind-Ra expects the credit metrics to moderate in FY24 on
account of a lower EBITDA generation of INR31.47 million in 9MFY24
and a high level of debt outstanding. The agency, however, expects
the company's credit metrics to improve in the medium term with an
improvement in the group's operating performance.

Liquidity Indicator - Stretched: The group's average use of the
fund-based working capital limits was 40% for the 12 months ended
December 2023. The group utilizes non-fund-based letter of credit
(LC) limits for purchasing ships. The tenure for the same depends
upon the size and tonnage of ships and ranges between 180 and 270
days. An upfront cash margin of 15% is retained at the time of
opening an LC. The group parks its surplus in fixed deposits,
ensuring gradual a build-up of reserve funds to meet the sizeable
LC payment obligations on maturity. As on January 2024, the group
had outstanding LC worth INR885.326 million, against total current
assets of INR2,180 million in the form of fixed deposits, inventory
and receivables. The group's working capital cycle reduced to 102
days in FY23 (FY22: 181 days; FY20: 222 days), but remained
elongated, due to an increase in the payable period to 90 days ( 9
days, 10 days) and a decrease in the receivable period to 30 days
(60 days, 50 days) and inventory holding period to 162 days (129
days, 183 days). The group has scheduled debt repayments of INR7
million and INR14 million in FY24 and FY25, respectively. The group
had cash and bank balances of INR119 million at FYE23.

However, the ratings continue to be supported by the favorable
location of the ship-breaking yard and the promoter's over 30 years
of experience in the ship-breaking industry. The Bhupatrai
Chimanlal group's ship-breaking yard is located in the Alang-Sosiya
belt in Gujarat, which is one of the world's largest ship-breaking
clusters and constitutes almost 90% of India's ship-breaking
activity.

On a standalone basis, DSBL's revenue was INR735 million in FY23
(FY22: INR582 million), EBITDA margins were 5% (3%), interest
coverage was 0.92x (0.0.93x) and net leverage was 10.12x (9.30x).

Rating Sensitivities

Positive: An improvement in the scale of operations and liquidity
position, leading to the interest coverage exceeding 1.25x, all on
a consolidated and sustained basis, will be positive for the
ratings.

Negative: Deterioration in the scale of operations and liquidity
position, leading to deterioration in the credit metrics, all on a
consolidated and sustained basis, would be negative for the
ratings.

Company Profile

DSBL was incorporated in 1994 to carry out ship recycling
activities. The company operates from the Alang Ship Breaking Yard
in Bhavnagar, Gujarat.

DESIGN CLASSICS: ICRA Lowers Rating on INR3.cr LT Loan to D
-----------------------------------------------------------
ICRA has revised the ratings on certain bank facilities of M/s.
Design Classics, as:

                    Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Long-term–         3.00       [ICRA]D; ISSUER NOT
COOPERATING;
   Fund based                    Rating downgraded from
   Cash Credit                   [ICRA]B+ (Stable) and continues
                                 to remain under 'Issuer Not
                                 Cooperating' category

   Short-term–        4.95       [ICRA]D; ISSUER NOT
COOPERATING;
   Fund based                    Rating downgraded from
   Cash Credit                   [ICRA]A4 and continues to remain
                                 under 'Issuer Not Cooperating'
                                 category

   Long-term–         0.10       [ICRA]D; ISSUER NOT
COOPERATING;
   Unallocated                   Rating downgraded from
                                 [ICRA]B+ (Stable) and continues
                                 to remain under 'Issuer Not
                                 Cooperating' category

   Short-term–        0.90       [ICRA]D; ISSUER NOT
COOPERATING;
   Non Fund based                Rating downgraded from
   Others                        [ICRA]A4 and continues to remain
                                 under 'Issuer Not Cooperating'
                                 category


Rationale
The rating downgrade reflects Delay in Debt Repayment as mentioned
in the publicly available sources.

Impact of material event
The rating is based on limited information on the entity's
performance since the time it was last rated in March 2023. The
lenders, investors and other market participants are thus advised
to exercise appropriate caution while using this rating as the
rating may not adequately reflect the credit risk profile of the
entity, despite the downgrade".

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

M/s. Design Classics was established in the year 1989 as a
partnership firm for manufacturing and exports of knitted garments
by Mr.Rajasekar Kora. In 1993, it was converted into private
limited company as Design Classics Exports Private Limited. The
Company is engaged in manufacture of knitted garments and its
product profile caters to kids, men and women. The Company operates
with three manufacturing facilities in Tamil Nadu. During the
initial years, to improve its business volumes, the Company was
executing direct export orders as well as orders from merchant
exporters. From 2007, the Company executes only direct export
orders. In the year 2000 and 2007, the Company set up two more
manufacturing units in Tirutanni and Madur, Tamil Nadu. Since
November 2011, the Company has also been engaged in the business of
manufacturing and selling of customized inner-wear under their
brand name "Design Legacy". The Company markets this through
e-mails and cold calls to high end customers in domestic market as
the pricing ranges between INR650 to INR5000. The company also
started selling garments under its own brand 'Design Classics"
through third party e-commerce sites and through owned retail
showrooms. For this purpose the company has three showrooms in
Tamil Nadu selling ready to wear Men, Kids and ladies ware.


DOC MEDICAL: Voluntary Liquidation Process Case Summary
-------------------------------------------------------
Debtor: Doc Medical Services Private Limited
No. 1 Ambadi Road, Kotturpuram, Chennai,
        Tamil Nadu, India, 600085

Liquidation Commencement Date: January 22, 2024
                             
Court: National Company Law Tribunal, Chennai Bench

Liquidator: Shanmugakani Saraskumar
     132A, NTR Street, Rangarajanpuram Main Road,
            Kodambakkam, Chennai-600024
            Mobile No: 9444011294
            Email: saraskcsca@gmail.com

Last date for
submission of claims: February 21, 2024


F6 CAPITAL: ICRA Lowers Rating on INR15cr LT Loan to B+
-------------------------------------------------------
ICRA has revised the ratings on certain bank facilities of F6
Capital and Finance Private Limited, as:

                      Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long Term-         15.00       [ICRA]B+ (Stable) ISSUER NOT
   Unallocated                    COOPERATING; Rating downgraded
                                  from [ICRA]BB-(Stable); ISSUER
                                  NOT COOPERATING and continues
                                  to remain under 'Issuer Not
                                  Cooperating' category

Rationale

The rating downgrade is attributable to the lack of adequate
information regarding F6 Capital and Finance Private Limited
performance and hence the uncertainty around its credit risk. ICRA
assesses whether the information available about the entity is
commensurate with its rating and reviews the same as per its
"Policy in respect of non-cooperation by a rated entity" available
at www.icra.in. The lenders, investors and other market
participants are thus advised to exercise appropriate caution while
using this rating, as the rating may not adequately reflect the
credit risk profile of the entity, despite the downgrade.".

As part of its process and in accordance with its rating agreement
with F6 Capital and Finance Private Limited, ICRA has been trying
to seek information from the entity so as to monitor its
performance. Further, ICRA has been sending repeated reminders to
the entity for payment of surveillance fee that became due. Despite
multiple requests by ICRA, the entity's management has remained
non-cooperative. In the absence of requisite information and in
line with the aforesaid policy of ICRA, the rating has been
continued to the "Issuer Not Cooperating" category. The rating is
based on the best available information.

Incorporated in June 1979, F6 Capital & Finance Private Limited
(Formerly known as Bajaj Chit fund Co Private Limited) is
registered as a non-banking financial company (NBFC) with the
Reserve Bank of India (RBI). The company was acquired by the
current promoters in May 2019. Following the change in ownership,
the company actively commenced offering gold loans to individuals
and jewelers in Mumbai Metropolitan Region (MMR). As on March 31,
2021 the company had a loan book of INR9.12 crore on a net worth of
INR2.36 crore.


GHODAWAT ENTERPRISES: Ind-Ra Affirms BB+ Bank Loan Rating
---------------------------------------------------------
India Ratings and Research (Ind-Ra) has taken the following rating
actions on Ghodawat Enterprises Private Limited's (GEPL) bank
facilities:

-- INR210 mil. Fund based working capital limit* affirmed;
     Outlook revised to Negative from Stable with IND BB+/Negative

     /IND A4+ rating;

-- INR210 mil. Non-fund-based working capital limit* affirmed   
     with IND BB+/Negative/IND A4+ rating; and

-- INR926.33 mil. (reduced from INR1,339.80 bil.) Term loan due
     on FY30 affirmed; Outlook revised to Negative from Stable
     with IND BB+/Negative rating.

*Non-fund-based facility of INR210 million is a sublimit of the
fund-based facility

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

The Negative Outlook reflects the deterioration in GEPL's credit
metrics and decline in EBITDA margins in FY23, and Ind-Ra's
expectation of further weakening in the credit metrics in FY24.
However, the credit profile is likely to improve from FY25, which
will remain a key monitorable.

Key Rating Drivers

GEPL's credit metrics remained modest and deteriorated during FY23
owing to a decline in the EBITDAR to INR92.53 million (FY22:
INR282.60 million) and an increase in total debt levels to
INR1641.46 million (INR834.33 million). The gross interest coverage
(operating EBITDAR/gross interest expense) fell to 0.94x in FY23
(FY22: 4.02x) and the net leverage (adjusted net debt including
lease liabilities/operating EBITDAR) rose to 16.45x (2.46x). The
credit metrics are likely to deteriorate further during FY24 due to
higher debt levels and stable EBITDAR margins. However, the credit
metrics are likely to improve from FY25 due to growth in the scale
of operations, backed by the additions to fleet and new routes;
however, the extent of improvement would depend on the operating
EBITDA levels.

Furthermore, GEPL's EBITDA margin fell sharply to a modest 4.29% in
FY23 (FY22: 15.90%) on account of an increase in the prices of
aviation turbine fuel, and a rise in operating expenditures
towards the new flights, such as pilot training  and crew's
salaries. The ROCE remained negative during FY23 (FY22: negative
ROCE).  The EBITDA margins stood at 4.36% during 9MFY24.  Ind-Ra
expects the margin to improve during FY24 and FY25 due to better
absorption of fixed costs, led by revenue growth from the
commencement of operations of new aircrafts.

Liquidity Indicator - Stretched: GEPL's average maximum utilization
of the fund-based limits was 57% over the 12 months ended November
2023; the utilization remained at similar levels until January
2024. GEPL's free cash flows turned negative at INR268.24 million
during FY23 (FY22: INR113.21 million), mainly due to the decline in
EBITDAR. Ind-Ra expects the free cash flow from operations to
remain at similar levels in FY24 and improve from FY25. GEPL has
acquired four E-175 aircrafts under lease during FY24; of this, two
aircrafts are for a term of eight years and the other two  are for
six years. The company has scheduled lease payments  of INR205.30
million and INR354.60 million during FY24 and FY25, respectively.
GEPL's ability to service  these obligations would be dependent on
the passenger load factor on the new aircrafts and successful
commencement of operations over 30 new routes. During FY23, despite
an increase in creditor days to 23 days (FY22:  13 days), the net
working capital cycle deteriorated to 70 days (58 days), primarily
due to an increase in debtor days to 40 days (25 days) and
inventory days to 53 days (46 days). GEPL has term loan repayment
obligations of INR206.37 million and INR222.03 million during FY24
and FY25, respectively. As on 31 March 2023, GEPL's cash and cash
equivalents stood at INR119.34 million, providing some cushion to
liquidity. Furthermore, the promoters/directors infused INR160
million as equity contribution in FY23, and  INR186 million  in the
form of unsecured, interest-free subordinated loans during 9MFY24.

The ratings reflect GEPL's continued medium scale of operations, as
indicated by revenue of INR2,158.13 million in FY23 (FY22:
INR1,780.78 million). The revenue from operations (excluding
training of pilot income of INR19.04 million during FY23 (FY22:
INR3.2 million)) grew by 21.19% yoy in FY23 due to an increase in
the passenger load factor. Out of the total revenue from
operations, 41.62% (38.45%) was from viability gap funding. During
9MFY24, the company reported revenue of INR2,305.13 million, of
which 39.01% was from viability gap funding. Ind-Ra expects revenue
from operations to improve during FY24-FY25 due to the addition of
new aircrafts and new routes.

The ratings are supported by GEPL's healthy passenger load factor
of 77.30% during FY23 (FY22: 69.18%). During April-November 2023,
the average PLF stood at 71.79%. At present, GEPL operates over 46
routes, and it intends to add 30 routes during 4QFY24, and the same
would be supported by the planned addition of E-175 aircrafts.

Rating Sensitivities

Negative: Substantial deterioration in the liquidity and/or the
scale of profitability and/or net financial leverage remaining
above 5x, all on a sustainable basis, will be negative for the
ratings.

Outlook Revision to Stable: An improvement in the scale of
profitability, and/or net financial leverage falling below 5x, all
on a sustained basis, will lead to the Outlook being revised back
to Stable.

Company Profile

Incorporated in November 2012 and commenced operations in January
2019, GEPL secured a non-scheduled operator permit in 2014 to
operate two helicopters on charter basis. It commenced its
operations under the name Star Air from January 2019 after
receiving an air operator's certificate. GEPL owns five Embraer
(ERJ-145) aircraft with 50 seating capacity each and two
helicopters. The company has added three ER-175 aircrafts to its
fleet and propose to add one more aircraft. It operates on a
scheduled basis in over 23 destinations that are under the Regional
Connectivity Scheme.

GRACE SUPPLIERS: Ind-Ra Affirms BB Loan Rating, Outlook Stable
--------------------------------------------------------------
India Ratings and Research (Ind-Ra) has taken the following rating
actions on Grace Suppliers Private Limited's (GSPL) bank
facilities:

-- INR394 mil. Fund-based working capital limits affirmed with
     IND BB/Stable rating;

-- INR26 mil. Fund-based working capital limits assigned with IND

     BB/Stable rating;

-- INR80 mil. Proposed fund-based working capital limits assigned

     with IND BB/Stable rating;

-- INR8.2 mil. Term loan due on January 2027 affirmed with IND
     BB/Stable rating; and

  -- INR45.3 mil. Term loan due on January 2027 assigned with IND
      BB/Stable rating.

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

Key Rating Drivers

The affirmation reflects GSPL's continued medium scale of
operations, as indicated by revenue of INR1,623.81 million in FY23
(FY22: INR1,260.86 million). The revenue increased in FY23 due to
an increase in gold prices. During 10MFY24, GSPL booked a revenue
of INR1,407 million.  Ind-Ra expects GSPL's revenue to remain at
similar levels in FY24, with similar nature of operations.

The ratings reflect GSPL's modest EBITDA margins, which marginally
increased to 4.97% in FY23 (FY22: 4.39%). The return on capital
employed increased to 10.7% in FY23 (FY22:  8.5%). Ind-Ra expects
the EBITDA margins to remain stable in FY24.

Liquidity Indicator – Stretched: GSPL's does not have any capital
market exposure and relies on banks and financial institutions to
meet its funding requirements. GSPL's working capital cycle
remained elongated but improved to 146 days in FY23 (FY22: 165
days), mainly on account of a decrease in inventory days to 146
(165). GSPL's average maximum utilization of the fund-based limits
was 96.05% during the 12 months ended January 2024. The cash flow
from operations remained negative but improved to INR23.64 million
in FY23 (FY22: negative INR75.44 million), due to an increase in
the EBITDA. The free cash flow remained negative INR41.04 million
in FY23 (FY22: negative INR81.17 million). The cash and cash
equivalents stood at INR7.87 million at FYE23 (FYE22: INR5.30
million). The company has repayment obligations of INR27.5 million
in FY24 and INR16.7 million in FY25.

The ratings factor in GSPL's modest credit metrics, which improved
in FY23 due to an increase in its operating EBTIDA to INR80.67
million (FY22: INR55.34 million) and a fall in the debt levels. The
gross interest coverage (operating EBITDA/gross interest expense)
increased to 2.31x in FY23 (FY22: 2.06x) and the net financial
leverage (adjusted net debt/operating EBITDA) reduced to 6.11x
(7.53x). In FY24, Ind-Ra expects the credit metrics to remain
stable, due to the absence of any capex plans.

The ratings are also supported by the promoters' experience of over
two decades in the jewelry industry, leading to established
relationships with its customers and suppliers.

Rating Sensitivities

Negative: Significant deterioration in the scale of operations,
leading to deterioration in the liquidity profile and the credit
metrics, with the interest coverage falling below 1.5x, will be
negative for the ratings.

Positive: A significant increase in the scale of operations while
maintaining the overall credit metrics and an improvement in the
liquidity profile, on a sustained basis, will be positive for the
ratings.

Company Profile

GSPL has been a franchise holder of Titan Industries Limited's
jewelry brand, Tanishq, since 2002. It has two showrooms in
Jamshedpur, with a product portfolio that includes rings, earrings,
necklaces, bangles and gold coins. GSPL is managed by Anil Agarwal.
The company opened a new showroom at Sakchi, Jamshedpur, in August
2017.

GROWTHPATH SOLUTIONS: CRISIL Withdraws B Rating on INR6cr Loan
--------------------------------------------------------------
Due to inadequate information, CRISIL Ratings, in line with SEBI
guidelines, had migrated the rating of Growthpath Solutions Private
Limited (GSPL) to 'CRISIL B/Stable Issuer not cooperating'. CRISIL
Ratings has withdrawn its rating on bank facility of GSPL following
a request from the company and on receipt of a 'no dues
certificate' from the banker. Consequently, CRISIL Ratings is
migrating the ratings on bank facilities of GSPL from 'CRISIL
B/Stable Issuer Not Cooperating to 'CRISIL B/Stable'. The rating
action is in line with CRISIL Ratings' policy on withdrawal of bank
loan ratings.

                      Amount
   Facilities      (INR Crore)    Ratings
   ----------      -----------    -------
   Cash Credit           6        CRISIL B/Stable (Migrated from
                                  'CRISIL B/Stable ISSUER NOT
                                  COOPERATING'; Rating Withdrawn)

Incorporated in 2010 by the Delhi-based Jain family, GSPL is
promoted by Mr. Atul Jain and his wife Ms. Poonam Jain. The company
trades in flour, bakery products, olive oil, and other fast-moving
consumer goods. Mr. Atul Jain manages the operations.


HANDC POLYMATE: Voluntary Liquidation Process Case Summary
----------------------------------------------------------
Debtor: Handc Polymate Private Limited
Block No. C-3, Bramha Memories
        Hsg, Soc No. 135/1A
        2A Bhosle Nagar Shivaji Nagar
        Ganeshkhind, Pune, Haveli
        Maharashtra India, 411007

Liquidation Commencement Date: February 1, 2024
                             
Court: National Company Law Tribunal, Mumbai Bench

Liquidator:  Mr. Shilpa Dixit
      502, Shree Malati/Madhav
             CO.OP HSG, SOC,
      Kohinoor Colony, Sahakar Nagar,
             No. 2 Pune-411009
             Email: shilpa.dixit@kmdscs.com

             3rd Floor Satyagari Apartment
             77, Vijaya Nagar Colony
             2147 Sadashiv Peth
             Pune-41130
  
Last date for
submission of claims: March 2, 2024

IRB INFRASTRUCTURE: Fitch Rates New USD Sr. Sec Notes 'BB+(EXP)'
----------------------------------------------------------------
Fitch Ratings has assigned IRB Infrastructure Developers Ltd's
(BB+/Stable) proposed US dollar senior secured partially amortising
notes due 2032 an expected rating of 'BB+(EXP)'. The Outlook is
Stable.

The assignment of a final rating is contingent on the receipt of
final documents conforming to information already received.

RATING RATIONALE

The proposed US dollar notes will be issued by IRB directly and the
proceeds will be used to largely refinance the existing INR
non-convertible debentures (NCDs), including the NCDs subscribed to
by India Toll Toads, and term loans at the holding-company level. A
small portion (around USD60 million) of the proceeds will be used
by IRB to repay some of its inter-company loans, which will be an
incremental debt on IRB standalone. India Toll Roads had issued
USD300 million senior secured notes due 2024 (BB/Stable), the
proceeds from which were used to subscribe to INR NCDs issued by
IRB Infrastructure. India Toll Roads is an orphan financing vehicle
with no equity or guarantee linkage to IRB.

The noteholders will benefit from the standard security package and
restrictive financial indebtedness. The refinancing risk at the
maturity of the proposed notes in financial year ending March 2032
(FY32) will be mitigated by 52% partial amortisation of the bonds,
the long remaining tenor of the assets' concession period and the
group's access to banks.

The expected notes' rating reflects Fitch's expectation of robust
traffic performance by IRB's diverse and strategically located
portfolio of assets, helped by its anticipation of strong Indian
GDP growth. The ratings also consider the company's record in
operating and maintaining the group's assets to a high standard,
with expertise provided by the in-house engineering, procurement
and construction (EPC) business.

The financial profile is assessed by a consolidated debt-service
coverage ratio (DSCR) over the period of the proposed notes. The
DSCR under the Fitch rating case averages 1.49x between FY24 and
FY32, with a profile DSCR of 1.52x between FY24 and FY27.

The proposed US dollar notes by the holding company will have
structural subordination because of project loans at the subsidiary
level as IRB partly relies on dividends from these subsidiaries to
service its debt. However, its review reflects an adequate
standalone EBITDA coverage ratio at the holding company over the
near term underpinned by revenues from EPC and O&M business, and
dividends & surplus from subsidiaries, IRB Infrastructure Trust and
IRB InvIT Fund. As a result, Fitch does not expect the structural
subordination to affect the credit assessment of the proposed
notes.

KEY RATING DRIVERS

Diversified Portfolio, Robust Fundamentals - Revenue Risk (Volume):
High Midrange

IRB wholly owns five projects, with a build-operate-transfer (BOT)
project and toll-operate-transfer project in operation, while the
rest are under construction. It owns 51% of another
under-construction project. The roads under IRB extend nearly 500km
in Maharashtra, Gujarat, Uttar Pradesh, Himachal Pradesh and Tamil
Nadu. They are on or adjacent to key corridors in India's national
highway network.

Local and long-distance traffic fundamentals have been reasonably
robust, with a diversified mix of users. However, commercial
vehicles make up a larger share of traffic on IRB's roads than at
peers, and the roads face some competition. Fitch assesses the toll
rates as low and the wider portfolio has limited price elasticity.

IRB is also exposed to traffic risk on 18 BOT projects through its
ownership of the IRB Infrastructure Trust and IRB InvIT Fund
(collectively the InvITs). Fitch regards the risk profile of these
projects as consistent with IRB's fully owned assets. Most
concessions under the two InvIT funds consist of corridors that
form part of the "golden quadrilateral", the national highway
network that connects India's major industrial, agricultural and
cultural centres. The projects are geographically diversified and
cater to a mix of car and commercial traffic, but are subject to
competition from free alternative routes.

Formula-Linked Tariff Increases - Revenue Risk (Price): Midrange

IRB's wholly owned concessions permit pre-defined toll-rate
increases that are regulated by the National Highways Authority of
India (NHAI) or Maharashtra State Road Development Corporation. The
concession for the Mumbai-Pune Expressway (MPE) in Maharashtra
provides for a toll increase of 18% every third year until FY24 and
that for National Highway (NH) 48 in the state provides for a 16%
rise every third year until the concession ends in 2031.

Tolls under NHAI concessions comprise base fees and an increase of
3% a year plus 40% of the rise in India's wholesale price index
(WPI). Fitch expects tolls for roads under both authorities to
track its WPI expectations in the long run.

The central government suspended all tolls on national highways for
25 days in 2020 due to the Covid-19 pandemic. The NHAI extended
concession periods by 90 days to compensate toll-road operators.
There have been no other instances of legislative or political
interference in rate adjustments. NHAI's concession agreements with
IRB allow the maturity dates to be extended or shortened based on
thresholds linked to revenue, mitigating the risks of price
escalation and traffic underperformance.

Well-Developed Capital Plan - Infrastructure Development and
Renewal: Stronger

IRB has a well-developed capital and maintenance plan for each road
and undertakes in-house operation and maintenance (O&M) works for
each SPV. All EPC and O&M contracts are executed on a fixed-price,
date-certain basis. IRB has not been responsible for any
significant delays or cost overruns to date.

The concession agreements provide for periodic inspections to
monitor performance against objectives, with all assets evaluated
at least "very good" under NHAI's criteria. Capacity is above the
medium-term traffic forecasts of IRB's technical consultant and
capex requirements are met through internal accruals for all
projects. The agreements do not specifically provide for the
recovery of maintenance costs through higher rates, but incorporate
toll increases that provide some protection against rising costs.
The risk is also contractually mitigated, as many O&M agreements
cover the entire concession life.

Construction Business' Large Contribution - In-House EPC and O&M

Fitch expects IRB's contracting activity to contribute around 20%
of the group's consolidated EBITDA in FY24-FY32. Contractual income
from IRB's SPVs typically reflects income from the more cyclical
highway construction and O&M segments, including routine and
periodic maintenance.

The captive EPC business has a record of executing over 18,500 lane
km of projects in the three decades to date, with the ability to
construct over 500km in a year. IRB's strategy is to use its EPC
capability for in-house projects, and it does not bid for
third-party contracts. All EPC and O&M contracts are executed on a
fixed-price, date-certain basis. There have been no significant
delays or cost overruns attributable to the concessionaire to
date.

IRB intends to continue to expand its order book in the next few
years. Visibility around projected construction revenue is high,
since the EPC contracts relate only to in-house developments.

Partially Amortising Debt - Debt Structure: Midrange

The proposed US dollar notes will have an eight-year 52% partially
amortising structure and a fixed coupon. The proposed covenant
package is adequate, with restricted payment conditions and tighter
limits on additional indebtedness through leverage and coverage
ratios, the scope of which would also include the InvITs.

The proposed notes will also benefit from a six-month debt-service
reserve account and a dedicated escrow account at the IRB level.
The proposed US dollar notes will be secured through collateral,
including, but not limited to, a pledge of partial shares of a
subsidiary and charge over the escrow account. The refinancing risk
of the balance 48% of the proposed notes at the maturity in FY32
will be mitigated by the long remaining tenor of the assets'
concession period and the group's access to banks.

The US dollar notes will have structural subordination as the
holding company will partly rely on dividends from subsidiaries to
service the debt. However, the domestic financing at the subsidiary
level generally has lenient restrictive covenants for
distributions. The subsidiaries' domestic debt can also be
refinanced easily, if required.

Moreover, the holding-company's FY24-FY25 standalone EBITDA
coverage ratio, including EPC and O&M revenue and distributions
from the InvITs, is comfortable at about 3.8x in its rating case in
the near term. As a result, the structural subordination will not
affect the credit assessment of the proposed notes. However, Fitch
expects this ratio to dip below 2.0x in some years in the medium
term.

Financial Profile

Fitch's base case is aligned with the sponsor's case, which
assumes, among other things, average traffic growth of 7.2% and
4.3% for the MPE and NH4 routes, respectively, on the Mumbai-Pune
project for FY25-FY31, the consultant's "most likely" case for the
Private InvIT and Ahmedabad-Vadodara projects, and the sponsor's
case for future EPC revenue with a 23% EBITDA margin. The group's
consolidated DSCR under the Fitch base case averages 1.82x between
FY24 and FY32, with a profile DSCR of 1.76x between FY24 and FY27.
The Fitch base case leverage declines from a peak of 3.7x in FY24
to below 1.0x in FY30.

Fitch's rating case incorporates further stress, including a lower
EPC order book at a narrower EBITDA margin of 17%, and slower
traffic growth for the Mumbai-Pune, Ahmedabad-Vadodara and Private
InvIT projects. The group's consolidated DSCR under the Fitch
rating case averages 1.49x between FY24 and FY32, with a profile
DSCR of 1.52x between FY24 and FY27. The Fitch rating-case leverage
declines from a peak of 4.0x in FY24 to around 1.1x in FY31.

PEER GROUP

IRB can be compared with Yuexiu Transport Infrastructure Limited
(YXT, BBB/Stable), a China-based concession group with a large
portfolio of expressways, including a diverse network in Guangdong
province and central China, with few roads facing competition. IRB
has a stronger price risk assessment. YXT's price risk is weaker
due to a lack of transparency and predictability in the regulatory
framework compared with IRB. IRB's financial profile is also
slightly better than that of YXT. YXT's net leverage under the
Fitch rating case is projected to remain below 4.5x over the medium
term, while IRB's net leverage is expected to remain below 4.0x
between FY24 and FY31. IRB is rated two notches below YXT as the
Indian company is exposed to the more volatile EPC contracting
business.

IRB can also be compared with Vinci S.A. (A-/Stable), a French
concession and contracting group. Vinci has a global footprint and
a more diversified portfolio of toll roads and airports with high
liquidity. These factors, combined with Vinci's demonstrated
superior access to loan and bond markets, account for the higher
rating than IRB's in spite of Vinci's higher leverage. The Fitch
rating case for Vinci projects net leverage to average 2.6x between
2023 and 2027, while IRB's consolidated average net leverage is
forecast at 2.5x between FY24 and FY31.

RATING SENSITIVITIES

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

Sustained deterioration in the consolidated rating-case DSCR
profile to below 1.25x due to an increase in costs, traffic
underperformance and/or a material change in IRB's financials and
dividend policy.

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

Consolidated rating-case DSCR profile forecast to be in excess of
1.5x and standalone EBITDA coverage ratio above 2.0x on a
sustainable basis.

ESG CONSIDERATIONS

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

   Entity/Debt                Rating           
   -----------                ------           
IRB Infrastructure
Developers Ltd

   IRB Infrastructure
   Developers
   Ltd/Traffic
   Revenues - Senior
   Secured Notes –
   Expected/1             LT BB+(EXP)  Expected Rating

JADEJA TRADELINK: CRISIL Assigns B Rating to INR5.14cr Loan
-----------------------------------------------------------
CRISIL Ratings has assigned its 'CRISIL B/Stable' rating to the
long term bank facilities of Jadeja Tradelink Pvt Ltd (JTPL).

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Proposed Fund-         5.14       CRISIL B/Stable (Assigned)
   Based Bank Limits      

The ratings reflect the company's modest scale of operations and
working capital intensive operations. The weakness is partially
offset by the extensive experience of its promoters in the trading
business.

Analytical Approach

Unsecured Loans of INR1.77 crore as on march 31st 2023 has been
treated as debt as this is going to be repaid.

Key Rating Drivers & Detailed Description

Weakness:

* Modest scale of operations: The business risk profile of JTPL is
constrained by its modest scale of operations in the intensely
competitive trading business. The small scale will continue limit
the company's operating flexibility.

* Working capital intensive operations: Gross current assets (GCAs)
were 400 days in the fiscal ended March 31, 2023. Large working
capital requirement arises from high debtor and inventory levels.
JTPL is required to extend long credit period. Furthermore, due to
business need, it holds large inventory.

Strength:

* Extensive industry experience of the promoters: Experience of
over a decade in the trading business has given the promoters an
understanding of the market dynamics and helped establish
relationships with suppliers and customers.

Liquidity: Stretched

Bank limit utilization was high at 99.89%, on average, for the
eight months through December 2023.

Current ratio was healthy at 1.97 times on March 31, 2023, The
promoters are likely to extend support in the form of equity and
unsecured loans to meet working capital requirement and debt
obligation.

Outlook: Stable

CRISIL Ratings believes JTPL will continue to benefit over the
medium term from its longstanding relationships with principals and
experience of the management to mitigate the inherent risk in the
trading business.

Rating Sensitivity factors

Upward factors

* Improvement in financial risk profile with TOL/TNW to be less
than 6 times
* Relationship with major vendors

Downward factors

* If its business stagnant due to weak demand or a stretch in
receivables or pile-up of inventory adversely affects liquidity.
* Any stretch in creditors leading to TOL/TNW to above 25 times.   
                                                                   
                                           

JTPL was incorporated in 2021, its engage in trading of waste
paper, clay and allied. JTPL is owned & managed by Mr. Jaydeepsinh
V Jadeja & Mr. Hardeepsinh V Jadeja.


JAYSHRI GAYATRI: Ind-Ra Assigns BB+ LongTerm Issuer Rating
----------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Jayshri Gayatri
Food Products Private Limited (JGFPPL) a Long-Term Issuer Rating of
'IND BB+'. The Outlook is Stable.

ANALYTICAL APPROACH: Ind-Ra has taken a standalone view of JGFPPL
to assign the rating.

Key Rating Drivers

Liquidity Indicator - Stretched: JGFPPL's average utilization of
the fund-based limit was around 97.32% for the 12 months ended
December 2023, with no instances of overutilization. Also, the
entity has sanctioned fund-based limits of INR70 million from State
Bank of India (IND AAA/Stable) which the entity has started
utilizing in February 2024, as per the management. The company's
cash flow from operations turned negative at INR442.61 million in
FY23 (FY22: INR170.06 million) due to unfavorable changes in
working capital. The net working capital cycle elongated to 99 days
in FY23 (FY22: 50 days), mainly on account of an increase in
inventory days to 91 (40 days). JGFPPL had free cash and cash
equivalents of INR57.73million at FYE23 (FYE22: INR11.37 million).
JGFPPL has repayment obligations of INR166 million, INR102.5
million and INR84.5 million in FY24, FY25 and FY26.

Intense Competition in Dairy Industry:  JGFPPL has been facing the
risk of volatility in milk prices due to demand-supply-economics,
the unpredictable nature of monsoon, which affects cattle feed, and
thus milk production; and it has also been facing competition from
established players  such as Anand Milk Union Limited (AMUL),
Mother Dairy Fruit & Vegetable Pvt. Ltd., SMC Foods Limited ('IND
A'/Negative). The company has been focusing on institutional sales
and exports of dairy products to navigate these competitive
challenges. In FY23, exports accounted for 17.65% of JGFPPL's
revenue (FY22: 23.92%).

Environmental Compliance Challenges and Business Impact: In
response to villagers' compliant about chemical waste in the Seewan
River, the Madhya Pradesh Pollution Control Board (MPPCB) issued a
closure directive to JGFPPL on January 19, 2022. This was followed
by the Madhya Pradesh electricity board disconnecting the company's
power on February 26, 2022 due to non-compliance. The MPPCB imposed
environmental compensation of INR12.5 million on JGFPPL. Despite
these challenges, the company resumed operations with a business
continuation order from the MPPCB on March 16, 2022. JGFPPL's
ongoing commitment to comply with pollution control norms is
crucial for the sustained operations of the business.

Investigation of Fraud by Erstwhile Chief Executive Officer (CEO);
Income Tax Raid; As per the audit report of FY23 and public
information, an alleged fraud of INR150 million was committed by
the CEO of the company and several other individuals. Accordingly,
the CEO was terminated and the matter was reported to the police,
whereby a First Information report dated August 29, 2023 was
registered against the CEO and the other accused. The matter is
under investigation by the police.

Also, an income tax raid was conducted on multiple offices of
JGFPPL in June 2022. The assessment of income in pursuance thereof
was yet to be completed as per the audit report for FY23. The
company declared a sum of INR80 million as undisclosed income
during the income tax search. Of this, INR30 million was recorded
in FY22 and INR50 million in FY23.

Medium Scale of Operations; Growth in Revenue; JGFPPL's revenue
grew at a CAGR of 29.98% during FY21-FY23, and  it increased on a
yoy basis to  INR4,641.56 million in FY23 (FY22: INR3,353.57
million) due to an increase in the revenue share of  the B2B
segment to 72.19% (62.29%), mainly because of cottage cheese,
butter and skimmed milk powder. In 9MFY24, the entity recorded a
turnover of INR2,864.5 million. Ind-Ra expects the revenue to
remain largely stable on a yoy basis in FY24 and witness growth in
FY25, backed by the addition of customers in the B2B segment.

Healthy EBITDA Margins:  In FY23, despite an increase in the cost
of goods sold to 66.27% of revenue (FY22: 64.41%), the EBITDA
margin was largely stable at 14.47% (14.04%), led by a reduction in
administrative expenses. The ROCE was 28.20% in FY23 (FY22; 28.0%).
In 9MFY24, the entity recorded an EBITDA margin of 15.16%. Ind-Ra
expects the margin to remain at similar levels in FY24 and FY25 due
to similar nature of operations.

Comfortable Credit Metrics: In FY23, despite an increase in the
EBITDA to INR671.47 million (INR470.74 million), JGFPPL's credit
metrics deteriorated due to a rise in the total debt to INR1,540.18
million (FY22: INR847.60 million) and gross interest expense to
INR151.95 million (INR64.16 million). The interest coverage
(EBITDA/gross interest expense) fell to 4.42x in FY23 (FY22: 7.34x)
and the net leverage (total adjusted net debt/ operating EBITDA)
increased to 2.21x (1.78x). Ind-Ra expects the metrics to improve
in the medium term  due to a decline in debt owing to due to
scheduled repayments, and the consequent fall in interest expenses,
and average growth in overall profitability,  backed by revenue
growth.

Rating Sensitivities

Negative: Any deterioration in the revenue or liquidity position or
deterioration in its profitability, adversely affecting its credit
metrics, could lead to a negative rating action.

Positive: Sustaining the scale of operations and credit metrics and
an improvement in the liquidity profile and internal controls, all
on a sustained basis, could lead to a positive rating action.

Company Profile

Established in 2013, JGFPPL is a dairy product manufacturer based
out of Madhya Pradesh, India. The entity caters to B2B, B2C and the
export market. The manufacturing facility is located in Sehore,
Madhya Pradesh, which manufactures various value-added dairy
products such as cottage cheese, butter, clarified butter, cheese,
and skimmed milk powder.



JBF INDUSTRIES: Insolvency Resolution Process Case Summary
----------------------------------------------------------
Debtor: JBF Industries Limited
B2-04, Tirupati Residency,
        Silvassa, Valsad, Umbergaon,
        Gujarat, India, 396230
  
Insolvency Commencement Date: January 25, 2024

Estimated date of closure of
insolvency resolution process: July 23, 2024

Court: National Company Law Tribunal, Ahmedabad Bench

Insolvency
Professional: Mr. Dhaval C. Khamar
       1012, Shilp Zaveri,
              Shyamal Cross Road, Satellite,
              Ahmedabad, Gujarat 380015
              Email: ca.dhavalkhamar@gmail.com
                     cirp.jbf@gmail.com

Last date for
submission of claims: February 22, 2024

KANDLA ENERGY: Liquidation Process Case Summary
-----------------------------------------------
Debtor: Kandla Energy and Chemicals Limited
11, Second Floor, Shri Krishna Centre,
        Near Mithakhali Six Roads,
        Navrangpura, Ahmedabad 380 009
  
Liquidation Commencement Date: January 29, 2024
                             
Court: National Company Law Tribunal, Ahmedabad Bench

Liquidator:  Bimal Ashok Desai
      217, Florence Pride, Opp, Corporation Garden,
             Sun Pharma Road, Vadadora 390 020
             Email: bimal.a.desai@icai.org
                    kandla.cirp2gmail.com

Last date for
submission of claims: March 1, 2024


KERALA STATE: Ind-Ra Moves B- Bank Loan Rating to NonCooperating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated the rating of
Kerala State Electronics Development Corporation Ltd.'s bank
facilities' 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
B-/Stable (ISSUER NOT COOPERATING)/IND A4 (ISSUER NOT COOPERATING)'
on the agency's website.

The detailed rating action is:

-- INR100 mil. Working capital limits migrated to non-cooperating

     Category with IND B-/Stable (ISSUER NOT COOPERATING)/IND A4
     (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 28, 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 1972, Trivandrum (Kerala)-based of Kerala State
Electronics Development Corporation is a government of Kerala
undertaking. The corporation manufactures a wide range of
electronic goods. Its projects comprise designing, manufacturing,
testing, installation, commissioning and maintenance of electronic
equipment in industrial establishments. The corporation has four
manufacturing units, along with a diversified product portfolio,
catering to sectors such as defense, space, power electronics,
control and instrumentation, traffic management, information
technology/information technology-enabled services, and security
and surveillance.



KHEDUT COTEX: ICRA Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------
ICRA has kept the long-term ratings for the bank facilities of
Khedut Cotex Pvt. Ltd. in the 'Issuer Not Cooperating' category.
The ratings are denoted as "[ICRA]D; ISSUER NOT COOPERATING".

                    Amount
   Facilities     (INR crore)   Ratings
   ----------     -----------   -------
   Long-term–         2.77      [ICRA]D; ISSUER NOT COOPERATING;
   Fund based                   Rating Continues to remain under
   Term Loan                    'Issuer Not Cooperating'
                                Category

   Long-term–         6.00      [ICRA]D; ISSUER NOT COOPERATING;
   Fund based                   Rating Continues to remain under
   Cash Credit                  'Issuer Not Cooperating'
                                Category

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

Incorporated in 2015 as a private limited company, Khedut Cotex
Private Limited (KCPL) is engaged in ginning and pressing of raw
cotton. The company's manufacturing unit, located at Jafrabad,
Amreli, is equipped with 48 ginning machines and 1 pressing machine
with an intake capacity of 216 MT per day (considering 22 hours of
operations per day). The commercial operations commenced in
February 2016. The promoters have extensive experience in cotton
industry.


KLING ENTERPRISE: Liquidation Process Case Summary
--------------------------------------------------
Debtor: Kling Enterprises India Limited
H.NO. 7-2-1769/4, Flat. 401,
        Akruthi Presidency, Street No. 4,
        Czech Colony, Sanathnagar,
        Hyderabad-500018,
        Telangana, India

Liquidation Commencement Date: February 3, 2024

Court: National Company Law Tribunal, Hyderabad Bench

Liquidator:  Venka Reddy Bathina
      H.No. 8-2-603/1/10,
             Second Floor, Krishnapuram Road No. 10,
             Banjara Hills,
             Hyderabad, Telangana-500034
             Email: bvrcs123@gmail.com
                    cirp.kling@gmail.com

Last date for
submission of claims: March 3, 2024


KWALITY TOWNSHIP: ICRA Keeps D Debt Rating in Not Cooperating
-------------------------------------------------------------
ICRA has kept the Long-Term rating of Kwality Township Pvt. Ltd. in
the 'Issuer Not Cooperating' category. The rating is denoted as
"[ICRA]D; ISSUER NOT COOPERATING".

                    Amount
   Facilities     (INR crore)   Ratings
   ----------     -----------   -------
   Long-term–         5.00      [ICRA]D; ISSUER NOT COOPERATING;
   Fund based                   Rating Continues to remain under
   Term Loan                    'Issuer Not Cooperating'
                                Category

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

Incorporated in 2009, KTPL develops housing projects and townships
and undertook its first township project, "ARK City" in 2009. In
this project located in Meerut, Uttar Pradesh, the company sold 300
plots and is developing single story and duplex houses on another
100 plots as row houses. KTPL commenced the construction of its
second project "ARK Residency", Meerut,
in 2012. This is a mixed-use project, comprising 72 commercial
units and 45 residential units. The total project cost is estimated
at INR19.72 crore, which is proposed to be funded by customer
advances (40%), promoter's contribution (35%) and debt (25%).


LANSON MOTORS: Ind-Ra Cuts Loan Rating to BB, Outlook Stable
------------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded Lanson Motors
Private Limited's (LMPL)'s bank facilities to 'IND BB (ISSUER NOT
COOPERATING)' from 'IND BBB- (ISSUER NOT COOPERATING)'. The Outlook
is Stable.

The instrument-wise rating actions are:

-- INR925 mil. Fund-based working capital limits downgraded with

     IND BB/Stable (ISSUER NOT COOPERATING)/IND A4+ (ISSUER NOT
     COOPERATING) rating;

-- INR429.03 mil. Term loan due on March 2028 downgraded with IND

     BB/Stable (ISSUER NOT COOPERATING) rating; and

-- INR5.97 mil. Proposed term loan downgraded with IND BB/Stable
     (ISSUER NOT COOPERATING) rating.

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

Key Rating Drivers

The downgrade is in accordance with Ind-Ra's Guidelines on What
Constitutes Non-Cooperation. As per the guidelines, if an issuer
has an investment grade rating outstanding while being
non-cooperative for more than six months with Ind-Ra, then Ind-Ra
will necessarily downgrade such rating to the non-investment grade,
while maintaining the Issuer Not Cooperating status.

The current outstanding rating of 'IND BB (ISSUER NOT COOPERATING)'
might not reflect LMPL's credit strength as the company has been
non-cooperative with the agency since September 5, 2023. Therefore,
investors and other users are advised to take appropriate caution
while using these ratings.

Company Profile

LMPL was incorporated in 1998 by M Lankalingam and Reeta
Lankalingam. The company is an authorised dealer for Toyota
Kirloskar Motor Private Limited in North Tamil Nadu and Puducherry
and operates on 3S model (sales, service and spares).



M. D. SUITINGS: CARE Lowers Rating on INR10cr LT Loan to B-
-----------------------------------------------------------
CARE Ratings has revised the ratings on certain bank facilities of
M. D. Suitings Private Limited (MDSPL), as:

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

Rationale and key rating drivers

CARE Ratings Ltd. had, vide its press release dated December 28,
2022, placed the rating(s) of MDSPL under the 'issuer
non-cooperating' category as MDSPL had failed to provide
information for monitoring of the rating and had not paid the
surveillance fees for the rating exercise as agreed to in its
Rating Agreement. MDSPL continues to be noncooperative despite
repeated requests for submission of information through e-mails,
phone calls and a letter/email dated November 13, 2023, November
23, 2023, December 3, 2023.

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

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

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

Analytical approach: Standalone

Outlook: Stable

Bhilwara (Rajasthan) based MDSPL was originally formed as a
partnership concern by Mr. Prashant Surolia and Mr Pradeep Surolia
in the name of M. D. Suitings in 1989. Subsequently, constitution
of the firm was changed to private limited in May, 2002 and assumed
its current name. MDSPL is engaged in the business of manufacturing
of grey fabrics and trading of finished fabrics as well. The
company outsources the processing work required for the
manufacturing of finished fabrics.


M. E. ENERGY: CRISIL Places 'B' Debt Ratings on Watch Developing
----------------------------------------------------------------
Due to inadequate information and in line with the guidelines of
Securities and Exchange Board of India, CRISIL Ratings had migrated
its ratings on the bank facilities of M. E. Energy Private Limited
(MEEPL) to 'CRISIL B/Stable/CRISIL A4 Issuer Not Cooperating'.
However, the management has started sharing requisite information
for carrying out a comprehensive review of the ratings.
Consequently, CRISIL Ratings is migrating its ratings on the bank
facilities of (MEEPL) from 'CRISIL B/Stable/CRISIL A4 Issuer Not
Cooperating' to 'CRISIL B/CRISIL A4' and placed its ratings on
'Rating Watch with Developing Implications'.

                       Amount
   Facilities       (INR Crore)   Ratings
   ----------       -----------   -------
   Bank Guarantee       17        CRISIL A4/Watch Developing
                                  (Migrated from 'CRISIL A4
                                  ISSUER NOT COOPERATING';
                                  Placed on 'Rating Watch with
                                  Developing Implications')

   Cash Credit           4        CRISIL B/Watch Developing
                                  (Migrated from 'CRISIL B/Stable
                                  ISSUER NOT COOPERATING';
                                  Placed on 'Rating Watch with
                                  Developing Implications')

   Letter of Credit      2.5      CRISIL B/Watch Developing
                                  (Migrated from 'CRISIL B/Stable
                                  ISSUER NOT COOPERATING';
                                  Placed on 'Rating Watch with
                                  Developing Implications')

   Proposed Bank        20        CRISIL B/Watch Developing
   Guarantee                      (Migrated from 'CRISIL B/Stable
                                  ISSUER NOT COOPERATING';
                                  Placed on 'Rating Watch with
                                  Developing Implications')

   Proposed Bank         5        CRISIL B/Watch Developing
   Guarantee                      (Migrated from 'CRISIL B/Stable
                                  ISSUER NOT COOPERATING';
                                  Placed on 'Rating Watch with
                                  Developing Implications')

   Rupee Term Loan       1.5      CRISIL B/Watch Developing
                                  (Migrated from 'CRISIL B/Stable
                                  ISSUER NOT COOPERATING';
                                  Placed on 'Rating Watch with
                                  Developing Implications')

The rating is placed on watch following the 100% acquisition of
MEEPL by Kilburn Engineering Ltd (KEL), as disclosed by KEL on Feb
21, 2024. CRISIL Ratings is in discussion with MEEPL's management
to understand the benefits the company will derive synergies with
the new parent and management support from KEL. CRISIL Ratings will
also continue to monitor the same and will remove the developing
watch from the ratings and take a final rating action on obtaining
clarity on these aspects.

The ratings continue to reflect the company's large working capital
requirement and average financial risk profile. These weaknesses
are partially offset by the extensive experience of the promoter in
the engineering goods industry.

Key Rating Drivers & Detailed Description

Weaknesses:

* Large working capital requirement: Gross current assets were
sizeable at 227 days in the two fiscals through 2023, because of
large receivables, inventory and other current assets. The working
capital cycle is partly supported by payables and bank lines.

* Average financial risk profile: Networth was small at INR7.43
crore and gearing and total outside liabilities to tangible
networth ratio were high at 2.01 times and over 4.22 times,
respectively, as on March 31, 2023. Networth had eroded in the past
owing to losses but increased in fiscal 2022.

Strengths:

* Longstanding presence and extensive experience of the promoter:
The promoter has experience of over 25 years in the engineering
goods industry and has built strong relationships with customers
and suppliers. Also, the company benefits from its established
track record with reputed customers.

Liquidity: Stretched

Bank limit utilization is high at around 97.29 percent for the past
twelve months ended December 23 Cash accrual are expected to be
over INR3-4.5 crore which are sufficient against term debt
obligation of INR2.5-3.5 crore over the medium term. In addition,
it will act as cushion to the liquidity of the company.

Current ratio are moderate at 1.21 times on March 31, 2023

Rating sensitivity factors

Upward Factors:

* Revenue growth of 25% and stable operating margin leading to cash
accrual over INR5 crore
* Efficient working capital management and maintenance of adequate
liquidity
* Improvement in the key financial metrics

Downward factors:

* Decline in revenue or operating margin (below 10%) resulting in
lower cash accrual.
* Large, debt-funded capital expenditure or further stretch in the
working capital cycle weakening the capital structure.

Set up in 1998 by Mr K V Kartha, MEEPL undertakes energy-saving
projects and designs, manufactures and installs heating and cooling
systems and equipment. Its facility is in Pune, Maharashtra.


MAA SHEETLA: CARE Lowers Rating on INR7.50cr LT Loan to C
---------------------------------------------------------
CARE Ratings has revised the ratings on certain bank facilities of
Maa Sheetla Autowheels Private Limited (MSAPL), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       7.50       CARE C; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category and
                                   Revised from CARE B-; Stable

   Short Term Bank     13.85       CARE A4; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category

Rationale and key rating drivers

CARE Ratings Ltd. had, vide its press release dated January 9,
2023, placed the rating(s) of MSAPL under the 'issuer
non-cooperating' category as MSAPL had failed to provide
information for monitoring of the rating and had not paid the
surveillance fees for the rating exercise as agreed to in its
Rating Agreement. MSAPL continues to be non-cooperative despite
repeated requests for submission of information through e-mails,
phone calls and a letter/email dated November 25, 2023, December 5,
2023, December 15, 2023.

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

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

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

Nainital (Uttarkhand) based Maa Sheetla Autowheels Private Limited
(MSAPL), incorporated in 2010 is promoted by Mr. Yashoda Agarwal
and Mr. Navneet Agarwal. MSAPL is an authorized dealer of
Volkswagen India Private Limited since 2010. It sells passenger
vehicles (Polo, Vento, Jetta, Beetle and Ameo). MSAPL has two
showrooms of which one is located in Haldwani (Nainital) and other
in Moradabad where in it is operating 3S facility 'Sales, spares
and service'. Since January 2015, company is also engaged in
trading of sponge iron. The company procures the traded product
from supplier's located in Chhattisgarh and Raipur and sells the
same in Uttarakhand.


MAHI CORPORATION: ICRA Keeps D Debt Ratings in Not Cooperating
--------------------------------------------------------------
ICRA has kept the Long-Term rating of Mahi Corporation Pvt. Ltd. in
the 'Issuer Not Cooperating' category. The rating is denoted as
"[ICRA]D; ISSUER NOT COOPERATING".

                   Amount
   Facilities     (INR crore)   Ratings
   ----------     -----------   -------
   Long-term–         5.00      [ICRA]D; ISSUER NOT COOPERATING;
   Fund based                   Rating Continues to remain under
   Cash Credit                  'Issuer Not Cooperating'
                                Category

   Long-term–         1.45      [ICRA]D; ISSUER NOT COOPERATING;
   Fund based                   Rating Continues to remain under
   Term Loan                    'Issuer Not Cooperating'
                                Category

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

Incorporated in November 2013, Mahi Corporation Private Limited
(MCPL) processes guar seeds to obtain guar gum refined splits and
by-products like churi and korma. The company operates from its
facility located at Tankara in Rajkot district of Gujarat, with an
installed guar gum seeds processing capacity of 16,500 MTPA.


MAITHRI DRUGS: CRISIL Withdraws B Rating on LT/ST Debts
-------------------------------------------------------
Due to inadequate information, CRISIL Ratings, in line with SEBI
guidelines, had migrated the rating of Maithri Drugs Private
Limited (MDPL) to 'CRISIL B/Stable/CRISIL A4/Issuer not
cooperating'. CRISIL Ratings has withdrawn its rating on bank
facility of MDPL following a request from the company and on
receipt of a 'no dues certificate' from the banker. Consequently,
CRISIL Ratings is migrating the ratings on bank facilities of MDPL
from 'CRISIL B/Stable/CRISIL A4/Issuer Not Cooperating to 'CRISIL
B/Stable/CRISIL A4'. The rating action is in line with CRISIL
Ratings' policy on withdrawal of bank loan ratings.


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

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

Established in 2013 in Hyderabad, MDPL is into manufacturing of
bulk drugs. It is managed by Dr. Ch. Nagaraju.


MARBILANO SURFACES: CARE Lowers Rating on INR34.40cr Loan to B+
---------------------------------------------------------------
CARE Ratings has revised the ratings on certain bank facilities of
Marbilano Surfaces LLP (MSL), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      34.40       CARE B+; Stable; ISSUER NOT
   Facilities                      COOPERATING; Revised from
                                   CARE BB-; Stable and moved to
                                   ISSUER NOT COOPERATING category

   Short Term Bank
   Facilities           3.00       CARE A4; ISSUER NOT COOPERATING
                                   Rating moved to ISSUER NOT
                                   COOPERATING category

Rationale and key rating drivers

CARE Ratings Ltd. has been seeking information from MSL to monitor
the rating vide e-mail communication dated November 2, 2023,
November 29, 2023, December 18, 2023, December 28, 2023, January 3,
2024, January 10, 2024, January 23, 2024, February 21, 2024,
February 26, 2024 and numerous phone calls. However, despite
repeated requests, the firm has not provided the requisite
information for monitoring the ratings.

In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating. The ratings of MSL's bank facilities will
now be denoted as CARE B+; Stable; ISSUER NOT COOPERATING/CARE A4;
ISSUER NOT COOPERATING.

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

The ratings assigned to the bank facilities of Marbilano Surfaces
LLP (MSL) have been revised on account of non-availability of
requisite information. The ratings assigned to the bank facilities
of MSL remained constrained on account of Nascent stage of
operations, leveraged capital structure and moderate debt coverage
indicators during FY23 (April 1 to March 31). The ratings, further,
remained constrained on account of presence in highly fragmented
and competitive industry, and fortunes linked to demand from
cyclical real estate industry, susceptibility of profit margins to
volatility in raw material and fuel cost and partnership nature of
constitution. The above weaknesses are partially offset by
extensive experience of partners with an established presence in
the ceramic tile industry and location advantage.

Analytical approach: Standalone

Outlook: Stable

Detailed description of the key rating drivers:

At the time of last rating on July 11, 2023 the following were the
rating strengths and weaknesses (updated from annual report
available from ROC fillings).

Key weaknesses

* Nascent stage of operations: MSL has been established in December
1, 2020 and started its commercial operations from January 2022.
Hence, during FY23, being the first full year of operations, MSL
reported TOI of INR103.01 crore as against INR13.68 crore during
3MFY22(A). Further, due to stabilization of operations, MSL has
reported PBILDT of INR9.79 crore and PAT of INR0.76 crore. PBILDT
and PAT margin remained at 9.50% and 0.74% respectively during FY23
as against operating losses during FY22. Gross Cash accruals stood
at INR7.03 crore for FY23.

* Leverage capital structure and moderate debt coverage indicators
The capital structure of MSL remained leveraged marked by overall
gearing of 1.84x as on March 31, 2023 vis-à-vis 1.80 times
as on March 31, 2022 mainly on account of term debt availed in
recent past for the capex.

Further, debt coverage indictors remained moderate marked by TDGCA
level of 5.03 years and interest coverage of 2.82x respectively in
FY23 as against 57.57 years and 1.55 times respectively during
FY22.

* Presence in a highly competitive ceramic industry and fortune
linked to demand from cyclical real estate sector: MSL operates in
a highly fragmented and competitive ceramic industry marked by
presence of large number of organized and unorganized players and
low entry barriers which may result in new entrants. Also, most of
the demand for tiles comes from the real estate industry, which, in
India is highly fragmented and cyclical. Thus, any negative impact
on real estate industry adversely affects the prospects of ceramic
tiles industry as well as the firm.

* Susceptibility of operating margins to volatility in raw material
and fuel costs: Prices of raw material i.e. clay is market driven
and puts pressure on the margins of tile manufacturers in case of
volatility into the same. Another major cost component is fuel
expenses in the gas form to fire the furnace. The profitability of
MSL remains exposed to volatile LNG prices, mainly on account of
its linkages with the international demand -supply of natural gas.
Hence any adverse movement in material and fuel prices may impact
the profitability of the firm.

* Limited Liability Partnership nature of constitution: Being a
partnership firm, MSL is exposed to inherent risk of partners'
capital being withdrawn, and firm being dissolved upon the
death/retirement/insolvency of partners which may affect financial
flexibility of the firm. During FY23, partners have withdrawn the
capital of INR0.69 crore.

Key Strengths

* Experienced promoters: Marbilano Surfaces LLP (MSL) was started
as a Limited Liability partner by Mr. Arvind Becharbhai Soriya and
16 others partners in the year 2021. The promoters possess about
three decades of experience in manufacturing of vitrified tiles.
Their strong understanding of market dynamics and healthy
relationships with suppliers and customers, will continue to
support the business risk profile.

* Location advantage: The manufacturing facilities of MSL is in
Morbi, Gujarat which is one of the largest ceramic clusters in
India. further, as major ports (such as Kandla and Mundra) are
located in the vicinity of Morbi, it also lowers the transportation
cost and helps the exporters of ceramic products from that region.

Morbi-based (Gujarat) Marbilano Surfaces LLP (MSL) was incorporated
in December 1, 2020 as a limited liability partnership firm for
manufacturing of Vitrified Tiles which is widely used widely in
construction of various types of buildings. MSL started its
commercial operations from January 2022. MSL started manufacturing
of Glazed Vitrified Tiles with an installed capacity of 139,200 MT.
Besides, the firm is a part of Marbilano group wherein its
associate firm is into manufacturing of glazed vitrified floor and
wall tiles.


MARIANELLA PROPERTIES: ICRA Keeps D Rating in Not Cooperating
-------------------------------------------------------------
ICRA has kept the long-term rating of Marianella Properties Private
Limited (MPPL) in the 'Issuer Not Cooperating' category. The rating
is denoted as [ICRA]D; ISSUER NOT COOPERATING".

                    Amount
   Facilities     (INR crore)   Ratings
   ----------     -----------   -------
   Long-term–        15.00      [ICRA]D; ISSUER NOT COOPERATING;
   Fund based                   Rating Continues to remain under
   Term Loan                    'Issuer Not Cooperating'
                                Category

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

Incorporated in 2008, Marianella Properties Private Limited (MPPL)
is into the business of developing land and other immovable
properties. Till last rating exercise, the company had one project
in Vasai (Suburban Mumbai) where it was constructing a commercial
complex. In the past, the promoters have executed 13 projects
(through Rose Builders) in Mumbai.


MARKOLINES INFRA: Ind-Ra Keeps BB+ Loan Rating in NonCooperating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained Markolines Infra
Private Limited's (MIPL) bank facilities in the non-cooperating
category and has simultaneously withdrawn it.

The detailed rating actions are:

-- INR50 mil. Fund-based working capital limits** due on FY28
     maintained in non-cooperating category and withdrawn.

-- INR25 mil. Non-fund-based working capital limit* maintained in

     non-cooperating category and withdrawn; and

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

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

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

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

Key Rating Drivers

Ind-Ra has maintained the ratings in the non-cooperating category
before being withdrawn because MIPL did not participate in the
rating exercise despite continuous requests and follow-ups by the
agency through emails and phone calls, and has not provided
information pertaining to the audited financials, interim
financials, management certificate and bank limit utilizations.
This is in accordance with Ind-Ra's policy of 'Guidelines on What
Constitutes Non-cooperation'.

Ind-Ra is no longer required to maintain the ratings, as the agency
has received a no-objection certificate from the lender and
withdrawal request from the issuer. 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

MIPL is involved in toll operations (supplying manpower for tolls),
route patrolling and maintenance of roads. It is promoted by Sanjay
Patil, Vijay Oswal and Karan Bora. Its registered office is located
in Navi Mumbai, Maharashtra.

MEENAKSHI ASSOCIATES: CRISIL Withdraws D Rating on INR10cr Loan
---------------------------------------------------------------
Due to inadequate information, CRISIL Ratings, in line with SEBI
guidelines, had migrated the rating of Meenakshi Associates Private
Limited (MAPL) to 'CRISIL D/CRISIL D/Issuer not cooperating'.
CRISIL Ratings has withdrawn its rating on bank facility of MAPL
following a request from the company and on receipt of a 'no dues
certificate' from the banker. Consequently, CRISIL Ratings is
migrating the ratings on bank facilities of MAPL from 'CRISIL
D/CRISIL D/Issuer Not Cooperating to 'CRISIL D/CRISIL D'. The
rating action is in line with CRISIL Ratings' policy on withdrawal
of bank loan ratings.

                       Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Bank Guarantee        10         CRISIL D (Migrated from
                                    'CRISIL D ISSUER NOT
                                    COOPERATING'; Rating
                                    Withdrawn)

   Cash Credit             7        CRISIL D (Migrated from
                                    'CRISIL D ISSUER NOT
                                    COOPERATING'; Rating
                                    Withdrawn)


   Letter of Credit        5.5      CRISIL D (Migrated from
                                    'CRISIL D ISSUER NOT
                                    COOPERATING'; Rating
                                    Withdrawn)


   Term Loan              0.03      CRISIL D (Migrated from
                                    'CRISIL D ISSUER NOT
                                    COOPERATING'; Rating
                                    Withdrawn)

Incorporated in 1985, Noida-based MAPL, promoted by Mr Ish Kumar
Narang and family, fabricates pressure vessels, heat exchangers,
storage tanks, and chemical gas cylinders mainly for the petroleum
refining and chemical industries.


MENSE ELECTRICALS: CARE Reaffirms B+ Rating on INR7cr LT Loan
-------------------------------------------------------------
CARE Ratings has reaffirmed ratings on certain bank facilities of
Mense Electricals Private Limited (MEPL), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank
   Facilities           7.00       CARE B+; Stable Reaffirmed

   Short Term Bank
   Facilities           8.00       CARE A4 Reaffirmed

Rationale and key rating drivers

The ratings assigned to the bank facilities of MEPL remained
constrained on account of small scale of operations, highly working
capital-intensive nature of operations and stretched liquidity
during FY23 (refers to the period April 1 to March 31). The ratings
further remained constrained on account of tender-based nature of
operations, low order book position with geographical and segment
concentration, The ratings, however, favourably takes into
consideration extensive experience of the promoters and
long-standing association with its key customer, healthy
profitability margins, comfortable capital structure with moderate
debt coverage indicators.

Rating Sensitivities: Factors likely to lead to rating actions

Positive factors

* Increase in scale of operations of more than INR50.00 crore with
resultant increase in PAT and cash accruals of the company.

* Improvement in operating cycle below 150 days with significant
reduction in debtors on sustainable basis

* Geographical and sectorial diversification of orders
Negative factors

* Deterioration in PBILDT margin and PAT margin below 10% and 3%
respectively

Analytical approach: Standalone

Outlook: Stable

CARE Ratings believes that the entity shall sustain its moderate
financial risk profile over the medium term.

Detailed description of the key rating drivers:

Key weaknesses

* Small scale of operations: MEPL's scale of operation marked by
total operating income (TOI) has reported growth of 16.98% during
FY23(A) on account of higher execution of orders but remained small
at Rs.9.51 crore as against INR8.14 crore in FY22. Further, MEPL
has achieved TOI of INR4.94 crore during 10MFY24 (Provisional) and
it is expected to remain small for FY24 as well.

* Highly working capital-intensive nature of operations: MEPL's
average working capital cycle although improved but continues to
remain elongated at 568 days in FY23 (P.Y. 765 days) owing to high
collection and inventory period. The collection period has improved
but remained high at 285 days during FY23 as against 433 days
during FY22 mainly due to improvement in receipt of order payments
during the year.

Generally, MEPL receive the payment only after approval from board
of clients. Furthermore, average inventory period has improved but
stood high at 361 days during FY23 due to nature of business.
Further, the company funds major portion of its working capital
requirements through the working capital limit which is highly
utilized with average utilization of 80% for last 12 months ended
January 31, 2024.

* Tender-based nature of operations: MEPL's major portion of the
revenue comes from tenders floated by the Maharashtra State
Electricity Distribution Company Limited (MSEDCL). Increase in the
number of bidders for these projects has further intensified the
competition to get these contracts. Furthermore, tender driven
nature and lengthy bidding process can impact the revenue growth of
the entity while timely completion of orders and translation of the
same into revenues is essential.

* Low order book position with geographical and segment
concentration: MEPL has a pending order in hand of Rs.27.77 crore
as on January 31, 2024, (which is 2.96 times of TOI of FY23) to be
completed by March 2025, denoting short term revenue visibility.
MEPL is a regional player having its presence in the electrical
contracts primarily in the region of Satara, Baramati, Solapur,
Phaltan, Mumbai, Pune, Aurangabad and another region of
Maharashtra. Further, out of its total outstanding order book
position, all the projects are from Pune, Mumbai and Sangali &
Satara of Maharashtra, thereby making the entity susceptible to
geographical concentration risk.

Key strengths

* Extensive experience of the promoters and long-standing
association with its key customer: The company is engaged in the
execution of EPC contracts for MSEDCL since four decades and has an
established presence in the Satara region of Maharashtra. Further,
the promoters have more than Four and half decades of experience in
the industry. Being in the industry for so long has helped the
promoters in gaining adequate acumen about the business.

* Healthy profitability margins: The profitability margins have
marginally declined but remained healthy as indicated by PBILDT
margin, which has declined from 15.94% in FY22 to 14.39% in FY23 on
account of higher cost of material and other construction costs.
Resultantly with increase in interest cost during the year, the PAT
margin also declined but remained satisfactory to 4.24% in FY23
against 4.53% in FY22. However, PBILDT and PAT has improved in
absolute terms and remained modest at INR1.37 crore and INR0.40
crore during FY23 respectively.

* Comfortable capital structure with moderate debt coverage
indicators: As a result of decrease in overall debt mainly in form
of working capital utilization as well as increased tangible net
worth level, the capital structure of MEPL has improved and
remained comfortable marked by overall gearing of 0.26x as on March
31, 2023 vis-à-vis 0.50x as on March 31, 2022. Further, as a
result of decrease in overall debt, Debt coverage indicators
improved and remained moderate as indicated by Total debt to GCA of
7.77 years as on March 31, 2023 as against 16.94 years as on March
31, 2022. However, Interest coverage ratio, has slightly
deteriorated to 1.54x in FY23 vis-à-vis 1.64x in FY22 due to
higher interest charges.

Liquidity: Stretched

Liquidity position of MEPL remained stretched as marked by low cash
and bank balances as well as higher utilization of working capital
limits. As on March 31, 2023, cash and bank balance remained low at
INR0.07 crore as against INR0.13 crore as on March 31, 2022.
Average utilization of working capital limits remained high at 80%
for past twelve months ended January 2024. However, the cash flow
from operating activities (CFO) has improved and remained at
INR4.67 crore during FY23 as against INR2.92 crore during FY22 due
to realisation of funds from receivables. Further, GCA remained
modest during FY23 at INR0.48 crore as against nil debt repayment
obligation.

Mense Electricals Private Limited (MEPL) is a closely held company,
incorporated in November, 2012. Prior to the incorporation of MEPL,
the promoters carried out the activities under proprietorship
concern 'Mense Electricals' (ME) established in the year 1975. MEPL
is promoted by first generation entrepreneur Mr. Ashok Mense who
has more than 45 years of experience as electrical contractor. MEPL
is primarily engaged in the EPC business for providing turnkey
solutions majorly to state utilities for setting up substations and
electrical distribution lines. The company provides EPC services in
distribution part of electricity supply chain including substation
of 33KV/11KV and 33KV/22KV along with distribution centre
transformers and High Tension (HT)/ Low Tension (LT) lines (both
overhead and underground). Major business of the company comes from
tenders floated by Maharashtra State Electricity Distribution
Company Limited.


MIL INDUSTRIES: Ind-Ra Affirms BB+ Loan Rating, Outlook Stable
--------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed MIL Industries
Limited's (MIL) bank facilities' ratings as follows:

-- INR22 mil. Fund-based limits affirmed with IND BB+/Stable
     rating; and

-- INR75 mil. Non-fund-based limits affirmed with IND A4+ rating.

Analytical Approach: Ind-Ra has taken a standalone view of MIL
while arriving at the ratings.

Key Rating Drivers

The affirmation reflects MIL's continued small scale of operations.
The revenue declined to INR357.63 million in FY23 (FY22: INR535.54
million, FY21: INR419.22 million), due to the demerger of its
polytetrafluoroethylene (PTFE) business from the rubber lining
business in August 2022. During 9MFY24, MIL achieved revenue of
INR291.83 million. Ind-Ra expects a marginal improvement in MIL's
revenue in FY24 and FY25 due to sustained demand; however, a high
capacity utilization of 93% could impede revenue growth in the
absence of capex. MIL's PTFE business was incorporated under MIL
Industries and Aerospace Limited.

The ratings also factor in MIL's modest EBITDA margins, which
declined to 12.83% in FY23 (FY22: 15.26%, FY21: 21.66%), due to
higher rubber prices (major raw material), owing to supply
disruptions caused by the Russia-Ukraine war. The return on capital
employed was 8.8% in FY23 (FY22: 14.5%). However, Ind-Ra expects
the EBITDA margins to improve in FY24 and FY25 due to stabilization
of rubber supply chains.

However, the ratings remain supported by MIL's comfortable credit
metrics, owing to its low dependence on external debt. The gross
interest coverage (operating EBITDA/gross interest expense)
deteriorated to 18.2x in FY23 (FY22: 30.38x, FY21: 29.43x) on
account of a decline in the EBITDA to INR45.8 million (INR81.72
million) caused by higher rubber prices. The company maintained a
net cash position in FY22 and FY23. Ind-Ra expects the credit
metrics to remain comfortable due to the absence of any major
debt-led capex plans.

Liquidity Indicator - Adequate: MIL's average maximum utilization
of the fund-based limits was 37% and non-fund-based limits was
58.65% during the 12 months ended January 2024. The cash flow from
operations decreased to INR46.1 million in FY23 (FY22: INR65.80
million), due to the decline in profitability. The net working
capital cycle, although remained elongated, shortened to 152 days
in FY23 (FY22: 216 days, FY21: 388) due to a fall in the inventory
holding period to 129 days (204 days, 396 days). The agency expects
the working capital cycle to reduce further in FY24 as the company
will have to maintain a lower inventory due to the demerger. The
cash and cash equivalents stood at INR147.98 million at FYE23
(FYE22: INR230.46 million).However, MIL does not have any capital
market exposure and relies on banks and financial institutions to
meet its funding requirements. The company does not have any term
loans.

The ratings also remain supported by MIL's promoters' over five
decades of experience in the manufacturing of rubber lining,
leading to established relationships with its customers and
suppliers.

Rating Sensitivities

Negative: A further decline in the scale of operations, leading to
a further deterioration in the liquidity and credit metrics, all on
a sustained basis, will be negative for the ratings.

Positive: A significant increase in the scale of operations and
stable operating profitability, resulting in sustained comfortable
credit metrics will be positive for the ratings.

Company Profile

Established in 1966, MIL manufactures anti-corrosion and
anti-abrasion lining and products, such as rubber lining for
fertilizer, chemical and tire manufacturing industries.

MIL INDUSTRIES: Ind-Ra Corrects January 20, 2023 Rating Release
---------------------------------------------------------------
This India Ratings and Research (Ind-Ra) rectifies MIL Industries
Limited's (MIL) rating published on January 20, 2023 to include the
rating history table.

The amended version is as follows:

India Ratings and Research (Ind-Ra) has affirmed MIL Industries
Limited's (MIL) Long-Term Issuer Rating at 'IND BB+'. The Outlook
is Stable.

The instrument-wise rating actions are:

-- INR22 mil. Fund based working capital limits affirmed with IND

     BB+/Stable rating; and

-- INR75 mil. (increased from INR65 mil.) Non-fund based working
     capital limits affirmed with IND A4+ rating.

Key Rating Drivers

The affirmation reflects MIL's continued small scale of operations,
with its revenue improving to INR535.54 million in FY22 (FY21:
INR419.22 million), due to its production, operations and supply
chain recovering from the impact of COVID-19-led disruptions.
During 9MFY23, MIL achieved revenue of INR261 million and had an
orderbook of INR193.7 million, which is scheduled be executed in
the next three months. However, Ind-Ra expects MIL's revenue to
decline in FY23, due to the demerger of the polytetrafluoroethylene
(PTFE) business from the rubber lining business in August 2022.
MIL's PTFE business was incorporated under MIL Industries and
Aerospace Limited.

The ratings reflect MIL's continued healthy EBITDA margin that
declined to 15.26% in FY22 (FY21: 21.6%), due to higher rubber
prices (major raw material) due to the ongoing Russia-Ukraine war.
The return over capital employed was 14.5% in FY22 (FY21: 19.7%).
Ind-Ra expects the EBITDA margin to remain at a similar level in
FY23.

The ratings also reflect MIL's continued comfortable credit
metrics, owing to its low dependence on external debt. The gross
interest coverage (operating EBITDA/gross interest expense)
improved to 30.38x in FY22 (FY21: 29.43x), due to lower utilization
of the non-fund-based facilities, and the net leverage (total
adjusted net debt/operating EBITDAR) improved to negative 2.51x
(negative 1.85x), due to an increase in the cash and cash
equivalents to INR222.56 million (INR172.71 million). Ind-Ra
expects the credit metrics to remain comfortable due to the absence
of any major debt-led capital expenditure.

Liquidity Indicator - Adequate: MIL's average maximum utilization
of the fund-based limits was 69.32% and non-fund-based limits was
59.48% during the 12 months ended December 2022. The cash flow from
operations improved to INR65.8 million in FY22 (FY21: INR34.93
million), due to favorable changes in the working capital cycle.
The net working capital cycle, although elongated, shortened to 216
days in FY22 (FY21: 388 days) due to a fall in the inventory days
to 204 days (396 days). The agency expects the working capital
cycle to shorten further in FY23 following the demerger of the PTFE
business from MIL's rubber lining business as lesser inventory of
90 days is maintained for rubber. The cash and cash equivalents
stood at INR222.56 million at FYE22 (FYE21: INR172.71 million). MIL
does not have any capital market exposure and relies on banks and
financial institutions to meet its funding requirements.

The ratings are supported by MIL promoters' over five decades of
experience in manufacturing rubber and polytetrafluoroethylene
lining, leading to established relationships with customers and
suppliers.

Rating Sensitivities

Negative: A decline in the scale of operations, leading to a
deterioration in liquidity and the credit metrics, will be negative
for the ratings.

Positive: A significant increase in the scale of operations and
stable operating profitability resulting in comfortable credit
metrics, on a sustained basis, will be positive for the ratings.

Company Profile

Established in 1966, MIL manufactures anti-corrosion and
anti-abrasion lining and products, such as rubber lining for
fertilizer, chemical and tire manufacturing industries.


NANDANAM TILES: Insolvency Resolution Process Case Summary
----------------------------------------------------------
Debtor: Nandanam Tiles And Sanitaries Pvt Ltd

        Registered Address:
        DNo 7/469, 471, 472
        Sree Dharmasastha Building
        Kunnamkulam Road, Near Sobha City
        Puzhakkal Pin - 680553 Thrissur
        
Insolvency Commencement Date: January 19. 2024

Court: National Company Law Tribunal, Kochi Bench

Estimated date of closure of
insolvency resolution process: July 16, 2024

Interim Resolution
Professional: Jossy Steephen Kattur
              Barons - 16C, Skyline Imperial Gardens
              Stadium Link Road, Kaloor
              Ernakulam - 682025
              Email: jossysk@gmail.com
                     nandanamcirp2024@gmail.com

Last date for
submission of claims: February 1, 2024


NARENDRA DEV: ICRA Withdraws D Rating on INR2.50cr LT Loan
----------------------------------------------------------
ICRA has withdrawn the ratings assigned to the bank facilities of
Narendra Dev Girrajji Constructions (JV) at the request of the
company and based on the No Objection Mail/Closure Certificate
received from the bankers. However, ICRA does not have information
to suggest that the credit risk has changed since the time the
rating was last reviewed. The Key Rating Drivers, Liquidity
Position, Rating Sensitivities, Key financial indicators have not
been captured as the rated instruments are being withdrawn.

                    Amount
   Facilities     (INR crore)   Ratings
   ----------     -----------   -------
   Long-term–         2.50      [ICRA]D; ISSUER NOT COOPERATING;
   Fund based                   Withdrawn
   Cash Credit                  

   Short-term         5.00      [ICRA]D; ISSUER NOT COOPERATING;
   Non-fund based               Withdrawn
   Others                       

This is a joint venture between Narendra Dev Railways (NDR) and
Girirajji Stone Crushers Pvt Ltd (GSCPL) formed on 1st March 2014.
The JV has been formed to carry out a project of construction of 8
Road Under Bridge (RUB) for the elimination of level crossing for
the North Central Railways in the Allahabad district between Agra
and Mainpuri. NDR will be responsible for the fulfilling the
technical and financial criteria while GSCPL will be responsible
for the execution of the work.


NAVIN COLD: ICRA Keeps D Debt Ratings in Not Cooperating Category
-----------------------------------------------------------------
ICRA has kept the Long-term rating for the bank facilities of Navin
Cold Storage Pvt. Ltd. in the 'Issuer Not Cooperating' category.
The rating is denoted as "[ICRA]D; ISSUER NOT COOPERATING".

                    Amount
   Facilities     (INR crore)   Ratings
   ----------     -----------   -------
   Long-term–         6.67      [ICRA]D; ISSUER NOT COOPERATING;
   Fund based                   Rating Continues to remain under
   Cash Credit                  'Issuer Not Cooperating'
                                Category

   Long-term–         1.81      [ICRA]D; ISSUER NOT COOPERATING;
   Fund based                   Rating Continues to remain under
   Term Loan                    'Issuer Not Cooperating'
                                Category

   Long Term-         0.52      [ICRA]D; ISSUER NOT COOPERATING;
   Unallocated                  Rating Continues to remain under
                                'Issuer Not Cooperating'
                                Category

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

Navin Cold Storage Pvt. Ltd. had set up its cold storage unit in
West Medinipur, West Bengal in 1990 to carry out the business of
storage and preservation of potatoes. The current capacity of the
cold storage unit is 23,557 metric tones (Mt).


NAVYUG INDUSTRIES: CRISIL Lowers Rating on INR13cr Cash Loan to D
-----------------------------------------------------------------
CRISIL Ratings has downgraded its rating on the bank facilities of
Navyug Industries (NI) to 'CRISIL D Issuer Not Cooperating' from
'CRISIL B/Stable Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit            13         CRISIL D (ISSUER NOT
                                     COOPERATING; Downgraded from
                                     'CRISIL B/Stable ISSUER NOT
                                     COOPERATING')

   Rupee Term Loan         3         CRISIL D (ISSUER NOT
                                     COOPERATING; Downgraded from
                                     'CRISIL B/Stable ISSUER NOT
                                     COOPERATING')

CRISIL Ratings has been consistently following up with Navyug
Industries (NI) for obtaining information through letter and email
dated August 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

Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of NI, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on NI is
consistent with 'Assessing Information Adequacy Risk'.

Based on the last available information, CRISIL Ratings has
downgraded its rating on the bank facilities of NI to 'CRISIL D
Issuer Not Cooperating' from 'CRISIL B/Stable Issuer Not
Cooperating'. As per confirmation provided by the management, there
remains a delay in debt reservicing obligations of the firm.

NI was established in 2006, as a partnership concern. NI is based
in Faridabad (Harayana) and its manufacturing unit is located in
Haridwar. NI is engaged in manufacturing of electrical appliances
for white goods and electric products manufacturing companies. The
day to day operation are manage by Mr. Anupam Gulati and Mr. Madhur
Gulati

Status of non cooperation with previous CRA:

NI has not cooperated with Credit Analysis & Research Ltd., which
published their ratings as 'issuer not co-operating' through
release dated 05-September-2018. The reason provided by them was
non-furnishing of information by NI for monitoring the ratings.

NCR RAIL: NCLT Admits Insolvency Resolution Bid vs. Company
-----------------------------------------------------------
The Economic Times reports that the National Company Law Tribunal
(NCLT) in Mumbai on March 7 admitted an insolvency resolution
application against NCR Rail Infrastructure (previously Arshiya
Rail Infrastructure), and appointed Bhuvan Madan as the resolution
professional for the company.

According to ET, Edelweiss Asset Reconstruction Company had
approached the tribunal seeking to initiate insolvency proceedings
against the company over a default on payment of INR71 crore.

In January 2018, Arshiya Industrial & Distribution Hub Ltd (AIDHL)
had entered into an agreement with lenders for a loan facility of
INR30 crore. AIDHL was merged with NCR Rail Infrastructure in 2019,
which led to the transfer of the liability to NCR Rail
Infrastructure.

Subsequently, the company defaulted on the repayment and the loan
was recalled in July 2019, ET recalls.

Edelweiss ARC, through counsel Rohit Gupta, argued that NCR Rail
Infrastructure continued to be in default in repayment of the
financial debt.

ET relates that the ARC sent a default notice on April 18, 2019 and
a default-cum-recall notice on July 13, 2019 to NCR Rail
Infrastructure. However, the debt remained unpaid, he said.

Countering this, Nausher Kohli, appearing for NCR Rail
Infrastructure, argued that the lender filed the application solely
for arm-twisting the company, thereby abusing the process of law.
He said the claim was also time-barred, according to ET.

"When we have already found that the application filed by the
creditor (Edelweiss ARC) itself is valid; the debt and liability
are acknowledged by the corporate debtor (NCR Rail Infrastructure);
the date of default and the amount in default exist . . . there is
no need to further consider any other issue raised by the parties,"
observed a division bench of the tribunal, comprising judicial
member KR Saji Kumar and technical member Sanjiv Dutt.

Lenders such as Kalindee Rail Nirman, IDBI Capital Markets &
Securities Ltd and Union Bank of India have also filed insolvency
resolution applications against NCR Rail Infrastructure. However,
since the application is admitted in one case, the lenders will
have to submit their claims to the RP now, ET says.

NCR Rail Infrastructure is an affiliate of BSE-listed Arshiya Ltd,
which operates free-trade warehousing zones.


NEESA LEISURE: NCLT Rejects Express Group's Revival Plan
--------------------------------------------------------
The Economic Times reports that the bankruptcy court in Ahmedabad
has rejected Gujarat-based Express Group of Hotels' revival plan
for Neesa Leisure Ltd, which operates a luxury hotel chain under
the brand Cambay.

According to ET, the company has admitted liabilities of INR1,580
crore, whereas the resolution plan approved by the lenders proposed
to give INR150 crore to them to acquire the company through the
bankruptcy process. The successful resolution applicant had
proposed INR250 crore towards capex and fresh funds, bringing the
total value of the plan to INR400 crore.

"The resolution plan approved by CoC (committee of creditors) has
not been done with a process that can be approved by this
adjudicating authority as it lacked a due and transparent process
of examining each application on its merits," the division bench of
judicial member Chitra Hankare and technical member Velamur G.
Venkata Chalapathy said in its order on March 1.

Before the National Company Law Tribunal (NCLT) rejected the plan,
Neesa Leisure's lenders had approved the plan with 67.5% voting.

"The plan has treated the secured creditors to be paid and not
considered the claims of unsecured creditors when the majority of
the assets are under dispute which are mainly leased properties
against which these secured creditors have created exposure," said
the bench.

ET says the bankrupt company's properties are located in
Gandhinagar and Ahmedabad in Gujarat and Neemrana, Udaipur and
Jaipur in Rajasthan. Ahmedabad-based independent counsel and
insolvency consultant Vishal J Dave said the way forward, in this
case will be the coming together of creditors and working out a
fresh plan after correcting issues indicated in the order as some
go to the root of the matter.


NEETA DEVELOPER: ICRA Keeps B+ Debt Rating in Not Cooperating
-------------------------------------------------------------
ICRA has kept the long-term rating of Neeta Developer in the
'Issuer Not Cooperating' category. The rating is denoted as
[ICRA]B+(Stable); ISSUER NOT COOPERATING".

                      Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long Term-         15.00       [ICRA]B+ (Stable) ISSUER NOT
   Fund Based-                    COOPERATING; Rating continues
   Term Loan                      to remain under 'Issuer Not
                                  Cooperating' category

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

Established in 2006, Neeta Developer (ND or the firm) is a
partnership firm formed by Mr. Diwakar V Shetty, Sadanand Raju
Shetty and Mr. Uday Bhaskar Shetty as partners with the objective
of developing slum land located at Kurla East under Slum
Redevelopment Scheme. The firm is part of the 'Reliable Group,'
which has over two decades of track record in the real estate.


NEW MOUNT: CRISIL Lowers Rating on INR20cr Cash Loan to B+
----------------------------------------------------------
CRISIL Ratings has downgraded its rating on the long-term bank
facilities of New Mount Trading And Investment Co. Ltd (NMTICL) to
'CRISIL B+/Stable' from 'CRISIL BB-/Stable'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit            20         CRISIL B+/Stable (Downgraded
                                     from 'CRISIL BB-/Stable')

   Rupee Term Loan         9.4       CRISIL B+/Stable (Downgraded
                                     from 'CRISIL BB-/Stable')

   Working Capital         5.6       CRISIL B+/Stable (Downgraded

   Term Loan                         from 'CRISIL BB-/Stable')

The downgrade reflects a continuous deterioration in operating
profitability with weak liquidity position. Operating margin of the
company has declined to 1.68% in fiscal 2023 (2.4% in fiscal 2022
and 3.25% in fiscal 2021) owing to volatility in raw material
prices and declining realisations. As a result, net cash accrual
has been modest leading to stretched liquidity. Although,
performance of the company has improved in fiscal 2024 and margins
are expected to rebound to 2.5-3.0%, its sustenance will remain a
key rating sensitivity factor.

The rating continues to reflect the moderate scale of operations of
the company and established market presence backed by the
promoters' extensive industry experience. These strengths are
partially offset by average debt protection metrics and subdued
profitability.

Analytical Approach

CRISIL Ratings has adopted a standalone approach since there is no
substantial business transaction among group concerns.

Key Rating Drivers & Detailed Description

Weaknesses:

* Subdued profitability indicators: Profitability is a key
monitorable due to continuous decline in operating margin owing to
volatile raw material prices and intense competition from small and
medium sized players.  Operating margin declined to 1.68% in fiscal
2023 (2.4% a fiscal 2022 and 3.25% in fiscal 2021). Although,
performance of the company has improved in fiscal 2024 and margin
is expected to rebound to 2.5%-3.0%, its sustenance will remain a
key rating sensitivity factor.

* Modest debt protection metrics: Debt protection metrics of NMTICL
have remained weak due to subdued profitability marked by interest
coverage ratio of around 1.4 times and net cash accrual to adjusted
debt (NCAAD) of 0.5 time in fiscal 2023 (1.35 and 0.06 time,
respectively, the previous fiscal). These metrics are expected
around 2.3 times and 0.15 time, respectively, for fiscal 2024

Strengths:

* Extensive industry experience of the promoters: The company is
currently owned by Shyam group based out of Prayagraj (erstwhile
Allahabad, Uttar Pradesh), which has been in existence for over 50
years. The company itself has historically been into diverse lines
of business including real estate in the name of Kanha Shyam
Residency. The entire group has a large and diverse portfolio
spread across sectors such as tobacco, hospitality, real estate,
agro products, dairy and fast-moving consumer goods (FMCG). The
group has established itself as one of the trusted business houses
in North India.

* Moderate scale of operations: NMTICL will continue to benefit in
terms of improving production capacity and strong client base,
further translating into steady revenue growth over the medium
term. Scale of operation has been improving at a compound annual
growth rate (CAGR) of 22% for the three fiscals through 2023.
Revenue is further expected to improve to more than INR230 crore in
fiscal 2024 (Rs 205.4 crore the previous fiscal).

Liquidity: Stretched

Expected cash accrual of INR4-5 crore is tightly matched against
term debt obligation of INR3.7-4.7 crore over the medium term. Bank
limit utilisation averaged a moderate 84.5% over the 13 months
ended January 2024. Current ratio was moderate at 1.27 times on
March 31, 2023. Need-based funding support from the promoters is
expected to continue.

Outlook: Stable
CRISIL Ratings expects NMTICL to continue to benefit from the
established presence of its promoters.

Rating Sensitivity Factors

Upward Factors

* Sustenance of profitability (over 3%) leading to higher cash
accrual.
* Improvement in debt protection metrics

Downward Factors

* Deterioration in liquidity profile followed by generation of
insufficient cash accrual against repayment obligations.
* Decline in profitability by 100 basis points

Incorporated in 1975, NMTICL currently owns a flour mill with a
capacity of 420 metric tonne per day producing flour, cattle feed
and rawa. The plant is located at Atrampur, Nawabganj, Uttar
Pradesh and is operational since 2016.


NEXRISE PUBLICATIONS: Insolvency Resolution Process Case Summary
----------------------------------------------------------------
Debtor: Nexrise Publications Private Limited

        Registered Address:
        1st Floor, 6A & 6B,
        PMR Towers Menambedu High Road
        Menambedu High Road
        Ambattur Industrial Estate
        Chennai, Tamil Nadu
        India 600098
        
Insolvency Commencement Date: February 2, 2024

Court: National Company Law Tribunal, Chennai Bench

Estimated date of closure of
insolvency resolution process: July 31, 2024

Insolvency professional: Shouvik Kumar Roy

Interim Resolution
Professional: Shouvik Kumar Roy
              E 502 Raheja Heights
              Gen AK Vaidya Marg
              Dindoshi Malad East
              Near Sankalp Society, Mumbai
              Suburban, Maharashtra 400097
              Email: shouvikkumarroy@gmail.com

                  - and -

              106, 1st Floor Kanakia Atrium 2
              Cross Road A, Chakala MIDC
              Andheri East, Mumbai 400093
              Email: cirp.nexrise@gmail.com

Last date for
submission of claims: February 20, 2024


PARAS STEEL: Ind-Ra Cuts Loan Rating to BB-, Outlook Stable
-----------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded Paras Steel
Corporation's (PSC) bank facilities' ratings to 'IND BB-' from 'IND
BB'. The Outlook is Stable.

The instrument-wise rating actions are:

-- INR430 mil. Non-fund-based working capital limits affirmed
     with IND A4+ rating;

-- INR10.05 mil. (reduced from INR12.8 mil.) Term loan due on
     November 30, 2027 downgraded with IND BB-/Stable rating; and

-- INR50 mil. Fund-based working capital limits Long-term rating
     downgraded; short-term rating affirmed with IND BB-/Stable/
     IND A4+ rating.

Analytical Approach: Ind-Ra has taken a consolidated view of PSC,
Vijay Kumar & Co (debt rated at 'IND BB-'/Stable), and Dalkan
Shipbreaking Limited (debt rated at 'IND BB-'/Stable), jointly
referred to as the Bhupatrai Chimanlal group hereafter, while
arriving at the ratings. This is in view of the strong strategic
and operational ties among them and a common management.

The downgrade reflects the Bhupatrai Chimanlal group's
lower-than-Ind-Ra expected financial performance in FY23 and the
likelihood of it to remain in line with FY23 performance in FY24.

Key Rating Drivers

The group's revenue grew to INR1,806 million in FY23 (FY22:
INR1,416 million, FY21: INR1,077 million), although was
lower-than-Ind-Ra's expectation. The revenue growth was mainly
driven by higher sales of scrap, as the company had purchased
large-sized ships. The group's revenue is highly dependent upon the
type of ships procured by the group to dismantle, leading to the
absence of revenue visibility.

The group achieved revenue of INR1,392 million in 9MFY24. It has
also started generating revenue from trading of scrap in FY23
during the absence of ships available for breaking. Ind-Ra expects
the consolidated revenue for FY24 to remain in line with FY23 or
see a marginal improvement, since the group purchased two ships in
December 2023 and are in advance talks of purchasing an additional
ship, which is likely to be complete by March 2024, providing
medium-term revenue visibility.

The ratings also reflect the group's modest and volatile EBITDA
margins, which declined to 2.3% in FY23 (FY22: 2.51%). The decrease
in margins was due to a lower-than-average realization per unit
from the ships purchased for dismantling and a higher average
metal/scrap prices. Since the management has started trading of
steel scrap during the absence of ships, the agency expects the
margins to remain low considering the nature of operations. The
return on capital employed stood at 4.5% in FY23 (FY22: 3.5%). The
operating margins fluctuated between 2% and 6% over FY20-FY23,
reflecting the volatility in the prices of steel scrap as well as
the purchase price of ships.

The ratings also factor in the group's modest credit metrics. The
interest coverage (operating EBITDA/gross interest) deteriorated to
0.70x in FY23 (FY22: 1.01x) mainly due to an increase in the
interest cost to INR60 million (INR35 million) backed by higher
interest paid towards unsecured loans which increased to INR455
million (FY22: INR245 million). However, the net financial leverage
(adjusted net debt/operating EBITDA) improved to 11.60x (20.97x)
due to a decrease in the overall debt to INR601 million (INR854
million). Ind-Ra expects the credit metrics to moderate in FY24 on
account of a lower EBITDA generation of INR31.47 million in 9MFY24
and a high level of debt outstanding. The agency, however, expects
the company's credit metrics to improve in the medium term with an
improvement in the group's operating performance.

Liquidity Indicator - Stretched: The group's average use of the
fund-based working capital limits was 40% for the 12 months ended
December 2023. The group utilizes non-fund-based letter of credit
(LC) limits for purchasing ships. The tenure for the same depends
upon the size and tonnage of ships and ranges between 180 and 270
days. An upfront cash margin of 15% is retained at the time of
opening an LC. The group parks its surplus in fixed deposits,
ensuring gradual a build-up of reserve funds to meet the sizeable
LC payment obligations on maturity. As on January 2024, the group
had outstanding LC worth INR885.326 million, against total current
assets of INR2,180 million in the form of fixed deposits, inventory
and receivables. The group's working capital cycle reduced to 102
days in FY23 (FY22: 181 days; FY20: 222 days), but remained
elongated, due to an increase in the payable period to 90 days ( 9
days, 10 days) and a decrease in the receivable period to 30 days
(60 days, 50 days) and inventory holding period to 162 days (129
days, 183 days). The group has scheduled debt repayments of INR7
million and INR14 million in FY24 and FY25, respectively. The group
had cash and bank balances of INR119 million at FYE23.

However, the ratings continue to be supported by the favorable
location of the ship-breaking yard and the promoter's over 30 years
of experience in the ship-breaking industry. The Bhupatrai
Chimanlal group's ship-breaking yard is located in the Alang-Sosiya
belt in Gujarat, which is one of the world's largest ship-breaking
clusters and constitutes almost 90% of India's ship-breaking
activity.

On a standalone basis, PSC's revenue was INR235 million in FY23
(FY22: INR 338 million), EBITDA margins were 1% (3%), interest
coverage was 0.27x (1.31x) and net leverage was 18.21x (7.65x).

Rating Sensitivities

Positive: An improvement in the scale of operations and liquidity
position, leading to the interest coverage exceeding 1.25x, all on
a consolidated and sustained basis, will be positive for the
ratings.

Negative: Deterioration in the scale of operations and liquidity
position, leading to deterioration in the credit metrics, all on a
consolidated and sustained basis, would be negative for the
ratings.

Company Profile

PSC was established in 1998 as a proprietorship concern of
Jaysukhlal Shah to carry out ship-recycling activities. The firm
operates from the Alang Ship Breaking Yard in Bhavnagar, Gujarat.



PERFECT COMMUNICATION: ICRA Keeps B+ Rating in Not Cooperating
--------------------------------------------------------------
ICRA has kept the long-term rating of Perfect Communication in the
'Issuer Not Cooperating' category. The rating is denoted as
[ICRA]B+(Stable); ISSUER NOT COOPERATING".

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

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

Perfect Communication (PC) is a Mumbai based partnership concern
established in 2008 jointly promoted by Mr. Madhav Sheth and Ms.
Dimple Amit Bist. The firm is an exclusive area distributor for
Samsung mobiles and accessories in Andheri-Bandra stretch in
Mumbai. The firm has its registered office in Irla Lane in Vile
Parle West, Mumbai.


PLASMA METAL: ICRA Keeps D Debt Rating in Not Cooperating
---------------------------------------------------------
ICRA has kept the long-term rating of Plasma Metal Processing Pvt.
Ltd. in the 'Issuer Not Cooperating' category. The rating is
denoted as [ICRA]D; ISSUER NOT COOPERATING".

                    Amount
   Facilities     (INR crore)   Ratings
   ----------     -----------   -------
   Long-term–        35.00      [ICRA]D; ISSUER NOT COOPERATING;
   Fund based                   Rating Continues to remain under
   Term Loan                    'Issuer Not Cooperating'
                                Category

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

Plasma Metal Processing Pvt. Ltd. (PMP) was established in the year
2011 and will be engaged in the business of plasma cleaning and
coating of rebars, wire rods and wires. The company is managed by
its directors, Mr. Krishnakant Tekriwal, Mr. Shreekant Tekriwal and
Mr. Rishikant Tekriwal who have vast experience in metal cleaning
and metal coating processes and are involved in steel long products
processing industry. The factory is located in Butibori, MIDC,
Nagpur. PMP has two group companies namely Triveni Wires Pvt. Ltd.
and Tensile Wires Pvt. Ltd. which are engaged in a similar line of
business.


PRECISION MACHINES: Ind-Ra Cuts Loan Rating to BB+, Outlook Stable
------------------------------------------------------------------
India Ratings and Research (Ind-Ra) has taken the following rating
actions on Precision Machines & Equipment Private Limited's (PMEPL)
bank facilities:

-- INR80 mil. Fund-based working capital limit downgraded; off
     Rating Watch with Developing Implications with IND BB+/Stable

     /IND A4+ rating;

-- INR574.8 mil. Non-fund-based working capital limit downgraded;

     off Rating Watch with Developing Implications with IND A4+
     rating; and

-- INR115 mil. (reduced from INR145.2 mil.) Term loan due on
     March 2028 downgraded; off Rating Watch with Developing
     Implications with IND BB+/Stable rating.

The downgrade and resolution of Rating Watch with Developing
Implications reflect Ind-Ra's expectation of a decline in PMEPL's
revenue and continued fall in EBITDA in FY24.

Key Rating Drivers

Ind-Ra expects the revenue to fall on a yoy basis in FY24 due to
cancellation of orders by Caterpillar India Private Limited (CIPL),
which is PMEPL's largest customer. The company booked a revenue of
INR1,528.57 million in 9MFY24. The scale of operation continued to
be medium. In FY23, the revenue had increased to INR2,886.41
million (FY22: INR1,426.41 million) on account of a rise in the
orders received from CIPL. In FY25, Ind-Ra expects the revenue to
remain at FY24 levels unless PMEPL receives high-volume orders from
CIPL.

Furthermore, Ind-Ra expects PMEPL's EBITDA margin to decline in
FY24  due to an increase in employee and administrative expenses.
In FY23,  the EBITDA margin remained healthy but declined to 3.95%
(FY22: 5.01 %) due to a rise in the prices of steel, which is a
major raw material for PMEPL. The return on capital employed
improved to 25.5% in FY23 (FY22: 13%). In FY25, Ind-Ra expects the
EBITDA margin to improve slightly due to the stabilization of steel
prices.

Liquidity Indicator – Stretched: PMEPL's average maximum
utilization of the fund-based limits was 92.39% and that of the
non-fund-based limits was 42.76% during the 12 months ended January
2024. The cash flow from operations turned negative at INR77.44
million in FY23 (FY22: INR85.14 million) due to unfavorable changes
in working capital. Furthermore, the free cash flow turned negative
at INR91.73 million in FY23 (FY22: INR51.79 million). The company
has repayment obligations of INR34.41 million in FY24, INR33.86
million in FY25 and INR27 million in FY26. PMEPL does not have any
capital market exposure and relies on banks and financial
institutions to meet its funding requirements. The net working
capital cycle remained comfortable and improved to two days in FY23
(FY22: 10 days) due a reduction in debtors to 24 days  (41days) and
inventory days to 62  days (93 days). The cash and cash equivalents
stood at INR29.68 million at FYE23 (FYE22: INR14.44 million).

The ratings also reflects high client concentration risk, as PMEPL
derives 90%-95% of its revenue from CIPL.

The ratings are supported by PMEPL's continued comfortable credit
metrics. The gross interest coverage (operating EBITDA/gross
interest expense) declined to 2.17x in FY23 (FY22: 2.47x) due to an
increase in finance cost to INR52.47 million (INR28.93 million).
However, the net financial leverage (adjusted net debt/operating
EBITDA) improved to 0.76x in FY23 (FY22: 1.40x) due to an
improvement in the EBITDA to INR114.03 million (FY22: INR71.47
million). Ind-Ra expects the interest coverage to improve in FY24
and FY25 because of a decline in finance costs due to reduction in
bill discounting commission, resulting from funds being released
from working capital due to lower  scale of operations. The net
financial leverage is likely to deteriorate over the same period as
the company would be availing debt for capex. PMEPL plans to
establish a new unit for large mining trucks with a capacity of 16
units. Total funding of INR150 million will be required for the
unit; of this, INR100 million would be financed through term loan,
which has been sanctioned by the bank, and INR50 million will
funded from internal accruals or equity capital. Until January
2024, the company had incurred capex of INR40 million and availed
term loan of INR75 million.

The ratings, however, continue to be supported by PMEPL's
promoters' over three decades of experience in the fabrication of
machines, leading to established relationships with reputed
customers such as CIPL.

Rating Sensitivities

Negative: A decline in the revenue and EBITDA margins, leading to
the net financial leverage exceeding 3.5x and pressure on the
liquidity position, will lead to a negative rating action.

Positive: A recovery in revenue along with an improvement in
EBITDA, leading to an improvement in the credit metrics and
liquidity position, will lead to a positive rating action.

Company Profile

Founded in 1990, PMEPL manufactures heavy precision fabrication and
machining. It has three manufacturing facilities - in Porur,
Irungattukottai and Oragadam - in Tamil Nadu, with a total
installed capacity of 90 units per month.

PURANDAR MILK: ICRA Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------
ICRA has kept the long-term rating of Purandar Milk and Agro
Products Limited in the 'Issuer Not Cooperating' category. The
rating is denoted as [ICRA]D; ISSUER NOT COOPERATING".

                    Amount
   Facilities     (INR crore)   Ratings
   ----------     -----------   -------
   Long-term–         5.00      [ICRA]D; ISSUER NOT COOPERATING;
   Fund based                   Rating Continues to remain under
   Term Loan                    'Issuer Not Cooperating'
                                Category

   Long-term–         0.90      [ICRA]D; ISSUER NOT COOPERATING;
   Fund based                   Rating Continues to remain under
   Cash Credit                  'Issuer Not Cooperating'
                                Category

   Long Term-         1.10      [ICRA]D; ISSUER NOT COOPERATING;
   Unallocated                  Rating Continues to remain under
                                'Issuer Not Cooperating'
                                Category

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

Purandar Milk and Agro Products Limited was established in 2000 and
commenced operations in 2001. The company is involved in
procurement, processing and sale of milk and milk products, trading
of petroleum products, petrol and diesel and weigh bridge
operations. The milk processing capacity of the company is 30,000
litres per day. The company markets milk and milk products in the
nearby metros under the brand name 'ANANDI'. PMAPL is part of
Silver Jubilee Group promoted by Mr. Sanjay Jagtap which has
diversified interests ranging from automobile dealership, dairy,
real estate to investment advisory services. The prominent among
them include Silver Jubilee Motors Limited (promoted along with Mr.
Kiranpalsingh Ahluwalia) involved in sales and services of Mahindra
and Mahindra utility vehicles. PMAPL has set up a 5000 metric ton
per month capacity cold storage plant in Khalad, Pune
(Maharashtra).


PUSH ENGINEERING: ICRA Keeps B+ Debt Ratings in Not Cooperating
---------------------------------------------------------------
ICRA has kept the Long-Term and Short-Term rating for the Bank
facilities of Push Engineering Private Limited in the 'Issuer Not
Cooperating' category. The rating is denoted as "[ICRA]B+(Stable);
ISSUER NOT COOPERATING/[ICRA]A4; ISSUER NOT COOPERATING".

                      Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long Term-         23.00       [ICRA]B+ (Stable) ISSUER NOT
   Fund Based-                    COOPERATING; Rating continues
   Term Loan                      to remain under 'Issuer Not
                                  Cooperating' category

   Long Term/          8.00       [ICRA]B+(Stable)/[ICRA]A4;
   Short Term-                    ISSUER NOT COOPERATING;
   Fund Based                     Rating Continues to remain
   Cash Credit                    under issuer not cooperating
                                  category

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

Push Engineering Private Limited (PEPL) was initially registered as
a Partnership firm in 1997. Thereafter, the promoters formed
another company i.e. EU Industrial Equipment Private Limited in the
year 1999. In the year of 2009, the promoters merged both the
entities & formed Push Engineering Pvt Ltd. PEPL is in the business
of manufacturing of various refrigeration equipment's like Flake
Ice Makers/Plants, Tube Ice Makers/Plants, Chilled Water Plants,
Automatic Ice Handling Systems, Pneumatic conveying systems, Low
pressure vessels, snow world etc.


QUADRANT TELEVENTURES: CARE Keeps D Debt Rating in Not Cooperating
------------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Quadrant
Televentures Limited (QTL) continue to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      17.22       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

   Short Term Bank     24.40       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Rationale and key rating drivers

CARE Ratings Ltd. had, vide its press release dated December 7,
2022, placed the rating(s) of QTL under the 'issuer
non-cooperating' category as QTL had failed to provide information
for monitoring of the rating and had not paid the surveillance fees
for the rating exercise as agreed to in its Rating Agreement. QTL
continues to be non-cooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated October 23, 2023, November 2, 2023, November 12,
2023.

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

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

Quadrant Televentures Limited (QTL) (ISIN: INE527B01020) was
incorporated in August 1946 by the name- The Investment Trust of
India Limited (ITIL). The name of the company was changed to HFCL
Infotel Limited (HIL) in May 2003. In August 2009, the ownership of
HIL was transferred to the Videocon group, subsequent to which, the
company was rechristened as QTL. QTL is a Unified Access Services
(UAS) Licensee in the Punjab Telecom Circle comprising of the state
of Punjab, Chandigarh and Panchkula. The company started its
operations as a fixed line service provider under the brand name
'Connect' in the year 2000. It was later granted UAS License in the
Punjab Telecom Circle (including Chandigarh and Panchkula) in 2003
subsequent to which it launched its CDMA based mobile services
under the brand name 'Ping' (from September 2007) and GSMbased
mobile services in March 2010. Currently, QTL is providing Fixed
Voice (Landline) services, DSL (Internet) services, Leased Line
services and CDMA Mobile Services in the Punjab Telecom Circle
(including Chandigarh and Panchkula). The company discontinued its
GSM business operations from February 15, 2017.


RAJAT INFRA: CARE Keeps D Debt Ratings in Not Cooperating Category
------------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Rajat
Infra Developers Private Limited (RIDPL) continue to remain in the
'Issuer Not Cooperating' category.

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

   Short Term Bank      7.00       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Rationale and key rating drivers

CARE Ratings Ltd. had, vide its press release dated December 26,
2022, placed the rating(s) of RIDPL under the 'issuer
non-cooperating' category as RIDPL had failed to provide
information for monitoring of the rating and had not paid the
surveillance fees for the rating exercise as agreed to in its
Rating Agreement. RIDPL continues to be non-cooperative despite
repeated requests for submission of information through e-mails,
phone calls and a letter/email dated November 11, 2023, November
21, 2023, December 1, 2023.

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

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

Vadodara-based (Gujarat) RIDPL was incorporated in March, 2012 by
Mr. Prabhakant Jadav and Chandrashekhar Yadav. The company is
engaged into the Civil Construction of road, civil and other
irrigation canal project.


RAPID METRORAIL SOUTH: ICRA Keeps D Rating in Not Cooperating
-------------------------------------------------------------
ICRA has kept the long-term rating of Rapid Metrorail Gurgaon South
Limited (RMGSL) in the 'Issuer Not Cooperating' category. The
rating is denoted as [ICRA]D; ISSUER NOT COOPERATING".

                    Amount
   Facilities     (INR crore)   Ratings
   ----------     -----------   -------
   Long-term–       1500.00     [ICRA]D; ISSUER NOT COOPERATING;
   Fund based                   Rating Continues to remain under
   Term Loan                    'Issuer Not Cooperating'
                                Category

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

RMGSL, a Special Purpose Vehicle (SPV), was incorporated with the
aim of implementing a Metro link from DMRC Sikandarpur Station to
Sector-56, in Gurgaon under concession from HUDA in Public Private
Partnership. The SPV's sponsors are IL&FS Rail Limited (IRL)
(65.0%) and IL &FS Transportation Networks Limited (ITNL) (35.0%).
The scope of the project includes design
performance and execution, engineering, financing, procurement,
construction, installation, commissioning and testing of the works
together with subsequent operation and maintenance of the entire
project. HUDA has granted the concession to the SPV for a period of
98 years starting from July 2, 2013.

The total cost of the project was funded by a combination of debt
(INR1,500 crore) and equity. The entire term loan of INR1,500 crore
has been sanctioned by a consortium of five banks with Canara Bank
as the lead bank and an external commercial borrowing (ECB) loan
lender. The project achieved commercial operations on March 31,
2017.

The IL&FS Group has experience in developing a similar metro
project and has successfully executed a metro line under RMGL. This
was the Group's first metro rail project with operations commencing
in November 2013. The link has been developed from DMRC Sikanderpur
Station to National Highway 8 (NH 8) in Gurgaon under concession
from HUDA.


RAPID METRORAIL: ICRA Keeps D Debt Rating in Not Cooperating
------------------------------------------------------------
ICRA has kept the long-term rating of Rapid Metrorail Gurgaon
Limited in the 'Issuer Not Cooperating' category. The rating is
denoted as [ICRA]D; ISSUER NOT COOPERATING".

                    Amount
   Facilities     (INR crore)   Ratings
   ----------     -----------   -------
   Long-term–        761.60     [ICRA]D; ISSUER NOT COOPERATING;
   Fund based                   Rating Continues to remain under
   Term Loan                    'Issuer Not Cooperating'
                                Category

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

RMGL is a Special Purpose Vehicle (SPV) incorporated with the
purpose of implementing the metro link from Delhi Metro Rail
Corporation (DMRC) Sikandarpur Station to National Highway-8 (NH-8)
in Gurgaon (Haryana) under concession from Haryana Urban
Development Authority (HUDA) in Public Private Partnership. The
scope of the project includes the performance And execution of
design, engineering, financing, procurement, construction,
installation, commissioning and testing of the works together with
subsequent operations and maintenance of the entire project. The
concession has been granted by HUDA to the SPV for a period of 99
years starting from December 9th, 2009.

The metro became operational on November 14, 2013. The project was
completed at a cost of INR1,241 crore (including DSRA), as against
the initially expected project cost of INR1,088 crore. The cost
over runs incurred to complete the project has been entirely funded
through promoters' incremental contribution. The metro commenced
operations with a fare of INR12 per ride, however, the same was
increased to INR20 per ride in August 2014 under provisions of The
Metro Railway Operations & Maintenance Act 2002. The CA specifies
connectivity charges of INR5 crore to be paid to HUDA within 60
days of signing the CA and INR40 crore per year from the 17th to
35th year. Also, HUDA will have a revenue share on non-fare annual
revenues starting from 5% and going up to 10% which will be paid on
yearly basis. The CA also entitles RMGL to collect revenues related
to the passenger fares, advertising revenues and real estate
revenues The sponsors in the SPV are IL&FS group companies
including IL&FS Rail Limited, IL&FS Incubation Trust and IL&FS
Transport Networks Limited (ITNL) which hold 49.58%, 47.58% and
2.89% shareholding respectively.


REDDY PHARMACEUTICALS: ICRA Keeps C Ratings in Not Cooperating
--------------------------------------------------------------
ICRA has kept the long-term rating of Reddy Pharmaceuticals Limited
(RPL) in the 'Issuer Not Cooperating' category. The rating is
denoted as [ICRA]C; ISSUER NOT COOPERATING".

                    Amount
   Facilities     (INR crore)   Ratings
   ----------     -----------   -------
   Long-term–         2.70      [ICRA]C; ISSUER NOT COOPERATING;
   Fund based                   Rating Continues to remain under
   Cash Credit                  'Issuer Not Cooperating'
                                Category

   Long Term-         7.30      [ICRA]C; ISSUER NOT COOPERATING;
   Unallocated                  Rating Continues to remain under
                                'Issuer Not Cooperating'
                                Category

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

Reddy Pharmaceuticals Limited (RPL) was incorporated in 1996 and
has been engaged in trading of pharmaceutical products. The company
forayed into manufacturing of Active Pharmaceutical Ingredients
(APIs) and Intermediates during FY2017 after taking over an
existing facility from Jupiter Biotech Limited in Rudraram,
Patancheru Mandal, Telangana. The company is currently
manufacturing anti-fungal APIs such as Itraconazole.


ROHIT AGRO: CARE Moves B+ Debt Rating to Not Cooperating Category
-----------------------------------------------------------------
CARE Ratings has migrated ratings on certain bank facilities of
Rohit Agro Seeds Sales Corporation (RASSC), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      14.00       CARE B+; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating moved to
                                   ISSUER NOT COOPERATING category


Rationale and key rating drivers

RASSC has not paid the surveillance fees for the rating exercise as
agreed to in its Rating Agreement. In line with extent SEBI
guidelines, CARE Ratings Ltd.'s ratings on Rohit Agro Seeds Sales
Corporation's bank facilities will now be denoted as CARE B+;
Stable; ISSUER NOT COOPERATING.

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

The ratings assigned to the bank facilities of Rohit Agro Seeds
Sales Corporation (RASSC) continues to remain constrained on
account of modest scale of operations with thin profitability
margins and moderately leveraged capital structure with weak debt
coverage indicators during FY23 (April 1 to March 31). The ratings
further remained constrained on account of seasonality associated
with agro commodities and presence in highly fragmented and
government regulated industry and constitution as a proprietorship
concern. However, the rating derives benefit from experienced
management with long track record of operations.

Analytical approach: Standalone

Outlook: Stable

Detailed description of the key rating drivers:

At the time of last rating on December 29, 2022 following were the
rating strengths and weaknesses (updated from information available
from client).

Key weaknesses

* Modest scale of operations with thin profitability margins: The
scale of operations of RASSC have reflected a growth of 26.90% on
account of high demand of its products albeit remained modest
during FY23 marked by its total operating income (TOI) of INR62.88
crore in FY23 as against INR49.61 crore in FY22. Owing to its low
value-added nature of business, Profit margins remained thin as
indicated by the PBILDT margin of 2.14% in FY23 against 1.92% in
FY22. Resultantly, the PAT margin also remained thin at below
unity.

* Moderately leveraged capital structure with weak debt coverage
indicators: The capital structure of RASSC has improved but
remained moderately leveraged marked by overall gearing ratio of
3.65 times as on March 31, 2023 as against 3.85 times as on March
31, 2022. Further, owing to low profitability the debt coverage
indicators remained weak marked by PBILDT interest coverage ratio
at 1.45 times during FY23 (P.Y. 1.82 times) and high TDGCA of 32.63
years as on March 31, 2023 as against 37.82 years as on March 31,
2022.

* Seasonality associated with agro commodities and presence in
highly fragmented and government regulated: industry and
constitution as a proprietorship concern RASSC is engaged in the
processing of agricultural commodities and hence the prices remain
fluctuating and depend on the production yield, demand of the
commodities and vagaries of weather. Hence, profitability of the
RASSC is exposed to vulnerability in prices of agriculture
commodities. The entry barriers in this industry are very low on
account of low capital investment and technological requirement.
Due to this, the players in the industry do not have any pricing
power. Furthermore, the industry is characterized by high degree of
government control both in procurement and sales for agriculture
commodities. Government of India decides the Minimum Support Price
(MSP) payable to farmers. Constitution as a proprietorship concern
with moderate net worth base restricts its overall financial
flexibility in terms of limited access to external fund for any
future expansion plans. Furthermore, there is an inherent risk of
possibility of withdrawal of capital and dissolution of the firm in
case of death/insolvency of proprietor.
Key strengths

* Experienced management with long track record of operations: Mr.
Rohit Jain, the proprietor of RASSC, is MBA in Marketing by
qualification and has around 18 years of experience in same line
of industry. The long-standing experience and in-depth knowledge in
agro commodity industry of Mr. Rohit Jain has benefited the firm
and it has been able to establish a customer base in the market.
Further, the proprietor is assisted by second tier management who
has vast experience in their respective fields.

Ujjain (Madhya Pradesh) based Rohit Agro Seeds Sales Corporation
(RASSC) was formed in 2004 by Mr. Rohit Jain as a proprietorship
concern. RASSC is engaged in the business of production and
processing of seeds i.e., soyabean, wheat and gram seeds. The plant
of the firm is located at Ujjain with an installed capacity of 90
Tonnes per day for processing of seeds. RASSC procures raw material
from farmers in Madhya Pradesh and sell its products in domestic
market to private dealers in Maharashtra, Gujarat, Rajasthan,
Madhya Pradesh and Uttar Pradesh.


SAI POINT: ICRA Keeps B Debt Rating in Not Cooperating Category
---------------------------------------------------------------
ICRA has kept the long-term rating of Sai Point Bikes and Cars Sai
Point Bikes and Cars (SPBC) in the 'Issuer Not Cooperating'
category. The rating is denoted as [ICRA]B (Stable) ISSUER NOT
COOPERATING".

                      Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long Term-         12.00       [ICRA]B (Stable) ISSUER NOT
   Fund Based-                    COOPERATING; Rating continues
   Cash Credit                    to remain under 'Issuer Not
                                  Cooperating' category

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

Established in 2015, Sai Point Bikes and Cars (SPBC) is a
proprietorship concern started by Mr. Dilip Patil. The company
refurbishes and sells pre-owned luxury cars of known brands, mainly
Audi, Mercedes Benz, BMW and Jaguar and has two showrooms - one in
Mumbai and the other in Pune. SPBC is part of the established Sai
Point Group, based in Thane, Maharashtra. The group's flagship
company Sai Point Automobiles Private is an authorised dealer of
twowheelers and spare parts manufactured by Honda Motorcycle and
Scooter India, Private Limited. The other group companies are also
involved in automobile (four-wheeler) dealership and vehicle
financing and construction businesses.


SAMRAT TYRES: Voluntary Liquidation Process Case Summary
--------------------------------------------------------
Debtor: Samrat Tyres Private Limited
G-3, TEXTILE COLONY, INDUSTRIAL AREA,
        LUDHIANA - 141003

Liquidation Commencement Date: February 2, 2024
                             
Court: National Company Law Tribunal, Chandigarh Bench

Liquidator:  Mr. Rajeev Bhambri
      SCO 9, 2nd Floor, Jandu Towers,
             Miller Ganj, Ludhiana - 141003
             Punjab
             Email: samrattyres.liq@gmail.com
             Phone: 9915710010

Last date for
submission of claims: March 3, 2024

SANGHVI LAND: Insolvency Resolution Process Case Summary
--------------------------------------------------------
Debtor: Sanghvi Land Developers Private Limited

        Registered Address:
        98/2, K.R. Mahatre Marg
        Station Road, Reay Road (W)
        Mumbai, Maharashtra, India 400010
        
Insolvency Commencement Date: January 29, 2024

Court: National Company Law Tribunal, Mumbai Bench

Estimated date of closure of
insolvency resolution process: July 27, 2024

Interim Resolution
Professional: Akansha Ashish Rathi
              19/503, N R I Complex
              Sector 54, 56, 58 Seawood
              Nerul Navi Mumbai
              Maharashtra 400706
              Email: rathiakansha83@gmail.com

                  - and -

              Office No B-508
              Mahaavir Icon Plot No. 89
              Sector 15, CBD Belapur
              Navi, Mumbai
              Maharashtra 400614, India
              Email: irp.sanghvi@gmail.com

Representative of
creditors in a class:  1. Madan Bajarang Lal Vaishnawa
                       2. Mangesh Mukund Deokar Bhosale
                       3. Udaykumar Bhaskar Bhat

Last date for
submission of claims: February 12, 2024


SHEKAR LOGISTICS: ICRA Upgrades Rating on INR14cr LT Loan to B
--------------------------------------------------------------
ICRA has revised the ratings on certain bank facilities of Shekar
Logistics Private Limited, as:

                    Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Long-term–         14.00      [ICRA]B (Stable); Upgraded from
   Fund-based–                   [ICRA]D ISSUER NOT COOPERATING;
   Cash Credit                   and removed from ISSUER NOT
                                 COOPERATING Category; Stable
                                 Outlook assigned

   Long-term–          8.00      [ICRA]B (Stable); Upgraded from
   Fund-based–                   [ICRA]D ISSUER NOT COOPERATING;
   Cash Credit                   and removed from ISSUER NOT
                                 COOPERATING Category; Stable
                                 Outlook assigned

   Short-term–         3.00      [ICRA]A4; Upgraded from [ICRA]D
   Non-fund Based–               ISSUER NOT COOPERATING; and  
   Bank Guarantee                removed from ISSUER NOT
                                 COOPERATING Category


Rationale
The upgrade in rating and removal from issuer non-cooperating takes
into account the regularisation of delays and company starting to
cooperate and submit requisite data for the rating exercise. The
regularisation of delays is driven by better liquidity management,
which was supported by better cash flow generation post-Covid
period and recent refinancing of facilities at lower interest cost
with longer tenure amortisation. The rating continues to factor in
the extensive experience of Shekar Logistics Pvt Ltd's (SLPL's)
promoters in the logistics sector, and the company's long-term
relationship with its key customer, Tata Steel Limited (TSL).

The ratings, however, are constrained by the company's high
customer and industry concentration risks as it generates about its
entire revenue from handling and transporting steel products for
TSL. The rating is also constrained by the company's modest scale
of operations, pressure on margins due to intense competition in
business and stretched liquidity profile, given the high working
capital intensity due to elongated receivable cycle. ICRA also
notes that the debt protection metrics, especially DSCR has been
under pressure, and the company has been managing through its
fund-based facilities. With recent refinancing the debt levels are
expected to rise significantly over FY2023 levels, however, longer
tenure amortisation provides a source of comfort. Also, the money
raised will be used for working capital too, other than for capex
and closure of earlier limits.

The Stable outlook on the rating takes into account the expectation
that the company will benefit from its long-term relationships with
its key clients and better liquidity management through recent
longer tenure loan refinancing.

Key rating drivers and their description

Credit strengths

* Established track record of promoters in the logistics sector:
The promoters of the company have around two decades of experience
in the logistics business. Based on the track record of the
company, TSL has gradually expanded SLPL's operations in its
stockyards across South India.

* Established relationship with TSL: The company has been catering
to TSL's logistics requirements since its incorporation and enjoys
an established relationship with the steel major, which is
reflected from its increased areas of operations across South India
over the years. SLPL handles and distributes TSL's steel products
from stockyards in Vijayawada, Chennai, Bangalore and Hyderabad.

Credit challenges

* Modest scale of operations: The company has a modest scale of
operations, restricting economies of scale. The revenues had
declined in FY2021 due to the pandemic, after which it had
recovered to some extent in FY2022. However, the growth remained
flattish in FY2023, which resulted in a top line of ~Rs. 52 crore.
The revenues, however, are expected to touch pre-Covid levels in
FY2024, with the company already reporting sales of ~Rs. 49 crore
as of 9M FY2024.

* High customer and industry concentration risks: The company
generates almost its entire revenues from TSL and is, thus exposed
to high customer concentration risk. While its operations are
diversified geographically across South India, dependence on a
single customer and presence only in the steel sector increase the
risk of order volatility.

* Weak debt coverage indicators: The total debt of the company
stood at INR27.6 crore as on March 31, 2023, mainly comprising
short term loan of INR18.1 crore and long-term debt of INR9.5
crore. The debt coverage indicators, especially DSCR has remained
weak on account of high debt obligations compared to cash
generation, which led to delays in repayment in past. The present
refinancing with longer tenure is expected to support the debt
service coverage ratio; however, high borrowing expected by FY2024
is expected to keep the debt protection metrics at a subdued
level.

* Stretched liquidity profile, emanating from high working capital
intensity in business: The working capital intensity remained high
on account of higher receivable cycle, which has also resulted in
its stretched liquidity profile.

Liquidity position: Stretched

The company's liquidity position is stretched as its working
capital limits have been almost fully utilised during the last 12
months (from January to December 2023) on the back of stretched
receivables. The company has refinanced its bank limits with longer
tenure amortisation to reduce the pressure on liquidity; however,
it is expected to be tightly matched with SLPL's cash accruals in
the near to medium term.

Rating sensitivities

Positive factors – ICRA could upgrade SLPL's ratings, if there is
any notable growth in its scale and profitability, which leads to
healthy improvement in its cash accruals and debt protection
metrics. Additionally, diversification in customer profile and
improvement in the working capital cycle that supports the overall
liquidity will also be a positive trigger.

Negative factors – Pressure on the company's ratings could arise,
if revenue or profitability declines substantially, leading to
material decline in cash accrual. In addition, any loss of business
from a key client that materially affects its financial performance
would be a negative trigger. Moreover, any further stretch in the
working capital cycle that leads to deterioration in the debt
protection metrics and liquidity could trigger a rating downgrade.

Analytical approach Analytical Approach Comments Applicable rating
methodologies

Incorporated in 2001, Shekar Logistics Private Limited is a
logistics service provider primarily serving Tata Steel Limited.
Its services include transportation and handling of various
materials like steel coils, rods, sheets, TMT bars, etc, for TSL.
SLPL handles TSL's materials from the latter's stock yards to
respective customer destinations as per TSL's requirements. The
company distributes TSL's steel products across South India from
its stock yards in Vijayawada, Chennai, Bangalore, Hubli and
Hyderabad, through a transportation fleet of 89 owned vehicles. The
company is ISO 9001-2008 certified by QMS certification services.


SHIVOM INVESTMENT: Insolvency Resolution Process Case Summary
-------------------------------------------------------------
Debtor: Shivom Investment & Consultancy Limited

        Registered Address:
        Unit No. CG/76, Ground Floor
        Carnival House
        Off A.K. Vaidya Marg
        Malad East, Mumbai 400097
        
Insolvency Commencement Date: February 7, 2024

Court: National Company Law Tribunal, Ahmedabad Bench

Estimated date of closure of
insolvency resolution process: August 7, 2024

Interim Resolution
Professional: Nimai Gautam Shah
              605-606-607, Silver Oaks
              Near Mahalaxmi Char Rasta
              Paldi, Ahmedabad - 380007, Gujarat
              Email: cnjabd@gmail.com
                     shivom.cirp@gmail.com


Last date for
submission of claims: February 22, 2024

SITARAM DENIMS: Ind-Ra Cuts Loan Rating to BB+, Outlook Stable
--------------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded Sitaram Denims
India Limited's (SDIL) bank facilities' ratings to 'IND BB+' from
'IND BBB-' while resolving the Rating Watch with Negative
Implications. The Outlook is Stable.

The detailed rating actions are:

-- INR150 mil. Fund-based working capital limits downgraded; Off
     Rating Watch with Negative Implications with IND BB+/Stable/
     IND A4+ rating; and

-- INR506 mil. Term loan due on May 2027 downgraded; Off Rating
     Watch with Negative Implications with IND BB+/Stable rating.

Analytical Approach: Ind-Ra has assessed the company on a
standalone basis while arriving at the ratings.

The downgrade reflects a likely deterioration in the company's
credit metrics in FY24 and Ind-Ra's expectation of the credit
metrics to remain modest in FY25.

Ind-Ra has resolved the Rating Watch with Negative Implications
upon receiving clarity from management on the company's capex plans
for FY24 and FY25.

Key Rating Drivers

Liquidity Indicator - Stretched: The average maximum utilization of
SDIL's fund-based limits was around 91.8% during the 12 months
ended January 2024. The net cash conversion cycle remained
elongated at 204 days in FY23 (FY22: 205 days). The credit period
offered to export customers is shorter in direct fabric sales than
domestic job-work sales while the inventory holding requirement
increases in direct fabric sales. With the company's focus on
increasing its presence in the exports market through fabric sales
and reducing reliance on job-work income, the receivables period
reduced to 81 days in FY23 (99 days) and the inventory holding
period increased to 166 days (155 days). The company has scheduled
debt repayments of INR114 million and INR153 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 cash and cash equivalent was INR2.41
million at FYE23 (FYE22: INR2.12 million).

The cash flow from operations increased to INR101.24 million
(INR61.51 million) owing to the improvement in EBITDA.
Consequently, the free cash flow improved to INR39.01 million in
FY23 (FY22: INR14.64 million). However, the agency expects the cash
flow from operations and free cash flow to decline in the near to
medium term, led by increased working capital requirements and
planned debt-funded capex of INR1,200 million for increasing its
plant capacity by 9.6 million meters from 14.24 million meters. The
capex will be funded by term loan of INR850 million (sanctioned),
unsecured loan from promoters/relatives of INR200 million and the
remaining from internal accruals. The management expects the capex
to complete by April 2024. Furthermore, the company has obtained a
fresh sanction of additional INR200 million fund-based limit from
HDFC Bank Limited ('IND AAA'/Stable) during FY24, of which INR100
million is likely to be made available for utilization within the
next few days and the balance would be made available for
utilization post operationalization of capex.

Further, Ind-Ra expects the credit metrics to deteriorate during
FY24 due to the ongoing debt-led capex. The gross interest coverage
(operating EBITDA/gross interest expense) had improved to 3.21x in
FY23 (FY22: 2.88x), interest coverage including interest subsidy
(operating EBITDA/gross interest expense less interest subsidy) to
4.44x (5.02x) and net leverage (total adjusted net debt/operating
EBITDAR) to 3.49x (4.21x ) due to an increase in the operating
EBITDA to INR191.13 million (INR162.81 million). The agency expects
the net leverage to improve in FY25, yet remain modest, supported
by a likely increase in EBITDA with the rise in scale.

Despite the increase in absolute EBITDA, the EBITDA margin was
modest and declined to 23.26% in FY23 (FY22: 26.82%) due to
increased focus on fabric sales, which offers lower margins than
job work. The return on capital  employed improved to  9.7% in FY23
(FY22: 7.2%). The company further plans to improve its focus on
fabric sales through exports and reduce its reliance on job-work
income. As a result, Ind-Ra expects the margins to decline further
in the near-to-medium term.

The ratings also continue to factor in SDIL's small scale of
operations. The revenue grew to INR821.78 million in FY23 (FY22:
INR607.14 million) owing to the company's increased focus on
increase its presence in the exports market through fabric sales
and reducing reliance on job-work income. The job-work income
reduced to 32.3% of the total revenue in FY23 (FY22: 51%). The
company booked revenue of INR839 million during 10MFY24. Ind-Ra
expects the revenue to grow further in FY24 and FY25, driven by
increased demand for its products as well as a likely increase in
the plant capacity in FY25.

Further, the operating margins of textile players are vulnerable to
fluctuations in price of cotton and cotton yarn, the key raw
materials used for manufacturing denim fabric. Cotton prices are
typically volatile due to the seasonality of cotton production, and
the risks related to agricultural yields and production.

However, the ratings remain supported by the company's promoters'
more than 30 years of experience in the textile industry, which has
helped the company to establish strong relationships with its
customers as well as suppliers.

Rating Sensitivities

Positive: An improvement in the scale of operations and an
improvement in the overall liquidity, leading to an improvement in
the credit metrics with the net leverage remaining below 3.5x and
timely completion of capex without any cost and time overruns, all
on a sustained basis, will be positive for the ratings.

Negative: A higher than-expected capex or any major time/cost
overrun in completion of capex or deterioration in the scale of
operations leading to deterioration in the credit metrics or a
further deterioration in the liquidity position, all on a sustained
basis, will be negative for the ratings.

Company Profile

Incorporated in 2011, SDIL manufactures denim fabric in Bhilwara,
Rajasthan. The unit has an installed capacity of 14.24 million
meters and commenced commercial production in 2018.

SIX SIGMA: CARE Keeps D Debt Rating in Not Cooperating Category
---------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Six Sigma
Readymix Concrete Private Limited (SSRC) continue to remain in the
'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      12.21       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Rationale and key rating drivers

SSRC has not paid the surveillance fees for the rating exercise
agreed to in its Rating Agreement. In line with the extant SEBI
guidelines, CARE Ratings Ltd.'s rating on SSRC's bank facilities
will now be denoted as CARE D; ISSUER NOT COOPERATING.

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

The ratings assigned to the bank facilities of SSRC factors in
delays in servicing debt obligations due to stressed liquidity
position.

The rating continues to be constrained by short track record and
small scale of operations, leveraged capital structure and weak
debt coverage indicators, highly fragmented and competitive
industry and vulnerability of profits to volatility in input
costs.

Analytical approach: Standalone

Detailed description of the key rating drivers:

At the time of last rating on September 8, 2023 the following were
the rating strengths and weaknesses.

Key weaknesses

* On-going delays in debt servicing: The company is unable to
generate sufficient cash flows with elongated collection leading to
stretched liquidity position resulting in on-going delays in
meeting its term loan debt obligations.

* Short track record and small scale of operations: The company was
incorporated on March 14, 2016, and started operations in April
2016. The scale of operations of the company remained small marked
by a total operating income (TOI) of INR13.37 crore in FY23 (PY:
INR33.26 crore).

* Leveraged capital structure and weak debt coverage indicators:
Capital structure of SSRC continues to be leveraged. The overall
gearing stood moderate at 4.34x as on March 31, 2023 (PY:3.90x) due
to high working capital utilizations coupled with low net worth
base of Rs.4.12 crore as on March 31, 2023. The debt protection
metrics marked by Total debt/GCA continued to be weak at 15.16x as
on March 31, 2023.

* Highly fragmented and competitive business segment due to
presence of numerous players and association of profits to the real
estate industry: The company is engaged into a fragmented business
segment and competitive industry. The market consists of several
small to medium-sized firms that compete along with several large
enterprises. There are several small sized companies in and around
Chennai, Coimbatore and areas in Karnataka, which compete with
SSRC. The end product of SSRC finds its application in the
construction industry. And hence the business risk profile of SSRC
is directly linked to that of the construction and real estate
sector.

* Vulnerability of profits to volatility in input costs: The major
cost drivers for SSRC are power costs and fuel costs for freight
and raw materials viz cement, blue metals which accounted for
nearly 61% of the total cost of sales during FY23 (77% in FY21 &
76% in FY20). Fuel costs also remain highly volatile due to impact
of international crude oil prices. The PBILDT margin of the company
has been volatile in the range of 13.0% to 19.0% over the past
three years ended FY23.

Liquidity: Poor

Liquidity is poor marked by ongoing delays and lower accruals to
tune of INR1.18 crore in FY23 to repay its term debt obligation of
INR1.48 crore in FY23 with modest cash balance of INR0.42 crore as
of March 31, 2023.

Six Sigma Readymix Concreate (SSRC) was incorporated on March 14,
2016 as a Private Limited company and promoted by Mr.C. Sekhara
Srinivasan, Mr. P. Nagendran Rajkumar along with other promoters.
The Company is engaged into manufacturing of Ready-Mix Concrete
(RMC) and trading of cement. The company has five plants located in
Coimbatore, Chennai, Trichy, Kaaramadai and Gobichettipalayam.


SKIL INFRASTRUCTURE: Insolvency Resolution Process Case Summary
---------------------------------------------------------------
Debtor: SKIL Infrastructure Limited

        Registered Address:
        SKIL House
        209 Bank Street Cross Lane
        Fort, Mumbai 400023
        
Insolvency Commencement Date: February 1, 2024

Court: National Company Law Tribunal, Mumbai Bench (Court-IV)

Estimated date of closure of
insolvency resolution process: July 30, 2024

Interim Resolution
Professional: Purusottam Behera
              Headway Resolution and
              Insolvency Services Pvt. Ltd.
              708, Raheja Centre
              Nariman Point, Mumbai - 400021
              Maharashtra
              Email: purusosbbj@yahoo.com
                     cirpskil@gmail.com

Last date for
submission of claims: February 15, 2024   


SLV POWER: ICRA Keeps D Debt Ratings in Not Cooperating Category
----------------------------------------------------------------
ICRA has kept the Long-Term ratings of SLV Power Pvt Ltd (SLVPPL)
in the 'Issuer Not Cooperating' category. The rating is denoted as
"[ICRA]D; ISSUER NOT COOPERATING".

                    Amount
   Facilities     (INR crore)   Ratings
   ----------     -----------   -------
   Long-term–        104.60     [ICRA]D; ISSUER NOT COOPERATING;
   Fund based                   Rating Continues to remain under
   Cash Credit                  'Issuer Not Cooperating'
                                Category

   Long Term-         0.40      [ICRA]D; ISSUER NOT COOPERATING;
   Unallocated                  Rating Continues to remain under
                                'Issuer Not Cooperating'
                                Category

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

SLVPPL is a private limited company promoted by Yenepoya Energy
Private Limited (YEPL) to develop, own and operate a
run-of-the-river 24 MW hydro power project on the river Aniyur (a
tributary of Netravati river) near Neriya village in Dakshina
Kannada district. YEPL is part of Yenepoya group of companies
promoted by Yenepoya Mohammed Kunhi and Yenepoya Abdulla Kunhi with
Yenepoya Abdulla Javeed as director. The company has successfully
commissioned the hydropower plant on November 21, 2019 and has a
PPA with Mangalore Electricity Supply Company Limited for a period
of 35 years at a fixed tariff of INR4.16 per unit.


SREI EQUIPMENT: CARE Reaffirms D Rating on INR15,854cr LT Loan
--------------------------------------------------------------
CARE Ratings has reaffirmed ratings on certain bank facilities of
Srei Equipment Finance Limited (SEFL), as:

                         Amount
   Facilities         (INR crore)      Ratings
   ----------         -----------      -------
   Long Term Bank
   Facilities          15,854.21       CARE D Reaffirmed

   Short Term Bank
   Facilities           1,058.00       CARE D Reaffirmed

   Long Term
   Long Term
   Instruments              9.00       CARE D Reaffirmed

   Long Term
   Long Term
   Instruments             20.80       CARE D Reaffirmed

   Long Term
   Long Term
   Instruments             37.50       CARE D Reaffirmed


   Long Term
   Long Term
   Instruments              5.00       CARE D Reaffirmed

   Long Term
   Long Term
   Instruments             75.00       CARE D Reaffirmed

   Non Convertible
   Debentures              20.00       CARE D Reaffirmed

   Non Convertible
   Debentures              32.15       CARE D Reaffirmed

   Non Convertible
   Debentures             300.00       CARE D Reaffirmed

   Non Convertible
   Debentures               0.30       CARE D Reaffirmed

Rationale and key rating drivers

Ratings assigned to bank facilities/instruments of SEFL factor in
delays in debt servicing by the company. The Board of SEFL and its
holding company Srei Infrastructure Finance Limited (SIFL) was
superseded by the Reserve Bank of India (RBI) on October 4, 2021
and appointed an Administrator to act as management and carry out
the functions for both the companies. RBI also initiated Corporate
Insolvency Resolution Process (CIRP) against both the companies
before Hon'ble National Company Law Tribunal (NCLT) which admitted
the case vide order dated October 8, 2021. The Administrator had
filed applications for consolidated resolution process and Hon'ble
NCLT approved the consolidation of the corporate insolvency of both
the companies. The Consolidated Committee of Creditors (CoC) took
on record three resolution plans received in which National Asset
Reconstruction Company Limited (NARCL) has emerged as the
successful bidder. The resolution plan of NARCL approved by CoC was
filed before Adjudicating Authority on February 18, 2023 for its
approval and the same was approved by Hon'ble NCLT vide its Order
dated August 11, 2023. The NCLT also approved slump exchange
undertaken between the SIFL and SEFL from effective date September
22, 2023, according to the Business Transfer Agreement dated August
16, 2019.

An Implementation and Monitoring Committee (IMC) has been setup
with the Administrator as its Chairman to undertake the
implementation of the resolution plan with effective date September
22, 2023. The company, on instructions of the IMC, has taken
necessary steps including making payments to various stakeholders
and issuing of instruments to financial creditors in terms of the
approved resolution plan in December 2023. IMC, vide its resolution
dated December 19, 2023 has declared that December 31, 2023 would
be the closing date of balance sheet for the purpose of audit and
its handover to NARCL. The handover of the closing date balance
sheet along with other necessary requirement including noting of
the Reconstitution of the Board shall be done by the IMC at a later
date and post completion of the handover activities by the IMC to
Successful Resolution Applicant (SRA), it will be dissolved.

CARE Ratings Limited (CARE Ratings) has taken note of the same and
would review the ratings and take necessary action once it receives
the requisite documentation.

Rating sensitivities: Factors likely to lead to rating actions

Positive factors – Factors that could lead to positive rating
action/upgrade:

   * Track record of timely debt servicing
   * Improving financial risk profile

Negative factors – Factors that could lead to negative rating
action/downgrade: Not Applicable

Analytical approach: Standalone
Detailed description of the key rating drivers:

Key weaknesses

* Delays in servicing of debt obligations: There were delays in
repayment of instruments, the latest being in the month of
December 2023.

* Significant losses reported in FY23 and Q1FY24: SIFL reported net
loss of INR11,109 crore in FY23 and INR70 crore in Q1FY23. The net
worth continues to remain negative.

Liquidity: Poor

There were delays in repayment and both SEFL and SIFL are under
resolution process.

SEFL was incorporated on June 13, 2006, under the name of 'Srei
Infrastructure Development Ltd.' as a subsidiary of SIFL for
financing and development of infrastructure projects. In April
2008, SEFL was converted into a 50:50 joint venture company with
BNP Paribas Lease Group (BPLG; a 100% subsidiary of BNP Paribas
Bank) and SIFL divested its equipment financing and leasing
business along with all the assets and liabilities to SEFL as on
January 1, 2008. In June 2016, SIFL acquired the 50% stake of BPLG
in SEFL and it became a 100% subsidiary of SIFL. SEFL has presence
in leasing and hire-purchase financing/hypothecation of
construction & mining and allied equipment, tipper & allied
equipment, IT & allied equipment, medical & allied equipment, farm
equipment and loans against property. The lending business,
interest earning business & lease business of SIFL were transferred
to SEFL from October 1, 2019 pursuant to a slump exchange
transaction.


SREI INFRASTRUCTURE: CARE Reaffirms D Rating on INR10,772cr Loan
----------------------------------------------------------------
CARE Ratings has reaffirmed ratings on certain bank facilities of
Srei Infrastructure Finance Limited (SIFL), as:

                         Amount
   Facilities         (INR crore)      Ratings
   ----------         -----------      -------
   Long Term Bank
   Facilities          10,772.71       CARE D Reaffirmed

   Short Term Bank
   Facilities             345.00       CARE D Reaffirmed

   Bonds                   20.22       CARE D Reaffirmed

   Long Term
   Long Term
   Instruments            239.15       CARE D Reaffirmed

   Long Term
   Long Term
   Instruments            223.37       CARE D Reaffirmed

   Long Term
   Long Term
   Instruments            131.99       CARE D Reaffirmed


   Non Convertible
   Debentures              40.40       CARE D Reaffirmed

   Non Convertible
   Debentures               6.50       CARE D Reaffirmed

   Non Convertible
   Debentures              49.00       CARE D Reaffirmed

Rationale and key rating drivers

Ratings assigned to bank facilities/instruments of SIFL factor in
delays in debt servicing by the company. The Board of SIFL and its
subsidiary, Srei Equipment Finance Limited (SEFL) was superseded by
the Reserve Bank of India (RBI) on October 4, 2021 and appointed an
Administrator to act as management and carry out the functions for
both the companies. RBI also initiated Corporate Insolvency
Resolution Process (CIRP) against both the companies before Hon'ble
National Company Law Tribunal (NCLT) which admitted the case vide
order dated October 8, 2021.

The Administrator had filed applications for consolidated
resolution process and Hon'ble NCLT approved the consolidation of
the corporate insolvency of both the companies. The Consolidated
Committee of Creditors (CoC) took on record three resolution plans
received in which National Asset Reconstruction Company Limited
(NARCL) has emerged as the successful bidder. The resolution plan
of NARCL approved by CoC was filed before Adjudicating Authority on
February 18, 2023 for its approval and the same was approved by
Hon'ble NCLT vide its order dated August 11, 2023. The NCLT also
approved slump exchange undertaken between the SIFL and SEFL from
effective date September 22, 2023, according to the Business
Transfer Agreement dated August 16, 2019.

An Implementation and Monitoring Committee (IMC) has been setup
with the Administrator as its Chairman to undertake the
implementation of the resolution plan with effective date September
22, 2023. The company, on instructions of the IMC, has taken
necessary steps including making payments, to various stakeholders
and issuing of instruments to financial creditors in terms of the
approved Resolution Plan in December 2023. IMC, vide its resolution
dated December 19, 2023, has declared that December 31, 2023 would
be the closing date of balance sheet for the purpose of audit and
its handover to NARCL. The handover of the closing date balance
sheet along with other necessary requirement including noting of
the Reconstitution of the Board shall be done by the IMC at a later
date and post completion of the handover activities by the IMC to
Successful Resolution Applicant (SRA), it will be dissolved.

CARE Ratings Limited (CARE Ratings) has taken note of the same and
would review the ratings and take necessary action once it receives
the requisite documentation.

Rating sensitivities: Factors likely to lead to rating actions

Positive factors – Factors that could lead to positive rating
action/upgrade:

   * Track record of timely debt servicing
   * Improving financial risk profile

Negative factors – Factors that could lead to negative rating
action/downgrade: Not Applicable

Analytical approach: Consolidated

Detailed description of the key rating drivers:

Key weaknesses

* Delays in servicing of debt obligations: There were delays in
repayment of instruments, the latest being in the month of
December 2023.

* Significant losses reported in FY23 and Q1FY24: SIFL reported net
loss of INR11,109 crore in FY23 and INR70 crore in Q1FY23. The net
worth continues to remain negative.

Liquidity: Poor

There were delays in repayment and both SEFL and SIFL are under
resolution process.

SIFL, a three-decade old Kolkata-based non-banking finance company
(NBFC), was engaged in leasing and hirepurchase/hypothecation
financing of heavy construction equipment and financing of
infrastructure-related projects. Pursuant to forming a 50:50 joint
venture (JV) with BNP Paribas Lease Group (BPLG), SIFL divested a
major part of its equipment financing and leasing business to SEFL.
Post divestment, SIFL was engaged in project financing and
infrastructure project advisory. In June 2016, SIFL acquired the
50% stake of BPLG in SEFL, resulting in SEFL becoming a 100%
subsidiary of SIFL and BPLG acquiring 5% stake of SIFL against its
shareholding in SEFL. The lending business, interest earning
business and lease business of SIFL were transferred to SEFL from
October 1, 2019, pursuant to a slump exchange transaction.


SUPREME ENGINEERING: Insolvency Resolution Process Case Summary
---------------------------------------------------------------
Debtor: Supreme Engineering Limited

        Registered Address:
        R-223, MIDC Complex
        Thane Belapur Road
        Rabale, Navi Mumbai 400701
        Maharashtra, India
        
Insolvency Commencement Date: January 11, 2024

Court: National Company Law Tribunal, Mumbai Bench

Estimated date of closure of
insolvency resolution process: 180 days from date of publication

Interim Resolution
Professional: Umesh Balaram Sonkar
              10, OM Shanti CHS
              Plot no 8/10/12
              Rd No. 4. Sector-11
              New Panvel 410206
              Email: rosonkar1603@gmail.com
              Mobile: 7874447169

Last date for
submission of claims: January 29, 2024


SWASTIK ENTERPRISE: ICRA Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------------
ICRA has kept the Long-term and Short-term ratings for the bank
facilities of Swastik Enterprise (SE) in the 'Issuer Not
Cooperating' category. The rating is denoted as "[ICRA]D/[ICRA]D;
ISSUER NOT COOPERATING".

                    Amount
   Facilities     (INR crore)   Ratings
   ----------     -----------   -------
   Long-term–         8.00      [ICRA]D; ISSUER NOT COOPERATING;
   Fund based                   Rating Continues to remain under
   Cash Credit                  'Issuer Not Cooperating'
                                Category

   Short-term         5.00      [ICRA]D; ISSUER NOT COOPERATING;
   Non-fund based               Rating continues to remain under
   Others                       'Issuer Not Cooperating'
                                Category

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

Incorporated in 1992, Swastik Enterprise (SE) is a proprietorship
firm formed with the main business objective of distribution of
various FMCG and electronic goods. SE is a distributor of HTC
mobile phones for Ahmedabad district and North Gujarat region. The
firm is also a distributor for Spice and Zoko mobile phones as well
as Apps Daily mobile application in the entire state of Gujarat.
The firm is promoted by Mrs. Varsha Jain.


TANUK PHARMA: Voluntary Liquidation Process Case Summary
--------------------------------------------------------
Debtor: Tanuk Pharma (India) Limited
A-11, Kailash Apartments
        Lala Lajpatrai Marg,
        New Delhi-110048

Liquidation Commencement Date: January 29, 2024
                             
Court: National Company Law Tribunal, New Delhi Bench

Liquidator:  Mr. Chetan Gupta
      604-605, PP City Centre,
             Road No. 44,
             Pitampura, Delhi-110034
             Email: chetan.gupta@apacandassociates.com
             Phone No: 9818188855

Last date for
submission of claims: February 27, 2024


TATA MOTORS: Moody's Affirms 'Ba3' CFR, Outlook Remains Positive
----------------------------------------------------------------
Moody's Investors Service has affirmed Tata Motors Limited's (TML)
Ba3 corporate family rating. Concurrently, Moody's has affirmed
TML's Ba3 senior unsecured instrument ratings. Moody's has also
maintained the positive outlook on all ratings.

The rating affirmation follows TML's announcement earlier this week
that its board of directors have agreed in-principle, the demerger
of its operations into two separate listed companies for commercial
vehicles (CVs) and passenger vehicles (PVs), respectively, subject
to shareholder and regulatory approvals. The demerger will likely
be completed within the next 12-15 months.

"While the demerger would result in TML's remaining operations
comprising only CVs, the company's strong foothold with about 40%
share in India's growing CV industry and the business' demonstrated
ability in generating large free cash flow through industry cycles
will support its credit profile," says Kaustubh Chaubal a Moody's
Senior Vice President.

"With unit sales of less than 0.5 million, revenues of around $9
billion and EBITA margin at about 8%, TML's CV operations will
likely generate ample free cash flow with credit metrics
substantially strong for a Ba3 CFR," adds Chaubal who is also
Moody's lead analyst on TML.

RATINGS RATIONALE

As part of the demerger, all TML shareholders will have identical
shareholding in both listed companies - the PV subsidiary (PV-CO)
and the CV subsidiary (CV-CO). As such, the Indian PV and EV
operations as well as TML's global premium passenger car business
through wholly owned Jaguar Land Rover Automotive Plc (JLR, Ba3
positive) will be housed under the PV-CO.  The proposed structure
would enable optimizing synergies across TML's PV and EV businesses
in India and JLR.

Exact details of the potential demerger are not yet announced. Even
so, in Moody's view, CV-CO will likely generate substantial
earnings and cash flow to comfortably service its debt
obligations.

Moreover, even if the entire debt at TML's Indian operations and at
intermediate holding company TML Holdings Limited were to be
serviced out of CV-CO's cash flows, its credit profile would remain
sufficiently strong to support the positive outlook.

While JLR accounted for around 70% of TML's existing revenue and
EBITDA for the year ended March 31, 2023 (fiscal 2023), high
capital spending and execution risks associated with, in particular
JLR's electrification strategy and transformation, are some of the
constraints for TML's existing credit profile. As such, even though
TML's scale would reduce after the potential demerger, the
remaining business' relatively limited product development and
capital expenditure should support its credit profile.

Meanwhile, given the prospects for the CV industry are closely
intertwined with a country's economic activity, TML's leading
position in one of the high growth emerging markets, India, should
place the company in good stead. The populous nation's favorable
demographics and rising consumption will drive its government's
large push towards infrastructure investments, keeping demand for
CVs steady. Moreover, a slew of new models and model variants
across different price points, persistent focus on branding and
customer satisfaction will, in Moody's view, help TML India's CV
business achieve volume growth of 2%-5% over the next two fiscal
years.

The Ba3 CFR continues to incorporate a one-notch uplift, reflecting
Moody's expectation of extraordinary support for TML from its
parent Tata Sons Ltd. (Tata Sons) in times of need. In Moody's
view, the extraordinary support from Tata Sons will continue even
after the demerger, keeping the one-notch uplift intact.

RATINGS OUTLOOK

The positive outlook reflects Moody's view that the upgrade
momentum on TML's ratings should continue with or without the
proposed demerger. The rating agency expects all of TML's
businesses to continue to deliver on their strategic growth
priorities while maintaining a balanced financial policy that
focuses on achieving net-zero automotive debt by March 2025.

LIQUIDITY

TML's liquidity remains very good. The company's consolidated cash,
cash equivalents and short-term investments of around $6.4 billion
as of December 2023 and Moody's expected cash flow from operations
(CFO) totaling $8.4 billion over the 18 months ending June 2025,
will be more than sufficient to meet cash obligations aggregating
$8.0 billion. These cash obligations comprise $3.9 billion of debt
repayments (including short-term debt), and Moody's estimated
capital expenditure and dividend payments of around $3.8 billion
and $343 million respectively.

An entirely undrawn GBP1.5 billion revolving credit facility (RCF)
maturing in 2026 provides JLR cushion to tide through seasonal
variations in its CFO, although TML India would need to rely on its
short-term 364-day working capital facilities to tide over similar
temporary mismatches. Still, TML's association with the broader
Tata Group enables continued strong access to domestic capital
markets and Indian and multinational banks.

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

Absent any demerger, Moody's could upgrade TML's ratings to Ba2 if:
its operating performance remains strong such that consolidated
leverage is maintained comfortably below 5.0x, EBITA margin above
4%, while generating positive free cash flow, all on a sustained
basis.

Meanwhile, should the company obtain the approvals for a demerger,
the remaining business' relatively smaller scale and geographical
concentration largely in India will require for it to achieve
credit metrics that are more stringent for the same Ba2 CFR: credit
metrics that the business would need to deliver include leverage
maintained below 3.5x and EBITA margin sustained higher than 6%,
while generating positive free cash flow.  

The outlook could return to stable if there are material deterrents
in TML achieving the rating agency's current expectation of a
sustained improvement in its credit profile.

Moody's considers that the company's credit profile will continue
to improve with/without the demerger. Any substantial deviation
from this expectation would weigh on the rating.

Any revision to Moody's assumption of support from Tata Sons will
also prompt a revision to the one-notch uplift incorporated in
TML's ratings.

PRINCIPAL METHODOLOGY

The principal methodology used in these ratings was Automobile
Manufacturers published in May 2021.

CORPORATE PROFILE

Tata Motors Limited (TML) is the flagship automotive company of
India's leading conglomerate, Tata Sons. TML is India's leading
manufacturer of commercial vehicles and passenger vehicles. The
company's products include light, medium and heavy vehicles, such
as trucks, pick-ups and buses, utility vehicles and passenger cars.
For the nine months of the fiscal year ending March 2024, TML sold
around 286,000 CVs and 418,000 PVs (other than JLR).

Headquartered in the UK, TML's wholly-owned subsidiary JLR
manufactures premium passenger cars under the Jaguar and Land Rover
brands and is the global leader of luxury sports utility vehicles
(SUVs) through three families comprising the Range Rover, Discovery
and Defender brands. During the nine months ended December 2023,
JLR sold 291,000 units, generating GBP21.1 billion of revenue.
JLR's 50%-owned joint venture in China sold around 38,300 units
during the same period.

At the same time, TML generated $37.9 billion of revenue for its
global automotive operations during the period.

TRIVENI WIRES: ICRA Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------
ICRA has kept the long-term and short-term rating of Triveni Wires
Private Limited in the 'Issuer Not Cooperating' category. The
ratings are denoted as [ICRA]D/[ICRA]D; ISSUER NOT COOPERATING".

                    Amount
   Facilities     (INR crore)   Ratings
   ----------     -----------   -------
   Long-term–         2.50      [ICRA]D; ISSUER NOT COOPERATING;
   Fund based                   Rating Continues to remain under
   Cash Credit                  'Issuer Not Cooperating'
                                Category

   Long-term–        25.00      [ICRA]D; ISSUER NOT COOPERATING;
   Fund based                   Rating Continues to remain under
   Term Loan                    'Issuer Not Cooperating'
                                Category

   Long Term-         7.75      [ICRA]D; ISSUER NOT COOPERATING;
   Unallocated                  Rating Continues to remain under
                                'Issuer Not Cooperating'
                                Category

   Short-term         1.75      [ICRA]D; ISSUER NOT COOPERATING;
   Non-fund based               Rating continues to remain under
   Others                       'Issuer Not Cooperating'
                                Category

   Short Term-       (5.00)     [ICRA]D; ISSUER NOT COOPERATING;
   Interchangeable              Rating Continues to remain under
                                'Issuer Not Cooperating'
                                Category

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

Incorporated in the year 1981, Triveni Wires Private Limited (TWPL)
is involved in the business of wire drawing from wire rods and
galvanizing of wires. Directors, Mr. Premkumar Tekriwal, Mr.
Arunkumar Tekriwala and Mr. Ramakanth Tekriwala who have experience
in the wire drawing industry, manage the company. TWPL has a
factory in Higna district of Nagpur with an installed capacity of
12000 MTPA and is setting up an additional unit in M.I.D.C.
Butibori, Nagpur with an installed capacityof 37200 MTPA. TWPL has
two group companies namely Tensile Wires Pvt. Ltd. Plasma Metal
Processing Pvt. Ltd., which are engaged in a similar line of
business.


UDAGIRI SUGAR: Ind-Ra Assigns BB+ Bank Loan Rating, Outlook Stable
------------------------------------------------------------------
India Ratings and Research (Ind-Ra) has rated Udagiri Sugar and
Power Limited's (USPL) bank facilities as follows:

-- INR1.50 bil. Fund-based working capital limits assigned with
     IND BB+/Stable/IND A4+ rating; and

-- INR350 mil. Proposed fund-based working capital limits
     assigned with IND BB+/Stable/IND A4+ rating.

Analytical Approach: The agency has taken a standalone view of USPL
to arrive at the rating.

Key Rating Drivers

Delayed Operational Synergies from Expansion due to Restrictions on
Syrup Diversion: The ministry of consumer affairs, food and public
distribution on December 7, 2023 directed sugar mills not to use
sugarcane juice/sugar syrup for ethanol production in the ethanol
supply year 2024 (ESY24; November-October) with immediate effect,
while the supply of ethanol manufactured using B-heavy molasses
(BHM) will continue. The government on December 16, 2023 issued
another order allowing the utilization of the juice as well as BHM
to produce green fuel in the supply year 2023-24 and allowing oil
marketing companies to revise allocation from juice and BHM.
However, it capped the total sugar diversion towards ethanol at 1.7
million tons (mnt), around 60% lower than in the past season, in
order to increase the supply of sugar in the country and thereby
reducing the sugar prices.

The government's move is likely to have a significant impact on
USPL's revenue in FY24, due to a lower-than-expected rise from its
expansion in the production and sales of ethanol as the entity was
planning to use the enhanced crushing capacity of the sugar mill
completely for the diversion of the sugar syrup for the ethanol
production. However, the impact of the restriction on the syrup
diversion would be mitigated to a certain extent by a rise in its
ethanol produced from C-heavy molasses (CHM) and the increase in
the sugar sales due to the rise in production.  

Liquidity Indicator - Stretched: USPL's current ratio remained weak
but improved slightly to 1.1x in FY23 (FY22: 1.02x), due to an
increase in the utilization of its fund-based working capital
limits at the year-end. The average maximum utilization of the
entity's fund-based limits for the 12 months ended December 2023
was 38.69%. The cash flow from operations turned negative to
INR329.31 million in FY23 (FY22: positive INR1,513.75 million), due
to its increased working capital requirements. Its creditor days
reduced to 37 in FY23 (FY22: 86) with the overall net working
capital cycle stretching to 158 days (50 days) as the sugar stocks
rose after hitting a record low in the previous year. The free cash
flow also turned negative INR681.23 million in FY23 (FY22: positive
INR1,482.03 million), due to the company's capex. Ind-Ra expects
the cash flow from operations to turn positive in FY24, while the
free cash flow to decline further, due to the company incurring the
remaining capex of around INR1,650 million. USPL had unencumbered
cash and cash equivalents of INR256.6 million at FYE23 (FYE22:
INR433.32 million). The entity has repayment obligations of INR96.9
million and INR311.2 million in FY24 and FY25, respectively, which
are likely to be met through its internal accruals.

Regulatory Risks: The sugar industry is regulated and vulnerable to
government policies as it is classified as an essential commodity.
Besides setting quotas for sugar exports, the government has
implemented various regulations such as fixing the raw material
prices in the form of fair and remunerative prices as well as
implementing restrictions on the diversion of sugar syrup in ESY24.
All these factors impact the cultivation patterns of sugarcane,
sales volume of sugar, production and sales of ethanol, and
profitability of sugar companies.

Medium Scale of Operations; Likely to Decline Slightly in FY24:
USPL's revenue declined 22.4% yoy in FY23 to INR3,378.57 million
(FY22: INR4,352.17 million), due to a fall in demand for sugar in
the domestic market as well as a fall in exports. However, the fall
in sugar sales was offset, to a certain extent, by a rise in the
ethanol production and sales following the enhanced capacity of the
distillery. The sugar segment contributed 73% to the overall
revenue in FY23 (FY22: 79%), followed by ethanol 12% (8%). The
contribution of the ethanol segment is likely to rise 35%-40% over
the near- to medium term, led by the further expansion in the
distillery's capacity. However, Ind-Ra expects the revenue to
decline in FY24, as the production of ethanol from sugar syrup
would be impacted by the restrictions on the diversion; however,
the decline would be mitigated to a certain extent by the
production of ethanol from CHM. The agency expects the revenue to
increase significantly in the medium term, led by the likely
increase in the production and sales of ethanol.   

USPL's EBITDA declined to INR481.65 million in FY23 (FY22:
INR553.59 million) despite the EBITDA margin improving to 14.26%
(12.72%) due to a decline in the sugar sales volume to 75,006
metric tons (MT; FY22: 109,836 MT). Ind-Ra expects the EBITDA
margin to improve in the medium-term due to the increase in the
contribution of the high-margin ethanol business to the overall
revenue. The entity's return on capital employed declined slightly
to 15.1% in FY23 (FY22: 17.6%) and Ind-Ra expects the return on
capital employed to decline significantly in FY24, due to the
increase in overall debt levels, before improving in the medium
term.

Comfortable Credit Metrics; Likely to Deteriorate in in FY24:
USPL's credit metrics remained comfortable in FY23 with its gross
interest coverage (operating EBITDA/gross interest expense)
improving significantly to 5.32x (FY22: 3.38x) due to its interest
expenses reducing to INR86.15 million (INR163.85 million). The net
financial leverage (Ind-Ra-adjusted net debt/operating EBITDAR)
increased to 2.93x in FY23 (FY22: 1.4x), due to the rise in its
overall debt to INR1,666.08 million (INR1,210.21 million). The
company availed a new term loan of INR210.9 million for the
expansion of the sugar mills' capacity to 3,500 tons per day (TCD;
2,500TCD) and the distillery's ethanol production capacity to 55
kilo liters per day (KLPD; 30 KLPD).

In FY24, USPL incurred another expansion project which was
commissioned in 3QFY24 to enhance its ethanol production capacity
to 165 KLPD and the sugar mills' capacity to 4,900 TCD given the
rising demand in India. The total capex cost stood at around
INR1,980 million, which was funded by an additional term loan of
INR1,650 million in FY24. Ind-Ra believes the increase in the
company's overall debt is likely to have a significant impact on
its credit metrics in FY24. The agency expects the company's gross
interest coverage to decline to 2.3x and the net financial leverage
to rise to above 7.5x in FY24. However, the agency believes credit
metrics would likely improve in the medium term, led by the likely
increase in the scale of operations following the increase in its
ethanol production.

Integrated Operations; Established Track Record: USPL benefits from
the synergies of the integrated nature of its operations. The
sugarcane juice syrup as well as the BHM and CHM required as raw
materials by the distillery unit would be produced in-house by the
sugar mill. This will enable the entity to maximize its
profitability in the distillery segment and also reduce its heavy
working capital requirement, as the sugarcane juice diverted to the
distillery will lead to a reduction in the production, and thus,
the inventory of sugar. Furthermore, USPL has an operational track
record of more than a decade in the sugar industry, leading to
established relationship with the farmers in the region. The
company has never experienced a shortage in the availability of
cane for crushing due to lift irrigation schemes in the region
having augmented the cane availability.

Rating Sensitivities

Negative: Significant deterioration in the scale of operations,
further restrictions on the diversion of sugar syrup, further
deterioration in liquidity, or the credit metrics deteriorating
further will lead to a negative rating action.

Positive: Maintaining the scale of operations, the easing of
restrictions on syrup diversion, leading to a further rise in the
ethanol business and an improvement in the profitability, a
significant improvement in liquidity and the credit metrics with
the net leverage falling below 3x will lead to a positive rating
action.

Company Profile

Incorporated in 2010, USPL has an integrated facility and
manufactures sugar, produces ethanol, and generates power. The
company recently expanded its installed capacity of its sugar mill
to 4,900 TCD and increased its ethanol production capacity to 165
KLPD. It also has a co-generation plant with an installed capacity
of 14 megawatts per annum.

ULTRA HOME: CARE Keeps D Debt Rating in Not Cooperating Category
----------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Ultra Home
Construction Private Limited (UHCPL) continue to remain in the
'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      204.56      CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Rationale and key rating drivers

CARE Ratings Ltd. had, vide its press release dated December 29,
2022, placed the rating(s) of UHCPL under the 'issuer
non-cooperating' category as UHCPL had failed to provide
information for monitoring of the rating and had not paid the
surveillance fees for the rating exercise as agreed to in its
Rating Agreement. UHCPL continues to be non-cooperative despite
repeated requests for submission of information through e-mails,
phone calls and a letter/email dated November 14, 2023, November
24, 2023, December 4, 2023.

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

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

M/s Ultra Home Construction Private Limited (UHCPL) was
incorporated in April 2004 as a private limited company to carry
out real estate development in both residential and commercial
segment. UHC founded by Mr. Anil Kumar Sharma is the flagship
company of Amrapali group; the group has more than 16 years of
experience with completed projects (both residential and
commercial) spread over 100 acres in Delhi-NCR and Greater Noida
market. UHC had undertaken a commercial project Amrapali
Tech-Park in April 2010. UHC had completed the said project in
FY14. In 2019, the Promoters of the company were sent behind the
bars in an alleged case of defrauding homebuyers.


VADRAJ CEMENT: Insolvency Resolution Process Case Summary
---------------------------------------------------------
Debtor: Vadraj Cement Limited

        Registered Address:
        3rd Floor, Lloyds Centre Point
        Appasaheb Marathe Marg
        Prabhadevi, Mumbai
        Mumbai, Maharashtra 400025
        
Insolvency Commencement Date: February 2, 2024

Court: National Company Law Tribunal, Mumbai Bench

Estimated date of closure of
insolvency resolution process: July 31, 2024

Interim Resolution
Professional: Pulkit Gupta
              EY Restructuring LLP
              3rd Floor Worldmark 1
              IGI Airport Hospitality District
              Aerocity, New Delhi 110037
              Email: pulkit.gupta@in.ey.com

                  - and -

              EY Restructuring LLP
              17th Floor, The Ruby, 29
              Senapati Bapat Marg
              Dadar (West), Mumbai 400028
              Email: cirp.vcl@gmail.com


Last date for
submission of claims: February 16, 2024


VAMA INFRA: ICRA Keeps B+ Debt Rating in Not Cooperating Category
-----------------------------------------------------------------
ICRA has kept the long-term rating of Vama Infra in the 'Issuer Not
Cooperating' category. The rating is denoted as [ICRA]B+(Stable);
ISSUER NOT COOPERATING".

                      Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long Term-         20.00       [ICRA]B+ (Stable) ISSUER NOT
   Fund Based-                    COOPERATING; Rating continues
   Term Loan                      to remain under 'Issuer Not
                                  Cooperating' category

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

Vama Infra (VI) was established in 2013 as a partnership firm based
in Surat (Gujarat) and is involved in the construction of a
residential project - Veronaa Residency in the Sarthana-Simada area
of Surat. The firm is a part of the 'Rise On Group,' which is
engaged actively in real estate development in Surat and Ahmedabad.
The partners have almost three decades of experience in real estate
development through the Rise On group.


VEDIC REALTY: Insolvency Resolution Process Case Summary
--------------------------------------------------------
Debtor: Vedic Realty Private Limited

        Registered Address:
        1/1B, Upper Wood Street
        Kolkata West Bengal 700017
        India
        
Insolvency Commencement Date: January 25, 2024

Court: National Company Law Tribunal, Kolkata Bench

Estimated date of closure of
insolvency resolution process: July 23, 2024

Interim Resolution
Professional: Kannan Tiruvengadam
              Netaji Subhas Villa
              18 Karunamoyee Ghat Road
              (Tollygunge Area)
              Flat 3C, Kolkata 700082
              West Bengal, India
              Email: calkannan@gmail.com
                     cirp.vrpl@gmail.com
   
Last date for
submission of claims: February 8, 2024

VIJAYKUMAR & CO: Ind-Ra Cuts Loan Rating to BB-, Outlook Stable
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded Vijay Kumar &
Co's (VKC) bank facilities' ratings to 'IND BB-' from 'IND BB'. The
Outlook is Stable.

The instrument-wise rating actions are:

-- INR750 mil. Non-fund-based working capital limits affirmed
     with IND A4+ rating;

-- INR12.6 mil. Term loan due on November 2026 downgraded with
     IND BB-/Stable rating; and

-- INR100 mil. Fund-based working capital limits* Long-term
     rating downgraded; short-term rating affirmed with IND BB-/
     Stable/IND A4+ rating.

*Fund-based limit is a sublimit of the non-fund-based limit

Analytical Approach: Ind-Ra has taken a consolidated view of VAC,
Dalkan Shipbreaking Ltd (debt rated at 'IND BB-'/Stable), and Paras
Steel Corporation (debt rated at 'IND BB-'/Stable), jointly
referred to as the Bhupatrai Chimanlal group hereafter, while
arriving at the ratings. This is in view of the strong strategic
and operational ties among them and a common management.

The downgrade reflects the Bhupatrai Chimanlal group's
lower-than-Ind-Ra expected financial performance in FY23 and the
likelihood of it to remain in line with FY23 performance in FY24.

Key Rating Drivers

The group's revenue grew to INR1,806 million in FY23 (FY22:
INR1,416 million, FY21: INR1,077 million), although was
lower-than-Ind-Ra's expectation. The revenue growth was mainly
driven by higher sales of scrap, as the company had purchased
large-sized ships. The group's revenue is highly dependent upon the
type of ships procured by the group to dismantle, leading to the
absence of revenue visibility.

The group achieved revenue of INR1,392 million in 9MFY24. It has
also started generating revenue from trading of scrap in FY23
during the absence of ships available for breaking. Ind-Ra expects
the consolidated revenue for FY24 to remain in line with FY23 or
see a marginal improvement, since the group purchased two ships in
December 2023 and are in advance talks of purchasing an additional
ship which is likely to be complete by March 2024 providing
medium-term revenue visibility.

The ratings also reflect the group's modest and volatile EBITDA
margins, which declined to 2.3% in FY23 (FY22: 2.51%). The decrease
in margins was due to a lower-than-average realization per unit
from the ships purchased for dismantling and a higher average
metal/scrap prices. Since the management has started trading of
steel scrap during the absence of ships, the agency expects the
margins to remain low considering the nature of operations. The
return on capital employed stood at 4.5% in FY23 (FY22: 3.5%). The
operating margins fluctuated between 2% and 6% over FY20-FY23,
reflecting the volatility in the prices of steel scrap as well as
the purchase price of ships.

The ratings also factor in the group's modest credit metrics. The
interest coverage (operating EBITDA/gross interest) deteriorated to
0.70x in FY23 (FY22: 1.01x) mainly due to an increase in the
interest cost to INR60 million (INR35 million) backed by higher
interest paid towards unsecured loans which increased to INR455
million (FY22: INR245 million). However, the net financial leverage
(adjusted net debt/operating EBITDA) improved to 11.60x (20.97x)
due to a decrease in the overall debt to INR601 million (INR854
million). Ind-Ra expects the credit metrics to moderate in FY24 on
account of a lower EBITDA generation of INR31.47 million in 9MFY24
and a high level of debt outstanding. The agency, however, expects
the company's credit metrics to improve in the medium term with an
improvement in the group's operating performance.

Liquidity Indicator - Stretched: The group's average use of the
fund-based working capital limits was 40% for the 12 months ended
December 2023. The group utilizes non-fund-based letter of credit
(LC) limits for purchasing ships. The tenure for the same depends
upon the size and tonnage of ships and ranges between 180 and 270
days. An upfront cash margin of 15% is retained at the time of
opening an LC. The group parks its surplus in fixed deposits,
ensuring gradual a build-up of reserve funds to meet the sizeable
LC payment obligations on maturity. As on January 2024, the group
had outstanding LC worth INR885.326 million, against total current
assets of INR2,180 million in the form of fixed deposits, inventory
and receivables. The group's working capital cycle reduced to 102
days in FY23 (FY22: 181 days; FY20: 222 days), but remained
elongated, due to an increase in the payable period to 90 days (9
days, 10 days) and a decrease in the receivable period to 30 days
(60 days, 50 days) and inventory holding period to 162 days (129
days, 183 days). The group has scheduled debt repayments of INR7
million and INR14 million in FY24 and FY25, respectively. The group
had cash and bank balances of INR119 million at FYE23.

However, the ratings continue to be supported by the favorable
location of the ship-breaking yard and the promoter's over 30 years
of experience in the ship-breaking industry. The Bhupatrai
Chimanlal group's ship-breaking yard is located in the Alang-Sosiya
belt in Gujarat, which is one of the world's largest ship-breaking
clusters and constitutes almost 90% of India's ship-breaking
activity.

On a standalone basis, VKC's revenue was INR873 million in FY23
(FY22: INR498 million), EBITDA margins were 2% (3%), interest
coverage was 0.21x (0.19x) and net leverage was 64.0x (net cash
positive).

Rating Sensitivities

Positive: An improvement in the scale of operations and liquidity
position, leading to the interest coverage exceeding 1.25x, all on
a consolidated and sustained basis, will be positive for the
ratings.

Negative: Deterioration in the scale of operations and liquidity
position, leading to deterioration in the credit metrics, all on a
consolidated and sustained basis, would be negative for the
ratings.

Company Profile

VKC was established in 1994 as a proprietorship concern to carry
out ship recycling activities. It was subsequently converted into a
partnership firm. The firm operates from the Alang Ship Breaking
Yard in Bhavnagar, Gujarat.

WIZARD BIOTECH: Insolvency Resolution Process Case Summary
----------------------------------------------------------
Debtor: Wizard Biotech Private Limited

        Registered Address:
        223, Mokhapada
        Kaithunipole, Kota
        Rajasthan 324006
        
Insolvency Commencement Date: January 31, 2024

Court: National Company Law Tribunal, Jaipur Bench

Estimated date of closure of
insolvency resolution process: July 29, 2024

Interim Resolution
Professional: Rajeev Sharma
              351, Rai Ji Ka Gher
              Chandi Ki Taksal
              Jaipur, Rajasthan
              Email: rajiv_sharmaadv26@yahoo.co.in
                     cirpwizard@gmail.com

Last date for
submission of claims: February 14, 2024




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

ALAM SUTERA: Moody's Affirms 'Caa1' CFR, Outlook Remains Negative
-----------------------------------------------------------------
Moody's Ratings has affirmed the Caa1 corporate family rating of
Alam Sutera Realty Tbk (P.T.).                
Moody's has also affirmed the Caa1 senior secured rating of the
2025 notes issued by Alam Sutera. The notes are guaranteed by most
of Alam Sutera's subsidiaries and secured by a mortgage over the
Mall@Alam Sutera mall and a commercial land lot.

At the same time, Moody's has maintained the negative outlook on
all ratings.

"The affirmation of Alam Sutera's Caa1 CFR reflects the company's
unsustainable capital structure characterized by its high adjusted
debt/EBITDA leverage and weak interest coverage. The rating also
takes into consideration the company's increasing exposure to
refinancing risk given its large US dollar bond maturity in
November 2025," says Rachel Chua, a Moody's Vice President and
Senior Analyst.

RATINGS RATIONALE

Alam Sutera recorded weak marketing sales of IDR1.8 trillion in
2023, which significantly fell short of its full-year target of
IDR3.2 trillion. When compared to 2022, the core marketing sales of
IDR1.8 trillion in 2023 still grew 11%. Nonetheless, this level of
sales still falls short of the levels achieved in the years before
2022. In 2024, Moody's expects marketing sales to likely remain
relatively flat at around IDR1.8 trillion.

Moody's expects Alam Sutera will continue to have an unsustainable
and overleveraged capital structure with weak credit metrics over
the next 12-18 months. Leverage will be around 7.0x while EBIT
interest coverage will remain weak at around 1.0x through 2025.

Over the last 12 months ended September 30, 2023, the company's
leverage and EBIT interest coverage were 3.4x and 2.3x,
respectively. However, the relatively stronger performance during
that period was due to a one-off block land sales during the last
quarter of 2022. Excluding that transaction, Moody's estimates the
company's leverage and interest cover to be largely in line with
Moody's forward-looking projections.

The company's liquidity is weak through 2025. Its cash balance
(including fixed deposits) of IDR1.5 trillion will not sufficiently
cover its cash needs. Including its interest payments, Moody's
expects the company will have an operating cash burn of around
IDR500 billion and capital expenditure of around IDR200 billion
over the period. It will also have debt maturities totaling IDR4.5
trillion through to the end of 2025, assuming a USD/IDR exchange
rate of 15,500.

Moody's expects that the company will have to rely on external
funding and/or asset sales to address its debt maturities in 2025.

The negative outlook reflects Moody's expectation that Alam
Sutera's refinancing risk on its November 2025 USD bond will remain
high and that the expected recovery rates on the bond will remain
uncertain.

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

An upgrade is unlikely over the next 12-18 months given Alam
Sutera's weak credit metrics. Nonetheless, the outlook could return
to stable if the company continues to execute its business plans
and addresses its refinancing needs through 2025.

Moody's could downgrade Alam Sutera's ratings if: (1) the operating
environment further deteriorates, leading to much weaker marketing
sales; or (2) it fails to secure financing for its debt maturing
through 2025 at least 12 months ahead of the scheduled maturity; or
(3) it pushes ahead with a refinancing plan that results in a
significant economic loss to its 2025 bondholders.

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

Established in November 1993 and listed on the Indonesian Stock
Exchange in December 2007, Alam Sutera Realty Tbk (P.T.) is an
integrated property developer in Indonesia that focuses on the sale
of land lots in accordance with township planning requirements, as
well as property development in residential and commercial segments
in Indonesia. As of December 31, 2023, the family of The Ning King
owned around 53.0% of the company.

MODERNLAND REALTY: Moody's Affirms 'Ca' CFR, Alters Outlook to Neg.
-------------------------------------------------------------------
Moody's Ratings has affirmed the corporate family rating of
Modernland Realty Tbk (P.T.) (Modernland) at Ca.

At the same time, Moody's has affirmed the Ca backed senior secured
ratings on the restructured June 2025 notes issued by JGC Ventures
Pte. Ltd. and the restructured April 2027 notes issued by
Modernland Overseas Pte. Ltd. JGC Ventures Pte. Ltd. and Modernland
Overseas Pte. Ltd. are wholly-owned subsidiaries of Modernland.
Both notes are guaranteed by Modernland and most of its
subsidiaries.

Moody's has changed the outlook on all ratings to negative from
stable.

Under the terms of its restructured notes, Modernland is required
to complete $40 million of asset sales on or prior to mid-2023 and
another $160 million on or prior to the end of 2024. As of February
2024, it has completed only IDR1 trillion (-$65 million) of asset
sales.

"The negative outlook reflects Moody's view that as Moody's process
through the current year, it remains unclear if Modernland will be
able to successfully complete its outstanding asset sale
obligations," says Rachel Chua, a Moody's Vice President and Senior
Analyst.

"Even if the company meets its asset sale obligations, the negative
outlook continues to highlight its refinancing risk, with its
significant bond maturity in June 2025," adds Chua, who is also
Moody's Lead Analyst for Modernland.

RATINGS RATIONALE

Modernland's Ca rating continues to reflect its unsustainable
capital structure, indicated by its extremely high leverage and
weakening interest cover.

Moody's expects the company's leverage to stay elevated at over 20x
and for its interest coverage to stay well under 1x over the next
12-18 months.

As of the end of September 2023, Modernland's adjusted
debt-to-EBITDA was 25x and its EBIT/interest cover was 0.5x.

The cash coupon rates on its restructured notes have a step-up
component. The cash coupon, which started at 0% in 2022, increases
by one percentage point annually. In 2024, the cash coupon would be
2%.

Moody's also notes that Modernland's operating performance has
improved over the last six to 12 months. The company reported core
marketing sales of IDR1.3 trillion in 2023, compared to IDR711
billion in 2022 and IDR722 billion in 2021.

The improvement in marketing sales was largely due to new launches
in the second half of 2023.

Modernland's liquidity will likely remain weak over the next 12-18
months. The company had a cash balance of IDR122 billion as of the
end of September 2023, which will not sufficiently address its
operating cash flow needs of around IDR300 billion and debt
repayment needs of around IDR500 billion.

Given the tightened lending conditions for developers in Indonesia,
a scenario of debt restructuring is likely.

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

An upgrade of Modernland's ratings would depend on the company
establishing a sustainable capital structure and business
operations.

It would also require Modernland to address its upcoming bond
maturity.

Moody's could downgrade Modernland's ratings if the risk of default
increases and if the agency estimates that expected losses for the
company's creditors will be higher than those implied by the Ca
rating.

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

Modernland Realty Tbk (P.T.) (Modernland) is an integrated property
developer in Indonesia that was established on 8 August 1983. The
company's projects and land banks include industrial town
developments such as Modern Cikande and Modern Bekasi, and township
developments such as Kota Modern and Jakarta Garden City. In
addition, the company owns Novotel Gajah Mada, Hotel Swiss-Belinn
Modern Cikande and Padang Golf Modern as investment properties.

Modernland listed on the Jakarta Stock Exchange in 1993. The
company is controlled by the Honoris family, which held an indirect
stake of around 30% as of the end of December 2023.



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

FARMERS FIRST: Ecovis KGA Appointed as Receivers and Managers
-------------------------------------------------------------
Gareth Russel Hoole and Raymond Paul Cox of Ecovis KGA Limited on
March 1, 2024, were appointed as receivers and managers of Farmers
First Logistics Limited, Farmer's First Livestock Limited, Farmer's
First Livestock (NZ) Limited and FFL Limited.

The receivers and managers may be reached at:

          Ecovis KGA Limited
          PO Box 37223
          Parnell
          Auckland


KEEPER'S QUARTER: Creditors' Proofs of Debt Due on April 5
----------------------------------------------------------
Creditors of Keeper's Quarter & Co. Limited are required to file
their proofs of debt by April 5, 2024, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on Feb. 29, 2024.

The company's liquidator is:

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


LUMENOSITY LIMITED: Court to Hear Wind-Up Petition on March 12
--------------------------------------------------------------
A petition to wind up the operations of Lumenosity Limited will be
heard before the High Court at Wellington on March 12, 2024, at
10:00 a.m.

Amber Marie Naveira and Victor Naveira filed the petition against
the company on Dec. 22, 2023.

The Petitioner's solicitor is:

          Tim Mahood
          Level 16, 45 Queen Street
          Auckland 1010



NAWOC LIMITED: Creditors' Proofs of Debt Due on April 5
-------------------------------------------------------
Creditors of Nawoc Limited are required to file their proofs of
debt by April 5, 2024, to be included in the company's dividend
distribution.

The company commenced wind-up proceedings on March 5, 2024.

The company's liquidator is:

          Brenton Hunt
          PO Box 13400
          City East
          Christchurch 8141


PASARGAD LIMITED: Court to Hear Wind-Up Petition on March 15
------------------------------------------------------------
A petition to wind up the operations of Pasargad Limited will be
heard before the High Court at Auckland on March 15, 2024, at 10:00
a.m.

Body Corporate 203344 filed the petition against the company on
Dec. 20, 2023.

The Petitioner's solicitor is:
          Christopher Patrick Browne
          Boutique Body Corporates Ltd
          Building B, Level 2
          8 Nugent Street
          Grafton
          Auckland 1023




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

PAKISTAN WATER: Fitch Affirms 'CCC' LongTerm IDR
------------------------------------------------
Fitch Ratings has affirmed Pakistan Water and Power Development
Authority's (WAPDA) Long-Term Foreign and Local-Currency Issuer
Default Ratings at 'CCC'. Fitch typically does not assign Outlooks
to issuers with a rating of 'CCC+' or below due to the high
volatility of these ratings.

The entity's IDR reflects Fitch's rating definition of a low margin
for safety, given its high reliance on government-supported
funding.

KEY RATING DRIVERS

Support Score Assessment 'Virtually certain'

Fitch believes that an extraordinary support from Pakistan to WAPDA
would be 'Virtually Certain' in case of need, reflecting a maximum
support score of 60 under its Government-Related Entities Rating
Criteria. This reflects a combination of responsibility to support
and incentive to support.

Responsibility to Support

Decision Making and Oversight 'Very Strong'

WAPDA was established to develop and manage Pakistan's water and
power resources, including dams and hydropower facilities. These
are strategically important to the nation's economy and basic
supply. Every major project requires government approval. Funding
plans are also conferred with, and partly funded by, the
government. In addition, the government has strong governance over
WAPDA, appointing the entity's management. The government regularly
monitors WAPDA's financial performance and directs operational
matters, such as tariffs on power.

Precedents of Support 'Very Strong'

The government has provided substantial financial support to the
entity, including debt guarantees. It guaranteed 46% of the
entity's debt as of the financial year ended June 2023 (FY23),
excluding debt ultimately incurred with the government. The
government has also supported the entity's debt financing by
relending facilities to the entity, easing the entity's funding
burden. Under the WAPDA Act, the government bears the ultimate
liability of the entity's loans that are sanctioned by the
government.

Incentives to Support

Preservation of Government Policy Role 'Very Strong'

WAPDA is implementing material policy on water and energy security.
The entity, as the largest hydropower supplier in Pakistan,
generates about 86% of the hydroelectricity and provides around a
quarter of the power generation. Fitch does not expect effective
substitutes will be readily available given the size of the
entity's capacity, which will significantly increase as projects
under construction come on line. Around 30% of the nation's overall
generation capacity is likely to be from hydroelectricity by 2030.

Contagion Risk 'Very Strong'

WAPDA receives continuous funding from multilateral agencies for
its projects. This implies that the government has a strong
incentive to maintain external funding for development projects
because funding needs remain high, and to avoid a default by WAPDA.
The government explicitly recognises that WAPDA is a strategic
state asset and important to the nation's economy. Therefore, Fitch
believes that WAPDA has been singled out in terms of likelihood of
exceptional support.

Operating Performance

Revenue fell by 24% yoy in FY23, due mainly to a lag in the tariff
petition, and the operating margin declined to 58% from 71%
(averaged 61.2% over FY19-FY23). This led to net debt/EBITDA rising
to 10.4x from 5.2x. Circular debt, a structural issue in power
sector, rose by 2.5% yoy in FY23, of which 9.7% was payable to
WAPDA. This is likely to continue, and to weigh on WAPDA's cash
flow. Receivables from the Central Power Purchasing Agency, a
government-owned entity, increased to PKR290 billion (5.7% yoy) or
388% of revenue in FY23, of which 88% was due more than 90 days.

Derivation Summary

Fitch expects a high likelihood of extraordinary government
support, as assessed under its GRE criteria, even though the
government's capacity to support the entity is likely to be partly
impaired amid high funding requirements of the government. Hence,
Fitch derives the entity's ratings based on Fitch's rating
definitions in addition to the support factors above.

Debt Ratings

The senior unsecured bond rating is equalised with the entity's
IDR. The bonds were issued at 7.5% per year for 10 years and are
due June 2031.

Issuer Profile

WAPDA is a hydroelectric power generation company that is wholly
owned by the state. It was set up to integrate the development of
the country's water and power resources. It made up 88% of the
nation's hydroelectric power capacity and 20% of installed capacity
in FY23.

Liquidity and Debt Structure

Total debt rose to PKR718 billion in FY23, from PKR577 billion in
FY22, due partly to currency depreciation. The majority of the
total debt was loans ultimately incurred with the government or
guaranteed by the government. WAPDA had a cash balance of PKR159
billion as of FY23, including US dollar account, which was USD142
million as of end-2023.

Short-term liquidity is likely to suffice for debt repayment
obligations, including the US dollar instalment of the Dasu
hydropower project. The project has been guaranteed by the
government and the International Development Association. WAPDA's
large exposure to loans from the government alleviates debt
repayment burden, evidenced by increasing payable of PKR176 billion
in FY23 from PKR140 billion in FY22. These are loans from the
government and only payable on demand.

RATING SENSITIVITIES

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

A sovereign rating downgrade, lower government responsibility to
support or incentives to support may lead to negative rating
action.

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

An upgrade of Fitch's credit view on the sovereign may trigger
positive rating action on WAPDA.

ESG Considerations

Fitch does not provide ESG relevance scores for WAPDA, as the
ratings and ESG profile are derived from the parent, Pakistan. ESG
relevance scores and commentary for Pakistan can be found here.

PUBLIC RATINGS WITH CREDIT LINKAGE TO OTHER RATINGS

WAPDA's ratings are driven by the sovereign's ratings.

   Entity/Debt                Rating           Prior
   -----------                ------           -----
Pakistan Water and
Power Development
Authority            LT IDR    CCC  Affirmed   CCC
                     LC LT IDR CCC  Affirmed   CCC

   senior
   unsecured         LT        CCC  Affirmed   CCC



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

ENERGY WAVE: Court Enters Wind-Up Order
---------------------------------------
The High Court of Singapore entered an order on March 1, 2024, to
wind up the operations of Energy Wave Worldwide Pte. Ltd.

Maybank Singapore Limited filed the petition against the company.

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


HL ENTERPRISE: Court Enters Wind-Up Order
-----------------------------------------
The High Court of Singapore entered an order on March 1, 2024, to
wind up the operations of HL Enterprise Pte. Ltd.

Maybank Singapore Limited filed the petition against the company.

The company's liquidators are:

           BDO Advisory Pte Ltd
           600 North Bridge Road
           #23-01 Parkview Square
           Singapore 188778


ONE MORE: Court to Hear Wind-Up Petition on March 22
----------------------------------------------------
A petition to wind up the operations of One More Bread Pte Ltd will
be heard before the High Court of Singapore on March 22, 2024, at
10:00 a.m.

GC Lease Singapore Pte Ltdfiled the petition against the company on
Feb. 29, 2024.

The Petitioner's solicitors are:

          I.N.C. Law LLC
          4 Battery Road, #26-01
          Bank of China Building
          Singapore 049908


SEAN CHUA: Court to Hear Wind-Up Petition on March 22
-----------------------------------------------------
A petition to wind up the operations of Sean Chua Design Pte Ltd
will be heard before the High Court of Singapore on March 22, 2024,
at 10:00 a.m.

GC Lease Singapore Pte Ltdfiled the petition against the company on
Feb. 29, 2024.

The Petitioner's solicitors are:

          I.N.C. Law LLC
          4 Battery Road, #26-01
          Bank of China Building
          Singapore 049908


XIN CHENG: Court to Hear Wind-Up Petition on March 22
-----------------------------------------------------
A petition to wind up the operations of Xin Cheng (S) Trading Pte
Ltd will be heard before the High Court of Singapore on March 22,
2024, at 10:00 a.m.

GC Lease Singapore Pte Ltdfiled the petition against the company on
Feb. 29, 2024.

The Petitioner's solicitors are:

          I.N.C. Law LLC
          4 Battery Road, #26-01
          Bank of China Building
          Singapore 049908




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

PETROVIETNAM GAS: Fitch Affirms 'BB+' LongTerm IDR, Outlook Stable
------------------------------------------------------------------
Fitch Ratings has affirmed PetroVietnam Gas Joint Stock
Corporation's (PV Gas) Long-Term Foreign-Currency Issuer Default
Rating (IDR) at 'BB+' with a Stable Outlook.

The IDR is based on its assessment of PV Gas' Standalone Credit
Profile (SCP) at 'bb+', which is on a par with the IDR of its
parent, Vietnam Oil and Gas Group (PVN, BB+/Stable). The 'bb+' SCP
reflects a strong market position as the country's sole midstream
gas distributor and first and probably largest liquefied natural
gas (LNG) importer, diversified earnings from a regulated liquefied
petroleum gas (LPG) business, with a 70% market share, and a strong
financial profile.

Its position as the sole long-term gas supplier for most of its
customers and long-term contracts with price protection provide a
stable earnings source. However, the SCP is constrained by the
credit profile of its key counterparties, including PetroVietnam
Power Corporation - Joint Stock Company (PV Power, BB+/Stable) and
Vietnam Electricity (EVN, BB+/Stable), capping the assessment at
the current level.

PV Gas' IDR would be equalised with PVN's even if its SCP weakens
below 'bb+', reflecting its assessment of the parent's 'High'
legal, strategic and operational incentives to support the
subsidiary in accordance with Fitch's Parent and Subsidiary Linkage
(PSL) Rating Criteria. If PV Gas' SCP improves above PVN's IDR, the
SCP would be constrained by the consolidated credit profile of PVN,
as Fitch assesses both legal ring-fencing and PVN's access and
control of PV Gas as 'Open' under the PSL criteria's "stronger
subsidiary" path.

KEY RATING DRIVERS

High Earnings Predictability: PV Gas has high earnings visibility
from its dry gas segment, bolstered by long-term tariff-based
contracts for gas transportation and gas sales contracts with a
minimum selling price set at the wellhead price. The establishment
of a price floor, approved by the prime minister, delivers
consistent earnings, with the potential for additional gains when
oil prices surge. The gas segment, encompassing dry gas, condensate
and self-produced LPG, will account for 90% of PV Gas' gross profit
in 2023 before gradually declining to 75% in 2027.

Emerging LNG Segment: Fitch expects earnings contribution from the
LNG import and distribution segment to gradually rise, becoming PV
Gas' second-largest earnings contributor, at around 15% of gross
profit by 2027. LNG imports will be anchored to PV Power's two
upcoming gas-fired power plants with a total capacity of 1.5GW,
which it expects to be commissioned by end-2024. Fitch expects
earnings visibility for the LNG segment to also be high, as
contracts allow pass-through of LNG prices to customers, with PV
Gas earning the tariff related to storage and processing.

Expanding Gas in Energy Mix: PV Gas' stable cash flow generation is
anchored by its low volume risk, with rising demand for gas and LNG
as key energy sources in alignment with Vietnam's National Energy
Master Plan and Power Development Plan (PDP) 8. The plans aim to
reduce coal dependency and achieve net-zero emissions by 2050. PDP8
aims to increase gas-based power generation capacity to about 25%
by 2030 (2022: 9.3%). The plan entails a shift in the energy mix
with LNG accounting for about 15% and domestic gas about 10% of the
capacity.

Counterparty Profile Constrains SCP: Fitch estimates over half of
PV Gas' gross profit is attributed to its two key counterparties,
EVN and PV Power, as PV Gas is the sole gas provider for their
gas-fired power plants. Fitch expects this concentration to further
increase to nearly three-fourths over the medium term as PV Gas
begins supplying to PV Power's upcoming gas-fired power plants,
Nhon Trach 3 and 4. Consequently, Fitch constrains PV Gas's SCP at
'bb+' on the credit profiles of the key counterparties.

PV Gas also supplies gas to PVN's fertiliser plant and sells
condensate to PetroVietnam Oil Corporation, another PVN
subsidiary.

Capex to Rise: Fitch expects PV Gas' capex to increase during the
construction and expansion of the next phase of LNG terminals in
2025-2027. Fitch anticipates capex to remain moderate in 2024 at
about VND2 trillion before rising to VND8 trillion-15 trillion in
2025-2027. PV Gas also has pipeline projects, including the Block
B-O Mon pipeline and Tuna pipeline, which are driving the high
capex. Fitch expects any significant earnings contribution from
these projects to start only by 2027-2028.

Robust Financial Profile: Fitch expects PV Gas' financial profile
to remain robust, maintaining its current net cash position,
despite high capex over the next four years. The financial profile
is much stronger than its SCP assessment and provides ample cushion
even in the face of significant capex. Fitch believes the expected
decline in gas distribution volume from certain mature upstream gas
fields in Vietnam would be offset by the increase in LNG
distribution volume as well as the gradual start of production from
Block B, which would support PV Gas' volume.

DERIVATION SUMMARY

PV Gas' IDR is at the same level as the 'bb+' SCP assessment for PT
Perusahaan Gas Negara (PGN, BBB-/Stable). Both entities are
national monopolies in gas distribution and owned by their
respective national oil companies. Fitch thinks PV Gas' business
profile is comparable with that of PGN. PGN's business profile
benefits from a better counterparty profile with more
diversification, although its SCP assessment is constrained by
higher regulatory risks. PGN's earning margins are affected by the
state's control over the volumes it sells at capped prices,
reducing earnings visibility compared with that of PV Gas. Still,
PV Gas' credit profile assessment is constrained with the high
exposure to 'BB+' rated counterparties. Both entities have a
conservative financial profile for their SCP assessments.

PV Gas' rating is based on its SCP, which is on a par with the IDR
of parent PVN, in line with Fitch's PSL criteria. PGN's IDRs are
one notch below those of its immediate parent, PT Pertamina
(Persero) (BBB/Stable), based on ts assessment of 'Medium'
incentives for Pertamina to support PGN.

KEY ASSUMPTIONS

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

- Oil price assumptions in line with Fitch's Brent price deck of
USD80/barrel (bbl) in 2024, USD70/bbl in 2025, USD65/bbl in 2026
and USD60/bbl in 2027;

- Conversion rate of VND23,575 per US dollar in 2024 and beyond;

- Gas supply volume from existing fields in line with management
guidance, which factors in the reserve and field development plan.
Upcoming Block B project volume to start with minimal production in
2027. LNG import volume at a 5% discount to management guidance;

- Dry gas sales prices in line with contracts, which are typically
higher than the market-driven price and wellhead, or buying,
price;

- Transportation tariff in line with contract prices adjusted for
inflation.

RATING SENSITIVITIES

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

- Positive rating action on PV Gas' parent, PVN.

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

- Negative rating action on PV Gas' parent, PVN.

LIQUIDITY AND DEBT STRUCTURE

Strong Liquidity: PV Gas' liquidity is strong, driven by its net
cash position. The company had about VND40.8 trillion in cash and
cash equivalents, including term deposits with maturity within 12
months, as of 31 December 2023, and only VND1,604.7 billion in
short-term debt. PV Gas maintains banking relationships with both
domestic and international banks, with a total long-term credit
limit of VND9.5 trillion and short-term credit limit of VND403.5
million as of December 2023.

ISSUER PROFILE

PV Gas is a 95.8%-owned subsidiary of PVN, Vietnam's national oil
and gas group. PV Gas, established in 1990, focuses on gathering,
transporting, storing, processing, distributing and trading gas and
gas products. It also leads the development of the country's LNG
import market.

PUBLIC RATINGS WITH CREDIT LINKAGE TO OTHER RATINGS

PV Gas' ratings are directly linked to that of its ultimate parent,
PVN. Any change in PVN's ratings will result in a similar revision
in PV Gas' ratings.

ESG CONSIDERATIONS

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

   Entity/Debt             Rating            Prior
   -----------             ------            -----
PetroVietnam Gas
Joint Stock
Corporation          LT IDR BB+  Affirmed    BB+


                           *********


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
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