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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, May 6, 2024, Vol. 27, No. 91

                           Headlines



A U S T R A L I A

ARMORY CATERING: First Creditors' Meeting Set for May 9
ASTOR HOMES: Second Creditors' Meeting Set for May 7
AUSTRAL RESOURCES: Placed in Receivership
BARDCORP PTY: First Creditors' Meeting Set for May 8
DALMA FORM: Tax Office Moves on Administrators in Tax Fraud

F45 COOGEE: Sydney Gym to Close Doors by End of May
LATITUDE AUSTRALIA 2024-1: Moody's Assigns B2 Rating to F Notes
LIBERTY SERIES 2021-1: Moody's Ups Rating on Cl. F Notes From Ba1
MELBOURNE REBELS: Creditors Approve Financial Rescue Plan
TPO MANAGEMENT: First Creditors' Meeting Set for May 7

TRUE AMPLE: First Creditors' Meeting Set for May 9


C H I N A

AIRNET TECH: Audit Alliance Raises Going Concern Doubt
BEIJING CAPITAL: Moody's Withdraws 'Ba1' Corporate Family Rating
GOLDEN EAGLE: S&P Withdraws 'BB+' LongTerm Issuer Credit Rating
INTERNATIONAL FINANCIAL: Fitch Affirms BB+ LongTerm IDR


I N D I A

ADARSHA AUTO: Ind-Ra Affirms B+ Loan Rating, Outlook Stable
AKSHITA GOLDEN: CRISIL Reaffirms B+ Rating on INR15cr Term Loan
AMBICA KNITECH: CRISIL Assigns B- Rating to INR8cr Loan
AMOGEN PHARMA: Ind-Ra Assigns B+ Term Loan Rating, Outlook Stable
ANUNAY FAB: Ind-Ra Cuts Bank Loan Rating to D

AUTOMATIC ELECTRIC: CRISIL Assigns B+ Rating to INR19.8cr Loan
CAPACITE INFRAPROJECTS: Ind-Ra Affirms BB+ Bank Loan Rating
CARNATION INDUSTRIES: CRISIL Keeps D Rating in Not Cooperating
CHAROEN POKPHAND: Ind-Ra Cuts Bank Loan Rating to BB
CHHATRAPATI SAMBHAJI: Ind-Ra Affirms BB- Rating, Outlook Stable

CONNECTIVITY IT: Ind-Ra Assigns BB+ Term Rating, Outlook Stable
CORLIM MARINE: Ind-Ra Assigns BB+ Term Rating, Outlook Stable
EASTERN SILK: CRISIL Keeps D Debt Rating in Not Cooperating
FAROUK SODAGAR: CRISIL Keeps D Debt Ratings in Not Cooperating
GLOWMORE FINANCE: Ind-Ra Affirms B+ Bank Loan Rating

GO FIRST: Planes Deregistered, Pushing Carrier Closer to Collapse
GSR INFRATECH: Ind-Ra Assigns BB Bank Loan Rating, Outlook Stable
HES INFRA: Ind-Ra Cuts Loan Rating to BB+, Outlook Negative
HILL TRACK: CRISIL Lowers Rating on INR6cr Overdraft to D
HINDUSTAN NEWSPRINT: CRISIL Keeps D Ratings in Not Cooperating

HITECH SWEET: Ind-Ra Assigns D Bank Loan Rating
JAIPRAKASH ASSOCIATES: Lenders Seek RBI OK to sell loan to NARCL
JULIET APPARELS: CRISIL Withdraws D Rating on INR18.25cr Loan
K.N. SRINIVASA: CRISIL Moves B+ Debt Rating to Not Cooperating
KHATOR FIBRE: CRISIL Keeps D Debt Ratings in Not Cooperating

KRISHNA TEXTILE: CRISIL Reaffirms B+ Rating on INR16cr LT Loan
KUSHAL POLYSACKS: Ind-Ra Assigns BB- Term Rating, Outlook Stable
LOF CONSTRUCTIONS: CRISIL Withdraws B+ Rating on INR8.5cr Loan
LUKE EXPORT: CRISIL Lowers Long and Short Term Rating to D
MARUTI TRADING: CRISIL Assigns C Rating to INR13.02cr New Loan

MEGHALAYA INFRATECH: Ind-Ra Assigns B+ Loan Rating, Outlook Stable
MYCON CONSTRUCTION: CRISIL Moves D Ratings to Not Cooperating
NATIONAL TRADING: CRISIL Reaffirms B+ Rating on INR10cr Loan
NAVA NIRMAN: CRISIL Lowers Long and Short Term Ratings to D
PREMIER MARINE: CRISIL Lowers Rating on INR4.5cr Loan to B+

RAJ TELEVISION: Ind-Ra Assigns BB+ Term Rating, Outlook Stable
ROYAL MUDHOL: Ind-Ra Withdraws BB+ Term Loan Rating
RSKS AUTOMOTIVES: Ind-Ra Hikes Loan Rating to BB+, Outlook Stable
SAMRUDDHI REALTY: CRISIL Keeps D Debt Rating in Not Cooperating
SRV KNIT: CRISIL Moves B+ Debt Rating to Not Cooperating Category

SUNHETI SOLAR: Ind-Ra Cuts Loan Rating to BB+, Outlook Stable
TRANSOCEANIC AGRO: CRISIL Keeps B+ Debt Rating in Not Cooperating
TRD INFRA: CRISIL Lowers Rating on INR44cr Term Loan to B+
USHAHKAL ABHINAV: Ind-Ra Affirms BB+ Loan Rating, Outlook Stable
V.J. CONSTRUCTIONS: CRISIL Moves D Ratings to Not Cooperating

VARSHIL PACKAGING: CRISIL Moves B+ Ratings to Not Cooperating


I N D O N E S I A

TITAN INFRA: $20MM Bank Debt Trades at 16% Discount
TITAN INFRA: $430MM Bank Debt Trades at 16% Discount


N E W   Z E A L A N D

BUILD PARTNERS: First Creditors' Meeting Set for May 13
DOVEY AVIATION: Creditors' Proofs of Debt Due on June 7
EURO CITY: In Liquidation; Owes NZD1.2 Million to Creditors
I H LIMITED: Ecovis KGA Appointed as Receivers
NEW GENERATION: Creditors' Proofs of Debt Due on June 7

QIXUAN INTERNATIONAL: First Creditors' Meeting Set for May 10


P A K I S T A N

PAKISTAN INT'L: Deadline for Expressions of Interest Pushed Back


S I N G A P O R E

ATHENEE ENTERPRISE: Creditors' Proofs of Debt Due on May 31
BUEY TAHAN: Court Enters Wind-Up Order
DJENEE CORPORATION: Court to Hear Wind-Up Petition on May 17
STAR ASIA: Creditors' Proofs of Debt Due on June 2
ZIPMEX ASIA: Placed in Provisional Liquidation


                           - - - - -


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

ARMORY CATERING: First Creditors' Meeting Set for May 9
-------------------------------------------------------
A first meeting of the creditors in the proceedings of Armory
Catering Services Pty Ltd (trading as Armory Wharf Café) will be
held on May 9, 2024, at 10:00 a.m. via Microsoft Teams.

David Webb of Webb Advisory was appointed as administrator of the
company on April 29, 2024.


ASTOR HOMES: Second Creditors' Meeting Set for May 7
----------------------------------------------------
A second meeting of creditors in the proceedings of Astor Homes Pty
Ltd and Astor Homes Australia Pty Ltd has been set for May 7, 2024,
at 10:30 a.m. via virtual meeting only.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by May 6, 2024, at 5:00 p.m.

Graeme Beattie of Worrells was appointed as administrator of the
company on March 22, 2024.


AUSTRAL RESOURCES: Placed in Receivership
-----------------------------------------
Deloitte Turnaround & Restructuring partners Jason Tracy, Grant
Sparks and Sean Holmes have been appointed Joint and Several
Receivers and Managers to Austral Resources, effective May 1,
2024.

The appointment covers Austral Resources Australia Ltd, Austral
Resources Operations Pty Ltd, and Austral Resources Exploration Pty
Ltd.

Mr. Tracy said in statement: "The business will continue to trade
while the Receivers and Managers undertake an urgent assessment of
the financial position and determine the future of the business and
its assets.

"Impacted creditors will receive separate correspondence directly
from the Receivers and Managers," he added.

Austral Resources is a copper producer, developer, and explorer
located in the Mt Isa District of northwest Queensland.


BARDCORP PTY: First Creditors' Meeting Set for May 8
----------------------------------------------------
A first meeting of the creditors in the proceedings of Bardcorp Pty
Ltd will be held on May 8, 2024, at 11:00 a.m. via online video
conference.

Daniel Peter Juratowitch and Sam Kaso of Cor Cordis were appointed
as administrators of the company on April 26, 2024.


DALMA FORM: Tax Office Moves on Administrators in Tax Fraud
-----------------------------------------------------------
David Marin-Guzman at The Australian Financial Review reports that
the administrators of a formwork company involved in a suspected
AUD180 million tax fraud have reduced an AUD11 million payroll tax
debt to just AUD1 and executed a deed that effectively shuts down
investigations.

AFR relates that Revenue NSW last week launched a rearguard action
in the Federal Court against Jones Partners principals Bruce
Gleeson and Daniel Soire in a bid to reverse their decision in
relation to Dalma Form Specialist (DFS) and to send the company
into liquidation, which would make way for public examinations of
shadow directors.

According to AFR, the administrators' ASIC filings in February
noted the Australian Tax Office alleges Dalma was part of a group
of 30 companies, including labour hire, that avoided AUD150-AUD180
million in Pay As You Go Tax over 10 years - which would make it
the biggest tax fraud in Australian corporate history if proven.

AFR says the rare legal action was filed after a tense two-hour
creditors meeting last month where the ATO's preferred liquidator,
Stephen Hathway, vehemently disagreed with the administrators and
said he was "appalled" at some of their decisions.

Mr. Gleeson famously unravelled the finances of fraudster Melissa
Caddick and is on the board of the Australian Restructuring
Insolvency and Turnaround Association.

However, Mr. Hathway, the liquidator of other firms involved in the
alleged fraud, argued Jones Partners' reduction of Revenue NSW's
debt swayed the outcome of creditor votes that led to the passing
of a deed of company arrangement to resolve all debts, AFR relays.

The deed, executed on May 3, means there will not be further
investigation into a key company involved in the alleged fraud
unless the court decides otherwise, AFR notes.

"The firm is critical because it did the contracts, it fed the work
out - it was close to Igor," Mr. Hathway told The Australian
Financial Review.

"It [the reduction of debt] doesn't pass the pub test."

Igor Cikes may be a party to the alleged fraud and the "controlling
mind" of the group, the ATO alleges, according to the
administrator's ASIC filings.

Property records show Mr. Cikes enjoys a luxury penthouse in North
Sydney with harbour views and he and his family own a dozen
properties worth more than AUD40 million. DFS itself turned over
AUD40 million a year, according to the ATO.

AFR notes that the Dalma case is one of a series of companies in
the construction industry allegedly avoiding tens of millions of
dollars in PAYG tax, including on government projects, which has
left firms crying out that they cannot compete on a legitimate
basis

Jones Partners justified reducing Revenue NSW's AUD11.4 million
debt claim - which far exceeded any other creditor – on the basis
it was an estimate given without reasons and not the result of a
formal assessment, AFR says.

According to AFR, Revenue NSW's representative told the April 12
creditors meeting it had strong evidence for the estimate and was
conducting further investigations under anti-avoidance laws, which
allow it to group together all companies suspected in a scheme.

The representative said the chief commissioner only applied
anti-avoidance provisions in "exceptionally rare" circumstances and
when they were likely to be warranted.

Mr. Gleeson told AFR Weekend that after the meeting Revenue NSW
gave notice of its claim under the anti-avoidance laws which "we
are currently reviewing".

"We believe it is appropriate for the Federal Court to determine
the application filed," he said.

AFR relates that the administrators also cut the AUD2.2 million in
unpaid invoices claimed by Mr. Hathway's liquidated Admin Form –
one of the companies allegedly in the group – to AUD50,000 on
grounds DFS had given the firm credit notes that reduced the debt.

The ATO said it was "very concerned" about the decision, which it
described as "odd" given Admin Form's director left for India the
day after he was appointed and the validity of the credit notes
relied on evidence of only one party, AFR relates.

Asked at the meeting how DFS director Jason Andrijic spoke to the
Admin Form director, Mr. Andrijic said it was through encrypted
messaging service WhatsApp but that his messages were deleted every
24 hours.

The administrators' report did not say that Mr. Andrijic was party
to or had any knowledge of the alleged fraud, adds AFR.

Bruce Gleeson and Daniel Robert Soire of Jones Partners Insolvency
& Restructuring were appointed as administrators of the company on
Dec. 21, 2023.

F45 COOGEE: Sydney Gym to Close Doors by End of May
---------------------------------------------------
News.com.au reports that a popular gym in Sydney's sought-after
eastern suburbs has closed its doors as the global fitness chain
F45 faces continued financial pressure.

In an email to members on May 3, the management of F45 Coogee
announced the gym would be ceasing operations before the end of
May, news.com.au relates.

Staff thanked the local community for their patronage over eight
years, but said it had "become clear" they could not continue to
operate.

"It is sad for us to see this chapter come to an end," the email
said.

"It is not lost on us how wonderful this community in particular
is."

"Due to some building compliance and noise mitigation issues, that
we have been experiencing for quite some time it has become clear
that we cannot continue to operate effectively and efficiently
within our existing premises and will need to close the current
doors as we know it, while we look for other locations in Coogee as
potential options."

All active memberships with the gym will be cancelled on May 24,
with members offered discounts to join two local private gyms,
news.com.au says.

Members were also encouraged to keep following the gym on social
media with the statement hinting at a possible revival.

"Further announcements will be coming soon around new and exciting
opportunities . . .  It is not good bye but see you soon," it
said.

According to news.com.au, the shock closure comes as the F45
fitness chain, backed by Hollywood actor Mark Wahlberg, faces
continued pressure to downsize.

In February, management at F45 Alexandria in Sydney's south
announced they would also be closing their doors, news.com.au
recalls.

According to news.com.au, F45 chief executive Tom Dowd told various
media outlets late last year the company would need to "shrink to
grow".

"If we need to lose unproductive locations to add value to existing
ones I'm fine with that," he told Leisure Opportunities.

"Moving forward we're going to be very tactical and smart about
growth. It won't be 'sell and forget' like it was before."


LATITUDE AUSTRALIA 2024-1: Moody's Assigns B2 Rating to F Notes
---------------------------------------------------------------
Moody's Ratings has assigned the following definitive ratings to
notes issued by Perpetual Corporate Trust Limited as trustee of
Latitude Australia Personal Loans Series 2024-1 Trust.

Issuer: Perpetual Corporate Trust Limited as trustee of Latitude
Australia Personal Loans Series 2024-1 Trust

AUD337.0 million Class A Notes, Definitive Rating Assigned Aaa
(sf)

AUD55.0 million Class B Notes, Definitive Rating Assigned Aa2
(sf)

AUD25.0 million Class C Notes, Definitive Rating Assigned A2 (sf)

AUD16.5 million Class D Notes, Definitive Rating Assigned Baa2
(sf)

AUD32.5 million Class E Notes, Definitive Rating Assigned Ba2
(sf)

AUD9.0 million Class F Notes, Definitive Rating Assigned B2 (sf)

The AUD25.0 million Seller Notes are not rated by Moody's.

Latitude Australia Personal Loans Series 2024-1 Trust is a cash
securitisation of unsecured personal loans extended to obligors
located in Australia. All receivables were originated and are
serviced by Latitude Personal Finance Pty Limited (Latitude,
unrated).

Latitude provides sales finance, credit cards and personal loans in
Australia and New Zealand. Latitude originates loans through direct
and third-party channels. Direct channels include online and call
centre based applications with third-party distribution through
partnership agreements and a network of brokers. The Latitude
Australia Personal Loans Series 2024-1 Trust transaction is
Latitude's fourth personal loan term ABS transaction.

RATINGS RATIONALE

The definitive ratings take into account, among other factors:

-- The evaluation of the underlying receivables and their expected
performance;

-- The evaluation of the capital structure. The transaction
features a sequential/pro rata paydown structure. Initially, the
notes will be repaid on a sequential basis starting with the Class
A Notes. Once pro rata paydown conditions are satisfied, such as
Class A subordination is at least 55% and no unreimbursed charge
offs, principal payments will be distributed pro rata among all
classes of Notes. The Seller Notes will stop receiving pro rata
principal payments once their balance falls below AUD10.0 million.
Following the call date, the structure will revert to a sequential
repayment profile. Initially, the Class A, Class B, Class C, Class
D, Class E and Class F Notes benefit from 32.60%, 21.60%, 16.60%,
13.30%, 6.80% and 5.0% of note subordination, respectively;

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

-- The liquidity facility in the amount of 1.50% of the
outstanding principal balance of all receivables not in arrears by
more than 90 days, subject to a floor of AUD1.20 million;

-- The interest rate swap provided by Westpac Banking Corporation
("WBC", Aa2/P-1/Aa1(cr)/P-1(cr));

-- The experience of Latitude as servicer; and

-- The back-up servicing arrangements with AMAL Asset Management
Limited.

MAIN MODEL ASSUMPTIONS

Moody's base case assumptions are a default rate of 9.5%, portfolio
credit enhancement (PCE) of 38.0% and a recovery rate of 10.0%.
Moody's assumed default rate and recovery rate are stressed
compared to the extrapolated mean default of 8.9% and actual
historical levels of recovery rate of around 25%.

Key pool features are as follows:

-- The composition of the pool is such that fixed rate loans
constitute 59.5% while the remaining 40.5% is made up of variable
rate loans;

-- The weighted average interest rate of the portfolio is 15.7%;

-- The weighted average remaining term of the portfolio is 63.0
months; and

-- The weighted average seasoning of the initial portfolio is 14.4
months.

The principal methodology used in these ratings was "Moody's
Approach to Rating Consumer Loan-Backed ABS" published in December
2022.

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

Factors that could lead to an upgrade of the notes include a rapid
build-up of credit enhancement, due to sequential amortization or
better-than-expected collateral performance. The Australian job
market is a primary driver of performance.

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


LIBERTY SERIES 2021-1: Moody's Ups Rating on Cl. F Notes From Ba1
-----------------------------------------------------------------
Moody's Ratings has upgraded ratings on eight classes of notes
issued by two Liberty Series RMBS.

The affected ratings are as follows:

Issuer: Liberty Series 2020-4

Class C Notes, Upgraded to Aaa (sf); previously on Jul 28, 2023
Upgraded to Aa1 (sf)

Class D Notes, Upgraded to Aa1 (sf); previously on Jul 28, 2023
Upgraded to Aa3 (sf)

Class E Notes, Upgraded to A1 (sf); previously on Jul 28, 2023
Upgraded to A3 (sf)

Class F Notes, Upgraded to Baa1 (sf); previously on Jul 28, 2023
Upgraded to Baa3 (sf)

Issuer: Liberty Series 2021-1

Class C Notes, Upgraded to Aa1 (sf); previously on Jun 19, 2023
Upgraded to Aa2 (sf)

Class D Notes, Upgraded to Aa3 (sf); previously on Jun 19, 2023
Upgraded to A2 (sf)

Class E Notes, Upgraded to A3 (sf); previously on Jun 19, 2023
Upgraded to Baa2 (sf)

Class F Notes, Upgraded to Baa2 (sf); previously on Jun 19, 2023
Upgraded to Ba1 (sf)

A comprehensive review of all credit ratings for the two
transactions has been conducted during a rating committee.

RATINGS RATIONALE

The upgrades were prompted by an increase in credit enhancement
available to the affected notes and the collateral performance to
date.

No actions were taken on the remaining rated classes in these
transactions as credit enhancement remains commensurate with the
current rating for the respective notes.

Liberty Series 2020-4

Following the March 2024 payment date, note subordination available
for the Class C, Class D, Class E and Class F Notes has increased
to 8%, 6.7%, 4.5% and 3.7% respectively, from 5.8%, 4.8%, 3.1% and
2.6% at the time of the last rating action for these notes in July
2023. Principal collections have been distributed on a pro-rata
basis among the rated notes since January 2024. Current total
outstanding notes as a percentage of the total closing balance is
61.6%.

As of March 2024, 4.3% of the outstanding pool was 30-plus days
delinquent and 1.9% was 90-plus days delinquent. The deal has not
incurred any losses to date.

Based on the observed performance to date and loan attributes,
Moody's has updated its expected loss assumption to 1.7% of the
outstanding pool balance (equivalent to 1% of the original pool
balance) from 1.5% at the time of the last rating action in July
2023. Moody's has also increased its MILAN CE assumption to 6% from
5.1%.

Liberty Series 2021-1

Following the March 2024 payment date, note subordination available
for the Class C, Class D, Class E and Class F Notes has increased
to 6.9%, 5.5%, 3.5% and 3.1% respectively, from 4.9%, 3.9%, 2.5%
and 2.1% at the time of the last rating action for these notes in
June 2023. Principal collections have been distributed on a
pro-rata basis among the notes since March 2024. Current total
outstanding notes as a percentage of the total closing balance is
68.1%.

As of March 2024, 3.2% of the outstanding pool was 30-plus days
delinquent and 1.7% was 90-plus days delinquent. The pool has
incurred 0.001% (as a percentage of the original pool) of losses to
date, which have been covered by excess spread.

Based on the observed performance to date and loan attributes,
Moody's has updated its expected loss assumption to 1.5% of the
outstanding pool balance (equivalent to 1% of the original pool
balance) from 1.6% at the time of the last rating action in June
2023. Moody's has also updated its MILAN CE assumption to 5.4% from
6.2%.

The two transactions are Australian RMBS originated and serviced by
Liberty Financial Pty Ltd, an Australian non-bank lender. A small
portion of the portfolio consists of loans extended to borrowers
with impaired credit histories or loans made on a limited
documentation basis.

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:

Factors that could lead to an upgrade of the ratings include (1)
performance of the underlying collateral that is better than
Moody's expectations and (2) an increase in credit enhancement
available for the notes.

Factors that could lead to a downgrade of the ratings include (1)
performance of the underlying collateral that is worse than Moody's
expectations, (2) a decrease in the credit enhancement available
for the notes and (3) a deterioration in the credit quality of the
transaction counterparties.


MELBOURNE REBELS: Creditors Approve Financial Rescue Plan
---------------------------------------------------------
ABC News reports that creditors have voted to accept a financial
rescue plan for the cash-strapped Melbourne Rebels rather than
liquidate the Super Rugby Pacific club.

At a meeting on May 3, creditors opted to follow the recommendation
of the voluntary administrator and accept a proposal by a private
investor group that includes current directors, ABC News relates.

ABC News says directors have proposed a Deed Of Company Arrangement
(DOCA) which guarantees employees 100 per cent of their
entitlements, but leaves unsecured creditors with as little as 15
cents to the dollar.

The club went into voluntary administration in January with total
debts of AUD23.1 million, with PwC voluntary administrator Stephen
Longley stating in his report last week the club may have operated
insolvent for more than five years.

According to the report, the DOCA is also dependent upon Rugby
Australia (RA) handing the Super Rugby participation licence to the
new consortium, which is planning to invest more than AUD25 million
into the club over the next five years.

RA, which has propped up the club this season, taking over the
wages bill for players and staff, has given no indication of its
plans for the club, which joined the competition in 2011, the
report states.

The Australian Financial Review reported that RA planned to vote
against salvaging the club and claimed the independent report by
Longley was biased towards the former directors.

It's understood the Victorian government advised RA that, in the
absence professional rugby presence in the state, it could withdraw
from bidding for future Wallabies Test matches and hosting the
Rugby World Cup final, ABC states.

                       About Melbourne Rebels

The Melbourne Rebels is an Australian professional rugby union team
based in Melbourne.

Martin Ford and Stephen Longley of PricewaterhouseCoopers were
appointed as administrators of Melbourne Rebels Rugby Union Pty Ltd
on Jan. 29, 2024.


TPO MANAGEMENT: First Creditors' Meeting Set for May 7
------------------------------------------------------
A first meeting of the creditors in the proceedings of TPO
Management Pty Ltd will be held on May 7, 2024, at 10:00 a.m. via
Zoom.

Ivan Glavas of Worrells was appointed as administrator of the
company on April 24, 2024.


TRUE AMPLE: First Creditors' Meeting Set for May 9
--------------------------------------------------
A first meeting of the creditors in the proceedings of True Ample
(Australia) Pty Ltd will be held on May 9, 2024, at 11:00 a.m. via
virtual meeting technology.

Daniel Peter Juratowitch and Sam Kaso of Cor Cordis were appointed
as administrators of the company on April 30, 2024.




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

AIRNET TECH: Audit Alliance Raises Going Concern Doubt
------------------------------------------------------
AirNet Technology Inc. disclosed in a Form 20-F Report filed with
the U.S. Securities and Exchange Commission for the fiscal year
ended December 31, 2023, that its auditor expressed substantial
doubt about the Company's ability to continue as a going concern.

Singapore-based Audit Alliance LLP, the Company's auditor since
2021, issued a "going concern" qualification in its report dated
April 26, 2024, citing that the Company has a history of operating
losses and negative operating cash flows and has negative working
capital of approximately $56 million as of December 31, 2023. These
conditions indicate that a material uncertainty exists that raise
substantial doubt on the Company's ability to continue as a going
concern, the auditor said.

To date, the Company has financed its operations primarily through
internally generated cash, the sale of preferred shares in private
placements and the proceeds the Company received from its initial
public offering.

The Company incurred loss from continuing operations of $13.8
million, $7.4 million and $3.8 million for the years ended December
31, 2021, 2022 and 2023, respectively. As of December 31, 2023, it
had an accumulated deficit of $320.1 million and a working capital
deficiency of $54.5 million.

"We intend to meet the cash requirements for the next 12 months
from the date of this annual report through business restructuring
plan and private placement. In February 2024, we entered into share
transfer agreement with Hainan Oriental Meitong Technology
Partnership to sell the 33.67% equity interest we held in Unicom
AirNet (Beijing) Network Co., Ltd for a consideration of RMB197
million. On April 15, 2024, we completed a private placement of
US$5.7 million with certain investors. As a result, our management
prepared the consolidated financial statements assuming our company
will continue as a going concern. As described, we have a
significant working capital deficiency, have incurred significant
losses and have generated negative cash flows from operations. We
need to raise additional funds to meet our obligations and sustain
our operations. Management's plans in regard to these matters are
described, however, there is no assurance that the measures above
can be achieved as planned," the Company explained.

A full-text copy of the Company's Form 20-F is available at
https://tinyurl.com/2m9em5dw

                         About AirNet Technology

AirNet Technology Inc. was incorporated in the Cayman Islands on
April 12, 2007.  AirNet, its subsidiaries, through its variable
interest entities and the VIEs' subsidiaries, operate its
out-of-home advertising network, primarily air travel advertising
network, in the People's Republic of China. The Company also
conducts cryptocurrencies mining business operations by its Hong
Kong subsidiary, Blockchain Dynamics Limited.

As of December 31, 2023, the Company has $115.1 million in total
assets, $101.8 million in total liabilities, and $13.4 million in
total equity.


BEIJING CAPITAL: Moody's Withdraws 'Ba1' Corporate Family Rating
----------------------------------------------------------------
Moody's Ratings has withdrawn the Ba1 corporate family rating and
b1 Baseline Credit Assessment of Beijing Capital Group Co., Ltd.
(BCG).

At the same time, Moody's has withdrawn the (P)Ba1 backed senior
unsecured rating on the medium-term note (MTN) program of Beijing
Capital Polaris Investment Co., Ltd. The MTN program is
unconditionally and irrevocably guaranteed by BCG.

Prior to the withdrawal, the outlooks on BCG and Beijing Capital
Polaris Investment Co., Ltd. were negative.

RATINGS RATIONALE

Moody's has decided to withdraw the ratings for its own business
reasons.

COMPANY PROFILE

Founded in 1994, Beijing Capital Group Co., Ltd. is 100% owned by
the Beijing municipal government and is under the direct
supervision of the State-owned Assets Supervision and
Administration Commission of the Beijing municipality. The
company's operations are divided into four major business segments:
urban development, which is mainly real estate related;
environmental protection, including water services and solid waste
treatment; infrastructure; and financial services.


GOLDEN EAGLE: S&P Withdraws 'BB+' LongTerm Issuer Credit Rating
---------------------------------------------------------------
S&P Global Ratings withdrew its 'BB+' long-term issuer credit
rating on Golden Eagle Retail Group Ltd. at the request of the
company. The outlook on the long-term rating was stable at the time
of the withdrawal.


INTERNATIONAL FINANCIAL: Fitch Affirms BB+ LongTerm IDR
-------------------------------------------------------
Fitch Ratings has revised the Outlook on Beijing Capital City
Development Group Co., Ltd.'s (BCCD) Long-Term Foreign-Currency
Issuer Default Rating (IDR) to Negative, from Stable, and affirmed
the rating at 'BBB-'. Fitch has also revised the Outlook on the
Long-Term Foreign-Currency IDR of BCCD's main overseas investment
platform, International Financial Center Property Ltd. (IFC) to
Negative, from Stable, and affirmed the rating at 'BB+'.

Fitch has also affirmed the rating on Central Plaza Development
Ltd's USD3 billion medium-term note programme at 'BBB-', which is
linked to BCCD's credit profile as its financing SPV. Any drawdown
from the programme will be unconditionally and irrevocably
guaranteed by BCCD, or guaranteed by IFC with the benefit of a
keepwell and liquidity support deed and a deed of equity interest
purchase undertaking by Beijing Capital Group Company Limited (BCG,
BBB-/Negative). The rating on the drawdown will depend on the final
issuance structure.

BCCD's rating is equalised with that of its stronger parent, BCG,
based on Fitch's Parent and Subsidiary Linkage (PSL) Rating
Criteria. This reflects its assessment of the 'Medium' legal,
'Medium' strategic and 'High' operational incentives for BCG to
provide support.

BCCD's Standalone Credit Profile (SCP) has been lowered to 'b-',
from 'bb-', to reflect deterioration in its business and operating
cash flow, leading to a large increase in leverage in 2023, and its
expectation that BCCD's weak sales are likely to persist. The
Negative Outlook follows Fitch's rating action on BCG, which
reflects uncertainties related to BCCD's business transformation.
BCCD's SCP influences BCG's ratings, as the subsidiary accounts for
about half of the parent's employed capital.

KEY RATING DRIVERS

Weak Sales and Cash Flow: Fitch believes BCCD's underperformance
against other state-owned property developer peers may persist in
2024. Fitch forecasts a 30% decrease in sales, or monthly sales of
CNY1 billion, in line with the average amount recorded in 2H23.
This represents an improvement from the 65% yoy decline in 1Q24
from a high base, but its forecasts indicate BCCD will report
slightly negative operating cash flow in the near to medium term,
limiting its financial and operational flexibility.

Disposals Affected 2023 Leverage: BCCD disposed of its 51% share in
Jingzhong in December 2023, to a joint venture co-established by
four Beijing state-owned entities (SOEs), including BCG, in order
to speed up the development of its primary-land development project
in Tianjin. Following the transaction, BCCD effectively holds 26.7%
of Jingzhong and BCG holds 69.4% (including shares held through
BCCD). Jingzhong was deconsolidated from both BCG and BCCD after
the disposal.

The appraised net asset value of Jingzhong, at CNY20 billion, is
significantly lower than its previous estimate of CNY45 billion.
The difference in valuation contributed to a large increase in
leverage in 2023 to 66% compared with its previous estimate of 50%.
Leverage, excluding the impact from the Jingzhong equity disposal,
was about 5pp higher than its previous estimate in 2023.

Elevated Leverage to Persist: Fitch expects BCCD's leverage -
measured by net debt/net property assets - to increase further to
70% in the next two years due to persistently weak sales
performance. Fitch expects the company to control its land
acquisition strictly to preserve cash flow. However, this may
affect its long-term operational flexibility as its existing land
bank is concentrated in a few cities with weaker demand and
oversupply.

Uncertainties Over Business Transition: Management is planning a
strategic shift towards policy-driven projects, such as primary
land development, affordable and rental housing development, in
response to the deterioration in BCCD's market-driven business.
However, there are uncertainties regarding the speed of the
company's strategic transformation. The impact on BCCD's
profitability and financial structure is unclear as well. That
said, supportive policies on social housing development may help
the company's business transition.

'Medium' Legal Incentive: BCG and its offshore financing platform,
BCG Chinastar International Investment Ltd. (BB+/Negative),
guarantee about 25% to 30% of BCCD's total debt. In addition, BCG
provides keepwell deeds on all of BCCD's offshore capital market
securities, amounting to USD1.45 billion. Fitch expects BCG to
continue to provide legal support to BCCD, especially after the
privatisation of the subsidiary.

'Medium' Strategic Incentive: Fitch's assessment of strategic
incentive considers that BCCD undertakes the parent's political
role in primary-land development, shanty-town redevelopment, social
housing and long-term rental projects. BCCD also accounts for about
half of BCG's total assets. Fitch views asset size of SOEs as a key
consideration, as it reflects the relative importance of the entity
within the government and may also affect funding access. That
said, Fitch assesses the growth potential of BCCD as low.

'High' Operational Incentive: Fitch deems the operational support
incentive as 'High' because Fitch believes BCCD is strongly
integrated within the BCG management framework. It is 100% owned by
its parent, and BCG maintains very strong control and direct
oversight of the subsidiary. BCG appoints all of BCCD's board
members and key management, and guides the subsidiary's strategic
and financial planning. The two entities also share the same
branding.

Strong Funding Access: BCCD maintains robust capital market access,
and Fitch believes its financial flexibility will remain supported
by healthy relationships with financial institutions and its state
ownership. The company issued CNY6.2 billion medium-term notes and
corporate bonds in 2023, with a coupon rate varying from 3.62% to
5.4%. Management attributes the higher coupon rate in 1Q23 to
negative sentiment from large redemptions of wealth management
products.

IFC One Notch Below BCCD: IFC, which is 100% indirectly held by
BCCD, is rated one notch lower than BCCD based on its assessment of
'Medium' legal, strategic and operational incentives for the parent
to provide support.

Its view of the legal incentive is because all of IFC's legal
obligations, US dollar notes issued by Central Plaza and guaranteed
by IFC, carry a keepwell from BCG. BCCD has a strategic incentive
to support IFC as it is BCCD's primary overseas investment
platform. The operational incentive to support is based on IFC
being an integral offshore department of BCCD that is fully managed
by the parent, although there is limited operational overlap
between the two entities.

DERIVATION SUMMARY

BCCD's IDR is equalised with the IDR of its parent BCG, based on
its PSL criteria.

BCCD's business profile and financial profile are both materially
weaker than those of China Jinmao Holdings Group Limited
(BBB-/Stable, SCP: bb) and Yuexiu Property Company Limited
(BBB-/Stable, SCP: bb). The three have similarly robust funding
access because of their state-owned status.

BCCD can also be compared with privately owned homebuilder Hopson
Development Holdings Limited (B/Stable). BCCD's attributable sales
scale is smaller, leverage is much higher and operating cash flow
weaker than that of Hopson. Hopson's funding channel is less
diversified and more fragile to market confidence than BCCD.
However, Fitch believes cash flow from operations, along with
liquidity on hand, is sufficient to cover Hopson's bond and
syndicated loan maturities due in 2024.

KEY ASSUMPTIONS

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

- Total sales to drop by 30% in 2024, wider than its forecast
5%-10% decrease for the industry as a result of lower-quality land
bank, and another 5% in 2025 (1Q24: -65%).

- Cash collection rate of 100% (2023: 123% on total sales) over the
next two years.

- Limited land purchase over the next two years (2023: nil), based
on BCCD's sufficient land bank and weakening internal cash flow.

- Construction expenditure/sales collection of 35%-45% over the
next two years (2023 estimate: 41%).

- Cost of new borrowings at 5.0% (2023 average funding cost: 4.7%),
as the company is likely to refinance mostly from onshore
borrowings that have relatively stable funding costs.

RATING SENSITIVITIES

BCCD's IDR:

Factors that could, individually or collectively, lead to positive
rating action/upgrade

- The Negative Outlook on BCCD's IDR may be revised to Stable if
Fitch sees stabilisation in BCG's SCP.

Factors that could, individually or collectively, lead to negative
rating action/downgrade

- A downgrade in BCG's IDR;

- A perceived weakening in BCG's incentive or ability to support
BCCD.

BCCD's SCP:

Factors that could, individually or collectively, lead to a higher
SCP:

- The SCP will be stabilised if the negative sensitivities are not
breached.

Factors that could, individually or collectively, lead to a lower
SCP:

- Inability to maintain a neutral operating cash flow in the medium
term.

- Evidence of weakening in funding access.

IFC:

Factors that could, individually or collectively, lead to positive
rating action/upgrade:

- The Negative Outlook on IFC's IDR may be revised to Stable if
Fitch sees stabilisation in BCCD's IDR

Factors that could, individually or collectively, lead to negative
rating action/downgrade:

- Deterioration in BCCD's IDR.

- A perceived weakening in BCCD's incentives to support IFC.

LIQUIDITY AND DEBT STRUCTURE

Sufficient Liquidity: Readily available cash of CNY16.6 billion as
of end-2023 was insufficient to fully cover CNY20.3 billion in
short-term debt, including domestic bonds and notes puttable in one
year and supply-chain asset-backed securities of about CNY300
million. However, Fitch expects the company's access to diversified
domestic funding channels - including the capital market as well as
bank and non-bank financial institutions - to remain robust, given
its state-owned background, which should continue to support the
company's financial flexibility.

ISSUER PROFILE

BCCD is a wholly owned subsidiary of industrial conglomerate, BCG,
which is fully owned by the Beijing State-owned Assets Supervision
and Administration Commission.

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
   -----------                ------            -----
Beijing Capital City
Development Group
Co., Ltd.               LT IDR BBB- Affirmed    BBB-

International
Financial Center
Property Ltd.           LT IDR BB+  Affirmed    BB+

Central Plaza
Development Ltd

   senior unsecured     LT     BB+  Affirmed    BB+

   senior unsecured     LT     BBB- Affirmed    BBB-               
                                                                   
                                                                   
            

   senior unsecured     LT     BB+  Downgrade   BBB-

   subordinated         LT     BB-  Affirmed    BB-




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

ADARSHA AUTO: Ind-Ra Affirms B+ Loan Rating, Outlook Stable
-----------------------------------------------------------
India Ratings and Research (Ind-Ra) has taken the following rating
actions on Adarsha Auto World Private Limited's (AAWPL) debt
instruments:

-- INR1,020.5 bil. Fund-based limits affirmed with IND B+/Stable/

     IND A4 rating;

-- INR64.5 mil. Fund-based limits assigned with IND B+/Stable/IND

     A4 rating;

-- INR40 mil. Non-fund-based limits affirmed with IND A4 rating;
     and

-- INR96.5 mil. Term loans due on FY27 affirmed with IND B+/
     Stable rating.

Analytical Approach

Ind-Ra continues to take standalone view of AAWPL to arrive at the
ratings.

Detailed Rationale of the Rating Action

The affirmation reflects AAWPL's continued poor liquidity due to
overutilization of its inventory funding limits and modest credit
metrics because of an increase in debt and lower EBITDA margins
attributable to the dealership nature of business. However, the
revenue improved in FY23 and is likely to have increased further in
FY24 on account of anticipated higher demand for the products. The
ratings continue to benefit from support provided by the promoter
group.

List of Key Rating Drivers

Weaknesses

- Poor liquidity

- Modest credit metrics

- Geographical concentration

Strengths

- Improved operational performance

- Equity infusion

- Continued financial support from promoter group

Detailed Description of Key Rating Drivers

Poor Liquidity: AAWPL's average utilization of its sanctioned
fund-based working capital limits of INR1,085 million, mainly in
the form of inventory funding, stood at 91.15% over the 12 months
ended January 2024. There are few instances of overutilization in
inventory funding account during FY24 due to debiting of interest.
The company had unencumbered cash and cash equivalents of INR53.78
million at FYE23 (FYE22: INR31.6 million; FYE21: INR32.9 million).
AAWPL has term loan repayment obligations of around INR36.6 million
and INR31.7 million for FY25 and FY26, respectively, which are
likely to be met through internal accruals. The company's total
debt stood at INR878.8 million at FYE23, comprising term debt of
INR126 million (FYE22: INR136.6 million; FYE21: INR160 million) and
remaining in the form of inventory funding.

Modest Credit Metrics: The net leverage (net debt/operating EBITDA)
increased to 5.19x in FY23 (FY22: 4.72x), owing to an increase in
the debt to INR878.8 million (INR618.54 million). However, the
gross interest coverage (operating EBITDA/gross interest expense)
improved to 2.29x in FY23 (FY22: 1.96x) as an increase in interest
expense was more than offset by an increase in the total EBITDA to
INR159.07 million (INR124.26 million). The agency expects the
credit metrics to have remained modest in FY24 and will remain so
over the near term owing to high debt levels, resulting from the
high utilization of working capital limits for holding inventory of
original equipment manufacturers.

Geographical Concentration: AAWPL is an exclusive dealer of Maruti
Suzuki India Limited's (MSIL) Nexa cars, and hence, its performance
is directly linked to MSIL's performance. Although the sales of
spares provide some diversification, the scale is low and also
depends on the sales of vehicles. Furthermore, the company's
operations are concentrated entirely in Telangana and Hyderabad,
making it vulnerable to any unfavorable changes in demand within
the state.

Improved Operational Performance in FY23: AAWPL's revenue grew to
INR3,430.73 million in FY23 (FY22: INR2,412.24 million; FY21:
INR2011.38 million), owing to the robust sales of MSIL's models
such as Baleno and Grand Vitara, and higher sales of spare
accessories as well as service income of INR326.2 million
(INR256.26 million). The company booked revenue of INR3,043.89
million in 9MFY24. Ind-Ra expects the revenue to have increased
marginally in FY24 owing to increase in demand. During FY24, the
company launched three new cars - Fronx, Jimny and Invicto. The
company replaced S-Cross with Grand Vitara in FY23. AAWPL also
added exclusive distributorship for Mancherial district in
Telangana and Attapur district in Hyderabad having total exclusive
dealership for three regions in Telangana and authorized dealership
for two regions in Hyderabad.

The ratings also factor in the company's average EBITDA margins due
to the dealership nature of the business. The return on capital
employed was 13.6% in FY23 (FY22: 14.1%; FY21: 12.2%). The EBITDA
margins declined to 4.64% in FY23 (FY22: 5.15%; FY21: 4.64%), as
the company derived a major portion of its revenue from sales of
vehicles, which yield lower margins than the sale of services and
spare parts. Ind-Ra expects the EBITDA margins to have remained
stable in FY24 and will continue to be so over the medium term.

Capital Infusion: The promoters infused equity of INR20.3 million
and INR21.7 million during FY23 and FY24, respectively, for
establishing new showrooms in different locations. The promoters
will continue to infuse equity for establishing new showrooms. At
FYE24, AAWPL operates five showrooms, three true value stores and
nine workshops.

Continued Support from Promoter Group: The ratings are supported by
the company's experienced promoter group. AAWPL is a part of the
Adarsha group, headed by B. Satyanarayana Goud and family. B.
Satyanarayana Goud has more than two decades of experience in
dealership operations, and the family has been in the automobile
dealership business for more than three decades. The group is
associated with MSIL, TVS Motors Limited, and Mahindra & Mahindra
Limited's ('IND AAA'/Stable/'IND A1+') tractor division through its
various other entities. Ind-Ra believes the group's and promoter's
experience in dealership operations will help AAWPL expand its
operations in a sustainable manner.

Liquidity

Poor: AAWPL's average utilization of its sanctioned fund-based
working capital limits of INR1,085 million, mainly in the form of
inventory funding, stood at 91.15% over the 12 months ended January
2024. There are few instances of overutilization in inventory
funding account during FY24due to debiting of interest. The company
had unencumbered cash and cash equivalents of INR53.78 million at
FYE23 (FYE22: INR31.6 million; FYE21: INR32.9 million). During
FY23, the net working capital cycle elongated to around 79 days
(FY22: 73 days; FY21: 77 days), due to an increase in the inventory
holding period to 59 days (48 days), which is in line with AAWPL's
policy of maintain two months of inventory. The cash flow from
operations increased to INR135.44 million in FY23 (FY22: INR5.81
million, FY21: negative INR29.88 million) due to favorable changes
in working capital and an increase in EBITDA. Consequently, the
free cash flow turned positive to INR17.87 million in FY23 (FY22:
negative INR72.62 million; FY21: negative INR88.16 million),
despite capex of INR117.57 million for constructing buildings and
purchase of vehicles. AAWPL has term loan repayment obligations of
around INR36.6 million and INR31.7 million for FY25 and FY26,
respectively, which are likely to be met through internal accruals.
The company's total debt stood at INR878.8 million at FYE23,
comprising term debt of INR126 million (FYE22: INR136.6 million;
FYE21: INR160 million) and remaining in the form of inventory
funding.

Rating Sensitivities

Positive: Maintaining the scale of operations, along with an
improvement in the liquidity position and the interest coverage
increasing above 1.5x on a sustained basis, could lead to a
positive rating action.

Negative: A decline in the scale of operations or stress on the
liquidity position or the interest coverage remaining below 1.25x
on a sustained basis, could lead to a negative rating action.

About the Company

AAWPL is one of the authorized dealers for Maruti Suzuki-NEXA
passenger vehicles and spares. It has exclusive dealership in
Karimnagar, Warangal and Mancherial district of Telangana, and
authorized dealer in Kukatpally and Attapur districts of Hyderabad.
The company is currently managed by Sri.B.Satyanarayana Goud and
part of Adharsha group and is part of Adarsha group which has the
authorized dealerships of various OEMs including Maruti Suzuki
India Limited, TVS Motors Limited, Mahindra & Mahindra Limited
('IND AAA'/Stable/'IND A1+'), among others.


AKSHITA GOLDEN: CRISIL Reaffirms B+ Rating on INR15cr Term Loan
---------------------------------------------------------------
CRISIL Ratings has reaffirmed its 'CRISIL B+/Stable' rating to the
long-term bank facility of Akshita Golden Pride Llp (AGPL).

                      Amount
   Facilities      (INR Crore)     Ratings
   ----------      -----------     -------
   Term Loan             15        CRISIL B+/Stable (Reaffirmed)

The rating reflects exposure to significant salability risk
associated with the ongoing projects and cyclicality in the real
estate sector. These weaknesses are partially offset by the
extensive experience of the partners in the real estate segment.

Key Rating Drivers & Detailed Description

Weaknesses:

* Exposure to risk associated with ongoing projects: AGPL is a real
estate developer in Hyderabad. The firm is presently executing a
residential project "Akshita Heights-6" in Malkajgiri, Hyderabad.
The total project is around INR60.crs which is expected to be
funded through promoter contribution of INR18 crs (30%), customer
advances of INR28 crs (46%) and term loan of INR15 crs (30%).
Around 38% of the project work is yet to be completed and more than
55% of the area is yet to be sold, AGPL remains vulnerable to risks
related to funding, implementation, and demand in the ongoing
projects. Timely implementation of the project within the budgeted
cost and timely receipt of customer advances would remain key
rating sensitivity factors.

* Vulnerability to cyclicality inherent in the real estate
industry: The domestic real estate sector is cyclical and affected
by volatility in prices, opaque transactions and a highly
fragmented market structure. Hence, the business risk profile
remains susceptible to risks arising from any industry slowdown.

Strengths:

* Extensive experience of the partners: Longstanding presence in
the real estate segment has enabled the partners to establish a
track record of successful project implementation. They have been
engaged in the real estate business for nearly a decade and have
completed more than six residential projects in Hyderabad
(Telangana).

Liquidity: Stretched

Liquidity remains stretched as construction of ongoing as well as
upcoming projects is being funded through a mix of customer
advances, unsecured loans and bank debt. Although cash flows from
projects should suffice to cover the term debt, any unforeseen
delay in construction might result in cost overruns and impair term
debt repayment. Further, any delay in receipt of advances from
customers would significantly strain liquidity.

Outlook: Stable

CRISIL Ratings believes AGPL will continue to benefit from the
extensive experience of its partners in the real estate segment in
Hyderabad.

Rating Sensitivity factors

Upward factors

* Significant increase in bookings to around 55-60% of saleable
area

* Debt/Asset Ratio below 25 times

Downward factors

* Higher-than-expected debt funding or diversion of surplus to
other projects, weakening liquidity

* Delay in implementation of the ongoing project and any cost
overrun, weakening the CDSCR ratio below 1.3 times.

AGPL was formed as a limited liability partnership in 2019. The
firm undertakes construction and sale of residential complexes and
develops residential plots in and around the city of Hyderabad
(Telangana). Operations are managed by the partners, Mr V
Madhusudan Rao, Ms V Madhavi Latha and Mr V Achyuta Narayana.


AMBICA KNITECH: CRISIL Assigns B- Rating to INR8cr Loan
-------------------------------------------------------
CRISIL Ratings has assigned its 'CRISIL B-/Stable/CRISIL A4'
ratings to the bank facilities of Ambica Knitech (AK).

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit             5         CRISIL B-/Stable (Assigned)

   Inland/Import           8         CRISIL A4 (Assigned)
   Letter of Credit        

The rating reflects AK's initial stages of operations and weak
financial and business risk profile of the company. The rating also
reflects the company's presence in a highly fragmented industry
with limited size and working capital intensive operations. These
weaknesses are partially offset by its extensive industry
experience of the promoters.

Key Rating Drivers & Detailed Description

Weaknesses:

* Weak financial risk profile: The financial risk profile of the
company is weak marked by estimated negative networth of INR0.51
crores at the end of fiscal year 24 due to estimated losses over
the medium term. CRISIL Ratings believe that improvement and
sustenance in the financial risk profile will remain a key
monitorable factor over the medium term.

* Working capital intensive operations: Gross current assets were
at 296.4-0 days over the three fiscals ended March 31, 2023. Its
intensive working capital management is reflected in its gross
current assets (GCA) of 296.4 days as on March 31, 2023. 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.

Strength:

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

Liquidity: Stretched

Bank limit utilization is high at around 94.6 percent for the past
twelve months ended March-24. Cash accruals are expected to be
negative for the next 2 fiscals against the annual term debt
repayment obligations of INR2.2 crores over the medium term. The
current ratio is healthy at 1.47 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 believe AK will continue to benefit from the
extensive experience of its promoter, and established relationships
with clients.

Rating Sensitivity factors

Upward factors

* Sustained improvement in revenue by 20 percent and margins above
6 percent leading to higher cash accruals.
* Improvement in financial risk profile leading to higher net cash
accruals to meet the term debt repayment obligations.

Downward factors

* Sustained decline in revenue by 20%, and operating margin leading
to lower net cash accruals.
* Further deterioration in financial risk profile

AK was established in 2020. AK is engaged in manufacturing knitwear
garments. AK manufacturing facility is located in Sabarkantha,
Gujarat. AK is owned & managed by Mr. Tirth Patel and Mr.Harsh
Patel.


AMOGEN PHARMA: Ind-Ra Assigns B+ Term Loan Rating, Outlook Stable
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has rated Amogen Pharma Private
Limited's (APPL) bank facilities as follows:

-- INR720 mil. Term loan due on January 2030 assigned with IND
     B+/Stable rating; and

-- INR30 mil. Fund-based working capital limit assigned with IND
     B+/Stable/IND A4 rating.

Detailed Rationale of the Rating Action

The rating reflects the under-construction status of APPL's
manufacturing unit of bio pharma products at Karkapatla, Telangana,
with an installed capacity of 228kg per annum. The construction of
the unit is underway and the civil works are likely to be completed
by 15 April 2024. Ind-Ra expects the scale of operations to be
small in FY25, as the unit would be operational only for seven
months during the  year, and FY26 will be the first full year of
operations. The ratings also reflect the time and cost overruns and
funding risks associated with APPL's proposed manufacturing unit.
The total investment for the project is INR1,136.8  million, which
will be funded through a term loan of INR720  million (63%),
promoters' investment as equity of INR250 million (22%), and an
unsecured loan of INR166.8 million (15%). The rating factors in the
promoters' experience in the pharmaceutical and biotechnology
industry, which would help APPL in setting up and running the
unit.

Detailed Description of Key Rating Drivers

Lack of Track Record: The rating reflects the under-construction
status of APPL's manufacturing unit for bio pharma products at
Karkapatla, Telangana, with an installed capacity of 228kg per
annum. The construction of the unit is underway and the civil works
are likely to be completed by 15 April 2024. Ind-Ra expects the
scale of operations to be small in FY25, given that the unit would
be operational only for seven months, and FY26 would be the first
full year of operations.

Time and Cost Overruns and Funding Risks: The total investment for
the project is INR1136.8  million, which will be funded through a
term loan of INR720  million (63%), promoters' investment as equity
of INR250 million (22%), and an unsecured loan of INR166.8 million
(15%). As of February, 2024, APPL had incurred expenditure of
INR573 million for the purchase of  land and building and plant and
machinery. The balance capex is likely to be incurred by 15 April
2024, as the orders for remaining plant and machinery have been
placed. The management has informed the agency that the commercial
operations will commence from  September 2024. The term loan of
INR720 million has been sanctioned and an amount of INR520 million
had been disbursed until March 2024. The balance term loan of
INR200 million is likely to be disbursed by end-April 2024. The
equity infusions by the promoters for the project amount to INR250
million, and unsecured loans of INR166.8 million had been infused
until March 2024.

Credit Metrics to Remain Weak owing to Nascent Stage of Operations:
Ind-Ra expects the debt service coverage ratio and overall credit
metrics to be weak during the initial years of commencement of
operations, before improving in line with the improvement in the
scale of operations.

Promoter's Experience: The rating factors in the promoters'
experience of more than a decade in the pharmaceutical and
biotechnology industry, which would help APPL in setting up and
running the unit.

Liquidity

Stretched: APPL does not have any capital market exposure and
relies on banks and financial institutions to meet its funding
requirements. In the event of a delay in capex completion, the
expenses will be funded by promoters. The cash and cash equivalents
stood at INR0.45 million at FYE23. APPL has scheduled debt
repayments of INR30 million in FY25 and INR60 million in FY26.

Rating Sensitivities

Negative: Any delay in the commencement of operations, and
achievement of stability in the operating performance post the
commencement of commercial operations, affecting the company's
debt servicing ability, could be negative for the ratings.

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

About the Company

Incorporated in July 2020 and headquartered in Hyderabad, APPL  is
setting up a manufacturing unit of bio pharma products at
Karkapatla, Telangana, with an installed capacity of 228kg per
annum.



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

The instrument-wise rating actions are:

-- INR792 mil. Fund-based limits (Long-term/Short-term)
     downgraded and maintained in non-cooperating category with
     IND D (ISSUER NOT COOPERATING) rating; and

-- INR60 mil. Non-fund-based limits (Short-term) downgraded and
     maintained in non-cooperating category with IND D (ISSUER NOT

     COOPERATING) rating.

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

Detailed Rationale of the Rating Action

The downgrade reflects delays in debt servicing by RBPL. Ind-Ra has
relied on information available in the public domain. However,
Ind-Ra has not been able to ascertain the reason for the delays, as
the company has been non-cooperative.

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

Non-Cooperation by the Issuer

Ind-Ra has not received adequate information and has not been able
to conduct management interaction with AFL while reviewing the
ratings. Ind-Ra had consistently followed up with AFL over emails
starting from December 2017, apart from phone calls. The issuer has
also not been submitting their monthly no default statement.

Limitations regarding Information Availability

Ind-Ra is unable to provide an updated forward looking view on the
credit ratings of AFL, as the agency does not have adequate
information to review the ratings. If an issuer does not provide
timely business and financial updates to the agency, it indicates
weak governance, particularly in 'Transparency of Financial
Information'. The agency may also consider this as symptomatic of a
possible disruption/distress in the issuer's credit profile.
Therefore, investors and other users are advised to take
appropriate caution while using these ratings. AFL has been
non-cooperative with the agency since December 21, 2017.

About the Company

Founded in 1994, AFL manufactures made-up home textile products,
with over 90% total revenue being contributed by bedsheets. It is
also engaged in the trading of grey cloth. The company purchases
grey fabric, which is processed on job-work basis. The company then
cuts and stitches the processed material to bedsheets, and packages
the same. More than 50% of the final products are exported mainly
to the US.



AUTOMATIC ELECTRIC: CRISIL Assigns B+ Rating to INR19.8cr Loan
--------------------------------------------------------------
CRISIL Ratings has assigned its 'CRISIL B+/Stable/CRISIL A4' to the
bank facilities of Automatic Electric Ltd. (AEL).

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Bank Guarantee        3.75        CRISIL A4 (Assigned)

   Cash Credit          19.8         CRISIL B+/Stable (Assigned)

   Letter of Credit      2.25        CRISIL A4 (Assigned)

   Proposed Fund-
   Based Bank Limits     4.2         CRISIL B+/Stable (Assigned)

The rating reflects the company's large working capital
requirement, modest scale of operations and susceptibility of
operating margins to raw material price fluctuations. These
weaknesses are partially offset by extensive experience of the
promoter in the electrical equipment industry, and moderate
financial risk profile.

Key Rating Drivers & Detailed Description

Weaknesses:

* Large working capital requirements: Gross Current Assets (GCAs)
were 179 days as of March 2024 (204 days as on March 2023), due to
large inventory of 107 days and stretched receivables of 76 days.
This was mitigated by credit of about ~40 days from the suppliers.
The GCAs are expected to be 180-200 days over the medium term.

* Modest scale of operations: Business risk profile is constrained
by small scale in an intensely competitive industry, which will
continue to limit operating flexibility. Though revenue increased
17% on-year to INR74 crore in fiscal 2024, it remained subdued.

* Margin susceptibility to raw material price fluctuations: Cost of
production and profit margin are heavily dependent on raw material
prices. On account of variation in raw material prices, operating
margin has also been volatile and ranged in between 5% to 8.5% over
the past 5 years ending fiscal 2024. CRISIL believes operating
profitability would remain susceptible to volatility in raw
material prices over the medium term.

Strengths:

* Extensive experience of the promoter: The company has been
operating in the market of electrical equipments for more than 5
decades. The experience of the promoters has helped them to
understand the dynamics of the market and establish healthy
relationships with the suppliers and customers. The extensive
experience of the promoters should continue to support the business
risk profile of the company over the medium term.

* Moderate financial risk profile: Gearing was estimated to be
strong at 0.77 time as on March 2024 (0.94 time as on March 31,
2023), though total outside liabilities to adjusted networth ratio
was weak at 2.05 times (2.41 times as on Marcg 31, 2023). Networth
was modest at INR25 crore but is expected to increase due to steady
accretion to reserves backed by healthy profitability. Sufficient
net cash accrual (NCA) against long-term debt (LTD) repayment led
to NCA/LTD ratio of 3.15 times (0.46 time), which is expected to
remain above 8 times during fiscals 2025-2027. The financial risk
profile should remain healthy over the medium term in the absence
of any major debt-funded capital expenditure.

Liquidity: Poor

Bank limit utilisation was 93% on average in the 12 months through
March 2024. Net cash accruals are expected to be around INR3 to 3.5
crores which should be sufficient against minimal repayments of
INR35 lakhs each in fiscal 2025 and 2026.  Cash and cash
equivalents are moderate, at INR 1.58 crore as on March 31, 2024.
Although the promoters are likely to extend need based funds to aid
operations, liquidity remains a key monitorable over the medium
term.

Outlook: Stable

AEL will continue to benefit from the extensive experience of its
promoters.

Rating sensitivity factors

Upward factors:

* Sustained growth in revenues and stable operating margins,
resulting in net cash accruals above INR 4 crores.

* Improvement in working capital cycle with liquidity with
controlled utilisation of bank limits

* Better working capital cycle

Downward factors:

* Decline in revenues or reduced operating margins leading to cash
accruals below INR1.5 crores

* Further stretch in working capital cycle weakening the liquidity
position

Incorporated in 1942 and promoted by Mr. S. D. Bal, AEL
manufactures electrical equipment such as transformers, voltmeters,
transducers and shunts at its units in Lonavala and Ambernath,
Maharashtra. The company has classified its product line under
three broad categories: Power System Division, Instrument Division
(Meter division) and Instrument transformer division.


CAPACITE INFRAPROJECTS: Ind-Ra Affirms BB+ Bank Loan Rating
-----------------------------------------------------------
India Ratings and Research (Ind-Ra) has taken the following rating
actions on Capacite Infraprojects Limited's (CIL) debt
instruments:

-- INR857.2 mil. Non-convertible debentures (NCDs) ISIN
     INE264T07011 coupon rate 12.50% issued on March 28, 2022 due
     on March 31, 2025 is withdrawn (paid in full);

-- INR1,647.6 bil. Fund-based limits affirmed; Outlook revised to

     Positive from Stable with IND BB+/Positive/IND A4+ rating;

-- INR43.3 mil. Fund-based limits assigned with IND BB+/Positive/

     IND A4+ rating;

-- INR209.1 mil. (reduced from INR252.4 mil.) Proposed fund-based

     working capital limit affirmed; Outlook revised to Positive
     from Stable with IND BB+/Positive/IND A4+ rating;

-- INR2,302.8 bil. Proposed non-fund-based capital limits
     affirmed; Outlook revised to Positive from Stable with IND
     BB+/Positive/IND A4+ rating;

-- INR60.6 mil. Proposed non-fund-based capital limits assigned
     with IND BB+/Positive/IND A4+ rating;

-- INR11,496.9 bil. (reduced from INR11,957.2 bil.) Non-fund-
     based limits affirmed; Outlook revised to Positive from
     Stable with IND BB+/Positive/IND A4+ rating;

-- INR1,841.3 bil. Term loan due on August 2024- March 2035
     affirmed; Outlook revised to Positive from Stable with IND
     BB+/Positive rating; and

-- INR419.7 mil. Term loan due on August 2024- March 2035
     assigned with IND BB+/Positive rating.

Analytical Approach

Ind-Ra continues to take a consolidated view of CIL and its 100%
subsidiary CIPL-PPSL-Yongnam Joint Venture Constructions Private
Limited, along with its joint ventures and associates including a
Maharashtra Housing and Area Development Authority (MHADA) project,
together referred to as CIL hereafter, owing to the strong
operational and strategic ties among them. The joint ventures and
associates have been included in financials using the equity method
of accounting.

Detailed Rationale of the Rating Action

The Positive Outlook reflects an improvement in CIL's liquidity
profile, which Ind-Ra expects, will result in faster project
execution and the consequent moderation of the stretched working
capital position. The gross working capital as a percentage of
revenue expanded to 108.4% and the net working capital increased to
49.8% during the trailing 12 months ended December 2023 due to
build-up of contract assets. The tying up of a portion of the
enhancements required in the working capital limits from State Bank
of India (debt rated at 'IND AAA'/Stable) and equity infusion of
INR2,000 million in January 2024 is likely to expedite the
execution works, leading to milestone achievement and billing of
its contract assets.

Detailed Description of Key Rating Drivers

Stretched Liquidity despite Improvement: On a consolidated basis,
CIL's liquidity profile, although stretched on account of increased
working capital stuck in unbilled revenue and retention money,
improved due to the fresh equity infusion of INR2,963 million
during FY24 (preferential allotment of INR963 million in July 2023;
qualified institutional placement of INR2,000 million in January
2024). While part of the infusion has been utilized for execution
of projects and placing margins for bank guarantees/ letters of
credit, INR1,000 million is remaining at end-March 2024 in the form
of unencumbered fixed deposits. The liquidity profile also benefits
from enhancements of INR1,750 million (INR210 million in fund-based
limits; INR1,540million in non-fund-based limits) in February 2024.
The net incremental sanctions, after factoring in certain limits
which are on run down, in the non-fund-based limits availed from
the consortium were INR1,190 million over the 12 months ended
February 2024. CIL had also secured approval from State Bank of
India to use INR1,000 million of City and Industrial Development
Corporation of Maharashtra's (CIDCO) project's bank guarantee (BG)
limits of INR2,015 million for retention money BG, along with the
already specified purposes of performance BG and advance BG to the
extent of reduction of BG from the present level.

With the equity infusion in FY24 and the enhancement of limits in
February 2024, there has been an improvement in the utilization
levels, despite a likely uptick in execution in 4QFY24. The average
use of the fund-based limits average has reduced to 93% in January
and February 2024 from 99% in 3QFY24. While the average utilization
of the non-fund-based limits reduced to 73% as at 21 March 2024
from 87% in 3QFY23. The company also has different project-specific
limits for public projects, which provides buffer for execution of
such projects. To enhance its liquidity and execution capabilities
further, the company is seeking further enhancements in its working
capital limits from existing and new lenders, and management
expects the tie-up to be completed in the next two months.

Ind-Ra expects CIL's liquidity to also benefit from reduced margins
(5% as against 10% earlier) on new letters of credit and
non-retention of bank guarantees. At FYE24, CIL had unencumbered
cash and cash equivalents of around INR1,082.6 million (FYE23:
INR471 million). CIL has scheduled repayment obligations of INR666
million in FY25, which are likely to be met from cash balances and
cash flow generation. These additional tie-ups will help in
maintaining healthy liquidity buffers and in sustaining the
execution run rate.

While the equity infusion, fund tie-ups and additional measures are
likely to shore up the working capital margin, Ind-Ra will monitor
its impact on the uptick in execution and the billing of the
contract assets to assess the overall requirement of gross working
capital cycle and working capital margin in the medium term,
including peak requirements.

Elongated Working Capital Cycle: CIL's gross working capital
(comprising of inventory, debtors, retention money, unbilled
revenue, advances, among others) cycle remained elevated at nearly
108.4% during the trailing 12 months ended revenues at 9MFY24
(FY23: 93%, FY22: 101% of revenue), largely due to the building up
of unbilled revenue. The liquidity stretch and the delay in tying
up of limits has led to slower execution, leading to delays in
achievement of payment milestones. As a result, contract assets
increased sharply to INR12.8 billion in 9MFY24 (FY23: INR9.2
billion). Contracts assets comprised of INR8.88 billion of unbilled
revenue and balance bills due for certification at 9MFYE24. The
contract assets are contributed mainly by CIDCO's projects
(INR2,275 million). As per management, the increase in contract
assets is attributable to i) one/two large projects stuck post
design stage, resulting is pending billing; ii) bills certification
of few projects which are in completion stage are taking longer
since complete assessment of the works is being done prior to final
bill certification ,and  iii) change of scope.

In 9MFY24, receivables along with retentions reduced to INR3,628
million at 9MFYE24 (FYE23: INR4,443 million), largely due to
recoveries of old receivables of INR486 million as well as
increased provisioning of INR657 million (INR480million). Its net
working capital cycle as a percentage of revenue increased to 49.8%
in 9MFY24 (FY23: 40.3%, FY22: 31.6%). The gross current
assets/revenue was 94% at FYE23 (FYE22: 107%). The effective use of
the existing non-fund-based limits, along with the ongoing efforts
for the recovery of stuck receivables will provide further
liquidity comfort in the short term. Ind-Ra will monitor the
billing/reduction in contract assets and the cash realization from
such billing/receivables outstanding.

Comfortable Revenue Visibility: At end-December 2023, CIL had an
unexecuted order book of INR98 billion, providing revenue
visibility of 5.5x of FY23 revenue.  In 9MFY24, the company secured
new orders of INR17 billion, of which INR14.4 billion were
pertaining to the new projects and the remaining was scope of
expansion in existing projects. Public sector orders accounted for
65% of the order book at 9MFYE24, while the balance were from
private players.

The order book is concentrated in terms of geography, projects and
clients. The top 10 projects accounted for around 79% of the total
order book and the top 10 clients accounted for 85% of the order
book at 9MFYE24. CIDCO contributes around 36% to the overall order
book at 9MFYE24, followed by MHADA project (11%). Majority of the
projects to be executed are in the Mumbai Metropolitan Region.

Sustained Scale of Operations: In 9MFY24, CIL witnessed a minor dip
in execution and clocked revenue of INR13.3 billion (9MFY23:
INR13.5 billion; FY23: INR17.98 billion, FY22: INR13.34 billion).
This was mainly due to stretched liquidity and the further delay in
tying up of working capital limits. With the improvement in the
liquidity, the management is targeting to report revenue of INR19.3
billion in FY24 and INR24 billion in FY25. The consolidated EBITDA
and EBITDA margins also dropped to INR2,204 million in 9MFY24
(9MFY23: INR2,677 million, FY23:  INR3,514 million, FY22: INR2,185
million) and 16.5%, respectively, (19.8%, 19.5%, 16%) due to an
increase in subcontracting expenses. With the improvement in
liquidity profile, the agency expects the scale of operations to
increase in FY25.

Continued Comfortable Credit Metrics: CIL's credit profile remained
comfortable with the adjusted net leverage (debt less unrestricted
cash/EBITDA) of 1.06x in 9MFY24 (FY23: 0.9x, FY22: 1.4x) and gross
interest coverage (gross interest expense/EBITDA) of 3.1x (3.9x,
1.9x). The slight deterioration was due to the reduction in EBITDA
and an increase in interest cost (9MFYE24: INR722 million, 9MFYE23:
INR677 million). The gross debt reduced to INR3,450 million at
3QFYE24 (FYE23: INR3,660million; 3QFYE23: INR3,870 million). The
total outstanding liabilities (TOL)/EBITDA) increased to 5.4x in
9MFY24 on a trailing 12 months basis (FY23: 4.4x, FY22: 6.48x)
because of increased outside liabilities and the reduction in
EBITDA.

Liquidity

Stretched

While CIL's liquidity profile has benefitted from the equity
infusion and enhancements availed, it continues to remain stretched
on account of increased working capital stuck in unbilled revenue
and retention money. The average maximum utilization of the
fund-based and non-fund-based limits was 98% and 83%, respectively,
during the 12 months ended February 2024. The company is seeking
further enhancements of INR3,354million in its working capital
limits from existing and new lenders, and management expects the
tie-up to be completed in the next two months.

Rating Sensitivities

Negative: The following developments, individually or collectively,
could lead to a negative rating action:

- a significant delay in execution of orders,
- lower-than-Ind-Ra-expected profitability,
- a decline in liquidity buffers with the gross current
assets/revenue increasing above 100%,
- rolling TOL/EBITDA sustaining above 5.25x.

Positive: The following developments, individually or collectively,
could lead to a positive rating action:

- a sustained ramp up of execution, along with maintaining
adequate liquidity and operational profitability,

- a reduction of contract assets by way of billing leading to the
gross current assets/revenue remaining below 100%,

- rolling TOL/EBITDA remaining below 5.25x on a sustained basis.

About the Company

Incorporated in August 2012, CIL provides engineering, procurement
and construction/turnkey solutions for housing, high rises, super
high rises, specialty buildings and urban infrastructure. The
company has recently forayed into development of projects for the
public sector.


CARNATION INDUSTRIES: CRISIL Keeps D Rating in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Carnation
Industries Limited (CIL) continues to be 'CRISIL D Issuer Not
Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Short Term Rating     46.5        CRISIL D (ISSUER NOT
                                     COOPERATING)

CRISIL Ratings has been consistently following up with CIL for
obtaining information through letter and email dated March 15, 2024
among others, apart from telephonic communication. However, the
issuer has remained non cooperative.

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

Detailed Rationale

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

CIL was started in the February, 1983 in Kolkata by Mr. R .P.
Sehgal. The company is engaged in manufacturing and export of grey
iron and ductile castings (mainly for sanitary and water
distribution purposes).


CHAROEN POKPHAND: Ind-Ra Cuts Bank Loan Rating to BB
----------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded Charoen Pokphand
Seeds (India) Private Limited's bank facilities' ratings to 'IND
BB'/Stable (ISSUER NOT COOPERATING) from 'IND  BBB'/ Negative
(ISSUER NOT COOPERATING). The issuer did not participate in the
rating exercise despite continuous requests and follow-ups by the
agency through emails and phone calls. Thus, the rating is based on
the best available information. Therefore, investors and other
users are advised to take appropriate caution while using the
rating.

The detailed rating actions are:

-- INR1.0 bil. Fund-based limits downgraded with IND BB/Stable
     (ISSUER NOT COOPERATING)/IND A4+ (ISSUER NOT COOPERATING)
     rating; and

-- INR100 mil. Proposed fund-based limits downgraded with IND
     BB/Stable (ISSUER NOT COOPERATING)/IND A4+ (ISSUER NOT
     COOPERATING) rating.

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

Detailed Rationale of the Rating Action

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
noncooperative 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.

Non-Cooperation by the Issuer

Ind-Ra has not received adequate information and has not been able
to conduct management interaction with CP Seeds while reviewing the
ratings. Ind-Ra had consistently followed up with CP Seeds over
emails starting from July 19, 2023, apart from phone calls. The
issuer has also not been submitting their monthly No Default
Statement (NDS) since June 2023.

Limitations regarding Information Availability

Ind-Ra has reviewed the of the credit ratings of CP Seeds on the
basis of best available information and is unable to provide a
forward looking credit view. Hence, the current outstanding rating
might not reflect CP seed's credit strength. If an issuer does not
provide timely business and financial updates to the agency, it
indicates weak governance, particularly in 'Transparency of
Financial Information'. The agency may also consider this as
symptomatic of a possible disruption / distress in the issuer's
credit profile. Therefore, investors and other users are advised to
take appropriate caution while using these ratings. CP seeds has
been non-cooperative with the agency since 10 October 2023.

About the Company

CP Seeds provides backward integration for the agricultural
operations of CP Foods as maize is an important raw material for
the poultry feeds. It has an annual cob handling capacity of 0.13
million tons per annum, with manufacturing facilities in Vijayawada
and Bengaluru.



CHHATRAPATI SAMBHAJI: Ind-Ra Affirms BB- Rating, Outlook Stable
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has taken the following rating
actions on Chhatrapati Sambhaji Raje Sakhar Udyog Limited's
(CSRSUL) bank facilities:

-- INR75 mil. Fund based working capital limit affirmed with IND
     BB-/Stable/ IND A4+ rating;

-- INR377.8 mil. (Reduced from INR385 mil.) Term loans affirmed
     with IND BB-/Stable rating; and

-- INR520 mil. Fund based working capital limit assigned with IND

     BB-/Stable/IND A4+ rating.

Detailed Rationale of the Rating Action

The rating affirmation reflects Ind-Ra's expectation of the
continuance of CSRSUL's small scale of operations with modest
margins due to a ban on the export of sugar in FY24, leading to
only domestic sales and a consequent lower turnover. The company's
new ethanol distillery unit with a capacity of 30 kilo liters per
day (KLPD) began operations in October 2023 and uses B-heavy
molasses for production of ethanol. This is likely to boost its
margins over the long-term, as ethanol earns higher margins than
sugar. The ratings are supported by the company's promoters' over
two decades of experience in the sugar industry leading to
established relationships with customers and suppliers. The credit
metrics, while are likely to have deteriorated in FY24, due to it
being the first full year of interest repayments on INR385 million
of capex loans, are likely to improve in FY25 and FY26 due to the
scheduled debt repayments.

Detailed Description of Key Rating Drivers

Continued Small Scale of Operations: CSRSUL's revenue declined to
INR1,470 million in FY23 (FY22: INR2,195 million) with a further
decline likely to have happened in FY24, due to the government
banning export of sugar to prevent domestic price inflation causing
the sales realization to decrease as export market brings higher
realization. The recovery rate of sugarcane crushing was 11.12% in
FY23 and 10.75% in FY22  (FY21: 10.45%). The rate is likely to have
declined to 10.30% due to lower cane quality in FY24 based on
interim 10MFY24 figures.  In FY23, the company's total sugar sales
decreased to 29,680 metric tons (FY22: 54,277 metric tons), led by
a restriction on sugar exports, as the company could not service
export orders under the open general license (OGL) scheme during
the year, and lower cane availability as seen by lower cane
crushing of 0.294 million tons (FY22:  0.414 million tons. FY21:
0.339 million tons). Ind-Ra expects the revenue to have declined in
FY24, based on the booked revenue of INR987 million in 10MFY24, the
lower realization rate of 10.3% and the continued export ban.

Modest Credit Metrics to Remain under Pressure: The interest
coverage (operating EBITDA/gross interest expense) improved to
3.52x in FY23 (FY22: 3.04x) due to lower cash credit utilization
during the year but the net leverage (adjusted net debt/operating
EBITDA) deteriorated to 12.55x (4.27x) due to capex loans of INR385
million incurred for the construction of CSRSUL's new ethanol
distillery. Ind-Ra expects the scheduled debt repayments to
gradually lead to improving credit metrics from FY25; however, the
metrics will remain modest.

EBITDA Margins to remain Modest despite Improvement over the
Near-to-medium Term: The ratings factor in CSRSUL's modest EBITDA
margins, which contracted to 6.71% in FY23 ((FY22: 7.57%), owing to
both no export subsidy of sugar during the year and the lower sales
realization witnessed in the domestic market. The return on capital
employed was 4% in FY23 (FY22: 10.7%). Ind-Ra expects the margins
to improve over the near-to-medium term due to the full operations
of CSRSUL's distillery of 30KLPD which commenced operations October
2023 onwards to produce ethanol from molasses which offers higher
margins.

Promoters' Experience in the Sugar Business:  The promoters have
over two decades of experience in the sugar business, leading to
CSRSUL's established relationships with its customers and
suppliers.

Liquidity

Poor: CSRSUL does not have any capital market exposure and relies
on banks and financial institutions to meet its funding
requirements. The company's cash flows turned negative in FY23 to
negative INR482 million (FY22: INR272.17 million) due to an
increase in the working capital as the inventory-holding of sugar
lengthened.  The company has scheduled debt repayment obligations
of INR62.41 and INR62.64 million in FY25 and FY26, respectively.
The average maximum utilization of CSRSUL's fund-based facilities
was 34.95% over the 12 months ended January 2024. The company's
working capital cycle elongated to 172 days in FY23 (FY22: negative
nine days) on account of an increase in the inventory days to 230
(53) as there was a reduction in the sugar demand, which led to
pile-up of unsold sugar. The cash and cash equivalents stood at
INR28.77 million at FYE23 (FYE22: INR98.21 million).   

Rating Sensitivities

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

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

About the Company

CSRSUL, incorporated in 2000, has an integrated sugar plant for the
manufacturing of sugar, a co-generation unit of 6MW and ethanol
distillery unit of 60KLPD. It is located in Aurangabad,
Maharashtra. CSRSUL also installed a distillery with capacity of
30KLPD which began operations in October 2023 and uses B-heavy
molasses for production of ethanol.


CONNECTIVITY IT: Ind-Ra Assigns BB+ Term Rating, Outlook Stable
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has rated Connectivity IT
Solutions Private Limited's (CISPL) bank facilities as follows:

-- INR130 mil. Fund-based working capital limit assigned with
     IND BB+/Stable/IND A4+ rating;

-- INR105 mil. Non-fund based working capital limit assigned with
     IND A4+ rating; and

-- INR82.08 mil. Term loan due on March 2028 assigned IND BB+/
     Stable rating.

Detailed Rationale of the Rating Action

The rating reflects the significant customer concentration in, and
delays in payments from, a low rated entity, leading to high debtor
days. Recovery of dues is a key monitorable. The rating however is
supported by CISPL's low reliance on external debt and the
likelihood of an improvement in the credit metrics in FY24 due to
scheduled debt repayments in FY24 and FY25 and no major capex
planned.

Detailed Description of Key Rating Drivers

Delays in Receipt of Payments from Major Customer: CISPL had INR946
million of payments outstanding with a low rated entity. Debtor
days elongated to 165 days (FY22: 130, FY21: 86). It could have
been higher if not offset by CISPL by seeking an extended credit
period from its suppliers.

Likely Decline in Revenue in FY24 with Low Order Book Uncertainty;
Concentrated Order Book: Ind-Ra expects the revenue to decline in
FY24 as the company intends to reduce its scale of operations,
though it would remain medium, and become a MSME company to avail
the associated benefits. While the company has a sizeable orderbook
of INR1,556 million, 57% or INR893 million is concentrated in the
low rated entity which will not be executed until the previous dues
are cleared.

Continued Strong Credit Metrics due to Low Reliance on External
Debt: CISPL has low reliance on external debt with total debt of
INR216 million in FY23 (FY22: INR228 million). The company's net
leverage (adjusted net debt/operating EBITDAR) improved to 0.82x in
FY23 (FY22: 2.08x), but interest coverage (operating EBITDA/gross
interest expense) decreased to 6.51x (6.61x) on account of interest
payments made to creditors for availing extended credit periods
owing to the delays in the receipt of payments from the major
customer. The credit metrics are likely to improve in FY24 due to
scheduled debt repayments of INR35 million and INR30.1 million in
FY24 and FY25, respectively.

Healthy EBITDA Margins Likely to Sustain in Near Term: The
company's healthy EBITDA margins remained stable at 8.2% in FY23
(FY22: 8.13%) with ROCE of 48.6% (27.3%) due to no major changes in
business operations of installation and deployment of software
products. Ind-Ra expects the margins to improve in FY24 due to more
reliance on in-house services and software solutions which offer
higher margins.

Liquidity

Poor: CISPL does not have any capital market exposure and relies on
banks and financial institutions to meet its funding requirements.
The net working capital cycle shortened to 49 days in FY23 (FY22:
58 days) despite the elongation in the debtor days to 165 (130) due
to an increase in the creditor days to 167 days (118 days). CISPL's
average maximum utilization of the fund-based limits stood at
77.58% and that of non-fund based stood at 16.17% for the 12 months
ended January 2024. As of March 31, 2023, the company had a cash
balance of INR16.34 million (FY22: INR0.49 million). CSSPL reported
an improvement in its cash flow from operations in FY23 to INR36.22
million (FY22: negative INR25.28 million) due to an increase in the
fund flow from operations to INR146.59 million (INR63.82 million).

Rating Sensitivities

Negative: Deterioration in the scale of operations or a further
increase in the debtor days leading to a decline in the liquidity
and credit metrics with interest coverage reducing below 2.5x, on a
sustained basis, will be negative for the ratings.

Positive: An improvement in the liquidity position, a reduction in
the debtor days and a reduction in the customer concentration while
maintaining the credit metrics, on a sustained basis, will be
positive for the ratings.

About the Company

Incorporated in 2015, CSPL provides software solutions including
data center management including cloud migration, platform
integration, security solutions among other services. Located in
Bangalore, majority of the company's revenue (around 70%) is
attributed to CISCO products and services, installation and
deployment. The company is promoted by Narasimaha Murthy who has
majority shareholding in CISPL.



CORLIM MARINE: Ind-Ra Assigns BB+ Term Rating, Outlook Stable
-------------------------------------------------------------
India Ratings and Research (Ind-Ra) has rated Corlim Marine Exports
Private Limited's (CMEPL) bank facilities as follows:

-- INR460 mil. Fund-based working capital limits assigned with
     IND BB+/Stable/IND A4+ rating.

Analytical Approach

Ind-Ra has taken a consolidated view of CMEPL and its subsidiary,
Albys Agro Private Limited (AAPL; 'IND BB'/Stable; holds a 99.70%
stake) while assigning the ratings, referred to as the Corlim
group, on account of the strong legal, operational and strategic
linkages between them. CMEPL has extended a corporate guarantee to
AAPL's bank loans.

Detailed Rationale of the Rating Action

The rating is constrained by the Corlim group's modest credit
metrics and EBITDA margins and high working capital requirement,
while the rating is supported by the group's medium scale of
operations low customer and geographical concentration and
promoters' experience.

Detailed Description of Key Rating Drivers

Modest Credit Metrics: The ratings reflect the Corlim group's
modest credit metrics, with the net financial leverage (adjusted
net debt/operating EBITDAR) reducing to 7.08x in FY23 (FY22:
7.22x), due to a reduction of emergency credit line guarantee
scheme loan to INR185.52 million (INR240.66 million) and unsecured
loan to INR9.43 million (INR153.27 million). The gross interest
coverage (operating EBITDA/gross interest expense) fell to 1.92x in
FY23 (FY22: 3.23x), due to an increase in the interest expense to
INR82.17 million (INR51.58 million) following an increase in the
pre-shipment credit in foreign currency and bill
discounting/factoring facilities. In FY24, Ind-Ra expects the
interest coverage to remain similar on a yoy basis, but the net
financial leverage to reduce with an improvement in its EBITDA
(FY23: INR157.75 million; FY22: INR166.46 million). CMEPL's
standalone credit metrics stood modest with the interest coverage
remaining stable at 1.96x in FY23 (FY22: 1.97x) and the net
financial leverage falling to 7.77x (12.42x), mainly due to an
improvement in its EBITDA to INR68.78 million (INR37.90 million).

Liquidity Indicator - Stretched: The Corlim group's average maximum
utilization of the fund-based limits was 86.20% and that of the
non-fund-based limit was 32.81% during the 12 months ended February
2024. The net working capital cycle slightly reduced but remained
elongated at 195 days in FY23 (FY22: 199 days), primarily on
account of high inventory holding period of 155 days (116 days).
The reduction in the net working capital days was due to a
reduction in its debtor days to 95 days in FY23 (FY22: 130 days).
The Corlim group does not have any capital market exposure and
relies on banks and financial institutions to meet its funding
requirements. The cash and cash equivalents stood at INR32.3
million at FYE23 (FYE22: INR40.35 million). The group has scheduled
debt repayments of INR57.1 million and INR61.4 million in FY24 and
FY25, respectively. The cash flow from operations turned positive
at INR47.46 million in FY23 (FY22: negative INR28.02 million), due
to favorable change in working capital requirements. Consequently,
the free cash flow also turned positive to INR38.50 million in FY23
(FY22: negative INR30.66 million).

CMEPL's average maximum utilization of the fund-based limits was
77.85% and that of the non-fund-based limit was 13.33% during the
12 months ended February 2024. The net working capital cycle
reduced but remained elongated at 214 days in FY23 (FY22: 234 days)
on account of high inventory days of 196 days (187 days). The
reduction in the net working capital cycle days was due to a
reduction in the debtor days to 69 in FY23 (FY22: 85 days) and an
increase in its creditor days to 51 (38 days). The cash flow from
operations remained negative INR57.96 million in FY23 (FY22:
negative INR49.20 million) due to unfavorable changes in the
working capital requirements. Consequently, the free cash flow also
remained negative at INR63.14 million in FY23 (FY22: negative
INR49.58 million). The cash and cash equivalents stood at INR2.21
million at FYE23 (FYE22: INR30.77 million). The company has
scheduled debt repayments of INR23.2 million and INR16.2 million in
FY24 and FY25, respectively. CMEPL does not have any capital market
exposure and relies on banks and financial institutions to meet its
funding requirements.

Medium Scale of Operation: The ratings reflect the Corlim group's
medium scale of operations, with revenue increasing to INR2,316.87
million in FY23 (FY22: INR2,132.01 million), on account of the
addition of Ribbonfish to the portfolio of products coupled with an
increase in demand from the existing customers. The Corlim group
achieved a revenue of around INR2150 million during 11MFY24. The
group has an unexecuted orderbook of INR400 million to be executed
by March 2024. Ind-Ra expects the revenue to remain in similar
range yoy during FY24. In FY25, Ind-Ra expects the revenue to
improve on account of increasing demand in global market. The
revenue of CMEPL stood at INR1,144.11 million (FY22: INR867.01
million).

Modest EBITDA Margins: The Corlim group's EBITDA margins remained
modest at 6.81% in FY23 (FY22: 7.81%), due to an increase in the
cost of goods sold. The return on capital employed declined to 9.0%
in FY23 (FY22: 9.90%). Ind-Ra expects the margins to improve in
FY24 with the reduction in cost of goods sold. In FY25, Ind-Ra
expects the EBITDA margins to improve because of economies of scale
with increase in revenue. The EBITDA margin of CMEPL improved in
FY23 to 6.01% (FY22: 4.37%), due to the better pricing of the
company's product in in the global market.

Promoter's Experience: The ratings are, however, supported by the
promoter's experience of more than two-and-a-half decades in the
sea food industry, leading to established relationships with
customers as well as suppliers.

Low Customer and Geographical Concentration: CMEPL's top five
customers accounted for 35.61% of its total revenue during FY23.
Furthermore, the company exports its products to more than 16
countries.

Liquidity

Stretched: The Corlim group's average maximum utilization of the
fund-based limits was 86.20% and that of the non-fund-based limit
was 32.81% during the 12 months ended February 2024. The net
working capital cycle slightly reduced but remained elongated at
195 days in FY23 (FY22: 199 days), primarily on account of high
inventory holding period of 155 days (116 days). The reduction in
the net working capital days was due to a reduction in its debtor
days to 95 days in FY23 (FY22: 130 days). The Corlim group does not
have any capital market exposure and relies on banks and financial
institutions to meet its funding requirements. The cash and cash
equivalents stood at INR32.3 million at FYE23 (FYE22: INR40.35
million). The group has scheduled debt repayments of INR57.1
million and INR61.4 million in FY24 and FY25, respectively. The
cash flow from operations turned positive at INR47.46 million in
FY23 (FY22: negative INR28.02 million), due to favorable change in
working capital requirements. Consequently, the free cash flow also
turned positive to INR38.50 million in FY23 (FY22: negative
INR30.66 million).

CMEPL's average maximum utilization of the fund-based limits was
77.85% and that of the non-fund-based limit was 13.33% during the
12 months ended February 2024. The net working capital cycle
reduced but remained elongated at 214 days in FY23 (FY22: 234 days)
on account of high inventory days of 196 days (187 days). The
reduction in the net working capital cycle days was due to a
reduction in the debtor days to 69 in FY23 (FY22: 85 days) and an
increase in its creditor days to 51 (38 days). The cash flow from
operations remained negative INR57.96 million in FY23 (FY22:
negative INR49.20 million) due to unfavorable changes in the
working capital requirements. Consequently, the free cash flow also
remained negative at INR63.14 million in FY23 (FY22: negative
INR49.58 million). The cash and cash equivalents stood at INR2.21
million at FYE23 (FYE22: INR30.77 million). The company has
scheduled debt repayments of INR23.2 million and INR16.2 million in
FY24 and FY25, respectively. CMEPL does not have any capital market
exposure and relies on banks and financial institutions to meet its
funding requirements.

Rating Sensitivities

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

Positive: An increase in the scale of operations, along with an
improvement in the overall credit metrics with the interest
coverage sustaining above 2.5x and improvement in liquidity
profile, all on a sustained basis, could lead to a positive rating
action.

About the Company

CMEPL was incorporated in 1993 by Rajinder Singh Jari. The company
is engaged in processing, packaging and export of sea foods such as
Vannamei shrimps, Ribbonfish, Squid fish, Mackerel, among others.
CMEPL held a 99.70% stake in AAPL. The company has its processing
unit at Sancoale, Goa.

EASTERN SILK: CRISIL Keeps D Debt Rating in Not Cooperating
-----------------------------------------------------------
CRISIL Ratings has continued the rating on the bank facilities of
Eastern Silk Industries Ltd (ESIL) to 'CRISIL D Issuer Not
Cooperating'

                       Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Long Term Rating      -          CRISIL D (ISSUER NOT
                                    COOPERATING)

CRISIL Ratings has been consistently following up with ESIL for
obtaining information through letters and emails dated March 20,
2024, October 31, 2022 and December 31, 2022, 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
failed to receive any information on either the financial
performance or strategic intent of ESIL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL Ratings believes that rating action on ESIL is
consistent with 'Assessing Information Adequacy Risk'. Based on the
last available information, CRISIL Ratings has Continued the rating
on the bank facilities of ESIL to 'CRISIL D Issuer Not
Cooperating'

ESIL, incorporated in 1946, manufactures silk yarn, made-ups, home
furnishings, fashion fabrics, handloom fabrics, double-width
fabrics, and embroidered fabrics. The manufacturing facilities are
at Anekal and Hobli in Bengaluru, and Nanjangud (all in Karnataka),
and Falta Special Economic Zone (West Bengal).


FAROUK SODAGAR: CRISIL Keeps D Debt Ratings in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Farouk
Sodagar Darvesh and Co. Private Limited (Darvesh) continue to be
'CRISIL D/CRISIL D Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Funded Interest        17         CRISIL D (Issuer Not
   Term Loan                         Cooperating)

   Letter of Credit       15         CRISIL D (Issuer Not
                                     Cooperating)

   Working Capital
   Term Loan              85         CRISIL D (Issuer Not
                                     Cooperating)

CRISIL Ratings has been consistently following up with Darvesh for
obtaining information through letter and email dated March 15, 2024
among others, apart from telephonic communication. However, the
issuer has remained non cooperative.

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

Detailed Rationale

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

The Darvesh group was founded by the Miya Ahmed Darvesh family in
1909. Trading in timber is its main business. The group started
trading in steel bars in 2003, but discontinued the business in
2012 because of slowdown in the end-user industry (real estate).


GLOWMORE FINANCE: Ind-Ra Affirms B+ Bank Loan Rating
----------------------------------------------------
India Ratings and Research (Ind-Ra) has taken the following rating
actions on Glowmore Finance Pvt Ltd.'s (Glowmore) bank loans:

-- INR150 mil. Bank loans affirmed with IND B+/Stable rating; and

-- INR100 mil. Bank loans assigned with IND B+/Stable rating.

Analytical Approach

Ind-Ra continues to take a standalone view of Glowmore to arrive at
the rating.

Detailed Rationale of the Rating Action

The rating reflects Glowmore's limited size and scale of operations
with geographic concentration, limited vintage in operations, and
modest profitability. However, the rating factors in the support
from promoter in the form of equity capital and unsecured loans.

List of Key Rating Drivers

Weaknesses

- Small scale of operations

- Geographical concentration

- Unseasoned asset quality; Exposure to vulnerable class of
customers

- Funding concentration

- modest profitability

Strengths

- Support from promoters in the form of equity infusion and
unsecured loans

Detailed Description of Key Rating Drivers

Small Scale of Operations: Glowmore has a small scale of operations
in the microfinance sector, with assets under management of INR91
million as of 9MFY24 (FYE22: INR80 million, FYE21: INR58 million).


Geographical Concentration: The company faces a high geographical
concentration risk, as all its 15 branches are located in Odisha.
However, its promoters' understanding of the local market and
customer segments in Odisha mitigates the risk to some extent. The
company is likely to remain focused on Odisha over the medium term.


Unseasoned Asset Quality; Exposure to Vulnerable Class of Customer:
Although Glowmore reported nil gross non-performing assets during
FY22-9MFY24, it has a weak borrower profile, given unsecured
lending to the vulnerable customer segment. Ind-Ra believes the
company is  exposed to systemic and idiosyncratic risks typical of
serving the needs of a socio-politically and economically
vulnerable segment. The company's ability to on-board borrowers
with a reasonable credit history, recruit and retain employees, and
improve its geographical diversity while maintaining prudent
lending policies would be key for achieving stable growth.

Funding Concentration: As of December 31, 2023, the company had
funding only from Monexo which has limited its scale. Ind-Ra
believes an improvement in the scale over the medium term will
depend on the ability to raise funding.

Modest Profitability: During 9MFY24, the company reported a modest
profit of INR0.8 million (FY23: INR0.9 million, FY22: INR0.4
million), with a return on average assets of 1.59% (0.88%; 0.48%).
This was due to continued high operating expenditure/assets of 21%
during 9MFY24 (FY23: 18%; FY22: 14%) and is partly supported by the
absence of credit costs historically.  Ind-Ra expects Glowmore to
improve its profitability modestly while maintaining the asset
quality. Furthermore, the removal of the lending caps after the
implementation of harmonization guidelines contribute to its
profitability and increase the viability of small-sized MFIs across
India. It also enables MFIs to transmit higher borrowing costs.

Promoter Support: Glowmore has strong support from the promoters in
the form of equity infusions and unsecured loans since inception.
The promoters infused INR 21 million in FY23 in the company. At
end-December 2023, the company had a net worth of INR75 million
(FY23: INR74 million; FY22: INR53 million) and borrowings of INR17
million (INR18 million; INR37 million). Thus, it was operating at a
low leverage ratio of 0.2x in 9MFY24 (FY23: 0.3x; FY22: 0.7x).
However, on a steady-state basis, the company would operate at a
leverage of 2x.

Liquidity

Stretched:  As of March 31, 2024, Glowmore had cash equivalents of
INR3.4 million as against debt repayment of INR2.9 million for the
next one month. The company primarily meets its operating expenses
and other obligations through collections (December 2023: INR15
million, November 2023: INR15 million and October 2023: INR14
million). Ind-Ra opines maintaining collection efficiency while
ensuring a regular flow of funds to sustain operations and meet its
internal growth projection will be critical for the company.

Rating Sensitivities

Negative: Significant deterioration in the asset quality and
profitability metrics, leading to capital impairment, leverage
exceeding 4.0x on a sustained basis, and inability to maintain
adequate liquidity would lead to a negative rating action.

Positive: The rating could be upgraded if the company is able to
expand significantly while maintaining asset quality, diversify its
franchise and funding profile, and maintain adequate  liquidity and
capital buffers  on a sustained basis.

About the Company

Glowmore is an non-banking finance company with its registered and
corporate office in Ganjam, Odisha. The company promotes financial
inclusion by extending products and services in the micro-credit
space. It primarily offers collateral-free loans to rural women
through the joint liability group model. GFPL had a network of 15
branches across three districts of Odisha as of September 30,
2023.


GO FIRST: Planes Deregistered, Pushing Carrier Closer to Collapse
-----------------------------------------------------------------
Bloomberg News reports that Go Airlines India Ltd., which has been
grounded for a year after filing for insolvency, risks having its
entire fleet of aircraft repossessed in a further blow to any
chances of a revival for the Indian carrier.

India's regulator, the Directorate General of Civil Aviation,
deregistered the company's fleet of 54 leased Airbus SE A320neo
aircraft, according to people familiar with the matter, who asked
not to be identified because the matter is private.

Bloomberg relates that the move, which is in line with a court
directive given last week, opens the door for companies that leased
planes to Go Airlines - which re-branded as Go First in 2021 - to
now take them back. The carrier didn't own a single aircraft of its
own, instead leasing aircraft from 14 companies including SMBC
Aviation Capital Ltd. and GY Aviation Lease 1722 Co.

Losing access to its entire fleet pushes the carrier even closer to
the brink of collapse, Bloomberg states. Its chief executive
officer quit at the end of November, saying he couldn't get the
airline flying again and staff were looking for jobs elsewhere
because they hadn't been paid for months. If Go ultimately fails,
it would be the 12th Indian airline to do so this century.

"This substantially reduces the chances of revival," Bloomberg
quotes Bishwajit Dubey, a former partner at Cyril Amarchand
Mangaldas & Co. who has extensively worked on insolvency cases, as
saying. As well as taking possession of the aircraft, lessors could
lease them to another airline or even negotiate a fresh deal with
Go Airlines if it ever emerges from insolvency, he said.

According to Bloomberg, the company's flying license is the only
remaining thing of value it possesses, said Nitin Sarin, a manging
partner at Sarin & Co. and who represented the carrier's lessors in
court. Liquidation is the most probable outcome unless it manages a
"miracle" in completing its resolution process - which would
include inviting and accepting bids from prospective buyers - by
June, he said.

So far, there appears to be little interest in acquiring the
airline, Bloomberg says. A consortium that includes SpiceJet Ltd.'s
managing director Ajay Singh and Busy Bee Airways submitted a bid
for Go Airlines in March. Jindal Power Ltd. - Go's sole potential
buyer under its insolvency resolution process - has decided not to
bid.

                           About Go First

Go First, formerly known as GoAir, was an Indian ultra-low-cost
airline based in Mumbai, Maharashtra.  Go First was incorporated in
April 2004 as GoAir and commenced flight operations in November the
following year. Its inaugural flight was from Mumbai to Ahmedabad.
The airline is owned by the Wadia Group.

Go First filed an application for voluntary insolvency resolution
proceedings before National Company Law Tribunal (NCLT) on May 2,
2023.

The company said the filing with the NCLT comes after Pratt &
Whitney, the exclusive engine supplier for the airline's Airbus
A320neo aircraft fleet, refused to comply with an order to release
engines to the airline that would have allowed it return to full
operations.

Go First owes INR6,521 crore to its financial creditors, Bank of
Baroda, IDBI Bank, and Deutsche Bank. The airline has a total
liability of about INR11,463 crore to banks, other creditors,
vendors, and others.

On May 10, 2023, the NCLT accepted Go First's voluntary insolvency
petition.  The NCLT bench appointed Abhilash Lal as the interim
resolution professional to look after the affairs of Go First and
also suspended its board as part of the insolvency resolution
process.


GSR INFRATECH: Ind-Ra Assigns BB Bank Loan Rating, Outlook Stable
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has rated GSR Infratech Private
Limited's (GSRIPL) bank facilities as follows:

-- INR535 mil. Non-fund based working capital limit assigned with

     IND A4+ rating;

-- INR110 mil. Fund-based working capital limit assigned with IND

     BB/Stable/IND A4+ rating; and

-- INR250 mil. Proposed non-fund based working capital limit
     assigned with IND A4+ rating.

Analytical Approach

Ind-Ra has assessed the company on a standalone basis while
assigning the ratings.

Detailed Rationale of the Rating Action

The ratings reflect GSRIPL's small scale of operations as indicated
by a revenue of INR440.84 million in FY23 (FY22: INR406.82
million). The company booked a revenue of INR682 million in
10MFY24. At end-January 2024, GSRIPL had an orderbook of INR1,425
million in hand, of which orders worth INR416 million are likely to
be executed by FYE24 and the balance by FYE25. Furthermore, the
company's modest EBITDA margin rose to 8.2% in FY23 (FY22: 5.9%)
with a return of capital employed of 10.3% (5.9%). GSRIPL's
comfortable credit metrics are reflected by a net leverage
(adjusted net debt/operating EBITDAR) of negative 1.33x in FY23
(FY22: negative 1.32x) and a gross interest coverage (operating
EBITDA/gross interest expense) of 3.36x (3.89x).

Detailed Description of Key Rating Drivers

Small Scale of Operation: GSRIPL's scale of operations remains
small even as its revenue increased 8.36% yoy to INR440.84 million
in FY23 (FY22: INR406.82 million), due to the execution of contacts
received. The company booked a revenue of INR682 million in
10MFY24. At end-January 2024, GSRIPL had an orderbook of INR1,425
million in hand, of which, orders worth INR416 million are likely
have been executed in FY24. The balance order book is to be
executed by FYE25. Consequently, Ind-Ra expects the revenue to have
increased yoy in FY24.

Modest EBITDA Margin: The ratings reflect GSRIPL's modest EBITDA
margins even as they rose to 8.2% in FY23 (FY22: 5.9%) due to the
company receiving higher-margin tenders, it implementing
cost-efficiency measures and fluctuations and negotiations in raw
material prices. The return on capital employed was 10.3% in FY23
(FY22: 5.9%). The EBIDTA  margin are likely to have come in at 9%
in FY24. Ind-Ra expects the margins to remain in line with that
FY23 over the medium term.

Concentrated Customers and Suppliers: The ratings are constrained
by customer concentration risk, as the top two customers accounted
for 99% of GSRIPL's revenue in FY23 and the top five suppliers
accounted for 60% of its purchases in FY23 . However, according to
the management,  the company's relationship with its customers and
suppliers are long term, trustworthy and stable.

Comfortable Credit Metrics: The net leverage (adjusted net
debt/operating EBITDAR) remained constant at negative 1.33x in FY23
(FY22: negative 1.32x) but the gross interest coverage (operating
EBITDA/gross interest expense) deteriorated to 3.36x (3.89x).
GSRIPL's coverage deteriorated in FY23 owing to an increase in the
interest expenses to INR10.83 million in FY23 (FY22: INR6.16
million) due to a rise in the long-term loans. However, Ind-Ra
expects the credit metrics to have improved year-on-year in FY24 on
the back of scheduled debt repayments.

Experienced Promoters: The ratings are supported by the promoters'
experience of nearly three decades in the civil construction
industry of road construction, leading to established relationships
with customers and suppliers. In FY23, GSRIPL derived about 90% of
its revenue from customers with which it has had relationships for
25 years.

Liquidity

Poor: The net working capital cycle deteriorated to 83 days in FY22
(FY21: 80 days) due to an increase in the inventory days to 99 (78)
and a fall in the debtor days to 17 (36). The average maximum
utilization of the fund-based limits was 81.9% in the 12 months
ended January 2024. The unencumbered cash and cash equivalents
stood at INR119.43 million at FYE23 (FYE22: INR58.92 million).  The
company has scheduled debt repayments of INR9.9 million in FY24 and
INR15.4 million in FY25. GSRIPL does not have any capital market
exposure and relies on banks and financial institutions to meet its
funding requirements. It has availed bank limits from two banks.
The cash flow from operations reduced to INR165.04 million in FY23
(FY22: INR167.93 million) due to an increase in the fund flow from
operations to INR113.07 million (INR82.83 million).

Rating Sensitivities

Negative: A decline in the scale of operations, leading to
deterioration in liquidity and credit metrics, with the net
leverage exceeding 4.5x, on a sustained basis, would lead to a
negative rating action.

Positive: An improvement in the scale of operations, leading to an
improvement in the liquidity position, while maintaining the credit
metrics, will lead to a positive rating action.

About the Company

GSRIPL (formerly known as Seema Construction Company) was
established in 1992 as a proprietorship firm by  Ganga Saran Rana
and was converted into private limited company in the name of GSR
Infratech Private Limited in April 2023. GSRIPL is a certified and
registered A Class civil contractor in Irrigation Department in
Uttarakhand, Public Works Department in Uttar Pradesh and
Uttarakhand. GSRIPL undertakes contracts for government departments
through e-tendering.


HES INFRA: Ind-Ra Cuts Loan Rating to BB+, Outlook Negative
-----------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded HES Infra Pvt
Ltd and its debt instruments to 'IND BB+' from 'IND BBB' while
resolving the Rating Watch with Negative Implications. The Outlook
is Negative.

The instrument-wise rating actions are:

-- Issuer rating downgraded; off Rating Watch with Negative
     Implications with IND BB+/Negative rating;

-- INR0.90 mil. Fund-based working capital limits downgraded; off

     Rating Watch with Negative Implications with IND BB+/Negative

     /IND A4+ rating;

-- INR0.14 mil. Working capital term loan due on FY28 downgraded;

     off Rating Watch with Negative Implications with IND BB+/
     Negative/IND A4+ rating;

-- INR8.02 mil. Non-fund-based working capital limits downgraded;

     off Rating Watch with Negative Implications with IND BB+/
     Negative/IND A4+ rating;

-- INR0.25 mil. Proposed fund-based working capital limits
     downgraded; off Rating Watch with Negative Implications with
     IND BB+/Negative/IND A4+ rating; and

-- INR2.89 mil. Proposed non-fund-based working capital limits
     downgraded; off Rating Watch with Negative Implications with
     IND BB+/Negative/IND A4+ rating.

Detailed Rationale of the Rating Action

The rating action reflects the weakening of HES Infra's liquidity
position due to a combination of factors including bulky repayment
obligations of INR0.69 billion and INR0.36 billion in FY24 and
FY25, respectively, and a stretch in the working capital cycle due
to build-up of receivables/work-in-progress (WIP) inventory. The
receivables and WIP position increased to INR8.31 billion at
end-January 2024 from INR5.82 billion at end-October 2023,
reflecting stretched cashflow position. While the executable
orderbook position has improved to 51% at end-December 2023 from
30% at end-September 2023, mainly due to the commencement of works
in Chhindwara project (34% of outstanding order book in Madhya
Pradesh), further billing and execution have picked pace in
Palamuru Rangareedy Lift Irrigation (PRLIS) project, the overall
work execution still remains muted with total execution (including
unbilled/WIP) of INR10.28 billion in 9MFY24 (FY23: INR16.13
billion). Ind-Ra believes the lower pace of project execution
coupled with large repayments in FY24 and FY25, could lead to
stretched cashflows. The agency will monitor the Chhindwara and
PRLIS projects over the next four-to-six months for sustainable
execution pace and cash inflows.

Detailed Description of Key Rating Drivers

Stretched Liquidity: HES Infra had unrestricted cash and cash
equivalents of INR0.13 billion at FYE23 (FYE22: INR0.25 billion).
The company's average use of the fund-based and non-fund-based
working capital limits (adjusted for limits unavailable due to
pending security creation) stood at 89% and 96%, respectively, in
the 12 months ended December 2023, reflecting high utilization on a
continued basis. The company has large term loan obligations of
INR0.69 billion in FY24 and INR0.36 billion in FY25. The net
working capital as a percentage of revenue increased to 28% in FY23
(FY22: 24%), mainly due to a decrease in trade payables and
mobilization advances. However, at end-January 2024, receivables
and WIP position increased to INR8.31 billion (end-October 2023:
INR5.82 billion) due to build-up of WIP in Telangana irrigation
projects. The cash realization from present receivables/WIP
inventory is crucial to shore up the short-term liquidity.

Increase in Executable Orderbook, but Execution Remains Muted: The
company had total order book outstanding of INR94.27 billion as on
31 December 2023 (5.8x of FY23 revenue). The company largely
undertakes irrigation projects; about 90% of the orders were from
irrigation/dam segment over the last two-to-three years.
Geographically, the order book is well diversified with Madhya
Pradesh accounting for 54% of the orders as on 31 December 2023
followed by Telangana (26%), Andhra Pradesh (14%), Uttarakhand (4%)
and the balance from Uttar Pradesh, Himachal Pradesh and Tamil
Nadu. As on 31 December 2023, the counterparty exposure is largely
towards state governments, which accounted for about 93% of the
orders, while the balance was from central public sector
undertakings and corporates. Of the total orderbook, around 48% is
stuck/slow moving due to land unavailability and/or other
counterparty issues. The balance 52% executable order book is
majorly from Chhindwara project (34%) and PRLIS (14%), with
concentration in two states – Madhya Pradesh and Telangana.  The
sustained progress of these orders/realization of receivables
remains a key monitorable.

Revenue Expected to Decline in FY24 due to Delay in Workfront
Availability and WIP Realization: After witnessing a slowdown in
execution of projects in the last two-to-three fiscal years due to
the COVID-19 pandemic-led disruptions, HES Infra achieved revenue
of INR16.1 billion in FY23 (FY22: INR15.9 billion, FY21: INR10.8
billion), commensurate with FY19 revenue of INR16.2 billion.
Further, the EBITDA margins improved slightly to 10.10% in FY23
(FY22: 9.98%, FY21: 9.52%). However, due to stuck orders, the pace
of work declined in YTDFY24 with executed work orders (including
WIP) of INR10.28 billion in 9MFY24. Ind-Ra understands the revenue
build up could be gradual as the projects remained stuck for a
large part of FY24 and the execution ramp up now is leading to
locking up of WIP-related working capital. Since the liquidity
remains stretched, it could further impact the pace of execution.
The revenue ramp-up and cash inflows from receivables shall be a
key monitorable.

Delay in Release of BG: HES Infra provides long-term BGs due to a
long gestation period of projects and further a large portion of
its order book comprises of stuck/slow moving projects, leading to
locking-up of limits. Further, the process of tying-up additional
limits as well as complying with the stipulated security conditions
to get full limits released from the existing banking consortium
has been delayed and is expected to be completed in April 2024.
This has further exacerbated the stretched liquidity position.
Ind-Ra believes that availability of additional BGs shall be vital
for the company to bid/execute new projects.

Contingent Liabilities: BGs worth INR250 million are presently
under arbitration with Narmada Valley Development Authority, state
government of Madhya Pradesh, on account of two projects awarded in
2012. Management has explained that land has not yet been provided
in these projects but Narmada Valley Development Authority has
notified to invoke the BGs on account of lack of work progress. The
same has been appealed by the company and stayed by the High Court
of Telangana; the process is under arbitration.

Sustained Satisfactory Credit Metrics: The overall credit metrics
remained within satisfactory levels, with the net leverage
including unsecured loans (net debt/EBITDA) of 1.3x in FY23 (FY22:
1.19x) and total outside liabilities/EBITDA of 4.5x (4.3x).
However, the interest coverage (EBITDA/gross interest) improved to
4.6x in FY23 (FY22: 2.9x) mainly on account of lower interest cost
on term loan as well as a marginal decline in interest on
mobilization advances.

The overall increase in the working capital requirements on account
of the build-up in the receivables and WIP position is reflected in
the continued high utilization of fund-based limits. The stretched
liquidity position is further exacerbated by the large term loan
obligations of INR0.69 billion in FY24 and INR0.36 billion in FY25.
The cash realization from present receivables/WIP inventory is
crucial to shore up the short-term liquidity and ramp-up the
revenue.

Rating Sensitivities

Positive:  The following developments, individually or
collectively, may be positive for the ratings:

- an improvement in the liquidity position and working capital
cycle through tying up of adequate bank limits on a sustained
basis,

- the ability to execute the existing order book, thereby
enhancing the revenue and profitability levels on a sustained
basis.

Negative: The following developments, individually or collectively,
may be negative for the ratings:

- any further delays in the project execution of awarded projects,
leading to a lower-than-expected scale of operations,

- any further deterioration in the working capital cycle and/or
any higher-than-expected capex impacting its liquidity profile,

- deterioration in credit metrics.

About the Company

HES Infra was set up in 1997 by M Kesava Raju and IVR Krishnam Raju
as a partnership firm in the name Hindustan Engineers Syndicate.
Later, the firm was reconstituted as a private limited company and
incorporated as HES Infra Private Limited in June 2007.

The company undertakes civil contracting works for various kinds of
bridges, aqueducts, road over bridges, railway bridges and
irrigation work such as reservoirs, dams, spillways, canals,
tunnels, among others. Presently, the company is operating in
Andhra Pradesh, Telangana, Madhya Pradesh, Gujarat, Uttar Pradesh,
Uttarakhand, Himachal Pradesh and Tamil Nadu.


HILL TRACK: CRISIL Lowers Rating on INR6cr Overdraft to D
---------------------------------------------------------
CRISIL Ratings has downgraded its rating on the long term bank
facilities of Hill Track Constructions Pvt Ltd (HITCPL) to 'CRISIL
D' from 'CRISIL BB/Stable'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Overdraft Facility     2.3        CRISIL D (Downgraded from
                                     'CRISIL BB/Stable')

   Overdraft Facility     6          CRISIL D (Downgraded from
                                     'CRISIL BB/Stable')

   Overdraft Facility     4          CRISIL D (Downgraded from
                                     'CRISIL BB/Stable')

The revision in rating to 'CRISIL D' reflects delay in debt
servicing of term loans in April 2024.The rating continues to
reflect HITCPL modest scale of operation, Large working capital
operations, and moderate financial risk profile. These weaknesses
are partially offset by its extensive industry experience of the
promoters.

Key Rating Drivers & Detailed Description

Weaknesses:

* Modest scale of operations amid intense competition: Small scale
of operations, with revenue of INR 20.63 crore in fiscal 2023, amid
intense competition limits pricing power with suppliers and
customers, thereby constraining profitability. Company expected
revenue growth of more than INR30 crore in the respective years,
construction of irrigation facility for the work order of INR 75
crore provides the visibility in revenue growth over the term.


* Leveraged financial risk profile: Capital structure remains
healthy, marked by a modest net worth of INR 6.66 crore and
moderate gearing and TOL/TNW of 3.13 times and 3.26 times in the
fiscal 2023. Capital structures are expected to improve with
gearing and TOLTNW of 1.17-2.30 times and 1.28-2.43 times in line
with the expected net worth of INR7-10 crore in the respective
years.

* Large working capital Requirement: Operations are working capital
intensive, as reflected in gross current assets (GCAs) of 436 days
as on March 31, 2023, in line with high debtors and inventory days
of 87 and 289 days, the working capital cycle was stretched. GCAs
are expected at 230-270 days over the term.

Strength:

* Extensive experience of the partners: The directors have been in
the business for over two decades. The company undertakes contracts
for hostels, colleges, and shopping malls, offices for Public Works
Department and Central Public Works Department in Kerala, along
with other private companies. Also, established track record in the
civil construction business, and high-quality and timely project
execution resulted in winning government tenders.

Liquidity: Poor

Average utilization at 100% in the last 12 months ended March 2024.
Cash accruals are expected to be over INR0.56-1.67 crores and are
expected to be insufficient against the repayment obligations of
INR1.97 crore over the medium term. The current ratio is moderate
at 1.38 times on March 31, 2023.

Rating Sensitivity factors

Upward factors:

* Track record of timely debt servicing for at least 90 days.
* Improvement in working capital cycle.

HCPL, established in June 2001 at Wayanad (Kerala) and promoted by
Mr P A Devasia, undertakes contracts for civil construction work
for buildings such as hostels, colleges, shopping malls, and
offices.


HINDUSTAN NEWSPRINT: CRISIL Keeps D Ratings in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Hindustan
Newsprint Limited (HNL) continue to be 'CRISIL D/CRISIL D Issuer
Not Cooperating'.

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

   Cash Credit            45        CRISIL D (Issuer Not
                                    Cooperating)

   Cash Credit            60        CRISIL D (Issuer Not
                                    Cooperating)

   Cash Credit             1        CRISIL D (Issuer Not
                                    Cooperating)

   Cash Credit             4        CRISIL D (Issuer Not
                                    Cooperating)

   Letter of Credit       33        CRISIL D (Issuer Not
                                    Cooperating)

   Letter of Credit       12        CRISIL D (Issuer Not
                                    Cooperating)

CRISIL Ratings has been consistently following up with HNL for
obtaining information through letter and email dated March 20, 2024
among others, apart from telephonic communication. However, the
issuer has remained non cooperative.

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

Detailed Rationale

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

HNL was incorporated in 1983 as a wholly-owned subsidiary of
Hindustan Paper Corporation Ltd, which was set up by the Government
of India in 1970. HNL has a capacity to produce 100,000 tonnes per
annum (tpa) of newsprint at its facility in Kottayam, Kerala. It
also has a 22-megawatt captive power plant and a 100-tonne-per-day
de-inking unit to convert waste paper into pulp; the pulp is used
as raw material for production of newsprint.


HITECH SWEET: Ind-Ra Assigns D Bank Loan Rating
-----------------------------------------------
India Ratings and Research (Ind-Ra) has rated Hitech Sweet Water
Technologies Private Limited's (HSWTPL) bank facilities as
follows:

-- INR650 mil. Fund based working capital limits (Long-term/
     Short-term) assigned with IND D rating;

-- INR22.80 mil. Non-fund based working capital limits (Short-
     term) assigned with IND D rating; and

-- INR78.70 mil. Term loan (Long-term) due on March 31, 2027
     assigned with IND D rating.

Analytical Approach

Ind-Ra has  taken a standalone view to arrive at the ratings.

Detailed Rationale of the Rating Action

The ratings reflect HSWTPL's continuous delays in debt servicing
for the 12 months ended March 2024.

Detailed Description of Key Rating Drivers

Delayed Debt Repayment: The rating reflects HSWTPL's continuous
delays in servicing of its debt obligations during the  12 months
ended March 2024 on account of its poor liquidity position, which
has led to the account being categorized in the special  mentioned
account (SMA) category.

Liquidity

Poor: HSWTPL could not service the monthly instalments  on its term
loan during said 12 months due to insufficient funds. Furthermore,
HSWPL does not have any capital market exposure and relies on banks
and financial institutions and related parties to meet its funding
requirements.

Rating Sensitivities

Negative: Not applicable

Positive: Timely debt servicing for at least three consecutive
months will be positive for the ratings.

About the Company

HSWTPL was incorporated in 1999. The company is engaged in the
manufacturing of commercial, domestic and industrial reverse
osmosis (RO) water purifier systems, located at Bardoli (Surat),
working in 14  states and  having 40 branches across India.



JAIPRAKASH ASSOCIATES: Lenders Seek RBI OK to sell loan to NARCL
----------------------------------------------------------------
The Economic Times reports that lenders led by the State Bank of
India have sought approval from the Reserve Bank of India to sell
the INR18,000 crore debt of Jaiprakash Associates (JAL) to the
National Asset Reconstruction Company of India (NARCL), said people
with knowledge of the matter.

If the RBI approves the deal, it will become NARCL's largest
acquisition of the debt of a single company, with an offer of
INR10,000 crore to the lenders, ET says.

According to ET, RBI's approval is a condition precedent set by
NARCL to acquire JAL's loans, one of the people said. Lenders are
seeking approval because in 2017, soon after the Insolvency and
Bankruptcy Code (IBC) was enacted, the RBI directed banks to refer
28 companies, including JAL, for debt resolution under the Act. The
company was on the second list of 28 accounts referred by the RBI
for resolution under the IBC.

JAL is the flagship company of the Manoj Gaur-promoted Jaypee Group
with an asset portfolio comprising cement, hospitality, real
estate, fertiliser and construction businesses. In fiscal 2023,
NARCL acquired 62%, or INR9,234 crore, of Jaypee Infratech's debt,
offering lenders a 39% recovery following an uncontested Swiss
challenge auction, ET discloses.

Although banks filed an application with the National Company Law
Tribunal (NCLT) to initiate the debt resolution process for JAL
around the same time, the company has not yet been admitted for the
process due to a series of litigations.

In some companies among the 28 accounts referred by the RBI, such
as Jayswal Neco and Jai Balaji, lenders have sold the debt to
private asset reconstruction companies without seeking RBI's
approval.

However, lenders say JAL has a complex structure with several large
businesses in one company. Thus, NARCL wants the central bank's
clearance for the acquisition to avoid getting caught in any
regulatory crossfire, the people said, ET relays.

If lenders sell debt to NARCL, the ARC will gain control of the
cement division, the core land that houses the Buddh International
Race Circuit that hosted the F1 Grand Prix more than a decade ago,
five five-star hotel properties and a construction business.

According to ET, SBI and ICICI Bank have separately filed petitions
at the Allahabad NCLT to admit JAL for debt resolution. During the
interim, Dalmia Cement (Bharat) in December 2022 made a binding
offer at an enterprise value of INR5,666 crore to acquire JAL's
clinker, cement and power units. Jaypee informed lenders that the
funds would be used to settle a part of their debt.

The cement unit has a capacity of 9.4 million tonnes, while the
clinker plant has 6.7 million tonnes, and the power plant, 280 MW.
However, the deal has not yet concluded since lenders have not
given a no-objection certificate, ET says.

NARCL has offered 15% as cash and the balance as securities
receipts, ET notes. This implies that NARCL will have to offer a
cash component of INR1,500 crore, while the balance of INR8,500
crore would be security receipts, which would be redeemed as and
when the ARC recovers the dues.

                    About Jaiprakash Associates

Jaiprakash Associates Limited is a diversified infrastructure
company. The Company's principal business activities include
engineering, construction and real estate development, and
manufacture of cement. Its segments include Construction, which
includes civil engineering construction/engineering, procurement
and construction (EPC) contracts/expressway; Cement, which includes
manufacture and sale of cement and clinker; Hotel/Hospitality,
which includes hotels, golf course, resorts and spa; Sports Events,
which includes sports-related events; Real Estate, which includes
real estate development; Power, which includes generation and sale
of energy; Investments, which includes investments in subsidiaries
and joint ventures for cement, power, expressway and sports, among
others, and Others, which includes coal, waste treatment plant,
heavy engineering works, hitech castings and man power supply,
among others. It has operations in Haryana, Madhya Pradesh, Gujarat
and Jharkhand, among others.

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


JULIET APPARELS: CRISIL Withdraws D Rating on INR18.25cr Loan
-------------------------------------------------------------
CRISIL Ratings has withdrawn its rating on the bank facilities of
Juliet Apparels Private Limited (JAPL) on the request of the
company and after receiving no objection certificate from the bank.
The rating action is in-line with CRISIL Rating's policy on
withdrawal of its rating on bank loan facilities.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Bank Guarantee        0.1         CRISIL D/Issuer Not
                                     Cooperating (Withdrawn)

   Cash Credit          18.25        CRISIL D/Issuer Not
                                     Cooperating (Withdrawn)

   Inland/Import         2.3         CRISIL D/Issuer Not
   Letter of Credit                  Cooperating (Withdrawn)   

   Proposed Fund-        0.72        CRISIL D/Issuer Not
   Based Bank Limits                 Cooperating (Withdrawn)

   Term Loan             0.82        CRISIL D/Issuer Not
                                     Cooperating (Withdrawn)

   Term Loan             7.51        CRISIL D/Issuer Not
                                     Cooperating (Withdrawn)

   Term Loan             1.71        CRISIL D/Issuer Not
                                     Cooperating (Withdrawn)

   Term Loan             1.26        CRISIL D/Issuer Not
                                     Cooperating (Withdrawn)

   Term Loan             0.31        CRISIL D/Issuer Not
                                     Cooperating (Withdrawn)

   Term Loan            11.74        CRISIL D/Issuer Not
                                     Cooperating (Withdrawn)

   Term Loan             2.33        CRISIL D/Issuer Not
                                     Cooperating (Withdrawn)

   Term Loan            10.39        CRISIL D/Issuer Not
                                     Cooperating (Withdrawn)

   Term Loan             4.76        CRISIL D/Issuer Not
                                     Cooperating (Withdrawn)

   Term Loan             1.3         CRISIL D/Issuer Not
                                     Cooperating (Withdrawn)

   Term Loan             0.81        CRISIL D/Issuer Not
                                     Cooperating (Withdrawn)

   Term Loan             2.66        CRISIL D/Issuer Not
                                     Cooperating (Withdrawn)

   Working Capital      13.00        CRISIL D/Issuer Not
   Term Loan                         Cooperating (Withdrawn)

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

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

Detailed Rationale

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

Incorporated in 2000, JAPL manufactures ladies' undergarments,
nightwear, dresses, and western outfits. The company is promoted by
the Trevadia family and is based out of Mumbai, Maharashtra.


K.N. SRINIVASA: CRISIL Moves B+ Debt Rating to Not Cooperating
--------------------------------------------------------------
CRISIL Ratings has migrated the rating on bank facilities of K.N.
Srinivasa (KNS) to 'CRISIL B+/Stable/CRISIL A4 Issuer not
cooperating'.

                       Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Bank Guarantee         1         CRISIL A4 (ISSUER NOT
                                    COOPERATING; Rating Migrated)

   Overdraft Facility     8.5       CRISIL B+/Stable (ISSUER NOT
                                    COOPERATING; Rating Migrated)

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

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of KNS, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on KNS
is consistent with 'Assessing Information Adequacy Risk'.
Therefore, on account of inadequate information and lack of
management cooperation, CRISIL Ratings has migrated the rating on
bank facilities of KNS to 'CRISIL B+/Stable/CRISIL A4 Issuer not
cooperating'.

KNS was established in 1987 as a proprietorship firm by Mr. K.N.
Srinivasa. Since its inception, the firm has undertaken contracts
in the civil construction field, primarily construction of roads
and water drainage systems for state government agencies.


KHATOR FIBRE: CRISIL Keeps D Debt Ratings in Not Cooperating
------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Khator Fibre
and Fabrics Limited (KFFPL) continue to be 'CRISIL D/CRISIL D
Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit            7.5        CRISIL D (Issuer Not
                                     Cooperating)

   Letter Of Guarantee    4          CRISIL D (Issuer Not
                                     Cooperating)

   Packing Credit         2.25       CRISIL D (Issuer Not
                                     Cooperating)

   Proposed Long Term
   Bank Loan Facility     0.80       CRISIL D (Issuer Not
                                     Cooperating)

   Term Loan             20.45       CRISIL D (Issuer Not
                                     Cooperating)

CRISIL Ratings has been consistently following up with KFFPL for
obtaining information through letter and email dated March 15, 2024
among others, apart from telephonic communication. However, the
issuer has remained non cooperative.

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

Detailed Rationale

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

KFFPL was incorporated as a private limited company in 1986 and
reconstituted as a public limited company in 1992. The company
manufactures and processes shirting fabrics at its facility near
Thane. Mr Kailash Khator and his family members are the promoters.


KRISHNA TEXTILE: CRISIL Reaffirms B+ Rating on INR16cr LT Loan
--------------------------------------------------------------
CRISIL Ratings has reaffirmed its 'CRISIL B+/Stable' rating on the
long-term bank facilities of Krishna Textile Process (KTP).

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Long Term Rating       16        CRISIL B+/Stable (Reaffirmed)


CRISIL Ratings had downgraded its rating on the long-term bank
facilities of KTP to 'CRISIL B+/Stable' from 'CRISIL BB-/Stable' on
April 8, 2024.

The rating continues to reflect the exposure of KTP to intense
competition and susceptibility to volatility in raw material
prices, and its working capital-intensive operations. These
weaknesses are partially offset by the extensive experience of its
partners in the textile industry and moderate financial risk
profile.

Key Rating Drivers & Detailed Description

Weaknesses:

* Exposure to intense competition and susceptibility to volatility
in raw material prices: Competition is intense in the textile
weaving industry due to low entry barriers on account of limited
capital and technology requirements and little differentiation in
end products. Moreover, revenue and profitability will remain
susceptible to fluctuations in the prices of the key raw materials,
cotton and yarn.

* Working capital-intensive operations: KTP had sizeable gross
current assets (GCAs) of 229 days as on March 31, 2023, largely
because of substantial receivables. The operations will remain
working capital intensive over the medium term.

Strengths:

* Extensive industry experience of the partners: The partners have
experience of around four decades in the textile industry (weaving,
knitting and processing). This has given them an understanding of
the market dynamics and helped establish relationships with
suppliers and customers.

* Moderate financial risk profile: The moderate capital structure
is reflected in estimated gearing of 1.28 times as on March 31,
2024. Debt protection metrics were adequate as indicated by
interest coverage and net cash accrual to total debt ratios of 2.19
times and 0.8 time, respectively, for fiscal 2024. Networth was
small though, estimated at INR14.41 crore as on March 31,2024.

Liquidity: Stretched

Expected cash accrual of INR1.5-3.0 crore should be sufficient to
cover debt obligation of INR1.0-2.5 crore over the medium term and
support liquidity. Bank limit utilisation averaged 81% for the 12
months through March 2024. Unsecured loan from the partners will
support liquidity when needed.

Outlook: Stable

CRISIL Ratings believes KTP will continue to benefit from the
extensive experience of its partners and established relationships
with clients.

Rating Sensitivity factors

Upward factors

* Revenue growth and stable operating margin, leading to cash
accrual more than INR2 crore

* Improvement in the working capital cycle

Downward factors

* Decline in revenue leading to lower net cash accrual

* Large, debt-funded capex or substantial increase in working
capital requirement with GCAs over 250 days, thus weakening the
liquidity and financial risk profile

Established in 2002, KTP is engaged in dyeing of polyester, cotton
and viscose fabrics at its facility in Tiruppur, Tamil Nadu. The
daily operations are managed by the promoter, Mr G Ramachandran.


KUSHAL POLYSACKS: Ind-Ra Assigns BB- Term Rating, Outlook Stable
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has rated Kushal Polysacks
Private Limited's (KPPL) bank facilities as follows:

-- INR570 mil. Fund-based working capital limits assigned with
     IND BB-/Stable/IND A4+ rating;

-- INR150 mil. Non-fund-based working capital limits assigned
     with IND A4+ rating; and

-- INR80 mil. Term loan due on March 31, 2027 assigned with IND
     BB-/Stable rating.

Detailed Rationale of the Rating Action

The ratings reflect KPPL's small scale of operations, modest EBITDA
margins and weak credit metrics. Ind-Ra expects the credit metrics
to improve in the near to medium term, due to an increase EBITDA
and scheduled repayments of debt. Ind-Ra expects the revenue and
EBITDA margins to improve in FY25, following the firm's plan to
start its agro logistics business from July 2024 and an expected
increase in revenue from the dredging business.

Detailed Description of Key Rating Drivers

Small Scale of Operations: The ratings reflects KPPL's small scale
of operations, as indicated by revenue of INR78.07 million in FY23
(FY22: INR113.31 million). The company books 22%-27% of revenue
from its Del Credere Agent business (FY23: INR24.95 million; FY22:
INR28.72 million). The revenue contribution from the dredging
business was zero in FY23 (FY22: INR82.76 million) while the
trading income  was  INR68.12 million (INR1.84 million). In FY23,
the company could not execute any dredging contract in FY23 as its
equipment was occupied for a contract in Bangladesh obtained in
FY22. For 10MFY24, KPPL booked revenue of INR83.19 million
(commission income: INR18.19 million; dredging business: INR40
million; trading Income: INR25 million). From July 2024, the
company is planning  to start an agro logistics business by setting
up a cold and frozen storage facility and an e-commerce business
platform for direct farmer-to-consumer trading. Ind-Ra expects the
revenue to improve in the medium term  on account of an increase in
its dredging business and the new ventures.

Modest EBITDA Margins: KPPL's EBITDA margins fell to 41.02% in FY23
(FY22: 48.72%) with a return on capital employed of 2.8% (6%). In
FY23, the EBITDA margin deteriorated due to an increase in its
operating expenses and the dip in its dredging business. In
10MFY24, the company booked EBITDA of INR58.02 million (70%); the
margins increased on account of the receipt of share of profit from
a joint venture contract executed in Bangladesh, expenses related
to which were booked in the previous financial years . Ind-Ra
expects the margins to improve in FY24  and the medium-term, on
back of the expected income from the dredger business.

Modest Credit Metrics: KPPL's interest coverage (operating
EBITDA/gross interest expenses) fell to 1.08x in FY23 (FY22: 1.37x)
and the net leverage (total adjusted net debt/operating EBITDAR)
deteriorated to 25.28x (FY22: 13.74x), as EBITDA fell to INR32.03
million (INR55.21 million). Ind-Ra expects the credit metrics to
improve in FY24 and the medium term, on back of an expected
increase in EBITDA and scheduled repayments of debt.

Long Operational Track Record; Experienced Promoters: KPPL's
promoters' have more than two decades of experience in various
sectors such as cement, hotel industry, ready mix concrete,
dredging and polymers. This has facilitated the company to
establish strong relationships with their customers.

Liquidity

Stretched: KPPL has a debt service coverage ratio of only 0.8x in
FY23; and the company met its debt repayments through advances
received from promoters and related parties. The unsecured loans
from the related parties amounted to INR120 million as of March 31,
2023.  KPPL   has a debt repayment of INR40.56 million and INR56.43
million in FY24 and FY25, respectively. KPPL does not have any
capital market exposure and relies on banks and financial
institutions to meet its funding requirements.  KPPL's average
utilization of the fund-based limits and non-fund-based facility
was 99.05% and 99.93%, respectively, during the 12 months ended
February 2024. The cash flow from operations and free cash flows
was negative INR38.85 million in FY23 (FY22: negative INR160
million) and negative INR47.49 million (INR223.15 million). The
company has capital expenditure plan of INR90 million for
FY24-FY25, for the construction of a warehouse for its agro
logistics business. it will be funded by capital subsidy of INR45
million and internal accruals and unsecured loans from the promoter
of INR45 million. The working capital cycle stood long at 199  days
in FY23 (FY22: negative 180 days), due to high inventory days of
282 (222). The unencumbered cash and cash  equivalents stood at
INR68.24 million at FYE23 (FYE22: INR16.04 million).

Rating Sensitivities

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

Positive: An improvement in the scale of operations, leading to an
improvement in the credit metrics with interest coverage above 2x
and/or an improvement  in liquidity position and working capital
cycle, all on a sustained basis, could lead to a positive rating
action.

About the Company

Incorporated in 1999, KPPL is a Del Credere agent for Indian Oil
Corporation Limited's polymer products and operates West Bengal. It
also  executes dredging  contracts and is planning to commence its
agro logistics business from July 2024.  The company is managed by
Naresh Kumar Agarwal and Kushal Agarwal.


LOF CONSTRUCTIONS: CRISIL Withdraws B+ Rating on INR8.5cr Loan
--------------------------------------------------------------
CRISIL Ratings has withdrawn its rating on the bank facilities of
LOF Constructions (LOF) on the request of the company and after
receiving no objection certificate from the bank. The rating action
is in-line with CRISIL Rating's policy on withdrawal of its rating
on bank loan facilities.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Bank Guarantee         5.5        CRISIL A4/Issuer Not
                                     Cooperating (Withdrawn)

   Cash Credit            8.5        CRISIL B+/Stable/Issuer Not
                                     Cooperating (Withdrawn)

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

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of LOF. This restricts CRISIL
Ratings' ability to take a forward looking view on the credit
quality of the entity. CRISIL Ratings believes that rating action
on LOF is consistent with 'Assessing Information Adequacy Risk'.
Therefore, on account of inadequate information and lack of
management cooperation, CRISIL Ratings has migrated the ratings on
the bank facilities of LOF to 'CRISIL B+/Stable/CRISIL A4 Issuer
not cooperating'.

LOF, established in 1984, is a partnership firm of Mr. P M Muhammed
Kunhi, Mr P M Nizamudeen and his family members. LOF is a
civil-contactors in bridges for government departments; namely
Public Works Department (PWD) and Karnataka Road Development
Corporation Ltd (KRDCL). The firm is based out of Kasaragode,
Kerala.


LUKE EXPORT: CRISIL Lowers Long and Short Term Rating to D
----------------------------------------------------------
Due to inadequate information, CRISIL Ratings, in line with SEBI
guidelines, had migrated the rating of Luke Export (LE) to 'CRISIL
BB-/Stable/CRISILA4, Issuer Not Cooperating'. However, the
management has subsequently started sharing requisite information,
necessary for carrying out comprehensive review of the rating.
Consequently, CRISIL Ratings is downgraded the ratings on the bank
facilities of LE to 'CRISIL D/CRISIL D' from 'CRISIL
BB-/Stable/CRISIL A4+ Issuer Not Cooperating'.

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

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

The downgrade to D reflects the delay in payment of term debt
obligations.

The ratings continue to reflect the extensive experience of its
proprietor in the seafood industry and above average financial risk
profile. These strengths are partially offset by modest scale of
operations, and susceptibility of profitability to volatility in
seafood prices and foreign exchange (forex) rates.

Key Rating Drivers & Detailed Description

Weakness:

* Modest scale of operations, and susceptibility of profitability
to volatility in seafood prices and foreign exchange (forex) rates:
Revenue is modest, at INR51.50 crore in fiscal 2024, compared with
INR84 crore in fiscal 2023. The frozen seafood industry is highly
fragmented, both in the domestic and global markets. Moreover,
availability of seafood varies, depending on climatic and aquatic
changes, leading to price fluctuation. Besides, Ocean Wealth does
not hedge its forex exposure, thereby exposing its profitability to
volatility in forex rates.

Strengths:

* Proprietor's extensive experience: Experience of around two
decades of the proprietor, Mr Xavier Luke, has helped establish
relationships with customers in various countries and also with
domestic suppliers. This should support the business risk profile
over the medium term.

* Above average financial risk profile: The capital structure is
moderate as indicated by estimated total outside liabilities to
tangible networth ratio, at 0.84 times as on March 31, 2024. Debt
protection metrics are comfortable, as reflected in estimated
interest coverage ratio and net cash accrual to debt of 1.55 times
and 0.03 time for fiscal 2024 because of moderate reliance on
working capital debt.

Liquidity: Poor

There were delays in repayment of term debt obligations. Current
ratio is around 1.79 times as on March 2023.

Rating Sensitivity Factors

Upward factors

* Track record of timely debt servicing for at least 90 days
* Improvement in working capital cycle.

LE, established in 1998 as a proprietorship concern of Mr Xavier
Luke, processes, and exports seafood. Its processing facilities are
at Sakthikulangara in Kerala, and Padanthalumoodu in Tamil Nadu.


MARUTI TRADING: CRISIL Assigns C Rating to INR13.02cr New Loan
--------------------------------------------------------------
CRISIL Ratings has assigned its 'CRISIL C' rating to the long term
bank facilities of Maruti Trading Company-Rajkot (MTCR).

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit           0.99        CRISIL C (Assigned)

   Proposed Fund-
   Based Bank Limits    13.02        CRISIL C (Assigned)

   Term Loan             0.99        CRISIL C (Assigned)

The ratings reflect the low operating margin of MTCR due to its
trading business, its modest scale of operations and below-average
financial risk profile. These weaknesses are partially offset by
the industry experience of the partners in the trading business.

Key Rating Drivers & Detailed Description

Weaknesses:

* Low operating margin due to trading business: The small initial
investment and low complexity of operations in the trading business
have resulted in the presence of innumerable small entities,
leading to significant fragmentation and low operation margin.
* Modest scale of operations: The business risk profile of MTCR is
constrained by its small scale of operations in the intensely
competitive trading business. The firm's revenue declined from
INR16.31 crore in fiscal 2022 to INR11.58 crore in fiscal 2023. The
small scale will continue to limit operating flexibility.

* Below-average financial risk profile: The financial risk profile
should remain constrained by high interest and finance charges and
low cash accrual. Gearing and total outside liabilities to tangible
networth ratio were weak at negative 15.04 times and negative 34.01
times, respectively, as on March 31, 2023, due to capital
withdrawal by the partners. Debt protection metrics were subdued,
with interest coverage and net cash accrual to total debt ratios at
1.42 time and 0.02 time, respectively, for fiscal 2023.

Strength:

* Extensive industry experience of the partners: The partners have
experience of around a decade in the trading business. This has
given them an understanding of the market dynamics and helped
establish relationships with suppliers and customers.

Liquidity: Poor

Bank limit utilisation was low at 42% on average for the 11 months
through August 2023. Cash accrual is expected at INR0.15-0.20 crore
and will be insufficient to meet term debt obligation of
INR0.65-1.00 over the medium term.

Current ratio was moderate at 1.07 times on March 31, 2023.
Negative networth limits the financial flexibility to withstand
adverse conditions or downturn in the business.

Rating Sensitivity factors

Upward factors

* Sustained revenue growth of 20% with improvement in the operating
margin leading to cash accrual of above INR1 crore.

* Improvement in the financial risk profile with gearing below 3
times

Downward factors

* Further stretch in working capital cycle above 400 days.

* Delay in capital infusion or any other withdrawal of funds from
business leading to poor liquidity profile.

MTCR was established in 1986. It trades in/exports various products
such as Abil Kanku, compartment plates, cotton grey cloth and
printed fabrics, safety matchsticks, food containers,
pharmaceuticals, jaggery, snacks and paper.

MTCR is owned and managed by Mr Sanjaybhai K Limbasiya and Mr
Kaushikkumar V Ukani.


MEGHALAYA INFRATECH: Ind-Ra Assigns B+ Loan Rating, Outlook Stable
------------------------------------------------------------------
India Ratings and Research (Ind-Ra) has rated Meghalaya Infratech
Limited's (MIL) bank facilities as follows:

-- INR900 mil. Term loan due on March 2034 assigned with IND B+/
     Stable rating.

Detailed Rationale of the Rating Action

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

Detailed Description of Key Rating Drivers

Lack of Operational Track Record: The rating reflects The under
construction stage of MIL's proposed five-star 199-bed hotel in
Khanapara, Meghalaya. The construction of the hotel resumed from
March 2023 after corporate insolvency resolution process (CIRP)
proceeding adjudicated by the National Company Law Tribunal (NCLT)
directed completion of the partially constructed structure. As of
December 2023, 65.14% of the construction work has been completed.
As per management, the commercial operations will commence from
April 2026. Ind-Ra expects the scale of operations to be small over
the medium term owing to the initial risk associated with
occupancy. Further, the company is identifying and finalizing a
hotel operator.

Time and Cost Overrun, and Funding Risks: The total estimated cost
of the project is INR4711.6 million, of which INR3,021.6 million
was incurred before corporate insolvency resolution process, INR900
million will be funded through term loans and the remaining from
new promoters' contribution of INR790 million in the form of
equity. As of December 2023, MIL has already incurred cost of
around INR3,069.26 million.

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

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

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

Rating Sensitivities

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

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

About the Company

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


MYCON CONSTRUCTION: CRISIL Moves D Ratings to Not Cooperating
-------------------------------------------------------------
CRISIL Ratings has migrated the rating on bank facilities of Mycon
Construction Limited (MCl) to 'CRISIL D/CRISIL D Issuer not
cooperating'.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Bank Guarantee         6.6       CRISIL D (ISSUER NOT
                                    COOPERATING; Rating Migrated)

   Bank Guarantee        13.06      CRISIL D (ISSUER NOT
                                    COOPERATING; Rating Migrated)

   Bank Guarantee         4.44      CRISIL D (ISSUER NOT
                                    COOPERATING; Rating Migrated)

   Bank Guarantee         9         CRISIL D (ISSUER NOT
                                    COOPERATING; Rating Migrated)

   Overdraft Facility     3.7       CRISIL D (ISSUER NOT
                                    COOPERATING; Rating Migrated)

   Overdraft Facility     2         CRISIL D (ISSUER NOT
                                    COOPERATING; Rating Migrated)

   Overdraft Facility     2         CRISIL D (ISSUER NOT
                                    COOPERATING; Rating Migrated)

   Overdraft Facility     2.3       CRISIL D (ISSUER NOT
                                    COOPERATING; Rating Migrated)

   Proposed Long Term     8.5       CRISIL D (ISSUER NOT
   Bank Loan Facility               COOPERATING; Rating Migrated)

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

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of MCl, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on MCl
is consistent with 'Assessing Information Adequacy Risk'.
Therefore, on account of inadequate information and lack of
management cooperation, CRISIL Ratings has migrated the rating on
bank facilities of MCl to 'CRISIL D/CRISIL D Issuer not
cooperating'.

MCL was set up as a partnership firm in 1946 in Bengaluru. It was
reconstituted as a closely held public limited company in 1989. MCL
undertakes civil and structural construction for public and private
sector entities in Karnataka, Tamil Nadu, and Odisha.


NATIONAL TRADING: CRISIL Reaffirms B+ Rating on INR10cr Loan
------------------------------------------------------------
CRISIL Ratings has reaffirmed its 'CRISIL B+/Stable' rating on the
long-term bank facilities of National Trading Company (NTC).

                       Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit            10        CRISIL B+/Stable (Reaffirmed)

The rating continues to reflect the modest scale of operations,
below-average financial risk profile and large working capital
requirement of the firm. These weaknesses are partially offset by
the extensive experience of the partners in trade and distribution
of lighting and electrical products, and their strong relationships
with principal suppliers.

Key Rating Drivers & Detailed Description

Weaknesses:

* Modest scale of operations amidst intense competition: Scale of
operations remains modest, as reflected in revenue of INR49 crore
in fiscal 2023. Intense competition from various small traders and
wholesalers in the lighting and electrical components distribution
business constrains the bargaining power and operating
flexibility.

* Large working capital requirement: Gross current assets were high
at 178 days as on March 31, 2023, driven by receivables of 75 days
and inventory of 100 days. NTC offers large credit ranging from 30
to 115 days to its customers and maintains sizeable inventory to
meet exigencies. The large working capital cycle remains a key
monitorable for the medium term.

* Below-average financial risk profile: The financial risk profile
is constrained by small networth of INR7.19 crore and high total
outside liabilities to adjusted networth ratio of 2.74 times
estimated as on March 31, 2024. Interest coverage ratio was also
low at 1.69 times in fiscal 2023. With low cash accrual, the
financial risk profile may remain weak over the medium term.

Strength:

* Extensive experience of the partners: The three-decade-long
experience of the partners in the lightening and electrical goods
trading and distribution industry in Kerala and healthy
relationships with reputed principal suppliers, such as Philips
India Ltd (PIL) and L&T Switchgears, should continue to support the
business.

Liquidity: Poor

Bank limit utilisation remains high averaging around 99% for the 12
months ended March 31, 2024. Estimated net cash accrual of
INR97-110 lakh should still suffice to cover the term debt
obligation of INR85-58 lakh over the medium term. Current ratio was
healthy at 1.81 times on March 31, 2023.

Outlook: Stable

CRISIL Ratings believes NTC will continue to benefit from the
extensive experience of its partners in the lighting and electrical
products distribution business and their healthy relationships with
principal suppliers.

Rating Sensitivity factors

Upward factors:

* Substantial growth in revenue and profitability, leading to
annual cash accrual of INR1.2 crore.

* Improvement in the capital structure backed by equity infusion or
reduction in working capital requirement.

Downward factors:

* Significant decline in revenue or profitability, leading to lower
accrual.

* Further stretch in working capital cycle, weakening the financial
risk profile and liquidity. with interest coverage below 1.1
times.

Formed as a partnership in 1993, Ernakulam (Kerala)-based NTC is a
distributor and retailer of lighting products of PIL and electrical
products of L&T Switchgears. Mr Sree Prasad and Ms K Sona are
partners in the firm.


NAVA NIRMAN: CRISIL Lowers Long and Short Term Ratings to D
-----------------------------------------------------------
CRISIL Ratings has downgraded the ratings on the bank facilities of
Nava Nirman Fabrication Pvt Ltd (NNFPL) to 'CRISIL D/CRISIL D
Issuer Not Cooperating' from 'CRISIL B/Stable/CRISIL A4 Issuer Not
Cooperating'.

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

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

CRISIL Ratings has been consistently following up with NNFPL for
obtaining information through letter and email dated November 13,
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-cooperation by a rated entity may be a result of deterioration
in its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward-looking component.'

Detailed rationale

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

Based on publicly available information, CRISIL Rating understands
NNFPL has been irregular in its account conduct. Hence, the ratings
on the bank facilities of NNFPL have been downgraded to 'CRISIL
D/CRISIL D Issuer Not Cooperating' from 'CRISIL B/Stable/CRISIL A4
Issuer Not Cooperating'.

Incorporated in 2009 and promoted by Mr Subodh Kumar Dutta and his
family members, NNFPL manufactures and fabricates various
locomotive parts such as roofs, side walls, driver's cabins, and
complete shells.


PREMIER MARINE: CRISIL Lowers Rating on INR4.5cr Loan to B+
-----------------------------------------------------------
CRISIL Ratings has downgraded its ratings on bank facilities of
Premier Marine Enterprises (PME) to 'CRISIL B+/Stable/CRISIL A4'
from 'CRISIL BB-/Stable/CRISIL A4+'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Credit Limit          0.9         CRISIL B+/Stable (Downgraded
   Under Gold Card                   from 'CRISIL BB-/Stable')

   Export Packing        4.5         CRISIL B+/Stable (Downgraded
   Credit                            from 'CRISIL BB-/Stable')

   Foreign Bill          2           CRISIL B+/Stable (Downgraded

   Purchase                          from 'CRISIL BB-/Stable')

   Proposed Non          3.2         CRISIL A4 (Downgraded from
   Fund based limits                 'CRISIL A4+')

The downgrade factors in the weakening of the business risk
profile, as reflected in revenue of INR18 crore in fiscal 2024
against INR28 crore in fiscal 2023 and INR30 crore in fiscal 2022.
The decline in revenue was on account of lower price realisation
and decrease in demand from key customers. Revenue is expected to
be at similar levels in fiscal 2025. Operating margin has remained
volatile in the last three years, at 2.2-3.7%. Furthermore, capital
withdrawal led to insufficient net cash accrual against repayment
obligation in fiscal 2024. Improvement in business risk profile
with revenue growth and sustenance of operating margin around 2.5%
will remain key monitorable over the medium term.

The ratings continue to reflect the modest scale of operations and
exposure to risks posed by customer concentration in revenue,
fluctuations in raw material prices and foreign exchange (forex)
rates, and to risks inherent in the seafood industry. These
weaknesses are partially offset by the extensive experience of the
partners in the seafood industry and the above-average financial
risk profile of the firm.

Key Rating Drivers & Detailed Description

Weaknesses:

* Modest scale of operations and exposure to customer concentration
risk: Intense competition from several small players in the seafood
business may continue to restrict scalability. This is reflected in
the revenue degrowth in fiscal 2024 with the company achieving
topline of INR18 crore against INR28 crore the previous fiscal due
to decrease in demand from the market and lower price realisation
for shrimps. Moreover, 85-90% of revenue is generated from a single
customer i.e., Nissin Foods Holdings Co Ltd, which makes the firm
susceptible to any change in the procurement policy of the client.

* Susceptibility to volatility in raw material prices and forex
rates: Exposure to intense competition in the seafood export
business and volatility in raw material prices (accounting for over
85% of operating cost) will cont­inue to limit the pricing power
and operating margin of players such as PME. With the entire
revenue coming from exports, profitability is also susceptible to
volatility in forex rates.

* Exposure to inherent risks in the seafood industry: Shrimp prices
depend on the availability of shrimps during a particular period
and thus, operating margin of the players remain exposed to
volatility in shrimp prices. The seafood export segment is also
marked by stringent regulations and quality requirements. Many of
the export destinations implement regulations including the levy of
an anti-dumping duty, food safety regulations and quality criteria,
from time-to-time. Any adverse changes, such as the levy of
anti-dumping duties by importing countries, could constrain the
profitability of the players.

Strengths:

* Extensive experience of the partners in the seafood processing
industry: The two-decade-long experience of the partners in the
seafood processing industry, their strong understanding of market
dynamics and healthy relationships with key customers and suppliers
will continue to support the business.

* Moderate financial risk profile: Financial risk profile is marked
by a moderate capital structure and comfortable debt protection
metrics. Gearing and total outside liabilities to adjusted networth
ratios stood at 1.19 and 1.76 times, respectively, as on March 31,
2023. Debt protection metrics are marked by interest coverage and
net cash accrual to adjusted debt (NCAAD) ratios of 2.57 times and
0.05 time, respectively, for fiscal 2023. Steady operating margin
and reducing debt levels should help the financial metrices sustain
at similar levels over the medium term.

Liquidity: Poor

Bank limit utilisation averaged a low 26% over the 12 months
through March 2024. Cash accrual is expected to be negative, which
would be insufficient against term debt obligation of INR33 lakh
over the medium term. Current ratio was moderate at 1.35 times on
March 31, 2023.

Outlook: Stable

CRISIL Ratings believes PME will continue to benefit from the
extensive experience of its partners in the seafood business.

Rating Sensitivity factors

Upward factors

* Growth in revenue by 15% and sustenance of operating margin over
2.5% thus improving cash accrual sufficient to cover
repayment obligations.

* No major capital withdrawal by partners enhancing the financial
risk profile.

Downward factors

* Decline in revenue by 10% or lowering of profitability leading to
insufficient net cash accrual against repayment obligations.

* Large capital withdrawal weakening the financial risk profile.

* Any large debt-funded capital expenditure (capex) or stretch in
working capital cycle weakening the financial risk profile.

PME was set up as a partnership firm in 2004, at Eramalloor,
Kerala. Operations are managed by Mr Ahmed Azhar and his family
members. The firm processes and exports seafood (shrimps) to Japan
and Vietnam.


RAJ TELEVISION: Ind-Ra Assigns BB+ Term Rating, Outlook Stable
--------------------------------------------------------------
India Ratings and Research (Ind-Ra) has rated Raj Television
Network Limited's (RTNL) bank facilities as follows:

-- INR130.00 mil. Fund-based working capital limit assigned with
     IND BB+/Stable/IND A4+ rating; and

-- INR92.00 mil. Term loan due on February 2027 assigned with IND

     BB+/Stable rating.

Detailed Rationale of the Rating Action

The ratings reflect RTNL's modest and declined EBITDA margins in
FY23 and Ind-Ra's expectation of them to have declined further in
FY24 due to increased content production and up-linking charges.
However, the agency expects the company's revenue, which grew
year-on-year in FY23, to have increased further in FY24 due to
improved subscriber and advertisement revenue. However, the scale
of operations remains small. In FY23, the company incurred a capex
of INR238.53 million out of which INR231.00 million was for film
broadcasting and other digital rights. The ratings benefit from the
company's promoters having an experience in the media industry for
over three decades.

Detailed Description of Key Rating Drivers

Declined and Modest EBITDA Margin: The company's modest EBITDA
margins reduced to 6.73% in FY23 (FY22: 16.89%) on account of an
increase in the content production and up-linking charges. This was
because RTNL produced in-house content for its regional channels
and digital platform. The return on capital employed was 2.4% in
FY23 (FY22: 2.8%). In 9MFY24, the EBITDA margin was around 4%. In
FY24, Ind-Ra expects RTNL's EBITDA margin to have declined slightly
yoy on account of a further increase in the content production and
up-linking charges. In FY25, Ind-Ra expects RTNL's EBITDA margin to
be similar to that in FY23 on account of a similar level of
operations.

Moderate Credit Profile: RTNL's interest coverage (operating
EBITDA/gross interest expense) deteriorated to 1.85x in FY23 (FY22:
3.03x) and its net leverage (adjusted net debt/operating EBITDA) to
3.93x (2.39x) on account of a decrease in the absolute EBITDA to
INR57.05 million (INR116.95 million). In FY23, the company incurred
capex of INR238.53 million, of which INR231 million was for film
broadcasting and other digital rights. Ind-Ra expects the credit
metrics to have remained moderate with a slight improvement yoy in
FY24 due to debt repayment and a subsequent reduction in interest
charges. In FY25, Ind-Ra expects the credit metrics to improve with
no substantial debt-led capex plan and an increase in the absolute
EBITDA on account of a rise in the realization from over-the-top
(OTT) and digital channel.

Exposure to Competition in the Industry and Dependence on
Advertisement Revenue: RTNL operates in highly competitive industry
with ever-changing dynamics with significant transformation in
digital media over the years. Ind-Ra believes a further dependence
on advertisement revenue could lead to fluctuations in revenue and
margins.

Growth in Revenue with Increase in Subscribers: RTNL's revenue grew
to INR847.88 million in FY23 (FY22: INR692.6 million) due to an
increase in its subscribers with a slight increase of INR0.75 yoy
in tariff plans and growth in advertisement revenue. The scale of
operations is small. In 9MFY24, RTNL achieved a revenue of INR902.6
million. Ind-Ra expects the company's revenue to increase in FY24,
on account of increased revenue from advertisement due to general
elections and the growth of over-the-top (OTT) and digital
channels. Ind-Ra expects RTNL's revenue to improve further on a yoy
basis in FY25, due to a rise in the subscribers of its OTT channel
and the launch of one new channel.

Extensive Promoter Experience: The promoters of the company have an
experience of more than three decades in the South Indian
Television market. This has helped the company to expand its
network in the major parts of South India.

Established Distribution and Client Network: The company has, over
the last 30 years, developed a strong distribution network with
direct-to-home (DTH) and cable operators on a day-to-day basis
Furthermore, the company has distributors across the globe, which
aid in generating export revenues.

Liquidity

Stretched: The average maximum utilization of fund-based limits was
96.16%, over the 12 months ended February 2024. In FY23, the net
cash conversion cycle improved but remain elongated at 110 days
(FY22: 333 days) on account of a decrease in the debtor days to 232
(307) and a reduction in the inventory days to nil (54) due to the
regrouping of serial stock to intangible asset. The company has a
debt repayment of INR40.7 million in FY25 and INR27.00 million in
FY26. RTNL had unencumbered cash and equivalents of INR29.64
million at end-September 2023 (FYE23: INR24.64 million, FYE22:
INR24.79 million).

Rating Sensitivities

Positive: An increase in the scale of operations, along with an
improvement in the overall credit metrics with the interest
coverage above 2.5x and an improvement in the liquidity profile,
all on a sustained basis, could lead to a positive rating action.

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

About the Company

Incorporated in 1994, RTNL is a television satellite broadcaster in
southern part of India which operates 13 TV channels, oneOTT
channel and one digital channel in total five languages. Prior to
the incorporation, the promoters were in the business of movie
production under the brand name Raj Video Vision since 1983.



ROYAL MUDHOL: Ind-Ra Withdraws BB+ Term Loan Rating
---------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn the rating on
Royal Mudhol Hospital and Research Centre LLP's (RMHRC) term loan
as follows:

-- The IND BB+/Rating Watch with Developing Implications rating
     on the INR1,647.5 bil. Term loan due on March 2032 is  
     withdrawn.

Detailed Rationale of the Rating Action

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

About the Company

Incorporated in 2015, RMHRC operates a multi-specialty quaternary
hospital in Pune since December 2022. Vijaysinh Maurya and
Menkaraje Maurya are the promoters.  At end-March 2023, the
hospital was operational with a capacity of 196 beds.

The hospital provides healthcare services for various departments
such as cardiology and cardiovascular and thoracic surgery,
orthopedics, trauma with joint replacement, nephrology, urology,
neurology and neuro surgery, oncology including robotic surgery,
hepatology, plastic surgery, gynecology and in vitro fertilization,
among others.




RSKS AUTOMOTIVES: Ind-Ra Hikes Loan Rating to BB+, Outlook Stable
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has upgraded RSKS Automotives
Private Limited's (RSKS) bank facilities as follows:

-- INR120 mil. Fund-based working capital limit Long-term rating
     upgraded; short-term rating affirmed with IND BB+/Stable/ IND

     A4+ rating;

-- INR42.5 mil. Term loan due on May 2030 upgraded with IND BB+/
     Stable rating;

-- INR420 mil. Fund-based working capital limit assigned with IND

     BB+/Stable/IND A4+ rating;

-- INR4.75 mil. Term loan due on May 2030 assigned with IND BB+/
     Stable rating; and

-- INR52.55 mil. Proposed fund-based working capital limit
     assigned with IND BB+/Stable/IND A4+ rating.

Analytical Approach

Ind-Ra continues to take a standalone view of RSKS to arrive at the
rating.

Detailed Rationale of the Rating Action

The upgrade reflects an improvement in RSKS's revenue and EBITDA in
FY23 due to increased demand following the company opening a new
showroom. Ind-Ra expects the revenue to have increased in FY24,
backed by its opening new showrooms. The company's EBITDA margins
increased in FY23 due to better fixed cost absorption. However, in
the medium term, Ind-Ra expects the margins to fall marginally, due
to an increase in costs related to its new showrooms. Furthermore,
the company's credit metrics improved, aided by the increase in its
EBIDTA. In the medium term, Ind-Ra expects the credit metrics to
remain at the similar level, on the back of scheduled debt
repayments.

Detailed Description of Key Rating Drivers

Stretched Liquidity: RSKS does not have any capital market exposure
and relies on banks and financial institutions to meet its funding
requirements. The cash flow from operations turned negative
INR178.68 million in FY23 (FY22: INR74.61 million), due to an
increase in its working capital requirements to INR237.56 million
(INR56.4 million). The net working capital cycle increased to 43
days in FY23 (FY22: 11 days), due to an increase in the debtor days
to 23 days (10 days). The average maximum utilization of the
fund-based limits was 89.46% for the 12 months ended February 2024.
The company has scheduled debt repayments of INR6.6 million in FY25
and INR7.5 million in FY26. The unencumbered cash and cash
equivalents stood at INR11.61 million at FYE23 (FYE22: INR7.35
million).

Improvement in Revenue; Medium Scale of Operations: RSKS's revenue
increased to INR1,965.14 million in FY23 (FY22: INR841.76 million),
due to an increase in demand for its products following the company
opening a new showroom. Its EBITDA also improved to INR70.56
million FY23 (FY22: INR17.03 million), led by the improvement in
the scale of operations to medium. In 11MFY24, RSKS's revenue stood
at INR2,702 million. Ind-Ra expects the revenue to have increased
in FY24, backed by the opening of new showrooms.

Healthy EBITDA Margins:  RSKS's EBITDA margins remained healthy and
increased to 3.59% in FY23 (FY22: 2.02%), driven by its better
fixed-cost absorption. The return on capital employed improved to
18.7% in FY23 (FY22: 4%), due to the increase in its EBIDTA. In the
medium term, Ind-Ra expects the margins to reduce marginally, due
to an increase in the cost related to its new showrooms.  

Comfortable Credit Metrics: RSKS's net leverage (total adjusted net
debt/operating EBITDAR) reduced to 4.6x in FY23 (FY22: 6.3x) and
the gross interest coverage (operating EBITDA/gross interest
expense) improved to 2.93x (1.44x), mainly due to the increase in
its EBIDTA. In the medium term, Ind-Ra expects the credit metrics
to remain at the similar level on the back of its scheduled debt
repayments.  

Experienced Promoters: The ratings are supported by the extensive
experience of the promoters in various industries such as
hospitality, education, oil and gas and fast-moving consumer
goods.

Liquidity

Stretched: RSKS does not have any capital market exposure and
relies on banks and financial institutions to meet its funding
requirements. The cash flow from operations turned negative
INR178.68 million in FY23 (FY22: INR74.61 million) due to an
increase in its working capital requirements to INR237.56 million
(INR56.4 million). The net working capital cycle increased to 43
days in FY23 (FY22: 11 days) due to an increase in the debtor days
to 23 days (10 days). The average maximum utilization of the
fund-based limits was 89.46% in the 12 months ended February 2024.
The company has scheduled debt repayments of INR6.6 million in FY25
and INR7.5 million in FY26. The unencumbered cash and cash
equivalents stood at INR11.61 million at FYE23 (FYE22: INR7.35
million).

Rating Sensitivities

Negative: A decline in the scale of operations, leading to
deterioration in liquidity and the credit metrics, on a sustained
basis, would lead to a negative rating action.

Positive: An improvement in the scale of operations, leading to an
improvement in the liquidity and credit metrics, on a sustained
basis, with the interest coverage remaining above 2.5x, would lead
to a positive rating action.

About the Company

Incorporated in 2018, RSKS has a dealership for Maruti Suzuki Arena
cars and owns a showroom in Gwalior (Madhya Pradesh). It commenced
operations in January 2021. RSKS is a part of the Malwa Group,
Indore, which has its presence in the education, fast-moving
consumer goods, hospitality and oil and gas segments.



SAMRUDDHI REALTY: CRISIL Keeps D Debt Rating in Not Cooperating
---------------------------------------------------------------
CRISIL Ratings said the rating on the non-convertible debentures of
Samruddhi Realty Limited (SRL) continues to be on 'CRISIL D Issuer
Not Cooperating'.

                       Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Non Convertible       75         CRISIL D (ISSUER NOT
   Debentures                       COOPERATING)

CRISIL Ratings has been following up with SRL for getting
information through emails and letters, dated March 20, 2024 and
April 4, 2024 apart from various telephonic communications.
However, the issuer has continued to be 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 has
not received any information on either the financial performance or
strategic intent of the company, which restricts CRISIL Ratings'
ability to take a forward-looking view on its credit quality.
CRISIL Ratings believes that the rating action is consistent with
'Assessing Information Adequacy Risk'

Based on the last available information, the rating on the
non-convertible debentures of SRL continues to be on 'CRISIL D
Issuer Not Cooperating'. Also, the company has been under
liquidation process since March 2020.

Analytical Approach

For arriving at the rating, CRISIL Ratings has taken a standalone
view on the company.

SRL was set up in 2003 by Mr V R Manjunath, Mr Hemang Rawal and Mr
Ravindra Madhudi. The company develops real estate in Bengaluru and
currently undertakes only residential projects. It has around 17
lakh square foot (sq ft) of ongoing and has 23 lack sq ft of
planned projects. It is listed on the Bombay Stock Exchange in the
small and medium enterprise segment.


SRV KNIT: CRISIL Moves B+ Debt Rating to Not Cooperating Category
-----------------------------------------------------------------
CRISIL Ratings has migrated the rating on bank facilities of SRV
Knit Tech Private Limited (SRV) to 'CRISIL B+/Stable Issuer not
cooperating'.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Working Capital        7.5       CRISIL B+/Stable (Issuer Not
   Term Loan                        Cooperating; Rating Migrated)

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

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of SRV, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on SRV
is consistent with 'Assessing Information Adequacy Risk'.
Therefore, on account of inadequate information and lack of
management cooperation, CRISIL Ratings has migrated the rating on
bank facilities of SRV to 'CRISIL B+/Stable Issuer not
cooperating'.

Incorporated in 2001, SRV manufactures ready-made cotton and woolen
garments for several leading brands. The company is promoted by Mr.
Akhil Khanna, a Delhi-based entrepreneur. It has its manufacturing
facility in Bengaluru.


SUNHETI SOLAR: Ind-Ra Cuts Loan Rating to BB+, Outlook Stable
-------------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded Sunheti Solar
Projects Private Limited's (SSPPL) bank loan ratings to 'IND
BB+/Stable (ISSUER NOT COOPERATING)' from 'IND BBB/Stable (ISSUER
NOT COOPERATING)' while maintaining in the non-cooperating
category.

The issuer did not participate in the rating exercise despite
continuous requests and follow-ups by the agency through phone
calls and emails. Thus, the rating is based on the best available
information. Therefore, investors and other users are advised to
take appropriate caution while using these ratings.

The detailed rating actions are:

-- INR113.68 mil. Senior project term loans due on March 31, 2036

     downgraded and maintained in non-cooperating category with
     IND BB+/Stable (ISSUER NOT COOPERATING) rating; and

-- INR18.40 mil. Working capital demand loan downgraded and
     maintained in non-cooperating category with IND BB+/Stable
     (ISSUER NOT COOPERATING) rating.

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

Detailed Rationale of the Rating Action

The downgrade is in accordance with Ind-Ra's Guidelines on What
Constitutes Non-Cooperation. As per the guidelines, if an issuer
has an investment grade rating outstanding while being
noncooperative 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.

Non-Cooperation by the Issuer

The ratings have been downgraded and maintained in the
non-cooperating category due to the lack of timely and updated
information from the company. The issuer has not provided  timely
and relevant information regarding an issuer-specific factor that
constrains the ratings to appropriate level.

SSPPL had not submitted the no-default statement for five
consecutive months as of April 1, 2024 to Ind-Ra despite continuous
requests and follow-ups by the agency. Further, the agency has also
not received information sought for periodic surveillance of the
ratings. However, the agency has obtained confirmation from the
lender regarding the timely debt servicing and continued
maintenance of a debt service reserve as per the financing terms.

Limitations regarding Information Availability

Ind-Ra has reviewed the of the credit ratings of SSPPL on the basis
of best available information and is unable to provide a
forward-looking credit view. Hence, the current outstanding rating
might not reflect SSPL's credit strength. If an issuer does not
provide timely business and financial updates to the agency, it
indicates weak governance, particularly in 'Transparency of
Financial Information'. The agency may also consider this as
symptomatic of a possible disruption / distress in the issuer's
credit profile. Therefore, investors and other users are advised to
take appropriate caution while using these ratings. SSPPL has been
non-cooperative with the agency since 6 October 2023.

About the Company

SSPPL operates a 5MWAC solar power plant in Uttarakhand. The plant
under SSPPL has been operational since March 2017. SSPPL was sold
to Purushottam Profiles Private Limited by Rays Power Infra Private
Limited in May 2022.


TRANSOCEANIC AGRO: CRISIL Keeps B+ Debt Rating in Not Cooperating
-----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Transoceanic
Agro Comm Private Limited (TACPL) continue to be 'CRISIL
B+/Stable/CRISIL A4 Issuer not cooperating'.

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

   Short Term Rating       -         CRISIL A4 (ISSUER NOT
                                     COOPERATING)

CRISIL Ratings has been consistently following up with TACPL for
obtaining information through letter and email dated September 11,
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 TACPL, which restricts CRISIL
Rating's ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on TACPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
TACPL continues to be 'CRISIL B+/Stable/CRISIL A4 Issuer not
cooperating'.

CRISIL Ratings has withdrawn its rating on INR48 Crore Letter of
Credit on the bank facilities of TACPL on the request of the
company and after receiving no objection certificate from the bank.
The rating action is in-line with CRISIL Rating's policy on
withdrawal of its rating on bank loan facilities.

TACPL (formerly, Raghunath Oils and Fats Pvt Ltd) was incorporated
in 1990 and commenced operations in 2008-09. It got its present
name in 2014-15. It undertakes high-seas trading of crude palm oil
(CPO), which it imports and sells in the domestic market to
companies such as Ruchi Soya Industries Ltd and Bunge India Pvt
Ltd.


TRD INFRA: CRISIL Lowers Rating on INR44cr Term Loan to B+
----------------------------------------------------------
CRISIL Ratings has downgraded its rating on the long-term bank
facilities of TRD Infra Private Limited (TIPL) to 'CRISIL
B+/Stable' from 'CRISIL BB-/Stable'.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Proposed Fund-         6         CRISIL B+/Stable (Downgraded
   Based Bank Limits                from 'CRISIL BB-/Stable')

   Proposed Term Loan    44         CRISIL B+/Stable (Downgraded
                                    from 'CRISIL BB-/Stable')

The downgrade reflects high implementation and funding risks. The
term loan required for the completion of a major part of the
project has not been sanctioned yet. Hence, the disbursement has
been delayed by more than six months, which is expected to delay
the entire project. Though the management has already made some
advance payments for purchase of silos and grain handling
equipment, timely sanction of the loan leading to execution of the
project as per the expected timeline, will remain a key
monitorable.

The rating reflects the exposure to risks related to time and cost
overruns, considering the project phase, expected leveraged capital
structure and high funding risk. These weaknesses are partially
offset by the extensive experience and capability of its promoters
and revenue visibility through tie-up of long-term concession
agreement with Uttar Pradesh State Ware Housing Corporation
(UPSWC).

Analytical Approach

Unsecured loans (Rs 4.16 crore as on March 31, 2023) extended by
the promoters have been treated as neither debt nor equity as these
loans are subordinate to bank debt and are expected to remain in
the business.

Key Rating Drivers & Detailed Description

Weaknesses:

* Susceptibility to time and cost overruns, considering the project
phase: The concession agreement was executed between UPSWC and
promoters in July 2021, but the project is still under construction
phase post which the equipment will be purchased and placed. Long
construction period of 18-24 months would render it susceptible to
delays and cost overruns over the construction period. While the
promoters have vast experience and suitable track record in
successfully implementing construction projects, steady execution
as per planned timelines would be a key rating monitorable.

* Expected leveraged capital structure: The financial risk profile
is expected to be average, with high gearing and modest debt
protection metrics. The project is to be aggressively funded
through a debt-equity ratio of 1.5-2 times. Going forward, timely
commercialisation of operations, leading to regular rental income
and resulting in overall improvement in the financial risk profile
will remain monitorable.

* High funding risk: The major portion of the total project cost is
to be funded by debt of INR 44 crores which has not been sanction
yet. The entire cost incurred till date has been funded by the
promoters in the form of equity and unsecured loans. The
unanticipated delay in the sanction and disbursal of funds is
expected to delay the execution of the project. However, the
company has applied for the sanction, and timely receipt of the
loan amount leading to execution of the project as per the
anticipated timelines will remain a key monitorable.

Strengths:

* Extensive experience and capability of its promoters: TIPL is a
special purpose vehicle (SPV) created by Techno Power Enterprises
Pvt Ltd (TPEPL), Rausheena Udyog Ltd and Mr. Deepak Sardana. The
20-year experience of the promoters, and their healthy
relationships with clients and sanctioning authorities should
continue to support the business.


* Revenue visibility through tie-up of long-term concession
agreement: The company has a 30-year concession agreement with
UPSWC for 50,000-metric tonne capacity grain storage silos on
design, build, finance, own and operate (DBFOO) basis at Pilibhit,
Uttar Pradesh, which mitigates the offtake risk.

Liquidity: Stretched

The entire external debt to fund the project cost will be tied up
in the form of term loan. The cost incurred till date has been
funded through equity and unsecured loans provided by the
promoters. The project is expected to continue receiving support
from them.

Outlook: Stable

TIPL should continue to benefit from its stable credit risk profile
and timely, need-based managerial, financial, and operational
support extended by the promoters.

Rating Sensitivity factors

Upward factors

* Timely completion of the project without time and cost overruns,
and stabilisation of operations, leading to significant revenue and
profitability

* Timely infusion of equity and unsecured loan by the promoters
(Rs. 22 crores) and timely sanction and disbursement of loan
necessary for executing the project

* Successful ramp-up of operations post completion of the project

Downward factors

* Considerable delay in the completion of the project and
commencement of operations on account of late sanction and
disbursement of the loan

* Lower-than-expected cash accrual resulting in debt service
coverage ratio dropping below 1 time

TIPL was incorporated in 2020 as a SPV between TPEPL, Rausheena
Udyog Ltd and Mr Deepak Sardana to build 50,000-metric tonne
capacity grain storage silos under concession agreement with UPSWC
on DBFOO basis at Pilibhit in Uttar Pradesh.

The company entered into a concessional agreement with UPSWC in
July 2021. The date of commencement of commercial operations is
scheduled in October 2024. The proposed storage facility will be
utilised by UPSWC during the concession period for storage of
agricultural commodities.


USHAHKAL ABHINAV: Ind-Ra Affirms BB+ Loan Rating, Outlook Stable
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Ushahkal Abhinav
Speciality Hospital LLP's (UASHL) term loan as follows:

-- INR1.10 bil. Term loan due on June 2031 affirmed with IND BB+/

     Stable rating.

Analytical Approach

Ind-Ra has taken a standalone view of UASHL for the rating review.

Detailed Rationale of the Rating Action

The ratings reflect UASHL's modest credit metrics with negative
interest coverage and net financial leverage due to operating loss
in FY23, its first year of operations. Although the credit metrics
are likely to have turned positive in FY24, they would have
remained modest, according to Ind-Ra. Moreover, the company's
EBITDA margins were negative in FY23; however, they are likely to
have turned positive in FY24. The scale of operations is small with
a revenue of INR391.61 million in FY23. However, the revenue is
likely to have improved in FY24.

Detailed Description of Key Rating Drivers

Modest EBITDA Margins: UASHL reported EBITDA losses in FY23, due to
the low absorption of fixed cost since it was the first year of
operations. The return on capital employed was also negative. In
FY24, however, Ind-Ra expects the EBITDA margin to have turned
positive due to a better absorption of fixed cost with an increase
in the revenue. Nonetheless, the margins are likely to have been
modest in FY24. In FY25, Ind-Ra expects the EBITDA margin to
improve further with an increase in the revenue.

Modest Credit Metrics: The ratings reflect UASHL's modest credit
metrics in FY23 due to the operating losses. In FY24, however,
Ind-Ra expects the credit metrics to have improved due to the
generation of operating profits; however, they are likely to have
remained modest. In FY25, Ind-Ra expects the credit metrics to
improve further with a further increase in the EBITDA.

Small Scale of Operation; Expected Improvement in Revenue: The
ratings reflect UASHL's small scale of operations, with a revenue
of INR391.61 million in FY23. UASHL earned a revenue of INR854
million in FY24 with an occupancy of 65.71% (175 bed operational
out of 356 total beds) till February 2024. Ind-Ra expects the
revenue to improve further in FY25, led by an increase in the
occupancy due to the brand awareness among people.

Expected Reduction in Finance Cost from FY25: During March 2024,
UASHL changed its banker due to which its interest rate on loan
facility reduced to 8.85% from 10.7%. This is likely to reduce the
company's finance cost from FY25.

Promoters' Experience: The ratings are, however, supported with the
promoters having an experience of over two decades in the
healthcare industry.

Liquidity

Stretched: The company has scheduled debt repayment obligations of
INR112.36 million and INR140.7 million in FY25 and FY26,
respectively.  UASHL does not have any capital market exposure and
relies on banks and financial institutions to meet its funding
requirements. The cash and cash equivalents stood at INR12.64
million at FYE23 (FYE22: INR29.37 million). UASHL's average maximum
utilization of the fund-based limits was 74.62% during the 12
months ended February 2024. The net working capital cycle stood at
negative 131 days mainly because of the creditor days of 139 days.
The cash flow from operations stood at INR36.50 million in FY23
(FY22: INR37.03 million). The free cash flow stood negative at
INR460.17 million in FY23 (FY22: negative INR1,047.33 million) due
to the capex undertaken by the company.

Rating Sensitivities

Negative: Any deterioration in the scale of operations leading to
deterioration in the credit metrics and/or deterioration in
liquidity position, would be negative for the ratings.

Positive: A substantial improvement in the scale of operations,
leading to an improvement in the credit metrics with the net
leverage being below 3.5x, and an improvement in the liquidity
position, will be positive for the ratings.

About the Company

UASHL, incorporated in November 2016, has set up a multi-super
specialty hospital with over 356 beds in Sangli, Maharashtra,
spread across a land area four acres (earlier eight acres) and
built-up area of 0.425 million square feet. The hospital offers
healthcare services in around 28 areas, including urology,
nephrology, pathology, surgery, cardiology etc.



V.J. CONSTRUCTIONS: CRISIL Moves D Ratings to Not Cooperating
-------------------------------------------------------------
CRISIL Ratings has migrated the rating on bank facilities of V.J.
Constructions (VJC) to 'CRISIL D/CRISIL D Issuer not cooperating'.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Bank Guarantee         2.5       CRISIL D (ISSUER NOT
                                    COOPERATING; Rating Migrated)

   Overdraft Facility     2.5       CRISIL D (ISSUER NOT
                                    COOPERATING; Rating Migrated)

In accordance with the terms of the rating agreement with VJC,
CRISIL Ratings has sent repeated reminders for payment of fees
towards the surveillance exercise through letter and email dated
March 20, 2024 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

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

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

VJC was set up in 2008 as a partnership firm by Mr J Mohan Reddy
and Mr V Ramana Reddy. The firm undertakes civil contracts to
construct highways, roads and bridges for the Telangana
government.


VARSHIL PACKAGING: CRISIL Moves B+ Ratings to Not Cooperating
-------------------------------------------------------------
CRISIL Ratings has migrated the ratings on bank facilities of
Varshil Packaging Private Limited (VPPL) to 'CRISIL
B+/Stable/CRISIL A4 Issuer Not Cooperating'.

                       Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Bank Guarantee       0.5         CRISIL A4 (ISSUER NOT
                                    COOPERATING, Rating Migrated)

   Cash Credit          7           CRISIL B+/Stable (ISSUER NOT
                                    COOPERATING, Rating Migrated)

   Cash Credit          9.85        CRISIL B+/Stable (ISSUER NOT
                                    COOPERATING, Rating Migrated)

   Term Loan           17           CRISIL B+/Stable (ISSUER NOT
                                    COOPERATING, Rating Migrated)

CRISIL Ratings has been consistently following up with VPPL for
obtaining information through letter and email dated April 15, 2024
among others, apart from telephonic communication. However, the
issuer has remained non cooperative.

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

Detailed Rationale

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

VPPL, incorporated in 2010, manufactures multilayer films and other
packing materials such as protection films, laminated film rolls,
agriculture mulch films, surface printing films and surface
protection films; its facility is based in Mehsana, Gujarat. Mr
Bhavik Patel, Mr Chintan Patel, Mr Sanjay Patel and Mr Vipul Patel
are the promoters.




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

TITAN INFRA: $20MM Bank Debt Trades at 16% Discount
---------------------------------------------------
Participations in a syndicated loan under which Titan Infra Energy
PT is a borrower were trading in the secondary market around 84.5
cents-on-the-dollar during the week ended Friday, May 3, 2024,
according to Bloomberg's Evaluated Pricing service data.

The $20 million Term loan facility is scheduled to mature on
February 26, 2034.  The amount is fully drawn and outstanding.

PT Titan Infra Energy operates as an energy infrastructure and
logistic company. The Company offers exploration, construction,
production, hauling, barging, and transshipment services. Titan
Infra Energy serves customers worldwide. The Company's country of
domicile is Indonesia.


TITAN INFRA: $430MM Bank Debt Trades at 16% Discount
----------------------------------------------------
Participations in a syndicated loan under which Titan Infra Energy
PT is a borrower were trading in the secondary market around 84.5
cents-on-the-dollar during the week ended Friday, May 3, 2024,
according to Bloomberg's Evaluated Pricing service data.

The $430 million Term loan facility is scheduled to mature on
February 26, 2034.  The amount is fully drawn and outstanding.

PT Titan Infra Energy operates as an energy infrastructure and
logistic company. The Company offers exploration, construction,
production, hauling, barging, and transshipment services. Titan
Infra Energy serves customers worldwide. The Company's country of
domicile is Indonesia.




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

BUILD PARTNERS: First Creditors' Meeting Set for May 13
-------------------------------------------------------
A first meeting of the creditors in the proceedings of Build
Partners Limited, Evergreen Modular Limited and Richardson Road
Limited will be held on May 13, 2024, at 10:00 a.m. at The Maritime
Room (Princes Wharf, Auckland).

Stephen Speers Keen and Malcolm Russell Moorewere appointed as the
companies' administrators on May 2, 2024.


DOVEY AVIATION: Creditors' Proofs of Debt Due on June 7
-------------------------------------------------------
Creditors of Dovey Aviation Consulting Limited are required to file
their proofs of debt by June 7, 2024, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on April 18, 2024.

The company's liquidator is:

          Paul Vlasic
          Rodgers Reidy (NZ) Limited
          PO Box 45220
          Te Atatu Peninsula
          Auckland 0651


EURO CITY: In Liquidation; Owes NZD1.2 Million to Creditors
-----------------------------------------------------------
Autofile reports that a Hawke's Bay dealership offering new and
used Audi, Volkswagen, Skoda and MG cars has gone into voluntary
liquidation.

EuroCity in Napier has been operating since 2005 and was named Audi
New Zealand's dealer of the year in 2010.

Its parent company, Euro City Limited, has now appointed Tony
Maginness and Jared Booth of Baker Tilly Staples Rodway as
liquidators, Autofile discloses citing a New Zealand Gazette notice
posted on April 23.

Terry Elmsly, EuroCity's owner and managing director, decided to
put the company in liquidation and is in the process of negotiating
to sell the business, he told the NZ Herald.

The company owes close to NZD1.2 million to 148 creditors, who
include fellow businesses in the auto industry, staff, liquor
stores and government organizations, according to NZ Herald.


I H LIMITED: Ecovis KGA Appointed as Receivers
----------------------------------------------
The High Court of New Zealand on April 10, 2024, appointed Jeffrey
Philip Meltzer and Clive Robert Bish of Ecovis KGA as receivers of
I H LIMITED.

The receivers may be reached at:

          Ecovis KGA Limited, Chartered Accountants
          PO Box 37223
          Parnell
          Auckland


NEW GENERATION: Creditors' Proofs of Debt Due on June 7
-------------------------------------------------------
Creditors of New Generation Homes Limited and Total Energy Group
Limited are required to file their proofs of debt by June 7, 2024,
to be included in the company's dividend distribution.

The company commenced wind-up proceedings on April 22, 2024.

The company's liquidator is:

          Craig Young
          PO Box 87340
          Auckland


QIXUAN INTERNATIONAL: First Creditors' Meeting Set for May 10
-------------------------------------------------------------
A first meeting of the creditors in the proceedings of Qixuan
International will be held on May 10, 2024, at 9:00 a.m. at the
offices of Waterstone Insolvency Limited, 16 Piermark Drive, in
Rosedale, Auckland.

Damien Grant and Adam Botterill on April 30, 2024, were appointed
as the company's administrators.

The administrators may be reached at:

          Waterstone Insolvency limited
          PO Box 352
          Shortland Street
          Auckland 1140




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

PAKISTAN INT'L: Deadline for Expressions of Interest Pushed Back
----------------------------------------------------------------
Reuters reports that Pakistan will push back the deadline for
companies to express interest in buying national carrier Pakistan
International Airlines to May 18, the country's privatisation
minister said on May 2.

Reuters relates that the extension, announced in a statement by
Minister for Investment and Privatisation Abdul Aleem Khan, came a
day before the expressions of interest had originally been due. He
said 10 companies had already expressed an interest, Reuters
relates.

"The Board accorded approval for extension in the date for
submission of interests on the request of interested parties,"
Reuters quotes Khan as saying, referring to the Privatisation
Commission Board he leads.

Pakistani tycoon Arif Habib and aviation-based company Gerry's
Group were among the 10 bidders looking to buy a majority stake in
Pakistan International Airlines, Bloomberg News reported on May 3,
Reuters relays.

According to Reuters, Pakistan's government has previously said it
was putting on the block a stake of between 51% and 100% in the
loss-making airline as part of reforms urged by the International
Monetary Fund.

Reuters notes that the disposal of the flag carrier is a step that
past elected governments have steered away from as it is likely to
be highly unpopular, but progress on the privatisation will help
cash-strapped Pakistan pursue further funding talks with the IMF.

Pakistan International Airlines Corp Ltd provides commercial air
transportation services. It includes passenger, cargo postal
carriage, engineering, and other services. Pakistan International
Airlines (PIA) is the flag carrier of Pakistan and wholly owned by
the government of Pakistan.




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

ATHENEE ENTERPRISE: Creditors' Proofs of Debt Due on May 31
-----------------------------------------------------------
Creditors of Athenee Enterprise Asia Pte. Ltd. are required to file
their proofs of debt by May 31, 2024, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on April 29, 2024.

The company's liquidators are:

          Mr. Don M Ho
          Mr. David Ho
          c/o DHA+ pac
          63 Market Street
          #05-01A Bank of Singapore Centre
          Singapore 048942


BUEY TAHAN: Court Enters Wind-Up Order
--------------------------------------
The High Court of Singapore entered an order on April 26, 2024, to
wind up the operations of Buey Tahan Catering Pte. Ltd. and Buey
Tahan Pte. Ltd.

The company's liquidators are:

          Lau Chin Huat
          Yeo Boon Keong
          Technic Inter-Asia
          50 Havelock Road
          #02-767, The Beo Crescent
          Singapore 160050


DJENEE CORPORATION: Court to Hear Wind-Up Petition on May 17
------------------------------------------------------------
A petition to wind up the operations of The Djenee Corporation Pte
Ltd will be heard before the High Court of Singapore on May 17,
2024, at 10:00 a.m.

DBS Bank Ltd filed the petition against the company on April 24,
2024.

The Petitioner's solicitors are:

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


STAR ASIA: Creditors' Proofs of Debt Due on June 2
--------------------------------------------------
Creditors of Star Asia Holdings Pte. Ltd. are required to file
their proofs of debt by June 2, 2024, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on April 29, 2024.

The company's liquidator is:

          Helmi Bin Ali Bin Talib
          c/o 133 Cecil Street
          #15-02 Keck Seng Tower
          Singapore 069535


ZIPMEX ASIA: Placed in Provisional Liquidation
----------------------------------------------
Ms. Ellyn Tan Huixian of Mazars Consulting on April 29, 2024, was
appointed as provisional liquidator of Zipmex Asia Pte. Ltd.

The liquidators may be reached at:

          Ms. Ellyn Tan Huixian
          Mazars Consulting
          135 Cecil Street
          #10-01 Philippine Airlines Building
          Singapore 069536



                           *********


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

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

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

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding,
electronic re-mailing and photocopying) is strictly prohibited
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Information contained herein is obtained from sources believed
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mail.  Additional e-mail subscriptions for members of the same
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