---

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

                     A S I A   P A C I F I C

          Monday, November 25, 2024, Vol. 27, No. 236

                           Headlines



A U S T R A L I A

JOBPOINT PTY: First Creditors' Meeting Set for Nov. 28
TATEGARDENS PTY: First Creditors' Meeting Set for Nov. 25


C H I N A

CHENMING PAPER: Reports More Than USD248.5 Million in Overdue Debt
SINOCHEM: May Keep Three Bankrupt Refineries as Auctions Fail


I N D I A

ALIN CASHEWS: CARE Keeps D Debt Ratings in Not Cooperating
ANLON HEALTHCARE: CARE Keeps D Debt Ratings in Not Cooperating
BYJU'S: Founder Accused of Trying to Regain Firm With Hidden Cash
BYJU'S: US Arms Face INR250-crore GST Notice
ETICA DEVELOPERS: CRISIL Keeps B Debt Ratings in Not Cooperating

FUCON TECHNOLOGIES: CRISIL Keeps D Debt Rating in Not Cooperating
GEMS PARADISE: CARE Keeps B- Debt Rating in Not Cooperating
GUPTA INFOTECH: CRISIL Keeps D Debt Ratings in Not Cooperating
GURUDEO DATTA: CARE Keeps B- Debt Rating in Not Cooperating
HARDAYAL SINGH: CRISIL Keeps B+ Debt Rating in Not Cooperating

HARSHANA NATURALS: CRISIL Keeps B- Ratings in Not Cooperating
MEHSANA DAIRY: CRISIL Keeps D Debt Ratings in Not Cooperating
MODERN MACHINERY: CARE Keeps D Debt Ratings in Not Cooperating
MUSLIM ALI: CARE Keeps D Debt Rating in Not Cooperating Category
NIRMAL CARS: CARE Keeps D Debt Rating in Not Cooperating Category

OZONE INFRA: CARE Keeps D Debt Rating in Not Cooperating Category
PAI VISTA: CRISIL Reaffirms B+ Rating on INR30cr Term Loan
PARASAKTI CEMENT: Ind-Ra Cuts Loan Rating to BB+, Outlook Stable
PATANJALI PARIDHAN: NCLAT Upholds NCLT Order Dismissing Insolvency
PERIYAR AGRO: CRISIL Keeps D Debt Ratings in Not Cooperating

PSN MOTORS: CRISIL Keeps D Debt Ratings in Not Cooperating
PURVI CASHEW: CRISIL Keeps B+ Debt Ratings in Not Cooperating
RAGHURAJ EXPORTS: CRISIL Keeps B- Rating in Not Cooperating
RAHEJA DEVELOPERS: NCLT Directs Initiation of Insolvency Process
RAJSHREE IMPEX: CARE Keeps D Debt Ratings in Not Cooperating

SAIRAM WHEELS: Ind-Ra Assigns BB+ Bank Loan Rating, Outlook Stable
SHIVSHAKTI BARRELS: CRISIL Keeps D Ratings in Not Cooperating
SIBERIAN TIGER: CRISIL Keeps B+ Debt Ratings in Not Cooperating
SIR. M. VISVESVARAYA: CRISIL Keeps D Ratings in Not Cooperating
UNOSACK FLEXIBLE: CARE Keeps C/A4 Debt Ratings in Not Cooperating

VAISHNO FLOUR: CRISIL Keeps B Debt Ratings in Not Cooperating


N E W   Z E A L A N D

ANDSSR TRANSPORT: Court to Hear Wind-Up Petition on Dec. 3
BRIGHT SPARK: Owes NZD14MM to Creditors, Liquidator Report Shows
CLOUDY BAY: Court to Hear Wind-Up Petition on Dec. 3
FRANCIS STREET: Creditors' Proofs of Debt Due on Dec. 20
NH CONSTRUCTION: Creditors' Proofs of Debt Due on Jan. 14

TTS TRANSPORT: Court to Hear Wind-Up Petition on Dec. 3


S I N G A P O R E

BG INSURANCE: Creditors' Proofs of Debt Due on Dec. 20
ECO FAMILY: Court to Hear Wind-Up Petition on Dec. 6
HOSPITALITY SUITES: Court Enters Wind-Up Order
PSD HOLDINGS: Court to Hear Wind-Up Petition on Nov. 29
WIX ENGINEERING: Court to Hear Wind-Up Petition on Dec. 6


                           - - - - -


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

JOBPOINT PTY: First Creditors' Meeting Set for Nov. 28
------------------------------------------------------
A first meeting of the creditors in the proceedings of Jobpoint Pty
Ltd will be held on Nov. 28, 2024 at 10:00 a.m. at Suite 1102,
Level 11, 81 Flinders Street in Adelaide and via virtual meeting
technology.

Yulia Petrenko and Nicholas David Cooper of Oracle Insolvency
Services were appointed as administrators of the company on Nov.
18, 2024.


TATEGARDENS PTY: First Creditors' Meeting Set for Nov. 25
---------------------------------------------------------
A first meeting of the creditors in the proceedings of Tategardens
Pty Ltd will be held on Nov. 25, 2024 at 11:00 a.m. at Suite 31011,
9 Lawson Street in Southport and via virtual meeting technology.

Michael Caspaney of Menzies Advisory was appointed as
administrators of the company on Oct. 21, 2024.




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

CHENMING PAPER: Reports More Than USD248.5 Million in Overdue Debt
------------------------------------------------------------------
Yicai Global reports that Chenming Paper Holdings' debt crisis
continues to widen, with the Chinese paper giant saying it has more
than CNY1.8 billion (USD248.5 million) in overdue and CNY30 billion
(USD4.1 billion) in short-term debt while also shutting most of its
production bases.

Chenming Paper and its subsidiaries had accumulated the CNY1.8
billion overdue debt principal and interest as of Nov. 18, the
Weifang-based firm announced on Nov. 19, Yicai relays.

As of the end of September, Chenming Paper's monetary fund balance
was only about CNY10 billion, with lots of it being restricted. Its
total short-term borrowings and non-current liabilities due within
one year had exceeded CNY32 billion, Yicai discloses.

According to Yicai, Chenming Paper is in a debt crisis due to the
continuous decline in operations. It reported a net loss of more
than CNY800 million (USD110.4 million) in the three months ended
Sept. 30, mainly due to a drop in demand and prices, while its cash
flow shrank.

To reduce losses, Chenming Paper has limited or suspended
production at its bases in Shandong, Jiangxi, Jilin, and other
provinces since the start of this month, involving nearly 72
percent of its output, Yicai relates. It has also sold several
assets since last year.

Chenming Paper fell into the red with a net loss of CNY1.3 billion
last year from a net profit of CNY317 million in 2022 and CNY2.1
billion in 2021, while its revenue dropped to CNY26.6 billion from
CNY32 billion and CNY33 billion, respectively, Yicai adds.

Shandong Chenming Paper Holdings Ltd is a paper-making company. The
Company is engaged in the processing and sale of paper products,
paper-making raw materials, machinery, and chemicals; generation
and sale of electric power and thermal power; forestry, saplings
growing, processing and sale of timber and construction materials;
manufacturing, processing and sale of wood products; and hotel
service, and equipment financial and operating leasing, investment
properties and property service, etc.  


SINOCHEM: May Keep Three Bankrupt Refineries as Auctions Fail
-------------------------------------------------------------
Reuters reports that Sinochem Group may keep three bankrupt oil
refineries located in eastern China after auctions to sell them
drew little interest from other companies, sources familiar with
the matter said.

According to Reuters, the lack of interest in the plants
illustrates the woeful state of the refining sector in China, the
world's biggest oil importer and second-largest consumer. Beset by
flagging fuel demand amid slower economic growth that has eroded
margins, the country's plants are processing less crude than the
year before.

Reuters relates that the Sinochem plants, which are smaller, older
and less sophisticated refineries known as teapots, are also
contending with greater regulatory scrutiny that threatens the
survival of other companies in Shandong province, where the
majority of the teapot plants are located.

Failure to sell the refineries during their individual auctions may
mean state-owned Sinochem will retain them by writing down debts to
creditors and renegotiating taxes owed, according to two sources
familiar with Sinochem's thinking, Reuters relays.

The exact amount of the debt could not immediately be ascertained,
but tax administration records for the cities in Shandong where the
refineries are located show that by mid-2024 the plants had
accumulated combined unpaid consumption taxes of about CNY13.2
billion ($1.82 billion), Reuters discloses.

The plants, Changyi Petrochemical, Huaxing Petrochemical Group and
Zhenghe Group Co, have combined crude processing capacity of
380,000 barrels per day, or 3% of national output, and were put up
for auction in October through the government-backed Shandong
Property Right Exchange Centre, according to Reuters.

Huaxing was offered at CNY8.7 billion, Changyi at CNY6.4 billion
and Zhenghe for CNY6.3 billion, data on the Centre's website
showed.

Sinochem, which separately runs a refinery and petrochemical
complex in the southeastern province of Fujian, inherited the
troubled Shandong refineries in a Beijing-orchestrated merger in
2021 with their previous operator, state-owned ChemChina.

Reuters notes that the auctions followed local court orders in
September declaring all three companies bankrupt after
reorganization procedures were called off.

                           About Sinochem

Sinochem Group Co., Ltd. operates as an integrated oil company. The
Company provides oil exploration, production, refining, trading,
storage, logistics, distribution, and other services. Sinochem
Group also conducts businesses in agriculture, chemical, real
estate, finance, and other related fields.

As reported in the Troubled Company Reporter-Asia Pacific on Sept.
19, 2024, two oil refiners in China run by Sinochem Group Co were
declared bankrupt, highlighting the headwinds older units face as
margins plummet.

The creditors of Zhenghe Group Co and Shandong Huaxing
Petrochemical Group Co, both based in the eastern province of
Shandong, failed to agree on restructuring plans for the indebted
plants and the businesses were declared bankrupt, according to
separate statements from a local court, Bloomberg relayed.




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

ALIN CASHEWS: CARE Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Alin
Cashews (AC) continue to remain in the 'Issuer Not Cooperating'
category.

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

   Short Term Bank     16.80       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated October 12,
2023, placed the rating(s) of AC under the 'issuer non-cooperating'
category as AC had failed to provide information for monitoring of
the rating as agreed to in its Rating Agreement. AC continues to be
non-cooperative despite repeated requests for submission of
information through e-mails dated August 27, 2024, September 6,
2024, September 16, 2024 among others.

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

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

Analytical approach: Standalone

Alin Cashews (AC) is a partnership firm engaged in processing &
wholesale trading of raw cashew and cashew kernel based out of
Kollam, Kerala. The firm exports cashews kernel to Middle East,
USA, Europe and does wholesale trading across all over India. The
day to day operations are overseen by Mr. Shihansha who has around
three decades of experience in the industry.

Status of non-cooperation with previous CRA: CRISIL has continued
the rating assigned to the bank facilities of AC into Issuer Not
Cooperating category vide press release dated November 7, 2024 on
account of its inability to carry out a review in the absence of
the requisite information from the firm.

Acuite (SMERA) has continued the rating assigned to the bank
facilities of AC into Issuer Not Cooperating category vide press
release dated October 25, 2023 on account of its inability to carry
out a review in the absence of the requisite information from the
firm.



ANLON HEALTHCARE: CARE Keeps D Debt Ratings in Not Cooperating
--------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Anlon
Healthcare Private Limited (AHPL) continue to remain in the 'Issuer
Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      11.50       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

   Long Term/           3.00       CARE D/CARE D; ISSUER NOT
   Short Term                      COOPERATING; Rating continues
   Bank Facilities                 to remain under ISSUER NOT
                                   COOPERATING category

Rationale and key rating drivers

CARE Ratings Ltd. had, vide its press release dated September 12,
2023, placed the rating(s) of AHPL under the 'issuer
non-cooperating' category as AHPL had failed to provide information
for monitoring of the rating as agreed to in its Rating Agreement.
AHPL continues to be non-cooperative despite repeated requests for
submission of information through e-mails dated July 28, 2024,
August 7, 2024, August 17, 2024 among others.

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

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

Analytical approach: Standalone

Rajkot (Gujarat)-based, AHPL was incorporated in March 20, 2014 by
three directors namely Mr. Punit Rasadia, Mr. Vaibhav Ramani and
Mr. Meet Vachhani. The company is setting up a unit for
manufacturing of pharma intermediates and ingredients. The company
will operate with an installed capacity of 11 metric tonne per
month of pharma intermediates and ingredients which will find its
application in preparation of medicines. Anlon Healthcare Private
Limited belongs to Anlon group with group entity named Anlon
Chemical Research Organization.


BYJU'S: Founder Accused of Trying to Regain Firm With Hidden Cash
-----------------------------------------------------------------
Bloomberg News reports that the founder of bankrupt Indian tech
firm Byju's tried to use loan proceeds that he allegedly hid from
US lenders to secretly buy back a software company that was taken
over by an American trustee, according to a new court filing.

Byju Raveendran has been trying to regain control his capsizing
education technology empire, which is under court supervision in
both India, where the parent is based, and the US, where some of
its valuable units are located, Bloomberg relates citing a court
declaration filed by Nebraska businessman William R. Hailer.

Raveendran allegedly recruited Mr. Hailer, who is a former
political consultant, to try to buy out US creditors owed more than
$1.2 billion under a loan, according to the filing with the US
Bankruptcy Court in Delaware. Raveendran could then swap that debt,
which was trading at about 0.24 cents on the dollar as of Nov. 20,
for ownership of Epic!, a education-software firm. The plan
ultimately failed, Bloomberg notes.

"Over the last several months I have been used as a pawn in Byju's
manipulation of the law," Mr. Hailer wrote in his testimony.
Mr. Hailer was set to testify in federal court on Nov. 21 on behalf
of a trustee, which is planning to sell Epic! in order to raise
money for Byju's creditors, including US lenders.

According to Bloomberg, Raveendran has denied wrongdoing in past
responses to lender allegations, saying his actions were a
justified response to overly aggressive tactics used by creditors
who specialize in squeezing money out of distressed companies.

This summer, when Mr. Hailer began negotiating with lenders,
Raveendran wired $11.25 million to a company that Mr. Hailer ran
called Rose Lake Inc. Mr. Hailer was supposed to use the cash to
prove to lenders that he was well funded. The money was then to be
returned to Raveendran, Mr. Hailer said, Bloomberg relays.

The money came from OCI Ltd., a UK-incorporated logistics firm that
received hundreds of millions of dollars in loan proceeds that US
lenders have been trying to reclaim, according Mr. Hailer's court
filing.

Bloomberg relates that Mr. Hailer said he tried unsuccessfully to
gather proof that OCI was still holding money on behalf of Byju's,
even though Raveendran has claimed all the cash has been spent.
For several months, Mr. Hailer said he regularly spoke with
Raveendran and other Indian business people involved in the Byju's
empire. Mr. Hailer also visited Raveendran's family compound in
Dubai for talks with investors who were allegedly backing
Raveendran's effort to regain control of Byju's.

Lenders have been fighting Byju's in both US state and federal
courts for more than a year, Bloomberg notes. Lenders claim
Raveendran hid $533 million in loan proceeds that should have been
repaid to creditors. In India, Byju's is facing an insolvency
proceeding, where a court-appointed professional has been tasked
with raising money to repay lenders.

                           About Byju's

Based in Bengaluru, Karnataka, India, Byju's operates an online
learning platform intended to deliver engaging and accessible
education. The company's platform makes use of original content,
watch-and-learn videos, animations, and interactive simulations
that make learning contextual, visual, and practical, enabling
students to receive a personalized educational experience.

As reported in the Troubled Company Reporter-Asia Pacific in July
2024, Byju's will face insolvency proceedings for failure to pay
$19 million in dues to the country's cricket board. Reuters said
Byju's has suffered numerous setbacks in recent years, including
boardroom exits and a tussle with investors who accused CEO Byju
Raveendran of corporate governance lapses, job cuts and a collapse
in its valuation to less than $3 billion. Byju's has denied any
wrongdoing.

According to Reuters, a ruling by India's companies tribunal on
July 16, following a complaint by the Board of Control for Cricket
in India (BCCI), initiated insolvency proceedings. These will
include the appointment of an interim resolution professional,
Pankaj Srivastava, who will oversee the management of Byju's as The
company's board of directors is suspended as per law.  CEO
Raveendran will report to the resolution professional and the
company's assets will remain frozen while the proceedings
continue.

The TCR-AP relayed that the National Company Law Appellate Tribunal
(NCLAT) on Aug. 2, 2024, accepted the settlement between Byju
Raveendran and the Board of Control for Cricket in India (BCCI),
thus removing Byju's parent Think and Learn from the insolvency
resolution process.

The TCR-AP, citing Moneycontrol, reported on Jan. 26, 2024, that
foreign lenders, who collectively extended more than 85% of Byju's
$1.2 billion term loan, have filed an insolvency petition against
the online tutor in India. Moneycontrol related that the bankruptcy
petition was filed in January 2024 in the Bengaluru bench of the
National Company Law Tribunal (NCLT), the people said, requesting
anonymity.

BYJU's Alpha, Inc., a U.S. unit of Byju's, sought protection under
Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Case No.
24-10140) on Feb. 1, 2024.  In the petition signed by Timothy R.
Pohl, chief executive officer, the Debtor disclosed up to $1
billion in assets and up to $10 billion in liabilities.

Alleged creditors of Epic! Creations, also a U.S. unit, sought
involuntary petition under Chapter 11 of the the U.S. Bankruptcy
Code against Epic! Creations (Bankr. D. Del. Case No. 24-11161) on
June 5, 2024.


BYJU'S: US Arms Face INR250-crore GST Notice
--------------------------------------------
Financial Express reports that the Directorate General of GST
Intelligence (DGGI) is likely to approach the National Company Law
Tribunal (NCLT) soon, seeking to recover INR230-250 crore as taxes
from the US subsidiaries of embattled edtech major Byju's.

The tax liability has been computed on certain supplies of the
US-based subsidiaries to Indian receivers.

According to FE, official sources said Byju's had kept these
transactions "off its books", and thus didn't pay any taxes on them
to GST authorities. "The DGGI has learnt this recently, and
approached the edtech company to pay their dues," an official
said.

FE reached out to Byju's for comments, but couldn't get any
response.

Byju's parent company 'Think and Learn' is undergoing insolvency
proceedings in the NCLT. "We informed the insolvency professional
about the taxes Byju's owes, but our request was rejected, as we
got late in filing the claim," FE quotes an official as saying.
"But we are going to exercise all legal options to recover the tax
dues," the official said, adding that the DGGI may consider filing
a plea in the NCLT.

FE relates that sources said that only those services which are
provided by US subsidiaries in India fall under the ambit of GST.
The services that are purely international, made by the offshore
arms, don't owe any tax to domestic authorities.

Under GST laws, for the services that are directly provided by the
US arms to consumers in India, GST will have to be deposited by the
overseas arms, whereas on services provided to third-party
businesses or the Indian company, the tax will be paid by the
recipients under the reverse charge mechanism (RCM), FE notes.

Ankur Gupta, practice leader-indirect tax, SW India, explained that
services such as online content delivery, sponsorship of Indian
events, or participation in events in India could attract GST.
"Byju's needs to carefully evaluate the nature of each service and
its place of supply to determine compliance obligations," the
report quotes Mr. Gupta as saying.

                           About Byju's

Based in Bengaluru, Karnataka, India, Byju's operates an online
learning platform intended to deliver engaging and accessible
education. The company's platform makes use of original content,
watch-and-learn videos, animations, and interactive simulations
that make learning contextual, visual, and practical, enabling
students to receive a personalized educational experience.

As reported in the Troubled Company Reporter-Asia Pacific in July
2024, Byju's will face insolvency proceedings for failure to pay
$19 million in dues to the country's cricket board. Reuters said
Byju's has suffered numerous setbacks in recent years, including
boardroom exits and a tussle with investors who accused CEO Byju
Raveendran of corporate governance lapses, job cuts and a collapse
in its valuation to less than $3 billion. Byju's has denied any
wrongdoing.

According to Reuters, a ruling by India's companies tribunal on
July 16, following a complaint by the Board of Control for Cricket
in India (BCCI), initiated insolvency proceedings. These will
include the appointment of an interim resolution professional,
Pankaj Srivastava, who will oversee the management of Byju's as The
company's board of directors is suspended as per law.  CEO
Raveendran will report to the resolution professional and the
company's assets will remain frozen while the proceedings
continue.

The TCR-AP relayed that the National Company Law Appellate Tribunal
(NCLAT) on Aug. 2, 2024, accepted the settlement between Byju
Raveendran and the Board of Control for Cricket in India (BCCI),
thus removing Byju's parent Think and Learn from the insolvency
resolution process.

The TCR-AP, citing Moneycontrol, reported on Jan. 26, 2024, that
foreign lenders, who collectively extended more than 85% of Byju's
$1.2 billion term loan, have filed an insolvency petition against
the online tutor in India. Moneycontrol related that the bankruptcy
petition was filed in January 2024 in the Bengaluru bench of the
National Company Law Tribunal (NCLT), the people said, requesting
anonymity.

BYJU's Alpha, Inc., a U.S. unit of Byju's, sought protection under
Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Case No.
24-10140) on Feb. 1, 2024.  In the petition signed by Timothy R.
Pohl, chief executive officer, the Debtor disclosed up to $1
billion in assets and up to $10 billion in liabilities.

Alleged creditors of Epic! Creations, also a U.S. unit, sought
involuntary petition under Chapter 11 of the the U.S. Bankruptcy
Code against Epic! Creations (Bankr. D. Del. Case No. 24-11161) on
June 5, 2024.


ETICA DEVELOPERS: CRISIL Keeps B Debt Ratings in Not Cooperating
----------------------------------------------------------------
CRISIL said the ratings on bank facilities of Etica Developers
Private Limited (EDPL) continue to be 'CRISIL B/Stable Issuer not
cooperating'.

                         Amount
   Facilities          (INR Crore)      Ratings
   ----------          -----------      -------
   Proposed Long Term       0.65        CRISIL B/Stable (ISSUER
   Bank Loan Facility                   NOT COOPERATING)

   Term Loan                4.35        CRISIL B/Stable (ISSUER
                                        NOT COOPERATING)

CRISIL Ratings has been consistently following up with EDPL for
obtaining information through letter and email dated October 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 EDPL, which restricts CRISIL
Ratings’ ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on EDPL
is consistent with ‘Assessing Information Adequacy Risk’. Based
on the last available information, the rating on bank facilities of
EDPL continues to be ‘CRISIL B/Stable Issuer Not Cooperating’.

EDPL, set up in Chennai in 2012 by Mr. G Diliban and Mr. G Prakash,
develops real estate. The company has completed Saptami and Avigna,
premium residential apartments and is currently undertaking the
construction of 2 other residential apartments ' Kalathmika and
Sapthagiri. The company is also expected to launch 3 more
residential projects in Chennai over the near to medium term. The
company also operates a 1.16 MW solar power plant in Kurundamadam
in Virudhunagar district.


FUCON TECHNOLOGIES: CRISIL Keeps D Debt Rating in Not Cooperating
-----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Fucon
Technologies Limited (FTL) continue to be 'CRISIL D/CRISIL D Issuer
Not Cooperating'.

                       Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Overdraft             2.90       CRISIL D (Issuer Not
   Facility                         Cooperating)

   Working Capital       11.6       CRISIL D (Issuer Not
   Demand Loan                      Cooperating)

CRISIL Ratings has been consistently following up with FTL for
obtaining information through letter and email dated October 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 FTL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on FTL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
FTL continues to be 'CRISIL D/CRISIL D Issuer Not Cooperating'.

The company provides various Anti-ageing car care services like
Anti Corrosive treatment, Teflon coating, Car interior cleaning,
Engine coating, engine flushing etc.


GEMS PARADISE: CARE Keeps B- Debt Rating in Not Cooperating
-----------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Gems
Paradise (GP) continue to remain in the 'Issuer Not Cooperating'
category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term            8.00       CARE B-; Stable; ISSUER NOT
   Bank Facilities                 COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category

Rationale and key rating drivers

CARE Ratings Ltd. had, vide its press release dated November 10,
2023, placed the rating(s) of GP under the 'issuer non-cooperating'
category as GP had failed to provide information for monitoring of
the rating as agreed to in its Rating Agreement. GP continues to be
non-cooperative despite repeated requests for submission of
information through e-mails dated September 25, 2024, October 5,
2024 and October 15, 2024 among others.

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

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

Analytical approach: Standalone

Jaipur (Rajasthan) based GP was formed as a partnership concern by
Mr. Rajesh Kumar Dhaddha and Mrs Neeta Dhaddha in April, 1999. GSP
is engaged in the business of trading and export of silver, gold,
coloured gemstone and plain studded Jewellery.


GUPTA INFOTECH: CRISIL Keeps D Debt Ratings in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Gupta
Infotech (GI) continue to be 'CRISIL D/CRISIL D Issuer Not
Cooperating'.

                         Amount
   Facilities         (INR Crore)     Ratings
   ----------         -----------     -------
   Bill Discounting        9          CRISIL D (Issuer Not
                                      Cooperating)

   Cash Credit             3          CRISIL D (Issuer Not
                                      Cooperating)

   Cash Credit/            2          CRISIL D (Issuer Not
   Overdraft facility                 Cooperating)

   Import Letter           3          CRISIL D (Issuer Not
   of Credit Limit                    Cooperating)

   Letter of Credit        0.05       CRISIL D (Issuer Not
                                      Cooperating)

   Proposed Long Term      6.95       CRISIL D (Issuer Not
   Bank Loan Facility                 Cooperating)

CRISIL Ratings has been consistently following up with GI for
obtaining information through letter and email dated October 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 GI, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on GI is
consistent with 'Assessing Information Adequacy Risk'. Based on the
last available information, the ratings on bank facilities of GI
continues to be 'CRISIL D/CRISIL D Issuer Not Cooperating'.

A proprietorship firm set up in 2003 by Mr Saurabh Gupta, GI
manufactures compact fluorescent lamps (CFLs). It recently
diversified into the light-emitting diodes (LED) segment.


GURUDEO DATTA: CARE Keeps B- Debt Rating in Not Cooperating
-----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Gurudeo
Datta Construction Co (GDCC) continues to remain in the 'Issuer Not
Cooperating' category.

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

Rationale and key rating drivers

CARE Ratings Ltd. had, vide its press release dated November 3,
2023, placed the rating(s) of GDCC under the 'issuer
non-cooperating' category as GDCC had failed to provide information
for monitoring of the rating as agreed to in its Rating Agreement.
GDCC continues to be non-cooperative despite repeated requests for
submission of information through e-mails dated September 18, 2024,
September 28, 2024 and October 8, 2024 among others.

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

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

Analytical approach: Standalone

Gurudeo Datta Construction Co (GDCC) was established in the year
2000 by Mr. Santosh Sankpal for carrying interior designing
services. GDCC is mainly engaged into providing interior designing
solutions ie. design-built interior solution, interior fit-out
works, workplace solutions, site evaluation, site management,
supply of high-end office furniture, retrofitting, budgetary & cost
estimates and term contracts for corporate (primarily retail and
commercial establishment's hospitals etc). GDCC is Class I by PWD
and ISO certified 9000:2008 certified company. The entity procures
materials (viz. wood, ply, cements, and other construction
materials) on order basis from local suppliers.


HARDAYAL SINGH: CRISIL Keeps B+ Debt Rating in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Shri Hardayal
Singh Sheetgarh Private Limited (SHSS) continues to be 'CRISIL
B+/Stable Issuer Not Cooperating'.

                         Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Cash Credit             5.7      CRISIL B+/Stable (Issuer Not
                                    Cooperating)

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

SHSS was set up in 1993 by Mr Pravendra Kumar Yadav, operates two
cold storages for potatoes in Tundla and Jaswant Nagar, with
capacities of 170,000 quintal and 48,000 quintal, respectively.


HARSHANA NATURALS: CRISIL Keeps B- Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Harshana
Naturals (HN) continue to be 'CRISIL B-/Stable Issuer Not
Cooperating'.

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

   Term Loan                5       CRISIL B-/Stable (Issuer Not
                                    Cooperating)

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

For arriving at its rating, CRISIL Ratings has combined the
business and financial risk profiles of HN and HN Agri Serve Pvt
Ltd (HNAS). This is because the two entities, together referred to
as the Harshna group, are in the same line of business and under
the same management.

                         About the Group

The Harshna group is based in Jammu & Kashmir and promoted by Mr.
Rakesh Kohli, Mr. Naresh Kohli, Mr. Aman Kohli, Mr. Mir Mohammad
Shafi, and Mr. Mir Khuram Shafi. HN, a partnership firm, was
established in 2007, while HNAS was incorporated in 2011 and
started operations in October 2013. Both entities have a
controlled-atmosphere cold storage facility in Kashmir with
capacity of 5000 tonne each, and packing and grading lines for
apples.


MEHSANA DAIRY: CRISIL Keeps D Debt Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Mehsana Dairy
and Food Products Limited (MDFPL) continue to be 'CRISIL D/CRISIL D
Issuer Not Cooperating'.

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

   Cash Credit           22          CRISIL D (Issuer Not
                                     Cooperating)

   Proposed Working
   Capital Facility      14.25       CRISIL D (Issuer Not
                                     Cooperating)

   Term Loan             10          CRISIL D (Issuer Not
                                     Cooperating)

   Term Loan              6          CRISIL D (Issuer Not
                                     Cooperating)

CRISIL Ratings has been consistently following up with MDFPL for
obtaining information through letter and email dated November 4,
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 MDFPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on MDFPL
is consistent with 'Assessing Information Adequacy Risk'.
Therefore, on account of inadequate information and lack of
management cooperation, CRISIL Rating has migrated the ratings on
bank facilities of MDFPL to 'CRISIL D/CRISIL D Issuer not
cooperating'.

MDFPL, incorporated in 2015 and promoted by Mr. Bahubhai Patel, Mr.
Rajnikant Patel & Mr. M M Bhatt Mehsana (Gujarat)-based. MDFPL
manufactures skimmed milk powder, ice cream, and other dairy
products. It began operations in November 2017.manufactures skimmed
milk powder, ice cream and other dairy products at its facility in
Mehsana, Gujarat.


MODERN MACHINERY: CARE Keeps D Debt Ratings in Not Cooperating
--------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Modern
Machinery Store (MMS) continues to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       9.30       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

   Long Term/           0.30       CARE D/CARE D; ISSUER NOT
   Short Term                      COOPERATING; Rating continues
   Bank Facilities                 to remain under ISSUER NOT
                                   COOPERATING category

Rationale and key rating drivers

CARE Ratings Ltd. had, vide its press release dated November 7,
2023, placed the rating(s) of MMS under the 'issuer
non-cooperating' category as MMS had failed to provide information
for monitoring of the rating as agreed to in its Rating Agreement.
MMS continues to be non-cooperative despite repeated requests for
submission of information through e-mails dated September 22, 2024,
October 2, 2024 and October 12, 2024 among others.

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

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

Analytical approach: Standalone

Incorporated as a partnership firm in 1954 by Gupta family, Alwar
(Rajasthan) based M/s Modern Machinery Store (MMS) is engaged in
automobile trading and servicing. MMS is an authorized dealer for
two wheelers manufactured by Hero Moto Corp Limited. Besides, it
also operates dealership of John Deere India Private Limited
(JDIPL). The firm has a 3S (sales, service and spares) facility in
Alwar.

Status of non-cooperation with previous CRA: ICRA continues to
categorize rating assigned to the bank facilities of MMS under
non-cooperation category vide PR dated January 29, 2024 on account
of its inability to carry out a rating surveillance in the absence
of the requisite information from the Firm.

MUSLIM ALI: CARE Keeps D Debt Rating in Not Cooperating Category
----------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Muslim Ali
(MA) continue to remain in the 'Issuer Not Cooperating' category.

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

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

Rationale and key rating drivers

CARE Ratings Ltd. had, vide its press release dated October 25,
2023, placed the rating(s) of MA under the 'issuer non-cooperating'
category as MA had failed to provide information for monitoring of
the rating as agreed to in its Rating Agreement. MA continues to be
non-cooperative despite repeated requests for submission of
information through e-mails dated September 9, 2024, September 19,
2024, September 29, 2024 among others.

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

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

Analytical approach: Standalone

Muslim Ali was established in 1970 by Mr. Muslim Ali with an
objective to enter into undertaking infrastructure and civil
construction business. Since its inception, the entity has been
engaged in civil construction business in the segment like PWD
projects, water supply projects, irrigation projects etc. Mr.
Muslim Ali (Proprietor) has around 48 years of experience in civil
construction industry, looks after the day to day operations of the
entity.



NIRMAL CARS: CARE Keeps D Debt Rating in Not Cooperating Category
-----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Nirmal Cars
Private Limited (NCPL) continues to remain in the 'Issuer Not
Cooperating' category.

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

Rationale and key rating drivers

CARE Ratings Ltd. had, vide its press release dated November 1,
2023, placed the rating(s) of NCPL under the 'issuer
non-cooperating' category as NCPL had failed to provide information
for monitoring of the rating as agreed to in its Rating Agreement.
NCPL continues to be non-cooperative despite repeated requests for
submission of information through e-mails dated September 16, 2024,
September 26, 2024 and October 6, 2024 among others.

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

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

Analytical approach: Standalone

Outlook: Not Applicable
Jaipur (Rajasthan) based Nirmal Cars Private Limited (NCPL) was
incorporated in February 2011 by Late Mr. Rajan Mehra and Mr. Sai
Giridhar. The company is engaged in the business of automobile car
dealership and the state of Rajasthan.


OZONE INFRA: CARE Keeps D Debt Rating in Not Cooperating Category
-----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Ozone Infra
Projects (OIP) continues to remain in the 'Issuer Not Cooperating'
category.

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

Rationale and key rating drivers

CARE Ratings Ltd. had, vide its press release dated November 7,
2023, placed the rating(s) of OIP under the 'issuer
non-cooperating' category as OIP had failed to provide information
for monitoring of the rating as agreed to in its Rating Agreement.
OIP continues to be non-cooperative despite repeated requests for
submission of information through emails dated September 22, 2024,
October 2, 2024 and October 12, 2024 among others.

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

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

Analytical approach: Standalone

Established as a partnership firm in April 2008 by Mr. B.T. Mishra,
Mr. Ghanshyam Dubey, Mr. Keshrinath Vartak, Mrs. Manisha Patil, and
Rohit Infra Projects Private Limited, Ozone Infra Projects (OIP) is
engaged in infrastructure construction activities on an EPC
(Engineering Procurement Construction) basis. The aforementioned
partners were retired in January 2015, whereas the new partners
viz. Mr. Santosh Pote, Mr. Changdeo Kadam and Mr. Shashikant Shinde
were admitted during the same month.

Status of non-cooperation with previous CRA: India Ratings
continues to categorize rating assigned to the bank facilities of
OIP under non-cooperation category vide PR dated October 18, 2024
on account of its inability to carry out a rating surveillance in
the absence of the requisite information from the Firm.


PAI VISTA: CRISIL Reaffirms B+ Rating on INR30cr Term Loan
----------------------------------------------------------
CRISIL Ratings has reaffirmed its 'CRISIL B+/Stable' rating on the
bank facilities of Pai Vista Hotels Pvt Ltd (PAVHPL).

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Credit/Overdraft       0.9       CRISIL B+/Stable (Reaffirmed)
   facility               

   Proposed Overdraft     2         CRISIL B+/Stable (Reaffirmed)
   Facility                    

   Term Loan             30         CRISIL B+/Stable (Reaffirmed)

   Term Loan             15         CRISIL B+/Stable (Reaffirmed)

   Term Loan             27.25      CRISIL B+/Stable (Reaffirmed)


The rating reflects the weak financial risk profile of the company
and exposure to risk posed by cyclicality in the hospitality
industry. These weaknesses are partially offset by the extensive
experience of the promoters and the locational advantages.

Analytical Approach

CRISIL Ratings has evaluated the standalone business and financial
risk profiles of PAVHPL.

Key rating drivers & detailed description

Weaknesses:

* Weak financial risk profile: Gearing and total outside
liabilities to adjusted networth ratios were substantially high at
22.11 times and 23.22 times, respectively, as on March 31, 2024.
Debt protection measures are moderate, with interest coverage ratio
at 9.47 times in fiscal 2024. Debt protection measures are expected
to remain moderate in the medium term.

* Vulnerability to cyclicality in the hospitality industry: The
hotel industry remains vulnerable to changing trends in the
domestic and global economies. Companies which have high financial
leverage are more vulnerable to cyclicality, given their fixed
financial commitments.

Strengths:

* Extensive experience of the promoters: The four-decade-long
experience of the promoters in the hotel and resorts industry,
their strong understanding of market dynamics and established
relationships with suppliers and customers will continue to support
the business.

* Strategic location of the new property: The company has set up a
resort at Coorg, Karnataka, which is a prime tourist destination.
The property is likely to offer high-class amenities, and shall
target premium clientele.

Liquidity: Stretched

Liquidity is marked by insufficient cash accrual and moderate bank
limit utilisation. Expected cash accrual of INR3-6 crore may not
suffice to cover the term debt obligation of INR3.5-8.5 crore in
the medium term. Promoters are likely to extend unsecured loans to
cover the mismatch. Bank limit utilisation was moderate, averaging
around 71.41% for the 12 months ended September 2024. Current ratio
stood at 0.94 time as on March 31, 2024. The promoters are also
likely to extend support through equity and unsecured loans to
cover the working capital requirement and debt obligation.

Outlook: Stable

CRISIL Ratings believes PVHPL will benefit from the extensive
experience of its promoters in the hospitality industry.

Rating Sensitivity Factors

Upward factors

* Growth in revenue or operating margin (to over 25%), leading to
higher net cash accrual
* Improvement in financial risk especially liquidity.

Downward factors

* Decline in operating margin to less than 15%, leading to lower
net cash accrual
* Weakening in liquidity due to any large, debt-funded capital
expenditure, stretch in working capital cycle.

Incorporated in 2008, PAVHPL has two convention halls under the
name, Pai Vista. Mr Jagannath V Pai, Mrs Shantha J Pai, Mrs
Sangeetha A Pai and Mr Ajay J Pai are the promoters who manage the
daily operations.


PARASAKTI CEMENT: Ind-Ra Cuts Loan Rating to BB+, Outlook Stable
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded Parasakti Cement
Industries Limited's (PCIL) bank facilities to 'IND BB+' from 'IND
BBB'. The Outlook is Stable.

The detailed rating actions are:

-- INR744.33 mil. (reduced from INR1,907.30 bil.) Term loans due
     on March 2031 downgraded with IND BB+/Stable rating;

-- INR550 mil. Fund-based working capital limit downgraded with  
     IND BB+/Stable rating;

-- INR690 mil. Non-fund-based working capital limit downgraded
     with IND A4+ rating; and

-- INR30 mil. Non-fund-based working capital limit assigned with
     IND A4+ rating.

Detailed Rationale of the Rating Action

The downgrade reflects a continued weakness in PCIL's operating
performance since the agency's last rating review, resulting in a
weaker-than-Ind-Ra-expected performance in FY24 and 1QFY25.
Moreover, Ind-Ra has the projected weak credit metrics as well as
operational performance due the susceptibility of the company's the
revenues and profitability to the demand-supply dynamics of the
cement market. PCIL's net leverage has remained high historically
with high debt levels against lower profitability and a stretched
liquidity position. However, the promoters infused INR200 million
in FY24 and have expressed their ability and willingness to
continue supporting the entity through various sources to meet its
debt obligations, as required. Furthermore, the company has
refinanced a part of its debt at higher rates in FY25 and availed
an additional debt to fund capex and manage working capital
requirements.

Detailed Description of Key Rating Drivers

Weak Credit Metrics: PCIL's net leverage (adjusted net
debt/operating EBITDAR) worsened to 5.51x in FY24 (FY23: 5.31x;
FY22: 2.86x) due to its subdued operational performance. Even as
the interest coverage ratio (operating EBITDA/gross interest
expense) improved slightly in FY24, owing to a decrease in the
interest expense, resulting from low working capital utilization
and scheduled repayment, it remained moderately weak at 1.16x
(FY23: 0.91x; FY22 1.84x). Ind-Ra expects the company's credit
metrics to remain on the weaker side in FY25 mainly due to the
partial refinancing of the existing term loans at higher rates,
along with an addition of new loans for capex and working capital
requirements. The estimated cost of the proposed capex is INR140
million, which is fully tied up and it is towards setting up IKN
Cooler, an energy saving instrument, which is likely to be in use
from FY26. FY24 financials are provisional.

Debt Refinancing: The company has refinanced a part of its term
loans worth INR1,100 million along with a tied up additional debt
on 30 October 2024. The company refinanced INR1,300 million through
the issuance of unlisted non-convertible debentures with a coupon
rate of 14%. The company had borrowed these term loans in FY23, the
principal repayment started from FY25 and INR1,089 million was
outstanding as of March 31, 2024. With this refinancing, the
principal repayment will be deferred for the next 18 months, and
the company will get an additional limit, which will be used for
capex and working capital requirement.

Vulnerability to Cyclicality in Economy and Fluctuations in Input
Prices: PCIL is susceptible to the cyclicality in cement prices due
to the continuing oversupply in the southern region. The company is
also exposed to a slowdown in end-user industries as well as
fluctuations in the prices of key inputs such as coal and diesel.
PCIL remains exposed to demand and pricing dynamics in the cement
industry, which are influenced by the cyclical economic trends and
capacity additions by the players during such periods. When the
capacity additions exceed the incremental demand, the prices and
consequently, the profitability of the players get impacted.
Furthermore, PCIL's operating profitability remains susceptible to
fluctuations in input prices.  PCIL uses imported coal which it
majorly imports from Russia, the US, South Africa and pet coke from
the UAE. PCIL purchased coal at an average price of INR17,500 per
MT in FY23, which moderated to INR11,000 per MT in FY24. However,
the cement prices took a beating in the second half of FY24 amid
increasing competition and higher supply in the market, causing
them to plunge by INR40-45/bag in the five months (November
2023-March 2024) since the last price hike in October 2023. Against
the trend of firm pricing in the early months of the fourth quarter
(and a price drop in March due to the year-end volume push),
January and February 2025 did not see sustained price hikes,
highlighting the elevated competitive intensity in the market.

Modest EBITDA Margins: After a significant decline in FY23, the
EBITDA remained modest at INR421.65 million (FY23: INR438.73
million; FY22: INR887.95 million) with EBITDA margins of 9.02%
(8.40%; 17.76%). While the margins improved slightly yoy in FY24,
they remained lower than Ind-Ra's expectations. Moreover, the
EBITDA per ton remained flat at INR366/mt in FY24 (FY23: INR367/mt,
FY22: INR783/mt) due to a moderation in the key costs, despite a
decrease in the revenue. In FY24, there was a significant decrease
in the fuel costs due to the moderation in coal prices. The 15-20%
yoy reduction in coal prices in FY24 led to a corresponding drop in
the cement selling prices which resulted in the EBITDA remaining
modest during FY24. The return on capital employed was 11.9% in
FY24.

During 1QFY25, the company generated an EBITDA of INR41.5 million
with an EBITDA margin of 5.10%, due to weak prices and the low
sales booked during that period. The agency expects the margins to
remain susceptible to fluctuations in the raw material prices and
be in the range of 8%-10% over the near-to-medium term.

Blocked Funds: The company has capital advances of INR630 million,
out of which INR430 million was extended as an advance for the
acquisition of a land having a limestone reserve and INR200 million
was paid to Penna Cement Industries Limited for a share in the
cement grinding plant set up at Krishna Patnam port. The blocked
fund of INR630 million would have been used to repay PCIL's debt
obligations and lead to savings in interest cost and liquidity
enhancement.

Continued Medium Scale of Operations: PCIL manufactures ordinary
Portland cement and Portland Pozzolana cement in ratio of 7:3 with
an overall capacity of 1.48 million to manufacture cement. The
revenue fell 10.5% yoy to INR4,673 million in FY24 (FY23: INR5,222
million), owing to a slight decrease in the sales volume to 1.15
million tons per annum (mtpa; 1.20mtpa), along with a decline in
the sales realization per metric ton to INR4,058 (INR4,369
million). The decrease in the sales volume was mainly due to a
reduced demand which was a result of the general elections and an
early monsoon. Moreover, there was a reduction in the selling price
of a 50kg cement bag to an average of INR295 in FY24 (FY23:
INR320). Furthermore, the sales capacity utilization remained flat
at 78% in FY24 (FY23: 79%) and is likely to be on a lower side in
FY25 mainly due to an unfavorable market demand. PCIL witnessed
sharp deterioration in its 1QFY25 performance with a net revenue of
INR813 million (1QFY24: INR1,234 million) against a volume sold of
0.22mtpa of capacity (0.30mtpa).

Liquidity

Stretched: The total unencumbered cash and equivalent balances
stood at INR62.70 million in FY24 (FY23: INR221.17 million). PCIL
has a scheduled repayment of around INR289 million in FY25 and nil
repayment for FY26. Moreover, the company has recently refinanced
its part of term loans by issuing unlisted non-convertible
debentures with a moratorium of 18 months, resulting in the
deferment of term loans principal repayment of INR132 million in
FY26. Ind-Ra expects the promoter to infuse funds into the company
to meet near-term debt obligations. The fund-based and
non-fund-based working capital utilization stood at 80% and 70%,
respectively, for the 12 months ended September 2024. PCIL's cash
flow from operations and free cash flow stood at INR67.33 million
in FY24 (FY23: INR15.13 million) and INR29.95 million (negative
INR33.76 million), respectively. The cash flow from operations and
free cash flow are likely to be negative in FY25, due to
unfavorable changes in the working capital, along with capex of
INR140 million planned for the year.

Rating Sensitivities

Negative: A significant weakening of the operating performance
and/or a higher-than-Ind-Ra-expected debt addition, leading to the
net leverage staying above 5x and/or a weakening of the liquidity
on a sustained basis, could lead to a negative rating action.

Positive: An improvement in the liquidity profile, along with a
strong operating performance, and the net leverage reducing below
4.00x, all on a sustained basis, could lead to a positive rating
action.

About the Company

PCIL manufactures cement at its 1.48MT per annum facility in Guntur
district, Andhra Pradesh. The facility is located close to tier A
cities such as Hyderabad and Chennai and tier B cities such as
Guntur, Vijayawada and Vishakhapatnam.

PATANJALI PARIDHAN: NCLAT Upholds NCLT Order Dismissing Insolvency
------------------------------------------------------------------
BW Legal World reports that the National Company Law Appellate
Tribunal (NCLAT) on has upheld an order of the National Company Law
Tribunal (NCLT) dismissing the insolvency plea filed by ad agency
Law & Kenneth Saatchi & Saatchi against Patanjali Paridhan Private
Limited.

BW Legal World relates that the NCLAT found that there was a
"pre-existing dispute" regarding the issuance of a No Objection
Certificate (NOC) necessary for the registration of copyright
related to the television commercial (TVC) produced for Patanjali
Paridhan Private Limited.

According to the report, the appeal stems from a dispute over
partial unpaid dues related to services rendered by Saatchi &
Saatchi for the production of a television commercial (TVC) and
other digital content.

Mr. Anirudh Krishan Gandhi and Ms. Anushree Poddar represented Law
& Kenneth Saatchi & Saatchi Private Limited while Mr. Rohit Gupta
and Ms. Smita Jain appeared on behalf of Patanjali Paridhan, the
report discloses.



PERIYAR AGRO: CRISIL Keeps D Debt Ratings in Not Cooperating
------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Periyar Agro
Food Industries Private Limited (PAFIPL) continues to be 'CRISIL D
Issuer Not Cooperating'.

                         Amount
   Facilities         (INR Crore)     Ratings
   ----------         -----------     -------
   Cash Credit              13        CRISIL D (Issuer Not
                                      Cooperating)

CRISIL Ratings has been consistently following up with PAFIPL for
obtaining information through letter and email dated October 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 PAFIPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on
PAFIPL is consistent with 'Assessing Information Adequacy Risk'.
Based on the last available information, the rating on bank
facilities of PAFIPL continues to be 'CRISIL D Issuer Not
Cooperating'.

Incorporated in 1996, PAFIPL is engaged in the business of wheat
processing into products like semolina (Suji), wheat flour and
refined flour. The company is promoted by Mr. Mohammed Riyaz and is
based out of Kochi, Kerela.


PSN MOTORS: CRISIL Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of PSN Motors
Private Limited continue to be 'CRISIL D Issuer Not Cooperating'.

                         Amount
   Facilities         (INR Crore)    Ratings
   ----------         -----------    -------
   Cash Credit             4.80      CRISIL D (Issuer Not
                                     Cooperating)

   Overdraft Facility      0.75      CRISIL D (Issuer Not
                                     Cooperating)

   Proposed Long Term      3.16      CRISIL D (Issuer Not
   Bank Loan Facility               Cooperating)

   Term Loan               0.29      CRISIL D (Issuer Not
                                     Cooperating)

CRISIL Ratings has been consistently following up with PSN for
obtaining information through letter and email dated October 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 PSN, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on PSN
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the rating on bank facilities of
PSN continues to be 'CRISIL D Issuer Not Cooperating'.

PSN was initially set up in 1921 and reconstituted as a private
limited company in 1952. Since 2009, PSN has been an authorised
dealer for SML Isuzu Ltd. It is presently managed by its managing
director, Mr. P K Sangameswaran.


PURVI CASHEW: CRISIL Keeps B+ Debt Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Purvi Cashew
Industries (PCI) continue to be 'CRISIL B+/Stable Issuer Not
Cooperating'.

                         Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Cash Credit             5        CRISIL B+/Stable (Issuer Not
                                    Cooperating)

   Term Loan               2        CRISIL B+/Stable (Issuer Not
                                    Cooperating)

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

PCI was set up in 1990 as a partnership between Mr M Prashanth
Prabhu and his family members. This mangalore based firm imports
and processes cashew nuts, which are then sold in the domestic
market.


RAGHURAJ EXPORTS: CRISIL Keeps B- Rating in Not Cooperating
-----------------------------------------------------------
CRISIL said the ratings on bank facilities of Raghuraj Exports
Private Limited (RRE) continue to be 'CRISIL B-/Stable Issuer not
cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit           3.3        CRISIL B-/Stable (ISSUER NOT
                                    COOPERATING)

   Term Loan            10.0        CRISIL B-/Stable (ISSUER NOT
                                    COOPERATING)

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

RRE was incorporated in 2012 and is managed by Mr. Ganesh Rana. The
company manufactures ready-made garments and made-ups at its
manufacturing unit in Jaipur, Rajasthan.


RAHEJA DEVELOPERS: NCLT Directs Initiation of Insolvency Process
----------------------------------------------------------------
Press Trust of India reports that the National Company Law Tribunal
(NCLT) has directed to initiate insolvency proceedings against
realty firm Raheja Developers on a petition filed by flat allottees
of its Gurgaon-based Shilas project.

PTI relates that the NCLT said Raheja Developers has a "debt due
and default" against the flat allottees, who had made their
payments and delivery of the units was not on time and referred it
for Corporate Insolvency Resolution Process (CIRP).

"The Application bearing . . . filed by the Applicants under
Section 7 of the Insolvency & Bankruptcy Code, 2016, for initiating
CIRP against Raheja Developers Ltd is, hereby, admitted," the NCLT
said.

A two-member NCLT bench, comprising its President Justice
Ramalingam Sudhakar and AK Srivastava, has also appointed Manindra
K Tiwari as the Interim Resolution Professional for Raheja
Developers, PTI discloses.

Raheja Developers Limited is an Indian real estate development
company.



RAJSHREE IMPEX: CARE Keeps D Debt Ratings in Not Cooperating
------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Rajshree
Impex Private Limited (RIPL) continue to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      10.64       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

   Short Term Bank      3.50       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Rationale and key rating drivers

CARE Ratings Ltd. had, vide its press release dated November 2,
2023, placed the rating(s) of RIPL under the 'issuer
non-cooperating' category as RIPL had failed to provide information
for monitoring of the rating as agreed to in its Rating Agreement.
RIPL continues to be non-cooperative despite repeated requests for
submission of information through e-mails dated September 17, 2024,
September 27, 2024 and October 7, 2024 among others.

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

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

Analytical approach: Standalone

Jaipur-based (Rajasthan) Rajshree Impex Private Limited (RIPL) was
incorporated in September 2010. The company is engaged in the
manufacturing and trading of cotton embroidered ladies kurtis.
Status of non-cooperation with previous CRA: Acuite has continued
the rating assigned to the bank facilities of RIPL into Issuer Not
Cooperating category vide press release dated October 31, 2023 on
account of its inability to carry out a review in the absence of
requisite information.

CRISIL has continued the rating assigned to the bank facilities of
RIPL into Issuer Not Cooperating category vide press release dated
November 9, 2023 on account of its inability to carry out a review
in the absence of requisite information.


SAIRAM WHEELS: Ind-Ra Assigns BB+ Bank Loan Rating, Outlook Stable
------------------------------------------------------------------
India Ratings and Research (Ind-Ra) has rated Sairam Wheels Private
Limited's (SWPL) bank facilities as follows:

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

     BB+/Stable/IND A4+ rating;

-- INR10 mil. Non-fund-based working capital limit assigned with
     IND A4+ rating;

-- INR41.56 mil. Proposed Term loan assigned with IND BB+/Stable
     rating; and

-- INR78.44 mil. Term loan due on January 2029 assigned with IND
     BB+/Stable rating.

Detailed Rationale of the Rating Action

The rating reflects SWPL's small scale of operations, average
EBITDA margins, average credit metrics and stretched liquidity in
FY24. In FY25, Ind-Ra expects an improvement in the scale of
operations on account of the introduction of a new car model of Kia
Motors Corporation (Kia) and upgradation of one of the showrooms to
3S model. Furthermore, in FY25, Ind-Ra expects slight improvement
in the EBITDA margins on account of better absorption of fixed
costs along with marginal improvement in the credit metrics on
account of increase in EBITDA and schedule debt repayment. The
ratings are supported by the promoters more than 15 years of
experience in the automobile industry and SWPL being an authorized
dealer of Kia, Tata Motors Passengers Vehicles Limited, Honda
Motors Company's two wheelers and Hyundai Motor India Limited's
passenger vehicles.

Detailed Description of Key Rating Drivers

Small Scale of Operations: In FY24, SWPL's revenue declined to
INR1,880.84 million (FY23: INR2,020.31 million) and its EBITDA to
INR81.66 million (INR105.78 million) on account an increase in the
competition as a new Kia dealership started in the same region,
owing to which the volume of cars sold by SWPL was impacted. SWPL
had four major revenue segments of which the sale of motor cars
contributed 86.91% of the total FY24 revenue (FY23: 91.48%), spare
parts and accessories contributed 6.41% (4.33%), service income
contributed 3.66% (2.43%) and exchange cars deals contributed 3.02%
(1.76%). SWPL faces geographical concentrated as it operates in
Chhattisgarh only. The company earned a revenue of around INR880
million during 1HFY25. At end-October 2024, SWPL had around 195
bookings in hand (subject to around 5% cancellation), worth around
INR295 million. In FY25, Ind-Ra expects an improvement in the scale
of operations on account of  (i) an introduction of the new model
Kia EV9 by December 2024; (ii) an extension and upgradation of one
of the showrooms to a 3S facility from June 2024, owing to which
the revenue from the sale of motor cars and service income will
increase from FY25; (iii) the opening of three new retail outlets
in August 2024 to capture more customers  to withstand the emerging
competition.

Average EBITDA Margins: In FY24, SWPL's average EBITDA margins
declined to 4.34% (FY23: 5.11%) on account of an increase in the
personnel expenses and rental expenses due to the starting of a new
unit and an increase in the selling expenses due to the increasing
advertising activities by SWPL to fight competition. The return on
capital employed stood at 14.4% (FY23: 28.1%). In FY25, Ind-Ra
expects a slight improvement in the EBITDA margins on account of a
better absorption of fixed costs, due to an improved operating
leverage.

Average Credit Metrics: In FY24, SWPL's gross interest coverage
(operating EBITDA/gross interest expense) deteriorated to 2.5x
(FY23: 5.65x) and the net leverage (adjusted net debt/operating
EBITDA) to 3.84x (2.66x), due to a decline in the EBITDA and an
increase in debt and interest obligations. In FY24, SWPL had
incurred a capex of INR48.37 million; of this, INR27 million is
debt funded, whereas the rest is funded through internal accruals.
In FY25, SWPL has already incurred capex of INR28.41 million, of
which INR10 million is debt funded and the rest is funded through
internal accruals. The capex incurred is related to the upgradation
and extension of the showroom and setting up of a workshop. In
FY25, Ind-Ra expects a marginal improvement in the credit metrics
due to schedule debt repayment and an increase in the EBITDA.

Experienced Promoters; Association with Kia: The ratings are
supported by promoters' more than 15 years in the automobiles
industry. SWPL is an authorized dealer of Kia cars in Chhattisgarh.
Furthermore, Sairam group is also dealer for Tata passenger
vehicles, Honda two wheelers and Hyundai passenger vehicles.

Liquidity

Stretched: SWPL's average month-end utilization of its fund-based
limits was around 80.77% and that of its non-fund-based limits was
82.93% of the sanctioned limits over the 12 months ended September
2024. SWPL has debt repayment obligations of INR21.9 million and
INR20.4 million for FY25 and FY26, respectively. SWPL's current
ratio is less than 1. In FY24, SWPL's working capital cycle was 49
days (FY23: 39 days), with inventory days of 48 (39). In FY24, the
cash flow from operations turned positive at INR18.31 million in
FY24 (FY23: negative INR36.81 million) on account of a decline in
the scale of operations, with a free cash flow of negative INR30.06
million (negative INR161.71 million). At FYE24, the cash and cash
equivalent stood at INR16.26 million (FYE23: INR4.06 million).
Furthermore, the company 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 or profitability,
leading to deterioration in the overall credit metrics with the net
leverage increasing above 4x along with further pressure on the
liquidity position, all on a sustained basis, could lead to a
negative rating action.

Positive: A significant increase in the scale of operations,
leading to an improvement in the credit metrics with the net
leverage reducing below 3x, along with an improvement in the
liquidity profile, all on a sustained basis, could lead to a
positive rating action.

About the Company

SWPL, a 3S model company, was established in 2010 and operates in
Chhattisgarh. It is an authorized dealer of Kia cars and spare
parts, accessories and related after sales services. The promoters
of the company are Srichand Batra, Jyoti Batra and Yash Batra.

SHIVSHAKTI BARRELS: CRISIL Keeps D Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Shivshakti
Barrels Private Limited (SBPL) continue to be 'CRISIL D/CRISIL D
Issuer Not Cooperating'.

                       Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Bank Guarantee        0.7        CRISIL D (Issuer Not
                                    Cooperating)

   Cash Credit           3.5        CRISIL D (Issuer Not
                                    Cooperating)

   Proposed Bank         0.65       CRISIL D (Issuer Not
   Guarantee                        Cooperating)

   Proposed Long Term    0.15       CRISIL D (Issuer Not
   Bank Loan Facility               Cooperating)

   Working Capital       1          CRISIL D (Issuer Not
   Demand Loan                      Cooperating)

CRISIL Ratings has been consistently following up with SBPL for
obtaining information through letter and email dated October 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 SBPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on SBPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
SBPL continues to be 'CRISIL D/CRISIL D Issuer Not Cooperating'.

Incorporated in 2000, Shivshakti Barrels Private Limited (SBPL)
manufactures cold rolled steel barrels. Located in Halol, Vadodara
the company's manufacturing facility has a capacity of producing
25000 barrels per months. The company is promoted and managed by
Parihar family.


SIBERIAN TIGER: CRISIL Keeps B+ Debt Ratings in Not Cooperating
---------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Siberian
Tiger Foods (STF) continue to be 'CRISIL B+/Stable Issuer Not
Cooperating'.

                         Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Cash Credit            2.3       CRISIL B+/Stable (Issuer Not
                                    Cooperating)

   Term Loan              4.0       CRISIL B+/Stable (Issuer Not
                                    Cooperating)

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

STF was set up 2016. STF recently set up a cold storage facility in
Mandala, Amritsar.  The facility was commissioned in April, 2019.
STF is owned & managed by Amman Najera, Harman Njeru, Mannered
Najera and MO hinder Virk.



SIR. M. VISVESVARAYA: CRISIL Keeps D Ratings in Not Cooperating
---------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Sir. M.
Visvesvaraya Education Trust (SMVET) continue to be 'CRISIL
D/CRISIL D Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Long Term Loan         14.5      CRISIL D (Issuer Not
                                    Cooperating)

   Overdraft Facility      5        CRISIL D (Issuer Not
                                    Cooperating)

   Overdraft Facility      3.5      CRISIL D (Issuer Not
                                    Cooperating)

   Overdraft Facility      2.5      CRISIL D (Issuer Not
                                    Cooperating)

   Proposed Long Term      1.5      CRISIL D (Issuer Not
   Bank Loan Facility               Cooperating)

CRISIL Ratings has been consistently following up with SMVET for
obtaining information through letter and email dated October 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 SMVET, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on SMVET
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
SMVET continues to be 'CRISIL D/CRISIL D Issuer Not Cooperating'.

SMVET was established in 1983 in Karnataka. Mr P Sadasivan and the
late Mrs M Baby were the founder-trustees. The trust runs a medical
college, Sri Rajiv Gandhi College of Dental Sciences and Hospital,
an engineering college, Rajiv Gandhi Institute of Technology, and a
120-bed hospital.


UNOSACK FLEXIBLE: CARE Keeps C/A4 Debt Ratings in Not Cooperating
-----------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of UnoSack
Flexible Packaging Private Limited (UFPPL) continue to remain in
the 'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term/           5.00       CARE C; Stable/CARE A4; ISSUER
   Short Term                      NOT COOPERATING; Rating
   Bank Facilities                 continues to remain under
                                   ISSUER NOT COOPERATING category


Rationale and key rating drivers

CARE Ratings Ltd. had, vide its press release dated September 28,
2023, placed the rating(s) of UFPPL under the 'issuer
non-cooperating' category as UFPPL had failed to provide
information for monitoring of the rating as agreed to in its Rating
Agreement. UFPPL continues to be non-cooperative despite repeated
requests for submission of information through e-mails dated August
13, 2024, August 23, 2024, September 2, 2024 among others.

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

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

Analytical approach: Standalone

Indore (Madhya Pradesh)-based Uno Sack Flexible Packaging Private
Limited (UFPPL) was established in 2010 by Mr. Prafulla Hardia and
Mr. Murarilal Hardia. UFPPL commenced its operations from FY10.
UFPPL is engaged in the business of manufacturing of Flexible
Intermediate Bulk Container (FIBC) as well as PP fabric bag. The
manufacturing facility of UFPPL is located at Indore (Madhya
Pradesh). UFPPL procures raw material majorly from Reliance
Industries Limited. It sells its products majorly to the cement
industry.



VAISHNO FLOUR: CRISIL Keeps B Debt Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Shree Vaishno
Flour Mills (SVFM) continue to be 'CRISIL B/Stable Issuer Not
Cooperating'.

                       Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit            5         CRISIL B/Stable (Issuer Not
                                    Cooperating)

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

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

SVFM was set up in 1999 as a partnership firm in Jammu. It
processes wheat products such as atta, suji, maida and bran.




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

ANDSSR TRANSPORT: Court to Hear Wind-Up Petition on Dec. 3
----------------------------------------------------------
A petition to wind up the operations of Andssr Transport Limited
will be heard before the High Court at Wellington on Dec. 3, 2024,
at 10:00 a.m.

The Commissioner of Inland Revenue filed the petition against the
company on Oct. 3, 2024.

The Petitioner's solicitor is:

          Tara Nicola Carr
          Legal Services, Asteron Centre
          55 Featherston Street
          PO Box 895
          Wellington 6011



BRIGHT SPARK: Owes NZD14MM to Creditors, Liquidator Report Shows
----------------------------------------------------------------
Waikato Times reports that hydrofoil bike maker Bright Spark
Innovations GP Limited owes nearly NZD4 million to creditors.

According to Waikato Times, the start-up was once a Hamilton
success story, however it had been facing rough seas this year with
low sales and was placed into voluntary administration by the
company's directors in April.

Paul Manning and Jessica Kellow from BDO were appointed
administrators to investigate the company's financials and put
forward recommendations. They were later appointed as the
liquidators at a meeting on May 21 where the creditors passed a
resolution placing the company into liquidation, Waikato Times
recalls.

An Administrator Summary Report submitted to the Companies Office
showed by the end of administration, Bright Spark Innovations GP
Limited - the company behind Manta5 - had a total of 61 creditors
including one secured creditor, 14 preferential creditors, and 46
unsecured creditors, Waikato Times relays.

Claims totalling NZD3,823,647.60 were made on the company, with 89%
of it claimed by unsecured creditors. Total administrator fees at
the time of the report amounted to NZD92,255.72.

Waikato Times, citing first liquidator report published in May,
discloses that unsecured creditors included Callaghan Innovation at
NZD409,058, and a small business loan from Inland Revenue at
NZD27,018.

The report stated that sales reduction was a major issue.

"(Directors) have advised the development and production of the
hydrofoil bikes consumed available investment funds provided to the
business. Sales reduced substantially in the prior year, due to
production delays and warranty claims."

The only realisable asset identified in April was funds on hand
valued at NZD391,060 and it is yet unknown whether further
realisable assets had been identified during the administration,
Waikato Times relays.

The business had been advertised for urgent sale in May.

It was an abrupt turnaround from the company that put the world's
first hydrofoil e-bike to market in 2019, expressed intention for a
shareholder IPO in 2021 and also conducted a crossing of Cook
Strait on one of its novel machines, according to Waikato Times.
Manta5's website shows its pilot production was sold out in New
Zealand within two months of launch, and it had 63 resellers across
the world in 2021.

Bright Spark Innovations GP Limited was first registered in 2013,
two years after the founder Guy Howard-Willis first dreamt of
riding a bike down Pauanui estuary with dolphins alongside him.

Back then, Mr. Howard-Willis held 90% of the total shares and bike
designer Roland Alonzo held 10%. At the time of liquidation, there
were eight shareholders, with FocusThree LP as the majority
shareholder (55.04%), according to Waikato Times.


CLOUDY BAY: Court to Hear Wind-Up Petition on Dec. 3
----------------------------------------------------
A petition to wind up the operations of Cloudy Bay Clams Limited
will be heard before the High Court at Rotorua on Dec. 3, 2024, at
10:00 a.m.

The Commissioner of Inland Revenue filed the petition against the
company on Aug. 27, 2024.

The Petitioner's solicitor is:

          Tara Nicola Carr
          Legal Services, Asteron Centre
          55 Featherston Street
          PO Box 895
          Wellington 6011



FRANCIS STREET: Creditors' Proofs of Debt Due on Dec. 20
--------------------------------------------------------
Creditors of Francis Street Limited, Johns World Holdings Limited
and Kildare Holdings Limited are required to file their proofs of
debt by Dec. 20, 2024, to be included in the company's dividend
distribution.

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

The company's liquidator is:

          Craig Young
          PO Box 87340
          Auckland



NH CONSTRUCTION: Creditors' Proofs of Debt Due on Jan. 14
---------------------------------------------------------
Creditors of NH Construction Limited are required to file their
proofs of debt by Jan. 14, 2025, to be included in the company's
dividend distribution.

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

The company's liquidators are:

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



TTS TRANSPORT: Court to Hear Wind-Up Petition on Dec. 3
-------------------------------------------------------
A petition to wind up the operations of TTS Transport Limited will
be heard before the High Court at Wellington on Dec. 3, 2024, at
10:00 a.m.

The Commissioner of Inland Revenue filed the petition against the
company on Oct. 8, 2024.

The Petitioner's solicitor is:

          Gideon Jacobus Du Preez
          Legal Services, Asteron Centre
          55 Featherston Street
          PO Box 895
          Wellington





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

BG INSURANCE: Creditors' Proofs of Debt Due on Dec. 20
------------------------------------------------------
Creditors of BG Insurance Company (Singapore) Pte. Ltd. are
required to file their proofs of debt by Dec. 20, 2024, to be
included in the company's dividend distribution.

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

The company's liquidator is:

          Chek Khai Juat
          c/o Tricor Singapore
          9 Raffles Place
          #26-01 Republic Plaza
          Singapore 048619



ECO FAMILY: Court to Hear Wind-Up Petition on Dec. 6
----------------------------------------------------
A petition to wind up the operations of Eco Family Mart Pte. Ltd.
will be heard before the High Court of Singapore on Dec. 6, 2024,
at 10:00 a.m.

Maybank Singapore Limited filed the petition against the company on
Nov. 12, 2024.

The Petitioner's solicitors are:

          M/s Advent Law Corporation
          111 North Bridge Road
          #25-03 Peninsula Plaza
          Singapore 179098



HOSPITALITY SUITES: Court Enters Wind-Up Order
----------------------------------------------
The High Court of Singapore entered an order on Nov. 8, 2024, to
wind up the operations of The Hospitality Suites Pte. Ltd.

Maybank Singapore Limited filed the petition against the company on
Sept. 6, 2024.

The company's liquidator is:

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



PSD HOLDINGS: Court to Hear Wind-Up Petition on Nov. 29
-------------------------------------------------------
A petition to wind up the operations of PSD Holdings Pte. Ltd. will
be heard before the High Court of Singapore on Nov. 29, 2024, at
10:00 a.m.

Sowaran Singh filed the petition against the company on Nov. 8,
2024.

The Petitioner's solicitors are:

          Aquinas Law Alliance
          24 Raffles Place,
          #20-03, Clifford Centre
          Singapore 048621



WIX ENGINEERING: Court to Hear Wind-Up Petition on Dec. 6
---------------------------------------------------------
A petition to wind up the operations of Wix Engineering Pte. Ltd.
will be heard before the High Court of Singapore on Dec. 6, 2024,
at 10:00 a.m.

DBS Bank Ltd. filed the petition against the company on Nov. 13,
2024.

The Petitioner's solicitors are:

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




                           *********


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
without prior written permission of the publishers.
Information contained herein is obtained from sources believed
to be reliable, but is not guaranteed.

TCR-AP subscription rate is US$775 for 6 months delivered via e-
mail.  Additional e-mail subscriptions for members of the same
firm for the term of the initial subscription or balance
thereof are US$25 each.  For subscription information, contact
Peter Chapman at 215-945-7000.



                *** End of Transmission ***