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

                     A S I A   P A C I F I C

          Thursday, November 28, 2024, Vol. 27, No. 239

                           Headlines



A U S T R A L I A

BETTER RENTALS: First Creditors' Meeting Set for Nov. 29
COPPER RESOURCES: Cor Cordis Appointed Voluntary Administrators
COPPER RESOURCES: First Creditors' Meeting Set for Dec. 3
DUROCK DRILLING: First Creditors' Meeting Set for Nov. 29
ESSENTIAL INGREDIENT: May Have Been Trading Insolvent for 9 Months

QC COMMUNICATIONS: First Creditors' Meeting Set for Nov. 29
S&W SEED: Finalizes Voluntary Plan of Administration for Unit
SHINERS GROUP: First Creditors' Meeting Set for Nov. 29


C H I N A

CHINA EVERGRANDE: Unit Faces Compliance Issue After Director Exit


I N D I A

ACCORD CHEMCORP: Ind-Ra Assigns BB+ Bank Loan Rating
ADWAITH TEXTILES: Ind-Ra Assigns BB- Bank Loan Rating
AVIOM INDIA: Ind-Ra Cuts Bank Loan Rating to D
BALPRADA HOTELS: Ind-Ra Withdraws B+ Term Loan Rating
BAREILLY HIGHWAYS: CARE Keeps D Debt Rating in Not Cooperating

BKM INDUSTRIES: CARE Keeps D Debt Ratings in Not Cooperating
BYJU'S: Faces New Probe Over Financial, Accounting Practices
FOUNTAIN IMPORTS: CARE Keeps D Debt Ratings in Not Cooperating
GANGA PAPERS: ICRA Keeps B+ Debt Ratings in Not Cooperating
HENRAAJH FEEDS: CRISIL Lowers Rating on INR12.50cr Cash Loan to D

J P AND COMPANY: CARE Keeps C Debt Rating in Not Cooperating
JINDAL TIMBER: CARE Keeps C Debt Rating in Not Cooperating
KAYTX INDUSTRIES: CARE Keeps D Debt Ratings in Not Cooperating
LORDS INFRACON: Ind-Ra Keeps BB- Loan Rating in NonCooperating
MILSHA AGRO: ICRA Keeps D Debt Ratings in Not Cooperating

MKD INFRASTRUCTURE: CARE Keeps D Debt Rating in Not Cooperating
NANGALI AGRO: CRISIL Keeps D Debt Rating in Not Cooperating
NAVKAR URBANSTRUCTURE: CARE Keeps C Debt Rating in Not Cooperating
PANTONE TEXTILE: CARE Keeps C Debt Ratings in Not Cooperating
PRANI AUTO: ICRA Keeps D Debt Ratings in Not Cooperating Category

PYTEX JEWELLERS: ICRA Keeps D Debt Rating in Not Cooperating
RAJ TELEVISION: Ind-Ra Cuts Loan Rating to BB, Outlook Stable
RELIANCE INFRASTRUCTURE: Ind-Ra Affirms D Loan Rating
RUBBER PRODUCTS: CRISIL Keeps D Debt Ratings in Not Cooperating
S. S. T. PACKAGING: CRISIL Keeps D Ratings in Not Cooperating

SAT INDER: Ind-Ra Withdraws B Bank Loan Rating
SHYAMALI COLD: CRISIL Keeps D Debt Ratings in Not Cooperating
SOUTH INDIAN: CRISIL Keeps D Debt Ratings in Not Cooperating
TEMPLE CITY: CRISIL Keeps D Debt Rating in Not Cooperating
TOPLON INDUSTRIES: CRISIL Keeps D Debt Ratings in Not Cooperating

VEERA BRAHMENDRA: CRISIL Keeps D Debt Ratings in Not Cooperating
VINAYAGA IMPEX: CRISIL Keeps D Debt Ratings in Not Cooperating
VREP CONSTRUCTION: CRISIL Keeps C Debt Rating in Not Cooperating
YAK GRANITE: CRISIL Keeps C Debt Ratings in Not Cooperating
[*] INDIA: Creditors Recover INR3.55 lakh crore Thru September



N E W   Z E A L A N D

AETHER PACIFIC: First Creditors' Meeting Set for Dec. 2
EUROTECH DESIGN: Creditors' Proofs of Debt Due on Jan. 13
GINTY DEVELOPMENTS: Creditors' Proofs of Debt Due on Dec. 20
KYDELL DOWNS: Creditors' Proofs of Debt Due on Dec. 20
OJI FIBRE: 230 Jobs on Line in Mill Processing Halt

PAPA ROBS: Court to Hear Wind-Up Petition on Dec. 3


P H I L I P P I N E S

BOOKSALE: Business as Usual in Other Branches as Some Stores Shut


S I N G A P O R E

AKATI SEKURITY: Court to Hear Wind-Up Petition on Nov. 29
QOO10 PTE: Court Enters Wind-Up Order
S3 ID: Creditors' Proofs of Debt Due on Dec. 23
SIMEC SHIPPING: Court to Hear Wind-Up Petition on Nov. 29
TAKASINO CORPORATION: Court Enters Wind-Up Order



S O U T H   K O R E A

[*] S. KOREA: Delinquency Rates Surge in Short-Term Small Loans

                           - - - - -


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A U S T R A L I A
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BETTER RENTALS: First Creditors' Meeting Set for Nov. 29
--------------------------------------------------------
A first meeting of the creditors in the proceedings of Better
Rentals Pty ltd will be held on Nov. 29, 2024 at 1:00 p.m. at the
offices of RSM Australia Partners at Level 27, 120 Collins Street
in Melbourne and via virtual meeting technology.

Jonathon Kingsley Colbran of RSM Australia Partners was appointed
as administrators of the company on Nov. 19, 2024.



COPPER RESOURCES: Cor Cordis Appointed Voluntary Administrators
---------------------------------------------------------------
Thomas Birch, Stephen Earel and Jeremy Nipps of Cor Cordis, were
appointed Voluntary Administrators of Copper Resources Australia
Pty Ltd (the Company) on Nov. 21, 2024.

The Company's directors have determined that in the best interests
of the company and its stakeholders, the appointment of
Administrators was required with a view to restructure its
financial affairs to preserve its operations into the future.

As part of the voluntary administration process, Cor Cordis has
initiated an urgent review of Copper Resources Australia's
financial affairs and is actively evaluating options for
restructuring or recapitalisation.

"A decision has been made to immediately transition the Company's
Rocklands Mine Project into care and maintenance, allowing the
Administrators the necessary time and resources to explore
opportunities to recapitalise and/or restructure the Company. To
support this process, we have engaged Argonaut PCF to assist with
the sale and restructuring efforts", said Thomas Birch.

"In addition, we have retained Copper Resources Australia's senior
management team, along with a dedicated care and maintenance team,
to safely manage the transition of the Rocklands Mine Project into
care and maintenance. These teams will ensure compliance with all
relevant state and federal regulations and continue to meet the
Company's licensing and reporting obligations."

"We will continue to engage with all key stakeholders during the
voluntary administration process. The first meeting of creditors
will be held on December 3, 2024", said Mr. Birch.

Copper Resources Australia Pty Ltd is the operator of the Rocklands
Mine Project, located 17km from the township of Cloncurry, in
northwest Queensland.



COPPER RESOURCES: First Creditors' Meeting Set for Dec. 3
---------------------------------------------------------
A first meeting of the creditors in the proceedings of Copper
Resources Australia Pty Ltd will be held on Dec. 3, 2024 at 12:30
p.m. at the offices of Cor Cordis Brisbane at Level 7, 201
Charlotte Street in Brisbane and via virtual meeting technology.

Thomas Birch, Jeremy Nipps and Stephen Earel of Cor Cordis were
appointed as administrators of the company on Nov. 21, 2024.



DUROCK DRILLING: First Creditors' Meeting Set for Nov. 29
---------------------------------------------------------
A first meeting of the creditors in the proceedings of Durock
Drilling Pty Ltd will be held on Nov. 29, 2024 at 3:00 p.m. at the
offices of Durock Drilling Pty Ltd and via virtual meeting
technology.

Nelson Huang, David Hurst and Mitchell Ball of Mackay Goodwin were
appointed as administrators of the company on Nov. 19, 2024.



ESSENTIAL INGREDIENT: May Have Been Trading Insolvent for 9 Months
------------------------------------------------------------------
The Australian Financial Review reports that the administrators of
collapsed gourmet food retailer The Essential Ingredient said the
company could have been trading insolvent for as long as nine
months and had been hobbled by a lack of staff.

A report prepared by PwC for creditors of The Essential Ingredient
concluded that pressure on family budgets - from higher mortgage
repayments, rents and other expenses - had led to a collapse in
demand for the company's high-end grocery items such as mustards
and pasta sauces, the Financial Review relates.

The fitout of a new store in Sydney's north shore had also put
extra financial pressure on The Essential Ingredient at the same
time as wages and rents grew, the Financial Review relays. The
company had stores in Sydney and Melbourne, and also a successful
online outlet. Those stores continue to operate.

The Essential Ingredient, which also sells to the food service
sector, had other outlets including in Canberra and Orange that
rebranded this year.

According to the Financial Review, the administrator, PwC's Robert
Ditrich, said a decision to cut back on the number of travelling
sales representatives meeting with prospective hospitality
customers was a strategic blow that the group never recovered from.
The company called in administrators in late September.

The Essential Ingredient started in 1986 when gourmet items such as
foie gras, porcini mushrooms, tamarind syrup and chilli paste were
difficult to find for Australian home cooks. It generated revenue
of AUD12 million last year.

The Essential Ingredient and similar gourmet retailers, such as
Simon Johnson, benefited from the popularity of cooking shows like
MasterChef Australia, which spurred sales of high-end grocery
products.

The creditors' report shows The Essential Ingredient owes ANZ about
AUD4 million. The Commonwealth Bank of Australia and the Australian
Taxation Office are both owed money. In total, the company owes
AUD7 million, the Financial Review discloses.

In its report, PwC said it was still hoping to secure a buyer for
the business, and said some prospective acquirers had been
evaluating sites and "demonstrated interest in the business," the
Financial Review relays. PwC said that the company's directors had
attempted to sell the business as far back as 2018.

The Financial Review adds Mr. Ditrich told the creditors that
"signs of financial distress have been apparent from at least June
2023". The two directors of the company are John Weddell, a
long-time shareholder, and Peter Walmsley.

"Our preliminary view based on the financial information available,
the interdependency of the companies and noting the existence of
the ATO payment arrangements, is that the company may have been
insolvent from January 2024, but possibly earlier," his report
concluded.

Those signs included continuing losses, and at least one supplier
demanding cash on delivery before it handed over products for
sale.

                    About Essential Ingredient

The Essential Ingredient supplies specialty ingredients, which are
sourced from Australia and international producers, including
professional cookware, kitchen equipment and culinary books.

In September 2024, five companies operating under the umbrella of
The Essential Ingredients entered into voluntary administration.
These are The Vital Ingredient (Retail) Pty Ltd, Essential
Wholesale NSW Pty Ltd, J.S. & S Weddell Pty. Ltd, Essential
Distribution Australia Pty Ltd and Essential Franchise Pty Ltd.

Robert Scott Ditrich, Rebecca Louise Gill and Craig David Crosbie
from PwC Australia have been appointed as administrators.


QC COMMUNICATIONS: First Creditors' Meeting Set for Nov. 29
-----------------------------------------------------------
A first meeting of the creditors in the proceedings of QC
Communications Pty Ltd will be held on Nov. 29, 2024 at 10:00 a.m.
via teleconference only.

David Ross and David Ingram of I & R Advisory were appointed as
administrators of the company on Nov. 19, 2024.



S&W SEED: Finalizes Voluntary Plan of Administration for Unit
-------------------------------------------------------------
S&W Seed Company on Nov. 25 announced it has finalized the
voluntary plan of administration ("VA") process for its subsidiary,
S&W Seed Company Australia Pty Ltd.

"As a result of the VA process being completed, on a go forward
basis S&W is exclusively focused on its core U.S.-based operations
led by our high margin Double Team sorghum solutions as well as our
biofuels joint venture with Shell," commented S&W Seed Company's
CEO, Mark Herrmann.

As previously reported, S&W Australia adopted a voluntary
administration process on July 24, 2024, and on October 11, 2024
creditors of S&W Australia approved a proposed Deed of Company
Arrangement ("DOCA") pursuant to which, among other things, 100% of
the shares in S&W Australia would be transferred to Avior Asset
Management No. 3 Pty Ltd. The effective date of the DOCA is
November 22, 2024.

In order to facilitate the satisfaction of certain conditions to
the effectiveness of the DOCA, on November 22, 2024, S&W entered
into a settlement agreement in exchange for a release from the
intercompany obligations owed to S&W Australia. S&W will transfer
ownership of certain white clover and alfalfa (lucerne)
intellectual property, provide the associated inventory, repay
insurance proceeds received on behalf of S&W Australia, and provide
transitional support to S&W Australia necessary to assist in the
changeover of business operations to a standalone entity. S&W also
entered into an agreement with National Australia Bank Limited that
releases S&W from the AUD $15.0 million guarantee and obtained a
release of certain applicable liens from CIBC Bank USA.

Vanessa Baughman, CFO of S&W Seed Company, commented, "The
effectuation of the DOCA has resulted in providing the resources we
believe are needed to create a going concern for all entities."

                          About S&W Seed

Founded in 1980 and headquartered in Longmont, CO, S&W --
www.swseedco.com -- is a global multi-crop, middle-market
agricultural company headquartered in Longmont, Colorado.  S&W's
vision is to be the world's preferred proprietary seed company
which supplies a range of sorghum, forage and specialty crop
products that supports the growing global demand for animal
proteins and healthier consumer diets.  S&W is a global leader in
proprietary alfalfa and sorghum seeds with significant research and
development, production and distribution capabilities. S&W also has
a commercial presence in pasture and sunflower seeds, and through a
partnership, is focused on sustainable biofuel feedstocks primarily
within camelina.

Denver, Colorado-based Grant Thornton LLP, the Company's auditor
since 2024, issued a "going concern" qualification in its report
dated Nov. 1, 2024, citing that the Company has incurred a net loss
of $30.1 million and cash used in operating activities was $5.6
million for the year ended June 30, 2024, and as of that date, the
Company's current liabilities exceeded its current assets by $5.9
million and had an accumulated deficit of $122.1 million.

In addition, the Company's subsidiary, S&W Australia, entered into
voluntary administration on July 24, 2024, and is no longer under
the Company's control.  S&W Australia's entry into voluntary
administration also resulted in an event of default under the
Company's Amended CIBC Loan Agreement.  On Aug. 5, 2024, the
Company received a waiver for the event of default from CIBC, which
contained conditions that are not within the Company's control.
Effective Sept. 16, 2024, the Company was not in compliance with
the amended terms per the Third Amendment of the Company's Amended
CIBC Loan Agreement, which constitutes an additional event of
default, and through the date of this report has not been able to
regain compliance.  These conditions and uncertainties as to
whether the Company can mitigate the impact of the voluntary
administration, along with other matters, raise substantial doubt
about the Company's ability to continue as a going concern.

As of June 30, 2024, S&W Seed had $120.73 million in total assets,
$75.69 million in total liabilities, $5.77 million in total
mezzanine equity, and $39.26 million in total stockholders' equity.


Travis Anderson and Glen Kanevsky of Deloitte were appointed as
administrator of the company on July 24, 2024.



SHINERS GROUP: First Creditors' Meeting Set for Nov. 29
-------------------------------------------------------
A first meeting of the creditors in the proceedings of Shiners
Group Pty Ltd will be held on Nov. 29, 2024 at 10:00 a.m. via
videoconference only.

Roberto Crispino and Richard Albarran of Hall Chadwick were
appointed as administrators of the company on Nov. 19, 2024.





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C H I N A
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CHINA EVERGRANDE: Unit Faces Compliance Issue After Director Exit
-----------------------------------------------------------------
TipRanks reports that China Evergrande New Energy Vehicle Group,
the electric vehicle unit of China Evergrande, faces compliance
challenges following the resignation of independent director Kenan
Wang, who disagreed with the management over asset disposal issues.
This departure leaves the company short of required independent
directors, impacting key committees.

The company is actively seeking replacements to meet regulatory
requirements within three months, TipRanks relates.

                       About China Evergrande

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

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

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

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

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

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

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

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

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

On Jan. 29, 2024, a Hong Kong court ordered the liquidation of
China Evergrande Group.




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I N D I A
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ACCORD CHEMCORP: Ind-Ra Assigns BB+ Bank Loan Rating
----------------------------------------------------
India Ratings and Research (Ind-Ra) has rated Accord Chemcorp
Private Limited's (ACPL) bank facilities as follows:

-- INR95.10 mil. Fund-based working capital limit assigned with
     IND BB+/Stable/IND A4+ rating;

-- INR734.40 mil. Non-fund-based working capital limit assigned
     with IND A4+ rating; and

-- INR170.50 mil. Proposed non-fund-based working capital limit
     assigned with IND A4+ rating.

Analytical Approach

Ind-Ra has taken a fully consolidated view on ACPL's group company,
Accord Chemical Corporation (ACC; debt rated IND BBB-/ Stable), to
arrive at the ratings, on account of the strong operational
linkages between them. However, the ratings are differentiated from
that of ACC due to the small scale of operations of ACPL.

Detailed Rationale of the Rating Action

The ratings reflect the group's volatile EBITDA margins and forex
fluctuation risk. The ratings also factor in Ind-Ra's expectation
of an increase in the group's sales volume, resulting in an
increase in its revenue over the medium term, and comfortable
credit metrics.

Detailed Description of Key Rating Drivers

EBITDA Margins Susceptible to Volatility in Crude Oil Prices:  The
ACC group's EBITDA margins remained modest due to the trading
nature of business in FY24.  The ACC group engages in trading of
crude oil derivatives, exposing it to price volatility risk. The
group imports 60% of its total purchases. However, as the group
generates 50%-70% of its sales during the transit of import
shipments, the selling prices are fixed immediately for such sales
based on the market rates at that point in time, while the
remaining goods are stocked and sold later based on demand. This
strategy mitigates the price risk to an extent. The consolidated
EBITDA margins improved to 1.44% in FY24 (FY23: 0.6%). The
management stated that the industry stabilized in FY24 following
the increase in the raw material prices during FY23, leading to
lower realization. Ind-Ra expects the EBITDA margins to remain at
similar levels in FY25. On a standalone basis, ACPL's EBITDA
margins were 1.42% in FY24 (FY23: 0.04%).

Exposure to Forex Fluctuation Risk:  The group imports goods from
Singapore, the US, Switzerland, Hong Kong, the United Arab
Emirates, Saudi Arabia and China, among others, and the products
are primarily sold in Maharashtra, Gujarat, Haryana, Uttar Pradesh,
and Rajasthan. The group currently imports 50%-60% of the total
quantity sold and hedges only up to 70% of the total imports by
entering forward contracts for the initial 45-60 days against the
allowed credit period of 90 days.

Likely Increase in Group's Sales Volume to Drive Revenue Growth in
Medium Term: ACC's consolidated revenue grew to INR13,742.9 million
(FY23: INR13,380.55 million), owing to an increase in its sales
volume to 1,64,536 metric tons (MT; 1,28,412MT). The group engages
in trading of more than 30 chemicals such as styrene monomer, vinyl
acetate monomer and butyl acrylate monomer, which contribute about
69% to the revenue in FY24 (FY23: 70%). These products have
applications in industries such as paints, coating, packing,
adhesive, resins, textiles, biaxially oriented polypropylene tapes,
fibers, agrochemicals, lubricants, perfumes, and polymers, among
others. Although the group does not enter contracts with its
customers and sells its products based on market rates, its
established relationship with the customers supports the business.
The agency expects a likely increase in the sales volume in the
medium term, supported by high demand for its products in the
end-user industries, leading to an increase in the revenue. On a
standalone basis, ACPL's scale of operations remained small with
its revenue increasing to INR2,456.03 million in FY24 (FY23:
INR2,222.46 million).

Comfortable Credit Metrics: On a consolidated basis, the gross
interest coverage (operating EBITDA/gross interest expense)
improved to 3.31x in FY24 (FY23: 1.78x), owing to an increase in
the absolute EBITDA to INR198.28 million (INR80.37 million). The
group does not have any term debt on its balance sheet but borrowed
interest-free unsecured loans from the promoters (FY24: INR218.74
million; FY23: INR165.94 million), whose repayment terms are not
specified. The group remained net cash positive in FY24 (FY23: net
leverage: 0.49x). Ind-Ra expects the group's credit metrics to
remain at similar levels in FY25 in the absence of any debt-funded
capex plans.

The group's net adjusted leverage (total adjusted net debt plus
letter of credit creditors less lien marked fixed deposits against
working capital facilities/operating EBITDA) reduced to 1.5x in
FY24 (FY23: 7.21x). The standalone interest coverage increased to
3.01x in FY24 (FY23: 1.84x).

Liquidity

Adequate: The ACC group's average maximum utilization of the
fund-based limits was around 34.09% and the average month-end
utilization of the non-fund-based limits was 75.01% over the 12
months ended September 2024. The group had unrestricted cash and
equivalents of INR406.18 million at FYE24 (FYE23: INR168.63
million). The cash flow from operations remained negative at
INR847.53 million in FY24 (FY23: negative INR310.42 million) due to
unfavorable changes in the working capital. The group does not have
any term debt on its balance sheet but has borrowed interest-free
unsecured loans from the promoters, whose repayment terms are not
specified. Ind-Ra expects the liquidity to remain adequate over the
medium term on account of significant unutilized working capital
limits and lower debt levels.

Rating Sensitivities

Negative: A decline in the scale of operations or deterioration in
the liquidity position or the credit metrics or the interest
coverage reducing below 2.25x, on a sustained and consolidated
basis, could be negative for the ratings.

Positive: A significant increase in the scale of operations, along
with maintaining the credit metrics and liquidity, on a sustained
and consolidated basis, could be positive for the ratings.

About the Company

ACC, which was established in 2009 as a partnership firm, engaged
in trading, indenting, distribution, imports and exports of various
petrochemicals. The company is led by Jinesh Shah and Meghna Shah,
who have over a decade of experience in the trading business.

ACPL, a sister concern, was established in 2014. The company is
engaged in the similar business of ACC and is managed by the same
promoter group.

ADWAITH TEXTILES: Ind-Ra Assigns BB- Bank Loan Rating
-----------------------------------------------------
India Ratings and Research (Ind-Ra) has rated Adwaith Textiles
Private Limited's (ATPL) bank facilities as follows:

-- INR280 mil. Fund-based working capital limits assigned with
     IND BB-/Stable/IND A4+ rating;

-- INR446.07 mil. Term loans due on March 31, 2034 assigned with
     IND BB-/Stable rating; and

-- INR85 mil. Non-fund-based working capital limits assigned with
     IND A4+ rating.

Detailed Rationale of the Rating Action

The ratings reflect ATPL's small scale of operations, modest EBITDA
margins, modest credit metrics and susceptibility to fluctuations
in the raw material prices. However, Ind-Ra expects the revenue and
EBITDA margins to improve in FY25. The ratings also factor in the
presence of experienced promoters.

Detailed Description of Key Rating Drivers

Small Scale of Operations: ATPL's  revenue declined to INR1,043.88
million in FY24 (FY23: INR1,249.26 million) due to a decrease in
the number of orders received by the company. The EBITDA rose to
INR60.95 million in FY24 (FY23: INR46.23 million) owing to a
decline in raw material prices. During 7MFY25, ATPL booked a
revenue of INR650 million. The company has an order book of INR120
million as of November 2024, to be executed in the same month. In
FY25, Ind-Ra expects the revenue likely to improve marginally,
considering the revenue recorded during 7MFY25 and a likely
improvement in orders over the remaining period of the year.

Modest EBITDA Margins: ATPL's  EBITDA margin improved to 5.84% in
FY24 (FY23: 3.70%), mainly on account of a decline in power costs
on the back of the commencement of its windmill plant. The ROCE was
0.7% in FY24 (FY23: negative ROCE). ATPL is planning to add more
value-added products, which would offer higher margins, to its
portfolio, and it has also implemented a favorable change in its
purchasing policy. Also, ATPL's  solar plant commenced operations
on September 30, 2024; this would bring down the power costs
further, thereby bolstering the EBITDA margins. These factors along
with an overall improvement in the outlook for the textile industry
are likely to result in an improvement in the EBITDA margins to
10%-12% in the near-to-medium term.

Modest Credit Metrics: ATPL's credit metrics remained modest but
improved  slightly in FY24 because of the rise in the absolute
EBITDA. The interest coverage (operating EBITDA/gross interest
expenses) was 0.95x in FY24 (FY23: 0.92x) and the net leverage
(adjusted net debt/operating EBITDAR) was 12.22x (13.84x).. Over
the medium term, Ind-Ra expects the credit metrics to improve
further due to the likely improvement in the scale of operations as
well as margins, along with a reduction in the total debt due to
the repayment of long-term loan.

Poor Liquidity: Please refer to the liquidity section.

Susceptibility to Fluctuations In Raw Material Prices:  The price
of cotton (key input)  is  affected  by various factors such as the
monsoon, pest infestations and the minimum support price policy of
the government. Since the cost of procuring cotton accounts for a
bulk of production cost, even a slight variation in its price could
drastically impact the operating margin.

Experienced Promoters: The promoters have more than three decades
of experience in the textile industry. This has helped the company
establish a healthy relationship with suppliers and key customers,
thus enabling the company to secure repeat orders from them. The
company sells premium cotton yarn under the brand names of Vaama
and Naman, and has a strong  market position  in the textile
industry

Liquidity

Poor: The average maximum utilization of the fund-based limits was
98.01% during the 12 months ended October 2024. ATPL's cash flow
from operations turned negative at INR25.28 million in FY24 (FY23:
INR116.80 million) on account of the decreased EBITDA and
unfavorable changes in working capital. The free cash flow remained
negative at INR56.77 million (FY23: negative INR45.29 million) due
to the capex of INR32.32 million undertaken by the company during
the year. Also, the net working capital cycle elongated to 171 days
in FY24 (FY23: 110 days) on account of increased inventory days of
177 days (162 days). ATPL has debt repayment obligations of
INR86.70 million and INR82.90 million in FY25 and FY26,
respectively. The cash and cash equivalents stood at INR0.11
million in FY24 (FY23: INR0.28 million). Furthermore, ATPL does not
have any capital market exposure and relies on banks and financial
institutions to meet its funding requirements.

Rating Sensitivities

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

Positive: An improvement in the scale of operations, leading to an
improvement in the credit metrics, with the gross interest coverage
exceeding 2x, along with an improvement in the liquidity position,
all on a sustained basis, could be positive for the ratings.

About the Company

ATPL, incorporated in 1956, is in the business of manufacturing
cotton of 16s to 90s count and has spindle capacity of 31,000
spindles.

AVIOM INDIA: Ind-Ra Cuts Bank Loan Rating to D
----------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded AVIOM India
Housing Finance Pvt Ltd.'s (AVIOM) debt instruments to IND D from
'IND BBB+'/Positive while migrating the rating to non-cooperating
category. The issuer did not participate in the rating exercise
despite continuous requests and follow-ups by the agency. Thus, the
ratings are based on the best available information. Therefore,
investors and other users are advised to take appropriate caution
while using these ratings. The rating will now appear as 'IND D
(ISSUER NOT COOPERATING)' on the agency's website.

The detailed rating actions are:

-- INR650 mil. Non-convertible debentures* downgraded and
     migrated to non-cooperating category with IND D (ISSUER NOT
     COPERATING) rating; and

-- INR1.0 bil. Bank loans downgraded and migrated to non-
     cooperating category with IND D (ISSUER NOT COPERATING)
     rating.

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

*Yet to be issued

Detailed Rationale of the Rating Action

The rating has been downgraded and migrated to non-cooperating
category based on a press release dated November 22, 2024, stating
that there has been a fraud within the company. The new auditor has
also raised concerns regarding potential discrepancies in the
company's books of accounts considering a complaint alleging
certain irregularities. The previous auditor has also directed the
company to cease to use its auditor report with immediate effect.
The company has also highlighted that it has been facing liquidity
issues and is expecting a delay in its interest payments. Ind-Ra
has also received a further verbal confirmation from the
board-appointed consultant that there has been a delay in the
company's debt servicing. The ratings have been migrated to the
non-cooperating category in accordance with Ind-Ra's Guidelines on
What Constitutes Non-Cooperation.

Non-Cooperation by the Issuer

Ind-Ra has not received adequate information and has not been able
to conduct management interaction with AVIOM while reviewing the
ratings. Ind-Ra had consistently followed up with the company over
emails since mid-October 2024, apart from phone calls. There has
been a delay in the submission of AVIOM's unaudited financial
statements for the quarter ended September 2024. Information
regarding the quantum of debt delays and available liquidity for
immediate debt servicing has also not been available. However, the
issuer has been submitting the monthly no default statement until
October 2024.

Limitations regarding Information Availability

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

About the Company

Delhi-based Aviom is a housing finance company operations since
August 2016. The company had a network of 268 branches as of March
31, 2024. It had an assets under management of INR17.52 billion at
FYE24. AVIOM provides loans for sanitation, home extension, home
improvement, and construction and loan against property to
low-income families from the informal sector with focus on women.

AVIOM is led by Kajal Ilmi, who has over two decades of experience
in real estate and housing. As of March 31, 2024, Kajal Ilmi and
her family members held a 31.4% stake in the company on a fully
diluted basis. Gojo and Company Inc, SABRE Partners AIF Trust,
Capital 4 Development Asia Fund Cooperative UA and TIAA are the
other key shareholders.

BALPRADA HOTELS: Ind-Ra Withdraws B+ Term Loan Rating
-----------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn Balprada Hotels &
Hospitality Private Limited's (BHHPL) ratings as follows:

-- The 'IND B+/Stable' rating on the INR462.16 mil. Term loan due

     on June 30, 2027 is withdrawn.

Detailed Rationale of the Rating Action

Ind-Ra is no longer required to maintain the ratings as the agency
has received a no dues certificate from the banker and withdrawal
request from the issuer. This is consistent with Ind-Ra's Policy on
Withdrawal of Ratings.

About the Company

Incorporated in September 2004, BHHPL is a subsidiary of JMD
Limited. The company operates a 184-room four-star hotel Double
Tree by Hilton at Golf Course road, sector 56 in Gurugram. The
hotel started commercial operations in March 2012.

BAREILLY HIGHWAYS: CARE Keeps D Debt Rating in Not Cooperating
--------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Bareilly
Highways Project Limited (BHPL) continues to remain in the 'Issuer
Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank     1,400.00     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 10,
2023, placed the rating(s) of BHPL under the 'issuer
non-cooperating' category as BHPL had failed to provide information
for monitoring of the rating as agreed to in its Rating Agreement.
BHPL 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

BHPL is a special purpose vehicle (SPV) promoted by Era Infra
Engineering Ltd (EIEL) and OJSC- Sibmost (Sibmost) to undertake
4-laning of the existing 2-lane road from Km 262.0 to Km 413.2
(total project length of 156.57 km) on NH-24 from Bareilly to
Sitapur in state of Uttar Pradesh under National Highways
Development Programme (NHDP) Phase III of NHAI on Design, Build,
Finance, Operate & Transfer (Toll) basis.


BKM INDUSTRIES: CARE Keeps D Debt Ratings in Not Cooperating
------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of BKM
Industries Limited continue to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      80.00       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

   Short Term Bank     28.50       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 August 31,
2023, placed the ratings of BKM under the 'issuer non-cooperating'
category as BKM had failed to provide information for monitoring of
the rating and had not paid the surveillance fees for the rating
exercise as agreed to in its Rating Agreement. BKM continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and email dated November
13, 2024 ; August 5, 2024, and July 16, 2024.

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

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

The ratings take into account lack of adequate information from
BKM.

Analytical approach: Standalone.

Outlook: Not Applicable.

Detailed description of the key rating drivers:

At the time of last rating on August 31, 2023, the following were
the rating strengths and weaknesses.

Key Rating Weaknesses

* Ongoing delays in the account: There have been instances of LC
devolvement and the cash credit account remained overdrawn for a
period of more than 30 days. This liquidity mismatch is primarily
due to delay in collection from the debtors and decline in the
revenue in FY19 due to weak demand scenario. As per the audit
report (FY20) of BKM, the company's loan accounts in the banks and
other financial institutions have got NPA due to overdue of
interest and principal amounting to INR105.03 crore.

* Deterioration in financial performance of the company in Q1FY19
marked by cash losses: BKM's operating income declined by 58.32%
from previous quarter to Rs.17.30 crore in Q1FY19 (as against
INR45.05 crore in FY18) on the back of lower execution of orders.
This coupled with under absorption of fixed cost and execution of
less margin products lead to operational losses in Q1FY19. Further,
higher interest expenses resulted in cash losses during the said
quarter. This apart in July 2018, the company had also decided to
discontinue its manufacturing operations at the Barjora (Bankura,
West Bengal) and resultantly reported loss of INR-0.57 crore in
Q1FY19. During 9MFY19, BKM reported cash loss of INR22.15 crore on
a total operating income of INR34.64 crores. BKM's operating income
declined y-o-y by 73.54% from INR156.9crore in FY18 to
Rs.41.51crore in FY19. BKM reported loss at PAT level of
INR56.42crore in FY19. The overall gearing ratio deteriorated from
0.81x as on March 31, 2018 to 2.37x as on March 31, 2019. In FY20,
the total operating income of BKM has further declined to INR7.21
crore. BKM reported loss of INR28.60 crore at the PAT level. The
overall gearing ratio has also further deteriorated to 5.15x as on
March 31, 2020.

BKM Industries Ltd (BKM) was incorporated on March 25, 2011. It was
a dormant company till October 01, 2013 before the demerger of
packaging division of Manaksia Ltd (ML) to BKM. BKM manufactures
packaging products and aluminum semi-rigid containers. Major
packaging products manufactured by the company includes (1) Roll on
Pilfer Proof closures for the premium liquor and pharmaceutical
sector, (2) Crown closures for carbonated soft drinks and beer, (3)
Plastic closures for carbonated soft drinks and mineral water
sectors, and (4) Metal containers for shoe polishes, cosmetics and
tea.


BYJU'S: Faces New Probe Over Financial, Accounting Practices
------------------------------------------------------------
Bloomberg News reports that India has started an investigation into
financing and accounting practices at Byju's, according to people
with knowledge of the matter, after a previous inspection found
corporate governance lapses at the struggling online tutoring
firm.

According to Bloomberg, the federal government has asked the
regional office of the Registrar of Companies in Hyderabad to
investigate Byju's books to ascertain if the company misreported
financial statements and whether funds were siphoned off, the
people said, asking not to be identified as the matter is private.

There were shortcomings in the accounts of Byju's, the people said,
explaining the reason for the new probe. They didn't specify what
those failings were. The registrar's office has one year to submit
its report, Bloomberg says.

Byju's, once India's most valued startup, is fighting for its life
in courts in India and the US. India's top court last month struck
down a bankruptcy tribunal's order that allowed Byju's to settle
debts with a key creditor, pushing the online tutor back firmly
into the insolvency process. The Bangalore-based company is now
pleading its case in a lower court. The control of the firm
currently rests with an insolvency resolution professional.

A previous yearlong inspection by the Ministry of Corporate Affairs
found corporate governance lapses at Byju's but no evidence of
wrongdoing, Bloomberg News reported in June.

Its founder Byju Raveendran has said that his startup, once worth
$22 billion, is now valued at zero. Some of Byju's large backers
such as Prosus NV have written off their investments in the firm.

                           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.


FOUNTAIN IMPORTS: CARE Keeps D Debt Ratings in Not Cooperating
--------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Fountain
Imports Private Limited (FIPL) continue to remain in the 'Issuer
Not Cooperating' category.

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

   Short Term Bank      5.00       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 20,
2023, placed the rating(s) of FIPL under the 'issuer
non-cooperating' category as FIPL had failed to provide information
for monitoring of the rating as agreed to in its Rating Agreement.
FIPL continues to be non-cooperative despite repeated requests for
submission of information through e-mails dated October 5, 2024,
October 15, 2024 and October 25, 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 in November 2011, Fountain Imports Private Limited
(FIPL) by Mr. Bhawanji Jeram Mewawala. The company has commenced
operations from October 2012. FIPL is engaged in trading of dry
fruits and agricultural products (viz. coco, sugar and others).
FIPL is part of Fountain Group which was established in 1922 by
late Mr. Bhawanji Jeram Mewawala after whom Mr. Narendra Mewawala
looked after the entire business. The group is engaged into dry
fruit trading business comprising FIPL and other group company
namely, Fountain Dry Fruit Store Limited.


GANGA PAPERS: ICRA Keeps B+ Debt Ratings in Not Cooperating
-----------------------------------------------------------
ICRA has kept the Long-Term and Short-Term ratings of Ganga Papers
India Limited (GPIL) in the 'Issuer Not Cooperating' category. The
ratings are denoted as "[ICRA]B+(Stable); ISSUER NOT
COOPERATING/[ICRA]A4; ISSUER NOT COOPERATING".

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

   Long Term/          8.00      [ICRA]B+ (Stable)/[ICRA] A4;
   Short Term-                   ISSUER NOT COOPERATING;
   Fund Based                    Rating continues to remain
                                 under 'Issuer Not Cooperating'
                                 category

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

Ganga Papers India Limited, GPIL (formerly Kasat Paper and Pulp
Ltd) was incorporated in 1985. The company manufactures kraft paper
and newsprint paper at its manufacturing facilities located in
Pune, Maharashtra with total manufacturing capacity of 54000 MTPA.
The company has 1.4 MW turbine primarily used for captive purpose.
The company was initially promoted by Mr. Shrikant Mohanlal Kasat
in 1985 and was taken public in 1996. The company was declared sick
company and was registered with BIFR in 2003 due to adverse
operating conditions. The plant remained non-operational between
2003 and 2006. Under the BIFR rehabilitation programme, it was
taken over by new promoters, Mr. Ramesh Chaudhary and Mr. Sharwan
Kumar Kanodia in 2006.


HENRAAJH FEEDS: CRISIL Lowers Rating on INR12.50cr Cash Loan to D
-----------------------------------------------------------------
CRISIL Ratings has revised the ratings on certain bank facilities
of Henraajh Feeds India Private Limited (HFIPL), as:

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit           12.50       CRISIL D (ISSUER NOT
                                     COOPERATING; Downgraded from
                                     'CRISIL BB/Stable ISSUER NOT
                                     COOPERATING')

   Proposed Fund-         2.01       CRISIL D (ISSUER NOT
   Based Bank Limits                 COOPERATING; Downgraded from
                                     'CRISIL BB/Stable ISSUER NOT
                                     COOPERATING')

    Term Loan             5.49       CRISIL D (ISSUER NOT
                                     COOPERATING; Downgraded from
                                     'CRISIL BB/Stable ISSUER NOT
                                     COOPERATING')

CRISIL Ratings has been consistently following up with HFIPL for
obtaining information through letters and emails dated April 19,
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
failed to receive any information on either the financial
performance or strategic intent of HFIPL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. The company has remained non-cooperative since November,
2022. CRISIL believes that rating action on HFIPL is consistent
with 'Assessing Information Adequacy Risk'.

Therefore, on account of inadequate information and lack of
management cooperation coupled with adverse information in the
public domain, CRISIL Ratings has downgraded the rating to 'CRISIL
D Issuer Not Cooperating' from 'CRISIL BB/Stable Issuer Not
Cooperating'.

The downgrade reflects delay in servicing of debt obligations by
HFIPL.

HFIPL, is a Patna based company, is involved in manufacturing of
cattle and poultry feeds. The company has manufacturing facility
based in Fatuha, Patna. It was incorporated in May, 2012 and Mr
Jaydeep Narayan Shrivastav, Ms Jaya Shrivastav and Mr Parimal Basak
are the promoters.


J P AND COMPANY: CARE Keeps C Debt Rating in Not Cooperating
------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of J P and
Company (JPC) continue to remain in the 'Issuer Not Cooperating'
category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      12.00       CARE C; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category  

Rationale and key rating drivers

CARE Ratings Ltd. had, vide its press release dated October 4,
2023, placed the rating(s) of JPC under the 'issuer
non-cooperating' category as JPC had failed to provide information
for monitoring of the rating as agreed to in its Rating Agreement.
JPC continues to be non-cooperative despite repeated requests for
submission of information through e-mails dated August 19, 2024,
August 29, 2024, September 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

Outlook: Stable

Indore-based JPC was originally formed in 2013 as a partnership
concern by Maltani Family. However, in December, 2015, the firm was
taken over by Wadhwani Family. JPC was established with an
objective to set up a hotel in Indore (Madhya Pradesh). The hotel
will have facility of total 121 rooms includes; 89 Typical Rooms,
30 Jr. Suite rooms, 2 Suite rooms along with separate Vegetarian
and Non-Vegetarian restaurant, Gym, Swimming Pool, 3 banquet hall
and bar. JPC has envisaged that project will be completed in the
month of May, 2017 and is expected to commence its operations from
May, 2017.


JINDAL TIMBER: CARE Keeps C Debt Rating in Not Cooperating
----------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Jindal
Timber & Plywood Private Limited (JTPPL) continue to remain in the
'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       4.00       CARE C; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category  

   Short Term Bank     14.00       CARE A4; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category

Rationale and key rating drivers

CARE Ratings Ltd. had, vide its press release dated November 3,
2023, placed the rating(s) of JTPPL under the 'issuer
non-cooperating' category as JTPPL had failed to provide
information for monitoring of the rating as agreed to in its Rating
Agreement. JTPPL 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

Outlook: Stable
Karnal-based (Haryana) JTPPL was incorporated in 2009 and is
promoted by Mr. Ramesh Jain and supported by his son Mr. Dinesh
Jain. The business operations were originally being carried under a
proprietorship firm "Jindal Cement Jali Works" (JCJW) which was
established by Mr. Ramesh Jain in 1976. Subsequently in 2009, the
business operations were taken over by JTPPL. JTPPL is engaged in
trading and sawing of timber and allied products such as plywood,
door skins etc. JTPPL has its registered office located at Karnal,
Haryana with its branch office at Gandhidham, Gujarat.


KAYTX INDUSTRIES: CARE Keeps D Debt Ratings in Not Cooperating
--------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Kaytx
Industries Private Limited (KIPL) continue to remain in the 'Issuer
Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      40.00       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

   Short Term Bank     15.00       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 22,
2023, placed the rating(s) of KIPL under the 'issuer
non-cooperating' category as KIPL had failed to provide information
for monitoring of the rating as agreed to in its Rating Agreement.
KIPL continues to be non-cooperative despite repeated requests for
submission of information through e-mails dated October 7, 2024,
October 17, 2024 and October 27, 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

KIPL was incorporated in 2005 by Mr Satish Dutt to undertake
manufacturing and trading of steel structures including channels,
angles, joists, etc. Subsequently, the company was acquired by the
current promoters on April 1, 2011. KIPL is promoted by Mr.
Parshotam Lal Aggarwal and Mr. Salil Aggarwal. The company has an
integrated manufacturing facility and offers manufacturing,
fabrication and galvanization of structured steel products.


LORDS INFRACON: Ind-Ra Keeps BB- Loan Rating in NonCooperating
--------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained Lords Infracon
Private Limited's (LIPL) bank loan ratings in the non-cooperating
category and has simultaneously withdrawn the same.

The detailed rating actions are:

-- INR200 mil. Fund-based working capital limit* maintained in
     non-cooperating category and withdrawn; and

-- INR450 mil. Non-fund-based working capital limit# maintained
     in non-cooperating category and withdrawn.

Note: ISSUER NOT COOPERATING: The issuer did not cooperate, based
on best available information

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

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

Detailed Rationale of the Rating Action

The ratings have been maintained in the non-cooperating category
before being withdrawn as the issuer did not participate in the
rating exercise despite repeated requests by the agency through
phone calls and emails, and has not provided information about
latest audited financial statements, sanctioned bank facilities and
utilization, business plans and projections for the next three
years, information on corporate governance, and management
certificate. This is in accordance with Ind-Ra's policy of
'Guidelines on What Constitutes Non-cooperation'.

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

Non-Cooperation by the Issuer

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

Limitations regarding Information Availability

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

About the Company

Incorporated in 2014, LIPL is a Jamshedpur-based company, primarily
engaged in civil construction work, including canals, roads and
buildings, for the government of Jharkhand and the government of
Odisha.  The entity was started as a sole proprietorship in 2000,
with Mahendra Gope as the proprietor, and it was later converted
into a private company in 2014. The company existing directors are
Mahendra Gope, Urmila Devi and Nilamber Kumar.

MILSHA AGRO: ICRA Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------
ICRA has kept the ratings for the bank facilities of Milsha Agro
Exports Pvt. Ltd. ((MAEPL) in the 'Issuer Not Cooperating'
category. The rating is denoted as "[ICRA]D/[ICRA]D; ISSUER NOT
COOPERATING".

                     Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Long-term-         3.31       [ICRA]D; ISSUER NOT COOPERATING;
   Fund based                    rating continue to be under
   Term Loans                    'Issuer Not Cooperating'
                                 Category

   Long Term/         4.25       [ICRA]D/[ICRA]D; ISSUER NOT
   Short Term                    COOPERATING; rating continue to
   Fund-based                    under 'Issuer Not Cooperating'
   Packing Credit                Category


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

Milsha Agro Exports Pvt. Ltd. (MAEPL), incorporated in 2009, is
involved in processing and export of shrimps. Its processing unit
is in Kolkata with an installed processing capacity of 30 tonnes
per day and a storage capacity of 180 tonnes. The company also does
job work for entities involved in the same line of business. The
business was started by Mr. Ram Milan Singh in the 1970s through a
partnership firm, Veejay Impex.


MKD INFRASTRUCTURE: CARE Keeps D Debt Rating in Not Cooperating
---------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Mkd
Infrastructure & Projects Private Limited (MIPPL) continue 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 October 31,
2023, placed the rating(s) of MIPPL under the 'issuer
non-cooperating' category as MIPPL had failed to provide
information for monitoring of the rating as agreed to in its Rating
Agreement. MIPPL continues to be non-cooperative despite repeated
requests for submission of information through e-mails dated
September 15, 2024, September 25, 2024 and October 5, 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

MIPPL, incorporated in the year 2012, is promoted by Mr. Paresh
Rathi, Director, and is engaged in the construction of building for
private players in the state of Maharashtra.


NANGALI AGRO: CRISIL Keeps D Debt Rating in Not Cooperating
-----------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Sri Nangali
Agro Tech Private Limited (SNA) continues to be 'CRISIL D Issuer
Not Cooperating'.

                       Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit            22        CRISIL D (Issuer Not
                                    Cooperating)

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

Incorporated in 1996 and promoted by Mr. Vijay Kumar, Mr. Satish
Kumar, and Mr. Anil Kumar, SNA manufactures wheatbased products
such as flour, maida, and sooji. Unit in Gurdaspur has processing
capacity of 120 tonne per day for each product.


NAVKAR URBANSTRUCTURE: CARE Keeps C Debt Rating in Not Cooperating
------------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Navkar
Urbanstructure Limited (NUL) continue to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       8.50       CARE C; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category  

   Short Term Bank     14.00       CARE A4; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category

Rationale and key rating drivers

CARE Ratings Ltd. had, vide its press release dated November 10,
2023, placed the rating(s) of NUL under the 'issuer
non-cooperating' category as NUL had failed to provide information
for monitoring of the rating as agreed to in its Rating Agreement.
NUL 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

Outlook: Stable

Ahmedabad (Gujarat) based NUL (ISIN number: INE268H01036),
incorporated in June 1992; is promoted by Shah Family. NUL is a
registered 'AA class' contractor with Government of Gujarat
(G-o-G). The company executes the orders for the different
departments of G-o-G and other private players. The company is also
engaged in the manufacturing of Reinforced Cement Concrete (RCC)
Vertical Hume Pipe with production capacity of manufacturing moulds
ranging from 300 mm to 1400 mm and
ready-mix concrete (RMC) and operates from its manufacturing
facilities located at Kheda, Gujarat.

PANTONE TEXTILE: CARE Keeps C Debt Ratings in Not Cooperating
-------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Pantone
Textile Mills Private Limited (PTMPL) continue to remain in the
'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       7.25       CARE C; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category  

   Long Term/           0.25       CARE C; Stable/CARE A4;
   Short Term                      ISSUER NOT COOPERATING;
   Bank 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 3,
2023, placed the rating(s) of PTMPL under the 'issuer
non-cooperating' category as PTMPL had failed to provide
information for monitoring of the rating as agreed to in its Rating
Agreement. PTMPL 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

Outlook: Stable

Faridabad (Haryana) based, Pantone Textiles Mills Private Limited
(PTMPL) was incorporated in January, 2017 as a private limited
company and is currently being managed by Mr. Pushpender Kumar, Mr.
Jai Prakash Singh, Mr. Sanjay Sharma and Mr. Vinay Kataria. PTMPL
is setting up a unit for processing and dyeing of fabric and
garments.


PRANI AUTO: ICRA Keeps D Debt Ratings in Not Cooperating Category
-----------------------------------------------------------------
ICRA has kept the Long-Term ratings of Prani Auto Plaza Private
Limited in the 'Issuer Not Cooperating' category. The rating is
denoted as "[ICRA]D; ISSUER NOT COOPERATING".

                     Amount
   Facilities     (INR crore)   Ratings
   ----------     -----------   -------
   Long-term         13.00      [ICRA]D; ISSUER NOT COOPERATING;
   Fund based                   Rating Continues to remain under
   Cash Credit                  'Issuer Not Cooperating'
                                Category

   Long-term          4.40      [ICRA]D; ISSUER NOT COOPERATING;
   Fund based                   Rating Continues to remain under
   Term Loan                    'Issuer Not Cooperating'
                                Category

   Long Term-         0.35      [ICRA]D; ISSUER NOT COOPERATING;
   Unallocated                  Rating Continues to remain under
                                'Issuer Not Cooperating'
                                Category

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

Prani Auto Plaza Private Limited was started as a partnership firm
in 2003 and was subsequently converted to a private limited company
in 2009. The company is the authorized dealer of passenger vehicles
of Tata motors limited (TML) in Anantapur and Kurnool districts in
Andhra Pradesh. The company opened its first showroom in Ananthapur
in 2003, followed by showrooms in Kurnool in 2007 and Nandyal in
2009. These three showrooms are in the company's own buildings.
Additionally, the company opened showrooms in Hindupur (2011) and
Tadipatri (2012) on a lease basis. In January 2013, it opened one
more showroom in Tirupati as the existing dealer in the district
withdrew from the dealership.


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

                     Amount
   Facilities     (INR crore)   Ratings
   ----------     -----------   -------
   Long-term-        10.00      [ICRA]D; ISSUER NOT COOPERATING;
   Fund based                   Rating Continues to remain under
   Cash Credit                  'Issuer Not Cooperating'
                                Category

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

Pytex Jewllers Private Limited was established in 2006 as a private
limited company by Mr. Pradeep Tayal and family. The company is
engaged in the manufacturing and trading of gold, silver, diamonds
and precious stones. Pytex Jewellers is situated at Netaji Subhah
Place, New Delhi, with a shop area close to 600 sq yards. Mr. Ankur
Tyal assists Mr. Pradeep Tayal in business.


RAJ TELEVISION: Ind-Ra Cuts Loan Rating to BB, Outlook Stable
-------------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded Raj Television
Network Limited's (RTNL) bank facilities as follows:

-- INR92 mi. Term loan due on February 2027 downgraded with IND  

     BB/Stable rating; and

-- INR130 mil. Fund-based working capital limit Long-term rating
     downgraded; Short-term rating affirmed with IND BB/Stable/IND

     A4+ rating.

Detailed Rationale of the Rating Action

The downgrade reflects RTNL's weaker-than-Ind-Ra-expected financial
performance during FY25. The ratings remain constrained by the
company's small scale of operations, modest EBITDA margins and
credit metrics, and stretched liquidity. Although, Ind-Ra expects
the scale of operations and EBITDA margins to improve in FY26. The
ratings remain supported by promoters' more than three decades of
experience in the media industry.

Detailed Description of Key Rating Drivers

Decline in EBITDA Margins: In 1HFY25, the company incurred EBITDA
losses on account of an increase in operating expenses due to
launching of two new channels and settlement of a contingent
liability. Ind-Ra expects RTNL to report operating losses in FY25
and turn profitable from FY26. In FY24, the EBITDA margins declined
to 4.55% (FY23: 6.73%) due to an increase in content production and
up-linking charges. The margins were modest with a return on
capital employed of 2% in FY24 (FY23: 2.4%).

Deterioration in Credit Metrics: Ind-Ra expects the credit metrics
to deteriorate in FY25 due to the operating losses and improve from
FY26 on account of scheduled debt repayment and the likely increase
in EBITDA. During FY25, RTNL availed a term loan of INR120 million
for settling contingent liabilities. In FY24, the interest coverage
(operating EBITDA/gross interest expense) improved to 1.93x (FY23:
1.85x) due to a reduction in financial charges on account of
scheduled term loan repayment. However, the net leverage
deteriorated to 4.18x in FY24 (FY23: 3.93x) on account of the
decline in EBITDA to INR48.45 million (FY23: INR57.05 million).

Continued Small Scale of Operations: In 1HFY25, RTNL booked revenue
of INR613.66 million. In FY24, RTNL's revenue improved to
INR1,064.9 million (FY23: INR847.88 million) on account of
increased revenue from advertisement due to general elections and
the growth of over-the-top (OTT) and digital channels. Ind-Ra
expects the revenue to increase further in FY25 due to a rise in
OTT channel subscribers and the launch of two new channels.

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

Experienced Promoters: The company's promoters have more than three
decades of experience in the South Indian Television market. This
has helped the company to expand its network in major parts of
South India.

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

Liquidity

Stretched: RTNL's working capital cycle remained elongated at 109
days in FY24 (FY23: 110 days) as the reduction in the receivable
period to 88 days (232 days) was offset by a decline in the payable
period to 22 days (FY23: 122 days). The average maximum utilization
of the fund-based limits was 99.33% over the 12 months ended
September 2024. In FY24, the cash flow from operations declined to
INR12.88 million (FY23: INR277.21 million) due to unfavorable
changes in working capital. Consequently, the free cash flow fell
to INR10.01 million in FY24 (FY23: INR38.68 million). The company
has scheduled debt repayments of INR16.6 million in FY25 and
INR33.8 million in FY26. Furthermore, the company does not have any
capital market exposure and relies on banks and financial
institutions to meet its funding requirements. The cash and cash
equivalent stood at INR26.7 million at FYE24 (FYE23: INR24.64
million).

Rating Sensitivities

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

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

About the Company

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

RELIANCE INFRASTRUCTURE: Ind-Ra Affirms D Loan Rating
-----------------------------------------------------
India Ratings and Research (Ind-Ra) has taken the following rating
actions on Reliance Infrastructure Limited's (Reliance Infra) debt
instruments:

-- INR23.46 mil. (reduced from INR35.0 mil.) Fund/Non fund based
     working capital limits * (long-term/short-term) affirmed with

     IND D rating;

-- INR11.54 mil. Proposed fund/Non-fund based working capital
     limits (long-term/short-term) assigned with IND D rating; and

-- INR3.85 mil. Non-convertible debenture (long-term) ISIN
     INE036A07567 issued on June 8, 2018 coupon rate 12.5% due on
     December 15, 2021 is withdrawn.

* As of October 31, 2024, the outstanding fund- and non-fund-based
limits were nil and INR10.74 billion, respectively. The outstanding
amount is netted off the INR3.75 billion counter bank guarantee.

Analytical Approach

Ind-Ra continues to take consolidate view of Reliance Infra and its
subsidiaries to arrive at the ratings because of strong strategic
and operational, and moderate-to-strong legal linkages among them.

Detailed Rationale of the Rating Action

The rating of the bank facilities reflects Reliance Infra's ongoing
delays in debt servicing on its bank facilities, which has led to
the account being classified under the special mention account
category.

Ind-Ra has withdrawn the rating of non-convertible debenture, as it
has received no-dues certificate from the debenture holder.

Detailed Description of Key Rating Drivers

Delays in Debt Servicing: The affirmation reflects Reliance Infra's
continuous delays in debt servicing based on the information
received from the company. This is consistent with Ind-Ra's Default
Recognition and Post-Default Curing Period Policy.

Liquidity

Poor: Reliance Infra continues to delay its financial obligation.
During 1HFY25, Reliance Infra had reached to settlement agreement
with a majority of its lenders and repaid all its obligation
payable to its external secured lenders including debenture holders
except INR5.19 billion. Furthermore, during October 2024, the
company has received about INR7.5 billion (25% of subscription
amount) towards the issuance of INR30.14 billion warrants and
became a net debt free company. In addition, it planned to raise
another INR30 billion through a qualified institutional placement
and INR29.3 billion by issuing foreign currency convertible bonds.
Ind-Ra expects that on the receipt of the above-mentioned proceeds,
the liquidity of the company will improve.

About the Company

Reliance Infra is the flagship company of the Reliance Group, led
by Anil Dhirubhai Ambani, with a focus on the energy and
infrastructure businesses. The company has an in-house engineering,
procurement and construction division that is active in the power
and road segments. The company also operates and maintains a few
metro services, toll roads and airports through its special purpose
vehicles.

RUBBER PRODUCTS: CRISIL Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of The Rubber
Products Limited (RPL) continue to be 'CRISIL D/CRISIL D Issuer Not
Cooperating'.

                         Amount
   Facilities         (INR Crore)     Ratings
   ----------         -----------     -------
   Bank Guarantee         0.25        CRISIL D (ISSUER NOT
                                      COOPERATING)

   Cash Credit            4.5         CRISIL D (ISSUER NOT
                                      COOPERATING)

   Letter of Credit       1.25        CRISIL D (ISSUER NOT
                                      COOPERATING)

   Proposed Long Term     3.5         CRISIL D (ISSUER NOT
   Bank Loan Facility                 COOPERATING)

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

RPL was originally set up by the late Mr. Narayan Shetty in 1966
and reconstituted as a public listed company with the present name
in 1989. In 2006, the late Mr. Sadanand Shetty (friend of Mr.
Narayan Shetty) acquired a majority shareholding in the company.
RPL manufactures rubber products such as sheets, hoses, coated
fabric, extruded rubber products, boats and jackets, mini water
tanks (collapsible ponds), and inflammable storage spaces. Its
overall operations are managed by Ms. Sucharita Hegde, daughter of
Mr. Sadanand Shetty.


S. S. T. PACKAGING: CRISIL Keeps D Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of S. S. T.
Packaging Private Limited (SSTPL) continue to be 'CRISIL D Issuer
Not Cooperating'.

                          Amount
   Facilities         (INR Crore)     Ratings
   ----------         -----------     -------
   Cash Credit            0.5         CRISIL D (Issuer Not
                                      Cooperating)

   Proposed Long Term     0.2         CRISIL D (Issuer Not
   Bank Loan Facility                 Cooperating)

   Term Loan              5.2         CRISIL D (Issuer Not
                                      Cooperating)

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

SSTPL was incorporated on January 12, 2016, by the promoter, Mr
Tanmay Kumar. The company commenced operations from February 2018.
It manufactures polystyrene-based disposable plastic glasses, cups,
and similar products. The manufacturing facility is located in
Govindpur, Kolkata, with a capacity of 8,500 tonne per annum.


SAT INDER: Ind-Ra Withdraws B Bank Loan Rating
----------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn the ratings of
Sat Inder Constructions Private Limited's (SICPL) bank facilities
as follows:

-- The 'IND B/Negative (ISSUER NOT COOPERATING)' rating on the
     INR50 mil. Fund-based working capital limits is withdrawn;

-- The 'IND A4 (ISSUER NOT COOPERATING)' rating on the INR45 mil.

     Non-fund-based working capital limits is withdrawn; and

-- The 'IND B/Negative (ISSUER NOT COOPERATING)' rating on the
     INR7.30 mil. Term loan due on July 2020 is withdrawn.

Detailed Rationale of the Rating Action

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

About the Company

SICPL was established as a partnership firm under the name Inder
Constructions in 1984. It was incorporated as a private limited
company in 2013. The company undertakes civil construction projects
for government entities such as Public Works Department  in Odisha
and West Bengal. Inderpall Singh Bhatt is the managing director of
the company.

SHYAMALI COLD: CRISIL Keeps D Debt Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Shyamali Cold
Storage Private Limited (SCSPL) continue to be 'CRISIL D Issuer Not
Cooperating'.

                       Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit          3.45        CRISIL D (Issuer Not
                                    Cooperating)

   Long Term Loan       2.80        CRISIL D (Issuer Not
                                    Cooperating)

   Working Capital      0.75        CRISIL D (Issuer Not
   Term Loan                        Cooperating)

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

SCSPL, incorporated in 2005, is engaged in the business of
providing cold storage services to the potato farmers and traders.
The company is owned by West Bengal based Rudra family. GCSPL's
cold storage, having storage capacity of about 2 lakh quintal. The
facility is located in Burdwan district of West Bengal.


SOUTH INDIAN: CRISIL Keeps D Debt Ratings in Not Cooperating
------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of South Indian
Constructions (SIC) continue to be 'CRISIL D/CRISIL D Issuer Not
Cooperating'.

                       Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Bank Guarantee         6         CRISIL D (Issuer Not
                                    Cooperating)

   Cash Credit            5         CRISIL D (Issuer Not
                                    Cooperating)

   Cash Credit            7.5       CRISIL D (Issuer Not
                                    Cooperating)

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

Set up in 1992, SIC undertakes civil construction contracts for
various statutory bodies of the Kerala and Tamil Nadu governments.
The operations of the firm are managed by the proprietor Mr. Vinod
Kumar.


TEMPLE CITY: CRISIL Keeps D Debt Rating in Not Cooperating
----------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Temple City
Developers Private Limited (TCDPL) continues to be 'CRISIL D Issuer
Not Cooperating'.

                       Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit           9.5        CRISIL D (Issuer Not
                                    Cooperating)

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

TCDPL, based in Odisha, was established in 1995 and was taken over
by Mr. Pradeep Kumar Mangaraja in 2003-04 (refers to financial
year, April 1 to March 31) from its earlier promoters. The company
commenced operations in April 2013. TCDPL trades in iron ore fines
and construction materials; its operations are managed by Mr.
Pradeep Kumar Mangaraja and Mr. Bijaya Kumar Pradhan.


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

                         Amount
   Facilities         (INR Crore)     Ratings
   ----------         -----------     -------
   Cash Credit             4.5        CRISIL D (Issuer Not
                                      Cooperating)

   Long Term Loan          6.5        CRISIL D (Issuer Not
                                      Cooperating)

   Proposed Long Term      2.5        CRISIL D (Issuer Not
   Bank Loan Facility                 Cooperating)

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

TIPL is setting up a manufacturing unit in Kathua (Jammu and
Kashmir) for grinding PET from PET bottles and scrap. The proposed
capacity of the facility is 3,000 kilogram per hour. The company is
promoted by Mr Daljit Singh Rana and Mr Kush Aggarwal.


VEERA BRAHMENDRA: CRISIL Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Sree Veera
Brahmendra Swamy Spinning Mills Private Limited (SVPL) continue to
be 'CRISIL D Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Cash Credit            6.50      CRISIL D (Issuer Not
                                    Cooperating)

   Working Capital        7.51      CRISIL D (Issuer Not
   Term Loan                        Cooperating)

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

Incorporated in 2006, SVSSMPL manufactures cotton yarn. The unit
has 13,416 spindles and is located in the Guntur district of Andhra
Pradesh. The company was incorporated by Mr. Chundi Thirupathaiah;
however, it was eventually sold off to Mr. G Sundararamaiah in
March 2013.


VINAYAGA IMPEX: CRISIL Keeps D Debt Ratings in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Vinayaga
Impex Private Limited (VIPL) continue to be 'CRISIL D/CRISIL D
Issuer Not Cooperating'.

                         Amount
   Facilities         (INR Crore)     Ratings
   ----------         -----------     -------
   Cash Credit             3.4        CRISIL D (Issuer Not
                                      Cooperating)

   Export Bill             4.5        CRISIL D (Issuer Not
   Rediscounting                      Cooperating)

   Inland/Import           0.25       CRISIL D (Issuer Not
   Letter of Credit                   Cooperating)

   Overdraft Facility      2.5        CRISIL D (Issuer Not
                                      Cooperating)

   Packing Credit          2.5        CRISIL D (Issuer Not
                                      Cooperating)

   Proposed Long Term      1.39       CRISIL D (Issuer Not
   Bank Loan Facility                 Cooperating)

   Term Loan               0.46       CRISIL D (Issuer Not
                                      Cooperating)

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

Started in 2003, VIPL is a Delhi-based company that manufactures
garments and fabrics. It is managed by Mr. B M Arora, Mr. Arjun
Dev, and Mr. Pradeep Nanda. Its manufacturing unti is based in
Ludhiana (Punjab).


VREP CONSTRUCTION: CRISIL Keeps C Debt Rating in Not Cooperating
----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Vrep
Construction and Consultants Private Limited (VCCPL) continue to be
'CRISIL C/CRISIL A4 Issuer Not Cooperating'.

                       Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Bank Guarantee        4.5        CRISIL A4 (Issuer Not
                                    Cooperating)

   Cash Credit           0.5        CRISIL C (Issuer Not
                                    Cooperating)

CRISIL Ratings has been consistently following up with VCCPL 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 VCCPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on VCCPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
VCCPL continues to be 'CRISIL C/CRISIL A4 Issuer Not Cooperating'.

VCCPL initially established as a partnership firm by Mr. S.
Saikumar (Mechanical engineering with 25 years of experience and
background for setting up of Industrial project for beverages,
breweries, dairy, garments, soaps & detergents etc) in 2008 with
registered office in Bangalore, Karnataka , was converted into a
private limited company in 2012. The company undertakes civil
works, mainly commercial and residential projects, from private
players by bidding through tenders. The promoters of the company
have over 25 years of experience in the construction industry.


YAK GRANITE: CRISIL Keeps C Debt Ratings in Not Cooperating
-----------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Yak Granite
Industries Private Limited (YGIPL) continue to be 'CRISIL C/CRISIL
A4 Issuer Not Cooperating'.

                         Amount
   Facilities         (INR Crore)    Ratings
   ----------         -----------    -------
   Bank Guarantee          0.25      CRISIL A4 (Issuer Not
                                     Cooperating)

   Cash Credit             6         CRISIL C (Issuer Not
                                     Cooperating)

   Letter of Credit        0.25      CRISIL A4 (Issuer Not
                                     Cooperating)

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

CRISIL Ratings has been consistently following up with YGIPL 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 YGIPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on YGIPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
YGIPL continues to be 'CRISIL C/CRISIL A4 Issuer Not Cooperating'.

Set up in 1982 by Mr Badri Narayan, YGIPL processes rough granite
blocks, monuments, and granite slabs. Operations are managed by Mr
Narayan.


[*] INDIA: Creditors Recover INR3.55 lakh crore Thru September
--------------------------------------------------------------
The Economic Times reports that creditors have recovered around
INR3.55 lakh crore through resolution of 1,068 cases under the
insolvency law till September this year, the government said on
November 25. In a written reply to the Lok Sabha, Minister of State
for Corporate Affairs Harsh Malhotra also said that a total of
1,963 CIRP cases are ongoing and out of them, 1,388 have exceeded
the time limit of 270 days.

CIRP refers to Corporate Insolvency Resolution Process.

ET relates that the minister emphasised that realisation under the
IBC is market driven and dependent on quality of assets at the time
of resolution.

"A total of 1,068 cases have been resolved under the Insolvency and
Bankruptcy Code, 2016 (IBC) leading to a recovery of about INR3.55
lakh crore to the creditors since inception of IBC till September
2024," ET quotes Malhotra as saying.

So far, six amendments have been made to the IBC to strengthen the
resolution process and to ensure proper implementation of
provisions of the law, ET states.

The Insolvency and Bankruptcy Board of India (IBBI) has made more
than 100 amendments in regulations since inception of the IBC.




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

AETHER PACIFIC: First Creditors' Meeting Set for Dec. 2
-------------------------------------------------------
A first meeting of the creditors in the proceedings of Aether
Pacific Pharmaceuticals Limited will be held on Dec. 2, 2024 at
2:00 p.m. at the offices of Waterstone Insolvency Limited at PO Box
352, Shortland Street in Auckland 1140.

Damien Grant and Adam Botterill of Water Insolvency were appointed
as administrators of the company on Nov. 20, 2024.



EUROTECH DESIGN: Creditors' Proofs of Debt Due on Jan. 13
---------------------------------------------------------
Creditors of Eurotech Design Limited are required to file their
proofs of debt by Jan. 13, 2025, to be included in the company's
dividend distribution.

The High Court at Auckland appointed Stephen Speers Keen and David
Ian Ruscoe of Grant Thornton New Zealand as liquidators on Nov. 22,
2024.



GINTY DEVELOPMENTS: Creditors' Proofs of Debt Due on Dec. 20
------------------------------------------------------------
Creditors of Ginty Developments 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. 22, 2024.

The company's liquidators are:

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



KYDELL DOWNS: Creditors' Proofs of Debt Due on Dec. 20
------------------------------------------------------
Creditors of Kydell Downs 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. 14, 2024.

The company's liquidator is:

          Rhys Cain
          c/o PO Box 20113
          Christchurch 8053



OJI FIBRE: 230 Jobs on Line in Mill Processing Halt
---------------------------------------------------
Otago Daily Times reports that Kinleith Mill plans to halt paper
processing next year with 230 jobs on the line.

According to ODT, workers were called to a meeting at the mill in
Tokoroa on Nov. 20.

The pulp and paper mill is owned by Oji Fibre Solutions, which in
September announced it was closing its operation at Penrose,
Auckland. Up to 75 workers were affected. Oji said that closure was
partly due to high power prices.

ODT relates that Oji chief executive Jon Ryder said in a statement
the company was proposing to simplify Kinleith Mill's operations by
focusing on pulp and discontinuing lossmaking paper production.

"Therefore, we are consulting on a plan to permanently shut the
Kinleith PM6 paper machine and move to a paper import model for our
packaging operations.

"Manufacturing paper has become unprofitable. Paper production at
Kinleith Mill has suffered significant losses for several years and
we see no prospect of the situation improving," the report quotes
Mr. Ryder as saying.

"Due to the complexities of operational changes required at the
mill for this proposal, the exact number of potential job losses is
unknown at this stage. However, we anticipate approximately 230
roles may be affected."

The mill will continue producing pulp, ODT notes.

Earlier in September Winstone Pulp International announced it would
close its pulp mill at Karioi and its sawmill at Tangiwai with the
loss of 230 jobs.

The mill is the main employer in the central North Island region,
with most of its workers living in Raetihi, Ohakune and Waiouru.

Locals feared Raetihi would turn into a ghost town with the effect
from the mill closure on households, adds Stuff.


PAPA ROBS: Court to Hear Wind-Up Petition on Dec. 3
---------------------------------------------------
A petition to wind up the operations of Papa Robs Contractors
Limited will be heard before the High Court at Rotorua on Dec. 3,
2024, at 10:00 a.m.

Attorney-General filed the petition against the company on Sept.
30, 2024.

The Petitioner's solicitor is:

          Philip Vance Shackleton
          Meredith Connell
          Level 7, 8 Hardinge Street
          Auckland





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

BOOKSALE: Business as Usual in Other Branches as Some Stores Shut
-----------------------------------------------------------------
GMA News Online reports that after announcing that some of its
stores were closing as it enters a "new chapter" in its operations,
Booksale Philippines assured that it was still business as usual
for many of its other branches across the country.

In a Facebook post on Nov. 20, Booksale listed some 40 branches in
Luzon, Visayas, and Mindanao where it continues to service customer
needs, GMA News relates.

"So apparently there's a rumor that we're shutting down for good
. . . We're not going anywhere! In fact, you can find us at these
branches nationwide, just waiting to help you find your next great
read!" the company said, adding that customers may also transact
via an online shopping platform.

According to GMA News, Booksale CEO Josh Sison said in a Facebook
post Nov. 19 that some branches were shuttering, but noted that it
has "many exciting plans" for Filipino bookworms.

"As we enter a new chapter in our bookstore's story, we want to
take a moment to thank you, our loyal readers. While some of our
branches are closing, we're excited to continue finding new ways to
make reading affordable and accessible as we have done so for the
past 35 years," the report quotes Mr. Sison as saying.

"We have so many exciting plans ahead, and we can't wait to share
them with you," he said.

Also this week, BookSale announced the permanent closure of its
Robinsons Galleria branch on Nov. 30, and Robinsons Bacolod branch
on Dec. 8.

Its social media page redirected patrons to other nearby
locations.

"Nearest branch to Robinsons Galleria is SM Megamall located at the
LGF building A. Nearest branch to Robinsons Bacolod is SM Bacolod
located at the 2nd floor. Visit these branches for one last
treasure trove adventure!" it said.

GMA News notes that amid the financial crunch of the COVID-19
pandemic, Booksale previously announced closures of other branches,
such as Robinsons Place Calasiao, Ayala Legazpi, Porta Vega, and
Starmall San Jose in 2020 and 2021.

Booksale sells low-priced and unused books from the United States,
Canada, Australia, and the United Kingdom. It also distributes
locally printed Pinoy magazines in English and Filipino.




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

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

Accel Solutions Ltd filed the petition against the company on Nov.
4, 2024.

The Petitioner's solicitors are:

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



QOO10 PTE: Court Enters Wind-Up Order
-------------------------------------
The High Court of Singapore entered an order on Nov. 11, 2024, to
wind up the operations of QOO10 Pte. Ltd.

21ST Century Healthcare Pte Ltd filed the petition against the
company.

The company's liquidators are:

          Abuthahir Abdul Gafoor
          Yessica Budiman
          AAG Corporate Advisory
          144 Robinson Road
          #14-02 Robinson Square
          Singapore 068908



S3 ID: Creditors' Proofs of Debt Due on Dec. 23
-----------------------------------------------
Creditors of S3 ID Pte. Ltd. are required to file their proofs of
debt by Dec. 23, 2024, to be included in the company's dividend
distribution.

The company commenced wind-up proceedings on Nov. 20, 2024.

The company's liquidators are:

          Lau Chin Huat
          Yeo Boon Keong
          c/o Technic Inter-Asia  
          50 Havelock Road #02-767
          Singapore 160050



SIMEC SHIPPING: Court to Hear Wind-Up Petition on Nov. 29
---------------------------------------------------------
A petition to wind up the operations of Simec Shipping (Singapore)
Pte. Ltd. will be heard before the High Court of Singapore on
Nov. 29, 2024, at 10:00 a.m.

Lucky Jessica Shipping Pte. Ltd. filed the petition against the
company on Nov. 7, 2024.

The Petitioner's solicitors are:

          Premier Law LLC
          12 Marina Boulevard
          #38-04 Marina Bay Financial Centre (MBFC) Tower 3
          Singapore 018982



TAKASINO CORPORATION: Court Enters Wind-Up Order
------------------------------------------------
The High Court of Singapore entered an order on Nov. 15, 2024, to
wind up the operations of Takasino Corporation Pte. Ltd.

Maybank Singapore Limited filed the petition against the company.

The company's liquidator is:

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





=====================
S O U T H   K O R E A
=====================

[*] S. KOREA: Delinquency Rates Surge in Short-Term Small Loans
---------------------------------------------------------------
The Korea Times reports that card companies, capital firms and
savings banks are seeing a spike in delinquency rates in short-term
small loans, a spillover from the tightening of household lending
regulations on commercial banks, market watchers said
Nov. 24.

This development fuels concerns over a further surge in extended
distress loans, an indicator of greater-than-feared economic
sluggishness, the Korea Times says. It is exacerbated by years of
postpandemic monetary tightening and the resulting sustained high
borrowing costs.

Loans are considered delinquent if interest payments on card loans,
cash advances and unsecured loans are 30 or more days past due, the
report notes. Also included are late payments on credit card bills,
monthly installments and revolving loans.

According to the financial industry, the three loans soared to
KRW900 billion ($640 million), up from KRW800 billion in July, the
Korea Times discloses. It was a further jump from KRW700 billion in
August. The combined outstanding amount of the three loans extended
by card and capital firms came to KRW2.9 trillion in the first 10
months of this year.

Card loans granted by the country's nine card firms came to KRW42.2
trillion last month, up KRW5.33 trillion from the previous month.
It broke the previous record in August.

The Korea Times says Woori Card's delinquency rate stood at 1.78
percent as of end-September, up 0.56 percentage points from a year
earlier.

The figure for Hana Card came to 1.82 percent, up 0.16 percentage
points from 1.66 percent over the same period.

KB Kookmin Card's rate climbed to 1.29 percent, up 0.07 percentage
points from 1.22 percent.

The figure for Shinhan Card remained at 1.33 percent, down from
1.35 percent, over the same period, the Korea Times relays.

The Korea Times discloses that the delinquency rates of savings
banks soared to the mid-8 percent range as of the end of September,
driven by project financing woes over the past year.

The range is an improvement from the previous 12-year high of 6.55
percent as of the end of December last year. It was a dip from 8.36
percent as of the end of June, the report adds.



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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-
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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.

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