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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

          Friday, December 6, 2024, Vol. 27, No. 245

                           Headlines



A U S T R A L I A

ECKENFELS IH: First Creditors' Meeting Set for Dec. 11
EV20 CONSULTING: Second Creditors' Meeting Set for Dec. 11
LAND & HOMES: First Creditors' Meeting Set for Dec. 12
NATIONAL NARROWBAND: Secures Funding to Continue Trading
ONELIFE LABS: First Creditors' Meeting Set for Dec. 12

PLENTI AUTO 2023-1: Moody's Hikes Rating on Class F Notes to Ba1
PLENTI PL 2024-1: Moody's Upgrades Rating on Class F Notes to Ba3
PROVIDENCE ASSET: Second Creditors' Meeting Set for Dec. 11
ROBUSTA TRUST 2024-1: Fitch Gives 'Bsf' Rating on Cl. F Notes


C H I N A

CHENGDU AEROTROPOLIS: Fitch Affirms & Withdraws 'BB+' LongTerm IDR
CHINA: Smaller Solar Firms to Face Reckoning in 2025, Huasun Says
DALIAN WANDA: Fitch Puts 'CC' Foreign Currency IDR on Watch Neg.
TIMES CHINA: Pressed for Funding Details on Debt Plan


I N D I A

A. B. PAL ELECTRICALS: CARE Reaffirms D Rating on INR48.30cr Loan
AAKASH POLYFILMS: Ind-Ra Affirms BB+ Bank Loan Rating
ADVANCED COMPUTERS: CARE Keeps D Debt Ratings in Not Cooperating
ALLFLEX PLASTICS: CARE Keeps C Debt Rating in Not Cooperating
ANJANEYA EXPORTS: CRISIL Keeps D Debt Ratings in Not Cooperating

AZURE POWER: Fitch Alters Outlook on 'B' Rating to Negative
CAPACITE ENGINEERING: Ind-Ra Affirms BB- Bank Loan Rating
ENERSAN POWER: CARE Keeps D Debt Rating in Not Cooperating
IL&FS TAMIL: CARE Keeps D Debt Rating in Not Cooperating Category
JAIPRAKASH ASSOCIATES: NCLAT Reserves Order in JAL's Scheme Plea

KING REFINERIES: CARE Keeps C Debt Rating in Not Cooperating
MADHOOR BUILDWELL: CRISIL Keeps D Debt Ratings in Not Cooperating
MAHESH TRADERS: CARE Keeps C Debt Rating in Not Cooperating
MAITHRI DRUGS: Ind-Ra Keeps BB Loan Rating in NonCooperating
NEEL KRISHNA: CARE Keeps D Debt Rating in Not Cooperating

P. K. INDUSTRIES: CARE Keeps D Debt Ratings in Not Cooperating
P.E. ERECTOR: Ind-Ra Withdraws BB- Bank Loan Rating
PANACHE DIGILIFE: Ind-Ra Affirms BB+ Bank Loan Rating
PRAYAG POLYTECH: CARE Keeps D Debt Ratings in Not Cooperating
PRECISION MACHINES: Ind-Ra Affirms BB+ Rating, Outlook Stable

QUALPACK: CARE Keeps C Debt Rating in Not Cooperating Category
R V REALTY: CARE Keeps D Debt Rating in Not Cooperating Category
RAGHUVIR OIL: CARE Keeps D Debt Ratings in Not Cooperating
RAJMOTI INDUSTRIES: CRISIL Keeps D Ratings in Not Cooperating
REGEN INFRASTRUCTURE: CARE Keeps D Debt Ratings in Not Cooperating

REGEN POWERTECH: CARE Keeps D Debt Ratings in Not Cooperating
S. SATYANARAYANA: CARE Keeps C Debt Ratings in Not Cooperating
S.K. SHOE: CRISIL Keeps D Debt Ratings in Not Cooperating
SAINIK MINING: CRISIL Keeps D Debt Ratings in Not Cooperating
SEAWARD EXPORTS: Ind-Ra Affirms BB- Bank Loan Rating

SGC LOGISTIC: CRISIL Keeps D Debt Ratings in Not Cooperating
SHAMLAJI EXPRESSWAY: CARE Lowers Rating on INR650cr LT Loan to B
SRIAVANTIKA CONTRACTORS: Ind-Ra Moves BB Rating to NonCooperating
SYBLY INDUSTRIES: CRISIL Keeps C Debt Ratings in Not Cooperating
VINTAGE COFFEE: Ind-Ra Assigns BB+ Bank Loan Rating

WIN ENTERPRISE: CARE Keeps B- Debt Rating in Not Cooperating


I N D O N E S I A

CIKARANG LISTRINDO: Moody's Alters Outlook on Ba1 CFR to Positive


M A L A Y S I A

FASHIONVALET: Founders Charged After Sovereign Wealth Fund Loss
LEMBAGA TABUNG: PAC Asks if Asset Liquidation is Part of Plan


N E W   Z E A L A N D

A R DENTAL: Grant Bruce Reynolds Appointed as Liquidator
FOREST GOLD: Creditors' Proofs of Debt Due on Dec. 28
GOLDEN STAR: Court to Hear Wind-Up Petition on Dec. 13
KITCHENS DIRECT: Victims Want Director Made Accountable
MBS FITOUTS: Court to Hear Wind-Up Petition on Dec. 12

SARGOOD LIMITED: Creditors' Proofs of Debt Due on Jan. 20
TE ARAWA: Maketu Pies Business Sold to Montana Group
TICKET ROCKET: Owes Creditors Almost NZD10MM, Liquidators Reveal


S I N G A P O R E

ALL DAY: Commences Wind-Up Proceedings
CITY VIEW: Court to Hear Wind-Up Petition on Dec. 20
DAK ENERGETICS: Court Enters Wind-Up Order
ESEN DESIGN: Court to Hear Wind-Up Petition on Dec. 20
GA 1821: Commences Wind-Up Proceedings


                           - - - - -


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A U S T R A L I A
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ECKENFELS IH: First Creditors' Meeting Set for Dec. 11
------------------------------------------------------
A first meeting of the creditors in the proceedings of Eckenfels IH
Education Group Pty Ltd, Ih Sydney Training Services Pty Ltd, and
PBL Education Pty Ltd will be held on Dec. 11, 2024 at 10:30 a.m.
via electronic means.

Glenn Jeffrey Franklin and Paul Anthony Allen of PKF Melbourne were
appointed as administrators of the company on Nov. 29, 2024.



EV20 CONSULTING: Second Creditors' Meeting Set for Dec. 11
----------------------------------------------------------
A second meeting of creditors in the proceedings of Ev20 Consulting
Group Pty Ltd has been set for Dec. 11, 2024 at 11:00 a.m. via
videoconference facilities only.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by Dec. 10, 2024 at 4:00 p.m.

Simon Patrick Nelson of BPS Reconstruction and Recovery was
appointed as administrators of the company on Nov. 6, 2024.



LAND & HOMES: First Creditors' Meeting Set for Dec. 12
------------------------------------------------------
A first meeting of the creditors in the proceedings of Land & Homes
Investment Pty Ltd will be held on Dec. 12, 2024 at 11:00 a.m. at
Level 12, 503 Kent Street in Sydney and via virtual meeting
technology.

Geoffrey Trent Hancock of Hamilton Murphy were appointed as
administrators of the company on Dec. 2, 2024.



NATIONAL NARROWBAND: Secures Funding to Continue Trading
--------------------------------------------------------
Cor Cordis, the appointed voluntary administrators of National
Narrowband Network Communications Pty Ltd (NNNCo), have secured a
confidential funding agreement to ensure the continuity of NNNCo's
operations during the Voluntary Administration process. Business
remains as usual, with all major projects progressing
uninterrupted.

In a further development, the Administrators have entered into a
confidential Exclusivity Deed with an interested party for the
potential acquisition of NNNCo as a going concern. Active
negotiations for the sale of the business and assets are ongoing,
with completion anticipated on or around the second meeting of
creditors, scheduled for Dec. 20, 2024.

"The Administrators express their appreciation for the strong
support received from NNNCo employees, customers, and suppliers and
will provide updates on the sale process as appropriate," Cor
Cordis said.

NNNCo is a global Internet of Things (IoT) solutions provider and
LoRaWAN network operator based in Australia. NNNCo's carrier grade
network provides secure, scalable IoT connectivity and solutions
for industry with a focus on the business-to-business market
concentrating on utilities, cities and enterprise.

Kate Conneely and Barry Wight of Cor Cordis were appointed as
Voluntary Administrators of National Narrowband Network
Communications Pty Ltd (NNNCo) on Nov. 15, 2024.


ONELIFE LABS: First Creditors' Meeting Set for Dec. 12
------------------------------------------------------
A first meeting of the creditors in the proceedings of Onelife Labs
Pty Ltd and Onelife Cultivation Pty will be held on Dec. 12, 2024
at 10:30 a.m. via Zoom conference.

Gideon Isaac Rathner of Lowe Lippmann was appointed as
administrators of the company on Dec. 3, 2024.


PLENTI AUTO 2023-1: Moody's Hikes Rating on Class F Notes to Ba1
----------------------------------------------------------------
Moody's Ratings has upgraded ratings on six classes of notes issued
by Plenti Auto ABS Trust 2023-1.

The affected ratings are as follows:

Issuer: Plenti Auto ABS Trust 2023-1

Class B2 Notes, Upgraded to Aaa (sf); previously on Mar 28, 2024
Upgraded to Aa1 (sf)

Class B1 Notes, Upgraded to Aaa (sf); previously on Mar 28, 2024
Upgraded to Aa1 (sf)

Class C Notes, Upgraded to Aa2 (sf); previously on Mar 28, 2024
Upgraded to Aa3 (sf)

Class D Notes, Upgraded to A1 (sf); previously on Mar 28, 2024
Upgraded to A2 (sf)

Class E Notes, Upgraded to Baa1 (sf); previously on Mar 28, 2024
Upgraded to Baa2 (sf)

Class F Notes, Upgraded to Ba1 (sf); previously on Mar 28, 2024
Upgraded to Ba3 (sf)

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

RATINGS RATIONALE

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

No action was taken on the remaining rated classes in the deal as
credit enhancements remain commensurate with the current ratings
for the respective notes.

Following the November 2024 payment date, credit enhancement
available for the Class B1, Class B2, Class C, Class D, Class E,
and Class F Notes has increased to 14.6%, 14.6%, 10.5%, 8.9%, 5.8%,
and 3.1% respectively, from 11.9%, 11.9%, 8.5%, 7.2%, 4.6% and 3.1%
at the time of the last rating action for these notes in March
2024.

Principal collections have been distributed on a pro-rata basis
among the rated notes (excluding Class A-X notes) since the
September 2024 payment date. Current outstanding notes (excluding
Class A-X notes) as a percentage of the total closing balance is
54.9%. Class A-X notes are repaid through a scheduled amortisation
profile. These notes are not collateralised and are repaid through
the interest waterfall only.

As of end-October 2024, 1.9% of the outstanding pool was 30-plus
day delinquent and 0.2% was 90-plus day delinquent. The portfolio
has incurred net losses of 0.5% (as a percentage of the original
pool balance) to date, all of which have been covered by excess
spread.

Based on the observed performance to date and loan attributes,
Moody's have lowered Moody's expected default assumption to 2.6% of
the current balance (equivalent to 2.1% of the original balance)
from 2.7% of the outstanding pool balance (equivalent to 2.2% of
the original balance) at last rating action. Moody's have also
lowered the Aaa portfolio credit enhancement to 13.0% from 13.5%.

The transaction is a cash securitisation of consumer auto loan
receivables extended to prime borrowers in Australia originated by
Plenti Finance Pty Limited.

The principal methodology used in these ratings was "Moody's Global
Approach to Rating Auto Loan- and Lease-Backed ABS" published in
August 2024.

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

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

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


PLENTI PL 2024-1: Moody's Upgrades Rating on Class F Notes to Ba3
-----------------------------------------------------------------
Moody's Ratings has upgraded ratings on five classes of notes
issued by Plenti PL & Green ABS Trust 2024-1.

The affected ratings are as follows:

Issuer: Plenti PL & Green ABS Trust 2024-1

Class B Notes, Upgraded to Aa1 (sf); previously on Feb 8, 2024
Definitive Rating Assigned Aa2 (sf)

Class C Notes, Upgraded to Aa3 (sf); previously on Feb 8, 2024
Definitive Rating Assigned A2 (sf)

Class D Notes, Upgraded to A3 (sf); previously on Feb 8, 2024
Definitive Rating Assigned Baa2 (sf)

Class E Notes, Upgraded to Baa2 (sf); previously on Feb 8, 2024
Definitive Rating Assigned Ba1 (sf)

Class F Notes, Upgraded to Ba3 (sf); previously on Feb 8, 2024
Definitive Rating Assigned B2 (sf)

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

RATINGS RATIONALE

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

No action was taken on the remaining rated classes in the deal as
credit enhancements remain commensurate with the current ratings
for the respective notes.

Following the November 2024 payment date, the credit enhancement
available for the Class B, Class C, Class D, Class E and Class F
Notes has increased to 23.5%, 17.5%, 14.2%, 9.7%, and 4.3%,
respectively, from 15.7%, 11.7%, 9.5%, 6.5% and 2.9% at closing.

Principal collections have been distributed on a pro-rata basis
among the rated notes since the February 2024 payment date. Current
outstanding notes as a percentage of the total closing balance is
66.8%.

As of end-October 2024, 2.4% of the outstanding pool was 30-plus
day delinquent, and 0.8% was 90-plus day delinquent. The deal has
incurred of 0.8% of gross losses to date.

Based on the observed performance to date and loan attributes,
Moody's have maintained Moody's expected default assumption to 5.2%
of the current pool balance (equivalent to 4.2% of the original
pool balance), and revised Moody's recovery rate assumption to 10%
from 7.5% at closing.

Moody's have also lowered the Aaa portfolio credit enhancement to
25.5% from 26.0%.

Moody's analysis has also considered various scenarios involving
different mean default rates, recovery rates and default timing to
evaluate the resiliency of the note ratings. Moody's have also
considered a higher CPR based on the monthly prepayment rates
observed to date.

The transaction is a cash securitisation of personal loans,
renewable energy loans and renewable energy buy-now-pay-later
(BNPL) receivables originated by Plenti Finance Pty Limited.

The principal methodology used in these ratings was "Moody's
Approach to Rating Consumer Loan-Backed ABS" published in July
2024.

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

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

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


PROVIDENCE ASSET: Second Creditors' Meeting Set for Dec. 11
-----------------------------------------------------------
A second meeting of creditors in the proceedings of Providence
Asset Management Pty Ltd has been set for Dec. 11, 2024 at 12:00
p.m. via virtual meeting - teleconference.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by Dec. 10, 2024 at 5:00 p.m.

Edwin Narayan and Andrew Quinn of Mackay Goodwin were appointed as
administrators of the company on Nov. 12, 2024.



ROBUSTA TRUST 2024-1: Fitch Gives 'Bsf' Rating on Cl. F Notes
-------------------------------------------------------------
Fitch Ratings has assigned final ratings to Robusta 2024-1 Trust's
mortgage-backed pass-through floating-rate bonds. The issuance
consists of notes backed by a pool of first-ranking Australian
conforming and non-conforming residential full- and
low-documentation mortgage loans originated by BNK Banking
Corporation Limited.

BNK Bank is the originator and servicer of the mortgage loans,
while Golden Eagle Mortgages Pty Limited is the lender of record.
The notes were issued by Perpetual Corporate Trust Limited in its
capacity as trustee of Robusta 2024-1 Trust. This is a separate and
distinct trust created under a master trust deed.

The final rating on the class E notes is two notches higher than
the expected rating. This was due to the reduction in the
transaction's weighted-average (WA) note margin from the indicative
WA margin previously modelled, which increases the excess spread
available. The final ratings on the class A-S, A-L, A2, B, C, D and
F notes are the same as the expected ratings.

   Entity/Debt              Rating             Prior
   -----------              ------             -----
Robusta 2024-1 Trust

   A-S AU3FN0093316     LT AAAsf  New Rating   AAA(EXP)sf
   A-L AU3FN0093324     LT AAAsf  New Rating   AAA(EXP)sf
   A2 AU3FN0093332      LT AAAsf  New Rating   AAA(EXP)sf
   B AU3FN0093340       LT AAsf   New Rating   AA(EXP)sf
   C AU3FN0093357       LT Asf    New Rating   A(EXP)sf
   D AU3FN0093365       LT BBBsf  New Rating   BBB(EXP)sf
   E AU3FN0093373       LT BBB-sf New Rating   BB(EXP)sf
   F AU3FN0093381       LT Bsf    New Rating   B(EXP)sf
   G AU3FN0093399       LT NRsf   New Rating   NR(EXP)sf

Transaction Summary

The collateral pool totalled AUD346.9 million, and consisted of 501
obligors with a WA current loan/value ratio (LVR) of 60.5% and a WA
indexed current LVR of 60.2% as of the 24 September 2024 cut-off
date.

KEY RATING DRIVERS

Credit Enhancement Buffers Expected 'AAAsf' Losses: The 'AAAsf'
weighted-average foreclosure frequency (WAFF) of 16.8% is driven by
the WA unindexed current LVR of 60.5%, low documentation loans
forming 95.0% of the pool, self-employed borrowers making up 96.5%
and, under Fitch's methodology, non-conforming and investment loans
comprising 14.9% and 37.1%, respectively. The 'AAAsf' WA recovery
rate (WARR) of 55.8% is driven by the portfolio's WA indexed
scheduled LVR of 62.8%.

The 'AAAsf' portfolio loss has decreased to 7.4%, from 7.6% in the
previous transaction, Arise Residential Mortgage Trust Number 1.
The class A-S, A-L, A2, B, C, D, E and F notes benefit from credit
enhancement of 20.02%, 20.02%, 8.61%, 5.50%, 3.60%, 2.30%, 1.70%
and 0.75%, respectively.

Liquidity Risk Mitigated: Fitch's payment interruption risk is
mitigated by a liquidity facility sized at the lesser of AUD3.4
million and 1.0% of the invested note balance (excluding class G
notes), with a floor of AUD520,650. Other structural features
include a post-call amortisation amount that diverts excess
available income net of tax to repay note principal in sequential
order (other than the class A-S and A-L notes, which are paid pari
passu).

Originator Adjustment: BNK Bank, established as Goldfields Credit
Union in 1982, is an Australian authorised deposit-taking
institution. Fitch undertook an operational review and found that
the operations of the originator and servicer were mostly
comparable with market standards. BNK Bank began originating its
near-prime resident loan portfolio in August 2021, which results in
limited originator-specific performance data.

In addition, the rate used to assess mortgages from other lenders
in the serviceability calculation differs from standard market
practice. Any resulting impact on credit risk may not be captured
due to the limited performance history, leading Fitch to apply an
originator adjustment of 1.15x that increases foreclosure
frequency. Fitch may amend the adjustment if additional information
received over time indicates that the effect may be higher or lower
than assumed.

Tight Labour Market to Support Outlook: Portfolio performance is
supported by Australia's continued economic growth and tight labour
market, despite rapid interest rate hikes in 2022-2023. GDP growth
was 1.0% for the year ended June 2024 and unemployment was 4.1% in
October 2024. Fitch forecasts GDP growth of 1.1% for the full year,
rising to 1.7% in 2025, with unemployment at 4.1% and reaching 4.5%
next year. This reflects Fitch's expectation that restrictive
monetary policy and persistent inflation will continue to hinder
domestic demand.

RATING SENSITIVITIES

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

Transaction performance may be affected by changes in market
conditions and the economic environment. Weakening asset
performance is strongly correlated with increasing delinquencies
and defaults, which could reduce credit enhancement available to
the notes.

Downgrade Sensitivities

Unanticipated increases in the frequency of defaults and loss
severity on defaulted receivables could produce loss levels higher
than Fitch's base case and are likely to result in a decline in
credit enhancement and remaining loss-coverage levels available to
the notes. Decreased credit enhancement may make certain note
ratings susceptible to negative rating action, depending on the
extent of the coverage decline. Hence, Fitch conducts sensitivity
analysis by stressing a transaction's initial base-case
assumptions.

The rating sensitivity section provides insight into the
model-implied sensitivities the transaction faces when assumptions
- WAFF or WARR - are modified, while holding others equal. The
modelling process uses the modification of default and loss
assumptions to reflect asset performance in up and down
environments. The results should only be considered as one
potential outcome, as the transaction is exposed to multiple
dynamic risk factors.

Downgrade Sensitivities

Notes: Class A-S / A-L / A2 / B / C / D / E / F

Rating: AAAsf / AAAsf / AAAsf / AAsf / Asf / BBBsf / BBB-sf / Bsf

Increase defaults by 15%: AAAsf / AAAsf / AA+sf / AA-sf / A-sf /
BBBsf / BB+sf / Bsf

Increase defaults by 30%: AAAsf / AAAsf / AA+sf / A+sf / BBB+sf /
BBB-sf / BBsf / less than Bsf

Reduce recoveries by 15%: AAAsf / AAAsf / AAAsf / AAsf / Asf /
BBBsf / BBB-sf / Bsf

Reduce recoveries by 30%: AAAsf / AAAsf / AAAsf / AAsf / Asf /
BBBsf / BBB-sf / Bsf

Increase defaults by 15% and reduce recoveries by 15%: AAAsf /
AAAsf / AA+sf / AA-sf / A-sf / BBBsf / BB+sf / Bsf

Increase defaults by 30% and reduce recoveries by 30%: AAAsf /
AAAsf / AA+sf / A+sf / BBB+sf / BBB-sf / BBsf / less than Bsf

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

An upgrade could result from economic conditions, loan performance
and credit losses that are better than Fitch's baseline scenario or
sufficient build-up of credit enhancement that would fully
compensate for credit losses and cash flow stresses commensurate
with higher rating scenarios, all else being equal.

The class A-S, A-L and A2 notes are at the highest level on Fitch's
scale and cannot be upgraded. As such, upgrade sensitivity
scenarios are not relevant.

Upgrade Sensitivity

Notes: Class B / C / D / E / F

Rating: AAsf / Asf / BBBsf / BBB-sf / Bsf

Decrease defaults by 15% and increase recoveries by 15%: AA+sf /
A+sf / BBBsf / BBBsf / B+sf

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

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

DATA ADEQUACY

Prior to the transaction closing, Fitch sought to receive a
third-party assessment conducted on the asset portfolio
information, but none was made available for this transaction to
Fitch.

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

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

ESG Considerations

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




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C H I N A
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CHENGDU AEROTROPOLIS: Fitch Affirms & Withdraws 'BB+' LongTerm IDR
------------------------------------------------------------------
Fitch Ratings has affirmed Chengdu Aerotropolis City Development
Group Co., Ltd.'s (ACDG) Long-Term Foreign- and Local-Currency
Issuer Default Ratings (IDRs) at 'BB+'. The Outlook is Stable. At
the same time, Fitch has withdrawn all the ratings on ACDG.

Fitch regards ACDG as a government-related entity (GRE) of
Shuangliu district, a part of Chengdu municipality. The rating
approach reflects its expectation that ACDG will receive
extraordinary support from the district government, if needed.

Fitch has chosen to withdraw the ratings for commercial reasons.
Fitch will no longer provide ratings or analytical coverage for
ACDG.

KEY RATING DRIVERS

Support Score Assessment 'Virtually certain'

Fitch considers that extraordinary support from the Shuangliu
district government to ACDG would be 'Virtually Certain', if
needed. This reflects a support score of 45 out of a maximum 60
under its Government-Related Entities Rating Criteria, based on its
assessment of the government's responsibility and incentive to
provide support.

Responsibility to Support

Decision Making and Oversight 'Very Strong'

The Shuangliu district government is ACDG's main decision-maker and
exerts control through the Chengdu Shuangliu District State-owned
Assets Supervision, Administration and Financial Bureau, which owns
90% of ACDG. The Department of Finance of Sichuan Province holds a
10% stake, but Fitch expects its involvement in the company to be
limited. The government appoints all of ACDG's board members,
except the employee representative, as well as senior management.
It also approves the company's major investment and financing plans
and closely monitors its operating and financial performance.

Precedents of Support 'Strong'

Shuangliu district provides continued financial support to ACDG.
The company received an average of CNY370 million in annual
subsidies during 2019-2023, which was equivalent to nearly all of
its Fitch-calculated EBITDA. It has also received large cash and
asset injections to compensate for policy projects with low
profitability and to strengthen its balance sheet. The level of
support provided is material relative to the company's balance
sheet and allows it to meet contractual obligations.

Incentives to Support

Preservation of Government Policy Role 'Strong'

ACDG's policy role to improve the district's transport links is
strategically important, due to the high traffic at the
international airport. The company is also mandated by the city and
district governments to promote transportation-oriented development
related to the Shuangliu metro network and Chengdu international
airport business district, which is a priority for the district's
economic development. The human-resource services ACDG provides to
the local government's departments also increases the potential
socio-political impact should ACDG default.

Contagion Risk 'Very Strong'

ACDG is among the district's highest-profile entities, with strong
visibility in borrowing. Its policy intensity allows it to maintain
solid funding access to major banks. ACDG had total credit lines of
about CNY35 billion from Chinese banks, including about 50% from
policy and state banks rated in the 'A' category. The company also
has established access to the domestic and offshore bond markets.

Issued debt accounts for about 40% of total debt. Most of its debt
was raised to finance policy projects that serve the public. Fitch
believes its default would severely damage the government's
reputation and constrain the financing capability of local GREs.

Standalone Credit Profile

Its Standalone Credit Profile (SCP) assessment is derived from a
'Midrange' risk profile and 'b' financial profile. Fitch positions
ACDG's SCP at 'b', factoring in its leverage and liquidity profile
relative to peers.

Risk Profile: 'Midrange'

Fitch assesses ACDG's risk profile at 'Midrange', reflecting the
combination of the following assessments:

Revenue Risk: 'Midrange'

Its revenue risk assessment reflects the continued increase in
demand for ACDG's services, due to the district's economic growth
prospects. ACDG has diversified revenue sources, with some
geographic and customer concentration. It also receives regular
fiscal funding to compensate it for its policy business.

Expenditure Risk: 'Midrange'

Its expenditure risk assessment is driven by the company's
well-identified cost drivers with moderate volatility. Capex is
mostly to develop the district's commercial zone. The company paces
investment in line with government support.

Liabilities and Liquidity Risk: 'Midrange'

Its liability and liquidity risk assessment is based on the
company's adequate liquidity profile, supported by its strong
relationships with state-owned and policy banks, and ample undrawn
credit facilities. It had a weighted-average debt life of 2.8 years
as of end-2023, on a par with historical levels. Foreign-exchange
risk is manageable, as its US dollar bond accounted for about 8% of
total debt.

Financial Profile 'b'

Fitch expects net leverage, measured by net debt/Fitch-calculated
EBITDA, to remain high at 95x-100x till end-2028, given the
company's investment plans. This results in a 'b' financial
profile. That said, financing risk associated with the high
leverage should be mitigated by ACDG's solid financing access,
which underpins its 'b' SCP.

Derivation Summary

Fitch derives ACDG's rating from its assessment of the four key
rating factors under its Government-Related Entities Rating
Criteria, combined with the 'b' SCP under its Public Policy
Revenue-Supported Entities Rating Criteria.

Issuer Profile

ACDG is a core GRE in Shuangliu district. It is responsible for
transportation infrastructure development and public transportation
in the district.

Key Assumptions

Its rating case is a "through-the-cycle" scenario that incorporates
a combination of revenue, cost and financial risk stresses. It is
based on 2019-2023 historical figures and 2024-2028 scenario
assumptions:

- average operating revenue growth of about 5% a year in 2024-2028,
driven by sustained demand for public services;

- average operating expenditure growth of about 5% a year in
2024-2028, based on a steady increase in recurring expenditure and
variable costs fluctuating with revenue growth;

- average debt growth of about 5%, given the company's debt
management plan.

Rating Sensitivities

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

Not applicable, as the ratings have been withdrawn.

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

Not applicable, as the ratings have been withdrawn.

ESG Considerations

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

   Entity/Debt                  Rating            Prior
   -----------                  ------            -----
Chengdu Aerotropolis
City Development
Group Co., Ltd.        LT IDR    BB+  Affirmed    BB+
                       LT IDR    WD   Withdrawn
                       LC LT IDR BB+  Affirmed    BB+
                       LC LT IDR WD   Withdrawn


CHINA: Smaller Solar Firms to Face Reckoning in 2025, Huasun Says
-----------------------------------------------------------------
Bloomberg News reports that Chinese solar manufacturers will face a
reckoning next year, with overcapacity and a fierce price war
forcing many smaller firms out of business, according to the head
of Anhui Huasun Energy Co.

"A considerable number of smaller companies won't be able to
survive the first half of next year," Xu Xiaohua, chairman and
chief executive officer of the privately held firm, said in a panel
discussion at the BloombergNEF Summit in Shanghai. However, the
consolidation should pave the way for a rebound in prices toward
the end of the year, he said.

According to Bloomberg, China's solar industry, by far the world's
largest, is struggling with hefty losses after a frenzy of factory
building resulted in a severe glut that has already forced some
firms into bankruptcy. However, there's yet to be a big drop in
manufacturing capacity as installations continue apace, with two of
the biggest producers calling last month for authorities to crack
down on firms that are bidding for projects at below-cost prices.

Huasun Energy's view chimes with predictions from banks including
Goldman Sachs Group Inc. and Morgan Stanley that next year could be
a turning point for the solar industry as factories shut and prices
finally started to recover, Bloomberg relates.

"The keyword for the next year is surviving," Bloomberg quotes Xing
Guoqiang, chief technology officer of major solar manufacturer
Tongwei Co., as saying on the panel. "2025 will be very important
for many companies to survive this cycle."

Not everyone was optimistic about an imminent turnaround in the
industry's fortunes, however.

"The assumption of a sector bottoming out in next year doesn't look
probable," said Zhang Longgen, chairman of United Solar
Polysilicon. "Considering the current capacity level, it might take
at least three years for wafer and module sectors to bottom out."



DALIAN WANDA: Fitch Puts 'CC' Foreign Currency IDR on Watch Neg.
----------------------------------------------------------------
Fitch Ratings has placed Dalian Wanda Commercial Management Group
Co., Ltd.'s (Wanda Commercial) and Wanda Commercial Properties
(Hong Kong) Co. Limited's (Wanda HK) Long-Term Foreign-Currency
Issuer Default Ratings of 'CC' on Rating Watch Negative (RWN).

Fitch has also placed the ratings on the US dollar notes guaranteed
by Wanda HK and issued by Wanda Commercial's subsidiaries of 'CC'
on RWN with Recovery Rating of 'RR4'.

The RWN follows Wanda Commercial's announcement that it is
soliciting consent from bondholders for proposed amendments to the
terms of the USD400 million bond maturing on 20 January 2025 and to
seek waivers of potential events of default. Fitch considers that
the proposed amendments meet the definition of distressed debt
exchange (DDE) under Fitch's Corporate Rating Criteria.

Fitch rates Wanda HK and Wanda Commercial under the Parent and
Subsidiary Linkage Rating Criteria. The companies' IDRs are the
same, as Fitch assesses their Standalone Credit Profiles as being
equal in a distressed scenario. Wanda HK is Wanda Commercial's
fully owned sole offshore financing platform and overseas
investment-holding company.

Key Rating Drivers

Consent Solicitation Constitutes DDE: The consent solicitation, if
successful, will constitute a DDE under Fitch's criteria. When
considering whether a debt restructuring should be classified as a
DDE, Fitch expects both of the following to apply: the
restructuring imposes a material reduction in terms compared with
the existing contractual terms; and the restructuring has the
effect of allowing the issuer to avoid an eventual probable
default.

Consent Solicitation to Avoid Default: Fitch considers the consent
solicitation to be necessary for Wanda Commercial to avoid a
default. The company said in its announcement that if the consent
solicitation is not successfully consummated, it may not be able to
pay the principal amount and accrued interest of the US dollar
bonds on the original maturity date, and this may trigger
cross-default provisions under the company's other existing
indebtedness.

Material Reduction in Terms: The proposed amendments to the bond
terms include an extension of the maturity date and partial
redemption of the note, which Fitch deems as constituting a
material reduction in terms.

Derivation Summary

The ratings on Wanda Commercial and Wanda HK reflect the consent
solicitation, which Fitch considers a DDE.

Key Assumptions

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

- Available cash balance maintained at below CNY5 billion in
2024-2025.

- No equity financing cash inflow due to timing uncertainty.

Recovery Analysis

Recovery Rating on Notes Guaranteed by Wanda HK

The recovery analysis assumes that Wanda HK would be liquidated in
a bankruptcy. Fitch assumes a 10% administrative claim.

Liquidation Approach

The liquidation estimate reflects Fitch's view of the value of
balance-sheet assets that can be realised in the sale or
liquidation processes conducted during a bankruptcy or insolvency
proceeding and distributed to creditors, and the following
assumptions:

- Advance rate of 0% is applied to excess cash after netting off
payables and other payables.

- Advance rate of 50% is applied to investment properties,
supported by Wanda HK's hotels and shopping malls, which generate
rental yields of above 6%.

- Advance rate of 29% is applied to accounts receivable and other
receivables. This is separated into advance rate of 0% to
receivables from Wanda Group-related parties to reflect the
parent's liquidity stress; and advance rate of 80% to the remaining
receivables, in line with Fitch's criteria.

The allocation of value in the liability waterfall results in a
Recovery Rating corresponding to 'RR4' for offshore senior debt.

RATING SENSITIVITIES

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

- Fitch would downgrade the IDRs on Wanda Commercial and Wanda HK
to 'C' once it receives confirmation that the consent solicitation
has resulted in a majority vote for amending the proposed terms in
the notes; and further downgrade to 'RD' (restricted default) once
the exchange is completed before it assigns a rating to reflect its
post-completion profile.

- Fitch would also downgrade Wanda Commercial's IDRs if it fails to
meet any of its debt obligations.

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

- Positive rating action is unlikely until after the successful
execution of the DDE.

Issuer Profile

Wanda Commercial is China's largest shopping mall owner and one of
the largest commercial property owners rated by Fitch.

MACROECONOMIC ASSUMPTIONS AND SECTOR FORECASTS

Fitch's latest quarterly Global Corporates Macro and Sector
Forecasts data file which aggregates key data points used in its
credit analysis. Fitch's macroeconomic forecasts, commodity price
assumptions, default rate forecasts, sector key performance
indicators and sector-level forecasts are among the data items
included.

ESG Considerations

Wanda Commercial has an ESG Relevance Score of '4' for Financial
Transparency, because Wanda Group is a private company and its
financial disclosure to Fitch is limited. Fitch has obtained
audited financial reports and access to Wanda Group's management,
but information about the group's other principal subsidiaries may
be limited. The uncertainty over Wanda Group's financial
transparency has a negative impact on the credit profile, and is
highly relevant to the rating.

Wanda Commercial has an ESG Relevance Score of '4' for Group
Structure, because there is a lack of transparency, particularly in
intragroup transactions between Wanda Commercial and Wanda Group.
This includes the issuance of guarantees or other forms of credit
enhancement, or contractual features of debt, such as subordination
or ringfencing, that affect the risk profile of Wanda Commercial,
which indicates weak group structure. This has a negative impact on
the credit profile, and is highly relevant to the rating.

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

   Entity/Debt              Rating               Recovery   Prior
   -----------              ------               --------   -----
Dalian Wanda
Commercial
Management
Group Co., Ltd.       LT IDR CC  Rating Watch On            CC

Wanda Commercial
Properties
(Hong Kong) Co.
Limited               LT IDR CC  Rating Watch On            CC

Wanda Properties
International
Co. Limited

   senior
   unsecured          LT     CC  Rating Watch On   RR4      CC

Wanda Properties
Global Co. Limited

   senior
   unsecured          LT     CC  Rating Watch On   RR4      CC


TIMES CHINA: Pressed for Funding Details on Debt Plan
-----------------------------------------------------
Bloomberg News reports that a Hong Kong court ordered Times China
Holdings Ltd. to return more quickly than it wanted for another
hearing on its liquidation petition, as the defaulted developer
faced questions over the viability of its restructuring plan.

According to Bloomberg, the builder sought a three-month
adjournment, citing details of its debt plan that it released on
Nov. 22 that includes upfront payments to creditors and new bonds.
But legal representatives for the wind-up petitioner opposed such a
delay, raising concerns including how the company will be able to
fund the plan.

Bloomberg relates that Judge Linda Chan said the debt proposal was
concrete, but whether it is viable depends on if the company has
the funding for it. "That is the key," she said, ordering the
parties to return to court on Jan. 27. "No money, no restructuring
scheme."

Times China was under growing pressure to release a workable
restructuring plan after being warned by a judge in October that
failure to do so would lessen chances for a further delay in
liquidation proceedings, Bloomberg says. With the proposal now in
hand, the company must defend it against scrutiny from the court
and the petitioner and show that it is feasible.

The company's legal representative said the developer will use
CNY1.63 billion ($225 million) of cash currently held by onshore
subsidiaries to pay expenses such as consent fees and upfront cash
payments under the plan. Other funding for the plan would partly
come from the pre-sale of 151 onshore developments and disposal of
some properties, and potentially all urban renewal projects, in
mainland China.

The petitioner's lawyer questioned how the company intended to use
funding from onshore sources to pay offshore debts.

Bloomberg says the judge asked the company to provide further
information, including proposed funding details and a revised
liquidation analysis by Dec. 30.

The liquidation petition against Times China was filed by Hang Seng
Bank Ltd. in connection with financial obligations of about $173.2
million and HK$731.4 million ($94 million), respectively, Times
China said in a statement in April.

Once the country's 51st-largest builder by contracted sales,
Guangdong-based Times China defaulted nearly two years ago on two
dollar bonds and halted offshore debt payments, Bloomberg notes.

Bloomberg relates that the company said in an exchange filing on
Nov. 22 that it had signed a restructuring support agreement with
an ad-hoc group of creditors for the offshore debt plan that also
includes new bonds with different tenors, mandatory convertible
bonds and company shares.

The lawyer representing the company said the preliminary recovery
ratio under the restructuring plan is 28.78%.

                         About Times China

Times China Holdings Limited -- https://www.timesgroup.cn/
--operates as a real estate development company. The Company
develops and markets residential areas, office buildings, hotels,
restaurants, and other related areas. Times China Holdings markets
its buildings throughout China.

As reported in the Troubled Company Reporter-Asia Pacific in early
January 2023, Moody's Investors Service has downgraded Times China
Holdings Limited's corporate family rating to Ca from Caa1 and the
company's senior unsecured rating to C from Caa2.  The outlook
remains negative.




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

A. B. PAL ELECTRICALS: CARE Reaffirms D Rating on INR48.30cr Loan
-----------------------------------------------------------------
CARE Ratings has reaffirmed ratings on certain bank facilities of
A. B. Pal Electricals Private Limited (ABPL), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       48.30      CARE D; Reaffirmed
   Facilities                       

   Short Term Bank      31.70      CARE D; Reaffirmed
   Facilities  
                     
Rationale and key rating drivers

The reaffirmation of the ratings assigned to the bank facilities of
ABPL continue to factor in ongoing delay in debt servicing with one
of the lenders and unpaid overdue interest and penal interest.
Further, the ratings continue to be constrained by stretched
liquidity marked by near full utilisation of working capital limits
and working capital intensive nature of operations. The ratings are
also constrained by low profitability margin owing to trading
nature of business, leveraged financial risk profile and
competitive nature of industry. However, ratings derive comfort
from experienced promoters with long track record of operations,
well – established relationship with the suppliers and company's
improving scale of operations.

Rating sensitivities: Factors likely to lead to rating actions

Positive factors

* Improved liquidity leading to delay/default free track of 90
days.

Analytical approach: Standalone

Outlook: Not Applicable

Detailed description of key rating drivers:

Key weaknesses

* Delay in debt servicing coupled with overdue charges: In January
2024, there was a delay in debt servicing by 4 days owing to
insufficiency of funds in one of the term loans availed by A. B.
Pal Electricals Private Limited (ABPL). Consequently, the lender
imposed overdue charges and cheque bouncing charges which have
remained unpaid during the period under review. Furthermore, the
bank statements reflect overdue interest and penal interest levied
in the account which has remained unpaid.

* Low Profitability margins: The company is engaged in trading of
electrical components and owing to the trading nature of business,
the company operates on thin profitability since there is no value
addition as marked by PBILDT (Profit before interest, lease
rentals, depreciation and taxes) margin of 1.69% in FY24 (refers to
period from April 1 to March 31) (PY: 1.55%), however PAT margin
deteriorated to 0.31% in FY24 (PY: 0.33%). This reduction in
profitability is primarily on account of increased depreciation and
higher finance costs due to higher utilization of working capital
limits.

* Leveraged financial risk profile: The capital structure of the
company remains leveraged owing to low net worth base as
against more reliance on the external debt. As on March 31, 2024,
total debt outstanding increased to INR119.32 crore as against
Rs.104.23 crore as on March 31, 2023, owing to increase in term
loans and higher utilization of the working capital limits. The
overall gearing ratio of the company remains high at 3.39x as on
March 31, 2024 (PY: 3.15x), with Total debt to Gross Cash Accruals
stood at 36.71x in FY24 (PY: 44.55x).

* Competitive nature of Industry: India continues to import a
significant number of components annually since there is no duty on
importing components, which makes component distribution more
profitable than manufacturing in the country thus explaining the
fact that there are more traders than manufacturers in the country.
The continuous development in electronic industry has triggered the
development of electrical and electronic component industry as
well. So, due to these large number of small and medium scale
players, the company remains exposed to the competitive pressure
which puts pressure on the profitability margins.

Key strengths

* Experienced management having long track record of operations:
ABPL was founded as a partnership firm by Mr. Thaker Pal Singh in
1973 and later on reconstituted as private limited company in the
year 1995 with a view to expand its operations. The promoters have
an industry experience of nearly four decades. The company has a
diverse product portfolio, comprising of electrical cables, wiring,
switch gears and lighting.

* Established customer and supplier base: The company has reputed
supplier base major suppliers being Polycab wires Pvt Ltd, Havells
India Ltd, R.R. Kable Limited and KEI Industries Limited etc.
Further, the company has a diversified customer base with top 5
constituting ~ 7% of the total sales in FY24 (PY: ~11%), this shows
that the company is not dependent on a single or a small group of
customers for its sales it has a wide range of customer at its
discretion.

* Improving scale of operations: The TOI (Total operating income)
of the company has grown by around 27% in FY24 and stood at
INR698.26 crore as compared to INR550.48 crore in FY24. The
increase in TOI is on account of healthy demand from existing
customer and industry positive outlook.

Liquidity: Poor

The liquidity profile of the company is stood poor marked by delay
in payment of debt obligation and penal interest charged by the
lender coupled with nearly full utilization of working capital
facility for the trailing 12 months ending October 2024. Further,
modest free cash and bank balance of INR0.30 crore as on March 31,
2024 as against INR0.26 Cr as on March 31, 2023, high collection
period of 115 days in FY24 (PY: 123 days). Further, with high limit
utilization and recent delay in debt repayment obligations exerts
continued pressure on liquidity.

A.B. Pal Electricals Private Limited (ABPL) was originally
established as a partnership firm in the year 1973 which was later
reconstituted as a private limited company in the year 1995. ABPL
is an authorized stockiest/distributor for electrical components
such as cables, wires, switches including various lighting
products, major suppliers being electrical component manufacturing
companies like Polycab wires Pvt Ltd, Havells India Ltd, Gloster
Cables Ltd, RR Kabel Ltd., Grandlay electricals (India) Pvt Ltd and
others. The Company provides all kinds of lighting solution be it
Indoor Lighting, Outdoor Lighting, Industrial Lighting, Commercial
Lighting, Consumer Luminaire, Decorative Range, International Range
& the Future generation of lighting – LED as well.

AAKASH POLYFILMS: Ind-Ra Affirms BB+ Bank Loan Rating
-----------------------------------------------------
India Ratings and Research (Ind-Ra) has taken the following rating
actions on Aakash Polyfilms Ltd.'s (APL) bank facilities:
  
-- INR556 mil. Fund-based limits* affirmed and withdrawn;

-- INR70 mil. Non-fund-based limits** affirmed and withdrawn; and

-- INR728.6 mil. Term loan*# due on March 31, 2032 affirmed and
     withdrawn.

*Affirmed at 'IND BB+'/Stable/'IND A4+' before being withdrawn

**Affirmed at 'IND A4+' before being withdrawn

*#Affirmed at 'IND BB+'/Stable before being withdrawn

Detailed Rationale of the Rating Action

The affirmation reflects APL's modest EBITDA margins and weak
credit metrics in FY24. Furthermore, the revenue improved, but
realizations deteriorated significantly in FY24, due to the ongoing
oversupply situation in the biaxially oriented polypropylene (BOPP)
and biaxially oriented polyethylene terephthalate (BOPET) industry.
However, the ratings are supported by the company's adequate
liquidity.

Ind-Ra is no longer required to maintain the ratings, as the agency
has received a no-objection certificate from the lenders. This is
consistent with Ind-Ra's Policy on Withdrawal of Ratings.

Detailed Description of Key Rating Drivers

Continued Modest EBITDA Margins: APL's EBITDA margins remained
modest despite increasing to 4.67% in FY24 (FY23: 3.90%;
FY22:8.21%). The improvement in EBITDA margin in FY24 was driven by
effective cost management, particularly reduction in other expenses
as a percentage of revenue and stable employee benefit expenses.
However, Ind-Ra expects the margins to be under pressure in the
near-to-medium term, due to the volatility in raw material prices,
intense industry competition and unstable geopolitical situation
across the globe. The return on capital employed was 7.1% in FY24
(FY23: 2.7%).

Weak Credit Metrics: APL's gross interest coverage (operating
EBITDA/gross interest expense) deteriorated to 1.70x in FY24 (FY23:
4.68x; FY22: 2.17x), due to an increase in interest costs on
account of addition of new debt. However, the net leverage (total
adjusted net debt/operating EBITDAR) reduced to 12.11x in FY24
(FY23: 33.36x; FY22: 1.65x), on account of an increase in the
EBITDA to INR170.30 million (INR55.86 million; INR136.89 million)
and scheduled debt repayments. However, the agency expects the
credit metrics to improve in FY24 on the back of a likely increase
in the operating EBITDA.

Profitability Susceptible to Demand-Supply Scenario; Volatility in
Raw Material Prices: APL's business is cyclical  in nature. The
players in the industry tend to add capacities when realizations
are favorable, leading to higher capacities in the industry, thus
exerting pressure on realizations. This demand-supply disparity
leads to frequent price fluctuations in the packaging film
business, affecting the profitability. The industry is witnessing
an oversupply situation especially for BOPP and BOPET films, the
major contributors to their revenue. The profitability remains
susceptible to adverse movements in raw material prices, one of the
main components of the cost structure. Raw material prices are
vulnerable to volatility in crude oil prices as well as
demand-supply scenario. The demand-supply dynamics remain the
primary driver of APL's profitability, as the company's ability to
pass on fluctuations in the input prices to customers remains
limited.

Intense Competition: APL faces stiff competition from large reputed
international and domestic players, which limits its pricing
flexibility and bargaining power with its customers, leading to a
pressure on its revenue and margins. Ind-Ra believes the company's
ability to manage competition while maintaining its EBITDA margin
will be a key monitorable in the medium term.

Growth in Revenue in FY24 despite Decline in Realizations: APL's
revenue improved to INR3,644.32 million in FY24 (FY23: INR
1,433.82milllion; FY22: INR1,667.95 million), owing to the
commissioning of the new plant in the BOPET segment and an increase
in the volume in the BOPP segment to 8,883 million tons (MT; 7,089
MT). The BOPP and BOPET industries are facing oversupply situation,
resulting in pressure on its realizations. The realization per
metric ton of BOPP reduced to 110,019/MT in FY24 (FY23: 149,471/MT;
FY22: 226,306/MT) while the realizations of cast polypropylene
(CPP) fell to 120,352/MT (151,085/MT).

Long Operational Track Record; Experienced Promoters: APL and its
promoters have more than two decades of experience in the packaging
industry, catering to a diversified customer base. The company
manufactures metalized CPP, BOPP and BOPET films for food and
yarn-grade material packaging industries.

Liquidity

Adequate: The average maximum utilization of the fund-based and
non-fund-based limits was 31.24% and 70.56%, respectively, for the
12 months ended September 2024. The cash flow from operations
increased to INR498.68 million in FY24 (FY23: INR397.19 million),
owing to favorable changes in working capital. The free cash flow
remained positive at INR115.32 million in FY24 (FY23: INR67.13
million) on account of the improvement in absolute EBITDA. APL's
cash and cash equivalent including fixed deposits stood at
INR582.76 million at FYE24 (FYE23: INR540.02 million). The net cash
conversion cycle improved to negative 22 days in FY24 (FY23:
negative 25 days), due to a decrease in the debtor and inventory
days. The company has repayment obligations of INR242.1 million and
INR252.1 million for FY25 and FY26, respectively, which is likely
to be met through internal liquidity, unutilized working capital
limits, unsecured loans, and cash and equivalents.

About the Company

Incorporated in 1994, APL is a closely held limited company engaged
in the manufacturing of CPP, BOPET and BOPP films. The company is
promoted and managed by Pavan Tulsiani and family. The company has
two units situated at Bharuch and Surat, Gujarat with a total
manufacturing capacity of 22,800 tons per annum. APL has also set
up a BOPET film-manufacturing unit with an installed capacity of
42,000 tons per annum at Jhagadia, Bharuch, Gujarat.

ADVANCED COMPUTERS: CARE Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Advanced
Computers and Mobiles India Private Limited (ACMIPL) continue to
remain in the 'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      107.00      CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

   Long Term/           57.00      CARE D/CARE D; ISSUER NOT
   Short Term                      COOPERATING; Rating continues
   Bank Facilities                 to remain under ISSUER NOT
                                   COOPERATING category

Rationale and key rating drivers

CARE Ratings Ltd. had, vide its press release dated November 23,
2023, placed the rating(s) of ACMIPL under the 'issuer
non-cooperating' category as ACMIPL had failed to provide
information for monitoring of the rating as agreed to in its Rating
Agreement. ACMIPL continues to be non-cooperative despite repeated
requests for submission of information through e-mails dated
October 8, 2024, October 18, 2024 and October 28, 2024 among
others.

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

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

Analytical approach: Standalone

Outlook: Not Applicable

ACMIPL is one of India's leading distribution house in the Telecom
Industry. ACMIPL trades in mobile phones, accessories and data
cards. ACMIPL has its distribution network spanning pan India with
over 20 distribution centres and over 10,000 retail touch points.

Status of non-cooperation with previous CRA: Infomerics has
continued the rating assigned to the bank facilities of ACMIPL
under Issuer Not Cooperating category vide press release dated
August 12, 2024 on account of its inability to carry out a review
in the absence of the requisite information from the company.


ALLFLEX PLASTICS: CARE Keeps C Debt Rating in Not Cooperating
-------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Allflex
Plastics LLP (APL) continue to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      14.94       CARE C; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category  

   Short Term Bank      0.60       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 October 17,
2023, placed the rating(s) of APL under the 'issuer
non-cooperating' category as APL had failed to provide information
for monitoring of the rating as agreed to in its Rating Agreement.
APL continues to be non-cooperative despite repeated requests for
submission of information through e-mails dated September 1, 2024,
September 11, 2024, September 21, 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

Established in December 2014, Allflex Plastics LLP (APL) was
promoted by Mr. Kamlesh Thakkar and Mr. Rushab Thakkar for setting
up a manufacturing unit of flex banner. After successfully setting
up its plant, the firm has commenced its manufacturing operations
from April 2016. Prior to manufacturing operations, the firm was
dealing with securities trading. The manufacturing
facility of the firm is located at Howrah, West Bengal with
aggregate installed capacity of 14400 pieces of flex banner per
annum.


ANJANEYA EXPORTS: CRISIL Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Sree Anjaneya
Exports - Tirupur (SAE) continue to be 'CRISIL D/CRISIL D Issuer
Not Cooperating'.

                         Amount
   Facilities         (INR Crore)    Ratings
   ----------         -----------    -------
   Bill Purchase-          1.5       CRISIL D (Issuer Not
   Discounting                       Cooperating)
   Facility                       

   Export Packing          3.5       CRISIL D (Issuer Not
   Credit                            Cooperating)

   Proposed Long Term      0.7       CRISIL D (Issuer Not
   Bank Loan Facility                Cooperating)

   Term Loan               0.3       CRISIL D (Issuer Not
                                     Cooperating)

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

Established in 1997 as a partnership firm, SAE manufactures and
exports readymade garments. Its manufacturing facility is based out
of Tirupur, Tamil Nadu.


AZURE POWER: Fitch Alters Outlook on 'B' Rating to Negative
-----------------------------------------------------------
Fitch Ratings has revised the Outlook on Azure Power Energy Ltd's
(Azure RG3) US dollar bond to Negative, from Stable, and has
affirmed the rating at 'B'. This follows the bribery and corruption
investigation under the Foreign Corrupt Practices Act and the
indictment of certain former board members and former executives of
Azure Power Global Limited (AGPL) by the US Securities and Exchange
Commission and Department of Justice.

AGPL is the holding company of Azure RG3.

RATING RATIONALE

The Negative Outlook reflects the heightened refinancing risk of
Azure RG3's US dollar bond due August 2026 should there be further
developments relating to the ongoing charges and indictment against
AGPL's prior executives and board members. The charges and
indictment do not cover APGL or its current board members or
employees, but any charges or penalties could disrupt APGL's
funding plans and liquidity, including the refinancing of Azure
RG3's bullet maturity.

The rating affirmation reflects its view that the rating already
captures the corporate governance risks relating the ongoing
investigation. APGL made necessary disclosures in January 2023 as
well as in its subsequent filings and annual reports. The company
says it is committed to strengthening its financial disclosure,
corporate governance and internal control framework and has
demonstrated improvements following the release of its and Azure
RG3's audited financial statement for the financial year ended
March 2022.

On 20 November 2024, the US Securities and Exchange Commission and
Department of Justice charged five former AGPL executives and board
members in relation to the alleged involvement in concealing
bribery and obstructing the government's investigation. The company
has confirmed that it has been cooperating with the investigation.

KEY RATING DRIVERS

For an overview of its assessment of Azure RG3's key rating factors
relating to the business profile and financial metrics, see Fitch
Assigns Azure Power's USD414 Million Notes Final Rating of 'BB+',
published 30 September 2021.

ESG - Management Strategy: APGL's weak internal controls and
compliance issues have resulted in management's failure to
anticipate and manage timely regulatory financial disclosure,
leading to the company's delisting from the New York Stock
Exchange. Timely submission of the group's and Azure RG 3's
financial reports is a key covenant, according to the US dollar
note indenture. There has also been multiple key management and
board member turnover at the group level.

RATING SENSITIVITIES

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

- Impaired financial flexibility, as evident from rising funding
costs or restricted funding access

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

- The Outlook will be revised to Stable if refinancing risk is
reduced significantly

ESG Considerations

Azure RG3 has an ESG Relevance Score of '5' for Management
Strategy, due to identified internal control and compliance
framework deficiencies that have resulted in management's failure
to anticipate and manage timely regulatory financial disclosures,
which has a negative impact on the credit profile. This is highly
relevant to the rating and has led to multiple notches of
downgrade.

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

   Entity/Debt                Rating        Prior
   -----------                ------        -----
Azure Power Energy Ltd

   Azure Power Energy
   Ltd/Project Revenues
   - First Lien/1 LT       LT B  Affirmed   B


CAPACITE ENGINEERING: Ind-Ra Affirms BB- Bank Loan Rating
---------------------------------------------------------
India Ratings and Research (Ind-Ra) has taken the following actions
on Capacite Engineering Private Limited's (CEPL) bank facilities:

-- INR67.5 mil. Fund-based working capital facilities# affirmed
     and withdrawn; and

-- INR70 mil. Non-fund-based working capital facilities* affirmed

     and withdrawn.

# Affirmed at 'IND BB-'/Stable/'IND A4+' before being withdrawn
*Affirmed at 'IND A4+' before being withdrawn

Analytical Approach

Ind-Ra continues to assess CEPL on a standalone basis despite
moderate operational and strategic linkages with Capacite
Infraprojects Limited, due to latter's limited financial
flexibility. CEPL continues to have moderate operational and
strategic linkages with CIL, since one of CIL's directors is on the
board of CEPL, and both companies have a common treasury.
Furthermore, CEPL undertakes all activities related to mechanical,
electrical, and plumbing works for most of CIL's projects, when
these activities are under the latter's scope of work, thereby
indicating CEPL's operational importance to CIL.

Detailed Rationale of the Rating Action

Ind-Ra continues to assess CEPL on a standalone basis despite
moderate operational and strategic linkages with CIL, due to the
latter's limited financial flexibility. The ratings are constrained
by the company's small scale of operations, low operating
profitability and weak credit metrics, although partly supported by
its strong order book position.

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

Detailed Description of Key Rating Drivers

Modest Operating Performance in FY24: The revenue grew to INR423
million in FY24 (FY23: INR389 million; FY22: INR293 million) owing
to its strong order book. Despite the revenue growth, the scale of
operations remains small. In 1HFY25, the company reported revenue
of around INR140 million. Furthermore, the EBITDA margin declined
to 7.6% in FY24 (FY23: 10.2%; FY22: 36.5%) owing to a mix of
projects executed by the company during the year. Ind-Ra expects
the revenue and profitability margin to remain at similar levels in
FY25.

Continued Weak Credit Metrics: The credit metrics remained weak due
to modest EBITDA of INR32 million in FY24 (FY23: INR39.6 million;
FY22: INR36 million) and high working capital debt of INR69 million
(INR76 million; INR76 million). As a result, the net leverage (net
debt/EBITDA) remained weak at 3.16x in FY24 (FY23: 3.28x; FY22:
3.47x) and interest coverage (EBITDA/interest expense) declined to
1.8x (2.2x; 2.13x).

Strong, although Concentrated Order Book: CEPL executes mechanical,
electrical and plumbing, and civil finishing orders for its group
company CIL as well as for external clients. As of 30 September
2024, the order book consisted of four projects of INR4,796 million
(15x of FY24 revenue). Around 98% of the total order book comprised
orders from CIL. Its single-largest order of nearly 86% of the
order book was from City and Industrial Development Corporation of
Maharashtra (CIDCO). While all orders are moving, the execution
pace is dependent on CIL's civil work pace. The order book is also
geographically concentrated since 100% of the projects are in the
Mumbai Metro Region.

CEPL also provides consultancy services for designing and execution
works for CIL's potential (pre-bid consultancy) as well as ongoing
projects. CEPL intends to bid on its own for future orders. The
company's order book may diversify in the future and will remain
key monitorable.

Liquidity

Stretched: CEPL's average use of its fund-based and non-fund-based
working capital limits was 98% and 11%, respectively, for the 12
months ended October 2024. The gross working capital cycle
increased to 132 days in FY24 (FY23: 89 days;  FY22: 231days) due
to higher inventory days. CEPL managed to maintain creditor days at
around 125 in FY24 (FY23: 124 days; FY22: 233 days). The working
capital cycle was further aided by mobilization advances received
from CIL for around 234 days (FY23: 212 days, FY22: 101 days)
leading to a  negative net working capital cycle (including
retention money and mobilization advances) for CEPL of 227 days
(negative 247 days; negative103 days). However, the company's
working capital cycle is stressed due to the stretched liquidity
profile of the counterparty on account of the counterparty/order
book profile. CIL's working capital requirement remains high,
especially due to unbilled revenue. The gross working capital as a
percentage of revenue was 95.6% at end-June 2024 (end-March 2024:
102.2%). Consequently, the average utilization of the fund-based
limits was 83% during the 12 months ended September 2024.

While the company has repayments of INR5.21 million in FY25, the
unencumbered cash and cash equivalents was INR0.2 million at FYE24.
CEPL's debt servicing also includes servicing of construction
equipment that has been leased by CEPL to CIL. Ind-Ra draws some
comfort from the fact that repayment obligations are being funded
through monthly lease rentals of INR0.54 million that CEPL is
receiving from CIL in lieu of this.

About the Company

CEPL, incorporated in 2012, is a turnkey solution provider for
mechanical, electrical and plumbing, interiors and finishing works.
The company is also engaged in the erection of structural steel
works and provides consultancy services to CIL for selective
projects.

ENERSAN POWER: CARE Keeps D Debt Rating in Not Cooperating
----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Enersan
Power Private Limited (EPPL) continues to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       42.35      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 10,
2023, placed the rating(s) of EPPL under the 'issuer
non-cooperating' category as EPPL had failed to provide information
for monitoring of the rating as agreed to in its Rating Agreement.
EPPL continues to be non-cooperative despite repeated requests for
submission of information through e-mails dated August 25, 2024,
September 4, 2024, September 14, 2024 among others.

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

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

Analytical approach: Standalone

Outlook: Not Applicable

Incorporated in May 2013, EPPL is promoted by Mr. Kishor Virangama
and Mr. Dipak Sangani and operates a 10 megawatt (MW) solar power
plant in the Kutch region of Gujarat. In March 2014, EPPL entered
into a PPA, for entire power produced for 25 years with SECI, a
Government of India (GoI) undertaking under the administrative
control of Ministry of New and Renewable Energy (MNRE), under the
Jawaharlal Nehru National Solar Mission (JNNSM) Phase II Batch I
with VGF support.

Status of non-cooperation with previous CRA: Acuite has moved the
ratings assigned to the bank facilities of EPPL to 'Issuer Not
Cooperating' category vide press release dated November 27, 2023 on
account of its inability to carry out a review in the absence of
the requisite information from the company.

IL&FS TAMIL: CARE Keeps D Debt Rating in Not Cooperating Category
-----------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of IL&FS
Tamil Nadu Power Company Limited (ITNPCL) continue to remain in the
'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank     5,584.93     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 30,
2023, placed the rating(s) of ITPCL under the 'issuer
non-cooperating' category as ITPCL had failed to provide
information for monitoring of the rating as agreed to in its Rating
Agreement. ITPCL continues to be non-cooperative despite repeated
requests for submission of information through e-mails dated
October 15, 2024, October 25, 2024 and November 4, 2024 among
others.

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

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

Analytical approach: Standalone

Outlook: Not Applicable

ITPCL is a Special Purpose Vehicle (SPV) promoted by IL&FS Energy
Development Company Ltd. (holding 91.38% stake) which itself is a
subsidiary of Infrastructure Leasing & Financial Services Limited
(holding 91.42% stake). The company has set-up 1,200 MW (2X600 MW)
integrated imported coal-based subcritical thermal power plant in
Cuddalore, Tamil Nadu. CARE does not have any update on the latest
developments in this regard.

Status of non-cooperation with previous CRA: ICRA continues to
categorize rating assigned to the bank facilities of ITPCL under
non-cooperation category vide PR dated May 22, 2024 on account of
its inability to carry out a rating surveillance in the absence of
the requisite information from the company.


JAIPRAKASH ASSOCIATES: NCLAT Reserves Order in JAL's Scheme Plea
----------------------------------------------------------------
The Economic Times reports that the National Company Law Appellate
Tribunal (NCLAT) on Dec. 3 reserved its order in the case of
Jaiprakash Associates Ltd (JAL)'s appeal against the National
Company Law Tribunal (NCLT) order disapproving the scheme of
arrangement.

The scheme envisaged transferring part of the debt and land parcel
of JAL, around 1,000 acres, to Jaypee Infrastructure Development
Limited, a 100% special purpose vehicle of JAL.

Jaiprakash Associates Ltd (JAL) is the flagship company of the
Jaypee group and is engaged in engineering and construction,
cement, real estate and hospitality businesses. JAL was one of the
leading cement manufacturers with an installed capacity of ~28
million tonnes per annum (mtpa) and under implementation capacity
of ~5 mtpa on a consolidated basis as on March 31, 2018. JAL is
also engaged in the construction business in the field of civil
engineering, design and construction of hydro-power, river valley
projects. JAL is also undertaking power generation, power
transmission, real estate, road BOT, healthcare and fertilizer
businesses through its various subsidiaries/SPVs.

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

In September 2018, ICICI Bank had filed an insolvency petition
against JAL under Section 7 of IBC.

On June 3, 2024, the Allahabad bench of National Company Law
Tribunal (NCLT) admitted the insolvency plea filed by ICICI Bank.
The tribunal also appointed Bhuvan Madan as Interim Resolution
Professional of JAL after suspending the board of the company.


KING REFINERIES: CARE Keeps C Debt Rating in Not Cooperating
------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of King
Refineries Private Limited (KRPL) continue to remain in the 'Issuer
Not Cooperating' category.

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

   Short Term Bank      4.00       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 21,
2023, placed the rating(s) of KRPL under the 'issuer
non-cooperating' category as KRPL had failed to provide information
for monitoring of the rating as agreed to in its Rating Agreement.
KRPL continues to be non-cooperative despite repeated requests for
submission of information through e-mails dated October 6, 2024,
October 16, 2024 and October 26, 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

King Refineries Private Limited (KRPL) was incorporated in July
1994 by Mr. S.A. Arumugam, Managing Director; who has got more than
five decades of experience in edible oil refining industry. KRPL is
engaged in the business of edible oil refining. The day-to-day
operations are managed by the directors, Mr. Venkatachalam and Mr.
M. Abinand. KRPL procures crude oil
(sunflower oil, ground nut oil and cotton seed oil) from local
traders in Tamil Nadu. Apart from the same, KRPL also started
importing oil (crude sunflower oil) from Ukraine since October
2015.


MADHOOR BUILDWELL: CRISIL Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Madhoor
Buildwell Private Limited (MBPL) continue to be 'CRISIL D/CRISIL D
Issuer Not Cooperating'.

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

   Cash Credit         10           CRISIL D (Issuer Not
                                    Cooperating)

   Cash Credit          4           CRISIL D (Issuer Not
                                    Cooperating)
   Proposed Working
   Capital Facility    14           CRISIL D (Issuer Not
                                    Cooperating)

   Rupee Term Loan      7.5         CRISIL D (Issuer Not
                                    Cooperating)

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

MBPL has been undertaking real estate development and civil
contraction activities in Nashik since 1994. The founder-promoter
and chairman, Late Mr Ratilal Shivdas Patel, was in the business
for over five decades. His sons - Mr Pradip Ratilal Patel, Mr
Arvind Ratilal Patel, and Mr Chetan Ratilal Patel - currently
manage the business.


MAHESH TRADERS: CARE Keeps C Debt Rating in Not Cooperating
-----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Mahesh
Traders (MT) continues to remain in the 'Issuer Not Cooperating'
category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       9.20       CARE C; 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 11,
2023, placed the rating(s) of MT under the 'issuer non-cooperating'
category as MT had failed to provide information for monitoring of
the rating as agreed to in its Rating Agreement. MT continues to be
non-cooperative despite repeated requests for submission of
information through e-mails dated August 26, 2024, September 5,
2024, September 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: Not Applicable

Pipariya-based (M.P.) MT was formed in 1990 as a proprietorship
firm by Mr Mahesh Dudani and later on in 2009 it converted into
partnership by adding Mr Manohar Dudani as a partner in MT. MT is
engaged in the trading of food grains, oil seeds, bardana etc &
commission agent. The unit of the firm is located at Pipariya, M.P.
The firm sells its products in the brand name of 'Mahesh Traders,
Pipariya' and caters to the domestic market. MT sells its products
majorly in Gujarat, Rajasthan, Madhya Pradesh, Uttar Pradesh and
Tamil Nadu.


MAITHRI DRUGS: Ind-Ra Keeps BB Loan Rating in NonCooperating
------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained Maithri Drugs
Private Limited's (MDPL) bank facilities' ratings in the
non-cooperating category and has simultaneously withdrawn the same.


The detailed rating actions are:

-- INR280 mil. Fund-based working capital limit* maintained in
     non-cooperating category and withdrawn;

-- INR20 mil. Non-fund-based working capital limit** maintained
     in non-cooperating category and withdrawn; and

-- INR300 mil. Term loan* due on December 31, 2029 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 rating has 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 request for withdrawal of ratings and no-objection
certificate issued by the bankers. This is consistent with Ind-Ra's
Policy on Withdrawal of Ratings. Ind-Ra will no longer provide
analytical and rating coverage for the company.

Non-Cooperation by the Issuer

Ind-Ra has not received adequate information and has not been able
to conduct management interaction with MDPL while reviewing the
ratings. Ind-Ra had consistently followed up with MDPL 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 MDPL's, as the agency does not have adequate
information to review the rating. 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

Established in 2013 in Hyderabad, MDPL manufactures bulk drugs
catering to a broad range of therapeutic categories including
anti-anemics, anti-bacterial, anti-diabetic, anti-fungal,
anti-hyperthyroidism, anti-inflammatory, anti-viral,
antihypertensive, and cardiovascular, among others. It has a
manufacturing facility in Hyderabad, with an installed capacity of
108 kilo liter per annum that would be improved to 350 kilo liter
per annum by FY24 with its ongoing capex.

NEEL KRISHNA: CARE Keeps D Debt Rating in Not Cooperating
---------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Neel
Krishna Brothers (NKB) continues to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       10.03      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 20,
2023, placed the rating(s) of NKB under the 'issuer
non-cooperating' category as NKB had failed to provide information
for monitoring of the rating as agreed to in its Rating Agreement.
NKB continues to be non-cooperative despite repeated requests for
submission of information through emails dated September 4, 2024,
September 14, 2024, September 24, 2024 among others.

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

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

Analytical approach: Standalone

Outlook: Not Applicable

Ujjain (Madhya Pradesh) based Neel Krishna Brothers (NKB) was
formed as a proprietorship concern in April, 2000 by Mr. Kishore
Kumar Jaiswal. NKB is engaged in the business of trading, sorting
and processing of grains and pulses as well as manufacturing of
wheat flour.


P. K. INDUSTRIES: CARE Keeps D Debt Ratings in Not Cooperating
--------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of P. K.
Industries (PKI) continues to remain in the 'Issuer Not
Cooperating' category.

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

   Short 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 20,
2023, placed the rating(s) of PKI under the 'issuer
non-cooperating' category as PKI had failed to provide information
for monitoring of the rating as agreed to in its Rating Agreement.
PKI continues to be non-cooperative despite repeated requests for
submission of information through e-mails dated September 4, 2024,
September 14, 2024, September 24, 2024 among others.

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

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

Analytical approach: Standalone

Outlook: Not Applicable

Bhopal (Madhya Pradesh) based P. K. Industries (PKI) was formed in
2000 as a proprietorship firm by Mr. Prashant K Gupta. The firm is
ISO 9001: 2008 certified entity and it is engaged into the business
of manufacturing of power and distribution transformers. PKI
manufactures transformers from capacity of 5 Kilo Volt Ampere (KVA)
to 5 Mega Volt Ampere (MVA) and supplies the same to State
Electricity Boards (SEB's) in Madhya Pradesh and Rajasthan and
other private customers who take contract from government
departments.


P.E. ERECTOR: Ind-Ra Withdraws BB- Bank Loan Rating
---------------------------------------------------
India Ratings and Research (Ind-Ra) withdraws P.E. Erectors Pvt
Ltd.'s (PEEPL) bank facilities' ratings as follows:

-- The 'IND BB-/Negative (ISSUER NOT COOPERATING)' rating on the
     INR45 mil. Fund-based limit is withdrawn; and

-- The 'IND A4+ (ISSUER NOT COOPERATING)' rating on the INR100
     mil. Non-fund-based limit 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 the company.

About the Company

PEEPL was incorporated in 1983 in Kolkata. The company is into
engineering services business, with core competency in executing
maintenance and mechanical erection jobs in power plants. Its
services include installation, commissioning, testing and
maintenance work at thermal, gas and hydroelectric power generation
plants, oil refineries, steel and chemical plants. Satyabrata Ray
Chaudhury is the company's managing director.

PANACHE DIGILIFE: Ind-Ra Affirms BB+ Bank Loan Rating
-----------------------------------------------------
India Ratings and Research (Ind-Ra) has revised Outlook on Panache
Digilife Limited's (PDL) bank facilities to Positive from Stable
while affirming the long-term rating at 'IND BB+'.

The instrument-wise rating actions are:

-- INR90 mil. Non-fund-based working capital limit affirmed with
     IND A4+ rating;

-- INR19.29 mil. (reduced from INR46 mil.) Term loan due on
     December 31, 2026 affirmed; Outlook revised to Positive with
     IND BB+/Positive rating; and

-- INR290 mil. (reduced from INR450 mil.) Fund-based working
     capital limit affirmed; Outlook revised to Positive with IND
     BB+/Positive/IND A4+ rating.

Detailed Rationale of the Rating Action

The Outlook revision to Positive reflects the strengthening of
PDL's balance sheet with the issuance of fresh equity shares and
warrants on a preferential basis in August 2024.

The affirmation reflects PDL's continued small scale of operations,
and modest EBITDA margin and credit metrics in FY24. Although,
Ind-Ra expects the revenue to improve in FY25 owing to strong
revenue generation until 1HFY25 and a likely increase in receipt of
number of orders. Further, the ratings are supported by the
promoters over two decades of experience in the IT hardware
designing and manufacturing industry.

Detailed Description of Key Rating Drivers

Continued Small Scale of Operations: The revenue declined to
INR965.43 million in FY24 (FY23: INR1,117.96 million) on account of
receipt of a lower number of orders. However, the EBITDA was almost
stable at INR62.32 million in FY24 (FY23: INR61.41 million). Till
1HFY25, PDL booked revenue of INR351.70 million (1HFY24: INR265.46
million). In FY25, Ind-Ra expects the revenue to improve
considering the yoy higher revenue generation in 1HFY25 and a
likely increase in the number of orders received from customers.

Modest EBITDA margin: The EBITDA margin remained modest at 6.46% in
FY24 (FY23: 5.49%) with a return on capital employed of 8.10%
(8.80%). In FY24, the EBITDA margin improved on account of
execution of high margin orders from customers. Furthermore, PDL
has aged receivables of  around INR160 million, which are being
treated as sunk cost; failure to recover the same may impact PDL's
profitability. In FY25, Ind-Ra expects the EBITDA margin to remain
at similar levels on account of stability in market prices of IT
Hardware products.

Modest Credit Metrics: The interest coverage (operating
EBITDA/gross interest expenses) declined to 1.38x in FY24 (FY23:
1.56x) due to an increase in the gross interest expenses to
INR45.26 million (INR39.30 million). However,  the net leverage
(total adjusted net debt/operating EBITDAR) improved to 5.14x in
FY24 (FY23: 8.64x) due to a decrease in the total debt to INR326.54
million (INR353.17 million).  Ind-Ra expects the credit metrics to
improve in FY25 on account of the likely increase in the topline
and the resultant improvement in EBITDA.

Experienced Promoters: PDL's promoters' have over two decades of
experience in the IT hardware designing and manufacturing industry.
This has facilitated the company to establish strong relationships
with its customers as well as suppliers.

Liquidity

Adequate: PDL's average maximum utilization of the fund-based
limits was 86.92% and non-fund-based limits was 0.64% during the 12
months ended October 2024. However, Ind-Ra expects the bank limit
utilization to reduce as PDL raised funds by issuing fresh equity
shares and warrants of INR325.134 million in August 2024. The cash
flow from operations turned positive to INR3.56 million in FY24
(FY23: negative INR17.51 million) on account of favorable changes
in working capital. Consequently, the free cash flow improved but
remained negative INR3.12 million (FY23: INR28.66 million) due to
the capex of INR6.68 million (INR11.15 million. The net working
capital cycle remained elongated at 192 days in FY24 (FY23: 184
days) on account of an increase in the receivable period to 180
days (157 days) and inventory holding period to 112 days (94 days).
PDL has debt repayment obligations of INR6 million and INR5 million
in FY25 and FY26, respectively. The cash and cash equivalents stood
at INR5.94 million at FYE24 (FYE23: INR2.34 million).

Rating Sensitivities

Negative: Any decline in the revenue or operating profitability,
with the EBITDA remaining below INR130 million, leading to
deterioration in the credit metrics with the gross interest
coverage remaining below 2.75x, and deterioration in the liquidity
position, all on a sustained basis, could be negative for the
ratings.

Positive: Substantial growth in the revenue and operating
profitability with visibility on achieving EBITDA of INR130
million, leading to an improvement in the credit metrics and
liquidity position, both on a sustained basis, could be positive
for the ratings.

About the Company

Incorporated in March 2007, PDL is an IT hardware manufacturing
company. Its registered office is located in Thane, Maharashtra.
Amit Rambhia is the chairman and managing director of PDL.

PRAYAG POLYTECH: CARE Keeps D Debt Ratings in Not Cooperating
-------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Prayag
Polytech Private Limited (PPPL) continue to remain in the 'Issuer
Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      28.11       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

   Short Term Bank    219.00       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 24,
2023, placed the rating(s) of PPPL under the 'issuer
non-cooperating' category as PPPL had failed to provide information
for monitoring of the rating as agreed to in its Rating Agreement.
PPPL continues to be non-cooperative despite repeated requests for
submission of information through e-mails dated October 9, 2024,
October 19, 2024 and October 29, 2024 among others.

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

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

Analytical approach: Standalone

Outlook: Not Applicable

Prayag Polytech Private Limited (PPPL) is promoted by Mr. Ravinder
Kumar Aggarwal, Mr. Devender Kumar Aggarwal and their family
members. The company was incorporated in August, 1982 under the
name of R.B.M. Internationals Private Limited. The name of the
company was changed to Prayag Polytech Private Limited on June 27,
1994. The company is engaged in manufacturing and export of
masterbatches, which are available in granular form, are used for
coloring and enhancing properties of plastics by mixing them with
raw polymer during the plastic manufacturing process.

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

-- INR80 mil. Fund-based working capital limit affirmed with IND
     BB+/Stable/IND A4+ rating;

-- INR574.8 mil. Non-fund-based working capital limit affirmed
     with IND A4+ rating;

-- INR78.5 mil. (reduced from INR115 mil.) Term loan due on March

     31, 2028 affirmed with IND BB+/Stable rating;

-- INR5.2 mil. Non-fund-based working capital limit assigned with

     IND A4+ rating; and

-- INR61.5 mil. Proposed bank loan assigned with IND BB+/Stable/
     IND A4+ rating.

Detailed Rationale of the Rating Action

The affirmation reflects PMEPL's medium scale of operations, modest
EBITDA margin, high customer concentration risk and stretched
liquidity. However, Ind-Ra expects an improvement in the scale of
operations and credit metrics in FY25, on account of stabilization
of raw material prices.

The ratings remain supported by the promoters' nearly three decades
of experience in fabrication of machines.

Detailed Description of Key Rating Drivers

Medium Scale of Operations: The revenue declined to INR1,803.6
million in FY24 (FY23: INR2,886.4 million), due to receipt of a
lower number of orders from Caterpillar India Private Limited
(CIPL), which is PMEPL's largest customer. Consequently, the EBITDA
plunged to INR61.6 million in FY24 (FY23: INR114 million). Till
7MFY24, PMEPL booked revenue of INR716 million. Ind-Ra expects the
revenue to decrease further in FY25, due to the receipt of lower
orders from CIPL. However, management expects the revenue to
improve in the medium term due to a likely receipt of higher number
of orders from CIPL.

Modest EBITDA Margin: The ratings also factor in PMEPL's modest
EBITDA margin of 3.42% in FY24 (FY23: 3.95%) with a return on
capital employed of 9.6% (25.5%). In FY24, the EBITDA margin
declined due to an increase in employee and administrative
expenses, and fluctuations in price of steel, which is a major raw
material for PMEPL. Ind-Ra expects the EBITDA margin to remain at
similar levels in FY25 and improve from FY26 because of a likely
stabilization in raw material prices.

Customer Concentration Risk: The ratings also reflect PMEPL's  high
client concentration risk, as PMEPL derives 90%-95% of its revenue
from CIPL.

Average Credit Metrics: The interest coverage (operating
EBITDA/gross interest expenses) improved to 4.21x in FY24 (FY23:
2.17x) as the decline in EBITDA was more than offset by a reduction
in the interest expense to INR14.62 million (FY23: INR52.47
million). However, the net leverage (total adjusted net
debt/operating EBITDAR) deteriorated to 1.64x in FY24 (FY23: 0.76x)
due to the fall in absolute EBITDA. Ind-Ra expects the credit
metrics to improve in the short term due to repayment of loans and
an improvement in the EBITDA.

Experienced Promoters: The promoters have nearly three decades of
experience in fabrication of machines, leading to established
relationships with reputed customers such as CIPL.

Liquidity

Stretched: PMEPL's average maximum utilization of the fund-based
limits was 89.1% and non-fund-based limits was 21.56% during the 12
months ended October 2024. The cash flow from operations turned
positive to INR48 million in FY24 (FY23: negative INR77.44 million)
due to favorable changes in working capital. Consequently, the free
cash flow turned positive to INR12 million (FY23: negative INR91.73
million). The  net working capital cycle elongated to 30 days in
FY24 (FY23: 2 days), although remained comfortable, mainly on
account of a reduction in the creditor period to 53 days (84 days).
PMEPL has debt repayment obligations of INR25.8 million and INR21.4
million in FY25 and FY26, respectively. The cash and cash
equivalents stood at INR3.22 million at FYE24 (FYE23: INR29.7
million). Further, PMEPL 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 revenue and EBITDA margins, leading to
the net leverage exceeding 3.5x and pressure on the liquidity
position, will lead to a negative rating action.

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

About the Company

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

QUALPACK: CARE Keeps C Debt Rating in Not Cooperating Category
--------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Qualpack
(QUAL) 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 23,
2023, placed the rating(s) of Q under the 'issuer non-cooperating'
category as Q had failed to provide information for monitoring of
the rating as agreed to in its Rating Agreement. Q continues to be
non-cooperative despite repeated requests for submission of
information through e-mails dated September 7, 2024, September 17,
2024, September 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

Outlook: Stable

Vadodara (Gujarat) based Q was established in September 2017. Mr.
Paragkumar Suthar, Ms. Kamal Suthar, Ms. Nipa Mistry and Mr. Utsav
Mistry are the key partners of QUAL; however overall operations
will be managed by Mr. Paragkumar Suthar and Mr. Utsav Mistry. Q
was implementing a green field project for manufacturing of
corrugated boxes with a total project cost of INR12.97 crore, which
is proposed to be funded through debt-equity mix of 2.99:1 times.
The firm had incurred around 23% of the project cost till September
18, 2018, while the commercial operations were expected to commence
from January, 2019 with an installed capacity of 24,000 metric
tonne per annum (MTPA) for manufacturing corrugated boxes. Hariom
Minerals (Engaged into the business of minerals), Quality quartz
(Engaged into the business of minerals), Kamal roadlines (Engaged
into the business of transportation) and Quality send (Engaged into
the business of minerals) are group entities having operational
track record of more than a decade.


R V REALTY: CARE Keeps D Debt Rating in Not Cooperating Category
----------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of R V Realty
(RVR) continue to remain in the 'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       9.50       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Rationale and key rating drivers

CARE Ratings Ltd. had, vide its press release dated November 29,
2023, placed the rating(s) of RVR under the 'issuer
non-cooperating' category as RVR had failed to provide information
for monitoring of the rating as agreed to in its Rating Agreement.
RVR continues to be non-cooperative despite repeated requests for
submission of information through e-mails dated October 14, 2024,
October 24, 2024 and November 3, 2024 among others.

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

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

Analytical approach: Standalone

Outlook: Not Applicable

RV Realty is a special purpose vehicle (SPV) formed as a
partnership entity between the Pune based Vastushodh Group and the
Pune based Reelicon Group. The Reelicon group is a Pune based real
estate engaged mainly in the construction of residential projects.
The firm was promoted by 3 entrepreneurs in 1998, Mr. Anil Salunke,
Mr. Milind Jadhav and Mr. Dhananjay Nimbalkar each having 15 years
of experience.

RAGHUVIR OIL: CARE Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Raghuvir
Oil Mill (ROM) continue to remain in the 'Issuer Not Cooperating'
category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       1.00       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

   Short Term Bank      8.95       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 20,
2023, placed the rating(s) of ROM under the 'issuer
non-cooperating' category as ROM had failed to provide information
for monitoring of the rating as agreed to in its Rating Agreement.
ROM continues to be non-cooperative despite repeated requests for
submission of information through emails dated September 4, 2024,
September 14, 2024, September 24, 2024 among others.

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

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

Analytical approach: Standalone

Outlook: Not Applicable

Established in 1995, Raghuvir Oil Mill (ROM) is engaged in the
business of crushing and processing of groundnut seeds to produce
groundnut oil and groundnut cake. Its present partners took over
the business in 2010. ROM's manufacturing facility is located at
Keshod, Gujarat with an installed capacity of 1,450 Metric Tonne
Per Annum (MTPA) for groundnut seed crushing and 15,000 Metric
Tonne Per Annum (MTPA) for groundnut seed processing.


RAJMOTI INDUSTRIES: CRISIL Keeps D Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Shree Rajmoti
Industries (SRI) continue to be 'CRISIL D Issuer Not Cooperating'.

                         Amount
   Facilities         (INR Crore)    Ratings
   ----------         -----------    -------
   Cash Credit            21.25      CRISIL D (Issuer Not
                                     Cooperating)

   Cash Credit            34.5       CRISIL D (Issuer Not
                                     Cooperating)

   Cash Credit             4.25      CRISIL D (Issuer Not
                                     Cooperating)

   Pledge Loan            25         CRISIL D (Issuer Not
                                     Cooperating)

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

SRI, set up as a partnership firm in 1962, manufactures and trades
in double-filtered and refined groundnut oil and other edible oils.
The firm is promoted by Mr. Sameer Shah, Mr. Shyam Shah, and Mr.
Bhavdeep Vajubhai Vala.


REGEN INFRASTRUCTURE: CARE Keeps D Debt Ratings in Not Cooperating
------------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of ReGen
Infrastructure and Services Private Limited (RISPL) continue to
remain in the 'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      20.00       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

   Long Term/          15.00       CARE D/CARE D; ISSUER NOT
   Short Term                      COOPERATING; Rating continues
   Bank Facilities                 to remain under ISSUER NOT
                                   COOPERATING category

Rationale and key rating drivers

CARE Ratings Ltd. had, vide its press release dated November 24,
2023, placed the rating(s) of RISPL under the 'issuer
non-cooperating' category as RISPL had failed to provide
information for monitoring of the rating as agreed to in its Rating
Agreement. RISPL continues to be non-cooperative despite repeated
requests for submission of information through e-mails dated
October 9, 2024, October 19, 2024 and October 29, 2024 among
others.

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

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

Analytical approach: Standalone

Outlook: Not Applicable

Regen Infrastructure and Services Private Limited (RISPL) was
incorporated in January 2008 to provide wind power solutions on
turnkey basis. The company is a wholly owned subsidiary of Regen
Power Tech Private Ltd. (RPPL) (CARE D). Till FY17, RISPL was
engaged in the business of erection, installation and commissioning
of Wind Energy Generators (WEGs), providing O&M services for WEGs
installed by RPPL only, creating infrastructure such as site
development and providing power evacuation facility for wind power
projects. CARE does not have any update on the latest developments
in this regard.

Status of non-cooperation with previous CRA: ICRA continues to
categorize rating assigned to the bank facilities of RISPL under
non-cooperation category vide PR dated November 14, 2024 on account
of its inability to carry out a rating surveillance in the absence
of the requisite information from the company.

REGEN POWERTECH: CARE Keeps D Debt Ratings in Not Cooperating
-------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of ReGen
Powertech Private Limited (RPPL) continue to remain in the 'Issuer
Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      412.64      CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

   Long Term/        1,215.00      CARE D/CARE D; ISSUER NOT
   Short Term                      COOPERATING; Rating continues
   Bank Facilities                 to remain under ISSUER NOT
                                   COOPERATING category

   Short Term Bank    365.00       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 24,
2023, placed the rating(s) of RPPL under the 'issuer
non-cooperating' category as RPPL had failed to provide information
for monitoring of the rating as agreed to in its Rating Agreement.
RPPL continues to be non-cooperative despite repeated requests for
submission of information through e-mails dated October 9, 2024,
October 19, 2024 and October 29, 2024 among others.

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

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

Analytical approach: Standalone

Outlook: Not Applicable

Regen Powertech Private Limited (RPPL) was incorporated in December
2006 to provide wind power solutions on turnkey basis and
commissioned its first Wind Energy Converter (WEC) project in
August 2008. The company is promoted by Mr Madhusudan Khemka, Mr.
R. Sundaresh and Mr. M. Prabhakar Rao through his company Mandava
Holdings (P) Ltd (formerly Nuziveedu Seeds Ltd). The entire
promoter shareholding of 59.36% is held through a holding company
NSL Power Equipment Trading Pvt. Ltd (NSLPET). The balance
shareholding is with private equity funds.

Status of non-cooperation with previous CRA: ICRA continues to
categorize rating assigned to the bank facilities of RPPL under
non-cooperation category vide PR dated March 28, 2024 on account of
its inability to carry out a rating surveillance in the absence of
the requisite information from the company.


S. SATYANARAYANA: CARE Keeps C Debt Ratings in Not Cooperating
--------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of S.
Satyanarayana and Company (SSC) continue to remain in the 'Issuer
Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       2.50       CARE C; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category  

   Long Term/          12.00       CARE C/CARE A4; ISSUER NOT
   Short Term                      COOPERATING; Rating continues
   Bank Facilities                 to remain under ISSUER NOT
                                   COOPERATING category

Rationale and key rating drivers

CARE Ratings Ltd. had, vide its press release dated October 11,
2023, placed the rating(s) of SSC under the 'issuer
non-cooperating' category as SSC had failed to provide information
for monitoring of the rating as agreed to in its Rating Agreement.
SSC continues to be non-cooperative despite repeated requests for
submission of information through e-mails dated August 26, 2024,
September 5, 2024, September 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
SSC was incorporated in December 2012 by Mr. S. Satyanarayana and
his family. The promoters are involved in the construction business
since 1976 through a partnership firm. In 2003, Mr S. Satyanarayan
dissolved the partnership firm and started a proprietorship firm
under the name of 'S. Satyanarayana' involved in civil construction
of ports, roads, railway lines and others. In December 2012, the
promoter floated another partnership firm named S. Satyanarayana &
Co (SSCO). The proprietorship firm has not been dissolved yet
though all the registration of the proprietorship firm has been
transferred to the partnership firm. The firm has executed work for
West Quay Multiport Private Limited, AVR Infra Pvt Ltd, ITD
Cementation India Private Limited, Vishakhapatnam Port Trust and
Vishakhapatnam Port Logistic Park Limited. The firm is also engaged
in hire business from FY15.


S.K. SHOE: CRISIL Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of S.K. Shoe
Fashion (SKSF) continue to be 'CRISIL D Issuer Not Cooperating'.

                         Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit           0.15        CRISIL D (Issuer Not
                                     Cooperating)

   Proposed Long Term    2.00        CRISIL D (Issuer Not
   Bank Loan Facility                Cooperating)

   Proposed Working      2.84        CRISIL D (Issuer Not
   Capital Facility                  Cooperating)

   Term Loan             0.01        CRISIL D (Issuer Not
                                     Cooperating)

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

Established in 2010, SKSF is a proprietorship firm of Mr. R
Karthikeyan. The firm manufactures footwear. It undertakes
sub-contracting work for footwear brands such as PA Footwear, Prime
Shoes and Vistas Shoes.


SAINIK MINING: CRISIL Keeps D Debt Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Sainik Mining
and Allied Services Limited (SMASL; part of the SMASL combine)
continue to be 'CRISIL D/CRISIL D Issuer Not Cooperating'.

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

   Short Term Rating       -          CRISIL D (ISSUER NOT
                                      COOPERATING)

CRISIL Ratings has been consistently following up with SMASL for
obtaining information through letter and email dated October 25,
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 SMASL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on SMASL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
SMASL continues to be 'CRISIL D/CRISIL D Issuer Not Cooperating'.

For arriving at the ratings, CRISIL Ratings combines the business
and financial risk profiles of SMASL, Kalinga Coal Mining Pvt Ltd
(KCMPL), and Sainik Mining (International) Ltd (SMIL). That's
because the three companies, collectively referred to as the SMASL
combine, have business and financial linkages.

SMASL was incorporated in 1989, promoted by Capt. K S Solanki and
Capt. R S Sindhu. The company provides coal-mining services using
surface miners, and logistics services. It also undertakes
conventional mining (through blasting) and removal of overburden.
Its promoters commenced operations in 1980 by forming Sainik
Transporters Pvt Ltd (STPL), which provided loading and
transportation services to Coal India Ltd (CRISIL AAA/Stable/A1+).
In 1989, STPL and its associate companies (promoted by the same
directors) were merged to form a single company, SMASL.

SMASL had obtained coal mining rights for blocks in India through
MP Sainik Coal Mining Pvt Ltd and Kalinga Coal Mining Pvt Ltd
(KCMPL), which were established as joint ventures with the Madhya
Pradesh State Mining Corporation Ltd and Odisha Mining Corporation
Ltd, respectively. The coal blocks allotted to these companies were
de-allocated and have been allocated to other entities. SMASL had
also acquired coal and gold mines in Indonesia and Peru,
respectively, through Sainik Mining (International) Ltd (SMIL) but
divested most of its holding during fiscals 2013 and 2014. No
further investment by SMASL is anticipated in these ventures.


SEAWARD EXPORTS: Ind-Ra Affirms BB- Bank Loan Rating
----------------------------------------------------
India Ratings and Research (Ind-Ra) has taken the following rating
actions on Seaward Exports Private Limited's (SEPL) bank
facilities:

-- INR10 mil. Derivative instruments assigned with IND A4+
     rating;

-- INR35 mil. Proposed term loan assigned with IND BB-/Stable
     rating; and

-- INR240 mil. (reduced from INR285 mil.) Fund-based working
     capital limit affirmed with IND BB-/Stable/IND A4+ rating.

Detailed Rationale of the Rating Action

The ratings reflect SEPL's modest EBITDA margins and credit metrics
in FY24. Ind-Ra expects the company's EBITDA margins and credit
metrics to improve in FY25. The ratings also factor in the
company's continued small scale of operations and stretched
liquidity. The ratings, however, are supported by the promoters'
more than two decades of experience in the industry.

Detailed Description of Key Rating Drivers

Modest EBITDA Margins; Likely to Improve: In FY24, SEPL's incurred
operating loss, on account of the recognition of around INR31
million bad debt, as one of its major customers was declared
insolvent. The company's margins stood at 10.41% in FY23 (FY22:
8.11%). In FY25, Ind-Ra expects the EBITDA margins to turn positive
and remain at the level posted in FY23, as the write-off of the
major debtor is a one-time event. For 6MFY25, SEPL booked EBITDA
margins of about 10.81%. Its return on capital employed stood at
8.6% in FY23 (FY22: 16.7%). The company's major raw materials
include natural stones, which accounted for 50.05% of the total
revenue in FY24 (FY23: 50.76%).

Modest Credit Metrics; Likely to Improve: In FY25, Ind-Ra expects
SEPL's credit metrics to improve on account of an improvement in
its EBITDA and the absence of any long-term debt-funded capex. In
FY24, SEPL's credit metrics remained modest and deteriorated due to
operating losses suffered by the company. In FY24, SEPL met the
debt obligations of INR10.7 million through the cash balance
available with the company.

Continued Small Scale of Operations: In FY25, Ind-Ra expects SEPL's
scale of operations to improve on account of a likely improvement
in the market conditions in the UK and SEPL's exposure to the US.
In FY24, SEPL's revenue declined to INR300.31 million (FY23:
INR330.49 million) with EBITDA of negative 0.43 million (INR34.42
million), due a decline in demand and crisis in the UK. In 7MFY25,
SEPL booked revenue of INR220 million. As of October 2024, SEPL had
unexecuted orders of about INR12.29 million.  SEPL derives majority
of its revenue from exports to the UK and from selling sandstone,
limestone, marble, slate and granite, with sandstone accounting for
majority of the revenue.

Promoter's Experience: The ratings are supported by SEPL's
promoters' more than two decades of experience in the industry,
leading to the company's established relationship with customers
and suppliers.

Liquidity

Stretched: In FY24, SEPL's working capital cycle increased to 404
days (FY23: 380 days) on account of an increase in its debtor days
to 224 days (193 days) following slow payments from customers and
high inventory days of 203 days (207 days). In FY24, the cash flow
from operations deteriorated to negative INR11.88 million (FY23:
INR6.8 million), due to the negative operating EBITDA, with a
decline in free cash flow to negative INR12.51 million (INR3.88
million). SEPL's average monthly maximum utilization of its
fund-based limits was around 62.24% over the 12 months ended
September 2024. SEPL does not have any debt repayment obligations
in the absence of any long-term debt. Furthermore, the company does
not have any capital market exposure and relies on banks and
financial institutions to meet its funding requirements. In FYE24,
cash and cash equivalent stood at INR0.44 million (FYE23: INR14.65
million).

Rating Sensitivities

Negative: A decline in the scale of operations, leading to a
deterioration in the overall credit metrics with interest coverage
below 1.5x and/or further pressure on the liquidity position, on a
sustained basis, could lead to negative rating action.

Positive: An improvement in the liquidity profile along with an
improvement in the working capital cycle and the credit metrics
while maintaining the scale of operations, all on a sustained
basis, could lead to a positive rating action.

About the Company

SEPL was incorporated in 2001 and has a registered office and
factories in Kota, Rajasthan. It processes and sells sandstone,
limestone, and other natural stones. The promoters of the company
are Banwari Lal Gupta and Gopal Lal Mittal.

SGC LOGISTIC: CRISIL Keeps D Debt Ratings in Not Cooperating
------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of SGC Logistic
Solutions Limited (SGCLSL) continue to be 'CRISIL D Issuer Not
Cooperating'.

                       Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit          12.5        CRISIL D (Issuer Not
                                    Cooperating)

   Cash Credit           2.5        CRISIL D (Issuer Not
                                    Cooperating)

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

Incorporated in 2006, SGCLSL is a company engaged in the
transportation of beer and liquor. The company's headquarters are
located in Delhi and has presence spread over to North East states,
Bihar, West Bengal, Maharashtra, Gujarat, Rajasthan, Punjab,
Haryana and agents all over India.


SHAMLAJI EXPRESSWAY: CARE Lowers Rating on INR650cr LT Loan to B
----------------------------------------------------------------
CARE Ratings has revised the ratings on certain bank facilities of
Shamlaji Expressway Private Limited (SEPL), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term           650.00      CARE B; Negative Downgraded
   Bank Facilities                 from CARE BB-; Negative

Rationale and key rating drivers

The revision in the rating assigned to the bank facilities of SEPL
factors in inordinate delay in receipt of provisional commercial
operations date (PCOD) and commencement of debt repayments from
August 2024. SEPL had received provisional extension of time (EOT)
till September 4, 2023, for project completion albeit with
authority reserving the right of imposing damages. Further,
Independent Engineer (IE) via letter date October 25, 2023, had
recommended PCOD for the completed work of 87.30% while
recommending EOT upto March 31, 2024, for completion of balance
work. However, issuance of PCOD is still awaited with matter
currently under arbitration.

Furthermore, earlier correspondence with National Highways
Authority of India (NHAI) is also citing rectification in some work
due to quality issues. Going forward, timely receipt of the support
from sponsor, Chetak Enterprises Ltd (CEL, rated 'CARE BBB; Stable/
CARE A3+') is crucial from credit perspective. Achievement of PCOD
without any further delays and receipt of annuities without any
material deductions shall also be critical from credit perspective
and therefore in view of pending receipt of PCOD, outlook is
continued as negative. CARE Ratings Limited (CARE Ratings) shall
continue to closely monitor developments in this regard. The rating
continues to factor the inherent strengths of hybrid annuity model
(HAM)-based road projects and established track record of its
sponsor and engineering, procurement, and construction (EPC)
contractor, i.e., CEL. in executing large-sized road projects and
track record of supporting cost-over runs in SEPL, albeit the
credit profile of CEL has moderated. CARE Ratings takes note of the
cushion available in terms of undrawn debt and grant to be received
from NHAI (rated 'CARE AAA; Stable') towards completion of balance
work. The rating continues to consider strong credit quality of the
underlying annuity receivables from NHAI post commencement of
operations, proposed liquidity support mechanisms such as the
envisaged creation of debt service reserve account (DSRA), major
maintenance reserve account (MMRA) and operations and maintenance
reserve account (O&MRA) on commissioning and sponsor undertaking to
fund any shortfall during construction as well as operational
period.  However, above rating strengths are tempered by the
inherent construction risk associated with the project elevated by
substantial delay in achievement of PCOD, inherent O&M risk, and
inherent interest rate risk.

Rating sensitivities: Factors likely to lead to rating actions

Positive factors

* Receipt of PCOD and timely receipt of annuities without any
material deductions.

Negative factors

* Deterioration in the credit profile of counterparty (i.e.,
NHAI).
* Any further delay in issuance of PCOD and levy of significant
damages requiring significant sponsor support
* Delay in sponsor support from CEL
* Deterioration in credit profile of CEL
* Deduction in annuities impacting the debt coverage ratios below
unity post PCOD.

Analytical approach: Standalone while factoring linkages with
sponsor i.e. Chetak Enterprises Ltd (CEL).

Outlook: Negative

The negative outlook reflects the prolonged delay in project
execution and CARE Ratings' expectation to continue delay over and
above the extension of time (EOT) allowed by NHAI due to challenges
such as delay in design approvals for ROBs/flyovers and utility
shifting etc.

Outlook shall be revised to stable in case the project receives
provisional completion certificate and receives the first annuity
without significant deductions.

Detailed description of key rating drivers:

Key weaknesses

* Sustained delay in project progress elevating project execution
risk: The company received appointed date on January 02, 2019.
COVID-19-related disruptions, extended monsoon on project stretch,
delay in shifting of utilities, frequent revisions in designs and
drawings (of ROBs), flyover issues, and non-receipt of unencumbered
length have significantly delayed the project progress.
Subsequently, the authority had also granted provisional extension
of time (EOT) for PCOD till September 4, 2023, by reserving the
right of imposing damages.  In October 2023, Independent Engineer
(IE) via letter dated October 25, 2023, has recommended PCOD for
the completed work of 87.30% and had recommended EOT upto March 31,
2024, for completion of balance work. The balance work to the tune
of INR164.30 crore is divided into Punch List- A to be completed
within 90 days of declaration of PCOD, while Punch List-B is
delinked for the issuance of PCOD and shall be completed as per
mutually agreed timeline of supplementary agreement. However, the
receipt of PCOD/COD is still awaited. NHAI issued suspension notice
subsequently owing inordinate delay in project completion.
Currently, the matter is under arbitration and NHAI has right to
appoint another contractor for completing residual work. Hence,
SEPL is exposed to inherent risk of levy of damages or deduction in
annuity payments from the authority. Moreover, CARE Ratings expects
SEPL to rely on CEL's support in the medium term for funding of
debt servicing and any damages from authority, if any. CARE Ratings
views that the company's ability to receive provisional completion
certificate within envisaged timelines and timely receipt of
annuities without deduction is crucial and key rating sensitivity.


* Inherent O&M risk associated with the project; albeit partly
mitigated through proposed signing of fixed price O&M contract with
the sponsor: Although inflation-indexed O&M annuity partly
mitigates O&M risk, developers would continue to face the risk of
sharp increase in O&M cost due to more-than-envisaged wear and tear
and aggressive bidding in O&M cost, which may moderate cash flow
resilience. However, SEPL needs to enter into fixed price and fixed
time O&M contract with the sponsor, CEL, before achievement of COD,
mitigating O&M risk to an extent. CEL has extended undertaking to
infuse funds in case O&M expenses exceed O&M annuity from NHAI.

* Inherent interest rate risk: SEPL is exposed to inherent interest
rate risk considering floating rate of interest rate with interest
reset clause. Thus, any adverse movement in the company's interest
rate without commensurate alignment in the interest annuities shall
impact its debt coverage indicators. The interest rate risk is
partially mitigated considering receipt of the interest annuity at
the applicable bank rate + 300 bps.

Key strengths

* Favorable clauses in model CA of HAM projects to address
execution challenges: The model CA of HAM projects include
favourable clauses such as achievement of at least 80% Right of Way
(RoW) before declaring an appointed date for the project and
provision for granting deemed completion of the project in case
100% of the work is completed on the RoW, which becomes available
to it within 180 days of the appointed date. These clauses were
expected to address certain issues plaguing the sector, primarily
on account of delay in land acquisition during the construction
phase. Besides, stringent clauses for levy of damages, encashment
of performance security as well as the requirement of additional
performance security in case of delay in execution due to reasons
attributed to the concessionaire also exert some pressure on the
developer for ensuring timely execution.

* Low funding risk and permitted price escalation: HAM model
entails lower sponsor contribution during construction period
considering 40% construction support from NHAI, availability of 10%
mobilisation advances on bid project cost (BPC) at bank rate, and
availability of interest-bearing working capital loan on
intermittent milestones. BPC and O&M cost shall be
inflation-indexed (through a price index multiple [PIM]), which is
the weighted average of wholesale price index (WPI) and consumer
price index (CPI) in 70:30 ratio, protecting the developers against
price escalation to an extent.

* Assured cash flow due to annuity nature of the revenue stream
linked to inflation-indexed O&M annuity and bank rate linked
interest annuity: During operational phase, cash flow is assured in
the form of annuity payments from NHAI on semi-annual basis
covering 60% of the project completion cost and interest at 'bank
rate plus 3%' on reducing balance and inflation-indexed O&M
annuity. However, the non-linear transmission of the bank rate over
the lending rate may expose the company's debt coverage indicators
and cash flow resilience to an extent.

* Low counterparty credit risk: Incorporated by the Government of
India (GoI) under an Act of the Parliament as a statutory body,
NHAI functions as the nodal agency for development, maintenance,
and management of the national highways in the country. NHAI is
vested with executive powers for developing national highways in
India by the Ministry of Road Transport & Highways (MoRTH). The
outlook on NHAI reflects the outlook on the sovereign, whose direct
and indirect support continues to be the key rating driver.

* Wide experience of the sponsor in road construction, albeit with
moderation in the credit profile of CEL: CEL has experience of
successfully operating and maintaining build-operate-transfer (BOT)
road projects for over two decades. In FY24, CEL witnessed a dip in
total operating income (TOI), amounting to ₹496 crore from ₹632
crore in FY23, and moderation in CEL's business profile due to
lower order book position leading to low revenue visibility in
medium term and substantial increase in funding support
requirements for its under construction projects in case of
sustained delay in achievement of PCOD in SEPL. Nevertheless, CEL
has experience of successfully operating and maintaining
build-operate and transfer (BOT) road projects for over two
decades. CEL has demonstrated its project execution capabilities in
these projects with commencement of toll revenue in line with the
original schedule. Tail period of close to six years of the project
also offers economic incentive to CEL to support the project.

Liquidity: Stretched

SEPL's liquidity is underpinned from the fact that it has access to
timely need-based support from its sponsor, CEL, which extends
undertakings to fund any cost overrun over and above the budgeted
cost along with O&M and MM expenses. CEL has already infused
incremental contribution to fund the soft cost and over run in
interest during construction (IDC) and have cushion available in
the form of undisbursed debt to cover balance capex. However,
considering commencement of repayment obligations without receipt
of PCOD and subsequent annuities, reliance on CEL for support has
increased significantly.

Assumptions/Covenants: Not applicable

SEPL, a special purpose vehicle (SPV), incorporated and owned by
CEL has entered a 17-year CA (including construction period of 730
days from appointed date) with NHAI for the design, build, operate
and transfer (DBOT) of 93.21 km road on hybrid annuity basis. The
project under consideration aims at development of six-laning
highway, starting from Rajasthan/Gujarat Border and ending at
Motachiloda with approximate design length of 93.210 km. The total
cost of the project is INR1,361 crore being funded through
construction grant from NHAI of INR544 crore, debt of INR650 crore
and balance through promoter's contribution. The stretch received
appointed date on January 2, 2019.


SRIAVANTIKA CONTRACTORS: Ind-Ra Moves BB Rating to NonCooperating
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has revised the Outlook on
Sriavantika Contractors Highways (Anuskura) Private Limited's
(SCHAPL) bank facilities to Negative from Stable and has
simultaneously migrated the ratings to the non-cooperating
category. The issuer did not participate in the rating exercise
despite continuous requests and follow-ups by the agency through
phone calls and emails. 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
ratings will now appear as 'IND BB'/Negative (ISSUER NOT
COOPERATING)' on the agency's website.

The detailed rating action is:

-- INR616 mil. Rupee term loan due on April 3, 2033 Outlook
     revised to Negative and migrated to non-cooperating category
     with IND BB/Negative (ISSUER NOT COOPERATING) rating.

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

Detailed Rationale of the Rating Action

The migration of ratings to the non-cooperating category and the
Outlook revision are in accordance with Ind-Ra's policy, Guidelines
on What Constitutes Non-Cooperation. The Negative Outlook reflects
the likelihood of a downgrade of the entity's ratings on continued
non-cooperation.

Non-Cooperation by the Issuer

Ind-Ra has not received adequate information and has not been able
to conduct management interactions with SCHAPL while reviewing the
ratings. Ind-Ra had consistently followed up with SCHAPL over
emails starting October 2024, apart from phone calls. The issuer
has submitted no default statement until October 2024.

Limitations regarding Information Availability

Ind-Ra is unable to provide an updated forward-looking view on the
credit rating of SCHAPL, as the agency does not have adequate
information to review the rating. 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. SCHAPL has been
non-cooperative with the agency since October 2024.

About the Company

The government of Maharashtra, through the Public Works Department,
has entrusted SCHAPL with the improvement, maintenance and
management of State Highway150 PN-45- improvements to Vita, Peth,
Malkapur, Anuskura, Satavali, Pavas Road. The project was awarded
under the hybrid Annuity mode by the Public Works Department on
July 4, 2018 for a concession period (operational years) of 10
years. The concession agreement for the project was signed on
December 18, 2018 and the project achieved final completion on
March 20, 2023.

SYBLY INDUSTRIES: CRISIL Keeps C Debt Ratings in Not Cooperating
----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Sybly
Industries Limited (SIL) continue to be 'CRISIL C Issuer Not
Cooperating'.

                         Amount
   Facilities         (INR Crore)     Ratings
   ----------         -----------     -------
   Cash Credit             11         CRISIL C (Issuer Not
                                      Cooperating)

   Proposed Long Term       4         CRISIL C (Issuer Not
   Bank Loan Facility                 Cooperating)

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

For arriving at the rating, CRISIL Ratingscombines the business and
financial risk profiles of SIL and its wholly owned subsidiary, SI,
together referred to herein as the Sybly group.

Established in May 1988, SIL is promoted by Mr Mahesh Chand Mittal
and his son, Mr Nishant Mittal. It manufactures polyester yarn and
trades in cotton fabrics. SIL's plant is in Muradnagar, Uttar
Pradesh. The company is listed on the Bombay Stock Exchange.


VINTAGE COFFEE: Ind-Ra Assigns BB+ Bank Loan Rating
---------------------------------------------------
India Ratings and Research (Ind-Ra) has rated Vintage Coffee
Private Limited's (VCPL) debt instruments as follows:

-- INR225 mil. Fund-based working capital limit assigned with IND

     BB+/Positive/IND A4+ rating;

-- INR350.30 mil. Term loan due on March 2030 assigned with IND
     BB+/Positive rating;

-- INR45.80 mil. Non-fund-based working capital limit assigned
     with IND A4+ rating;

-- INR116 mil. Proposed term loan assigned with IND BB+/Positive
     rating; and

-- INR62.90 mil. Proposed fund-based working capital limit  
     assigned with IND BB+/Positive/IND A4+ rating.

Analytical Approach

Ind-Ra has taken a fully consolidated view of VCPL and its parent,
Vintage Coffee and Beverages Limited (VCBL), and sister company,
Delecto Foods Private Limited (DFPL), referred to as the group, on
account of the strong legal and strategic linkages among them.

Detailed Rationale of the Rating Action

The Positive Outlook reflects Ind-Ra's expectation of the
sustenance of VCPL's credit metrics and scale of operations in the
near to medium term FY25, led by the complete utilization of the
manufacturing capacity and the likely operationalization of
incremental instant coffee capacity.

The ratings reflect VCPL's small scale of operations, modest EBITDA
margins and higher customer concentration. Ind-Ra expects the scale
of operations to improve in the near to medium term, due to
additional capacities becoming operational from FY26 and the
maintenance of its credit metrics. However, the ratings are also
supported by the company's comfortable credit metrics and
experienced promoters.

Detailed Description of Key Rating Drivers

Small Scale of Operations, likely to Grow: VCPL's consolidated
revenue grew 108.3% yoy to INR1,310.39 million in FY24 (FY23:
INR628.91 million; FY22: INR365.89 million), backed by an increase
in the overall capacity utilization of instant coffee to 47% (22%).
The company's scale of operations remained small. VCPL added new
customers in FY24 from different geographies. In 1HFY25, the
revenue stood at INR1,152 million. Ind-Ra expects the revenue to
improve in FY25 and FY26, on account of the complete utilization of
the manufacturing capacity and the likely operationalization of
incremental instant coffee capacity of 2000MT in FY26. Ind-Ra
expects the scales of operations to be medium over the medium term.


High Customer Concentration: During FY24, VCPL's top five customers
contributed 56.35% to its revenue. The customers are mostly based
out of Singapore, MAURITANIE, Russia, the United Arab Emirates, and
China.  

Restructuring and Change in Organizational Structure: VCPL had
defaulted on its packing credit facility in FY21 following its
liquidity issues amid the COVID-19 outbreak. In order to support
the liquidity, the promoters acquired a BSE-listed entity, Spaceage
Products Limited and later renamed it as 'Vintage Coffee and
Beverages Limited' and raised funds from the equity market worth
INR1,530 million. The equity proceeds worth INR680 million were
invested in VCPL. VCPL and DFPL are the 100% subsidiaries of VCBL.
Subsequently, the account classification was moved to standard'
from non-performing asset in September 2024 by the lender.

Modest EBITDA Margins;  likely to Sustain: The consolidated EBITDA
margins reduced but remained modest at 19.17% in FY24 (FY23:
24.46%), mainly due to its increased utilization of the owned
manufacturing capacities. Until FY23, the group had increased
contribution in sales through job work. In 1HFY25, the margins
stood at 17%. The return on capital employed was 8.5% in FY24
(FY23: 7.2%).  Ind-Ra expects VCPL's consolidated EBITDA margins to
remain at 15%-20% in the near- to medium term, backed by better
realization and a further increase in the capacity utilization.  

VCPL enters individual supply contracts on the basis of spot prices
of coffee beans (raw material). The company's margins are protected
from raw material price volatility as it follows the practice of
covering escalation in the input costs while entering agreements
for the sale of instant coffee.

Strong Credit Metrics; likely to Sustain over Medium Term: In FY24,
VCPL's consolidated gross interest coverage (operating EBITDA/gross
Interest expense) improved to 3.57x (FY23: 2.51x) and the net
leverage (adjusted net debt/operating EBITDA) reduced to 3.67x
(6.55x), due to the reduction in the total debt position.  In
1HFY25, the company's interest coverage stood at 6.6x and the net
leverage at 2.2x. Its total debt reduced slightly to INR966 million
in FY24 (FY23: INR1,022 million) and the absolute EBITDA increased
to INR251.16 million (INR153.84 million). The company plans to
incur a capex of INR150 million which is likely to be funded
through the proceeds from a rights issue and internal accruals.
Ind-Ra expects VCPL's consolidated credit metrics to remain
comfortable in the near- to medium term, amid the absence of any
debt-funded capex and no further drawdown of any term loans.

Geographical Diversification: CVPL is exporting instant coffee
products in bulk and private labels to Europe, Southeast Asia, far
East, Russia and commonwealth of independent countries, West
Africa, the US, New Zealand, Australia among others. Also, the
company is planning to enter direct consumer market through
e-commerce platform.

Liquidity

Adequate: The average monthly maximum utilization of VCPL's
fund-based limits and non-fund-based limits was 95.05% and 75.72%,
respectively, for the 12 months ended August 2024. The company does
not have any plans to enhance its working capital requirements and
the incremental working capital requirement, if any, will be funded
through the internal accruals in the medium term. VCPL net cash
conversion cycle declined but remained elongated at 362 days in
FY24 (FY23: 664 days), mainly on account of a reduction in the
inventory days to 318 (676). The free cash flow declined
substantially to negative INR333.56 million in FY24 (FY23: INR
77.08 million), due to the negative working capital changes. The
company has repayment obligations of INR45.56 million and INR45.56
million in FY25 and FY26, respectively, which are likely to be
funded from its internal accruals. The consolidated cash and cash
equivalents were INR45.92 million in FY24 (FY23: INR14.77 million).
As of September 2024, the company had free cash (generated from the
equity proceeds) in the form of advances given to non-banking
finance companies worth INR300 million.

Rating Sensitivities

Negative: Deterioration in the scale of operations, or liquidity or
the net leverage remaining above 3.50x, on a sustained and
consolidated basis, will lead to the Outlook being revised to
Stable.

Positive: The sustenance of the scale of operations, profitability,
liquidity profile, along with the net leverage falling below 3.5x,
all on a sustained and consolidated basis, will be positive for the
ratings.

Any Other Information

Standalone Performance: VCPL's standalone revenue grew to INR960.94
million in FY24 (FY23: INR441.20 million) and EBITDA margins
declined to 19.35% (28.12%). The interest coverage and the net
leverage remained comfortable at 2.18x in FY24 (1.98x) and 6.73x
(8.59x), respectively. In 1QFY25, the company achieved revenue of
INR335.4 million with an EBITDA margin of 18.39% and an interest
coverage of 2.90x.

About the Company

VCPL, which was established in 2017, is a 100% export-oriented unit
and manufactures and exports instant coffee with an installed
capacity of 4,500 MT. Its facility is located in Hyderabad.

WIN ENTERPRISE: CARE Keeps B- Debt Rating in Not Cooperating
------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Win
Enterprise (WE) continue to remain in the 'Issuer Not Cooperating'
category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term            9.95       CARE B-; Stable; ISSUER NOT
   Bank Facilities                 COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category

Rationale and key rating drivers

CARE Ratings Ltd. had, vide its press release dated October 11,
2023, placed the rating(s) of WE under the 'issuer non-cooperating'
category as WE had failed to provide information for monitoring of
the rating as agreed to in its Rating Agreement. WE continues to be
non-cooperative despite repeated requests for submission of
information through e-mails dated August 26, 2024, September 5,
2024, September 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

Surat (Gujarat) based, WE was established as a partnership firm in
2015. WE is part of Shree Developers which is also engaged into
real estate development. The group has successfully completed
number of residential projects under different entities in Surat.
WE had been executing a residential cum commercial project with
flats and shops at Surat named 'Kaverri Habitat' comprising of 234
flats and 14 shops involving development of 268,974 Square Feet
area. The project implementation commenced in January 2015 and till
January 31, 2017, WE had incurred the total cost of INR23.45 crore
(95% of total project cost) out of the total cost of INR24.64
crore.




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

CIKARANG LISTRINDO: Moody's Alters Outlook on Ba1 CFR to Positive
-----------------------------------------------------------------
Moody's Ratings has affirmed Cikarang Listrindo (P.T.)'s corporate
family rating and senior unsecured rating of Ba1 and changed the
outlook to positive from stable.

RATINGS RATIONALE

"The revision of the outlook on Cikarang to positive is driven by
the company's consistently strong financial metrics, stemming from
its solid track record of operational performance. It also reflects
Cikarang's disciplined approach to capital expenditure and
excellent liquidity, supported by a consistently strong cash
balance. Moody's expect these financial strengths to continue,
following the company's recent announcement regarding shareholders'
approval to refinance the outstanding bonds," says Erman Zhang, a
Moody's Ratings Analyst.

Cikarang's ratings continue to reflect its exclusive status within
its service area, cash flow visibility supported by the supportive
tariff structure of its power supply agreements – which mitigates
its exposure to fuel cost fluctuations – and a diversified and
quality customer base.

These credit strengths are counterbalanced by (1) the company's
exposure to uncertainties in power demand growth from industrial
estate customers, likely influenced by a weaker global demand; (2)
power supply shortfall to PLN (Persero) (P.T.) (PLN, Baa2 stable),
due to natural gas supply shortfall from the gas supplier; (3) the
company's reliance on shorter-term fuel supply from third parties
to meet its generation needs, although Cikarang has successfully
secured contract extensions in the past; and (4) high level of
dividend distribution.

Cikarang has sustained a funds from operations (FFO)/debt above 23%
over the past years driven by consistently solid operational
performance. Moody's forecast its FFO/debt will remain around
23%-25% over the next 2-3 years.

Cikarang has an excellent liquidity position, underpinned by an
annual FFO (Funds from Operations) of USD 120-130 million and
reserves, comprising cash and liquid assets consistently above USD
400 million. This financial health is also attributed to the
company's moderate approach to capital expenditure.

Cikarang has maintained a high dividend payout ratio over the past
years, which has weighed on its retained cash flow (RCF)/debt
metrics. However, Moody's recognize the company's excellent
liquidity and limited capex requirements.

Cikarang has a dominant market position as the sole electricity
supplier within its service area. By owning both generation assets
and transmission and distribution (T&D) networks, the company has
been able to achieve efficiencies and minimize the risk of
operational disruptions related to T&D constraints.

Cikarang benefits from a diversified customer base, which reduces
the company's exposure to the potential fluctuations in demand from
a particular customer or segment of the market. The quality of
Cikarang's customer base is evidenced by their consistent and
timely payments to the company.

Cikarang faces uncertainties regarding power demand growth from its
industrial estate customers, likely influenced by a weaker global
demand. In 2023, the company experienced a slight decline in power
demand, primarily from foreign-owned manufacturing companies.
However, this exposure may be partially offset by the growing
presence of data center clients within the industrial estates and
the associated growth in power demand.

Since early 2024, Cikarang's power supply to PLN has not met the
minimum required levels, primarily due to a reduced natural gas
supply from one of its gas suppliers, Perusahaan Gas Negara (P.T.)
(PGN, Baa2 stable). This deficit in supply is expected to persist
over the next 1-2 years, but the impact on Cikarang's credit
metrics will be limited. The company is also exposed to a mismatch
between its long-term power supply obligations and its shorter-term
fuel supply contracts, although its ability to shift among
different fuels and its track record of securing contract
extensions temper this risk.

FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS

Moody's could upgrade Cikarang's ratings if (1) the company
maintains or improves its financial metrics; and (2) bond
refinancing concludes under terms aligned with the company's
guidance in its announcement.

On the other hand, Moody's could change the outlook to stable if
Cikarang's operational or financial profile deteriorates, leading
to a sustained decrease in the RCF/ debt ratio below 11%. This
could arise from adverse global economic conditions that affect
customer demand, a widened power supply shortfall to PLN because of
insufficient natural gas, a material shift by the company away from
its organic growth strategy or a material change in its financial
policy.

The principal methodology used in these ratings was Unregulated
Utilities and Unregulated Power Companies published in December
2023.

Cikarang Listrindo (P.T.) is the dominant and only private-sector
power producer that supplies electricity to a wide range of mostly
foreign companies in five industrial estates in the Cikarang area
on the outskirts of Jakarta, Indonesia. As of September 2024, the
company owned and operated two natural gas-fired combined-cycle
power plants (with a capacity of 864 megawatts (MW)) and a
coal-fired power plant (280 MW), of which 28 MW can support biomass
co-firing, and another 42 MW is currently undergoing conversion.
The company also owned rooftop solar power with an installed
capacity of 29.5 megawatt peak (MWp) as of September 2024.




===============
M A L A Y S I A
===============

FASHIONVALET: Founders Charged After Sovereign Wealth Fund Loss
---------------------------------------------------------------
Ram Anand and Kok Leong Chan at Bloomberg News report that
Malaysian prosecutors charged the founders of a local online
fashion retailer over the alleged misuse of funds invested in their
company by two government-linked firms.

According to Bloomberg, local influencers Vivy Yusof and her
husband, Fadzarudin Shah Anuar, the co-founders of FashionValet,
were jointly charged with criminal breach of trust on Dec. 5. They
pleaded not guilty.

Bloomberg says the Kuala Lumpur Sessions Court set bail at
MYR100,000 for each of them. If found guilty, the couple could face
two to twenty years imprisonment, whipping, and a fine.

Sovereign wealth fund Khazanah Nasional and state-owned asset
manager Permodalan Nasional Berhad (PNB) had lost a combinedMYR43.9
million after pouring MYR47 million into FashionValet six years
ago, Bloomberg notes. Prosecutors said that MYR8 million was paid
from FashionValet's account to a firm known as 30 Maple without the
approval of its board of directors in 2018.

Bloomberg relates that Malaysia's Anti-Corruption Commission
completed its investigation within four weeks as the loss-making
investments sparked public outcry. Prime Minister Anwar Ibrahim
ordered Khazanah to carry out an internal audit. Malaysians had
also criticised Vivy for flaunting her luxury handbags - including
Hermes's pricey Birkin models – to her more than 1.8 million
followers on Instagram even as FashionValet was losing money.

The state funds had invested in FashionValet in 2018 and sold their
minority stakes at the end of 2023, according to Bloomberg. In
separate statements on Nov. 1, both Khazanah and PNB said that the
pandemic had severely impacted the online retailer's business,
subsequently leading to them to sell their shares at a loss.

Both Vivy - who was chief executive officer of FashionValet - and
her husband resigned from their positions in the company on Nov. 1
and apologised to their investors over the losses, Bloomberg says.

The couple had shut FashionValet's e-commerce platform in 2022,
before pivoting to focus on their in-house modest fashion brands.



LEMBAGA TABUNG: PAC Asks if Asset Liquidation is Part of Plan
-------------------------------------------------------------
The Edge Malaysia reports that the Public Accounts Committee (PAC)
has inquired whether the Armed Forces Fund Board, or Lembaga Tabung
Angkatan Tentera (LTAT), has adopted an asset liquidation approach
as part of its new restructuring plans to generate cash flow and
reduce indebtedness.

When presenting the PAC's report to the lower house of Parliament
for debate, Halimah Ali (Perikatan Nasional-Kapar) cited two
transactions involving the pension fund's flagship, Boustead
Holdings Bhd, through its properties arm Boustead Properties Bhd
and Boustead Plantations Bhd.

On Nov. 7, Boustead Properties announced the disposal of 10 parcels
of land in Semenyih, Selangor, for MYR742 million in cash to
property developer Eco World Development Group Bhd via its
81%-owned subsidiary, Mutiara Balau Sdn Bhd, The Edge relays.

In addition, Halimah said that the PAC was informed that LTAT plans
to sell farmland owned by Boustead Plantations in Batu Kawan,
Penang, to Ideal Properties Bhd.

"The two parcels of farmland had been recommended to remain under
Boustead Properties in the previous LTAT restructuring plan.

"Is the disposal of land and assets by LTAT a new approach for the
restructuring exercise to generate cash flow and reduce
indebtedness for Boustead?" The Edge quotes Halimah, who is one of
the PAC delegate members, as saying.

According to The Edge, Halimah noted the PAC believes that if this
is indeed the approach taken by LTAT, it may address the pension
fund's issues but could be a "short-term" solution that may affect
the value of its assets.

The Edge relates that Halimah also chided LTAT for such conduct as
it was done silently (secara senyap) without public knowledge, in
contrast to the now-halted restructuring plan, dubbed MAMPAN25,
which was proposed by the LTAT's former top management.

Thus, she urged the Ministry of Defence and LTAT's management to
provide all the information in follow-up proceedings next year and
respond to the recommendations outlined by the PAC in its reports.

On Nov. 19, the PAC released a report stating that the
transformation of LTAT must begin immediately, as the prolonged
suspension of the pension fund's activities risks the liquidation
of its assets, The Edge says.

The top management of LTAT is said to have completed a new
transformation plan and is awaiting approval from its board of
directors, before it is presented to the Minister of Defence and
subsequently to the Cabinet, adds The Edge.




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

A R DENTAL: Grant Bruce Reynolds Appointed as Liquidator
--------------------------------------------------------
Grant Bruce Reynolds of Reynolds & Associates on Nov. 28, 2024, was
appointed as liquidator of A R Dental Services Limited, Otahuhu
Dentists Limited, Papakura Dentists Limited, Pukekohe Dentists
Limited and Remuera Dental Centre Limited.

The liquidator may be reached at:

          Reynolds & Associates Limited
          PO Box 259059
          Botany
          Auckland 2163



FOREST GOLD: Creditors' Proofs of Debt Due on Dec. 28
-----------------------------------------------------
Creditors of Forest Gold Honey Limited are required to file their
proofs of debt by Dec. 28, 2024, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on Nov. 27, 2024.

The company's liquidator is:

          Brenton Hunt
          PO Box 13400
          City East
          Christchurch 8141



GOLDEN STAR: Court to Hear Wind-Up Petition on Dec. 13
------------------------------------------------------
A petition to wind up the operations of Golden Star Scaff Limited
will be heard before the High Court at Auckland on Dec. 13, 2024,
at 10:00 a.m.

The Commissioner of Inland Revenue filed the petition against the
company on Oct. 21, 2024.

The Petitioner's solicitor is:

          Hosanna Tanielu
          Inland Revenue, Legal Services
          5 Osterley Way
          Manukau City
          Auckland 2104



KITCHENS DIRECT: Victims Want Director Made Accountable
-------------------------------------------------------
The Press reports that customers caught up in the liquidation of a
Timaru kitchen business think the money they handed over will never
be returned, and want the man behind it held accountable.

Geraldine woman Beryl Young was left NZD10,000 out of pocket after
Kitchens Direct (NZ) Ltd was placed into liquidation in October
2023, along with three companies linked to it.

On Nov. 22, director and shareholder Karl Te Raki doubled down on a
promise he made in October 2023 to repay creditors and ensure
customers issues were resolved, saying he remained "committed to
working towards a resolution," according to The Press.

"While the liquidator initially suggested a timeline of up to 12
months, feedback from others indicates the process may take closer
to two years, which appears to align more closely with reality,"
Mr. Te Raki said of the liquidation process.

However, Ms. Young feared she was unlikely to see any of the money
she handed over more than a year ago for a new kitchen in a home
she was renovating in Geraldine, The Press relays.

Last month, liquidator Mohammed Jan of Liquidation Management
released his third report, and said if a satisfactory offer to
repay a shareholders' current account which was overdrawn by an
estimated NZD685,000 was not made, he would be "commencing legal
proceedings," according to The Press.

Jan issued a formal demand on the account in May.

He had received claims totalling just over NZD353k not including
Inland Revenue, which was yet to file a claim. There is NZD32,723
in the liquidator's bank account after distributions.

Of the claims received, staff were owed a total of just over
NZD35k, 23 are from unsecured creditors owed more than NZD308k
combined, and one is from a secured creditor owed NZD17,814, The
Press discloses.

Kay and Peter Dellow, of Timaru, who had planned to retire after
the installation of their almost NZD26,000 kitchen, were also
caught up in the liquidation and left more than NZD17k out of
pocket, The Press adds.

                       About Kitchens Direct

Kitchens Direct (NZ) Ltd, which traded as Kitchens Direct, began in
1970 and was involved in the design, manufacture and installation
of kitchens in Timaru.

It was put into liquidation earlier in October, along with Kitchen
Direct Appliances Ltd, Kitchens Direct IP Holdings Ltd and Kitchen
Direct Franchising Ltd.


MBS FITOUTS: Court to Hear Wind-Up Petition on Dec. 12
------------------------------------------------------
A petition to wind up the operations of MBS Fitouts Limited will be
heard before the High Court at Christchurch on Dec. 12, 2024, at
10:00 a.m.

Wynn Williams filed the petition against the company on Nov. 4,
2024.

The Petitioner's solicitor is:

          Jackson Blythe Fletcher
          Level 5, Wynn Williams House
          47 Hereford Street
          Christchurch 8013



SARGOOD LIMITED: Creditors' Proofs of Debt Due on Jan. 20
---------------------------------------------------------
Creditors of Sargood Limited are required to file their proofs of
debt by Jan. 20, 2025, to be included in the company's dividend
distribution.

The High Court at Christchurch appointed Wendy Somerville and
Malcolm Hollis of PwC as the company's liquidators on Nov. 28,
2024.


TE ARAWA: Maketu Pies Business Sold to Montana Group
----------------------------------------------------
Stuff.co.nz reports that Maketū Pies has been sold to one of the
New Zealand's largest privately-owned catering businesses, Montana
Group.

The supplier was placed into voluntary solvent liquidation by
previous owner, Te Arawa Management Ltd, at the end of November,
with liquidators seeking a buyer for the business.

Montana Group announced in a statement it would be taking over from
Dec. 5, Stuff relays.

According to Stuff, Montana Group COO Lizzi Pearson said they
received the warmest possible welcome, and "can't wait to work
alongside everyone in the team to build on their successes and
explore new opportunities".

"Our immediate focus is on ensuring a seamless handover, looking
after the existing team and maintaining the high standards that
Maketū Pies is known for."

Te Arawa Management Ltd bought the national pie supplier in 2019
during a receivership process.  It was, at the time, the town's
largest employer and had operated for about 40 years. It had about
40 staff, mostly locals.


TICKET ROCKET: Owes Creditors Almost NZD10MM, Liquidators Reveal
----------------------------------------------------------------
Hamish McNeilly at Stuff.co.nz reports that the final liquidation
report into a collapsed ticketing company has been released, and it
is grim reading for creditors who are out of pocket by almost NZD10
million.

Liquidators were appointed of the company Fortress Information
Systems Limited, which traded as Ticket Rocket and before that
Ticket Direct, in October 2020, Stuff notes.

The company was owned by Matt Davey, who at one time was the
largest shareholder in a consortium that owned the Highlanders.

That came after an order of the High Court of Dunedin, following an
application by Hurricanes Investment Limited over an unpaid debt.

According to Stuff, receivers took control of the company's assets,
but attempts to sell the business as a going concern were
unsuccessful and the company ceased trading on Nov. 30, 2020.

The receivership was completed in May, with control of the company
handed back to the liquidator.

That final report reveals the company's debt to the Bank of New
Zealand was NZD5,124,195.17, with NZD4.81 million remaining
outstanding, Stuff discloses.

Preferential claims totalling NZD8,886.63 of court costs awarded to
two creditors that petitioned for the company to be liquidated were
not paid, nor was the NZD25,000 owed to former employees.

Inland Revenue, which was owed NZD512,163.97 in GST and PAYE
arrears, also received no payments.

In addition unsecured creditors, which total NZD4,569,415.87, were
also out of pocket.

According to Stuff, the company's sole director, Matthew Robert
Davey was adjudicated bankrupt on May 31, 2023 by the Christchurch
High Court as a result of a creditor application, and he was also
adjudicated bankrupt in Australia a month later.

"Accordingly there would be no economic benefit in investigating
any further actions related to Mr. Davey, including investigations
as to whether any breaches of directors duties may have occurred,"
the report noted.

                        About Ticket Rocket

Fortress Information Systems Ltd, that traded as Ticket Rocket and
Ticket Direct, was the brainchild of Canadian businessman Matthew
Davey and had been based in Dunedin, where it sold tickets to
events around New Zealand, for about 20 years.   

On Aug. 31, 2020, Diana Matchett and Colin Gower of BDO
Christchurch, and Andrew Sallway of BDO Sydney, were appointed
joint and several receivers and managers of the company under the
terms of a general security agreement dated Oct. 24, 2005.

On Oct. 22, 2020, Geoff Brown and Lynda Smart of Rodgers Reidy (NZ)
Limited, Chartered Accountants and Insolvency Specialists, were
appointed jointly and severally as liquidators of the company by
order of the High Court of New Zealand at Dunedin upon the petition
of Hurricanes Investment Limited Partnership.




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

ALL DAY: Commences Wind-Up Proceedings
--------------------------------------
Members of All Day Cafe Pte. Ltd. on Nov. 27, 2024, passed a
resolution to voluntarily wind up the company's operations.

The company's liquidator is:

          Mdm Chia Lay Beng
          1 Scotts Road
          #2107 Shaw Centre
          Singapore 228208



CITY VIEW: Court to Hear Wind-Up Petition on Dec. 20
----------------------------------------------------
A petition to wind up the operations of City View Rainbow Pte. Ltd.
will be heard before the High Court of Singapore on Dec. 20, 2024,
at 10:00 a.m.

GC Lease Singapore Pte Ltd filed the petition against the company
on Nov. 27, 2024.

The Petitioner's solicitors are:

          I.N.C. Law LLC
          4 Battery Road
          #26-01, Bank of China Building
          Singapore 049908



DAK ENERGETICS: Court Enters Wind-Up Order
------------------------------------------
The High Court of Singapore entered an order on Nov. 29, 2024, to
wind up the operations of Dak Energetics Pte. Ltd.

Shaun Keshiv Sarjeet Singh filed the petition against the company.

The company's liquidator is:

          Tan Eng Soon
          7500A Beach Road
          #05-303 The Plaza
          Singapore 199591


ESEN DESIGN: Court to Hear Wind-Up Petition on Dec. 20
------------------------------------------------------
A petition to wind up the operations of Esen Design Associates Pte.
Ltd. will be heard before the High Court of Singapore on Dec. 20,
2024, at 10:00 a.m.

GC Lease Singapore Pte Ltd filed the petition against the company
on Nov. 27, 2024.

The Petitioner's solicitors are:

          I.N.C. Law LLC
          4 Battery Road
          #26-01, Bank of China Building
          Singapore 049908


GA 1821: Commences Wind-Up Proceedings
--------------------------------------
Members of GA 1821 Pte. Ltd. on Dec. 4, 2024, passed a resolution
to voluntarily wind up the company's operations.

The company's liquidator is:

          Mdm Chia Lay Beng
          1 Scotts Road
          #2107 Shaw Centre
          Singapore 228208




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

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

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