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

                     A S I A   P A C I F I C

          Thursday, December 12, 2024, Vol. 27, No. 249

                           Headlines



A U S T R A L I A

BESTON GLOBAL: SA Dairy Farmers Lose More Than AUD10 Million
CLUB PHYSIO: First Creditors' Meeting Set for Dec. 17
CRIMSON BOND 2024-1: S&P Assigns B+(sf) Rating on Class F Notes
DIVERSO RESOURCES: First Creditors' Meeting Set for Dec. 17
FLAT STICK: First Creditors' Meeting Set for Dec. 16

FREEDOM CARE: First Creditors' Meeting Set for Dec. 17
HOSPOPAY PTY: First Creditors' Meeting Set for Dec. 16
PUBLIC HOSPITALITY: Solotel Takes Charge of Three Venues
QANTAS AIRWAYS: Egan-Jones Retains BB Senior Unsecured Ratings
REGIONAL EXPRESS: ASIC Sues Directors for Governance Failures

TRITON BOND 2024-3: S&P Assigns Prelim. 'B' Rating on F Notes


B A N G L A D E S H

BANGLADESH: ADB Approves US$600 Million Budget Support


C H I N A

SHIMAO GROUP: Hong Kong Court Dismisses Liquidation Case


H O N G   K O N G

GREENPRO CAPITAL: Regains NASDAQ Listing Compliance
HEALTH AND HAPPINESS: Moody's Alters Outlook on 'Ba3' CFR to Neg.


I N D I A

AASTHA SPINTEX: Ind-Ra Moves BB+ Rating to NonCooperating
ALBUS INDIA: CRISIL Keeps D Debt Ratings in Not Cooperating
ALI AGENCY: CRISIL Keeps D Debt Ratings in Not Cooperating
ANAND ELECTRICALS: CRISIL Keeps D Debt Ratings in Not Cooperating
ANANDI WATER: CRISIL Keeps D Debt Rating in Not Cooperating

ANGEL PROMOTERS: CRISIL Keeps C Debt Rating in Not Cooperating
APY MEDI: Ind-Ra Cuts Loan Rating to B-
ASHOK KUMAR: Ind-Ra Keeps B- Loan Rating in NonCooperating
AUTOPAL INDUSTRIES: Ind-Ra Keeps D Loan Rating in NonCooperating
B2X SERVICE: Liquidation Process Case Summary

CAMELLIA CLOTHING: CRISIL Keeps B+ Ratings in Not Cooperating
CARDIO FITNESS: CRISIL Keeps D Debt Ratings in Not Cooperating
CUMBUM VALLEY: Ind-Ra Cuts Loan Rating to B-
DULLAT RESORT: CRISIL Keeps D Debt Rating in Not Cooperating
EXIM LOGISTICS: Ind-Ra Keeps D Bank Loan Rating in NonCooperating

EXTOL INDUSTRIES: CRISIL Keeps D Debt Rating in Not Cooperating
FAMOUS KNIT: Ind-Ra Moves BB+ Rating to NonCooperating
FSD BUILDING: CRISIL Keeps D Debt Ratings in Not Cooperating
GARG SONS: Ind-Ra Moves BB+ Loan Rating to Non-Cooperating
GILCO EXPORTS: CRISIL Keeps D Debt Ratings in Not Cooperating

GOLDEN SPINNING: CRISIL Keeps B Debt Ratings in Not Cooperating
GREENBILT INDUSTRIES: CRISIL Keeps D Rating in Not Cooperating
GVRMP DHARWAD: CRISIL Keeps D Debt Ratings in Not Cooperating
GYANMANJARI CAREER: Ind-Ra Moves BB Rating to NonCooperating
IBAJ TRADING: CRISIL Keeps B Debt Ratings in Not Cooperating

ICONIC CASTINGS: CRISIL Keeps D Debt Ratings in Not Cooperating
INNOVATIVE INFRA: CRISIL Keeps D Debt Rating in Not Cooperating
ISR INFRA: CRISIL Keeps D Debt Ratings in Not Cooperating
JK SURFACE: CRISIL Keeps D Debt Ratings in Not Cooperating
JP DISTILLERIES: Ind-Ra Moves B+ Rating to NonCooperating

JUPITER INTERNATIONAL: Ind-Ra Moves BB Rating to NonCooperating
MARUTI NANDAN: Ind-Ra Withdraws B Bank Loan Rating
PEE AAR: CRISIL Keeps D Debt Ratings in Not Cooperating Category
PRADHVI MULTITRADE: CRISIL Keeps D Debt Rating in Not Cooperating
RAGHUVANSHI INDUSTRIES: CRISIL Keeps D Rating in Not Cooperating

RSKS AUTOMOTIVES: Ind-Ra Affirms BB+ Rating, Outlook Stable
SANT TUKARAM: Ind-Ra Assigns BB+ Bank Loan Rating, Outlook Stable
SATRE CONSTRUCTIONS: Ind-Ra Assigns BB Rating, Outlook Stable
SHRIKAR DATAKUND: Voluntary Liquidation Process Case Summary
SINDHU TRADE: Ind-Ra Hikes Loan Rating to B+

SUDHEER INFRASTRUCTURE: CRISIL Keeps D Ratings in Not Cooperating
SUPREME SOLVEX: CRISIL Keeps B+ Debt Rating in Not Cooperating
SUSHIL ANSAL: CRISIL Keeps D Debt Rating in Not Cooperating
TRIOFAB PRIVATE: Ind-Ra Cuts Bank Loan Rating to B+
VAISHNAVI GEMS: Ind-Ra Moves BB Rating to NonCooperating

VIBHU COAL: CRISIL Keeps D Debt Ratings in Not Cooperating
VINAYAGA GREEN: CRISIL Keeps D Debt Rating in Not Cooperating
WARDEN SURGICAL: Liquidation Process Case Summary
ZULAIKHA MOTORS: CRISIL Lowers Rating on LT/ST Debts to D
ZYEX CHEMICALS: Ind-Ra Moves BB- Rating to NonCooperating



I N D O N E S I A

GAJAH TUNGGAL: S&P Raises ICR to 'B' on Enhanced Liquidity Buffer


J A P A N

UNITIKA LTD: Egan-Jones Retains CCC- Senior Unsecured Ratings


M A L A Y S I A

SENTORIA GROUP: Triggers PN17 Criteria as Auditors Raise Concerns


M Y A N M A R

MYANMAR: Compounding Crises Hit Economy, World Bank Says


N E W   Z E A L A N D

BRIGHT STARS: Creditors' Proofs of Debt Due on Jan. 24
CANNASOUTH LTD: NZ RegCo Accepts Application to Delist From NZX
CYGNET HAULAGE: Court to Hear Wind-Up Petition on Feb. 10
DILKHUSH PVT: Creditors' Proofs of Debt Due on Jan. 24
KMS 2020: Creditors' Proofs of Debt Due on Feb. 11

PUKEKOHE HOSPITALITY: Court to Hear Wind-Up Petition on Dec. 18


S I N G A P O R E

88SPARES PTE: Creditors' Proofs of Debt Due on Jan. 10
GOLDEN HOPE: Court Enters Wind-Up Order
JV AUTOPARTS: Court to Hear Wind-Up Petition on Jan. 3
MERCATUS BETA: Creditors' Proofs of Debt Due on Jan. 9
NTUC FIRST: Creditors' Proofs of Debt Due on Jan. 10

SINGAPORE AIRLINES: Egan-Jones Withdraws BB- Sr. Unsecured Ratings


X X X X X X X X

[*] US Policy Changes Likely to Impact Asia and Pacific's Growth

                           - - - - -


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

BESTON GLOBAL: SA Dairy Farmers Lose More Than AUD10 Million
------------------------------------------------------------
Dairy News Australia reports that South Australian dairy farmers
have lost more than AUD10 million in unpaid milk payments when
administrators failed to find a buyer for Beston Global Food
Company, after it was placed into voluntary administration in
September.

Dairy News says administrator KPMG tried to sell the business as an
ongoing concern, but instead, will auction off infrastructure from
the Jervois and Murray Bridge sites.

According to the report, South Australian Dairyfarmers' Association
president Rob Brokenshire said he was extremely disappointed in the
result.

"I believe we were close to pulling a walk-in-walk-out package
together as a solution to move forward, but that's now gone," the
report quotes Mr. Brokenshire as saying.

He said SADA was now focusing on supporting the farmers.

"I am pleased all impacted farmers have now found new processors to
pick up their milk and even though it is going to take some time to
recover, we are hopeful it won't push too many out of the
industry," Mr. Brokenshire said.

He said SADA was now working alongside the South Australian
government to put together a proposal to help farmers in the short
term.

"Every single dairy farmer is feeling for those impacted, along
with all the factory workers who have lost their jobs," he said.

"While we are glad those workers have been guaranteed their wages
and holiday payments, there is a definite weakness in the system
when farmers are not secured and not entitled to receive any of the
payments they are owed."

Mr. Brokenshire said the closure had come on the back of a
particularly tough time for the South Australian dairy industry
after farmers experienced one of the worst autumns in living
memory.

"Our farmers are resilient and our industry is resilient, and I
believe there is a strong future, I just hope these farmers can
make it through," Mr. Brokenshire said.

"We will continue to work with all parts of the industry as part of
the South Australian Dairy Industry Action Plan 2024-29 and we will
find ways to step away from these events and become stronger and
better into the future."

A second meeting of creditors is expected to be convened in late
January or early February 2025, which will decide if the company is
to be placed into liquidation or whether a Deed of Company
Arrangement can be accepted should one be proposed, according Dairy
News.

                       About Beston Global

Based in Wayville, Australia, Beston Global Food Company Limited
(ASX:BFC) -- https://bestonglobalfoods.com.au/ -- engages in the
manufacture and sale of food and beverage products in Asia, Europe,
North America, and Australia. The company owns milk production
plants to produce cheese, as well as by-products, including whey
powder, cream, and butter; harvests, processes, packages, and
distributes live, chilled, and frozen seafoods; produces
sustainably caught giant crabs, king prawns, king george whiting,
southern garfish, pacific oysters, and other seafoods; and provides
meat and related products, as well as dairy desserts comprising
rice pudding and custard. It also develops and produces health and
well-being focused food, beverage, and pharmaceutical products;
produces spring water and related products; and develops and
commercializes end-to-end food traceability and anti-counterfeit
technological software.

Tim Mableson, James Dampney, Gayle Dickerson and David Kidman were
appointed joint and several Voluntary Administrators of Beston
Global Food Company Limited and its subsidiary Beston Pure Dairies
Pty Ltd on Sept. 20, 2024.


CLUB PHYSIO: First Creditors' Meeting Set for Dec. 17
-----------------------------------------------------
A first meeting of the creditors in the proceedings of The Club
Physio Pty Ltd will be held on Dec. 17, 2024 at 11:00 a.m. at the
offices of Nicols + Brien, Level 2, 350 Kent Street, in Sydney,
NSW.

Steven Nicols of Nicols + Brien was appointed as administrator of
the company on Dec. 17, 2024.


CRIMSON BOND 2024-1: S&P Assigns B+(sf) Rating on Class F Notes
---------------------------------------------------------------
S&P Global Ratings assigned its ratings to eight classes of
residential mortgage-backed securities (RMBS) issued by Perpetual
Corporate Trust Ltd. as trustee for Crimson Bond Trust 2024-1.
Crimson Bond Trust 2024-1 is a securitization of prime residential
mortgage loans originated by BC Securities Pty Ltd.

The ratings assigned to the floating-rate RMBS reflect the
following factors.

The credit risk of the underlying collateral portfolio, which
comprises residential mortgage loans to residents of Australia and
to self-managed superannuation fund borrowers, and the credit
support provided to each class of notes are commensurate with the
ratings assigned. Credit support is provided by subordination,
lenders' mortgage insurance covering 2.5% of the loan portfolio,
excess spread, if any, and a loss reserve funded by the trapping of
excess spread, subject to certain conditions. Our assessment of
credit risk considers BC Securities' underwriting standards and
approval process, and the servicing quality of BC Asset Management
Pty Ltd.

The rated notes can meet timely repayment of interest and ultimate
repayment of principal under the rating stresses. Key rating
factors are the level of subordination provided, the loss reserve,
the principal draw function, the liquidity reserve, and the
provision of an extraordinary expense reserve. S&P's analysis is on
the basis that the notes are fully redeemed via the principal
waterfall mechanism under the transaction documents by their legal
final maturity date, and it assumes the notes are not called at or
beyond the call-option date.

S&P said, "Our ratings also take into account the counterparty
exposure to Australia and New Zealand Banking Group Ltd. as the
bank account provider.

"We also have factored into our ratings the legal structure of the
trust, which is established as a special-purpose entity and meets
our criteria for insolvency remoteness.

"We assessed the servicing and standby servicing arrangements in
this transaction under our "Global Framework For Assessing
Operational Risk In Structured Finance Transactions" criteria,
published on Oct. 9, 2014, and concluded that were no constraints
on the maximum rating that could be assigned to the notes."

  Ratings Assigned

  Crimson Bond Trust 2024-1

  Class A1-MM, A$129.50 million: AAA (sf)
  Class A1-AU, A$276.00 million: AAA (sf)
  Class A2, A$56.00 million: AAA (sf)
  Class B, A$24.00 million: AA (sf)
  Class C, A$12.00 million: A (sf)
  Class D, A$3.50 million: BBB+ (sf)
  Class E, A$2.50 million: BB+ (sf)
  Class F, A$1.50 million: B+ (sf)
  Class G, A$2.00 million: Not rated


DIVERSO RESOURCES: First Creditors' Meeting Set for Dec. 17
-----------------------------------------------------------
A first meeting of the creditors in the proceedings of Diverso
Resources Pty Limited will be held on Dec. 17, 2024 at 10:00 a.m.
at the offices of Bernardi Martin, 195 Victoria Square, in
Adelaide, SA.

Hugh Sutcliffe Martin of Bernardi Martin was appointed as
administrator of the company on Dec. 6, 2024.


FLAT STICK: First Creditors' Meeting Set for Dec. 16
----------------------------------------------------
A first meeting of the creditors in the proceedings of Flat Stick
Group Pty Ltd (Trading name: Flat Stick Roofing) will be held on
Dec. 16, 2024 at 10:00 a.m. via videoconference only.

Roberto Crispino and Richard Albarran of Hall Chadwick were
appointed as administrators of the company on Dec. 4, 2024.


FREEDOM CARE: First Creditors' Meeting Set for Dec. 17
------------------------------------------------------
A first meeting of the creditors in the proceedings of Freedom Care
Group Pty Ltd will be held on Dec. 17, 2024 at 11:30 a.m. via
teleconference.

Ian Niccol and Ozem Kassem of KPT Restructuring were appointed as
administrators of the company on Dec. 5, 2024.


HOSPOPAY PTY: First Creditors' Meeting Set for Dec. 16
------------------------------------------------------
A first meeting of the creditors in the proceedings of HospoPay Pty
Limited will be held on Dec. 16, 2024 at 10:00 a.m. via virtual
meeting technology.

Luke Pittorino and Quentin Olde of Ankur was appointed as
administrator of the company on Dec. 6, 2024.


PUBLIC HOSPITALITY: Solotel Takes Charge of Three Venues
--------------------------------------------------------
Larry Schlesinger at The Australian Financial Review reports that
hospitality veteran Bruce Solomon and his family have taken charge
of three Sydney pubs previously operated by Jon Adgemis' partially
collapsed Public Hospitality Group, after striking a deal with
receivers of those assets.

The Financial Review relates that Solotel Group will add The
Norfolk in Redfern, Oxford House in Paddington, and Camelia Grove
Hotel in Alexandria to its portfolio of 30 businesses, which
includes such prominent venues as Opera Bar at Circular Quay, the
Clock Hotel in Surry Hills and the Golden Sheaf in Double Bay,

The three pubs as well as The Exchange and The Strand Hotel in
Darlinghurst were placed in the hands of receivers at FTI
Consulting in September by New York-based private lender Muzinich &
Co, after it pulled out of a deal to refinance the company's big
debt pile.

According to The Financial Review, joint receiver Vaughan
Strawbridge, from FTI Consulting, said that Solotel had been
appointed as the manager of the venues. No real estate has been
transacted as part of the deal.

Well-placed industry sources said Solotel was paying turnover rent
(rent paid when revenue hits a certain threshold) and had
negotiated an option to purchase the properties.

"We don't make public comment regarding commercial matters," a
spokeswoman for Solotel said in response.

Muzinich holds more than AUD100 million of Public Hospitality's
debt secured against the five pubs and their operating company. It
is understood there has been very little interest in buying the pub
freeholds. About AUD40 million was sought for Oxford House,
industry sources said.

Mr Adgemis did not respond to a request for comment, the report
notes. A former KPMG deal maker, Mr. Adgemis assembled a portfolio
of 19 venues across Sydney with plans to refurbish them and add
accommodation and other amenities. A float was mooted but shelved
in May 2022.

Later, the group ran into trouble due to mounting interest payments
on a AUD500 million debt pile while only a handful of assets were
open and trading, the report says. It later had problems
refinancing this debt resulting in attempts to sell assets and the
appointment of administrators and receivers.

In September, The Australian Financial Review reported that Mr.
Adgemis had submitted an offer through his private company Jaga
Investments to buy the five pubs from receivers. Minutes of an
October meeting of creditors disclosed that a deed of company
arrangement had been proposed by Mr. Adgemis, but that there had
been insufficient time to assess it after which the meeting was
adjourned. No update has been provided since.

Solotel confirmed it had added the three new pubs to its portfolio
in a statement. "This is an incredibly exciting time for Solotel,
and we couldn't be prouder to be able to revitalise these
much-loved venues for their communities and their teams," said
Solotel chief executive, Elliot Solomon, the Financial Review
relays.

As reported in the Troubled Company Reporter-Asia Pacific on Sept.
19, 2024, pub baron Jon Adgemis' embattled Public Hospitality Group
has taken another hit with receivers and external managers
appointed at five of his Sydney hotels, including Oxford House and
The Strand Hotel.

Insolvency specialist FTI Consulting has stepped in as receivers
and managers to operate Public's hip Redfern pub The Norfolk,
Oxford House in Paddington and Darlinghurst's The Strand Hotel, as
well as Alexandria's Camelia Grove Hotel and The Exchange Hotel,
also in Darlinghurst, Good Food said. The pubs will be sold as soon
as possible.

Duncan Club and Andrew Sallway of BDO advisory firm have also been
appointed voluntary administrators at affiliated companies
including Public Lifestyle Management Pty Ltd, Good Food added.


QANTAS AIRWAYS: Egan-Jones Retains BB Senior Unsecured Ratings
--------------------------------------------------------------
Egan-Jones Ratings Company on November 26, 2024, maintained its
'BB' foreign currency and local currency senior unsecured ratings
on debt issued by Qantas Airways Limited. EJR also withdrew the
rating on commercial paper issued by the Company.

Headquartered in Mascot, Australia, Qantas Airways Limited provides
airline services.


REGIONAL EXPRESS: ASIC Sues Directors for Governance Failures
-------------------------------------------------------------
The Australian Securities & Investments Commission (ASIC) has
commenced legal proceedings in the Supreme Court of NSW seeking
leave to allege Regional Express Holdings Limited engaged in
misleading and deceptive conduct and contraventions of continuous
disclosure obligations.

ASIC will also allege former executive chair Lim Kim Hai (Mr. Lim)
was involved in Rex's continuous disclosure breach and that Mr.
Lim, along with The Hon John Sharp AM, Lincoln Pan and Siddharth
Khotkar, contravened their directors' duties.

ASIC will allege Rex released a misleading ASX announcement on Feb.
28, 2023 stating Rex was 'optimistic the Group will have positive
operating profits for the full FY23 barring any further external
shocks'. ASIC will allege that Rex did not have a reasonable basis
for that claim for a number of reasons, including because it had
incurred operating losses in the financial year to date, and it did
not prepare a financial forecast for FY23 before issuing the
announcement.

ASIC will contend Rex breached its continuous disclosure
obligations by failing to disclose a material downgrade, despite
being aware when it issued the February ASX announcement that the
company was unlikely to achieve an operating profit. Rex
subsequently announced a downgrade on June 20, 2023 forecasting a
AUD35 million operating loss for the financial year ending June 30,
2023.

ASIC Chair Joe Longo said, 'Our case will allege serious governance
failures at Rex. Rex's directors had a responsibility to take
reasonable steps to ensure the company complied with the law and we
will seek to hold them to account.

'We will allege four of Rex's directors breached their duties
because they failed to take steps to ensure the market had accurate
information about the company's financial performance.'

ASIC will allege Mr. Lim contravened his directors' duties between
Feb. 28, 2023 and June 20, 2023 by drafting and approving the Feb.
28, 2023 announcement and failing to take steps to prevent Rex from
breaching continuous disclosure rules.

ASIC will also allege the other three directors became privy to
financial information from April 14, 2023 which should have led
them to take steps to ensure Rex updated the market in accordance
with its continuous disclosure obligations prior to June 20, 2023.

'Continuous disclosure of market-sensitive information is
fundamental to upholding the integrity of our public markets and
supporting a fair and efficient financial system,' Mr. Longo said.

'Directors of listed entities play a critical role in ensuring
companies comply with their continuous disclosure obligations.
Failing to take reasonable steps to ensure a company is compliant
is not acceptable.'

ASIC seeks leave to commence the proceedings against Rex as it is
in administration. While ASIC will seek a declaration of
contravention against Rex, it will not seek pecuniary penalties
against the company.

ASIC will seek declarations, pecuniary penalties and
disqualification orders against Mr. Lim, The Hon Sharp AM, Mr. Pan
and Mr. Khotkar.

Rex is Australia's third largest airline. Rex is listed on the
Australian Securities Exchange, although Rex shares were suspended
from trading when it entered voluntary administration on July 30,
2024.

On May 18, 2021, ASIC announced that Rex paid an infringement
notice of AUD66,000 issued by ASIC for an alleged continuous
disclosure breach.

In this proceeding ASIC will allege:

     * On Feb. 28, 2023, Rex stated to the market that it was
       optimistic the company would have positive operating
       profits for the financial year to June 30, 2023 barring
       further external shocks (Announcement), giving rise to
       representations without reasonable grounds, in breach of
       section 1041H of the Corporations Act and section 12DA of
       the ASIC Act.

     * Former Executive Chair of Rex, Mr. Lim, contravened his
       directors' duties from February 28 to June 20, 2023 by
       authorising and failing to take steps to correct the
       Announcement.

ASIC will further allege:

     * Rex breached its continuous disclosure obligations from
       Feb. 28, 2023 until its downgrade on June 20, 2023,
       including by failing to inform the market that it did not
       have reasonable grounds for the Announcement and was
       unlikely to have positive operating profits for the
       financial year ending June 30, 2023.

     * Mr. Lim contravened section 180 of the Corporations Act
       from Feb. 28, 2023 to June 20, 2023 including by failing to

       take steps to cause Rex to correct the Announcement and to
       disclose the company was unlikely to have positive
       operating profits for the year to June 30, 2023. In
       addition, ASIC will allege Mr. Lim was knowingly concerned
       in Rex's continuous disclosure contravention in breach of
       section 674A(3).

     * The Hon John Sharp AM, Mr. Lincoln Pan and Mr. Siddharth
       Khotkar (directors) contravened section 180 of the
       Corporations Act from April 14, 2023 to June 20, 2023
       including by failing to take steps to cause Rex to disclose

       the company was unlikely to have positive operating profits

       for the year to June 30, 2023. It is ASIC's contention that

       by April 14, these directors were in possession of
       financial information which put them on notice of the need
       for Rex to update the market.

                        About Rex Airlines

Regional Express Pty. Ltd., trading as Rex Airlines (and as
Regional Express Airlines on regional routes), is an Australian
airline based in Mascot, New South Wales.  It operates scheduled
regional and domestic services.  It is Australia's largest regional
airline outside the Qantas group of companies and serves all 6
states across Australia.  It is the primary subsidiary of Regional
Express Holdings.

On July 30, 2024, Samuel Freeman, Justin Walsh, and Adam Nikitins
of Ernst & Young Australia (EY Australia) were appointed Joint and
Several Voluntary Administrators by the Rex Group's respective
Boards of Directors. The companies in administration are:

     * Regional Express Holdings Limited;
     * Regional Express Pty Limited;
     * Rex Airlines Pty Ltd;
     * Rex Investment Holdings Pty Limited; and
     * Air Partners Pty Ltd.


TRITON BOND 2024-3: S&P Assigns Prelim. 'B' Rating on F Notes
-------------------------------------------------------------
S&P Global Ratings assigned its preliminary ratings to nine classes
of prime residential mortgage-backed securities (RMBS) to be issued
by Perpetual Corporate Trust Ltd. as trustee for Triton Bond Trust
2024-3 Series 1.

The preliminary ratings reflect the following factors.

S&P said, "We have assessed the credit risk of the underlying
collateral portfolio, including the fact that this is a closed
portfolio, which means no further loans will be assigned to the
trust after the closing date.

"The credit support is sufficient to withstand the stresses we
apply. This credit support comprises mortgage lenders insurance
covering 13.2% of the loans in the portfolio as well as note
subordination for all rated notes."

The various mechanisms to support liquidity within the transaction,
including an amortizing liquidity facility equal to 1.0% of the
invested amount of all rated and class G notes, subject to a floor
of 0.10% of the initial invested amount of all notes, principal
draws, and a loss reserve that builds from excess spread, are
sufficient under S&P's stress assumptions to ensure timely payment
of interest.

An extraordinary expense reserve of A$150,000, funded from day one
by Columbus Capital Pty Ltd., is available to meet extraordinary
expenses. The reserve will be topped up via excess spread if
drawn.

A fixed- to floating-rate interest-rate swap is provided by Westpac
Banking Corp. to hedge the mismatch between receipts from any
fixed-rate mortgage loans and the variable-rate RMBS, should any be
entered into after transaction close.

S&P said, "Our ratings also consider the legal structure of the
trust, which has been established as a special-purpose entity and
meets our criteria for insolvency remoteness.

"We understand that the class A1-AU-G notes will be issued under
the ColCap Green Bond Framework. Issuance proceeds from this bond
will be used to purchase green mortgages that meet the eligibility
criteria outlined in the ColCap Green Bond Framework." S&P Global
Ratings does not consider in its credit rating analysis the
issuer's designation of the notes as "green."

  Preliminary Ratings Assigned

  Triton Bond Trust 2024-3 Series 1

  Class A1-AU, A$670.00 million: AAA (sf)
  Class A1-AU-G, A$350.00 million: AAA (sf)
  Class A2, A$108.00 million: AAA (sf)
  Class AB, A$28.44 million: AAA (sf)
  Class B, A$18.00 million: AA (sf)
  Class C, A$12.00 million: A (sf)
  Class D, A$4.80 million: BBB (sf)
  Class E, A$4.56 million: BB (sf)
  Class F, A$1.20 million: B (sf)
  Class G, A$3.00 million: Not rated




===================
B A N G L A D E S H
===================

BANGLADESH: ADB Approves US$600 Million Budget Support
------------------------------------------------------
The Asian Development Bank (ADB) will provide a $600 million
policy-based loan (PBL) to the Government of Bangladesh, with a
package of structural reforms supporting mobilization of domestic
resources, efficiency of public investment projects, developing
private sector, reforming state-owned enterprises, and promoting
transparency and good governance.

"ADB's PBL promptly responds to Bangladesh's immediate development
financing needs following the political transition. The reforms
target improvements in economic management and governance as well
as economic diversification and competitiveness," said ADB Regional
Lead Economist Aminur Rahman. "ADB's program was developed in close
collaboration with the International Monetary Fund, World Bank, and
other development partners."

Bangladesh has been struggling with revenue mobilization, as it
possesses the lowest tax-to-gross domestic product ratio in the
world, at only 7.4%. This PBL will help Bangladesh introduce key
policy actions with the aim of increasing domestic resource
mobilization, while improving transparency and accountability. The
program includes digitalization and green initiatives,
rationalization of tax incentives and exemptions, and measures to
assist taxpayers to boost tax morale.

Improved transparency and efficiency of public investment projects
through increased digitalization is another key objective. The PBL
promotes private sector development and foreign direct investment
by streamlining regulatory environment and creating a level playing
field.  To simplify business creation and operations, over 130
services have been made available in an online integrated platform.
These are complemented by improved governance and performance
monitoring of state-owned enterprises and streamlined foreign
direct investment approval processes.  The PBL also aims to
facilitate policy and institutional reforms to promote a "whole of
government" logistics sector reform to reduce the cost of trade and
promote export diversification.   

ADB is committed to achieving a prosperous, inclusive, resilient,
and sustainable Asia and the Pacific, while sustaining its efforts
to eradicate extreme poverty. Established in 1966, it is owned by
69 members-49 from the region.

                         About Bangladesh

Bangladesh is a country in South Asia. It is the eighth-most
populous country in the world and is among the most densely
populated countries with a population of 170 million in an area of
148,460 square kilometres (57,320 sq mi). Dhaka, the capital and
largest city, is the nation's political, financial, and cultural
centre. Chittagong is the second-largest city and is the busiest
port on the Bay of Bengal.

As recently reported in the Troubled Company Reporter-Asia Pacific,
Moody's Ratings downgraded the Government of Bangladesh's long-term
issuer and senior unsecured ratings to B2 from B1 and affirmed
short-term issuer ratings at Not Prime. The outlook has been
changed to negative from stable.




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

SHIMAO GROUP: Hong Kong Court Dismisses Liquidation Case
--------------------------------------------------------
Trista Xinyi Luo that Bloomberg News reports that Shimao Group
Holdings Ltd. won a Hong Kong court decision to dismiss a creditor
petition to liquidate the defaulted Chinese developer, buying more
time to complete its debt restructuring plan.

According to Bloomberg, the Hong Kong High Court granted the
dismissal on Dec. 2 after the company said in an October filing
that some banks and bondholders have indicated their approval of
its $11.5 billion restructuring plan with some sweeteners added.

Bloomberg says the development adds to the momentum gained by
Shimao to push through the restructuring plan and continue
operations. Once one of China's biggest developers with five-star
hotels as its landmark projects, the company was on an expanding
list of distressed builders facing legal battles that were launched
by creditors frustrated with a lack of progress on overhauling
debt.

Shares of Shimao rose as much as 8.1% Dec. 2 in Hong Kong. Most of
its offshore bonds were indicated at less than 7 cents as of Nov.
29, according to Bloomberg-compiled data.

After Shimao disclosed some creditors' indications of approval, the
company asked for a hearing on Jan. 16, when it will request a
meeting for a vote on the plan, Bloomberg discloses.

The wind-up petition was filed by China Construction Bank (Asia)
Corp. in April, becoming one of the most prominent examples of a
state-backed bank trying to reclaim money from a distressed
builder.

                        About Shimao Group

China-based Shimao Group Holdings Ltd, formerly Shimao Property
Holdings Ltd, is an investment holding company principally engaged
in the sale of properties. The Company operates its business
through four segments. The sales of Properties segment is mainly
engaged in the development of residential real estate. The Property
Management Income and Others is mainly engaged in property
management. The Hotel Operation Income segment is mainly engaged in
hotel operations. The Commercial Properties Operation Income
segment is mainly engaged in the development, investment and
operation of commercial, office and industrial park property
projects.

As reported in the Troubled Company Reporter-Asia Pacific, Shimao
Group has missed the interest and principal payment of a US$1
billion offshore bond due on July 3, 2022.




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

GREENPRO CAPITAL: Regains NASDAQ Listing Compliance
----------------------------------------------------
Greenpro Capital Corp disclosed in a Form 8-K filing with the U.S.
Securities and Exchange Commission that on December 5, 2024, the
Company received notification from The NASDAQ Stock Market that it
had determined that for the last 10 consecutive business days from
November 20, 2024 to December 4, 2024, the closing bid price of the
Company's common stock had been at $1.00 per share or greater and
accordingly, the Company has regained compliance with the Nasdaq
Listing Rule 5550(a)(2) and this matter is now closed.


On September 16, 2024, Greenpro Capital, Corp. received notice from
NASDAQ that, because the closing bid price for the Company's common
stock had fallen below $1.00 per share for 30 consecutive business
days, the Company no longer complied with the minimum bid price
requirement for continued listing on the Nasdaq Capital Market
pursuant to the Nasdaq Listing Rule 5550(a)(2). However, the Nasdaq
Listing Rules also provide the Company a compliance period of 180
calendar days (i.e. by March 17, 2025) in which to regain
compliance.

                   About Greenpro Capital Corp.

Greenpro Capital Corp., a multinational conglomerate, provides
financial consulting and corporate services to small and
medium-size businesses primarily in Hong Kong, Malaysia, and China.
The Company was formerly known as Greenpro, Inc. and changed its
name to Greenpro Capital Corp. in May 2015. Greenpro Capital Corp.
was founded in 2013 and is headquartered in Hung Hom, Hong Kong.

Kuala Lumpur, Malaysia-based JP Centurion & Partners, the Company's
auditor since 2021, issued a "going concern" qualification in its
report dated March 21, 2024. The report noted that for the year
ended December 31, 2023, the Company incurred a negative cash flow
from operating activities of $1,594,718 and an accumulated deficit
of $36,549,095. These conditions raise substantial doubt about the
Company's ability to continue as a going concern.

As of June 30, 2024, the Company had $6,756,871 in total assets,
$1,711,612 in total liabilities, and $5,045,259 in total
stockholders' equity.

HEALTH AND HAPPINESS: Moody's Alters Outlook on 'Ba3' CFR to Neg.
-----------------------------------------------------------------
Moody's Ratings has changed the outlook on Health and Happiness
(H&H) International Holdings Limited to negative from stable. At
the same time, Moody's have affirmed H&H's Ba3 corporate family
rating and senior secured rating.

"The negative outlook reflects Moody's expectation that H&H will
continue to face challenges in its infant milk formula (IMF)
business because of intense competition in China, resulting in weak
credit metrics for 2024, including its financial leverage and
interest coverage," says Shawn Xiong, Moody's Ratings Vice
President and Senior Analyst.

"The rating affirmation reflects the company's diversified business
operations and product offerings, providing some offsets to
business volatilities. In addition, the company has demonstrated a
track record of successful and timely debt refinancing, including
its recent use of USD540 million in refinancing facilities, with
next USD notes refinancing to be due in June 2026," adds Xiong.

RATINGS RATIONALE

H&H's Ba3 CFR reflects the company's (1) leading position among
vitamin, herbal and mineral supplement (VHMS) providers in China
and Australia, (2) product and geographic diversification, (3)
expected free cash flow generation, and (4) adequate liquidity
position and track record of timely debt refinancing.

At the same time, the ratings are constrained by (1) the company's
developing scale in competitive markets, (2) the competitive and
structural challenges in China's IMF market, and (3) the company's
exposure to regulatory and product safety risks.

H&H's total revenue declined by 6.1% for the first nine months of
2024 largely because of a significant drop in revenue of around
23.6% in its IMF business. This segment has faced intense
competition following China's implementation of new standards for
IMF in 2023, as well as structural challenges such as declining
birth rates in the country.

At the same time, growth at its pet nutrition and care (PNC)
business during the same period was lower than Moody's previous
expectations. The segment grew by around 5.4% on the back of
channel optimization and production premiumization of Solid Gold
pet food business in North America and China. Consequently, the
company's leverage, as measured by Moody's-adjusted debt/EBITDA,
increased to 4.8x for the 12 months ended June 2024 from 4.2x in
2023.

Moody's forecast H&H's revenue will fall by 6%-8% in 2024, driven
by a significant revenue decline at its IMF business and
slower-than-expected revenue growth at its PNC segment.

Moody's project the company's adjusted EBITDA margin will be around
13%-14% over the next 12-18 months, compared to 14.5% for the 12
months ended June 2024. The projection considers the ongoing
challenges facing its IMF business, given the new IMF standards and
the company's need to complete its distribution channel and product
optimization at Solid Gold.

As a result, Moody's estimate H&H's financial leverage will
increase to around 5.5x in 2024 before improving to 4.5x-4.8x in
2025, supported by debt reduction and moderate earnings growth. The
company will need to revive its IMF business to return to revenue
growth, by successfully executing on its new customer acquisition
strategy and completing its distribution channel and production
optimization at Solid Gold.  

H&H's liquidity position is adequate. Its cash balance of around
RMB1.9 billion as of September 2024, together with its expected
adjusted annual operating cash flow, is sufficient to cover its
dividend payments, capital expenditure and debt maturity over the
next 12 months.

The company has successfully demonstrated a track record of
refinancing its USD bond and syndicated loans, underpinned by its
well-established relationships with financial institutions and
prudent financial management.

The senior notes are rated at the same level as the company's CFR
because they are ranked pari passu with all existing and future
secured indebtedness of the company, including its secured bank
facilities, which constitute most of its debt. The notes are also
secured on a first-ranking basis by the assets of H&H's key
operating subsidiaries other than those in China.

ENVIRONMENTAL, SOCIAL AND GOVERNANCE (ESG) CONSIDERATIONS

H&H's ESG Credit Impact Score (CIS-3) assessment reflects the
company's exposures to natural capital, waste and pollution,
regulatory, reputational and production safety risks. In terms of
governance, the company has a good management credibility and track
record in growing and diversifying its business which
counterbalances its willingness to use debt to fund its strong
growth appetite and its concentrated ownership by its board
chairman.

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

The negative outlook on the rating reflects Moody's expectation
that H&H's credit metrics, including financial leverage, interest
coverage and retained cash flow (RCF)/net debt, will remain weak
for its current rating level over the next 6-12 months. This
outlook also considers the challenges over the stabilization of the
company's IMF segment and the return of stronger growth in its PNC
segment.

A rating upgrade is unlikely, given the negative outlook.
Nevertheless, Moody's could revert the outlook to stable if the
company (1) stabilizes its IMF segment; (2) achieves steady growth
in its adult nutrition and care and PNC segments; and (3)
successfully refinances its upcoming debt maturities, including its
USD300 million notes well in advance.

Moody's could downgrade the ratings if (1) the company's sales or
market position continues to weaken; (2) its profit margins
deteriorate and credit metrics or liquidity weakens because of
intense competition, regulatory changes and the company's
aggressive financial policies; and (3) it fails to refinance its
upcoming debt maturities in a timely manner, causing its liquidity
to decline over the next several quarters.

Credit metrics indicative of a downgrade include adjusted
debt/EBITDA increasing above 5.5x, adjusted EBITDA/interest
decreasing below 3.0x, adjusted EBIT margin falling below 10% and
RCF/net debt decreasing below 12%, all on a sustained basis.

PRINCIPAL METHODOLOGY

The principal methodology used in these ratings was Consumer
Packaged Goods published in June 2022.

COMPANY PROFILE

Health and Happiness (H&H) International Holdings Limited was
established in 1999 and is headquartered in Hong Kong SAR, China.
It listed on the Hong Kong Stock Exchange in December 2010. The
company is a global premium nutrition and wellness provider with a
leading position in the vitamin, herbal and mineral supplement
(VHMS) markets in China, Australia and other countries. H&H
expanded into pet nutrition and care by acquiring US brands Solid
Gold and Zesty Paws.




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

AASTHA SPINTEX: Ind-Ra Moves BB+ Rating to NonCooperating
---------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated all the ratings of
Aastha Spintex Private Limited to the non-cooperating category as
per Ind Ra's policy on Issuer Non-Cooperation, following
non-submission of No Default Statement continuously for 3 months
despite continuous requests and follow-ups by the agency and also
IND-Ra's inability to validate timely debt servicing through other
sources it considers reliable. No Default Statement in the format
prescribed by SEBI is required to be shared by the issuer every
month as a confirmation that all financial obligations are being
serviced on time. Investors and other users are advised to take
appropriate caution while using these ratings. The rating will now
appear as 'IND BB+/Negative (ISSUER NOT COOPERATING)' on the
agency's website.

The instrument-wise rating actions are:

-- INR230 mil. Fund Based Working Capital Limit outlook revised
     to Negative; rating migrated to non-cooperating category with

     IND BB+/Negative (ISSUER NOT COOPERATING)/IND A4+ (ISSUER NOT

     COOPERATING) rating;

-- INR35 mil. Non-Fund Based Working Capital Limit outlook
     revised to Negative; rating migrated to non-cooperating
     category  with IND A4+ (ISSUER NOT COOPERATING) rating; and

-- INR275.5 mil. Term Loan due on October 30, 2030 outlook
     revised to Negative; rating migrated to non-cooperating
     category IND BB+/Negative (ISSUER NOT COOPERATING) rating.

Note: ISSUER NOT COOPERATING: Issuer did not co-operate, based on
best available information. Ind-Ra is unable to provide an update,
as the agency does not have adequate information to review the
ratings.

Non-Cooperation by the Issuer

Ind-Ra has not received No Default Statement continuously for 3
months despite continuous requests and follow-ups by the agency.
Ind-Ra had consistently followed up with Aastha Spintex Private
Limited over emails starting from September 30, 2024, apart from
phone calls.

Limitations regarding Information Availability

Ind-Ra has reviewed the credit ratings of Aastha Spintex Private
Limited on the basis of best available information and is unable to
provide a forward-looking credit view. Hence, the current
outstanding rating might not reflect Aastha Spintex Private
Limited's credit strength. If an issuer does not provide timely No
Default Statement, it indicates weak governance, particularly in
'Timely debt servicing'. 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

ASPL was established in 2014 by the members of the Patel and
Sitapara families. The company manufactures cotton yarn used for
knitting and weaving, with bulk production of combed yarn of count
30. It has a manufacturing facility at Halvad, Morbi.

ALBUS INDIA: CRISIL Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Albus India
Limited (AIL) continue to be 'CRISIL D Issuer Not Cooperating'.

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

   Term Loan                11        CRISIL D (Issuer Not
                                      Cooperating)

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

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

Detailed Rationale

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

AIL was set up in 2011 by Mr. Gaurav Agrawal and his two brothers -
Mr. Gautam Agrawal and Mr. Gokul Agrawal. The company manufactures
low carbon ferro manganese. Its manufacturing unit is located in
Vishakhapatnam (Andhra Pradesh), and commenced operations in August
2015.


ALI AGENCY: CRISIL Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Ali Agency
(Ali; part of Mahavir group) continue to be 'CRISIL D Issuer Not
Cooperating'.

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

   Cash Credit             8.5        CRISIL D (Issuer Not
                                      Cooperating)

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

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

Detailed Rationale

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

For arriving at its rating, CRISIL Ratings has combined the
business and financial risk profiles of Ali and Mahavir
Enterprises. This is because both the firms, together referred to
as the Mahavir group, have a common management and significant
operational synergies.

Promoted by Mr. Pawan Kumar Jajodia, the Mahavir group primarily
trades in sugar, pulses, and edible oil.


ANAND ELECTRICALS: CRISIL Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Anand
Electricals (AE) continue to be 'CRISIL D/CRISIL D Issuer Not
Cooperating'.

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

   Cash Credit             2          CRISIL D (Issuer Not
                                      Cooperating)

   Letter of Credit        2          CRISIL D (Issuer Not
                                      Cooperating)

   Proposed Long Term     10          CRISIL D (Issuer Not
   Bank Loan Facility                 Cooperating)

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

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

Detailed Rationale

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

Formed in 2005 as a proprietorship firm by Mr. Ramakrishna Vetal,
AE, an EPC contractor, undertakes projects to set up transmission
lines and towers for public and private entities.


ANANDI WATER: CRISIL Keeps D Debt Rating in Not Cooperating
-----------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Anandi Water
Parks Resorts & Club Private Limited (AWPRCPL) continues to be
'CRISIL D Issuer Not Cooperating'.

                         Amount
   Facilities         (INR Crore)     Ratings
   ----------         -----------     -------
   Term Loan                5         CRISIL D (Issuer Not
                                      Cooperating)

CRISIL Ratings has been consistently following up with Anandi Water
Parks Resorts & Club Private Limited (AWPRCPL) for obtaining
information through letter and email dated November 11, 2024 among
others, apart from telephonic communication. However, the issuer
has remained non cooperative.

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

Detailed Rationale

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

AWPRCPL, established in 2002 in Lucknow, owns and operates a water
park, a resort, clubs, a marriage hall, and a 75-room hotel. The
company is promoted by Mr. Pankaj Agrawal and his family.


ANGEL PROMOTERS: CRISIL Keeps C Debt Rating in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Angel
Promoters Private Limited (APPL) continues to be 'CRISIL C Issuer
Not Cooperating'.

                         Amount
   Facilities         (INR Crore)     Ratings
   ----------         -----------     -------
   Term Loan               20         CRISIL C (Issuer Not
                                      Cooperating)

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

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

Detailed Rationale

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

Established in 2006 in Sahibabad, Uttar Pradesh (UP), by Mr. DB
Jain and his son, Mr. Abhishek Jain, APPL is engaged in real estate
development and has currently undertaken a hotel-cum-banquet halls
project in Sahibabad, which is expected to commence operations in
2016-17. The company completed a group housing project,Angel
Mercury, in Indirapuram, UP, in 2012.


APY MEDI: Ind-Ra Cuts Loan Rating to B-
---------------------------------------
India Ratings and Research (Ind-Ra) has downgraded Apy Medi
Services Private Limited rating to IND B-/Negative(ISSUER NOT
COOPERATING). The issuer did not participate in the surveillance
exercise, despite continuous requests and follow-ups by the agency
through emails and phone calls. Thus, the rating is based on the
best available information. Therefore, investors and other users
are advised to take appropriate caution while using the rating.

The detailed rating actions are:

-- INR20 mil. Fund Based Working Capital Limit downgraded with
     IND B-/Negative (ISSUER NOT COOPERATING)/IND A4 (ISSUER NOT
     COOPERATING) rating; and

-- INR260 mil. Term loan due on December 10, 2030 downgraded with

     IND B-/Negative (ISSUER NOT COOPERATING) rating.

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

Detailed Rationale of the Rating Action

The downgrade is in accordance with Ind-Ra's policy of Guidelines
on What Constitutes Non-Cooperation. As per the policy, ratings of
non-cooperative ratings issuers may get downgraded during
subsequent reviews, if the issuer continues to remain
non-cooperative. With passage of time and absence of updated
information, the risk of sustaining the rating at current levels by
relying on dated information increases, which may be reflected
through a downgrade rating action

Non-Cooperation by the Issuer

Ind-Ra has not received adequate information and has not been able
to conduct management interaction with Apy Medi Services Private
Limited while reviewing the rating. Ind-Ra had consistently
followed up with Apy Medi Services Private Limited over emails,
apart from phone calls.

Limitations regarding Information Availability

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

About the Company

AMSPL was incorporated under the provisions of the Companies Act,
1956, with the Registrar of Companies, Delhi, on May 3, 2013. The
company plans to set up multi super specialty hospitals in tier II
cities in India in two phases. Under phase I, the company is
setting up a hospital in Greater Noida, which would commence
operations with 173 beds out of the total planned capacity of 300
beds.

ASHOK KUMAR: Ind-Ra Keeps B- Loan Rating in NonCooperating
----------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained Ashok kumar
Chhabra Constructions Private Limited's instrument(s) rating in the
non-cooperating category. The issuer did not participate in the
surveillance exercise, despite continuous requests and follow-ups
by the agency through emails and phone calls. Therefore, investors
and other users are advised to take appropriate caution while using
the rating. The rating will continue to appear as 'IND B-/Negative
(ISSUER NOT COOPERATING)' on the agency's website.

The detailed rating actions are:

-- INR50 mil. Non-Fund Based Working Capital Limit maintained in
     non-cooperating category with IND A4 (ISSUER NOT COOPERATING)

     rating;

-- INR5 mil. Fund Based Working Capital Limit downgraded with IND

    B-/Negative (ISSUER NOT COOPERATING)/IND A4 (ISSUER NOT
    COOPERATING) rating; and

-- INR45 mil. Proposed Fund Based Working Capital Limit
     downgraded with IND B-/Negative (ISSUER NOT COOPERATING)/IND  

     A4 (ISSUER NOT COOPERATING) rating.

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

Non-Cooperation by the Issuer

Ind-Ra has not received adequate information and has not been able
to conduct management interaction with Ashok kumar Chhabra
Constructions Private Limited while reviewing the rating. Ind-Ra
had consistently followed up with Ashok kumar Chhabra Constructions
Private Limited over emails, apart from phone calls.

Limitations regarding Information Availability

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

About the Company

AKCCPL, incorporated in 2000, executes road construction projects
for municipal and development authorities, and the Public Works
Departments of Uttar Pradesh.  Sachin Chhabra and his brother,
Khitij Chhabra, are the promoters.

AUTOPAL INDUSTRIES: Ind-Ra Keeps D Loan Rating in NonCooperating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained Autopal
Industries Limited's instrument(s) rating in the non-cooperating
category. The issuer did not participate in the surveillance
exercise, despite continuous requests and follow-ups by the agency
through emails and phone calls. Therefore, investors and other
users are advised to take appropriate caution while using the
rating. The rating will continue to appear as 'IND D (ISSUER NOT
COOPERATING)' on the agency's website.

The detailed rating action is:

-- INR100 mil. Fund Based Working Capital Limit maintained in
     non-cooperating category with IND D (ISSUER NOT COOPERATING)
     rating; and

-- INR6.3 mil. Term Loan maintained in non-cooperating category
     with IND D (ISSUER NOT COOPERATING) rating.

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

Non-Cooperation by the Issuer

Ind-Ra has not received adequate information and has not been able
to conduct management interaction with Autopal Industries Limited
while reviewing the rating. Ind-Ra had consistently followed up
with Autopal Industries Limited over emails, apart from phone
calls.

Limitations regarding Information Availability

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

About the Company

AIL manufactures LED lighting products.

B2X SERVICE: Liquidation Process Case Summary
---------------------------------------------
Debtor: B2X Service Solutions India Private Limited
Unit No. 1 & Part of unit No.3,
        1st Floor, I wing, Tex Centre,
        26-A, Chandivali Road,
        Andheri East,
        Mumbai City, Mumbai,
        Maharashtra, India 400072

Liquidation Commencement Date: October 3, 2024

Court: National Company Law Tribunal Mumbai Bench

Liquidator: Ms. Neelima Anil Bhate
     401, Citi Center
            Opposite Ayurved Rasashala
            Karve Road Pune 411004
            Email: Neelima_bhate@yahoo.com
            Email: b2x.liquidation@gmail.com

Last date for
submission of claims: November 15, 2024


CAMELLIA CLOTHING: CRISIL Keeps B+ Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Camellia
Clothing Limited (CCL) continue to be 'CRISIL B+/Stable Issuer not
cooperating'.

                      Amount
   Facilities      (INR Crore)     Ratings
   ----------      -----------     -------
   Cash Credit           7         CRISIL B+/Stable (ISSUER NOT
                                   COOPERATING)

   Proposed Working      1         CRISIL B+/Stable (ISSUER NOT
   Capital Facility                COOPERATING)

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

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

Detailed Rationale

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

CCL, formed as a closely-held company in 1990, manufactures shirts
for various domestic brands. Mr Harish Mittal and his wife, Ms
Deepa Mittal are promoters of the Bengaluru-based company.


CARDIO FITNESS: CRISIL Keeps D Debt Ratings in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Cardio
Fitness India Private Limited (CFPL) continue to be 'CRISIL
D/CRISIL D Issuer Not Cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit           8.5        CRISIL D (Issuer Not
                                    Cooperating)

   Foreign Exchange      3.32       CRISIL D (Issuer Not
   Forward                          Cooperating)

   Letter of Credit      4.50       CRISIL D (Issuer Not
                                    Cooperating)

   Proposed Long Term    1.68       CRISIL D (Issuer Not
   Bank Loan Facility               Cooperating)

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

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

Detailed Rationale

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

CFPL was set up by Mr Deepak Dewan in New Delhi in 1995. The
company offers a range of cardio- and strength-training products
and support services. Its products include computerized treadmills,
cross-trainers, and steppers.


CUMBUM VALLEY: Ind-Ra Cuts Loan Rating to B-
--------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded CUMBUM VALLEY
WINERY PRIVATE LIMITED rating to IND B-/Negative(ISSUER NOT
COOPERATING). The issuer did not participate in the surveillance
exercise, despite continuous requests and follow-ups by the agency
through emails and phone calls. Thus, the rating is based on the
best available information. Therefore, investors and other users
are advised to take appropriate caution while using the rating.

The detailed rating actions are:

-- INR97 mil. Fund Based Working Capital Limit downgraded with
     IND B-/Negative (ISSUER NOT COOPERATING)/IND A4 (ISSUER NOT
     COOPERATING) rating; and

-- INR453 mil. Term loan due on July 31, 2030 downgraded with IND

     B-/Negative (ISSUER NOT COOPERATING) rating.

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

Detailed Rationale of the Rating Action

The downgrade is in accordance with Ind-Ra's policy of Guidelines
on What Constitutes Non-Cooperation. As per the policy, ratings of
non-cooperative ratings issuers may get downgraded during
subsequent reviews, if the issuer continues to remain
non-cooperative. With passage of time and absence of updated
information, the risk of sustaining the rating at current levels by
relying on dated information increases, which may be reflected
through a downgrade rating action

Limitations regarding Information Availability

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

About the Company

Incorporated in November, 2007, CVMPL is engaged in the business of
processing wine from grapes for the domestic market and supplies to
TASMAC, government of Tamil Nadu. The wine processing facility is
located in Theni, Madurai and the registered office is in Chennai,
Tamil Nadu. The promoters are R.Raghu, R Prabhu and R Rajnarayan.
Wine is sold under the brand names - Misty Grapes, Red Sea and
Mascato "c" Valley.

DULLAT RESORT: CRISIL Keeps D Debt Rating in Not Cooperating
------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Dullat Resort
(DR) continues to be 'CRISIL D Issuer Not Cooperating'.

                         Amount
   Facilities         (INR Crore)     Ratings
   ----------         -----------     -------
   Term Loan                7         CRISIL D (Issuer Not
                                      Cooperating)

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

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

Detailed Rationale

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

Established in 2015, DR is in Mohali region and operating with 24
rooms. Firm is promoted by Avtar Sing and Rupinder singh.


EXIM LOGISTICS: Ind-Ra Keeps D Bank Loan Rating in NonCooperating
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained Exim Logistics
Private Limited's (ELPL) bank facilities' ratings in the
non-cooperating category and has simultaneously withdrawn the same.


The detailed rating actions are:

-- INR180 mil. Fund-based limits (Long-term)* maintained in non-
     cooperating category and withdrawn; and

-- INR20 mil. Non-fund-based capital limits (Short-term)*
     maintained in non-cooperating category and withdrawn.

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

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

Detailed Rationale of the Rating Action

The ratings have been maintained in the non-cooperating category
before being withdrawn because 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 statement, sanctioned bank facilities and
utilization, business plans and projections for the next three
years, 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.

Non-Cooperation by the Issuer

Ind-Ra has not received adequate information and has not been able
to conduct management interactions with ELPL while reviewing the
rating. Ind-Ra had consistently followed up with ELPL over emails,
apart from phone calls since January 2019. The issuer has  also not
been submitting the monthly no default statement since June 2020.

Limitations regarding Information Availability

Ind-Ra is unable to provide an updated forward-looking view on the
credit rating of ELPL, 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. ELPL has been
non-cooperative with the agency since January 2019.

About the Company

Incorporated in 2006 by Himadri Pattnayak, ELPL provides logistics
services, mainly road transport services and acts as a custom house
agent.

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

                         Amount
   Facilities         (INR Crore)     Ratings
   ----------         -----------     -------
   Working Capital        12.5        CRISIL D (Issuer Not
   Facility                           Cooperating)

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

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

Detailed Rationale

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

Incorporated in 1997, EIL is owned and managed by Mr. Gyanendra
Bhatnagar and his family members. EIL operates wind turbine
generator facility in Raisen (Madhya Pradesh). The facility started
operations in September 2014.


FAMOUS KNIT: Ind-Ra Moves BB+ Rating to NonCooperating
------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated all the ratings of
Famous Knit to the non-cooperating category as per Ind Ra's policy
on Issuer Non-Cooperation, following non-submission of No Default
Statement continuously for 3 months despite continuous requests and
follow-ups by the agency and also IND-Ra's inability to validate
timely debt servicing through other sources it considers reliable.
No Default Statement in the format prescribed by SEBI is required
to be shared by the issuer every month as a confirmation that all
financial obligations are being serviced on time. Investors and
other users are advised to take appropriate caution while using
these ratings. The rating will now appear as 'IND BB+/Negative
(ISSUER NOT COOPERATING)' on the agency's website.

The instrument-wise rating actions are:

-- INR250 mil. Fund Based Working Capital Limit outlook revised
     to Negative; rating migrated to non-cooperating category with

     IND BB+/Negative (ISSUER NOT COOPERATING)/IND A4+ (ISSUER NOT

     COOPERATING) rating;

-- INR2.3 mil. Fund Based Working Capital Limit outlook revised
     to Negative; rating migrated to non-cooperating category with

     IND BB+/Negative (ISSUER NOT COOPERATING)/IND A4+ (ISSUER NOT

     COOPERATING) rating; and

-- INR97.7 mil. Term Loan due on December 8, 2028 outlook revised

     to Negative; rating migrated to non-cooperating category with

     IND BB+/Negative (ISSUER NOT COOPERATING) rating.

Note: ISSUER NOT COOPERATING: Issuer did not co-operate, based on
best available information. Ind-Ra is unable to provide an update,
as the agency does not have adequate information to review the
ratings.

Non-Cooperation by the Issuer

Ind-Ra has not received No Default Statement continuously for 3
months despite continuous requests and follow-ups by the agency.
Ind-Ra had consistently followed up with Famous Knit over emails
starting from September 30, 2024, apart from phone calls.

Limitations regarding Information Availability

Ind-Ra has reviewed the credit ratings of Famous Knit on the basis
of best available information and is unable to provide a
forward-looking credit view. Hence, the current outstanding rating
might not reflect Famous Knit's credit strength. If an issuer does
not provide timely No Default Statement, it indicates weak
governance, particularly in 'Timely debt servicing'. The agency may
also consider this as symptomatic of a possible disruption /
distress in the issuer's credit profile. Therefore, investors and
other users are advised to take appropriate caution while using
these ratings.

About the Company

Incorporated in 2000, Famous knit is a partnership firm engaged in
manufacturing knitted garments. The company exports 100% of its
produce to various countries such as the UK, the US, Dubai and
other European countries. Famous Knit's factories are located in
Tirupur, Tamil Nadu. It has their own dyeing unit, printing unit,
with proper effluent system.

FSD BUILDING: CRISIL Keeps D Debt Ratings in Not Cooperating
------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of FSD Building
Materials Private Limited (FSD) continue to be 'CRISIL D Issuer Not
Cooperating'.

                         Amount
   Facilities         (INR Crore)     Ratings
   ----------         -----------     -------
   Overdraft Facility      30         CRISIL D (Issuer Not
                                      Cooperating)

   Proposed Long Term       5         CRISIL D (Issuer Not
   Bank Loan Facility                 Cooperating)

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

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

Detailed Rationale

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

FSD, incorporated in 2010, is promoted by Mr Yahya Farouk Darvesh,
Ms Hanifa Farouk Darvesh, and Mr Zakaria Farouk Darvesh based in
Mumbai. The family has been engaged in the timber industry for over
100 years. The company trades in timber, medium-density fibreboard,
and wood-based chemicals, and is managed by Ms Hanifa Farouk
Darvesh and Mr Zakaria Farouk Darvesh.


GARG SONS: Ind-Ra Moves BB+ Loan Rating to Non-Cooperating
----------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Garg Sons Estate
Promoters Pvt Ltd.'s (GSEPPL) bank facilities to non-cooperating
category and has simultaneously withdrawn the same.

The detailed rating actions are:

-- INR95 mil. Fund-based working capital limit* migrated to non-
     cooperating category and withdrawn; and

-- INR835 mil. Non-fund-based working capital limit# migrated to
     non-cooperating category and withdrawn.

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

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

#Migrated to 'IND A4+ (ISSUER NOT COOPERATING)' before being
withdrawn
Detailed Rationale of the Rating Action

The rating has been migrated to the non-cooperating category before
being withdrawn as the issuer did not participate in the
surveillance exercise despite continuous requests and follow-ups by
the agency through emails and phone calls, and has not provided
information about the latest audited financial statements,
sanctioned bank facilities, business plans and projections for the
next three years. 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 rating, as the agency
has received a no-objection certificate from the lenders and a
withdrawal request from the issuer. This is consistent with
Ind-Ra's Policy on Withdrawal of Ratings.

Non-Cooperation by the Issuer

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

Limitations regarding Information Availability

Ind-Ra is unable to provide an updated forward-looking view on the
credit rating of GSEPPL, 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 the rating.

About the Company

Established in 2004, GSEPPL is engaged in civil construction
related to roads and city development. The promoters are Ashok
Garg, Rahul Garg and Nitin Garg and their registered office is in
Chandigarh.

GILCO EXPORTS: CRISIL Keeps D Debt Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Gilco Exports
Limited (GEL) continues to be 'CRISIL D/CRISIL D Issuer not
cooperating'.

                         Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Bank Guarantee         0.75      CRISIL D (Issuer Not
                                    Cooperating)

   Bank Guarantee         0.25      CRISIL D (Issuer Not
                                    Cooperating)

   Cash Credit            1.25      CRISIL D (Issuer Not
                                    Cooperating)

   Cash Credit            3.25      CRISIL D (Issuer Not
                                    Cooperating)

   Proposed Long Term     0.50      CRISIL D (Issuer Not
   Bank Loan Facility               Cooperating)

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

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

Detailed Rationale

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

Incorporated in 1988 and promoted by the Chandigarh-based Gill
family, GEL manufactures luggage trolleys, terminal sitting sofas,
and parts of conveyer belts.

Incorporated in 1988, Gilco GEL is engaged in manufacturing of
luggage trolley's, terminal sitting sofas and parts of conveyer
belts for Airport Authority of India. GEL is promoted by Chandigarh
based Gill family and has its manufacturing unit in Chandigarh.


GOLDEN SPINNING: CRISIL Keeps B Debt Ratings in Not Cooperating
---------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Golden
Spinning Mills Private Limited (GSMPL) continue to be 'CRISIL
B/Stable Issuer Not Cooperating'.

                       Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit            6          CRISIL B/Stable (Issuer Not
                                     Cooperating)

   Long Term Loan         1.2        CRISIL B/Stable (Issuer Not
                                     Cooperating)

   Proposed Long Term     2.19       CRISIL B/Stable (Issuer Not
   Bank Loan Facility                Cooperating)

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

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

Detailed Rationale

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

GSMPL, located in Salem, Tamil Nadu, and incorporated in 1981,
manufactures cotton yarn in counts of 20-80s. It is promoted by Mr.
P Sundaram and his family members.


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

                         Amount
   Facilities         (INR Crore)     Ratings
   ----------         -----------     -------
   Proposed Long Term      21         CRISIL D (Issuer Not
   Bank Loan Facility                 Cooperating)

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

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

Detailed Rationale

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

Promoted by Mr Aditya Agrawal, Greenbilt was incorporated on June
4, 2012. The company is setting up a manufacturing unit of aerated
autoclave concrete blocks, with an installed capacity of 1,71,000
cubic meter per annum at Durg district (Chhattisgarh).


GVRMP DHARWAD: CRISIL Keeps D Debt Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of GVRMP Dharwad
Ramanagar Tollway Private Limited (GDRTPL) continue to be 'CRISIL D
Issuer Not Cooperating'.

                         Amount
   Facilities         (INR Crore)     Ratings
   ----------         -----------     -------
   Term Loan               50         CRISIL D (Issuer Not
                                      Cooperating)

   Term Loan               35         CRISIL D (Issuer Not
                                      Cooperating)

   Term Loan               65         CRISIL D (Issuer Not
                                      Cooperating)

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

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

Detailed Rationale

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

GDRTPL is a special purpose vehicle (SPV) set up as a joint venture
between GVR Infra Projects Limited (51%), RMN Infrastructures Ltd
(25%) and Prathyusha Group (24%) in 2010. GDRTPL has entered into a
30 year concession agreement with Karnataka Road Development
Corporation Limited to widen and maintain SH-34 from Dharwad to
Ramanagar (Karnataka) for a total length of 61.4 kms on BOT-toll
basis.


GYANMANJARI CAREER: Ind-Ra Moves BB Rating to NonCooperating
------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated all the ratings of
Gyanmanjari Career Academy to the non-cooperating category as per
Ind Ra's policy on Issuer Non-Cooperation, following non-submission
of No Default Statement continuously for 3 months despite
continuous requests and follow-ups by the agency and also IND-Ra's
inability to validate timely debt servicing through other sources
it considers reliable. No Default Statement in the format
prescribed by SEBI is required to be shared by the issuer every
month as a confirmation that all financial obligations are being
serviced on time. Investors and other users are advised to take
appropriate caution while using these ratings. The rating will now
appear as 'IND BB/Negative (ISSUER NOT COOPERATING)' on the
agency's website.

The instrument-wise rating action is:

-- INR400 mil. Term Loan outlook revised to Negative; rating
     migrated to non-cooperating category with IND BB/Negative
     (ISSUER NOT COOPERATING) rating.

Note: ISSUER NOT COOPERATING: Issuer did not co-operate, based on
best available information. Ind-Ra is unable to provide an update,
as the agency does not have adequate information to review the
ratings.

Detailed Rationale of the Rating Action

The ratings have been migrated to the non-cooperating category in
accordance with Ind-Ra's policy of Issuer Non-Cooperation.

Non-Cooperation by the Issuer

Ind-Ra has not received No Default Statement continuously for 3
months despite continuous requests and follow-ups by the agency.
Ind-Ra had consistently followed up with Gyanmanjari Career Academy
over emails starting from September 30, 2024, apart from phone
calls.

Limitations regarding Information Availability

Ind-Ra has reviewed the credit ratings of Gyanmanjari Career
Academy on the basis of best available information and is unable to
provide a forward-looking credit view. Hence, the current
outstanding rating might not reflect Gyanmanjari Career Academy's
credit strength. If an issuer does not provide timely No Default
Statement, it indicates weak governance, particularly in 'Timely
debt servicing'. 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 2006, GCA provides coaching for IIT-JEE & NEET
entrance examination to 11th and 12th grade students in Bhavnagar,
Gujarat.  Mansukh M Nakrani, Avinash B Patel and Vikram J Purohit
are the promoters.

IBAJ TRADING: CRISIL Keeps B Debt Ratings in Not Cooperating
------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Ibaj Trading
Establishment (ITE) continue to be 'CRISIL B/Stable Issuer not
cooperating'.

                       Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit            11.5       CRISIL B/Stable (Issuer Not
                                     Cooperating)

   Rupee Term Loan         2.5       CRISIL B/Stable (Issuer Not
                                     Cooperating)

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

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

Detailed Rationale

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

ITE, established as a partnership firm in 2011 by Mr.Abdul Rahim,
is based in Kollam (Kerala). The firm is currently engaged in
trading of textile garments and also other businesses. The firm is
a part of the United Arab Emirates (UAE) based Ibaj group which is
into diverse businesses such as steel trading, shopping malls,
supermarkets, fashion outlets, bakery and production, and
restaurant.


ICONIC CASTINGS: CRISIL Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Iconic
Castings Private Limited (ICPL) continue to be 'CRISIL D Issuer Not
Cooperating'.

                         Amount
   Facilities         (INR Crore)     Ratings
   ----------         -----------     -------
   Cash Credit              7         CRISIL D (Issuer Not
                                      Cooperating)

   Funded Interest          1.51      CRISIL D (Issuer Not
   Term Loan                          Cooperating)

   Term Loan               11.07      CRISIL D (Issuer Not
                                      Cooperating)

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

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

Detailed Rationale

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

Incorporated in 2012, ICPL is promoted by Mr Sandeep Pore and Mr
Sachin Pore. It manufactures graded cast iron and spheroidal
graphite iron castings and machined components, which are used in
automobile and engineering industries. The factory unit is located
at Village Tardal, Maharashtra.


INNOVATIVE INFRA: CRISIL Keeps D Debt Rating in Not Cooperating
---------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Innovative
Infraprojects Private Limited (IIPL) continues to be 'CRISIL D
Issuer Not Cooperating'.

                         Amount
   Facilities         (INR Crore)     Ratings
   ----------         -----------     -------
   Term Loan               17.8       CRISIL D (Issuer Not
                                      Cooperating)

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

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

Detailed Rationale

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

IIPL, incorporated in 2009, develops residential and commercial
real estate projects in Dhanbad, Jharkhand. Its daily operations
are managed by Mr. Kashish Vyas.


ISR INFRA: CRISIL Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of ISR Infra
Private Limited (IIPL) continue to be 'CRISIL D/CRISIL D Issuer Not
Cooperating'.

                         Amount
   Facilities         (INR Crore)     Ratings
   ----------         -----------     -------
   Bank Guarantee           2         CRISIL D (Issuer Not
                                      Cooperating)

   Cash Credit              2.17      CRISIL D (Issuer Not
                                      Cooperating)

   Open Cash Credit         5         CRISIL D (Issuer Not
                                      Cooperating)

   Working Capital          0.83      CRISIL D (Issuer Not
   Term Loan                          Cooperating)

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

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

Detailed Rationale

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

Established in 2010, IIPL undertakes civil projects such as
construction of roads and bridges. Visakhapatnam, Andhra
Pradesh-based IIPL is promoted by Mr Srinivas Rao and family.


JK SURFACE: CRISIL Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of JK Surface
Coatings Private Limited (JKSC) continue to be 'CRISIL D/CRISIL D
Issuer Not Cooperating'.

                         Amount
   Facilities         (INR Crore)     Ratings
   ----------         -----------     -------
   Bank Guarantee          7.6        CRISIL D (Issuer Not
                                      Cooperating)

   Overdraft Facility      9          CRISIL D (Issuer Not
                                      Cooperating)

   Proposed Long Term      1.95       CRISIL D (Issuer Not
   Bank Loan Facility                 Cooperating)

   Rupee Term Loan         1.2        CRISIL D (Issuer Not
                                      Cooperating)

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

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

Detailed Rationale

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

Incorporated in 1998, JKSC is a service-contractor of protective
surface coatings. The company, based in Navi Mumbai (Maharashtra),
and promoted by Mr Ajay Sagar and Mr Sanjiv Thakur, undertakes
contracts for application of surface-coatings at industrial sites,
on both work- and labour-contract bases.


JP DISTILLERIES: Ind-Ra Moves B+ Rating to NonCooperating
---------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated all the ratings of
J.P. Distilleries Private Limited to the non-cooperating category
as per Ind Ra's policy on Issuer Non-Cooperation, following
non-submission of No Default Statement continuously for 3 months
despite continuous requests and follow-ups by the agency and also
IND-Ra's inability to validate timely debt servicing through other
sources it considers reliable. No Default Statement in the format
prescribed by SEBI is required to be shared by the issuer every
month as a confirmation that all financial obligations are being
serviced on time. Investors and other users are advised to take
appropriate caution while using these ratings. The rating will now
appear as 'IND B+/Negative (ISSUER NOT COOPERATING)' on the
agency's website.

The instrument-wise rating action is:

-- INR255 mil. Fund Based Working Capital Limit migrated to non-
     cooperating category with IND B+/Negative (ISSUER NOT
     COOPERATING)/IND A4 (ISSUER NOT COOPERATING) rating.

Note: ISSUER NOT COOPERATING: Issuer did not co-operate, based on
best available information. Ind-Ra is unable to provide an update,
as the agency does not have adequate information to review the
ratings.

Detailed Rationale of the Rating Action

The ratings have been migrated to the non-cooperating category in
accordance with Ind-Ra's policy of Issuer Non-Cooperation.

Non-Cooperation by the Issuer

Ind-Ra has not received No Default Statement continuously for 3
months despite continuous requests and follow-ups by the agency.
Ind-Ra had consistently followed up with J.P. Distilleries Private
Limited over emails starting from September 30, 2024, apart from
phone calls.

Limitations regarding Information Availability

Ind-Ra has reviewed the credit ratings of J.P. Distilleries Private
Limited on the basis of best available information and is unable to
provide a forward-looking credit view. Hence, the current
outstanding rating might not reflect J.P. Distilleries Private
Limited's credit strength. If an issuer does not provide timely No
Default Statement, it indicates weak governance, particularly in
'Timely debt servicing'. The agency may also consider this as
symptomatic of a possible disruption / distress in the issuer's
credit profile. Therefore, investors and other users are advised to
take appropriate caution while using these ratings.

About the Company

Incorporated in 1992, JPDPL is engaged in the blending and bottling
of IMIL and has five bottling plants, of which two are in
Bengaluru, and one each in Tumkur, Dharwad and Hyderabad. The
promoters are JP Sudhakar, JP Puttaswamiah and JP Devika and
Jaideep is the managing director. JPDPL produces four variants
under the brand names Raja and Highway – whisky, gin, rum,
brandy.

JUPITER INTERNATIONAL: Ind-Ra Moves BB Rating to NonCooperating
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Jupiter
International Limited (JIL) bank facilities' ratings to the
non-cooperating category and has simultaneously withdrawn them as
follows:

-- INR183 mil. Fund-based working capital limit* migrated to non-
     cooperating category and withdrawn; and

-- INR80 mil. Term loan** due on March 2026 migrated to non-
     cooperating category and withdrawn.

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

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

**Migrated to 'IND BB/Stable (ISSUER NOT COOPERATING)' before
being withdrawn

Detailed Rationale of the Rating Action

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

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

Non-Cooperation by the Issuer

Ind-Ra has not received adequate information and has not been able
to conduct management interaction with JIL while reviewing the
ratings. Ind-Ra had consistently followed up with JIL over emails
starting from September 30, 2024. Although, the issuer has
submitted its monthly no default statement till September 2024.

Limitations regarding Information Availability

Ind-Ra is unable to provide an updated forward-looking view on the
credit rating of JIL 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

Incorporated in 1978, JIL manufactures solar cells at its
manufacturing units in Baddi, Himachal Pradesh. It has a 300MW
multi-crystalline cell manufacturing capacity and a 500MW mono Perc
Bifacial Solar Panel cell manufacturing. Alok Garodia is the
promoter of the company.

MARUTI NANDAN: Ind-Ra Withdraws B Bank Loan Rating
--------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn Maruti Nandan
Telecomm LLP's (MNTL) bank facilities as follows:

-- The 'IND B/Negative (ISSUER NOT COOPERATING)/IND A4 (ISSUER
     NOT COOPERATING)' rating on the INR310 mil. Fund-based
     working capital limit is withdrawn; and

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

     Non-fund based working capital 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

MNTL was established in 2013 as a limited liability partnership
firm. The firm trades in Apple products and is an authorized
reseller for Apple India. The product included Apple Iphone,
Macbook, iPAD, watches and accessories. MNTL operates 14 stores,
which are mainly located in the northern part of India.

PEE AAR: CRISIL Keeps D Debt Ratings in Not Cooperating Category
----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Pee Aar
International Private Limited (PALPB) continue to be 'CRISIL D
Issuer Not Cooperating'.

                         Amount
   Facilities         (INR Crore)     Ratings
   ----------         -----------     -------
   Foreign Bill            11         CRISIL D (Issuer Not
   Purchase                           Cooperating)

   Overdraft Facility       1         CRISIL D (Issuer Not
                                      Cooperating)

   Packing Credit          11         CRISIL D (Issuer Not
                                      Cooperating)

   Proposed Short Term      0.1       CRISIL D (Issuer Not
   Bank Loan Facility                 Cooperating)

   Standby Line             4.4       CRISIL D (Issuer Not
   of Credit                          Cooperating)

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

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

Detailed Rationale

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

Set up in 2003 by Mr. Rakesh Kumar Miglani and family as a
partnership firm and reconstituted as a private limited company in
2008, PAIL manufactures ready-made garments for men and children
and trousers for women. It exports these products mainly to the
Middle-East and Latin American countries. The company has its
manufacturing unit in Ludhiana (Punjab) with a capacity of 10,000
pieces per day.


PRADHVI MULTITRADE: CRISIL Keeps D Debt Rating in Not Cooperating
-----------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Pradhvi
Multitrade Private Limited (PMPL) continues to be 'CRISIL D Issuer
Not Cooperating'.

                         Amount
   Facilities         (INR Crore)     Ratings
   ----------         -----------     -------
   Cash Credit              10        CRISIL D (Issuer Not
                                      Cooperating)

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

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

Detailed Rationale

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

Incorporated in February 2011, PMPL is promoted by Mr Rajpal Singh.
Company was not operational until November 2012 and started trading
in processed fabrics in Dec 2012.


RAGHUVANSHI INDUSTRIES: CRISIL Keeps D Rating in Not Cooperating
----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Raghuvanshi
Industries Private Limited (RIPL) continues to be 'CRISIL D Issuer
not cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit           17         CRISIL D (ISSUER NOT
                                    COOPERATING)

   Proposed Long Term    3          CRISIL D (ISSUER NOT
   Bank Loan Facility               COOPERATING)

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

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

Detailed Rationale

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

RIPL was set up in 1998 as a partnership between Mr Dhirajlal V
Shelani and his son, Mr Dineshkumar D Shelani; it was reconstituted
as a private-limited company in January 2014. Rajkot-based RIPL
executes ginning and pressing of cotton into bales. The operations
are managed by Mr Gaurav D Selani and Mr Hitesh P Selani.


RSKS AUTOMOTIVES: Ind-Ra Affirms BB+ Rating, Outlook Stable
-----------------------------------------------------------
India Ratings and Research (Ind-Ra) has revised the Outlook on RSKS
Automotives Private Limited's (RAPL) bank facilities to Stable from
Negative while affirming the ratings as follows:

-- INR18.25 mil. Fund-based working capital limit assigned with
     IND BB+/Stable/IND A4+ rating;

-- INR29 mil. (reduced from INR47.25 mil.) Term loan due on
     January 31, 2029 outlook Revised to Stable; Affirmed with IND

     BB+/Stable rating; and

-- INR592.55 mil. Fund-based working capital limit outlook
     Revised to Stable; Affirmed with IND BB+/Stable/IND A4+
     rating.

Detailed Rationale of the Rating Action

The Outlook revision reflects the company's cooperation in
providing the required information for the rating review and the
regular submission of its no-default statement.

The ratings reflect RAPL's small scale of operations, average
EBITDA margin and stretched liquidity in FY24. However, in FY25,
Ind-Ra expects the revenue to grow, EBITDA margins to improve and
credit metrics to stay at similar levels.

The ratings are supported by the company's comfortable credit
metrics and promoters' extensive experience in different
industries.

Detailed Description of Key Rating Drivers

Small Scale of Operations: RSKS's scale of operations remained
small even as its revenue increased to INR2,845.29 million in FY24
(FY23: INR1,965.14 million), due to a rise in the demand for
products, supported by the opening of two new showrooms during the
year. The EBITDA also improved to INR90 million (FY23: INR70
million). In 1HFY25, The company booked a revenue of INR986
million. In FY25, Ind-Ra expects the revenue to increase
year-on-year, backed by the opening of new showrooms in FY25.

Average EBITDA Margin: RSKS's average EBITDA margins reduced to
3.18% in FY24 (FY23: 3.59%) due to an increase in the cost of goods
sold. The return on capital employed dropped to 12.1% in FY24
(FY23: 18%) due to an increase in the total debt. In FY25, Ind-Ra
expects the margins to improve marginally due to a better
absorption of fixed costs.

Comfortable Credit Metrics: The net leverage (adjusted net
debt/operating EBITDAR) weakened slightly to 3.48x for FY24 (FY23:
3.40x) and the gross interest coverage (operating EBITDA/gross
interest expense) to 3.55x in FY24 (FY23: 3.97x), mainly due to an
increase in finance costs to INR38 million (INR24 million).
Nevertheless, the credit metrics remain comfortable. In FY25,
Ind-Ra expects the credit metrics to remain at similar levels.

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

Liquidity

Stretched: RSKS does not have any capital market exposure and
relies on banks and financial institutions to meet its funding
requirements. The cash flow from operations remained negative but
improved to INR122 million in FY24 (FY23:  negative INR178
million), due to a drop in the working capital to INR188 million
(INR216 million). The net working capital cycle improved to 25 days
in FY24 (FY23: 43 days) due to a decrease in the inventory days to
15 (27). The average maximum utilization of the fund-based limits
was 84.12% in the 12 months ended September 2024. The company has
scheduled debt repayments of INR6.6 million in FY25 and INR7.5
million in FY26. The unencumbered cash and cash equivalents stood
at INR73 million at FYE24 (FYE23: INR11.61 million).

Rating Sensitivities

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

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

About the Company

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

SANT TUKARAM: Ind-Ra Assigns BB+ Bank Loan Rating, Outlook Stable
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has rated Shri Sant Tukaram
Sahakari Sakhar Karkhana Limited's (SSTSSKL) bank facilities as
follows:

-- INR600 mil. Term loan due on September 30, 2028 assigned with
     IND BB+/Stable rating; and

-- INR1.40 bil. Fund-based working capital limit assigned with
     IND BB+/Stable/IND A4+ rating.

Detailed Rationale of the Rating Action

The ratings reflect SSTSSKL's medium scale of operations which
deteriorated in FY24, due to a ban on sugar exports, which also
impacted the entity's profitability. The fall in the overall sales
also led to an increase in the inventory levels resulting in an
increase in the utilization of short-term debt and deterioration in
the net leverage which is likely to remain high as the entity is
incurring a debt-led capex for installing a distillery to expand
its revenue streams.

The ratings are supported by the entity's experience of more than
two decades in the sugar industry, mitigating the continuous
agro-climactic and regulatory challengers inherent to the sector.
The fully integrated nature of SSTSSKL's operations also support
the ratings. Furthermore, Ind-Ra expects an improvement in the
entity's scale of operations and profitability from the incremental
revenue to be generated from the ethanol sales from FY26.

Detailed Description of Key Rating Drivers

Decline in Scale of Operations in FY24 owing to Ban on Sugar
Exports; Rise in Cane costs Likely to Impact Profitability in FY25:
SSTSSKL's medium scale of operations deteriorated with its revenue
declining to INR2,327.2 million in FY24 (FY23: INR3,068.45 million)
and EBITDA to INR183.56 million (INR258.27 million). The total
sugar sales declined to 50,322.1 metric tons (MT) in FY24 (FY23:
70,483MT,) due to the ban on sugar exports in November 2022, with
the revenue from sugar declining to INR1,786.82 million
(INR2,603.76 million) despite a rise in domestic consumption.
Ind-Ra expects the revenue to increase marginally in FY25 as the
domestic sales are likely to improve further due to higher quota
allocation so far at 38,081MT in 8MFY25 (8MFY24: 37,022MT) and a
continued increase in the output prices of sugar. The average
realization of sugar improved to INR35,507.66 per MT in FY24 (FY23:
INR33,932.82 per MT) as sugar prices have continued to rise since
April 2023; however, SSTSSKL's EBITDA margin declined to 7.89%
(8.42%) as the expansion in the gross margin was offset by the
lower absorption of operating overheads due to the fall in overall
sales.

For sugar season November-March 2024 (SS24-25), the government
increased the sugarcane fair remunerative price (FRP) to INR3,400
per MT for a basic recovery rate of 10.25% before premium for
incremental recovery, from INR3,150 per MT, thereby increasing the
cane procurement costs for the upcoming sugar season. At the
current sugar realization of around INR36,500 per MT (ex-mill), a
rise in cane FRP will lead to a significant shrinking of the gross
margin on sugar sales likely impacting the profitability further in
FY25. Furthermore, the exports are likely to remain banned in the
foreseeable future, further impacting the EBITDA margin in the near
term.

Net Leverage Likely to Remain above 5x in the Medium Term due to
Debt-led Capex: Due to the impact of the export ban on
profitability, SSTSSKL's interest coverage (operating EBITDA/gross
interest expense) deteriorated to 2.21x in FY24 (FY23: 2.60x).
Furthermore, the short-term debt rose to INR1,135.23 million in
FY24 (FY23: INR811.07 million) owing to a 19% yoy rise in inventory
due the overall to low sales. Consequently, the net leverage
(Ind-Ra-adjusted net debt/operating EBITDAR) deteriorated to 6.89x
in FY24 (FY23: 3.53x) and the working-capital adjusted net leverage
to 1.3x (0.43x).

The entity is expanding its revenue streams by installing a 45 kilo
liters per day (KLPD) distillery, with an estimated capex costs of
INR923.26 million to be incurred over FY24 and FY25. The management
has tied up term loans of INR780 million, out of which INR168.94
million was disbursed till FYE24 and the rest in FY25, for funding
the capex costs with the rest to be incurred from the retained
deposits and internal accruals. The additional term debt is likely
to impact the net leverage significantly in FY25 as the operational
synergies from the capex are likely to remain muted in the year.
Ind-Ra expects the net leverage to moderate from the first full
year of distillery operations in FY26, but remain above 5x in the
medium term.

Regulatory Risks Inherent to Sugar industry: The sugar industry is
regulated and vulnerable to government policies as it is classified
as an essential commodity. Besides setting quotas for the domestic
sale of sugar and restricting sugar exports, the government has
implemented various regulations such as fixing the raw material
prices in the form of FRP for sugarcane as well as implementing
restrictions on the diversion of sugar syrup and B-heavy molasses
in the previous season (2023-24), although the restrictions have
been lifted in August 2024 for the upcoming season. All these
factors impact the production and sales of sugar and ethanol/extra
neutral alcohol, posing significant uncertainty risks on SSTSSKL's
scale of operations.

Successful Completion of Capex to Fully Integrate the Scope of
Operations: SSTSSKL's expansion project is in the final stages of
completion with the distillery likely to be operational for trial
runs in January 2025, as per the management. The commissioning of
the distillery to produce ethanol from the in-house molasses
produced as a by-product during sugar production will complete the
forward integration of the entity's operations and align its
revenue streams with most big players in the sugar industry. The
distillery will have a gross margin significantly higher than
unintegrated distilleries, improving the overall profitability.
Furthermore, the bagasse required for steam generation in the
co-generation plant is also produced in-house as a byproduct during
the crushing of sugarcane enabling the entity to maximize its
profitability in the cogeneration and distillery segments.

Moreover, the entity has an operational track record of more than
two decades in the sugar industry with established relationships
with farmers in the region. So far, it has never experienced a
shortage of cane for crushing due to the lift irrigation schemes in
the region, which have augmented cane availability.

Scale of Operations and Profitability Likely to Improve
Significantly in Medium Term upon Successful Ramp Up of Distillery
Capacity: The healthy ethanol sales upon the commencement of
SSTSSKL's distillery operations are likely to result in an
incremental revenue of around INR600 million from its first full
year of operations in FY26. The entity plans to produce ethanol
from B-heavy molasses from the next season, where the realization
is higher compared to the ethanol produced from C-heavy molasses at
INR60.73 per liter. As the molasses required for production is
available in-house as a by-product of sugar production, the
profitability in distillery sales is likely to significantly higher
absorbing any losses in the sugar segment due to the higher cane
costs relative to the current output prices of sugar. Ind-Ra
expects this incremental revenue to increase SSTSSKL's EBITDA
margin significantly in the medium term. The agency considers the
risk of ramp up of the distillery capacities as fairly low
considering the high demand for ethanol at present due to the
government advancing the 20% ethanol blending target in petrol to
ethanol supply year November-October 2025 (ESY2025-26).

Liquidity

Stretched: SSTSSKL had unencumbered cash and cash equivalents of
INR93.68 million at FYE24 (FYE23: INR66.09 million), including
fixed deposits of INR73.13 million. The current ratio declined
slightly to 1.14x in FY24 (FY23: 1.13x) and is likely to remain
weak in the medium term, in Ind-Ra's opinion. The free cash flow
turned negative at INR392.65 million (FY23: positive INR533.06
million) due to a rise in the unrealized inventory levels as the
net working capital cycle elongated to 250 days (144 days) with the
inventory days rising to 309 (189). The agency expects the free
cash flow to remain negative in FY25 owing to the capex of around
INR760 million to be incurred during the year towards the
distillery project. The average maximum utilization of the
fund-based working capital limits for the 12 months ended March
2024 was 55.16%; the agency believes the utilization would have
remained at similar levels till October 2024. The entity has
repayment obligations of INR30.36 million and INR213.75 million in
FY25 and FY26, respectively, which can be met out of the internal
accruals; however, the liquidity is likely to remain stretched in
the medium due to the high debt-servicing obligations related to
the new term loan, the repayment of which is to begin from
September 2025 and highly depends on the timely realization of
ethanol produced in the current season.

Rating Sensitivities

Negative: Any deterioration in the scale of operations,
higher-than-Ind-Ra-expected decline in the EBITDA margin, a
significant cost overrun in capex or any delay in the ramp up of
the distillery's capacity, impacting the overall liquidity, or a
higher-than-expected deterioration in the credit metrics, all on a
sustained basis, will be negative for the ratings.

Positive: A significant improvement in the scale of operations, the
successful ramp up of the distillery, an improvement in the
liquidity, or the interest coverage rising above 2.5x, all on a
sustained basis, will be negative for the ratings.

About the Company

Established in 1997, SSTSSKL produces sugar and related by products
from sugar processing. The company has a fully integrated unit
located near Pune, Maharashtra, for manufacturing sugar with a
crushing capacity of 3,500TCD, a 15MW cogeneration facility, and is
in the process of further integrating its operations with 45 KLPD
molasses-based distillery estimated to be operational by January
2025.

SATRE CONSTRUCTIONS: Ind-Ra Assigns BB Rating, Outlook Stable
-------------------------------------------------------------
India Ratings and Research (Ind-Ra) has rated Satre Constructions
LLP (SCLLP) bank facilities as follows:

-- INR900 mil. Term loan due on December 31, 2028 assigned with
     IND BB/Stable rating.

Detailed Rationale of the Rating Action

The ratings reflect the time and cost overrun risks related to
SCLLP's ongoing residential project. The company has, so far, not
achieved financial closure on an overall basis and the project was
only 25% completed at end-September 2024. The rating is, however,
supported by the company's successful completion and sale of more
than 1,100,000 square feet (sf) across Mumbai, Maharashtra.
Furthermore, the ratings factor in the medium offtake risk as
around 20% of total saleable is required to be sold to achieve
financial closure.

Detailed Description of Key Rating Drivers

Financial Closure Yet to be Achieved, Medium Offtake Risk: At
end-September 2024, the project was 25% completed and the balance
project cost of INR2054.06 million was to be tied up using a mix of
debt, promoters' contribution and sales collection. After factoring
in the undisbursed debt and the committed receivables, SCLLP has to
make an additional sale of around 20% of the total remaining cost
to achieve a financial closure for completing the project. Also,
the promoters are required to bring in additional INR438.19 million
for the funding of projects. Till October 2024, the firm booked 76
units (24%) of the 312 units. Ind-Ra expects the booking velocity
to increase over the medium term as the project approaches
completion.

Time and Cost Overrun Risk: The total cost of the ongoing project
of INR2,755.60 million is to be funded by promoter's contribution
of INR855.60 million (31%), customer advances of INR1,000 million
(36%) and a term loan of INR900 million (33%). SCLLP had already
incurred around INR701.54 million till September 2024 for the
project, funded through a term loan of INR156.17 million and a
promoter contribution of INR417.41 million. SCLLP had also received
INR127.96 million as customer advances at end-September 2024.
Although the project's progress is in line with the execution
schedule, the ongoing construction remains vulnerable to the time
and cost overrun risks.

Industry Risk: The Indian real estate industry is highly cyclical
with volatile cash flows. The real estate sector is exposed to
several regulatory requirements that are subject to frequent and
unpredictable changes. This leads to confusion, non-compliance, and
delays in project execution. Also, given the aggressively improving
demand scenario, SCLLP has been facing significant competition.

Well-connected Locality: The ongoing project is located at
Kanjumarg (East), Mumbai which is nearly 7kms from Chhatrapati
Shivaji International Airport and around 1.2km from Kanjumarg local
Railway Station. The project is close to shopping complexes,
educational hubs and hospitals.

Established Track Record and Promoter's Experience: Ind-Ra draws
comfort from the promoters' experience of around two decades in
real estate development. The company has, so far, successfully
completed and sold more than 12 projects measuring 1,100,000sf with
the largest single size project of around 230,000sf, with limited
time and cost overruns.

Liquidity

Stretched: The rating is constrained by a likely cash flow-mismatch
risk if the advances from customers are lower than Ind-Ra's
expectations. The firm does not have any exposure to the capital
market and relies on bank loan and promoter funds to meet is
funding requirements. Furthermore, the promoters are required to
bring in additional INR438.19 million for the funding of projects.
SCLLP's cash balance at FYE24 stood at INR3.42 million (FYE23:
INR1.19 million).  The company will have scheduled debt repayments
of INR225 million and INR675 million in FY28 and FY29,
respectively, with no repayments before that. The minimum debt
service coverage ratio, as per the management, will be 1.1x during
FY24-FY29.

Rating Sensitivities

Negative: Time or cost overruns and lower-than-Ind-Ra-expected
sales volume or lower realization from bookings, leading to
stressed cash flows and liquidity, could lead to a negative rating
action.

Positive: Higher-than-expected sales and the timely receipt of
advances from customers and utilization of the same primarily for
construction purposes, leading to stronger cash flows and an
improvement in the liquidity, could lead to a positive rating
action.

About the Company

SCLLP, established as a partnership firm in 2018, undertakes the
construction of residential real estate projects in Mumbai,
Maharashtra. Satre Infrastructure Pvt. Ltd. Holds a majority share
in the firm. The firm is developing one residential project in
Kanjumarg (East), Mumbai named Satre Happynest.

SHRIKAR DATAKUND: Voluntary Liquidation Process Case Summary
------------------------------------------------------------
Debtor: Shrikar Datakund Private Limited
House No. 2922,
        Rajpura Town,
        Patiala, Rajpura,
        Punjab, India, 140401

Liquidation Commencement Date: October 27, 2024

Court: National Company Law Tribunal Guwahati Bench

Liquidator: Bishal Agarwal
     Ward Number 4,
            Amtala, Barpeta Road,
            Barpeta, Assam - 781315
            Email: vl.shrikardatakund@gmail.com
            Phone: +91 9678638894

Last date for
submission of claims: December 7, 2024


SINDHU TRADE: Ind-Ra Hikes Loan Rating to B+
--------------------------------------------
India Ratings and Research (Ind-Ra) has taken the following rating
actions on Sindhu Trade Links Limited's (STLL) bank facilities:

-- INR144 mil. (reduced from INR1.556 bil.) Term loan due on
     March 31, 2026 upgraded; Placed on Rating Watch with Negative

     Implications with IND B+/Rating Watch with Negative
     Implications;

-- INR120 mil. (reduced from INR650 mil.) Fund-based working
     capital limit upgraded; Placed on Rating Watch with Negative
     Implications with IND B+/Rating Watch with Negative
     Implications/IND A4/Rating Watch with Negative Implications
     rating; and

-- INR81 mil. (reduced from INR1.930 bil.) Non-fund-based working

     capital limit upgraded; Placed on Rating Watch with Negative
     Implications with IND B+/Rating Watch with Negative
     Implications/IND A4/Rating Watch with Negative Implications.

Analytical Approach

Ind-Ra continues to take a fully consolidated view of STLL and its
subsidiaries and associates on account of strong legal, operational
and strategic linkages among them while arriving at the ratings.

Detailed Rationale of the Rating Action

The upgrade reflects an improvement in STLL's consolidated credit
profile, with its EBITDA increasing in FY24, supported by an
improvement in the coal transportation and coal mining segments.
However, the company's debt remained elevated despite a reduction
and the agency expects the debt to decline over FY25-26, led by
scheduled debt repayments. Ind-Ra believes STLL's ability to make
scheduled debt repayments in FY25 depends on the ramp up and
profitability of its overseas coal mining operations.

Ind-Ra has placed the ratings on Rating Watch with Negative
Implications following a lack of clarity on the final resolution of
its Oceania Resources Pty. Ltd. (ORPL)'s deed administrators and
the possibility of the invocation of the corporate guarantee (CG).
STLL had provided a CG worth USD70 million to its step-down
subsidiary, ORPL, against the term loan of USD60 million which was
extended to Griffin Coal Mining Company (GCMC) for ramping up its
coal production. ORPL was placed under voluntary administration in
October 2023 by way of director's resolution on account of a delay
in debt servicing. Post-voluntary administration, the deed of
company arrangement allows the deed administrators to conduct
further investigations into ORPL's business, property and affairs
for up to 12 months to explore the possibility of a restructure or
recapitalization to determine the likely outcome for the creditors
based on their best interests. Ind-Ra will continue to monitor the
final outcome of ORPL's deed administrators and the liquidity
situation in the short term.

Detailed Description of Key Rating Drivers

Moderate Credit Metrics: STLL's consolidated net leverage (net
debt/EBITDA) reduced to 6.66x in FY24 (FY23: 31.62x), led by debt
repayments and an increased EBITDA. The interest coverage
(EBITDA/interest expenses) stood at 0.70x in 1HFY25 (FY24: 0.96x;
FY23: 0.32x). STLL's gross debt decreased to INR8,803 million at
1HFYE25 (FYE24: INR10,167 million; FYE23: INR16,381 million). Of
this, the external term debt reduced to INR3,782 million at 1HFYE25
(FYE24: INR4,941 million; FYE23: INR6,221 million) followed by
inter corporate deposits (INR2,899 million; INR2,971 million;
INR4,404 million); convertible loan from others (nil; nil; INR3,723
million) and the balance from related parties and others. The
convertible loan from others reduced to zero, due to its step-down
subsidiary, ORPL, being placed under voluntary administration and
not being consolidated anymore. During FY24, STLL sold all its
investment held in its subsidiary, Hari Bhoomi Communications
Private Limited, for a consideration of INR578.4 million, leading
to the reduction in its debt and an improvement in cash position.
Also, in 1HFY25, STLL's step-subsidiary, Param Mitra Coal Resources
Pte. Ltd., sold its shareholding in Ocean Pro DWC LLC, which had
mining rights in two Indonesian mines at a consideration of around
INR1,255 million and utilized the same to pare down the debt.

Apart from it, the company has given CG to its subsidiaries worth
INR7,920 million at FYE24 (FYE23: INR7,714 million). Ind-Ra expects
the net leverage to moderate to around 4x in FY25 on account of the
ramp up of tis coal mines and continued stable operational
performance from the transportation segment.

Delay in ORPL's Debt Servicing despite being Placed under Voluntary
Administration; Resolution Awaited: STLL had provided the CG for
USD70 million to ORPL against the term loan worth USD60 million
which was extended to GCMC for ramping up its coal production.
ORPL's loan to GCMC enjoys senior ranking among the lenders.
Following a delay in debt servicing of the same, ORPL was placed
under voluntary administration in October 2023 by way of director's
resolution. Post the voluntary administration, the deed of company
arrangement allows deed administrators to conduct further
investigations into ORPL's business, property and affairs for up to
12 months to explore the possibility of a restructure or
recapitalization of the company to determine the likely outcome for
the creditors based on their best interests. As per the management,
the lenders, GCMC and other involved parties have finalized a
business continuity agreement, under which the lenders including
ORPL would be entitled to royalty payments on the coal sold for the
recovery of their dues. The timely resolution and business
continuity of GCMC will lead to the improvement in ORPL's liquidity
position and debt servicing ability. However, given that ORPL's
loan is backed by the CG of STLL, Ind-Ra has placed the ratings on
Rating Watch with Negative Implications given the lack of clarity
on the final resolution of ORPL's deed administrators and the
possibility of the invocation of the CG. Ind-Ra will continue to
monitor the final resolution of ORPL's deed administrators and
liquidity situation in the short term.

Rise in Revenue and EBITDA: STLL's consolidated revenue stood at
INR9,236 million in 1HFY25 (FY24: INR16,861 million; FY23:
INR11,767 million) while the EBITDA stood at INR475 million
(INR1,372 million; INR507 million), on account of the ramp up of
its operations in the overseas coal mining operations.

Coal Mining and Transportation Segment Drives Growth: STLL's
overseas coal mining and trading remained the top contributor to
revenue at 73% in 1HFY25 (FY24: 52%; FY23: 47%), followed by
transportation, logistics, mining and construction 20% (28%; 26%),
power generation 3% (4%; 3%), oil and lubricants 1% (2%; 7%); media
0% (11%; 14%) and others 3% (3%; 3%).

Ind-Ra expects the coal mining segment to continue to drive revenue
in the near- to medium term whereas the transportation segment
contribution to remain stable to the revenue.

Improvement in Coal Mining Operations: STLL through its step-down
subsidiary Param Mitra Coal Resources Pte. Ltd., holds a mining
exploration permit for operating two coal mines namely, Rencana
Mulia Bratama (RMB) and Indo Bara Pratama (IBP), in Indonesia that
have combined coal reserves of about 460 million tons (MT). RMB
started production in FY19 while IBP started production in April
2023. The infrastructure for evacuation of the coal in the mines
have been ramped up in the past few years, leading to an increase
in the mining volumes. The company achieved coal sales of around
2.19MT in 1HFY25 (FY24: 2.63MT; FY23: 1.71MT). The average
realization stood at USD35-37 per ton in 1HFY25 (FY24: USD35-39;
FY23: USD40-43). These mines also have around 25% domestic market
obligations of its total coal production. Furthermore, the
management expects the volumes to ramp up to 6 million tons per
annum over the next one year. This will improve the scale and
profitability of the company and hence, which would be a key
monitorable. However, volatility in coal prices and inability to
find buyers for increased targeted production levels could
adversely affect the segment's EBITDA.

Liquidity

Poor: STLL's liquidity remained poor given the high debt and
interest obligations. The unencumbered cash and cash equivalent
increased to INR1,175 million in 1HFYE25 (FYE24: INR1,033 million;
FYE23: INR357 million), led by its increased EBITDA. STLL's average
monthly peak utilization of the fund-based working capital limits
of INR220 million was 39% for the 12 months ended September 2024.
However, the average utilization increased to around 80% for
2QFY25. The net working capital to sales ratio on an annualized
basis decreased to 7% in 1HFY25 (FY24: 12%; FY23: 27%) on account
of the increase contribution of the coal mining segment and a
decrease in trade payables. STLL has scheduled external term debt
repayment of around INR603 million and INR677 million in FY25 and
FY26, respectively. The cashflow from operations remained positive
at INR1,143 million in 1HFY25 (FY24: INR5,490 million; FY23:
negative INR2,526 million) due to favorable changes in the working
capital requirements and the increased EBITDA. Ind-Ra believes
STLL's ability to make the scheduled debt repayment in FY25  
depends on the continued performance of its overseas coal mining.
The crystallization of any liability on account of the invocation
of STLL's CG on ORPL's debt will remain a key monitorable.
Furthermore, Ind-Ra will continue to monitor the liquidity
situation in the short term.

Rating Sensitivities

The Rating Watch with Negative Implications indicates that the
ratings might be affirmed or downgraded upon resolution. Ind-Ra
will resolve the Rating Watch upon receiving clarity on the final
resolution of ORPL's deed administrators, post its voluntary
administration, on their restructure or recapitalization plan and
the possibility of the invocation of STLL's CG. Ind-Ra believes
ORPL's deed administrators' final resolution would come by February
2025.

Any Other Information

Standalone Performance:  STLL's revenue stood at INR2,385 million
in 1HFY25 (FY24: INR5,583 million; FY23: INR4,435 million) and the
EBITDA at INR571 million (INR774 million; INR513 million). STLL's
standalone operations mainly consist of logistics, transportation,
and oil and lubricants businesses. STLL total adjusted debt
including its CG for the subsidiaries' coal operations stood at
INR11,485 million at FYE24 (FYE23: INR11,618 million). However, its
net adjusted leverage reduced but remained elevated at 14.79x in
FY24 (FY23: 22.56x) on account of the increased EBITDA. STLL's
interest coverage stood at 2.67x in 1HFY25 (FY24: 1.63x; FY23:
1.12x).

About the Company

STLL engages in the business of transportation services, along with
the trading of oil and lubricants. Its subsidiaries are engaged in
automobiles and spare parts, bio-power generation and coal mining
operations.

SUDHEER INFRASTRUCTURE: CRISIL Keeps D Ratings in Not Cooperating
-----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Sudheer
Infrastructure Private Limited (SIPL) continue to be 'CRISIL
D/CRISIL D Issuer Not Cooperating'.

                         Amount
   Facilities         (INR Crore)     Ratings
   ----------         -----------     -------
   Bank Guarantee         10.25       CRISIL D (Issuer Not
                                      Cooperating)

   Proposed Long Term      2          CRISIL D (Issuer Not
   Bank Loan Facility                 Cooperating)

   Secured Overdraft       4.75       CRISIL D (Issuer Not
   Facility                           Cooperating)

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

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

Detailed Rationale

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

Incorporated in 2005 and based in Hyderabad, SIPL is promoted by Mr
Sudheer Suryadevara. The company is engaged in infrastructure works
including transmission and windmills.


SUPREME SOLVEX: CRISIL Keeps B+ Debt Rating in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Supreme Solvex
Private Limited (SSPL) continues to be 'CRISIL B+/Stable Issuer not
cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit             6         CRISIL B+/Stable (Issuer Not
                                     Cooperating)

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

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

Detailed Rationale

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

Incorporated in 2009 and promoted by Mr Dipesh Goyal, SSPL's
business was acquired by Mr Rajendra Kumar Patel in January 2016.
The company extracts crude oil, mainly mustard, at its facility in
Sirohi, Rajasthan.


SUSHIL ANSAL: CRISIL Keeps D Debt Rating in Not Cooperating
-----------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Sushil Ansal
Foundation (SAF) continues to be 'CRISIL D Issuer Not
Cooperating'.

                         Amount
   Facilities         (INR Crore)     Ratings
   ----------         -----------     -------
   Term Loan               24.8       CRISIL D (Issuer Not
                                      Cooperating)

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

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

Detailed Rationale

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

SAF was established in December 2010. The trust is currently
running AITM, located at Sushant Golf City, Lucknow; Sushant Golf
City is a township being set up by a group company, Ansal
Properties and Infrastructure Ltd. AITM offers several technical
and management courses affiliated with the requisite authorities;
it has a total intake capacity of 600 students. The trust is also
in the process of expanding the infrastructure to set up a private
university, Ansal University, in the same campus, for which the
approvals are under process.


TRIOFAB PRIVATE: Ind-Ra Cuts Bank Loan Rating to B+
---------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded Triofab (India)
Private Limited rating to IND B+/Negative (ISSUER NOT COOPERATING).
The issuer did not participate in the surveillance exercise,
despite continuous requests and follow-ups by the agency through
emails and phone calls. Thus, the rating is based on the best
available information. Therefore, investors and other users are
advised to take appropriate caution while using the rating.

The detailed rating action is:

-- INR100 mil. Fund Based Working Capital Limit downgraded with
     IND B+/Negative (ISSUER NOT COOPERATING)/IND A4 (ISSUER NOT
     COOPERATING) rating.

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

Detailed Rationale of the Rating Action

The downgrade is in accordance with Ind-Ra's policy of Guidelines
on What Constitutes Non-Cooperation. As per the policy, ratings of
non-cooperative ratings issuers may get downgraded during
subsequent reviews, if the issuer continues to remain
non-cooperative. With passage of time and absence of updated
information, the risk of sustaining the rating at current levels by
relying on dated information increases, which may be reflected
through a downgrade rating action

Non-Cooperation by the Issuer

Ind-Ra has not received adequate information and has not been able
to conduct management interaction with Triofab (India) Private
Limited while reviewing the rating. Ind-Ra had consistently
followed up with Triofab (India) Private Limited over emails, apart
from phone calls.

Limitations regarding Information Availability

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

About the Company

Established in 1991, TIPL majorly manufactures pressure vessels
(about 40%), heat exchangers (about 30%) and skid mounted systems
(about 20%). The company caters to the oil and gas segment and is
led by Francis John, the managing director of the company.

VAISHNAVI GEMS: Ind-Ra Moves BB Rating to NonCooperating
--------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated all the ratings of
Vaishnavi Gems and Jewels to the non-cooperating category as per
Ind Ra's policy on Issuer Non-Cooperation, following non-submission
of No Default Statement continuously for 3 months despite
continuous requests and follow-ups by the agency and also IND-Ra's
inability to validate timely debt servicing through other sources
it considers reliable. No Default Statement in the format
prescribed by SEBI is required to be shared by the issuer every
month as a confirmation that all financial obligations are being
serviced on time. Investors and other users are advised to take
appropriate caution while using these ratings. The rating will now
appear as 'IND BB/Negative (ISSUER NOT COOPERATING)' on the
agency's website.

The instrument-wise rating actions are:

-- INR300 mil. Fund Based Working Capital Limit Outlook revised
     to Negative; rating migrated to non-cooperating category with

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

-- INR100 mil. Non-Fund Based Working Capital Limit Outlook
     revised to Negative; rating migrated to non-cooperating
     category with IND A4+ (ISSUER NOT COOPERATING) rating.

Note: ISSUER NOT COOPERATING: Issuer did not co-operate, based on
best available information. Ind-Ra is unable to provide an update,
as the agency does not have adequate information to review the
ratings.

Non-Cooperation by the Issuer

Ind-Ra has not received No Default Statement continuously for 3
months despite continuous requests and follow-ups by the agency.
Ind-Ra had consistently followed up with Vaishnavi Gems and Jewels
over emails starting from September 30, 2024, apart from phone
calls.

Limitations regarding Information Availability

Ind-Ra has reviewed the credit ratings of Vaishnavi Gems and Jewels
on the basis of best available information and is unable to provide
a forward-looking credit view. Hence, the current outstanding
rating might not reflect Vaishnavi Gems and Jewels' credit
strength. If an issuer does not provide timely No Default
Statement, it indicates weak governance, particularly in 'Timely
debt servicing'. 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 2001, VGJ is a manufacturer of gems and jewelry. It
is based out of Rikab Kunj, Hyderabad.  Deepak Vijaywargi and
Ashish Vijaywargi are the partners of the firm.

VIBHU COAL: CRISIL Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Vibhu Coal
Private Limited (VCPL) continue to be 'CRISIL D Issuer not
cooperating'.

                         Amount
   Facilities         (INR Crore)     Ratings
   ----------         -----------     -------
   Cash Credit            6.25        CRISIL D (Issuer Not
                                      Cooperating)

   Proposed Long Term     2.25        CRISIL D (Issuer Not
   Bank Loan Facility                 Cooperating)

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

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

Detailed Rationale

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

VCPL was incorporated in 2012 by Mr. Vivek Satpal Jain and Mr.
Ashish Pritam Jain. Business was initially started as a partnership
firm by the brothers Mr. Satpal Jain and Mr. Pritam Jain. Later,
their sons took over the business and converted the partnership
into a company. VCPL trades in coal and steel-sponge iron in
Maharashtra.


VINAYAGA GREEN: CRISIL Keeps D Debt Rating in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Sri Vinayaga
Green Power Generation Private Limited (SVGPL) continues to be
'CRISIL D Issuer Not Cooperating'.

                         Amount
   Facilities         (INR Crore)     Ratings
   ----------         -----------     -------
   Long Term Loan          22.5       CRISIL D (Issuer Not
                                      Cooperating)

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

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

Detailed Rationale

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

SVGPL, incorporated in 2012 by Mr Duraiswamy Vinoth and six other
members of his family at Namakkal, operates a 5 MW solar power
plant.


WARDEN SURGICAL: Liquidation Process Case Summary
-------------------------------------------------
Debtor: Warden Surgical Company Pvt Ltd
7/8, Parel House
        Dr. Borges Road
        Parel, Mumbai
        Maharashtra, India - 400012

Liquidation Commencement Date: October 30, 2024

Court: National Company Law Tribunal Mumbai Bench

Liquidator: Ganesh Venkata Siva Rama Krishna Remani
     302 Nahar Business Center
            Chandivali Mumbai 400072
     Email: ganesh.remani@nliten.in
            Email: wardencirp@gmail.com

Last date for
submission of claims: December 5, 2024


ZULAIKHA MOTORS: CRISIL Lowers Rating on LT/ST Debts to D
---------------------------------------------------------
CRISIL Ratings has downgraded the ratings on the bank facilities of
Zulaikha Motors Pvt Ltd (ZMPL) to 'CRISIL D/CRISIL D Issuer Not
Cooperating' from 'CRISIL BB+/Stable/CRISIL A4+'.

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

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

CRISIL Ratings has been consistently following up with ZMPL for
obtaining NDS through letters/emails dated September 30, 2024,
October 30, 2024, and November 30, 2024, apart from telephonic
communication to seek the same. After non-receipt of NDS for two
consecutive months, CRISIL Ratings also sent a letter dated
November 22, 2024, reminding the issuer to share the NDS. However,
the issuer remained non-cooperative. CRISIL Ratings has also tried
to reach out to the lenders of ZMPL to confirm timely debt
servicing during these months and it was confirmed that there are
delays in the debt obligations.

'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 ratings are arrived
at without any management interaction and are based on
best-available or limited or dated information on the company. Such
non-cooperation by a rated entity may be a result of deterioration
in its credit risk profile. These ratings with 'Issuer not
cooperating' suffix lack a forward-looking component

Detailed Rationale:

Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive NDS from ZMPL, which restricts the
ability of CRISIL Ratings to take a forward-looking view on the
credit quality of the entity. Further, non-sharing of NDS by the
issuer may reflect operational issues faced by the issuer in some
cases. On the other hand, it may be the beginning of a general
non-cooperation and may extend to non-submission of other
information. CRISIL Ratings believes that rating action on ZMPL is
consistent with 'Assessing Information Adequacy Risk'.

Based on the last-available information, CRISIL Ratings has
downgraded the ratings on the bank facilities of ZMPL to 'CRISIL
D/CRISIL D Issuer Not Cooperating' from 'CRISIL BB+/Stable/CRISIL
A4+'.

The downgrade reflects delays in debt servicing on account of weak
liquidity led by deterioration in the business profile of the
company.

The ratings reflect ZMPL's exposure to intense competition in the
automobile dealership industry, susceptibility to supplier and
geographical concentration risks and working capital intensive
operations. These weaknesses are partially offset by moderate
financial profile.

Analytical Approach:

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

Key Rating Drivers & Detailed Description

Weakness:

* Intense competition in the automobile dealership industry: The
automotive sector is intensely competitive with many players in the
mini, compact, mid-size, executive, premium, and luxury passenger
car segments. ZMPL faces intense competition from the unorganised
used car market and from dealers of other leading and established
players in the segment.

* Susceptibility to supplier and geographical concentration risk:
As operations are concentrated within Chennai, ZMPL will continue
to be exposed to geographical concentration risk. Furthermore,
given the single dealership of M&M vehicles, the company does not
have significant bargaining power against the principal supplier.
Revenue and profitability thus remain susceptible to the growth and
business plans of M&M.

* Working capital intensive operations: Gross current assets (GCAs)
have remained sizeable at 191-142 days over the three fiscals
through 2024. GCAs were 191 days as on March 31, 2024.

Strengths:

* Moderate financial risk profile: Capital structure is moderate
due to receipt of additional funding of around INR63 crore in
fiscal 2024 resulting in networth increasing to around INR96 crore
as on March 31, 2024 with change in management. The infusion is in
the form of redeemable preference shares and 50% of the same is
expected to be converted to equity capital in the current fiscal.
Debt protection metrics have been comfortable with interest
coverage and net cash accrual to total debt (NCATD) ratios of 1.51
times and 0.04 time, respectively, for fiscal 2024. Debt protection
measures are expected to remain at similar level over the medium
term.

Liquidity: Poor

Liquidity is poor as reflected in delays in repayment of term debt
obligations. Bank limit utilisation averaged a high 91% for the 12
months ended April 2024.

Rating sensitivity factors

Upward factors

* Track record of timely debt servicing for at least over 90 days
* Improvement in scale of operations and operating margins leading
to higher cash accruals

ZMPL, incorporated in 2010, is an authorised dealer of passenger
and commercial vehicles of M&M. ZMPL operates through five
showrooms and six service centres, and two yards in the Chennai.


ZYEX CHEMICALS: Ind-Ra Moves BB- Rating to NonCooperating
---------------------------------------------------------
India Ratings and Research (Ind-Ra) has revised the Outlook on Zyex
Chemicals LLP's (ZCLLP) term loan 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 rating is 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 instrument-wise rating action is:

-- INR850 mil. Term loan due on April 30, 2031 Outlook Revised to

     Negative from Stable; Migrated to non-cooperating category
     with IND BB-/Negative (ISSUER NOT COOPERATING) rating.

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

Detailed Rationale of the Rating Action

The migration of rating to the non-cooperating category and Outlook
revision to Negative 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 ZCLLP while reviewing the
ratings. Ind-Ra had consistently followed up with ZCLLP over emails
from October, 2024, apart from phone calls. The issuer has
submitted the no default statements until October 2024.

Limitations regarding Information Availability

Ind-Ra is unable to provide an updated forward-looking view on the
credit rating of ZCLLP, 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. ZCLLP has been
non-cooperative with the agency since October 2024.

About the Company

Incorporated in 2019, ZCLLP is setting up an ethanol manufacturing
unit with an installed capacity of 100klpd in Sitapur Phase-II in
Morena district, Madhya Pradesh. Pankaj Singal and Ritu Singal are
the promoters. The registered office is in Connaught Place, New
Delhi.



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

GAJAH TUNGGAL: S&P Raises ICR to 'B' on Enhanced Liquidity Buffer
-----------------------------------------------------------------
S&P Global Ratings raised to 'B' from 'B-' its long-term issuer
credit rating on Gajah Tunggal Tbk. PT and the long-term issue
rating on the company's senior secured notes.

The stable rating outlook over the next 12 months reflects S&P's
view that Gajah Tunggal will maintain its profitability and
liquidity buffer over the next 12 months.

Gajah Tunggal Tbk. PT's capital structure will improve post its
refinancing.   The company has obtained a Indonesian rupiah (IDR)
4.4 trillion syndicated loan that will help to manage its upcoming
capital expenditure (capex) and refinancing needs. The loan has two
tranches. Gajah Tunggal plans to use the second tranche of IDR2.8
trillion next year to fully repay its US$175 million bond due in
June 2026. Following the bond redemption, the company's weighted
average maturity of debt will increase to four years. The remaining
debt will be amortizing in nature.

The new loans enhance Gajah Tunggal liquidity buffer for the next
24 months, in S&P's view.  The company will use part of the loan
proceeds to fund a US$195 million expansion of its truck and bus
radial plant. The capacity of the plant will rise by about 72% to
5,000 units per day and S&P estimates it will generate incremental
EBITDA of about IDR400 billion per annum. Gajah Tunggal's cash
flows should also support its expansion plans for the next two
years.

S&P said, "We continue to assess Gajah Tunggal's liquidity as less
than adequate.   This reflects the volatility in the company's
intra-year working capital, which is typical in the automotive
industry. Gajah Tunggal is also dependent on short-term banking
facilities for its liquidity. We estimate the company relies on up
to IDR3.0 trillion of uncommitted short-term revolving bank lines
to service its liquidity uses.

"Gajah Tunggal's earnings could ease but will remain commensurate
with the current rating.   We expect the company's EBITDA margin to
gradually decline to close to the historical average of 12%-13% by
2026, from a peak of more than 18% in 2023. This will be largely
due to cost pressures from rising rubber prices (up 40% so far this
year) in Indonesia. Heightened competition in the export offtakes
and domestic original equipment manufacturing products will also
weigh on margins. Concurrently, we expect Gajah Tunggal's annual
capex to increase to IDR1.2 trillion-IDR2.0 trillion during the
same period owing to the expansion of the truck and bus radial
plant. These factors will lead to a rise in debt.

"Despite the challenges, the outlook for Gajah Tunggal's operations
for the next two years remains weak, though the company could
benefit from lower commodity prices. As such, we expect its ratio
of funds from operations (FFO) to debt to decline to 24% over the
next two years, from 32% in 2023.

"The stable outlook over the next 12 months reflects our view that
Gajah Tunggal will maintain its profitability and liquidity
buffer.

"We may downgrade Gajah Tunggal if the company's liquidity weakens
because of a significant deterioration in earnings, or substantial
working capital outflows. Downside pressure could also arise if
Gajah Tunggal takes on additional debt-funded investments, such
that its leverage increases more than our expectations. This could
be indicated by the company's ratio of FFO to debt falling below
20%.

"Rating upside is limited over the next 12-24 months. We could
raise the rating if Gajah Tunggal demonstrates better transparency
in related-party transactions, builds a record of prudent
management while expanding operations, generates free cash flows,
and maintains the ratio of FFO to debt at more than 20%."




=========
J A P A N
=========

UNITIKA LTD: Egan-Jones Retains CCC- Senior Unsecured Ratings
-------------------------------------------------------------
Egan-Jones Ratings Company on November 19, 2024, maintained its
'CCC-' foreign currency and local currency senior unsecured ratings
on debt issued by UNITIKA LTD. EJR also withdrew the rating on
commercial paper issued by the Company.

Headquartered in Osaka, Osaka, Japan, UNITIKA LTD manufactures and
sells synthetic fibers and textile products used as apparel and
industrial materials.




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

SENTORIA GROUP: Triggers PN17 Criteria as Auditors Raise Concerns
-----------------------------------------------------------------
The Star reports that Sentoria Group Bhd has triggered Bursa
Malaysia Securities Bhd's Practice Note 17 (PN17) criteria based on
the company's unaudited consolidated financial statements for the
financial year ended Sept. 30, 2024.

In a filing to Bursa Malaysia Bhd, Sentoria said the auditors had
highlighted a material uncertainty related to the ability of the
company and group to continue as a going concern in the company's
audited financial statements for the period ended Sept. 30, 2023,
The Star relates.

The auditors pointed out that shareholders' equity (SE) was 89 per
cent against its issued and paid-up capital (excluding treasury
shares) (SC) for the period.

"Based on the recent fourth quarter of 2024 results, its SE
position is 33 per cent against its SC, which has now triggered
prescribed criteria under PN17.

"Whilst another assessment made had resulted that Sentoria was
experiencing an insignificant business or operations when the
reported consolidated revenue for the year ended Sept. 30, 2024, is
less than five per cent of its SC," it said.  

Sentoria Group Berhad -- https://sentoria.com.my/ -- is a
Malaysia-based investment holding company, which owns a portfolio
of subsidiaries involved in property development and construction
and the leisure and hospitality industry. The Company operates
through two segments: Property development, Leisure and hospitality
and Others.




=============
M Y A N M A R
=============

MYANMAR: Compounding Crises Hit Economy, World Bank Says
--------------------------------------------------------
Natural disasters, ongoing conflict, and widespread shortages of
basic commodities have hit Myanmar's economy hard, while the
economic outlook remains bleak. According to the World Bank Myanmar
Economic Monitor, Myanmar's GDP is expected to contract by 1
percent in the fiscal year ending March 2025, a downward revision
from the previous projection of modest growth.

The agriculture, manufacturing, and services sectors are projected
to contract, with production constrained by ongoing shortages of
raw materials, inadequate electricity supply, and weakness in
domestic demand. Over half of Myanmar's townships are experiencing
active conflict, which continues to disrupt supply chains and
border trade. Macroeconomic volatility has persisted over the past
six months. Adding to these compounding crises, recent Typhoon Yagi
and heavy monsoon rains have caused severe flooding across Myanmar,
affecting 2.4 million people in 192 townships. Floods damaged
infrastructure and disrupted production, with over a third of all
firms and more than half of agricultural firms reporting adverse
impacts. Food insecurity has increased because of these shocks,
with food prices continuing to increase rapidly.

"The recent natural disasters and ongoing conflict have severely
impacted Myanmar's economy, with households bearing the brunt of
rising prices and labor market weakness," said Melinda Good, World
Bank Country Director for Thailand and Myanmar. "It is urgent and
critical to support recovery efforts to help the most vulnerable
populations rebuild their lives and livelihoods."

Migration has served as a crucial coping mechanism in Myanmar,
while also triggering domestic shortages of labor and human
capital. Migrants to Thailand and Malaysia earn 2–3 times more
than they would in Myanmar - and those in Japan and the Republic of
Korea earn more than 10 times more - according to a recent survey
by the World Bank and the International Labour Organization. The
remittances these migrants send home provide the main source of
income for 7.5 percent of Myanmar households.

"Recent migration flows highlight the precarious state of Myanmar's
economy, as well as the pressures associated with conflict and
conscription," said Kim Edwards, Senior Economist and Program
Leader for Myanmar and Thailand. "Much of the recent out-migration
has occurred under duress and via informal channels, reducing the
gains from migration and increasing its costs. More can be done to
facilitate migration through regular channels: this will ultimately
benefit receiving countries as well as Myanmar workers and their
families."




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

BRIGHT STARS: Creditors' Proofs of Debt Due on Jan. 24
------------------------------------------------------
Creditors of Bright Stars Educare Limited, Penrose Homes Limited,
Kitchen Spray Painters Limited, Pro Builds and Fencing Limited
(trading as Pro Builds), CJR Construction Limited and Sevin
Decorating Solutions Limited (trading as Sevin Decorating Solutions
Limited) are required to file their proofs of debt by Jan. 24,
2025, to be included in the company's dividend distribution.

Bright Stars Educare commenced wind-up proceedings on Nov. 29,
2024.

Penrose Homes and Kitchen Spray Painters commenced wind-up
proceedings on Dec. 2, 2024.

Pro Builds and Fencing and CJR Construction Limited commenced
wind-up proceedings on Dec. 4, 2024.

Sevin Decorating Solutions commenced wind-up proceedings on on Dec.
5, 2024.

The company's liquidator is:

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


CANNASOUTH LTD: NZ RegCo Accepts Application to Delist From NZX
---------------------------------------------------------------
Cannasouth Limited (subject to deed of company arrangement) has
confirmed that NZ RegCo has accepted CBD's application to delist
from the NZX Main Board, subject to CBD satisfying NZ RegCo's
requirements.

                             Delisting

There have been a number of subsisting breaches by CBD of its
obligations under the NZX Listing Rules dated July 24, 2024. For
example, CBD has been unable to:

1. pay NZX Limited ("NZX") outstanding listing fees prescribed by
NZX in accordance with Rule 1.12.1;

2. compose a board of directors that meets the requirements
specified under Rule 2.1.1; and

3. file audited annual reports within three (3) months of the end
of CBD's financial year in accordance with Rule 3.6.1, (together
the "Breaches").

CBD has not been in a position to resolve the Breaches.
Accordingly, in order to resolve them, the Deed Administrators have
exercised their powers under the Deed of Company Arrangement dated
June 24, 2024 ("DOCA") to apply to NZ RegCo to delist CBD from the
NZX Main Board and NZ RegCo has accepted CBD's application to
delist from the NZX Main Board.

Events following Delisting

As soon as practicable following the delisting of CBD, the Deed
Administrators intend to exercise their powers under the DOCA to:

1. revoke the constitution of CBD, which incorporates the Rules;

2. replace the existing directors of CBD with new directors; and

3. resolve to transfer control of CBD back to the board of
directors.

                   Best Interest of Shareholders

The deed administrators consider it in the shareholders' interests
that CBD be delisted from the NZX Main Board. If CBD remains a
listed entity, it will continue to incur additional compliance
costs, which will delay the company's ability to reach a positive
cash-flow position. The decision to delist from the NZX Main Board
has been made with the support of the investor group that put
forward the DOCA.

While shareholders maintain their rights as shareholders, the new
Board of CBD will be exploring ways for shareholders to trade their
shares via an unlisted platform.

                        Shareholder Rights

CBD will operate as a private company after delisting. Private
company shareholders have the rights and obligations set out in
Part 7 of the Companies Act 1993, subject to any modifications
contained in the company's constitution (if any).

"As a shareholder, you own part of the company but do not
participate in its day-to-day management. Shareholders are free to
sell their shares to anyone, subject to any shareholders'
agreements or restrictions in the company's constitution," CBD
said.

"If you require further advice on your rights as a shareholder or
are considering selling or disposing of your shares in the company,
we recommend that you seek independent advice on this matter.

                           CBD Operations

The CBD group continues to process several varieties of cannabis
flower and produces CBD oral solutions, both to a GMP standard.
Sales of the company products are in line with budget projections.
While there are regulatory hurdles to export, the management team
is exploring the possibility of expanding group revenues through
offshore markets while continuing to build on its domestic market
base.

                              Reporting

CBD will need to comply with its statutory reporting requirements
following the company's delisting. This will include complying with
audit requirements and holding the requisite shareholder meetings.

During the deed administration process, the Deed Administrators
will endeavour to keep CBD's shareholders informed of material
matters which relate to CBD. Once CBD is delisted from the NZX Main
Board details on the administration process and the DOCA can be
found at the Deed Administrators' website:

https://www.blacklockrose.co.nz/cannasouth

Once control of CBD has been transferred to the board of directors,
queries regarding the company's affairs can be directed to CBD's
interim CEO David Petterson by email:
david.petterson@cannasouth.co.nz

                         About Cannasouth

Cannasouth Limited (NZX:CBD) -- https://www.cannasouth.co.nz/ -- a
medicinal cannabis company, engages in the cultivation and
manufacture of cannabis pharmaceutical ingredients and medicines.
It develops cannabinoid therapeutics to support human and animal
health outcomes.

Cannasouth entered voluntary administration in March 2024 after
running into financial difficulties.

In June 2024, a group of unnamed investors tabled the DOCA under
which they would inject NZD1.5 million to NZD3 million into the
company via convertible notes to pay creditors and provide working
capital. It was executed in July 2024.


CYGNET HAULAGE: Court to Hear Wind-Up Petition on Feb. 10
---------------------------------------------------------
A petition to wind up the operations of Cygnet Haulage and
Transport Limited will be heard before the High Court at Hamilton
on Feb. 10, 2025, at 10:00 a.m.

New Zealand Transport Agency filed the petition against the company
on Nov. 4, 2024.

The Petitioner's solicitor is:

          Michael David Arthur
          Chapman Tripp
          Level 34, PwC Tower
          15 Customs Street West
          Auckland


DILKHUSH PVT: Creditors' Proofs of Debt Due on Jan. 24
------------------------------------------------------
Creditors of Dilkhush Pvt Limited and Sun and Sand Investments
Limited are required to file their proofs of debt by Jan. 24, 2025,
to be included in the company's dividend distribution.

The company commenced wind-up proceedings on Dec. 2, 2024.

The company's liquidators are:

          Garry Whimp
          Benjamin Francis
          Blacklock Rose Limited
          PO Box 6709
          Victoria Street West
          Auckland 1142


KMS 2020: Creditors' Proofs of Debt Due on Feb. 11
--------------------------------------------------
Creditors of KMS 2020 Limited and Kiwi Group of Company NZ Limited
are required to file their proofs of debt by Feb. 11, 2025, to be
included in the company's dividend distribution.

KMS 2020 Limited commenced wind-up proceedings on Dec. 3, 2024.

Kiwi Group of Company commenced wind-up proceedings on Nov. 29,
2024.

The company's liquidators are:

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


PUKEKOHE HOSPITALITY: Court to Hear Wind-Up Petition on Dec. 18
---------------------------------------------------------------
A petition to wind up the operations of Pukekohe Hospitality
Limited will be heard before the High Court at Auckland on Dec. 18,
2024, at 10:00 a.m.

The Commissioner of Inland Revenue filed the petition against the
company on Oct. 24, 2024.

The Petitioner's solicitor is:

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




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

88SPARES PTE: Creditors' Proofs of Debt Due on Jan. 10
------------------------------------------------------
Creditors of 88SPARES Pte. Ltd. are required to file their proofs
of debt by Jan. 10, 2025, to be included in the company's dividend
distribution.

The company commenced wind-up proceedings on Dec. 2, 2024.

The company's liquidators are:

          Chee Fung Mei
          Lum Inn Han Elizabeth
          110 Middle Road #05-03
          Singapore 188968


GOLDEN HOPE: Court Enters Wind-Up Order
---------------------------------------
The High Court of Singapore entered an order on Nov. 29, 2024, to
wind up the operations of Golden Hope Pte. Ltd.

Maybank Singapore Limited filed the petition against the company.

The company's liquidator is:

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


JV AUTOPARTS: Court to Hear Wind-Up Petition on Jan. 3
------------------------------------------------------
A petition to wind up the operations of JV Autoparts Pte. Ltd. will
be heard before the High Court of Singapore on Jan. 3, 2025, at
10:00 a.m.

JAE Autoparts Pte. Ltd filed the petition against the company on
Nov. 15, 2024.

The Petitioner's solicitors are:

          CTLC Law Corporation
          3 Raffles Place
          #06-01 Bharat Building
          Singapore 048617


MERCATUS BETA: Creditors' Proofs of Debt Due on Jan. 9
------------------------------------------------------
Creditors of Mercatus Beta Co-Operative Limited and Mercatus
Epsilon Co-Operative Limited are required to file their proofs of
debt by Jan. 9, 2025, to be included in the company's dividend
distribution.

The company's liquidator is:

          Chan Li Shan
          c/o Agile 8 Solutions
          133 Cecil Street
          #14-01 Keck Seng Tower
          Singapore 069535


NTUC FIRST: Creditors' Proofs of Debt Due on Jan. 10
----------------------------------------------------
Creditors of NTUC First Campus Co-operative Limited are required to
file their proofs of debt by Jan. 10, 2025, to be included in the
company's dividend distribution.

The company's liquidator is:

          Ellyn Tan Huixian
          c/o Forvis Mazars Consulting
          135 Cecil Street
          #10-01 Philippine Airlines Building
          Singapore 069536


SINGAPORE AIRLINES: Egan-Jones Withdraws BB- Sr. Unsecured Ratings
------------------------------------------------------------------
Egan-Jones Ratings Company on November 13, 2024, withdrew its 'BB-'
foreign currency and local currency senior unsecured ratings on
debt issued by Singapore Airlines Limited. EJR also withdrew the
rating on commercial paper issued by the Company.

Headquartered in Singapore, Singapore Airlines Limited provides air
transportation, engineering, pilot training, air charter, and tour
wholesaling services.




===============
X X X X X X X X
===============

[*] US Policy Changes Likely to Impact Asia and Pacific's Growth
----------------------------------------------------------------
Asia and the Pacific's economic growth will remain steady this year
and next, but expected US policy changes under the incoming
administration of President-elect Donald Trump are likely to affect
the region's longer-term outlook, according to a new report by the
Asian Development Bank (ADB).

Changes to US trade, fiscal, and immigration policies could dent
growth and add to inflation in developing Asia and the Pacific,
according to the latest edition of Asian Development Outlook (ADO),
released today. Because these significant policy changes are
expected to take time and be rolled out gradually, the effects on
the region would most likely materialize from 2026. Impacts could
be seen sooner if the policies are implemented earlier and more
rapidly than expected, or if US-based companies front-load imports
to avoid potential tariffs.

Developing Asia and the Pacific's economies are projected to grow
by 4.9% in 2024, slightly below ADB's September forecast of 5.0%,
according to the report. Next year's growth projection is lowered
to 4.8% from 4.9%, mainly due to weaker prospects for domestic
demand in South Asia. The region's inflation outlook has been
trimmed to 2.7% from 2.8% for this year, and cut to 2.6% from 2.9%
next year, partly due to an expected moderation in oil prices.

"Strong overall domestic demand and exports continue to drive
economic expansion in our region," said ADB Chief Economist Albert
Park. "However, the policies expected to be implemented by the new
US administration could slow growth and boost inflation to some
extent in the People's Republic of China (PRC), most likely after
next year, also impacting other economies in Asia and the
Pacific."

Under a high-risk scenario, ADB projects that aggressive US policy
changes could erode global economic growth slightly over the next 4
years, by a cumulative 0.5 percentage points. Broad-based tariffs
are likely to dent international trade and investment, while
leading to a shift toward more costly domestic production. At the
same time, reduced immigration could tighten the US labor supply.
Combined with a potentially more expansionary fiscal stance under
the incoming Trump administration, tariffs and migration curbs
could rekindle inflationary pressures in the US.

Despite the scale of the assumed US policy changes, particularly on
tariffs, the impacts on developing Asia and the Pacific are limited
under this high-risk scenario. Even in the absence of additional
policy support, gross domestic product growth in the PRC could slow
by an average of only 0.3 percentage points per year through 2028.
Negative spillover effects across the region, via trade and other
links, would likely be offset by diversion of trade and relocation
of production from the PRC to other economies.

In the near term, the outlook for most economies in the region
remains relatively stable. The growth forecast for the PRC is
unchanged at 4.8% this year and 4.5% next year. India's outlook is
adjusted downward from 7.0% to 6.5% for this year, and from 7.2% to
7.0% next year, due to lower-than-expected growth in private
investment and housing demand.

Southeast Asia's growth outlook has been raised to 4.7% this year
from a previous forecast of 4.5%, driven by stronger manufacturing
exports and public capital spending. The forecast for next year is
unchanged at 4.7%.

The growth outlook for Caucasus and Central Asia has been raised to
4.9% this year from 4.7%, and to 5.3% next year from 5.2%, while
projections for the Pacific are unchanged at 3.4% this year and
4.1% next year.

Apart from uncertainty surrounding US policy changes, risks to
developing Asia and the Pacific's growth and inflation outlooks
include escalations of geopolitical tensions as well as continued
property market fragility in the PRC.

ADB is committed to achieving a prosperous, inclusive, resilient,
and sustainable Asia and the Pacific, while sustaining its efforts
to eradicate extreme poverty. Established in 1966, it is owned by
69 members-49 from the region.



                           *********


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

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

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

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding,
electronic re-mailing and photocopying) is strictly prohibited
without prior written permission of the publishers.
Information contained herein is obtained from sources believed
to be reliable, but is not guaranteed.

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



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