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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

          Wednesday, December 18, 2024, Vol. 27, No. 253

                           Headlines



A U S T R A L I A

BITSCORE PTY: First Creditors' Meeting Set for Dec. 23
BUISLEY PTY: First Creditors' Meeting Set for Dec. 20
FRM CAFE: Enters Voluntary Administration
MIKCON EMPLOYMENT: Former Liquidator Sentenced to 4 Years Jail
QC COMMUNICATIONS: Second Creditors' Meeting Set for Dec. 23

SASON CAPITAL: First Creditors' Meeting Set for Dec. 22
TELCO WORLD: First Creditors' Meeting Set for Dec. 20


B A N G L A D E S H

PREMIER BANK: Moody's Withdraws 'B3' Deposit & Issuer Ratings


C H I N A

AIRNET TECH: Regains Compliance With Nasdaq MVPHS Requirement
JIYUE: Owners Vow to Keep Self-Driving System, After-Sales Service
PARKVIEW GREEN: To Sell Iconic Beijing Mall Amid Property Slump
ROYOLE CORP: Bankruptcy Auction Fails to Attract Bids
TAOPING INC: To Acquire 100% Equity in Yunti

XINYUAN REAL: Annual General Meeting Thursday


I N D I A

AJAY FOOD: Ind-Ra Affirms BB+ Bank Loan Rating, Outlook Positive
ANAND CRANKS: ICRA Keeps B+/A4 Debt Ratings in Not Cooperating
ANANDA EXPORTS: Ind-Ra Keeps D Loan Rating in NonCooperating
ANIL KUMAR: Ind-Ra Cuts Loan Rating to B
APEX STEEL: Ind-Ra Cuts Loan Rating to B

ATHITHEYA KSHEMA: Ind-Ra Keeps D Loan Rating in NonCooperating
BEMCO SLEEPERS: Ind-Ra Cuts Bank Loan Rating to B+
BHAGABAN MOHAPATRA: Ind-Ra Keeps D Loan Rating in NonCooperating
BISMAN INDUSTRIES: ICRA Keeps D Debt Ratings in Not Cooperating
BRIGHT ENGINEERING: Ind-Ra Cuts Term Loan Rating to B

BVL INFRASTRUCTURE: ICRA Keeps D Debt Ratings in Not Cooperating
CHAITANYA ENTERPRISES: ICRA Keeps D Rating in Not Cooperating
CJ'S HARITHA: Ind-Ra Keeps D Term Loan Rating in NonCooperating
CLAVECON PRIVATE: Ind-Ra Cuts Loan Rating to B-
CMC TEXTILES: Ind-Ra Cuts Loan Rating to BB-

CORROGANON INDIA: Ind-Ra Cuts Loan Rating to B-
D. NITIN: Ind-Ra Affirms BB+ Bank Loan Rating
D.N. HOMES: Ind-Ra Cuts Term Loan Rating to BB-
DEVDEEP COTTON: ICRA Keeps B+ Debt Rating in Not Cooperating
GAYATRI AGRO: Ind-Ra Assigns BB- Bank Loan Rating, Outlook Stable

GINNI HOLDINGS: ICRA Keeps D Debt Ratings in Not Cooperating
GOLD STAR: ICRA Keeps D Debt Ratings in Not Cooperating Category
J.R. FOODS: ICRA Keeps D Debt Rating in Not Cooperating Category
JAI JAGDISH: Ind-Ra Cuts Loan Rating to BB+, Outlook Stable
JEPPIAAR POWER: ICRA Keeps D Debt Rating in Not Cooperating

KRISHNA SAHAKARI: ICRA Keeps B Debt Ratings in Not Cooperating
KRUSHNA INDUSTRIES: ICRA Keeps D Debt Rating in Not Cooperating
LIMTEX AGRI: ICRA Keeps D Debt Ratings in Not Cooperating
LOKNETE BABURAO: Ind-Ra Affirms BB+ Bank Loan Rating
MAHARAJA INDUSTRIES: ICRA Keeps D Debt Ratings in Not Cooperating

MAHARAJA OIL: ICRA Keeps D Debt Ratings in Not Cooperating
MAHARAJA REFINERIES: ICRA Keeps D Debt Ratings in Not Cooperating
PARAMASIVAM PALANISAMY: ICRA Keeps D Rating in Not Cooperating
PARTH COTTON: ICRA Keeps C+ Debt Ratings in Not Cooperating
PRINCE PROPERTIES: ICRA Keeps B+ Debt Rating in Not Cooperating

RBA FERRO: Ind-Ra Hikes Loan Rating to BB+, Outlook Stable
S. NANDA: ICRA Keeps D Debt Ratings in Not Cooperating Category
S.A.AANANDAN MILL: Ind-Ra Affirms BB Rating, Outlook Stable
SACHDEVA STEEL: Ind-Ra Cuts Loan Rating to BB+, Outlook Stable
SAI RADHA: ICRA Keeps B+ Debt Rating in Not Cooperating Category

SASWAD MALI: Ind-Ra Hikes Loan Rating to B+, Outlook Stable
SGD CORNING: Ind-Ra Affirms BB- Bank Loan Rating, Outlook Stable
SINDHU TRADE: Ind-Ra Corrects December 3, 2024 Rating Release
SMG REALTIES: Ind-Ra Assigns BB Term Loan Rating, Outlook Stable
SSIPL LIFESTYLE: Ind-Ra Assigns BB+ Bank Loan Rating

SUAVE CORPORATION: ICRA Keeps B Debt Rating in Not Cooperating
SUMRAN AGRO: Ind-Ra Affirms BB Bank Loan Rating, Outlook Stable
TBPR INFRA: ICRA Keeps D Debt Ratings in Not Cooperating Category
V.M.STAR: Ind-Ra Keeps D Loan Rating in NonCooperating
VIZIANAGARAM MUNICIPALITY: ICRA Keeps Rating in Not Cooperating

WADI SURGICALS: Ind-Ra Affirms BB+ Bank Loan Rating
WAVIN INDUSTRIES: Ind-Ra Hikes Loan Rating to BB+, Outlook Stable


I N D O N E S I A

ABM INVESTAMA: Moody's Withdraws 'B1' Corporate Family Rating


J A P A N

GRYLLUS INC: Edible Cricket Startup Files for Bankruptcy


N E W   Z E A L A N D

ACTIVE ENGINEERING: Creditors' Proofs of Debt Due on Jan. 10
AUDIO COMMUNICATIONS: Creditors' Proofs of Debt Due on Jan. 7
ELITE ROOFING: Court to Hear Wind-Up Petition on Feb. 14
LE DEJEUNER: Placed Into Liquidation; Jan. 31 Claims Deadline Set
MERFIELD PARK: Creditors' Proofs of Debt Due on Jan. 31

PRO-STREET PERFORMANCE: Court to Hear Wind-Up Petition on Feb. 21


P A K I S T A N

PAKISTAN: Cuts Interest Rates to Lowest in Over Two Years


S I N G A P O R E

ESMART MOBILE: Court to Hear Wind-Up Petition on Dec. 27
KHH ENGINEERING: Court to Hear Wind-Up Petition on Jan. 3
MAXEON SOLAR: CFIUS Clears TCL Zhonghuan's Indirect investment
PRIVE (SWINBURNE): Commences Wind-Up Proceedings
PSD HOLDINGS: Court Enters Wind-Up Order

SWIFT BUILDER: Court to Hear Wind-Up Petition on Dec. 27


S O U T H   K O R E A

PIZZA HUT KOREA: Enters Court-Led Rehabilitation Proceedings

                           - - - - -


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

BITSCORE PTY: First Creditors' Meeting Set for Dec. 23
------------------------------------------------------
A first meeting of the creditors in the proceedings of Bitscore Pty
Ltd will be held on Dec. 23, 2024 at 11:00 a.m. at Mackay Goodwin,
Level 12, 20 Bridge Street, in Sydney, NSW, and virtual meeting
technology.

Edwin Narayan and Andrew Quinn of Mackay Goodwin were appointed as
administrators of the company on Dec. 11, 2024.


BUISLEY PTY: First Creditors' Meeting Set for Dec. 20
-----------------------------------------------------
A first meeting of the creditors in the proceedings of Buisley Pty.
Limited will be held on Dec. 20, 2024 at 10:00 a.m. via Microsoft
Teams.

Jeff Marsden and Andrew Sallway of BDO were appointed as
administrators of the company on Dec. 11, 2024.


FRM CAFE: Enters Voluntary Administration
-----------------------------------------
The Directors of FRM Cafe Pty Ltd (trading as The Orchard Penrith)
appointed Mr. Graeme Beattie of Worrells as administrator of the
Company at a meeting held on Dec. 16, 2024.

Mr. Beattie said: "The Orchard is one of Western Sydney's premier
hospitality venues. This decision comes after a period of
challenging market conditions, including rising operational costs,
changing consumer behaviour, and reduced discretionary spending,
which have all contributed to an unsustainable financial position.

"I am presently undertaking an urgent financial analysis of the
Company's trading performance and viability.

Whilst the administration is in its infancy, I intend to trade the
Company's business on a "business-as-usual" basis.

I look forward to working with all key stakeholders to ensure the
Company's financial viability going forward".

Fedlallah Hallani, a director of the Company, said: "This has been
an incredibly difficult process, and I appreciate the impact of the
administration has on our employees, suppliers, and loyal
customers.

"During the administration, we will work closely with the Mr.
Beattie and the team at Worrells to ensure the best possible
outcome for all stakeholders. Whilst this is a challenging time, we
remain committed to exploring all options to ensure the future of
the business. We value and appreciate the ongoing support during
this process".


MIKCON EMPLOYMENT: Former Liquidator Sentenced to 4 Years Jail
--------------------------------------------------------------
Former registered liquidator and external administrator Peter
Andrew Amos was sentenced on Dec. 13, 2024, in the District Court
of NSW to four years imprisonment after pleading guilty to charges
of dishonestly using his position with the intention of gaining an
advantage for his business and himself contrary to s 184(2)(a) of
the Corporations Act 2001 (Cth).

The court imposed a non-parole period of two years.

Mr. Amos first appeared in the Downing Centre Local Court on June
17, 2024, charged with four offences of dishonestly using his
position as an officer of a company to gain an advantage for his
business and himself contrary to s184(2)(a) of the Corporations Act
2001 (Cth). A further two offences were included on a schedule to
be taken into account by the Court on sentence.

Mr. Amos was a registered liquidator and business owner of Amos
Insolvency Pty Ltd.

As part of the sentencing hearing, the Court heard that from Oct.
6, 2016 to Dec. 31, 2022, Mr. Amos transferred AUD2,998,546.59
(plus AUD19,936.86 for the scheduled offences) from the accounts of
Mikcon Employment Services Pty Ltd, TPC (Vic) Pty Ltd, P O W 4X4
Pty Ltd, A-Force Electrics Pty Ltd, and Conomi Group Pty Ltd to
Amos Insolvency. Mr. Amos was the appointed external administrator
or liquidator of the companies.

Once transferred, the funds were used to pay unrelated expenses of
Amos Insolvency and for Mr Amos' personal purposes.

ASIC Deputy Chair Sarah Court said, 'Mr Amos systematically
misappropriated funds across five companies over a six-year period,
amounting to a serious betrayal of trust and an abuse of the
obligations expected of administrators and liquidators.

'This sentence demonstrates that such behaviour will not be
tolerated.'

ATO Deputy Commissioner and Serious Financial Crime Taskforce Chief
John Ford welcomed the court's decision saying the sentencing was a
warning to those looking to use their position to exploit the
system.

'This outcome sends a clear message to those who look to gain an
unfair advantage - you will be caught,' Mr. Ford said.

The Court heard that Mr. Amos and Amos Insolvency were not entitled
to the funds, as all approved remuneration for Mr Amos in the
administrations had been paid, and no additional remuneration
determinations had been made by the creditors of the companies.

Her Honour Judge Tupman noted that the offending amounted to a
'significant breach of trust.'

Due to his conviction for these offences, Mr Amos is disqualified
from managing corporations for a period of five years after the
date he is released from prison.

Mr. Amos is no longer a registered liquidator and cannot accept any
appointments as an external administrator.

Mr. Amos was a registered liquidator from May 11, 2006 to
May 11, 2023.

In April 2022, ASIC issued Mr. Amos with a direction that he not
accept further insolvency appointments due to his failure to lodge
outstanding documents relating to the administration of Mikcon.
From that point on he was unable to accept any new appointments as
an external administrator.

After ASIC's investigation commenced, Amos requested that his
registration as a liquidator be suspended. That suspension took
effect from Feb. 4, 2023.

Mr. Amos did not renew his registration by 11 May 2023 which led to
its automatic cancellation.

Mr. Amos has been the sole director and a shareholder of Amos
Insolvency since 1 December 2008.

Between 2015 and 2022, Amos Insolvency carried on business as an
insolvency practice.

Mr. Amos was appointed as Voluntary Administrator, and later as
Deed Administrator of a Deed of Company Arrangement, in relation to
Mikcon, TPC and Conomi. Mr. Amos was appointed as the Liquidator of
POW and A-Force.

The holding of these positions rendered him an officer of these
companies for the purposes of the Act.

The matter was prosecuted by the Commonwealth Director of Public
Prosecutions following an investigation and referral by ASIC as
part of the ATO-led Serious Financial Crime Taskforce. ASIC is a
member of the Commonwealth's Serious Financial Crime Taskforce.

The Serious Financial Crime Taskforce is an ATO-led joint agency
taskforce that brings together the knowledge, resources and
experience of relevant law enforcement and regulatory agencies to
identify and address the most serious and complex forms of
financial crime.

The SFCT started operation on July 1, 2015.

From this date until June 30, 2024, the Taskforce has progressed
cases that have resulted in:

     - more than 2,268 audits and reviews
     - the conviction and sentencing of 46 people
     - raised over AUD2.552 billion in liabilities
     - collected more than AUD1.022 billion.

For more information on the SFCT, including the identikit outlining
key financial crime personas, visit ato.gov.au/SFCT.


QC COMMUNICATIONS: Second Creditors' Meeting Set for Dec. 23
------------------------------------------------------------
A second meeting of creditors in the proceedings of QC
Communications Pty Ltd has been set for Dec. 23, 2024 at 10:00 a.m.
via teleconference.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by Dec. 20, 2024 at 5:00 p.m.

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


SASON CAPITAL: First Creditors' Meeting Set for Dec. 22
-------------------------------------------------------
A first meeting of the creditors in the proceedings of Sason
Capital Partners Pty Ltd will be held on Dec. 22, 2024 at 10:00
a.m. by telephone.

Daniel Moore of BCR Advisory was appointed as administrator of the
company on Dec. 13, 2024.


TELCO WORLD: First Creditors' Meeting Set for Dec. 20
-----------------------------------------------------
A first meeting of the creditors in the proceedings of Telco World
Corp Pty Ltd will be held on Dec. 20, 2024 at 10:00 a.m. at offices
of Jirsch Sutherland, Level 30, 140 William Street, in Melbourne,
Victoria and via virtual facilities.

Malcolm Kimbal Howell of Jirsch Sutherland was appointed as
administrator of the company on Dec. 12, 2024.




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

PREMIER BANK: Moody's Withdraws 'B3' Deposit & Issuer Ratings
-------------------------------------------------------------
Moody's Ratings has withdrawn all ratings of Premier Bank PLC.
(The), including the B3 long-term (LT) and NP short-term (ST) local
currency (LC) and foreign currency (FC) deposit and issuer ratings
and the caa1 Baseline Credit Assessment (BCA) and Adjusted BCA.

Moody's have also withdrawn Premier Bank's B3/NP LT/ST LC and FC
Counterparty Risk Ratings and B3(cr)/NP(cr) LT/ST Counterparty Risk
Assessments.

Prior to the withdrawal, the outlooks on the LT deposit and issuer
ratings were negative.

RATINGS RATIONALE

Moody's have decided to withdraw the rating(s) following a review
of the issuer's request to withdraw its rating(s).

Premier Bank PLC is headquartered in Dhaka and reported total
consolidated assets of BDT443 billion as of September 2024.




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

AIRNET TECH: Regains Compliance With Nasdaq MVPHS Requirement
-------------------------------------------------------------
AirNet Technology Inc., formerly known as AirMedia Group Inc.
received a written notice from the Listing Qualifications Staff of
Nasdaq, notifying the Company that it has regained compliance with
the minimum market value of publicly held shares requirement under
Nasdaq Listing Rule 5550(a)(5).

The Company was previously notified by the Staff on September 18,
2024 that it was not in compliance with the MVPHS requirement due
to its failure to maintain a minimum MVPHS of US$1.0 million for a
period of 30 consecutive business days. Since then, the Staff has
determined that the Company's MVPHS had been US$1.0 million or
greater from October 28 through November 11, 2024. Therefore, the
Staff determined that the requirement was met on November 12,
2024.

                      About AirNet Technology

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

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

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


JIYUE: Owners Vow to Keep Self-Driving System, After-Sales Service
------------------------------------------------------------------
Yicai Global reports that Jiyue Auto's co-founders Baidu and
Zhejiang Geely Holding Group have pledged to ensure the continuity
of the struggling Chinese electric vehicle brand's autonomous
driving systems and after-sales services.

"We have initiated actions to ensure the stability of Jiyue's
self-driving and map navigation system," Yicai quotes Wang Yunpeng,
vice president of Baidu and head of the Beijing-based firm's
intelligent driving group, as saying on Dec. 14. "Jiyue car owners
can rest assured."

Geely will take concrete steps to ensure the normal use of Jiyue
cars and after-sales service, Senior VP Yang Xueliang said the same
day, Yicai relays. Their lifetime warranty remains valid, while
after-sales services will be handed by Geely's premium EV brand
Lynk & Co, he said.

Geely will set up a dedicated team to maintain Jiyue cars' software
updates, integrate their server operations into its infrastructure,
and incorporate Jiyue's engineers into its team to improve the
quality of support, Yang noted.

According to Yicai, Jiyue Auto has dismissed several departments,
suspended employees' social security payments for November, and
delayed salaries for December, Chief Executive Officer Xia Yiping
said in a video sent to all staff on Dec. 11.

In the previous days, insiders at Jiyue had leaked information
about its owners having decided to halt investments and about the
company closing its finished vehicle business. Jiyue had earlier
rebutted online rumors about mass layoffs and executive
resignations, claiming it was operating normally.

Jiyue sold just 1,171 cars a month on average between December last
year and November this year, for a total of 14,055, Yicai
discloses. In comparison, rivals Li Auto, Xpeng Motor, and Xiaomi
Auto delivered 48,700, 30,900, and over 20,000 autos, respectively,
last month alone.

On Dec. 13, Baidu and Geely said in a joint statement that they
would actively assist Jiyue's management team in addressing issues,
including prioritizing social security payments for employees,
compensating departing staff, ensuring the normal use of Jiyue
cars, and providing after-sales and maintenance services, Yicai
relates.

Based in Shanghai, China, Hangzhou Ji Yue Automobile Technology
Co., Ltd., trading as Ji Yue, manufactures intelligent electric
passenger cars.  Baidu and Geely founded the company as Jidu Auto
in early 2021 and later rebranded it as Ji Yue last year.


PARKVIEW GREEN: To Sell Iconic Beijing Mall Amid Property Slump
---------------------------------------------------------------
Bloomberg News reports that a landmark commercial complex in
Beijing is being put up for sale by Hong Kong-headquartered
property company Parkview Group, as China's prolonged property
slump weighs on its cash flow.

Parkview Green, locally known as Fang Cao Di, located in Beijing's
central business district, is up for sale as the company grapples
with high mortgage payments and low occupancy rates in the capital
city, according to people familiar with the matter, asking not to
be named discussing private matters, Bloomberg relays.

A Chinese state-owned firm is interested in purchasing the asset,
which is known for its unique pyramid-shaped structure, the people
said. Considerations are ongoing and no final decisions have been
made, the people added.

Completed in 2012, the 200,000 square meter mixed-use development
located in Beijing's Chaoyang district includes a shopping mall,
hotel, office towers and an arts hub, according to its website.

According to Bloomberg, the potential sale of Parkview Green comes
amid China's prolonged real estate slump and sluggish consumer
spending. Retail sales rose 3% in November from a year ago, the
slowest pace in three months and undershooting even the most
bearish of forecasts.

Meanwhile, China's commercial real estate is suffering a downturn,
with Beijing's city-wide vacancies jumping to 20.6% in the second
quarter, the highest in at least 15 years, Bloomberg News reported
earlier citing Colliers data.

Parkview is involved in real estate developments across Asia and
Europe, with a focus on innovative and green designs to create
iconic landmarks. The group's other projects include the Hotel
Eclat boutique hotel in Taipei, Parkview Square and the Parkview
Eclat in Singapore, and the Beauvallon Hotel in St. Tropez,
France.

Rental income generated from Parkview Green isn't enough to cover
the interest payments on a loan, the people said, adding that the
current occupancy rate is below 70%, reports Bloomberg.

A spokesperson for Parkview said that the interest on the facility
has at all times been kept current, without elaborating further.

In August, a syndicate of lenders agreed to extend the maturity of
the loan secured over Parkview Green by a year to August 2025, the
people familiar, as cited by Bloomberg, said. Initially signed in
2019, the borrowing then comprised an offshore $774 million piece
and an onshore CNY1.2 billion ($165 million) tranche, the people
added.

Bloomberg relates that existing lenders also agreed to lower the
loan's interest rate and convert part of the facility into renminbi
from US dollars to help cut borrowing costs, the people said.

Meanwhile, Parkview is facing mounting pressure in Hong Kong as the
group looks to refinance its Hong Kong Parkview project, an
apartment complex located in the city's southern district, through
a private credit loan.


ROYOLE CORP: Bankruptcy Auction Fails to Attract Bids
-----------------------------------------------------
Yicai Global reports that there were no bidders at an auction of
the assets of insolvent Royole Corporation, a Chinese pioneer of
foldable smartphones, which included properties in Shenzhen and
pieces of equipment with a combined value of around CNY1.2 billion
(USD165 million).

Twelve properties with a total floor area of 96,095 square meters
in Shenzhen's northeastern Longgang district were put up for
auction with an appraised value of CNY768 million (USD105.5
million), Yicai discloses citing e-commerce giant Alibaba Group
Holding's auction platform.

The equipment, comprising 1,961 items of machinery, 1,609
electronic devices, 3 ongoing construction projects and 8 electric
forklifts, had a rough value of CNY462 million (USD63.46 million).

Not one bidder registered for the auction, which took place from 10
a.m. on Dec. 14 to 10 a.m. on Dec. 15, despite the auction
attracting 18,000 online views. The auction starting price was set
at CNY1.2 billion (USD169 million), with increments set at CNY6
million per bid, and interested bidders were required to pay a
deposit of CNY61.5 million (USD8.4 million), according to Yicai.

With no buyers this time round, Royole's assets are now likely to
be re-auctioned at a reduced price, industry insiders said.

Yicai notes that it is a spectacular fall from grace for a company
that was once a unicorn firm worth USD6 billion. Royole launched
the world's first foldable flexible-screen smartphone, FlexPai, in
2018 and successfully completed 12 rounds of financing.

However, the Shenzhen-based company, founded in 2012, lost out as
competition became stiffer, Yicai says. It attempted to list on the
Shanghai Stock Exchange's Nasdaq-style Star Market, seeking to
raise CNY14.4 billion (USD2.3 billion), but withdrew its
application in February 2021 after it was added to the China
Securities Regulatory Commission's sampling list.

Royole Corp. is a China-based flexible-screen maker.

In May, Royole and two of its subsidiaries filed for bankruptcy at
the Shenzhen Municipal Intermediate People's Court.


TAOPING INC: To Acquire 100% Equity in Yunti
--------------------------------------------
Taoping Inc. (Nasdaq: TAOP, the "Company"), a provider of
innovative smart cloud platform services and solutions, new media
and artificial intelligence (AI) solutions, disclosed in a Form 6-K
filing with the U.S. Securities and Exchange Commission that it has
signed a non-binding letter of intent to acquire 100% of the equity
of Shenzhen Yunti Internet of Things Co., Ltd. ("Yunti"), a Chinese
company based in Shenzhen, Guangdong Province.

Taoping's acquisition of Yunti, if consummated, is expected to open
new revenue growth opportunities for the Company, while further
consolidating and expanding the Company's market share in the
lucrative elevator equipment and service industry, the company said
in a press release.

Under the letter of intent, Yunti's shareholders agree to transfer
their ownership of Yunti to the Company in exchange for newly
issued ordinary shareholders of the Company. The final valuation
and timeline of the acquisition will be determined based on a
mutually agreed upon independent third party's comprehensive
evaluation of Yunti. The parties expect to close and integrate the
acquisition over the next 12 months. The non-binding letter of
intent does not create an obligation on the part of either party to
consummate any transaction. The proposed transaction is subject to
a definitive agreement to be negotiated between the parties,
conditioned upon further financial and legal due diligence and
approval of the Company's Board of Directors, as well as other
customary closing conditions, such as any required regulatory
approvals. There is no assurance that any transaction will be
concluded.

Founded in 2016, Yunti is a privately held, Shenzhen-based company
qualified to provide an end to end Smart elevator solution,
integrating sales, installation, repair and maintenance. Yunti is
known for developing a robust SaaS platform, which effectively
delivers innovative services targeted at China's installed base of
an estimated more than 10 million elevators. With a unique,
full-scenario business model that combines a customizable, feature
rich SaaS platform, Yunti has rapidly grown its customer base in
providing full-scenario elevator services, with a portfolio of
innovative products specifically designed to meet the needs of
China's Smart Elevator ecosystem. Core platforms include Yunti's
SaaS-based "Tishibao" elevator management Cloud service platform,
and "Tishibang", China's first private market elevator Internet
service platform. Through its SaaS platform and business model of
insurance plus professional services, Yunti is able to capture
revenue from both monitoring and maintenance throughout the entire
elevator operation process, while being ideally positioned to
promote the digital transformation of traditional equipment
operation and maintenance management, and comprehensively improve
operation and maintenance efficiency and service quality.

According to the State Administration for Market Regulation, the
number of elevators in China was expected to reach more than 10.6
million by the end of 2023. At the same time, according to data
from the China Elevator Industry Business Yearbook, the market size
of China's elevator equipment industry continues to expand having
exceeded 494.3 billion RMB in 2023.

Mr. Jianghuai Lin, Chairman and CEO of Taoping, commented, "As part
of our active M&A process, we evaluated a series of potential
transactions, with a priority on long-term potential, valuation,
and alignment with building shareholder value. We are excited about
the proposed acquisition of Yunti, which aligns strategically with
our Smart City product portfolio, customer base, and geographic
footprint. Upon deal closure and integration, we anticipate that
this transaction will position our business to expand into higher
growth, more profitable segments in the huge Chinese elevator
equipment industry, with even more attractive long-term demand
catalysts. We believe this transaction would be equally
transformational for all shareholders, with extensive new
opportunities opened that would drive meaningful value creation."

                           About Taoping

Taoping Inc. (f/k/a China Information Technology, Inc.), together
with its subsidiaries, is a provider of cloud-app technologies for
Smart City IoT platforms, digital advertising delivery, and other
internet-based information distribution systems in China. Its
Internet ecosystem enables all participants of the new media
community to efficiently promote branding, disseminate
information,
and exchange resources. In addition, the Company provides a broad
portfolio of software and hardware with fully integrated
solutions,
including Information Technology infrastructure, Internet-enabled
display technologies, and IoT platforms to customers in
government,
education, residential community management, media,
transportation,
and other private sectors.

London, United Kingdom-based PKF Littlejohn LLP, the Company's
auditor since 2021, issued a "going concern" qualification in its
report dated April 25, 2024, citing that the Company's short-term
bank loans of $8.5 million which are repayable within one year and
the uncertainty about the availability of future financing raise
substantial doubt about the Company's ability to continue as a
going concern.

XINYUAN REAL: Annual General Meeting Thursday
---------------------------------------------
Xinyuan Real Estate Co., Ltd. disclosed in a Form 6-K Report filed
with the U.S. Securities and Exchange Commission that the Company
will hold its annual general meeting of shareholders December 19,
2024, at Xinyuan (China) Real Estate, Ltd., 27/F, China Central
Place, Tower II, 79 Jianguo Road, Chaoyang District, Beijing
100025, the People's Republic of China, at 10:00 a.m. local time
for the following purposes:

     1. To ratify by the passing of an ordinary resolution the
appointment of Assentsure PAC as the Company's independent
registered public accounting firm for the fiscal year ending
December 31, 2024;

     2. To transact any such business that may properly come before
the meeting.

More information about each of the items is available in the proxy
statement. Only holders of common shares registered in the register
of members at the close of business on November 22, 2024, can vote
at this meeting or at any adjournment thereof that may take place.
Each common shareholder has one vote for each common share held as
of the close of business on the Record Date. Holders of record of
the Company's American Depositary Shares at the close of business
on the Record Date who wish to vote the common shares represented
by the ADSs must act through JPMorgan Chase Bank, N.A. as
depositary of the Company's ADSs program. Each ADS represents 20
common shares.

Chairman of the Board, Yong Zhang said, "We cordially invite all
shareholders to attend the annual general meeting in person.
However, a shareholder entitled to attend and vote is entitled to
appoint a proxy to attend and, on a poll, vote instead of such
shareholder. A proxy need not be a shareholder of the Company.
Whether or not you expect to attend the annual general meeting in
person, please mark, date, sign, and return the enclosed proxy card
as promptly as possible to ensure your representation and the
presence of a quorum at the annual general meeting. If you send in
your proxy card and then decide to attend the annual general
meeting to vote your shares in person, you may still do so. Your
proxy is revocable in accordance with the procedures set forth in
the proxy statement. This proxy is to be delivered to the attention
of the Office of the Board of Directors, Xinyuan Real Estate Co.,
Ltd., 27/F, China Central Place, Tower II, 79 Jianguo Road,
Chaoyang District, Beijing 100025, the People's Republic of China,
and arrive no later than 48 hours prior to the meeting."

The notice of the annual general meeting of shareholders, the proxy
statement, and a copy of the Company's 2023 annual report on Form
20-F are also available through our website at http://ir.xyre.com.

                     About Xinyuan Real Estate

Xinyuan Real Estate Co., Ltd. is a Chinese real estate company.
Xinyuan has traditionally engaged principally in residential real
estate development and the provision of property management
services, focusing on Tier II cities in China.

Singapore-based Assentsure PAC, the Company's auditor since 2022,
issued a "going concern" qualification in its report dated May 15,
2024, citing that the Company's ability to generate funds to meet
short term operating cash requirements and loan repayments is
reliant on the Company's ability to sell the real estate properties
it holds, or to obtain alternative financing. The timing of these
sales is uncertain and as a result the Company is currently reliant
on long term investor loans being renewed when they come up for
repayment. These conditions raise substantial doubt about its
ability to continue as a going concern.

As of December 31, 2023, the Company had $5,333,393,231 in total
assets, $5,225,980,849 in total liabilities, and $107,412,382 in
total equity.



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

AJAY FOOD: Ind-Ra Affirms BB+ Bank Loan Rating, Outlook Positive
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has taken the following rating
actions on Ajay food Products (Katni) Private Limited's (AFPKPL)
bank facilities:

-- INR285 mil. Fund-based working capital limits Outlook revised
     to Positive from Stable; Rating affirmed with IND BB+/
     Positive/IND A4+ rating;

-- INR30 mil. Fund-based working capital limits assigned with IND

     BB+/Positive/IND A4+ rating; and

-- INR235 mil. (reduced from INR265 mil.) Term loans due on March

     31, 2034 Outlook revised to Positive from Stable; Rating
     affirmed with IND BB+/Positive rating.

Analytical Approach

The agency continues to take a fully consolidated view of AFPKPL
with its proprietor firms M/s TLC Incorporation (a woven sack
project) and M/s TLC Inc The Arindum (Hotel) while arriving at the
ratings, due to the moderate-to-strong legal, operational and
strategic linkages among them.

Detailed Rationale of the Rating Action

The Positive Outlook reflects AFPKPL's improved EBITDA margins in
FY24, and a likely improvement in its liquidity profile due to a
decrease in the long-term debt and no major debt-led capex planned
over the medium term. The affirmation reflects AFPKPL's continued
medium scale of operations, modest EBITDA margins and moderate
credit metrics in FY24. Ind-Ra expects the scale of operations to
remain at a similar level in FY25. However, the ratings are
supported by the promoter's nearly four decades of experience in
the food industry.

Detailed Description of Key Rating Drivers

Medium Scale of Operations: AFPKPL's revenue grew at a CAGR of 32%
over FY22-FY24 to INR5,116.55 million in FY24 (FY23: INR5,044.88
million). The improvement in the revenue was on account of higher
capacity utilization, led by a higher demand for food products such
as pulses, gram flour and flour. During FY24, the food segment
contributed 93% to the total revenue (FY23: 92%), followed by the
woven sack segment at 5% (6%) and the hotel division at 2% (2%).
For 1HFY25, AFPKPLL achieved a revenue of INR2,596 million (food
segment: INR2,414.8 million; woven sack unit: INR132.5 million and
hotel segment: INR48.7 million) with an EBITDA of INR78.3 million
(FY24: INR153.96 million, FY23: INR148.09 million). The management
is expecting to earn a revenue of INR5,500 million in FY25. Ind-Ra
too expects the revenue to improve in FY25, on account of a
persistent demand in the food segment and a likely further
improvement in the revenue of the hotel segment.

Modest EBITDA Margin: AFPKPL's modest EBITDA margin improved
marginally to 3.01% in FY24 (FY23: 2.94%) with a return on capital
employed of 8.8% (8.4%). The EBITDA margins improved marginally on
account of a better absorption of fixed cost. The food segment
remains the highest contributor to the EBITDA, contributing around
68% to the total operating profit followed by hotel segment
contributing around 22% and the woven sack unit around 10%. During
FY24, the EBITDA margins for the woven sack unit improved to 5.9%
(FY23: 3.5%) on account of a decline in the cost of raw materials.
The hotel segment continued to report 30.5% of EBITDA margin and
the food processing segment reported 2.2% in FY24.  Ind-Ra expects
the EBITDA margin to improve marginally in FY25, due to an
improvement in the realization from AFPKPL's hotel segment.

Improved Credit Metrics: AFPKPL's moderate credit metrics improved
during FY24, with an interest coverage ratio (operating
EBITDA/gross interest expenses) of 2.7x in FY24 (FY23: 2.65x) and a
net leverage ratio (adjusted net debt/operating EBITDAR) of 3.38x
(4.12x). This improvement was due to an increase in the absolute
EBITDA to INR153.96 million in FY24 (FY23: INR148.09 million) and a
reduction in the total debt to INR530.16 million (INR616.99
million). Ind-Ra expects the credit metrics to improve further in
FY25, due to the scheduled debt repayments and the absence of any
debt-led capex.  

Long Operational Track Record; Experienced Management: AFPKPL has a
long operational track record of nearly four decades in the food
industry. The company's promoters also have more than three decades
of experience in the food and hotel industry, which has facilitated
the company to establish strong relationships with customers as
well as suppliers.

Liquidity

Stretched: The company has a repayment obligation of INR93.4
million and INR63.6 million in FY25 and FY26, respectively. The
average maximum utilization of fund-based working capital limits
stood at 82% for the 12 months ended September 2024. The agency
expects the utilization to have remained at similar levels in
October and November 2024. Furthermore, AFPKPL does not have any
capital market exposure and relies on banks and financial
institutions to meet its funding requirements. The cash flow from
operations improved to INR102.26 million in FY24 (FY23: INR51.79
million) due to working capital changes. Furthermore, the free cash
flow turned positive at INR71.65 million in FY24 (FY23: negative
INR1.29 million). The net working capital cycle improved to 23 days
in FY24 (FY23: 28 days) on account of a decline in the inventory
days to 21 (FY23: 24) and debtor days to 12 (14). The cash and cash
equivalents stood at INR9.22 million at FYE24 (FYE23: INR6.12
million).

Rating Sensitivities

Negative: Substantial deterioration in the liquidity or scale of
operations, leading to a weakening of the overall credit metrics
with net leverage rising above 3.5x, all on a sustained basis,
could lead to the revision of Outlook back to Stable.

Positive: An improvement in the liquidity and the scale of
operations, leading to an improvement in the overall credit metrics
with the net leverage remaining below 3.5x, all on a sustained
basis, could lead to a positive rating action.

About the Company

AFPKPL was founded in 1990 as a sole proprietorship and was
converted into a private limited company in 2000. It has a pulses
mill, besan mill, flour mill with a capacity of 40,000MTPA,
25,500MTPA and 40,500MTPA, respectively. It is also the proprietor
of M/s TLC Incorporation which manufactures woven sack business
with a capacity of 1,680MTPA and has a hotel named The Arindum in
Katni having an occupancy of 114 rooms.

ANAND CRANKS: ICRA Keeps B+/A4 Debt Ratings in Not Cooperating
--------------------------------------------------------------
ICRA has kept the long-term and Short-term ratings of Anand Cranks
((ANC)) in the 'Issuer Not Cooperating' category. The rating is
denoted as [ICRA]D/[ICRA]D ; ISSUER NOT COOPERATING.

                    Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long Term/          2.00        [ICRA]B+(Stable)/[ICRA]A4;
   Short Term-                     ISSUER NOT COOPERATING;
   Unallocated                     Rating Continues to remain
                                   under issuer not cooperating
                                   category

   Long Term-          1.00        [ICRA]B+ (Stable) ISSUER NOT
   Fund Based-                     COOPERATING; Rating continues
   Term Loan                       to remain under 'Issuer Not
                                   Cooperating' category

   Long Term-          7.00        [ICRA]B+ (Stable) ISSUER NOT
   Fund Based-                     COOPERATING; Rating continues
   Cash Credit                     to remain under 'Issuer Not
                                   Cooperating' category

As part of its process and in accordance with its rating agreement
with ANC, ICRA has been trying to seek information from the entity
so as to monitor its performance. Further, ICRA has been sending
repeated reminders to the entity for payment of surveillance fee
that became due. Despite multiple requests by ICRA, the entity's
management has remained non-cooperative. In the absence of
requisite Information and in line with the aforesaid policy of
ICRA, the rating has been continued to the "Issuer Not Cooperating"
category. The rating is based on the best available information.
Started off in 2012 as a partnership firm, Anand Cranks (ANC) is
engaged in the manufacturing of forged parts such as linkage parts,
transmission gears, tie rods, propeller shafts, stub axles and half
axles. The firm is a group concern of Inderjit Forgings (P) Ltd.
which is engaged in a similar business. ANC manufactures forged
parts such as linkage parts, transmission gears, tie rods,
propeller shafts, stub axles and half axles.


ANANDA EXPORTS: Ind-Ra Keeps D Loan Rating in NonCooperating
------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained Ananda Exports'
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:

-- INR70 mil. Fund Based Working Capital Limit 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

Detailed Rationale of the Rating Action

The ratings are maintained in 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 adequate information and has not been able
to conduct management interaction with Ananda Exports while
reviewing the rating. Ind-Ra had consistently followed up with
Ananda Exports over emails, apart from phone calls.

Limitations regarding Information Availability

Ind-Ra has reviewed the credit ratings of Ananda Exports 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 Ananda Exports' 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 2010, Ananda Exports processes hair bundles at its
facility in Faridabad and exports them to wig and hair extension
manufacturers in Europe, China, Tunisia, Hong Kong and others.

ANIL KUMAR: Ind-Ra Cuts Loan Rating to B
----------------------------------------
India Ratings and Research (Ind-Ra) has downgraded Anil Kumar &
Company 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:

-- INR50 mil. Fund Based Working Capital Limit downgraded with
     IND B/Negative (ISSUER NOT COOPERATING) rating; and

-- INR409.8 mil. Non-Fund Based Working Capital Limit downgraded
     with 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 Anil Kumar & Company while
reviewing the rating. Ind-Ra had consistently followed up with Anil
Kumar & Company over emails, apart from phone calls.

Limitations regarding Information Availability

Ind-Ra has reviewed the credit ratings of Anil Kumar & Company 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 Anil Kumar & Company'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 1986 as a partnership concern, Uttar Pradesh-based
Anil Kumar & Company primarily undertakes electrical and civil
contracts for state government entities in Uttar Pradesh.

APEX STEEL: Ind-Ra Cuts Loan Rating to B
----------------------------------------
India Ratings and Research (Ind-Ra) has downgraded Apex Steel &
Alloys 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:

-- INR50 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 Apex Steel & Alloys while
reviewing the rating. Ind-Ra had consistently followed up with Apex
Steel & Alloys over emails, apart from phone calls.

Limitations regarding Information Availability

Ind-Ra has reviewed the credit ratings of Apex Steel & Alloys 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 Apex Steel & Alloys' 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 January 2012, Apex Steel & Alloys is a partnership
firm engaged in the trading of stainless-steel plates, which are
imported from the US and South Africa.

ATHITHEYA KSHEMA: Ind-Ra Keeps D Loan Rating in NonCooperating
--------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained Athitheya Kshema
Hotels 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 D (ISSUER
NOT COOPERATING)' on the agency's website.

The detailed rating actions are:

-- INR5 mil. Fund Based Working Capital Limit maintained in non-
     cooperating category with IND D (ISSUER NOT COOPERATING)
     rating;

-- INR31.70 mil. Non-Fund Based Working Capital Limit maintained
     in non-cooperating category with IND D (ISSUER NOT
     COOPERATING) rating; and

-- INR103.99 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

Detailed Rationale of the Rating Action

The ratings are maintained in 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 adequate information and has not been able
to conduct management interaction with Athitheya Kshema Hotels
Private Limited while reviewing the rating. Ind-Ra had consistently
followed up with Athitheya Kshema Hotels Private Limited over
emails, apart from phone calls.

Limitations regarding Information Availability

Ind-Ra has reviewed the credit ratings of Athitheya Kshema Hotels
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 Athitheya Kshema Hotels
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

Athitheya Kshema Hotels was established by Mr. Ravi and Mrs. Sudha
in 1999. The hotel has 60 rooms with two banquet/conference halls,
a board room, a health club and a multi cuisine restaurant.

BEMCO SLEEPERS: Ind-Ra Cuts Bank Loan Rating to B+
--------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded Bemco Sleepers
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:

-- INR70 mil. Fund Based Working Capital Limit downgraded with
     IND B+/Negative (ISSUER NOT COOPERATING) rating;

-- INR50 mil. Non-Fund Based Working Capital Limit downgraded
     with IND A4 (ISSUER NOT COOPERATING) rating; and

-- INR11 mil. Term loan 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 Bemco Sleepers Limited while
reviewing the rating. Ind-Ra had consistently followed up with
Bemco Sleepers Limited over emails, apart from phone calls..

Limitations regarding Information Availability

Ind-Ra has reviewed the credit ratings of Bemco Sleepers 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 Bemco Sleepers 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

Bemco Sleepers manufactures concrete sleepers for Indian railways.
It has two manufacturing units, one each in Nandgaon (Maharashtra)
and Khandwa (Madhya Pradesh).

BHAGABAN MOHAPATRA: Ind-Ra Keeps D Loan Rating in NonCooperating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained Bhagaban
Mohapatra Constructions and Engineers 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 D (ISSUER NOT COOPERATING)' on the
agency's website.

The detailed rating actions are:

-- INR49 mil. Fund Based Working Capital Limit maintained in non-
     cooperating category with IND D (ISSUER NOT COOPERATING)
     rating;

-- INR250 mil. Non-Fund Based Working Capital Limit maintained in

     non-cooperating category with IND D (ISSUER NOT COOPERATING)
     rating; and

-- INR1.10 mil. Term loan due on September 30, 2020 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 Bhagaban Mohapatra
Constructions and Engineers Private Limited while reviewing the
rating. Ind-Ra had consistently followed up with Bhagaban Mohapatra
Constructions and Engineers Private Limited over emails, apart from
phone calls.

Limitations regarding Information Availability

Ind-Ra has reviewed the credit ratings of Bhagaban Mohapatra
Constructions and Engineers 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 Bhagaban Mohapatra Constructions and Engineers 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

Bhagaban Mohapatra Constructions and Engineers undertakes execution
of civil and mechanical construction projects, with a primary focus
on piling activities. The company is promoted by Bhagaban
Mohapatra.

BISMAN INDUSTRIES: ICRA Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------------
ICRA has kept the Long-Term rating of Bisman Industries Limited
(BIL) in the 'Issuer Not Cooperating' category. The rating is
denoted as "[ICRA]D; ISSUER NOT COOPERATING".

                     Amount
   Facilities     (INR crore)   Ratings
   ----------     -----------   -------
   Long-term-         8.00      [ICRA]D; ISSUER NOT COOPERATING;
   Fund based                   Rating Continues to remain under
   Cash Credit                  'Issuer Not Cooperating'
                                Category

   Long-term          0.20      [ICRA]D; ISSUER NOT COOPERATING;
   Non-fund based               Rating continues to remain under
   Others                       'Issuer Not Cooperating'
                                Category

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

Bisman Industries Limited (BIL) was established in the year 1988 by
Mr. Subhash Kumar Poddar in the name of Limtex Industries Ltd
having its registered office at Kolkata. The company is engaged in
manufacturing of biscuits and trading of tea in the domestic
markets, primarily East India in Asansol, West Bengal.


BRIGHT ENGINEERING: Ind-Ra Cuts Term Loan Rating to B
-----------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded Bright
Engineering Works 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:

-- INR23 mil. Term loan due on July 31, 2024 downgraded with IND
     B/Negative (ISSUER NOT COOPERATING) rating; and

-- INR75 mil. Term loan 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 Bright Engineering Works
while reviewing the rating. Ind-Ra had consistently followed up
with Bright Engineering Works over emails, apart from phone calls.

Limitations regarding Information Availability

Ind-Ra has reviewed the credit ratings of Bright Engineering Works
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 Bright Engineering Works' 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 1975, Bright Engineering Works manufactures
precision machine parts and assemblies for original equipment
manufacturers. The partners of the firm are Sharan Suttatti and
Mallesh Suttatti. The manufacturing unit is located at Hadapsar in
Pune, Maharashtra.

BVL INFRASTRUCTURE: ICRA Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------------
ICRA has kept the long-term rating of BVL Infrastructure Private
Limited in the 'Issuer Not Cooperating' category. The rating is
denoted as [ICRA]D ; ISSUER NOT COOPERATING.

                     Amount
   Facilities     (INR crore)   Ratings
   ----------     -----------   -------
   Long-term-        23.00      [ICRA]D; ISSUER NOT COOPERATING;
   Fund based                   Rating Continues to remain under
   Term Loan                    'Issuer Not Cooperating'
                                Category

   Long Term-         4.00      [ICRA]D; ISSUER NOT COOPERATING;
   Unallocated                  Rating Continues to remain under
                                'Issuer Not Cooperating'
                                Category


   Long-term-        10.00      [ICRA]D; ISSUER NOT COOPERATING;
   Fund based                   Rating Continues to remain under
   Cash Credit                  'Issuer Not Cooperating'
                                Category

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

BVL Infrastructure Private limited was incorporated in the year
2007, however it had been dormant all these years. During FY2016,
the company has started the project for construction of granite
processing unit at Ongole, Andhra Pradesh, spread over an area of
22.07 acres with overall production capacity of 26,00,000 sq
ft./month. BIPL would be processing and exporting granite. The
trail production has started in June 2017 and commercial production
is expected to start in September 2017. The company is planning to
process Black Galaxy, Jet Black, Steel Grey, Black Pearl, Moon
White, River White, Iskon White variats of granite. BVL
Infrastructure Private limited is a part of the BVL Group of
Companies, conglomerate based in Ongole, Andhra Pradesh, India. The
group has major presence in tobacco processing and export,
construction, real estate and in granite quarrying, processing and
exporting.


CHAITANYA ENTERPRISES: ICRA Keeps D Rating in Not Cooperating
-------------------------------------------------------------
ICRA has kept the Long-Term rating of Chaitanya Enterprises (CE) in
the 'Issuer Not Cooperating' category. The rating is denoted as
"[ICRA]D; ISSUER NOT COOPERATING".

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

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

Chaitanya Enterprises (CE), established in the year 2010, is
engaged in ginning and pressing of cotton. It is a partnership firm
promoted by Mr. A. Srinivasa Rao and Smt. A Manimala. The ginning
and pressing factory is located in Guntur district of Andhra
Pradesh. The ginning facility includes 36 Gins, Auto Pressing and
Auto feeder. Each gin has a capacity of producing 70 kgs of lint
per hour. Each baling press has a capacity of 15 bales per hour.


CJ'S HARITHA: Ind-Ra Keeps D Term Loan Rating in NonCooperating
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained CJ's Haritha
Homes' 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:

-- INR198.5 mil. Fund Based Working Capital Limit 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

Detailed Rationale of the Rating Action

The ratings are maintained in 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 adequate information and has not been able
to conduct management interaction with CJ's Haritha Homes while
reviewing the rating. Ind-Ra had consistently followed up with CJ's
Haritha Homes over emails, apart from phone calls.

Limitations regarding Information Availability

Ind-Ra has reviewed the credit ratings of CJ's Haritha Homes 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 CJ's Haritha Homes'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

The firm was set up in 2010. It is engaged in real estate
development involving construction and sale of multi-unit
residential apartments.

CLAVECON PRIVATE: Ind-Ra Cuts Loan Rating to B-
-----------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded Clavecon (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 actions are:

-- INR35 mil. Fund Based Working Capital Limit downgraded with
     IND B-/Negative (ISSUER NOT COOPERATING)/IND A4 (ISSUER NOT
     COOPERATING) rating;

-- INR5 mil. Non-Fund Based Working Capital Limit maintained in
     non-cooperating category with IND A4 (ISSUER NOT COOPERATING)

     rating; and

-- INR37.85 mil. Term loan due on August 31, 2022 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 Clavecon (India) Private
Limited while reviewing the rating. Ind-Ra had consistently
followed up with Clavecon (India) Private Limited over emails,
apart from phone calls.

Limitations regarding Information Availability

Ind-Ra has reviewed the credit ratings of Clavecon (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 Clavecon (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

Incorporated in 2013, Clavecon (India) manufactures autoclaved
aerated concrete and concrete blocks. It has an installed capacity
of 15,000 cubic meters per month.

CMC TEXTILES: Ind-Ra Cuts Loan Rating to BB-
--------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded CMC Textiles
Private Limited rating to IND BB-/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:

-- INR210 mil. Fund Based Working Capital Limit downgraded with
     IND BB-/Negative (ISSUER NOT COOPERATING)/IND A4+ (ISSUER NOT

     COOPERATING) rating;

-- INR18.90 mil. Non-Fund Based Working Capital Limit maintained
     in non-cooperating category with IND A4+ (ISSUER NOT
     COOPERATING) rating; and

-- INR48.43 mil. Term loan due on April 30, 2023 downgraded with
     IND BB-/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 CMC Textiles Private Limited
while reviewing the rating. Ind-Ra had consistently followed up
with CMC Textiles Private Limited over emails, apart from phone
calls.

Limitations regarding Information Availability

Ind-Ra has reviewed the credit ratings of CMC Textiles 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 CMC Textiles 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 2002 by Ajeet Yadav, Pawan Yadav, and Dheerendra
Yadav, CMC Textiles manufactures texturized yarn, wrap-knitted yarn
and jacquard fabrics at its Silvassa unit, which has a capacity of
12,500 million tons per year.

CORROGANON INDIA: Ind-Ra Cuts Loan Rating to B-
-----------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded CORROGANON 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 actions are:

-- INR26 mil. Fund Based Working Capital Limit downgraded with
     IND B-/Negative (ISSUER NOT COOPERATING)/IND A4 (ISSUER NOT
     COOPERATING) rating; and

-- INR104 mil. Non-Fund Based Working Capital Limit maintained in

     non-cooperating category with 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 CORROGANON INDIA PRIVATE
LIMITED while reviewing the rating. Ind-Ra had consistently
followed up with CORROGANON INDIA PRIVATE LIMITED over emails,
apart from phone calls.

Limitations regarding Information Availability

Ind-Ra has reviewed the credit ratings of CORROGANON 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 CORROGANON 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

Incorporated in 1985, CIPL is a Kolkata-based civil construction
company and executes projects such as construction of buildings,
hostels, government quarters   and design, manufacture, erection
and commissioning of reverse osmosis plants. The company is
executing two projects in Odisha.

D. NITIN: Ind-Ra Affirms BB+ Bank Loan Rating
---------------------------------------------
India Ratings and Research (Ind-Ra) has taken the following rating
actions on D. Nitin & Co Private Limited's (DNCPL ) bank facilities
as follows:

-- INR445 mil. Fund-based working capital limit* affirmed and
     withdrawn.

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

Detailed Rationale of the Rating Action

The affirmation reflects a decline in DNCPL's revenue and continued
modest EBITDA margin and credit metrics in FY24.

Ind-Ra is no longer required to maintain the rating, as the agency
has received no dues certificates for INR115 million of bank limits
and no objection certificate for INR330 million of bank limits from
the lenders, and a withdrawal request from the issuer. This is
consistent with Ind-Ra's Policy on Withdrawal of Ratings.

Detailed Description of Key Rating Drivers

Decline in Revenue in FY24: The revenue fell to INR2,032.24 million
in FY24 (FY23: INR2,641.53 million), due to the industry-wide
decline in revenue. The company's scale of operations remained
medium.

Modest EBITDA Margin: The EBITDA margin was 3.10% in FY24 (FY23:
2.68%) with a return on capital employed  of 2.7% (3.1%). Despite
the decline in revenue, the margin improved due to a decline in
cost of materials consumed.

Sustained Modest Credit Metrics: The interest coverage (operating
EBITDA/gross interest expense) deteriorated to 2.44x in FY24 (FY23:
12.28x) due to an increase in the interest expenses to INR21.66
million (INR10.93 million). However, the net leverage (adjusted net
debt/operating EBITDA) improved to 3.25x in FY24 (FY23: 3.34x), due
to scheduled debt repayments.

Experienced Promoters: The company's promoters have nearly three
decades of experience in the cut and polished diamond industry,
which has helped the firm establish strong relationships with
customers as well as suppliers.

Liquidity

Stretched: The average maximum utilization of the fund-based limits
was 24.93% during the 12 months ended August 2024, with no
instances of overutilization. The cash flow from operation turned
positive to INR21.93 million in FY24 (FY23: negative INR51.88
million) due to favorable changes in working capital. Consequently,
the free cash flow also turned positive to INR2.74 million (FY23:
negative INR62.26 million) despite the company incurring higher
capex of INR19.19 million (INR10.38 million). The net working
capital cycle elongated to 304 days in FY24 (FY23: 188 days) due to
an increase in the inventory holding period to 329 days (230 days)
and receivable period to 90 days (72 days). The cash and cash
equivalents stood at INR7.50 million at FYE24 (FYE23: INR21.35
million). Further, DNCPL does not have any capital market exposure
and relies on banks and financial institutions to meet its funding
requirements.

About the Company

Incorporated in 1991, DNCPL imports rough diamonds and processes
them into cut and polished diamonds. The company sources rough
diamonds from the secondary markets of the UAE and Belgium, and
sells polished diamonds across the world, including the domestic
market. DNCPL has a manufacturing unit at Surat (Gujarat) and a
marketing office in Mumbai.

D.N. HOMES: Ind-Ra Cuts Term Loan Rating to BB-
-----------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded D.N. Homes
Private Limited rating to IND BB-/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:

-- INR75.6 mil. Term loan due on September 30, 2019 downgraded
     with IND BB-/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 D.N. Homes Private Limited
while reviewing the rating. Ind-Ra had consistently followed up
with D.N. Homes Private Limited over emails, apart from phone
calls.

Limitations regarding Information Availability

Ind-Ra has reviewed the credit ratings of D.N. Homes 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 D.N. Homes 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 December 2003, D.N. Homes operates a real estate
business in Odisha. It was founded by Jagadish Prasad Naik.

DEVDEEP COTTON: ICRA Keeps B+ Debt Rating in Not Cooperating
------------------------------------------------------------
ICRA has kept the Long-Term rating of Devdeep Cotton Industries
(DCI) in the 'Issuer Not Cooperating' category. The rating is
denoted as "[ICRA]B+(Stable); ISSUER NOT COOPERATING".

                      Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Fund based-        14.00        [ICRA]B+ (Stable) ISSUER NOT
   Cash Credit                     COOPERATING; Rating continues
                                   to remain under 'Issuer Not
                                   Cooperating' category

As part of its process and in accordance with its rating agreement
with DCI, ICRA has been trying to seek information from the entity
so as to monitor its performance. Further, ICRA has been sending
repeated reminders to the entity for payment of surveillance fee
that became due. Despite multiple requests by ICRA, the entity's
management has remained non-cooperative. In the absence of
requisite information and in line with the aforesaid policy of
ICRA, the rating has been continued to the "Issuer Not Cooperating"
category. The rating is based on the best available information.
Devdeep Cotton Industries (DCI) was incorporated in 2005 and is
engaged in cotton ginning and pressing business. The firm has 36
ginning machines and 1 pressing machines. The firm is managed by
Mr. Nilesh Patel, Mr. Hitesh Aghera and Mr. Dharmesh Dadhania. The
firm's manufacturing facility is located in Hadamtala, District-
Rajkot.


GAYATRI AGRO: Ind-Ra Assigns BB- Bank Loan Rating, Outlook Stable
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has rated Gayatri Agro
Industrial Power Private Limited's (GAIPPL) bank facilities as
follows:

-- INR305 mil. Term loan due on October 31, 2030 assigned with
     IND BB-/Stable rating;

-- INR85 mil. Fund-based working capital limit assigned with IND
     BB-/Stable/IND A4+ rating; and

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

Detailed Rationale of the Rating Action

The ratings reflect GAIPPL's lack of operational track record as
the company's agro processing cluster (APC) unit began operations
in early December 2024, while its 16-tonne-per-hour (TPH) parboiled
rice mill and 1 TPH fortified rice kernel (FRK) manufacturing unit
are under construction stage. The ratings also factors in the time
and cost overrun, and funding risks associated with the project.
However, the ratings benefit from the project's locational
advantage as well as promoters' 25 years of experience in the agro
processing business.

Detailed Description of Key Rating Drivers

Lack of Operational Track Record: GAIPPL is developing an APC in
Nalgonda, Telangana including a core processing infrastructure, a
16 TPH parboiled rice mill and 1 TPH FRK unit. The construction of
the core processing unit  began in November 2022 and the unit was
to be commissioned in April 2024. However, the project execution
got delayed by about six months mainly due to pending government
approvals. As of October 2024, 100% of the construction work has
been completed for the core processing unit and 45% for the
parboiled and FRK units. As per management, the remaining two units
will commence operations from June 2025. Ind-Ra expects the scale
of operations to be small over the medium term owing to the initial
risk associated with occupancy.

Time and Cost Overrun; Funding Risks: The total estimated project
cost  for the parboiling rice mill division of INR279.1 million, is
likely to be funded by equity of INR104.1 million, subsidy grant of
INR50 million and a term loan of INR125 million. Meanwhile, the
total estimated cost of the FRK unit of INR214.2 million will  be
funded by equity of INR59.2 million, an unsecured loan from
directors of INR15 million, subsidy grant of INR50 million and a
term loan of INR90 million. As of October 2024, GAIPPL incurred
INR18.6 million for the Parboiled unit and INR14.2 million for the
FRK unit.

Locational Advantage: The proposed manufacturing unit is situated
in Nalgonda and Suryapet districts, which has ample availability of
paddy. The unit is in proximity to railway station and is well
connected to transportation hubs.

Experienced Promoters: The promoters have more than two decades of
experience in the agro processing industry, leading to established
relationships with customers and suppliers.

Liquidity

Stretched: GAIPPL does not have any capital market exposure and
relies on banks and financial institutions to meet its funding
requirements. The company has received a term loan sanction of
INR305 million, the repayments for which will commence from 4QFY26.
However, in the event of a delay in completion of the remaining
capex, the expenses will be funded by the promoters.

Rating Sensitivities

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

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

About the Company

GAIPPL is developing three different projects comprising of an APC
unit, a 16 TPH parboiled rice mill and 1 TPH FRK manufacturing unit
in Nalgonda district, Telangana. The APC unit commence operations
in early December 2024 while the parboiled rice mill and FRK units
are likely to commence operations in June 2025.

GINNI HOLDINGS: ICRA Keeps D Debt Ratings in Not Cooperating
------------------------------------------------------------
ICRA has kept the Long-Term and Short-Term ratings of Ginni
Holdings in the 'Issuer Not Cooperating' category. The ratings are
denoted as "[ICRA]D; ISSUER NOT COOPERATING/[ICRA]D; ISSUER NOT
COOPERATING".

                     Amount
   Facilities     (INR crore)   Ratings
   ----------     -----------   -------
   Long-term-        22.00      [ICRA]D; ISSUER NOT COOPERATING;
   Fund based                   Rating Continues to remain under
   Cash Credit                  'Issuer Not Cooperating'
                                Category

   Long-term/         2.00      [ICRA]D/[ICRA]D; ISSUER NOT
   Short Term                   COOPERATING; Rating Continues to
   Unallocated                  remain under 'Issuer Not
                                Cooperating' Category

   Short-term         1.00      [ICRA]D; ISSUER NOT COOPERATING;
   Non-fund based               Rating continues to remain under
   Others                       'Issuer Not Cooperating'
                                Category

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

Ginni Holdings is a manufacturer, wholesaler and trader of gold,
diamonds and silver ornaments/jewellery. Ginni Holdings is a
partnership firm established in the year 2006 and promoted by Mr.
Pradeep Kumar Goel and his family. Ginni Holdings's customers
primarily consist of wholesalers and retailers based in New Delhi
area.


GOLD STAR: ICRA Keeps D Debt Ratings in Not Cooperating Category
----------------------------------------------------------------
ICRA has kept the Long-Term and Short-Term ratings of Gold Star
Steels (P) Ltd. (GSSPL) in the 'Issuer Not Cooperating' category.
The ratings are denoted as "[ICRA]D; ISSUER NOT COOPERATING/
[ICRA]D; ISSUER NOT COOPERATING".

                     Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Long Term-         5.50       [ICRA]D; ISSUER NOT COOPERATING;
   Fund Based-                   Rating Continues to remain under

   Cash Credit                   'Issuer Not Cooperating'
                                 Category

   Short-term-         3.00      [ICRA]D; ISSUER NOT COOPERATING;
   Non Fund Based                Rating continues to remain under
   Others                        the 'Issuer Not Cooperating'
                                 category

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

GSSPL was incorporated in 1992 by the Raipur-based Agarwal family.
However, the company has been taken over by the Vaswani family in
the recent past. GSSPL has facilities for manufacturing high
tension steel (HTS) wire, inserts and insulated caps.

J.R. FOODS: ICRA Keeps D Debt Rating in Not Cooperating Category
----------------------------------------------------------------
ICRA has kept the Long-Term and Short-Term ratings of J.R. Foods
Limited (JRFL) in the 'Issuer Not Cooperating' category. The
ratings are denoted as "[ICRA]D; ISSUER NOT COOPERATING/[ICRA]D;
ISSUER NOT COOPERATING".

                     Amount
   Facilities     (INR crore)   Ratings
   ----------     -----------   -------
   Long-term-         9.40      [ICRA]D; ISSUER NOT COOPERATING;
   Fund based                   Rating Continues to remain under
   Cash Credit                  'Issuer Not Cooperating'
                                Category

   Long Term-         2.30      [ICRA]D; ISSUER NOT COOPERATING;
   Fund Based-                  Rating Continues to remain under  
   Term Loan                    'Issuer Not Cooperating'
                                Category

   Short-term        35.75      [ICRA]D; ISSUER NOT COOPERATING;
   Non-fund based               Rating continues to remain under
   Others                       'Issuer Not Cooperating'
                                Category

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

Incorporated in 1993, J R Foods Limited (JRFL) promoted by Mr. J.K.
Kothari refines edible oil from crude palm oil (CPO), rice bran and
other edible vegetable oil. Apart from refinery, the company has
solvent extraction plants, however, they are under-utilized. The
company's manufacturing facility is located on
Villupuram-Pondicherry national highway in Tamil Nadu. The refinery
capacity is 300MTPD and solvent extraction capacity is 400TPD. The
key revenue generating segment of the company is oil refinery which
constituted around 95% of the total operating revenues in FY2018.


JAI JAGDISH: Ind-Ra Cuts Loan Rating to BB+, Outlook Stable
-----------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded Jai Jagdish Ship
Breakers Pvt. Ltd.'s (JJSBPL) bank facilities to 'IND BB+' from
'IND BBB-'. The Outlook is Stable.

The detailed rating actions are:

-- INR15.20 mil. Derivative limits downgraded with IND A4+
     rating; and

-- INR850 mil. Non-fund-based working capital limit downgraded
     with IND BB+/Stable/IND A4+ rating.

Analytical Approach

Ind-Ra has taken a full consolidated view of JJSB and its group
company Sachdeva Steel products (Ship Breakers) LLP (SSP; debt
rated at 'IND BB+'/Stable), jointly referred to as the Sachdeva
group, in view of the strong strategic and operational ties between
the companies and the common management.

Detailed Rationale of the Rating Action

The downgrading reflects on the group's inability to purchase ships
since FY22, even though other ship breaking companies have been
able to purchase ships, and consequently a decline in its revenue.
Furthermore, the group has started new business vertical for
trading of imported goods, which is considered as diversification
from core business activity of Ship dismantling. Also, unsecured
loans provided to the peers impose a risk of fund blockage.

Detailed Description of Key Rating Drivers

Exposed to Market and Scrap Prices Risk:  The group's operations
and profitability are highly exposed to the risk of forex
fluctuations and price fluctuations of steel, commodities, or
scrap. There is risk in revenue visibility if the prices are
decreased.

Industry Risk: The ship breaking industry is not performing well
worldwide since the past two-to-three years, which leads to the
risk of lack of supply of ships for dismantling. The revenue
visibility is majorly dependent on the availability of ships for
dismantling or recycling. However, Ind-Ra believes availability of
the vessels to be recycled in the next decade will be more than the
current availability in the international market.

Deviation from Core Business Activities: In FY25, the Sachdeva
group started a new business vertical for trading ferrous and
non-ferrous items, aluminum transmission gas, transformers, among
others which can deviate its focus and funds from the core business
of ship dismantling, according to Ind-Ra. Moreover, the new
business vertical can lead to a blockage of funds. However, the
customer base for this new vertical will be the same as that for
the dismantled parts of the ships.

EBITDA Margins Likely to Remain Range Bound: The consolidated
revenue and EBITDA decreased to INR63.70 million in FY24 (FY23:
INR647.28 million) and negative INR5.27 million (INR65.92 million),
respectively, on account of the non-procurement of ships in FY24
resulting from the overall industry slowdown. The EBITDA margins
were negative 8.27% in FY24 (FY23: 10.18%). However, if the supply
of ships for dismantling increases as expected by the management,
the group's revenue and EBITDA margin are likely to get back to
pre-FY23 levels of around INR1,000 million and 10%, respectively,
over the medium term. Furthermore, the group advances loans to
peers and earns interest. In FY24, the income from interest was
INR51.21 million (FY23: INR43.99 million) which makes profit margin
positive when considered in EBITDA.

Favorable Location of Ship-Breaking Yard; Promoter Experience: The
Sachdeva group's ship-breaking yard is located in the Alang-Sosiya
belt in Gujarat, which is one of the world's largest ship-breaking
clusters and constitutes almost 90% of India's ship-breaking
activity. The geographical features of the area include a high
tidal range, wide continental shelf, adequate slope and a mud-free
coast. These conditions are ideal for a wide variety of ships to be
beached easily during high tide. It accommodates nearly 165 plots
spread over a long stretch of around 10km along the seacoast of
Alang-Sosiya. Sachdeva Group has two yards; hence, it has capacity
to dismantle two ships at the same time. Both the shipyards of the
group have been accorded the reputed Class NK certification from
the ship classification society, Nippon Kaiji Kyokai, for the
operations of the ship-breaking yards from the environmental and
worker safety points of view, including secure management of
hazardous waste generated from the ship-breaking activities. The
ratings are also supported by the promoter's experience of over
three decades in the ship breaking industry.

Revenue Risk Well Mitigated: The group mainly uses the letter of
credit (LC) facility for purchasing ships. The proceeds from the
sale of raw materials obtained from the dismantled ship are parked
in fixed deposits. The amount parked in the fixed deposit will be
used to pay for LC during maturity. Hence, the risk of default is
mitigated. The revenue risk is mitigated as LC is used only when
ships are purchased.

Comfortable Capital Structure: The group's debt to equity ratio
increased to 0.44x in FY24 (FY23: 0.12x) owing to an increase in
unsecured loans to INR186.96 million (INR35.78 million).
Nevertheless, the capital structure remains comfortable in Ind-Ra's
opinion. The agency expects the debt to equity to remain
comfortable in the medium term. Capital structure is critical in
this industry as it mitigates fluctuations in scrap prices.

Liquidity

Adequate: The group utilizes its non-fund-based LC limits for
purchasing ships from the cash buyers. The tenor for the same
depends upon the size and tonnage of the ships and ranges between
180 and 360 days. An upfront cash margin of 15% is retained at the
time of opening the LC. The group parks its surplus in fixed
deposits. This ensures a gradual build-up of reserve funds to meet
the sizeable LC payment obligations on maturity. However, in FY24,
no ships were procured and accordingly, there was no LC
utilization. There was no working capital utilization in the
previous 12 months ended October 2024. In FY24, the company has
only vehicle loan. Hence, the debt repayment obligation is
projected as negligible since no rise in the term loan is
projected. The Sachdeva group also lends money to peer companies in
the form of unsecured loans which creates a risk from liquidity
perspective. As per the latest interim financial statements
provided to Ind-Ra, the total loans and advances amounted to INR520
million at end-September 2024, which is around 75% of the balance
sheet size.

Rating Sensitivities

Positive: An improvement in the scale of operations through the
purchase of new ships while maintaining adequate liquidity will be
positive for ratings.

Negative: An inability to purchase new ship or substantial
deterioration in liquidity will be negative for ratings.

About the Company

JJSB was incorporated in April 1998 for the dismantling of ships at
Alang, Gujarat. The company is managed by Ashwin Gujarati. SSP, a
limited liability partnership firm that was established in 1994, is
engaged in ship breaking. Its facility is located at the ship
recycling yard in Alang, Gujarat. The plot area is spread across 65
meters and is on lease from the Gujarat Maritime Board. The firm is
managed by the Dhanani and Gujarati families.

JEPPIAAR POWER: ICRA Keeps D Debt Rating in Not Cooperating
-----------------------------------------------------------
ICRA has kept the Long-Term rating of Jeppiaar Power Corporation
Private Limited (JPCPL) in the 'Issuer Not Cooperating' category.
The rating is denoted as "[ICRA]D; ISSUER NOT COOPERATING".

                     Amount
   Facilities     (INR crore)   Ratings
   ----------     -----------   -------
   Long-term-        92.50      [ICRA]D; ISSUER NOT COOPERATING;
   Fund based                   Rating Continues to remain under
   Term Loan                    'Issuer Not Cooperating'
                                Category

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

Jeppiaar Power Corporation Private Limited was incorporated in
October 2009 by the Jeppiaar Group which manages a diverse set of
businesses in the state of Tamil Nadu. The company is establishing
a coal-based Captive Power Plant (CPP) with a total generating
capacity of 30 MW in Kanchipuram, Tamil Nadu.



KRISHNA SAHAKARI: ICRA Keeps B Debt Ratings in Not Cooperating
--------------------------------------------------------------
ICRA has kept the long-term rating of The Krishna Sahakari Sakkare
Karkhane Niyamit in the 'Issuer Not Cooperating' category. The
rating is denoted as [ICRA]B(Stable); ISSUER NOT COOPERATING.

                      Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long Term-         82.00       [ICRA]B (Stable) ISSUER NOT
   Fund Based-                    COOPERATING; Rating continues
   Term Loan                      to remain under 'Issuer Not
                                  Cooperating' category

   Long Term-        229.00       [ICRA]B (Stable) ISSUER NOT
   Fund Based-                    COOPERATING; Rating continues
   Cash Credit                    to remain under 'Issuer Not
                                  Cooperating' category

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

The Krishna Sahakari Sakkare Karkhane Niyamit (KSSKN), a
co-operative society registered under the Karnataka Cooperative
Societies Act, 1959, operates a sugar mill with a capacity of 5,500
tonne of cane per day (TCD), integrated with a 27-megawatt  (MW)
cogen power plant, in Athani Taluk of Belgaum district in
Karnataka. Registered in March 1981, the entity commenced its
commercial operations during FY2003 with 2,500-TCD crushing
capacity. During FY2012, the entity expanded its processing
capacity to 4,000 TCD and also installed a 12- MW cogen plant. The
cogen capacity was increased to 27 MW in FY2017 and the sugar-mill
capacity was increased to 5,500 TCD in FY2018. The Government of
Karnataka holds a 58.5% stake in the entity as on March 31, 2018.


KRUSHNA INDUSTRIES: ICRA Keeps D Debt Rating in Not Cooperating
---------------------------------------------------------------
ICRA has kept the Long-Term rating of Krushna Industries (KI) in
the 'Issuer Not Cooperating' category. The rating is denoted as
"[ICRA]D; ISSUER NOT COOPERATING".

                     Amount
   Facilities     (INR crore)   Ratings
   ----------     -----------   -------
   Long-term          9.50      [ICRA]D; ISSUER NOT COOPERATING;
   Fund based                   Rating Continues to remain under
   Cash Credit                  'Issuer Not Cooperating'
                                Category

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

Established in 1995 as a partnership firm, Krushna Industries (KI)
is involved in the ginning and pressing of raw cotton to produce
cotton bales and cottonseeds. KI's manufacturing facility at Rajkot
(Gujarat) is equipped with 20 ginning machines and a pressing
machine, with a production capacity of 14,206 cotton bales and
4,400 cottonseeds per annum. The firm is managed by its partners,
Mr. Bhavesh Makwana and Mr. Kala Makwana who have extensive
experience in the cotton industry.


LIMTEX AGRI: ICRA Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------
ICRA has kept the Long-Term and Short-Term ratings of Limtex Agri
Udyog Limited (LAUL) in the 'Issuer Not Cooperating' category.  The
ratings are denoted as "[ICRA]D; ISSUER NOT COOPERATING/[ICRA]D;
ISSUER NOT COOPERATING".

                     Amount
   Facilities     (INR crore)   Ratings
   ----------     -----------   -------
   Long-term-        25.00      [ICRA]D; ISSUER NOT COOPERATING;
   Fund based                   Rating Continues to remain under
   Cash Credit                  'Issuer Not Cooperating'
                                Category

   Long-term          0.50      [ICRA]D; ISSUER NOT COOPERATING;
   Non-fund based               Rating continues to remain under
   Others                       'Issuer Not Cooperating'
                                Category

   Short-term         8.00      [ICRA]D; ISSUER NOT COOPERATING;
   Non-fund based               Rating continues to remain under
   Others                       'Issuer Not Cooperating'
                                Category

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

Limtex Agri Udyog Limited (LAUL) is a part of the Kolkata-based
Limtex group, which has interests in tea, biscuits and information
technology. LAUL concentrates on the production of CTC variety of
tea as well as blending and trading of tea. Apart from production
of CTC tea, the company also carries out purchasing of premium
quality tea to blend with its lower grade of bought leaf production
to enhance the quality of the blended tea.


LOKNETE BABURAO: Ind-Ra Affirms BB+ Bank Loan Rating
----------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Loknete Baburao
Patil Agro Industries Limited's (LBPAIL) bank facilities as
follows:

-- INR1.20 bil. Fund-based working capital limit affirmed with
     IND BB+/Negative/IND A4+ rating.

Detailed Rationale of the Rating Action

The Negative Outlook reflects Ind-Ra's expectations of a further
impact on LBPAIL's profitability in the near term which declined in
FY24 owing to a government ban on sugar exports following increased
cane costs and the company holding back sugar sales despite
receiving higher domestic quotas for FY25. The ratings are
constrained by the company's elongated net working capital cycle in
FY24 due to a rise in the inventory days and higher short-term
debt. LBPAIL's short-term debt is likely to increase in the medium
term if it fails to sustain elongated creditor days amid the
government pressure to pay cane dues.

The ratings are, however, supported by the absence of any repayment
obligations as the company does not have any long-term debt. The
company has integrated nature of operations and a long operational
track record.

Detailed Description of Key Rating Drivers

Medium Scale of Operations; Profitability Impacted by Ban on Sugar
Exports: LBPAIL has a medium scale of operations with its revenue
declining to INR2,143.47 million in FY24 (FY23: INR2,843.75
million) and the EBITDA declining to INR203.41 million (INR335.88
million), as the sales were impacted by the ban on sugar exports
imposed by the government in November 2022 The total sugar sales
declined to 43,683 metric tons (MT) in FY24 (FY23: 67,071.1 MT),
due to the government ban on sugar exports in November 2022. As a
result, its revenue from the sugar segment declined to INR1,528.55
million in FY24 (FY23: INR2,214.21 million) despite a rise in
domestic consumption. LBPAIL's gross interest coverage (operating
EBITDA/gross interest expense), fell significantly to 2.38x in FY24
(FY23: 5.12x), due to xx. Ind-Ra expects the company's revenue to
increase marginally in FY25 as the domestic sales are likely to
improve further due to higher quota allocation in 9MFY25 to 64,706
MT (9MFY24: 43,008 MT) amid increased inventory in the previous
season. The average realization of sugar improved to INR34,992 per
MT in FY24 (FY23: INR33,013 per MT) as the prices have started
rising since April 2023. However, LBPAIL's EBITDA margin declined
to 9.44% in FY24 (FY23: 10.67%) as the expansion in the gross
margin was offset by the lower absorption of operating overheads
due to the fall in overall sales.

Rise in Cane Costs likely to Impact Profitability in Near Term: For
sugar season 2024-25 (SS; November--March), 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 cane
procurement costs for the upcoming sugar season. IN order to avoid
competition for cane procurement, LBPAIL pays higher cane costs
than the FRP. At the current sugar realization of around INR36,500
per MT (ex-mill), the rise in cane costs 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 Working Capital Cycle Managed by Stretching Creditor Days:
LBPAIL's inventory days remained elongated to 501 days in FY24
(FY23: 229 days) due to the export ban leading to the sugar
inventory rising to 56,284.7 MT at FYE24 (FYE23: 38,187.7 MT). The
impact on the net cash conversion cycle was mitigated, to some
extent, by the creditor days stretching to 247 days in FY24 (FY23:
132 days). However, the net working capital cycle still remained
elongated to 277 days in FY24 (FY23: 109 days). The short-term debt
levels consequently rose to INR1,078.4 million in FY24 (FY23:
INR491.66 million), exceeding the net working capital requirement.
The current ratio remained weak at 0.87x in FY24 (FY23: 0.86x). The
net leverage (Ind-Ra adjusted net debt/operating EBITDAR) also rose
significantly to 5.17x in FY24 (FY23: 1.53x) owing to the increased
debt levels and the decline in scale of operations. With the
management holding the inventory due to lower output prices to
absorb its high cane costs, the inventory levels are likely to
remain high in FY25 and over the medium term despite the company
being allowed for higher quota to sell in FY25. Ind-Ra expects the
net leverage to remain high and increase further in the medium term
if the entity is unable to sustain its long creditors days to
partly offset its elongated inventory cycle.

No Long-term Debt or Significant Repayment Obligations: Although
the entity is highly leveraged in FY24, all of its debt is in the
form of working capital loans, fully backed pledging its sugar
inventory with the lenders. The company does not have long-term
debt since FY20 and the management does not have any capex plans in
the near- to medium term and does not plan to avail any long-term
loans. Therefore, the company does not have any repayment
obligations in the medium term.

Synergies from Integrated Nature of Operations: LBPAIL benefits
from the synergies of the integrated nature of its operations.
Although the company does not sell ethanol, the C-heavy molasses
produced during sugar production is used for the production of
extra neutral alcohol. 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. This enables the
entity to maximize its profitability in the cogeneration and
distillery segments. Ind-Ra expects the sales from the distillery
and cogeneration segment to partly absorb the expected losses in
the sugar segment in the near- to medium term.

Liquidity

Stretched: LBPAIL has unencumbered cash and cash equivalents of
INR26.62 million at FYE24 (FYE23: INR26.1 million). The average
monthly maximum utilization of its fund-based working capital
limits for the 12 months ended September 2024 was 49.94%. For the
ongoing SS, the management enhanced its existing working capital
facilities to INR1,800 million from INR1,200 million to meet the
rising working capital requirement from the increase inventory
levels. The cash flow from operations remained negative at
INR373.33 million in FY24 (FY23: negative INR42.18 million) due to
the rise in Inventory levels to INR2,057.87 million (INR1,262.49
million). The company does not have any repayment obligations in
the medium term.

Rating Sensitivities

Negative: A higher-than-expected deterioration in the scale of
operations and the profitability, significant deterioration in the
liquidity position, or a higher-than-expected deterioration in the
credit metrics, all on a sustained basis, will be negative for the
ratings.

Positive: Any improvement in the scale of operations, an
improvement in liquidity, and a lower-than-expected deterioration
in the credit metrics with the interest coverage remaining above
2x, all on a sustained basis, will lead to the Outlook being
revised to Stable.

About the Company

LBPAIL has been in operation since 1999 when it was established as
a co-operative society by Rajan Baburao Patil before being
converted into an unlisted public company in 2012. The company has
a sugar plant at Mohol in Solapur, Maharashtra, with an installed
capacity of 5,500 tons of cane per day. The entity also has a 17.4
MW cogeneration plant and a 30 kilo-liters per day distillery.


MAHARAJA INDUSTRIES: ICRA Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------------
ICRA has kept the Long-Term and Short-Term ratings of Sri Maharaja
Industries (SMI) in the 'Issuer Not Cooperating' category. The
ratings are denoted as "[ICRA]D; ISSUER NOT COOPERATING/[ICRA]D;
ISSUER NOT COOPERATING".

                     Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Long-term-         5.00       [ICRA]D; ISSUER NOT COOPERATING;
   Fund Based                    Rating continues to remain under
                                 the 'Issuer Not Cooperating'
                                 category

   Short-term-       33.75       [ICRA]D; ISSUER NOT COOPERATING;
   Non Fund Based                Rating continues to remain under
                                 the 'Issuer Not Cooperating'
                                 category

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

Established in 1996 by Mr. K. Paramasivam, Sri Maharaja Industries
(SMI) is engaged in trading of refined, bleached and deodorized
(RBD) Palm oil. Based out of Erode (Tamil Nadu), the entity sells
refined palm oil to wholesalers across Southern states such as
Tamil Nadu, Andhra Pradesh and Kerala. Besides this, the entity
also operates a theatre and theme park (facilities leased from
Maharaja Theme Parks Private Limited, associate entity) in Erode.
The entity has discontinued its business operation since September
2016.


MAHARAJA OIL: ICRA Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------
ICRA has kept the Long-Term and Short-Term ratings of Sri Maharaja
Oil Imports and Exports India Private Limited (SMOIEPL) in the
'Issuer Not Cooperating' category. The ratings are denoted as
"[ICRA]D; ISSUER NOT COOPERATING/[ICRA]D; ISSUER NOT
COOPERATING".

                     Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Long-term-         14.00      [ICRA]D; ISSUER NOT COOPERATING;
   Fund Based                    Rating continues to remain under
                                 the 'Issuer Not Cooperating'
                                 category

   Short-term-        55.00      [ICRA]D; ISSUER NOT COOPERATING;
   Fund Based                    Rating continues to remain under
                                 the 'Issuer Not Cooperating'
                                 category

   Long-term/          1.00      [ICRA]D/[ICRA]D; ISSUER NOT
   Short term                    COOPERATING; Rating Continues to
   Unallocated                   remain under 'Issuer Not
                                 Cooperating' category

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

SMOIEPL is engaged in trading of RBD palm olein and caters
predominantly to the South Indian market. SMOIEPL incorporated in
1991 as 'Sri Maharaja Dyeing and Processing Private Limited', (a
dyeing company) was changed to 'Sri Maharaja Oil Imports and
Exports India Private Limited' in 2011-12, in-line with change in
business activity (trading). Based out of Erode (Tamil Nadu), the
company is managed by Mr. K. Paramasivam and his son Mr. P.
Sathyamoorthy. SMOIEPL is a part of the Maharaja group, a
diversified business group based in Erode (Tamil Nadu) with
presence in 2 sectors including edible oil trading/refining,
textiles, educational institutions, hospitality and entertainment.
The entity has discontinued its business operation since September
2016.

MAHARAJA REFINERIES: ICRA Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------------
ICRA has kept the Long-Term and Short-Term ratings of Sri Maharaja
Refineries in the 'Issuer Not Cooperating' category. The ratings
are denoted as "[ICRA]D; ISSUER NOT COOPERATING/[ICRA]D; ISSUER NOT
COOPERATING".

                     Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Long-term-         10.00      [ICRA]D; ISSUER NOT COOPERATING;
   Fund Based                    Rating continues to remain under
                                 the 'Issuer Not Cooperating'
                                 category

   Short-term-        39.38      [ICRA]D; ISSUER NOT COOPERATING;
   Fund Based                    Rating continues to remain under
                                 the 'Issuer Not Cooperating'
                                 category

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

Established in 1996 by Mr. K. Paramasivam, Sri Maharaja Refineries
is engaged in trading of refined, bleached and deodorized (RBD)
Palm oil. Based out of Erode (Tamil Nadu), the entity sells refined
palm oil to wholesalers across Southern states such as Tamil Nadu,
Andhra Pradesh and Kerala. The entity has discontinued its business
operation since September 2016.


PARAMASIVAM PALANISAMY: ICRA Keeps D Rating in Not Cooperating
--------------------------------------------------------------
ICRA has kept the Long-Term rating of Paramasivam Palanisamy
Charitable Trust (PPCT) in the 'Issuer Not Cooperating' category.
The rating is denoted as "[ICRA]D; ISSUER NOT COOPERATING".

                     Amount
   Facilities     (INR crore)   Ratings
   ----------     -----------   -------
   Long-term-        23.80      [ICRA]D; ISSUER NOT COOPERATING;
   Fund based                   Rating Continues to remain under
   Cash Credit                  'Issuer Not Cooperating'
                                Category

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

Paramasivam Palanisamy Charitable Trust (PPCT) is a registered
trust, established on April 23, 1990. The trust, which initially
commenced operations with Maharaja Arts and Science College,
diversified into engineering sector and currently operates four
engineering institutions, two arts and science college, a teacher
training institute and Bachelor of Education under it. The colleges
are in two campuses - one near Perundurai and another in Avinashi.



PARTH COTTON: ICRA Keeps C+ Debt Ratings in Not Cooperating
-----------------------------------------------------------
ICRA has kept the Long-Term ratings of Parth Cotton & Oil
Industries (PCOI) in the 'Issuer Not Cooperating' category. The
rating is denoted as "[ICRA]C+; ISSUER NOT COOPERATING".

                    Amount
   Facilities    (INR crore)    Ratings
   ----------    -----------    -------
   Long-term-        5.00       [ICRA]C+; ISSUER NOT COOPERATING;
   Fund based                   Rating Continues to remain under
   Cash Credit                  'Issuer Not Cooperating'
                                Category

   Long-term-        1.50       [ICRA]C+; ISSUER NOT COOPERATING;
   Fund based                   Rating Continues to remain under
   Term Loan                    'Issuer Not Cooperating'
                                Category

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

Incorporated in the year 2012, Parth Cotton & Oil Industries (PCOI)
is engaged in the business of cotton ginning and cotton seed
crushing. The firm commenced commercial production from November
2013 from its manufacturing facility located at Morbi in Gujarat.
The unit is equipped with 24 ginning machines, 1 pressing machine
and 5 expellers, having processing capacity of approx. 17280 MTPA
of raw cotton. PCOI is a partnership firm with the promoters having
extensive experience in the cotton industry for more than a
decade.


PRINCE PROPERTIES: ICRA Keeps B+ Debt Rating in Not Cooperating
---------------------------------------------------------------
ICRA has kept the Long-Term ratings of Prince Properties in the
'Issuer Not Cooperating' category. The rating is denoted as
"[ICRA]B+(Stable); ISSUER NOT COOPERATING".

                     Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long Term-         20.00       [ICRA]B+ (Stable) ISSUER NOT
   Fund Based-                    COOPERATING; Rating continues
   Cash Credit                    to remain under 'Issuer Not
                                  Cooperating' category

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

Prince Properties was established in 2009 as a partnership firm to
build a 3-star hotel, with 137 rooms in Jodhpur, Rajasthan. The
firm is promoted by the Rajasthan-based Soni and Purohit Groups.


RBA FERRO: Ind-Ra Hikes Loan Rating to BB+, Outlook Stable
----------------------------------------------------------
India Ratings and Research (Ind-Ra) has upgraded RBA Ferro
Industries Private Limited's (RBA) long-term debt rating to 'IND
BB+' from 'IND BB' with a Stable Outlook while affirming the
short-term debt rating at 'IND A4+' as follows:

-- INR184.00 mil. Term loan due on November 30, 2029 upgraded
     with IND BB+/Stable rating; and

-- INR780.00 mil. Fund-based working capital limit Long-term
     rating upgraded; Short-term rating affirmed with IND BB+/
     Stable/IND A4+ rating.

Detailed Rationale of the Rating Action

The upgrade reflects an improvement in the company's operating
margins in FY24 and a likely further improvement in it over the
near-to-medium term. The ratings continue to be supported by the
long-standing experience of the management. However, the ratings
are constrained by the weak credit metrics and foreign exchange
fluctuation risk.

Detailed Description of Key Rating Drivers

Weak Credit Metrics: RBA's adjusted net leverage (adjusted net
debt/operating EBITDA) was high at 5.28x at FYE24 (FYE23: 3.98x)
and its interest coverage ratio (operating EBITDA/gross interest
expenses) stood at 3.70x (3.49x). The deterioration in the credit
metrics was due to a reduction in the EBITDA to INR154 million in
FY24 (FY23: INR178 million) and an increase in the gross debt
levels to INR1,411.22 million (INR1,364.43 million). Ind-Ra expects
the credit metrics to remain stressed in the near-to-medium term.

Foreign Exchange Fluctuation Risk: The company exports around 90%
of its sales. The profitability margin is highly susceptible to
forex fluctuations; however, RBA has forward covers, which
partially offset the risk regards to foreign exchange
fluctuations.

Moderate Scale of Operation: The company's moderate revenue
declined to INR2,307 million in FY24 (FY23: INR2,900.20 million;
FY22: INR2,639.90 million), due to the several global issue such as
the Russia and Ukraine war and the on-going Red Sea crisis,
resulting in a slowdown in the US and the UK. RBA had earned a
revenue of INR1,232 million till September 2024. Ind-Ra expects the
revenue to improve marginally during FY25 due to an increase in the
demand from the existing customers.

Improvement in EBITDA Margin: The profitability came in at around
6.69% in FY24 (FY23: 6.14%) with a return on capital employed of
3.5% (4.8%). The margins are majorly dependent on the price of the
raw material. Ind-Ra expects the margin to improve marginally but
remain at modest levels in FY25 on account of the similar nature of
operations.  

Long-standing Experience of the Management: The promoters of the
company have over three decades of experience in a similar/related
industry in the domestic and overseas markets, leading to
established relationships with customers and suppliers. The company
sells its products under the brand name RBA, which is registered in
India, Oman and the UAE, while the products in other countries are
sold through distributors.

Furthermore, the promoters are financially sound and have
continuously infused money into the business in the form of
unsecured loans, which are non-interest bearing with no repayment
obligations.

Liquidity

Stretched: The average utilization of the company's cash credit
account stood at around 93% for the 12 months ended October 2024.
The cash and cash equivalents stood at INR2.65 million at FYE24
(FYE23: INR20.77 million). The company has repayment obligations of
around INR60 million in FY25 and FY26 each. The net working capital
cycle elongated to 203 days in FY24 from 171 days in FY23 mainly
due to an increase in the inventory days to 140 from 110. The
debtor days (FY24: 88, FY23: 84) and creditor days (26, 23) remain
moderate and are likely to be at similar levels during FY25 and
FY26.

Rating Sensitivities

Negative: A substantial decline in the scale of operations or
operating profitability, along with the interest coverage falling
below 2.0x or deterioration in the liquidity profile, all on a
sustained basis, could lead to a negative rating action.

Positive: A substantial improvement in the scale of operations,
operating profitability and liquidity position, all on a sustained
basis, could lead to a positive rating action.

About the Company

Founded in 1986 and promoted by Omprakash Agarwal and Harsh Vardhan
Agarwal, RBA is a manufacturer and exporter of a diverse range of
iron castings including manhole covers & frames, grate & frames,
linear trench gratings, surface boxes, industrial pumps & valves,
bearing housings, auto & railway parts and various original
equipment manufacturer products in both grey & ductile Iron. The
company has three manufacturing facilities - two in Howrah and one
in Rourkela.

S. NANDA: ICRA Keeps D Debt Ratings in Not Cooperating Category
---------------------------------------------------------------
ICRA has kept the Long-Term rating of S. Nanda Industries Pvt. Ltd.
(SNIPL) in the 'Issuer Not Cooperating' category. The rating is
denoted as "[ICRA]D; ISSUER NOT COOPERATING".

                     Amount
   Facilities     (INR crore)   Ratings
   ----------     -----------   -------
   Long-term-        12.00      [ICRA]D; ISSUER NOT COOPERATING;
   Fund based                   Rating Continues to remain under
   Cash Credit                  'Issuer Not Cooperating'
                                Category

   Long Term-         4.00      [ICRA]D; ISSUER NOT COOPERATING;
   Unallocated                  Rating Continues to remain under
                                'Issuer Not Cooperating'
                                Category

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

SNIPL, promoted by Mr Sudhir Nanda in 1992, is engaged in the
business of manufacturing and trading of cotton yarn, polyester
fibre, recycled fibre and knitted yarn. Most of the sales (~98%) of
the company are from trading operations. The company also
manufactures fancy yarn at its own manufacturing capacities located
in Ludhiana which has 39 machines with total capacity
of 800-900 tonnes per annum.


S.A.AANANDAN MILL: Ind-Ra Affirms BB Rating, Outlook Stable
-----------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed S.A.Aanandan Mill
Limited's (SAML) bank facilities' ratings as follows:

-- INR500 mil. Fund-based working capital limit affirmed with IND

     BB/Stable/IND A4+ rating;

-- INR40 mil. Non-fund-based working capital limit affirmed with
     IND A4+ rating; and

-- INR60 mil. Term loan due on March 31, 2028 affirmed with IND
     BB/Stable rating.

Detailed Rationale of the Rating Action

The affirmation reflects SAML's continued small scale of
operations, modest EBITDA margins, modest credit metrics and
stretched liquidity in FY24.  In FY25, Ind-Ra expects a marginal
improvement in the revenue. The EBITDA margins are likely to remain
stable in FY25, while the credit metrics are likely to improve
slightly due to scheduled debt repayment. The ratings are also
supported by promoters' experience of nearly three decades in the
cotton yarn manufacturing business.

Detailed Description of Key Rating Drivers

Continued Small Scale of Operations: In FY24, SAML's revenue
declined slightly to INR1,227.32 million (FY23: INR1,301.26
million), mainly because of a fall in exports. The revenue share of
exports dropped to 13.12% in FY24 (FY23: 29.31%, FY22: 66.71%)
owing to muted demand from overseas markets and the availability of
better rates in the domestic market. The EBITDA increased to
INR80.06 million (FY23: INR40.02 million) on back of the decline in
the freight expenses, resulting from the fall in the exports, and
a drop in raw material costs. SAML has two segments –
manufacturing and retail. The manufacturing division contributed
79.79% to the total revenue in FY24 (FY23: 84.04%) and the retail
division contributed 20.21% (15.96%). In FY24, the revenue
contribution from the retail division increased  due to the opening
of two new showrooms in FY24. In 7MFY25, SAML booked revenue of
about INR700 million. Ind-Ra expects a marginal improvement in the
scale of operations in FY25 due to sustained growth in demand.

Modest EBITDA Margins; Profitability Improved in FY24: In FY24,
SAML's EBITDA margin improved to 6.52% (FY23: 3.08%) due to a
decline in raw material costs and a fall in freight charges,
resulting from the decline in exports. The company's primary raw
material is raw cotton, which is procured domestically. In FY24,
the return on capital employed stood at 9.3% (FY23: 3.7%). In
1HFY25, SAML booked an EBITDA margin of 6.87%.  Ind-Ra expects the
EBITDA margins to be stable on a yoy basis in FY25 due to similar
nature of operations.

Credit Metrics Continue to be Modest: SAML's credit metrics
improved in FY24 due to the increase in EBITDA and debt repayment.
In FY24, SAML's  gross interest coverage (operating EBITDA/gross
interest expense) was 1.21x (FY23: 0.65x) and net leverage
(adjusted net debt/operating EBITDA) was 6x (13.92x). Ind-Ra
expects the credit metrics to improve further in FY25 owing to a
likely increase in the EBITDA and the absence of any debt-led capex
plans.

Promoter Experience: The ratings are also supported by promoters'
experience  of nearly three decades in the cotton yarn
manufacturing business, which has led to established relationships
with customers as well as suppliers.

Liquidity

Stretched: In FY24, SAML's working capital cycle remained stretched
but improved to 167 days (FY23: 186 days) due to an increase in
inventory days to 233 days (183 days), led by the opening of two
new showrooms. The management expects the working capital cycle to
remain elongated in FY25 due to the maintaining of high inventory
levels, given the multiple stock keeping units in the retail
division. SAML's average monthly utilization of its fund-based
limits was around 74.72% and that of its non-fund-based limits was
90.55% over the 12 months ended October 2024. Furthermore, the
company does not have any capital market exposure and relies on
banks and financial institutions to meet its funding requirements.
In FY24, SAML's cash flow from operations turned positive at
INR102.01 million (FY23: negative INR145.54 million) due to
favorable changes in working capital. The free cash flow turned
positive at INR74.75 million (FY23: negative INR157.10 million). At
FYE24, the cash and cash equivalent stood at INR3.12 million (FY23:
INR3.44 million). SAML has debt repayment obligations of INR29.3
million for FY25 and INR24.4 million for FY26.

Rating Sensitivities

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

Positive: A significant improvement in the revenue and EBITDA
margins along with an improvement in the overall credit metrics,
with the interest coverage exceeding 2x, and an improvement in the
liquidity position, would be positive for the ratings.

About the Company

Incorporated in 1996 in Tamil Nadu, SAML manufactures cotton yarn
and is also involved in the retail of readymade garments through
four stores, three of which are in Andhra Pradesh and one is in
Tamil Nadu. The promoter of the company is A. Ilavarasu.

SACHDEVA STEEL: Ind-Ra Cuts Loan Rating to BB+, Outlook Stable
--------------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded Sachdeva Steel
Products (Ship Breakers) LLP's bank facilities to 'IND BB+' from
'IND BBB-'. The Outlook is Stable. The detailed rating actions are
as follows:

-- INR20 mil. Derivative limits downgraded with IND A4+ rating;
     and

-- INR980 mil. Non-fund-based working capital limit downgraded
     with IND BB+/Stable/IND A4+ rating.

Analytical Approach

Ind-Ra has taken a full consolidated view of Sachdeva Steel
Products LLP and its group company Jai Jagdish Shipbreakers Private
Limited (JJSPL; debt rated at 'IND BB+'/Stable), jointly referred
to as the Sachdeva group, in view of the strong strategic and
operational ties between the companies and the common management.

Detailed Rationale of the Rating Action

The downgrading reflects on the group's inability to purchase ships
since FY22, even though other ship breaking companies have been
able to purchase ships, and consequently a decline in its revenue.
Furthermore, the group has started new business vertical for
trading of imported goods, which is considered as diversification
from core business activity of Ship dismantling. Also, unsecured
loans provided to the peers impose a risk of fund blockage.

Detailed Description of Key Rating Drivers

Exposed to Market and Scrap Prices Risk:  The group's operations
and profitability are highly exposed to the risk of forex
fluctuations and price fluctuations of steel, commodities, or
scrap. There is risk in revenue visibility if the prices are
decreased.

Industry Risk: The ship breaking industry is not performing well
worldwide since the past two-to-three years, which leads to the
risk of lack of supply of ships for dismantling. The revenue
visibility is majorly dependent on the availability of ships for
dismantling or recycling. However, Ind-Ra believes availability of
the vessels to be recycled in the next decade will be more than the
current availability in the international market.

Deviation from Core Business Activities: In FY25, the Sachdeva
group started a new business vertical for trading ferrous and
non-ferrous items, aluminum transmission gas, transformers, among
others which can deviate its focus and funds from the core business
of ship dismantling, according to Ind-Ra. Moreover, the new
business vertical can lead to a blockage of funds. However, the
customer base for this new vertical will be the same as that for
the dismantled parts of the ships.

EBITDA Margins Likely to Remain Range Bound: The consolidated
revenue and EBITDA decreased to INR63.70 million in FY24 (FY23:
INR647.28 million) and negative INR5.27 million (INR65.92 million),
respectively, on account of the non-procurement of ships in FY24
resulting from the overall industry slowdown. The EBITDA margins
were negative 8.27% in FY24 (FY23: 10.18%). However, if the supply
of ships for dismantling increases as expected by the management,
the group's revenue and EBITDA margin are likely to get back to
pre-FY23 levels of around INR1,000 million and 10%, respectively,
over the medium term. Furthermore, the group advances loans to
peers and earns interest. In FY24, the income from interest was
INR51.21 million (FY23: INR43.99 million) which makes profit margin
positive when considered in EBITDA.

Favorable Location of Ship-Breaking Yard; Promoter Experience: The
Sachdeva group's ship-breaking yard is located in the Alang-Sosiya
belt in Gujarat, which is one of the world's largest ship-breaking
clusters and constitutes almost 90% of India's ship-breaking
activity. The geographical features of the area include a high
tidal range, wide continental shelf, adequate slope and a mud-free
coast. These conditions are ideal for a wide variety of ships to be
beached easily during high tide. It accommodates nearly 165 plots
spread over a long stretch of around 10km along the seacoast of
Alang-Sosiya. Sachdeva Group has two yards; hence, it has capacity
to dismantle two ships at the same time. Both the shipyards of the
group have been accorded the reputed Class NK certification from
the ship classification society, Nippon Kaiji Kyokai, for the
operations of the ship-breaking yards from the environmental and
worker safety points of view, including secure management of
hazardous waste generated from the ship-breaking activities. The
ratings are also supported by the promoter's experience of over
three decades in the ship breaking industry.

Revenue Risk Well Mitigated: The group mainly uses the letter of
credit (LC) facility for purchasing ships. The proceeds from the
sale of raw materials obtained from the dismantled ship are parked
in fixed deposits. The amount parked in the fixed deposit will be
used to pay for LC during maturity. Hence, the risk of default is
mitigated. The revenue risk is mitigated as LC is used only when
ships are purchased.

Comfortable Capital Structure: The group's debt to equity ratio
increased to 0.44x in FY24 (FY23: 0.12x) owing to an increase in
unsecured loans to INR186.96 million (INR35.78 million).
Nevertheless, the capital structure remains comfortable in Ind-Ra's
opinion. The agency expects the debt to equity to remain
comfortable in the medium term. Capital structure is critical in
this industry as it mitigates fluctuations in scrap prices.

Liquidity

Adequate: The group utilizes its non-fund-based LC limits for
purchasing ships from the cash buyers. The tenor for the same
depends upon the size and tonnage of the ships and ranges between
180 and 360 days. An upfront cash margin of 15% is retained at the
time of opening the LC. The group parks its surplus in fixed
deposits. This ensures a gradual build-up of reserve funds to meet
the sizeable LC payment obligations on maturity. However, in FY24,
no ships were procured and accordingly, there was no LC
utilization. There was no working capital utilization in the
previous 12 months ended October 2024. In FY24, the company has
only vehicle loan. Hence, the debt repayment obligation is
projected as negligible since no rise in the term loan is
projected. The Sachdeva group also lends money to peer companies in
the form of unsecured loans which creates a risk from liquidity
perspective. As per the latest interim financial statements
provided to Ind-Ra, the total loans and advances amounted to INR520
million at end-September 2024, which is around 75% of the balance
sheet size.

Rating Sensitivities

Positive: An improvement in the scale of operations through the
purchase of new ships while maintaining adequate liquidity will be
positive for ratings.

Negative: An inability to purchase new ship or substantial
deterioration in liquidity will be negative for ratings.

About the Company

SSP, a limited liability partnership firm that was established in
1994, is engaged in ship breaking. Its facility is located at the
ship recycling yard in Alang, Gujarat. The plot area is spread
across 65 meters and is on lease from the Gujarat Maritime Board.
The firm is managed by the Dhanani and Gujarati families. JJSB was
incorporated in April 1998 for the dismantling of ships at Alang,
Gujarat. The company is managed by Ashwin Gujarati and Jayesh
Dhanani.

SAI RADHA: ICRA Keeps B+ Debt Rating in Not Cooperating Category
----------------------------------------------------------------
ICRA has kept the Long-Term rating of Sai Radha Pharma (India)
Private Limited (SRPL) in the 'Issuer Not Cooperating' category.
The rating is denoted as "[ICRA]B+(Stable); ISSUER NOT
COOPERATING".

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term-           17.50      [ICRA]B+ (Stable); ISSUER NOT
   Fund Based-                     COOPERATING; Rating continues
   Cash Credit                     to remain under 'Issuer Not
                                   Cooperating' category

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

Incorporated in 2012, SRPL is involved in the retail and wholesale
distribution of pharmaceutical products. The Sai Radha Group has
presence in pharmaceutical distribution since 1989 through a retail
store operated under a partnership firm Radha Medicals and General
Stores. In 2007, the Sai Radha Group ventured into wholesale
distribution business through acquisition of Panchavati Pharma.
With a view to consolidate the entire pharmaceutical distribution
business under one company, Mr.Manohar Shetty started SRPL in
January 2012.SRPPL has four retail stores at present, two in Udupi
and two in Mangalore. The wholesale segment caters to retail
medical stores, hospitals and doctors in and around Udupi,
Mangalore, Manipal and nearby regions. Some of its major suppliers
include Lupin Limited, Dr. Reddy's Laboratories, Abbott
Laboratories, Zydus Cadila, Mankind Pharma and Cipla Limited, among
others.

SASWAD MALI: Ind-Ra Hikes Loan Rating to B+, Outlook Stable
-----------------------------------------------------------
India Ratings and Research (Ind-Ra) has taken the following ratings
actions on The Saswad Mali Sugar Factory Ltd.'s (SMSFL) bank
facilities:

-- INR308.20 mil. Term loan due on  March 31, 2031 upgraded with
     IND B+/Stable rating;

-- INR47.40 mil. Term loan due on  March 31, 2031 assigned with
     IND B+/Stable rating; and

-- INR974.40 mil. (reduced from INR1,294.8 bil.) Fund-based
     working capital limits re-assigned with IND B+/Stable/IND A4
     rating.

Detailed Rationale of the Rating Action

The rating upgrade reflects an improvement in SMSFL's scale of
operations and profitability in FY24, led by the increased output
prices of sugar, despite a decline in the revenue due to a ban on
sugar exports. Ind-Ra had downgraded the ratings to 'IND C' due to
the delays in the loans availed from the Sugar Development Fund
(SDF), which were not rated by the agency; there were no delays in
servicing and repayments of the loans rated by the agency. The
entity has received approvals on the restructuring arrangement
applied for the term loans from the SDF, granting a two-year
moratorium on the concerned loans, with repayments to now begin
from March 2026.

The ratings, however, remained constrained by the company's weak
current ratio, owing to its high short-term debt levels relative to
its net working capital requirement and the elongated net working
capital cycle due to a rise in the inventory days owing to the
export ban, impacting the liquidity in the near-to-medium term. The
ratings are also constrained by the government raising the cane
costs for the ongoing crushing season which is likely to lead to
the gross margin shrinking and impact the profitability in the
near-to-medium term. Although the loans are restructured, the
recent history of delays in the servicing of the term loans from
SDF also restrain the ratings.

Detailed Description of Key Rating Drivers

Rise in Cane Costs Likely to Impact Profitability Further in the
Near term: SMSFL's revenue declined to INR2,697.18 million in FY24
(FY23: INR3,501.19 million) as the sugar sales were impacted by the
ban on export of sugar imposed by the government in November 2022.
The revenue from the sugar segment thus declined to INR1,334.55
million in FY24 (FY23: INR2,162.82 million) and the sugar sales
fell to 38,411 metric tons (MT; 71,501.7MT). However, the EBITDA
rose to INR290.97 million in FY24 (FY23: INR234.7 million) as the
impact of lower sales on the absorption of operating overheads was
offset, to a large extent, by the expansion in gross margin as the
average realization on sugar sales improved to INR34,744 per MT
with the continued increase in domestic prices of sugar during the
year; while the cane costs remained relatively low, with the fair
remunerative price (FRP) of sugarcane at INR3,150 per MT for a
basic recovery rate of 10.25%. Led by the improved gross margin,
the EBITDA margin increased to 10.79% in FY24 (FY23: 6.7%).

However, for SS24-25 (Sugar Season; November - March), the
government increased the sugarcane FRP to INR3,400 per MT for a
basic recovery rate of 10.25%, before premium for an incremental
recovery, thereby increasing the cane procurement costs for the
ongoing sugar season which 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; nevertheless, the expected rise in
distillery sales is likely to offset its impact to a certain
extent. Ind-Ra expects the EBITDA margin to be impacted slightly,
but remain above FY23 levels in the near-to-medium term.

Net Working Capital Cycle Elongated by Export Ban and Restrictions
on Diversion; Likely to remain Elongated in the Near Term Due to
slow movement of Inventory: Further to the sugar export ban, the
government, in December 2023, also imposed restrictions on the
diversion of syrup and B-heavy molasses (BHM) for ethanol
production due to the falling sugar production in India. This led
to an industry-wide increase in the sugar inventory levels in FY24
as the production exceeded initial estimates. Due to the fall in
sugar sales owing to the export ban and a much lower quota for
domestic sales received in FY24, SMSFL's inventory cycle elongated
significantly to 254 days (FY23: 152 days) with the sugar inventory
rising to 30,302.6MT (16,400.6MT) due to lower sales. Consequently,
the net working capital cycle also elongated to 163 days in FY24
(FY23: 93 days), although the rise in inventory levels was
mitigated, to some extent, by stretching the creditor days to 105
(70). The domestic quota received by the entity remained low at
29,703MT in 9MFY24 (9MFY23: 31,109MT) and Ind-Ra expects the net
working capital cycle to remain elongated in the near-to-medium
term due to the ban not likely to be lifted in the near term.

Short-term Debt Levels Likely to Remain High in the Medium Term
with a Weak Current Ratio: With the elongation of the net working
capital cycle, SMSFL's short-term debt levels rose to INR967.06
million in FY24 (FY23: INR852.68 million), exceeding the net
working capital requirement. The current ratio, thus, remained weak
at 0.8x (0.72x) and is likely to remain weak in the medium term in
Ind-Ra's expectations. Furthermore, the long-term debt levels
remained high at INR703.62 million in FY24 (FY23: INR603.27
million) with additional term loans taken for modernizing the
existing distillery and accrued interest on the loans from the SDF
considered for restructuring. The net leverage (Ind-Ra adjusted net
debt/operating EBITDAR), however, moderated slightly to 5.72x in
FY24 (FY23: 6.2x) while the interest coverage (operating
EBITDA/gross interest expense) improved to 1.56x (1.24x), led by
the improvement in profitability. Nevertheless, Ind-Ra expects the
net leverage to rise and remain above 6x in the medium term as the
short-term debt levels are likely to remain high corresponding to
the elongated net working capital cycle.

Lifting of Restrictions on BHM Diversion to Boost Distillery
Revenue: SMSFL operates molasses-based as well as grain-based
distilleries. In the molasses-based distillery, the entity prefers
the BHM diversion route for the production of ethanol which it had
to temporarily cease in FY24 owing to the government's
restrictions. The government has lifted the restrictions on syrup
and BHM diversion for ethanol production in August 2024 for the
ethanol supply year (November - October) 2024-25. The resumption of
ethanol production from BHM is likely boost the revenue in the
entity's molasses-based distillery as the recovery levels of
ethanol from BHM are much higher at around 320 liters per MT
compared to that from C-heavy molasses (CHM) at around 240 liters
per MT. Furthermore, the output prices of the ethanol produced from
BHM is significantly higher at INR60.73 per liter compared to that
from CHM at INR49.41 per liter. The revenue from the two
distilleries, along with the cogeneration segment revenue is likely
to absorb any likely losses due to lower sugar sales in the
near-to-medium term.

Synergies from Integrated Nature of Operations and Long Operational
Track Record: SMSFL benefits from the synergies of the integrated
nature of its operations. The BHM used as raw material by the
molasses-based distillery unit is produced in-house by the sugar
mill as a byproduct during sugar production. 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. This enables the entity to maximize its profitability in
the cogeneration and distillery segments.

Furthermore, SMSFL has an operational track record of more than
eight decades in the sugar industry with established relationships
with farmers in the region. So far, it has not experienced a
shortage of cane for crushing due to lift irrigation schemes in the
region, which have augmented cane availability.

Liquidity

Stretched: SMSFL has unencumbered cash and cash equivalents of
INR4.84 million at FYE24 (FYE23: INR5.81 million). The average
maximum utilization of its fund-based working capital limits for
the 12 months ended July 2024 was 84.59%; the agency believes the
utilization levels would be slightly lower till November 2024 with
the liquidation of inventory, albeit remain high. For the ongoing
sugar season, the entity has working capital facilities of INR974.7
million; however, Ind-Ra expects an enhancement in the working
capital facilities as the crushing season picks up pace as the
inventory levels are likely to remain high due to lower quotas for
sale received so far in FY24. The cash flow from operations turned
negative at INR98.26 million in FY24 (FY23: positive INR245.36
million) due to the rise in inventory levels. The company had
repayment obligations of INR165.5 million and INR115.38 million in
FY25 and FY26, respectively; Ind-Ra expects the internal accruals
to be tightly matched but adequate with a likely enhancement in the
working capital facilities to meet the working capital
requirement.

Rating Sensitivities

Negative: Significant deterioration in the scale of operations, the
current ratio deteriorating further, further deterioration in the
liquidity or the credit metrics, all on a sustained basis, will be
negative for the ratings.

Positive: Maintaining the scale of operations, a significant
improvement in the current ratio and the liquidity position, and an
improvement in the credit metrics, all on a sustained basis, will
be positive for the ratings.

About the Company

Established in 1932, SMSFL is engaged in the manufacturing of sugar
and related byproducts in sugar manufacturing. The company has a
sugar mill with a crushing capacity of 4,500 tons of cane per day
(TCD), a 14.8 megawatt (MW) cogeneration plant, and a 50
kilo-liters per day molasses-based distillery. Furthermore, the
entity also has a 30 kilo-liters per day grain-based distillery for
the production of extra neutral alcohol from food grains which
mainly consists of maize and rice.

SGD CORNING: Ind-Ra Affirms BB- Bank Loan Rating, Outlook Stable
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed SGD Corning
Technologies Private Limited's (SGDCTPL) bank loans' ratings at
'IND BB-'. The Outlook is Stable.

The instrument-wise rating action is:

-- INR3.650 bil. Term loan due on July 31, 2033 affirmed with IND

     BB-/Stable rating.

Analytical Approach

To arrive at the ratings, Ind-Ra has factored in the ongoing
support from SGDCTPL's parents, SGD Group S.A.S and Corning
International Corporation, along with group entity - SGD Pharma
India Pvt Ltd ('IND A-'/Stable). The rating has been notched up to
reflect Ind-Ra's assessment of the strong strategic and operational
ties between the company, parent entities and group company.

Detailed Rationale of the Rating Action

The affirmation reflects the completion of phase 1 of capex
pertaining to the Velocity® unit and commencement of the unit in
April 2024. However, phase 2 of the capex pertaining to the tubing
unit has been delayed. Further, the total project cost has been
reduced from the initial estimates. SGDCTPL has not availed any
fund-based working capital limits. However, the ratings are
constrained by the weak credit metrics, as the tubing unit is yet
to begin operations coupled with stretched liquidity.

Detailed Description of Key Rating Drivers

Delay in Completion of Phase 2 of Capex: The rating reflects the
under construction status of SGDCTPL's tubing unit at Vemula,
Telangana. The unit will have an installed capacity of 13,500
metric ton per annum (MTPA) for the tubing segment, while the
Velocity® vial segment has an installed capacity of 241 MTPA. The
Velocity® segment commenced operations in March 2024 but the
commencement of tubing segment was delayed to April 2024 from
December 2023 due to delay in sanction of term loans in March 2024
from the earlier estimates of December 2023. This resulted in delay
of commencement of civil works before the rainy season. The
construction of the unit is underway and the management has
informed the agency that the furnace lighting is likely to start
operations from mid-April 2025 with saleable product to be
available from 1 July 2025.

The timely commissioning of the plant coupled with the unit's
stabilization will remain a key monitorable to ensure successful
ramp-up of operations,  aiding   revenue   scale   up  and healthy
profitability  for  the  business.

Weak Financial Performance as Full Operations yet to Commence:
SGDCTPL booked revenue of INR5.1 million between April and October
2024 with management expectation of INR20 million for 2024. The
EBITDA margins are likely to be negative for 2024. The interest
coverage and net leverage are likely to remain weak till 2026 as it
would be the first full year of operations  and also because of
high debt of INR3,650 million availed for capex purposes. The
company will  maintain a debt service reserve account of INR230.8
million and INR14 million for both segments with the lender bank.

Reduction in Total Capex Cost: The project cost was estimated to be
around INR5,564.2 million but has been reduced to INR5,189 million,
a reduction of INR375 million. This is mainly due to a decline in
price of precious metals such as platinum and rhodium, which are
used for lining the furnace. The cost of precious metals was lower
at INR850 million in October 2024, against the earlier anticipated
cost of around INR999 million. Furthermore, costs earmarked for
contingencies were also not fully utilized.

Support from JV partners and Group Entity: SGDCTPL is a JV of SGD
Group SAS (51%) and Corning International Corporation (49%). SGD
Pharma India will support and provide technical assistance to
SGDCTPL; the former has also leased its land to the latter to
set-up operations. Further, Corning International Corporation
(CIC), subsidiary of Corning Incorporated, is a Fortune 500 company
with expertise in glass science, ceramics, and optical physics to
develop products and processes. The Velocity® vials segment is a
patented product of CIC and is being introduced in India for the
first time with Pfizer Inc. (Fitch Ratings Ltd, Issuer Default
Rating 'A'/Stable), already onboarded as a customer for the vials
segment. Additionally, there is no change in the shared
responsibilities of the JV partners.

Liquidity

Stretched: Since the tubing unit is yet to commence operations, the
stability in its capacity utilization and growth in its scale of
operations are yet to be seen. This, along with the high interest
on the loans incurred for the project, is likely to pressurize the
liquidity over the short run. Till October 2024, INR970 million has
been infused by equity shareholders and term loan of INR1,347 has
been drawn out of the total sanction of INR3,650 million, against
civil work and other expenses. Additional equity infusion of INR503
million is planned for 2024 and INR1,368 million for 2025, and
SGDCTPL does not plan to avail fund-based working capital limits.
However, if required, the company will have an arrangement with the
banker to avail adhoc limits for a period of 60 days. SGDCTPL has
scheduled debt repayment obligations of INR64.9 million in 2024 and
INR201.6 million in 2025. Management plans to request for
moratorium extension for tubing division repayments from October
2025 to March 2026, which can ease pressures on liquidity. The
repayments for Velocity® division will continue as planned.

Rating Sensitivities

Negative: Any delay in the commencement of operations in phase 2,
and achieving stability in the operating performance resulting in a
lower-than-expected scale of operations affecting the company's
debt servicing ability could be negative for the ratings.

Positive: The timely commencement of operations of phase 2 and the
subsequent achievement of a stable operating profitability with an
improvement in the liquidity and credit metrics, on a sustained
basis, will be positive for the ratings.

About the Company

SGDCTPL is a JV of SGD Group SAS (51%) and CIC (49%). The company
has been formed to set up a tubing plant in India to produce and
sell type 1 borosilicate glass tubing and externally coated
borosilicate pharmaceutical vials at Vemula, Mahbubnagar,
Telangana. The plant will produce 13,500 tons type 1 borosilicate
tube and 241 metric ton of Velocity® vials.

SINDHU TRADE: Ind-Ra Corrects December 3, 2024 Rating Release
-------------------------------------------------------------
India Ratings and Research (Ind-Ra) rectifies Sindhu Trade Links
Limited's (STLL) rating published on December 3, 2024 to mention
the primary reason behind the rating upgrade.

The amended version is:

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;
     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 timely servicing of debt and interest
obligations from January 2024. Moreover, there has been 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.'s (ORPL) 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.

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.

SMG REALTIES: Ind-Ra Assigns BB Term Loan Rating, Outlook Stable
----------------------------------------------------------------
India Ratings and Research has rated SMG realties Private Limited's
(SMGRPL) term loan as follows:

-- INR440 mil. Term loan due on September 15, 2027 assigned with
     IND BB/Stable rating.

Detailed Rationale of the Rating Action

The rating reflects SMGRPL's small scale of operations and
stretched liquidity position. Furthermore,  the heavy equipment
segment is likely to be discontinued in the medium term, post which
Ind-Ra expects the scale of operation to decline significantly.
However, the ratings are supported by the comfortable credit
metrics, healthy EBITDA margin and the promoter's experience of
more than two decades in the transportation services industry.

Detailed Description of Key Rating Drivers

Small Scale of Operations: SMGRPL's revenue increased to INR313.58
million in FY24 (FY23: INR163.47 million) because of an increase in
the rental income generated from the heavy equipment segment to
INR251.69 million (INR83.89 million). The EBITDA  rose to INR260.26
million in FY24 (FY23: INR67.60 million) owing to revenue growth.
During 7MFY24, SMGRPL generated revenue of INR173.80 million.
However, Ind-Ra expects the revenue to decline on a yoy basis in
FY25 due to a fall in the amount of rental income received from the
vehicle segment. Furthermore, the agreement signed by SMGRPL with
its single client in the heavy equipment business will expire in
September 2025. Consequently, Ind-Ra expects the revenue to decline
over the medium term.

Stretched Liquidity: Please refer to the liquidity section.

Comfortable Credit Metrics: In FY24, credit metrics improved due to
the increase in overall EBITDA and repayment of debt of INR91.3
million. The interest coverage (operating EBITDA/gross interest
expense) was 3.56x in FY24 (FY23: 1.62x) and the net leverage
(total adjusted debt/operating EBITDAR) was 1.99x (FY23: 10.28x).
In FY25, Ind-Ra expects further improvement in credit metrics on
account of scheduled debt repayment and the absence of any debt-led
capex plans.

Healthy EBITDA Margin: SMGRPL's EBITDA margin improved to 83% in
FY24 (FY23: 41.35%) due to the income generated from the
high-margin heavy equipment business. The ROCE was 17.4% in FY24
(FY23: 4.3%). However, in FY25, Ind-Ra expects the EBITDA margin to
decline due to a drop in rental income from the vehicle segment.

Promoter Experience: The ratings are supported by the promoters'
experience of more than two decades in the transportation service
industry, which had  helped the company establish strong
relationships with customers.

Liquidity

Stretched:  SMGRPL has debt repayment obligations of INR202.1
million and INR276.9 million in FY25 and FY26, respectively. The
cash flow from operations declined to INR374.34 million in FY24
(FY23: INR507.41 million) due to unfavorable changes in working
capital.  The free cash flow turned positive at INR307.83 million
in FY24 (FY23: negative INR253.73 million) due to reduction in
capex. In FY24, SMGRPL had cash and cash equivalent of INR33.96
million (FY23: INR14.76 million).  The average net working capital
cycle stretched to five days in FY24 (FY23: negative four days) due
to an increase in debtor days to 14 days (FY23: 11 days) and a fall
in creditor days to nine days (FY23: 15 days).  The maximum average
monthly utilization of the cash credit limit in October 2024 was
99.87%. SMGRPL does not have any capital market exposure and relies
on banks and financial institutions to meet its funding
requirements.

Rating Sensitivities

Negative: Any delays in the receipt of rental income or any
significant debt-led capex, leading to deterioration in credit
metrics, with the net leverage exceeding 4.5x, or deterioration in
the liquidity position will be negative for the ratings.

Positive: A significant improvement in scale of operations, leading
to higher cash generation while maintaining the credit metrics, on
a sustained basis, will be positive for the ratings.

About the Company

SMGRPL was incorporated in June 2012. The company has its
registered office in Nagpur. It is primarily engaged in providing
vehicle rental services to individual clients and corporates. It is
also engaged in providing heavy equipment on lease for mining
activities.

SSIPL LIFESTYLE: Ind-Ra Assigns BB+ Bank Loan Rating
----------------------------------------------------
India Ratings and Research (Ind-Ra) has rated SSIPL Lifestyle
Private Limited's (SLPL) bank facilities as follows:

-- INR400 mil. Cash credit assigned with IND BB+/Stable/IND A4+
     rating;

-- INR10 mil. Bank guarantee assigned with IND A4+ rating;

-- INR175.80 mil. Proposed bank loan assigned with IND BB+/
     Stable/IND A4+ rating; and

-- INR164.20 mil. Term loan due on May 31, 2031 assigned with
     IND BB+/Stable rating.

Detailed Rationale of the Rating Action

The ratings are constrained by SLPL's small scale of operations,
modest EBITDA margins and credit metrics and stretched liquidity.
The ratings however are supported by the company's promoters'
nearly two decades of experience in the textile and apparel retail
business.

Detailed Description of Key Rating Drivers

Modest Credit Metrics; Likely to Improve: Ind-Ra expects the credit
metrics to improve in FY25, despite the ongoing debt-led capex of
INR60 million, on account of an improvement in EBITDA. The credit
metrics were modest in FY24, as reflected by interest
coverage(operating EBITDA/gross interest expense) of negative 0.07x
in FY24 (FY23: 1.02x) and net leverage (adjusted net debt/operating
EBITDAR) of  negative 54x (9.12x). The decline in credit metrics in
FY24 was due to the losses incurred by one of the business
divisions. The capex will be funded through a term loan of INR50
million and rest INR10 million through internal accruals and
unsecured loans. Till September 2024, SLPL has already incurred
INR25.2 million, of which INR19 million was funded through the term
loan while INR6.2 million was funded through own funds and
unsecured loans.

Continued Small Scale of Operations: Ind-Ra expects the revenue
likely to stay at a similar level in FY25, based on 1HFY25 revenue
of INR1,009 million. However, EBITDA is expected to grow in the
year, because the loss-making business division has been sold off.
The sale of the business division led to a decrease in the revenue
to INR2,419 million (FY23: INR3,002 million) and EBITDA to negative
INR8 million (INR169 million).

Average EBITDA Margins; Likely to Improve: Ind-Ra expects the
EBITDA margins to improve in FY25, because the loss-making division
has been sold off and other divisions have better EBITDA margins.
The EBITDA margins stood at negative 0.36% in FY24 (FY23: 5.65%)
with a return on capital employed of  negative 12.3% (11.3%). In
FY24, SLPL's EBITDA margins declined due to the losses incurred in
one of the business divisions.

Experienced Promoter: Rishabh Soni, the key promoter as well
managing director of the company, has an experience of more than
two decades in the textile and apparel industry. This has
facilitated the company to establish strong relationships with
customers as well as suppliers.

Liquidity

Stretched: The average maximum utilization of the fund-based limits
was 96.81% during the 12 months ended October 2024. The cash flow
from operations improved to INR124 million in FY24 (FY23: negative
INR69 million) and free cash flow improved to  INR70 million (
negative INR181 million), due to a decrease in working capital. The
net working capital cycle stood shortened to 100 days in FY24
(FY23: 137 days) on account of a decrease in inventory days to 121
(160). The company provides 30-60 days of credit period to its
customers and receives  45-90 days credit period from its
suppliers. The inventory holding period varies from 120-140 days.
SLPL's cash and cash equivalents at FYE24 stood at INR21.06 million
(FYE23: INR21.24 million).  Furthermore, the company does not have
any capital market exposure and relies on banks and financial
institutions to meet its funding requirements. SLPL has debt
repayment obligations of INR59.6 million and INR58 million in FY25
and FY26, respectively.

Rating Sensitivities

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

Positive: An increase in the scale of operations, along with an
improvement in credit metrics with the interest coverage above 2.8x
and an improvement in the liquidity position, all on a sustained
basis, would lead to a positive rating action.

About the Company

Incorporated in 2007, SLPL is in the business of retail sale of
branded apparels  It runs exclusive outlets for brands including
Levis and United Colors of Bentton and multi-brand outlets under
its own branded stores namely - Sports Station. It is also a
licensed distributor for Nike brand merchandise across India.

SUAVE CORPORATION: ICRA Keeps B Debt Rating in Not Cooperating
--------------------------------------------------------------
ICRA has kept the Long-Term rating of Suave Corporation (India)
Private Limited (SCIPL) in the 'Issuer Not Cooperating' category.
The rating is denoted as "[ICRA]B (Stable); ISSUER NOT
COOPERATING".

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term/          10.00       [ICRA] B (Stable) ISSUER NOT
   Unallocated                     COOPERATING; Rating continues
                                   to remain under 'Issuer Not
                                   Cooperating' category

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

Suave Corporation (India) Private Limited (SCIPL) was incorporated
in August 2012 by Mr Srihari Charan Damaraju. The company is
involved in the trading of steel products like TMT bars, GI Sheets,
MS Sheets, MS Flats, MS Rounds, billets and others. The company
primarily buys steel products from various distributors and traders
and sells to builders and construction companies in Andhra Pradesh
and Telangana. Sometimes, sales are also made to traders depending
upon the order received. The contribution of product to the total
sales depends upon order received from the customers, though TMT
bars and MS sheets has accounted for around 30% and 20% of the
total revenue in the last few years. SCIPL majorly purchases steel
depending upon the order received from the customers though certain
inventory is maintained to ensure timely supply. The company has a
stockyard of around 2500 sqft for which it pays a rent of around Rs
20000/month. The company is planning for product diversification
from FY 2018, SCIPL is planning to manufacture parts of wind mills
such as "Rotar blades". The company is planning to take separate
plant for this activity at Samshabad.


SUMRAN AGRO: Ind-Ra Affirms BB Bank Loan Rating, Outlook Stable
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Sumran Agro
Private Limited's (SAPL) bank facility rating as follows:

-- INR270 mil. Fund-based working capital limit affirmed with IND

     BB/Stable/IND A4+ rating.

Detailed Rationale of the Rating Action

The affirmation reflects SAPL's continued small scale of
operations, modest EBITDA margin, modest credit metrics and the
inherent seasonality of the tea industry. Ind-Ra expects the
revenue to grow in FY25, while the EBITDA margins and credit
metrics are likely to remain modest. The rating is supported by the
promoters' experience of more than two decades in the tea
industry.

Detailed Description of Key Rating Drivers

Continued Small Scale of Operations: SAPL's revenue declined to
INR805.96 million in FY24 (FY23: INR1,374.46 million) due to a
decline in exports, caused by political instability in its main
international markets. Its revenue share from the international
market stood at  90% in FY24 (FY23: 94%). However, the EBITDA
improved to INR66 million in FY24 (FY23: INR49 million) owing to an
increase in other operational income. The company generated revenue
of INR598 million during 7MFY25. In FY25, Ind-Ra expects the
revenue to grow on the back of geographical diversification, as the
company has also begun  catering to customers in the Middle-East,
starting with the UAE.

Sustained Modest EBITDA Margin: The EBITDA margin improved to 8.27%
in FY24 (FY23: 3.47%) due to a decrease in transportation costs and
an increase in other operating income. The ROCE was 7.3% in FY24
(FY23: 5.5%). In FY25, Ind-Ra expects the EBITDA margins to stay at
similar levels due to similar nature of operations.

Credit Metrics Remain Modest: The company's interest coverage
(operating EBITDA/gross interest expense) deteriorated to 1.46x in
FY24 (FY23: 1.75x) due to an increase in interest expenses to
INR45.52 million (INR29.63 million). The interest expenses
increased because SAPL had to raise debt from the market at 12%
interest rate during the financial year. However, the net leverage
(total adjusted debt/operating EBITDA) improved to 2.00x at FYE24
(FYE23: 9.91x) owing to a decrease in total debt to INR133.24
million (INR490.40 million). SAPL plans to undertake capex of INR5
million and INR30 million in FY25 and FY26, respectively.
Consequently, Ind-Ra expects the credit metrics to remain modest in
FY25-FY26.

Inherent  Seasonality in Tea Industry: Although the demand for tea
is mostly constant throughout the year, the supply varies according
to the various regions where its cultivated and also their climatic
conditions, along with various other factors such as pest
infestations. Hence, the business continues to be cyclical in
nature, resulting in high volatility in the profitability.

Experienced Promoters: The ratings are supported by the promoters'
experience of more than two  decades in the tea industry, which has
helped the company establish strong relationships with customers as
well as suppliers.

Liquidity

Stretched:  The cash flow from operations turned positive at
INR352million in FY24 (FY23: negative INR306 million), and the free
cash flow turned positive at INR341 million in FY24 (FY23: negative
INR316 million), as the working capital declined to INR469 million
(INR868 million). SAPL's average maximum utilization of the
fund-based limits was 53.78% during the 12 months ended September
2024. The net working capital cycle remained stretched but improved
to 216 days in FY24 (FY23: 246 days) on account of a decrease in
inventory days to 24 days (119 days). The company provides a credit
period of 180 days to its customers and receives a credit period of
around 14 days from its suppliers. The inventory holding period
ranges between 100-120 days, with raw material holding of 120-130
days, work-in-progress of seven-to-10 days and finished good
stocking of two-to-three days. Ind-Ra expects the working capital
cycle to remain at similar levels in FY25 on account of the long
inventory holding period, owing to the seasonal nature of raw
material and long receivable period, because of the long credit
period offered to customers. The cash and cash equivalents stood at
INR0.83 million at FYE24 (FYE23: INR1.19 million). SAPL does not
have any debt repayment obligation for FY25 and FY26. SAPL does not
have any capital market exposure and relies on banks and financial
institutions to meet its funding requirements.

Rating Sensitivities

Negative: A decline in the scale of operations or EBITDA margins or
any deterioration in the liquidity position or the interest
coverage remaining below 1.5x, all on a sustained basis, would lead
to a negative rating action.

Positive: An improvement in the scale of operations with an
increase in the EBITDA margin, along with an improvement in the
liquidity position and credit metrics, all on a sustained basis,
will be positive for the ratings.

About the Company

SAPL was incorporated in 2000 and is based in Kolkata. The company
is engaged in the blending and trading of tea (Black Tea) and
exporting the same to the international market. The company is
promoted by Pradeep Kumar Agarwal, Dipti Agarwal and Shalini
Agarwal. The company procures tea through auction and private
purchases and exports to Iran, Russia and the Middle East
countries, including the UAE.

TBPR INFRA: ICRA Keeps D Debt Ratings in Not Cooperating Category
-----------------------------------------------------------------
ICRA has kept the Long-Term rating of TBPR Infra Projects Private
Limited in the 'Issuer Not Cooperating' category. The rating is
denoted as "[ICRA]D; ISSUER NOT COOPERATING".

                      Amount
   Facilities     (INR crore)   Ratings
   ----------     -----------   -------
   Long-term-         7.00      [ICRA]D; ISSUER NOT COOPERATING;
   Fund based                   Rating Continues to remain under
   Cash Credit                  'Issuer Not Cooperating'
                                Category

   Long-term          9.50      [ICRA]D; ISSUER NOT COOPERATING;
   Non-fund based               Rating continues to remain under
   Others                       'Issuer Not Cooperating'
                                Category

   Long Term-        17.50      [ICRA]D; ISSUER NOT COOPERATING;
   Unallocated                  Rating Continues to remain under
                                'Issuer Not Cooperating'
                                Category

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

Incorporated in 2007 by Mr. Bhanu Prakash Reddy, TBPR Infra
Projects Private Limited (TIPPL) is primarily involved in execution
of irrigation projects like canals, tanks, dams and barrages etc.
The company is also involved in execution of road projects. TIPPL
is registered with various government authorities as a contractor.
The company has executed government contracts
directly for projects in Adilabad, Hyderabad, Nalgonda, Nizamabad
and Warangal districts of Telangana.


V.M.STAR: Ind-Ra Keeps D Loan Rating in NonCooperating
------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained V.M.Star'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:

-- INR150 mil. Non-Fund Based Working Capital Limit 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

Detailed Rationale of the Rating Action

The ratings are maintained in 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 adequate information and has not been able
to conduct management interaction with V.M.Star while reviewing the
rating. Ind-Ra had consistently followed up with V.M.Star over
emails, apart from phone calls.

Limitations regarding Information Availability

Ind-Ra has reviewed the credit ratings of V.M.Star 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 V.M.Star'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 1993, V.M.Star is engaged in the trading of
diamonds.

VIZIANAGARAM MUNICIPALITY: ICRA Keeps Rating in Not Cooperating
---------------------------------------------------------------
ICRA has kept the rating of Vizianagaram Municipality in the
'Issuer Not Cooperating' category. The rating is denoted as
"[ICRA]B+(Stable); ISSUER NOT COOPERATING".

                      Amount
   Facilities     (INR crore)   Ratings
   ----------     -----------   -------
   Issuer Rating        -       [ICRA]B+(Stable); ISSUER NOT
                                COOPERATING; Rating continues
                                to remain under 'Issuer Not
                                Cooperating' category

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

The VZYM was constituted as Municipality in 1888, and is governed
by the provisions of the Andhra Pradesh State Municipalities Act,
(APSM Act) 1965. VZYM is a Special Grade Municipality and is the
district headquarters of Vizianagaram district, Andhra Pradesh. In
December 2015, VZYM has been upgraded to corporation; however, it
continues to remain municipality till the current term of the
council expires, i.e., 2019. The VZYM manages the municipal
services in Vizianagaram city of Vizianagarm district, which is
located in the state of Andhra Pradesh (AP). The VZYM covers an
area of 52.43 square kilometers (Sq. Km.) and serves a population
of 2,28,025 (as per Census 2011). The major functions of the VZYM
involve water supply, solid waste management, repair and
maintenance of roads and street lighting in its area. The city has
40 municipal wards. An elected body, headed by Chairman,
administers the municipality. The Commissioner acts as the
executive head and overseas the day to day to functioning of the
ULB.

WADI SURGICALS: Ind-Ra Affirms BB+ Bank Loan Rating
---------------------------------------------------
India Ratings and Research (Ind-Ra) has revised the Outlook on Wadi
Surgicals Private Limited's (WSPL) bank facilities to Stable from
Positive while affirming the rating at 'IND BB+', as follows:

-- INR277.9 mil. (reduced from INR320.7 mil.) Term loan due on
     March 31, 2030 affirmed; Outlook revised to Stable from
     Positive with IND BB+/Stable rating; and

-- INR100 mil. Fund-based working capital limits affirmed;
     Outlook revised to Stable from Positive with IND
     BB+/Stable/IND A4+ rating.

Detailed Rationale of the Rating Action

The revision in Outlook to Stable from Positive reflects the
inability of WSPL to ramp-up its operations and delay in the
addition of manufacturing lines in FY24, as it faced intense
competition in the domestic market. The increased import of
low-quality gloves in the market resulted in competitive prices.
Ind-Ra has affirmed the ratings, owing to financial support
extended by Apollo Hospitals Enterprise Limited (AHEL; debt rated
at 'IND AA+'/Stable), and the continued supply of nitrile gloves to
AHEL, as per an offtake agreement. The key promoter, Anindith
Reddy, is a relative of Dr. Sangita Reddy, joint managing director
of AHEL. The financial support received from the promoters, either
in the form of equity, unsecured loans or compulsorily convertible
debentures (CCDs), is utilized for day-to-day operations and
repayment of loans.

Detailed Description of Key Rating Drivers

Small Scale of Operations; Expected to Improve: WSPL has a letter
of intent from AHEL for the supply of 70,000-75,000 boxes of
nitrile examination gloves per month as import substitution. AHEL
procures 100% of its requirement from WSPL. WSPL booked overall
sales of INR94.8 million over April-October 2024. They have
continuous monthly orders and other bulk orders through contracts
and expect capacity utilization of 100% from December 2024. In
addition, the management plans to expand its business-to-business
client base globally. Nitrile examination gloves are used in
industries such as pharmaceuticals, cosmetics, food processing,
electronic, food and beverages and hygiene hospitality. As per the
management, WSPL expects to enter international markets post an
audit by and approvals from U.S. Food and Drug Administration, as
the company has received other approvals/certifications and cleared
quality tests.

The operations ramped-up has slowly from FY24, as it booked sales
of INR92.4 million. The imports of low-quality gloves during FY23
and FY24, led to a fall in the sales realization to INR2.5 per
piece from INR4 per piece. Ind-Ra expects the revenue to improve in
FY25, owing to (a) the addition in two production lines from
January 2025 and (b) the government's new policies of including
nitrile examination gloves under Quality Control Order, to ban the
sale of low-quality gloves in the domestic market, as of September
2024. In addition, WSPL has entered in contracts with customers,
apart from its offtake agreement with AHEL, thus providing revenue
visibility. AHEL procures approximately 30% of the total production
of WSPL.

WSPL is looking to add two more production lines in FY25-FY26. The
revenue from one of the lines will be generated from September 2025
and the second line from March 2026. The company imports its main
raw material, nitrile butadiene rubber, which comprises 60% of the
total cost. Ind-Ra expects WSPL to achieve sales INR400
million-INR500 million in FY25, through a single line of
manufacturing, with 100% capacity utilization during the last four
months of FY25. This will enable the company to bring domestic and
export clientele on board. The nitrile glove market will receive a
boost from the government's ban on importing poor-quality gloves
and move to manufacture good quality medical gloves as part of the
Make in India initiative with the Bureau of Indian Standards
certification.

Weak/Negative EBITDA Margins; Expected to Improve: The EBITDA
margins were negative in FY24; the operations commenced from May
2023. Ind-Ra expects the margins to turn positive from FY25, mainly
owing to (a) the upcoming installation of a solar power plant,
which will lead to 50% saving of power cost, (b) other cost
optimization strategies by the company such as maintaining a
storage space for five production lines and other utilities for the
upcoming capex, (c) competitive pricing. Ind-Ra expects the
company's EBITDA margins to remain average in the medium term,
considering volatility in raw material prices and intense
competition in the domestic and international markets. However, the
management expects better absorption of fixed costs, despite the
addition of new lines in the medium term, owing to the revenue
visibility.

Credit Metrics Likely to Remain Moderate: FY25 will be the first
full year of operations for the company. Ind-Ra expects the credit
metrics to be moderate on account of its initial years of
operations; however, the net leverage (total adjusted net
debt/operating EBITDA) is likely to improve from FY27, considering
the debt-led-capex in FY25 and FY26. The promoters' contribution
will be infused in the form of either equity capital, CCDs, share
warrants or interest-free unsecured loans. The interest-free
unsecured loans and CCDs are subordinated to the bank loan. Ind-Ra
has classified CCDs as 50% debt and 50% equity from FY23, as per
its criteria, Treatment and Notching of Hybrids in Nonfinancial
Corporates. Nitrile glove prices are volatile due to price
fluctuations of its key raw material. The company will be able to
keep the profitability intact if manages to pass on price movements
to its customers.

Upcoming Production Lines to Add to Revenue: The capex comprises
addition of two production lines; first one from January 2025,
which is expected to generate revenue from September 2025, and the
second line from October 2025, which may start generating revenue
from March 2026, according to the management. Each line capex cost
is estimated at INR300 million, which will be 75% funded by debt.
The management has informed that it will also consider the cost of
utilities for the new two production lines in the capex cost. It
plans to add two more lines in the medium-to-long term, which will
cost lower than the current capex. The current capex will include
the procurement of a boiler, storage cost and the installation of a
solar power plant for the total five production lines.

Financial Flexibility from Promoter Group: The key promoter,
Anindith Reddy, is a relative of Dr. Sangita Reddy, joint managing
director of AHEL. He holds 0.23 million unencumbered shares of AHEL
which had a market value of about INR1,640.5 million as on 3
December 2024. The company has added a new director to its board,
who is related to a reputed pharmaceuticals company. The financial
flexibility of the promoters helps the project receive additional
funding. Also, the promoters have a track record supporting its
group companies such as Everest Infra Ventures (India) Private
Limited (debt rated at 'IND BB'/Stable) and Medvarsity Online
Limited ('IND BB-'/Rating Watch with Negative Implications) to meet
their debt operational and debt repayment obligations.

Liquidity

Stretched: The debt repayments commenced from July 2024; INR12.3
million per quarter. The liquidity is available in the form of
unutilized bank limits of INR34 million and promoters fund infusion
in the form of equity, unsecured loans and CCDs. WSPL's average
maximum fund-based limit utilization stood at 94% and
non-fund-based limit utilization at 33% during the 12 months ended
October 2024. The company has principal repayment obligations of
INR37 million and INR49 million for FY25 and FY26, respectively.
Liquidity is further supported by the financial flexibility of the
promoters with a sizeable net worth and liquid investments of
shares in AHEL. The promoters have undertaken to extend their
funding support as and when required.

Rating Sensitivities

Negative: Time or cost overrun in the upcoming capex and/or
weaker-than-expected scale of revenue and profitability, resulting
in weaker credit metrics, and/or reduced financial flexibility of
the promoters and a sustained stretched liquidity profile, could be
negative for the ratings.

Positive: A successful ramp-up of operations, leading to an
improvement in the EBITDA generation, resulting in a net leverage
ratio of below 3.5x on a sustained basis and an improved liquidity
position, could be positive for the ratings.

About the Company

Incorporated in 2020, WSPL has a 0.8 million nitrile examination
gloves per day manufacturing plant of in Nadupuru, Andhra MedTec
Zone, Visakhapatnam. The promoters are Anindith Reddy Konda, Ishaan
Dodhiwala and Shaaz Mehmood. The company is adding two more
production lines, each of 0.8 million gloves per day.

WAVIN INDUSTRIES: Ind-Ra Hikes Loan Rating to BB+, Outlook Stable
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has taken the following rating
actions on Wavin Industries Limited's (WIL) bank loans:

-- INR36 mil. Fund-based working capital limit assigned with IND
     BB+/Stable/IND A4+ rating;

-- INR874 mil. Fund-based working capital limit Long-term rating
     upgraded; Short-term rating affirmed with IND BB+/Stable/IND
     A4+ rating; and


-- INR255.87 mil. Term loan due on March 31, 2026 is withdrawn
     (paid in full).

Analytical Approach

To arrive at the ratings, Ind-Ra continues to take a fully
consolidated view of WIL and two of its wholly-owned subsidiaries,
Wavin India Holding Private Limited and Wavin India Pipes and
Fittings Manufacturing Private Limited, together referred to as the
Wavin group, as all the companies operate in the same line of
business and have a common management. Ind-Ra has also factored in
the availability of support to WIL from its ultimate parent, Orbia
Advance Corporation (Fitch Ratings Ltd.: Issuer Default Rating:
'BBB'/Stable, having 100% shareholding in WIL, through its
wholly-owned subsidiary and WIL's immediate parent, Wavin B.V.

Until last year, Ind-Ra had considered a consolidated view of WIL's
subsidiaries Gangotri Polymers Private Limited, Sunrise Tanks
Private Limited, Wavin India Holding and Wavin India Pipes and
Fittings Manufacturing for WIL's ratings. However, in FY25, there
has been a divestment of the group's business in which Gangotri
Polymers and Sunrise Tanks have been sold under a slump sale. Also,
a peer and median comparison is being adopted.

Detailed Rationale of the Rating Action

The upgrade reflects the availability of support from a strong and
reputed parent, along with the divestment done by way of a slump
sale, ensuring liquidity for the company's smooth functioning, and
a specialized focus on the pipes and fittings (P&F) business.

The ratings, however, remain constrained by the company's continued
operational losses in FY25, due to lower capacity utilization.
Hence, with the management's expectation of offtake of capacity in
2HFY25 and internal policy changes with regards to operational and
other related costs, an increase in the operating profitability,
resulting in an improvement in the liquidity will remain a key
monitorable in the medium term.

Detailed Description of Key Rating Drivers

Continuation of Operational Losses due to Lower Capacity
Utilization: In FY22, the consolidated turnover of Wavin group was
INR8,160 million, out of which around 42% of its revenue was
derived from its now discontinued business. Wavin group had been
incurring losses on account of huge capacities been installed in
the initial phases of the business of the subsidiaries including
Wavin India Holdings and Wavin India Pipes & Fittings Manufacturing
but the same was not being absorbed due to lower capacity
utilization. The Wavin group recorded a revenue of INR6,673 million
and INR6,232 million in FY23 and FY24, respectively, from its
continuing operations and will continue to focus only on its core
P&F segment. The company incurred EBDITA losses of INR716 million
and INR959 million, in FY23 and FY24, respectively, consequently
resulting in net losses (including losses from discontinuing
operations) of INR1,714 million and INR1,980 million in FY23 and
FY24, respectively. The company managed liquidity for its
operations partly by reducing its working capital requirement in
the form of lower inventory, support from its parent in the form of
external commercial borrowing and the utilization of its available
bank lines in the last two years. In the current financial year,
till October 2024, the group has already recorded a turnover of
around INR4,129 million with an operational loss of INR684million.
As per the management, a policy and other strategy changes are
underway, which will lead to an improvement in the operating
profitability along with the expected improvement in the capacity
utilization from 2025. An improvement in the operating
profitability will remain a key monitorable in the near term.

Availability of Support from a Strong and Reputed Parent: WIL has
received continuous support from its ultimate parent, Orbia
Advance, holding a 100% shareholding in WIL, through its
wholly-owned subsidiary and WIL's immediate parent, Wavin B.V. The
current outstanding rating of Orbia Advance is equivalent to AAA on
the Indian scale.

Divestment by Way of Slump Sale Ensuring Liquidity for Smooth
Functioning and Specialized Focus on Pipes and Fittings Business:
In FY25, the management sold off WIL's tanks, bath ware & household
(TBH) business as it wanted to focus on its core business. Wavin,
being a globally recognized brand for its products and solutions in
the P&F segment, will now focus only on this segment only. WIL
received around INR1,435 million as slump sale consideration,
boosting its liquidity significantly. WIL became a 100% subsidiary
of its parent, Wavin B.V, in FY25 by the purchase of its minority
shares of 33%. Although the Wavin group comprises WIL and its two
subsidiaries, i,e., Wavin India Holdings and Wavin India Pipes &
Fittings Manufacturing, the management's long-term vision is to
ultimately merge all the entities and operate under one company
only. The company will continue to reap the benefits of its
experienced core management team since it has always been a
professionally managed company and divestment does not result in
any change in the core team.

Liquidity

Stretched: The group's utilization of the fund-based limits was 65%
during the 12 months ended October 2024. The group had cash and
cash equivalents of around INR125.29 million at FYE24 (FYE23:
INR322.34 million). The cash flow from operations remained negative
at INR316.49 million in FY24 (FY23: negative INR259.56 million) due
to the continuation of operational losses, despite favorable
changes in the working capital. The free cash flow was also
negative at INR546.41 million in FY24 (FY23: INR722.83 million) due
the annual capex requirement of INR229.92 million (INR482.51
million). The net-working capital cycle improved to 10 days in FY24
(FY23: 130 days) due to a fall in the inventory days to 70 (194).
The company received support from its parent in the form of
external commercial borrowing of INR1537 million in FY24; the
need-based parent support will continue, further providing a
liquidity support to WIL and its subsidiaries. The group has no
repayment obligations in the next three years. Also, the group has
received a support letter from Orbia Advance which is valid until
February 2025.

Rating Sensitivities

Negative:  A weakening of the group support or any substantial
decline in the scale of operations, or a continuation of losses
despite divestment on a sustained basis leading to a further
stretch in the liquidity position, will lead to a negative for the
ratings.

Positive: An increase in the scale of operations, along with an
improvement in the profitability, leading to an improvement in the
credit metrics, all on a sustained basis, will lead to a positive
rating action.

About the Company

WIL was initially manufacturing plastic water tanks, polypropylene
random copolymer piping systems, polyvinyl chloride and chlorinated
polyvinyl chloride piping systems, plastic pipe fittings,
polyethylene manholes and various kinds of plastic molded articles
for agricultural and household purposes. Now, it is solely involved
in in the P&F business.



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

ABM INVESTAMA: Moody's Withdraws 'B1' Corporate Family Rating
-------------------------------------------------------------
Moody's Ratings has withdrawn ABM Investama Tbk (P.T.)'s B1
corporate family rating.

Prior to the withdrawal, the outlook on the rating was stable.
RATINGS RATIONALE

Moody's have decided to withdraw the rating(s) following a review
of the issuer's request to withdraw its rating(s).

Listed on the Indonesian Stock Exchange since 2011, ABM Investama
Tbk (P.T.) is an integrated energy company with investments in coal
mining, mining services, engineering and logistics, and power
generation. The Hamami family controls 79% of ABM through PT Tiara
Marga Trakindo (54%) and Valle Verde PTE LTD (25%). The remaining
shares are held by the public.




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

GRYLLUS INC: Edible Cricket Startup Files for Bankruptcy
--------------------------------------------------------
The Yomiuri Shimbun reports that a Tokushima-based startup that
produced edible crickets has suspended operations and filed for
bankruptcy after facing criticism over the use of its product in
school lunches, it has been learned.

Gryllus Inc. filed for bankruptcy at the Tokushima District Court
on Nov. 7 with debts of about JPY153 million, Yomiuri Shimbun
discloses. The company had suffered poor performance after
receiving criticism online due to the public's resistance to the
idea of eating insects.

According to a private research firm, Gryllus, which was founded in
2019, produced edible crickets at what used to be a school in Mima,
Tokushima Prefecture. The company started selling cricket crackers
at Ryohin Keikaku Co.'s Muji stores in 2020, and cricket-based
snacks at convenience stores in 2022.

However, Gryllus received widespread criticism on social media over
providing its crickets in powdered form for use in a high school
lunch item in Tokushima Prefecture in 2022-23, Yomiuri Shimbun
relates.

According to the report, such criticism reportedly became a main
factor for Gryllus to suspend its sales plans, resulting in a large
amount of excess inventory. In the business year ending May 2023,
the company's sales were about JPY38 million, with its net loss at
JPY339 million, making it the fourth consecutive year of losses
since Gryllus' founding.

The company then planned to start a new business producing feed
using crickets for livestock and fisheries. However, as Gryllus was
unable to receive government subsidies, it decided not to continue
business, it was said.

Gryllus Inc. -- https://gryllus.jp/ -- sells processed cricket
foods, contract research, and breeding management services.




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

ACTIVE ENGINEERING: Creditors' Proofs of Debt Due on Jan. 10
------------------------------------------------------------
Creditors of Active Engineering Services Limited and ZDF Trading
Limited are required to file their proofs of debt by Jan. 10, 2025,
to be included in the company's dividend distribution.

Active Engineering commenced wind-up proceedings on Dec. 6, 2024.

ZDF Trading commenced wind-up proceedings on Dec. 9, 2024.

The company's liquidator is:

          Mohammed Tazleen Nasib Jan
          Liquidation Management Limited
          PO Box 50683
          Porirua 5240


AUDIO COMMUNICATIONS: Creditors' Proofs of Debt Due on Jan. 7
-------------------------------------------------------------
Creditors of Audio Communications Limited and Percom 2000 Limited
are required to file their proofs of debt by Jan. 7, 2025, to be
included in the company's dividend distribution.

The company commenced wind-up proceedings on Dec. 6, 2024.

The company's liquidators are:

          Raymond Paul Cox
          Gareth Russel Hoole
          Ecovis KGA Limited, Chartered Accountants
          Level 2, 5–7 Kingdon Street
          Newmarket, Auckland 1023


ELITE ROOFING: Court to Hear Wind-Up Petition on Feb. 14
--------------------------------------------------------
A petition to wind up the operations of Elite Roofing NZ Limited
will be heard before the High Court at Auckland on Feb. 14, 2025,
at 10:00 a.m.

The Commissioner of Inland Revenue filed the petition against the
company on Nov. 6, 2024.

The Petitioner's solicitors are:

          Cloete Van Der Merwe
          Inland Revenue, Legal Services
          5 Osterley Way
          Manukau City
          Auckland 2104


LE DEJEUNER: Placed Into Liquidation; Jan. 31 Claims Deadline Set
-----------------------------------------------------------------
Glenn McLean at Taranaki Daily News reports that New Plymouth
catering company Le Dejeuner has become the latest Taranaki
business to feel the bite in the hospitality trade after it was
placed into liquidation.

Taranaki Daily relates that a public notice said licensed
insolvency practitioner John Scutter had been appointed as a
liquidator for Le Dejeuner 2018 Ltd on Dec. 5.

Creditors have until January 31 to make any claims for outstanding
debts, the report notes.

The company, whose directors were listed as Terri and Jordi
Wickman, was based at Hurlstone Drive in the heart of New
Plymouth's largest and fastest growing industrial areas.

As well as the catering service operations, the site also included
a food store, which was largely empty on Dec. 9.

There was a handwritten sign in the window that said: "To our
lovely loyal customers, sadly we have had to close our doors. Thank
you for all of your support over the years."

The company's website had no mention of the closure, Taranaki Daily
says.

Founded by Lee Mather and David Butler in 1991, Le Dejeuner held
the catering contract at the former Pukekura Raceway for more than
a decade, and its pies used to be stocked by 48 outlets across the
region. It was bought in 2018 by the Wickham sisters.

The company's website said it catered for any occasion including
weddings, birthdays, engagements, anniversaries, corporate lunches,
conferences, dinner parties, gourmet barbecues, cocktail parties
and morning teas.

Taranaki Daily News adds that the liquidation followed news that
Toret, an Italian-inspired restaurant in Ōakura, would be closing
in March.

New Plymouth restaurant Area 41 has also been put in the hands of a
liquidator, the report notes. The closure came just weeks after its
directors were fined NZD60,000 for exploiting an employee.


MERFIELD PARK: Creditors' Proofs of Debt Due on Jan. 31
-------------------------------------------------------
Creditors of Merfield Park Limited and ARS Services Limited are
required to file their proofs of debt by Jan. 31, 2025, to be
included in the company's dividend distribution.

The company commenced wind-up proceedings on Dec. 4, 2024.

The company's liquidators are:

          Daran Nair
          Heiko Draht
          Nair Draht Limited
          97 Great South Road
          Greenlane, Auckland 1051


PRO-STREET PERFORMANCE: Court to Hear Wind-Up Petition on Feb. 21
-----------------------------------------------------------------
A petition to wind up the operations of Pro-Street Performance
Limited will be heard before the High Court at Auckland on Feb. 21,
2025, at 10:00 a.m.

The Commissioner of Inland Revenue filed the petition against the
company on Nov. 7, 2024.

The Petitioner's solicitors are:
          Cloete Van Der Merwe
          Inland Revenue, Legal Services
          5 Osterley Way
          Manukau City
          Auckland 2104




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

PAKISTAN: Cuts Interest Rates to Lowest in Over Two Years
---------------------------------------------------------
Bloomberg News reports that Pakistan cut its benchmark interest
rate to the lowest in more than two years as easing inflation
provides room for the central bank to boost growth.

The State Bank of Pakistan lowered the target rate by 200 basis
points to 13%, the central bank said in a statement on Dec. 16. All
the 41 economists surveyed by Bloomberg predicted the move, with 26
forecasting the exact measure. Interest rate has dropped to the
lowest since April 2022.

"The overall situation has significantly improved on the economic
front," Bloomberg quotes State Bank of Pakistan Governor Jameel
Ahmad as saying at a briefing after the decision. The central bank
expects inflation to stabilize within the target range of 5%–7%
in the next 12 months, said Ahmad.

Pakistan's inflation eased to the lowest in more than six years in
November, providing space to the central bank to loosen monetary
policy further, Bloomberg says. The central bank has cut its
benchmark rate by 900 basis points since June in five straight
meetings.

Bloomberg relates that the monetary policy committee "assessed that
its approach of measured policy rate cuts is keeping inflationary
and external account pressures in check, while supporting economic
growth on a sustainable basis," it said in a statement. Consumer
prices are expected to average substantially below the earlier
forecast range of 11.5%–13.5% for the fiscal year ending June,
said the statement.

Bloomberg Economics expects the central bank to cut borrowing costs
further by 100 basis points to 12% in the next quarter before
holding rate for the rest of the year.

According to Bloomberg, the South Asian nation's economy is turning
a corner, with a $7 billion loan from the International Monetary
Fund and higher remittances helping boost the foreign exchange
reserves. The forex stockpile rose to $12.05 billion as of Dec. 6,
the highest level since March 2022, and is expected to increase by
$1 billion until June despite debt repayments, according to the
central bank.

Pakistan is scheduled to repay about $5 billion that will be met
without any pressures, the governor said. The nation's rupee has
gained 2% this year and is among the best-performing
emerging-market currencies.

Bloomberg adds that Pakistan has committed to achieve a 2% primary
surplus target for the fiscal year with the IMF. That will be
challenging to achieve and there is a need for additional measures
to meet the revenue target, said the central bank.

                           About Pakistan

Pakistan is a country located in South Asia. It has a coastline
along the Arabia Sea and the Gulf of Oman and is bordered by
Afghanistan, China, India, and Iran. Pakistan's capital is
Islamabad.

In late August 2024, Moody's Ratings upgraded the Government of
Pakistan's local and foreign currency issuer and senior unsecured
debt ratings to Caa2 from Caa3.  Concurrently, the outlook for
Government of Pakistan is changed to positive from stable.  In July
2024, S&P Global Ratings affirmed its 'CCC+' long-term sovereign
credit rating and 'C' short-term rating on Pakistan. The outlook on
the long-term rating is stable.  In August 2024, Fitch Ratings
upgraded Pakistan's Long-Term Foreign-Currency Issuer Default
Rating (IDR) to 'CCC+' from 'CCC'.




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

ESMART MOBILE: Court to Hear Wind-Up Petition on Dec. 27
--------------------------------------------------------
A petition to wind up the operations of Esmart Mobile Pte. Ltd.
will be heard before the High Court of Singapore on Dec. 27, 2024,
at 10:00 a.m.

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

The Petitioner's solicitors are:

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


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

Maybank Singapore Limited filed the petition against the company on
Dec. 9, 2024.

The Petitioner's solicitors are:

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


MAXEON SOLAR: CFIUS Clears TCL Zhonghuan's Indirect investment
--------------------------------------------------------------
Maxeon Solar Technologies, Ltd. disclosed in a Form 6-K Report
filed with the U.S. Securities and Exchange Commission that the
Company and certain of its subsidiaries, together with TCL
Zhonghuan Renewable Energy Technology Co. Ltd. (TZE) and its
subsidiary, Zhonghuan Singapore Investment and Development Pte.
Ltd., filed a joint voluntary notice with the Committee on Foreign
Investment in the United States in connection with TZE's planned
indirect investment into the Company as previously announced in the
Form 6-K filed with the Securities and Exchange Commission on June
21, 2024.

Following CFIUS' review and execution of a national security
agreement as described below, CFIUS determined that there are no
unresolved national security issues associated with the indirect
investment by TZE into the Company. Recently, the Company and TZE
entered into a National Security Agreement with the Department of
Defense, Department of Energy and Department of the Treasury as
monitoring agencies on behalf of CFIUS, pursuant to which the
Company will be subject to compliance with certain conditions,
including certain notification and annual reporting requirements,
as well as limitations on the acquisition of property interests.
Subsequent to the execution of the NSA, the Company is reassessing
its options to purchase a greenfield site in Albuquerque, New
Mexico. As previously announced, the Company is undertaking a broad
strategic restructuring of its business portfolio and geographic
market focus and it has executed a five-year lease on a brownfield
site with an existing building in Albuquerque, New Mexico and plans
to begin solar panel manufacturing in this 2 GW capacity facility
in early 2026.

                        About Maxeon Solar

Maxeon Solar Technologies, Ltd. is a Singapore-based company that
designs and manufactures photovoltaic panels. The company was
previously a division of the American SunPower company before it
was spun off in August 2020. Maxeon is still the primary provider
of solar panels for SunPower.

Singapore-based Ernst & Young LLP, the Company's auditor since
2020, issued a "going concern" qualification in its report dated
May 30, 2024, citing that the Company has suffered recurring losses
from operations and negative free cash flows and has stated that
substantial doubt exists about the Company's ability to continue as
a going concern.

As of December 31, 2023, the Company had $1 billion in total
assets, $997.4 million in total liabilities, and $4.6 million in
total equity.

PRIVE (SWINBURNE): Commences Wind-Up Proceedings
------------------------------------------------
Members of Prive (Swinburne) Pte. Ltd. on Dec. 4, 2024, passed a
resolution to voluntarily wind up the company's operations.

The company's liquidators are:

          Jason Aleksander Kardachi
          Alton Murray Chun-Wen Poon
          Kroll Pte Limited
          10 Collyer Quay
          #05-04/05 Ocean Financial Centre
          Singapore 049315


PSD HOLDINGS: Court Enters Wind-Up Order
----------------------------------------
The High Court of Singapore entered an order on Nov. 29, 2024, to
wind up the operations of PSD Holdings Pte. Ltd.

Sowaran Singh filed the petition against the company.

The company's liquidator is:

          Yessica Budiman
          AAG Corporate Advisory
          144 Robinson Road
          #14-02, Robinson Square
          Singapore 068908


SWIFT BUILDER: Court to Hear Wind-Up Petition on Dec. 27
--------------------------------------------------------
A petition to wind up the operations of Swift Builder Pte. Ltd.
will be heard before the High Court of Singapore on Dec. 27, 2024,
at 10:00 a.m.

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

The Petitioner's solicitors are:

          Adsan Law LLC
          300 Beach Road
          #26-00 The Concourse
          Singapore 199555




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

PIZZA HUT KOREA: Enters Court-Led Rehabilitation Proceedings
------------------------------------------------------------
Yonhap News Agency reports that Pizza Hut Korea Ltd., the South
Korean operator of the namesake U.S. pizza franchiser, has entered
a court-led rehabilitation process after losing a lawsuit brought
by store owners, the country's bankruptcy court said Monday.

On Nov. 4, Pizza Hut Korea filed for corporate rehabilitation with
the Seoul Bankruptcy Court amid a credit crunch after it was
slapped with a court order to repay 94 local franchisees over KRW20
billion (US$15 million) in franchise fees, Yonhap discloses.

According to Yonhap, the Seoul Administrative Court on Nov. 8
approved a one-month autonomous restructuring support (ARS) plan
requested by Pizza Hut Korea.

An ARS program is a system where a company negotiates debt
repayment plans autonomously with its creditors.

However, the two sides were unable to reach an agreement before the
one-month negotiation period ended last Wednesday [Dec. 11],
resulting in the ARS program not being extended.

Under the court-led rehabilitation procedures that consequently
began, the company is required to submit its final debt
restructuring plan by March 20.

If the court does not approve the plan, the company will face
bankruptcy, Yonhap notes.



                           *********


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
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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
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