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

                     A S I A   P A C I F I C

          Thursday, December 19, 2024, Vol. 27, No. 254

                           Headlines



A U S T R A L I A

A ONE MULTI: Receivers' Application for Indemnity vs ASIC Dismissed
BINANCE AUSTRALIA: ASIC Sues Co. for Consumer Protection Failures
CALIDUS RESOURCES: Awaits Court Decision on Equity Transfer
CANN PHARMACEUTICAL: First Creditors' Meeting Set for Dec. 24
DUROCK DRILLING: Second Creditors' Meeting Set for Dec. 24

FURRY MEATBALL: Two Melbourne Pub Placed Into Administration
PELLA CONSTRUCTION: First Creditors' Meeting Set for Dec. 27
PINEWOOD FRESH: First Creditors' Meeting Set for Dec. 27
V & D MERCHANT: Second Creditors' Meeting Set for Dec. 24


C H I N A

FAW GROUP: Unit Halts Car Production, Delays Wages for Months
RETO ECO-SOLUTIONS: Hydrogen Capital, Director Hold 1.6% Stake
RETO ECO-SOLUTIONS: Nova Horizons, Jie Cui Hold 3.4% Class A Shares
RETO ECO-SOLUTIONS: Token Technology, Director Hold 3.6% Stake
SHINECO INC: Regains Compliance With Nasdaq Bid Price Requirement



I N D I A

AASTHA HI-TECH: CARE Keeps D Debt Rating in Not Cooperating
ADVANCE RECYCLING: Insolvency Resolution Process Case Summary
AGARWAL COAL: CARE Keeps C Debt Rating in Not Cooperating Category
AMAK CONSULTING: Voluntary Liquidation Process Case Summary
AUBREY BUILDERS: Insolvency Resolution Process Case Summary

BABA PURAN: CARE Keeps C Debt Rating in Not Cooperating Category
CACHET EVENTS: Insolvency Resolution Process Case Summary
COASTGLOBAL SYSTEMS: Voluntary Liquidation Process Case Summary
DYNAMETIC OVERSEAS: Liquidation Process Case Summary
GALAXY CONSTRUCTION: CARE Keeps D Debt Ratings in Not Cooperating

GANCO ENERGY: CARE Keeps D Debt Rating in Not Cooperating Category
GANESH RICE: CARE Keeps C Debt Rating in Not Cooperating Category
GURUANAND SILK: Insolvency Resolution Process Case Summary
HORIZON CONCEPT: Insolvency Resolution Process Case Summary
K.K.R. AGRO: CARE Keeps D Debt Ratings in Not Cooperating Category

KALLANG SERVICES: Voluntary Liquidation Process Case Summary
KETHOS TILES: Insolvency Resolution Process Case Summary
LALITHA METALS: CARE Keeps C Debt Rating in Not Cooperating
LGCL URBAN: Insolvency Resolution Process Case Summary
LIBRA FABRIC: Insolvency Resolution Process Case Summary

LODESTONE HEALTHCARE: Voluntary Liquidation Process Case Summary
LORD VRINDAVANBIHARI : Liquidation Process Case Summary
NAGAYYA MAKKIMANE: CARE Keeps C Debt Rating in Not Cooperating
NANDI VARDHANA: CARE Keeps D Debt Ratings in Not Cooperating
NARAYANI FLOUR: CARE Keeps C Debt Rating in Not Cooperating

NOBAL BUILDTECH: Insolvency Resolution Process Case Summary
OM PACKAGING: CARE Keeps C Debt Rating in Not Cooperating Category
P&M ASSOCIATES: Insolvency Resolution Process Case Summary
P. R. COMMERCE: Insolvency Resolution Process Case Summary
PARASHNATH RE-ROOLLING: CARE Keeps D Ratings in Not Cooperating

PRADHAN ASSOCIATES: CARE Lowers Rating on INR11.5cr LT Loan to C
PREMIER SPINTEX: CARE Keeps D Debt Ratings in Not Cooperating
PSK DEVELOPERS: Insolvency Resolution Process Case Summary
QUADROS MOTORS: CARE Keeps D Debt Rating in Not Cooperating
RAJESHREE COTEX: CARE Keeps D Debt Ratings in Not Cooperating

RAJESHREE FIBERS: CARE Keeps D Debt Rating in Not Cooperating
RAJESHREE INDUSTRIES: CARE Keeps D Debt Rating in Not Cooperating
RAMESHWARAM COTTON: CARE Keeps C Debt Rating in Not Cooperating
SAHARA HOSPITALITY: Insolvency Resolution Process Case Summary
SHRADHA AGENCIES: CARE Keeps D Debt Rating in Not Cooperating

SHREEJI CONSTRUCTION: CARE Keeps D Debt Rating in Not Cooperating
SHRI GUMANDEV: Insolvency Resolution Process Case Summary
SUMAN AUTOS: CARE Keeps C Debt Rating in Not Cooperating Category
SUNITA DEVELOPERS: Insolvency Resolution Process Case Summary
TAQUITO LEASE: Liquidation Process Case Summary

URBAN FARMART: Insolvency Resolution Process Case Summary
UTTAM DOORS: CARE Keeps D Debt Rating in Not Cooperating Category
VILLMAR AGRO: Liquidation Process Case Summary
VINAY STEEL: CARE Keeps D Debt Rating in Not Cooperating Category
VIOLET MARKETING: Voluntary Liquidation Process Case Summary

VIVIN DRUGS: Insolvency Resolution Process Case Summary
WEARIT GLOBAL: Liquidation Process Case Summary
WHITE HOUSE: CARE Keeps D Debt Ratings in Not Cooperating
WISH KART: Voluntary Liquidation Process Case Summary
WISTRON AUTOMOTIVE: Voluntary Liquidation Process Case Summary



I N D O N E S I A

EFISHERY: Suspends CEO, CPO Over Alleged Financial Mismanagement
PAN BROTHERS: Avoids Bankruptcy After Securing Creditors Support


M A L A Y S I A

SAPURA ENERGY: Gets Fourth Extension to Submit Regularisation Plan


N E W   Z E A L A N D

AR LIFESTYLE: Creditors' Proofs of Debt Due on Feb. 11
EASTERN ELITE: Court to Hear Wind-Up Petition on Feb. 4
METAL OUTFITTERS: Court to Hear Wind-Up Petition on Feb. 17
PROLINK NZ: Goes Into Liquidation; 200 Workers to Lose Jobs
SIRROCO LIMITED: Creditors' Proofs of Debt Due on Feb. 7

TRUE MACRO: Creditors' Proofs of Debt Due on Feb. 13


S I N G A P O R E

ADVANCED TECH: RSM SG Appointed Provisional Liquidators
BORE PRECISION: Creditors' Meetings Set for Dec. 31
EQUAVERSE PTE: Commences Wind-Up Proceedings
SYMPHONY W&C: Creditors' Meetings Set for Dec. 30
VJAG HOLDINGS: Court to Hear Wind-Up Petition on Jan. 3



S O U T H   K O R E A

DOOSAN BOBCAT: S&P Affirms 'BB+' LongTerm ICR, Outlook Stable

                           - - - - -


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

A ONE MULTI: Receivers' Application for Indemnity vs ASIC Dismissed
-------------------------------------------------------------------
The Australian Securities & Investments Commission (ASIC) on Dec.
18 said the court dismissed the application of the receivers of A
One Multi Services Pty Ltd (AOMS) for an indemnity against ASIC.

ASIC obtained orders on Oct. 21, 2021, appointing receivers to, and
an injunction against, AOMS which was suspected to be engaging in
unlawful activity. The Court appointed receivers John Ross Lindholm
and Timothy James Michael (who was subsequently replaced by William
Colwell) (Receivers) to manage AOMS and to preserve any assets for
the benefit of creditors, which included investors in AOMS.

The receiverships ended on Aug. 7, 2024, when the Federal Court
made orders winding up AOMS and appointing Michael McCann and
Graham Killer of Grant Thornton as joint and several liquidators.

On May 23, 2023, the Receivers filed an application with the Court
seeking:

   * approval for the Receivers' remuneration from June 1, 2022 to

     April 30, 2023, and an order that the amount of the
     Receivers' remuneration be recovered from the property of
     AOMS, and

   * an indemnity from ASIC to cover any shortfall in the monies
     available from the assets of AOMS to pay the Receivers'
     remuneration and disbursements incurred during the entirety
     of the receivership.

The Court:

   * approved the Receivers' remuneration and ordered that the
     Receivers be entitled to recover that sum from the property
     of AOMS, and

   * dismissed the Receivers' application for an indemnity against

     ASIC.

The Court stated that 'The receivers were aware of the terms of the
appointment and of the orders which ASIC intended to seek in
relation to the indemnity from the defendants' assets, and they
agreed to the appointment on that basis. They were aware of the
risks inherent in the appointment and also of the likelihood, as
the receivership progressed, that they would be unable to realise
sufficient assets to cover their expenses'.

The Court held that there is no implied obligation for a person
seeking to appoint a receiver to assets of a third party to
indemnify the receiver for their costs. The Court also noted that
it is a matter for receivers, prior to accepting an appointment, to
make determinations about whether or not accepting an appointment
will be financially viable for them.

ASIC's application to appoint receivers over AOMS was made under to
s1323 of the Corporations Act, in order to preserve and recover the
assets of AOMS to protect the interests of creditors, including
investors in AOMS. Between Jan. 1, 2019 and June 30, 2021, more
than 60 investors deposited approximately AUD25 million into AOMS'
accounts.

The appointment of receivers enabled the assets remaining in AOMS
to be preserved and further recovery of assets of the company.

Registered liquidators including receivers have defined roles under
the Corporations Act 2001 which include exercising their discretion
on how to administer the affairs of companies over which they are
appointed. In all appointments, registered liquidators should
carefully consider the basis on which they are appointed, including
what if any assets are available to pay their costs. Registered
liquidators are required to adequately and properly perform their
duties and functions as required by the Corporations Act, common
law and professional codes and standards.

The sole director of AOMS, Mr Aryn Henry Hala, has been charged
with 9 offences of carrying on a financial services business
without a licence and the prosecution continues.


BINANCE AUSTRALIA: ASIC Sues Co. for Consumer Protection Failures
-----------------------------------------------------------------
More than 500 retail clients of Oztures Trading Pty Ltd, trading as
Binance Australia Derivatives (Binance), were denied important
consumer protections after being misclassified as wholesale
clients, ASIC alleges in documents filed in the Federal Court.

ASIC alleges from July 7, 2022 to April 21, 2023, Binance offered
crypto derivative products to 505 Australian retail investors who
were misclassified as wholesale clients, representing 83% of its
Australian client base.

Retail clients trading financial products, in this case, crypto
derivative products, have important rights and consumer protections
under Australian financial services laws. These include the
requirement to be provided with a product disclosure statement and
access to a compliant dispute resolution scheme. In addition,
Binance was required to make a target market determination under
design and distribution obligations.

ASIC Deputy Chair Sarah Court said Binance allegedly failed to
ensure that the services it provided under its Australian financial
services licence were provided efficiently, honestly and fairly.

'Our case alleges Binance's compliance systems were woefully
inadequate and exposed more than 500 clients to high-risk,
speculative products without the right consumer protections in
place. Many of these clients suffered significant financial losses.
In 2023, we oversaw compensation payments by Binance of
approximately AUD13 million to affected clients.

'Crypto derivative products are inherently risky and complex, so it
is critical that retail clients are classified correctly. Those
classifications ensure they receive the required consumer
protections, and the information required to make an informed
investment decision.'

ASIC alleges Binance, in the period July 2022 to April 2023, failed
to:

     * give a Product Disclosure Statement to retail clients

     * make a Target Market Determination

     * have a compliant internal dispute resolution system

     * do all things necessary to ensure that its financial
       services were provided efficiently, honestly and fairly

     * comply with the conditions of its licence, and

     * ensure that its employees were adequately trained and
       competent.

Earlier this month, ASIC released Consultation paper 381 Updates to
INFO 225: Digital Assets: Financial Products and Services (CP 381)
outlining proposals to update Information Sheet 225 Crypto Assets
to provide greater clarity about how the current financial
product definitions apply to digital assets and related products.

'Many digital assets and related products are financial products
under the current law. We are consulting with the sector to improve
regulatory clarity, and ASIC will continue to use the full range of
regulatory and enforcement tools to safeguard consumers and uphold
market integrity in the digital asset sector,' Ms Court said.

ASIC will be seeking penalties, declarations and adverse publicity
orders.

Binance Australia Derivatives is part of the global Binance group,
one of the world's largest digital cryptocurrency exchanges by
trading volume with registered users across the globe.

In December 2022, ASIC began a targeted review of Binance's
financial services business, including its classification of
wholesale clients. This resulted in ASIC issuing a notice of
hearing under s915C of the Corporations Act 2001 to consider
whether the Australian financial services (AFS) licence held by
Binance Australia Derivatives should be cancelled or suspended. On
April 6, 2023, ASIC cancelled the AFS licence in response to a
request to cancel from the entity.

In 2023, ASIC oversaw the compensation payments of approximately
AUD13.1 million to reported misclassified Binance clients.

Under the Corporations Act 2001, AFS licensees are required to
provide retail clients with important consumer rights and
protections, including but not limited to, a Product Disclosure
Statement (PDS), and a Target Market Determination (TMD).

The design and distribution obligations require issuers and
distributors to have a consumer-centric approach to designing,
marketing and distributing financial products. In particular, firms
must design financial products that meet the likely objectives,
financial situation and needs of the target consumer for whom they
are intended. Firms must also take reasonable steps that are
reasonably likely to result in the distribution of their financial
products to be directed and limited to the defined target market.

ASIC has previously taken civil penalty proceedings against global
digital asset exchange operator Bit Trade Pty Ltd (the operator of
the Kraken crypto exchange in Australia) for design and
distribution obligation failures, with the Federal Court ruling in
favour of ASIC's case.

ASIC's Moneysmart website has information for consumers about the
risks of investing in crypto assets.


CALIDUS RESOURCES: Awaits Court Decision on Equity Transfer
-----------------------------------------------------------
TipRanks reports that Calidus Resources Ltd. has postponed a
crucial court hearing to January 2025 to facilitate amendments to
its Deed of Company Arrangement, which could impact shareholders
and creditors with share rights. If approved, these amendments aim
to transfer full equity and control to the DOCA Proponent.
Interested parties are advised to stay updated via the Deed
Administrators' website.

Calidus Resources Limited (ASX:CAI) -- https://www.calidus.com.au/
-- engages in the exploration and exploitation of gold minerals in
Australia. It holds interests in the Warrawoona gold project
covering an area of approximately 662 square kilometers located in
the East Pilbara district of the Pilbara Goldfield in Western
Australia; and the Blue Spec project situated in the Pilbara
Goldfield in Western Australia. The company also holds interest in
Spear Hill project located in Pilbara, Western Australia.

John Bumbak and Richard Tucker of KordaMentha were appointed as
receivers of Calidus Resources Ltd, Keras (Pilbara) Gold Pty Ltd
and Calidus Blue Spec on June 28, 2024.

The Receivers' appointment follows the appointment of Hayden White
and Daniel Woodhouse of FTI Consulting as voluntary administrators
of Calidus Resources Limited, Keras (Gold) Australia Pty Ltd,
Millennium Minerals Pty Ltd, Calidus Otways Pty Ltd, Keras
(Pilbara) Gold Pty Ltd and Calidus Blue Spec Pty Ltd on June 28,
2024.

The administrators recommend creditors accept a Deed of Company
Arrangement (DOCA) proposal from West Coast group, a related party
of the secured lender, as it presents a better return than
immediate liquidation.


CANN PHARMACEUTICAL: First Creditors' Meeting Set for Dec. 24
-------------------------------------------------------------
A first meeting of the creditors in the proceedings of Cann
Pharmaceutical Australia Limited will be held on Dec. 24, 2024 at
9:30 a.m. at the offices of WLP Restructuring at Suite 19.02, Level
19, 1 Castlereagh Street in Sydney and via virtual meeting
technology.

Alan Walker and Glenn Ian Livingstone of WLP Restructuring were
appointed as administrators of the company on Dec. 13, 2024.


DUROCK DRILLING: Second Creditors' Meeting Set for Dec. 24
----------------------------------------------------------
A second meeting of creditors in the proceedings of Durock Drilling
Pty Ltd has been set for Dec. 24, 2024 at 11:30 a.m. at the offices
of Mackay Goodwin at Level 12, 20 Bridge Street in Sydney and via
teleconference facilities.

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. 23, 2024 at 4:00 p.m.

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


FURRY MEATBALL: Two Melbourne Pub Placed Into Administration
------------------------------------------------------------
Larry Schlesinger at The Australian Financial Review reports that
two prominent Melbourne pubs operated by artist-turned-publican
Tracey Lester - the Carlton Club in the Melbourne CBD and the
Windsor Castle Hotel near Chapel Street in the inner suburbs - have
collapsed, with administrators urgently seeking buyers for the
businesses and their assets.

New Zealand-born Ms. Lester has operated both businesses under
leasehold agreements with private owners for more than 20 years.
Major creditors include the Australian Tax Office, which has lodged
claims for outstanding superannuation, and National Australian
Bank. Unsecured creditors are owed about AUD1.5 million, the
Financial Review discloses.

"The past few years have been incredibly challenging as we navigate
the ongoing impacts of the COVID-19 pandemic on both The Windsor
Castle and The Carlton Club," the report quotes Ms. Lester as
saying in a statement.

"We are at the closing end of a restructuring process and I remain
committed to working closely with my advisors and legal team to
achieve the best possible outcome."

According the Financial Review, the Carlton Club, a popular
multi-level late-night venue with a restaurant and rooftop bar near
Bourke Street Mall, was operated by Ms Lester's Furry Meatball.

The Art Deco-style Windsor Castle Hotel on the corner of Albert and
Upton Streets in Windsor (with three pink elephants on its roof)
was operated by Ms. Lester's Floss Bottom.

Both businesses are now in the hands of voluntary administrators
Shaun Matthews and Rachel Burdett from Cor Cordis, who were
appointed on November 27, the report notes.

According to the minutes of a December 9 creditors meeting for
Furry Meatball, the administrators are seeking "urgent expressions
of interest to either restructure or recapitalise the company,
including via a deed of company arrangement (DOCA), and/or purchase
[of] its assets".

Ms. Lester proposed the DOCA, a binding agreement between the
company and its creditors that is an alternative to liquidation.

The minutes note that The Carlton Club continues to trade in order
"to preserve the value of the assets".

The Financial Review says the ATO has lodged a claim in relation to
Furry Meatball for outstanding superannuation of AUD107,044
covering the period from January 1 to June 30 and has submitted a
total claim of AUD1.12 million. The Carlton Club employed 48 people
at the time administrators were appointed.

Property records show the freehold to The Carlton Club is held by
Pandez Holdings, which is owned by Philip Kapogiannis. Mr
Kapogiannis is a director of pop culture toy distributor Geek X. He
purchased the property for AUD5.9 million in 2002.

The Windsor Castle Hotel is owned by a company called
Chestervillage, with ownership split between the three children of
the late hospitality investor and ceramic artist Nick Fermanis, who
died in 2015.

A second report to creditors is due to be issued on or before
December 27, and a second meeting of creditors will take place on
or before January 6, the report notes.


PELLA CONSTRUCTION: First Creditors' Meeting Set for Dec. 27
------------------------------------------------------------
A first meeting of the creditors in the proceedings of Pella
Construction Pty Ltd will be held on Dec. 27, 2024 at 11:00 a.m.
via teleconference only.

Stephen Dixon of Hamilton Murphy Advisory was appointed as
administrator of the company on Dec. 13, 2024.


PINEWOOD FRESH: First Creditors' Meeting Set for Dec. 27
--------------------------------------------------------
A first meeting of the creditors in the proceedings of Pinewood
Fresh Pty Ltd will be held on Dec. 27, 2024 at 10:00 a.m. at the
offices of SV Partners at Level 17, 200 Queen Street in Melbourne
and by way of teleconference facilities (Microsoft Teams).

Michael Carrafa and Fabian Kane Micheletto of SV Partners were
appointed as administrators of the company on Dec. 13, 2024.


V & D MERCHANT: Second Creditors' Meeting Set for Dec. 24
---------------------------------------------------------
A second meeting of creditors in the proceedings of V & D Merchant
Investments Pty Ltd has been set for Dec. 24, 2024 at 11:00 a.m. at
the offices of WA Insolvency Solutions at Suite 6.02, Level 6, 109
St Georges Terrace in Perth.

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. 23, 2024 at 4:00 p.m.

Greg Prout and Jimmy Trpcevski of WA Insolvency Solutions were
appointed as administrators of the company on Nov. 21, 2024.




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

FAW GROUP: Unit Halts Car Production, Delays Wages for Months
-------------------------------------------------------------
Yicai Global reports that a subsidiary of Chinese automaker FAW
Group has been in financial trouble for several months, having
suspended production and delayed the payment of employee salaries,
according to insiders.

Yicai learned from workers that FAW Jilin halted production around
June and has not paid them salaries since August. The staff hopes
that the parent firm's leadership will formulate a solution for the
ongoing issues, they added.

FAW Jilin's product development and new energy transitions have
failed to keep pace with the market, resulting in serious operating
difficulties, sources close to the company told Yicai.

FAW Jilin was founded in 1980 and became a subsidiary of FAW in
1990. It mainly produces passenger cars, commercial vehicles, and
special-purpose vehicles. Sales of its main passenger car brand
Xenia have been declining due to the intensified competition in the
sports utility vehicle market.

Between 2016 and 2018, FAW Jilin accumulated losses of nearly CNY3
billion (USD411.8 million), Yicai discloses. As a result, the
automaker launched a mixed-ownership reform in 2018. Shandong Baoya
New Energy Vehicle invested CNY1.5 billion for a 70.5 percent stake
in the firm, with FAW's stake dropping to 29.5 percent.

FAW Jilin sells a variety of car models, including
gasoline-powered, electric, and hybrid ones. However, it has not
released any sales data in the past years.


RETO ECO-SOLUTIONS: Hydrogen Capital, Director Hold 1.6% Stake
--------------------------------------------------------------
Hydrogen Capital Group Ltd and Director Qian Cui disclosed in a
Schedule 13G/A filed with the U.S. Securities and Exchange
Commission that as of October 28, 2024, they beneficially owned
307,995 shares of ReTo Eco-Solutions, Inc.'s Class A Shares,
representing 1.6% of the 19,352,636 Class A Shares outstanding as
reported in Company's Registration Statement on Form F-3, dated
September 24, 2024, filed with the Commission on September 24,
2024.

Qian Cui holds approximately 99% ownership and is the sole director
of Hydrogen Capital, and is deemed to beneficially own the 307,995
Class A Shares held by Hydrogen Capital Group Ltd.

A full-text copy of Hydrogen Capital's SEC Report is available at:

                  https://tinyurl.com/yc82j6x3

                     About ReTo Eco-Solutions

ReTo Eco-Solutions, Inc., through its operating subsidiaries in
China, is engaged in the manufacture and distribution of
eco-friendly construction materials (aggregates, bricks, pavers,
and tiles), made from mining waste (iron tailings), as well as
equipment used for the production of these eco-friendly
construction materials. In addition, the Company provides
consultation, design, project implementation, and construction of
urban ecological protection projects through its operating
subsidiaries in China. The Company also provides parts, engineering
support, consulting, technical advice and service, and other
project-related solutions for its manufacturing equipment and
environmental protection projects.

Irvine, California-based YCM CPA, Inc., the Company's auditor since
2021, issued a "going concern" qualification in its report dated
May 15, 2024, citing that the Company recorded an accumulated
deficit as of Dec. 31, 2023, and the Company currently has a net
working capital deficit, continued net losses, and negative cash
flows from operations. These conditions raise substantial doubt
about the Company's ability to continue as a going concern.

As of December 31, 2023, ReTo Eco-Solutions had $25.2 million in
total assets, $20.4 million in total liabilities, and $4.9 million
in total shareholders' equity.

RETO ECO-SOLUTIONS: Nova Horizons, Jie Cui Hold 3.4% Class A Shares
-------------------------------------------------------------------
Nova Horizons Ltd and Director Jie Cui disclosed in a Schedule
13G/A filed with the U.S. Securities and Exchange Commission that
as of October 28, 2024, they beneficially owned 655,564 shares of
ReTo Eco-Solutions, Inc.'s Class A Shares, representing 3.4% of the
19,352,636 Class A Shares outstanding as reported in Company's
Registration Statement on Form F-3, dated September 24, 2024.

A full-text copy of Nova Horizon's SEC Report is available at:

                  https://tinyurl.com/mr3r5yp5

                     About ReTo Eco-Solutions

ReTo Eco-Solutions, Inc., through its operating subsidiaries in
China, is engaged in the manufacture and distribution of
eco-friendly construction materials (aggregates, bricks, pavers,
and tiles), made from mining waste (iron tailings), as well as
equipment used for the production of these eco-friendly
construction materials. In addition, the Company provides
consultation, design, project implementation, and construction of
urban ecological protection projects through its operating
subsidiaries in China. The Company also provides parts, engineering
support, consulting, technical advice and service, and other
project-related solutions for its manufacturing equipment and
environmental protection projects.

Irvine, California-based YCM CPA, Inc., the Company's auditor since
2021, issued a "going concern" qualification in its report dated
May 15, 2024, citing that the Company recorded an accumulated
deficit as of Dec. 31, 2023, and the Company currently has a net
working capital deficit, continued net losses, and negative cash
flows from operations. These conditions raise substantial doubt
about the Company's ability to continue as a going concern.

As of December 31, 2023, ReTo Eco-Solutions had $25.2 million in
total assets, $20.4 million in total liabilities, and $4.9 million
in total shareholders' equity.

RETO ECO-SOLUTIONS: Token Technology, Director Hold 3.6% Stake
--------------------------------------------------------------
Token Technology Inc. and Director Yongli Wu disclosed in a
Schedule 13G/A filed with the U.S. Securities and Exchange
Commission that as of October 28, 2024, they beneficially owned
693,198 shares of ReTo Eco-Solutions, Inc.'s Class A Shares,
representing 3.6% of the 19,352,636 Class A Shares outstanding as
reported in Company's Registration Statement on Form F-3, dated
September 24, 2024.

A full-text copy of Token Technology's SEC Report is available at:

                  https://tinyurl.com/yjfp3uhy

                     About ReTo Eco-Solutions

ReTo Eco-Solutions, Inc., through its operating subsidiaries in
China, is engaged in the manufacture and distribution of
eco-friendly construction materials (aggregates, bricks, pavers,
and tiles), made from mining waste (iron tailings), as well as
equipment used for the production of these eco-friendly
construction materials. In addition, the Company provides
consultation, design, project implementation, and construction of
urban ecological protection projects through its operating
subsidiaries in China. The Company also provides parts, engineering
support, consulting, technical advice and service, and other
project-related solutions for its manufacturing equipment and
environmental protection projects.

Irvine, California-based YCM CPA, Inc., the Company's auditor since
2021, issued a "going concern" qualification in its report dated
May 15, 2024, citing that the Company recorded an accumulated
deficit as of Dec. 31, 2023, and the Company currently has a net
working capital deficit, continued net losses, and negative cash
flows from operations. These conditions raise substantial doubt
about the Company's ability to continue as a going concern.

As of December 31, 2023, ReTo Eco-Solutions had $25.2 million in
total assets, $20.4 million in total liabilities, and $4.9 million
in total shareholders' equity.

SHINECO INC: Regains Compliance With Nasdaq Bid Price Requirement
-----------------------------------------------------------------
Shineco Inc. disclosed in a Form 8-K Report filed with the U.S.
Securities and Exchange Commission that on November 26, 2024, it
received a deficiency letter from the Listing Qualifications
Department of The Nasdaq Stock Market LLC notifying the Company
that, based upon the closing bid price of the Company's common
stock for the last 30 consecutive business days prior to September
3, 2024, the Company was not in compliance with the requirement to
maintain a minimum bid price of $1.00 per share for continued
listing on The Nasdaq Capital Market, as set forth in Nasdaq
Listing Rule 5550(a)(2). Since then, Nasdaq has determined that for
the 10 consecutive business days from November 12 to 25, 2024, the
closing bid price of the Company's common stock has been at $1.00
per share or greater. Thus, the Company has regained compliance
with Nasdaq Listing Rule 5550(a)(2) and Nasdaq considers this
matter closed.

The Company will continue to monitor the closing bid price of its
Common Stock in the future. If the Company does not maintain
compliance with Nasdaq Listing Rule 5500(a)(2) in the future, it is
likely that Nasdaq will once again provide notice that the
Company's Common Stock will be subject to delisting.

                          About Shineco

Headquartered in Beijing, People's Republic of China, Shineco, Inc.
aims to 'care for a healthy life and improve the quality of life'
by providing health and medical products and services to society.
Shineco, operating through subsidiaries, has researched and
developed 33 vitro diagnostic reagents and related medical devices
to date, and the Company also produces and sells healthy and
nutritious foods.

Singapore-based AssentSure PAC, the Company's auditor since 2021,
issued a "going concern" qualification in its report dated Sept.
30, 2024, citing that the Company had net losses of approximately
US$$24.3 million and US$14.0 million, and cash outflow of US$3.9
million and US$5.4 million from operating activities for the years
ended June 30, 2024 and 2023, respectively. As of June 30, 2024 and
2023, the Company had accumulated deficit of US$54.3 million and
US$31.7 million, respectively, and as of June 30, 2024 and 2023,
the Company had negative working capital of US$6.7 million and
US28.9 million, respectively. These conditions raise substantial
doubt about the Company's ability to continue as a going concern.

As of June 30, 2024, Shineco had $84.18 million in total assets,
$47.60 million in total liabilities, and $36.58 million in total
equity.



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

AASTHA HI-TECH: CARE Keeps D Debt Rating in Not Cooperating
-----------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Aastha
HI-Tech Storage Llp (AHSL) continue to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       9.00       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Rationale and key rating drivers

CARE Ratings Ltd. had, vide its press release dated October 17,
2023, placed the rating(s) of AHSL under the 'issuer
non-cooperating' category as AHSL had failed to provide information
for monitoring of the rating as agreed to in its Rating Agreement.
AHSL continues to be non-cooperative despite repeated requests for
submission of information through e-mails dated September 1, 2024,
September 11, 2024, September 21, 2024 among others.

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

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

Analytical approach: Standalone

Aastha Hi-Tech Storage LLP (AHSL) was established in August 2013 by
Mr. Deepakkumar Vaswani, Mr. Baldevji Thakor, Mr. Kiritkumar
Dhanesinh Chauhan, Mr. Narendrapalsinh Joddha, Mr. Janeshbhai
Patel, Mr. Harichandrasinh Bhati and Mr. Samirkumar Patel. AHSL's
commercial operations started from April 2015 and FY16 was its
first full year of operations. AHSL was set up to provide cold
storage facilities at Banaskatha (Gujarat) with total installed
capacity of 9000 MTPA (Metric Tonnes Per Annum) as on March 31,
2016. The main objective of setting up AHSL is to preserve potatoes
and other vegetables for longer duration. The plant is located at
ban (Gujarat) which is one of the major Potatoes growing area
region in Gujarat.

ADVANCE RECYCLING: Insolvency Resolution Process Case Summary
-------------------------------------------------------------
Debtor: Advance Recycling Solutions LLP
Khasa No. 71/6/2 & 72/10/12
        Swaran Park Industrial Area
        Mundka, Delhi - 110041

Insolvency Commencement Date: November 19, 2024

Estimated date of closure of
insolvency resolution process: May 18, 2025

Court: National Company Law Tribunal, New Delhi Bench-III

Insolvency
Professional: Amit Ojha
       A-15, Sector  XU-1, Greater Noida,
              Uttar Pradesh-201310
              Email: amitojha17@gmail.com
              Tel No: +919891511114
              Email: cirpadvancerecycling@gmail.com

Last date for
submission of claims: December 3, 2024


AGARWAL COAL: CARE Keeps C Debt Rating in Not Cooperating Category
------------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Agarwal
Coal Suppliers (ACS) continue to remain in the 'Issuer Not
Cooperating' category.

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

Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated December 6,
2023, placed the rating(s) of ACS under the 'issuer
non-cooperating' category as ACS had failed to provide information
for monitoring of the rating as agreed to in its Rating Agreement.
ACS continues to be non-cooperative despite repeated requests for
submission of information through emails dated October 21, 2024,
October 31, 2024, November 10, 2024 among others.

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

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

Analytical approach: Standalone

Outlook: Stable

Meerut, Uttar Pradesh based Agarwal Coal Suppliers (ACS) is a
proprietorship firm established in 1986. The firm is being managed
by Mr. Sudhir Kumar Garg. ACS is engaged in trading of coal.

Status of non-cooperation with previous CRA: CRISIL has continued
the rating assigned to the bank facilities of ACS into Issuer Not
Cooperating category vide press release dated October 8, 2024 on
account of its inability to carry out a review in the absence of
requisite information.


AMAK CONSULTING: Voluntary Liquidation Process Case Summary
-----------------------------------------------------------
Debtor:  Amak Consulting Services Private Limited
  Bren Mercury, No. 835/39,
         Kaikondranahalli, Varthur Hobli,
         Sarjapura Main Road,
         Bangalore - 560035

Liquidation Commencement Date: November 13, 2024

Court: National Company Law Tribunal Bangalore Bench

Liquidator: Venkataraman Jayagopal
     E-003, Victoria Haven,
            Patel Ram Reddy Road,
            Domlur 1st Stage Bangalore-560071
            Email: gopal_venus@hotmail.com
            Email: amakcs.vl@gmail.com
            Tel No: 9341240595

Last date for
submission of claims: December 13, 2024


AUBREY BUILDERS: Insolvency Resolution Process Case Summary
-----------------------------------------------------------
Debtor: Aubrey Builders Private Limited
Unit No. 49/2360, Bandra Shri Sai Krupa CHS Ltd.
        Gandhi Nagar, Bandra (East)
        Mumbai, Maharashtra

Insolvency Commencement Date: November 4, 2024

Estimated date of closure of
insolvency resolution process: May 3, 2025

Court: National Company Law Tribunal, Mumbai Bench

Insolvency
Professional: Nidhi Amit Poddar
              7 Akshat Vijay Nagar, Katol Road
              Near Durga Mata Mandir Nagpur
              Maharahstra - 440013
              Email: nidhipoddar.ip@gmail.com
              Email: cirp.aubrey@gmail.com

Last date for
submission of claims: December 18, 2024


BABA PURAN: CARE Keeps C Debt Rating in Not Cooperating Category
----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Baba Puran
Dass Financials Services Limited (BPDFSL) continues to remain in
the 'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Fixed Deposit        3.00       CARE C; Negative; ISSUER
                                   NOT COOPERATING; Rating
                                   continues to remain under
                                   ISSUER NOT COOPERATING
                                   Category

Rationale and key rating drivers

CARE Ratings Limited (CARE Ratings) had placed the rating of BPDFSL
under the 'issuer non-cooperating' category vide its press release
dated March 15, 2018, as BPDFSL had failed to provide information
for monitoring of the rating as agreed to in its Rating Agreement.
BPDFSL continues to be non-cooperative despite repeated requests
for submission of information through phone calls and emails dated
August 20, 2024, August 10, 2024, and July 31, 2024. In line with
the extant SEBI guidelines, CARE Ratings has reviewed the rating
based on best available information, which however, in CARE
Ratings' opinion is not sufficient to arrive at a fair rating.

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

Reaffirmation in the rating assigned to BPDFSL factors in continued
breach of the overdraft limit for over 30 days and nonavailability
of latest financials and other operational information.

Analytical approach: Standalone

Outlook: Negative

Detailed description of key rating drivers:

Key weaknesses

* Small scale of operations with high regional concentration:
BPDFSL's scale of operations remains small, with loan portfolio of
INR5.09 crore as on March 31, 2023 (against INR5.96 crore on March
31, 2022). The company had a single operating office, which was in
Ludhiana (update not available).

* Moderate income and profitability: BPDFSL's earning profile
increased by 4% Y-o-Y, with total income of INR1.10 crore in FY23
against total income of INR1.06 crore in FY22.

Key strengths

* Experienced promoters: Mohinder Pal Singh is the company's
managing director and has industry experience of over three
decades. Other directors include his wife, Chanchal Kaur, having
industry experience of over two decades.

Incorporated in 1995, BPDFSL is registered as a public deposit
accepting NBFC with the Reserve Bank of India (RBI). The company is
engaged primarily in lending for vehicle financing on hire and
purchase basis. The company also provides loans for consumer
durables including washing machines and television sets, among
others.


CACHET EVENTS: Insolvency Resolution Process Case Summary
---------------------------------------------------------
Debtor: M/s. Cachet Events and Design Solutions Private Limited
12, Santa Industrial Estate,
        I.B Patel Road Goregaon East,
        Mumbai City, Mumbai
        Maharashtra India, 400063

Insolvency Commencement Date: November 10, 2024

Estimated date of closure of
insolvency resolution process: April 10, 2025 (180 Days)

Court: National Company Law Tribunal, Mumbai Bench

Insolvency
Professional: CA Rajan Garg
       Flat No. 202, Wing B, 2nd Floor, Safal Twins,
              Block-Punjabwadi, Sion-Trombay Road, Deonar,
              Mumbai Suburban, Maharashtra-400 088
              Email: fcarajanagarg@gmail.com

              Suite No.5, 8th Floor, 207, Embassy Centre,
              Jamnalal Bajaj Marg, Nariman Point,
              Mumbai, Maharahstra - 400021
              Email: cachetevents.sipl@yahoo.com

Last date for
submission of claims: October 26, 2024


COASTGLOBAL SYSTEMS: Voluntary Liquidation Process Case Summary
---------------------------------------------------------------
Debtor: Coastglobal Systems Private Limited
S No 6/ 1-2-3, FL A3 704, Ganga Panama
        Pimple Nilakh
        Pune, Maharashtra
        India 411027

Liquidation Commencement Date: November 19, 2024

Court: National Company Law Tribunal Pune Bench

Liquidator: CS Mandar Wagh
     Flat No. C 1302, Grandstand Trinity,
            Service Road, From Vedbhavan to Warje,
            Pune Bangalore Highway,
            Near Chandani Chowk, Pune 411038
            Email: mandar.wagh@anandchaitanya.com
            Tel No: 982284448

Last date for
submission of claims: December 19, 2024


DYNAMETIC OVERSEAS: Liquidation Process Case Summary
----------------------------------------------------
Debtor: Dynametic Overseas Private Limited
85, Ballygunge Gradens,
        Kolkata, West Bengal,
        India, 700019

Liquidation Commencement Date: November 11, 2024

Court: National Company Law Tribunal Kolkata Bench

Liquidator: Anil Kumar Dubey
     Meridian Splendora Flat-4F, Tower-II,
            9A/1 Umakant Sen Lane,
            Birpara, Kolkata,
            West Bengal, 700030
            Email: anil@mandaassosciates.in

            13 Crooked Lane,
            Ajit Sen Bhawan,
            4th Floor, Room No, 401, Kolkata-700069
            Email: cirp.dynametic@gmail.com

Last date for
submission of claims: December 21, 2024


GALAXY CONSTRUCTION: CARE Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Galaxy
Construction and Contractors Private Limited (GCCPL) continue to
remain in the 'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      32.00       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

   Short Term Bank      2.00       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Rationale and key rating drivers

CARE Ratings Ltd. had, vide its press release dated December 11,
2023, placed the rating(s) of GCCPL under the 'issuer
non-cooperating' category as GCCPL had failed to provide
information for monitoring of the rating as agreed to in its Rating
Agreement. GCCPL continues to be non-cooperative despite repeated
requests for submission of information through e-mails dated
October 26, 2024, November 05, 2024 and November 15, 2024, among
others.

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

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

Analytical approach: Standalone

Incorporated in the year 2001, GCCPL is promoted by Mr. Deepak
Gugale and Mr. Amit Thepade. The company is engaged in the civil
construction of commercial and residential projects and undertakes
project on contract basis for various customers including
government, semi-government and private entities.

GANCO ENERGY: CARE Keeps D Debt Rating in Not Cooperating Category
------------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Ganco
Energy (India) Private Limited (GEPL) continues to remain in the
'Issuer Not Cooperating' category.

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

Rationale and key rating drivers

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

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

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

Analytical approach: Standalone

Outlook: Not Applicable

Ganco Energy India Private Limited (GEPL) was incorporated in the
year 2014 and promoted by Mr. G. Appala Naidu and Mrs. G Chinni
Kumarilakshmi. GEPL proposes to install 60 MW automatic Solar
Photovoltaic (SPV) module manufacturing line at Bhemunipatnam,
Visakhapatnam.
Status of non-cooperation with previous CRA: CRISIL has continued
the ratings assigned to the bank facilities of GEPL to the 'issuer
not-cooperating' category vide press release dated June 24, 2024 on
account of its inability to carryout review in the absence of
requisite information from the company.


GANESH RICE: CARE Keeps C Debt Rating in Not Cooperating Category
-----------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Shree
Ganesh Rice Mills (Sirsa) (SGRM) continue to remain in the 'Issuer
Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      13.30       CARE C; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category  

   Short Term Bank      1.70       CARE A4; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category

Rationale and key rating drivers

CARE Ratings Ltd. had, vide its press release dated December 6,
2023, placed the rating(s) of SGRM under the 'issuer
non-cooperating' category as SGRM had failed to provide information
for monitoring of the rating as agreed to in its Rating Agreement.
SGRM continues to be non-cooperative despite repeated requests for
submission of information through e-mails dated October 21, 2024,
October 31, 2024 and November 10, 2024 among others.

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

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

Analytical approach: Standalone

Sirsa-based (Haryana) Shree Ganesh Rice Mills (SGRM) was
established in 1999 as a partnership concern by Mr. Bhim Singhal
and Mr. Sunil Singhal. The firm is engaged in milling and
processing and trading of both basmati and non-basmati rice. The
firm procures the raw material (paddy) from the grain market
located in Haryana through commission agents and sells its product
to wholesalers in Haryana, Delhi and Gujarat.


GURUANAND SILK: Insolvency Resolution Process Case Summary
----------------------------------------------------------
Debtor: Guruanand Silk Mills Pvt. Ltd.
27/29, Kolbhat Lane,
        2nd Floor, Kalbadevi Road,
        Mumbai, Maharashtra,
        India, 400002

Insolvency Commencement Date: November 14, 2024

Estimated date of closure of
insolvency resolution process: May 13, 2025

Court: National Company Law Tribunal, Mumbai Bench

Insolvency
Professional: Mr. Mukesh Kumar Jain
              C-203, EDGE,
              Opposite Maruti Suzuki Arena,
              Vidhansabha Road,
              Mova, Raipur-492007 (C.G.)
              Email: mki2822@gmail.com
              Email: cirp.guruanand@gmail.com

Last date for
submission of claims: December 10, 2024


HORIZON CONCEPT: Insolvency Resolution Process Case Summary
-----------------------------------------------------------
Debtor: Horizon Concept Private Limited
8/13 First Floor, Sahi Hospital Road,
        Jungpura Extension,
        New Delhi-110014

Insolvency Commencement Date: October 1, 2024

Estimated date of closure of
insolvency resolution process: January 26, 2025

Court: National Company Law Tribunal, Delhi Bench-III

Insolvency
Professional: Mr. Suman Kumar Verna
       WZ-D-9, Lane No. 10, Mahavir Enclave,
              Palam Colony, New Delhi-110045
              Email: ipskverma@gmail.com
              Email: hcpl.cirp@gmail.com

Last date for
submission of claims: December 4, 2024


K.K.R. AGRO: CARE Keeps D Debt Ratings in Not Cooperating Category
------------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of K.K.R.
Agro Mills Private Limited (KAMPL) continue to remain in the
'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       6.89       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

   Long Term/          60.50       CARE D/CARE D; ISSUER NOT
   Short Term                      COOPERATING; Rating continues
   Bank Facilities                 to remain under ISSUER NOT
                                   COOPERATING category

   Short Term Bank     15.17       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Rationale and key rating drivers

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

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

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

Analytical approach: Standalone

K.K.R. Agro Mills Pvt Ltd (KAMPL) is a part of KKR Group based in
Okkal Kerala which was established June in 2001 and is engaged in
processing of rice and manufacturing of grain flours. KKR group is
engaged in processing 11 types of rice and rice products, and
exporting them to direct distributors overseas to around 47
countries including USA, UAE, and European countries. Over the
years, the group has diversified from rice processing to
manufacturing grain flours, spices and curry powders, pickles and
readyto-eat products.

KALLANG SERVICES: Voluntary Liquidation Process Case Summary
------------------------------------------------------------
Debtor: Kallang Services Private Limited
Flat No 1203 Tower B2 Sec 82
        Mapsko Casa Bella
        Gurgaon, Haryana-122001

Liquidation Commencement Date: November 12, 2024

Court: National Company Law Tribunal Delhi Bench

Liquidator: Mr. Loveneet Handa
     201, 2nd Floor, Park View Complex, 48,
            Near Reliance Fresh,
            Hasanpur, IP. Extension,
             Patparganj, Delhi 110092
            Email: liquidation.kallangservices@gmail.com
            Email: loveneet.cs@gmail.com
            Contact No: 9818664478

Last date for
submission of claims: December 12, 2024


KETHOS TILES: Insolvency Resolution Process Case Summary
--------------------------------------------------------
Debtor: Kethos Tiles Private Limited
        Survey No. 111, 112, 119,
        (P), At-Gulab Ni Muvadi,
        Ahmedabad-Modasa Highway,
        Near Salatpur C,
        Hokadi Sabar Kantha-383215,
        Talod, Gujarat, India

Insolvency Commencement Date: November 12, 2024

Estimated date of closure of
insolvency resolution process: May 11, 2025

Court: National Company Law Tribunal, Ahmedabad Bench

Insolvency
Professional: Mr. Tarunkumar Bhatt
       1010, Shilp-Zaveri,
              Shyamal Crossroads, Satellite,
              Ahmedabad-380015, Gujarat
              Email: jigarb.jigarb@gmail.com
              Email: kethos.ppirp@gmail.com

Last date for
submission of claims: November 27, 2024


LALITHA METALS: CARE Keeps C Debt Rating in Not Cooperating
-----------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Lalitha
Metals (LM) continue to remain in the 'Issuer Not Cooperating'
category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       7.37       CARE C; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category  

   Short Term           0.15       CARE A4; ISSUER NOT
   Bank Facilities                 COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category

Rationale and key rating drivers

CARE Ratings Ltd. had, vide its press release dated October 26,
2023, placed the rating(s) of LM under the 'issuer non-cooperating'
category as LM had failed to provide information for monitoring of
the rating as agreed to in its Rating Agreement. LM continues to be
non-cooperative despite repeated requests for submission of
information through e-mails dated September 10, 2024, September 20,
2024 and September 30, 2024 among others.

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

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

Analytical approach: Standalone

Outlook: Stable
Lalitha Metals (LM) was incorporated in 1976 by Mr. A. Krishna
Balaji and Mr. A V K Chowdary. The firm is engaged in the business
of manufacturing of Spheroidal Graphite Iron (SG Iron) castings
which include cast iron and non-ferrous castings,
valves, pipe fittings and manhole covers.

Status of non-cooperation with previous CRA: Brickwork has
continued ratings of LM to 'Issuer Not Cooperating' category vide
press release dated April 3, 2024 on account of its inability to
carry out a review in the absence of the requisite information from
the firm.


LGCL URBAN: Insolvency Resolution Process Case Summary
------------------------------------------------------
Debtor: M/s LGCL URBAN HOMES (INDIA) LLP.
        (CIRP is allowed for the CD excluding Projects
        "LGCL new life" and "LGCL Happy Days")

         No 12/1, Rest House Road Bangalore,
         Karnataka, India - 560001

Insolvency Commencement Date: November 14, 2024

Estimated date of closure of
insolvency resolution process: May 13, 2025

Court: National Company Law Tribunal, Bengaluru Bench

Insolvency
Professional: SMT. RAMANATHAN BHUVANESHWARI
              C-006, Pioneer Paradise, 24th Main Road,
              7th Phase, JP Nagar,
              Bangalore-560078
              Email: bhoona.bhuvan@gmail.com
              Email: cirp.lgclcd@gmail.com

Last date for
submission of claims: December 12, 2024


LIBRA FABRIC: Insolvency Resolution Process Case Summary
--------------------------------------------------------
Debtor: Libra Fabric Designs Private Limited
A/2, 309/349, Shah & Nahar Ind. Estate
        Dhanraj Mil Compound
        Sitaram Jadhav Marg,
        Lower Parel, Mumbai - 400013
        Maharashtra

Insolvency Commencement Date: October 1, 2024

Estimated date of closure of
insolvency resolution process: March 3, 2025 (180 Days)

Court: National Company Law Tribunal, Mumbai Bench - III

Insolvency
Professional: Truvisory Insolvency Professionals Private Limited
              1501, Tower No. 4,
              Spring Grove Towers,
              Lokhandwala Township,
              Kandivali East, Mumbai - 4000101
              Email: contactanshulgupta@gmail.com

              410, 4th Floor, Bluerose Industrial Estate
              Near Metro Mall and Tata Power Petrol Pump
              Western Express Highway,
              Borivali East - 400066 Mumbai
              Email: ibc.librafabric@gmail.com

Last date for
submission of claims: October 15, 2024


LODESTONE HEALTHCARE: Voluntary Liquidation Process Case Summary
----------------------------------------------------------------
Debtor: Lodestone Healthcare Private Limited
        #1, JA Complex, Melukote Road,
        Dananagar, Tumkur,
        Karnataka, India 572101

Liquidation Commencement Date: December 6, 2024

Court: National Company Law Tribunal, Bengaluru Bench

Liquidator: Srilakshmi Purushotham
            No. 41, Patalamma Temple Street,
            Basavanagudi
            Near South End Circle
            Bangaluru 560004
            Karnataka, India
            Email: sri@gurujana.com
            Phone: 080-4220-2020

Last date for
submission of claims: January 5, 2025


LORD VRINDAVANBIHARI : Liquidation Process Case Summary
-------------------------------------------------------
Debtor: Lord VrindavanBihari Trading Private Limited
First Floor 30/13 Tulsi Ram Market,
        Tiwari Gali, Rawat Para, Agra,
        Uttar Pradesh - 282003

Liquidation Commencement Date: November 10, 2024

Court: National Company Law Tribunal New Delhi Bench

Liquidator: Vikram Sharma
     4A/ 54 Old Rajinder Nagar,
            New Delhi 110060
            Email: ipvikramsharma@gmail.com
            Email: liquidator.lvtpl@gmail.com

Last date for
submission of claims: December 11, 2024


NAGAYYA MAKKIMANE: CARE Keeps C Debt Rating in Not Cooperating
--------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Nagayya
Makkimane Shetty (NMS) continues to remain in the 'Issuer Not
Cooperating' category.

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

Rationale and key rating drivers

CARE Ratings Ltd. had, vide its press release dated October 26,
2023, placed the rating(s) of NMS under the 'issuer
non-cooperating' category as NMS had failed to provide information
for monitoring of the rating as agreed to in its Rating Agreement.
NMS continues to be non-cooperative despite repeated requests for
submission of information through e-mails dated September 10, 2024,
September 20, 2024 and September 30, 2024 among others.

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

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

Analytical approach: Standalone

Outlook: Stable

Karnataka based, Nagayya Makkimane Shetty (NMS) was established as
a proprietorship firm in 2005 by Mr. Nagayya Makkimane Shetty. NMS
is engaged in civil construction works like construction and
improvements of roads and drainage works relating to Public Works
Department (PWD), Directorate of Municipal Administration (DMA),
Karnataka Power Corporation Limited (KPCL), City Municipal Council
(CMC), Panchayatiraj Engineering, Department (PRED), and Mangaluru
City Corporation (MCC) etc. in the Karnataka state. The firm
purchases materials like cement, steel, metal and Tar from local
suppliers located in and around Karnataka. NMS procures work orders
through online government tender websites.


NANDI VARDHANA: CARE Keeps D Debt Ratings in Not Cooperating
------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Nandi
Vardhana Textile Mills Limited (NVTML) continue to remain in the
'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      24.56       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

   Short Term Bank      3.40       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Rationale and key rating drivers

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


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

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

Analytical approach: Standalone

NVTML was incorporated in the year 2005 by Mr. P Srinivasa Rao, Mr.
G Anjaiah, Mrs P Padmavathi and the relatives of the promoters.
NVTML is engaged in the manufacturing of cotton yarn with an
installed capacity of 20,448 spindles per annum at Thimmapuram,
Guntur District, and Andhra Pradesh. NVTML manufactures and
supplies cotton yarn for both domestic as well as global markets.
Till FY12, a predominant portion of the finished product was sold
domestically, while around 22% was exported to countries like
Turkey, Brazil and China.


NARAYANI FLOUR: CARE Keeps C Debt Rating in Not Cooperating
-----------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Narayani
Flour Mill (NFM) continue to remain in the 'Issuer Not Cooperating'
category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       1.20       CARE C; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category  

   Short Term           5.40       CARE A4; ISSUER NOT
   Bank Facilities                 COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category

Rationale and key rating drivers

CARE Ratings Ltd. had, vide its press release dated November 6,
2023, placed the rating(s) of NFM under the 'issuer
non-cooperating' category as NFM had failed to provide information
for monitoring of the rating as agreed to in its Rating Agreement.
NFM continues to be non-cooperative despite repeated requests for
submission of information through e-mails dated September 21, 2024,
October 1, 2024, October 11, 2024 among others.

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

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

Analytical approach: Standalone

Outlook: Stable
Narayani Flour Mill (NFM), established in December, 2011 as a
partnership firm in the view of initiating a flour milling business
in West Bengal. Currently the firm is operating as per partnership
deed signed on December 2011. The firm has installed its
manufacturing facility at Paraj, Burdwan with an installed capacity
of 200 MT per day. NFM commenced commercial production
from March 2012. The firm manufactures wheat flour and wheat bran.
NFM procures wheat from the govt. of West Bengal and processes
wheat flour and bran. After processing NFM keeps the bran with
itself and sells the flour to Govt. of West Bengal. Further, NFM
also caters to local wholesalers and retailers.

NOBAL BUILDTECH: Insolvency Resolution Process Case Summary
-----------------------------------------------------------
Debtor: Nobal Buildtech Private Limited
Sikka House- C-60, Preet Vihar,
        Vikas Marg, Delhi,
        Delhi India-110092

Insolvency Commencement Date: November 5, 2024

Estimated date of closure of
insolvency resolution process: May 4, 2025

Court: National Company Law Tribunal, New Delhi Bench-II

Insolvency
Professional: Hemant Sethi
       C-1/2846 Sushant Lok-Phase 1,
              Gurugram (Haryana-122002)

              Block No. 1B, House No. 8-C Ashok Vihar,
              Phase-1, Delhi-110052
              Email: hemantmlsethi60@gmail.com

              AAA House
              64, First Floor Okhla Estate,
              Phase III, Near Modi Mill,
              New Delhi-110020
              Email: nobalbuildtech.cirp@gmail.com

Last date for
submission of claims: November 21, 2024


OM PACKAGING: CARE Keeps C Debt Rating in Not Cooperating Category
------------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Om
Packaging (OP) continue to remain in the 'Issuer Not Cooperating'
category.

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

Rationale and key rating drivers

CARE Ratings Ltd. had, vide its press release dated December 1,
2023, placed the rating(s) of OP under the 'issuer non-cooperating'
category as OP had failed to provide information for monitoring of
the rating as agreed to in its Rating Agreement. OP continues to be
non-cooperative despite repeated requests for submission of
information through e-mails dated October 16, 2024, October 26,
2024 and November 5, 2024 among others.

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

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

Analytical approach: Standalone


Om Packaging (OP) is a partnership firm, incorporated in 1999,
between Mr. Birendra Kumar, Mr. Ramu Sing Yadav & Mr. Shyam Sunder
Yadav and subsequently in February 2012, Mr. Ramu Sing Yadav & Mr.
Shyam Sunder Yadav retired from the business and Mr. Avinash Kumar
joined the business. OP is thereafter managed by two partners Mr.
Birendra Kumarand and Mr. Avinash Kumar. The firm is into business
of manufacturing of wide range of packaging products like
industrial barrels, drums, paper cores and tubes and containers. OM
caters to domestic as well as overseas customers.

Status of non-cooperation with previous CRA: CRISIL has continued
the ratings assigned to the bank facilities of OP into 'Issuer
not-cooperating' category vide press release dated November 15,
2024 on account of non-availability of requisite information from
the firm.

P&M ASSOCIATES: Insolvency Resolution Process Case Summary
----------------------------------------------------------
Debtor: P&M Associates LLP
78/6 Shankarappa Circle,
        8th Cross C-clock,
        Magadi Road,
        Bengaluru-56002 Kamalake

Insolvency Commencement Date: November 20, 2024

Estimated date of closure of
insolvency resolution process: May 19, 2025

Court: National Company Law Tribunal, Bengaluru Bench

Insolvency
Professional: Pramod Shihari
       #3rd floor, Raaj Towers,
              23rd Cross,
              Barashanri 2nd Stage
              Bengaluru - 550070
              Email: pramod@gmail.com
              Email: prmod@capadi.in

Last date for
submission of claims: December 4, 2024


P. R. COMMERCE: Insolvency Resolution Process Case Summary
----------------------------------------------------------
Debtor:  P.R Commerce Private Limited
  "Raikva", 3A, Ram Mohan Mullick Garden Lane
         4th Floor, Room No. 10,
         P.S - Beliaghata,
         West, Bengal Kolkata - 70001

Insolvency Commencement Date: November 27, 2024

Estimated date of closure of
insolvency resolution process: May 26, 2025

Court: National Company Law Tribunal, Kolkata Bench

Insolvency
Professional: Anil Agarwal
       Unit No. 508, 5th Floor,
              1865 Rajdanga Main Road,
              Kolkata, West Bengal 700107
              Email: anil@avbassociates.co.in

              Office -Mousumi Co.
              Opposite Housing Society,
              Ground Floor,
              15B, Ballygunge Circular Road,
              Kolkata-700019
              Email: prcommerce.ibc@gmail.com

Last date for
submission of claims: December 11, 2024


PARASHNATH RE-ROOLLING: CARE Keeps D Ratings in Not Cooperating
---------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Shree
Parashnath Re-Roolling Mills Limited (SPRML) continue to remain in
the 'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      166.95      CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

   Short Term Bank     53.92       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Rationale and key rating drivers

CARE Ratings Ltd. had, vide its press release dated October 10,
2023, placed the rating(s) of SPRML under the 'issuer
non-cooperating' category as SPRML had failed to provide
information for monitoring of the rating as agreed to in its Rating
Agreement. SPRML continues to be non-cooperative despite repeated
requests for submission of information through e-mails dated August
25, 2024, September 4, 2024, September 14, 2024 among others.

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

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

Analytical approach: Standalone

SPRML, incorporated in 2002, was promoted by two brothers, Mr. Anil
Kumar Jain and Mr. Vipin Kumar Jain, of Durgapur. The company is
presently engaged in manufacturing of Billets, Wire Rods and
Structural products like Angles, Channels, Joists, H Beam, MS Flat,
MS Round and MS Scrap with manufacturing facility located at
Durgapur in West Bengal. The products are sold under "PARAS" brand.
In July 2014, SPRML was referred to CDR. In November 2014, CDR cell
approved the restructuring package of the company with effective
date of July 1, 2014.


PRADHAN ASSOCIATES: CARE Lowers Rating on INR11.5cr LT Loan to C
----------------------------------------------------------------
CARE Ratings has revised the ratings on certain bank facilities of
Pradhan Associates Private Limited (PAPL), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long-term bank       11.50      CARE C; Stable Downgraded from
   Facilities                      CARE BB; Stable

   Long-term/            8.45      CARE C; Stable/CARE A4
   Short-term                      Downgraded from
   bank facilities                 CARE BB; Stable/CARE A4+

   Short-term bank      25.00      CARE A4 Downgraded from
   facilities                      CARE A4+

Rationale and key rating drivers

The ratings assigned to the bank facilities of PAPL have been
revised on account of one instance of delay in EMI servicing of
business loan availed by the company from HDFC Bank due to
insufficiency of funds in the current account from which the
payment was to be made. The same was regularised within 3-4 days.
However, this loan is not rated by CARE Ratings Limited.

The ratings continue to be constrained by its small scale of
operations, deterioration in capital structure and debt protection
metrics in FY24 (refers to the period April 1 to March 31),
geographical concentration risk and intense competitive nature of
the industry. However, the aforesaid constraints are partially
offset by the improvement in financial performance in FY24,
experience of the promotors and reputed clientele base.

Rating sensitivities: Factors likely to lead to rating actions

Positive factors

* Increase in scale of operations above INR100 crore on a sustained
basis.

* Improvement in operating margin above 8% on a sustained basis.

* Execution of orders in hand within stipulated time frame and
collection of receivables on a timely and regular basis.

Negative factors

* Any sizeable decline in scale of operation (turnover below INR30
crore) on a sustained basis.

* Deterioration in overall gearing ratio beyond 1.50x and increased
reliance on unsecured loan on a sustained basis.

* Deterioration in operating profit margin below 4% on a sustained
basis.

Analytical approach: Standalone

Outlook: Stable

Stable outlook reflects CARE Rating's opinion that the entity will
continue to benefit from its established relationship with the
customers/suppliers.

Detailed description of key rating drivers:

Key weaknesses

* Delay in debt servicing: The company had delayed in servicing its
EMI obligation on one instance for the business loan availed by it
from HDFC Bank due to insufficiency of funds in the current account
from which the payment was to be made. The same was regularised
within 3-4 days. However, this loan is not rated by CARE Ratings
Limited.

* Small scale of operations: Though the company's revenue from
operations has witnessed growth from INR85.38 crore in FY23 to
INR124.69 crore in FY24, the same continues to remain small.
Further, the company's net worth remains low at INR16.67 crore as
on March 31, 2024, which restricts the financial flexibility of the
company in times of stress.

* Deterioration in capital structure and debt protection metrics:
The capital structure of PAPL deteriorated with overall gearing of
2.36x as on March 31, 2024, as compared with 1.97x as on
March 31, 2023. The moderation is on account of increased working
capital borrowing and vendor bill financing to support the growth
in turnover and operations. The interest coverage ratio also
moderated from 7.01x in FY23 to 6.44x in FY24 on account of
increase in interest. TDGCA witnessed moderation from 5.77x as on
March 31, 2023, to 6.54x as on March 31, 2024 due to increase in
total debt.

* Geographical concentration risk: The company has various sites
and projects in various places within Odisha. Being concentrated
for all its operations in a single state exposes the company to
geographical concentration risk. However, PAPL has being trying to
reduce its dependency in a single state and has started securing
orders from clients in different states.

* Intense competitive nature of the industry: The engineering
consultancy, construction supervision, fabrication erection &
commissioning assistance services industry is highly fragmented
with large players in the organised sector. The unorganised sector
has a minimal presence. Thus, differentiating factors like range of
services offered, quality of service etc will be crucial to attract
clients.

Key strengths

* Improvement in financial performance in FY24: PAPL's total
operating income grew by 46% y-o-y to INR124.69 crore in FY24
mainly on account of execution of new orders. Further, the company
has also started trading in store and consumables which has
increased its revenue from operations. The PBILDT margin improved
slightly from 7.37% in FY23 to 7.47% in FY24 on account of
improvement in scale of operations. PAT margin for FY24 declined to
3.99% from 4.21% in FY23 due to adjustment of tax. In H1FY25, the
company earned PAT of INR3.25 crore (Rs.2.26 crore in FY23) on a
revenue of INR71.51 crore (Rs.51.88 crore in FY23).

* Experienced promotors and reputed clientele base: Since its
inception, the entity has been engaged in design, engineering
consultancy, utility services and management services for
manufacturing, erection, commissioning of plants machineries, etc.
The company is managed by Mr. Gautam Pradhan and Mr. Vikram Pradhan
along with a team of experienced professional.  Furthermore, Mr.
Kabi Chandra Pradhan, director, has experience of more than three
decades and Mr. Gautam Pradhan and Mr. Vikram Pradhan are in the
similar line of business for the last two decades. PAPL commenced
operation in 1991 and since then the company has built good
relationship with its clients. Its clients include Hindalco
Limited, Bharat Aluminium Company Limited, JSW Steel, and Vedanta
Ltd.

Liquidity: Poor

The liquidity of the company is marked poor on account of the delay
in servicing of EMI instalment of term loan from HDFC Bank.  

PAPL was incorporated in the year 1991. Since its inception, the
entity has been engaged in design, engineering consultancy, utility
services and management services for manufacturing, erection,
commissioning of plants machineries, construction equipment, EOT
cranes, mining and material handling equipment, special purpose
machines and machine tools, etc. The company
is also engaged in the business of heavy maintenance services. Mr.
Gautam Pradhan and Mr. Vikram Pradhan look after the dayto-day
activities of the company along with a team of technical and
non-technical professionals who have long experience in this
industry.

PREMIER SPINTEX: CARE Keeps D Debt Ratings in Not Cooperating
-------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Premier
Spintex Private Limited (PSPL) continue to remain in the 'Issuer
Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      19.00       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

   Short Term Bank      1.35       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Rationale and key rating drivers

CARE Ratings Ltd. had, vide its press release dated October 26,
2023, placed the rating(s) of PSPL under the 'issuer
non-cooperating' category as PSPL had failed to provide information
for monitoring of the rating as agreed to in its Rating Agreement.
PSPL continues to be non-cooperative despite repeated requests for
submission of information through e-mails dated September 10, 2024,
September 20, 2024, September 30, 2024 among others.

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

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

PSPL is promoted by Mr. Haresh Trivedi and his wife Mrs. Parul
Haresh Trivedi along with Mr. Hirabhai Ahir and Mrs.Jyotiben Ahir
to enter into the cotton spinning business in June 2014. The
company has changed its name to Premier Spintex Private Limited
(PSPL) from January 21, 2022. PSPL is undertaking green-field
project to set up a spinning mill to manufacture cotton carded yarn
in Dholka (Ahmedabad) to manufacture 24's, 30's & 34's count cotton
carded yarn with installed capacity of 13,056 spindles per annum.

Status of non-cooperation with previous CRA: ICRA has continued the
ratings assigned to the bank facilities of PSPL to 'Issuer Not
Cooperating' category vide press release dated October 9, 2023 on
account of its inability to carry out a review in the absence of
the requisite information from the company.


PSK DEVELOPERS: Insolvency Resolution Process Case Summary
----------------------------------------------------------
Debtor: PSK Developers Private Limited
Sheetal Estate,
        Opposite Novelty Cinema,
        M.S Ali Road, Mumbai City,
        Mumbai, Maharahstra,
        India-400007

Insolvency Commencement Date: October 10, 2024

Estimated date of closure of
insolvency resolution process: April 5, 2025 (180 Days)

Court: National Company Law Tribunal, Mumbai Bench

Insolvency
Professional: IP. Megha Agrawal
       001-, Shivranjini Apartments
              in Circle of Congress Nagar Garden,
              Congress Nagar, Nagpur - 440012
              Email: ip.meghaagrawal@gmail.com

              Plot No, 72, Anjaneya Niwas
              Opposite Dew Trinity Hospital
              Hindustan Colony,
              Near Sai Mandir,
              Wardha Road, Nagpur 440015
              Email: cirp.pskd@gmail.com

Last date for
submission of claims: October 23, 2024


QUADROS MOTORS: CARE Keeps D Debt Rating in Not Cooperating
-----------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Quadros
Motors Private Limited (QMPL) continue to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       6.20       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Rationale and key rating drivers

CARE Ratings Ltd. had, vide its press release dated December 11,
2023, placed the rating(s) of QMPL under the 'issuer
non-cooperating' category as QMPL had failed to provide information
for monitoring of the rating as agreed to in its Rating Agreement.
QMPL continues to be non-cooperative despite repeated requests for
submission of information through e-mails dated October 26, 2024,
November 5, 2024 and November 15, 2024 among others.

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

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

Analytical approach: Standalone

Incorporated in the year 2005, QMPL is an authorized dealer for
Suzuki Motors India Private Limited (Suzuki) for its two wheelers
and covers the whole Goa State, being a '3-S' dealer, it also
provides spares and services. QMPL had four showrooms located at
Margao, Ponda, Mapusa and Vasco.

Status of non-cooperation with previous CRA: ICRA has continued the
rating assigned to the bank facilities of QMPL under Issuer Not
Cooperating category vide press release dated January 29, 2024 on
account of its inability to carry out a review in the absence of
the requisite information from the company.


RAJESHREE COTEX: CARE Keeps D Debt Ratings in Not Cooperating
-------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Rajeshree
Cotex (RC) continue to remain in the 'Issuer Not Cooperating'
category.

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

   Long Term/           18.00      CARE D/CARE D; ISSUER NOT
   Short Term                      COOPERATING; Rating continues
   Bank Facilities                 to remain under ISSUER NOT
                                   COOPERATING category

Rationale and key rating drivers

CARE Ratings Ltd. had, vide its press release dated October 17,
2023, placed the rating(s) of RC under the 'issuer non-cooperating'
category as RC had failed to provide information for monitoring of
the rating as agreed to in its Rating Agreement. RC continues to be
non-cooperative despite repeated requests for submission of
information through e-mails dated September 1, 2024, September 11,
2024 and September 21, 2024 among others.

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

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

Analytical approach: Standalone

RC is part of the Rajeshree group, formed in 2005. RC is a
partnership firm promoted by seven partners with unequal share of
profit among them. The key partners of RC are Mr. Nilesh Gandhi and
Mr. Rajendra Kumar Mahajan. The firm is engaged in the ginning of
raw cotton with processing of bales of cotton at its manufacturing
facility at Jalgaon in Maharashtra. The Rajeshree group has other
two entities, namely, M/s Rajeshree Fibers (rated: CARE D; Issuer
not cooperating) and Rajeshree Industries India Private Limited
(rated: CARE D; Issuer not cooperating). Both these entities are
also involved in the business of cotton ginning and pressing.


RAJESHREE FIBERS: CARE Keeps D Debt Rating in Not Cooperating
-------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Rajeshree
Fibers (RF) continues to remain in the 'Issuer Not Cooperating'
category.

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

Rationale and key rating drivers

CARE Ratings Ltd. had, vide its press release dated October 17,
2023, placed the rating(s) of RF under the 'issuer non-cooperating'
category as RF had failed to provide information for monitoring of
the rating as agreed to in its Rating Agreement. RF continues to be
non-cooperative despite repeated requests for submission of
information through e-mails dated September 1, 2024, September 11,
2024 and September 21, 2024 among others.

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

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

Analytical approach: Standalone

Established in the year 2001, Rajeshree Fibers (RF) is a
partnership firm established by three partners having equal
profit/loss sharing ratio. The key partner of RF is Mr. Nilesh
Gandhi and the other two partners are Mrs. Rajeshree Mahajan and
Mrs. Anita Mahajan. RF is engaged in ginning and pressing of raw
cotton and its manufacturing facility is located at Khargone,
Madhya Pradesh. RF has two associate firms namely Rajeshree Cotex
and Rajeshree Industries India Private Limited (rated: CARE D;
Issuer not cooperating) which are involved in the business of
cotton ginning and pressing. All the partners of Rajeshree Fibers
are also partners in M/s Rajeshree Cotex (rated: CARE D/CARE D;
Issuer not cooperating). Mr. Nilesh Gandhi is also the Managing
Director in RIPL.


RAJESHREE INDUSTRIES: CARE Keeps D Debt Rating in Not Cooperating
-----------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Rajeshree
Industries India Private Limited (RIIPL) continue to remain in the
'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      22.00       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Rationale and key rating drivers

CARE Ratings Ltd. had, vide its press release dated October 17,
2023, placed the rating(s) of RIIPL under the 'issuer
non-cooperating' category as RIIPL had failed to provide
information for monitoring of the rating as agreed to in its Rating
Agreement. RIIPL continues to be non-cooperative despite repeated
requests for submission of information through e-mails dated
September 1, 2024, September 11, 2024 and September 21, 2024 among
others.

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

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

Analytical approach: Standalone

Outlook: Not Applicable

Incorporated in 2011, RIIPL is primarily engaged in ginning and
pressing of raw cotton at its manufacturing unit in Khargone,
Madhya Pradesh. RIIPL is a part of Rajeshree Group, which also
operates other cotton ginning and pressing units under partnership
firm's M/s Rajeshree Cotex (rated: CARE D/CARE D; Issuer not
cooperating) and M/s Rajeshree Fibers (rated: CARE D; Issuer not
cooperating).

RAMESHWARAM COTTON: CARE Keeps C Debt Rating in Not Cooperating
---------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Rameshwaram
Cotton Mills (RCM) continues to remain in the 'Issuer Not
Cooperating' category.

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

Rationale and key rating drivers

CARE Ratings Ltd. had, vide its press release dated October 30,
2023, placed the rating(s) of RCM under the 'issuer
non-cooperating' category as RCM had failed to provide information
for monitoring of the rating as agreed to in its Rating Agreement.
RCM continues to be non-cooperative despite repeated requests for
submission of information through e-mails dated September 14, 2024,
September 24, 2024, October 4, 2024 among others.

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

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

Analytical approach: Standalone

Outlook: Stable

Aurangabad (Maharashtra) based Rameshwaram Cotton Mills (RCM) was
incorporated in December 31, 2015 by Mr. Ravikumar Rameshwar Garg
and Mr. Girdharilal Rameshwar Garg with an objective to set up
green field project for cotton ginning and pressing at Melasangem,
Andhra Pradesh. RCM envisaged total project cost of INR4.88 crore
towards the project which was envisaged to be funded through term
loan of INR3.25 crore and remaining of INR1.63 crore through
unsecured loans and share capital.

SAHARA HOSPITALITY: Insolvency Resolution Process Case Summary
--------------------------------------------------------------
Debtor: Sahara Hospitality Limited
Hotel Sahara Star
        Opposite Domestic Airport
Vila Parle East, Mumbai City
        Mumbai Maharashtra India, 400099

Insolvency Commencement Date: November 21, 2024

Estimated date of closure of
insolvency resolution process: May 20, 2025

Court: National Company Law Tribunal, Mumbai Bench

Insolvency
Professional: Ganesh Venkala Siva Rana Krishna Resmari
       302, Nahar Business Center
              Chandivali Mumbai 400072
              Email: ganesh.nemani@nliten.in
              Email: cirp.saharahospitality@gmail.com

Last date for
submission of claims: December 6, 2024


SHRADHA AGENCIES: CARE Keeps D Debt Rating in Not Cooperating
-------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Shradha
Agencies Private Limited (SAPL) continues to remain in the 'Issuer
Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       28.00      CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Rationale and key rating drivers

CARE Ratings Ltd. had, vide its press release dated October 18,
2023, placed the rating(s) of SAPL under the 'issuer
non-cooperating' category as SAPL had failed to provide information
for monitoring of the rating as agreed to in its Rating Agreement.
SAPL continues to be non-cooperative despite repeated requests for
submission of information through e-mails dated September 2, 2024,
September 12, 2024, September 22, 2024 among others.

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

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

Analytical approach: Standalone

Shradha Agencies Pvt. Ltd. (SAPL) which was originally incorporated
as a sole proprietorship firm in 1992 by the name of Shradha
Agencies was later reconstituted as a private limited company in
1996. It is a part of the Shradha group of Kolkata which has been
promoted by Late Dr. C. L. Arora during early 1970 with primary
interest into trading and logistics. Currently, the company is
being managed by Shri Rajeev Arora (son of Late Dr. C. L. Arora).
The company currently functions as a distributor of FMCG products,
Mobile handsets and accessories, Pens and Safety Matches across the
state of West Bengal (WB).

SHREEJI CONSTRUCTION: CARE Keeps D Debt Rating in Not Cooperating
-----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Shreeji
Construction Company Vadodara (SCC) continues to remain in the
'Issuer Not Cooperating' category.

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

Rationale and key rating drivers

CARE Ratings Ltd. had, vide its press release dated October 26,
2023, placed the rating(s) of SCC under the 'issuer
non-cooperating' category as SCC had failed to provide information
for monitoring of the rating as agreed to in its Rating Agreement.
SCC continues to be non-cooperative despite repeated requests for
submission of information through e-mails dated September 10, 2024,
September 20, 2024 and September 30, 2024, among others.

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

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

Analytical approach: Standalone

Halol (Gujarat) based Shreeji Construction Co. (SCC) was
established as a Partnership firm in 2014 by three partners i.e.
Mr. Gopal Patel, Mr. Shreeji Patel and Mr. Chirag Patel. The firm
is engaged into real estate activities. Currently, the firm is
executing a commercial real estate project 'SHREEJI ARCADE'
consisting of 270 shops at Halol, Pachamama. The construction of
said project was started in October, 2014 with the total estimated
cost of INR18.35 crore and the firm has incurred 83% of total
estimated cost till May 31, 2018 and the rest will be incurred and
project will be completed by March, 2019. The firm has been granted
RERA registration under project registration no. PR/GJ/
PANCHMAHAL/HALOL/Others/ CAA02682/160518.


SHRI GUMANDEV: Insolvency Resolution Process Case Summary
---------------------------------------------------------
Debtor:  M/s Shri Gumandev Processors Private Limited
  706, G I D C Industrial Estate
         Ankleshwar, Gujarat - 393001

Insolvency Commencement Date: October 21, 2024

Estimated date of closure of
insolvency resolution process: April 19, 2025

Court: National Company Law Tribunal, Ahmedabad Bench

Insolvency
Professional: Kailash Shah
       505, 21st Century Business Center
              Near World Trade Center
              Rong Road, Surat - 395002
              Email: ipktshah@gmail.com
              Email: cirp.sgppl@gmail.com

Last date for
submission of claims: November 11, 2024


SUMAN AUTOS: CARE Keeps C Debt Rating in Not Cooperating Category
-----------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Suman
Autos (SA) continue to remain in the 'Issuer Not Cooperating'
category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       4.70       CARE C; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category  

   Short Term Bank      1.00       CARE A4; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category

Rationale and key rating drivers

CARE Ratings Ltd. had, vide its press release dated December 6,
2023, placed the rating(s) of SA under the 'issuer non-cooperating'
category as SA had failed to provide information for monitoring of
the rating as agreed to in its Rating Agreement. SA continues to be
non-cooperative despite repeated requests for submission of
information through e-mails dated October 21, 2024, October 31,
2024 and November 10, 2024 among others.

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

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

Analytical approach: Standalone

Noida (Uttar Pradesh) based Suman Autos (SA) is a partnership firm
established in 1998 by Mr. Anil Kumar Garg, Mrs. Pawan Garg, Mr.
Amit Garg and Mr. Vinay Garg. Later in 2003 the partnership deed
was reconstituted and two partners Mr. Anil Kumar Garg and Mr. Amit
Garg retired and a new partner Mr. Ashok Garg was admitted in the
firm as partner. SA is an authorized dealer of Bajaj Auto Limited
for two wheelers since 1998 and for three wheelers since 2003. The
firm has three showrooms two at Noida (Sector-2 and Sector 58) and
one at Greater Noida. All the showrooms are operating as 3S
facility 'Sales, spares and service'.


SUNITA DEVELOPERS: Insolvency Resolution Process Case Summary
-------------------------------------------------------------
Debtor: Sunita Developers Private Limited
Patuck Press Compound,
        Shravan Yashwant Chowk,
        Kala Chowki
        Mumbai City MH 400033 India

Insolvency Commencement Date: October 18, 2024

Estimated date of closure of
insolvency resolution process: May 17, 2025

Court: National Company Law Tribunal, Mumbai Bench

Insolvency
Professional: Mr. Vimal Kumar Agrawal
       Office No. 4, Ground Floor C Wing,
              Shanti Jyot Building Balaji Nagar,
              Near Railway Station
              Bhayander West, Thane Pin 401101
              Email: vimal@vppagrawal.in
              Email: cirpsunitadeveloperspvtltd@gmail.com

Last date for
submission of claims: December 2, 2024


TAQUITO LEASE: Liquidation Process Case Summary
-----------------------------------------------
Debtor: M/s. Taquito Lease Operations Private Limited
Shop No. 56, 01st Floor, Krisha Arcade,
        Building No. 11,
        Yashwant Shrustikhaira, Boisar,
        Tal. & Dist. Palghar, Palghar,
        Maharahstra, India 401501

Liquidation Commencement Date: November 13, 2024

Court: National Company Law Tribunal Mumbai Bench

Liquidator: Hasti Mal Kachhara
     A-602, Nariman Apartments,
            Pump House,
            Vikas Nagar, Andheri (East)
            Mumbai City Maharahstra 400093
            Email: hastimal.kachhara@gmail.com
            Email: irp.taquitolease@gmail.com

Last date for
submission of claims: December 13, 2024


URBAN FARMART: Insolvency Resolution Process Case Summary
---------------------------------------------------------
Debtor: Urban Farmart India Limited
Flat No. 501, 5th Floor, Plot No 13,
        Cyber Heights, Road No. 2,
        Banjara Hills, Hyderabad,
        Telangana, India 500034

Insolvency Commencement Date: November 5, 2024

Estimated date of closure of
insolvency resolution process: May 40, 2025 (180 Days)

Court: National Company Law Tribunal, Hyderabad Bench

Insolvency
Professional: Manjeet Bucha
       5-9-91 & 93, D. No. 204, 2nd Floor,
              Shakti Sai Complex,
              Near Udai Clinic,
              Chapel Road, Abids,
              Hyderabad, Telangana-50001
              Email: manjeetbucha@gmail.com
              Tel No: +919346955001
              Email: cirp.ufipl@gmail.com

Last date for
submission of claims: November 11, 2024


UTTAM DOORS: CARE Keeps D Debt Rating in Not Cooperating Category
-----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Uttam Doors
Private Limited (UDPL) continues to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       9.20       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Rationale and key rating drivers

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

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

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

Analytical approach: Standalone

Nagpur (Maharashtra) based Uttam Door Private Limited (UDPL) was
incorporated in 2012 by Mr. Gulab Patel. The company is engaged in
manufacturing and trading of plywood door, laminates and block
boards. Majority of the revenue is contributed by trading segment.
The manufacturing facility of the company is located at Nagpur
(Maharashtra). The company procures raw material from local
suppliers based in Nagpur and Uttar Pradesh and sell its products
in Maharashtra through dealers.

VILLMAR AGRO: Liquidation Process Case Summary
----------------------------------------------
Debtor: Villmar Agro Polymers Private Limited
        D.NO.25-5-16, F2, Vinukondavari Street,
        Kakinada East Godavari,
        Andhara Pradesh 533001

Liquidation Commencement Date: November 6, 2024

Court: National Company Law Tribunal Amarvati Bench

Liquidator: Gudipati Siva Rama Prasad
     Door No.3-28-32 Brundavan,
            Gardens 4th Lane
            Adilaskhmi Nilayam Guntur - 522 006
            Andhara Pradesh
            Email: rp.gsivaramprasad@gmail.com
            Email: cirp. villmar@gmail.com

Last date for
submission of claims: December 5, 2024


VINAY STEEL: CARE Keeps D Debt Rating in Not Cooperating Category
-----------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Vinay
Steel (VS) continue to remain in the 'Issuer Not Cooperating'
category.

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

Rationale and key rating drivers

CARE Ratings Ltd. had, vide its press release dated December 8,
2023, placed the rating(s) of VS under the 'issuer non-cooperating'
category as VS had failed to provide information for monitoring of
the rating as agreed to in its Rating Agreement. VS continues to be
non-cooperative despite repeated requests for submission of
information through e-mails dated October 23, 2024, November 2,
2024 and November 12, 2024 among others.

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

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

Analytical approach: Standalone

VS, based out of Nagpur (Maharashtra) is a proprietorship firm and
commenced operation on September 1, 2015. VS is engaged in the
trading of iron & steel products such as Thermo Mechanically
Treated (TMT) bars, round bars, angles, channels, beams, flats,
amongst others, which find application in industries like
construction, infrastructure and engineering.

VIOLET MARKETING: Voluntary Liquidation Process Case Summary
------------------------------------------------------------
Debtor: Violet Marketing and Consulting Private Limited
        Unit-341, Third Floor, Tower A2,
        Spaze I-Tech Park Sector-49,
        Sohna Road,
        Gurgaon, Haryana,
        India 122018

Liquidation Commencement Date: December 4, 2024

Court: National Company Law Tribunal, New Delhi Bench

Liquidator: Deepak Kumar Goyal
            R/o: Flat no 101, Shridher Apartment 884/6,
            Ward no 6, Mehrauli,
            New Delhi 110030
            Email: ca.deepak.mba@gmail.com
            Tel: 9990045308

                -- and --

            c/o: 701, Vikrant Tower, Tower No. 4,
            Rajendra Place, New Delhi 110008
            Email: liq.violetmkt@gmail.com

Last date for
submission of claims: January 3, 2025


VIVIN DRUGS: Insolvency Resolution Process Case Summary
-------------------------------------------------------
Debtor:  Vivin Drugs & Pharmaceuticals Private Limited
  2A, & 3A, New MLA & MPS Colony
         Road No. 10c, Jubilee Hills,
         Hyderabad, Telangana,
         India 5000033

Insolvency Commencement Date: November 11, 2024

Estimated date of closure of
insolvency resolution process: May 10, 2025 (180 Days)

Court: National Company Law Tribunal, Hyderabad Bench

Insolvency
Professional: Chillale Rajesh
       B-725 Western Plaza,
              O. U. Colony, H.S Darga
              Hyderabad 500 008 Telengana
              Email: chillalerajesh@yahoo.com
              Email: vivin.cirp@gmail.com

Last date for
submission of claims: November 26, 2024


WEARIT GLOBAL: Liquidation Process Case Summary
-----------------------------------------------
Debtor: Wearit Global Limited
Crescent Tower, 5th Floor, 229 A. J C Bose Road,
        Kolkata-700020, West Bengal

        Factory located at:
        Village Bheelgaon, Tehsil-Kasrawad,
        District - Khargone - 451228
        Madhya Pradesh

Liquidation Commencement Date: November 14, 2024

Court: National Company Law Tribunal Kolkata Bench

Liquidator: Vaibhav Khandelwal
     6, Old Post Office Street,
            Temple Chambers 3rd Floor
            Room No-80, Kolkata-700001
            Email: vaaibhavkkhandelwal@gmail.com
            Email: cirp.wearit@gmail.com

Last date for
submission of claims: December 14, 2024


WHITE HOUSE: CARE Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of White
House Tiles Private Limited (WHTPL) continue to remain in the
'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      13.30       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

   Short Term Bank      0.75       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Rationale and key rating drivers

CARE Ratings Ltd. had, vide its press release dated October 27,
2023, placed the rating(s) of WHTPL under the 'issuer
non-cooperating' category as WHTPL had failed to provide
information for monitoring of the rating as agreed to in its Rating
Agreement. WHTPL continues to be non-cooperative despite repeated
requests for submission of information through e-mails dated
September 11, 2024, September 21, 2024, October 1, 2024 among
others.

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

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

Analytical approach: Standalone

Morbi (Gujarat) based White House Tiles Private Limited (WHTPL), is
a private limited company established in 2007 by four promoters led
by Mr. Vimal Patel and Mr. Chunilal Bhanvadia. Mr. Vimal Patel and
Mr. Chunilal Bhanvadia have 20 years and 30 years of industry
experience, respectively. WHTPL is engaged in the manufacturing of
vitrified floor tiles. WHTPL operates from its manufacturing
facility located in ceramic cluster (Morbi) and has an installed
capacity to manufacture 18 lakh boxes per annum of floor tiles as
on March 31, 2016. WHTPL is selling its product under brand name of
"White House".

Status of non-cooperation with previous CRA: Brickwork has
continued the ratings assigned to the bank facilities of WHTPL to
'Issuer Not Cooperating' category vide press release dated
September 4, 2024 on account of its inability to carry out a review
in the absence of the requisite information from the company.

WISH KART: Voluntary Liquidation Process Case Summary
-----------------------------------------------------
Debtor: Wish Kart Marketing Consultancy Private Limited
        Unit No. 926, Third Floor, Tower A2,
        Spaze I-Tech Park Sector-49,
        Sohna Road, Gurgaon,
        Haryana, India 122018

Liquidation Commencement Date: December 4, 2024

Court: National Company Law Tribunal, New Delhi Bench

Liquidator: Deepak Kumar Goyal
            R/o: Flat no 101, Shridher Apartment 884/6,
            Ward no 6, Mehrauli, New Delhi 110030
            Email: ca.deepak.mba@gmail.com
            Tel: 9990045308

                -- and --

            c/o: 701, Vikrant Tower, Tower No. 4,
            Rajendra Place, New Delhi 110008
            Email: liq.wishkart@gmail.com

Last date for
submission of claims: January 3, 2025


WISTRON AUTOMOTIVE: Voluntary Liquidation Process Case Summary
--------------------------------------------------------------
Debtor:  Wistron Automotive Electronics (India) Private Limited
  No. 30A, Peenya Industrial Area,
         Chokkasandra, KIADB Mainroad,
         2nd Stage, Bangalore,
         Karnataka, India, 560058

Liquidation Commencement Date: November 13, 2024

Court: National Company Law Tribunal New Delhi Bench

Liquidator: Mr. Naveen Narang
     H-3/63, First Floor,
            Vikaspuri New Delhi-110018
            Email: nnarang.associates@gmail.com
            Phone No: +91 1145113039

Last date for
submission of claims: December 12, 2024




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I N D O N E S I A
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EFISHERY: Suspends CEO, CPO Over Alleged Financial Mismanagement
----------------------------------------------------------------
Jakarta Globe reports that eFishery, a startup in the fisheries
sector, has temporarily suspended its Chief Executive Officer (CEO)
Gibran Huzaifah and Chief Product Officer (CPO) Chrisna Aditya,
both co-founders of the company. The decision comes as part of an
ongoing investigation into alleged financial misconduct within the
unicorn startup.

Jakarta Globe relates that the company said investors and
shareholders have been informed of the investigation, which centers
around reports of financial performance and revenue discrepancies
linked to the two executives. Gibran and Chrisna each held about 9
percent of the company's shares.

eFishery's institutional investors include UAE's 42XFund,
Switzerland's responsAbility, Singapore's Temasek, Japan's
SoftBank, Malaysia's Kumpulan Wang Persaraan, Northstar Ventures,
and 500 Global, the report discloses.

In the wake of their suspension, eFishery swiftly appointed interim
leaders to fill the vacant positions. Adhy Wibisono has been named
interim CEO, while Albertus Sasmitra will serve as interim CFO,
according to Jakarta Globe.

"This decision was made in collaboration with the company's
shareholders to ensure stronger corporate governance," the company
said in a statement on Dec. 17.

The company added that eFishery recognizes the seriousness of the
issue and is fully committed to addressing it.

"We are fully aware of the significance of this matter and are
giving it our full attention. eFishery remains committed to
maintaining the highest standards of corporate governance and
ethical business practices," the statement, as cited by Jakarta
Globe, added.

Earlier reports from Deal Street Asia indicated that some investors
had raised concerns about the accuracy of financial reports
provided by the two executives, Jakarta Globe relays. Both Gibran
and Chrisna are currently under internal investigation for
potential manipulation of performance and revenue reports.

While eFishery has confirmed the ongoing investigation, it has yet
to release specific details regarding the alleged financial
misconduct, such as the amount of funds involved or the exact
nature of the violations. The company, however, has reiterated its
commitment to transparent and responsible corporate governance.

eFishery secured $200 million in Series D funding in July, bringing
its valuation to over $1 billion, making it a unicorn, Jakarta
Globe notes. The round was led by Abu Dhabi's 42XFund, with
participation from Kumpulan Wang Persaraan (Diperbadankan),
Malaysia's largest public pension fund. Existing investors,
including Northstar, Temasek, and SoftBank, also joined the round,
with Goldman Sachs serving as eFishery's exclusive financial
advisor. Additionally, eFishery raised $30 million in a
conventional debt round in May 2024.


PAN BROTHERS: Avoids Bankruptcy After Securing Creditors Support
----------------------------------------------------------------
Bloomberg News reports that PT Pan Brothers avoided bankruptcy
after it secured creditors' approval to restructure IDR8.6 trillion
(US$537 million) of debt.

More than 90% of the creditors gave their nod on the company's
latest debt proposal, according to Khusaini, a judge at Indonesia's
Jakarta court, after a voting on Dec. 18, Bloomberg relates. "The
result will be formalized in a consultative meeting on December
23," Khusaini, who goes by one name, said.

According to Bloomberg, the decision is a lifeline for Pan Brothers
that employs around 27,000 workers in one of Indonesia's biggest
manufacturing segments and as the government has vowed to save jobs
in the struggling sector.

Representative for Pan Brothers declined to comment on the votes as
the company would wait for the court to sanction the outcome,
Bloomberg notes.

Among the key debt that it was looking to settle were $171.1
million in outstanding principal on a dollar-denominated bond due
in December next year and $138.4 million syndicated facilities,
Bloomberg reported on Dec. 17.

Under the revised proposal, bondholders are presented with an
additional settlement option, which is to convert the existing
notes with 7.625% coupon into entirely new ones with 15-year
maturity at 1% annual interest.

"The restructuring will give the company breathing space, but they
still need to face the challenging business environment," Bloomberg
quotes Teddy Hariyanto, senior credit analyst at PT Mandiri
Sekuritas, as saying.

This is the second debt restructuring process that Pan Brothers,
one of the largest clothes producers in Indonesia, is going through
in three years, Bloomberg says. The company won creditors' approval
to restructure about $310 million of debt at the end of 2021 after
the pandemic shuttered global trade and weakened the outlook of
Indonesia's textile-related industry.

But the industry's slower-than-expected recovery brought Pan
Brothers back to the negotiating table with creditors this year,
Bloomberg relates. The lingering woes also resulted in rival PT Sri
Rejeki Isman being declared bankrupt by an Indonesian court in
October.

                       About PT Pan Brothers

PT Pan Brothers is a garment manufacturer, conducting business
operations in Indonesia, Singapore and other countries. The Debtor
is incorporated in Indonesia, having been founded in 1980 and
listed on the Indonesian stock exchange since 1990. The corporate
members of the Pan Brothers Group specialize in the manufacturing
of outdoor functional and performance apparel, as well as
sport-inspired and premium lifestyle apparel from woven, knit,
technical nylon, natural-down, and GORE-TEX materials.

PT Pan Brothers sought relief under Chapter 15 of the U.S.
Bankruptcy Code (Bankr. S.D.N.Y. Case No. 22-10136) on February 4,
2022.

Honorable Bankruptcy Judge Martin Glenn oversees the case.

Foreign Representative:   

     Geoffrey David Simms
     c/o PT AJCapital Advisory
     88@Kasablanka Office Tower A, 22nd Floor
     Jl Casablanca Raya Kav. 88
     Jakarta 12870
     Indonesia

Foreign Representative's Counsel:        

     Frank Grese, Esq.
     Richard Solow, Esq.
     BAKER & MCKENZIE LLP
     425 Fifth Avenue
     New York, NY 10018
     Tel: 212-626-4100
     Fax: 212-310-1600
     Email: frank.grese@bakermckenzie.com
            richard.solow@bakermckenzie.com

                - and -
         
     Mark D. Bloom, Esq.
     BAKER & MCKENZIE LLP
     1111 Brickell Avenue, Suite 1700
     Miami, Florida 33131
     Tel: (305) 789-8900
     Fax: (305) 789-8953
     Email: mark.bloom@bakermckenzie.com




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

SAPURA ENERGY: Gets Fourth Extension to Submit Regularisation Plan
------------------------------------------------------------------
The Edge Malaysia reports that Sapura Energy Bhd has secured its
fourth deadline extension from Bursa Securities to submit its
regularisation plan to exit its Practice Note 17 (PN17) status.

The deadline extension is for another six months until May 31,
2025, it said.

The oil and gas services outfit fell into PN17 status over two
years ago on May 31, 2022, with the first deadline for its PN17
regularisation plan submission on May 31, 2023.

According to the report, the group's outgoing CEO Datuk Anuar Taib
has earlier expressed his aspiration for Sapura Energy to exit PN17
status in 2026 at the earliest.

Investors are nonetheless awaiting the regularisation plan of
Sapura Energy, which has been working towards cutting costs and
borrowings, including through the disposal of key assets such as
its 50% stake in upstream business Sapura OMV Upstream Sdn Bhd for
MYR3.35 billion, the report states.

The Edge Malaysia says the troubled outfit, whose operations span
across offshore fabrication, installations and drilling, last month
was revealed as one of the winners for Petronas' five-year Pan
Malaysia offshore maintenance, construction, hook-up and
commissioning contract.

At end-October, Sapura Energy had borrowings of MYR10.73 billion
against cash of MYR1.79 billion. Trade payables amounted to MYR5.18
billion against receivables of MYR1.39 billion. Accumulated loss
stood at MYR17.53 billion, against share capital of MYR11.85
billion, the report discloses.

                        About Sapura Energy

Sapura Energy Berhad, formerly SapuraKencana Petroleum Berhad, is
engaged in investment holding and the provision of management
services to its subsidiaries. The Company's segments include
Engineering and Construction (E&C), Drilling, Energy and
Corporate.

Sapura Energy Bhd announced on May 31, 2022, that it has been
classified as a PN17 listed issuer due to going concerns on its
shareholders' equity position less than 50% of its share capital.

Sapura Energy has become an affected listed issuer under PN17 on
the basis that its shareholders' equity position of MYR85 million
as at Jan. 31, 2022 was less than 50% of its share capital of
MYR10.9 billion.




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

AR LIFESTYLE: Creditors' Proofs of Debt Due on Feb. 11
------------------------------------------------------
Creditors of AR Lifestyle Limited are required to file their proofs
of debt by Feb. 11, 2025, to be included in the company's dividend
distribution.

The company commenced wind-up proceedings on Dec. 11, 2024.

The company's liquidators are:

          Christopher Carey McCullagh
          Stephen Mark Lawrence
          PKF Corporate
          PO Box 3678
          Auckland 1140


EASTERN ELITE: Court to Hear Wind-Up Petition on Feb. 4
-------------------------------------------------------
A petition to wind up the operations of Eastern Elite Roofing
Limited will be heard before the High Court at Rotorua on Feb. 4,
2025, at 10:00 a.m.

The Commissioner of Inland Revenue filed the petition against the
company on Nov. 11, 2024.

The Petitioner's solicitor is:

          Christina Anne Hunt
          Inland Revenue, Legal Services
          21 Home Straight
          PO Box 432
          Hamilton


METAL OUTFITTERS: Court to Hear Wind-Up Petition on Feb. 17
-----------------------------------------------------------
A petition to wind up the operations of Metal Outfitters Nz Limited
will be heard before the High Court at Tauranga on Feb. 17, 2025,
at 10:00 a.m.

The Commissioner of Inland Revenue filed the petition against the
company on Nov. 26, 2024.

The Petitioner's solicitor is:

          Timothy Saunders
          Inland Revenue, Legal Services
          21 Home Straight
          PO Box 432
          Hamilton


PROLINK NZ: Goes Into Liquidation; 200 Workers to Lose Jobs
-----------------------------------------------------------
Esther Taunton at Stuff.co.nz reports that Prolink NZ Ltd, an
Auckland labour-hire company at the centre of a lengthy immigration
investigation, has gone into liquidation.

Companies Office records show liquidator Pritesh Patel was
appointed to Prolink NZ this week, Stuff discloses.

It is understood the liquidation could lead to almost 200 job
losses.

According to Stuff, Prolink NZ is the subject of an Immigration New
Zealand (INZ) investigation, launched in November 2023 after
allegations from migrants who paid thousands for their visa, but
received little work.

Stuff relates that INZ said it suspended Prolink NZ Ltd's
accreditation in September last year.

At least 100 workers were understood to have had accredited
employer work visas (AEWV) and been promised work with Prolink NZ,
much of which never eventuated, RNZ reported at the time.

Many of those affected claimed they had paid thousands of dollars
for their visas.

Prolink NZ offers jobs in fields including dispatching and
warehousing, hospitality, construction, and forklift operating.


SIRROCO LIMITED: Creditors' Proofs of Debt Due on Feb. 7
--------------------------------------------------------
Creditors of Sirroco Limited are required to file their proofs of
debt by Feb. 7, 2025, to be included in the company's dividend
distribution.

The company commenced wind-up proceedings on Dec. 12, 2024.

The company's liquidator is Craig Young.


TRUE MACRO: Creditors' Proofs of Debt Due on Feb. 13
----------------------------------------------------
Creditors of True Macro Limited are required to file their proofs
of debt by Feb. 13, 2025, to be included in the company's dividend
distribution.

The High Court at Christchurch appointed Iain Bruce Shephard and
Jessica Jane Kellow of BDO Wellington as liquidators on Dec. 12,
2024.




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

ADVANCED TECH: RSM SG Appointed Provisional Liquidators
-------------------------------------------------------
Goh Wee Teck and Lin Yueh Hung of RSM SG Corporate Advisory on Dec.
10, 2024, were appointed as provisional liquidators of Advanced
Tech Integration (Pte. Ltd.).

The provisional liquidators may be reached at:

          Goh Wee Teck
          Lin Yueh Hung
          RSM SG Corporate Advisory
          c/o 8 Wilkie Road
          #03-08 Wilkie Edge
          Singapore 228095


BORE PRECISION: Creditors' Meetings Set for Dec. 31
---------------------------------------------------
Bore Precision Pte. Ltd. will hold a meeting for its creditors on
Dec. 31, 2024, at 10:30 a.m., by way of video conferencing via
Zoom.

Agenda of the meeting includes:

   a. to lay before the creditors a full statement of the affairs
      of the Company, showing the assets and liabilities of the
      Company;

   b. to consider and if though fit, to appoint a Committee of
      Inspection; and

   c. to consider any other matters which may properly be brought
      before the meeting that is relevant to the liquidation of
      the Company.

Farooq Ahmad Mann of Mann & Associates was appointed liquidator of
the company on July 5, 2024.


EQUAVERSE PTE: Commences Wind-Up Proceedings
--------------------------------------------
Members of Equaverse Pte. Ltd. on Dec. 5, 2024, passed a resolution
to voluntarily wind up the company's operations.

The company's liquidator is:

          Mr. Chian Yeow Hang
          c/o Guardian Advisory
          531A Upper Cross Street #03-118
          Singapore 051531


SYMPHONY W&C: Creditors' Meetings Set for Dec. 30
-------------------------------------------------
Symphony W&C Pte. Ltd. will hold a meeting for its creditors on
Dec. 30, 2024, at 5:00 p.m., via video conference or electronic
means.

Agenda of the meeting includes:

   a. to receive a Statement of Affairs of the Company, showing
      the assets and liabilities, together with a list of
      creditors and amount of their claims;

   b. to confirm the appointment of Chee Fung Mei of Chee FM &
      Associates, 110 Middle Road #05-03, in Singapore as
      Liquidator of the Company for the purpose of such voluntary
      winding up;

   c. to consider and if deemed fit to appoint a Committee of
      Inspection; and

   d. to consider any other matters which may properly be brought
      before the meeting.  

Chee Fung Mei of Chee FM & Associates was appointed as Provisional
Liquidator of the company on Dec. 3, 2024.


VJAG HOLDINGS: Court to Hear Wind-Up Petition on Jan. 3
-------------------------------------------------------
A petition to wind up the operations of VJAG Holdings 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




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

DOOSAN BOBCAT: S&P Affirms 'BB+' LongTerm ICR, Outlook Stable
-------------------------------------------------------------
S&P Global Ratings affirmed its 'BB+' long-term issuer credit and
issue credit ratings on Korea-based Doosan Bobcat Inc. (DBI). At
the same time, S&P removed the ratings from CreditWatch, where they
were placed with negative implications on July 17, 2024.

The stable outlook reflects S&P's expectation that DBI will
maintain solid credit metrics over the next one to two years
despite a weaker operating performance. Support will come from
healthy cash flow and low debt, with only a moderate increase in
leverage and limited liquidity risk.

On Dec. 10, 2024, the Doosan group cancelled its planned
reorganization that would have involved the transfer of Doosan
Enerbility Co. Ltd. (DE)'s 46% stake in Korea-based Doosan Bobcat
Inc. (DBI) to Doosan Robotics Inc. (DR).

S&P said, "Cancellation of the reorganization plan has reduced
credit risk for DBI.   We see a limited possibility of negative
intervention in DBI by the Doosan group following the cancellation.
As before, the group will have limited direct influence with a 14%
stake in DBI. We expect parent DE to invest in expansion but it
will likely turn to alternative means of funding such as policy
bank loans, as in the past."

DBI's operating performance could weaken over the next 12 months.  
The company's revenue and EBITDA had dropped quarterly from the
first quarter of 2024. This was due to a sluggish North American
construction market and inventory destocking issues at dealerships.
In the latest third quarter, revenue declined 28% year on year
while EBITDA dropped 48%. The company's mainstream compact
construction equipment business in North America accounted for most
of the decrease.

Lingering macroeconomic uncertainties in DBI's major markets of
North America and Europe could pressure the company's operating
performance over the next 12 months. Weak demand and high
inventories at dealers may lead to pricing and profitability
pressure.

The financial metrics of DBI and credit profile of parent DE will
weaken moderately.   DBI's weaker operating performance could lead
to higher leverage for DE. This is given DBI accounted for about
86% of DE's consolidated operating profit in 2023.

But the degree of deterioration should be moderate. DBI's healthy
operating cash flow and low debt will provide some mitigation and
limit the increase in DE's leverage. S&P said, "Under our base
case, we assume an adjusted debt-to-EBITDA ratio of 2.6x for DE in
2024 and 4.0x in 2025. These are up from 1.9x in 2023 but still at
or below our downside threshold of 4.0x."

S&P said, "The stable outlook on DBI reflects our expectation that
the company will maintain solid credit measures over the next one
to two years. While we expect its operating performance to decline
over the next two years, it will likely generate healthy free
operating cash flow. Combined with low debt, this should help DBI
maintain robust financial metrics.

"While the financial profile of parent DE could deteriorate over
the next one to two years with the weaker performance of DBI, we do
not expect DE's debt leverage to jump to the extent of breaching
our downside threshold. We project the parent's leverage will
increase to 2.6x in 2024 and 4.0x in 2025, from 1.9x in 2023.

"We see a low likelihood of DE's liquidity risk becoming material.
While the company remains heavily dependent on short-term funding
from Korean policy banks, support from these banks is likely to
continue. This is given the importance of DE's operations in the
nuclear reactor business.

"We could lower the ratings on DBI if we revise downward our
assessment of DE's group credit profile. This could occur if: (1)
DE's ratio of debt to EBITDA stays above 4.0x on a sustained basis
due to an aggressive financial policy or deteriorating
profitability; or (2) DE faces mounting liquidity risk, potentially
due to difficulties in refinancing its short-term debt or weakening
cash flow amid tough capital markets.

"We could also downgrade DBI if we see a higher possibility that DE
would increase control of or negatively intervene in DBI.

"In a remote scenario, we may lower the ratings if we revise
downward our assessment of DBI's stand-alone credit profile by two
notches to 'bb' from 'bbb-'. This could happen if the company's
debt-to-EBITDA ratio approaches 3.0x on a sustained basis. A severe
economic downturn in the U.S., intensifying competition, or the
company's weakening market position could result in such a
scenario."

S&P sees limited rating upside over the next 12 months. S&P may
raise the ratings on DBI only if all three conditions below are
met:

-- The company's key credit metrics remain strong, with its ratio
of debt to EBITDA staying at about or below 1.5x on a sustainable
basis. This could stem from debt reduction on strong cash flow over
the next few years and a prudent financial policy.

-- The DE group transitions its debt capital structure and
liquidity management to a more longer-term structure, while
reducing its reliance on short-term funding.

-- DE maintains its ratio of debt to EBITDA below 3.0x on a
sustainable basis.



                           *********


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

Troubled Company Reporter-Asia Pacific is a daily newsletter co-
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Marites O. Claro, Joy A. Agravante, Rousel Elaine T. Fernandez,
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Editors.

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

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