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

                     A S I A   P A C I F I C

          Friday, December 20, 2024, Vol. 27, No. 255

                           Headlines



A U S T R A L I A

DE CONSTRUCT: First Creditors' Meeting Set for Dec. 30
FRM CAFE: First Creditors' Meeting Set for Dec. 30
KALAJI HEALTH: First Creditors' Meeting Set for Dec. 24
SHIKARA PTY: First Creditors' Meeting Set for Dec. 31
THE ORCHARD: Enters Voluntary Administration

WATTSTAR PTY: First Creditors' Meeting Set for Dec. 31


C H I N A

FINGERMOTION INC: Names New Board Members After Director Resigns
JRSIS HEALTH: Delays Fiscal Q3 Report Due to Calculation Issues
RETO ECO-SOLUTIONS: Board OKs $8.4M Forest Rights Transfer Deal
SUNAC CHINA: Indebted Developers to Restructure Bonds Next Year
WANDA GROUP: Sunac Serves USD1.3 Billion Demand Notice



H O N G   K O N G

NEW WORLD: Asks Banks to Extend Bilateral Loans


I N D I A

ADVANTAGE OVERSEAS: Liquidation Process Case Summary
ANJANI PUTRA: CRISIL Keeps D Debt Ratings in Not Cooperating
APL METALS: CRISIL Lowers Long/Short Term Debt Ratings to D
AYURSUNDRA HOSPITALS: CRISIL Keeps D Ratings in Not Cooperating
BAIT LOGITECH: CRISIL Keeps D Debt Ratings in Not Cooperating

BUSH TEA: CRISIL Keeps D Debt Ratings in Not Cooperating Category
CHAMPA DEVI: CRISIL Keeps B Debt Ratings in Not Cooperating
CHITTARANJAN MULTIPURPOSE: CRISIL Keeps D Ratings in Not Coop.
GALI BHANU: CARE Keeps C Debt Rating in Not Cooperating Category
GEMSTONE GLASS: CRISIL Keeps D Debt Ratings in Not Cooperating

GOLDENLINE INFRA: CRISIL Keeps D Debt Ratings in Not Cooperating
GYASI RAM: CRISIL Keeps D Ratings in Not Cooperating Category
JSR MULBAGAL: CRISIL Keeps D Debt Ratings in Not Cooperating
KALPATARUVU SPINNING: CARE Lowers Rating on INR77cr LT Loan to D
KITTANGI FINANCE: Voluntary Liquidation Process Case Summary

LAKSHMI RANGA: CRISIL Keeps D Debt Ratings in Not Cooperating
LOKMANYA HOSPITALS: CRISIL Withdraws D Rating on INR10cr Loan
MADHAVA HYTECH: CRISIL Keeps D Debt Ratings in Not Cooperating
MEHSANA DAIRY: CRISIL Withdraws D Rating on INR22cr Cash Loan
MICRO THERAPEUTIC: CARE Keeps C Debt Rating in Not Cooperating

NOVARC LABS: CARE Keeps D Debt Rating in Not Cooperating Category
RCM INFRASTRUCTURE: CRISIL Keeps D Ratings in Not Cooperating
SATYA SAI: CRISIL Keeps D Debt Ratings in Not Cooperating
SINGHAL CLEARING: CRISIL Keeps B- Debt Ratings in Not Cooperating
SRINIVASA FASHIONS: CRISIL Keeps D Ratings in Not Cooperating

T.J.S. ENGINEERING: CRISIL Keeps D Ratings in Not Cooperating
ULTRA ALLUMINIUM: CARE Keeps C Debt Rating in Not Cooperating
VINAYAK LOGISTIC: CARE Keeps C Debt Rating in Not Cooperating
VITTHAL GAJANAN: CARE Keeps D Debt Rating in Not Cooperating
VXL INSTRUMENTS: Insolvency Resolution Process Case Summary

ZULAIKHA MOTORS: CARE Lowers Rating on INR116cr LT/ST Loans to D


M A L A Y S I A

PESTECH INT'L: Plans MYR65MM Cash Payment to Settle Debt
SMILE-LINK: Major Shareholder Seeks Removal of External Auditor


N E W   Z E A L A N D

AUCKLAND FIRST: Court to Hear Wind-Up Petition on Feb. 28
COFFEE108 LIMITED: Court to Hear Wind-Up Petition on Feb. 17
LAO DI FANG: Robin Crimp Appointed as Liquidator
NGAIO LIMITED: Creditors' Proofs of Debt Due on Jan. 22
POWER WISE: Creditors' Proofs of Debt Due on Feb. 10



S I N G A P O R E

CHIA HIN: Commences Wind-Up Proceedings
GRAND ELITE: Commences Wind-Up Proceedings
J CAPITAL: Farooq Ahmad Mann Appointed Liquidator
KINGSTAR (SINGAPORE): Court Enters Wind-Up Order
MAXEON SOLAR: Reports $393.94 Million Net Loss in Fiscal Q3

WINMAS EXPRESS: Court to Hear Wind-Up Petition on Jan. 3


S O U T H   K O R E A

LOTTE CHEMICAL: Bondholders Agree to Remove Clause

                           - - - - -


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

DE CONSTRUCT: First Creditors' Meeting Set for Dec. 30
------------------------------------------------------
A first meeting of the creditors in the proceedings of De Construct
Group Pty Ltd will be held on Dec. 30, 2024 at 10:00 a.m. via
teleconference only.

David Ross and David Ingram of I & R Advisory were appointed as
administrators of the company on Dec. 17, 2024.


FRM CAFE: First Creditors' Meeting Set for Dec. 30
--------------------------------------------------
A first meeting of the creditors in the proceedings of FRM Cafe Pty
Ltd will be held on Dec. 30, 2024 at 11:30 a.m. via teleconference
facilities.

Graeme Robert Beattie of Worrells was appointed as administrator of
the company on Dec. 16, 2024.


KALAJI HEALTH: First Creditors' Meeting Set for Dec. 24
-------------------------------------------------------
A first meeting of the creditors in the proceedings of Kalaji
Health Pty Ltd will be held on Dec. 24, 2024 at 9:00 a.m. by
virtual means.

Jerome Mohen and Gregory Bruce Dudley of RSM Australia were
appointed as administrators of the company on Dec. 16, 2024.


SHIKARA PTY: First Creditors' Meeting Set for Dec. 31
-----------------------------------------------------
A first meeting of the creditors in the proceedings of Shikara Pty
Ltd will be held on Dec. 31, 2024 at 11:00 a.m. via electronic
means.

James Stuart McPherson of Meertens Chartered Accountants was
appointed as administrators of the company on Dec. 17, 2024.


THE ORCHARD: Enters Voluntary Administration
--------------------------------------------
News.com.au reports that The Orchard, a popular dining destination,
has been placed into voluntary administration as it battles with
the cost-of-living crisis.

The site has been dubbed as "Western Sydney's most memorable venue"
and has been the backdrop for many weddings and special events.
The sprawling business in Penrith, which includes a cafe, bar and
restaurant, first opened two years ago.

Graeme Beattie of Worrells was appointed administrator on Dec. 16
by the company directors, news.com.au relays.

According to news.com.au, Mr. Beattie said rising operational
costs, changing consumer behaviour, and reduced discretionary
spending contributed to an unsustainable financial position.

Mr. Beattie has said he is currently undertaking an urgent
financial analysis of the Company's trading performance and
viability.  Despite that, the Company's business will continue to
trade as on a 'business-as-usual' basis.


WATTSTAR PTY: First Creditors' Meeting Set for Dec. 31
------------------------------------------------------
A first meeting of the creditors in the proceedings of Wattstar
Pty. Ltd. will be held on Dec. 31, 2024 at 11:00 a.m. via Microsoft
Teams.

Lee Crosthwaite of Worrells was appointed as administrator of the
company on Dec. 17, 2024.




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

FINGERMOTION INC: Names New Board Members After Director Resigns
----------------------------------------------------------------
FingerMotion Inc. disclosed in a Form 8-K Report filed with the
U.S. Securities and Exchange Commission that Michael Chan resigned
as a director of the Company on November 29, 2024.  Mr. Chan was a
member and the chair of the audit committee of the Board of
Directors as well as a member of the compensation committee of the
Board.

On December 3, 2024, following the resignation of Mr. Chan as a
director of the Company creating a vacancy on each of the Board's
audit committee and the compensation committee, the Board appointed
Hsien Loong Wong as a member of the audit committee of the Board
and appointed Yew Poh Leong as the chair of the audit committee of
the Board.  In addition, the Board appointed Eng Ho Ng as a member
of the compensation committee of the Board.

                      About FingerMotion Inc.

FingerMotion Inc. is an evolving technology Company with a core
competency in mobile payment and recharge platform solutions in
China.

Hong Kong-based Centurion ZD CPA & Co., the Company's former
auditor, issued a "going concern" qualification in its report dated
May 29, 2024, citing that the Company has suffered recurring losses
from operations that raise substantial doubt about its ability to
continue as a going concern.

FingerMotion had a net loss of $3,812,017 and $7,538,837 for the
years ended February 29, 2024 and February 28, 2023, respectively.
As of August 31, 2024, FingerMotion had $30,188,875 in total
assets, $20,310,503 in total liabilities, and $9,878,372 in total
shareholders' equity.


JRSIS HEALTH: Delays Fiscal Q3 Report Due to Calculation Issues
---------------------------------------------------------------
JRSIS Health Care Corporation disclosed in a Form 12b-25 with the
U.S Securities and Exchange Commission that it is unable to file
its Quarterly Report on Form 10-Q for the period ended September
30, 2024, within the required time because there was a delay in
completing the calculations necessary to close the books for the
quarter.

                      About JRSIS Health Care

JRSIS Health Care Corporation provides medical services. The
Company offers both Western and Chinese medical practices,
including pediatrics, dermatology, traditional Chinese medicine,
internal medicine dentistry, general surgery, rehabilitation
science, and gynecology. JRSIS Health Care serves patients in
China.

As of December 31, 2023, the Company has $2,144,525 in total
assets, $2,305,177 in total liabilities, and $160,652 in total
deficit.

New York-based HHC, the Company's auditor since 2021, issued a
"going concern" qualification in its report dated April 26, 2024,
citing that the Company has suffered recurring significant losses
which resulted significant accumulated deficiency in stockholders'
equity and has a net capital deficiency. These factors raise
substantial doubt about the Company's ability to continue as a
going concern.


RETO ECO-SOLUTIONS: Board OKs $8.4M Forest Rights Transfer Deal
---------------------------------------------------------------
ReTo Eco-Solutions, Inc. disclosed in a Form 6-K Report filed with
the U.S. Securities and Exchange Commission that Senrui Bochuang
(Beijing) Technology Co., Ltd., a subsidiary of the Company,
entered into a forest rights transfer agreement with Zhiguo Han, an
individual.

Under the Forest Rights Transfer Agreement, Senrui Bochuang will
acquire all rights associated with approximately 3,000 acres of
forest land located in Dongpo Village, Lingqiu County, Datong City,
Shanxi Province, China, including ownership of and usage rights
over approximately 30,000 mature trees, for a total consideration
of RMB 56,000,000 (approximately $8.4 million) in cash. The cash
consideration will be paid in three installments:

     (i) an initial payment of RMB 16,800,000 within five days upon
the entry of Forest Rights Transfer Agreement,
    (ii) a second payment of RMB 36,400,000 within five days after
receipt of the original copy of the forest rights certificate from
the Transferor, and
   (iii) final payment of RMB 2,800,000 within five days after the
completion of the record change procedures for the forest rights
certificate, which procedures are expected to be completed within
one year.

The Forest Rights Transfer Agreement provides that the rights being
transferred are valid until January 15, 2062. The Transferor has
represented that all necessary approvals from relevant authorities
have been obtained and that there are no existing disputes or
encumbrances related to the transferred rights. The Forest Rights
Transfer Agreement contains other customary representations,
warranties and agreements by Senrui Bochuang and the Transferor,
and indemnification obligations of the Transferor against certain
liabilities.

The Board of Directors of the Company has approved the entry of the
Forest Rights Transfer Agreement. Senrui Bochuang plans to utilize
the forest land to develop a modern agricultural, pastoral,
cultural and tourism project, which involves raising ecological
Qingbei goats under the forest, and cultivating high-standard,
high-value-added fruits through facility agriculture.

                     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.

SUNAC CHINA: Indebted Developers to Restructure Bonds Next Year
---------------------------------------------------------------
The Standard reports that Sunac China is headed toward a landmark
restructuring deal for yuan bonds that could open the gates to a
flurry of debt agreements next year as the sector gives up on
returning to financial health anytime soon.

Hit with a liquidity crisis since 2021, China's highly indebted
developers began tackling restructuring offshore bonds in 2022, The
Standard says. But for politically sensitive onshore bonds, they
have repeatedly extended maturities, pinning their hopes on a
pickup in cash flow.

That practice no longer seems viable given the prolonged weakness
in housing demand and the broader economy, industry officials and
analysts said.

Logan Group plans to restructure all of its onshore bonds in 2025,
said a person briefed by the company, according to The Standard.

The Shenzhen-based real estate development firm faces repayments of
CNY2.4 billion (HK$2.56 billion) next year, The Standard discloses
citing London Stock Exchange Group data.

It aims to start discussions with bondholders in January and gain
approval in March, the person said, adding that the proposal will
ask bondholders to endure huge losses.

Shanghai-based CIFI Holdings, a large property developer due to
repay bondholders CNY3.1 billion in 2025, is also considering a
debt revamp, a separate source briefed by CIFI said, adds The
Standard.

But much would depend on whether Sunac is successful in securing a
deal, the source added.

The Standard notes that the two are among many developers with bond
payments due next year.

For example, embattled Country Garden, China's No 2 private
property developer, is expected to repay onshore creditors 6.6
billion yuan next year. Country Garden, based in Guangdong
province, declined to comment on its debt repayment plans.

                         About Sunac China

Sunac China Holdings Limited (SEHK:1918) --
http://www.sunac.com.cn/-- engages in the sales of properties in
the People's Republic of China. The Company operates its business
through two segments: Property Development and Property Management
and Others. The Company's subsidiaries include Sunac Real Estate
Investment Holdings Ltd., Qiwei Real Estate Investment Holdings
Ltd. and Yingzi Real Estate Investment Holdings Ltd.

Sunac is among a string of Chinese property developers that have
defaulted on their offshore debt payment obligations since the
sector was hit by a liquidity crisis in 2021, roiling global
markets, according to Reuters.

Creditors of Sunac China Ltd have approved its $9 billion offshore
debt restructuring plan, the company said on Sept. 18, marking the
first approval of such debt overhaul by a major Chinese property
developer.

Sunac China Holdings Limited sought creditor protection in the
United States under Chapter 15 of the Bankruptcy Code (Bankr.
S.D.N.Y. Case No. 23-11505) on Sept. 19, 2023.   U.S. Bankruptcy
Judge Philip Bentley presides over the Chapter 15 proceedings.
Sidley Austin is the legal counsel to China Sunac.


WANDA GROUP: Sunac Serves USD1.3 Billion Demand Notice
------------------------------------------------------
Yicai Global, citing The Paper, reports that Sunac Group, which is
dealing with its own liquidity issues, has become the latest
company to raise arbitration against cash-strapped property giant
Wanda Group, claiming CNY9.5 billion (USD1.3 billion) worth of
share buyback fees that the Chinese developer said it is owed after
an investment deal dating back to 2018 was breached.

The arbitration application has been accepted by the China
International Economic and Trade Arbitration Commission, the report
said, citing people familiar with the matter, Yicai relays. It
follows similar suits filed by retailer Suning.com and supermarket
chain operator Yonghui Supermarket in the last two months.

Yicai says the fallout is the result of an investment deal for
Wanda's subsidiary Dalian Wanda Commercial Management Group that
went wrong. In January 2018, Tianjin-based Sunac, Suning.com,
internet behemoth Tencent Holdings and JD.com pumped CNY34 billion
(USD4.6 billion) into the property management unit in return for a
14 percent stake on the understanding that Beijing-based Wanda
would soon take the subsidiary public.

Of this, both Suning and Sunac invested CNY9.5 billion for 3.9
percent equity each. And Yonghui injected CNY3.5 billion (USD480
million) in a separate investment in December that year.

All parties signed a valuation adjustment mechanism agreement at
the time that Wanda Commercial would go public before Oct. 31, 2023
on an unspecified bourse, the report said. But this has yet to
happen, Yicai notes.

Founded in 1988 and headquartered in Dongying, Shandong, Wanda
Group Co., Ltd. is a privately-owned company operating multiple
business segments including (1) refining (mainly refineries of
diesel and gasoline); (2) tire production; (3) the manufacture of
electric cables; (4) the manufacture of chemical products,
including methacrylate butadiene styrene and polyacrylamide; and
(5) electronics, including the production of polyimide film.




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

NEW WORLD: Asks Banks to Extend Bilateral Loans
-----------------------------------------------
Bloomberg News reports that New World Development Co. is in talks
with banks to extend the due dates of some bilateral loans, people
familiar with the matter said, adding to concerns over its ability
to service one of the heaviest debt loads of its kind.

It's unclear how much of a delay the builder is seeking for each
loan. But the efforts show the company - which had total
liabilities of HK$220 billion ($28.3 billion) at the end of June -
is exploring ways to alleviate financial pressure after recording
its first annual loss in two decades, Bloomberg relates.

Perpetual notes from the developer of projects including the K11
Art Mall in Hong Kong's shopping district of Tsim Sha Tsui were
earlier indicated down 5.8 cents at a record low of 40.3 cents. Its
4.5% dollar notes due in 2030 have also dropped about 18% this week
to the lowest since August 2023. The company's shares fell almost
7% on Dec. 18 to extend declines over the past month to some 26%.

Controlled by the family empire of tycoon Henry Cheng, New World
has been one of the most closely watched property firms due to its
high leverage, according to Bloomberg. Hong Kong's prolonged
property downturn has left it grappling with tighter investor
scrutiny in recent years. Its net debt to equity was 82.7% as of
the end of last year, compared with 41.4% at rival Henderson Land
Development Co. and 21.2% at Sun Hung Kai Properties Ltd.,
according to Bloomberg Intelligence.

Bloomberg says New World has also asked lenders to waive a
potential breach of a debt-ratio related covenant on certain
facilities, said other people familiar with the situation. Debtwire
first reported the waiver request on Dec. 13. Generally speaking, a
loan breach might not lead to defaults if banks agree to grant a
waiver, but it could undermine creditors' confidence in a company's
debt-servicing ability.

In response to media enquiries, New World said in a statement
published on its website late on Dec. 18 that it "noticed a number
of untrue speculations and rumors" without clarifying what it
referred to. "We continue to comply with disclosure requirements
and provide timely and appropriate updates to our investors and
shareholders," the company said.

Bloomberg notes that management changes in recent months are
another key factor that's weighing on securities of New World,
whose 11 Skies commercial complex project opening in phases next to
the Hong Kong International Airport is one of the first things many
visitors to the city see.

The builder replaced its chief executive officer last month in an
abrupt change. The company named Echo Huang Shaomei as CEO,
replacing Eric Ma who was in the job for only two months.

                    About New World Development

New World Development Company Limited -- https://www.nwd.com.hk/ --
an investment holding company, operates in the property development
and investment business in Hong Kong and Mainland China. Its
property portfolio includes residential, retail, office, and
industrial properties. The company is also involved in the loyalty
program, fashion retailing and trading, and land development
businesses; and development and operation of sports park. In
addition, it operates club houses, golf and tennis academies, and
shopping malls; constructs and operates Skycity complex; and
operates department stores.




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

ADVANTAGE OVERSEAS: Liquidation Process Case Summary
----------------------------------------------------
Debtor: Advantage Overseas Private Limited
414/A-Wing, 4th Floor,
        Express Zone Off W. E. Highway,
        Malad (East) Mumbai - 400097 Maharashtra

Liquidation Commencement Date: November 27, 2024

Court: National Company Law Tribunal Mumbai Bench

Liquidator: Kamal Kumar Jadwani
     Flat No. 605, Wing-B, Sadguru Complex II (A-B),
            Film City Road, Goregaon East,
            Adjacent to Satellite Tower,
            Mumbai Suburban, Maharashtra 400063
            Email: KamalJadwani@gmail.com
            Email: ip.advantageoverseas@gmail.com

Last date for
submission of claims: January 4, 2025


ANJANI PUTRA: CRISIL Keeps D Debt Ratings in Not Cooperating
------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Sri Anjani
Putra Educational Society (SAES) continue to be 'CRISIL D/CRISIL D
Issuer Not Cooperating'.

                         Amount
   Facilities         (INR Crore)     Ratings
   ----------         -----------     -------
   Overdraft Facility     1.2         CRISIL D (Issuer Not
                                      Cooperating)

   Proposed Long Term     1.3         CRISIL D (Issuer Not
   Bank Loan Facility                 Cooperating)

   Term Loan              7.5         CRISIL D (Issuer Not
                                      Cooperating)

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

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

Detailed Rationale

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

Formed in 2001, Sri Anjaniputra Educational Society (SAES) runs
college and schools. It runs D.Ed, B.Ed. and M.Ed. College named
Smt. Mannaru Yasodamma Memorial College in Darsi, Andhra Pradesh.
It also run 3 schools named Sanskriti Vidyalaya School situated at
Podili, Darsi and Chalivendram. The society is managed by Sri
Esthalamudi Chenna Reddy, Sri Mannaru Jaya Kumar and Sri
Isthalamudi Raja Rami Reddy.


APL METALS: CRISIL Lowers Long/Short Term Debt Ratings to D
-----------------------------------------------------------
CRISIL Ratings has downgraded its ratings on the bank loan
facilities of APL Metals Limited (AML) to 'CRISIL D/CRISIL D Issuer
Not Cooperating' from 'CRISIL BB-/Stable/CRISIL A4+ Issuer Not
Cooperating'.

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

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

CRISIL Ratings has been consistently following up with AML for
obtaining information through letters and email dated September 30,
2024, October 30, 2024 and November 30, 2024 among others, apart
from telephonic communication. However, the issuer has remained non
cooperative.

Earlier, the entity did not provide the No Default Statements (NDS)
for the three consecutive months. Therefore, the issuer was
classified as 'non cooperative' in line with Clause 11. 3 of SEBI
CRA Operational Circular dated May 16, 2024.

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
Ratings has failed to receive any information on either the
financial performance or strategic intent of AML, which restricts
CRISIL Ratings ability to take a forward-looking view on the
entity's credit quality. CRISIL Ratings believes information
available on AML is consistent with 'Assessing Information Adequacy
Risk'.

Based on the publicly available information, CRISIL Rating
understands HGHPL has been irregular in its account conduct. Hence,
CRISIL Ratings has downgraded its ratings on the bank loan
facilities of AML to 'CRISIL D/CRISIL D Issuer Not Cooperating'
from 'CRISIL BB-/Stable/CRISIL A4+ Issuer Not Cooperating'.

APL was incorporated in 1948 and promoted by the late Mr. DN
Sahaya. It is engaged in manufacturing of lead oxides, white lead,
antimonial lead, lead salts, zinc dust, and zinc oxide. The company
has three manufacturing facilities, two located in West Bengal and
one in Uttar Pradesh and currently managed by Mr. Sanjiv Nandan
Sahaya.


AYURSUNDRA HOSPITALS: CRISIL Keeps D Ratings in Not Cooperating
---------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Ayursundra
Hospitals (Guwahati) Private Limited (AHPL) continue to be 'CRISIL
D Issuer Not Cooperating'.

                        Amount
   Facilities         (INR Crore)     Ratings
   ----------         -----------     -------
   Cash Credit             0.4        CRISIL D (Issuer Not      
                                      Cooperating)

   Proposed Long Term      0.21       CRISIL D (Issuer Not
   Bank Loan Facility                 Cooperating)

   Term Loan               7.99       CRISIL D (Issuer Not      
                                      Cooperating)

   Term Loan               1.06       CRISIL D (Issuer Not      
                                      Cooperating)

   Term Loan               2.5        CRISIL D (Issuer Not      
                                      Cooperating)

   Term Loan               0.14       CRISIL D (Issuer Not      
                                      Cooperating)

   Term Loan              33.70       CRISIL D (Issuer Not      
                                      Cooperating)

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

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

Detailed Rationale

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

AHPL, incorporated in 2007, commenced commercial operations in
October 2010. It manages a diagnostic centre that provides
non-invasive diagnostic and other healthcare services in Guwahati.
AHPL has also been operating a 12-bed cardiac unit with an
intensive care facility since April 2012. The company is setting up
a multi-specialty hospital and rejuvenation centre, which is
expected to become operational by January 2016. It is promoted by
Mr. Simanta Das and Dr. Abhijit Hazarika.


BAIT LOGITECH: CRISIL Keeps D Debt Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Bait Logitech
Private Limited (BLPL) continue to be 'CRISIL D/CRISIL D Issuer Not
Cooperating'.

                         Amount
   Facilities         (INR Crore)     Ratings
   ----------         -----------     -------
   Bank Guarantee          6.6        CRISIL D (Issuer Not
                                      Cooperating)

   Cash Credit             5.5        CRISIL D (Issuer Not
                                      Cooperating)

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

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

Detailed Rationale

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

Incorporated in May 2010, BLPL provides logistics and liaison
services for the iron ore mining industry, and project and mining
consultancy services. It also fabricates heavy steel structures.
The company is promoted by Mr Brahma Nanda Mishra. It has a unit in
Tangi, Odisha.


BUSH TEA: CRISIL Keeps D Debt Ratings in Not Cooperating Category
-----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Bush Tea
Company Private Limited (BTCPL) continue to be 'CRISIL D Issuer Not
Cooperating'.

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

   Cash Credit           20           CRISIL D (Issuer Not
                                      Cooperating)

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

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

Detailed Rationale

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

Bush Tea was acquired by the current promoter, Mr Sanjay Prakash
Bansal, in 2009. Prior to the acquisition, the company exported
conventional tea to the US, the UK, and Gulf countries, but now
mostly trades in conventional tea in the domestic market. It also
trades in a small proportion of organic tea. Bush Tea procures
equal amounts of tea from both auction houses and private players
and blends it at its warehouse. The company sells tea mostly to
players such as Tata Global Beverages Pvt Ltd, Jalpaiguri Tea
Company and local players.


CHAMPA DEVI: CRISIL Keeps B Debt Ratings in Not Cooperating
-----------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Champa Devi
Foods Private Limited (CDF; part of the Markandeshwar group)
continue to be 'CRISIL B/Stable Issuer not cooperating'.

                         Amount
   Facilities         (INR Crore)     Ratings
   ----------         -----------     -------
   Proposed Cash           2          CRISIL B/Stable (Issuer Not
   Credit Limit                       Cooperating)

   Proposed Cash           9.5        CRISIL B/Stable (Issuer Not
   Credit Limit                       Cooperating)

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

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

Detailed Rationale

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

For arriving at its rating, CRISIL Ratings has combined the
business and financial risk profiles of MFA, DSPI Milk Foods Ltd
(DSPI), and Champa Devi Foods Pvt Ltd (CDF). This is because the
three companies, collectively referred to as the Markandeshwar
group, have a common management and are in the same business.

                          About the Group

The Markandeshwar group is promoted by Mr Devraj Garg and Mr Satish
Garg, and manufactures dairy products such as pure ghee and skimmed
milk powder, which are sold under the Madhusagar, Lord Krishna,
Murli, and Himalaya brands.

Incorporated in 1993, MFA has a manufacturing plant in Kurukshetra,
Haryana, with capacity of 40,000 litre per day (lpd).

DSPI, incorporated in 2003, has a unit in Palwal, Haryana, with
capacity of 30,000 lpd.

Incorporated in 2002, CDF has a manufacturing plant in Sangroor,
Punjab, with capacity of 40,000 lpd.


CHITTARANJAN MULTIPURPOSE: CRISIL Keeps D Ratings in Not Coop.
--------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Chittaranjan
Multipurpose Heemghar Private Limited (CMHPL) continue to be
'CRISIL D Issuer Not Cooperating'.

                         Amount
   Facilities         (INR Crore)     Ratings
   ----------         -----------     -------
   Cash Credit             1.0        CRISIL D (Issuer Not
                                      Cooperating)

   Cash Credit             5.6        CRISIL D (Issuer Not
                                      Cooperating)

   Term Loan               7.4        CRISIL D (Issuer Not
                                      Cooperating)

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

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

Detailed Rationale

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

Incorporated in 2012 and promoted by Mr Kartik Ghosh and Ms Jhulan
Ghosh, CMHPL provides cold storage services to potato farmers and
traders, and also undertakes opportunistic trading of potatoes.
Unit in Hooghly, West Bengal, commenced operations in March 2017.


GALI BHANU: CARE Keeps C Debt Rating in Not Cooperating Category
----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Gali Bhanu
Prakash (GBP) continues to remain in the 'Issuer Not Cooperating'
category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       5.53       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 November 27,
2023, placed the rating(s) of GBP under the 'issuer
non-cooperating' category as GBP had failed to provide information
for monitoring of the rating as agreed to in its Rating Agreement.
GBP continues to be non-cooperative despite repeated requests for
submission of information through e-mails dated October 12, 2024,
October 22, 2024, November 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

Outlook: Stable

Andhra Pradesh based, Gali Bhanu Prakash (GBP) was established as a
proprietorship firm in the year 2002 and promoted by Mr. G. Bhanu
Prakash. The firm is engaged in providing ware house on lease
rental to Andhra Pradesh State Civil Supplies Corporation
Limited (APSCSCL).


GEMSTONE GLASS: CRISIL Keeps D Debt Ratings in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Gemstone
Glass Private Limited (GGPL) continue to be 'CRISIL D/CRISIL D
Issuer not cooperating'.

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

   Cash Credit           2.5        CRISIL D (Issuer Not
                                    Cooperating)

   Packing Credit        7.5        CRISIL D (Issuer Not
                                    Cooperating)

   Proposed Long Term    2.17       CRISIL D (Issuer Not
   Bank Loan Facility               Cooperating)

   Working Capital       2.83       CRISIL D (Issuer Not
   Term Loan                        Cooperating)

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

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

Detailed Rationale

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

GGPL, incorporated in 2003, is a wholly-owned subsidiary of Trend
SpA, Italy (Trend). The company manufactures glass and operates as
a production hub for the group. With effect from April 1, 2013,
another subsidiary of Trend, Pino Pvt Ltd, was merged with GGPL.


GOLDENLINE INFRA: CRISIL Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Goldenline
Infrastructures Private Limited (GIPL) continue to be 'CRISIL D
Issuer Not Cooperating'.

                         Amount
   Facilities         (INR Crore)     Ratings
   ----------         -----------     -------
   Proposed Long Term      15         CRISIL D (Issuer Not
   Bank Loan Facility                 Cooperating)

   Term Loan               10         CRISIL D (Issuer Not
                                      Cooperating)

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

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

Detailed Rationale

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

GIPL was incorporated in 2006, promoted by Mr. Ashish Gupta along
with Aerens Gold Souk International Ltd of Gurgaon, Haryana. The
company is setting up a residential project, Aerens Golden Tulip,
at Ajmer, Rajasthan.


GYASI RAM: CRISIL Keeps D Ratings in Not Cooperating Category
-------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Gyasi Ram
Educational Society (GRES) continue to be 'CRISIL D/CRISIL D Issuer
Not Cooperating'.

                         Amount
   Facilities         (INR Crore)     Ratings
   ----------         -----------     -------
   Overdraft Facility     1.49        CRISIL D (Issuer Not
                                      Cooperating)

   Term Loan             11.83        CRISIL D (Issuer Not
                                      Cooperating)

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

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

Detailed Rationale

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

GRES was setup in 2008 in Sonipat, Haryana. The society has two
colleges in Sonipat, Haryana; International Institute of Technology
and Business (I2TB) offering courses in engineering and BBA and
International Institute of Pharmaceutical Sciences (I2PS), offering
courses in pharmacy and medical lab technology. The founding
members of the society are Prof. Rakesh Ranjan, Mr. Ved Dahiya,
Prof. Jyoti Ranjan and Mr. Arun Thakran.


JSR MULBAGAL: CRISIL Keeps D Debt Ratings in Not Cooperating
------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of JSR Mulbagal
Tollways Private Limited (JSR) continue to be 'CRISIL D Issuer Not
Cooperating'.

                         Amount
   Facilities         (INR Crore)     Ratings
   ----------         -----------     -------
   Term Loan              24.7        CRISIL D (Issuer Not
                                      Cooperating)

   Term Loan              10          CRISIL D (Issuer Not
                                      Cooperating)

   Term Loan              25          CRISIL D (Issuer Not
                                      Cooperating)

   Term Loan              45.3        CRISIL D (Issuer Not
                                      Cooperating)

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

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

Detailed Rationale

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

JSR is a special purpose company promoted by JSR Constructions
Private Limited for augmentation of National Highway No. 4 from km
216.912 to km 239.100 (approx. 22.188 km) on the Mulbagal - AP/KNT
border section in Karnataka under NHDP Phase III, by four-laning on
design, build, finance, operate and transfer (DBFOT) on toll basis.
JSR Constructions Private Limited has 70% shareholding in JSR with
the remaining 30% being held by the directors of the company.


KALPATARUVU SPINNING: CARE Lowers Rating on INR77cr LT Loan to D
----------------------------------------------------------------
CARE Ratings has revised the ratings on certain bank facilities of
Kalpataruvu Spinning Mills Private Limited (KSMPL), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      77.00       CARE D; ISSUER NOT COOPERATING
   Facilities                      Downgraded from CARE BB;
                                   Negative and moved to ISSUER
                                   NOT COOPERATING category

Rationale and key rating drivers

CARE Ratings Ltd. has been seeking information from KSMPL to
monitor the rating(s) vide e-mail communications dated October 1,
2024, November 14, 2024 among others and numerous phone calls.
However, despite repeated requests, the company has not provided
the requisite information for monitoring the ratings.

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. The rating on KSMPL's bank facilities will
now be denoted as CARE D; ISSUER NOT COOPERATING.

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

Analytical approach: Standalone

Outlook: Not Applicable

Detailed description of key rating drivers

Key weaknesses

* Ongoing delay in debt servicing: There are on-going delays in
debt servicing of interest and principal repayment of the term loan
availed from Indian bank with account overdue for the past few
months, as confirmed by banker and auditor interaction dated
December 10, 2024, owing to poor liquidity position. Further, the
account is classified as NPA and there are delays in payment of
statutory dues, namely, PF and TDS for the last quarter due to
downfall in the business.

* Declined operational performance in FY23 and H1FY24: During FY23,
KSMPL production levels of Yarn reduced by 42.75% i.e., to 2771 MTs
from 5599 MTs in FY22 and sales volume declined by 50.51% compared
to FY22 on account of subdued market scenario as well as sharp
increase in the prices of cotton yarn resulted in nil exports with
uncompetitive prices. The same trend continued for H1FY24, sales
volume recorded at 1201 Mts which is about 43% of FY23 sales.
Average sales realisation of yarn prices hovering around
INR315/kg.

* Declined total operating income and profitability margins in FY23
and H1FY24: In FY23, KSMPL achieved total operating income (TOI) of
INR89.29 crores with significant degrowth by about 40.83% on
account of subdued market after boom seen in FY21 and FY22. Average
sales realisation of Yarn increased to INR315/kg in FY23 against
INR264/kg in FY22. Despite increased selling prices, company's
inability to pass on entire rise in cotton prices to its customers
and secure export orders due to intense competition from other
countries resulted in declined profitability margins. Considering
FY22 as an exceptional year, PBILDT and PAT margins of the company
declined by 81 bps and 52 bps i.e., 9.00% and 0.18% compared to
FY21. During H1FY24, KSMPL has achieved total operating income of
INR37.61 crores with operating margin of 12.20% at the back of
correction in selling and purchase prices.

* Moderate capital structure and debt coverage indicators: The debt
profile of the company consists of working capital borrowings, term
loans, unsecured loans from directors and related parties. Capital
structure as represented by debt equity and overall gearing
deteriorated to 0.62x and 1.64x as on March 31, 2023 against 0.80x
and 1.56x as on March 31, 2022 on account of increased reliance on
working capital limits with slow movement in inventory and
substantial inventory held at year end attributed to the cotton
harvesting season occurring in H2FY23. The debt coverage indicators
represented by Interest coverage ratio to 1.37x in FY23 against
3.12x in FY22 on account of declined profitability levels and
increased reliance on working capital limits. TDGCA remained high
at 19.83x in FY23. As of Sep 30, 2023, overall gearing stood at
1.65x which is marginally deteriorated on account of increased
reliance on working capital limits and unsecured loans from
promoters. Considering stretch in liquidity, promoters infused
funds amounting to INR1.50 crores and further proposed infusion of
funds amount to INR2.00 crores in the form of unsecured loans to
meet debt repayment obligations for FY24 which is a key monitorable
factor from credit perspective.

* Working capital intensive nature of operations: KSMPL's
operations are working capital-intensive, as a higher amount of its
working capital remains blocked in inventories. KSMPL procures
cotton during the harvesting season, spanning from October to
March, to ensure uninterrupted production throughout the year. The
challenging scenario in FY23, with sluggish movement of inventory
and subdued demand, resulted in high inventory days, i.e., 218 days
compared to 117 days in FY22. Additionally, the collection period
extended from 30 days in FY22 to 65 days in FY23, resulting in an
elongated operating cycle of 210 days in FY23 against 105 days in
FY22. Hence, the company mostly funded its working capital
requirements through bank borrowings, which resulted in high
utilization of its working capital limits, i.e., around 95% during
the last 12 months ending in November 2023.

* Volatility associated with raw material prices: The basic raw
material for production of yarn is cotton. Cotton prices are
dependent on the government policies, effect of monsoon etc. have
been highly volatile in the past few years. Further, the ability to
transfer the volatility in raw material prices is limited on
account of the low bargaining power of the companies with its
suppliers as well as its customers, as the prices of both raw
materials and finished goods are dependent upon the market
conditions. Furthermore, yarn being a commodity its price is also
volatile and movement in yarn prices can also have an impact on the
profitability margins of the company.

* Highly competitive & fragmented nature of operations: Organized
sector consisting of large-scale spinning units and composite mills
is responsible for majority of installed capacity of the yarn
production and unorganized sector consisting of smallscale spinning
units account for rest of the capacity. The industry is
characterized by low entry barrier due to minimal capital
requirement and easy access to customers and suppliers. This leads
to highly fragmented industry structure having a high level of
competition and intense pricing pressures resulting in lower
margins.

Key strengths

* Experienced promoters in textile industry: KSMPLs operations are
managed by Mr. Raghu Rami Reddy, having an experience of more than
three decades in the cotton industry. Long presence in the industry
has helped the company in establishing comfortable relationship
with its suppliers and customers. Day to day business operations of
the company looked after by Mr. Raghu Rami Reddy (Managing
Director). Further, the promoters have supported the business by
infusing funds in the form of unsecured loans. During current
fiscal, promoters infused funds in the form of unsecured loans for
amount INR1.50 crores.

* Support from Promoters: The promoters have been supporting the
business by infusing funds in the form of unsecured loans as and
when required. Unsecured loans from promoters and related parties
stood at INR5.63 crores as on March 31, 2023. Considering stretched
liquidity; promoters infused funds in the form of unsecured loans
for amount INR1.50 crores and further proposed infusion of funds
amount to INR2.00 crores in the form of unsecured loans to meet
debt repayment obligations for FY24 which is a key monitorable
factor from credit perspective.

* Availability of captive power: The windmills with aggregate
installed capacity of 2.1 MW generated 95% of wind electricity
during the FY22. The entire power generated by the windmills were
utilized for captive consumption at the spinning mill. With less
productivity of Yarn during H1FY22 due to higher raw material
costs, the excess wind power was banked, and the company
met almost 80% power requirement for FY22 through windmills.

* Industry Outlook: The textile and apparel sector is currently
facing uncertainty and challenges in demand and operational
profitability from FY23. However, on a long-term basis, Indian
cotton spinners are expected to maintain stable demand growth and
profitability, supported by increasing urbanisation, rising
disposable income, the China+1 strategy adopted by major global
retail players, along with various incentives from the government
such as the Remission of Duties and Taxes on Exported Products
(RoDTEP), Rebate of State & Central Taxes and Levies (RoSCTL) and
the Production-Linked Incentive (PLI) scheme, etc.

Liquidity: Poor

The liquidity position of the company remained poor with ongoing
delays in debt servicing.
Andhra Pradesh based, Kalpataruvu Spinning Mills Private Limited
(KSMPL) was incorporated in the year 2006 and promoted by Mr. Raghu
Rami Reddy. KSMPL is into the business of spinning of yarn catering
to both domestic and export market. The company's install capacity
as on March 31, 2023, was 30,048 spindles and windmills of 2.1 MW
which is used for captive consumption. The manufacturing facility
of the company is located in Guntur.


KITTANGI FINANCE: Voluntary Liquidation Process Case Summary
------------------------------------------------------------
Debtor:  M/S. Kittangi Finance Private Limited
  New No. 44A, (Old No.20),
         Prakasam Street
         T. Nagar,
         Chennai 600017, Tamildu

Liquidation Commencement Date: December 3, 2024

Court: National Company Law Tribunal Chennai Bench

Liquidator: Mr. Mathur Sabhapathy Viswanathan
            Plot No. 22, Vallalar Street
            Nilamangai Nagar
            Adambakkam, Chennai - 600088
            Tamil Nadu
            Email: msv8200@gmail.com
            Mobile: 98840 85514

Last date for
submission of claims: January 2, 2025


LAKSHMI RANGA: CRISIL Keeps D Debt Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Lakshmi Ranga
Enterprises Private Limited (LREPL) continue to be 'CRISIL D Issuer
Not Cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit          7.75        CRISIL D (Issuer Not
                                    Cooperating)

   Term Loan            2.25        CRISIL D (Issuer Not
                                    Cooperating)

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

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

Detailed Rationale

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

LREPL, set up in 1984, trades in paints, hardware, plywood, and
various building construction material. LT, established in 2009,
trades in white cement and other building construction material.
The group is managed by Mr. R. Anbalagan and his family members,
and based in Thiruvannamalai (Tamil Nadu).


LOKMANYA HOSPITALS: CRISIL Withdraws D Rating on INR10cr Loan
-------------------------------------------------------------
CRISIL Ratings has withdrawn its ratings on the bank facilities of
Lokmanya Hospitals Private Limited (LHPL) on the request of the
company and receipt of a no objection certificate from its bank.
The rating action is in line with CRISIL Ratings' policy on
withdrawal of its ratings on bank loans.

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

   Overdraft Facility      5         CRISIL D/Issuer Not
                                     Cooperating (Withdrawn)

   Proposed Fund-          8         CRISIL D (Issuer Not
   Based Bank Limits                 Cooperating (Withdrawn)

   Term Loan              84         CRISIL D/Issuer Not
                                     Cooperating (Withdrawn)

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

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

Detailed Rationale

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

Analytical Approach

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

Incorporated in 2009, LHPL provides healthcare services through its
hospitals in Maharashtra. It currently operates five tertiary,
multi-specialty hospitals across the Pune and Kolhapur. LHPL is
promoted by Dr V G Vaidya, Dr Narendra Vaidya and Dr Meetali
Vaidya.


MADHAVA HYTECH: CRISIL Keeps D Debt Ratings in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Madhava
Hytech Infrastructures India Private Limited (MHIPL) continue to be
'CRISIL D/CRISIL D Issuer Not Cooperating'.

                         Amount
   Facilities         (INR Crore)     Ratings
   ----------         -----------     -------
   Bank Guarantee          10         CRISIL D (Issuer Not
                                      Cooperating)

   Cash Credit             4          CRISIL D (Issuer Not
                                      Cooperating)

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

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

Detailed Rationale

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

MHIPL undertakes civil construction work on contract basis for
Railways, and State Road authorities. The company is promoted by
Mr. Pradeep Kilaru and is based out of Hyderabad.


MEHSANA DAIRY: CRISIL Withdraws D Rating on INR22cr Cash Loan
-------------------------------------------------------------
CRISIL Ratings has withdrawn its ratings on the bank facilities of
Mehsana Dairy and Food Products Limited (MDFPL) on the request of
the company and receipt of a no objection certificate from its
bank. The rating action is in line with CRISIL Ratings' policy on
withdrawal of its ratings on bank loans.

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

   Cash Credit           22          CRISIL D (Issuer Not
                                     Cooperating/Withdrawn)

   Proposed Working      14.25       CRISIL D (Issuer Not
   Capital Facility                  Cooperating/Withdrawn)

   Term Loan             10          CRISIL D (Issuer Not
                                     Cooperating/Withdrawn)

   Term Loan              6          CRISIL D (Issuer Not
                                     Cooperating/Withdrawn)

CRISIL Ratings has been consistently following up with MDFPL for
obtaining information through letter and email dated November 4,
2024, among others, apart from telephonic communication. However,
the issuer has remained non cooperative.

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

Detailed Rationale

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

Analytical Approach

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

MDFPL, incorporated in 2015 and promoted by Mr. Bahubhai Patel, Mr.
Rajnikant Patel & Mr. M M Bhatt Mehsana (Gujarat)-based. MDFPL
manufactures skimmed milk powder, ice cream, and other dairy
products. It began operations in November 2017.manufactures skimmed
milk powder, ice cream and other dairy products at its facility in
Mehsana, Gujarat.


MICRO THERAPEUTIC: CARE Keeps C Debt Rating in Not Cooperating
--------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Micro
Therapeutic Research Labs Private Limited (MTRLPL) continue to
remain in the 'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      14.62       CARE C; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category  

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

Rationale and key rating drivers

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

Micro Therapeutic Research Labs Pvt. Ltd (MTRLPL) is a
Chennai-based Clinical Research Organization (CRO) providing
various research services including Bio-Availability (BA)/
Bio-Equivalence (BE) studies, Pre-Clinical and Clinical trials
(Phase I – Phase IV), statistical reporting and data management
to leading domestic and global pharmaceutical clients.

NOVARC LABS: CARE Keeps D Debt Rating in Not Cooperating Category
-----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Novarc Labs
Private Limited (NLPL) continues to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       7.00       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 NLPL under the 'issuer
non-cooperating' category as NLPL had failed to provide information
for monitoring of the rating as agreed to in its Rating Agreement.
NLPL 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

Novarc Labs Private Limited (NLPL) was established in the year
2012, promoted by Mr. Thilotham R Kolanu. The company is engaged in
trading of medical drug products. The company purchases the medical
components (used in manufacturing of medicines) like 2 hydroxy
methyl, 2 chloro methyl and 2m5m benzimidizole from suppliers,
namely i.e. Ariston pharma Novatech, Nexus Drugs and Prabhu
Chemicals. The company receives the work orders directly from the
customers, namely Ariston Pharma Novatech (P) Ltd, Vijayasri Pharma
Chem and Leavochem Labs Private Limited. The company is located at
Madhapur, Hyderabad (Telangana).

Status of non-cooperation with previous CRA: CRISIL has continued
the ratings assigned to the bank facilities of NLPL to the 'issuer
not-cooperating' category vide press release dated March 20, 2024
on account of its inability to carryout review in the absence of
requisite information from the company.


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

                         Amount
   Facilities         (INR Crore)     Ratings
   ----------         -----------     -------
   Bank Guarantee         20.09       CRISIL D (Issuer Not
                                      Cooperating)

   Bank Guarantee         67.91       CRISIL D (Issuer Not
                                      Cooperating)

   Cash Credit            10          CRISIL D (Issuer Not
                                      Cooperating)

   Cash Credit             3.29       CRISIL D (Issuer Not
                                      Cooperating)

   Foreign Letter         10          CRISIL D (Issuer Not
   of Credit                          Cooperating)

   Funded Interest         1.71       CRISIL D (Issuer Not
   Term Loan                          Cooperating)

   Inland/Import          15          CRISIL D (Issuer Not
   Letter of Credit                   Cooperating)

   Inland/Import           5          CRISIL D (Issuer Not
   Letter of Credit                   Cooperating)

   Letter Of Guarantee    70          CRISIL D (Issuer Not
                                      Cooperating)

   Open Cash Credit       10          CRISIL D (Issuer Not
                                      Cooperating)

   Working Capital        17          CRISIL D (Issuer Not
   Term Loan                          Cooperating)

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

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

Detailed Rationale

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

Incorporated in 2009, RCM is a turnkey contractor for civil
engineering activities, primarily road construction and laying of
drinking water pipelines. RCM's operations are managed by its
promoter-director Mr. K S Chowdry.


SATYA SAI: CRISIL Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Sri Satya Sai
Constructions (SSSC) continue to be 'CRISIL D/CRISIL D Issuer Not
Cooperating'.

                         Amount
   Facilities         (INR Crore)     Ratings
   ----------         -----------     -------
   Bank Guarantee          7.5        CRISIL D (Issuer Not
                                      Cooperating)

   Open Cash Credit        4.5        CRISIL D (Issuer Not
                                      Cooperating)

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

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

Detailed Rationale

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

Established in 1999 by Mr Krishnam Raju, SSSC undertakes civil
construction works, such as construction of government buildings
and houses in Andhra Pradesh and Telangana.


SINGHAL CLEARING: CRISIL Keeps B- Debt Ratings in Not Cooperating
-----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Singhal
Clearing and Forwarding Services Private Limited (SCFSPL) continue
to be 'CRISIL B-/Stable Issuer not cooperating'.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             3.5       CRISIL B-/Stable (Issuer Not
                                     Cooperating)

   Term Loan               2.25      CRISIL B-/Stable (Issuer Not
                                     Cooperating)

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

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

Detailed Rationale

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

SCFSPL is a Delhi-based entity established in 2002 by Mr. Manish
Singhal as a proprietorship firm, and reconstituted as a private
limited company in 2006. It provides logistics services by acting
as carrying and forwarding agent, and also offers stockist services
to Cadbury, PepsiCo, Haldirams, Priya Gold, and Perfetti.


SRINIVASA FASHIONS: CRISIL Keeps D Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Srinivasa
Fashions Private Limited (SFPL) continue to be 'CRISIL D Issuer not
cooperating'.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Cash Credit            70        CRISIL D (ISSUER NOT
                                    COOPERATING)

   Proposed Long Term      6        CRISIL D (ISSUER NOT
   Bank Loan Facility               COOPERATING)

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

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

Detailed Rationale

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

Incorporated in 2005 and promoted by Mr. C V Ravindran and his
wife, Mrs. Vijay Lakshmi Ravindran, SFPL is a Chennaibased textile
company that manufactures ready-made garments. The company has
three manufacturing facilities, two in Ambattur (Tamil Nadu), which
are in the domestic tariff area, and one in Mahindra City (Tamil
Nadu), which is a special economic zone. The company derives its
entire revenues from exports, mainly to Europe and the US.


T.J.S. ENGINEERING: CRISIL Keeps D Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of T.J.S.
Engineering College (TJSMET) continue to be 'CRISIL D Issuer Not
Cooperating'.

                         Amount
   Facilities         (INR Crore)     Ratings
   ----------         -----------     -------
   Proposed Long Term      4.5        CRISIL D (Issuer Not
   Bank Loan Facility                 Cooperating)

   Rupee Term Loan         4.5        CRISIL D (Issuer Not
                                      Cooperating)

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



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

Detailed Rationale

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

Set up in 2007, TJ Sivananda Mudaliar Educational Trust (TJSMET;
currently chaired by Mr. T J Govindarajan). TJSEC began its
operations in 2009-10 (refers to Financial Year, April 1 to March
31) and offers degree course in engineering. TJSMET also operates
TJS Polytechnic College, which started operations in 2010-11 and
offers diploma in engineering. Both the institutes are affiliated
with Anna University, Chennai, and accredited by All India Council
for Technical Education.


ULTRA ALLUMINIUM: CARE Keeps C Debt Rating in Not Cooperating
-------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Ultra
Alluminium Private Limited (UAPL) continue to remain in the 'Issuer
Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       8.30       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 November 9,
2023, placed the rating(s) of UAPL under the 'issuer
non-cooperating' category as UAPL had failed to provide information
for monitoring of the rating as agreed to in its Rating Agreement.
UAPL continues to be non-cooperative despite repeated requests for
submission of information through e-mails dated September 24, 2024,
October 4, 2024, October 14, 2024 among others.

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

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

Analytical approach: Standalone

Outlook: Stable

Ultra Alluminium Private Limited (UAPL) was incorporated in
September, 2009 and currently it is managed by Mr. Jaya Dayal Kedia
and Mr. Prem Dayal Kedia. Since its incorporation the company has
been engaged in the business of manufacturing of aluminium products
like angles, channels, shafts, extrusions etc. The manufacturing
plant of the company is located at Raipur, Chhattisgarh.

Status of non-cooperation with previous CRA: Brickwork has
continued the rating assigned to the bank facilities of UAPL into
Issuer Not Cooperating category vide press release dated September
26, 2024 on account of its inability to carry out a review in the
absence of the requisite information from the company.

VINAYAK LOGISTIC: CARE Keeps C Debt Rating in Not Cooperating
-------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Shri
Vinayak Logistic (SVL) continues to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      16.25       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 November 8,
2023, placed the rating(s) of SVL under the 'issuer
non-cooperating' category as SVL had failed to provide information
for monitoring of the rating as agreed to in its Rating Agreement.
SVL continues to be non-cooperative despite repeated requests for
submission of information through e-mails dated September 23, 2024,
October 3, 2024, October 13, 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

Shri Vinayak Logistics (SVL) was formed in January 2015 as a
partnership concern by Mr. Meharban Singh, Mr. Anil Choudhary, Mr.
Vikas Choudhary and Mr. Vijay Kumar Choudhary with an objective to
set up a warehouse at Indore (Madhya Pradesh). The firm has
envisaged total project cost of INR21.69 crore towards the project
to be funded through term loan of INR16.25 crore and remaining
through partner's capital and unsecured loans. Till September 12
2017, the firm has incurred INR8.15 crore towards the project which
was funded by term loan of INR2.25 crore and remaining through
unsecured loans from partner' and partner's capital. The firm is
expecting to be complete its project and commence operations from
January 2018.


VITTHAL GAJANAN: CARE Keeps D Debt Rating in Not Cooperating
------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Vitthal
Gajanan Sugar Private Limited (VGSPL) continues to remain in the
'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      17.60       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 VGSPL under the 'issuer
non-cooperating' category as VGSPL had failed to provide
information for monitoring of the rating as agreed to in its Rating
Agreement. VGSPL 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

Satara- based (Maharashtra) VGSPL was incorporated in 2013 by Mr.
Chandrakant Pawar, Mr. Yashwant Mali and Mr. Prasad Jugdar. The
company is in the process of setting up a jaggery manufacturing at
Satara, Maharashtra.


VXL INSTRUMENTS: Insolvency Resolution Process Case Summary
-----------------------------------------------------------
Debtor: VXL Instruments Limited
Office 252, 5th Floor, Building No. 2,
        Solitaire Corporate Park,
        Chakala, Andheri East
        Mumbai -400093

        Works, 74/C, Electronics City,
        Hosur Road Bengaluru - 560100

Insolvency Commencement Date: November 26, 2024

Estimated date of closure of
insolvency resolution process: May 25, 2025

Court: National Company Law Tribunal, Mumbai Bench

Insolvency
Professional: Jayanti Lal Jain
              708, Raheja Center
              Nariman Point, Mumbai
              400021 Maharashtra
              Email: jljain.ip@gmail.com
              Email: cirpvxlil@yahoo.com

Last date for
submission of claims: December 16, 2024


ZULAIKHA MOTORS: CARE Lowers Rating on INR116cr LT/ST Loans to D
----------------------------------------------------------------
CARE Ratings has revised the ratings on certain bank facilities of
Zulaikha Motors Private Limited (ZMPL), as:

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

   Long Term/            4.00      CARE D/CARE D; ISSUER NOT
   Short Term                      COOPERATING; Rating continues
   Bank Facilities                 to remain under ISSUER NOT
                                   COOPERATING category  

   Long Term/          116.00      CARE D/CARE D; ISSUER NOT
   Short Term                      COOPERATING; Rating continues
   Bank Facilities                 to remain under ISSUER NOT
                                   COOPERATING category and
                                   downgraded from CARE C/CARE A

   Short Term           20.00      CARE D; ISSUER NOT COOPERATING
   Bank Facilities                 Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category and downgraded from
                                   CARE A4
  
Rationale and key rating drivers

CARE Ratings Ltd. (CARE Ratings) had, vide its press release dated
November 6, 2024, placed the ratings of ZMPL under the 'issuer
non-cooperating' category as ZMPL had failed to provide information
for monitoring of the rating. 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 ratings.

The downgrade in the rating assigned to the bank facilities of ZMPL
factors in delays in servicing of debt obligations and the tight
liquidity position of the entity

Analytical approach: Standalone

Detailed description of key rating drivers:

Key Weaknesses

* Delay in debt servicing: As per the due diligence exercise
conducted by CARE , it is understood that the company has delays in
servicing the availed loan facilities.

* Leveraged capital structure: The overall capital structure of the
company also stands leveraged with overall gearing of 2.95x as on
March 31, 2024. Further, the total debt/GCA of the company stood
high at 19.50 years during FY24.

* Thin profitability margin albeit improvement in FY'24: The
provisional financials for FY'24 show an improved PBILDT margin of
4.60% (up from 3.30%), but profitability remains thin due to the
dealership model, with 3-5% margins on vehicle sales and higher
margins on service and spare sales. Working capital needs are high
due to upfront inventory stocking and minimal credit periods from
OEMs.

Zulaikha Motors Private Limited (ZMPL) was incorporated in March
2010 and is engaged in dealership of Mahindra and Mahindra (M&M)
vehicles in Chennai through outlets and workshops in Chennai.
The company was previously part of the 'Buhari group'. However,
from FY19, new promoter Thomas William Pangaraj infused equity and
subsequently Buhari group divested it shares. As on FY23 end per
the audited financial statement, Buhari group does not have any
shareholdings in the company.




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

PESTECH INT'L: Plans MYR65MM Cash Payment to Settle Debt
--------------------------------------------------------
The Malaysian Reserve reports that Pestech International Bhd (PIB)
has proposed a scheme of arrangement to restructure its debt of
approximately MYR267 million owed to its bank creditors.

The Malaysian Reserve relates that the proposal involves a one-off
cash payment of MYR65 million to settle the debt, which will be
funded by the issuance of new PIB shares approved by shareholders
on December 10, 2024.

The scheme is a pre-packaged arrangement, with over 75% of the
creditors already in agreement, the report says.

Creditors will vote on the proposal by January 15, 2025, and if
approved, PIB will seek court sanction.

According to the report, the scheme aims to reduce PIB's
borrowings, improve its financial health, and help the company
focus on its business recovery.

Shareholder approval is not required for the scheme, The Malaysian
Reserve adds.

Pestech International Berhad -- https://pestech-international.com/
-- is a Malaysia-based electrical power technology company. The
Company is principally engaged in the business of investment
holding, general trading and provision of management service. The
Company operates in two business segments: Investment and
Engineering, Procurement and Construction and Commissioning
(EPMCC). The Investment segment includes investment and property
holding.


SMILE-LINK: Major Shareholder Seeks Removal of External Auditor
---------------------------------------------------------------
theedgemalaysia.com reports that Smile-Link Healthcare Global Bhd,
a LEAP Market-listed dental services provider, said its major
shareholder has proposed to remove its external auditors, Messrs
HLB Ler Lum Chew, following significant delays in the company's
financial reporting, which have led to trading suspensions and
regulatory scrutiny.

In a filing with Bursa Malaysia, the dental outfit said Smile Link
Resources (M) Sdn Bhd, holding 46.36% in the company, had on Dec.
12 issued a special notice calling for an extraordinary general
meeting (EGM), theedgemalaysia.com relates.

The agenda includes the removal of the current auditors pursuant to
Sections 276 and 277 of the Companies Act 2016.

Notably, Messrs HLB Ler Lum Chew has not made any representations
regarding this proposed removal, the filing read.

This proposed removal of auditors comes after Smile-Link failed to
submit its annual audited financial statements for the period ended
June 30, 2024, by the deadline on Oct. 30, according to
theedgemalaysia.com.

theedgemalaysia.com relates that the company attributed the delay
to an outstanding audit fee of MYR180,000, which it was unable to
settle, resulting in the auditors withholding the release of the
financial results.

The company, however, did not elaborate on the reason for not being
able to settle the outstanding audit fee.

Consequently, Bursa Malaysia suspended the trading of Smile-Link's
shares on Nov. 8, due to the company's non-compliance with
financial reporting requirements, theedgemalaysia.com states.

According to theedgemalaysia.com, the suspension will remain in
effect until the necessary statements are submitted, with the
exchange warning of potential delisting if compliance is not
achieved within six months.

"The proposed removal of auditors are conditional upon approval
being obtained from the shareholders at the forthcoming EGM of the
company," Smile-Link said in the filing.

"A circular to shareholders containing the details of the proposed
removal of auditors together with the notice of EGM will be
dispatched to the shareholders of Smile-Link in due course," it
added.

Smile-Link reported a net loss of MYR4.17 million in the six months
ended June 2024, contributing to an 18-month cumulative net loss of
MYR4.04 million, theedgemalaysia.com discloses. Revenue for the six
months period amounted to MYR14.31 million, bringing the 18-month
period top line to MYR49.66 million.

theedgemalaysia.com says the company cited increased costs in
dental products, imported materials, overheads, and logistics,
alongside restructuring expenses related to its dental clinics, as
factors impacting its financial performance.

Following the dismal results, Smile-Link explained that it was
currently restructuring and relocating its unprofitable clinics,
while flagging manpower costs increases.

Smile-Link is present in eight states - Kedah, Penang, Selangor,
Negeri Sembilan, Melaka, Johor, Sarawak and Kuala Lumpur, with a
total of 56 dental clinics and one dental centre.




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

AUCKLAND FIRST: Court to Hear Wind-Up Petition on Feb. 28
---------------------------------------------------------
A petition to wind up the operations of Auckland First Construction
Limited will be heard before the High Court at Auckland on Feb. 28,
2025, at 10:00 a.m.

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

The Petitioner's solicitor is:

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


COFFEE108 LIMITED: Court to Hear Wind-Up Petition on Feb. 17
------------------------------------------------------------
A petition to wind up the operations of Coffee108 Limited will be
heard before the High Court at Tauranga on Feb. 17, 2025, at 10:00
a.m.

Colleen Grace Heath filed the petition against the company on Nov.
6, 2024.

The Petitioner's solicitor is:

          Jessica Phillips
          Tompkins Wake
          Level 17, 88 Shortland Street
          Auckland 1010


LAO DI FANG: Robin Crimp Appointed as Liquidator
------------------------------------------------
Robin Crimp of RAC Insolvency Limited on Dec. 11, 2024, was
appointed as liquidator of Lao Di Fang Limited.

The liquidator may be reached at:

          RAC Insolvency Limited
          PO Box 1477
          Christchurch 8140


NGAIO LIMITED: Creditors' Proofs of Debt Due on Jan. 22
-------------------------------------------------------
Creditors of Ngaio Limited are required to file their proofs of
debt by Jan. 22, 2025, to be included in the company's dividend
distribution.

The company commenced wind-up proceedings on Dec. 16, 2024.

The company's liquidator is:

          Brent Thomas Dickins
          CS Insolvency
          C/- Coombe Smith (PN) Limited
          168 Broadway Avenue
          PO Box 788
          Palmerston


POWER WISE: Creditors' Proofs of Debt Due on Feb. 10
----------------------------------------------------
Creditors of Power Wise Electrical (NZ) Limited and Frieden
Esplanade Restaurant Limited are required to file their proofs of
debt by Feb. 10, 2025, to be included in the company's dividend
distribution.

The company commenced wind-up proceedings on Dec. 13, 2024.

The company's liquidator is:

          Pritesh Patel
          PO Box 23296
          Manukau City
          Auckland 224




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

CHIA HIN: Commences Wind-Up Proceedings
---------------------------------------
Members of Chia Hin Building & Plumbing Construction Pte. Ltd. on
Dec. 11, 2024, passed a resolution to voluntarily wind up the
company's operations.

The company's liquidator is:

          Chian Yeow Hang
          Guardian Advisory
          531A Upper Cross Street
          #03-118 Hong Lim Complex
          Singapore 051531


GRAND ELITE: Commences Wind-Up Proceedings
------------------------------------------
Members of Grand Elite Technology (S) Pte. Ltd. on Dec. 10, 2024,
passed a resolution to voluntarily wind up the company's
operations.

The company's liquidator is:

          Ng Hoe Kiat Keith
          7500A Beach Road
          #05-303/304 The Plaza
          Singapore 199591


J CAPITAL: Farooq Ahmad Mann Appointed Liquidator
-------------------------------------------------
Mr. Farooq Ahmad Mann care of Boardroom Corporate & Advisory
Services on Dec. 16, 2024, was appointed as liquidator of
J Capital Investments Pte. Ltd.

The liquidator may be reached at:

          Farooq Ahmad Mann
          Boardroom Corporate & Advisory Services
          1 Harbourfront Avenue
          #14-07 Keppel Bay Tower
          Singapore 098632


KINGSTAR (SINGAPORE): Court Enters Wind-Up Order
------------------------------------------------
The High Court of Singapore entered an order on Dec. 6, 2024, to
wind up the operations of Kingstar (Singapore) International Trade
Pte. Ltd.

Maybank Singapore Limited filed the petition against the company.

The company's liquidator is:

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


MAXEON SOLAR: Reports $393.94 Million Net Loss in Fiscal Q3
-----------------------------------------------------------
Maxeon Solar Technologies, Ltd. announced its financial results for
the third quarter ended September 29, 2024.

For the Fiscal Q3 2024, the Company reported a net loss
attributable to the stockholders of $393.94 million on $88.56
million on revenue, compared to a net loss attributable to the
stockholders of $108.26 million on $227.63 million for Fiscal Q3
2023.

Maxeon's Chief Executive Officer Mr. George Guo stated, "Third
quarter results were distorted due to deliveries detained by the
United States Customs and Border Protection, fixed costs associated
with factory shutdowns and low production levels, and costs and
write-offs from our ongoing restructuring. On top of this, we
continue to observe depressed prices as a result of the global
oversupply and intense competition. The average market price for
high efficiency and mainstream crystalline modules like our IBC
products and Performance line products has dropped by approximately
43.5% and 28.6%, respectively, since January 2024. We recently
announced some of the key strategic initiatives undertaken to
optimize Maxeon's business portfolio and geographic market focus.
Moving forward, we intend to re-create Maxeon as a world leader in
solar, focused exclusively in the United States where we believe
our market presence and planned local manufacturing create a strong
platform to drive growth and profitability in the future. We
appreciate the support and patience of our investors as we
translate our strategic thinking into concrete actions."

Maxeon's Chief Financial Officer Mr. Dmitri Hu added, "As we
establish our new strategy to transform Maxeon, we are highly
focused on our financial position. We intend to reserve sufficient
liquidity for daily operations, while we recapitalize the company
to fund our restructuring and growth. However, considering the
continued uncertainties around CBP detentions, we are unable to
provide financial guidance for fourth quarter of 2024. We will
defer holding a conference call to discuss quarterly financial
results, until the ongoing restructuring is complete and we can
provide a more comprehensive view of our go-forward strategy."

Maxeon's third quarter 2024 financial results and management
commentary can be found on Form 6-K by accessing the Financials &
Filings page of the Investor Relations section of Maxeon's website
at: https://corp.maxeon.com/investor-relations. The Form 6-K and
Company's other filings are also available online from the
Securities and Exchange Commission at www.sec.gov.

                        About Maxeon Solar

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

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

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

WINMAS EXPRESS: Court to Hear Wind-Up Petition on Jan. 3
--------------------------------------------------------
A petition to wind up the operations of Winmas Express (S) 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. 10, 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
=====================

LOTTE CHEMICAL: Bondholders Agree to Remove Clause
--------------------------------------------------
Yonhap News Agency reports that the holders of corporate bonds
issued by loss-making Lotte Chemical agreed on Dec. 19 to remove a
clause in the company's bond covenants that the company and others
believe has been the cause of recent concerns over a potential
liquidity crisis at Lotte Group.

Under the clause in the covenants for 14 bonds issued between
September 2013 and March 2023, investors are able to declare an
event of default (EOD) and demand an early redemption of the bonds
if Lotte Chemical fails to maintain a certain level of profit over
the previous three years, according to Yonhap.

Yonhap says declaration of an EOD in a certain bond could result in
the cross-default of all Lotte Chemical borrowings, which in turn
raises the possibility of liquidity risk for the entire group.

Speculation of a liquidity crisis, denied by the group, was sparked
by a sharp decline in the profitability of Lotte Chemical amid a
significant downturn facing the whole petrochemical industry,
Yonhap relates.

According to Yonhap, Lotte Chemical needed to report earnings
before interest, taxes, depreciation and amortization that are five
times higher than its interest expenses for the bonds in the past
three years that ended Sept. 30, but its operating losses deepened
to KRW660.03 billion ($455 million) in the January-September period
from a KRW31.87 billion loss a year earlier due to slowing demand,
overcapacity and increased competition.

Dismissing such liquidity woes, the company earlier said it had
KRW4 trillion in readily available deposits as of October, which it
argued was enough to repay the principal and interest of its bonds,
Yonhap relays.

In addition, the company has preemptively secured KRW660 billion
based on its stake in its U.S. production facility and plans to
secure an additional KRW650 billion using its stake in its plant in
Indonesia, a company spokesperson said over the phone.

It also plans to liquidate its synthetic rubber plant in Malaysia
as part of the group's efforts to streamline businesses that do not
align with its mid- and long-term strategy, Yonhap notes.

Yonhap adds that the Korean retail giant plans to pursue a
"two-track" strategy of selling off such businesses while expanding
investments in emerging sectors, such as biohealth and artificial
intelligence.

Earlier this month, Lotte Group selected Hong Kong-based private
equity fund Affinity Equity Partners for talks to sell its car
rental arm Lotte Rental for KRW1.6 trillion, Yonhap recalls.

Last month, the group said it will provide Lotte World Tower in
Seoul as collateral for the corporate bonds of the cash-strapped
chemical unit.

Headquartered in Seoul, South Korea, Lotte Chemical Corporation
manufactures synthetic resins and other chemical products used for
various industrial materials.



                           *********


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

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

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

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding,
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Information contained herein is obtained from sources believed
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