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

                     A S I A   P A C I F I C

          Thursday, January 9, 2025, Vol. 28, No. 7

                           Headlines



A U S T R A L I A

ADVANCED MEDICAL: Commences Wind-Up Proceedings
ECKENFELS IH: Commences Wind-Up Proceedings
MEADOW HEIGHTS: First Creditors' Meeting Set for Jan. 15
SOUTH EAST BREW: First Creditors' Meeting Set for Jan. 16
TEKT ASSET: First Creditors' Meeting Set for Jan. 16

TRUCK REPAIR: Goes Into Voluntary Liquidation


C H I N A

AIXIN LIFE: Reports $546,186 Net Loss in Q3 2024
CHINA HONGQIAO: Sells First Long-Term Dollar Bond Since 2021
COUNTRY GARDEN: Monthly Sales Decline Extends in December 2024


I N D I A

ALIENS DEVELOPERS: Ind-Ra Affirms D NonConvertible Debts Rating
ATARSON OVERSEAS: CRISIL Keeps D Debt Ratings in Not Cooperating
CBC FASHIONS: Liquidation Process Case Summary
CMT MECHANIZED: Ind-Ra Moves BB+ Loan Rating to NonCooperating
GURU RENUKA: CRISIL Keeps B Debt Ratings in Not Cooperating

HANUMAN INFRA: CRISIL Keeps D Debt Ratings in Not Cooperating
INDUSTRIAL SYSTEM: Ind-Ra Assigns BB+ Loan Rating, Outlook Stable
INEJA ENTERPRISE: Voluntary Liquidation Process Case Summary
KANDAGIRI SPINNING: CARE Keeps D Debt Ratings in Not Cooperating
KHAREWALI STEEL: CRISIL Keeps D Debt Rating in Not Cooperating

MASS CASHEWS: ICRA Lowers Rating on INR8.50cr LT Loan to D
MATHURA FIBRES: ICRA Reaffirms B+ Rating on INR13.61cr LT Loan
MONITOR INDIA: Voluntary Liquidation Process Case Summary
MORAYA POLYMERS: CRISIL Keeps B+ Debt Ratings in Not Cooperating
R AND M INTERNATIONAL: CRISIL Keeps D Ratings in Not Cooperating

RADIANT TEXTILE: Ind-Ra Affirms BB Bank Loan Rating
RAMDEV AGRO: CRISIL Keeps B Debt Ratings in Not Cooperating
RAMJI LAL: CRISIL Keeps B+ Debt Ratings in Not Cooperating
REDKENKO HEALTH: Insolvency Resolution Process Case Summary
SAMARTHA LEISURES: CRISIL Keeps D Debt Ratings in Not Cooperating

SAMRAT GEMS: Ind-Ra Cuts Bank Loan Rating to D
SAMSON AND SONS: CRISIL Keeps D Debt Ratings in Not Cooperating
SANJAY SINGHI: CRISIL Keeps D Debt Ratings in Not Cooperating
SARAIGHAT AGRO: CRISIL Keeps B+ Debt Ratings in Not Cooperating
SARITA STEEL: Insolvency Resolution Process Case Summary

SATISH AGRO: CRISIL Keeps D Debt Rating in Not Cooperating
SAURABH (INDIA): CRISIL Keeps D Debt Ratings in Not Cooperating
SCIKNOW TECHNO: CRISIL Keeps C Debt Rating in Not Cooperating
SHAKTI VEGETABLES: CRISIL Keeps B Debt Ratings in Not Cooperating
SHEYN INT'L: CRISIL Keeps D Debt Rating in Not Cooperating

SHIRT COMPANY: CRISIL Keeps D Debt Ratings in Not Cooperating
SHIV TOOLS: CRISIL Keeps D Debt Ratings in Not Cooperating
SOLAPUR TOLLWAYS: Insolvency Resolution Process Case Summary
SPONGE ENTERPRISES: CRISIL Keeps B Debt Rating in Not Cooperating
SRIMARG HUMAN: Insolvency Resolution Process Case Summary

SRIVENKATESHWAR TRADEX: CARE Cuts Rating on INR18cr ST Loan to D
SUMTECH INFOSYSTEM: Liquidation Process Case Summary
SUPER IRON: CRISIL Keeps B+ Debt Rating in Not Cooperating
SUPER JEWELLERS: CRISIL Keeps D Debt Ratings in Not Cooperating
SVARYU ENERGY: Insolvency Resolution Process Case Summary

SWAROOP AGRO: CRISIL Keeps B+ Debt Ratings in Not Cooperating
SWASTIK HOMEBUILD: Insolvency Resolution Process Case Summary
VALUE INFRABUILD: Insolvency Resolution Process Case Summary


N E W   Z E A L A N D

ADDISON DEVELOPMENTS: Creditors' Proofs of Debt Due on Feb. 14
AEGIS CHARTERS: Creditors' Proofs of Debt Due on Jan. 16
BABY CITY: Gift Cards, Loyalty Points Worthless After Liquidation
GREENLEAF FRESH: Failed to Achieve Profitability, Owes Millions
METAL DESIGN: Creditors' Proofs of Debt Due on Feb. 7

PROLINK NZ: Creditors' Proofs of Debt Due on Feb. 14
SAVOR GROUP: Shuts Down Two Popular Auckland Eateries
SPUR AVIATION: Creditors' Proofs of Debt Due on Jan. 31
WHAKAARI WHITE: Liquidators' Report Reveals NZD8.5-Mil. Debts


S I N G A P O R E

CORDLIFE GROUP: Zhai Lingyun Appointed as New Chairman
ELO SILOAM: Commences Wind-Up Proceedings
ELOMART PTE: Commences Wind-Up Proceedings
HOCK CHEONG: Commences Wind-Up Proceedings
SWIFT BUILDER: Court Enters Wind-Up Order

WISH HOSPITALITY: Commences Wind-Up Proceedings


V I E T N A M

VINHOMES JSC: Fitch Assigns 'BB-' LongTerm IDR, Outlook Stable

                           - - - - -


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

ADVANCED MEDICAL: Commences Wind-Up Proceedings
-----------------------------------------------
Members of Advanced Medical Devices (AMD) Pty Ltd on Jan. 8, 2025,
passed a resolution to voluntarily wind up the company's
operations.

The company's liquidators are:

          Blair Pleash
          Kathleen Vouris
          Hall Chadwick
          Level 40, 2 Park Street
          Sydney, NSW 2000


ECKENFELS IH: Commences Wind-Up Proceedings
-------------------------------------------
Members of Eckenfels IH Education Group Pty Ltd ATF The Eckenfels
Trust on Jan. 7, 2025, passed a resolution to voluntarily wind up
the company's operations.

The company's liquidators are:

          Glenn Jeffrey Franklin
          Paul A. Allen
          PKF Melbourne
          15/500 Bourke Street
          Melbourne 3000


MEADOW HEIGHTS: First Creditors' Meeting Set for Jan. 15
--------------------------------------------------------
A first meeting of the creditors in the proceedings of Meadow
Heights Learning Shop Incorporated will be held on Jan. 15, 2025 at
11:00 a.m. at the offices of Beacon Advisory, Level 6,
AMP, 1 Hobart Place, in Canberra, ACT, and via Zoom.

Anthony Lane of Beacon Advisory was appointed as administrator of
the company on Jan. 6, 2025.


SOUTH EAST BREW: First Creditors' Meeting Set for Jan. 16
---------------------------------------------------------
A first meeting of the creditors in the proceedings of South East
Brewing Company Pty Ltd, trading as Kaiju Beer, will be held on
Jan. 16, 2025 at 10:00 a.m. via Microsoft Teams.

Atle Crowe-Maxwell of DBA Reconstruction and Advisory was appointed
as administrator of the company on Jan. 8, 2025.


TEKT ASSET: First Creditors' Meeting Set for Jan. 16
----------------------------------------------------
A first meeting of the creditors in the proceedings of Tekt Asset
Holdings Pty Ltd will be held on Jan. 16, 2025 at 10:00 a.m. via
videoconference only.

Bradd William Morelli and Stewart William Free of Jirsch Sutherland
were appointed as administrators of the company on Jan. 6, 2025.


TRUCK REPAIR: Goes Into Voluntary Liquidation
---------------------------------------------
Paint & Panel reports that The Truck Repair Group in Queensland has
gone into voluntary liquidation leaving many local businesses and
industry suppliers severely out of pocket.

The Truck Repair Group (formerly The River Group) was sold by then
director Russ Hill to Scott and Natalie Hunter back in 2020. There
are five sites across the State all of which are affected by the
liquidation, the report says.

According to Paint & Panel, the company closes with debts of
AUD634,290 with a total estimate realisable value of just
AUD550,300. As well as owing the Australian Tax Office over AUD2.5
million, the company has unpaid debts with scores of industry
suppliers with little hope of them recovering the money.

Local business BDS Mechanical Repairs are down AUD8,000, the
Wholesale paint group are out by AUD60,000 but worst hit is Truck
Parts Sydney who are owed nearly AUD200,000, Paint & Panel
discloses. Russ Hill is still owed a substantial sum from the
purchase deal.

Paint & Panel notes that the truck repair market has been a
buoyant, profitable space for repairers and suppliers over the past
four years but this is a poor start to the year for the local
supply chain.




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

AIXIN LIFE: Reports $546,186 Net Loss in Q3 2024
------------------------------------------------
AiXin Life International, Inc. filed with the U.S. Securities and
Exchange Commission its Quarterly Report on Form 10-Q reporting net
losses of $546,186 and $438,156 for the three months ended
September 30, 2024 and 2023, and $1,326,569 and $1,065,486 for the
nine months ended September 30, 2024 and 2023, respectively.

AiXin also reported net cash outflow in operating activities of
$548,130 and $219,874 for the nine months ended September 30, 2024
and 2023, respectively, and has an accumulated deficit of
$18,546,961 as of September 30, 2024. These facts and conditions
raise substantial doubt about the Company's ability to continue as
a going concern.

From January 1, 2024 through September 30, 2024, the Company's cash
and cash equivalents increased from $443,758 to $568,318 mainly due
to an increase in cash inflow from financing activities.

Management believes that it has developed a liquidity plan,
summarized below, that, if executed successfully, should provide
sufficient liquidity to meet the Company's obligations as they
become due for a reasonable period of time, and allow the
development of its core business. The plan includes:

     * Gaining positive cash-inflow from operating activities
through continuous cost reductions and the sales of higher margin
products.

     * Raising cash through loans from related parties and
potential equity offerings.

While the Company's management believes that the measures in its
liquidity plan including those described above will be adequate to
satisfy its liquidity requirements for the twelve months after the
date that these financial statements are issued, there is no
assurance that the liquidity plan will be successfully implemented.
Failure to successfully implement the liquidity plan may have a
material adverse effect on the Company's business, results of
operations and financial position, and may adversely affect its
ability to continue as a going concern. These consolidated
financial statements do not include any adjustments related to the
recoverability and classification of recorded assets or the amounts
and classification of liabilities or any other adjustments that
might be necessary should the Company be unable to continue as a
going concern.

As of September 30, 2024, the Company had $5,648,576 in total
assets, $8,651,256 in total liabilities, and $3,002,680 in total
stockholders' deficit.

A full-text copy of the Company's Form 10-Q is available at:

                   https://tinyurl.com/39t8rmy7

                  About AiXin Life International

Sichuan Province, China-based AiXin Life International, Inc. is a
Colorado holding company and conducts substantially all of its
operations through its operating companies established in the
People's Republic of China, or the PRC. The Company focuses on
providing health and wellness products to the growing middle class
in China. It currently develops, manufactures, markets, and sells
premium-quality healthcare, nutritional products, and wellness
supplements, including herbs and greens, traditional Chinese
remedies, functional products such as weight management products,
probiotics, foods, and drinks. The Company also provides
advertising and marketing services to clients who engage us to
market and distribute their products.

Diamond Bar, California-based KCCW Accountancy Corp., the Company's
auditor since 2019, issued a "going concern" qualification in its
report dated April 5, 2024, citing that the Company incurred
recurring losses from operations and has an accumulated deficit,
which raises substantial doubt about its ability to continue as a
going concern.

CHINA HONGQIAO: Sells First Long-Term Dollar Bond Since 2021
------------------------------------------------------------
Bloomberg News reports that China Hongqiao Group Ltd., the
country's largest private aluminum producer, sold its first
three-year dollar bond since 2021 amid rising demand for Chinese
notes issued in the US currency.

Bloomberg relates that the firm priced $330 million of debt
guaranteed by several subsidiaries at 7.05%, according to a person
familiar with the matter who asked not to be identified. That's 45
basis points tighter than initial price talk. The order book topped
$3.6 billion before 5:00 p.m. in Shanghai. Proceeds are intended to
refinance offshore debt and for general corporate purposes.

Bloomberg News reported in November that Hongqiao was considering a
dollar-bond sale in early 2025 at it has a $300 million note due in
March. That 364-day 7.75% issue was the company's most-recent sale
in greenbacks. Before that, it priced a three-year bond in 2021.

Investors have shown stronger appetite for Chinese issuers' dollar
bonds of late, Bloomberg says. Such borrowers in November on
average received orders 10.89 times the amount of notes they sold,
according to data compiled by Bloomberg, as yields on government
debt hit record lows. Big issuers like Alibaba Group Holding Ltd.
and Fosun International Ltd. priced dollar notes that month.

                       About China Hongqiao

China Hongqiao Group Ltd -- http://www.hongqiaochina.com/-- is a
company principally engaged in the manufacturing and sales of
aluminum products. Its primary products include molten aluminum
alloy, aluminum alloy ingots, aluminum busbars and aluminum alloy
processing products. It operates principally in the People's
Republic of China (the PRC), Hong Kong, and overseas countries,
including the British Virgin Island (BVI), Indonesia and Cayman
Island. The Company is also engaged in the bauxite trading,
financial leasing and environmental protection and inspection
businesses through its subsidiaries.

As reported in the Troubled Company Reporter-Asia Pacific on Jan.
8, 2025, Fitch Ratings has assigned China Hongqiao Group Limited's
(Hongqiao, BB+/Stable) proposed US dollar senior unsecured notes a
rating of 'BB+'.

The proposed notes will be issued by Hongqiao and are rated at the
same level as Hongqiao's senior unsecured debt because they
constitute its direct, unconditional, unsubordinated and unsecured
obligations and rank pari passu with all its other unsecured and
unsubordinated obligations. The bond proceeds will be used for
refinancing Hongqiao's existing offshore debt.


COUNTRY GARDEN: Monthly Sales Decline Extends in December 2024
--------------------------------------------------------------
Bloomberg News reports that Country Garden Holdings Co.'s sales
slump continued in December even as the Chinese property market
showed signs of stabilization after the government's stimulus
packages.

Contracted sales declined 51% from a year earlier to CNY3.42
billion ($467 million), narrowing from a 52% year-on-year drop in
November, Bloomberg calculations based on corporate filings show.
The developer's home sales have cratered from CNY22 billion in
December 2022.

Bloomberg says China's residential property market has shown
gradual signs of stabilization after a government stimulus blitz.
Sales last month from the nation's top 100 builders were flat
compared with the previous year and rose 24% from November,
according to preliminary data from China Real Estate Information
Corp.

Beijing unleashed its strongest package of policies to boost the
residential market in the past few months. The government cut
borrowing costs on existing mortgages, relaxed buying curbs in big
cities and lowered taxes on home purchases. It also trimmed
purchasing costs for people seeking to upgrade dwellings in some
big cities.

According to Bloomberg, Country Garden is counting on a turnaround
in sales to reassure debt holders and fight off liquidation. While
sales tumbled last month from a year earlier, they rose almost 14%
from November.

The distressed Chinese developer said in late December it is still
negotiating with its key creditor groups on the economic terms of
the overall offshore liability restructuring plan.

Bloomberg adds that Chairman Yang Huiyan said the company will
focus on delivering homes and repairing its balance sheet this
year, while the company expects fewer home completions compared
with last year.

                        About Country Garden

Country Garden Holdings Company Limited (HKEX:2007), an investment
holding company, invests, develops, and constructs real estate
properties primarily in Mainland China. The company operates in two
segments, Property Development and Construction. It develops
residential projects, such as townhouses and condominiums; and car
parks and retail shops. The company also develops, operates, and
manages hotels. In addition, it researches and develops robots;
sells electronic hardware and food; and provides interior
decoration, agriculture, landscape design, investment and
management consulting, cultural activity planning, and real estate
consulting services.

As reported in the Troubled Company Reporter-Asia Pacific in late
February 2024, Kingboard Holdings-backed money lender Ever Credit
on Feb. 27, 2024, filed a winding-up petition against Country
Garden to the Hong Kong High Court for non-payment of a US$205
million loan.

The TCR-AP reported in late March 2024 that Country Garden has
hired Kroll to carry out a liquidation analysis. Kroll, the New
York-headquartered financial advisory firm, is expected to conduct
an independent business review of Country Garden before projecting
a recovery rate for the developer's creditors under a liquidation
scenario, according to Reuters.

The developer defaulted on US$11 billion of offshore bonds last
year and is in the process of an offshore debt restructuring.




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

ALIENS DEVELOPERS: Ind-Ra Affirms D NonConvertible Debts Rating
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Aliens Developers
Private Limited's (ADPL) proposed non-convertible debentures'
(NCDs) rating as follows:

-- INR3.320 bil. Proposed non-convertible debentures affirmed
     with IND D rating.

Analytical Approach

Ind-Ra has taken a standalone view of ADPL due to the lack of
information about group companies. ADPL's proposed NCDs are backed
by corporate guarantee from three of its group companies Aliens
Smart City Private Limited, Aliens Ace Private Limited and Commune
Realty Private Limited. Since Ind-Ra has not been able to ascertain
the credit profile of the guarantors, the same has not been
factored into while arriving at the rating.

Detailed Description of Key Rating Drivers

Delays in Repayment of Interest and Principal on Vehicle Loan and
Existing NCDs (not rated by Ind-Ra): ADPL's consistent delays in
the repayment of principal and interest of its existing NCDs (not
rated by Ind-Ra) from April 2020 due to its poor liquidity
position, led by delays in project funding. ADPL has also delayed
the repayment of its vehicle loan over the 12 months ended November
2024 and overutilized its fund-based limits for more than 30 days.
ADPL is issuing the rated and to-be-listed NCDs to The Special
Window for Affordable and Mid-Income Housing Investment Fund for
the completion of Alien Space Station project.

Liquidity

Poor: The company's liquidity is poor, resulting in delays in debt
servicing since April 2020. ADPL had cash and cash equivalents of
INR36 million at 1HFYE25 (FYE24: INR135.8 million; FYE23: INR20.86
million; FYE22: INR11.39 million). The company had a total debt
outstanding of INR2,355.35 million at 1HFYE25 (FYE24: INR3,841.5
million; FYE23: INR2,176 million; FYE22: INR1,838 million).

About the Company

Established in 2004, Aliens group is real estate group which is
involved in development of residential projects in Hyderabad. The
group has been involved in the construction of infra projects and
has successfully delivered nine residential projects, totaling a
sold area of over 3.5 million square feet.

ATARSON OVERSEAS: CRISIL Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Atarson
Overseas Private Limited (SBRM) continue to be 'CRISIL D Issuer Not
Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit            30         CRISIL D (Issuer Not
                                     Cooperating)

   Cash Credit            30         CRISIL D (Issuer Not
                                     Cooperating)

   Term Loan               6.5       CRISIL D (Issuer Not
                                     Cooperating)

   Term Loan               2.5       CRISIL D (Issuer Not
                                     Cooperating)

CRISIL Ratings has been consistently following up with SBRM for
obtaining information through letter and email dated December 9,
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 SBRM, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on SBRM
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
SBRM continues to be 'CRISIL D Issuer not cooperating'.

SBRM was incorporated by Gupta family of Bareilly in 2011. It is
engaged in milling and processing of paddy into rice, rice bran,
broken rice and husk. Mr Rachin Gupta and Ms Seema Gupta are the
promoters of the company. Mr. Rachin Gupta is also engaged managing
day to day activity of the business.

CBC FASHIONS: Liquidation Process Case Summary
----------------------------------------------
Debtor: CBC Fashions (Asia) P Ltd
        11 CBC Building, MR Nagar,
        KNP Colony (PO), Dharapuram Road,
        Tirupur 641608

Liquidation Commencement Date: December 13, 2024

Court: National Company Law Tribunal, Chennai Bench

Liquidator: Ramachandran Subramanian
            Old No.29, New No 52 Raju Naicken Street,
            West Mambalam, Chennai - 33
            Email: cbcfashionsliq@gmail.com
            Email: subraman267@yahoo.com

Last date for
submission of claims: January 12, 2025


CMT MECHANIZED: Ind-Ra Moves BB+ Loan Rating to NonCooperating
--------------------------------------------------------------
India Ratings and Research (Ind-Ra) has revised the Outlook on CMT
Mechanized System Private Limited's (CMT) bank facilities to
Negative and has simultaneously migrated the ratings to the
non-cooperating category. The issuer did not participate in the
rating exercise despite continuous requests and follow-ups by the
agency through phone calls and emails. Thus, the rating is based on
the best available information. Therefore, investors and other
users are advised to take appropriate caution while using these
ratings. The ratings will now appear as 'IND BB+/Negative (ISSUER
NOT COOPERATING)' on the agency's website.

The instrument-wise rating actions are:

-- INR170 mil. Fund-based working capital limit Outlook revised
     to Negative and Migrated to non-cooperating category with IND

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

-- INR150 mil. Non-fund-based working capital limit migrated to
     non-cooperating category with IND A4+ (ISSUER NOT
     COOPERATING) rating;

-- INR80 mil. Term loan due on March 31, 2031 Outlook revised to
     Negative and migrated to non-cooperating category with IND
     BB+/Negative (ISSUER NOT COOPERATING) rating;

-- INR420 mil. Proposed term loan Outlook revised to negative and

     migrated to non-cooperating category with IND BB+/Negative
     (ISSUER NOT COOPERATING) rating;

-- INR110 mil. Proposed fund-based working capital limit Outlook
     revised to negative and migrated to non-cooperating category
     with IND BB+/Negative (ISSUER NOT COOPERATING)/IND A4+
     (ISSUER NOT COOPERATING) rating; and

-- INR70 mil. Proposed non-fund-based working capital limit
     migrated to non-cooperating category with IND A4+ (ISSUER NOT

     COOPERATING) rating.

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

Detailed Rationale of the Rating Action

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

Non-Cooperation by the Issuer

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

Limitations regarding Information Availability

Ind-Ra is unable to provide an updated forward-looking view on the
credit rating of CMT, as the agency does not have adequate
information to review the rating. If an issuer does not provide
timely business and financial updates to the agency, it indicates
weak governance, particularly in 'Transparency of Financial
Information'. The agency may also consider this as symptomatic of a
possible disruption / distress in the issuer's credit profile.
Therefore, investors and other users are advised to take
appropriate caution while using these ratings. CMT has been
non-cooperative with the agency since October 27, 2024.

About the Company

CMT was incorporated in 2009, by dissolvement of existing
partnership firm M/s. Century Machine Tools, which was formed in
1995. The company is engaged in the manufacturing and supply of
parts for coachwork in railway running stock including interior
furnishing i.e. furbishing, refurbishing of Rail coaches. The
factory is located at Vadodara, Gujarat. Hansa Patel and Mani Patel
are the promoters of company.

GURU RENUKA: CRISIL Keeps B Debt Ratings in Not Cooperating
-----------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Sree Guru
Renuka Rice Industries (SGRRI) continue to be 'CRISIL B/Stable
Issuer not cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit           5.62       CRISIL B/Stable (ISSUER NOT
                                    COOPERATING)

   Proposed Long Term     .03       CRISIL B/Stable (ISSUER NOT
   Bank Loan Facility               COOPERATING)

CRISIL Ratings has been consistently following up with SGRRI for
obtaining information through letter and email dated December 9,
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 SGRRI, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on SGRRI
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the rating on bank facilities of
SGRRI continues to be 'CRISIL B/Stable Issuer not cooperating'.

Set up as a proprietorship firm in 2006 by Mr. B M Nanjiah, SGRRI
processes paddy into rice. It has an installed milling capacity of
about 500 tonne per day at Davangere, Karnataka.


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

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Bank Guarantee         5          CRISIL D (Issuer Not
                                     Cooperating)

   Cash Credit            5          CRISIL D (Issuer Not
                                     Cooperating)

   Overdraft Facility     1          CRISIL D (Issuer Not
                                     Cooperating)

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

CRISIL Ratings has been consistently following up with SHIPL for
obtaining information through letter and email dated December 9,
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 SHIPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on SHIPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
SHIPL continues to be 'CRISIL D/CRISIL D Issuer not cooperating'.

Incorporated in 2005, SHIPL is promoted by Mr. Chavali
Ramanjaneyulu and his family. The firm undertakes civil
construction works such as construction of roads and railway
tunnels.


INDUSTRIAL SYSTEM: Ind-Ra Assigns BB+ Loan Rating, Outlook Stable
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has taken the following rating
actions on Industrial Systems LLP's (ISL) bank facilities:

-- INR110 mil. Fund-based working capital limit assigned with IND

     BB+/Stable/IND A4+ rating;

-- INR290 mil. Non-fund-based working capital limit assigned with

     IND A4+ rating;

-- INR50 mil. Non-fund-based working capital limit affirmed with
     IND A4+ rating; and
  
-- INR300 mil. Fund-based working capital limit affirmed with IND

     BB+/Stable/IND A4+ rating.

Detailed Rationale of the Rating Action

The rating reflects the ISL's medium scale of operations in FY24,
and the likelihood of continued improvement in the same during the
medium term. The ratings are also supported by its diversified
order book and promoter's experience in the industry. However, the
ratings are constrained by tender-based operations and intense
competition along with average credit metrics and stretched
liquidity.

Detailed Description of Key Rating Drivers

Average Credit Metrics: The gross interest coverage (operating
EBITDA/gross interest expense) deteriorated to 2.53x in FY24 (FY23:
2.73x; FY22: 4.89x), due to an increase in interest expenses.
However, the net leverage (adjusted net debt/operating EBITDA)
reduced to 3.78x in FY24 (FY23: 4.89x; FY22: 3.87x), owing to less
utilization of its fund-based facility and an increase in the
absolute EBITDA to INR181.8 million (INR166.6 million; INR120.6
million). Ind-Ra expects the credit metrics to improve from FY25
led by to a likely increase in the EBITDA and the repayment of
debt.  Its FY24 financials are provisional in nature.

Stretched Liquidity: ISL had elongated net working capital cycle of
223 days in FY24 (FY23: 228 days) mainly on account of an increase
in its debtor days to 323 days (311 days) while its creditor days
increased to 113 days (87 days). ISL's average month-end
utilization of the fund-based limits was 87.8% and the
non-fund-based limits was 82.43% during the 12 months ended
November 2024. Furthermore, ISL does not have any capital market
exposure and relies on banks and financial institutions to meet its
funding requirements. The cash flow from operations turned positive
at INR30.96 million in FY24 (FY23: negative INR385.08 million), due
to favorable changes in the working capital level. Subsequently,
its free cash flow also turned positive at INR11.36 million in FY24
(FY23: negative INR386.69 million) due to the absence of any
debt-funded capex. ISL has debt repayment obligations of INR12.2
million and INR13.4 million in FY25 and FY26, respectively. The
cash and cash equivalents stood at INR17.77 million at FYE24
(FYE23: INR50.25 million).

Tender-based Operations; Intense Competition: Given intense
competition, ISL's revenue and profitability entirely depend on its
ability to win tenders. Thus, the company has to bid aggressively
to obtain contracts, leading to restriction in operating margin.

Medium Scale of Operations: ISL's revenue increased to INR1,622.2
million in FY24 (FY23: INR1,573.93 million; FY22: INR1,504.3
million) owing to higher revenue from Assam (INR835 million;
INR276.28 million). Ind-Ra expects the revenue to improve from FY25
led by an increase in its order book

Healthy EBITDA Margins: The company's EBITDA increased to INR181.76
million in FY24 (FY23: INR166.58 million; FY22: INR120.62 million)
as the company executed a higher number of higher margin projects
from the northeastern region. Its EBITDA margins also increased to
11.2% in FY24 (FY23: 10.6%; FY22: 8.02%), supported by the
increased execution of higher margin projects in the north-eastern
region. The return on capital employed (EBIT/average capital) was
around 15.2% in FY24 (FY23: 16.8%).

Diversified Order Book: As of April 2024, ISL had an outstanding
order book of INR2,383.6 million with additional orders to bid
during FY25. The orders from Assam and Manipur accounted for 58.5%
of the total outstanding order book. Orders pertaining to
electricals such as lighting works accounted for 50.7% of
outstanding orders, followed by water supply (23.66%). ISL had an
orderbook to revenue ratio of 1.17x as of April 2024 order book.
The company expects to execute the order book in the next 18-24
months, giving revenue visibility over the medium term.

Experienced Promoters: The promoters have more than two decades of
experience in the construction and infrastructure industry. ISL is
a registered class 1 contractor with supply and works contracts
from the government of Assam, Manipur and Meghalaya.

Liquidity

Stretched: The cash flow from operations turned positive at
INR30.96 million in FY24 (FY23: negative INR385.08 million)
supported by the favorable changes in the working capital.
Furthermore, the free cash flow increased to INR11.36 million in
FY24 (FY23: negative INR386.69 million), due to the absence of any
capex. ISL has debt repayment obligations of INR12.2 million and
INR13.4 million in FY25 and FY26, respectively. The cash and cash
equivalents stood at INR17.77 million at FYE24 (FYE23: INR50.25
million).

Rating Sensitivities

Negative: A stretch in working capital days or deterioration in
scale of profitability or liquidity or the interest coverage
falling below 2x, on a sustained basis, would be negative for the
ratings.

Positive: The sustenance of the scale of profitability while
maintaining the interest coverage above 2.5x with the gross working
capital falling below 80% of the revenue, on a sustained basis,
would be positive for the ratings.

About the Company

Guwahati, Assam-based ISL was established in 2001 and is engaged in
engineering procurement and construction and turnkey projects along
with supply of pipes and fittings.  Ajay Bhoopal and Rajni Bhoopal
are the partners.

INEJA ENTERPRISE: Voluntary Liquidation Process Case Summary
------------------------------------------------------------
Debtor: Ineja Enterprise Private Limited
        Unit 102, First Floor,
        Rectangle One, D-4,
        Saket District Centre, Saket
        New Delhi 110017, India

Liquidation Commencement Date: December 20, 2024

Court: National Company Law Tribunal, New Delhi Bench

Liquidator: Rajan Das Gupta
            G-68, Lower Ground Floor
            East of Kailash, New Delhi 110065
            Email: rajandgupta@gmail.com
            Tel: 011-42345857

Last date for
submission of claims: January 20, 2025


KANDAGIRI SPINNING: CARE Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Kandagiri
Spinning Mills Limited (KSM) continue to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      30.85       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

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


    Fixed Deposit      14.01       CARE D; ISSUER NOT COOPERATING
                                   Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Detailed Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated January 11,
2024, placed the ratings of KSM under the 'Issuer non-cooperating'
category as the company has not paid the surveillance fees for the
rating exercise as agreed to in its Rating Agreement. KSM continues
to be non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and an email dated
November 26, 2024 and December 16, 2024.

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).

The rating takes into account the past delays in servicing of the
debt obligations and weak financial performance of the company.

Detailed description of the key rating drivers

At the time of last rating on January 11, 2024 the following were
the rating strength and weakness (updated for the information
available from stock exchange).

Key Rating Weaknesses

* Weak financial performance: The operating income continues to be
weak at INR2.97 crore in FY24 as against INR4.48 crore in FY23. The
company reported net loss of INR1.77 crore in FY24 as against net
profit of INR1.53 crore in FY23.

Analytical approach: Standalone

Outlook: Not applicable

Kandagiri Spinning Mills Ltd (KSML) is part of Salem (Tamil Nadu)
based "Sambandam Group" and was engaged in textile spinning with an
aggregate capacity of 27,296 spindles till March 31, 2019 spread
among two units which could produce around 25 Tons of Yarn per day.
However, during FY20, the company has sold the spinning plant and
machinery and ceased the yarn production activity and has let out
the immovable property for lease and the company receives the lease
rent receivables as its income.

KHAREWALI STEEL: CRISIL Keeps D Debt Rating in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Kharewali
Steel Private Limited (SVIPL) continues to be 'CRISIL D Issuer Not
Cooperating'.

                       Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit           35         CRISIL D (Issuer Not
                                    Cooperating)

CRISIL Ratings has been consistently following up with SVIPL for
obtaining information through letter and email dated December 9,
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 SVIPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on SVIPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the rating on bank facilities of
SVIPL continues to be 'CRISIL D Issuer not cooperating'.

Incorporated in 1995, SVIPL is promoted by Mr. Pravin Khade, Mr.
Rajesh Grover and Mr. Narendra Sharma. Company is engaged in
trading of MS structural steels (angles, plates, channels TMT bars
etc.) and has started manufacturing of TMT bars.


MASS CASHEWS: ICRA Lowers Rating on INR8.50cr LT Loan to D
----------------------------------------------------------
ICRA has revised the ratings on certain bank facilities of Mass
Cashews, as:

                     Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Long-term-         8.50       [ICRA]D; ISSUER NOT COOPERATING;
   Fund based                    Rating downgraded from
   Cash Credit                   [ICRA]B+ (Stable); ISSUER NOT
                                 COOPERATING and continues to
                                 remain under 'Issuer Not
                                 Cooperating' category

   Long Term-         0.50       [ICRA]D; ISSUER NOT COOPERATING;
   Unallocated                   Rating downgraded from
                                 [ICRA]B+ (Stable); ISSUER NOT
                                 COOPERATING and continues to
                                 remain under 'Issuer Not
                                 Cooperating' category

Rationale

Material Event

The rating of Mass Cashews is downgrade reflects Delay in Debt
Repayment as mentioned in the publicly available sources.

Impact of material event

The rating is based on limited information on the entity's
performance since the time it was last rated in Nov. 2023. The
lenders, investors and other market participants are thus advised
to exercise appropriate caution while using this rating as the
rating may not adequately reflect the credit risk profile of the
entity, despite the downgrade.

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

Mass Cashews (MC) was initially established as proprietorship
concern by Mr. Salim A in the year 2009 was later converted in
partnership firm in 2010. The firm is engaged in a) processing of
plain cashew kernels from raw cashew nuts (RCNs), b) trading  of
RCNs and c) sale of by-products such as cashew husk, etc. MC
primarily imports RCNs from African Countries - Ivory Coast, Ghana,
Benin, Indonesia, Senegal and Tanzania (small quantities procured
from local players in Kerala and Tamilnadu as well),  processes
them in its six manufacturing facilities (four in Tamil Nadu and
Two in Kerala) having an aggregate installed capacity  to process
22.3 MT of RCN/day or gets it done through dedicated job work
units, packs the processed cashew kernels and  then sells the plain
cashew kernels (without any value addition) primarily exports
cashew kernels through merchant exports  and some portion of it is
sold locally. In case the firm is not able to manufacture the
required amount of cashew kernels, MCB also buys processed cashew
kernels from other local players and supplies them to its customers
directly. In the year 2014-15, one more partner - Mr. N Anvarsha
(Mr. Salim's brother's son) had become partner of the firm.

MATHURA FIBRES: ICRA Reaffirms B+ Rating on INR13.61cr LT Loan
--------------------------------------------------------------
ICRA has reaffirmed ratings on certain bank facilities of Mathura
Fibres and Cotton Industries (MFCI), as:

                     Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Long term-         10.00      [ICRA]B+ (Stable); reaffirmed
   Fund based                    and removed from 'Issuer Not
   limits                        Cooperating' category

   Long term-          4.04      [ICRA]B+ (Stable); reaffirmed
   Fund based-                   and removed from 'Issuer Not
   Term loan                     Cooperating' category

   Long term–         13.61      [ICRA]B+ (Stable); reaffirmed
   Unallocated                   and removed from 'Issuer Not
                                 Cooperating' category

Rationale

The rating action on the bank lines of MFCI considers an expected
modest improvement in operational and financial performances in
FY2025, following weak performance in FY2023 and FY2024, supported
by extensive experience of the partners in the cotton ginning
industry and improvement witnessed in 9M FY2025. The rating also
considers the location specific advantage of MFCI's manufacturing
unit in proximity to raw material sources in Telangana, which is
one of the top cotton producing states in India.

The rating, however, remains constrained by the continued pressure
on the top line with revenue declining by 13.6% in FY2024,
following a 70.8% fall in FY2023. Besides, the fall in operating
margins by 436 bps to 9.8% in FY2024 led to a weakening in coverage
indicators, with total debt to operating profit and interest
coverage ratios moderating to 9.6 times and 0.8 times, respectively
in FY2024 compared to 8.7 times and 1.2 times, respectively in
FY2023. Although, MFCI's earnings and coverage metrics are likely
to improve in the current fiscal with increase in scale, the same
are likely to remain moderate. Further, the rating factors in the
vulnerability of the firm's profitability to adverse fluctuations
in raw material prices (raw cotton), considering the inherently low
value-added and seasonal nature of ginning operations and intense
competition in the industry. Further, MFCI's operations also remain
exposed to regulatory risks related to the minimum support price
(MSP) set by the Government. The rating also factors in the risks
inherent in partnership firms, including the risk of capital
withdrawal by partners.

The Stable outlook on the long-term rating reflects ICRA's
expectation that the entity is likely to improve its earnings and
coverage metrics. Further, the outlook underlines ICRA's
expectation that the entity's incremental capex, if any, to further
increase the capacity will be funded in a manner that it is able to
durably maintain its debt protection metrics commensurate with the
existing ratings.

Key rating drivers and their description

Credit strengths

* Extensive experience of partners in cotton industry: The
promoters have a long experience of around three decades in the
cotton ginning industry, which has helped them in establishing long
associations with their suppliers and buyers in the industry.

* Location-specific advantage: The firm benefits in terms of low
transportation cost and easy access to raw cotton due to the
strategic location of its plant in Adilabad, Telangana, an area of
high cotton acreage and quality cotton crop.

Credit challenges

* Weak financial risk profile: MFCI's financial profile is
characterised by modest leverage and coverage indicators due to the
working capital intensive nature of operations. Besides, lower
earnings resulted in weakening of its debt protection metrics with
total debt to operating profits and interest coverage ratios
weakening to 9.6 times and 0.8 times, respectively, in FY2024 from
8.7 times and 1.2 times, respectively, in FY2023. Further, its net
cash accruals to total debt remained below 2% in the last five
fiscals. While its revenues and earnings are likely to improve in
the medium term, its coverage metrics are expected to remain
moderate due to considerable debt repayment obligations.

* Profitability remains vulnerable to movement in prices of raw
cotton, intense competition and fragmented industry structure:
MFCI's profitability remains exposed to fluctuations in raw
material (raw cotton) prices, which are driven by various factors
such as seasonality, climatic conditions, international demand and
supply situation, and export policy. The firm is also
exposed to regulatory risks with respect to the minimum support
price (MSP) for cotton, which is set by the Government every year.
Further, low value-added nature of the products and intense
competition from other players in the fragmented cotton ginning
industry limit MFCI's bargaining power and pricing flexibility,
exerting pressure on margins.

* Risks associated with partnership constitution of the firm: ICRA
notes that MFCI is a partnership firm and any significant
withdrawal of capital by the partners may adversely impact the
firm's net worth and liquidity position. In this context, it has
been noted that the partners have infused need-based fund in the
firm in the past, which provides comfort.

Liquidity position: Stretched

MFCI's liquidity position is likely to remain stretched owing to
lower earnings and high working capital requirements in the
business. Further, its average working capital utilisation in the
past 12 months ending in November 2024 remained high at 98.5% of
its sanctioned limit. Further, the entity has repayment obligations
of INR2.3 crore in FY2025. While the liquidity in the immediate
future is expected to be supported by rationalising inventory
holding, the firm's ability to scale up operations while
effectively managing working capital cycle would remain crucial for
its liquidity profile. ICRA expects lower cash flow generation from
operations and sizable repayment obligations to necessitate
infusion of fresh capital to maintain adequate
liquidity position.

Rating sensitivities

Positive factors – ICRA could upgrade MFCI's rating if the firm
significantly scales up its operations and profitability, leading
to  an improvement in its credit metrics, along with a better
liquidity position.

Negative factors – Pressure on MFCI's rating could arise if there
is a decline in revenues and profitability, or a stretch in the
working capital cycle, which results in a further deterioration in
its credit metrics and liquidity.

Mathura Fibres and Cotton Industries (MFCI) was started in 2013 as
a partnership firm, and is involved in ginning and pressing of raw
cotton to produce cotton bales. MFCI also has a facility for
crushing cotton seeds to produce cotton seed oil and cake. The
firm's unit is located in Adilabad (Telangana) and is owned and
managed by Mr. Ganesh Mukkawar and Mrs. Vijaysri Mukkawar. The firm
has a manufacturing facility with a ginning capacity of 2,600
quintal per day and installed pressing capacity of 500 bales per
day.


MONITOR INDIA: Voluntary Liquidation Process Case Summary
---------------------------------------------------------
Debtor: Monitor India Private Limited
        One International Canter
        Tower 3, 27-32nd Floor
        Senapati Bapat Road
        Elphinstone West, Mumbai City
        Maharashtra, India 400013

Liquidation Commencement Date: December 20, 2024

Court: National Company Law Tribunal, Mumbai Bench

Liquidator: Pranav J. Damania
            407, Sanjar Enclave
            Opposite Milap Cinema
            S.V Road, Kandivali West
            Mumbai - 400067
            Email: pranav@winadvisors.co.in
            Contact No: +91-98204-69825

Last date for
submission of claims: January 19, 2025


MORAYA POLYMERS: CRISIL Keeps B+ Debt Ratings in Not Cooperating
----------------------------------------------------------------
CRISIL said the ratings on bank facilities of Shree Moraya Polymers
Private Limited (SMPPL) continue to be 'CRISIL B+/Stable Issuer not
cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit            2         CRISIL B+/Stable (ISSUER NOT
                                    COOPERATING)

   Rupee Term Loan        6         CRISIL B+/Stable (ISSUER NOT
                                    COOPERATING)

CRISIL Ratings has been consistently following up with SMPPL for
obtaining information through letter and email dated December 9,
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 SMPPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on SMPPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the rating on bank facilities of
SMPPL continues to be 'CRISIL B+/Stable Issuer not cooperating'.

Incorporated in February 2013, Pune-based SMPPL manufactures PET
bottles for Bisleri International Pvt Ltd. The company started
commercial operations from September 2013. The company is promoted
by Mr. Santosh Sawant, Mr. Ajay Galande and Mr. Rohidas Landhghe.


R AND M INTERNATIONAL: CRISIL Keeps D Ratings in Not Cooperating
----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of R and M
International Private Limited (RMIPL) continue to be 'CRISIL
D/CRISIL D Issuer Not Cooperating'.

                       Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Bank Guarantee        0.6        CRISIL D (Issuer Not
                                    Cooperating)

   Cash Credit           6.9        CRISIL D (Issuer Not
                                    Cooperating)
   Proposed Fund-
   Based Bank Limits     1.1        CRISIL D (Issuer Not
                                    Cooperating)

   Term Loan             1.4        CRISIL D (Issuer Not
                                    Cooperating)

CRISIL Ratings has been consistently following up with RMIPL for
obtaining information through letter and email dated December 9,
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 RMIPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on RMIPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
RMIPL continues to be 'CRISIL D/CRISIL D Issuer not cooperating'.

RMIPL was incorporated in 2009 in Mumbai by Dr Rachna Rai and Mrs
Meena Sarda. Subsequently Mrs Meena Sarda resigned and Dr Gopal Rai
(husband of Dr Rachna Rai) joined the company as MD and CEO. The
company undertakes repair and strengthening of civil structures
using fibre wrapping and pre-stressing using carbon laminates. It
also undertakes water proofing of civil structures. The company
executes projects in Maharashtra, Karnataka, Andhra Pradesh,
Gujarat, Bihar, Uttar Pradesh, Delhi, etc.


RADIANT TEXTILE: Ind-Ra Affirms BB Bank Loan Rating
---------------------------------------------------
India Ratings and Research (Ind-Ra) has taken the following rating
actions on Radiant Textile Private Limited's (RTPL; formerly
Radiant Textiles Limited) bank facilities as follows:

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

-- INR10 mil. Fund-based working capital limit assigned with IND
     BB/Stable/IND A4+ rating.

Detailed Rationale of the Rating Action

The ratings reflect RTPL's continued stretched liquidity position,
modest EBITDA margins and deterioration in credit metrics in FY24.
The ratings also remained constrained by the company's elongated
working capital cycle in FY24 due to high inventory requirement and
stretched receivables.

However, the ratings remain supported by the company's medium scale
of operations and experienced promoters.

Detailed Description of Key Rating Drivers

Sustained Modest EBITDA Margins: The EBITDA margins remained modest
at 3.40% in FY24 (FY23: 2.99%) with a return on capital employed of
3.7% (3.3%). The margins improved in FY24 due to moderation in
cotton yarn prices. Ra expects the EBITDA margins to remain modest
in the near term owing to a moderation in sales realization.

Deterioration in Credit Metrics in FY24: The interest coverage
(operating EBITDA/interest expense) deteriorated to 1.78x in FY24
(FY23: 3.61x) and net leverage (total adjusted net debt/EBITDA) to
12.78x (9.14x) owing to modest operating margins and an increase in
the debt to INR1,374.64 million (INR820.09 million). However,
Ind-Ra does not expect the credit metrics to deteriorate further in
the near-to-medium term due to the absence of any major debt-funded
capex, although remain average.

Inherent Industry Risk: Textile players face high competition, due
to the fragmented nature of the industry and raw material price
volatility. Furthermore, cotton prices in India are regulated
through the fixing of a minimum support price by the government,
and cotton players depend on the price parity. The price of raw
cotton also depends on the area under production, annual yield,
international demand-supply scenario, export quota decided by the
government and the previous year's inventory.

Medium Scale of Operations: RTPL's revenue increased to INR3,153.85
million in FY24 (FY23: INR2,738.59 million) owing to about 46% yoy
increase in cotton yarn volumes and a 23% yoy increase in cotton
waste, despite the moderation in cotton yarn price to around INR239
per kg (around INR304 per kg). The decline in price was in line
with the industry trend, although duly compensated by an increase
in volumetric sales. The company continues to be export-oriented as
domestic sales contributed only 28% to the total revenue in FY24
(FY23: 19%). The company recorded revenue of around INR1,838
million till October 2024. Ind-Ra expects the company's revenue to
be at similar levels in the medium term due to no significant
change in realization and absence of planned capex to increase its
production capacity as it is operating at 80%-85% capacity.

Experienced Promoters: The company's promoters have a decade-long
experience in the textile industry, leading to established
relationships with its customers and suppliers.

Liquidity

Stretched: RTPL's average monthly utilization of the fund-based
limits was 59% for the 12 months ended November 2024. The net cash
cycle further elongated to 250 days in FY24 (FY23: 215 days; FY22:
90 days; FY21: 216 days) on account of an increase in the inventory
holding period to 211 days (FY23: 117 days), partially offset by a
marginal reduction in the receivable period to 43 days (46 days).
The company receives negligible credit from its suppliers. It had
unencumbered cash of INR3.61 million at FYE24 (FYE23: INR70.66
million). The cash flow from operations deteriorated further to
negative INR612.01 million in FY24 (FY23: negative INR480.15
million) due to unfavorable changes in working capital.
Consequently,  the free cash flow deteriorated further to negative
INR622.37 million (negative INR487.20 million), along with a
minimal capex of IINR10.36 million (INR7.05 million). RTPL does not
have any capital market exposure and relies on banks and financial
institutions to meet its funding requirements. The company does not
have long-term debt outstanding from any bank/financial institution
and is also not planning to undertake any major debt-funded capex
in the medium term.

Rating Sensitivities

Negative: Any substantial decline in the scale of operations and
profitability leading to deterioration in the liquidity position or
the interest coverage reducing below 1.5x, all on a sustained
basis, will be negative for the ratings.

Positive: An improvement in the liquidity position marked by a
sustained improvement in the operating margins, along with the
interest coverage exceeding 2.0x, all on a sustained basis, will be
positive for the ratings.

About the Company

RTPL was incorporated in 2005 as a closely-held limited company at
Samana, Patiala (Punjab). It started its commercial operations in
January 2008. The company has a production capacity of 14,000
metric tons per annum, with 52,800 cotton ring spindles. It has a
spinning unit for manufacturing cotton yarn, which is sold in the
domestic as well as international markets. Ramesh Kumar, Mohan Lal,
Gian Chand, Rajesh Goyal and Varun Kumar are the promoters.

RAMDEV AGRO: CRISIL Keeps B Debt Ratings in Not Cooperating
-----------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Shri Ramdev
Agro Processor (SRAP) continue to be 'CRISIL B/Stable Issuer not
cooperating'.

                        Amount
   Facilities         (INR Crore)     Ratings
   ----------         -----------     -------
   Cash Credit             4.25       CRISIL B/Stable (Issuer Not
                                      Cooperating)

   Proposed Long Term      3.75       CRISIL B/Stable (Issuer Not
   Bank Loan Facility                 Cooperating)

CRISIL Ratings has been consistently following up with SRAP for
obtaining information through letter and email dated December 9,
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 SRAP, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on SRAP
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the rating on bank facilities of
SRAP continues to be 'CRISIL B/Stable Issuer not cooperating'.

SRAP was setup in 2007 by Mr Ajit Gupta and Mr. Pramod Chandak. The
firm processes raw cotton (kapas) to manufacture cotton bales and
extract cotton seeds, at its unit in Akot, Akola.


RAMJI LAL: CRISIL Keeps B+ Debt Ratings in Not Cooperating
----------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Ramji Lal and
Sons (Ramji; part of the Gupta group) continue to be 'CRISIL
B+/Stable Issuer not cooperating'.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Cash Credit           17.5       CRISIL B+/Stable (ISSUER NOT
                                    COOPERATING)

   Cash Credit            2.5       CRISIL B+/Stable (ISSUER NOT
                                    COOPERATING)

CRISIL Ratings has been consistently following up with Ramji for
obtaining information through letter and email dated December 9,
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 RAMJI, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on RAMJI
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the rating on bank facilities of
RAMJI 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 Ramji and Mubarak Overseas
Pvt Ltd (Mubarak). This is because both these entities, together
referred to as the Gupta group, have a common management and
considerable operational linkages.

Ram Ji Lal and Sons and Mubarak Overseas Pvt Ltd, both the entities
belong to the Gupta group situated in Delhi. The group is promoted
by Mr. Hari Kishan Das Gupta and Mr. Babu Lal Gupta, who have been
engaged in the rice trading business for over four decades. The
group has large and diversified business interests across rice
milling, ingot manufacturing, and cast iron dyes manufacturing.


REDKENKO HEALTH: Insolvency Resolution Process Case Summary
-----------------------------------------------------------
Debtor: Redkenko Health Tech Private Limited
        16th Floor, 1608, B & C Wing C/66,
        G Block One BKC
        Opposite Bank of Baroda
        Bandra, (E)Mumbai
        Mumbai 400051, Maharashtra

Insolvency Commencement Date: December 17, 2024

Court: National Company Law Tribunal, Mumbai Bench

Estimated date of closure of
insolvency resolution process: June 15, 2025

Insolvency professional: Hemanshu Lalitbhai Kapadia

Interim Resolution
Professional:    Hemanshu Lalitbhai Kapadia
                 Office no. 201, 2nd Floor, A-Wing
                 Jeevan Prabha Society
                 Chandavarkar Road, Borivali (West)
                 Mumbai Suburban, Maharashtra 400092
                 Email: hemanshu@hkacs.com
                 Email: cirpredkenko@gmail.com

Last date for
submission of claims: December 31, 2024


SAMARTHA LEISURES: CRISIL Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Samartha
Leisures and Restaurants Private Limited (SLRPL) continue to be
'CRISIL D Issuer not cooperating'.

                      Amount
   Facilities      (INR Crore)      Ratings
   ----------      -----------      -------
   Cash Credit         3.5          CRISIL D (ISSUER NOT
                                    COOPERATING)

   Long Term Loan      2.8          CRISIL D (ISSUER NOT
                                    COOPERATING)

CRISIL Ratings has been consistently following up with SLRPL for
obtaining information through letter and email dated December 9,
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 SLRPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on SLRPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the rating on bank facilities of
SLRPL continues to be 'CRISIL D Issuer not cooperating'.

Incorporated in 2010, SLRPL, promoted by Mr Vinayak Phalak and Ms
Rohini Phalak, operates a hotel, Tanarika Resort, at Bhusaval. It
is equipped with 2 suites, 33 business class rooms, 2 banquet
halls, a bar, a multi-cuisine restaurant, a conference hall, a
lawn, and a swimming pool.


SAMRAT GEMS: Ind-Ra Cuts Bank Loan Rating to D
----------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded Samrat Gems
Impex Pvt Ltd.'s bank facilities' ratings to 'IND D (ISSUER NOT
COOPERATING)' from 'IND BB-/Stable (ISSUER NOT COOPERATING)'/'IND
A4+ (ISSUER NOT COOPERATING)'. The issuer did not participate in
the rating review despite continuous requests and follow-ups by the
agency. Thus, the rating is based on the best available
information. Therefore, investors and other users are advised to
take appropriate caution while using the rating.

The detailed rating actions are:

-- INR379.50 mil. Fund-based working capital limit (Long
     term/short term) downgraded with IND D (ISSUER NOT
     COOPERATING) rating; and

-- INR110 mil. Non-fund-based working capital limit (Short term)
     downgraded with IND D (ISSUER NOT COOPERATING) rating.

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

Detailed Rationale of the Rating Action

The downgrade reflects delays in debt servicing by SGIPL. Ind-Ra
has relied on information available in the public domain. However,
Ind-Ra has not been able to ascertain the reason for the delays, as
the company has been non-cooperative.

The ratings continue to be maintained in non-cooperating category
in accordance with Ind-Ra's Guidelines on What Constitutes
Non-Cooperation.

Non-Cooperation by the Issuer

Ind-Ra has not received adequate information and has not been able
to conduct management interaction with SGIPL while reviewing the
rating. Ind-Ra had consistently followed up with SGIPL over emails,
apart from phone calls. The issuer has also not been submitting
their monthly no default statement.

Limitations regarding Information Availability

Ind-Ra is unable to provide an updated forward-looking view on the
credit rating of SGIPL, as the agency does not have adequate
information to review the rating. If an issuer does not provide
timely business and financial updates to the agency, it indicates
weak governance, particularly in 'Transparency of Financial
Information'. The agency may also consider this as symptomatic of a
possible disruption / distress in the issuer's credit profile.
Therefore, investors and other users are advised to take
appropriate caution while using these ratings. SGIPL has been
non-cooperative with the agency since August 8, 2023.

About the Company

SGIPL manufactures readymade garments and exports them primarily to
garment retailers in Europe, the US and South Africa. The company
was incorporated in 1984 and is promoted by Shyamlal Sharma and his
son, Rajiv Sharma.

SAMSON AND SONS: CRISIL Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Samson and
Sons Builders and Developers Private Limited (SSBDPL) continue to
be 'CRISIL D Issuer Not Cooperating'.

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

   Project Loan            9         CRISIL D (Issuer Not
                                     Cooperating)

CRISIL Ratings has been consistently following up with SSBDPL for
obtaining information through letter and email dated December 9,
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 SSBDPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on
SSBDPL is consistent with 'Assessing Information Adequacy Risk'.
Based on the last available information, the ratings on bank
facilities of SSBDPL continues to be 'CRISIL D Issuer not
cooperating'.

Established in 2005 as a partnership between Mr John Jacob and Mr
Samuel Jacob and reconstituted as a private limited company in
2009, SSBDPL undertakes residential real estate development in and
around Trivandrum.


SANJAY SINGHI: CRISIL Keeps D Debt Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Sanjay Singhi
(SS) continue to be 'CRISIL D/CRISIL D Issuer Not Cooperating'.

                       Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Bank Guarantee        5.5        CRISIL D (Issuer Not
                                    Cooperating)

   Cash Credit           2.5        CRISIL D (Issuer Not
                                    Cooperating)

   Proposed Working      1.5        CRISIL D (Issuer Not
   Capital Facility                 Cooperating)

CRISIL Ratings has been consistently following up with SS for
obtaining information through letter and email dated December 9,
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 SS, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on SS is
consistent with 'Assessing Information Adequacy Risk'. Based on the
last available information, the ratings on bank facilities of SS
continues to be 'CRISIL D/CRISIL D Issuer not cooperating'.

SS was established in 1990 as a partnership firm. It is engaged in
civil construction activities such as road contractor for
government construction projects located in Chhattisgarh and Madhya
Pradesh. It is owned and managed by Mr. Sanjay Singhi and his wife
Mrs. Rekha Singhi.


SARAIGHAT AGRO: CRISIL Keeps B+ Debt Ratings in Not Cooperating
---------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Saraighat
Agro (SA) continue to be 'CRISIL B+/Stable Issuer not
cooperating'.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Term Loan             10.8       CRISIL B+/Stable (Issuer Not
                                    Cooperating)

   Working Capital        5.0       CRISIL B+/Stable (Issuer Not
   Term Loan                        Cooperating)

CRISIL Ratings has been consistently following up with SA for
obtaining information through letter and email dated December 9,
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 SA, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on SA is
consistent with 'Assessing Information Adequacy Risk'. Based on the
last available information, the rating on bank facilities of SA
continues to be 'CRISIL B+/Stable Issuer not cooperating'.

SA was set up as a partnership form on 1st February 2021. The firm
is setting up a modern parboiled rice mill at Kamrup, Assam. It is
expected to commence operations from March 2022.


SARITA STEEL: Insolvency Resolution Process Case Summary
--------------------------------------------------------
Debtor: Sarita Steel & Power Limited

        Registered Address:
        35 Chittaranjan Avenue
        Kolkata, West Bengal
        India 700012

        Other Address:
        SKP House 1324
        Shyama Prasad, Mukherjee Road
        Kolkata, West Bengal
        India 700026

Insolvency Commencement Date: December 19, 2024

Court: National Company Law Tribunal, Kolkata Bench

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

Insolvency professional: Kanchan Dutta

Interim Resolution
Professional:    Kanchan Dutta
                 Chatterjee International Centre
                 17th Floor, Flat No. 13A, 33A,
                 J.L. Nehru Road    
                 Kolkata 700071
                 Email: kanchan@kqrs.in
                 Email: cirp.saritasteel@qmail.com

Last date for
submission of claims: January 2, 2025


SATISH AGRO: CRISIL Keeps D Debt Rating in Not Cooperating
----------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Satish Agro
Industries (SAI) continues to be 'CRISIL D Issuer Not
Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Working Capital         6         CRISIL D (Issuer Not
   Facility                          Cooperating)

CRISIL Ratings has been consistently following up with SAI for
obtaining information through letter and email dated December 9,
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 SAI, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on SAI
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
SAI continues to be 'CRISIL D Issuer not cooperating'.

SAI was formed as a proprietorship concern by Mr. Satish Jain in
1998 at Indore, Madhya Pradesh. SAI is engaged in manufacturing of
agricultural spray pumps, power sprayers and other machinery
parts.


SAURABH (INDIA): CRISIL Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Saurabh
(India) Private Limited (SIPL) continue to be 'CRISIL D Issuer not
cooperating'.

                       Amount
   Facilities       (INR Crore)    Ratings
   ----------       -----------    -------
   Letter of Credit     31.1       CRISIL D (ISSUER NOT
                                   COOPERATING)

   Letter of Credit     40         CRISIL D (ISSUER NOT
                                   COOPERATING)

   Letter of Credit     35         CRISIL D (ISSUER NOT
                                   COOPERATING)

   Letter of Credit      6.1       CRISIL D (ISSUER NOT
                                   COOPERATING)

   Letter of Credit      8.9       CRISIL D (ISSUER NOT
                                   COOPERATING)

   Letter of Credit     15         CRISIL D (ISSUER NOT
                                   COOPERATING)

   Letter of Credit     20         CRISIL D (ISSUER NOT
                                   COOPERATING)

   Proposed Letter       9.9       CRISIL D (ISSUER NOT
   of Credit                       COOPERATING)

CRISIL Ratings has been consistently following up with SIPL for
obtaining information through letter and email dated December 9,
2024 among others, apart from telephonic communication. However,
the issuer has remained non cooperative.

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

Detailed Rationale

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

SIPL was incorporated in 1994 and commenced commercial operations
in 2012. It is promoted and managed by Mr Ashok Banal and his son,
Mr Saurabh Bansal, and is based in Delhi. The company took over the
operations of group concern, Ashok Bansal & Co. It trades in edible
oil such as soya bean oil, palm oil, and canola oil.


SCIKNOW TECHNO: CRISIL Keeps C Debt Rating in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Sciknow Techno
Solutions Limited (STSL; part of the Karvy Data Management Services
Ltd (KDMSL) group) continues to be 'CRISIL C Issuer Not
Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Drop Line              7.5        CRISIL C (Issuer Not
   Overdraft Facility                Cooperating)

CRISIL Ratings has been consistently following up with STSL group
for obtaining information through letter and email dated December
9, 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 STSL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on STSL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
STSL continues to be 'CRISIL C Issuer not cooperating'.

                          About the STSL

Hyderabad-based STSL is a manufacturer of electronic components.

                          About the KDMSL

Incorporated in 2008, the Hyderabad-based KDMSL is a step-down
subsidiary of Karvy Stock Broking Ltd (KSBL). It offers business
and knowledge processing services. The company started off as a
pure-play back office service provider and gradually, added other
verticals such as e-Governance, banking, telecom and E-commerce. It
is an established player in government mandates such as the Aadhar
and PAN cards, NPR Biometric and E-TDS. It has healthy relations
with several key government departments and enjoys strong support
from KSBL.


SHAKTI VEGETABLES: CRISIL Keeps B Debt Ratings in Not Cooperating
-----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Shakti
Vegetables and Fruits Storage (SVFS) continue to be 'CRISIL
B/Stable Issuer not cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit          0.25        CRISIL B/Stable (Issuer Not
                                    Cooperating)

   Term Loan            9.75        CRISIL B/Stable (Issuer Not
                                    Cooperating)

CRISIL Ratings has been consistently following up with SVFS for
obtaining information through letter and email dated December 9,
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 SVFS, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on SVFS
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the rating on bank facilities of
SVFS continues to be 'CRISIL B/Stable Issuer not cooperating'.

Set up in 2014, SVFS provides cold storage facilities for potatoes
and fruits on rent. Its facility is in Palanpur (Gujarat), with
5000 tonne capacity, and is promoted by Mr Shamalbhai Patel and his
family. The facility started operations in March 2015.


SHEYN INT'L: CRISIL Keeps D Debt Rating in Not Cooperating
----------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Sheyn
International School (SIS) continues to be 'CRISIL D Issuer Not
Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Long Term Loan         7.25       CRISIL D (Issuer Not
                                     Cooperating)

CRISIL Ratings has been consistently following up with SIS for
obtaining information through letter and email dated December 9,
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 SIS, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on SIS
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
SIS continues to be 'CRISIL D Issuer not cooperating'.

SIS was set up in 2013 as a unit of Shaurya Jyoti Foundation (also
set up in 2013); it runs two schools, one each in Mango and Kandra,
both in Jamshedpur (Jharkhand). Mr Avinash Singh manages the
operations.


SHIRT COMPANY: CRISIL Keeps D Debt Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Shirt Company
(India) Private Limited (SCL) continue to be 'CRISIL D/CRISIL D
Issuer not cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Bill Discounting        5         CRISIL D (Issuer Not
                                     Cooperating)

   Letter of Credit        2.5       CRISIL D (Issuer Not
                                     Cooperating)

   Overdraft Facility     10.88      CRISIL D (Issuer Not
                                     Cooperating)

   Packing Credit         16         CRISIL D (Issuer Not
                                     Cooperating)

   Proposed Long Term      1.81      CRISIL D (Issuer Not
   Bank Loan Facility                Cooperating)

   Term Loan              13.62      CRISIL D (Issuer Not
                                     Cooperating)

   Term Loan              30.19      CRISIL D (Issuer Not
                                     Cooperating)

CRISIL Ratings has been consistently following up with SCL for
obtaining information through letter and email dated December 9,
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 SCL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on SCL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
SCL continues to be 'CRISIL D/CRISIL D Issuer not cooperating'.

SCL was established by Mumbai-based Mr. Shivanand Shetty in 1984.
The company manufactures shirts, T-shirts, tops, dresses, and other
ready-made garments for men, women, and children.



SHIV TOOLS: CRISIL Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Shiv Tools
Engineering Private Limited (STEPL) continue to be 'CRISIL D Issuer
Not Cooperating'.

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

   Long Term Loan        1          CRISIL D (Issuer Not
                                    Cooperating)

CRISIL Ratings has been consistently following up with STEPL for
obtaining information through letter and email dated December 9,
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 STEPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on STEPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the rating on bank facilities of
STEPL continues to be 'CRISIL D Issuer not cooperating'.

STEPL was set up in 1996 as a proprietorship firm by Mr Bhikkan
Singh and was reconstituted as a private limited company in 2004.
The company is managed by Mr Singh, his wife, and their two sons.
STEPL initially manufactured dyes, paints, and tools for
automobiles and tractors. It has now diversified into manufacturing
external body parts for automobiles and tractors. Its registered
office is in Faridabad (Haryana).


SOLAPUR TOLLWAYS: Insolvency Resolution Process Case Summary
------------------------------------------------------------
Debtor: Solapur Tollways Private Limited
        Unit No. 617A-N, Block-1, 6th Floor,
        PS QUBE, Plot No.- IID/31/1,
        Street No-1111 New Town, Kolkata
        North 24 Parganas, Rajarhat
        West Bengal, India 700135

Insolvency Commencement Date: December 20, 2024

Court: National Company Law Tribunal, Kolkata Bench

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

Insolvency professional: Sanjay Kumar Mishra

Interim Resolution
Professional: Sanjay Kumar Mishra
              Dreams Complex, 4C-1605, LBS Marg,
              Bhandup West, Mumbai 400078
              Email: ipsanjaymishra@rediffmail.com

              -- and --

              c/o Chandan Chatterjee,
              Grant Thornton, 16th Floor, Tower III
              One International Centre
              SB Marg, Prabhadevi West
              Mumbai 400013
              Email: stpl.cirp@gmail.com

Last date for
submission of claims: January 3, 2025


SPONGE ENTERPRISES: CRISIL Keeps B Debt Rating in Not Cooperating
-----------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Sponge
Enterprises Private Limited (SEPL) continues to be 'CRISIL B/Stable
Issuer Not Cooperating'.

                       Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Packing Credit          9         CRISIL B/Stable (Issuer Not
                                     Cooperating)

CRISIL Ratings has been consistently following up with SEPL for
obtaining information through letter and email dated December 9,
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 SEPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on SEPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the rating on bank facilities of
SEPL continues to be 'CRISIL B/Stable Issuer not cooperating'.

SEPL was set up in 2008 by the Raipur-based Jain family and is
engaged in export of rice and iron ore fines. The company is
promoted and managed by Mr Mukesh Jain, Mr Umesh Jain and Mr
Jeetmal Jain.


SRIMARG HUMAN: Insolvency Resolution Process Case Summary
---------------------------------------------------------
Debtor: Srimarg Human Resource Private Limited

        Registered Address:
        No.9, Muthu Nagar Poonamallee,
        Chennai, Tamil Nadu, India, 600056

        Principal office (as per GST records):
        1st Floor, Survey No.114/4, NH5,
        Tada Post, Sri Potti Sriramulu Nellore,
        Andhra Pradesh, 524401

Insolvency Commencement Date: December 18, 2024

Court: National Company Law Tribunal, Chandigarh Bench

Estimated date of closure of
insolvency resolution process: June 16, 2025

Insolvency professional: Nikhil Sachdeva

Interim Resolution
Professional: Nikhil Sachdeva
              H. No. 2822, First Floor, Sector 32-A,
              Chandigarh Road
              Near BCM School
              Ludhiana, Punjab 141010
              Email: nikhilsachdeva.ca@gmail.com
              Email: cirp.srimarg@gmail.com

Last date for
submission of claims: January 1, 2025


SRIVENKATESHWAR TRADEX: CARE Cuts Rating on INR18cr ST Loan to D
----------------------------------------------------------------
CARE Ratings has revised ratings on certain bank facilities of
Srivenkateshwar Tradex Pvt. Ltd. (STPL), as:

                      Amount
  Facilities       (INR crore)     Ratings
  ----------       -----------     -------
  Long-term Bank       5.00        CARE D; ISSUER NOT COOPERATING;
  Facilities                       Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category and Downgraded from
                                   CARE B-; Stable

  Short-term Bank      18.00       CARE D; ISSUER NOT COOPERATING;
  Facilities                       Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category and Downgraded from
                                   CARE A4

Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated December 21,
2023, placed the rating(s) of STPL under the 'issuer
non-cooperating' category as STPL had failed to provide information
for monitoring of the rating as agreed to in its Rating Agreement.
STPL continues to be non-cooperative despite repeated requests for
submission of information through e-mails dated November 5, 2024,
November 15, 2024, November 25, 2024 and January 2, 2025 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).

The ratings have been revised on account of non-availability of
requisite information. Further it also considers delay in debt
servicing and initiation of corporate insolvency resolution process
against the company as recognized from publicly available
information i.e., NCLT order.

Analytical approach: Standalone

Outlook: Not Applicable

Incorporated in 2010, STPL is nestled in Delhi and owned by Solanki
family. The company is managed by directors Mr. Rahul Solanki and
Mr. Salender Solanki, and is involved in trading of various
commodities like gold bars, rice, teak wood logs, and metal scrap
etc.

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


SUMTECH INFOSYSTEM: Liquidation Process Case Summary
----------------------------------------------------
Debtor: Sumtech Infosystem Private Limited
        A-402, Panchseel Co-operative Housing Society
        Radhagram, Dhobi Ghat, Vakola
        Santacruz East, Mumbai
        Maharashtra, India 400055

Liquidation Commencement Date: December 17, 2024

Court: National Company Law Tribunal, Mumbai Bench

Liquidator: Pawankumar Jagetia
            508, 21st Century Business Center
            Near World Trade Centre
            Ring Road, Surat, Gujarat 395002
            E-mail: cirpsumtechinfosystem@gmail.com
                    pjagetiaco@yahoo.co.in

Last date for
submission of claims: January 16, 2025


SUPER IRON: CRISIL Keeps B+ Debt Rating in Not Cooperating
----------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Super Iron
Foundry (SIF; part of the Super Iron Foundry group) continues to be
'CRISIL B+/Stable Issuer not cooperating'.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Packing Credit         20        CRISIL B+/Stable (Issuer Not
                                    Cooperating)

CRISIL Ratings has been consistently following up with SIF for
obtaining information through letter and email dated December 9,
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 SIF, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on SIF
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the rating on bank facilities of
SIF 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 SIF and Super Iron Foundry
Pvt Ltd (SIFPL; rated 'CRISIL BB/Stable/CRISIL A4+'). This is
because these entities, together referred to as the SIF group, have
a common management, are in a similar line of business, and have
need-based financial fungibility.

SIF is a partnership firm, between Mr Narendra Saklecha and his
family members, set up in 1977. The Kolkata-based firm manufactures
and exports forged components, including manhole covers, valve
boxes, meter boxes, and worm gears, as well as fabricated steel
products such as steel grates, and steel-recessed trays.

SIFPL was set up by the Saklecha family in 2010, to manufacture
ductile iron products. It has a manufacturing facility in West
Bengal, and started commercial operations in June 2013.


SUPER JEWELLERS: CRISIL Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Super
Jewellers Private Limited (SJPL) continue to be 'CRISIL D Issuer
Not Cooperating'.

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

   Term Loan               0.2        CRISIL D (Issuer Not
                                      Cooperating)

CRISIL Ratings has been consistently following up with SJPL for
obtaining information through letter and email dated December 9,
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 SJPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on SJPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the rating on bank facilities of
SJPL continues to be 'CRISIL D Issuer not cooperating'.

Set up as a partnership firm in 2002, and reconstituted as a
private limited company in 2004, SJPL has been promoted by Mr Ajay
Garg and Mr Diniv Singla. The company retails in gold, diamond, and
silver jewellery from its showroom in Bhatinda.


SVARYU ENERGY: Insolvency Resolution Process Case Summary
---------------------------------------------------------
Debtor: Svaryu Energy Limited
        11th Floor, Bascon Futura IT Park
        10/2, Venkat Narayana Road
        T Nagar, Chennai
        Tamil Nadu, India 600017

Insolvency Commencement Date: December 18, 2024

Court: National Company Law Tribunal, New Delhi Bench

Estimated date of closure of
insolvency resolution process: June 16, 2025

Insolvency professional: Surinder Babbar

Interim Resolution
Professional:   Surinder Babbar
                C-13/54 Sector 3
                Rohini, Delhi 110085
                Email: ip.svaryuenergy@gmail.com

Last date for
submission of claims: January 7, 2025


SWAROOP AGRO: CRISIL Keeps B+ Debt Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of SAPPL
continues to be 'CRISIL B+/Stable Issuer not cooperating'.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Cash Credit             5        CRISIL B+/Stable (Issuer Not
                                    Cooperating)

   Proposed Long Term      1.3      CRISIL B+/Stable (Issuer Not
   Bank Loan Facility               Cooperating)

   Term Loan               6        CRISIL B+/Stable (Issuer Not
                                    Cooperating)

CRISIL Ratings has been consistently following up with SAPPL for
obtaining information through letter and email dated December 9,
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 SAPPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on SAPPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the rating on bank facilities of
SAPPL continues to be 'CRISIL B+/Stable Issuer not cooperating'.

SAPPL, incorporated in 2015, has recently set up an edible oil
extraction plant with capacity of 350 tonne per day. The company is
promoted by Mr Satyendra Gupta and Ms Indra Gupta and the plant is
set up in village Umran (Akbarpur), Uttar Pradesh. The commercial
operations of the company started in February, 2017.


SWASTIK HOMEBUILD: Insolvency Resolution Process Case Summary
-------------------------------------------------------------
Debtor: Swastik Homebuild Private Limited

        Registered Address:
        01B122, Oakwood Estate Akashneem Marg,
        DLF City Phase-II, Gurgaon, Haryana-122002

        Address at which books of
        account are maintained:
        310-311, Third Floor, Vipul Agora
        M G Road, Gurgaon, Haryana, India 122002

Insolvency Commencement Date: December 19, 2024

Court: National Company Law Tribunal, New Delhi Bench

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

Insolvency professional: Suman Kumar Verma

Interim Resolution
Professional: Suman Kumar Verma
              Plot No. WZ-D-9, Kh. No. 83/14,
              Gali No. 5, Mahavir Enclave,
              Sulabh International, Delhi-110045
              Email: ipskverma@gmail.com
              Email: cirpswastikhomebuild@gmail.com

Last date for
submission of claims: January 6, 2025


VALUE INFRABUILD: Insolvency Resolution Process Case Summary
------------------------------------------------------------
Debtor: Value Infrabuild India Private Limited
        715, Naurang House,
        21 K.G. Marg Connaught Place,
        New Delhi, India, 110001

Insolvency Commencement Date: November 12, 2024

Court: National Company Law Tribunal, New Delhi Bench

Estimated date of closure of
insolvency resolution process: May 28, 2025

Insolvency professional: Mohit Goyal

Interim Resolution
Professional: Mohit Goyal
              17, LGF, Defence Enclave, Vikas Marg
              East Delhi, Delhi - 110092
              Email: camohitgoyal@gmail.com
              Email: cirpvalue@gmail.com

Last date for
submission of claims: December 13, 2024




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

ADDISON DEVELOPMENTS: Creditors' Proofs of Debt Due on Feb. 14
--------------------------------------------------------------
Creditors of Addison Developments Limited, Addison Group Limited
and MP Shelf Company 2002 Limited are required to file their proofs
of debt by Feb. 14, 2025, to be included in the company's dividend
distribution.

The companies commenced wind-up proceedings on Dec. 20, 2024.

The company's liquidators are:

          David Webb
          Robert Campbell
          Level 20, Deloitte Centre
          1 Queen Street
          Auckland 1010


AEGIS CHARTERS: Creditors' Proofs of Debt Due on Jan. 16
--------------------------------------------------------
Creditors of Aegis Charters Limited are required to file their
proofs of debt by Jan. 16, 2025, to be included in the company's
dividend distribution.

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

The company's liquidators are:

          Steven Khov
          Kieran Jones
          Khov Jones Limited
          PO Box 302261
          North Harbour
          Auckland 0751


BABY CITY: Gift Cards, Loyalty Points Worthless After Liquidation
-----------------------------------------------------------------
The New Zealand Herald reports that more than NZD300,000 worth of
gift cards and loyalty points for baby product retailer Baby City
are now unable to be used after the company went into liquidation,
despite four of the seven stores continuing to trade under a new
owner.

The shareholder for Baby City Retail Investments appointed
insolvency specialists Iain Shephard and Jessica Kellow of BDO
Wellington on December 31, the Herald discloses.

New Zealand-based Baby City retails baby product.


GREENLEAF FRESH: Failed to Achieve Profitability, Owes Millions
---------------------------------------------------------------
Radio New Zealand reports that New Zealand's first large-scale
vertical farming business was not able to reach sufficient scale to
achieve profitability and attempts to help it continue to trade
have failed, the first administrators' report reveals.

Greenleaf Fresh appointed liquidators on December 30.

It produced goods under the Green Grower brand and had earlier
received NZD3.5 million in public funding for research.

According to RNZ, administrators Adele Irene Hicks and David Ian
Ruscoe of Grant Thornton New Zealand released their first report on
January 6.

It noted that the business used advanced technology to grow leafy
greens such as lettuce, kale, rocket, herbs and microgreens in
Hamilton in a 5,662 sq m facility.

This used about 95 percent less water than conventional
horticulture, they said, and the controlled environment meant no
pesticides were needed and the produce could be grown year-round,
RNZ relays.

It was supplying supermarkets and wholesale food service providers
across New Zealand but primarily in the North Island.

As well as the Green Grower brand, it had produce sold as Pam's and
Value.

RNZ relates that the administrators said there had been a number of
reasons for the business failure.

As well as the insufficient scale to achieve profitability, there
were delays with the completion of capital works to increase scale
and insufficient working capital to fund ongoing losses of
operations under one tunnel, and the business was not able to raise
additional funds.

"The directors ultimately formed the view that voluntary
administration was preferable to liquidation, as this could allow
for the opportunity to undergo a restructuring process with a deed
of company arrangement, and to emerge as a viable business if
suitable funding can be obtained in short order.

"Following our appointment, we visited the site and discussed with
management the operational costs of the business and made an
assessment as to the best way forward. After a review of potential
income and expenses for the administration, we were unable to find
a viable scenario which would allow us to trade whilst we find a
potential buyer. As such, without funding, we have closed down the
business and will look to sell the business as a whole."

The company had 55 employees owed about NZD229,000 in leave.

RNZ adds that he administrators said it also had arrears with
Inland Revenue for PAYE for December.

It probably also owed nearly NZD500,000 to Customs, they said.

Unsecured creditors were owed about NZD2.2 million, the report
said, but that number was likely to increase, RNZ relays.


METAL DESIGN: Creditors' Proofs of Debt Due on Feb. 7
-----------------------------------------------------
Creditors of Metal Design Solutions Limited are required to file
their proofs of debt by Feb. 7, 2025, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on Dec. 17, 2024.

The company's liquidators are:

          Adam Botterill
          Damien Grant
          Waterstone Insolvency
          PO Box 352
          Auckland 1140


PROLINK NZ: Creditors' Proofs of Debt Due on Feb. 14
----------------------------------------------------
Creditors of Prolink NZ Limited are required to file their proofs
of debt by Feb. 14, 2025, to be included in the company's dividend
distribution.

The company commenced wind-up proceedings on Dec. 18, 2024.

The company's liquidator is:

          Pritesh Patel
          PO Box 23296
          Manukau 2241


SAVOR GROUP: Shuts Down Two Popular Auckland Eateries
-----------------------------------------------------
Stuff.co.nz reports that Auckland restaurants Bar Non Solo and
MoVida have announced their last day of business was in December.
The chief executive of owner Savor Group, Lucien Law, told Stuff he
was moving on to a new venture.

Based in Britomart's Seafarer building, Bar Non Solo had been
operating for 13 years, while Mr. Law launched MoVida in 2022.

The former specialised in Italian cuisine, while the latter had a
Spanish flavour.

According to Stuff, Mr. Law said their lease in the building was
about to run out, and with the slim chance of getting a new one, he
felt the time was right to move on to other things.

He said he was opening a new eatery nearby, saying he remained
committed to Britomart.

Stuff relates that Mr. Law said he had no real regrets about moving
on, and the Seafarer building had been fantastic for his business.

Despite the tough economic climate for the hospitality industry,
Mr. Law said business at the two eateries had been going okay.

Mr. Law said it's bittersweet to be moving on, especially given how
loyal the restaurant's customers have been.

Mr. Law said that around 30 staff in the two restaurants had been
offered new jobs within Savor Group as a result of the closures,
the report adds.


SPUR AVIATION: Creditors' Proofs of Debt Due on Jan. 31
-------------------------------------------------------
Creditors of Spur Aviation Limited (previously known as Farmers Air
Limited) and Nor' East Aviation Limited are required to file their
proofs of debt by Jan. 31, 2025, to be included in the company's
dividend distribution.

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

The company's liquidators are:

          John Fisk
          Richard Nacey
          C/o PwC Wellington
          PO Box 243
          Wellington 6140


WHAKAARI WHITE: Liquidators' Report Reveals NZD8.5-Mil. Debts
-------------------------------------------------------------
Radio New Zealand reports that liquidators of failed Whakaari White
Island tour company White Island Tours have been able to realise
only NZD53,839 in assets - but have outlined more than NZD8 million
in debts.

According to RNZ, liquidators Gareth Hoole and Ray Cox of Ecovis
KGA have issued their six-monthly report.

RNZ relates that the liquidators said they had realised just under
NZD54,000 in assets in the first six months of the process and had
made payments of NZD12,682 associated with the costs of the
liquidation.

A balance of just over NZD41,000 was left in the liquidators' trust
account at the start of December.

The company had no employees when it went into liquidation.

Liquidators had paid NZD2,034 to Inland Revenue for a
pre-liquidation GST return, RNZ discloses.

There were unsecured creditors' claims of NZD8.539 million,
including the Ministry of Justice fine, legal fees of NZD4067 and a
shareholder loan.

The liquidators noted a coroner's inquiry into the incident was
under way, RNZ relays.

"The liquidators will be engaging with coroner to confirm if the
company's shareholder, Ngati Awa Group Holdings Limited, can be
accepted as an interested party in place of the company in those
enquiries and if the liquidation needs to remain open whilst those
enquiries are being conducted."

As reported in the Troubled Company Reporter-Asia Pacific, Ngati
Awa Group Holdings's White Island Tours subsidiary has declared
insolvency and was put into liquidation on June 7, 2024.  Waatea
News related that Ngati Awa Group Holdings director Paul Quinn said
White Island Tours paid court-ordered reparations of NZD5 million
to victims of the Whakaari/White Island eruption, but the
NZD517,000 fine was a step too far.  White Island Tours pleaded
guilty in 2023 to two charges laid by WorkSafe relating to the
eruption in December 2019 that killed 22 people and injured 25.




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

CORDLIFE GROUP: Zhai Lingyun Appointed as New Chairman
------------------------------------------------------
The Business Times reports that embattled cord-blood bank Cordlife
Group announced on Jan. 8 that Zhai Lingyun, the company's
non-independent non-executive director, has been appointed as its
new chairman.

This follows the resignation of Teo Tong Kooi, who stepped down
from the position of chairman with immediate effect on Jan. 7 to
"focus on other commitments", the group said in a bourse filing.

Teo, who became chairman on May 23, 2024, will remain on the board
as an independent director, BT notes. He will also retain his roles
as the chairman of the nominating committee and the remuneration
committee, as well as a member of the audit and risk committee.

Zhai will also continue to hold his post as the group's
non-independent non-executive director, in addition to his new
role.

According to BT, the group said the decision to appoint Zhai as
chairman was made after its board of directors took into
consideration the nominating committee's recommendation and
reviewed his qualifications and work experience.

Zhai was appointed as non-independent non-executive director in
December 2019 and was re-elected in April 2023.

Prior to joining Cordlife, he was vice-chairman and general manager
of Anhui Xinhua Media, a China-based company engaged in publishing,
distribution and sales of books, audio-visual products and teaching
materials, from 2015 to 2018.

He is also presently the chairman of two subsidiaries of Cordlife's
substantial shareholder, Nanjing Xinjiekou Department Store - of
which he was also the chairman until 2024, BT discloses.

BT says Nanjing Xinjiekou was one of the parties involved in
Cordlife's boardroom shakeup in March last year, where two of its
substantial shareholders separately called for the removal and
appointment of several company directors amid the scandal
surrounding its mishandling of cord blood units.

Its nominee Phillip Securities on March 14, 2024, had called for
the removal of several board directors and the appointment of three
individuals to the board - one of whom was Teo. Days later on March
18, another substantial shareholder TransGlobal Real Estate Group
requisitioned the rejection of Phillip Securities' proposals and
the removal of two non-independent non-executive directors.

Teo and the two other individuals proposed by Phillip Securities
were elected to the board in May 2024, recalls BT.

Zhai was arrested on July 25, 2024, in connection with
investigations into Cordlife's alleged breach of disclosure
obligations, before being released on bail. He has not been charged
or convicted of any offence, according to BT.

At that time, Cordlife said its board viewed it in the company's
interest for Zhai to remain on the board as he was "overseeing and
providing guidance" on investigations addressing the lapses
identified by the Ministry of Health (MOH) – which in November
2023, discovered that Cordlife had inappropriately stored
cord-blood storage tanks at temperatures above acceptable limits.

Following this, the group was suspended from collecting, testing,
processing and/or storing new cord blood and human tissues for six
months, but was subsequently allowed to resume some cord-blood
banking services in a "controlled manner" from September 2024.

In its latest earnings update, the group was in the red with a
SGD1.6 million net loss for its third quarter ended September
2024.

                           About Cordlife

Headquartered in Singapore, Cordlife Group Limited, an investment
holding company, provides cord blood banking services in Singapore,
Hong Kong, India, Malaysia, the Philippines, and internationally.
The company operates through two segments, Banking and Diagnostics.
It offers cord blood, cord lining, and cord tissue banking
services, including processing and storage of stem cells; and
various diagnostics services, such as newborn genetic screening,
pediatric vision and ear screening, pediatric allergen test,
genetic talent test, preimplantation genetic screening, endometrial
receptivity test, non-invasive prenatal testing, and newborn
metabolic screening. The company also provides Moms Up, a mobile
app for pregnancy and parenting resources for moms and moms-to-be.
In addition, it provides medical laboratory, marketing, and
property investment services.  

As reported in the Troubled Company Reporter-Asia Pacific in late
in April 2024, Cordlife's former internal auditor KPMG had
submitted a disclaimer of opinion in its independent auditor's
report dated April 24, stating that it had not been able to obtain
"sufficient appropriate audit evidence" to provide a basis for an
audit opinion on several areas.

These areas included the company's compliance with laws and
regulations, given Cordlife's ongoing investigations by the
Ministry of Health (MOH) and the Commercial Affairs Department
(CAD).

KPMG also addressed uncertainties in providing an audit opinion on
the subject of Cordlife's refunds and claims, after the company
said it would waive all future annual fees and initiate a refund
for clients affected by its recent case of damaged cord-blood
units, BT related.

According to BT, the auditor said it was unable to obtain
sufficient audit evidence over the number of affected customers
with confirmed damaged cord blood arising from temperature
excursions as at Dec. 31 2023 - and therefore the "quantification
and significance" on any adjustments to be recorded in Cordlife's
financial statements as a result.

KPMG further highlighted that "there are no alternative audit
procedures that can be performed" in applying the going concern
basis of preparation for Cordlife's financial statements.

This is because investigations by MOH and CAD remain ongoing, while
Cordlife's business in Singapore remains suspended.


ELO SILOAM: Commences Wind-Up Proceedings
-----------------------------------------
Members of Elo Siloam Pte. Ltd. on Dec. 18, 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


ELOMART PTE: Commences Wind-Up Proceedings
------------------------------------------
Members of Elomart Pte. Ltd. on Dec. 20, 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


HOCK CHEONG: Commences Wind-Up Proceedings
------------------------------------------
Members of Hock Cheong Electric Pte. Ltd. on Dec. 26, 2024, passed
a resolution to voluntarily wind up the company's operations.

The company's liquidators are:

          Wong Joo Wan
          Tina Phan Mei Ting
          Alternative Advisors
          1 Commonwealth Lane
          #06-21 One Commonwealth
          Singapore 149544


SWIFT BUILDER: Court Enters Wind-Up Order
-----------------------------------------
The High Court of Singapore entered an order on Dec. 27, 2024, to
wind up the operations of Swift Builder 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


WISH HOSPITALITY: Commences Wind-Up Proceedings
-----------------------------------------------
Members of Wish Hospitality Holdings Private Limited on Dec. 30,
2024, passed a resolution to voluntarily wind up the company's
operations.

The company's liquidators are:

          Mr. Tan Lye Heng Paul
          Ms. Chan Li Shan
          c/o Nexia Solutions
          36 Robinson Road
          #11-01 City House
          Singapore 068877




=============
V I E T N A M
=============

VINHOMES JSC: Fitch Assigns 'BB-' LongTerm IDR, Outlook Stable
--------------------------------------------------------------
Fitch Ratings has published Vietnam-based property developer
Vinhomes Joint Stock Company's 'BB-' Long-Term Issuer Default
Rating (IDR). The Outlook is Stable. Fitch has also published the
'BB-' rating on Vinhomes' proposed US dollar senior unsecured
note.

Vinhomes' rating is constrained by the consolidated profile of its
weaker parent, Vingroup Joint Stock Company, given the 'Porous'
access and control, and 'Porous' legal ring-fencing under Fitch's
Parent and Subsidiary Linkage (PSL) Rating Criteria. Under the
criteria, Vinhomes can be rated up to two notches above the
consolidated profile, subject to Vinhomes' own Standalone Credit
Profile (SCP).

Fitch assesses Vinhomes' SCP at 'bb', reflecting its leading market
position in Vietnam, given its large contracted sales scale and
solid cash flows from residential property development and related
activities. The SCP is also supported by Vinhomes' low leverage,
with net debt/ net property assets ratio likely to be maintained at
well below 30% in the medium term.

The Stable Outlook on Vinhomes' rating reflects its expectations
that Vingroup's consolidated leverage and liquidity will remain
adequate over the next few years. On a consolidated basis, Fitch
expects a sustained cashflow burn at its automotive manufacturing
business, VinFast, which will be largely counterbalanced by
Vinhomes' solid cashflows. Fitch expects VinFast to be funded
independently and to raise its own capital for expansion.

Key Rating Drivers

Parent's Weaker Credit Profile: Vinhomes' rating is constrained by
Vingroup's consolidated profile with high leverage. Consolidated
net debt/net property assets at Vingroup is expected to be above
55% over the short term mainly due to rising investments in the
group's automaker, and its expectations of a sustained operating
cash burn. Vinhomes has maintained a strong financial profile even
as the parent's manufacturing business sustained significant cash
burn and heavy investments in the last few years.

Links with Parent: Fitch believes there is 'Porous' ring-fencing
and that Vingroup has 'Porous' access and control of Vinhomes. This
assessment reflects the restrictions on Vinhomes' dividend payments
in the documents for the proposed US dollar note. Further, Vinhomes
is listed, with more than 26% of equity held by minority
shareholders and there is some separation in board composition and
functional control. Vinhomes also has a largely independent funding
policy, with total lending to related parties capped at 5% of
Vinhomes' total assets and subject to board approval.

VinFast Unprofitable: VinFast switched to making only electric
vehicles (EVs) in 2022, supported by its domestic advantages,
including a leading service and distribution network, and Vietnam's
low EV penetration. However, it has ambitious growth plans
internationally, where competition is intense. Fitch expects
scaling up EV sales in the next few years, particularly
internationally, to be challenging, driving cash burn. VinFast
expects to fund investments partly with equity, which Fitch
believes carries execution risks. The group's chairman has
committed USD2 billion in a grant to VinFast to cover funding
shortfalls.

Corporation Deed Amended: Vinhomes has significant investment and
business cooperation contracts (BCC) with Vingroup and its
subsidiaries for co-development of certain projects. The group
recently amended its corporation deed to transition from BCCs to
project transfers or share transfers of projects or joint-ventures,
to improve cashflow transparency. All related-party transactions
should be on arms-length basis, and will require independent
directors' approval and independent valuation appraisal.  

Vinhome expects deposits and BCCs to fall to 5% of total assets by
end-2026, from 12% before the amendments. Vinhomes will raise its
stake to 100% in some real-estate projects via project or share
transfers from Vingroup and/or its affiliates, while some projects
will unwind. Vinhomes expects less than 5% of its land bank to be
affected by the changes and believes it will have more resources to
focus on mega projects in the next two years. Fitch believes the
changes will improve transparency, but are neutral to the rating
now as Vinhomes has a strong financial profile for its rating.

Market Leadership Drives SCP: Vinhomes has a leading market
position in Vietnam's housing market, by contracted sales scale and
land bank, allowing the company to generate robust cashflows.
Vinhomes is also able to develop much larger projects with shorter
construction time than competitors, due to strong relationships
with suppliers, contractors and lenders. It had contracted sales of
VND87 trillion in 2023 despite a challenging market.

Contracted Sales to Recover: Fitch forecasts Vinhomes' contracted
sales to rise above VND150 trillion (2024E: VND120 trillion) on the
company's plan to launch mega projects, supported by improvement in
homebuyer sentiment after regulatory support, including easing
monetary policy and funding for social housing development. Fitch
believes Vinhomes will benefit from a flight to quality among
homebuyers and lenders amid sector headwinds, supported by its
strong brand, record of project completions and healthy liquidity.

Bulk Sales to Reduce: Fitch expects Vinhomes' bulk sales to
institutional developers to reduce in the next few years, as
domestic homebuyer sentiment improves. The company has shown
flexibility to switch between contracted sales to individual
homebuyers and sale of land to institutional developers,
particularly in times of weak homebuyer sentiment, supporting
operating cashflows and boosting profit margins. Fitch forecasts
bulk sales to gradually decrease to around 25% of total contracted
sales from 2026 (2023: 51%, 2024E: 31%).

Strong Project Appeal: Bulk sales were mainly aimed at large
international and domestic developers in the last few years, which
underscores the appeal of Vinhomes' large projects and medium-term
prospects of Vietnam's property sector. Fitch believes medium-term
demand for housing will be supported by Vietnam's steady economic
growth and increasing urbanisation. Appetite for real estate is
also driven by its use as an inflation hedge and store of value
amid limited domestic alternatives. Fitch forecasts GDP growth to
stay strong at around 5% in 2025 and 2026.

Strong Funding Access: Vinhomes' credit profile is also supported
by demonstrated access to various funding avenues, including during
the property sector's liquidity crunch. Apart from strong
relationships with local banks, Vinhomes has also raised
international syndicated debt to support its operational and
capital expenditure. In addition, Vingroup has a track record of
raising cross-border unsecured and convertible bonds.

Unsecured Lenders Not Impacted: Fitch believes that Vinhomes'
unsecured lenders will not be materially impacted by the
predominantly secured debt structure of the company despite being
legally subordinated. Vinhomes has sufficient unencumbered assets
to cover unsecured lenders, including holders of the proposed US
dollar notes, given its encumbered assets were at 7% of total
assets or 13% of net property assets at 30 September 2024.

Evolving Domestic Property-Sector Risks: Fitch believes Vietnam's
property market is at a nascent stage compared with regional peers,
such as Indonesia. This stems from Vietnam's lower per capita
income and lower mortgage-loan penetration. Domestic property sales
are thus more volatile than in more developed markets, with higher
regulatory and governance risks, as seen in the last 12-24 months.

Derivation Summary

Vinhomes' ratings can be compared with those of Indonesian property
developers, PT Pakuwon Jati Tbk (PWON, BB+/Stable) and PT Bumi
Serpong Damai (BSD, BB-/Stable).

Vinhomes' large scale and market leadership more than offset BSD's
township being more mature than most of Vinhomes' projects. Similar
to Vinhomes, BSD has a growing portfolio of commercial properties,
mainly in office and retail, that provides some cashflow
diversification. Both issuers maintain low leverage and have strong
liquidity.

PWON has a stronger business and financial profile than Vinhomes
due to its strong recurring cashflow and net cash position. It is
one of Indonesia's leading shopping-mall owners and is also a
mixed-use property developer. The majority of its operating cash
flow is from its portfolio of shopping malls, hotels and offices.
PWON has substantial non-development cash flow, which supports its
credit metrics during periods of weak property demand. This
recurring income offsets risks stemming from PWON's smaller
property development business, which is also prudently managed,
with most of the construction funded by contracted sales rather
than debt.

Key Assumptions

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

- Contracted sales, including bulk sales, to cross VND150 trillion
in 2025

- Land acquisition spending of VND56 trillion in 2025 and VND80
trillion in 2026

- Capex of VND15 trillion in 2025-2026 on non-development income
projects

- Around VND68 trillion of cash outlay in 2024-2025 for project
transfer and stake increase in multiple projects from Vingroup
and/or its affiliates due to amendments to the cooperation deed and
other project updates.

- Around VND66 trillion of deposits to be refunded in 2024-2025
from unwinding of certain deposits and BCC contracts with Vingroup
from amendments to the corporation deed and other project updates.

RATING SENSITIVITIES

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

- Strengthened linkage with Vingroup

- Weakening of Vingroup's consolidated credit profile, as evident
from leverage, measured by net debt / net property asset, at above
60% on a sustained basis.

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

- Fitch does not expect positive rating action until the
manufacturing segment turns operating cashflow positive

- Weaker linkage with Vingroup

Liquidity and Debt Structure

As of 30 September 2024, Vinhomes had VND20.6 trillion of cash and
cash equivalents and VND12.9 trillion in undrawn committed
working-capital lines subject to a 12-month renewal cycle against
VND24.7 trillion of debt maturing in the next 12 months. The
near-term maturities include short-term working-capital funding of
VND16.6 trillion, which Fitch expects will be rolled over by
lenders over the normal course of business.

In 9M24, Vinhomes issued VND14.4 trillion of domestic bonds on a
stabilising domestic bond market to refinance upcoming debt
maturities and support capex. Vinhomes also has access to all major
domestic banks. The planned US dollar note will also strengthen and
diversify its financial access. The company plans to use the bulk
of the bond proceeds to refinance its US dollar denominated
syndicated loans, which it raised in 2023.

Issuer Profile

Vinhomes is a leading Vietnamese homebuilder with a land bank of
188 million sqm, which is sufficient for about 30 years of property
development. The company also has investment properties, comprising
offices, serviced apartments and industrial parks.

Date of Relevant Committee

03 January 2025

Public Ratings with Credit Linkage to other ratings

Vinhomes' IDR is linked to the credit strength of its parent,
Vingroup. Any change to Vingroup's consolidated credit strength may
affect Vinhomes' rating as long as their linkages are intact.

MACROECONOMIC ASSUMPTIONS AND SECTOR FORECASTS

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

ESG Considerations

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

   Entity/Debt              Rating           
   -----------              ------           
Vinhomes Joint
Stock Company         LT IDR BB-  Publish

   senior unsecured   LT     BB-  Publish



                           *********


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 2025.  All rights reserved.  ISSN: 1520-9482.

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding,
electronic re-mailing and photocopying) is strictly prohibited
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Information contained herein is obtained from sources believed
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mail.  Additional e-mail subscriptions for members of the same
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thereof are US$25 each.  For subscription information, contact
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                *** End of Transmission ***