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

                     A S I A   P A C I F I C

          Friday, January 10, 2025, Vol. 28, No. 8

                           Headlines



A U S T R A L I A

APH HOLDING: Second Creditors' Meeting Set for Jan. 16
COPPOLECCHIA WELLNESS: Second Creditors' Meeting Set for Jan. 16
KNIGHTS QUALITY: Second Creditors' Meeting Set for Jan. 16
N & M QUALITY: First Creditors' Meeting Set for Jan. 17
STAR ENTERTAINMENT: Shares Hit Record Low Over Cash Burn Concerns

TRINITY WINDOWS: First Creditors' Meeting Set for Jan. 16


C H I N A

FINGERMOTION INC: Gets Net Proceeds of $4.44MM From Direct Offering
SHINECO INC: Signs $32.7 Million SPA With 9 Non-U.S. Investors
SUNAC CHINA: Flags Difficulty Making Sept. Dollar Bond Payments
ZW DATA: Names Justin Tam as New Independent Director


I N D I A

BAJAJ FOODS: CRISIL Moves B- Debt Ratings to Not Cooperating
BYJU'S: NCLT Reserves Ruling on Creditor Appeals, BCCI Petition
DEEPA INFRA: CRISIL Lowers Rating on INR3.75cr Cash Loan to D
ESES BIO-WEALTH: CRISIL Keeps D Debt Ratings in Not Cooperating
ESHWARR STEEL: CRISIL Keeps B Debt Ratings in Not Cooperating

JAGANNATH EDUCATIONAL: CRISIL Keeps D Ratings in Not Cooperating
JAIPRAKASH ASSOCIATES: Lenders Extend Auction Deadline to Jan. 14
MAHESH ALLOYS: Voluntary Liquidation Process Case Summary
N V KHAROTE: CRISIL Keeps D Debt Ratings in Not Cooperating
NALANDA BUILDERS: CRISIL Keeps D Debt Ratings in Not Cooperating

NIHA INTERNATIONAL: CRISIL Keeps D Debt Rating in Not Cooperating
OJA MOTORS: CRISIL Keeps B+ Debt Ratings in Not Cooperating
P K INFRATECH: CRISIL Keeps D Debt Ratings in Not Cooperating
PACIFIC PLASTIC: CRISIL Keeps B Debt Ratings in Not Cooperating
PARASAKTI ORTHOCARE: CRISIL Keeps B+ Ratings in Not Cooperating

PARL POLYTEX: CRISIL Keeps B Debt Ratings in Not Cooperating
PAS TRADING: CRISIL Keeps D Debt Ratings in Not Cooperating
PAVAN INDUSTRIES: CRISIL Keeps B Debt Ratings in Not Cooperating
PAYARE LAL: CRISIL Keeps D Debt Ratings in Not Cooperating
PBR SELECT: CRISIL Keeps D Ratings in Not Cooperating Category

PIPE & METAL: CRISIL Keeps D Debt Ratings in Not Cooperating
POOJA INDUSTRIES: CRISIL Keeps D Debt Ratings in Not Cooperating
PRAKRUTI LIFE: CRISIL Keeps D Debt Ratings in Not Cooperating
PRANSHI SMALL: CRISIL Keeps B Debt Rating in Not Cooperating
PRASAD MATHEW: CRISIL Keeps B Debt Rating in Not Cooperating

PULIKKOTTIL LAZAR: CRISIL Keeps D Debt Ratings in Not Cooperating
PUPNEJA RICE: CRISIL Keeps D Debt Ratings in Not Cooperating
RANAR AGROCHEM: CRISIL Keeps D Debt Ratings in Not Cooperating
RUBICON INSPECTION: CRISIL Keeps D Ratings in Not Cooperating
SASTRA ROBOTICS: Voluntary Liquidation Process Case Summary

SHAMLAL COMPANY: CRISIL Keeps D Debt Ratings in Not Cooperating
SHANKARRAO PAWAR: CRISIL Keeps D Debt Ratings in Not Cooperating
SKYLINE ENGINEERING: CRISIL Keeps D Ratings in Not Cooperating
SRINATH NEPHROCARE: Voluntary Liquidation Process Case Summary
SULOJAY REALTY: Insolvency Resolution Process Case Summary

SUNSAT INFOTECH: CRISIL Keeps B+ Debt Rating in Not Cooperating
TBL INTERNATIONAL: Voluntary Liquidation Process Case Summary


I N D O N E S I A

BUKALAPAK.COM TBK: To Stop Selling Physical Goods on Marketplace


M A L A Y S I A

ANNUM BHD: Appoints LTTH PLT as New Auditor
EDARAN BHD: Plans MYR52MM Share Capital Cut to Eliminate Losses


N E W   Z E A L A N D

BINARY GROUP: Thomas Lee Rodewald Appointed as Receiver
DEV INVESTMENTS: Creditors' Proofs of Debt Due on Feb. 10
DIESEL MONKEY: Creditors' Proofs of Debt Due on Feb. 3
GALAPAGOS HOLDINGS: Creditors' Proofs of Debt Due on Jan. 31
TRG NATURAL: Creditors' Proofs of Debt Due on Jan. 21



S I N G A P O R E

AMA ONE: Commences Wind-Up Proceedings
ELO LIVING: Commences Wind-Up Proceedings
LATIZE PTE: Creditors' Proofs of Debt Due on Feb. 7
SISENSE SINGAPORE: Creditors' Proofs of Debt Due on Feb. 6
TREND TECH: Court Enters Wind-Up Order



S R I   L A N K A

SRI LANKA: Central Bank to Focus on Stronger Crisis Recovery

                           - - - - -


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

APH HOLDING: Second Creditors' Meeting Set for Jan. 16
------------------------------------------------------
A second meeting of creditors in the proceedings of APH Holding Pty
Ltd has been set for Jan. 16, 2025 at 10:00 a.m. via Microsoft
Teams.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by Jan. 15, 2025 at 4:00 p.m.

Matthew James Byrnes and Jialan Xu of Grant Thornton Australia were
appointed as administrators of the company on Dec. 9, 2024.


COPPOLECCHIA WELLNESS: Second Creditors' Meeting Set for Jan. 16
----------------------------------------------------------------
A second meeting of creditors in the proceedings of Coppolecchia
Wellness Group (No. 6) Pty Ltd has been set for Jan. 16, 2025 at
10:00 a.m. via Teams teleconference facility.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by Jan. 15, 2025 at 4:00 p.m.

Andrew Quinn of Mackay Goodwin was appointed as administrator of
the company on Dec. 2, 2024.


KNIGHTS QUALITY: Second Creditors' Meeting Set for Jan. 16
----------------------------------------------------------
A second meeting of creditors in the proceedings of Knights Quality
Plumbing Pty. Limited has been set for Jan. 16, 2025 at 11:00 a.m.
at the offices of Rodgers Reidy at Level 12, 210 Clarence Street in
Sydney.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by Jan. 15, 2025 at 12:00 p.m.

Andrew James Barnden of Rodgers Reidy was appointed as
administrator of the company on Dec. 2, 2024.


N & M QUALITY: First Creditors' Meeting Set for Jan. 17
-------------------------------------------------------
A first meeting of the creditors in the proceedings of N & M
Quality Building Pty Ltd will be held on Jan. 17, 2025 at 10:00
a.m. via online/electronic means.

Trent McMillen and Ernie Chou of MaC Insolvency were appointed as
administrators of the company on Jan. 7, 2025.


STAR ENTERTAINMENT: Shares Hit Record Low Over Cash Burn Concerns
-----------------------------------------------------------------
Reuters reports that Star Entertainment saw its shares plummet as
much as 25.6% during trade on Jan. 9 to hit a record low, facing
repercussions following its announcement Jan. 8 on the casino
operator's concerning cash and liquidity position for the December
quarter.

According to Reuters, the embattled Australian casino operator
updated markets on on Jan. 8 after trading hours, saying that the
group had available cash of AUD79 million at the end of December, a
reduction of AUD70 million from the previously reported September
quarter balance of AUD149 million.

Reuters relates that Star added in its statement on Jan. 8 that the
group had burnt through AUD107 million in available cash over the
December quarter as well, reflecting continued difficult trading
conditions, essential capital expenditure and the first AUD5
million instalment of the AUD15 million fine imposed by the NSW
Independent Casino Commission on Oct. 17, among other significant
cash-crunching events.

"We see no catalyst for an improvement in earnings in the short
term," Reuters quotes analysts at Jefferies as saying, expecting
revenue for Star to be impacted soon by the introduction of cash
limits and the start of cashless gaming in its Queensland
locations.

"From a cost perspective, cost-out is near impossible given
continued requirement for investment in remediation."

                    About The Star Entertainment

The Star Entertainment Group Limited (ASX:SGR) --
https://www.starentertainmentgroup.com.au/ -- is an Australia-based
company that provides gaming, entertainment and hospitality
services. The Company operates The Star Sydney (Sydney), The Star
Gold Coast (Gold Coast) and Treasury Brisbane (Brisbane). The
Company operates through three segments: Sydney, Gold Coast and
Brisbane. Sydney segment consists of The Star Sydney's casino
operations, including hotels, restaurants, bars and other
entertainment facilities. Gold Coast segment consists of The Star
Gold Coast's casino operations, including hotels, theatre,
restaurants, bars and other entertainment facilities. Brisbane
segment includes Treasury's casino operations, including hotel,
restaurants and bars. The Company also manages the Gold Coast
Convention and Exhibition Centre on behalf of the Queensland
Government. The Company also owns Broadbeach Island on which the
Gold Coast casino is located.

The Star Entertainment Group posted three consecutive annual net
losses of AUD198.6 million, AUD2.43 billion and AUD1.68 billion for
the years ended June 30, 2022, 2023, and 2024, respectively.


TRINITY WINDOWS: First Creditors' Meeting Set for Jan. 16
---------------------------------------------------------
A first meeting of the creditors in the proceedings of Trinity
Windows Contracting Pty Ltd will be held on Jan. 16, 2025 at 11:00
a.m. via Microsoft Teams meeting.

Desmond Teng and John Refalo of Byrons Recovery were appointed as
administrators of the company on Jan. 6, 2025.




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

FINGERMOTION INC: Gets Net Proceeds of $4.44MM From Direct Offering
-------------------------------------------------------------------
FingerMotion Inc. disclosed in a Form 8-K Report filed with the
U.S. Securities and Exchange Commission that it entered into a
securities purchase agreement with certain institutional investors,
which provides for the issuance and sale, in a registered direct
offering by the Company of:

     (i) 3,333,336 shares of its common stock,
         par value $0.0001 per share

    (ii) warrants to purchase up to an aggregate
         of 5,000,004 shares of its common stock
         at a combined purchase price of $1.50 per
         share and one and one-half Common Warrants.

Each share of Common Stock was offered together with one and
one-half Common Warrants, with each whole Common Warrant to
purchase one share of Common Stock. The Common Warrants have an
exercise price of $1.50 per share of Common Stock. The Common
Warrants are exercisable upon issuance and expire five years from
the date of issuance. The exercise price of the Common Warrants is
subject to adjustment for share dividend, share splits, share
combinations and similar capital transactions, as further described
in the Common Warrants. In addition, the exercise price of the
Common Warrants is subject to reduction in the event of certain
Common Stock and Common Stock equivalent issuances, other than
certain agreed exempt issuances, at a price lower than the exercise
price of the Common Warrants then in effect. Furthermore, if at any
time on or after the date of issuance there occurs any share split,
share dividend, share combination recapitalization or other similar
transaction involving our common stock and the lowest daily volume
weighted average price during the period commencing five
consecutive trading days immediately preceding and ending
immediately after the five consecutive trading days beginning on
the date of such Share Combination Event, is less than the exercise
price of the common warrants then in effect, then the exercise
price of the common warrants will be reduced to the lowest daily
volume weighted average price during such period.

The Purchase Agreement contains customary representations and
warranties and agreements of the Company and the Purchasers, and
customary indemnification rights and obligations of the parties. In
addition, the Purchase Agreement includes a participation right in
favor of the Purchasers under which the Purchasers will be
entitled, for a period of one year following closing, to
participate in future equity financings of the Company up to a
participation rate of a maximum of 40% of such offering. The
Company has agreed not to enter into or complete certain equity
financings, subject to certain agreed exemptions, for a 60-day
period from the date of closing of the Offering. In addition, the
Company has agreed not to enter into any "Variable Rate
Transactions", as defined in the Purchase Agreement, for a period
of six months following closing of the Offering, provided that the
Company is entitled to proceed with an "at-the-market offering"
after the expiry of the initial 60-day period following closing.
Certain directors, officers and 10% stockholders of the Company
also entered into lock-up agreements in connection with the
Offering under which they have agreed not to sell or transfer any
of their equity securities in the Company for a period of 60 days,
subject to certain customary exceptions.

In connection with the Offering, the Company entered into a
Placement Agency Agreement on December 20, 2024 with Roth Capital
Partners, LLC, as the exclusive placement agent in connection with
the Offering. As compensation to the Placement Agent, the Company
paid the Placement Agent a cash fee of 7.0% of the aggregate gross
proceeds raised in the Offering and issued to the Placement Agent a
placement agent warrants to purchase up to 250,000 shares of Common
Stock at an exercise price of $1.88 per share for a term of five
years from the date of commencement of sales in the Offering. The
Placement Agent Warrant includes adjustment provisions equivalent
to the adjustment provisions provided to the Purchasers under the
Common Warrants. In addition, the Company has agreed to pay the
Placement Agent up to $110,000 for its expenses.

The shares of Common Stock, the Common Warrants and the Placement
Agent Warrants described above and the shares of Common Stock
underlying each of the Common Warrants and the Placement Agent
Warrant were offered and sold pursuant to the Registration
Statement on Form S-3 (File No. 333-274456), which was declared
effective by the Securities and Exchange Commission on September
29, 2023. The Company filed a prospectus supplement to the base
prospectus incorporated in the Registration Statement with the SEC
on December 23, 2024 in connection with the Offering.

The Company received net proceeds of approximately $4.44 million
from the Offering, after deducting the estimated offering expenses
payable by the Company, including the fees and expenses of the
Placement Agent. The Company intends to use the net proceeds from
the Offering for general corporate and working capital purposes.

                      About FingerMotion Inc.

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

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

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


SHINECO INC: Signs $32.7 Million SPA With 9 Non-U.S. Investors
--------------------------------------------------------------
Shineco, Inc. disclosed in a Form 8-K filed with the Securities and
Exchange Commission that on Dec. 24, 2024, it entered into a
securities purchase agreement (SPA) with nine non-U.S. investors.
Pursuant to the SPA, the Purchasers agreed to purchase, severally
and not jointly, and the Company agreed to issue and sell to the
Purchasers, an aggregate of 15,000,000 shares of the Company's
common stock, par value $0.001 per share, at a purchase price of
$2.18 per share, for an aggregate purchase price of $32,700,000.
Each Purchaser has represented that he or she is not a resident of
the United States and is not a "U.S. person" as defined in Rule
902(k) of Regulation S under the Securities Act and is not
acquiring the Shares for the account or benefit of any U.S. person.
The SPA, the transactions contemplated thereby, and the issuance of
the Shares have been approved by the Company's board of directors.

In reliance on the Purchasers' representations to the Company, the
Shares to be issued in the Offering are not subject to the
registration requirements of the Securities Act of 1933, as
amended, pursuant to Regulation S promulgated thereunder.

The SPA contains customary representations and warranties of the
Company and the Purchasers, indemnification obligations of the
Purchasers, and other obligations and rights of the parties.
Additionally, the closing of the Offering is conditioned upon the
consummation of certain matters by the Company, including, if
required by the Nasdaq Listing Rules, submitting a Listing of
Additional Shares Notification Form to Nasdaq and obtaining the
approval by Nasdaq of the transactions contemplated thereby.
Subject to the satisfaction of the closing conditions, the Offering
is expected to close on or about Jan. 17, 2025.

                        About Shineco Inc.

Shineco, Inc. is a holding company incorporated in Delaware.  As a
holding company with no material operations of its own, the Company
conducts its operations through its subsidiaries and in the two
years ended June 30, 2023 and 2024, through the VIEs and
subsidiaries.  The Company's shares of common stock currently
listed on the Nasdaq Capital Markets are shares of its Delaware
holding company.

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


SUNAC CHINA: Flags Difficulty Making Sept. Dollar Bond Payments
---------------------------------------------------------------
Reuters reports that Sunac China has informed some of its dollar
creditors it is unlikely to meet a September bond maturity
deadline, two sources said, as weak sales raise the prospects for a
new round of offshore debt restructuring in the property sector.

Sunac, which used to be among the country's top developers by
sales, was the first to complete a comprehensive overhaul of its $9
billion offshore debt in November 2023, after the sector was jolted
by an unprecedented debt crisis in 2021, according to Reuters.

As part of the restructuring process, the company's first tranche
of restructured notes will mature in September, with the option to
extend maturity by one year. The extension provision also applies
for the tranche due in September 2026.

In recent weeks, Sunac indicated to some bondholders that it would
explore alternatives for September 2025 tranche maturity due to
uncertainties in the sector's sales recovery that could affect its
ability to repay, the two sources said.

Beijing-based Sunac has not yet provided specific details of these
options to its creditors, said the sources, who have knowledge of
the matter but did not want to be identified as the conversations
were private, Reuters relays.

This development adds to market expectations the crisis-hit sector
will see a second round of offshore debt restructuring with not
many betting on a recovery in companies' cash flows in the near
future despite Beijing's support measures.

Chinese authorities have sought to bolster the property sector,
which accounted for around a quarter of the economy at its peak,
with a range of measures including cutting mortgage rates and
minimum down-payment ratios over the past year.

According to Reuters, as part of its debt restructuring roadmap,
Sunac had in 2023 provided cash option and shorter note tenures to
its dollar creditors as it had not expected a prolonged market
slump, said three separate people close to the company.

However, investor confidence in the successful execution of these
plans remains limited, as illustrated by the company's September
2025 bonds currently trading at around 14 cents on the dollar,
Morningstar senior analyst Arvind Subramanian said.

"Until they see that traction of these developers actually
generating cash flow, they're not too confident that restructuring
will actually deliver cash flow to repay investors," Subramanian
said.

In Sunac's case, it is unclear if it would extend the maturity for
the September 2025 tranche or consider revamping all its offshore
debt, possibly involving steep haircuts and more equity swap, in a
second round of debt revamp, the sources, as cited by Reuters,
said.

                         About Sunac China

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

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

Creditors of Sunac China Ltd have approved its $9 billion offshore
debt restructuring plan, the company said on Sept. 18, 2023,
marking the first approval of such debt overhaul by a major Chinese
property developer.

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


ZW DATA: Names Justin Tam as New Independent Director
-----------------------------------------------------
ZW Data Action Technologies Inc. disclosed in a Form 8-K Report
filed with the U.S. Securities and Exchange Commission that Kevin
Choi resigned as an independent director on December 27, 2024. Mr.
Choi's resignation did not result from any disagreement with the
Company.

On that same day, Mr. Justin Tam was appointed to succeed Mr. Choi
following his resignation. Mr. Tam's biography is provided below:

Justin Tam, 51, is a versatile professional with over 30 years of
experience across business development, healthcare technology,
investment management, and entrepreneurship. Since January 2023,
Mr. Tam has served as the Business Development Director at FINESSE
Healthcare, a start-up company focused on homecare AI under FINESSE
GROUP. Previously, from January 2017 to November 2022, Mr. Tam
served as the General Manager at MYDOC Health Limited, a
telemedicine company established in 2015. From January 2016 to
November 2020, Mr. Tam served as the Vice President of Technology
Investment at Brighten Management Limited, a family office that
structures and manages private equity investments in Hong Kong and
Asia markets. Between 2002 to 2015, Mr. Tam was also an
entrepreneur. Mr. Tam holds an Honour Bachelor of Applied Sciences
in Electrical Engineering from the University of Waterloo, Canada.

The Company has determined that Mr. Tam qualifies as independent
director as such term is defined by Rule 5605(a)(2) of the
Marketplace Rules of The Nasdaq Stock Market, Inc. and Section
10A(m)(3) of the Securities Exchange Act of 1934, as amended.

Mr. Tam has no family relationships with any of the executive
officers or directors of the Company. Additionally, there have been
no transactions in the past two years to which the Company or any
of its subsidiaries was or is to be a party, in which Mr. Tam had,
or will have, a direct or indirect material interest.

                 About ZW Data Action Technologies

Beijing, China-based ZW Data Action Technologies Inc., established
in 2003, is an ecological enterprise that provides digital services
to sales and marketing channels through blockchain, big data, and
precision marketing. ZW Data Action is committed to empowering SMEs
to achieve more efficient and accurate operations and management,
resulting in additional value for clients.

Hong Kong, China-based ARK Pro CPA & Co, the Company's auditor
since 2023, issued a "going concern" qualification in its report
dated June 28, 2024, citing that the Company has an accumulated
deficit from recurring net losses and significant net operating
cash outflow for the year ended December 31, 2023. All these
factors raise substantial doubt about its ability to continue as a
going concern.

As of June 30, 2024, ZW Data had $10.8 million in total assets,
$5.6 million in total liabilities, and $5.3 million in total
stockholders' equity.



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I N D I A
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BAJAJ FOODS: CRISIL Moves B- Debt Ratings to Not Cooperating
------------------------------------------------------------
CRISIL Ratings has migrated the rating on bank facilities of Bajaj
Foods Limited (BFL) to 'CRISIL B-/Stable Issuer Not Cooperating'

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit           7.5        CRISIL B-/Stable (ISSUER NOT
                                    COOPERATING; Rating Migrated)

   Term Loan             5.0        CRISIL B-/Stable (ISSUER NOT
                                    COOPERATING; Rating Migrated)

CRISIL Ratings has been consistently following up with BFL for
obtaining NDS through letters/emails dated October 30, 2024,
November 30, 2024 and December 31, 2024 among others, apart from
telephonic communication to seek the same. After non-receipt of NDS
for 2 consecutive months, we also sent a letter dated December 24,
2024 reminding the issuer to share the NDS. However, the issuer has
remained non cooperative. CRISIL Ratings has also tried to reach
out to the lenders of BFL to confirm timely debt servicing during
these months, but awaits any feedback.

'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 NDSs from BFL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. Further, non-sharing of NDS by issuers may reflect
operational issues faced by issuers in some cases. On the other
hand, it may be a beginning of a general non-cooperation and may
extend to non-submission of other information.

CRISIL Ratings believes that rating action on BFL is consistent
with 'Assessing Information Adequacy Risk'. Based on the last
available information, the rating on bank facilities of BFL
migrated to 'CRISIL B-/Stable Issuer Not Cooperating'

BFL manufactures and exports food items such as peanut butter. Its
manufacturing facility is at Changodar in Ahmedabad and the company
is part of Bajaj group of companies. It is owned and managed by Mr
Dwarkaprasad Bajaj, Mr Sanjay Bajaj and Mr Gautam Bajaj.


BYJU'S: NCLT Reserves Ruling on Creditor Appeals, BCCI Petition
---------------------------------------------------------------
The Economic Times reports that the National Company Law Tribunal
(NCLT) on Jan. 8, reserved its order on the appeals by Glas Trust
and Aditya Birla Finance to be added to the committee of creditors
(CoC), as well as the Board of Control for Cricket in India's
(BCCI) application to withdraw its insolvency petition against the
cash-strapped edtech firm Byju's.

According to ET, the matter revolves around Glas Trust and Aditya
Birla Finance, which were originally part of Byju's CoC, but were
removed from the list when Byju's insolvency resolution
professional (RP) Pankaj Srivastava reconstituted the CoC.

ET relates that Srivastava, who was present in the tribunal, said
that the CoC was formed provisionally due to pressure from Glas
Trust to establish the CoC after the Supreme Court passed the
order.

"A letter was issued to all the financial creditors stating that
their claims are not fully admitted and are subject to further
verification. The pressure on the RP began from day one, with
pressure especially from Glas Trust," ET quotes Srivastava as
saying.

The bench questioned the RP's assertion of being under pressure, by
asking whether the RP is so vulnerable that it could be easily
influenced by others.

"You have been given enormous power by this court. You are
representing us. You should come to us and tell us that somebody is
putting pressure on you. You are not an independent authority; you
are acting on our behalf, please understand that," the bench said.

Earlier, the counsel for the RP had argued that Glas Trust's claim
to be included in the CoC was contested because of a pending New
York court case regarding the term loan B, ET says. However, senior
advocate Srinivasa Raghavan, representing Glas Trust, argued that
the RP was well aware of these cases before the initial
constitution of the CoC.

ET relates that the counsel for Glas Trust reiterated that once the
CoC is formed, the RP does not have the authority to reconstitute
it, as that power rests with the NCLT. "We must be inducted into
the CoC, and the CoC must be reconstituted," the counsel said.

Pramod Nair representing Aditya Birla argued that the IRP can
revise the amount but not the status of the committee.

"The law is unequivocally clear that once the status of a creditor
as a financial creditor is determined, there cannot be any further
unilateral reclassification by the IRP. They will have to come
before your Lordships for this purpose, which has not happened at
all," ET quotes Nair as saying.

On November 18, Byju's RP had requested the NCLT to consider BCCI's
application to withdraw its petition. On December 2, ET reported
that Glas Trust sought rejection of the BCCI's application to
withdraw its insolvency petition against the edtech firm
questioning the maintainability of the application.

Glas Trust argued that the withdrawal application should be
presented to the CoC first, followed by a 90% vote, and only then
should it be brought before the tribunal, ET relays. The RP's
counsel said that the application was initially filed by the BCCI
before the CoC was formed and hence the voting is not required.

                            About Byju's

Based in Bengaluru, Karnataka, India, Byju's operates an online
learning platform intended to deliver engaging and accessible
education. The company's platform makes use of original content,
watch-and-learn videos, animations, and interactive simulations
that make learning contextual, visual, and practical, enabling
students to receive a personalized educational experience.

As reported in the Troubled Company Reporter-Asia Pacific in July
2024, Byju's will face insolvency proceedings for failure to pay
$19 million in dues to the country's cricket board. Reuters said
Byju's has suffered numerous setbacks in recent years, including
boardroom exits and a tussle with investors who accused CEO Byju
Raveendran of corporate governance lapses, job cuts and a collapse
in its valuation to less than $3 billion. Byju's has denied any
wrongdoing.

According to Reuters, a ruling by India's companies tribunal on
July 16, 2024, following a complaint by the Board of Control for
Cricket in India (BCCI), initiated insolvency proceedings. These
will include the appointment of an interim resolution professional,
Pankaj Srivastava, who will oversee the management of Byju's as The
company's board of directors is suspended as per law.  CEO
Raveendran will report to the resolution professional and the
company's assets will remain frozen while the proceedings
continue.

The TCR-AP relayed that the National Company Law Appellate Tribunal
(NCLAT) on Aug. 2, 2024, accepted the settlement between Byju
Raveendran and the Board of Control for Cricket in India (BCCI),
thus removing Byju's parent Think and Learn from the insolvency
resolution process.

The TCR-AP, citing Moneycontrol, reported on Jan. 26, 2024, that
foreign lenders, who collectively extended more than 85% of Byju's
$1.2 billion term loan, have filed an insolvency petition against
the online tutor in India. Moneycontrol related that the bankruptcy
petition was filed in January 2024 in the Bengaluru bench of the
National Company Law Tribunal (NCLT), the people said, requesting
anonymity.

BYJU's Alpha, Inc., a U.S. unit of Byju's, sought protection under
Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Case No.
24-10140) on Feb. 1, 2024.  In the petition signed by Timothy R.
Pohl, chief executive officer, the Debtor disclosed up to $1
billion in assets and up to $10 billion in liabilities.

Alleged creditors of Epic! Creations, also a U.S. unit, sought
involuntary petition under Chapter 11 of the the U.S. Bankruptcy
Code against Epic! Creations (Bankr. D. Del. Case No. 24-11161) on
June 5, 2024.


DEEPA INFRA: CRISIL Lowers Rating on INR3.75cr Cash Loan to D
-------------------------------------------------------------
CRISIL Ratings has downgraded its ratings on the bank facilities of
Deepa Infra Projects Private Limited (DIPL) to 'CRISIL D/CRISIL D
Issuer Not Cooperating' from 'CRISIL B+/Stable/CRISIL A4 Issuer Not
Cooperating' based on details shared by management and publicly
available information.

                       Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Bank Guarantee         2.00      CRISIL D (ISSUER NOT
                                    COOPERATING; Downgraded from
                                    'CRISIL A4 ISSUER NOT
                                    COOPERATING')

   Cash Credit            3.75      CRISIL D (ISSUER NOT
                                    COOPERATING; Downgraded from
                                    'CRISIL B+/Stable ISSUER NOT
                                    COOPERATING')

   Proposed Long Term     1.75      CRISIL D (ISSUER NOT
   Bank Loan Facility               COOPERATING; Downgraded from
                                    'CRISIL B+/Stable ISSUER NOT
                                    COOPERATING')

CRISIL Ratings has been consistently following up with DIPL for
obtaining information through letter and email dated November 13,
2023, 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 DIPL, which restricts CRISIL
Ratings' ability to take a forward-looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on DIPL
is consistent with 'Assessing Information Adequacy Risk'.

Incorporated in 2011 and promoted by Mr Arun Pillai, DIPL is class
1 civil contractor that undertakes projects for Central PWD.


ESES BIO-WEALTH: CRISIL Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of ESES
BIO-Wealth Private Limited (EBPL) continue to be 'CRISIL D Issuer
Not Cooperating'.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Long Term Loan          8        CRISIL D (Issuer Not
                                    Cooperating)

   Proposed Term Loan      4        CRISIL D (Issuer Not
                                    Cooperating)

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

EBPL has set up its manufacturing facility in Morigaon district,
Assam with a capacity of 3600 tonne per annum and started its
commercial operations from April 2017 onwards.


ESHWARR STEEL: CRISIL Keeps B Debt Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Eshwarr Steel
Tech Private Limited (ESTPL) continue to be 'CRISIL B/Stable Issuer
not cooperating'.

                        Amount
   Facilities         (INR Crore)     Ratings
   ----------         -----------     -------
   Cash Credit             4          CRISIL B/Stable (Issuer Not
                                      Cooperating)

   Long Term Loan          1.22       CRISIL B/Stable (Issuer Not
                                      Cooperating)

   Proposed Long Term      0.28       CRISIL B/Stable (Issuer Not
   Bank Loan Facility                 Cooperating)

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

ESTPL was incorporated in 2007 in Shimoga (Karnataka). The company
manufactures steel and alloy steel castings.


JAGANNATH EDUCATIONAL: CRISIL Keeps D Ratings in Not Cooperating
----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Shri
Jagannath Educational Health and Charitable Trust (SJECT) continue
to be 'CRISIL D Issuer Not Cooperating'.

                         Amount
   Facilities         (INR Crore)     Ratings
   ----------         -----------     -------
   Cash Term Loan          9          CRISIL D (Issuer Not
                                      Cooperating)

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

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

Set up in 2008, SJECT runs two institutions, JCT College of
Engineering and JCT Polytechnic College, in the same campus near
Coimbatore. Mr S A Subramanian is the managing trustee.


JAIPRAKASH ASSOCIATES: Lenders Extend Auction Deadline to Jan. 14
-----------------------------------------------------------------
CNBC-TV18 reports that lenders to debt-ridden Jaiprakash Associates
have extended the deadline for the auction of the stressed loan
exposure to January 14, after several interest suitors sought an
extension.

The earlier deadline for the e-auction was set for January 7, which
has been extended by another seven days.

IDBI Capital Markets & Securities Limited has been appointed the
process advisor for the loan sale by the State Bank of India-led
consortium of lenders, CNBC-TV18 discloses.

Following the National Asset Reconstruction Company Limited's
(NARCL) INR12,000-crore offer to acquire the Jaiprakash Associates
loan from lenders, banks have publicly called for counter bids from
other prospective buyers under the 'Swiss challenge' method to
conclude the sale, in accordance with the Reserve Bank of India's
Directions on Transfer of Stressed Loan Exposures, according to
CNBC-TV18.

CNBC-TV18 says the lenders have set INR12,000 crore as the reserve
price for the e-auction, and the auction will be conducted for an
incremental amount of INR600 crore (5% of INR12,000 crore) in each
round, and at the end of the process, NARCL will be allowed to
match or better the highest offer received.

Two people familiar with the matter told CNBC-TV18 that at least
six asset reconstruction companies (ARCs) have shown an interest in
bidding for the Jaiprakash Associates loan, including JM Financial
ARC, Phoenix ARC, Arcil, and Acre ARC, and the due diligence
process is currently on.

Interestingly, while NARCL's INR12,000-crore offer is under the
standard 15:85 method of typical sale to ARCs, where banks get 15%
as upfront cash and 85% in the form of security receipts, banks
have invited counter offers on an "all cash" basis.

A person directly involved in the sale process told CNBC-TV18 that
an all-cash demand could dampen the demand from smaller ARCs.

"The other issue is that not all banks may want to sell. SBI has
invited the offers on behalf of the consortium and while public
sector banks are very keen on selling, some private banks may only
take the call after the final offer is received," this person
added.

CNBC-TV18 notes that the transfer of stressed loan exposure will be
on an "as is where is, as is what is", "whatever there is" and
"without recourse" basis, i.e. with credit risk, operational risk,
legal or any other type of risks whatsoever associated with the
loan exposure.

Asset reconstruction companies (ARCs) should have a minimum net
worth/net owned fund of INR500 crore as per their latest audited
annual financial statement to be eligible to bid.

The resolution of Jaiprakash Associates (JAL) has been stuck for
over seven years since RBI first identified it as one of the large
stressed accounts to be sent to the NCLT for resolution under the
insolvency and bankruptcy proceedings in 2017, CNBC-TV18 states.

JAL was finally admitted into the NCLT last year in June and is
facing claims of INR52,073.79 crore from 22 lenders. While that
process runs in parallel and is already facing litigation-related
delays, lenders are losing patience and therefore looking to
offload the asset to an ARC for faster recovery.

                             About JAL

Jaiprakash Associates Ltd (JAL) is the flagship company of the
Jaypee group and is engaged in engineering and construction,
cement, real estate and hospitality businesses. JAL was one of the
leading cement manufacturers with an installed capacity of ~28
million tonnes per annum (mtpa) and under implementation capacity
of ~5 mtpa on a consolidated basis as on March 31, 2018. JAL is
also engaged in the construction business in the field of civil
engineering, design and construction of hydro-power, river valley
projects. JAL is also undertaking power generation, power
transmission, real estate, road BOT, healthcare and fertilizer
businesses through its various subsidiaries/SPVs.

JAL featured in Reserve Bank of India's second list of at least 26
defaulters with which it wants creditors to start the process of
debt resolution before initiating bankruptcy proceedings.

In September 2018, ICICI Bank had filed an insolvency petition
against JAL under Section 7 of IBC, claiming a default of more than
INR16,000 crore.

On June 3, 2024, the Allahabad bench of National Company Law
Tribunal (NCLT) admitted the insolvency plea filed by ICICI Bank.
The tribunal also appointed Bhuvan Madan as Interim Resolution
Professional of JAL after suspending the board of the company.

SBI has also moved NCLT against JAL, claiming a total default of
INR6,893.15 crore as of Sept. 15, 2022.


MAHESH ALLOYS: Voluntary Liquidation Process Case Summary
---------------------------------------------------------
Debtor: Mahesh Alloys & Steelcast Private Limited
        Survey No. 743 AT Post Vaktapur
        Opposite Real Cotton Ginning
        Himatnagar, Gujarat, India, 383010

Liquidation Commencement Date: December 26, 2024

Court: National Company Law Tribunal, Indore Bench

Liquidator: Amrish Navinchandra Gandhi
            CS & IP Amrish Gandhi
            504, Shivalik Abaise
            Near Anad Nagar Bus Stand
            Opposite Shell Petrol Pump
            Anand Nagar Road
            Satellite, Ahmedabad - 380015
            Email: amrishgandhi72@gmail.com
            Phone: 079-40323014

Last date for
submission of claims: January 25, 2025


N V KHAROTE: CRISIL Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of N V Kharote
Constructions Private Limited (NVKCPL) continue to be 'CRISIL
D/CRISIL D Issuer not cooperating'.

                       Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Bank Guarantee       7.83        CRISIL D (Issuer Not       
                                    Cooperating)

   Cash Credit          3.6         CRISIL D (Issuer Not       
                                    Cooperating)

   Cash Credit          2           CRISIL D (Issuer Not       
                                    Cooperating)

   Cash Credit          0.4         CRISIL D (Issuer Not       
                                    Cooperating)
   Proposed Long Term
   Bank Loan Facility   0.17        CRISIL D (Issuer Not       
                                    Cooperating)

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

NVKCPL, incorporated in 1992, executes turnkey water supply and
lift irrigation projects for government agencies. The Pune-based
company specialises in manufacturing and laying out of pipes along
with related civil, electrical and fabrication activities.



NALANDA BUILDERS: CRISIL Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Nalanda
Builders and Developers India Limited (NBDIL) continue to be
'CRISIL D Issuer Not Cooperating'.

                         Amount
   Facilities         (INR Crore)     Ratings
   ----------         -----------     -------
   Cash Credit              5         CRISIL D (Issuer Not
                                      Cooperating)

   Overdraft Facility       2         CRISIL D (Issuer Not
                                      Cooperating)

   Proposed Long Term      23         CRISIL D (Issuer Not
   Bank Loan Facility                 Cooperating)

   Term Loan               20         CRISIL D (Issuer Not
                                      Cooperating)

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

Incorporated in September 2005, NBDIL undertakes residential real
estate development in Agra, Jhansi, and Vrindavan (all in Uttar
Pradesh). The company is promoted by Mr Santosh Katara, Dr Sharad
Bhaduria, and Mr Radhey Shyam Sharma, and their families. The
promoters are first-generation entrepreneurs, who set up the
business in 2003 as a partnership firm, which was reconstituted as
a private limited company in 2005.


NIHA INTERNATIONAL: CRISIL Keeps D Debt Rating in Not Cooperating
-----------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Niha
International Private Limited (NIPL) continues to be 'CRISIL D
Issuer not cooperating'.

                      Amount
   Facilities      (INR Crore)      Ratings
   ----------      -----------      -------
   Cash Credit          7.5         CRISIL D (ISSUER NOT
                                    COOPERATING)

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

Incorporated in 1998, NIPL is engaged in washing and cleaning of
glass bottles. The company is promoted by Mr Rajesh Rajendran and
is based in Tamil Nadu.


OJA MOTORS: CRISIL Keeps B+ Debt Ratings in Not Cooperating
-----------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Oja Motors
Dealer Private Limited (OMDPL) continue to be 'CRISIL B+/Stable
Issuer not cooperating'.

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

   Electronic Dealer       9.75      CRISIL B+/Stable (Issuer Not
   Financing Scheme                  Cooperating)
   (e-DFS)                 
                                     
   Electronic Dealer       0.25      CRISIL B+/Stable (Issuer Not
   Financing Scheme                  Cooperating)
   (e-DFS)                 
                                     
   Inventory Funding       0.50      CRISIL B+/Stable (Issuer Not
   Facility                          Cooperating)

   Proposed Long Term      2.75      CRISIL B+/Stable (Issuer Not
   Bank Loan Facility                Cooperating)

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

OMDPL, established in 2008 by the Assam-based Oja family, commenced
commercial operations in September 2009. The company is an
authorised dealer of passenger vehicles manufactured by HMIL in
Assam. It has four showrooms one each in Guwahati, Nalbari, Boko,
and Pathsala and two service centres. Operations are primarily
managed by Mr Kaushik Oja.


P K INFRATECH: CRISIL Keeps D Debt Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of P K Infratech
- Rishikesh (PKIR) continue to be 'CRISIL D/CRISIL D Issuer not
cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Bank Guarantee         3          CRISIL D (Issuer Not
                                     Cooperating)

   Overdraft Facility     2.5        CRISIL D (Issuer Not
                                     Cooperating)

   Proposed Long Term     2.5        CRISIL D (Issuer Not
   Bank Loan Facility                Cooperating)

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

PKIR was established in 2014 and is located in Dehradun. PKIR is
promoted by Mr. Gaurav Sharma, Mrs. Rajbala Sharma and Mr. Vishal
Gaur. PKIR is engaged in civil construction works, such as
construction of roads and bridges, canal works, irrigation works
and electrification works. PKIR is also engaged in transportation,
stone crushing and trading of building material.


PACIFIC PLASTIC: CRISIL Keeps B Debt Ratings in Not Cooperating
---------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Pacific
Plastic Industries (PPI) continue to be 'CRISIL B+/Stable Issuer
not cooperating'.

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

   Term Loan               0.97      CRISIL B+/Stable (Issuer Not
                                     Cooperating)

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

Set up in 1999 in Daman as a partnership firm by Mr. Rupesh Agarwal
and Mr. Anand Goyal, PPI manufactures BOPP bags for garments and
stationery, and laminated pouches for food products. Facility has
capacity to produce 3.5 million pieces per day.


PARASAKTI ORTHOCARE: CRISIL Keeps B+ Ratings in Not Cooperating
---------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Parasakti
Orthocare (PO) continue to be 'CRISIL B+/Stable Issuer not
cooperating'.

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

   Proposed Cash           1         CRISIL B+/Stable (Issuer Not
   Credit Limit                      Cooperating)

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

Set up in 2008, PO is a partnership firm of Mr V Yuvarajan and his
brothers. The firm distributes orthopaedic implants of J&J in the
Chennai and Vellore districts.


PARL POLYTEX: CRISIL Keeps B Debt Ratings in Not Cooperating
------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Parl Polytex
(PP) continue to be 'CRISIL B/Stable Issuer not cooperating'.

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

   Cash Credit            1.35      CRISIL B/Stable (Issuer
                                    Not Cooperating)

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

   Proposed Working       0.65      CRISIL B/Stable (Issuer
   Capital Facility                 Not Cooperating)

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

PP, based at Udaipur (Rajasthan) was established as a partnership
firm in 2017 by Mrs Ruchi Chandalia and family members. The firm
set up a facility to manufacture Polypropylene woven bags, which
commenced commercial operation in July 2017.


PAS TRADING: CRISIL Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of PAS Trading
House (PAS) continue to be 'CRISIL D/CRISIL D Issuer not
cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit            12         CRISIL D (Issuer Not
                                     Cooperating)

   Foreign Exchange        0.6       CRISIL D (Issuer Not
   Forward                           Cooperating)

   Loan Against            8         CRISIL D (Issuer Not
   Property                          Cooperating)

   Long Term Bank          0.9       CRISIL D (Issuer Not
   Facility                          Cooperating)

   Overdraft Facility      7.5       CRISIL D (Issuer Not
                                     Cooperating)

   Proposed Fund-          2.5       CRISIL D (Issuer Not
   Based Bank Limits                 Cooperating)

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

PAS is engaged majorly in trading of various papers. The firm
imports around 75 per cent of its requirements. The firm started
operations in Jan 2015 and is promoted by Mr. Sunil Khanna and his
family members.


PAVAN INDUSTRIES: CRISIL Keeps B Debt Ratings in Not Cooperating
----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Pavan
Industries - Hyderabad (PIH) continue to be 'CRISIL B/Stable Issuer
Not Cooperating'.

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

   Proposed Cash             5          CRISIL B/Stable (Issuer
   Credit Limit                         Not Cooperating)

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

PIH, setup in 2006, is partnership firm of Mr. Praveen Chowdhary
and Mrs. Susheela Devi. The firm is engaged in milling of paddy
into processed non-basmati rice at Ranga Reddy, Telangana.


PAYARE LAL: CRISIL Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Payare Lal
Sharma (PLS) continue to be 'CRISIL D/CRISIL D Issuer Not
Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Bank Guarantee         3.0        CRISIL D (Issuer Not
                                     Cooperating)

   Overdraft Facility     3.5        CRISIL D (Issuer Not
                                     Cooperating)

   Proposed Fund-         3.5        CRISIL D (Issuer Not
   Based Bank Limits                 Cooperating)

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

PLS was formed in 2000 as a proprietor firm of Mr Payare Lal Sharma
in 2000. The firm constructs roads, bridges and buildings in Jammu
and Kashmir.


PBR SELECT: CRISIL Keeps D Ratings in Not Cooperating Category
--------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of PBR Select
Infra Projects (PBRS) continue to be 'CRISIL D/CRISIL D Issuer Not
Cooperating'.

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

   Secured Overdraft       6          CRISIL D (Issuer Not
   Facility                           Cooperating)

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

Set up in 2010 as a partnership firm, PBRS undertakes civil
construction activities, primarily in construction of roads,
bridges and flyovers. Based out of Hyderabad (Telangana), the firm
is managed by Mr. P Bhaskar Reddy and his family.


PIPE & METAL: CRISIL Keeps D Debt Ratings in Not Cooperating
------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Pipe & Metal
(India) (PMI) continue to be 'CRISIL D Issuer Not Cooperating'.

                         Amount
   Facilities         (INR Crore)     Ratings
   ----------         -----------     -------
   Cash Credit           5.75         CRISIL D (Issuer Not
                                      Cooperating)

   Proposed Fund-        4.25         CRISIL D (Issuer Not
   Based Bank Limits                  Cooperating)

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

Set up in 1986, PMI is a Ghaziabad (Uttar Pradesh)-based
proprietorship firm of Mr. Narendra Gupta. It trades in iron and
steel tubes and pipes in Uttar Pradesh, Haryana, Delhi, and
Rajasthan.


POOJA INDUSTRIES: CRISIL Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Pooja
Industries (Indore) (PI) continue to be 'CRISIL D Issuer Not
Cooperating'.

                         Amount
   Facilities         (INR Crore)     Ratings
   ----------         -----------     -------
   Cash Credit             5          CRISIL D (Issuer Not
                                      Cooperating)

   Term Loan               1          CRISIL D (Issuer Not
                                      Cooperating)

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

PI established in 1991 is a partnership firm engaged in the
manufacturing and trading of torches and torch parts. Mr. Jagdish
Agrawal, Narendra Agrawal and Mr. Aman Agrawal oversee the day to
day operations of the firm. PII has its manufacturing facility at
Indore, Madhya Pradesh and sells its torches under the 'Cosmos'
brand.


PRAKRUTI LIFE: CRISIL Keeps D Debt Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Prakruti Life
Science Private Limited (PLSPL) continue to be 'CRISIL D/CRISIL D
Issuer Not Cooperating'.

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

   Overdraft Facility      1.03      CRISIL D (Issuer Not
                                     Cooperating)

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

PLSPL, set up in 2012 and based in Udupi, Karnataka, is part of the
Prakruti group. It undertakes contract manufacturing of
pharmaceutical drugs. Operations are managed by Mr M R Shetty.


PRANSHI SMALL: CRISIL Keeps B Debt Rating in Not Cooperating
------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Pranshi Small
Hydro Project Private Limited (PSHPPL) continues to be 'CRISIL
B/Stable Issuer not cooperating'.

                         Amount
   Facilities          (INR Crore)    Ratings
   ----------          -----------    -------
   Proposed Long Term       27        CRISIL B/Stable (Issuer Not
   Bank Loan Facility                 Cooperating)

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

PSHPPL was incorporated in 2018. PSHPPL is currently setting up a 3
MW hydro power plant on Parvati river in beas basin in Kullu
Sub-division of Kullu district Himachal Pradesh. PSHPPL is owned &
managed by Rekha Sood and Gopal Krishan Sood. The plant is expected
to be commissioned in March 2023.


PRASAD MATHEW: CRISIL Keeps B Debt Rating in Not Cooperating
------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Prasad Mathew
(PM) continues to be 'CRISIL B/Stable Issuer not cooperating'.

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

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

PM is a Thiruvalla, Kerala based proprietorship engaged in civil
construction.


PULIKKOTTIL LAZAR: CRISIL Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Pulikkottil
Lazar and Sons Jewellery Private Limited (PLSJPL) continue to be
'CRISIL D Issuer Not Cooperating'.

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

   Proposed Long Term    16.67       CRISIL D (Issuer Not
   Bank Loan Facility                Cooperating)

   Working Capital        1.33       CRISIL D (Issuer Not
   Term Loan                         Cooperating)

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

Set up in 2019 in Kerala by Mr Jomy Varghese and Mr Jimmy Varghese,
PLSJPL operates a gold jewellery showroom in Thrissur.


PUPNEJA RICE: CRISIL Keeps D Debt Ratings in Not Cooperating
------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Pupneja Rice
Mills (PRM) continue to be 'CRISIL D Issuer Not Cooperating'.

                        Amount
   Facilities         (INR Crore)     Ratings
   ----------         -----------     -------
   Cash Credit           13.15        CRISIL D (Issuer Not
                                      Cooperating)

   Long Term Loan         0.20        CRISIL D (Issuer Not
                                      Cooperating)

   Warehouse Financing    6           CRISIL D (Issuer Not
                                      Cooperating)

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

PRM was established in 1982 as a partnership firm in Jalalabad,
Punjab. The firm was founded by Mr. Suraj Chand, along with his
son, Mr. Hari Chand, and their partner, Mr. Ramesh Kumar. In 2006,
Mr. Suraj Chand and Mr. Ramesh Kumar retired from the firm, and
subsequently, Mr. Hari Chand's sons, Mr. Sunny Pupneja and Mr.
Rajan Pupneja took over the business. PRM hulls and mills paddy
rice. It has a processing mill with a capacity of 5 tonne per
hour.


RANAR AGROCHEM: CRISIL Keeps D Debt Ratings in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Ranar
Agrochem Limited (RAL) continue to be 'CRISIL D/CRISIL D Issuer Not
Cooperating'.

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

   Foreign Letter         18          CRISIL D (Issuer Not
   of Credit                          Cooperating)

   Term Loan              29.1        CRISIL D (Issuer Not
                                      Cooperating)

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

RAL manufactures single super phosphate (SSP), di calcium phosphate
(DCP), and nitrogen, phosphorous, and potassium (NPK) granulated
mixed fertilizers. The company's manufacturing units are located at
Visakhapatnam (AP).



RUBICON INSPECTION: CRISIL Keeps D Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Rubicon
Inspection Systems Private Limited (RISPL) continue to be 'CRISIL
D/CRISIL D Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Bank Guarantee        3.50        CRISIL D (Issuer Not
                                     Cooperating)

   Proposed Long Term    0.97        CRISIL D (Issuer Not
   Bank Loan Facility                Cooperating)

   Rupee Term Loan       0.33        CRISIL D (Issuer Not
                                     Cooperating)

   Secured Overdraft     2.00        CRISIL D (Issuer Not
   Facility                          Cooperating)

   Working Capital       0.20        CRISIL D (Issuer Not
   Term Loan                         Cooperating)

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

Based in Delhi and promoted by Mr Inderjeet Singh in 2007, RISPL
undertakes service contracts for drain maintenance, CCTV inspection
of storm water drains and sewer lines, trenchless laying of gravity
pipes and underground earthwork. The company's main customers
include Tata Steel Ltd, Ahmedabad Municipal Corporation, UP Jal
Board and other government entities and boards. RISPL has a fleet
of truck-mounted machines and excavators, which are used to carry
out the jobs it undertakes. The promoter has been in the same
business since 1997 through his proprietorship firm Rubicon
Inspection Systems, which was reconstituted as RISPL during 2007.


SASTRA ROBOTICS: Voluntary Liquidation Process Case Summary
-----------------------------------------------------------
Debtor: Sastra Robotics India Private Limited
        XXI/536-C1, AMS Building Kaipadamughal
        CUSAT P O, Ernakulam, Cochin
        Kerala, India 682022

Liquidation Commencement Date: December 23, 2024

Court: National Company Law Tribunal, Kochi Bench

Liquidator: Madhusudhanan EP
            Embram Madam
            Nettoor P O
            Ernakulam 682040
            Email: epmadhusudhanan@gmail.com
            Tel: 8089359964

Last date for
submission of claims: January 22, 2025


SHAMLAL COMPANY: CRISIL Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Shamlal
Company India Private Limited (SCIPL) continue to be 'CRISIL D
Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)      Ratings
   ----------        -----------      -------
   Bill Discounting       3.5         CRISIL D (Issuer Not
                                      Cooperating)

   Loan Against           2.0         CRISIL D (Issuer Not
   Property                           Cooperating)

   Proposed Long Term     4.5         CRISIL D (Issuer Not
   Bank Loan Facility                 Cooperating)

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

Set up as partnership firm (Shamlal and Company) in Salem, Tamil
Nadu, in 1957 by Mr. Shamlal Bajaj and Mr. Desraj Bajaj, and
reconstituted as a private limited company. SCIPL is engaged in
dying, processing and printing of fabric, and also trades in grey
fabric. The company used to trade in iron ore but discontinued that
business after ban on iron ore mining.


SHANKARRAO PAWAR: CRISIL Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Shankarrao
Pawar Seat Corner (SP) continue to be 'CRISIL D Issuer Not
Cooperating'.

                         Amount
   Facilities         (INR Crore)     Ratings
   ----------         -----------     -------
   Cash Credit              4         CRISIL D (Issuer Not
                                      Cooperating)

   Proposed Long Term      11         CRISIL D (Issuer Not
   Bank Loan Facility                 Cooperating)

   Proposed Overdraft      25         CRISIL D (Issuer Not
   Facility                           Cooperating)

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

SP, set up in 1968, is a Pune-based firm that manufactures seat
covers and other accessories; it also trades in seat accessories
and seats. Mr Rajesh Pawar and Mr Amar Pawar are the promoters.


SKYLINE ENGINEERING: CRISIL Keeps D Ratings in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Skyline
Engineering Contracts India Private Limited (SECPL) continue to be
'CRISIL D/CRISIL D Issuer Not Cooperating'.

                         Amount
   Facilities         (INR Crore)     Ratings
   ----------         -----------     -------
   Bank Guarantee         25          CRISIL D (Issuer Not
                                      Cooperating)

   Bank Guarantee          0.13       CRISIL D (Issuer Not
                                      Cooperating)

   Proposed Long Term     27.12       CRISIL D (Issuer Not
   Bank Loan Facility                 Cooperating)

   Working Capital         3.75       CRISIL D (Issuer Not
   Demand Loan                        Cooperating)

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

Established as a partnership firm, Skyline Construction Company, in
1985 by the late Mr Jugal Kishore Guliani and reconstituted as a
private limited company in 1991, SECPL is promoted by Mr Jugal
Kishore Guliani's son, Mr Ashok Kumar Guliani. The company
constructs buildings across the residential, commercial, and
industrial segments. Registered office is in New Delhi.


SRINATH NEPHROCARE: Voluntary Liquidation Process Case Summary
--------------------------------------------------------------
Debtor: Srinath Nephrocare Private Limited
        S-21, 2nd Floor, Star City
        District Centre Mayur Place
        Mayur Vihar, Phase 1
        New Delhi - 110091

Liquidation Commencement Date: December 27, 2024

Court: National Company Law Tribunal, New Delhi Bench

Liquidator: Gyaneshwar Sahai
            OS-2, 2nd Floor, The Next Door
            Sector-76, Faridabad
            Haryana - 121004
            Email: gyaneshwar.sahai@gmail.com
            Mobile: 9953541408

Last date for
submission of claims: January 26, 2025


SULOJAY REALTY: Insolvency Resolution Process Case Summary
----------------------------------------------------------
Debtor: Sulojay Realty Private Limited
        OFF-B, 5th Floor
        12 Pretoria Street Kolkata
        West Bengal, 700071

Insolvency Commencement Date: December 13, 2024

Court: National Company Law Tribunal, New Delhi Bench

Estimated date of closure of
insolvency resolution process: June 12, 2025

Insolvency professional: Mahesh Agarwal

Interim Resolution
Professional: Mahesh Agarwal
              D-13, Suvidha Apartments,
              Sector-13, Rohini,
              Near DC Chowk,
              New Delhi 110085
              Email: ip1387ma@gmail.com

Last date for
submission of claims: January 2, 2025


SUNSAT INFOTECH: CRISIL Keeps B+ Debt Rating in Not Cooperating
---------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Sunsat
Infotech Private Limited (SIPL) continues to be 'CRISIL B+/Stable
Issuer not cooperating'.

                       Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Term Loan             16.25       CRISIL B+/Stable (Issuer Not
                                     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 rating on bank facilities of
SIPL continues to be 'CRISIL B+/Stable Issuer not cooperating'.

SIPL, based in Delhi, was incorporated in 2008. The company's
operations are managed by its director, Mr Satpal Singh. It has set
up a warehouse facility, which has been rented out for e-retailing.
Commercial operation is expected to start from August 2016.


TBL INTERNATIONAL: Voluntary Liquidation Process Case Summary
-------------------------------------------------------------
Debtor: TBL International Limited
        B-7, (2nd Floor) Rajouri Garden
        New Delhi, India 110027

Liquidation Commencement Date: December 23, 2024

Court: National Company Law Tribunal, New Delhi Bench

Liquidator: Suman Kumar Verma
            WZ-D-9, Ground Floor,
            Gali No. 5
            Mahavir Enclave Part-1
            New Delhi - 110045
            Opposite Sulabh International Complex
            Email: ipskverma@gmail.com
            Email: tblvoluntaryliquidation@gmail.com
            Contact No: 011-47476160, 9716633301

Last date for
submission of claims: January 22, 2025




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

BUKALAPAK.COM TBK: To Stop Selling Physical Goods on Marketplace
----------------------------------------------------------------
Reuters reports that Indonesian e-commerce firm Bukalapak said on
Jan. 7 that it would stop selling physical items on its marketplace
soon, amid tough competition from TikTok's Tokopedia and Sea's
Shopee in Southeast Asia's largest economy.

Reuters relates that Bukalapak, which went public in 2021, said in
a statement that it later would only sell virtual products ranging
from mobile phone credits to streaming vouchers.  Customers have
until Feb. 9 to make last orders for certain items, Bukalapak
added.

"Bukalapak will undergo a transformation in an effort to increase
focus on virtual products . . . we fully understand that these
changes will impact the sellers and we are committed to making this
transition as smooth as possible," the company said.

Shares of Bukalapak were down 4.1% to IDR117 rupiah on Jan. 8 as of
0519 GMT.

On the day of its market debut in August 2021, Bukalapak shares had
soared by the daily limit of 25% to IDR1,060 a piece as investors
looked to get a piece of the company that raised $1.5 billion in
its initial public offering, according to Reuters.

But over the three years since its listing, Bukalapak has faced
fierce competition from Indonesia's e-commerce market leader
Shopee, which is owned by Southeast Asian technology firm Sea, and
from Tokopedia, Reuters relates.

Tokopedia, another homegrown e-commerce company, is now majority
owned by ByteDance's TikTok, which acquired 75.01% of the shares
from local tech conglomerate GoTo early last year.

Bukalapak reported a loss of IDR593.23 billion ($36.62 million) in
the first nine months of 2024, Reuters discloses citing the
company's latest financial results.

                      About Bukalapak.com Tbk

Headquartered in Jakarta Selatan, Indonesia, PT Bukalapak.com Tbk
-- https://www.bukalapak.com/ -- operates an online marketplace for
various products in Indonesia. It operates in three segments:
Marketplace; Online to Offline; and Pengadaan. The company offers
products in the areas of mobile phones and accessories;
electronics; bicycles; computers and cameras; health and beauty;
collectibles and sports hobbies; motors and mobils; fashion;
furniture; home accessories; and other categories. It is also
involved in programming, information, and telecommunications
activities; web portals; transportation management services;
information technology consultancy; software and databases;
e-commerce, and science and technology businesses; non-store
retailing; financing activities; and platforms related to virtual
or digital assets. The company also engages in mutual fund trade;
wholesale trade in households, food, drinks, and tobacco;
advertising; business development and management consulting; retail
trade, and other trading activities; information services;
provision of food and drinks; digital platforms; education;
construction services; apparel industry; special events organizer
services; retail trade of construction materials; money changing;
and payment service providing.




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

ANNUM BHD: Appoints LTTH PLT as New Auditor
-------------------------------------------
The Edge Malaysia reports that Practice Note 17 (PN17) company
Annum Bhd has appointed Messrs LTTH PLT as its auditor, effective
Jan. 8.

In a filing with Bursa Malaysia, Annum said LTTH will hold office
until the conclusion of the company's next annual general meeting.

This follows the retirement of its previous auditor Messrs SBY
Partners PLT upon the conclusion of the 25th annual general meeting
held on June 21, 2024, The Edge relates.

According to The Edge, SBY had previously expressed a disclaimer of
opinion on Annum's audited financial statements for the 18 months
ended June 30, 2023, after it failed to obtain sufficient evidence
to verify certain assets of the group. This caused the company to
be categorised as a PN17 company.

Following that, the wood products manufacturer appointed Parker
Russell to conduct an independent review on the audited financial
statements.

The Edge says the independent assessment confirmed the ownership,
existence, accuracy, completeness and functionality of the
company's concerned assets. Annum now has an approximately
four-month deadline to submit its regularisation plan.

Annum had also previously had trouble issuing its annual report for
the financial period ended June 30, 2023 (FY2023) that was
initially due on Oct. 31, 2023.

It wasn't until May 8, 2024 that the company finally issued its
FY2023 annual report, The Edge says.

After missing the deadline for the issuance of its annual report,
Annum had received a show-cause notice from Bursa Malaysia over the
outstanding report in which it submitted written representation to
the regulator to explain why it should not be delisted.

Back in October 2023, Annum said that it was unable to release its
annual report for FY2023 because the group could not find a
suitable auditor, after approaching 31 potential auditors,
following the resignation of its previous one. It said that most of
them cited resource constraints, recalls The Edge.

While it finally managed to appoint SBY as its new auditor on March
29, 2024, it did not meet its aim of issuing the annual report by
April 30 as the auditor was unable to vouch for the company's
financials, with this leading to the disclaimer of opinion.

Headquartered in Kuala Lumpur, Malaysia, Annum Berhad, an
investment holding company, manufactures, distributes, and sells
veneer and plywood products. It is involved in construction,
project management, and other activities, including engineering,
procurement, construction, and commissioning, as well as property
development services, such as real estate consultancy, property
director, asset management, and property management. The company
was formerly known as Cymao Holdings Berhad and changed its name to
Annum Berhad in February 2021.  

As reported in the Troubled Company Reporter-Asia Pacific in May
2024, Annum Bhd, formerly known as Cymao Holdings Bhd, has been
categorised a Practice Note 17 (PN17) company as its new external
auditor Messrs SBY Partners PLT expressed a disclaimer of opinion
on its audited financial statements for the 18 months ended June
30, 2023, after they failed to obtain sufficient evidence to verify
the group's assets.

The Edge Malaysia relates that the wood products manufacturer will
have a year to regularise its financial condition, failing which
trading in its securities could be suspended and it could be
delisted, its May 15 filing noted.

Annum said the company is taking the necessary steps to address its
PN17 status. "Barring any unforeseen circumstances, the company
expects to resolve the issue relating to the disclaimer of opinion
within the next financial year," it added.


EDARAN BHD: Plans MYR52MM Share Capital Cut to Eliminate Losses
---------------------------------------------------------------
The Edge Malaysia reports that Edaran Bhd, an IT and
telecommunications company, has proposed a share capital reduction
to wipe out its accumulated losses.

The Edge relates that the exercise will involve reducing up to
MYR52 million of its MYR68.02 million share capital, according to
the company's bourse filing on Jan. 8.

This move is expected to eliminate the group's MYR47.05 million
accumulated losses as at end-September 2024, leaving it with pro
forma retained earnings of MYR4.76 million.

The Edge says the proposed share capital reduction, if approved by
shareholders at an upcoming extraordinary general meeting, is
expected to be completed by the second quarter of 2025. DWA
Advisory Sdn Bhd has been appointed as the adviser for the proposed
exercise.

According to The Edge, Edaran has been operating at a profit in the
past four consecutive financial years. Its net profit grew to
MYR3.11 million in the financial year ended June 30, 2024 (FY2024),
from MYR2.03 million in FY2023.

But prior to that, the group was in the red off and on, including
in FY2003, when it incurred a significant loss of MYR38.45 million
due to a write-off of provision for doubtful and bad debts.

Shares in Edaran ended three sen or 1.69% lower at MYR1.74, giving
the company a market capitalisation of MYR104.4 million, The Edge
discloses.

Malaysia-based Edaran Berhad is an investment holding company. The
Company, through its subsidiaries, provides information technology
solutions and services.




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

BINARY GROUP: Thomas Lee Rodewald Appointed as Receiver
-------------------------------------------------------
Thomas Lee Rodewald of Rodewald Consulting on Dec. 23, 2024, was
appointed as receiver and manager of Binary Group Limited.

The receiver and manager may be reached at:

          Thomas Lee Rodewald
          C/- Rodewald Consulting  
          Level 1, The Hub
          525 Cameron Road
          PO Box 15543
          Tauranga 3144


DEV INVESTMENTS: Creditors' Proofs of Debt Due on Feb. 10
---------------------------------------------------------
Creditors of Dev Investments Limited are required to file their
proofs of debt by Feb. 10, 2025, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on Dec. 19, 2024.

The company's liquidators are:

          Daran Nair
          Heiko Draht
          Nair Draht Limited
          97 Great South Road
          Epsom
          Auckland 1051


DIESEL MONKEY: Creditors' Proofs of Debt Due on Feb. 3
------------------------------------------------------
Creditors of Diesel Monkey Limited are required to file their
proofs of debt by Feb. 3, 2025, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on Dec. 19, 2024.

The company's liquidator is Ryan Eathorne of InSolve Partner.


GALAPAGOS HOLDINGS: Creditors' Proofs of Debt Due on Jan. 31
------------------------------------------------------------
Creditors of Galapagos Holdings Limited, J & M Roading Limited and
Rout Construction Limited are required to file their proofs of debt
by Jan. 31, 2025, to be included in the company's dividend
distribution.

Galapagos Holdings Limited commenced wind-up proceedings on
Dec. 16, 2024.

J & M Roading Limited and Rout Construction Limited commenced
wind-up proceedings on Dec. 18, 2024.

The company's liquidators are:

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


TRG NATURAL: Creditors' Proofs of Debt Due on Jan. 21
-----------------------------------------------------
Creditors of TRG Natural Pharmaceuticals Limited are required to
file their proofs of debt by Jan. 21, 2025, to be included in the
company's dividend distribution.

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

The company's liquidators are:

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




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

AMA ONE: Commences Wind-Up Proceedings
--------------------------------------
Members of Ama One (SG) Pte. Ltd. on Jan. 2, 2025, passed a
resolution to voluntarily wind up the company's operations.

The company's liquidators are Bernard Juay and Shirley Lim of
Complete Corporate Services.


ELO LIVING: Commences Wind-Up Proceedings
-----------------------------------------
Members of Elo Living Pte. Ltd. on Dec. 27, 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


LATIZE PTE: Creditors' Proofs of Debt Due on Feb. 7
---------------------------------------------------
Creditors of Latize Pte. Ltd. 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. 23, 2024.

The company's liquidator is:

          Cheong Beng Sheng, Dean
          c/o Guardian Advisory Pte Ltd
          531A Upper Cross Street #03-118
          Hong Lim Complex
          Singapore 051531


SISENSE SINGAPORE: Creditors' Proofs of Debt Due on Feb. 6
----------------------------------------------------------
Creditors of Sisense Singapore Pte. Ltd. are required to file their
proofs of debt by Feb. 6, 2025, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on Dec. 30, 2024.

The company's liquidators are:

          Victor Goh
          Khor Boon Hong
          Marie Lee
          C/o Baker Tilly
          600 North Bridge Road
          #05-01 Parkview Square
          Singapore 188778


TREND TECH: Court Enters Wind-Up Order
--------------------------------------
The High Court of Singapore entered an order on Dec. 27, 2024, to
wind up the operations of Trend Tech Consultancy Pte. Ltd.

United Overseas Bank 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




=================
S R I   L A N K A
=================

SRI LANKA: Central Bank to Focus on Stronger Crisis Recovery
------------------------------------------------------------
Reuters reports that Sri Lanka will focus on stronger recovery this
year after the island nation posted real GDP growth of 5% in 2024,
the highest in seven years, its central bank chief said on Jan. 8,
hoping to accelerate a rebound from its worst financial crisis in
decades.

Sri Lanka's economy crumpled under a severe foreign exchange crisis
in 2022, but has posted a faster than expected rally after it
secured a $2.9 billion International Monetary Fund (IMF) program in
March 2023 and completed a $25 billion debt restructuring in
December, according to Reuters.

The economy grew 5.2% in the first nine months of 2024,
outstripping the 3% estimate by the Central Bank of Sri Lanka
(CBSL), Governor P. Nandalal Weerasinghe said.

"Achieving a transformative acceleration in growth trajectory is
essential to catch up and enhance the growth potential. This would
also help enhance the debt-carrying capacity of the country,"
Reuters quotes Weerasinghe as saying at a annual policy agenda
launch.

Taking advantage of lower inflation, which reached minus 1.7% in
December, Sri Lanka's central bank set a new single policy rate of
8%, easing monetary settings below previously used benchmarks and
setting the stage for stronger private sector credit growth,
Weerasinghe added.

Inflation is expected to reach positive territory in mid-2025,
after which CBSL will focus on maintaining a 5% inflation rate.

Reuters says CBSL will also strengthen monetary policy forecasting,
continue to improve its reserve buffers under the IMF program, and
introduce a benchmark spot exchange rate in 2025. Weerasinghe
said.

Sri Lanka will continue recapitalisation of banks, consolidate
large finance companies, and review the Statutory Reserve Ratio
(SRR) of 2% to increase financial system stability, the Governor
added.

                          About Sri Lanka

Sri Lanka, formerly known as Ceylon and officially the Democratic
Socialist Republic of Sri Lanka, is an island country in South
Asia. It lies in the Indian Ocean, southwest of the Bay of Bengal,
and southeast of the Arabian Sea; it is separated from the Indian
subcontinent by the Gulf of Mannar and the Palk Strait. Sri Lanka
shares a maritime border with India and the Maldives. Sri
Jayawardenepura Kotte is its legislative capital, and Colombo is
its largest city and financial centre.

The island nation defaulted on its foreign debt for the first time
in its history in April 2022 as the worst financial crisis since
independence from Britain in 1948 crushed its economy.

As reported in the Troubled Company Reporter-Asia Pacific early
this January, Fitch Ratings assigned a 'CCC+' foreign-currency
rating to Sri Lanka's governance-linked bonds maturing in 2035 and
a 'CCC+' local-currency rating to the US dollar step-up bonds
maturing in 2038, which the government can decide to repay in
rupees. Fitch does not rate the macro-linked bonds, which would not
be in line with its sovereign rating criteria.  

The ratings are in line with Sri Lanka's Long-Term Foreign- and
Local-Currency Issuer Default Ratings (IDRs).  On Dec. 20, 2024,
Fitch upgraded Sri Lanka's Long-Term Foreign-Currency IDR to
'CCC+', from 'RD' (Restricted Default).  Fitch also upgraded the
Long-Term Local-Currency IDR to 'CCC+', from 'CCC-', to align with
the Long-Term Foreign-Currency IDR.

The TCR-AP reported in late Dec. 2024, Moody's Ratings has upgraded
the Government of Sri Lanka's long-term foreign currency issuer
rating to Caa1 from Ca. The outlook is stable. Previously, the
rating was on review for upgrade.

The TCR-AP also reported that S&P Global Ratings on Dec. 27, 2024,
affirmed its 'SD/SD' (selective default) long- and short-term
foreign currency and 'CCC+/C' long- and short-term local currency
sovereign credit ratings on Sri Lanka. The outlook on the long-term
local currency rating is stable. S&P also revised upward its
transfer and convertibility assessment on Sri Lanka to 'CCC+' from
'CCC' previously.  At the same time, S&P assigned its 'CCC+' issue
ratings to three categories of Sri Lanka's post-restructuring new
notes.



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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
without prior written permission of the publishers.
Information contained herein is obtained from sources believed
to be reliable, but is not guaranteed.

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



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