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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

          Monday, February 3, 2025, Vol. 28, No. 24

                           Headlines



A U S T R A L I A

APOLLO SERIES 2025-1: S&P Assigns Prelim BB (sf) Rating to E Notes
ARDEN TP: Second Creditors' Meeting Set for Feb. 6
ECOGENESIS VENTURES: Second Creditors' Meeting Set for Feb. 10
HIPURA PTY: Second Creditors' Meeting Set for Feb. 7
JERVOIS GLOBAL: Files for Chapter 11 With Prepackaged Plan

LIBERTY SERIES 2023-1: Moody's Ups Rating on Cl. E Notes from Ba2
MINERAL RESOURCES: Debt Rises as ASIC Probes Governance Failures
MULTICIV PTY: First Creditors' Meeting Set for Feb. 7
NORTH QUEENSLAND EXPORT: S&P Affirms 'BB' ICR, Outlook Now Neg.
SOUTH EAST BREWING: KAIJU! Emerges From Administration

SPORTSCAPE CONSTRUCTIONS: First Creditors' Meeting Set for Feb. 10
STAR ENTERTAINMENT: Wins Sponsorship Payment Reprieve From Broncos
TEN SIXTY: Extends DOCA Sunset Date to February 7


C H I N A

ORIGIN AGRITECH: To Delay Filing of Annual Report


H O N G   K O N G

[] HONG KONG: Homebuyers Forfeiting Deposits Amid High Rates


I N D I A

ANVITHA LIFE: CRISIL Reaffirms B+ Rating on INR6cr Term Loan
ASIAN RE-SURFACING: CARE Keeps C Debt Ratings in Not Cooperating
BAJAJ HERBALS: CRISIL Keeps B- Debt Ratings in Not Cooperating
BALAJI INDUSTRIES: CARE Keeps D in Not Cooperating Category
BEAN CULT INDIA: Voluntary Liquidation Process Case Summary

BROAD HOMES: Insolvency Resolution Process Case Summary
BYJU'S: Manager, Business Partner Found in Contempt of Court
CRESTTEK ENGINEERING: Voluntary Liquidation Process Case Summary
FAIRY FOOD: CARE Keeps C Debt Rating in Not Cooperating Category
GHOUSIA FOOD: CARE Keeps C Debt Rating in Not Cooperating Category

GMR RAJAHMUNDRY: CARE Keeps D Debt Ratings in Not Cooperating
HETRO SPINNERS: CARE Keeps D Ratings in Not Cooperating Category
HI REACH: CARE Keeps C Debt Rating in Not Cooperating Category
INDIAN TECHNOMETAL: Insolvency Resolution Process Case Summary
ISHAN EQUIPMENT: CRISIL Hikes Rating on INR23.5cr Loan to B-

KESHAV COTTON: CRISIL Moves B+ Debt Rating to Not Cooperating
LAKSHMI GOVARDANA: CRISIL Keeps D Debt Ratings in Not Cooperating
LAXMI SRINIVASA: CRISIL Keeps B+ Debt Rating in Not Cooperating
MARUTI ENTERPRISES: CARE Keeps C Debt Rating in Not Cooperating
MUTHUS GOLDEN: CRISIL Keeps D Debt Ratings in Not Cooperating

NUTRIENT MARINE: CARE Keeps D Debt Ratings in Not Cooperating
RAMAKRISHNA PRECAST: CRISIL Keeps B+ Rating in Not Cooperating
RAVI TEJA: CARE Keeps D Debt Rating in Not Cooperating Category
RITZY CHEMICALS: Insolvency Resolution Process Case Summary
SATKAR PAPERS: CRISIL Keeps B Debt Ratings in Not Cooperating

SHUBHADA TOOL: Insolvency Resolution Process Case Summary
SIVA SANKARA: CRISIL Keeps D Debt Ratings in Not Cooperating
SKS POWER: CARE Keeps D Debt Ratings in Not Cooperating Category
SMT SHAKUNTLA: CARE Keeps D Debt Ratings in Not Cooperating
SUUMAYA INDUSTRIES: Insolvency Resolution Process Case Summary

THANGAMMAN EXPORTS: CRISIL Keeps C Ratings in Not Cooperating
TULSI COTTON: CRISIL Keeps B+ Debt Rating in Not Cooperating
USHASWINI RICE: CRISIL Keeps B Debt Ratings in Not Cooperating
VERA INDUSTRIES: CRISIL Keeps B Debt Ratings in Not Cooperating


J A P A N

MITSUI OSK: Moody's Upgrades CFR to Ba1, Alters Outlook to Stable


M A C A U

WYNN MACAU: Fitch Affirms 'BB-' IDR, Outlook Stable


M A L A Y S I A

SCOMI ENERGY: Amirul Azhar Steps Down as Executive Director
SMILE-LINK HEALTHCARE: Seeks New Auditor to Finalize Fin'l. Reports


N E W   Z E A L A N D

DURASTEEL STRUCTURES: Creditors' Proofs of Debt Due on March 11
LEMAR PROJECTS: Court to Hear Wind-Up Petition on March 28
NZ FUEL: Court to Hear Wind-Up Petition on Feb. 12
PROSPECT TERRACES: Creditors' Proofs of Debt Due on Feb. 15
PYATT LIMITED: Creditors' Proofs of Debt Due on Feb. 28



S I N G A P O R E

FAR OCEAN: Court to Hear Wind-Up Petition on Feb. 7
LUXEBLOOM PTE: Commences Wind-Up Proceedings
M STUDIO: Creditors' Proofs of Debt Due on Feb. 17
MIAB LOGISTICS: Court to Hear Wind-Up Petition on Feb. 14
SEASPIRE INTERNATIONAL: Court to Hear Wind-Up Petition on Feb. 7


                           - - - - -


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

APOLLO SERIES 2025-1: S&P Assigns Prelim BB (sf) Rating to E Notes
------------------------------------------------------------------
S&P Global Ratings assigned its preliminary ratings to six classes
of prime residential mortgage-backed securities (RMBS) to be issued
by Perpetual Trustee Co. Ltd. as trustee for APOLLO Series 2025-1
Trust. APOLLO Series 2025-1 Trust is a securitization of prime
residential mortgage loans originated by Norfina Ltd. (trades as
Suncorp Bank).

The preliminary ratings reflect the following factors.

-- S&P believes the credit risk of the underlying collateral
portfolio, including its view that the credit support is sufficient
to withstand the stresses it applies. The credit support for the
rated notes comprises note subordination and lenders' mortgage
insurance cover on 10.17% of the loan portfolio.

-- The various mechanisms to support liquidity within the
transaction, including a liquidity reserve to cover extraordinary
expenses, an excess revenue reserve funded by available spread, the
principal draw function, and a liquidity facility to be provided by
Norfina equal to 0.8% of the performing mortgage loan balance, are
sufficient under S&P's stress assumptions to ensure timely payment
of interest.

-- A fixed-rate swap to be provided by Norfina is available to
hedge the mismatch between receipts from any fixed-rate mortgage
loans and the variable-rate notes.

  Preliminary Ratings Assigned

  APOLLO Series 2025-1 Trust

  Class A, A$690.000 million: AAA (sf)
  Class AB, A$30.000 million: AAA (sf)
  Class B, A$12.750 million: AA (sf)
  Class C, A$7.500 million: A (sf)
  Class D, A$3.750 million: BBB (sf)
  Class E, A$3.000 million: BB (sf)
  Class F, A$3.000 million: Not rated


ARDEN TP: Second Creditors' Meeting Set for Feb. 6
--------------------------------------------------
A second meeting of creditors in the proceedings of Arden TP Pty
Ltd, Arden Finance B Pty Ltd, and Arden TL Pty Ltd has been set for
Feb. 6, 2025 at 3:00 p.m. by teleconference.

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

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

John Maxwell Morgan of BCR Advisory was appointed as administrator
of the company on Dec. 31, 2024.


ECOGENESIS VENTURES: Second Creditors' Meeting Set for Feb. 10
--------------------------------------------------------------
A second meeting of creditors in the proceedings of Ecogenesis
Ventures Pty Limited has been set for Feb. 10, 2025 at 10:30 a.m.
via Microsoft Teams only.

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 Feb. 7, 2025 at 12:00 p.m.

Andrew McCabe of Wexted Advisors was appointed as administrator of
the company on Jan. 17, 2025.


HIPURA PTY: Second Creditors' Meeting Set for Feb. 7
----------------------------------------------------
A second meeting of creditors in the proceedings of Hipura Pty Ltd
has been set for Feb. 7, 2025 at 9:00 a.m. at the offices of WA
Insolvency Solutions, a division of Jirsch Sutherland at Level 6,
109 St Georges Terrace in Perth.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by Feb. 6, 2025 at 4:00 p.m.

Clifford Rocke of WA Insolvency Solutions was appointed as
administrator of the company on Jan. 2, 2025.


JERVOIS GLOBAL: Files for Chapter 11 With Prepackaged Plan
----------------------------------------------------------
Jervois Global Limited and certain of its affiliates have commenced
the prepackaged United States chapter 11 procedure.  During this
process, Jervois shares are suspended from trading on the ASX, the
TSX-V and U.S. OTC market.

The Company is a global supplier of advanced manufactured cobalt
products, serving customers in the powder metallurgy, battery, and
chemical industries.  The Company is an industry leader in
responsible sourcing and environmental performance, and provides
its customers with a secure and reliable supply of products. The
Debtors' principal asset base is comprised of an operating cobalt
facility in Finland, a non-operating cobalt mine in the United
States, and a non-operating refinery in Brazil.

The Company began facing challenging market conditions in 2022 and
was subsequently impacted across consecutive years due to declining
cobalt prices resulting from Chinese oversupply. The Company is
directly exposed to fluctuations in cobalt prices. During the
second quarter of 2023, the Company commenced discussions with
third parties with regard to partnership opportunities on a number
of its assets.  In September 2023, the Company launched formal
processes across multiple assets to solicit potential interest in a
sale, partnership opportunities, and any other strategic
transactions that would strengthen the Company's balance sheet and
provide the Company with necessary liquidity.  Despite an extensive
marketing process and significant engagement and due diligence from
interested parties, the Company ultimately did not receive any
actionable proposals.

In April 2024, faced with upcoming bond interest coupons on its
Prepetition ICO Bonds and a maturity of its Prepetition JFO
Facility at the end of the year 2024, the Company engaged advisors
to explore a potential balance sheet restructuring.  Over the last
nine months, the Company has been in extensive discussions with
Millstreet Capital Management LLC and/or one or more of its
affiliates or designees, the Company's key financial stakeholder
and funded debt holder, to explore strategic alternatives to
address the Company's balance sheet challenges.

To offer the Company breathing room and additional liquidity runway
to effectuate a comprehensive restructuring, the Plan Sponsor
agreed to certain amendments and temporary waivers of covenant and
other requirements under the Prepetition JFO Facility and
Prepetition ICO Bonds, as well as the deferral of certain interest
payments under the Prepetition ICO Bonds. Moreover, the Plan
Sponsor has provided the Company with two rounds of increased
commitments and numerous fundings under a newly created term loan
pursuant to the Prepetition JFO Facility.

On December 31, 2024, the Debtors and the Plan Sponsor entered into
a Restructuring Support Agreement, which was amended and restated
on January 28, 2025 pursuant to an Amended and Restated
Restructuring Support Agreement among the Debtors and the
Consenting Lenders (including the Plan Sponsor), which outlines the
terms of a holistic balance sheet restructuring and
recapitalization transaction, including debtor-in-possession
financing to support the Chapter 11 Cases and the Australian
Proceedings and financing to be provided on or after the Debtors'
emergence for go-forward operations.

As of the Petition Date, Millstreet and PenderFund as Consenting
Lenders are holders of approximately 98% of the Company's
outstanding debt, including: (i) 100% of outstanding principal
amount of the Company's Prepetition JFO Facility; (ii) 96% of the
outstanding principal amount of the Company's Prepetition ICO
Bonds; and (iii) 100% of the outstanding principal amount of the
Company's Prepetition Convertible Notes.

In the weeks subsequent to the entry of the RSA, the Debtors have
worked to implement the terms of the contemplated restructuring,
which is memorialized in the Joint Prepackaged Chapter 11 Plan of
Reorganization of Jervois Texas, LLC and its Debtor Affiliates. The
Debtors are seeking confirmation of the Prepackaged Plan no later
than 40 days from the Petition Date, with emergence from the
chapter 11 cases expected by April 30, 2025, simultaneously with
the successful completion of a voluntary administration in
Australia by Debtor Jervois Global Limited as well as its
Australian subsidiaries to give full effect to the Restructuring
Transactions in Australia.

Through the consensual Prepackaged Plan, the Debtors will shed
approximately $164 million in funded debt obligations and have
support from the Plan Sponsor (and, if applicable, one or more
Additional New Money Investors) for $145 million in new equity
capital. The Restructuring Transactions will create a company that
is stronger and well-capitalized.

Notably, the Debtors' general unsecured creditors, such as trade
vendors, employees, suppliers, and customers, will not be affected
by the treatment provided under the Prepackaged Plan. Except to the
extent that any general unsecured creditor agrees to different
treatment, the Debtors will continue to pay or dispute each general
unsecured claim in the ordinary course of business. Trade contracts
and terms will be maintained, and customer relationships will
remain intact. The Debtors expect operations will continue in the
ordinary Course.

                      About Jervois Global

Jervois Global Limited (ASX: JRV) (TSX-V: JRV) (OTC: JRVMF) and its
affiliates are global suppliers of advanced manufactured cobalt
products, serving customers in the powder metallurgy, battery and
chemical industries.  The Debtors' principal asset base is
comprised of an operating cobalt facility in Finland and
non-operating plants in both the United States and Brazil.

On January 28, 2025, Jervois Texas, LLC and seven affiliated
debtors, including Jervois Global Limited filed voluntary petitions
for relief under Chapter 11 of the United States Bankruptcy Code.
The Debtors' bankruptcy cases are seeking joint administration
under Case No. 25-90002 and are pending before the Honorable Judge
Christopher M. Lopez in the United States Bankruptcy Court for the
Southern District of Texas.

The Debtors tapped SIDLEY AUSTIN LLP as restructuring counsel,
MOELIS & COMPANY as investment banker, and FTI CONSULTING, INC., as
restructuring advisor.  STRETTO, INC., is the claims agent.


LIBERTY SERIES 2023-1: Moody's Ups Rating on Cl. E Notes from Ba2
-----------------------------------------------------------------
Moody's Ratings has upgraded ratings on seven classes of notes
issued by two Liberty Series RMBS.

The affected ratings are as follows:

Issuer: Liberty Series 2020-4

Class D Notes, Upgraded to Aaa (sf); previously on Apr 30, 2024
Upgraded to Aa1 (sf)

Class E Notes, Upgraded to Aa1 (sf); previously on Apr 30, 2024
Upgraded to A1 (sf)

Class F Notes, Upgraded to A1 (sf); previously on Apr 30, 2024
Upgraded to Baa1 (sf)

Issuer: Liberty Series 2023-1

Class C Notes, Upgraded to Aaa (sf); previously on May 1, 2024
Upgraded to Aa1 (sf)

Class D Notes, Upgraded to Aa1 (sf); previously on May 1, 2024
Upgraded to A1 (sf)

Class E Notes, Upgraded to A1 (sf); previously on May 1, 2024
Upgraded to Baa2 (sf)

Class F Notes, Upgraded to Baa1 (sf); previously on May 1, 2024
Upgraded to Ba2 (sf)

A comprehensive review of all credit ratings for the two
transactions has been conducted during a rating committee.

RATINGS RATIONALE

The upgrades were prompted by (1) an increase in credit enhancement
(note subordination and the Guarantee Fee Reserve) available to the
affected notes and (2) the collateral performance to date.

The fully-funded and non-amortising Guarantee Fee Reserve Account
provides credit support of 0.3% of the original note balance to the
deals. The account can be used to cover charge-offs against the
notes and liquidity shortfalls that remain uncovered after drawing
on the liquidity facility and principal.

No actions were taken on the remaining rated classes in these
transactions as credit enhancement remains commensurate with the
current rating for the respective notes.

Liberty Series 2020-4

Following the December 2024 payment date, note subordination
available for the Class D, Class E and Class F Notes has increased
to 7.7%, 5.5% and 4.8% respectively, from 6.7%, 4.5% and 3.7% at
the time of the last rating action for these notes in April 2024.
Principal collections have been distributed on a pro-rata basis
among the rated notes since January 2024. Current total outstanding
notes as a percentage of the total closing balance is 47.8%.

As of December 2024, 4.6% of the outstanding pool was 30-plus days
delinquent and 2.0% was 90-plus days delinquent. The deal has not
incurred any losses to date.

Based on the observed performance to date and loan attributes,
Moody's have maintained Moody's expected loss assumption at 1.7% of
the outstanding pool balance (equivalent to 0.8% of the original
pool balance). Moody's have also maintained Moody's MILAN CE
assumption at 6.0% based on the current portfolio characteristics.

Liberty Series 2023-1

Following the December 2024 payment date, note subordination
available for the Class C, Class D, Class E and Class F Notes has
increased to 9.9%, 6.4%, 4.6% and 3.0% respectively, from 7.0%,
4.6%, 3.3% and 2.1% at the time of the last rating action for these
notes in May 2024. Principal collections have been distributed on a
sequential basis starting from the Class A1b Notes. Current total
outstanding notes as a percentage of the total closing balance is
43.4%.

As of December 2024, 4.3% of the outstanding pool was 30-plus days
delinquent and 1.9% was 90-plus days delinquent. The pool has
incurred 0.001% (as a percentage of the original pool) of losses to
date, which have been covered by excess spread.

Based on the observed performance to date and loan attributes,
Moody's have maintained Moody's expected loss assumption at 1.7% of
the outstanding pool balance (equivalent to 0.7% of the original
pool balance). Moody's have also maintained Moody's MILAN CE
assumption at 6.0% based on the current portfolio characteristics.

The two transactions are Australian RMBS originated and serviced by
Liberty Financial Pty Ltd, an Australian non-bank lender. A small
portion of the portfolio consists of loans extended to borrowers
with impaired credit histories or loans made on a limited
documentation basis.

The principal methodology used in these ratings was "Residential
Mortgage-Backed Securitizations" published in October 2024.

Factors that would lead to an upgrade or downgrade of the ratings:

Factors that could lead to an upgrade of the ratings include (1)
performance of the underlying collateral that is better than
Moody's expectations and (2) an increase in credit enhancement
available for the notes.

Factors that could lead to a downgrade of the ratings include (1)
performance of the underlying collateral that is worse than Moody's
expectations, (2) a decrease in the credit enhancement available
for the notes and (3) a deterioration in the credit quality of the
transaction counterparties.

MINERAL RESOURCES: Debt Rises as ASIC Probes Governance Failures
----------------------------------------------------------------
Mark Wembridge at The Australian Financial Review reports that
Mineral Resources' debt has ballooned to more than AUD5 billion as
the embattled miner struggles under the twin concerns of sagging
commodity prices and a governance probe by Australia's corporate
watchdog.

The lithium and iron ore miner's debt rose by AUD700 million in the
six months to December 31 to AUD5.1 billion, which MinRes
attributed to the high cost of building its AUD2.6 billion Onslow
hub in Western Australia's Pilbara region, the Financial Review
discloses.

The Financial Review says the country's largest crushing contractor
refused to comment on an investigation by the Australian Securities
and Investments Commission, which has been probing allegations of
corporate wrongdoing by its billionaire managing director Chris
Ellison.

The market regulator began probing MinRes late last year after The
Australian Financial Review revealed an alleged offshore tax
evasion scheme that enriched Mr. Ellison and other executives. The
scheme enriched him and four others, costing the company's
shareholders more than AUD7 million

"I'm just going to say upfront that I can't comment further on
governance matters or answer any questions on this subject today,"
MinRes chief financial officer Mark Wilson told analysts on a call
on Jan. 30.

Mr. Ellison, who was not on the call, has avoided media scrutiny
since the allegations came to light last October, the Financial
Review says. Mr. Ellison was issued a Section 19 notice by the
corporate watchdog, which means the founder and his ASX-listed
company are under formal investigation by ASIC.

Mr. Ellison, who owns an 11 per cent stake in MinRes, has said he
will step down as managing director within 18 months, although no
date has been confirmed. MinRes chairman James McClements has
flagged that he intends to quit this year following the scandal.

According to the Financial Review, the company's higher debt came
despite MinRes offloading a series of assets, including the AUD1.1
billion sale of its WA onshore gas operations to Mr. Ellison's
friend and fellow mining billionaire Gina Rinehart. "I would ask
the market to consider what that shape of the business looks like
now. That's why I'm comfortable with the net debt number. Our
bondholders remain supportive and comfortable with the position,"
the report quotes Mr. Wilson as saying.

MinRes also paid down debt from the sale of a 49 per cent stake in
its 147-kilometre private haul road in the Pilbara to a division of
Morgan Stanley for an upfront payment of AUD1.1 billion, the report
adds. The road network was recently flooded by Tropical Cyclone
Sean, and its quality of construction has come under scrutiny after
a series of truck rollovers and fires last year.

                           About MinRes

Based in Osborne Park, Australia, Mineral Resources Limited
(ASX:MIN) -- https://www.mineralresources.com.au/ -- is an
ASX-listed company operating across mining services, as well as
mining of iron ore and lithium minerals.

As reported in the Troubled Company Reporter-Asia Pacific on Nov.
12, 2024, Moody's Ratings has affirmed the Ba3 corporate family
rating of Mineral Resources Limited (MinRes). At the same time,
Moody's have affirmed the Ba3 senior unsecured bond ratings and
changed the outlook to negative from stable.   


MULTICIV PTY: First Creditors' Meeting Set for Feb. 7
-----------------------------------------------------
A first meeting of the creditors in the proceedings of Multiciv Pty
Ltd will be held on Feb. 7, 2025, at 11:00 a.m. via a Teams
videoconferencing facility.

Liam Bellamy and John Kukulovski of Mackay Goodwin were appointed
as administrators of the company on Jan. 29, 2025.


NORTH QUEENSLAND EXPORT: S&P Affirms 'BB' ICR, Outlook Now Neg.
---------------------------------------------------------------
S&P Global Ratings revised to negative from stable its outlook on
its long-term issue credit rating on North Queensland Export
Terminal Pty Ltd.'s (NQXT) senior debt. At the same time, S&P
affirmed the 'BB' rating on the debt. The recovery rating remains
'2', indicating its view of a substantial recovery amount (70%-90%;
rounded estimate 85%).

The negative outlook reflects the possibility of lowering the
rating on the senior debt by multiple notches should further delay
in refinancing occur well beyond February 2025.

Located 25 kilometers northwest of Bowen in the Australian state of
Queensland, NQXT is Australia's northernmost coal port. The
multiuser port has a design capacity of 50 million tons per annum
(mtpa). It has contracted about 80% of this capacity under medium-
to long-term take-or-pay agreements. NQXT holds the port under a
99-year lease from the Queensland government that began in early
2011.

-- Stable revenue under take-or-pay contracts; five-year tariff
reset and socialization arrangements among most shippers.

-- Good contracted capacity from multiple shippers until
2027-2029.

-- Strong quality and competitiveness of the Queensland coal
basin.

-- Exposure to refinancing and liquidity risks.

-- Evolving contracts with some loss of socialization mechanism
and increasing concentration risk related to certain miners.

-- Periodic exposure to contract renewals and/or spot contracts
that could dilute the socialization mechanism.

S&P said, "We revised to negative from stable our outlook on our
issue rating on NQXTs senior debt to reflect the delay in
refinancing.  The company expects refinancing of the upcoming A$329
million debt maturity to be completed by mid-February 2025. This is
a deviation from our previous expectation for completion of
refinancing in January 2025. Management has indicated it is in
advanced stages of finalizing commitments from multiple potential
investors for the refinancing.

"Further delay in refinancing might exacerbate pressure on the
rating.  We expect NQXT to be able to refinance its upcoming debt
maturity, even though the timing remains uncertain. Given NQXT's
past record in refinancing, we expect that if refinancing does not
go according to plan, the project's sponsors will likely step in
with support via shareholder loans. Nonetheless, if refinancing is
not completed at least three months prior to the due date of the
upcoming maturity, we might lower the rating by multiple notches.

"Underlying operations remain stable, we expect a debt service
coverage ratio (DSCR) of 1.55x. Our assessment continues to factor
in a revised debt limit of A$950 million and scheduled amortization
of the A$450 million 9.5% facility due April 2030 (unrated). In our
assessment, we continue to factor in semiannual principal payment
of 55% of the facility by April 2030 and assumed a repayment of the
remaining portion over the assumed life of the project, in line
with terms of the loan agreement."

Operations remain stable, with the company expecting coal volumes
of about 36 million metric tons in fiscal 2025 (ending March 31,
2025).

The negative outlook on our long-term issue rating on NQXT's senior
debt reflects the delay in refinancing of the upcoming maturity.

The project's minimum DSCR will be 1.55x under current debt limits
and scheduled principal and interest payments to 2030.

S&P may lower the rating one or more notches if NQXT fails to
refinance its bullet maturities at least three months before they
are due.

S&P could also lower the rating if the minimum DSCR in our base
case dips below 1.55x or we see a material increase in business
risks associated with the coal terminal beyond our current
expectations.

In S&P's view, this could occur if:

-- Contracted tariffs or volume are materially lower;

-- The nature of contracts changes materially;

-- One or more shippers can't be replaced; or

-- Borrowing costs increase.

S&P could revise the outlook to stable if NQXT finalizes
refinancing of the upcoming A$329 million maturity while
maintaining a base-case minimum DSCR above 1.55x.


SOUTH EAST BREWING: KAIJU! Emerges From Administration
------------------------------------------------------
South East Brewing Company Pty Ltd (KAIJU! Beer) has successfully
emerged from voluntary administration after creditors on Jan. 31
approved a financial restructuring of the business.

The Company's directors appointed DBA Reconstruction & Advisory as
Administrator on Jan. 8, 2025. This was a necessary step to deal
with an accumulation of debt from a difficult period for the
business, stemming from increased production costs (including
excise and container deposit schemes) and declining consumer
demand.

The Company's directors worked with the Administrator to develop a
compelling Deed of Company Arrangement (DOCA) proposal to
financially restructure the business, to ensure a stronger and more
resilient business moving forward. The Administrator recommended
that creditors accept the DOCA proposal to provide the best outcome
to creditors.

The DOCA was signed after the meeting of creditors on Jan. 31, so
control of the business has reverted to the company's management,
headed by Callum Reeves and Nat Reeves, the founders of KAIJU!
Beer.  

Callum noted that under administration it's been business as usual:
"The administration process didn't change the way we operated at
all. Beer production and sales have not been impacted."

Looking forward, Callum added: "After a challenging period for the
business, we are grateful that our restructuring proposal was
unanimously approved. Through a challenging time for the business,
we have been heartened by the support of our customers and supply
partners.

"We are excited at the opportunities ahead and being able to return
KAIJU! Beer to a position of strength. We are confident the
restructuring will ensure the business is in a stronger position to
compete in challenging market conditions."

Kaiju! Beer is a Melbourne-based craft beer brewery.


SPORTSCAPE CONSTRUCTIONS: First Creditors' Meeting Set for Feb. 10
------------------------------------------------------------------
A first meeting of the creditors in the proceedings of Sportscape
Constructions Pty Ltd will be held on Feb. 10, 2025 at 3:00 p.m.
via virtual meeting.

Manuel Hanna of Romanis Cant was appointed as administrator of the
company on Jan. 29, 2025.


STAR ENTERTAINMENT: Wins Sponsorship Payment Reprieve From Broncos
------------------------------------------------------------------
The Australian Financial Review reports that Star Entertainment has
asked for a reprieve on payments owed on its sponsorship of the
Brisbane Broncos after falling behind schedule amid attempts to
stave off collapse.

According to the Financial Review, the ASX-listed company, which
runs casinos in Sydney, Brisbane and the Gold Coast, signed as the
major NRL club's back-of-jersey sponsor in 2022, with a five-year
deal that is worth about AUD1.5 million every season.

But Star has been mired in financial woes for months, warning in
January that revenues had slumped, and it was not certain it could
continue to operate. Last week, it agreed to offload a vast events
complex inside its flagship Sydney entertainment precinct for a
fraction of its value.

The Financial Review relates that people briefed on discussions
between Star and the Broncos, one of the NRL's biggest clubs, said
Star had struggled to pay the money it owed. Those people, who
requested anonymity to speak freely, said the casino giant had
sought and been given approval by the Broncos to pay the money in
four tranches to ease financial pressures as it overhauled the
business.

Star's latest payment was due on Jan. 31, they said, but that had
been delayed until last week.

Requests for delayed payments are common from sponsors of sports
teams, but Star's reprieve is indicative of the fragility of its
financial situation, the report states.

The Financial Review says Star chief executive Steve McCann has
been working to secure more financing for the business, and
exploring potential asset sales, after warning the company had just
AUD79 million left in cash in January after spending more than
AUD100 million over the three months to December 31.

The Financial Review relates that Mr. McCann is also in talks with
Star's joint venture partners Far East Consortium and Chow Tai Fook
Enterprises about its Queen's Wharf precinct, which owes AUD1.6
billion. It is exploring ways to reduce its stake in the company as
well as the introduction of an operating agreement that would allow
it to run the casino without owning it.

The Broncos are, unusually for an NRL team, listed on the ASX. The
company is chaired by Ord Minnett chief executive Karl Morris. Ord
Minnett, meanwhile, is the stockbroker most closely associated with
billionaire publican Bruce Mathieson, who is one of Star's biggest
investors.

The Financial Review adds that Mr. Mathieson has previously
expressed an interest in acquiring Star's Gold Coast casino in the
event the casino group decided to sell off its operations in
Queensland and focus on its Pyrmont-based precinct.

                      About 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.

As reported in the the Troubled Company Reporter-Asia Pacific on
Jan. 21, 2025, Star Entertainment has warned that it faces
"material uncertainty" over its ability to stay afloat unless it
finds a solution to its worsening financial woes.

In a quarterly update to investors on Jan. 20, ASX-listed Star said
its revenue had fallen 15 per cent in the December quarter, citing
ongoing weakness in its operating performance. It pointed to a
"challenging" consumer environment, the impact of carded play in
NSW, and expenses caused by a series of regulatory and compliance
problems.

According to The Sydney Morning Herald, the Star reiterated that it
had AUD78 million left in cash - after previously indicating
earlier in the month that it is burning through about AUD35 million
a month - which prompted Morningstar's analyst to warn the company
may not survive until its results in late February.

As it fights for survival, Star said it was continuing discussions
to attempt to deal with the crunch on its finances, but there was
no guarantee it would be able to reach a deal to resolve its
situation, the Herald relayed. It acknowledged the uncertainty over
its ability to continue operating if the negotiations were
unsuccessful.

TEN SIXTY: Extends DOCA Sunset Date to February 7
-------------------------------------------------
TipRanks reports that Ten Sixty Four Limited, currently under a
Deed of Company Arrangement (DOCA), has extended the sunset date of
its DOCA to Feb. 7, 2025. This extension indicates ongoing efforts
in executing the restructuring framework agreement from 2024,
reflecting the company's commitment to restructuring and
maintaining its operations.

Headquartered in Australia, Ten Sixty Four Limited (ASX:X64) --
https://www.x64.gold/ -- operates in the mining industry, focusing
on mineral processing and refining through its subsidiary Mindanao
Mineral Processing and Refining Corporation.

Martin Ford and Simon Theobald of PwC were appointed Joint and
Several Voluntary Administrators of the Company on July 2, 2023.

No other subsidiary in the X64 group of companies is included in
the Administration.

Following a Second Creditors' meeting of the company held on  Oct.
31, 2023, a Deed of Company Arrangement ("DOCA") was executed by
the voluntary administrators of X64, Komo Diti Traders Ltd, and X64
pursuant to which X64 will be able to exit its voluntary
administration and placed into DOCA.




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

ORIGIN AGRITECH: To Delay Filing of Annual Report
-------------------------------------------------
Origin Agritech Limited submitted a Form 12b-25 to the Securities
and Exchange Commission to notify a delay in the filing of its
Annual Report on Form 20-F for the year ended Sept. 30, 2024.  The
Company stated that the additional time required for the
verification and review of the information to be included in the
Form 20-F, by both company management and independent reviewing
accountants, has made it impractical to file the Form 20-F on time
without incurring undue hardship and expense.

                         About Origin Agritech

Headquartered in Beijing, China, Origin Agritech Limited, along
with its subsidiaries, is focused on agricultural biotechnology,
operating in the PRC.  The Company's seed research and development
activities specialize in crop seed breeding and genetic
improvement.  Origin believes that it has built a solid capacity
for seed breeding technologies, including marker-assisted breeding
and doubled haploids technologies, which it believes, along with
its rich germplasm resources, will allow it to become a significant
seed technology company in China.

Lakewood, Colorado-based B F Borgers CPA PC, the Company's auditor
from 2020 until May 2024, issued a "going concern" qualification in
its report dated Feb. 15, 2024.  The report highlights that the
Company incurred recurring losses from operations, has net current
liabilities and an accumulated deficit, that raise substantial
doubt about its ability to continue as a going concern.

As of Sept. 30, 2023, Origin Agritech had RMB238.51 million in
total assets, RMB319.77 million in total liabilities, and a total
deficit of RMB81.26 million.



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

[] HONG KONG: Homebuyers Forfeiting Deposits Amid High Rates
------------------------------------------------------------
The South China Morning Post reports that more homebuyers in Hong
Kong surrendered their deposits on new flat purchases last year,
and property agents expect such defaults to continue at a high
level amid elevated interest rates and uncertainty about the
direction of the city's property market.

A report from property agency Centaline showed that 449 buyers of
first-hand property forfeited their deposits last year, a 75 per
cent increase from a year earlier and the highest since 2019, the
Post discloses. The final quarter saw 104 such cases, just short of
triple the 40 cases in the third quarter. The agency did not report
the value of the forfeited deposits, but the typical initial
deposit is HK$100,000 (US$12,844), according to market sources.

The number of default cases will stay high in the short-term,
agents said.

"As the market will be busy after Lunar New Year, and developers
will be offering discounts, we expect the number of defaults on new
property units to remain high," the Post quotes Yeung Ming-yee, a
senior associate director at Centaline, as saying. "There will be
around 100 such cases in the first quarter of 2025."

The number may decline over the longer term after the government
reduced mortgage requirements for buyers of unfinished flats late
last year, agents said.

Forfeits indicate either that buyers are not able to move forward
with their purchases, or that they expect to find significantly
better deals, the Post says.




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

ANVITHA LIFE: CRISIL Reaffirms B+ Rating on INR6cr Term Loan
------------------------------------------------------------
CRISIL Ratings has reaffirmed its rating on the long term bank
facilities of Anvitha Life Care Private Limited (ALCPL) at 'CRISIL
B+/Stable'.

                       Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit            4         CRISIL B+/Stable (Reaffirmed)

   Proposed Working       4         CRISIL B+/Stable (Reaffirmed)
   Capital Facility       

   Term Loan              6         CRISIL B+/Stable (Reaffirmed)

The rating reflects ALCPL's modest scale of operations and
leveraged capital structure. These weaknesses are partially offset
by its extensive industry experience of the promoters.

Analytical Approach

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

Unsecured loans (INR6.25 Crores as of March 2024) have been treated
as 75% equity and 25% debt as these were infused by the promoters
and affiliates and should be retained in business over the medium
term.

Key Rating Drivers & Detailed Description

Weaknesses:

* Modest scale of operations: ALCPL's business profile is
constrained by its modest scale of operations as reflected in the
turnover of INR15.52 crores in fiscal 2024.The company is engaged
in manufacturing critical API and intermediates used in clinical
research where the gestation time for the products is higher and
mainly depends on the success of the clinical trials of the
innovator pharma companies. Thus, the scale of operations of the
company remained small in the previous fiscals. Currently the
company's operations were stabilized, the turnover is expected to
improve to around INR28-30 crores for FY 2025 and the extensive
experience of the promoters and their strong understanding of the
market dynamics and healthy relationships with customers and
suppliers should continue to support the business.

* Leveraged capital structure: ALCPL's has a weaker financial risk
profile with high gearing and TOL/TNW. The net worth is presently
low at INR3.58 crores in fiscal 24, however the operations have now
stabilized and considering the expected improvement in
profitability of the company will improve the net worth position in
the medium term. Gearing & TOL/TNW are expected to be at around
3.22 times and 5.56 times as on fiscal 2025.

Strength:

* Extensive industry experience of the promoters: The promoters
have experience of over 30 years in the pharmaceutical industry.
This has given them an understanding of the dynamics of the market
and enabled them to establish relationships with suppliers and
customers.

Liquidity: Stretched

Bank limit utilisation is moderate at around 87.92 percent for the
past twelve months ending September 2024. Cash accruals are
expected to be over INR2.6-3.58 crore, which is sufficient against
term debt obligation of INR2.3-2.98 crore over the medium term. In
addition, it will act as a cushion to the liquidity of the company.
The Current ratio is moderate at 1.32 times on March 31, 2024. The
promoters are likely to extend support in the form of equity and
unsecured loans to meet its working capital requirements and
repayment obligations.

Outlook: Stable

CRISIL Ratings believe ALCPL will continue to benefit from the
extensive experience of its promoter, and established relationships
with clients.

Rating sensitivity factors

Upward factors:

* Improvement in scale of operation and sustenance of healthy
operating margin, leading to higher cash accruals of around INR2.5
crores.
* Improvement in the working capital cycle and financial risk
profile of the company.

Downward factors:

* Large debt-funded capital expenditure weakens capital structure
with gearing above 8 times
* Witnesses a substantial increase in its working capital
requirements thus weakening its liquidity & financial profile.

ALCPL was incorporated in 2016. ALCPL is engaged in the
manufacturing of Active Pharmaceutical Ingredients (APIs) and
intermediaries. Its manufacturing facility is located at Attivaram
village, Ozili Mandal, Naidupeta, Nellore Dist., Andhra Pradesh.
ALCPL is promoted by Mr. T. Prakasam and Mrs. T. Lalithaa
Prakasam.


ASIAN RE-SURFACING: CARE Keeps C Debt Ratings in Not Cooperating
----------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Asian
Re-Surfacing of Road Agency Private Limited (ARORAPL) continue to
remain in the 'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       2.23       CARE C; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

   Long Term/           6.25       CARE C/CARE A4; ISSUER NOT
   Short Term                      COOPERATING; Rating continues
   Bank Facilities                 to remain under ISSUER NOT
                                   COOPERATING category

Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated January 9,
2024, placed the rating(s) of ARORAPL under the 'issuer
non-cooperating’ category as ARORAPL had failed to provide
information for monitoring of the rating as agreed to in its Rating
Agreement. ARORAPL continues to be non-cooperative despite repeated
requests for submission of information through e-mails dated
November 24, 2024, December 4, 2024, December 14, 2024 among
others.

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

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

Analytical approach: Standalone

Outlook: Not Applicable

Delhi based, Asian Re-Surfacing of Road Agency Private Limited
(ARRA) was established on November 18, 1985 as a private company.
The company is being managed by Mr. Prem Arora. The company is
engaged in construction of roads only for government departments.
The raw materials namely, tar, sand, cement, steel, tiles, plywood,
bricks, etc. which the firm procures from various domestic
manufacturers and wholesalers.

BAJAJ HERBALS: CRISIL Keeps B- Debt Ratings in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Bajaj Herbals
Limited (BHL) continue to be 'CRISIL B-/Stable Issuer not
cooperating'.

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

   Term Loan              6.8        CRISIL B-/Stable (Issuer Not
                                     Cooperating)

CRISIL Ratings has been consistently following up with BHL for
obtaining information through letter and email dated January 13,
2025 among others, apart from telephonic communication. However,
the issuer has remained non cooperative and the rating on bank
facilities of BHL continues to be 'CRISIL B-/Stable Issuer not
cooperating'.

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

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

Detailed Rationale

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

BHL was established in 1998 and reincorporated in 2005. The company
manufactures and exports herbal cosmetic products such as hair
care, oral care, skin care and personal care items. The company
exports to Middle East, Africa, South East Asia and some European
countries. Manufacturing facilities are located in Ahmedabad,
Gujarat.

BHL is part of the Bajaj group of companies. It is owned and
managed by Mr Dwarkaprasad Bajaj, Mr Sanjay Bajaj and Mr Gautam
Bajaj.


BALAJI INDUSTRIES: CARE Keeps D in Not Cooperating Category
-----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Sri Balaji
Industries (SBI) continues to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       7.63       CARE D; ISSUER NOT COOPERATING;
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Rationale and key rating drivers

CARE Ratings Ltd. had, vide its press release dated January 11,
2024, placed the rating(s) of SBI under the 'issuer
non-cooperating’ category as SBI had failed to provide
information for monitoring of the rating as agreed to in its Rating
Agreement. SBI continues to be non-cooperative despite repeated
requests for submission of information through emails dated
November 26, 2024, December 6, 2024 and December 16, 2024 among
others.

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

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

Analytical approach: Standalone

Outlook: Not Applicable

SBI is a proprietorship concern, established in 2011 by Mr M R
Subrahmanyam. The firm is engaged in distillation of Solvents used
by petrochemical and other chemical manufacturing companies. In
FY15, SBI had a surplus of INR0.27 crore on a total operating
income of INR13.45 crore, as against PAT and TOI of INR0.27 crore
and INR7.78 crore, respectively, in FY14.


BEAN CULT INDIA: Voluntary Liquidation Process Case Summary
-----------------------------------------------------------
Debtor: Bean Cult India Private Limited
        A-335, First Floor, Shivalik,
        Malviya Nagar, New Delhi 110017

Liquidation Commencement Date: December 24, 2024

Court: National Company Law Tribunal, New Delhi Bench

Liquidator: Anurag Nirbhaya
            204, Sagar Plaza, District Centre
            Laxmi Nagar, New Delhi 110092
            Email: anurag@canirbhaya.com
            Phone No. 9810382513

Last date for
submission of claims: January 23, 2025


BROAD HOMES: Insolvency Resolution Process Case Summary
-------------------------------------------------------
Debtor: Broad Homes Private Limited

        Registered Address:
        Flat No. 4, Ground Floor,
        Pul Pehlad Pur Dda Mig Suraj Apartment,
        South Delhi, New Delhi 110044

Insolvency Commencement Date: January 16, 2025

Court: National Company Law Tribunal, New Delhi Bench

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

Insolvency professional: Pawan Kumar Goyal

Interim Resolution
Professional: Pawan Kumar Goyal
              304, D.R. Chamber,
              12/56, D.B. Gupta Road,
              Karol Bagh, New Delhi 110005
              Email: ca.pawangoyal@gmail.com
              Email: cirp.broad@gmail.com

Last date for
submission of claims: January 30, 2025


BYJU'S: Manager, Business Partner Found in Contempt of Court
------------------------------------------------------------
Bloomberg News reports that a top executive of troubled Indian tech
firm Byju's and an ally of the company's founder were found in
contempt of court and now face financial sanctions of $25,000 a day
for refusing to comply with a US court order, a judge ruled on Jan.
29.

Bloomberg relates that Byju's manager Vinay Ravindra and company
ally Rajendran Vellapalath failed to answer questions about their
roles in stripping software, cash and other assets from Byju's US
businesses that are under court supervision, a federal judge in
Delaware found.

In addition, Mr. Vellapalath's tech business, Voizzit Information
Technology, violated the court order by filing a lawsuit in India
in order to take control of assets owned by Byju's education
businesses in the US, the judge found, according to Bloomberg.
Because those units - Epic! Creations and Tangible Play - are under
the supervision of a US bankruptcy court, it is a violation of US
law to try to seize their assets, even if the action takes place in
foreign court.

It is at least the third time that a US judge has found a member of
the inner circle of company founder Byju Raveendran of violating a
court order in the long-running dispute between the education
technology firm and lenders owed more than $1.2 billion, Bloomberg
notes.

Last year, Mr. Raveendran's brother, Riju Ravindran, and hedge fund
founder William C. Morton were sanctioned for refusing to answer
questions about $533 million of loan proceeds that lenders have
been trying to track down, Bloomberg recalls. They were able to
avoid penalties, partly by appearing in court.

Mr. Vellapalath and Voizzit will try to resolve the contempt order
immediately, their attorney, Maureen Abbey Scorese said in an
emailed statement.

"Our clients' intention has always been to act in good faith, and
we are taking immediate steps to ensure that any concerns raised by
the court are addressed promptly and effectively," Bloomberg quotes
Ms. Scorese as saying. "The entities in question are established,
reputable companies, and we hope that the business operations will
be back on track soon."

Contempt of court motions are uncommon in federal court because
most defendants comply with a judge's orders to avoid expensive,
daily penalties. Such actions are even more unusual in US
bankruptcy court.

"These are certainly rare circumstances," US Bankruptcy Judge
Brendan Linehan Shannon said in making his ruling. Shannon has
taken over the bankruptcy case involving Byju's US operating units
Epic! Creations. A separate case involving the US shell company
that borrowed $1.2 billion on behalf of the overall Byju's
enterprise remains under the supervision of US Bankruptcy Judge
John Dorsey, Bloomberg notes.

According to Bloomberg, US lenders are fighting to liquidate US
education software companies that Byju's purchased a few years ago
for $820 million. Byju's, founded by controversial entrepreneur
Byju Raveendran and his family, is in bankruptcy in India after
defaulting on the debt it owes US lenders.

A business court in India handed the lenders a victory on Jan. 29
when it returned the lenders agent, Glas Trust Co., to an
influential creditors committee in that insolvency case, Bloomberg
says. The court also found that a court-approved restructuring
official had wrongly thrown Glas Trust off the committee last year
and said the official should be investigated.

"This ruling upholds the rule of law in India, demonstrates that no
one is above being held to account, and helps reaffirm
international investors' confidence in the country's legal
framework," lenders said in an emailed statement.

Last year Mr. Vellapalath appeared in US court by video from Dubai
and claimed that Voizzit actually owns Epic! and Tangible Play, not
Byju's, Bloomberg recalls. Voizzit loaned Byju's more than $100
million in 2023 and therefore had the right to take ownership of
the units, according to Mr. Vellapalath.

Bloomberg relates that the federal judge overseeing the Epic!
bankruptcy rejected that argument, saying he did not "find Mr.
Vellapalath to be credible."

In past responses to lender allegations, Mr. Raveendran has denied
any wrongdoing, saying his actions were a justified response to
overly aggressive tactics used by creditors who specialize in
squeezing money out of distressed companies, Bloomberg relays.

Lenders claim Mr. Raveendran hid $533 million in loan proceeds that
should have been repaid to creditors.

                           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.

CRESTTEK ENGINEERING: Voluntary Liquidation Process Case Summary
----------------------------------------------------------------
Debtor: Cresttek Engineering Solutions Private Limited
        IBC Knowledge Park, 7th Floor,
        Tower D 4/1, Bannerghatta Main Road
        Bangalore, Karnataka 560029

Liquidation Commencement Date: January 13, 2025

Court: National Company Law Tribunal, Bengaluru Bench

Liquidator: Sriram Krishnamoorthy
            No.11, F2, Harish Homes,
            Dr. Ramamoorthy Nagar,
            Kamaraj Street, Keelkattalai,
            Near Vellakanni School, Chennai 600117
            Email: ksrics.ip@gmail.com
            Telephone No.: 9444867208

Last date for
submission of claims: February 12, 2025


FAIRY FOOD: CARE Keeps C Debt Rating in Not Cooperating Category
----------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Fairy Food
Products Private Limited (FFPPL) continue to remain in the 'Issuer
Not Cooperating' category.

                      Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       7.97       CARE C; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category  

   Short Term Bank     41.00       CARE A4; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category

Rationale and key rating drivers

CARE Ratings Ltd. had, vide its press release dated January 11,
2024, placed the rating(s) of FFPPL under the 'issuer
non-cooperating’ category as FFPPL had failed to provide
information for monitoring of the rating as agreed to in its Rating
Agreement. FFPPL continues to be non-cooperative despite repeated
requests for submission of information through e-mails dated
November 26, 2024, December 6, 2024 and December 16, 2024 among
others.

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

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

Analytical approach: Standalone

Outlook: Stable
Incorporated in 1983, Bengaluru-based, FFPPL was promoted by Mr.
Syed Mateen Aga, Mr. Syed Tanzeem Aga, Mrs. Shahida Mateen Aga and
Mr. Syed Tanzil Aga. The company is engaged in processing of mango
pulp, papaya pulp, guava pulp and pine apple pulp. The company
procures its entire raw material (fruits) from the local market
i.e., from local farmers and dealers. FFPPL sells its products
under the brand name Fairy both in domestic market (across Andhra
Pradesh, Maharashtra, Chennai, Kerala, Mumbai and Karnataka states)
and also exports-90% to Saudi Arabia, U.A.E and Yemen Arab
Republic. 80% of the revenue was generated through sale of mango
pulp during FY13-FY15. FFPPL is an ISO 9001:2000 and Hazard
Analysis and Critical control Point (HACCP) certified company which
gives high preference to quality standards and Food safety.


GHOUSIA FOOD: CARE Keeps C Debt Rating in Not Cooperating Category
------------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Ghousia
Food Products Private Limited (GFPPL) continue to remain in the
'Issuer Not Cooperating' category.

                      Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      20.00       CARE C; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category    

   Short Term Bank     12.00       CARE A4; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category

Rationale and key rating drivers

CARE Ratings Ltd. had, vide its press release dated January 11,
2024, placed the rating(s) of GFPPL under the 'issuer
non-cooperating' category as GFPPL had failed to provide
information for monitoring of the rating as agreed to in its Rating
Agreement. GFPPL continues to be non-cooperative despite repeated
requests for submission of information through e-mails dated
November 26, 2024, December 6, 2024 and December 16, 2024 among
others.

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

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

Analytical approach: Standalone

Outlook: Stable

Ghousia Food Products Private Limited (GFPPL) is a Karnataka based
company, which was incorporated in 2015 and promoted by Mr. Syed
Salauddin Aga, Mr. Syed Misbauddin Aga and Mr. Syed Talha Aga as a
Private Limited Company. The operations of the company were started
partly in December 2015 however the entire operations of the
company started in April 2016. The company is engaged in processing
of various fruit pulp concentrates mainly mango, guava, pineapple,
papaya etc.

GMR RAJAHMUNDRY: CARE Keeps D Debt Ratings in Not Cooperating
-------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of GMR
Rajahmundry Energy Limited (GREL) continue to remain in the 'Issuer
Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank     2,419.41     CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

   Short Term Bank     138.02      CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Rationale and key rating drivers

CARE Ratings Ltd. had, vide its press release dated January 9,
2024, placed the rating(s) of GREL under the 'issuer
non-cooperating' category as GREL had failed to provide information
for monitoring of the rating as agreed to in its Rating Agreement.
GREL continues to be non-cooperative despite repeated requests for
submission of information through e-mails dated November 24, 2024,
December 4, 2024 and December 14, 2024 among others.

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

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

Analytical approach: Standalone

Outlook: Not Applicable

Incorporated in November 2009, GMR Rajahmundry Energy Limited
(GREL) is a Special Purpose Vehicle (SPV) promoted by GMR
Generation Assets Limited to set up a 768 MW (2x384 MW) gas-based
Combined Cycle Power Plant (CCPP) at Vemagiri, Dist. East Godavari,
Andhra Pradesh. GREL has been set up adjacent to the existing 389
MW gas-based CCPP of GMR Vemagiri Power Generation Limited, the
project achieved Commercial Operations Date (COD) on October 22,
2015.


HETRO SPINNERS: CARE Keeps D Ratings in Not Cooperating Category
----------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Hetro
Spinners Private Limited (HSPL) continue to remain in the 'Issuer
Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      21.68       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

   Short Term Bank      1.52       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category
  
Rationale and key rating drivers

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

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

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

Analytical approach: Standalone

Outlook: Not Applicable

Hetro Spinners Private Limited [erstwhile Sai Manasa Spintex
(India) Limited] was incorporated in the year 2009, however, the
commercial operations of the company started from the year 2010.
The company has changed its constitution from Hetro Spinners
Limited to Hetro Spinners Private Limited in August 2018. The
company was promoted by Mr. K Gopala Reddy, his friends and
relatives. The company is engaged in manufacturing of cotton yarn
(20-47 count) and sale of cotton seeds. The company procures the
raw material (cotton lint) from the traders located in and around
Guntur. The company sells its products i.e. cotton yarn and cotton
seeds to the spinning millers and traders located at various places
like West Bengal, Tamil Nadu, Maharashtra and Telangana.

Status of non-cooperation with previous CRA: India Ratings has
continued the ratings assigned to the bank facilities of HSPL to
the 'issuer not-cooperating' category vide press release dated
October 18, 2024 on account of its inability to carryout review in
the absence of requisite information from the company.


HI REACH: CARE Keeps C Debt Rating in Not Cooperating Category
--------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Hi Reach
Construction Equipments Private Limited (HRCEPL) continue to remain
in the 'Issuer Not Cooperating' category.

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

   Short Term Bank      0.25       CARE A4; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category

Rationale and key rating drivers

CARE Ratings Ltd. had, vide its press release dated January 11,
2024, placed the rating(s) of HRCEPL under the 'issuer
non-cooperating' category as HRCEPL had failed to provide
information for monitoring of the rating as agreed to in its Rating
Agreement. HRCEPL continues to be non-cooperative despite repeated
requests for submission of information through e-mails dated
November 26, 2024, December 6, 2024 and December 16, 2024, among
others.

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

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

Analytical approach: Standalone

Outlook: Stable

HRCEPL was incorporated in September 1992 by Mr Sanjay Mohan Kaul
and started commercial operations in October 1992. HRCEPL is
engaged in the manufacturing of scaffoldings items which find its
application in the construction industry. The company has two
manufacturing plants which are located at Sahibabad, Uttar Pradesh,
and Alwar, Rajasthan. The company is also engaged into
manufacturing and retailing store of home furnishing, women
apparels and accessories such as leather bag, artificial jewellery,
etc, under the brand name of 'Indian August' in Noida, Uttar
Pradesh.

INDIAN TECHNOMETAL: Insolvency Resolution Process Case Summary
--------------------------------------------------------------
Debtor: Indian Technometal Company Limited

        Registered Address:
        1107, Vikrant Tower 4,
        Rajendra Place, New Delhi-110008

Insolvency Commencement Date: January 6, 2025

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

Estimated date of closure of
insolvency resolution process: July 5, 2025

Insolvency professional: Vikram Bajaj

Interim Resolution
Professional: Vikram Bajaj
              214, Second Floor, Tower A,
              Spazedge, Tower A, Sector 47,
              Gurgaon, Haryana-122018
              Email: bajaj.vikram@gmail.com

              -- and --

              Immaculate Resolution Professionals
              Private Limited
              Unit No. 112, First Floor, Tower-A,
              Spazedge Commercial Complex, Sector-47,
              Sohna Road, Gurgaon-122018
              Email Id: ibc.indiantechnometal@gmail.com

Last date for
submission of claims: January 31, 2025


ISHAN EQUIPMENT: CRISIL Hikes Rating on INR23.5cr Loan to B-
------------------------------------------------------------
CRISIL Ratings has upgraded its rating on the long-term bank
facilities of Shree Ishan Equipment Pvt Ltd (SIEPL) to 'CRISIL
B-/Stable' from 'CRISIL C' and has reaffirmed its 'CRISIL A4'
rating on the short-term bank facilities.

                        Amount
   Facilities        (INR Crore)      Ratings
   ----------        -----------      -------
   Bank Guarantee         7           CRISIL A4 (Reaffirmed)

   Bank Guarantee        30.5         CRISIL A4 (Reaffirmed)

   Cash Credit           23.5         CRISIL B-/Stable (Upgraded
                                      from 'CRISIL C')

   Proposed Fund-         6           CRISIL B-/Stable (Upgraded
   Based Bank Limits                  from 'CRISIL C')

The upgrade reflects the company's track record of timely debt
servicing for over 90 days owing to improved liquidity.

The ratings reflect the company's large working capital requirement
and average financial risk profile. These weaknesses are partially
offset by the extensive experience of the promoters in the
industrial machinery and consumables industry and a healthy order
book.

Analytical Approach

CRISIL Ratings has considered the standalone business and financial
risk profiles of SIEPL.

Key Rating Drivers & Detailed Description

Weaknesses:

* Large working capital requirement: Operations are working capital
intensive, as reflected in gross current assets (GCAs) of 250-280
days in the three fiscals through 2024. The GCAs are expected at
220-230 days as on March 31, 2025, driven by large receivables and
inventory of 113 days and 119 days, respectively. The company has
to extend long credit period and maintain sizeable work-in-process
inventory to meet business needs. The working capital cycle will
likely remain stretched over the medium term, which will be a key
monitorable.

* Modest financial risk profile: Total outside liabilities to
adjusted networth (TOLANW) ratio was high at 5.5-6.5 times in the
three fiscals through 2024. Gearing and total outside liabilities
to tangible networth ratio were 2.57 times and 5.64 times,
respectively, as on March 31, 2024. Debt protection metrics were
subdued owing to low cash accrual, as indicated by interest
coverage and net cash accrual to total debt ratios of 1.71 times
and 0.09 time, respectively, in fiscal 2024. The financial risk
profile will likely remain average over the medium term and will be
a key rating sensitivity factor.

Strengths:

* Extensive experience of the promoters and established clientele:
The promoters have experience of around three decades in the
industrial machinery and consumables industry; this has helped them
develop a strong understanding of market dynamics and healthy
relationships with suppliers and customers. Clientele includes
Indian Oil Corporation Ltd, Bharat Petroleum Corporation Ltd,
Hindustan Petroleum Corporation Ltd, Gujarat Alkalies and Chemicals
Ltd, and Gujarat State Fertilizers and Chemicals Ltd. The extensive
experience of the promoters will help scale up operations and
successfully execute orders. The company had an order book of above
INR230 crore in fiscal 2024. Revenue was above INR110 crore in
fiscal 2024 and is expected at more than INR120 crore in fiscal
2025.

* Moderate order book: Orders worth INR169 crore as of May 2024 and
around INR235 crore as of November 2024 to be executed in the next
15 months provide adequate medium-term revenue visibility. The
company has orders from established government and private players.
Orders from established clients, steady increase in the order book
and timely execution of projects will be monitorables.

Liquidity: Poor

Bank limit utilisation was high at 99.27% for the twelve months
through December 2024. Cash accrual, expected at INR3.8-7.8 crore
per annum, will just about cover yearly term debt obligation of
INR2.6-3.8 crore over the medium term. Any surplus will cushion the
liquidity.

Current ratio was moderate at 1.1 times as on March 31, 2024.

Outlook: Stable

SIEPL will continue to benefit from the extensive experience of its
promoters and their established relationships with clients.

Rating sensitivity factors

Upward factors

* Steady revenue growth and operating margin leading to net cash
accrual to repayment obligation ratio above 1.2 times
* Reduced bank limit utilisation strengthening the liquidity
* Improvement in the working capital cycle

Downward factors

* Decline in revenue and fall in operating margin below 10% leading
to net cash accrual below INR3.5 crore
* Further stretch in the working capital cycle, with GCAs above 280
days leading to pressure on liquidity

SIEPL, formerly known as Ishan Equipments Pvt Ltd, was incorporated
in 1996 by Mr Ashwin K Panchal and his family members. The company
is engaged in the design, supply, installation and commissioning of
process plants and other equipment, catering to the needs of
chemical, petrochemicals and related industries. It has two
manufacturing units in Vadodara, Gujarat.


KESHAV COTTON: CRISIL Moves B+ Debt Rating to Not Cooperating
-------------------------------------------------------------
CRISIL Ratings has migrated the rating on bank facilities of Keshav
Cotton Industries (KCI) to 'CRISIL B+/Stable Issuer not
cooperating'.

                       Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit            20        CRISIL B+/Stable (Issuer Not
                                    Cooperating; Rating Migrated)

CRISIL Ratings has been consistently following up with KCI for
obtaining information through letter and email dated January 13,
2025 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 KCI, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on KCI
is consistent with 'Assessing Information Adequacy Risk'.
Therefore, on account of inadequate information and lack of
management cooperation, CRISIL Ratings has migrated the rating on
bank facilities of KCI to 'CRISIL B+/Stable Issuer not
cooperating'.

KCI was established in 2013 as partnership firm by Patel family. It
is engaged in cotton ginning and pressing. Its products include
cotton bales, cotton seed cake, cotton wash oil, etc. Firm has
manufacturing unit located in Mehsana- Gujarat and owned by Mr.
Dashrathbhai Patel and other 3 family partners.


LAKSHMI GOVARDANA: CRISIL Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Sri Lakshmi
Govardana Rice Industry (SLG) continue to be 'CRISIL D Issuer Not
Cooperating'.

                         Amount
   Facilities         (INR Crore)     Ratings
   ----------         -----------     -------
   Cash Credit           19.3         CRISIL D (Issuer Not
                                      Cooperating)

   Proposed Long Term     0.27        CRISIL D (Issuer Not
   Bank Loan Facility                 Cooperating)

   Term Loan              0.43        CRISIL D (Issuer Not
                                      Cooperating)

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

Incorporated in year 2013, SLG is engaged into processing i.e.
milling, polishing and sorting of non-basmati rice. SLG is
partnership firm with V Vinod Kumar Naidu as its Managing Director.
Company is having its rice mill situated at Nellore district of
Andhra Pradesh.


LAXMI SRINIVASA: CRISIL Keeps B+ Debt Rating in Not Cooperating
---------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Sri Laxmi
Srinivasa Industries (SLSI) continues to be 'CRISIL B+/Stable
Issuer Not Cooperating'.

                         Amount
   Facilities          (INR Crore)      Ratings
   ----------          -----------      -------
   Cash Credit             13           CRISIL B+/Stable (Issuer
                                        Not Cooperating)

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

SLSI mills and processes paddy into rice, rice bran, broken rice,
and husk. The firm was set up by Mr. Srinivas Reddy and his family
members.


MARUTI ENTERPRISES: CARE Keeps C Debt Rating in Not Cooperating
---------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Maruti
Enterprises (Hajipur) (ME) continue to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       7.25       CARE C; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category  

   Short Term Bank      6.00       CARE A4; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category

Rationale and key rating drivers

CARE Ratings Ltd. had, vide its press release dated January 11,
2024, placed the rating(s) of ME under the 'issuer non-cooperating'
category as ME had failed to provide information for monitoring of
the rating as agreed to in its Rating Agreement. ME continues to be
non-cooperative despite repeated requests for submission of
information through emails dated November 26, 2024, December 6,
2024 and December 16, 2024 among others.

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

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

Analytical approach: Standalone

Outlook: Stable

Maruti Enterprises (ME) was established in 1986 as a partnership
firm. Currently the firm is managed by four partners namely, Mrs.
Vinita Sinha, Mr. Niket Kumar Sinha, Mr. Abhishek Kumar and Mr.
Amit Kumar. The registered office of the firm is situated at
Vaishali, Bihar. Since its inception, the firm has been engaged in
civil construction business in the segments like construction of
road, bridges etc.


MUTHUS GOLDEN: CRISIL Keeps D Debt Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Muthus Golden
Rice Products Private Limited (MGRPPL) continue to be 'CRISIL D
Issuer Not Cooperating'.

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

   Term Loan              2.2         CRISIL D (Issuer Not
                                      Cooperating)

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

MGRPPL incorporated on August 8, 2015, mills non-basmati rice from
paddy. MGRPPL took over the operations of Sri Ram Modern Rice Mill
(SRMRM), a partnership firm. Mr. P Venkatesa Prasadh and Mr. A
Perisamy, who earlier were partners in SRMRM, are now MGRPPL's
directors. They have been in this line of business since 1976. The
company markets its products under the brand, Royal.


NUTRIENT MARINE: CARE Keeps D Debt Ratings in Not Cooperating
-------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Nutrient
Marine Foods Limited (NMFL) continue to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term/          40.00       CARE D/CARE D; ISSUER NOT
   Short Term                      COOPERATING; Rating continues
   Bank Facilities                 to remain under ISSUER NOT
                                   COOPERATING category

Rationale and key rating drivers

CARE Ratings Ltd. had, vide its press release dated January 9,
2024, placed the rating(s) of NMFL under the 'issuer
non-cooperating' category as NMFL had failed to provide information
for monitoring of the rating as agreed to in its Rating Agreement.
NMFL continues to be non-cooperative despite repeated requests for
submission of information through e-mails dated November 24, 2024,
December 4, 2024, December 14, 2024 among others.

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

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

Analytical approach: Standalone

Outlook: Not Applicable


Nutrient Marine Foods Limited (NMFL) was incorporated in the year
2011, promoted by Shri G Rama Reddy, Shri G Rama Krishan Reddy and
Shri G Venkat Reddy. NMFL is a part of Reddy & Reddy group and also
has five other associate companies. NMFL started its business
operations from April, 2012 with FY13 being first full year of
operations. NMFL is engaged in the processing and exporting of
shrimps (Black Tiger and Vannamei) of different varieties like
Head-On, Head-less, Tail-on, Tail-off, De-veined etc. mainly to
China, Vietnam, Malaysia, Germany and UK. It has a
processing-cum-storage facility with a processing capacity of
30MTPD (metric tonnes per day) of shrimp, four plate freezers with
a freezing capacity of 15 MTPD and Individual Quick Freezer with a
freezing capacity of 10 MTPD and two flake ice machines with a
capacity of 30 tonnes per day and cold storage facilities with a
capacity of 600 MT for preserving processed sea food. The
processing facility has been taken on lease, close to aquaculture
zone in Bhimavaram.


RAMAKRISHNA PRECAST: CRISIL Keeps B+ Rating in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Sri
Ramakrishna Precast Private Limited (SRPPL) continues to be 'CRISIL
B+/Stable Issuer not cooperating'.

                         Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Proposed Fund-         10        CRISIL B+/Stable (ISSUER
   Based Bank Limits                NOT COOPERATING)

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

SRPPL was incorporated in year 2022. SRPPL has recently set a unit
to manufacture pre-casted materials, ready mix concretes, M. sand,
P. sand and aggregates in Erode, Tamil Nadu.  The plant was
commissioned in April, 2022. SRPPL is owned and managed by
Sellappagoundanvalasu Krishnasamy Yoganathan, Y. Santhi, S.
Chinnathambi and Y. Sudhankrishna.


RAVI TEJA: CARE Keeps D Debt Rating in Not Cooperating Category
---------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Ravi Teja
Textiles (RTT) continues to remain in the 'Issuer Not Cooperating'
category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       4.82       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Rationale and key rating drivers

CARE Ratings Ltd. had, vide its press release dated January 11,
2024, placed the rating(s) of RTT under the 'issuer
non-cooperating' category as RTT had failed to provide information
for monitoring of the rating as agreed to in its Rating Agreement.
RTT continues to be non-cooperative despite repeated requests for
submission of information through e-mails dated November 26, 2024,
December 6, 2024 and December 16, 2024 among others.

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

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

Analytical approach: Standalone

Outlook: Not Applicable

Ravi Teja Textiles (RTT) was established as a proprietorship
concern by Mr. D. Sarveswara Rao in the year 1990. The firm is
engaged in the trading of sarees and ladies dress materials. The
firm has two showrooms, one located in Ongole while the other
located in Piduguralla, Andhra Pradesh. While the showroom in
Ongole has been operating since 1990, the new showroom in
Piduguralla was started during the end of FY14. In FY15, RTT had a
surplus of INR0.13 crore on a total operating income of INR12.60
crore, as against PAT and TOI of INR0.12 crore and INR8.46 crore,
respectively, in FY14.


RITZY CHEMICALS: Insolvency Resolution Process Case Summary
-----------------------------------------------------------
Debtor: Ritzy Chemicals Private Limited

        Registered Address:
        DTJ 132, First Floor, DLF Tower-B,
        Jasola, South Delhi, New Delhi 110025, India

Insolvency Commencement Date: January 8, 2025

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

Estimated date of closure of
insolvency resolution process: July 7, 2025

Insolvency professional: Parminder Singh Bhullar

Interim Resolution
Professional: Parminder Singh Bhullar
              E-10/313, Mangak Puri Gali,
              Ghanupur Road, Khandwala,
              Near Water Tank,
              Amritsar 143104 Punjab
              Email: advocate.psb@gmail.com

              -- and --

              Plot NO. D-190, 3rd Floor, Sector-74.
              Industrial Area, Phase-8B, SAS Nagar,
              Mohali 160071, Punjab
              Email: ritzycirp@gmail.com

Last date for
submission of claims: January 31, 2025


SATKAR PAPERS: CRISIL Keeps B Debt Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Satkar Papers
Mills Private Limited (SPMPL) continue to be 'CRISIL B/Stable
Issuer not cooperating'.

                        Amount
   Facilities        (INR Crore)      Ratings
   ----------        -----------      -------
   Cash Credit            1.00        CRISIL B/Stable (Issuer Not
                                      Cooperating)

   Term Loan              7.11        CRISIL B/Stable (Issuer Not
                                      Cooperating)

   Term Loan              3.11        CRISIL B/Stable (Issuer Not
                                      Cooperating)

   Term Loan              0.92        CRISIL B/Stable (Issuer Not
                                      Cooperating)

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

Incorporated in May 1989 and promoted by Mr. Gurmit Singh, Mr.
Gagandeep Singh, and Mr. Avnit Singh, SPMPL manufactures kraft
paper at its existing unit in Ludhiana and is setting up another
kraft paper plant for enhancing its production capacities.


SHUBHADA TOOL: Insolvency Resolution Process Case Summary
---------------------------------------------------------
Debtor: Shubhada Tool Industries Private Limited

        Registered Address:
        23, Pushpkunj Commercial Complex,
        3rd Floor, Central Bazar Road,
        Ramdaspeth, Nagpur 440010 MH


Insolvency Commencement Date: January 17, 2025

Court: National Company Law Tribunal, Mumbai Bench

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

Insolvency professional: Atul Rajwadkar

Interim Resolution
Professional: Atul Rajwadkar
              47, Hindusthan Colony,
              Wardha Road, Nagpur - 440015
              Email: vervecapital@gmail.com
              Email: shubhada.insolvency@gmail.com

Last date for
submission of claims: January 31, 2025


SIVA SANKARA: CRISIL Keeps D Debt Ratings in Not Cooperating
------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Siva Sankara
Paper Mills (SSPM) continue to be 'CRISIL D Issuer Not
Cooperating'.

                         Amount
   Facilities         (INR Crore)     Ratings
   ----------         -----------     -------
   Cash Credit           12.68        CRISIL D (Issuer Not
                                      Cooperating)

   Term Loan              1.10        CRISIL D (Issuer Not
                                      Cooperating)

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

SSPM was establish in 2005, it is located in Unguturu, Andhra
Pradesh. SSPM is owned and managed by Mrs K Padmini, Mrs
Radhikamani and Mr G Radha. SSPM is engaged in manufacturing of
kraft paper. It has an installed capacity of 18000 MTPA.


SKS POWER: CARE Keeps D Debt Ratings in Not Cooperating Category
----------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of SKS Power
Generation (Chhattisgarh) Limited (SPGCL) continue to remain in the
'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank    5,456.96      CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

   Long Term/         504.00       CARE D/CARE D; ISSUER NOT
   Short Term                      COOPERATING; Rating continues
   Bank Facilities                 to remain under ISSUER NOT
                                   COOPERATING category and
                                   Revised from CARE D

   Non Convertible    258.74       CARE D; ISSUER NOT COOPERATING;
   Debentures                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Rationale and key rating drivers

CARE Ratings Limited (CARE Ratings) has been seeking information
from SPGCL to monitor the rating(s) vide e-mail communications.
However, despite repeated requests, the company has not provided
the requisite information for monitoring ratings. In line with the
extant Securities and Exchange Board of India (SEBI) guidelines,
CARE Ratings has reviewed the rating on the basis of the best
available information, which, however, in CARE Ratings' opinion is
not sufficient to arrive at a fair rating. Ratings on SPGCL's bank
facilities and instruments continue to be denoted as CARE D; ISSUER
NOT COOPERATING. Users of these ratings (including investors,
lenders, and the public at large) are hence requested to exercise
caution while using the above rating(s).

The ratings take into account the ongoing delays in debt servicing
for the rated facilities. The company is undergoing Corporate
Insolvency and Resolution Process (CIRP) under the National Company
Law Tribunal (NCLT).

Analytical approach: Standalone

Outlook: Not applicable

Detailed description of key rating drivers:

At the time of last rating on October 27, 2023, the following were
the weaknesses:

Key weaknesses

* Delays in servicing of debt obligations: The company has delayed
in servicing of debt obligation for the rated facilities.

Liquidity: Poor

The liquidity profile of the company is poor as reflected by the
ongoing delays in the debt servicing.

SPGCL promoted by the SKS group is a 51% subsidiary of SKS Ispat
and Power Limited (SIPL). On November 12, 2018, Singaporebased
Agritrade Resources has entered definitive agreement with its
lenders to acquire SPGCL in a one-time settlement of INR2,170
crore, and subsequently, post compliance of the condition
precedents and on receipt on OTS amount transaction closed on March
18, 2019. Agritrade is a leading energy solutions provider
headquartered in Singapore and listed on the Hong Kong stock
exchange. The company is the first to introduce large scale, fully
mechanised underground coal mining in Indonesia.

SMT SHAKUNTLA: CARE Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Smt.
Shakuntla Educational and Welfare Society (SSEWS) continue to
remain in the 'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      148.62      CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

   Short Term Bank      50.00      CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated December 28,
2023, placed the rating(s) of SSEWS under the 'issuer
non-cooperating' category as SSEWS had failed to provide
information for monitoring of the rating as agreed to in its Rating
Agreement. SSEWS continues to be non-cooperative despite repeated
requests for submission of information through e-mails dated
November 12, 2024, November 22, 2024, December 2, 2024 among
others.

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

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

Analytical approach: Standalone

Outlook: Not Applicable

Smt. Shakuntla Educational & Welfare Society (SSEWS) formed in the
year 1998 with the Registrar of Society under the society
registration act 1860 with the main objective of providing
education. The society is promoted by Mr. Suneel Galgotia, an
educationist from Uttar Pradesh with experience of more than three
decades in the education industry. SSEWS is currently operating two
management colleges as well as one engineering college in Noida
(Uttar Pradesh). Apart from these, the society is also operating
one educational university named Galgotia University. Galgotia
University came into existence after passing of Galgotias
University Act in 2011 by Government of Uttar Pradesh.

Status of non-cooperation with previous CRA: Brickwork has
continued the rating assigned to the bank facilities of SSEWS into
Issuer Not Cooperating category vide press release dated January 3,
2024 on account of its inability to carry out review in the absence
of requisite information.


SUUMAYA INDUSTRIES: Insolvency Resolution Process Case Summary
--------------------------------------------------------------
Debtor: Suumaya Industries Limited

        Registered Address:
        Wing B, 20th Floor, Lotus Corporate Park,
        Western Express Highway, Goregaon East,
        Mumbai, Maharashtra – 400063

Insolvency Commencement Date: August 2, 2024

Court: National Company Law Tribunal, Mumbai Bench

Estimated date of closure of
insolvency resolution process: January 29, 2025

Insolvency professional: Pawan Kumar Singal

Interim Resolution
Professional: Pawan Kumar Singal
              MP 114, Pitampura, Delhi 110034
              Email: pawansingal50@gmail.com

              -- and --

              8/28, 3rd Floor, W.E.A,
              Abdul Aziz Road, Karol Bagh,
              New Delhi - 110005
              Email: cirp.suumaya@gmail.com

Last date for
submission of claims: August 16, 2024


THANGAMMAN EXPORTS: CRISIL Keeps C Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Thangamman
Exports (TE) continue to be 'CRISIL C/CRISIL A4 Issuer Not
Cooperating'.

                         Amount
   Facilities         (INR Crore)     Ratings
   ----------         -----------     -------
   Bills Receivable        1          CRISIL A4 (Issuer Not
   Discounting                        Cooperating)

   Long Term Loan          0.3        CRISIL C (Issuer Not
                                      Cooperating)

   Packing Credit          3          CRISIL A4 (Issuer Not
   Discounting                        Cooperating)

   Proposed Long Term      1.7        CRISIL C (Issuer Not
   Bank Loan Facility                 Cooperating)

   Short Term Bank         1          CRISIL A4 (Issuer Not
   Facility                           Cooperating)

CRISIL Ratings has been consistently following up with TE 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 TE, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on TE is
consistent with 'Assessing Information Adequacy Risk'. Based on the
last available information, the ratings on bank facilities of TE
continues to be 'CRISIL C/CRISIL A4 Issuer not cooperating'.

TE was established in 1985 by Mr Chandrasekaran as a proprietorship
firm in Tiruppur, Tamil Nadu. The firm manufactures and exports
readymade garments. It undertakes knitting, cutting, stitching, and
packaging of garments at its unit in Tiruppur.


TULSI COTTON: CRISIL Keeps B+ Debt Rating in Not Cooperating
------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Tulsi Cotton
Mills Private Limited (TCMPL) continues to be 'CRISIL B+/Stable
Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit            10         CRISIL B+/Stable (Issuer Not
                                     Cooperating)

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

TCMPL was incorporated in 1992 by Pali, Rajasthan based Jain
family. The company is in to, processes, dyes, and prints cotton
sarees, dress materials and other fabric. The manufacturing
capacity of around 300 lakh meters per annum is utilized at
75-80%.


USHASWINI RICE: CRISIL Keeps B Debt Ratings in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Sri Ushaswini
Rice Industries (SURI) continue to be 'CRISIL B/Stable Issuer not
cooperating'.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Cash Credit            7.46      CRISIL B/Stable (ISSUER NOT
                                    COOPERATING)

   Long Term Loan         1.54      CRISIL B/Stable (ISSUER NOT
                                    COOPERATING)

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

Set up in 2013, SURI is a partnership firm, that mills and
processes paddy into rice, rice bran, broken rice, and husk. The
firm is based at Nalgonda, Telangana.


VERA INDUSTRIES: CRISIL Keeps B Debt Ratings in Not Cooperating
---------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Vera
Industries (VI) continue to be 'CRISIL B/Stable Issuer not
cooperating'.

                         Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             7.50      CRISIL B/Stable (Issuer Not
                                     Cooperating)

   Proposed Long Term       .25      CRISIL B/Stable (Issuer Not
   Bank Loan Facility                Cooperating)

   Rupee Term Loan          .75      CRISIL B/Stable (Issuer Not
                                     Cooperating)

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

VI, set up in 2014 and based in Punjab, manufactures cattle feed.
Its operations are managed by Mr. Rakesh Kumar and his father Mr.
Vijay Kumar. Its manufacturing facility is at Muktsar in Punjab.
The firm started operations in October 2014.




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

MITSUI OSK: Moody's Upgrades CFR to Ba1, Alters Outlook to Stable
-----------------------------------------------------------------
Moody's Ratings has upgraded Mitsui O.S.K. Lines, Ltd.'s (MOL)
corporate family rating to Ba1 from Ba2 and changed the outlook to
stable from positive.              

"The upgrade reflects MOL's success in growing divisions with
relatively stable earnings and cash flow that enhance its ability
to mitigate the inherent volatility in its container shipping
business," says Roman Schorr, a Moody's Ratings Vice President and
Senior Analyst.

"The upgrade also reflects Moody's expectation that MOL will
continue to adhere to a balanced capital allocation to control
leverage through market cycles," adds Schorr.

RATINGS RATIONALE

MOL has demonstrated a track record of executing on its strategy to
improve its earnings and cash flow stability. Moody's expect MOL to
remain focused on reinvestment in the growth of its relatively
stable businesses, such as liquefied natural gas (LNG) carriers
running under long-term contracts and real estate, as well as
purchasing more energy-efficient vessels.

Moody's expect the market environment for the containership
industry to remain volatile. Freight rates soared in 2024 as
carriers rerouted from the Red Sea to the Cape of Good Hope,
promising substantial profits. However, such elevated rates, which
reflect shippers' fears of supply chain disruptions rather than
fundamental reasons, will likely eventually decrease. With the
global containership fleet poised to grow, overcapacity will
constrain profitability in MOL's containership joint venture (JV),
Ocean Network Express Pte. Ltd. (ONE).

However, MOL continues to diversify its business portfolio, with
solid growth across its operating segments, including LNG carriers,
real estate, logistics and bulk ships. The growing profit
contribution from its less volatile segments provides a buffer
against an increase in its leverage even during times of weaker
earnings in the container shipping segment.

Better visibility over ONE's dividend payments will also contribute
to greater cash flow predictability. In March 2024, ONE announced
it would pay a special dividend of $3 billion to its shareholders,
including MOL over fiscal 2024 (year that ends March 2025) - 2026.

Moody's expect MOL's debt load to increase steadily over the next
two to three years to fund growth investments. MOL has decided to
invest JPY1.28 trillion over fiscal years 2023-2025, which will
increase its debt. However, Moody's forecast that the growing
earnings contribution from relatively stable segments will help MOL
maintain a sufficient risk buffer, with debt/EBITDA of around 4.5x
over the next 12-18 months compared to the 3.8x it recorded at the
end of fiscal 2023.

MOL's Ba1 CFR reflects the company's high debt balance, the
shipping industry's volatile rates and the company's high
investment needs, especially in its growth areas. These risks are
counterbalanced by MOL's well-established presence among Japanese
shipping companies; its large, diversified shipping portfolio; and
the financing flexibility afforded by its mostly unencumbered
balance sheet.

FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATING

The stable outlook reflects Moody's expectation that MOL will
continue to diversify its business portfolio which in turn will
lead to reducing earnings and cash flow volatility.  The stable
outlook also incorporates Moody's expectation that MOL will adhere
to a capital allocation that balances growth investments and
shareholder returns with debt control.

Moody's could upgrade the rating if MOL further reduces earnings
and cash flow volatility and lowers its debt significantly.
Improvements in liquidity, including a lower reliance on the
roll-over of short-term debt, and more predictable cash flow,
including dividends from ONE, will also be credit positive. Credit
metrics indicative of positive rating pressure include debt/EBITDA
remaining below 3.5x and retained cash flow (RCF)/net debt
remaining above 20% through the business cycle.

Moody's could downgrade the rating if the company's earnings and
cash flow volatility rises. A more aggressive financial policy,
including a material increase in shareholder returns, large
debt-funded acquisitions or investments that do not result in a
commensurate increase in stable cash flow will be credit negative.
Downward rating pressure could also emerge if liquidity weakens.
Credit metrics indicative of a downgrade include debt/EBITDA rising
above 5.5x or its RCF/net debt falling to the low teens in
percentage terms.

The principal methodology used in this rating was Shipping
(Japanese) published in July 2021.

Mitsui O.S.K. Lines, Ltd. is headquartered in Tokyo and is one of
the world's largest shipping companies in terms of fleet size.



=========
M A C A U
=========

WYNN MACAU: Fitch Affirms 'BB-' IDR, Outlook Stable
---------------------------------------------------
Fitch Ratings has affirmed Wynn Resorts, Limited's (WRL) and its
subsidiaries' (collectively Wynn) Issuer Default Ratings (IDR) at
'BB-'. The Rating Outlook is Stable. The subsidiaries are Wynn
Resorts Finance, LLC (WRF), Wynn Las Vegas, LLC (WLV), Wynn Macau,
Limited (WML), and WM Cayman Holdings Limited II (WMC). Fitch has
also affirmed Wynn's senior secured and unsecured debt at 'BB+'
with a Recovery Rating of 'RR1' and 'BB-'/ 'RR4', respectively.
WRL's ratings reflect average diversification, despite operating in
two of the world's largest gaming markets. The capital needed for
current and potential projects could affect the pace of more
meaningful credit improvement.

Rating strengths include a high-quality portfolio of gaming assets,
ongoing improvements in Macau's market, top-tier performance in Las
Vegas, and robust liquidity to fund near-term capital projects and
further debt reduction.

The Stable Outlook reflects strong growth prospects in the Macau
market, Wynn's strong market position in the Las Vegas market, and
robust liquidity.

Key Rating Drivers

Macau Recovery Builds Strength: Wynn's two Macau properties
continue to grow following the removal of travel restrictions in
early 2023, albeit slightly below Fitch's expectations. The Macau
gaming market grew 24% in 2024 but remains 22.5% below pre-pandemic
levels. This was due primarily to the crackdown on VIP gamblers to
stem capital outflow, and to a lesser extent, to weaker economic
conditions in China.

Fitch expects Wynn's Macau operations to grow marginally in
2025-2028. A weaker Chinese economy, a decline in the value of the
Chinese currency (renminbi) relative to the Macau Pataca (which is
fixed to the U.S. dollar), and potential tariffs are likely.
However, this will be offset by continued visitation growth from
new amenities, expansion projects throughout Macau and increased
visas from certain Chinese provinces.

Improving Credit Profile: Fitch expects EBITDAR leverage to improve
to 5.6x by 2024 from slightly below 6.7x in 2023 via EBITDA growth
and debt reduction. Fitch forecasts positive FCF over 2025-2028.
Liquidity is robust, which includes $2.4 billion in cash, $735
million of availability in the WRF revolver, and $354 million under
the WML revolver. Fitch forecasts FCF margins at 10%-11%, which
should enable Wynn to meet debt obligations and potential capital
needs for development projects.

Management does not have an explicit financial policy on leverage,
although the balance sheet has been managed prudently over the
years, despite development projects that temporarily increase
leverage. Wynn expanded its share repurchase program in 2024, but
Fitch expects any further repurchases to be opportunistic.

Development Pipeline in UAE: Wynn has a 40% equity in Island 3 AMI
FZ-LLC, which is constructing an integrated resort, Wynn Al Marjan
Island, in Ras Al Khaimah, United Arab Emirates, scheduled to open
in 2027. The project is estimated to cost $5.1 billion, with Wynn
contributing $1.1 billion. Wynn is expected to receive management
and license fees, as well as dividends. Fitch views the project as
attractive due to limited competition, favorable demographics, and
appeal to high-value customers, though risks include higher
construction costs, delays, and slower visitation growth.

Potential New License in U.S.: Wynn is applying for a gaming
license in downstate New York through a joint venture with Related
Companies and Oxford Properties. They are bidding to build a
casino/resort in Hudson Yards, Manhattan. If approved, the joint
venture would be required to contribute $500 million to secure the
license. The bid will require permitting and community approval.

Strong Vegas Market Position: Wynn's Las Vegas properties (Wynn and
Encore) benefit from their top-of-class hierarchy that allows them
to attract the highest value customers and offsets price discounts
to maintain occupancy. Fitch expects revenue from the Las Vegas
properties to decline in 2025 due to the exclusion of one-time
events (Super Bowl in 2024) and reduced leisure spending. However,
Fitch believes the portfolio will deliver superior results relative
to other Las Vegas casinos in EBITDA per room, given their appeal
to high-value customers.

Strong Parent and Subsidiary Linkage: Fitch analyzes Wynn on a
consolidated basis because of strong linkage between the parent and
the operating subsidiaries. Under its Parent and Subsidiary Linkage
(PSL) Rating Criteria, Fitch views the parent as stronger than its
subsidiaries. The linkage reflects the perceived high strategic and
operational incentives, as the subsidiaries share brands and
customers across the system. There are no material ring-fencing
mechanisms to block cash movement from the subsidiaries. WRF's
bonds have a cross default clause with WLV's bonds.

Derivation Summary

Wynn has historically maintained a 'BB' credit profile except
during large development spending or economic crises, such as the
pandemic or the global financial crisis. It has high-quality assets
and operates in attractive regulatory regimes, while typically
maintaining strong liquidity. Fitch expects Wynn to continue to
pursue development projects and expansions/renovations on existing
properties, but in a prudent manner that preserves liquidity.

MGM Resorts International (BB-/Stable) has greater diversification
and larger scale. MGM also has lower EBITDA leverage, although this
is offset by a lower EBITDAR fixed-charge coverage ratio, as MGM
has sale-leaseback agreements on most of its properties. Wynn and
MGM operate in the top tier of their respective markets, but MGM
also has properties that are marketed to lower- to mid-tier
customers, which results in lower margins and are susceptible to
more downside risk in economically challenging periods.

Las Vegas Sands (LVS; BBB-/Stable) has a larger presence in Macau
with five gaming properties and also is one of two operators in
Singapore. Both companies focus on premium gaming customers in
large gaming markets, although LVS has a lower estimated 2024
EBITDAR leverage at 3.1x compared with Wynn at 5.6x.

Key Assumptions

- Macau EBITDA to see flat to low-single digit increases for
2025-2028. While visitation is expected to grow, the weakening
Chinese economy, a lower renminbi, and potential impact of tariffs
are underlined in its more conservative near-term forecasts;

- Las Vegas EBITDA to plateau in 2025 as a result of difficult
comparisons (Super Bowl in 2024) and room renovation project, but
should increase over 2026-2028;

- Encore Boston Harbor to remain stable throughout the forecast
period;

- Wynn Al Marjan Island is expected to open in 2027, but Fitch has
not factored it into EBITDA, due to the uncertainty of the exact
timing of the opening and the expected minimal cash impact from
management fees. Fitch expects the project to be credit-accretive
only after 2027 given the unique aspects of the property's location
and brand;

- Capex and investment activity include Macau concession
agreements, the UAE resort development, and expected room
renovations in Las Vegas. Fitch has made no assumptions for
investments in a potential New York casino license;

- Fitch assumes share repurchases up to its $1 billion share
repurchase authorization by the end of 2027;

- Base interest rate assumptions reflect the current SOFR curve.

Recovery Analysis

Fitch applies the generic approach for issuers in the 'BB' rating
category and equalizes the IDR and unsecured debt instrument
ratings when average recovery prospects are present, as per the
Corporates Recovery Ratings and Instrument Ratings Criteria, as
issuers rated 'BB-' and above are too far from default for a
credible default scenario analysis to be generated, and would
likely generate Recovery Ratings that are too high across all
instruments.

Where a Recovery Rating is assigned, the generic approach reflects
the relative instrument rankings and their recoveries, as well as
the higher enterprise valuation of 'BB' ratings in a generic sense
for the most senior instruments.

Considering the IDR of 'BB-', the Category 1 first lien senior
secured debt is notched two levels to 'BB+'/'RR1'.

The unsecured debt is equalized at 'BB-'/'RR4'.

RATING SENSITIVITIES

Factors that Could, Individually or Collectively, Lead to Negative
Rating Action/Downgrade

- EBITDAR leverage exceeding 6.0x on a sustained basis;

- EBITDAR fixed charge coverage consistently below 2.5x;

- An increase in financial commitments due to new development
projects or increased capital allocations to shareholders leading
to a breach of EBITDAR leverage or EBITDAR fixed-charge coverage
targets.

Factors that Could, Individually or Collectively, Lead to Positive
Rating Action/Upgrade

- EBITDAR leverage declining below 5.0x;

- EBITDAR fixed-charge coverage above 3.0x;

- Maintaining strong liquidity to ensure capital spending and
working capital needs are sufficiently financed.

Liquidity and Debt Structure

Wynn's liquidity includes $2.4 billion in cash and $735 million of
availability on the WRF revolver and $354 million available on its
WML revolver. Wynn also had $1.2 billion of restricted cash that it
used in October 2024 to retire its Wynn Macau 2024 notes and its
Wynn Las Vegas 2025 notes. The company has strong access to
capital, which should fund current development projects such as its
Wynn Al Marjan Island project.

Wynn has prudently addressed near-term maturities at its domestic
entities and Fitch expects the outstanding notes at Wynn Las Vegas
will be refinanced at WRF, which should further simplify the
capital structure. Continued improvement at the Macau properties
should lead to a reduction in debt as well as lengthening
maturities.

Despite Wynn's announced $1 billion share repurchase plan in
October 2024, Fitch expects share repurchases to be opportunistic,
although this could reduce the pace of debt reduction in the near
term.

Issuer Profile

Wynn owns and operates Encore Boston Harbor, Wynn Las Vegas
(including Wynn Encore) and through its 72% owned subsidiary, Wynn
Macau Limited, Wynn Macau and Wynn Palace in Macau, SAR.

MACROECONOMIC ASSUMPTIONS AND SECTOR FORECASTS

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

ESG Considerations

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

   Entity/Debt                Rating         Recovery   Prior
   -----------                ------         --------   -----
WM Cayman Holdings
Limited II              LT IDR BB-  Affirmed            BB-

   senior unsecured     LT     BB-  Affirmed   RR4      BB-

Wynn Macau, Limited     LT IDR BB-  Affirmed            BB-

   senior unsecured     LT     BB-  Affirmed   RR4      BB-

Wynn Las Vegas LLC      LT IDR BB-  Affirmed            BB-

   senior unsecured     LT     BB-  Affirmed   RR4      BB-

Wynn Resorts, Limited   LT IDR BB-  Affirmed            BB-

Wynn Resorts Finance,
LLC                     LT IDR BB-  Affirmed            BB-

   senior unsecured     LT     BB-  Affirmed   RR4      BB-

   senior secured       LT     BB+  Affirmed   RR1      BB+




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

SCOMI ENERGY: Amirul Azhar Steps Down as Executive Director
-----------------------------------------------------------
The Edge Malaysia reports that Practice Note 17 (PN17) company
Scomi Energy Services Bhd said its executive director Amirul Azhar
Baharom has stepped down with effect from Jan. 31.

Amirul, 51, resigned from his post "to pursue personal interest",
according to the former oil and gas and transport solutions
industries service provider's bourse filing.

Amirul's departure marks the latest exit in Scomi Energy's board
exodus, The Edge says.

Independent non-executive chairman Raja Ahmad Murad Raja Bahrin
retired on Dec. 16 last year, followed by independent non-executive
director Ruziah Mohd Amin's resignation on Jan. 1.

Non-independent non-executive director Wong Mun Keong resigned on
the same day as Amirul.  

It is understood that Scomi Energy's board currently comprises only
non-independent non-executive director Aminodin Ismail and
independent non-executive director Raja Hisham Muddin R Mohd
Iskandar, who was appointed on Jan. 27, according to the Ege.

Scomi Energy has been a PN17 company since January 2020.

A regularisation plan which would have seen the company diversify
into the construction business and the entry of Dhaya Maju
Infrastructure (Asia) Sdn Bhd group executive director Datuk Seri
Dr Subramaniam Pillai Sankaran Pillai as its major shareholder did
not proceed in July last year, The Edge recalls.

Last November, Scomi Energy announced it was in preliminary
discussions with an undisclosed white knight to formulate a
regularisation plan slated for submission by Jan. 31. There has
been no announcement from the company so far relating to the
matter, according to The Edge.

The last update on its PN17 status was the company reiterating its
Jan. 31 deadline to submit a regularisation plan.

                         About Scomi Group

Headquartered in Kuala Lumpur, Malaysia, Scomi Group Bhd --
http://www.scomigroup.com.my/publish/home.shtml-- provides
drilling fluids and mud engineering services and the supply of
industrial and production chemicals to the upstream and downstream
oil and gas industry.

In December 2019, Scomi Group Bhd slipped into Practice Note 17 (PN
17) status after shareholders' equity slipped below 25% of its
issued share capital and its equity dropped below MYR40 million
based on its financial results for the quarter ended June 30,
2019.

Shares in Scomi Energy have been suspended since July 2024 after it
failed to submit its regularisation plan on time to Bursa
Securities.

SMILE-LINK HEALTHCARE: Seeks New Auditor to Finalize Fin'l. Reports
-------------------------------------------------------------------
The Edge Malaysia reports that Smile-Link Healthcare Global Bhd, a
LEAP Market-listed dental services provider, is in the process of
selecting a new auditor to finalise its financial statements for
the period ended June 30, 2024.

This follows the approval of resolutions at the company's
extraordinary general meetings (EGMs) on Jan. 20 and Jan. 24 to
remove its current auditor HLB Ler Lum Chew, according to a filing
with Bursa Malaysia.

The Edge relates that the proposal to remove the auditor was
announced last month, prompted by significant delays in the
company's financial statement, which resulted in trading
suspensions and increased regulatory scrutiny.

On Dec. 12, Smile Link Resources (M) Sdn Bhd, which holds a 46.36%
stake in the company, issued a special notice calling for an EGM to
remove HLB Ler Lum Chew, The Edge recalls. Smile-Link claimed that
the auditor had not made any representation regarding the proposed
removal.  

According to The Edge, Smile-Link also alleged that the auditor had
withheld the release of its financial results due to an outstanding
audit fee of MYR180,000, which the company was unable to settle.

In response, HLB Ler Lum Chew stated in a letter sighted by The
Edge that it had received the special notice, but this was
immediately retracted following another email from the company
secretary on the same day. The auditor explained that this
retraction was why it had not issued any written statement
regarding the matter. Additionally, it will issue a legal notice in
relation to what it termed an "untrue" statement.

Smile-Link had failed to submit its audited financial statements
for the period ended June 30, 2024, by the Oct. 30 deadline, the
report notes. As a result, Bursa Malaysia suspended the trading of
Smile-Link's shares on Nov. 8, citing the company's non-compliance
with financial reporting requirements.

Smile-Link was last traded at 13 sen, giving the company a market
capitalisation of MYR32.8 million, the report notes.





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

DURASTEEL STRUCTURES: Creditors' Proofs of Debt Due on March 11
---------------------------------------------------------------
Creditors of Durasteel Structures Limited are required to file
their proofs of debt by March 11, 2025, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on Jan. 28, 2025.

The company's liquidators are:

          Lynda Smart
          Derek Ah Sam
          Rodgers Reidy
          PO Box 39090,
          Harewood
          Christchurch 8545


LEMAR PROJECTS: Court to Hear Wind-Up Petition on March 28
----------------------------------------------------------
A petition to wind up the operations of Lemar Projects Limited will
be heard before the High Court at Auckland on March 28, 2025, at
10:45 a.m.

Marc Kaemper filed the petition against the company on Dec. 23,
2024.

The Petitioner's solicitor is:

          Shane Alan Rhode
          Lateral Lawyers
          Level 4, 26 Hobson Street
          Auckland Central


NZ FUEL: Court to Hear Wind-Up Petition on Feb. 12
--------------------------------------------------
A petition to wind up the operations of NZ Fuel Limited will be
heard before the High Court at Whanganui on Feb. 12, 2025, at 9:30
a.m.

The Commissioner of Inland Revenue filed the petition against the
company on Nov. 20, 2024.

The Petitioner's solicitor is:

          Tara Nicola Carr
          Legal Services, Asteron Centre
          55 Featherston Street
          PO Box 895
          Wellington 6011


PROSPECT TERRACES: Creditors' Proofs of Debt Due on Feb. 15
-----------------------------------------------------------
Creditors of Prospect Terraces Limited are required to file their
proofs of debt by Feb. 15, 2025, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on Jan. 15, 2025.

The company's liquidators are:

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


PYATT LIMITED: Creditors' Proofs of Debt Due on Feb. 28
-------------------------------------------------------
Creditors of Pyatt Limited are required to file their proofs of
debt by Feb. 28, 2025, to be included in the company's dividend
distribution.

The company commenced wind-up proceedings on Jan. 23, 2025.

The company's liquidators are:

          Rachel Mason-Thomas
          Jeffrey Philip Meltzer
          Meltzer Mason, Chartered Accountants
          PO Box 6302
          Victoria Street West
          Auckland 1141




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

FAR OCEAN: Court to Hear Wind-Up Petition on Feb. 7
---------------------------------------------------
A petition to wind up the operations of Far Ocean Holdings Pte.
Ltd. will be heard before the High Court of Singapore on Feb. 7,
2025, at 10:00 a.m.

Maybank Singapore Limited filed the petition against the company on
Jan. 17, 2025.

The Petitioner's solicitors are:

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


LUXEBLOOM PTE: Commences Wind-Up Proceedings
--------------------------------------------
Members of Luxebloom Pte. Ltd. on Jan. 20, 2025, passed a
resolution to voluntarily wind up the company's operations.

The company's liquidator is:

          Ms. Tan Suah Pin
          133 New Bridge Road
          #24-01/02 Chinatown Point
          Singapore 059413


M STUDIO: Creditors' Proofs of Debt Due on Feb. 17
--------------------------------------------------
Creditors of M Studio Interior Design Pte. Ltd. are required to
file their proofs of debt by Feb. 17, 2025, to be included in the
company's dividend distribution.

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

The company's liquidator is:

          Gary Loh Weng Fatt
          c/o BDO Advisory  
          600 North Bridge Road
          #23-01 Parkview Square
          Singapore 188778


MIAB LOGISTICS: Court to Hear Wind-Up Petition on Feb. 14
---------------------------------------------------------
A petition to wind up the operations of Miab Logistics Services
Pte. Ltd. will be heard before the High Court of Singapore on Feb.
14, 2025, at 10:00 a.m.

Maybank Singapore Limited filed the petition against the company on
Nov. 12, 2024.

The Petitioner's solicitors are:

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


SEASPIRE INTERNATIONAL: Court to Hear Wind-Up Petition on Feb. 7
----------------------------------------------------------------
A petition to wind up the operations of Seaspire International Pte.
Ltd. will be heard before the High Court of Singapore on Feb. 7,
2025, at 10:00 a.m.

Maybank Singapore Limited filed the petition against the company on
Jan. 16, 2025.

The Petitioner's solicitors are:

          PK Wong & Nair LLC
          2 Shenton Way
          #16-02 SGX Centre 1
          Singapore 068804



                           *********


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
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