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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

          Wednesday, February 5, 2025, Vol. 28, No. 26

                           Headlines



A U S T R A L I A

COSMETIC AVENUE: First Creditors' Meeting Set for Feb. 11
JESSOP CONSTRUCTIONS: First Creditors' Meeting Set for Feb. 10
MONACO SIXTY: First Creditors' Meeting Set for Feb. 13
N & M QUALITY: Second Creditors' Meeting Set for Feb. 11
NORTHWEST TRAFFIC: First Creditors' Meeting Set for Feb. 11

OCEANIA GLASS: Grant Thornton Appointed as Administrators


C H I N A

CHINA EVERGRANDE: EV Unit Struggling to Attract Investors
ZK INTERNATIONAL: Fortune CPA Raises Going Concern Doubt


I N D I A

AAROGYA YOGA: CARE Reaffirms D Rating on INR32.20cr LT Loan
AMBICA COATSPIN: Ind-Ra Affirms BB+ Loan Rating, Outlook Stable
BELL FINVEST: CARE Keeps D Debt Rating in Not Cooperating Category
DHROOV RESORTS: CARE Keeps D Debt Rating in Not Cooperating
DIGITAL CIRCUITS: CARE Keeps D Debt Ratings in Not Cooperating

DIVYA SPINNING: CARE Moves C Debt Rating to Not Cooperating
ECOMOTEL HOTEL: CARE Keeps D Debt Rating in Not Cooperating
ETCO DIGITAL: CARE Keeps D Debt Ratings in Not Cooperating
GEI POWER: Insolvency Resolution Process Case Summary
GO AIRLINES: Liquidation Process Case Summary

GOKUL'S TILES: CARE Keeps B- Debt Rating in Not Cooperating
GOLDEN FEEDS: CARE Lowers Rating on INR9cr LT Loan to B
GOYAL MOTORS: CARE Keeps D Debt Rating in Not Cooperating Category
IIFL FINANCE: Fitch Puts 'B+' Final Rating to USD325M Sr Sec. Notes
ITAAN PHARMA: Ind-Ra Affirms B Loan Rating, Outlook Positive

JALANDHAR AMRITSAR: Insolvency Resolution Process Case Summary
JANA CAPITAL: Ind-Ra Hikes NonConvertible Debts Rating to BB
JANA HOLDINGS: Ind-Ra Hikes NonConvertible Debts Rating to BB
K. T. RAVI: CARE Keeps C Debt Rating in Not Cooperating Category
KAMACHI INDUSTRIES: Ind-Ra Withdraws D Term Loan Rating

KARPADHA AGRO: CARE Keeps D Debt Rating in Not Cooperating
KASHIPUR SITARGANJ: Ind-Ra Keeps D Rating in NonCooperating
KASHVI POWER: Ind-Ra Keeps BB+ Term Loan Rating in NonCooperating
KEDIA TEXFAB: Ind-Ra Affirms BB+ Loan Rating, Outlook Stable
KNISS LABORATORIES: CARE Keeps D Debt Ratings in Not Cooperating

KRISHNA STEELS: Ind-Ra Affirms BB+ Loan Rating, Outlook Stable
KSR MARINE: Ind-Ra Assigns BB+ Bank Loan Rating, Outlook Stable
MANGALA SEEDS: CARE Keeps B- Debt Rating to Not Cooperating
MARMALADE DIGITAL: Voluntary Liquidation Process Case Summary
PRAGAT AKSHAY: CARE Keeps D Debt Ratings in Not Cooperating

R.G.R EDUCATIONAL: CARE Keeps D Debt Rating in Not Cooperating
RAAM4WHEELERS LLP: Ind-Ra Affirms BB+ Bank Loan Rating
RADHEY SHYAM: CARE Keeps C Debt Rating in Not Cooperating Category
RAJASTHAN RAJYA: CARE Reaffirms D Rating on INR10,228.35cr LT Loan
RAMKY WAVOO: Ind-Ra Affirms BB+ Bank Loan Rating, Outlook Stable

RAYMIX CONCRETE: CARE Keeps D Debt Rating in Not Cooperating
RELIANCE COMMERCIAL: CARE Keeps D Debt Ratings in Not Cooperating
RIVER FRONT: Ind-Ra Moves BB- Term Loan Rating to NonCooperating
SESA CARE: Ind-Ra Withdraws BB+ Term Loan Rating
SIDDHIVINAYAK REALHOMES: CARE Keeps D Rating in Not Cooperating

SINGRAULI FINLEASE: CARE Keeps D Debt Ratings in Not Cooperating
STARBURST MOTORS: Ind-Ra Keeps B- Loan Rating in NonCooperating
SUNRISE AUTOMOBILES: CARE Keeps B Debt Rating in Not Cooperating
SWADESH GREEN: CARE Lowers Rating on INR29cr LT Loan to D
T. C. MOTORS: CARE Keeps B- Debt Rating in Not Cooperating

TCP LIMITED: Ind-Ra Cuts Loan Rating to B+, Outlook Stable
THENPANDIAN SPINNING: Ind-Ra Affirms BB+ Rating, Outlook Stable
VASU METPLAST: CARE Keeps B- Debt Rating in Not Cooperating
VEDANTA RESOURCES: S&P Ups ICR to 'B+' on Easing Refinancing Risk
VISHWA SAMANYU: CARE Keeps B- Debt Rating in Not Cooperating

YOGIRAJ GINNING: CARE Keeps D Debt Rating in Not Cooperating


I N D O N E S I A

EFISHERY: FTI Consulting Now in Acting Management


N E W   Z E A L A N D

BIO-COOL SYSTEMS: Court to Hear Wind-Up Petition on Feb. 17
FIRST INSURANCE: Fitch Affirms 'BB' IFS Rating, Outlook Stable
LIFESTYLE CABIN: Creditors' Proofs of Debt Due on Feb. 26
MADE HOMES: Creditors' Proofs of Debt Due on March 12
MANUKA BIOSCIENCE: Calibre Partners Appointed as Receivers

SCURVY SCAFFOLDING: Court to Hear Wind-Up Petition on Feb. 14


P A K I S T A N

PAKISTAN: January Consumer Inflation Eases to 9-Year Low
PAKISTAN: Signs Agreement to Defer US$1.2BB Payment for Saudi Oil


P H I L I P P I N E S

CASINO FILIPINO: PAGCOR Closes Losing Casino Site


S I N G A P O R E

EVER ASCENDANT: Court to Hear Wind-Up Petition on Feb. 14
FIRESIDE SENTOSA: Creditors' Proofs of Debt Due on Feb. 28
LIN FONG: Court Enters Wind-Up Order
RESILIENT MEDICAL: Court Enters Wind-Up Order
TAN SIN: Creditors' Proofs of Debt Due on March 3

[] SINGAPORE: Compulsory Wind-Ups Rise More Than 50% in 2024


S O U T H   K O R E A

[] Banks Ordered to Boost Provision Reserves Amid Insolvency Risks


S R I   L A N K A

UB FINANCE: Fitch Affirms BB(lka) National LT Rating, Outlook Neg.

                           - - - - -


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

COSMETIC AVENUE: First Creditors' Meeting Set for Feb. 11
---------------------------------------------------------
A first meeting of the creditors in the proceedings of Cosmetic
Avenue 08 Pty Ltd will be held on Feb. 11, 2025 at 11:00 a.m.
online via videoconference only.

Roberto Crispino and Nicholas Wollinski of Hall Chadwick were
appointed as administrators of the company on Jan. 30, 2025.


JESSOP CONSTRUCTIONS: First Creditors' Meeting Set for Feb. 10
--------------------------------------------------------------
A first meeting of the creditors in the proceedings of Jessop
Constructions Pty Limited will be held on Feb. 10, 2025 at 12:00
p.m. at the offices of Roger and Carson at Level 35, One
International Towers, 100 Barangaroo Avenue in Sydney.

Nicarson Natkunarajah of Roger and Carson was appointed as
administrator of the company on Jan. 29, 2025.


MONACO SIXTY: First Creditors' Meeting Set for Feb. 13
------------------------------------------------------
A first meeting of the creditors in the proceedings of Monaco Sixty
Nine Pty Ltd will be held on Feb. 13, 2025 at 10:00 a.m. via
virtual meeting on Microsoft Teams.

Thyge Howard Trafford Jones of TTJ Advisory was appointed as
administrator of the company on Feb. 3, 2025.


N & M QUALITY: Second Creditors' Meeting Set for Feb. 11
--------------------------------------------------------
A second meeting of creditors in the proceedings of N & M Quality
Building Pty Ltd has been set for Feb. 11, 2025 at 10:30 a.m. via
virtual meeting 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. 10, 2025 at 9:00 a.m.

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


NORTHWEST TRAFFIC: First Creditors' Meeting Set for Feb. 11
-----------------------------------------------------------
A first meeting of the creditors in the proceedings of Northwest
Traffic Management Pty Ltd will be held on Feb. 11, 2025 at 11:00
a.m. via virtual meeting only.

Bradd William Morelli and Stewart William Free of Jirsch Sutherland
were appointed as administrators of the company on Jan. 30, 2025.


OCEANIA GLASS: Grant Thornton Appointed as Administrators
---------------------------------------------------------
Lisa Gibb, Said Jahani and Matt Byrnes of Grant Thornton Australia
were appointed Joint and Several Voluntary Administrators of
Oceania Glass Pty Ltd on Feb. 4, 2025.  

The Administrators will continue to trade the Company while they
undertake an urgent financial review of the business and conduct an
accelerated sale process for the business as a going concern.

Lisa Gibb, Joint and Several Voluntary Administrator from Grant
Thornton stated: "We understand the role the Company plays in the
Australian construction sector. In continuing to trade the business
with a view to a going concern sale, we will work to mitigate the
potential disruption to customers and the broader sector."

"If an appropriate buyer cannot be found during the Voluntary
Administration period and the Administrators are faced with the
difficult decision to shut down the business, we believe this
period will allow customers to make alternative sourcing
arrangements and significantly reduce disruption to the broader
construction industry."

"We appreciate this is an extremely difficult time for employees of
the Company and their families and we will provide them with as
much transparency as possible during the Voluntary Administration
process."

A first meeting of creditors of the Company is scheduled for
Friday, February 14 at 11:00 a.m. At the end of the Voluntary
Administration period the Administrators will release a Creditor's
Report which will explain the reasons behind the Company's failure
and their recommendations on the future of the Company.

Oceania customers and creditors can email oceaniaglass@au.gt.com
for further information.

Based in Dandenong Victoria, Oceania Glass Pty Ltd is an Australian
architectural glass manufacturer, specialising in float glass,
coated glass and laminated glass. It has distribution centres
across Australia.




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

CHINA EVERGRANDE: EV Unit Struggling to Attract Investors
---------------------------------------------------------
Reuters reports that China Evergrande New Energy Vehicle said on
Feb. 3 it is struggling to attract strategic investors amid a
severe liquidity crisis, which has hampered its operations and
delayed essential audits for 2024.

"The tough conditions under which the new energy vehicle in
Mainland China is operating has certainly not facilitated this
(securing a strategic investor) process," the firm said.

Reuters relates that the company, an electric vehicle (EV) unit of
debt-laden property developer China Evergrande said that it is
still looking for strategic investors as it seeks solutions to
stabilize operations and address its liquidity crisis.

While it has also reduced its headcount to cut costs, it said its
limited funds are now focused on maintaining basic operations
including maintenance of its production plant and machinery,
Reuters relays.

Reuters says the EV maker had initially planned to compete with
Tesla and even held a market valuation surpassing that of Ford
Motor but has since become entangled in the debt crisis affecting
its parent.

                       About China Evergrande

China Evergrande Group is an integrated residential property
developer. The Company, through its subsidiaries, operates in
property development, investment, management, finance, internet,
health, culture, and tourism markets.

China Evergrande Group, the second largest real estate developer in
China, and certain of its affiliates sought creditor protection in
the United States under Chapter 15 of the Bankruptcy Code (Bankr.
S.D.N.Y. Lead Case No. 23-11332) on Aug. 17, 2023.

Evergrande, widely known as the most leveraged company in the
world, and its affiliates are asking the U.S. Bankruptcy Court for
the Southern District of New York for recognition of foreign
proceedings as "foreign main" proceeding under Chapter 15.

Evergrande is in the midst of a highly complex restructuring of
around $20 billion in offshore debt.  In total, the Company has
more than $300 billion in liabilities.

Evergrande is incorporated in the Cayman Islands as an exempted
company with limited liability, with its principal place of
business located at 15th Floor, YF Life Centre, 38 Gloucester Road,
Wanchai, Hong Kong.  It is subject to a restructuring proceeding
entitled In the Matter of China Evergrande Group, concerning a
scheme of arrangement between Evergrande and certain Scheme
Creditors pursuant to the relevant provisions of the Hong Kong
Companies Ordinance (Chapter 622 of the Laws of Hong Kong),
currently pending before the High Court of Hong Kong (Case Number
HCMP 1091/2023.

Affiliate Tianji Holding Limited is incorporated in Hong Kong as a
limited liability company, with its principal place of business
located at 17th Floor, One Island East, Taikoo Place, 18 Westlands
Road, Quarry Bay, Hong Kong. Tianji is subject to a restructuring
proceeding entitled In the Matter of Tianji Holding Limited,
concerning a scheme of arrangement between Tianji and certain
Scheme Creditors, pursuant to the relevant provisions of the Hong
Kong Companies Ordinance and currently pending before the Hong Kong
Court (Case Number HCMP 1090/2023).

Affiliate Scenery Journey Limited is incorporated in the British
Virgin Islands as a limited liability company, with its principal
place of business located at 2nd Floor Water's Edge Building,
Wickham's Cay II, Road Town, Tortola, BVI. Scenery Journey is
subject to a restructuring proceeding entitled In the Matter of
Scenery Journey Limited, concerning a scheme of arrangement between
Scenery Journey and certain Scheme Creditors, pursuant to section
179A of the BVI Business Companies Act, 2004, and currently pending
before the High Court of the Eastern Caribbean Supreme Court (Case
Number BVIHCOM 2023/0076).

U.S. Bankruptcy Judge Michael E Wiles presides over the Chapter 15
proceedings.

Sidley Austin is the Hong Kong Counsel to Evergrande and Tianji.
Maples BVI is the British Virgin Island Counsel to Scenery
Journey.

On Jan. 29, 2024, a Hong Kong court ordered the liquidation of
China Evergrande Group.

ZK INTERNATIONAL: Fortune CPA Raises Going Concern Doubt
--------------------------------------------------------
ZK International Group Co., Ltd. disclosed in a Form 20-F Report
filed with the U.S. Securities and Exchange Commission for the
fiscal year ended September 30, 2024, that its auditor has
expressed substantial doubt about the Company's ability to continue
as a going concern.

Orange, Calif.-based Fortune CPA, Inc, the Company's auditor since
2024, issued a 'going concern' qualification in its report dated
January 27, 2025, citing that the Company has incurred loss during
September 30, 2024, Company has negative cash flow from operating
activities, and accumulated deficit that raise substantial doubt
about its ability to continue as a going concern.

The Company has incurred net losses of $2,383,566, $61,507,395 and
$6,054,266 for the years ended September 30, 2024, 2023 and 2022,
respectively. The Company had accumulated deficits amounted to
50,048,573 as of September 30, 2024. Net cash used in operating
activities was $6,475,650 for the year ended September 30, 2024.

The Company meets its day-to-day working capital requirements
through its bank facilities. Most of the bank borrowings as of
September 30, 2024, that are repayable within the next 12 months,
are subject to renewal, and the management is confident that these
borrowings can be renewed upon expiration based on the Company's
past experience and credit history. In addition, the Company had a
positive working capital of $12,872,217 as of September 30, 2024.

In order to strengthen the Company's liquidity in the foreseeable
future, the Company has taken the following measures:

     (i) Negotiating with banks in advance for renewal and
obtaining new banking facilities;
    (ii) Taking various cost control measures to tighten the costs
of operations; and
   (iii) Implementing various strategies to enhance sales and
profitability.

However, there can be no assurance that these plans and
arrangements will be sufficient to fund the Company's ongoing
capital expenditure, working capital, and other requirements.

A full-text copy of the Company's 20-F Report is available at:

                  https://tinyurl.com/mvy8f9yx

                   About ZK International Group

ZK International Group Co., Ltd., through its subsidiaries, engages
in the designing, producing, and selling double-press thin-walled
stainless steel, carbon steel, and single-press tubes and fittings
in the People's Republic of China. It offers carbon and stainless
steel strips; carbon and stainless steel pipes; light gauge
stainless steel pipes; pipe connections and fittings; and
couplings, unions, adapters, caps, plug pipes, elbows, three-way
fittings, tees, cross, side-inlet elbows, wyes, reducers, bushings,
pipe fasteners, and pipe flanges. The company also provides
stainless steel band, copper strip, welded stainless steel pipes
and fittings, valve, light industry machinery and equipment, and
other stainless steel products. Its products are used in various
applications, including water and gas transmission within urban
infrastructural development, residential housing development, food
and beverage production, oil and gas exploitation, and agricultural
irrigation. The company also exports its products to Europe,
Africa, and Southeast Asia. ZK International Group Co., Ltd. was
incorporated in 2015 and is headquartered in Wenzhou, the People's
Republic of China.

As of September 30, 2024, the Company has $79,986,873 in total
assets, $51,670,367 in total liabilities, and $28,316,506 in total
equity.



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

AAROGYA YOGA: CARE Reaffirms D Rating on INR32.20cr LT Loan
-----------------------------------------------------------
CARE Ratings has reaffirmed ratings on certain bank facilities of
Aarogya Yoga Samsthe, as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       32.20      CARE D Reaffirmed
   Facilities           

Rationale and key rating drivers

The rating assigned to the bank facility of Arogya Yoga Samsthe
factors in ongoing delay in debt servicing and partnership nature
of constitution. As per banker interaction, it is confirmed that
there are ongoing delays in debt servicing of term loan and cash
credit facility and the account is classified as NPA. Further in
the NDS submitted by the client, it is mentioned that the account
has been in NPA category since Jan. 16, 2020.

The rating however, draw strength from experienced partners.

Rating sensitivities: Factors likely to lead to rating actions

Positive factors

* Delay-free track record of over three months

Negative factors: Not Applicable

Analytical approach: Standalone

Outlook: Not Applicable

Detailed description of key rating drivers:

Key weaknesses
* Ongoing delay in debt servicing: As per banker interaction, it is
confirmed that there are ongoing delays in debt servicing of term
loan and CC facility and the account is classified as NPA. Further
in the NDS submitted by the client, it is mentioned that account
has been in NPA category since January 16, 2020.

Partnership nature of constitution Arogya Yoga Samsthe's
constitution as a partnership firm has the inherent risk of
possibility of withdrawal of the partner's capital at the time of
personal contingency which will affect its capital structure.
Moreover, partnership firms have restricted access to external
borrowing which limits their growth opportunities to some extent.

Key strengths

* Experience Partners: The managing partner of the firm, Dr. S.P
Yoganna is a well-known medical professional of Mysuru and has more
than three decades of experience in academics and patient care. He
is an MBBS and MD graduate from Mysore medical college and has
worked at Mysore medical college as professor of medicine and has
also worked at K R Hospital Mysore as physician cardiologist.
Further, out of the seven partners, six are from Dr. Yoganna's
family and of the six, five are medical professionals and are
actively involved in the hospital activities on day-to-day basis.

Liquidity: Poor

The liquidity of the firm remains poor as reflected in the delay in
servicing of debt obligations for the term loan and
CC facility availed by the firm.

Aarogya Yoga Samsthe is a partnership firm established in July,1988
by Dr. S P Yoganna and his wife Smt. Sudha Yoganna, being as
partners. The partnership firm was reconstituted in September-2018
with addition of 5 more partners. The firm is running a hospital in
the name of Suyog Hospital, having super specialty health care
facilities and is located in Ramakrishna Nagar,Mysuru,Karnataka.
The hospital presently has capacity of 250 hospital beds, 40
Intensive Care Unit (ICU) beds and is well-equipped with the
required equipment and support systems. Out of the 7 partners of
the firm, 5 are well qualified medical professionals involved in
day-to-day management of the hospital. The firm has its registered
office located in Mysuru,Karnataka.


AMBICA COATSPIN: Ind-Ra Affirms BB+ Loan Rating, Outlook Stable
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Shri Ambica
Coatspin Private Limited's (SACPL) bank loan ratings as follows:

-- INR80 mil. (reduced from 100 mil.) Fund-based working capital
     limit affirmed with IND BB+/Stable rating; and

-- INR234.86 mil. (reduced from 268.95 mil.) Term loan due on
     July 27, 2030 affirmed with IND BB+/Stable rating.

Detailed Rationale of the Rating Action

The rating reflects SACPL's continued small scale of operations,
susceptibility to input cost fluctuations, and customer
concentration risk. The rating, however, is supported by healthy
EBITDA margin and promoters' experience of three decades in the
textile industry. Ind-Ra expects the scale of operations, credit
metrics and EBITDA margin to remain at similar levels in FY25.

Detailed Description of Key Rating Drivers

Continued Small Scale of Operations; Growth Revenue in FY24:
SACPL's revenue rose INR1,025 million in FY24 (FY23: INR894
million) and EBITDA increased  to INR97.81 million (INR73.92
million),  driven by a higher demand and better realization of
INR199 per kg (INR195 per kg). The capacity utilization increased
11.5% yoy to 4.92 million kg in FY24. During 8MFY25, SACPL booked
revenue of INR550 million. In FY25, the total installed capacity
would increase to 7,800MT (FY24: 6,000MT), owing to the
installation of two units of machinery with capacity of 900MT/day
each.  However, Ind-Ra expects the revenue to improve only
marginally in FY25, in line with the textile industry's
performance.

Raw Material Price Fluctuation Risk: Raw material remains one of
the major components of the cost structure, accounting for around
70% of the overall revenue in FY24 (FY23: 68%). Thus, operating
margin will remain exposed to raw material price movements.

Customer Concentration Risk: SACPL was mainly set up as a spinning
unit by the Mahak group, and it earns about 97% of its total
revenue from a single client - Mahak Synthetics Mills Pvt. Ltd.
(debt rated at 'IND BB+'/Stable), one of the group companies. The
company had added new external customers in FY23, but their
contribution to the revenue remains below 1%.

Exposure to Intense Competition: SACPL faces intense competition in
the highly fragmented textile industry. The industry is
characterized by the presence of several unorganized, small-sized
players as the entry barriers are low on account of the low capital
requirement and technology intensity, and low differentiation in
the end-products.

Healthy EBITDA Margin; Improvement in FY24: SACPL's EBITDA margin
increased to 9.54% in FY24 (FY23: 8.26%), due to improved operating
leverage. The return on capital employed was 17.1% in FY24 (FY23:
11%). In FY25, Ind-Ra expects the EBITDA margin to remain at
similar levels due to similar nature of operations and level of
order execution.

Average Credit Metrics; Improvement in FY24: SACPL's credit metrics
improved in FY24, due to a decline in the overall debt, the
consequent fall in interest costs, and the rise in operating
EBITDA. The interest coverage (operating EBITDA/gross interest
expenses) was 2.58x in FY24 (FY23: 1.94x) and the net leverage
(total adjusted net debt/operating EBITDAR) was 3.27x (5.29x). In
FY25, Ind-Ra expects the credit metrics to remain at similar levels
due to the absence of debt-led capex plans.

Experienced Promoters: The ratings are supported by over three
decades of experience of the company's promoters in the textile
industry. This has led to strong ties with customers and
suppliers.

Liquidity

Stretched: SACPL's average maximum utilization of the fund-based
limits was 95.21% during the 12 months ended November 2024. The
cash flow from operations turned positive at INR92.02 million in
FY24 (FY23: negative INR38.37 million), due to favorable changes in
working capital. Furthermore, the free cash flow turned positive at
INR73.11 million in FY24 (FY23: negative INR95.69 million) due to a
decline in the capex to INR18.91 million (INR57.32 million). The
average net working capital cycle improved to 32 days in FY24
(FY23: 72 days), mainly on account of a fall in debtor days to 25
(73). The company provides a credit period of 40-50 days to its
customers and receives a credit period of 50-60 days from its
suppliers. The inventory holding period ranges between 50-65 days.
SACPL has debt repayment obligations of INR53.23 million and INR51
million in FY25 and FY26, respectively. The cash and cash
equivalents stood at INR50.27 million at FYE24 (FYE23: INR0.57
million). SACPL does not have any capital market exposure and
relies on banks and financial institutions to meet its funding
requirements.

Rating Sensitivities

Negative: A decline in the scale of operations or deterioration in
the liquidity position, with the net leverage exceeding 5x, on a
sustained basis, would be negative for the ratings.

Positive: A significant increase in the scale of operations, an
improvement in the liquidity position, and a reduction in the net
leverage ratio, all on a sustained basis, would be positive for the
ratings.

About the Company

SACPL commenced operations in 2017 as a partnership firm and was
converted into a private limited company in 2022. The company led
by its directors - Gunjan Mittal, Pratik Mittal and Manju Mittal,
manufactures and trades yarn. SACPL mainly sells yarn to its group
companies, Mahak Synthetics Mills and Shree Siddhivinayak Cotfab.
The manufacturing unit is located in Daskroi, Ahmedabad, with a
total capacity utilization of 7800,000 kg yarn/day.

BELL FINVEST: CARE Keeps D Debt Rating in Not Cooperating Category
------------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Bell
Finvest (India) Limited (BFIL) continues to remain in the 'Issuer
Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      150.00      CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Rationale and key rating drivers

CARE Ratings Limited (CARE Ratings) had, vide its press release
dated March 23, 2020, placed the ratings of BFIL under the 'issuer
non-cooperating' category, as BFIL had failed to provide
information for monitoring of the rating and had not paid the
surveillance fees for the rating exercise as agreed to in its
Rating Agreement. BFIL continues to be non-cooperative despite
repeated requests for submission of information through e-mails,
phone calls, and email dated September 24, 2024.

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.

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

Rating sensitivities: Factors likely to lead to rating actions

Incorporated in 2008, BFIL is a Reserve Bank of India
(RBI)-registered non-deposit taking non-systemically important
non-banking finance company (NBFC-ND- Non-SI Company). The company
provides term loans and working capital loans to SME customers.
Bhupesh Rathod is the promoter and CEO of the company, who looks
after the operations of the company. He is supported by his son,
Chirag Rathod, Director, who looks after the operations of the
company.



DHROOV RESORTS: CARE Keeps D Debt Rating in Not Cooperating
-----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Dhroov
Resorts (DR) continues to remain in the 'Issuer Not Cooperating'
category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      11.00       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 January 18,
2024, placed the rating(s) of DR under the 'issuer non-cooperating'
category as DR had failed to provide information for monitoring of
the rating as agreed to in its Rating Agreement. DR continues to be
non-cooperative despite repeated requests for submission of
information through e-mails dated December 3, 2024, December 13,
2024, December 23, 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

M/s Dhroov Resorts, a sole proprietary concern of Mr. Balbir Singh
Verma, is constructing a 4- star hotel project by the name of
"Dhroov Resorts" in Shimla, H.P. Mr. Verma is an MLA (Member of
Legislative Assembly) from the Chopalarea (in Shimla district) and
is also a certified builder and civil contractor in the region
Status of non-cooperation with previous CRA: CRISIL has continued
the ratings assigned to the bank facilities of DR into 'Issuer
not-cooperating' category vide press release dated January 24, 2024
on account of non-availability of requisite information from the
Firm.


DIGITAL CIRCUITS: CARE Keeps D Debt Ratings in Not Cooperating
--------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Digital
Circuits Private Limited (DCPL) continue to remain in the 'Issuer
Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      16.80       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

   Short Term Bank      8.00       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

   Long Term/           1.20       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 DCPL under the 'issuer
non-cooperating' category as DCPL had failed to provide information
for monitoring of the rating as agreed to in its Rating Agreement.
DCPL 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

Digital Circuits Pvt Ltd (DCPL), incorporated in 2004, is engaged
in providing electronic manufacturing services (EMS) primarily in
the consumer durable segment. The company provides Electronic
Manufacturing Services (EMS) involving manufacturing printed
circuit board (PCB) assemblies and delivering end to end solution
to companies in the field of telecom, power, automobiles, medical,
consumer durables and energy. The company has been under operation
for 25 years initially as a proprietorship concern and was
converted to private limited company in 2004.


DIVYA SPINNING: CARE Moves C Debt Rating to Not Cooperating
-----------------------------------------------------------
CARE Ratings has migrated the rating on bank facilities of Divya
Spinning Mill Private Limited (DSM) to Issuer Not Cooperating
category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      52.00       CARE C; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating moved to
                                   ISSUER NOT COOPERATING category


   Short Term Bank      4.00       CARE A4; ISSUER NOT
   Facilities                      COOPERATING; Rating moved to
                                   ISSUER NOT COOPERATING category

Rationale and key rating drivers

CARE Ratings Ltd. has been seeking information from DSM to monitor
the ratings vide email communications dated January 7, 2025,
January 16, 2025, among others and numerous phone calls. However,
despite repeated requests, the company has not provided the
requisite information for monitoring the ratings. In line with the
extant SEBI guidelines, CARE Ratings Ltd. has reviewed the rating
on the basis of the best available information which however, in
CARE Ratings Ltd.'s opinion is not sufficient to arrive at a fair
rating. The rating on Divya Spinning Mill Private Limited's bank
facilities will now be denoted as CARE C; Stable/CARE A4; ISSUER
NOT COOPERATING.

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

The ratings assigned to the bank facilities of DSM have been
migrated to Issuer Non-Cooperating category on account of
nonsubmission of information required for credit rating despite
repeated requests. The ratings are constrained by the company's
modest scale of operation, weak debt protection metrics, stretched
liquidity with elongated operating cycle, profit margins exposed to
volatility in raw material prices. The ratings, however, derive
strength from vast experience of the promoters in the textile
industry.

Analytical approach: Standalone

Outlook: Stable

Detailed description of key rating drivers:

At the time of last rating on January 16, 2024 the following were
the rating strengths and weaknesses.

Key Weaknesses

* Moderate Scale of Operations: The operating income of DSM stood
relatively moderate and had declined from Rs.179.07 crore in FY22
(refers to the period April 1 to March 31) to Rs.87.50 crore in
FY23 due to the slowdown in demand. PBILDT margin of the company
moderated to 8.43% in FY23 from 4.93% in FY22 with higher overhead
costs and reduced capacity utilization.

* Elongated operating cycle: The operating cycle of the company
elongated from 135 days in FY22 to 312 days in FY23 with stretched
receivables and slow movement of finished goods due to industry
wide slowdown. The operating cycle further elongated to 363 days in
7mFY24 (refers to the period April 1 to October 31). The stretched
collection of receivables led to liquidity shortfall, and the
company had delayed in the term loan obligations during May 2023,
however the account has been regular since then as confirmed by the
bankers.

* Inherent volatility associated with prices of raw material and
yarn: The profitability of spinning mills depends largely on the
prices of cotton and cotton yarn which are governed by various
factors such as area under cultivation, monsoon, international
demand-supply situation, etc. The cotton being the major raw
material of spinning mills, movement in cotton prices without
parallel movement in yarn prices impact the profitability of the
spinning mills. The cotton textile industry is inherently prone to
the volatility in cotton and yarn prices.

* Moderate capital structure and weak debt protection metrics: The
capital structure of the company stood moderate, with overall
gearing of 1.21x as on March 31, 2023, compared to 1.06x as on
March 31, 2022. The debt coverage indicators stood weak with Total
debt / GCA of 27.69x (PY: 12.78x) as on March 31, 2023, on account
of lower accruals during FY23.

Key Strengths

* Vast experience of the promoters in the textile industry: Mr S
Subramani, aged 75 years, is the Managing Director and promoter of
the company. He has experience in the textile industry for more
than five decades and is actively involved in company's operation.
Mr S Senthil Kumar, son of Mr S Subramani is the Joint Managing
Director of DSM. He is a commerce graduate and has experience in
the textile industry for more than 2 decades.

Divya Spinning Mills Private Limited (DSM) was incorporated in the
year 1999 by Mr. S. Subramani. DSM is located at Tirupur, Tamil
Nadu is engaged in manufacturing of cotton yarn and cloth. The
company has installed capacity of 36,000 spindles and 66 knitting
machines located at Getticheviyur, Tamil Nadu along with windmills
capacity of 5MW as on December 31, 2023. The company manufactures
mainly cotton hosiery yarn with an average count of 25s-40s.

ECOMOTEL HOTEL: CARE Keeps D Debt Rating in Not Cooperating
-----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Ecomotel
Hotel Limited (EHL) continues to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       11.65      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 30,
2024, placed the rating(s) of EHL under the 'issuer
non-cooperating' category as EHL had failed to provide information
for monitoring of the rating as agreed to in its Rating Agreement.
EHL continues to be non-cooperative despite repeated requests for
submission of information through emails dated December 15, 2024,
December 25, 2024 and January 4, 2025 among others.

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

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

Analytical approach: Standalone

Outlook: Not Applicable

Ecomotel Hotel Limited (EHL) is a special purpose vehicle promoted
by Celebrations, a part of the Celebrations Group which operates
multiple specialty theme luxury hotels and resorts in Central India
and LCL, a Hindustan Construction Company Limited (HCC) group
company. EHL operates a mid-priced 130 room hotel at Lavasa under
the brand name 'Mercure Lavasa'. The hotel's built up area is
around 77,000 square feet with 97 standard rooms, 31 superior rooms
and 2 family rooms. Also, the hotel operates four inhouse
restaurants suiting different requirement of customers. The hotel
is operated by AAPC Singapore PTE Limited (Mercure Hotels) who are
paid 6% of gross room rent as operating fees, in addition to other
fees as per Agreement.


ETCO DIGITAL: CARE Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Etco
Digital Private Limited (EDPL) continues to remain in the 'Issuer
Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       4.00       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

   Short Term Bank      7.00       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Rationale and key rating drivers

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

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

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

Analytical approach: Standalone

Outlook: Not applicable

Etco Digital Private Limited (EDPL), incorporated in the year 2011,
promoted by the Etco group is engaged in the business of trading of
retail automation products, bank automation products & surveillance
products and providing service of surveillance & tacking solutions.
EDPL outsources the manufacturing of retails automation products &
bank automation products to contract manufacturers based across
India to whom the company has provided design for their products.
These products are sold under the brand name ETCO. Further, with
regard to the surveillance products (DSR, CCTV) the company imports
them mainly from China. The company also undertakes annual
maintenance contracts for the products supplied by them.


GEI POWER: Insolvency Resolution Process Case Summary
-----------------------------------------------------
Debtor: GEI Power Limited

        Registered Address:
        26-A, Industrial Area,
        Govindpura, Phopal,
        Madhya Pradesh, India 462023

Insolvency Commencement Date: January 22, 2025

Court: National Company Law Tribunal, Indore Bench - I

Estimated date of closure of
insolvency resolution process: July 21, 2025

Insolvency professional: Jagdish Kumar

Interim Resolution
Professional: Jagdish Kumar
              B56, Wallfort City, Bhatagaon,
              Ring Road No. 1, Raipur,
              Chhattisgarh, 492001              
              Email: Jkparulkar.ip@gmail.com

              -- and --

              Top Floor, 581, Sector 27,
              Gurgaon 122001
              Email: geipower@truproinsolvency.com

Last date for
submission of claims: February 6, 2025


GO AIRLINES: Liquidation Process Case Summary
---------------------------------------------
Debtor: Go Airlines (India) Limited

        Registered Office Address:
        Britannia Industries Limited
        A-33, Lawrence Road Industrial Area
        New Delhi 110035

        Principal Office Address:
        4th Floor, Kaledonia Building,
        Sambhaji Nagar, Sahar Road,
        Andheri East, Mumbai MH 400069

Liquidation Commencement Date: January 20, 2025

Court: National Company Law Tribunal, Delhi Bench

Liquidator: Dinkar Tiruvannadapuram Venkatasubramanian
            Ernst & Young LLP
            Golf View Corporate Tower B
            Sector 42, Gurugram Haryana 122002
            Email: Dinkar.venkatasubramanian@in.ey.com

            For correspondence:
            Go Airlines (India) Limited
            4th Floor, Kaledonia Building,
            Sambhaji Nagar, Sahar Road,
            Andheri East, Mumbai MH 400069
            Email: gofirstcirp@gmail.com
            www.gofirstclaims.in/liquidation

Last date for
submission of claims: February 19, 2025


GOKUL'S TILES: CARE Keeps B- Debt Rating in Not Cooperating
-----------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Sree
Gokul's Tiles Mart (SGTM) continue to remain in the 'Issuer Not
Cooperating' category.

                      Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long-term Bank      8.00       CARE B-; 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 4,
2024, placed the rating(s) of SGTM under the 'issuer
non-cooperating' category as SGTM had failed to provide information
for monitoring of the rating as agreed to in its Rating Agreement.
SGTM continues to be non-cooperative despite repeated requests for
submission of information through e-mails dated November 19, 2024,
November 29, 2024 and December 9, 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
Salem based, Sree Gokul's Tiles Mart (SGTM) was established in the
year 1995 as a proprietorship concern by Mr. Kandasamy Narendran
who has more than two decades of experience in trading business.
SGTM is engaged in retail trading of tiles, tap fittings, and
sanitary ware of various brands. The firm has its showroom located
at Karuppur, Salem.

Status of non-cooperation with previous CRA: CRISIL has continued
the rating assigned to the bank facilities of SGTM into Issuer Not
Cooperating category vide press release dated November 7, 2024 on
account of its inability to carry out a review in the absence of
requisite information.


GOLDEN FEEDS: CARE Lowers Rating on INR9cr LT Loan to B
-------------------------------------------------------
CARE Ratings has revised the ratings on certain bank facilities of
Golden Feeds (GF), as:

                      Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long-term Bank      9.00       CARE B; Issuer Not Cooperating;
   Facilities                     Rating continues to remain under

                                  ISSUER NOT COOPERATING category
                                  and Downgraded from CARE B+;
                                  Stable

Rationale and key rating drivers

CARE Ratings Ltd. had, vide its press release dated January 2,
2024, placed the rating(s) of GF under the 'issuer non-cooperating'
category as GF had failed to provide information for monitoring of
the rating as agreed to in its Rating Agreement. GF continues to be
non-cooperative despite repeated requests for submission of
information through e-mails dated November 17, 2024, November 27,
2024 and December 7, 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).

The ratings for GF have been revised on account of non-availability
of requisite information.

Analytical approach: Standalone

Outlook: Stable

Golden Feeds (GF), part of Golden Group, is engaged in the
manufacturing of poultry feeds. GF is a partnership entity with Mr
Kamal Pasha and Mr Syed Fahad as partners with 50:50 profit sharing
ratio. Golden Group covers the entire spectrum of poultry which
includes rearing of parent chicks, production and sale of hatching
eggs, broiler breeding and manufacturing of processed chicken
through three of its proprietorship concerns. The entire sales of
GF is to its Group concerns particularly Golden Fresh and Golden
Hatcheries.


GOYAL MOTORS: CARE Keeps D Debt Rating in Not Cooperating Category
------------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Goyal
Motors (GM) continue to remain in the 'Issuer Not Cooperating'
category.

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

Rationale and key rating drivers

CARE Ratings Ltd. had, vide its press release dated January 24,
2024, placed the rating(s) of GM under the 'issuer non-cooperating'
category as GM had failed to provide information for monitoring of
the rating and had not paid the surveillance fees for the rating
exercise as agreed to in its Rating Agreement. GM continues to be
non-cooperative despite repeated requests for submission of
information through e-mails dated December 9, 2024, December 19,
2024 and December 29, 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

Goyal Motors (GM) was established as a proprietorship firm by Mr.
Amit Goyal with commencement of operations from August, 2015. Prior
to commencement of operations, the firm was engaged in the sale of
only spare parts of Tata Motors Ltd. and sale of second-hand
passenger vehicles. Presently, the firm is an authorized dealer of
TML and is engaged in the sale of passenger vehicles, servicing of
vehicles and sale of spare parts. The firm owns & operates a
showroom in Patiala (started operations from May 2016), providing
3S (sales, service and spare parts) facilities.


IIFL FINANCE: Fitch Puts 'B+' Final Rating to USD325M Sr Sec. Notes
-------------------------------------------------------------------
Fitch Ratings has assigned India-based IIFL Finance Limited's
(B+/Stable) USD325 million 8.75% senior secured notes due July 2028
a final rating of 'B+' and Recovery Rating of 'RR4'.

This follows the receipt of final documentation conforming to
information previously received. The final rating is in line with
the expected rating assigned on 3 January 2025.

The notes are secured by collateral that includes the issuer's
specified assets and receivables. They are also subject to
maintenance-based covenants that require the issuer and its
principal subsidiaries to each meet regulatory capital requirements
and maintain net 90-day non-performing loan ratios equal to or less
than 5%, and require the issuer to maintain a security coverage
ratio, comprising standard assets equal to or greater than 1.0x at
all times.

IIFL Finance has issued the notes in the international market under
the Reserve Bank of India's external commercial borrowings
framework. The notes are issued under the company's USD1 billion
secured global medium-term note programme dated 31 December 2024.

Key Rating Drivers

The senior secured notes are rated at the same level as IIFL
Finance's Long-Term Foreign-Currency Issuer Default Rating (IDR) of
'B+', in accordance with Fitch's rating criteria, as they are
secured obligations of the issuer and rank pari passu at all times
with its other secured obligations.

Most of IIFL Finance's debt is secured and Fitch believes that
non-payment of the senior secured debt would best reflect the
uncured failure of the issuer. IIFL Finance can issue unsecured
debt in the overseas market, but such debt is likely to constitute
a small portion of its funding and thus cannot be viewed as its
primary financial obligation.

The Recovery Rating of 'RR4' on the senior secured debt reflects
its expectation of 'Average' recovery prospects in the event of
default. This is in line with its criteria for entities with a
Long-Term IDR of 'B+' or below, domiciled in India.

The notes are subject to a cross-acceleration clause, where the
acceleration of any debt of the issuer or its principal
subsidiaries may constitute an event of default. Fitch understands
that IIFL Finance's microfinance subsidiary has breached certain
loan covenants due to rising sector delinquencies. However, lenders
have not taken adverse action on this breach so far, and the issuer
and its principal subsidiaries continue to meet all their repayment
obligations.

For more information on IIFL Finance's key rating drivers and
rating sensitivities, please see Fitch Affirms IIFL Finance at
'B+'; Removes Rating Watch Negative; Outlook Stable, published on 4
November 2024.

RATING SENSITIVITIES

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

Any negative action on IIFL Finance's Long-Term IDR would drive
corresponding action on the rating of the notes.

The rating may also be downgraded if Fitch believes that recovery
prospects are likely to weaken to below 30% of outstanding senior
secured bonds in a liquidation scenario. The Recovery Rating would
be revised to 'RR5' in such a scenario.

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

An upgrade of IIFL's Long-Term Foreign-Currency IDR would result in
similar action on the bond rating.

Date of Relevant Committee

02 January 2025

ESG Considerations

IIFL Finance has an ESG Relevance Score of '4' for Customer Welfare
- Fair Messaging, Privacy & Data Security, due to the recent
history of regulatory findings on the company's customer-related
practices in gold loans, which may pose lingering reputational risk
for IIFL Finance. This factor has a negative impact on the credit
profile and is relevant to the rating in conjunction with other
factors.

IIFL Finance has an ESG Relevance Score of '4' for Management
Strategy, as Fitch believes the company's operations and franchise
remain sensitive to management's ability to maintain sound
implementation of internal controls and return the business to
adequate profitability now that sanctions have been lifted. This
factor has a negative impact on the credit profile and is relevant
to the rating in conjunction with other factors.

IIFL Finance has an ESG Relevance Score of '4' for Governance
Structure, as the recent regulatory actions imply a record of gaps
in the oversight structure and management of compliance risks that
may continue to pose reputational risks for the company. This
factor has a negative impact on the credit profile and is relevant
to the rating in conjunction with other factors.

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
   -----------             ------         --------   -----
IIFL Finance Limited

   senior secured       LT B+  New Rating   RR4      B+(EXP)

ITAAN PHARMA: Ind-Ra Affirms B Loan Rating, Outlook Positive
------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Itaan Pharma
Private Limited's (IPPL) bank loans' ratings as follows:

-- INR50 mil. Fund-based working capital limit affirmed with IND
     B/Positive/IND A4 rating; and

-- INR415.40 mil. Term loan due on August 31, 2031 affirmed with
     IND B/ Positive rating.

Detailed Rationale of the Rating Action

The affirmation reflects the nascent stage of IPPL's operations
with the company commencing production from May 2024 with major
revenue generation from January 2025, pending research and
development (R&D) of some of its products and likely modest EBITDA
margins and credit metrics in the medium term.

However, the ratings are supported by promoters' more than a
decade-long experience in the pharmaceutical industry.

The Positive Outlook continues to reflect Ind-Ra's expectation of
stability in the company's operational performance in post the
commencement of operations.

Detailed Description of Key Rating Drivers

Nascent Stage of Operations: The ratings reflect IPPL's nascent
stage of operations as it commenced commercial production from May
2024 with major revenue generation from January 2025. The company
was scheduled to begin operations from January 2024; however, it
was deferred due to delays in reverification of processes and
equipment qualifications.  The company plans to manufacture
generics on contract basis for regulated and semi-regulated
markets. Ind-Ra expect the scale of operations to be small in the
medium term due to lower orders and capacity utilization in the
initial years.

Pending R&D: The ratings are also constrained by the cost overrun
and funding risks associated with IPPL's manufacturing unit as R&D
of some of the products is yet to be completed. Some of the
products are in the second stage of the R&D process of the three
stages; the third stage will be completed by 3QFY26. So far, IPPL
has incurred INR1,220 million for construction and research work.
The balance amount of INR110 million is likely to be incurred till
FY26. The term loan and unsecured loan has been availed in full. Of
the total committed equity infusion of INR450 million by the
promoters, INR340 million has been infused. The remaining INR30
million is likely to be infused till March 2025 and INR80 million
till FY26.

Likely Modest EBITDA Margins and Credit Metrics in Medium Term:
Ind-Ra expects the EBITDA margins to remain modest in medium term
as the company will start optimally utilizing the installed
capacity for manufacturing of vials from FY26. Ind-Ra also expects
the debt service coverage ratio and overall credit metrics to be
modest during the initial years of commencement of operations and
improve subsequently with the improvement in the scale of
operations.

Experienced Promoters: The company's promoters have more than a
decade-long experience in the pharmaceutical industry.

Liquidity

Stretched: IPPL does not have any capital market exposure and
relies on banks and financial institutions to meet its funding
requirements. The cash and cash equivalents stood at INR14.31
million at FYE24 (FYE23: INR18.29 million). The company has  debt
repayments of INR8.3 million and INR26.3 million in FY25 and FY26,
respectively. The agency expects its liquidity to remain stretched
over the near term, due to its high annual interest costs. The
company will be meeting its working capital requirements through
fund-based working capital limits of INR50 million, which has been
sanctioned  from Union Bank of India with nil utilization in
December 2024.

Rating Sensitivities

Negative: A decline in the scale of operations leading to
deterioration in the overall credit metrics and/or a further
pressure on the liquidity position, could lead to negative rating
action.

Positive: An increase in the scale of operations, along with an
improvement in the overall credit metrics along with liquidity
profile, all on a sustained basis, could lead to a positive rating
action.

About the Company

IPPL was established on May 4, 2020 by Chandu Kankanala. The
company is setting up a manufacturing unit of general injectables
and pharmaceutical formulations in Telangana.

JALANDHAR AMRITSAR: Insolvency Resolution Process Case Summary
--------------------------------------------------------------
Debtor: Jalandhar Amritsar Tollways Limited

        Registered Address:
        15th Floor, Eros Corporate Tower,
        Nehru Place, New Delhi – 110019

Insolvency Commencement Date: January 17, 2025

Court: National Company Law Tribunal, New Delhi

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

Insolvency professional: Sanjay Kumar Mishra

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

              -- and --

              304, The Summit, Western Express Highway,
              Vile Parle East, Mumbai – 400057
              Email: cirp.jatl@gmail.com

Last date for
submission of claims: February 8, 2025


JANA CAPITAL: Ind-Ra Hikes NonConvertible Debts Rating to BB
------------------------------------------------------------
India Ratings and Research (Ind-Ra) has upgraded Jana Capital
Limited's (JCL) non-convertible debentures (NCDs) to 'IND BB' from
'IND BB-' with a Stable Outlook as follows:

-- INR14.10 bil. (reduced from INR26.50 bil.) Non-convertible
     debentures upgraded with IND BB/Stable rating.

*Details in annexure

Analytical Approach

To arrive at the rating, Ind-Ra continues to take a consolidated
view of JCL and its 100% subsidiary Jana Holdings Limited (JHL;
debt rated at 'IND BB'/Stable), as both the entities have a
cross-default clause with each other's indebtedness. The rating
also factors in the credit profile of Jana Small Finance Bank
(JSFB; 22.35% stake held by JHL; debt rated at 'IND A'/Stable),
using Ind-Ra's Rating FI Subsidiaries and Holding Companies
criteria.

Detailed Rationale of the Rating Action

The upgrade reflects the significant improvement in JSFB's credit
profile during FY24-1HFY25, supported by its higher capital ratios
and improved operating performance. The rating however continues to
reflect JCL and JHL's weak financial risk profile as reflected in
their net losses, weak capitalization, stretched liquidity and high
refinancing risks, given their limited financial flexibility.  

The rated NCDs are held by TPG Asia VI India Markets Pte. Ltd and
are junior to JHL's other debt issuances. The common independent
director serving on the boards of Ind-Ra and JHL/JCL did not
participate in the rating process or in the meeting of its board of
directors or in the meeting of the rating committee, when the
securities of such rated client were being discussed.

Detailed Description of Key Rating Drivers

Ability to Garner Low-cost Deposit Monitorable: The share of
deposits in non-equity liabilities rose to 87% in 9MFY25 (FY24:
81%; FY23: 68%; FY22: 71%; FY21: 69%), largely due to the bank's
increased focus on digital banking and higher deposit rates than
mainstream banks. The current account and saving account (CASA)
ratio to the total deposits remained moderate at 18.4% in 9MFY24
(FY24: 19.7%; FY23: 20.2%; FY22: 22.5%; FY21: 16.3%). JSFB's cost
of funds increased over FY24- 9MFY25, in line with the increase in
policy rates to 8% in 9MFY25 (FY24: 7.8%; FY23: 7.0%; FY22: 7.4%;
FY21: 8.6%). The cost of funds remained slightly higher than its
peer small finance banks. The management aims to improve the bank's
CASA ratio to around 30% in the near- to medium term. Its ability
to continue to garner deposits while reducing the spread between
the mainstream banks remains a key rating monitorable over the
medium to long term.

High Refinancing and Valuation Risks for Holding Company: The
issued NCDs continue to face refinancing risks. The NCDs need to be
repaid to the extent of the principal and at the rate of return
promised to the investors. JHL & JCL have upcoming repayments in
the near term, with repayments of INR 1.12 billion in April 2025
and INR 0.15 billion in June 2025. Although the company was able to
service its debt repayments in the past through NCD issuances, it
faces refinancing risk, given the limited financial flexibility of
the holding companies as they do not have any operations of their
own and the repayment of NCDs is contingent upon the bank's
standalone performance.  

Weak Standalone Financial Profile - JCL: As per 1HFY25 financials,
JCL's earnings profile remained weak with a net loss of INR244.1
million (FY24: negative INR10,570 million, FY23: negative INR3,570
million). Moreover, JCL was unable to meet the minimum capital
requirement of 30% as per the regulatory requirements for a
non-banking financial institute-core investment company in 1HFY25.
JCL's FY24 auditor report indicated concerns related to the going
concern principle for JCL considering the accumulated losses, and
the resultant erosion in the net worth and breach of the regulatory
financial parameters.

Diversified Portfolio Mix with Growing Share of Secured Products:
At 9MFYE25, JSFB's total advances stood at INR279.8 billion (FY24:
INR247.5 billion; FY23: INR198.1 billion; FY22: INR152.6 billion).
It had a well-diversified portfolio across products such as
affordable housing loans (20%), micro loan against property (LAP;
19%), secured small, medium enterprise (SME) loans (14%), vehicle
loans, gold loans and loans to non-bank financial companies (15%)
and unsecured microfinance loans (32%) as of 1HFY25. JSFB was
mainly operating in the microfinance segment after becoming a bank
in 2018.   

JSFB is strategically shifting to a secured loan portfolio; the
share of secured loans in its portfolio increased to 68% at 9MFYE25
(FYE24: 60%; FYE23: 55%; FYE22: 53%). Ind-Ra expects this to
further increase to around 80% by FY27-FY28, with it mainly
focusing on home loans, LAP and secured SME loans. Ind-Ra expects
JSFB to maintain loan growth of around 20% over the medium term and
might not launch any new products.

Maintained Better-than-peers' Asset Quality Metrics amid
Challenging Macro Environment:  JSFB's gross non-performing assets
(NPA)/net NPA continuously improved to 2.0%/0.5% in FY24 (FY23:
3.6%/2.4%; FY22: 5%/3.4%; FY21: 6.7%/4.8%). The bank has also
improved its provision coverage ratio (PCR) to 73.7% in FY24 (FY23:
34%; FY22: 32.2%; FY21: 27.9%). As of 9MFY25, the gross NPA/net NPA
increased to 2.7%/0.99%, mainly amid an increase in delinquencies
in the microfinance portfolio with credit costs reducing to 3.1%
(FY24: 3.3%; FY23: 4.8%; FY22: 4.3%). JSFB's shift to the secured
portfolio mix over the past few years with cautious growth in the
microfinance portfolio (CAGR of 3.95% over FY21-9MFY25, much lower
than the industry's 20%-25%) supported the bank in managing the
current asset quality stress cycle compared to its peers, as per
the agency. Ind-Ra does not expect any further major stress in the
microfinance portfolio and any further increase in delinquencies
would be manageable. The bank's PCR stood at 66.9% in 9MFY25,
Ind-Ra expects the bank to maintain the PCR of 65%-70% in the near
to medium term. With a substantial and growing proportion of
secured portfolio mix and the adequate provisioning in place, the
agency expects its credit costs to remain at 2%-3% in the near to
medium term.  

Adequate Capitalization post Public Issue: JSFB's capital ratios
were constrained prior to FY23 and were just above the minimum
regulatory capital ratios of 15%. However, its Tier 1 capital ratio
improved to 19% at FYE24 (FYE23: 13.02%; FYE22: 11.83%; FYE21:
11.75%) and the total capital adequacy ratio to 20.4% (15.57%;
15.26%; 15.51%), supported by it raising INR5.46 billion through a
pre-initial public offering (IPO), INR4.6 billion through the IPO
and the improved profitability, leading to higher accretion to
reserves. In 9MFY25, the total capital adequacy stood at 20.4%
(including 9MFY25 profits).

Its capital ratios were also constrained by a high net NPA/equity
ratio. However, with the improving provisioning levels, the net
NPA/equity improved to comfortable levels of 6.3% in 9MFY25 (FY24:
3.7%; FY23: 26.0%; FY22: 42.8%; FY21: 54.9%).

Adequate Profitability Profile: JSFB's net interest margins (NIMs)
slightly declined to 7.6% in 9MFY25 (FY24: 8.0%; FY23: 7.7%; FY22:
7.3%; FY21: 8.4%) amid a decline in disbursements in high-yielding
microfinance loans, but it remained higher than other mainstream
banks as it caters to high-yielding informal segment borrowers.
The cost-to-income ratio increased slightly to 60.1% in 9MFY25
(FY24: 57.4%; FY23: 56.2%; FY22: 66.0%) amid the decline in NIMs.
Overall, the pre-provision operating profit (PPOP) buffers improved
over FY22- 9MFY25, with PPOP/credit cost standing at 1.6x in 9MFY25
(FY24: 1.8x; FY23: 1.3x; FY22: 1x). The bank's profit stood at
INR3.78 billion in 9MFY25 (FY24: INR6.7 billion; FY23: INR2.56
billion; FY22: INR0.05 billion; FY21: INR0.84 billion; FY20: INR0.3
billion) with a slight decline its return on average asset (RoA) to
1.5% (1.8%; 1.1%;  0.03%; 0.5%; 0.3%). The agency believes the bank
has the scale to be adequately profitable and expects the credit
costs to moderate to 1.5%-2% with the rise of secured loans in the
portfolio, which could help it maintain an RoA of 1.8%-2 % in the
near- to medium term.

Liquidity

JCL - Poor: JCL does not have cash flows to service its debt
obligations and will have to depend on the monetization of its
stake in JSFB or the secondary sale of shares, refinancing, among
other options, before the maturity date of the respective
instruments. The agency expects no dividend income from JSFB over
the medium term. JHL and JCL are also getting merged, for which,
INC-22 has been filed, and relevant approval from the Registrar of
Companies has been passed on January 24, 2025. Furthermore, the
debt raised by both the holding companies are in the form of
zero-coupon bonds, which is leading to lumpy pay-outs on maturity.

JSFB - Adequate: JSFB maintained strong liquidity coverage ratio of
279% in 9MFY25 (FY24: 296%, FY23: 510%; FY22: 555%, FY21: 1,200%),
well above the minimum regulatory requirement of 100% supported by
61% of bulk deposit are non-callable and 89.8% of bulk deposits are
contracted at one-year and above. The bank, however, had an
asset-liability mismatch of 15.4% in the up to one-year bucket as
on 30 December 2024, given substantial amount of long -tenor
affordable housing and SME loans. However, this is adequately
covered by its excess statutory liquidity requirement of INR12
billion as of 9MFY25 and unutilized lines available from
refinancing institutions of over INR11 billion.

Rating Sensitivities

Negative: The following events could lead to a negative rating
action:

-- JSFB's inability to raise adequate funds before refinancing
leading to default,

-- the bank's inability to manage the asset quality, leading to a
sharp rise in the credit costs,

-- its failure to mobilize sufficient deposits, the bank's
capitalization levels (tier I capital risk adequacy ratio ) falling
below 15.0%, and

-- sustained deterioration in the bank's liquidity buffers.

Positive: The following events could lead to a positive rating
action:

-- substantial improvement in the holding companies' debt
metrics,

-- a continued improvement in the bank's scale of operations with
increased proportion of secured asset mix while maintaining its
profitability,

-- the bank's ability to garner low-cost deposits,

-- JSFB maintaining adequate capitalization, and

-- the bank's demonstrated ability to manage its asset quality
better than peers.

About the Company

JCL was incorporated on March 26, 2015 to carry on the business of
an investment company and to invest, buy, sell or deal in any
share, stock, and debenture. The company received a certificate of
registration dated March 24, 2017 from the Reserve Bank of India as
a non-banking financial institution – non-deposit taking –
systematically important core investment company under section 45IA
of the Reserve Bank of India Act, 1934.

JANA HOLDINGS: Ind-Ra Hikes NonConvertible Debts Rating to BB
-------------------------------------------------------------
India Ratings and Research (Ind-Ra) has upgraded Jana Holdings
Limited's (JHL) non-convertible debentures (NCDs) to 'IND BB' from
'IND BB-' with a Stable Outlook as follows:

-- INR3.775 bil. (reduced from INR6.680 bil.) Non-convertible
     debentures upgraded with IND BB/Stable rating.

*Details in annexure

Analytical Approach

To arrive at the rating, Ind-Ra continues to take a consolidated
view of JHL and its 100% parent Jana Capital Limited (JCL; debt
rated at 'IND BB'/Stable), as both the entities have a
cross-default clause with each other's indebtedness. The rating
also factors in the credit profile of Jana Small Finance Bank
(JSFB; 22.35% stake held by JHL; debt rated at A/Stable), using
Ind-Ra's Rating FI Subsidiaries and Holding Companies criteria.

Detailed Rationale of the Rating Action

The upgrade reflects the significant improvement in JSFB's credit
profile during FY24-1HFY25, supported by its higher capital ratios
and improved operating performance. The rating however continues to
reflect JCL and JHL's weak financial risk profile as reflected in
their net losses, weak capitalization, stretched liquidity and high
refinancing risks, given their limited financial flexibility.  

The rated NCDs are held by TPG Asia VI India Markets Pte. Ltd, and
are junior to JHL's other debt issuances.

The common independent director serving on the boards of Ind-Ra and
JHL/JCL did not participate in the rating process or in the meeting
of its board of directors or in the meeting of the rating
committee, when the securities of such rated client were being
discussed.

Detailed Description of Key Rating Drivers

Ability to Garner Low-cost Deposit Monitorable: The share of
deposits in non-equity liabilities rose to 87% in 9MFY25 (FY24:
81%; FY23: 68%; FY22: 71%; FY21: 69%), largely due to the bank's
increased focus on digital banking and higher deposit rates than
mainstream banks. The current account and saving account (CASA)
ratio to the total deposits remained moderate at 18.4% in 9MFY24 (
FY24: 19.7%; FY23: 20.2%; FY22: 22.5%; FY21: 16.3%). JSFB's cost of
funds increased over FY24- 9MFY25, in line with the increase in
policy rates to 8% in 9MFY25  (FY24: 7.8%; FY23: 7.0%; FY22: 7.4%;
FY21: 8.6%). The cost of funds remained slightly higher than its
peer small finance banks. The management aims to improve the bank's
CASA ratio to around 30% in the near- to medium term. Its ability
to continue to garner deposits while reducing the spread between
the mainstream banks remains a key rating monitorable over the
medium to long term.

High Refinancing and Valuation Risks for Holding Company: The
issued NCDs continue to face refinancing risks. The NCDs need to be
repaid to the extent of the principal and at the rate of return
promised to the investors. JHL and JCL have repayments in the near
term of INR 1.12 billion in April 2025 and INR0.15 billion in June
2025. Although the company was able to service its debt repayments
in the past through NCD issuances, it faces refinancing risk, given
the limited financial flexibility of the holding companies as they
do not have any operations of their own and the repayment of NCDs
is contingent upon the bank's standalone performance.

Weak Standalone Financial Profile - JHL: JHL's earnings profile
remains weak, with a net profit of INR3,090 million in September
2024 (FY24: net loss of INR4,604 million). Moreover, JHL is not
meeting the minimum consolidated capital adequacy ratio of 15% and
minimum standalone leverage ratio of 1.25x, as per the regulatory
requirements for a non-operating financial holding company. It is
also not meeting the minimum net owned funds requirement. The
auditor's report on JHL for FY24 mentions the material uncertainty
related to a going concern, considering the accumulated losses, the
resultant erosion in the net worth and the breaches in the
regulatory financial parameters as stated above.

Diversified Portfolio Mix with Growing Share of Secured Products:
At 9MFYE25, JSFB's total advances stood at INR279.8 billion (FY24:
INR247.5 billion; FY23: INR198.1 billion; FY22: INR152.6 billion).
It had a well-diversified portfolio across products such as
affordable housing loans (20%), micro loan against property (LAP;
19%), secured small, medium enterprise (SME) loans (14%), vehicle
loans, gold loans and loans to non-bank financial companies (15%)
and unsecured microfinance loans (32%) as of 1HFY25. JSFB was
mainly operating in the microfinance segment after becoming a bank
in 2018.  

JSFB is strategically shifting to a secured loan portfolio; the
share of secured loans in its portfolio increased to 68% at 9MFYE25
(FYE24: 60%;  FYE23: 55%; FYE22: 53%). Ind-Ra expects this to
further increase to around 80% by FY27-FY28, with it mainly
focusing on home loans, LAP and secured SME loans. Ind-Ra expects
JSFB to maintain loan growth of around 20% over the medium term and
might not launch any new products.  

Maintained Better-than-peers' Asset Quality Metrics amid
Challenging Macro Environment:  JSFB's gross non-performing assets
(NPA)/net NPA continuously improved to 2.0%/0.5% in FY24 (FY23:
3.6%/2.4%; FY22: 5%/3.4%; FY21: 6.7%/4.8%). The bank has also
improved its provision coverage ratio (PCR) to 73.7% in FY24 (FY23:
34%; FY22: 32.2%; FY21: 27.9%). As of 9MFY25, the gross NPA/net NPA
increased to 2.7%/0.99%, mainly amid an increase in delinquencies
in the microfinance portfolio with credit costs reducing to 3.1%
(FY24: 3.3%; FY23: 4.8%; FY22: 4.3%). JSFB's shift to the secured
portfolio mix over the past few years with cautious growth in the
microfinance portfolio (CAGR of 3.95% over FY21-9MFY25, much lower
than the industry's 20%-25%) supported the bank in managing the
current asset quality stress cycle compared to its peers, as per
the agency. Ind-Ra does not expect any further major stress in the
microfinance portfolio and any further increase in delinquencies
would be manageable. The bank's PCR stood at 66.9% in 9MFY25,
Ind-Ra expects the bank to maintain the PCR of 65%-70% in the near
to medium term. With a substantial and growing proportion of
secured portfolio mix and the adequate provisioning in place, the
agency expects its credit costs to remain at 2%-3% in the near to
medium term.

Adequate Capitalization post Public Issue: JSFB's capital ratios
were constrained prior to FY23 and were just above the minimum
regulatory capital ratios of 15%. However, its Tier 1 capital ratio
improved to 19% at FYE24 (FYE23: 13.02%; FYE22: 11.83%; FYE21:
11.75%) and the total capital adequacy ratio to 20.4% (15.57%;
15.26%; 15.51%), supported by it raising INR5.46 billion through a
pre-initial public offering (IPO), INR4.6 billion through the IPO
and the improved profitability, leading to higher accretion to
reserves. In 9MFY25, the total capital adequacy stood at 20.4%
(including 9MFY25 profits).

Its capital ratios were also constrained by a high net NPA/equity
ratio. However, with the improving provisioning levels, the net
NPA/equity improved to comfortable levels of 6.3% in 9MFY25 (FY24:
3.7%; FY23: 26.0%; FY22: 42.8%; FY21: 54.9%).

Adequate Profitability Profile: JSFB's net interest margins (NIMs)
slightly declined to 7.6% in 9MFY25 (FY24: 8.0%; FY23: 7.7%; FY22:
7.3%; FY21: 8.4%) amid a decline in disbursements in high-yielding
microfinance loans, but it remained higher than other mainstream
banks as it caters to high-yielding informal segment borrowers.
The cost-to-income ratio increased slightly to 60.1% in 9MFY25
(FY24: 57.4%; FY23: 56.2%; FY22: 66.0%) amid the decline in NIMs.
Overall, the pre-provision operating profit (PPOP) buffers improved
over FY22- 9MFY25, with PPOP/credit cost standing at 1.6x in 9MFY25
(FY24: 1.8x; FY23: 1.3x; FY22: 1x). The bank's profit stood at
INR3.78 billion in 9MFY25 (FY24: INR6.7 billion; FY23: INR2.56
billion; FY22: INR0.05 billion; FY21: INR0.84 billion; FY20: INR0.3
billion) with a slight decline its return on average asset (RoA) to
1.5% (1.8%; 1.1%;  0.03%; 0.5%; 0.3%). The agency believes the bank
has the scale to be adequately profitable and expects the credit
costs to moderate to 1.5%-2% with the rise of secured loans in the
portfolio, which could help it maintain a RoA of 1.8%-2 % in the
near- to medium term.

Liquidity

JHL - Poor: JHL does not have cash flows to service its debt
obligations and will have to depend on the monetization of its
stake in JSFB or the secondary sale of shares, refinance among
other options, before the maturity date of the respective
instruments. The agency expects no/limited dividend income from
JSFB over the medium term. JHL holds a 22.35% stake in JSFB and is
in the process of listing the bank.

JSFB - Adequate: JSFB maintained strong liquidity coverage ratio of
279% in 9MFY25 (FY24: 296%, FY23: 510%; FY22: 555%, FY21: 1,200%),
well above the minimum regulatory requirement of 100% supported by
61% of bulk deposit are non-callable  and 89.8% of bulk deposits
are contracted at one-year and above. The bank, however, had an
asset-liability mismatch of 15.4% in the up to one-year bucket as
of December 30, 2024, given substantial amount of long -tenor
affordable housing and SME loans. However, this is adequately
covered by its excess statutory liquidity requirement of INR12
billion as of 9MFY25 and unutilized lines available from
refinancing institutions of over INR11 billion.

Rating Sensitivities

Negative: The following events could lead to a negative rating
action:

- JSFB's inability to raise adequate funds before refinancing
leading to default,

- the bank's inability to manage the asset quality, leading to a
sharp rise in the credit costs,

- its failure to mobilize sufficient deposits,

- the bank's capitalization levels (tier I capital risk adequacy
ratio) falling below 15.0%, and

- sustained deterioration in the bank's liquidity buffers.

Positive: The following events could lead to a positive rating
action:

- a substantial improvement in the holding companies' debt
metrics,

- a continued improvement in the bank's scale of operations with
increased proportion of secured asset mix while maintaining its
profitability,

- the bank's ability to garner low-cost deposits,

- JSFB maintaining adequate capitalization, and

- the bank's demonstrated ability to manage its asset quality
better than peers.

About the Company

JHL is registered as a non-operating financial holding company
according to the regulatory guidelines, and is promoted by JCL, to
hold the promoter stake in JSFB.

K. T. RAVI: CARE Keeps C Debt Rating in Not Cooperating Category
----------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of K. T. Ravi
(KTR) continue to remain in the 'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       7.00       CARE C; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category  

   Short Term Bank      3.00       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 4,
2024, placed the rating(s) of KTR under the 'issuer
non-cooperating' category as KTR had failed to provide information
for monitoring of the rating as agreed to in its Rating Agreement.
KTR continues to be non-cooperative despite repeated requests for
submission of information through e-mails dated November 19, 2024,
November 29, 2024 and December 9, 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

Mysore-based M/s. K. T. Ravi (KTR) was established by an
engineering graduate, Mr K T Ravi in the year 1994 as a
proprietorship concern. The firm is engaged in civil construction
works such as laying roads and irrigation works for government
organizations covering Public Works Department (PWD) and Panchayat
Raj which are procured through tenders. Mr K T Ravi is a Class –
I contractor and has experience of more than two decades in civil
contract works.

Status of non-cooperation with previous CRA: Brickwork has
continued the rating assigned to the bank facilities of KTR under
Issuer Not Cooperating category vide press release dated November
14, 2024 on account of its inability to carry out a review in the
absence of the requisite information from the firm.


KAMACHI INDUSTRIES: Ind-Ra Withdraws D Term Loan Rating
-------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn the ratings of
Kamachi Industries Limited's (KIL) bank facilities as follows:

-- The 'IND D (ISSUER NOT COOPERATING)' rating on the INR2,119.8
     bil. Fund-based working capital facilities is withdrawn;

-- The 'IND D (ISSUER NOT COOPERATING)' rating on the INR7,131.1
     bil. Term loans due on June 30, 2022 is withdrawn; and

-- The 'IND D (ISSUER NOT COOPERATING)' rating on the INR4,476.8
     bil. Non-fund based working capital facilities is withdrawn.

Detailed Rationale of the Rating Action

Ind-Ra is no longer required to maintain the rating as the company
was acquired by Virendra Jain through a corporate insolvency
resolution process under the National Company Law Tribunal (NCLT)
on July 26, 2024. The liquidator has settled all the financial
creditor through the sales proceeds. Furthermore, the agency has
received a debt settlement letter from the consortium lead bank,
Punjab National Bank ('IND AAA'/Stable/'IND A1+'), and Prudent ARC
Limited. This is consistent with Ind-Ra's Policy on Withdrawal of
Ratings. Ind-Ra will no longer provide analytical or rating
coverage for KIL.

About the Company

KIL was incorporated in 2003 is promoter by G.L Kothari. The
company was acquired by Virendra Jain through the liquidation
process under the NCLT on July 26, 2024.  KIL manufactures and
trades sponge iron, mild steel billets and thermo-mechanically
treated bars. The company has an integrated steel plant with
facilities to manufacture 120,000 metric tons (MT) of sponge iron,
296,000MT of steel billets and 500,000MT of thermo-mechanically
treated bars. It also operates a 10MW waste heat recovery plant and
a 70MW thermal power plant.

KARPADHA AGRO: CARE Keeps D Debt Rating in Not Cooperating
----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Shri
Karpadha Agro Foods (SKAF) continues to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       9.40       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Rationale and key rating drivers

CARE Ratings Ltd. had, vide its press release dated January 2,
2024, placed the rating(s) of SKAF under the 'issuer
non-cooperating' category as SKAF had failed to provide information
for monitoring of the rating as agreed to in its Rating Agreement.
SKAF continues to be non-cooperative despite repeated requests for
submission of information through e-mails dated November 17, 2024,
November 27, 2024 and December 7, 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

Shri Karpadha Agro Foods (SKAF) is a partnership firm engaged in
rice milling business and the present partners are Mr. Arul and Ms.
Lalithambigai. Originally the firm was established in 2006 in the
name of "Karpadha Agro Foods" (KAF) promoted by Mr. P. Palanisamy,
Mrs. P. Dhanam, Mr. P. Kalaivanan and Mr. P. Arul. Subsequently the
partnership was reconstituted in April
2015.

Status of non-cooperation with previous CRA: Acuite has continued
the rating assigned to the bank facilities of SKAF into Issuer Not
Cooperating category vide press release dated November 25, 2024 on
account of its inability to carry out a review in the absence of
requisite information.

KASHIPUR SITARGANJ: Ind-Ra Keeps D Rating in NonCooperating
-----------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained Kashipur
Sitarganj Highways Pvt Ltd.'s (KSHPL) bank loans ratings in the
non-cooperating category and has simultaneously withdrawn the same.


The detailed rating action is:

-- INR4.220 bil. Senior long-term rupee loans* due on March 31,
     2029 maintained in non-cooperating category and withdrawn.

*Maintained at 'IND D (ISSUER NOT COOPERATING)' before being
withdrawn

Detailed Rationale of the Rating Action

The ratings have been maintained in the non-cooperating category
before being withdrawn because the issuer did not participate in
the rating exercise despite repeated requests by the agency through
phone calls and emails, and has not provided information about
latest audited financial statement, sanctioned bank facilities and
utilization. This is in accordance with Ind-Ra's policy of
'Guidelines on What Constitutes Non-cooperation'. Ind-Ra is no
longer required to maintain the ratings, as the agency has received
a withdrawal request from the issuer and no-objection certificate
from the bankers. This is consistent with Ind-Ra's Policy on
Withdrawal of Ratings.

Non-Cooperation by the Issuer

Ind-Ra has not received adequate information and has not been able
to conduct management interactions with KSHPL while reviewing the
ratings.

Limitations regarding Information Availability

Ind-Ra is unable to provide an updated forward-looking view on the
credit rating of KSHPL, as the agency does not have adequate
information to review the ratings. If an issuer does not provide
timely business and financial updates to the agency, it indicates
weak governance, particularly in 'Transparency of Financial
Information'. The agency may also consider this as symptomatic of a
possible disruption/distress in the issuer's credit profile.
Therefore, investors and other users are advised to take
appropriate caution while using these ratings. KSHPL has been
non-cooperative with the agency since November 2019.

About the Company

KSHPL is a special purpose vehicle that was incorporated to
implement a 77.2-kilometre two-to-four-lane expansion project
between Kashipur and Sitarganj in Uttarakhand on National Highway
74, under a 21-year concession from the National Highways Authority
of India ('IND AAA'/Stable).

KASHVI POWER: Ind-Ra Keeps BB+ Term Loan Rating in NonCooperating
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained Kashvi Power and
Steel Private Limited's (KPSPL) bank facility ratings in the
non-cooperating category and has simultaneously withdrawn the same
as follows:

-- INR65 mil. Non-fund-based working capital limit* maintained in

     non-cooperating category and withdrawn; and

-- INR449 mil. Fund-based working capital limit** maintained in
     non-cooperating category and withdrawn.

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

*Maintained at 'IND BB+/Stable (ISSUER NOT COOPERATING)' before
being withdrawn

**Maintained at 'IND A4+ (ISSUER NOT COOPERATING)' before being
withdrawn

Detailed Rationale of the Rating Action

The ratings have been maintained in the non-cooperating category
before being withdrawn as the issuer did not participate in the
rating exercise despite repeated requests by the agency through
phone calls and emails, and has not provided information about
latest audited financial statements, sanctioned bank facilities and
utilization, business plans and projections for the next three
years, information on corporate governance, and management
certificate. This is in accordance with Ind-Ra's policy of
'Guidelines on What Constitutes Non-cooperation'.

Ind-Ra is no longer required to maintain the ratings, as the agency
has received a no-objection certificate from the lender and a
request for withdrawal of ratings from the company. This is
consistent with Ind-Ra's Policy on Withdrawal of Ratings.

Non-Cooperation by the Issuer

Ind-Ra has not received adequate information and has not been able
to conduct management interaction with KPSPL while reviewing the
ratings. Ind-Ra had consistently followed up with KPSPL over emails
starting April 20, 2023. Further, the issuer has also not submitted
its monthly no-default statement in the 12 months ended December
2024.

Limitations regarding Information Availability

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

About the Company

KPSPL was set up in 2010 in Cuttack, Odisha. The company is engaged
in the trading and exports of iron ore fines and also operates a
shopping mall.

KEDIA TEXFAB: Ind-Ra Affirms BB+ Loan Rating, Outlook Stable
------------------------------------------------------------
India Ratings and Research (Ind-Ra) has taken the following rating
actions on Kedia Texfab & Industries Private Limited (KTIPL) bank
facilities:

-- INR400 mil. Fund-based working capital limit affirmed with IND

     BB+/Stable/IND A4+ rating; and

-- INR200 mil. Non-fund based working capital limit affirmed with

     IND A4+ rating.

Detailed Rationale of the Rating Action

The affirmation reflects KTIPL continued small scale of operations,
deterioration in the EBITDA margins, and moderate credit metrics in
FY24. In FY25, Ind-Ra expects an improvement in the scale of
operations and credit metrics, but the EBITDA margins are likely to
remain at similar levels. The ratings are supported by adequate
liquidity and the promoters' experience of over five decades in the
textile trading business.

Detailed Description of Key Rating Drivers

Continued Small Scale of Operations: KTIPL caters to domestic
companies that export to the US, UK and Sudan. In FY24, KTIPL's
revenue declined to INR2,071.51 million (FY23: INR3,981.22
million), with the EBITDA falling to INR44.69 million (INR137.21
million), owing to lower demand from its clients, resulting from
downturns in the US, UK and Sudan markets. In FY24,  sales of yarn
contributed around 98.28% to the total revenue (FY23: 99.32%),
while the rest was from the sales of cotton and fabric. KTIPL
booked revenue  of around INR2,280 million during 9MFY25. Ind-Ra
expects the revenue  to grow on a yoy basis in the near term, on
account of an improvement in demand in the key export markets of
its customers.

Deterioration in EBITDA Margins in FY24: In FY24, KTIPL's EBITDA
margins declined to a modest 2.16% (FY23: 3.45%), mainly due to a
slight increase in transportation charges and selling expenses. In
FY24, the return of capital employed declined to 9.2% (FY23:
15.9%). The EBITDA margins stood at 2.7% in 7MFY25. In FY25, Ind-Ra
expects the EBITDA margins to remain at similar levels due to
similar nature of operations.

Moderate Credit Metrics: In FY24, KTIPL's  gross interest coverage
(operating EBITDA/gross interest expense) improved to 2.36x (FY23:
2.01x) on account of a reduction in interest expenses due to
repayment of a portion of unsecured loans, which were
interest-bearing. In FY24, unsecured loans had accounted for
INR152.03 million (FY23: INR254.22 million) of the total debt of
INRXX (INRXX). The net leverage (adjusted net debt/operating
EBITDA)  deteriorated to 3.36x in FY24 (FY23: 2.91x) due to the
decrease in the EBITDA).   In FY25, Ind-Ra expects an improvement
in the credit metrics due to a likely increase in the EBITDA and
the absence of any debt-led capex plans.

Promoter's Experience: The ratings are supported by the promoters'
experience of over five decades in the textile trading business,
leading to established relationships with its customers and
suppliers.

Liquidity

Adequate: KTIPL's  average monthly utilization of its fund-based
limits was around 20.24% of the sanctioned limits over the 12
months ended October 2024. In FY24, the cash flow from operations
remained positive but declined to INR123.61 million (FY23:
INR389.25 million) due to the fall in EBITDA. Consequently, the
free cash flow from operations declined to INR123.13 million in
FY24 (FY23: INR389.25 million). In FY24, the working capital cycle
stood at 50 days (FY23: 45 days). At FYE24, the cash and cash
equivalents stood at INR3.61 million (FYE23: INR0.16 million).  The
company has scheduled debt repayments of around INR1.56 million in
FY25 and nil obligations in FY26. KTIPL does not have any capital
market exposure and relies on banks and financial institutions to
meet its funding requirements.

Rating Sensitivities

Positive: Significant improvement in the scale of operations and
profitability while maintaining the proportion of  unsecured loans
from the promoters in the overall debt along with an improvement in
the credit metrics and liquidity position could lead to a positive
rating action.

Negative: A decline in the scale of operations or profitability,
along with an increase in non-promoter debt, leading to a
deterioration in the credit metrics, with the interest coverage
falling below 2x and deterioration in liquidity, all on a sustained
basis, could lead to a negative rating action.

About the Company

Incorporated in 2013, Mumbai-based KTIPL trades in cotton yarn and
cotton, with procurement from Tamil Nadu, Andhra Pradesh and Madhya
Pradesh, and it sells its products mainly in Maharashtra. The
company also exports its products to XX. The company is promoted by
Manoj Kumar Kedia and Pawankumar Kedia.

KNISS LABORATORIES: CARE Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Kniss
Laboratories Private Limited (KLPL) continue to remain in the
'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       4.50       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

   Long Term/           3.50       CARE D/CARE D; ISSUER NOT
   Short Term                      COOPERATING; Rating continues
   Bank Facilities                 to remain under ISSUER NOT
                                   COOPERATING category

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

Rationale and key rating drivers

CARE Ratings Ltd. had, vide its press release dated January 9,
2024, placed the rating(s) of KLPL under the 'issuer
non-cooperating' category as KLPL had failed to provide information
for monitoring of the rating as agreed to in its Rating Agreement.
KLPL continues to be non-cooperative despite repeated requests for
submission of information through e-mails dated November 24, 2024,
December 04, 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

Kniss Laboratories Private Limited (KLPL) was established in 1989
and it was converted into a Private Limited Company on November 17,
1998. KLPL is engaged in manufacturing and marketing of allopathic
and ayurvedic formulations. The company procures its major raw
materials like Paracetamol and vitamins from local suppliers and
exports the same to various countries in Asia and Africa apart from
selling it domestically within India. The company markets its drugs
in the name of Kniss Laboratories
Private Limited. The registered office of the company is located at
Ashok Nagar, Chennai and the manufacturing unit is located
at Gerugambakkam, Chennai.

Status of non-cooperation with previous CRA: CRISIL has continued
the rating assigned to the bank facilities of KLPL under Issuer Not
Cooperating category vide press release dated January 22, 2024 on
account of its inability to carry out a review in the absence of
the requisite information from the company.


KRISHNA STEELS: Ind-Ra Affirms BB+ Loan Rating, Outlook Stable
--------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Shree Krishna
Steels' (SKS) bank facilities as follows:

-- INR630 mil. Non-fund-based working capital limit affirmed with

     IND BB+/Stable/IND A4+ rating.

Note: The facility includes a INR470 million fund-based facility as
a sub-limit.

Detailed Rationale of the Rating Action

The ratings reflects SKS's high geographical concentration,
partnership structure of business and exposure to currency
fluctuation risk. However, the ratings are supported by an
improvement in the company's medium scale of operations, a rise in
its healthy EBITDA margins and continued comfortable credit metrics
in FY24. However, Ind-Ra expects the EBITDA margin to decline in
FY25 considering the decline in steel prices.

Detailed Description of Key Rating Drivers

High Geographical Concentration: SKS mainly sells to the customers
situated in Maharashtra region, exposing it to a material
geographical concentration risk. However, there is no material
customer concentration risk.

Partnership Structure of Business: The ratings remain constrained
by the risks arising from the partnership nature of the business,
such as the possibility of withdrawal of capital and the limited
ability to raise capital.

Exposure to Currency Fluctuation Risk: SKS does not fully hedge its
exposure to currency fluctuations, which could impact its
profitability in case of any steep movement in the exchange rates
in the short term.

Improvement in Medium Scale of Operations: The ratings reflect
SKS's medium scale of operations as indicated by a revenue of
INR5,021 million in FY24 (FY23: INR3,854 million) and an EBITDA of
INR133 million (INR103.39 million). In FY24, the revenue improved
year-on-year, as SKS received a higher number of orders. During
8MFY25, SKS booked a revenue of INR3,309 million. In FY25, Ind-Ra
expects the revenue likely to remain at a similar level,
considering the year-to-date revenue and the overall revenue
trend.

Improvement in Healthy EBITDA Margins: The ratings also factor in
the SKS's healthy EBITDA margin of 2.65% in FY24 (FY23: 2.68%) with
a return on capital employed of 16.80% (13%). In FY24, the EBITDA
margin remained at a similar level due to stable steel prices. In
FY25, Ind-Ra expects the EBITDA margin to decline year-on-year,
considering the inventory loss due to the declined steel prices  in
FY25.

Continued Comfortable Credit Metrics: SKS's interest coverage
(operating EBITDA/gross interest expenses) was 3.41x in FY24 (FY23:
5.44x) and its net leverage (adjusted net debt/operating EBITDAR)
was 0.98x (2.12x). In FY24, the interest coverage declined due to
the increased gross interest expenses of INR39 million (FY23: INR19
million) while the net leverage improved mainly on account of the
reduced total debt outstanding of INR155 million (INR221.37
million). In FY25, Ind-Ra expects the credit metrics to deteriorate
year-on-year, considering the likely fall in the EBITDA. CPL has
planned capex of around INR200 million to completed by June 2025,
which will be funded through a term loan of INR100 million and the
rest through internal accruals and unsecured loans. Until November
2024, SKS had already incurred around INR107 million for capex,
which was fully funded through internal accruals.

Liquidity

Stretched: SKS's average month-end utilization of the fund-based
limits was 47.08% and that of the non-fund-based limits was 34.31%
during the 12 months ended October 2024; Ind-Ra expects the
utilization to have remained at similar levels during November and
December 2024. SKS does not have any capital market exposure and
relies on banks and financial institutions to meet its funding
requirements. The cash flow from operations improved to INR176
million in FY24 (FY23: INR163 million) due to the increased EBITDA.
Furthermore, the free cash flow stood at INR175 million in FY24
(FY23: INR162.54 million), amid the absence of capex. The average
net working capital cycle improved to 44 days in FY24 (FY23: 54
days), mainly on account of the decreased inventory days of 32
(42). SKS has no debt repayment obligations in FY25 and INR13.50
million is due in FY26. The cash and cash equivalents stood at
INR24 million at FYE24 (FYE23: INR1.76 million).

Rating Sensitivities

Negative: A decline in the scale of operations, leading to
deterioration in the overall credit metrics, with the interest
coverage declining below 1.5x and a further pressure on the
liquidity position, could lead to a negative rating action.

Positive: An increase in the scale of operations, along with an
improvement in the overall credit metrics, with the interest
coverage remaining above 2x, all on a sustained basis, could lead
to a positive rating action.

About the Company

Incorporated in 1980, SKS is a partnership firm located in Mumbai.
It is involved in the trading of iron and steel products such as
hot-rolled coils, galvanized plain coils and color-coated coil, and
cold rolled close annealed coils. Historically, the company used to
import products and sell in the domestic market. However since
FY21, it has started procuring products from domestic players,
mainly from Arcelor Mittal Nippon Steel India. SKS sells the
products to customers on just-in-time basis. SKS caters to
customers located across India, but it mainly operates in
Maharashtra.

KSR MARINE: Ind-Ra Assigns BB+ Bank Loan Rating, Outlook Stable
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has rated KSR Marine Services
Private Limited's (KSRMSPL) bank facilities as follows:

-- INR225 mil. Fund-based working capital limit assigned with IND

     BB+/Stable/IND A4+ rating;

-- INR111.70 mil. Non-fund-based working capital limit assigned
     with IND A4+ rating;

-- INR125 mil. Proposed fund-based working capital limit assigned

     with IND BB+/Stable/IND A4+ rating; and

-- INR138.30 mil. Proposed non-fund-based working capital limit
     assigned with IND A4+ rating.

Detailed Rationale of the Rating Action

The ratings reflect KSRMSPL's highly concentrated and slow-moving
order book, stretched liquidity, elongated working capital cycle
and intense competition. However, the ratings are supported by
improving scale of operations over FY21-FY24, healthy EBITDA
margins, and comfortable credit metrics, along with the promoters'
extensive experience.

Detailed Description of Key Rating Drivers

Highly Concentrated and Slow-moving Order Book: The company secures
back-to-back work orders as a subcontractor and its order book
comprised only two major orders which exposes the company to high
concentration risk.  Also, 100% of the unexecuted order book
consisted of slow-moving/delayed orders as of December 31, 2024,
due to pending approvals/clearance, leading to execution risks.

Elongated Working Capital Cycle: Although the net-working cycle
reduced but remained elongated at 70 days in FY24 (FY23: 292 days;
FY22: 42 days). The inventory started building FY23 onwards only
and stood at INR255.7 million in FY24 (FY23: INR310.09 million;
FY22: nil) which was much higher than its revenue. The debtor days
too reduced but were high at 77 in FY24 (FY23: 116; FY22: 107)
while the creditor days increased to 120 (239; 42). As per the
drawing power statement, the net current assets reduced to INR316.9
million at end-November 2024 (end-March 2024: INR735.97 million)
while the limit utilization increased to 99.28% from 73.4% despite
a reduction in the net current assets and working capital limit
enhancement to INR225.0 million from INR135 million.

High Competition from Domestic and Foreign Dredging Players: The
company faces intense competition from domestic as well as major
global dredging players.

Stretched Liquidity: The company had sanctioned working capital
limits of INR225.0 million as of November 2024. The fund-based
limit utilization was high at 99% in November 2024, while the
average monthly maximum utilization of the same stood at 73.69%
during the 12 months ended November 2024. The management expects
the utilization to remain above 95% for FY25 and the company has
not tied up for any enhancement in limits, indicating stretched
liquidity. Also, the company has debt repayments of INR291.03
million in FY25 and INR72.56 million in FY26 that will be met
through its internal accruals along with unsecured loans from the
promoters.   

Improvement in Scale of Operations; likely to Continue in FY25:
KSRMSPL's revenue expanded at a CAGR of 30% over FY21-FY24.
KSRMSPL's revenue grew 72% to INR1376.93 million in FY24 (FY23:
INR800.37 million; FY22: INR683.62 million), backed by the receipt
of new orders and completion of its existing orders. The scale of
operations remained medium. The company secures back-to-back work
orders and applies to tenders directly. The company has seven
dredges and has been operating them for the past six-to-seven
months this year. The billing is based on the price agreed in the
tenders and the volume produced. As of 6MFY25, the company reported
revenue of INR503.34 million.

As of November 2024, the company had an unexecuted orderbook of
INR3,153.2 million, translating into a revenue visibility of 2.29x
of the FY24 revenue. Also, as per the management, the company is an
H1 bidder for a new contract in Kerala for an estimated value of
around INR2,498.0 million to be completed within three years in
addition to the unexecuted orderbook. Ind-Ra believes the
successful execution of these orders will enable the company to
achieve sustainable growth in the medium term.  

Healthy EBITDA Margins: KSRMSPL's EBITDA margins remained healthy
but normalized to 20.60% in FY24 (FY23: 27.76%; FY22: 21.93%).  The
return on capital employed was 17.4% in FY24 (FY23: 10.6%; FY22:
7.9%). Ind-Ra expects the operating profitability to remain healthy
in FY25, supported by unexecuted order book. As per the management,
the EBITDA margins remained at 20%-22% and in FY23, the EBIDTA
margins were high due to no opening work in progress or stock. The
cost of material consumed accounted to 59.9% of the overall revenue
in FY24 (FY23: 34.2%; FY22: 56.9%), which majorly consists of fuel
cost (25%-30% of the overall revenue), followed by purchase of
spare parts, repairs and maintenance and sub-contract charges.
Ind-Ra expects the margins to remain susceptible to the fuel and
component costs and the company's inability to pass on the increase
in the costs, especially for short-tenure contracts.  

Comfortable Credit Metrics: The company's gross interest coverage
(operating EBITDA/gross interest expense) improved to 5.19x in FY24
(FY23: 3.63x; FY22: 2.66x) owing to a reduction in the interest and
finance charges to INR54.62 million (INR61.27 million; INR56.26
million) along with an increase in the absolute EBITDA to INR283.61
million (INR222.17 million; INR149.91 million).  The net financial
leverage (adjusted net debt/operating EBITDA) also reduced to 1.6x
in FY24 (FY23: 2.72x; FY22: 4.15x) due to a decrease in its overall
debt to INR454.28 million (FY23: INR632.14 million; FY22: INR625.90
million). The company has no plans for debt-funded capex in FY25.
Ind-Ra expects the credit metrics to remain comfortable in FY25 due
to the likely increase in the EBITDA and its scheduled debt
repayments.  

Experienced Management: The company benefits from its experienced
management. Its executive chairman, K. Venkateswara Rao, has around
three decades of experience in the project management and is also
supported by experienced personnel under various divisions and
levels.

Liquidity

Stretched: The unencumbered cash and cash equivalents stood at
around INR0.36 million at FYE24 (FYE23: INR28.94 million; FYE22:
INR3.83 million). The current ratio marginally deteriorated to 1.5x
in FY24 (FY23: 1.6x; FY22: 2x). The average maximum utilization of
the fund-based working capital limit was at 73.69% during the 12
months ended November 2024 and that of the non-fund-based limits
stood at 69.57%. The cash flow from operations improved to
INR232.05 million in FY24 (FY23: INR44.42 million; FY22: 70.21
million), due to the favorable changes in the working capital along
with the improvement in the absolute EBITDA. The company incurred a
capex of INR33.36 million in FY24 (FY23:43.45 million; FY22: 2.21
million).  KSRMSPL does not have any capital market exposure and
relies on banks and financial institutions to meet its funding
requirements.

Rating Sensitivities

Negative: A decline in the scale of operations or deterioration in
the overall credit metrics or the liquidity position or the
interest coverage ratio falling below 2x, on a sustained basis,
will be negative for the ratings.

Positive: The execution of orders without any major delays along
with an improvement in liquidity while maintaining the credit
metrics, all on a sustained basis, will be positive for the
ratings.  

About the Company

KSRMSPL (formerly known as Akash Dredging & Marine Services Private
Limited) was established in 2007 and was subsequently acquired by
the KSR group in 2014. KSRMSPL is engaged in executing capital and
maintenance dredging projects with seven dredges.

MANGALA SEEDS: CARE Keeps B- Debt Rating to Not Cooperating
-----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Mangala
Seeds (MS) continues to remain in the 'Issuer Not Cooperating'
category.

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

Rationale and key rating drivers

CARE Ratings Ltd. had, vide its press release dated January 12,
2024, placed the rating(s) of MS under the 'issuer non-cooperating'
category as MS had failed to provide information for monitoring of
the rating as agreed to in its Rating Agreement. MS continues to be
non-cooperative despite repeated requests for submission of
information through e-mails dated November 27, 2024, December 7,
2024 and December 17, 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

Mangala seeds (MS) were started as HUF on October 4, 1999 by Mr
Madishetty Ashok. In March, 2007, Mr. Madishetty retired from HUF
and incorporated Mangala Seeds as a partnership firm on April 1,
2007 with Mr Giurishetty Nagaraju as second partner. The firm is
engaged in the Production, Procurement, Processing, Marketing and
distribution of paddy seeds in Warangal, Telangana. The processing
unit of the firm is located at Madikonda, Warangal.

Status of non-cooperation with previous CRA: CRISIL has continued
the rating assigned to the bank facilities of MS into Issuer Not
Cooperating category vide press release dated August 19, 2024 on
account of its inability to carry out a review in the absence of
the requisite information from the firm.

MARMALADE DIGITAL: Voluntary Liquidation Process Case Summary
-------------------------------------------------------------
Debtor: Marmalade Digital Private Limited
        Malkani Chambers,
        Near Santacruz Airport
        Off Nehru Road, Vile Parle East,
        Mumbai, Maharashtra, India, 400099

Liquidation Commencement Date: January 24, 2025

Court: National Company Law Tribunal, Mumbai Bench

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

Last date for
submission of claims: February 23, 2025


PRAGAT AKSHAY: CARE Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Pragat
Akshay Urja Limited (PAUL) continue to remain in the 'Issuer Not
Cooperating' category.

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

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

Rationale and key rating drivers

CARE Ratings Ltd. had, vide its press release dated December 19,
2023, placed the rating(s) of PAUL under the 'issuer
non-cooperating' category as PAUL had failed to provide information
for monitoring of the rating as agreed to in its Rating Agreement.
PAUL continues to be non-cooperative despite repeated requests for
submission of information through e-mails dated November 3, 2024,
November 13, 2024, November 23, 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

Indore-based (Madhya Pradesh) Pragat Akshay Urja Limited (PAUL,
CIN: U29190MP2009PLC021620) was incorporated in 2009 by Mr Satish
Jain, Mr Rakesh Jain, Mr Prakash Chandra Jain and Mr Anjesh Jain.
PAUL is engaged in manufacturing of photovoltaic solar Modules,
solar cooker, solar lights and home light system. PAUL is also
engaged in complete System Integration (SI) Business for government
departments.


R.G.R EDUCATIONAL: CARE Keeps D Debt Rating in Not Cooperating
--------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of R.G.R
Educational Trust (RET) continue to remain in the 'Issuer Not
Cooperating' category.

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

Rationale and key rating drivers

CARE Ratings Ltd. had, vide its press release dated January 4,
2024, placed the rating(s) of RET under the 'issuer
non-cooperating' category as RET had failed to provide information
for monitoring of the rating as agreed to in its Rating Agreement.
RET continues to be non-cooperative despite repeated requests for
submission of information through emails dated November 19, 2024,
November 29, 2024 and December 9, 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

R.G.R Educational Trust (RET) was established as a non-profit
making organization in the year 2010 (started its operation in
2011) by three trustees namely Mr. P. Rajamanickam, Mrs. R.
Gunavathi, and Mrs. R. Revathi. The trust runs two schools in the
name of RGR Matriculation Higher Secondary School and RGR
International School.

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


RAAM4WHEELERS LLP: Ind-Ra Affirms BB+ Bank Loan Rating
------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed RAAM4Wheelers
LLP's (RAAM4W) bank loans as follows:

-- INR1.710 bil. Fund-based working capital limit affirmed with
     IND BB+/Stable/IND A4+ rating; and

-- INR90 mil. Term loan due on  September 16, 2030 affirmed with
     IND BB+/Stable rating.

Detailed Rationale of the Rating Action

The affirmation reflects RAAM4W's continued weak credit metrics,
although there was an improvement in in 9MFY25; high geographical
concentration risk and high revenue dependency on JSW MG Motor
India Private Limited (JSW MG Motor). The ratings however are
supported by RAAM4W's Moderate scale of operations, authorized
dealership of the established brand and presence of a strong
promoter group.

Detailed Description of Key Rating Drivers

Weak Credit Metrics; Likely to Improve from FY25: While RAAM4W's
credit metrics remained weak during FY23-FY24 due to an increase in
its net debt to INR1,499 million in FY24 (FY23: INR1,318 million),
the same improved during 9MFY25 as the net debt declined to
INR1,103 million. The net leverage (net debt/EBITDA) improved to
5.3x in 9MFY25 (FY24: 6.8x; FY23: 7.1x) owing to an improved EBITDA
generation to INR172 million (INR193 million; INR163 million)
coupled with the lower debt level. The gross interest coverage
(EBITDA/gross interest expenses) improved to 1.5x in 9MFY25 (FY24:
1.2x; FY23: 1.4x), owing to the lower interest costs coupled with
improved EBITDA levels. The agency expects the credit metrics to
remain weak-to-moderate over the near term, although gradually
improving from FY25, owing to improved EBITDA generation and lower
debt levels.

Geographical Concentration Risk: RAAM4W's operations are
concentrated entirely in Telangana, exposing it to changes in
demand within the state. RAAM4W and JSW MG Motor entered into a
dealership agreement for the sale of Morris Garages vehicles in
Hyderabad on October 11, 2018. Subsequently, the former extended
its services to entire Telangana. RAAM4W started operations in
FY20, with MG vehicle sales in India. It operates from its nine
outlets across Telangana:  One exclusive workshop, three exclusive
sales outlets and five sale outlet-cum-workshops.

High Dependency on JSW MG Motor: The ratings are constrained by
RAAM4W's concentrated operations and competition from other OEMs.
As an exclusive dealer of JSW MG Motor, RAAM4W's revenue is
entirely dependent on demand for MG vehicles, JSW MG Motor's
ability to launch new models and garner a higher market share in
the domestic market. Although the sales of spare parts would
provide some diversification, the scale is low at present.
Moreover, the company is exposed to the risk of OEM inducting other
dealers to scale up its operations in India.

Furthermore, any adverse events that damage the brand reputation
and deferred growth strategy of JSW MG Motor in India could impact
the operations of RAAM4W. However, Ind-Ra takes comfort from the
brand reputation of JSW MG Motor across the world and its strong
parent SAIC Motor Corporation Limited, world's seventh largest
automobile company. This remain a key rating monitorable.

Moderate Scale of Operations; Revenue Likely to Grow from FY26:
RAAM4W has a moderate scale of operations with revenue of INR3,380
million recorded during 9MFY25 and INR5,729 million during FY24.
The revenue had fallen 10.8% yoy in FY24, due to a drop in the
sales of JSW MG Motor, as it did not launch any new model in FY24.
Furthermore, there was a new lifetime tax levied on electric
vehicles during FY24 which was removed in November 2024. Ind-Ra
expects the revenue to remain between INR4,500 million and INR5,000
million in FY25 owing to muted growth during 1H, and grow in the
range of 7%-9% yoy in FY26 owing to the launch of a couple of
models by JSW MG Motor, and increased revenue from spare parts and
services.

Improved EBITDA: RAAM4W's EBITDA improved to INR193 million in FY24
(FY23: INR163 million), and further to INR172 million during
9MFY25, owing to an increase in the sale of high-end models as well
as an increase in revenue from other segments. Resultantly, the
company's EBITDA margins improved to 5.1% in 9MFY25 (FY24: 3.6%;
FY23: 2.4%). The margins are likely to remain 4%-5% in FY25-FY26,
owing to the better margins earned on the launch of new models and
a further improvement in the revenue contribution of high-margin
businesses (i.e., the sale of spare parts and services).

Authorized Dealership of Established Brand: JSW MG Motor has an
established customer base and offers six models with various
variants. According to SIAM, the company ranks among the top seven
original equipment manufacturers (OEMs) in the small utility
vehicle segment in India. Additionally, JSW MG Motor ventured into
the electric vehicle market with the launch of the ZS EV model in
2022. The management anticipates introducing new models in FY26,
including electric vehicle models.

Strong Promoter Group: The company is a part of the RAAM Group,
headed by Amith Reddy Nalla, who has more than two decades of
experience in dealership operations. Ind-Ra believes that the group
and promoter's experience in dealership operations will aid RAAM4W
in expanding its operations in a sustainable manner.

The group is also associated with Mercedes Benz, Hyundai, and Honda
Motorcycle and Scooters India for dealership operations, through
different companies: RAAM Autobahn India Pvt Ltd, RAAM Four
Wheelers India Pvt. Ltd., and RAAM Two Wheelers India Pvt Ltd,
respectively. Although the group entities under the RAAM Group
operate independently, considering the related-party transactions,
any support to them would remain a key monitorable and can be
negative for the ratings. There were outstanding trade receivables
from the group entities of INR30.8 million at FYE24. Also, RAAM4W
had advanced loans and advances worth INR103.5 million during the
year to the group entities.

Liquidity

Adequate: RAAM4W utilized 85% of its sanctioned fund-based working
capital of INR 1,380 million in the form of inventory funding in
the 12 months ended December 2024. The company had unencumbered
cash and cash equivalents of INR182 million at FYE24 (FYE23: INR155
million). While the liquidity of RAAM4W remains comfortable, the
partners may infuse money timely into the business as and when
required to support the business.

During FY24, RAAM4W's net working capital cycle increased to 77
days (FY23: 60 days), due to an increase in its inventory days to
71 (63 days), owing to low sales during the year which resulted in
stock holding for a longer period. Another contributor to the
elongation of net working capital cycle was an increase in trade
receivables days in FY24 to 19 days (FY23: 8 days) as some of the
incentives to be received from JSW MG Motor were realized later.
The cash flow from operations is likely to turn marginally positive
in FY25 (FY24: negative INR168 million), owing to the improved
EBITDA and lower interest expenses coupled with favorable working
capital movement. Furthermore, the company had incurred capex of
around INR35 million in FY24 (FY23: INR43 million), primarily
spilled from past year towards a showroom. The cash flow from
operations is likely to improve further in FY26-FY27, while the
free cash flow would turn positive, owing to modest capex plans of
INR 15 million-20 million in FY25-FY26.  The company has repayment
obligations of around INR42 million and INR25 million for FY25 and
FY26, respectively, which are likely to be met through internal
accruals. Its debt service coverage ratio stands at 1.1x and 1.3x,
respectively, for FY25 and FY26.

Rating Sensitivities

Negative: A decline in the profitability, leading to deterioration
in the overall credit metrics with the gross interest coverage
falling below 1.5x and or/any deterioration in the liquidity
position, all on sustained basis, could lead to a negative rating
action.

Positive: A sustained improvement in the scale of operations,
leading to an improvement in the overall credit metrics with the
interest coverage remaining above 2.0x while maintaining adequate
liquidity, all on a sustained basis, could lead to a positive
rating action.

About the Company

RAAM4W, which is a partnership firm incorporated in 2019, is one of
the authorized dealers of JSW MG Motor in Telangana. The company
has its nine outlets in Telangana. It is part of the RAAM group of
companies headed by Amith Reddy Nalla.

RADHEY SHYAM: CARE Keeps C Debt Rating in Not Cooperating Category
------------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Radhey
Shyam and Sons (RSS) continue to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       1.00       CARE C; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category  

   Short Term Bank     14.00       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 24,
2024, placed the rating(s) of RSS under the 'issuer
non-cooperating' category as RSS had failed to provide information
for monitoring of the rating as agreed to in its Rating Agreement.
RSS continues to be non-cooperative despite repeated requests for
submission of information through emails dated December 9, 2024,
December 19, 2024 and December 29, 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

Delhi based, Radhey Shyam and Sons (RSS) was established in year
September 1995 as a proprietorship firm of Mr Radhey Shyam
Aggarwal. The firm reconstituted into a partnership firm in 2014
with Mr Radhey Shyam Aggarwal and Mr Pravesh Gupta as partners. RSS
is engaged into trading of timber wood at its facility located in
Delhi. RSS procures the raw material of timber logs from agents
based in Malaysia and New Zealand and sells to further timber
traders in Delhi NCR.

Status of non-cooperation with previous CRA: CRISIL has continued
the ratings assigned to the bank facilities of RSS into 'Issuer
not-cooperating' category vide press release dated November 21,
2024 on account of non-availability of requisite information from
the company.

RAJASTHAN RAJYA: CARE Reaffirms D Rating on INR10,228.35cr LT Loan
------------------------------------------------------------------
CARE Ratings has reaffirmed ratings on certain bank facilities of
Rajasthan Rajya Vidyut Utpadan Nigam Limited (RVUNL), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank
   Facilities        10,228.35     CARE D Reaffirmed

   Short Term Bank
   Facilities           185.00     CARE D Reaffirmed

Rationale and key rating drivers

The reaffirmation in the ratings assigned to the bank facilities of
RVUNL takes into account the recent delays in servicing of debt
obligations of bank facilities not rated by CARE Ratings Limited
(CARE Ratings) in Aug 2024, as indicated by the no-default
statement for the month of Aug 2024 shared by the company and poor
liquidity.

Rating sensitivities: Factors likely to lead to rating actions

Positive factors

* Establishing a track record of timely servicing of debt
obligations for a period of at least 90 days

Negative factors

* Not Applicable

Analytical approach: Consolidated. The company has operational
synergies with its subsidiaries and joint ventures (JVs); hence, a
consolidated approach has been considered.  

Outlook: Not Applicable

Detailed description of key rating drivers:

Key weaknesses

* Recent delays in debt servicing: In August 2024, the company
submitted a NDS indicating continued delays with REC (not rated by
CARE Ratings). Although the account was regularized on September
20, 2024, with the full overdue amount cleared, the company
continues to face significant liquidity challenges. Its ability to
meet debt obligations is heavily reliant on support from the
Government of Rajasthan (GoR) and external loans. The company has a
total repayment liability of approximately INR4,500 crore for
interest and INR6,500 crore for principal repayment. Given that the
company's internal accruals and reserves are insufficient to meet
these obligations, it has been depending on support from the GoR
and external loans from financial institutions. Considering the
history of delayed payments and the increased financial burden,
CARE Ratings believes the risk of future defaults remains high.

Liquidity: Poor

As of March 31, 2024 and Sept 30 , 2024, the company held only
INR38.33 crore and 116 crore respectively in cash and cash
equivalents, highlighting the depth of its liquidity stress. The
company has sanctioned fund-based working capital limits of
INR1,100 crore, with an average utilization of about 88% over the
12 months ending September 2024, and a peak utilization of
approximately 92%. The servicing of debt obligation of the company
is dependent on support from Government of Rajasthan in form tariff
subsidy and grants and external loans.

RVUNL is an unbundled state power generation company of the
erstwhile RSEB. As per the Rajasthan Power Sector Reforms Act, 1999
of GoR, the erstwhile RSEB was unbundled into a generation company,
a transmission company, and three discoms w.e.f. July 19, 2000.
RVUNL was incorporated as the sole generation company, Rajasthan
Rajya Vidyut Prasaran Nigam Limited (RVPNL), the sole transmission
company, and three discoms were incorporated in the name of Ajmer
Vidyut Vitran Nigam Limited (AVVNL; rated 'CARE BBB (CE);
Stable/Unsupported Rating: CARE BB-'), Jodhpur Vidyut Vitran Nigam
Limited (JoVVNL; rated 'CARE BBB (CE); Stable/Unsupported Rating:
CARE BB-'), and Jaipur Vidyut Vitran Nigam Limited (JVVNL; rated
'CARE BBB (CE); Stable/Unsupported Rating: CARE BB-'). RVUNL is
engaged into generation of power through its power plants located
across the state of Rajasthan under its standalone operations as
well as under its subsidiaries.


RAMKY WAVOO: Ind-Ra Affirms BB+ Bank Loan Rating, Outlook Stable
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Ramky Wavoo
Developers Private Limited's (RWDPL) bank facility as follows:

-- INR269 mil. Term loan due on March 31, 2031 affirmed with IND
     BB+/Stable rating.

Detailed Rationale of the Rating Action

The affirmation reflects RWDPL's low revenue visibility in the
medium term along with medium offtake, time and cost overrun and
industry risks. Ind-Ra expects the revenue visibility to be low
after FY26 due to the company facing completion from existing
projects and the absence of any new projects. The rating, however,
is supported by the company's successful completion and sale of
more than 1.68 million square feet (msf) across Chennai, Tamil
Nadu, and the promoters' two decades of experience in the
industry.

Detailed Description of Key Rating Drivers

Low Revenue Visibility in Medium Term: The rating is constrained by
the low revenue visibility in the medium term as the construction
of all six projects are likely to be completed by March 2025 and
the total collection from customers for all the projects are likely
to be received by end-FY26. The company does to have any planned
projects for the medium term for revenue generation after the
completion of its six ongoing projects by end-FY26.

Medium Offtake Risk: RWDPL faces offtake risks for its six ongoing
projects. The breakeven and financial closure of its project, RWD
Waterfront, has yet to be achieved as only 39.69% of the project
has been completed (saleable area: 273,690 sf; total area sold:
114,762 sf) despite achieving collections of up to 48.8% as of
September 2024. Even though 97.543% of RWD Grand Corridor (saleable
area:  314,991 sf; total area sold: 218,668 sf) was completed, its
collections stood at only 92.5% for the past five years. For the
Limelight project, 92.49% (saleable area: 296,646 sf; total area
sold: 196,412 sf) has been booked in 1.6 years with collections of
95.6% as of September 2024. The Highlight project saw booking of
62.45% (saleable area: 252,862 sf; total area sold: 146,698 sf)
with collections of 87.8% as of September 2024. For its Serenity
project, 86.74% (saleable area: 300,000 sf; total area sold:
254,155 sf) has been booked with collections of 93.1% and for
Fabcity, 42.86% (saleable area: 83,508 sf; total area sold: 31,016
sf) has been booked with collections of 82%. Also, the company
faces significant competition, given the improving demand scenario.


Time and Cost Overrun Risk: The total cost of the six ongoing
projects stood at INR4,719 million which is being funded by the
promoter's contribution of INR728 million (15%), customer advances
of INR3,191 million (68%) and term loan of INR800 million (17%). As
on September 2024, RWDPL received the promoter's contribution of
INR728 million, customer advances of INR2,592 million and a term
loan of INR400 million, and the total cost incurred was INR3,742
million. The risk is partially mitigated as the remaining
construction cost of INR977 million would be funded through a
possible drawdown of a term loan of INR400 million and customer
advances of INR577 million.

Industry Risk: The company faces a cost overrun risk due to
increasing inflation and raw material prices, and execution risk,
despite project's progress being in line with the execution
schedule, due to delays in receiving customer advances/
cancellations of in already sold units, or due to any political or
environmental issues.

Experienced Promoters: The company's promoters, W.S. Habib and
Ramky Group, have around 20 years of experience and 30 years in the
construction of residential and commercial projects, resulting into
established relationships with customers and suppliers.
Furthermore, all the six ongoing projects are located at Chennai,
the capital city of Tamil Nadu. Moreover, they are within 30km from
the Chennai Airport and within 10km from the Chennai railway
station.

Established Operational Track Record: The ratings are further
supported by RWDPL's operating track record as it has completed
projects of more than 1.68 million sf in Chennai so far.

Liquidity

Stretched: The company does not have access to the capital market
and only relies on banks and promoter contributions to fund its
projects. According to the management, the minimum debt service
coverage ratio during the repayment period (FY23-FY28) will be
2.28x. The company has debt repayment obligations of INR25.8
million in FY25 and INR19.9 million in FY26. RWDPL's cash balance
at end-March 2024 stood at INR26.99 million (FYE23: INR54.47
million).

Rating Sensitivities

Negative: Lower-than-Ind-Ra expected sales volume or lower
realization from bookings or time or cost overruns or low
visibility of future cash flow, leading to stressed cash flows,
could lead to a negative rating action.

Positive: An improvement in the sales and the timely receipt of
advances from customers, leading to stronger-than-expected cash
flows, the achievement of breakeven and visibility of the means of
finance for the new project could lead to a positive rating action.


About the Company

RWDPL, incorporated in 2006, is engaged in land acquisition,
promotion and property development of residential and commercial
projects. It is located at Chennai (Tamil Nadu). It has six ongoing
projects - RWD Grand Corridor, RWD Waterfront, Limelight,
Highlight, Serenity and Fabcity.

RAYMIX CONCRETE: CARE Keeps D Debt Rating in Not Cooperating
------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Raymix
Concrete India Private Limited (RCIPL) continues to remain in the
'Issuer Not Cooperating' category.

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

Rationale and key rating drivers

CARE Ratings Ltd. had, vide its press release dated January 9,
2024, placed the rating(s) of RCIPL under the 'issuer
non-cooperating' category as RCIPL had failed to provide
information for monitoring of the rating as agreed to in its Rating
Agreement. RCIPL 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

Tamil Nadu based, Raymix Concrete was incorporated as a Private
Limited Company in 2005 by Mr. Antony Francis and his family
members. RCIPL is engaged in the mixing and supply of ready-mix
concrete to the customers engaged in the infrastructure works such
as construction of roads and buildings etc. The company purchases
materials like cement, rock, metal and sand from local suppliers
located in and around Chennai and supplies its finished product to
the customers located in and around Tamil Nadu.

Status of non-cooperation with previous CRA: Acuite has continued
the rating assigned to the bank facilities of RCIPL into Issuer Not
Cooperating category vide press release dated November 28, 2023 on
account of its inability to carry out a review in the absence of
requisite information.

RELIANCE COMMERCIAL: CARE Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Reliance
Commercial Finance Limited (RCFL) continue to remain in the 'Issuer
Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank     6,982.18     CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

   Long-Term            600.00     CARE D; ISSUER NOT COOPERATING
   Instruments                     Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

   Market Linked         38.00     CARE PP-MLD D; ISSUER NOT
   Debentures                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category

   Non-Convertible    1,000.00     CARE D; ISSUER NOT COOPERATING
   Debentures                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

   Non-Convertible      200.00     CARE D; ISSUER NOT COOPERATING
   Debentures                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

   Non-Convertible      200.00     CARE D; ISSUER NOT COOPERATING
   Debentures                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

   Tier II Bonds         81.00     CARE D; ISSUER NOT COOPERATING
                                   Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Rationale and key rating drivers

CARE Ratings Limited (CARE Ratings) has been seeking information
from RCFL to monitor the rating(s) vide e-mail
communications/letters dated December 14, 2024, December 24, 2024,
and January 3, 2025, and numerous phone calls. However, despite
repeated requests, the company has not provided the requisite
information for monitoring ratings. Aligned with the extant SEBI
guidelines, CARE Ratings has reviewed the rating based on the best
available information, which however, in CARE Ratings' opinion is
not sufficient to arrive at a fair rating. RCFL has not paid the
surveillance fees for the rating exercise as agreed to in its
rating agreement. The rating on Reliance Commercial Finance
Limited's long-term debt Programme and instruments continues to be
denoted as CARE D/CARE PP-MLD D; ISSUER NOT COOPERATING.

Analytical approach:

Standalone

Outlook: Not applicable

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

Detailed description of key rating drivers:

At the time of last rating on January 29, 2024, continuous delay in
servicing of debt obligations considering stretched liquidity and
delay in asset monetisation.

Key weaknesses

* Ongoing Delays: Per financials as on December 31, 2024,
implementation of resolution plan has been completed considering
borrowers, However, charges created on the company's assets under
Section 82 of Companies Act 2013 are yet to be satisfied in most
Cases.

RCL's commercial finance business has been demerged into its wholly
owned subsidiary RCFL on April 01, 2016. RCFL is involved in
financing SME loans, structured finance, construction equipment
loans, loan against property, MFI loans, infrastructure finance,
construction finance, commercial vehicles and supply chain finance.
RCFL has now entered a scheme of arrangement with Authum Investment
and Infrastructure Limited (Current Holding Company), where the
company's entire lending business (comprising all assets,
liabilities, licences, rights, and employees among others) was
transferred to the holding company on the appointed date (October
1, 2023). The company has applied for the surrender of certificate
of registration on June 28, 2024, and is awaiting RBl's approval on
this.


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

The instrument-wise rating action is:

-- INR850 mil. Proposed term loan outlook revised to Negative and

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

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

Detailed Rationale of the Rating Action

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

Non-Cooperation by the Issuer

Ind-Ra has not received adequate information and has not been able
to conduct management interactions with River Front Developers
while reviewing the ratings. Ind-Ra had consistently followed up
with issuer over emails starting September 23, 2024, apart from
phone calls. The issuer has submitted no default statement until
November 2024.

Limitations regarding Information Availability

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

About the Company

Incorporated in August 2020, RFDPL is as a consortium of Dion
Infratech Pvt Ltd and SCS Constructions India Pvt Ltd. The company
is constructing two residential and commercial real estate projects
in Cuttack. Mahoj Sahoo is the promoter.

SESA CARE: Ind-Ra Withdraws BB+ Term Loan Rating
------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn Sesa Care Private
Limited's (SCPL) term loan rating as follows:

-- The 'IND BB+/Rating Watch with Developing Implications' rating

     on the INR2.154 bil. Term loan due on March 31, 2027 is
     withdrawn.

Detailed Rationale of the Rating Action

Ind-Ra is no longer required to maintain the ratings, as the agency
has received no-dues certificates from the lenders. This is
consistent with Ind-Ra's Policy on Withdrawal of Ratings. Ind-Ra
will no longer provide analytical and rating coverage for the
company.

About the Company

SCPL was incorporated in August 2018 to acquire the Sesa branded
hair care products such as hair oil, anti-dandruff oil, hair
vitalizer for men, hair oil in lotion and hair capsules from Ban
Labs Private Limited (BLPL) by True North. The acquisition included
a manufacturing facility in Himachal Pradesh, which had commenced
operations in 2010, with a production capacity of around 3 million
bottle per month. In October 2024, Dabur Ltd announced that it
would acquire a 51% stake in the company, subject to regulatory
approvals.

SIDDHIVINAYAK REALHOMES: CARE Keeps D Rating in Not Cooperating
---------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Shree
Siddhivinayak Realhomes Private Limited (SSRPL) continues to remain
in the 'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Non-convertible     395.00      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) had, vide its press release
dated February 24, 2020, placed the rating of SSRPL under the
'issuer non-cooperating' category as SSRPL had failed to provide
information for monitoring the rating as agreed to in its rating
agreement. SSRPL continues to be non-cooperative despite repeated
requests for submission of information through e-mails and phone
calls.

In line with the extant Securities and Exchange Board of India
(SEBI) guidelines, CARE Ratings has reviewed the rating based on
best available information, which, however, in CARE Ratings'
opinion is not sufficient to arrive at a fair rating.

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

Rating sensitivities: Factors likely to lead to rating actions: Not
applicable

Analytical approach: Combined

SSRPL has invested in real estate projects in other group companies
– Shree Siddhivinayak Infrastructure & Realty (SSIR) and Ruparel
Infra & Realty Private Limited (RIRPL). SSRPL holds 98.98% stake in
RIRPL and 99% in SSIR.

Outlook: Not applicable

Detailed description of key rating drivers:

At the time of the last rating on February 06, 2024, following were
the rating weaknesses:

Key weaknesses

* Ongoing delays in debt servicing: The rating has been reaffirmed
due to ongoing delays in the company's debt servicing.

Liquidity: Poor

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

Incorporated in November 2016, SSRPL is part of the Ruparel group,
which has invested in real estate projects in SSIR and RIRPL. The
company has no projects. As on December 2019, it had six
residential and commercial projects – Elara, Skygreens, Palacio
(executed in SSIR), Optima-Phase I & II, and West Park (executed in
RIRPL) under the slum rehabilitation authority (SRA) scheme at
Kandivali, Mumbai. As on December 2019, the Real Estate Regulatory
Authority (RERA) registered projects had a total saleable area of
10.68 lakh sq ft (lsf) and non-registered RERA projects had a
saleable area of 52.70 lsf with a total cost of INR3,999.93 crore
and a revenue potential of INR9,573 crore. The Ruparel group is a
Mumbai-based real estate developer. The group has completed five
projects with a total built-up area of 3.63 lsf, and as on December
2019, had multiple ongoing projects located across prime locations
in Mumbai.


SINGRAULI FINLEASE: CARE Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Singrauli
Finlease Private Limited (SFPL) continue to remain in the 'Issuer
Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       7.00       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

   Short Term Bank      5.00       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 January 16,
2024, placed the rating(s) of SFPL under the 'issuer
non-cooperating' category as SFPL had failed to provide information
for monitoring of the rating as agreed to in its Rating Agreement.
SFPL continues to be non-cooperative despite repeated requests for
submission of information through e-mails dated December 1, 2024,
December 11, 2024, December 21, 2024 among others.

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

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

Analytical approach: Standalone

Outlook: Not Applicable

Varanasi-based, Singrauli Finlease Private Limited (SFPL) was
incorporated in August 1996. SFPL is engaged in the trading of
coal. The company trades in industrial grade of coal, which is used
by brick manufacturing units and as fuel in boilers in industries.
SFPL is promoted by Mr. Ratan Singh and Mrs. Arti Singh in the
capacity of directors.


STARBURST MOTORS: Ind-Ra Keeps B- Loan Rating in NonCooperating
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained Starburst Motors
Private Limited's (SMPL) bank facilities' ratings in the
non-cooperating category and has simultaneously withdrawn the same.


The detailed rating actions are:

-- INR46.31 mil. Term loan* due on April 1, 2024 maintained in
     non-cooperating category and withdrawn; and

-- INR265 mil. Fund-based* working capital limit maintained in
     non-cooperating category and withdrawn.

*Maintained at 'IND B-/Negative (ISSUER NOT COOPERATING)' before
being withdrawn

Detailed Rationale of the Rating Action

The rating has been maintained in the non-cooperating category
before being withdrawn because the issuer did not participate in
the rating exercise despite repeated requests by the agency through
phone calls and emails, and has not provided information about
latest audited financial statement, sanctioned bank facilities and
utilization, business plans and projections for the next three
years, and management certificate. This is in accordance with
Ind-Ra's policy of 'Guidelines on What Constitutes
Non-cooperation'.  

Ind-Ra is no longer required to maintain the ratings, as the agency
has received a request for withdrawal of ratings, no-objection
certificate and no-dues certificate issued by the bankers. This is
consistent with Ind-Ra's Policy on Withdrawal of Ratings.

Non-Cooperation by the Issuer

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

Limitations regarding Information Availability

Ind-Ra is unable to provide an updated forward-looking view on the
credit rating of SMPL, as the agency does not have adequate
information to review the rating. If an issuer does not provide
timely business and financial updates to the agency, it indicates
weak governance, particularly in 'Transparency of Financial
Information'. The agency may also consider this as symptomatic of a
possible disruption/distress in the issuer's credit profile.
Therefore, investors and other users are advised to take
appropriate caution while using these ratings. SMPL has been
non-cooperative with the agency since December 2017.

About the Company

Incorporated in 2012, West Bengal-based SMPL is an authorized
dealer of Maruti Suzuki. SMPL undertakes the sale of new and used
passenger motor vehicles. The company has nine rented showrooms and
two owned service centers.

SUNRISE AUTOMOBILES: CARE Keeps B Debt Rating in Not Cooperating
----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Sunrise
Automobiles Private Limited (SAPL) continues to remain in the
'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      10.00       CARE B; ISSUER NOT COOPERATING;
   Facilities                      Rating continues to remain
                                   Under ISSUER NOT COOPERATING
                                   Category

Rationale and key rating drivers

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

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

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

Analytical approach: Standalone

Outlook: Not Applicable

Mehsana (Gujarat) based SAPL, was incorporated in 2010 by Mr. Ashok
Chaudhary and his family members. SAPL was operating as authorized
dealer of AMW Motors Ltd. since its incorporation. However, in
September 2015, company has surrendered its dealership with AMW
Motors Ltd. and currently operates as an authorized dealer and
service provider of Ashok Leyland Limited in Mehsana and Patan.
Currently, SAPL has a showroom with service centers for Ashok
Leyland at Mehsana.


SWADESH GREEN: CARE Lowers Rating on INR29cr LT Loan to D
---------------------------------------------------------
CARE Ratings has revised the ratings on certain bank facilities of
Swadesh Green Infra Limited (SGIL), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      29.00       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category and Downgraded from
                                   CARE B-; Stable

   Short Term Bank      2.00       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category and Downgraded from
                                   CARE A4

Rationale and key rating drivers

CARE Ratings Ltd. had, vide its press release dated October 22,
2024, placed the rating(s) of SGIL under the 'issuer
non-cooperating' category as SGIL had failed to provide information
for monitoring of the rating as agreed to in its Rating Agreement.
SGIL continues to be non-cooperative despite repeated requests for
submission of information through e-mails dated January 24, 2025
among others. In line with the extant SEBI guidelines, CARE Ratings
Ltd. has reviewed the rating on the basis of the best available
information which however, in CARE Ratings Ltd.'s opinion is not
sufficient to arrive at a fair rating.

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

The ratings assigned to the bank facilities of SGIL have been
revised on account of non-availability of requisite information.
The rating revision also considers ongoing delays in debt servicing
as recognized from lender feedback.

Analytical approach: Standalone

Outlook: Not Applicable

Swadesh Green Infra Limited (SGIL) is public limited company
incorporated in March 31, 2015 and is involved in the trading and
fabrication of iron and steel. The company was changed to a Public
Ltd company on 18th July, 2019 from Swadesh Green Infra Pvt Ltd
which was formed on 31st March, 2015. Prior to the incorporation of
the company, the business was carried on as a proprietorship
concern of Mr. Ravi Gupta named as Lakshmi Agro Industries and the
business was transferred to the company in March 2015 with Mr. Ravi
Gupta being the director. The company is an authorized dealer of
Steel Authority of India Ltd (SAIL) and deals with multiple
products under its umbrella viz. HR Coils/Sheets, CR Coils/Sheets,
other related products as well. SGIL also provides value added
services which include cut to length and slitting.

T. C. MOTORS: CARE Keeps B- Debt Rating in Not Cooperating
----------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of T. C.
Motors Private Limited (TCMPL) continue to remain in the 'Issuer
Not Cooperating' category.

                      Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long Term Bank     25.57       CARE B-; ISSUER NOT COOPERATING;
   Facilities                     Rating continues to remain
                                  Under ISSUER NOT COOPERATING
                                  Category

Rationale and key rating drivers

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

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

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

Analytical approach: Standalone

Outlook: Stable

T. C. Motors Private Limited (TCMPL) was incorporated during
December 2009 by one Chowdhury family from Howrah. Subsequently,
the company started to initiate an auto dealership business and has
setup a selling and servicing facility at Salap More in Howrah. The
company has entered into dealership authority from TATA Motors
Limited (TML) for selling and servicing passenger vehicles. The
day-to-day affairs of the company are looked after by Mr. Anuj
Chowdhury (Director) with adequate support from other six directors
and a team of experienced personnel.

Status of non-cooperation with previous CRA: CRISIL has continued
the rating assigned to the bank facilities of TCMPL into ISSUER NOT
COOPERATING category vide press release dated December 17, 2024 on
account of its inability to carry out a review in the absence of
requisite information from the company.

TCP LIMITED: Ind-Ra Cuts Loan Rating to B+, Outlook Stable
----------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded TCP Limited's
(TCPL) bank facilities to 'IND B+' from 'IND BB-'. The Outlook is
Stable.

The detailed rating actions are:

-- INR165 mil. (reduced from INR190 mil.) Fund-based working
     capital limit downgraded with IND B+/Stable rating;

-- INR72 mil. Non-fund-based working capital limit downgraded
     with IND A4 rating; and

-- INR165.70 mil. (reduced from INR192 mil.) Term loan due on
     March 31, 2028 downgraded with IND B+/Stable rating.

Detailed Rationale of the Rating Action

The downgrade reflects TCP's continued modest credit metrics and
EBITDA margins, and the small scale of operations in FY24. However,
the ratings are supported by the company's experienced promoters.
Ind-Ra expects the revenue and credit metrics to slightly improve
in FY25.

Detailed Description of Key Rating Drivers

Modest Credit Metrics: TCP's credit metrics deteriorated in FY24,
owing to a fall in the EBITDA to negative INR320.69 million (FY23:
INR2.12 million). The gross interest coverage (operating
EBITDAR/gross interest expense + rent) turned to negative 6.84x in
FY24 (FY23: 0.04x) and the net leverage (adjusted net
debt/operating EBITDAR) also swinged into negative 0.25x (155.56x).
Ind-Ra expects the credit metrics to improve in the near term,
supported by the scheduled repayment of the company's long-term
debt and an improvement in the EBITDA margins.

Modest EBITDA Margins: The company's EBITDA margins remained modest
and slipped to negative 33.19% in FY24 (FY23: 0.16%), due to lower
absorption of fixed costs caused by the non-operation of the
company's thermal power plant on account of increased coal prices.
The margins were also impacted by the lower margins from the
chemical division in FY24 because of competition. The return on
capital employed slipped to negative 9.1% in FY24 (FY23: negative
1.3%). In FY25, Ind-Ra expects the EBITDA to improve but remain
negative yoy because of increased fixed costs. The total interest
dues from Tamil Nadu Generation and Distribution Corporation
Limited ('IND BBB'/Rating Watch with Developing Implications) stood
at INR292.89 million, of which INR260.743 million was settled in
FY24.

Small Scale of Operations; Likely to Improve in FY26: TCPL's
revenue slipped to INR966.20 million in FY24 (FY23: INR1,302
million), due to the non-operation of its thermal power plant,
coupled with the depreciation of the INR against the USD, a
slowdown in the textile sector and stiff competition. The scale of
operations remained small. In 8MFY25, TCPL booked revenue of
INR626.17 million. In FY25, Ind-Ra expects the revenue to decline
slightly yoy, due to the continued non-operation of the thermal
power plant and lower sales in the chemical division due to the
slowdown in the sector.

Experienced Promoters:  The ratings are supported by the promoters'
more than three decades of experience in the chemicals and power
generation industry, leading to established relationships with its
customers as well as suppliers.

Liquidity

Stretched: TCPL's net working capital cycle remained elongated at
359 days in FY24 (FY23: 355 days) due to an increase in the debtor
days to 147 days (140). The company does not have any capital
market exposure and relies on banks and financial institutions to
meet its funding requirements. The average maximum utilization of
TCPL's fund-based limits was 87.32% during the 12 months ended
November 2024. The cash flow from operations declined to INR221.41
million in FY24 (FY23: INR238.89 million), due to a decrease in the
working capital. Furthermore, the free cash flow remained stable at
INR211.64 million in FY24 (FY23: INR210.77 million). The cash and
cash equivalents stood at INR281.77 million at FYE24 (FYE23:
INR4.02 million), against repayment obligations of INR48.69 million
in FY25 and INR48.7 million in FY26.

Rating Sensitivities

Negative: A continued weakening in the scale of operations, leading
to deterioration of profitability & credit metrics with pressure on
liquidity, will lead to a negative rating action.

Positive: An improvement in the profitability and the liquidity
position and the interest coverage exceeding 2x, all on a sustained
basis, will be positive for the rating.

About the Company

Incorporated on 8 June 1971, TCPL manufactures sodium
hydrosulphite, liquid sulphur dioxide, sodium formate, sodium
sulphite and sodium thiosulphate. The company had been generating
power through a thermal power plant (63MW) and windmill (16.6MW),
but the power division has not been operational post FYE22.

THENPANDIAN SPINNING: Ind-Ra Affirms BB+ Rating, Outlook Stable
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has taken the following rating
actions on Thenpandian Spinning Mills India Private Limited's
(TSMIPL) debt facilities:

-- INR100 mil. Fund-based working capital limit assigned with
     IND BB+/Stable/IND A4+ rating;

-- INR360 mil. Fund-based working capital limit affirmed with IND

     BB+/Stable/IND A4+ rating;

-- INR10 mil. Non-fund-based working capital limit affirmed with
     IND A4+ rating; and

-- INR473.57 mil. (reduced from INR577.94 mil.) Term loan due on
     November 30, 2030 affirmed with IND BB+/Stable rating.

Detailed Rationale of the Rating Action

The ratings reflect TSMIPL's continued modest credit metrics and
EBITDA margins and stretched liquidity in FY24. However, the
ratings are supported by the company's medium scale of operations
and the promoters' long track record in the industry.

Detailed Description of Key Rating Drivers

Modest Credit Metrics:  TSMIPL's credit metrics improved but remand
modest in FY24. Its gross interest coverage (operating EBITDA/gross
interest expense) improved to 2.29x in FY24 (FY23: 1.39x) and the
net financial leverage (adjusted net debt/operating EBITDA) reduced
to 6.28x (11.91x), due to an increase in the absolute EBITDA to
INR202.91 million (INR91.54 million). Ind-Ra expects the credit
metrics to improve in the near term, backed by a continued rise the
absolute EBITDA and the repayment of its term loans.

Profitability Susceptible to Volatility in Raw Material Prices:
TSMIPL's profitability is vulnerable to volatility in cotton
prices, crude oil and yarn. The seasonality of cotton production
and the risks related to agricultural yields and production expose
the company's operations to volatility in cotton prices. However,
in line with industry trend, TSMIPL has started to import cotton as
the prices are lower than those in the domestic market, and it
plans to continue with imports until purchase price parity is
achieved between the prices of local and imported cotton.

Exposure to Currency Fluctuations Could Impact Profitability:
TSMIPL remains exposed to currency fluctuations on the forex loan
it has availed, which could impact its profitability in case of any
steep movement in exchange rates in the short term.

Medium Scale of Operations; Modest EBITDA Margins: TSMIPL's its
revenue increased to INR2,073.98, million in FY24 (FY23:
INR1,684.44 million) on account of improved sales realizations
(FY24: INR231.92/kg; FY23:  INR227.32/kg) and growth in sales
volumes (6.95 million kg; 5.72 million kgs). In 8MFY24, TSMPIL
achieved revenue of INR1,718 million. The garment division started
its sales from FY24. For FY25, Ind-Ra expects the revenue to
improve yoy owing to an increase in the demand for yarn and a rise
in the number of orders received by the garment segment.  

TSMIPL's EBITDA margins improved to 9.78% in FY24 (FY23: 5.43%)
owing to the stabilization in the prices of raw material,
especially cotton. The return on capital employed was 10.1% in FY24
(FY23: 3.2%). In the near term, Ind-Ra expects the EBITDA margin to
improve yoy, due to stable cotton prices and demand along with the
captive consumption of power from the group company, Thenpandian
Energy Innovations Private Limited, in which it held a 26% stake as
of March 2024.

Experienced Promoters: The ratings continue to be supported by the
promoters' experience of over a decade in the yarn industry,
leading to established relationships with customers as well as
suppliers.

Liquidity

Stretched: TSMIPL's average monthly maximum utilization of the
fund-based limits was 91.54% during the 12 months ended November
2024. While the company utilizes its limits fully, it has adequate
drawing power to increase its fund-based limits when required. The
cash flow from operations turned negative INR32.15 million in FY24
(FY23: INR139.19 million), due to unfavorable changes in the
working capital. Furthermore, the free cash flow remained negative
at INR72.28 million in FY24 (FY23: negative INR39.01 million) due
to it incurring a maintenance capex of INR40.14 million (INR178.21
million). The net working capital cycle remained elongated at 140
days in FY24 (FY23: 97 days) due to an increase in inventory days
to 113 (83), which was primarily because of the stocking up of raw
material for commencing the garment segment's operations. The cash
and cash equivalents stood at INR3.55 million at FYE24 (FYE23:
INR0.16 million). TSMIPL has scheduled debt repayments of around
INR80.31 million for FY25 and INR98.87 million for FY26.
Furthermore, TSMIPL does not have any capital market exposure and
relies on banks and financial institutions to meet its funding
requirements.

Rating Sensitivities

Negative: A decline in the scale of operations, leading to
deterioration in the overall credit metrics and/or a further
pressure on the liquidity position, all on a sustained basis, could
lead to a negative rating action.

Positive: Maintaining the scale of operations, along with an
improvement in the overall credit metrics with the net leverage
reducing below 3.5x while maintaining the liquidity position, all
on a sustained basis, could lead to a positive rating action.

Any Other Information

The management plans to set up a weaving division as a part of its
forward integration in the coming years. The project cost is likely
to be INR300 million-350 million, of which 75% would be funded via
debt and the rest through equity or internal accruals. However, the
agency is yet to receive clarity on the effective timeline of the
project.

About the Company

Incorporated in 1993, TSMIPL is located in Namakkal, Tamil Nadu,
with a manufacturing facility at Erode, Tamil Nadu. The company has
an installed capacity of 50,000 spindles. TSMIPL products cotton
yarn, millage yarn and fancy yarn.

VASU METPLAST: CARE Keeps B- Debt Rating in Not Cooperating
-----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Vasu
Metplast Private Limited (VMPL) continues to remain in the 'Issuer
Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       7.00       CARE B-; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category  

Rationale and key rating drivers

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

Kanpur based, Vasu Metplast Private Limited (VMPL) was incorporated
in 2013 by Mrs. Sweta Kanodia and Mr. Saurabh Agarwal. VMPL started
its commercial operations in 2015 and is engaged in the
manufacturing of polyfilms which find its application in the
packaging industry. The primary raw material is plastic granules
which are procured mainly from local suppliers in Uttar Pradesh.
VMPL sells its finished goods to entities such as Reliance
Industries Limited and Haldia Petro Chemicals.


VEDANTA RESOURCES: S&P Ups ICR to 'B+' on Easing Refinancing Risk
-----------------------------------------------------------------
S&P Global Ratings raised its long-term issuer credit rating on
Vedanta Resources Ltd. to 'B+' from 'B' and its long-term issue
rating on the company's guaranteed bonds to 'B' from 'B-'. At the
same time, S&P removed its ratings from CreditWatch, where S&P
placed them on Jan. 12, 2025, with positive implications.

S&P said, "We also assigned our 'B' long-term issue rating to the
senior unsecured notes that Vedanta Resources Finance II PLC
issued. This is in line with the preliminary rating we assigned to
the notes on Jan. 12, 2025.

"The stable outlook on the long-term rating reflects our
expectation that the group's operating performance will support
generation of adequate dividends and brand fees to meet Vedanta
Resources' upcoming debt maturities.

"We consider the refinancing of the US$600 million 2026 bonds as a
virtual certainty. This follows the issuance of US$1.1 billion
bonds by Vedanta Resources earlier in 2025 to refinance its 2026
and 2028 bonds. Of the US$600 million 2026 bonds, the company
tendered US$300 million before their early tender deadline of Jan.
27, 2025. We expect it to repay the stub once the bonds are
callable at par on April 23, 2025."

The risk of Vedanta Resources not repaying the 2026 stub by April
2025 is negligible, in S&P's opinion. Failure to do so would result
in the mandatory redemption of 101% of the excess proceeds from its
US$1.1 billion bond issuance left after addressing the 2026 tender
and 2028 maturities.

After redeeming the US$300 million tendered portion of the 2026
bonds and the US$460 million 2028 bonds, S&P estimates Vedanta
Resources would have US$340 million remaining from the US$1.1
billion bond proceeds. Even if the company uses these residual
funds for other debt servicing before April 2025, it would still
have access to a recently sanctioned US$350 million bank facility
to cover its remaining 2026 bond obligation.

Refinancing of the 2026 bonds will significantly reduce liquidity
pressure and minimize refinancing risk. S&P earlier viewed this
bond maturity and the repayment of a US$550 million private loan in
April 2026 as key credit risks. The bond refinancing will plug most
of the funding gap of about US$700 million that it estimates
Vedanta Resources would have in April 2026.

Vedanta Resources will have debt maturities of about US$950 million
in fiscal year 2026 (year ending March 31). S&P believes the
company will meet a large part of this obligation with internal
cash flow, and the rest through refinancing on the back of
improving access to funding.

Vedanta Resources will have no major debt maturities beyond that
until September 2029. That is when US$1.2 billion of bonds are due.
The company's internal cash flow should comfortably cover debt
maturities of less than US$500 million each in 2027-2028, based on
its current debt maturity profile.

Sustainable cash flow and dividends would be a key consideration
for an upgrade of Vedanta Resources to a higher rating category.
The company has high debt and an inefficient corporate structure.
It is especially reliant on dividends and brand fees from
subsidiaries for debt servicing. The dividend-paying capacity of
the subsidiaries is highly sensitive to swings in commodity prices.
This results in volatile debt service coverage at the holding
company level.

Vedanta Resources is implementing various cost optimization
projects at its subsidiaries. Timely completion of these projects
could result in sustainable improvements in cash flow and will
remain a key credit watchpoint.

S&P said, "The stable outlook on the long-term rating reflects our
expectation that the group's operating performance will support
generation of adequate dividend receipts and brand fees to meet
Vedanta Resources' upcoming debt maturities, including the residual
US$550 million private credit facility. The outlook also reflects
our view that the company will maintain leverage at around current
levels, with a ratio of funds from operations (FFO) to debt in
excess of 20%."

Downward rating pressure could emerge if: (1) Vedanta Resources'
liquidity weakens because of a significant deterioration in the
earnings of Vedanta Ltd., affecting its dividends; or (2)
refinancing risks at Vedanta Resources mount.

S&P could also lower the rating if the earnings of Vedanta
Resources weaken or the company undertakes higher capital
expenditure (capex) than we expect, such that its leverage
increases beyond its base case. The FFO-to-debt ratio falling below
20% on a sustained basis would indicate such an increase in
leverage.

Upward rating pressure could emerge in multiple ways, including
improved liquidity or material deleveraging at the level of Vedanta
Resources or Vedanta Ltd. This could happen if:

-- The debt maturity profile of Vedanta Ltd. improves, or its
dividend payout decreases, such that S&P assesses the consolidated
liquidity of Vedanta Resources to be adequate.

-- The debt-servicing needs of Vedanta Resources decline or its
funding access improves to an extent that it depends less on
Vedanta Ltd.'s dividends, offsetting its inefficient capital
structure.

Vedanta Resources' consolidated leverage improves such that its
FFO-to-debt ratio increases to more than 30% on a sustained basis.

VISHWA SAMANYU: CARE Keeps B- Debt Rating in Not Cooperating
------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Vishwa
Samanyu Projects Private Limited (VSPPL) continue to remain in the
'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      38.58       CARE B-; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category

Rationale and key rating drivers

CARE Ratings Ltd. had, vide its press release dated January 10,
2024, placed the rating(s) of VSPPL under the 'issuer
non-cooperating' category as VSPPL had failed to provide
information for monitoring of the rating as agreed to in its Rating
Agreement. VSPPL 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).

The ratings assigned to the bank facilities of VSPPL have been
revised on account of non-availability of requisite information.

Analytical approach: Standalone

Outlook: Stable

Navayuga Real Ventures Private Limited (NRVPL) is part of Hyderabad
based Navayuga group which is into all types of core infrastructure
development. NRVPL has developed office/commercial space of 2,
07,034 square feet (sft.). The area is spread across two buildings
in Hyderabad (Navayuga Vizva – Gachibowli and Navayuga Complex -
Jubilee Hills) and another in Mumbai (Universal Majestic - Bandra).
Out of total space, 1, 54, 522 sft. has been completely leased out
with 100% occupancy ratio. The balance space of 52,512 sft. (6th
and 7th floor of Navayuga Vizva) was sold by NRVPL during FY17. The
company however still undertakes the maintenance contract (CAM) for
the same and hence derives income from it. The company has changed
its name to Vishwa Samanyu Projects Private Limited (VSPPL) since
December 11, 2020.

YOGIRAJ GINNING: CARE Keeps D Debt Rating in Not Cooperating
------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Yogiraj
Ginning and Oil Industries Private Limited (YGOIPL) continues to
remain in the 'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       15.50      CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Rationale and key rating drivers

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

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

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

Analytical approach: Standalone

Outlook: Not applicable

Rajkot, Gujarat based, YGOIPL is a private limited company
incorporated in November 2014, promoted by Mr. Kuldeepsinh
Chudasama and Mr. Pusparajsinh Chudasama. The promoters of company
are involved into cotton ginning, oil and spinning business since
last one decade. YGOIPL is engaged in business of ginning of raw
cotton to produce cotton bales.




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

EFISHERY: FTI Consulting Now in Acting Management
-------------------------------------------------
The Business Times reports that Indonesian aquaculture startup
eFishery on Feb. 4 announced that it has involved business
consulting and management advisory FTI Consulting in the acting
management of the company, with immediate effect.

This comes amid allegations of systemic fraud within eFishery,
following media reports that it purportedly inflated its September
2024 revenue by nearly US$600 million, BT relates. Several
employees under the workers' union staged a protest in late January
to demand transparency and a thorough investigation.

In a statement on Feb. 4, eFishery's board of directors said it had
reviewed an interim report from FTI Consulting regarding the
governance and financial conditions of the company and its
subsidiaries, as well as information received in late 2024
regarding alleged misconduct, including fraud, according to BT.

The company therefore took steps to address the information,
including involving FTI Consulting in the acting management of the
company, with the approval of shareholders.

Involving independent third-party management "aims to facilitate a
thorough and objective business review to determine the best path
forward for the group", said the board, BT relays.

BT adds that FTI Consulting issued a separate statement confirming
its involvement, stating that it is focused on gaining a clear
understanding of the current situation.

The comprehensive business review "is in its early stages", and FTI
Consulting will provide material updates to stakeholders in
coordination with eFishery, said the business consulting firm.

Indonesia-based eFishery is an aquaculture company that offers
feeding solutions for fish and shrimp farming.




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

BIO-COOL SYSTEMS: Court to Hear Wind-Up Petition on Feb. 17
-----------------------------------------------------------
A petition to wind up the operations of Bio-Cool Systems Limited
will be heard before the High Court at Tauranga on Feb. 17, 2025,
at 10:00 a.m.

The Commissioner of Inland Revenue filed the petition against the
company on Dec. 17, 2024.

The Petitioner's solicitor is:

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


FIRST INSURANCE: Fitch Affirms 'BB' IFS Rating, Outlook Stable
--------------------------------------------------------------
Fitch Ratings has affirmed New Zealand-based First Insurance
Limited's (FIL) Insurer Financial Strength (IFS) Rating at 'BB'
(Moderately Weak). The Outlook is Stable.

The affirmation reflects its expectation that FIL's financial
profile will remain intact until the insurer's portfolio is
transferred. The rating is based on a 'Least Favourable' company
profile, 'Good' capitalisation and leverage as well as continued
weak financial performance and earnings.

Key Rating Drivers

Portfolio Transfer: FIL's parent, First Credit Union (FCU,
Long-Term Issuer Default Rating: BB/Stable), plans to transfer
FIL's insurance portfolio to external insurers, Provident Insurance
Corporation Limited and Pinnacle Life Limited. FCU expects the
transfer to complete by end-March 2025 and remain open to new
business until then. FCU has engaged the insurance regulator, the
Reserve Bank of New Zealand, in this regard.

FCU plans to request the regulator to cancel FIL's insurance
licence after the portfolio is transferred. It says that it will
not change FIL's capital structure until the licence is cancelled,
which is subject to the regulator's approval. Fitch does not expect
any change to FIL's capitalisation or investment strategy until the
portfolio transfer is complete.

Stable Capital Metrics: Fitch does not expect a significant change
in FIL's capital position while it operates as an insurer. FCU says
it will continue to maintain a buffer of NZD1 million above the
minimum regulatory requirement of NZD5 million. FIL's Fitch Prism
Global score has been 'Extremely Strong' in recent years. However,
Fitch thinks its low absolute capital leaves it susceptible to
external shocks and remote operational risks. These factors weigh
heavily on its rating assessment of small insurers, such as FIL.

Modest Scale: Fitch ranks FIL's company profile as 'Least
Favourable' against that of other insurers in New Zealand,
reflecting a 'Least Favourable' business profile and 'Neutral'
corporate governance. The ranking takes into consideration a modest
market presence, falling premiums, limited product offerings and
dependence on the parent's member base to sell products. FIL had
net insurance revenue of NZD1.6 million in the financial year ended
June 2024 (FY24) and net assets of NZD6.1 million.

FIL began operations in mid-2018 and underwrites loan protection
and funeral insurance for FCU members. FCU is one of New Zealand's
largest credit unions. FIL's products are distributed by FCU and it
has no direct employees; FCU performs all services for a fee.

Weak and Volatile Earnings: FIL's financial performance and
earnings have been weak in recent years. It recorded a net profit
of NZD44,050 in FY24, up from NZD13,725 in FY23, as lower insurance
service expenses and higher investment income offset a rise in
operating costs. Consequently, return on equity rose to 0.7% (FY23:
0.2%).

RATING SENSITIVITIES

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

- Considerable weakening in FIL's capital position or regulatory
solvency margin.

- A reduction in FIL's operational synergies with FCU.

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

- Positive rating action is unlikely given the proposed portfolio
transfer after which FIL plans to cease being an insurer.

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          Prior
   -----------                  ------          -----
First Insurance Limited   LT IFS BB  Affirmed   BB

LIFESTYLE CABIN: Creditors' Proofs of Debt Due on Feb. 26
---------------------------------------------------------
Creditors of The Lifestyle Cabin Co Limited are required to file
their proofs of debt by Feb. 26, 2025, to be included in the
company's dividend distribution.

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

The company's liquidator is:

          Victoria Toon
          Corporate Restructuring Limited
          PO Box 10100
          Dominion Road
          Auckland 1446


MADE HOMES: Creditors' Proofs of Debt Due on March 12
-----------------------------------------------------
Creditors of Made Homes Abercrombie Limited, Made Homes Hall
Limited, New Zealand Housing Solutions Abercrombie Limited, NZHS
Hall Limited, Geotic Company Limited and Puku Ora Limited are
required to file their proofs of debt by March 12, 2025, to be
included in the company's dividend distribution.

Made Homes Abercrombie Limited, Made Homes Hall Limited, New
Zealand Housing Solutions Abercrombie Limited, and NZHS Hall
Limited commenced wind-up proceedings on Dec. 31, 2024.

Geotic Company Limited commenced wind-up proceedings on Dec. 23,
2024.

Puku Ora Limited commenced wind-up proceedings on Jan. 28, 2025.

The company's liquidators are:

          Boris van Delden
          Peri M. Finnigan
          Iain Cclennan
          Keaton Pronk
          Steve Farquhar
          McDonald Vague Limited
          PO Box 6092
          Victoria Street West
          Auckland 1142


MANUKA BIOSCIENCE: Calibre Partners Appointed as Receivers
----------------------------------------------------------
Neale Jackson and Daniel Stoneman of Calibre Partners on Jan. 31,
2025, were appointed as receivers and managers of Manuka Bioscience
Limited and Manuka Biologicals Limited.

The receivers and managers may be reached at:

          Neale Jackson
          Daniel Stoneman
          Calibre Partners
          Level 21, 88 Shortland Street
          Auckland


SCURVY SCAFFOLDING: Court to Hear Wind-Up Petition on Feb. 14
-------------------------------------------------------------
A petition to wind up the operations of Scurvy Scaffolding Limited
will be heard before the High Court at Auckland on Feb. 14, 2025,
at 10:00 a.m.

The Commissioner of Inland Revenue filed the petition against the
company on Nov. 6, 2024.

The Petitioner's solicitor is:

          Hosanna Tanielu
          Inland Revenue, Legal Services
          5 Osterley Way
          Manukau City
          Auckland 2104




===============
P A K I S T A N
===============

PAKISTAN: January Consumer Inflation Eases to 9-Year Low
--------------------------------------------------------
Reuters reports that Pakistan's consumer inflation rate fell to its
lowest in more than nine years, dropping to 2.4% year-on-year in
January, the statistics bureau said on Feb. 3.

Inflation has cooled significantly, easing from 28.3% in January
2024.

Consumer prices in January rose 0.2% from the month before,
according to the Pakistan Bureau of Statistics.

According to Reuters, the South Asian country, currently bolstered
by a $7 billion facility from the International Monetary Fund (IMF)
granted in September, is navigating an economic recovery. The IMF
is set to review Pakistan's progress by March, with the government
and central bank expressing confidence about meeting its targets.

"Inflation is lower because of the statistical base effect, also
supported by currency stability and lower food and energy prices,"
Reuters quotes Adnan Sami Sheikh, assistant vice president of
research at Pakistan Kuwait Investment Company, as saying.

Pakistan's central bank cut its benchmark interest rate by 100
basis points to 12% last week, as inflation eases and growth looks
set to pick up after 1,000 basis points of rate cuts over the last
six months, adds Reuters.

                           About Pakistan

Pakistan is a country located in South Asia. It has a coastline
along the Arabia Sea and the Gulf of Oman and is bordered by
Afghanistan, China, India, and Iran. Pakistan's capital is
Islamabad.

In late August 2024, Moody's Ratings upgraded the Government of
Pakistan's local and foreign currency issuer and senior unsecured
debt ratings to Caa2 from Caa3.  Concurrently, the outlook for
Government of Pakistan is changed to positive from stable.  In July
2024, S&P Global Ratings affirmed its 'CCC+' long-term sovereign
credit rating and 'C' short-term rating on Pakistan. The outlook on
the long-term rating is stable.  In August 2024, Fitch Ratings
upgraded Pakistan's Long-Term Foreign-Currency Issuer Default
Rating (IDR) to 'CCC+' from 'CCC'.


PAKISTAN: Signs Agreement to Defer US$1.2BB Payment for Saudi Oil
-----------------------------------------------------------------
Reuters reports that Pakistan on Feb. 3 signed an agreement with
the Saudi Fund for Development to defer by one year a $1.2 billion
payment on the country's oil imports, the country's prime minister
office said.

Reuters says Pakistan's state-run television showed the signing
ceremony live ahead of a delegation of the fund led by its CEO
Sultan Bin Abdul Rehman Al Marshad called on Prime Minister Shehbaz
Sharif.

Sharif welcomed the signing of the oil import financing facility,
the office said in a statement. Pakistan will receive the oil on
deferred payment for one year, it said.

"This project will strengthen Pakistan's economic resilience by
securing a stable supply of petroleum products while reducing
immediate fiscal burdens," the prime minister office said.

It said the fund will provide an amount of $41 million for a water
supply scheme to help access to clean drinking water for 150,000
local people of a district I northwest Pakistan, Reuters relays.

Reuters notes that petroleum products mostly from Saudi Arabia make
the major chuck of Pakistan's import bill. The Saudi facility to
defer the payment can help Islamabad boost its foreign reserves
ahead of the first review of a $7 billion IMF bailout in March.

                           About Pakistan

Pakistan is a country located in South Asia. It has a coastline
along the Arabia Sea and the Gulf of Oman and is bordered by
Afghanistan, China, India, and Iran. Pakistan's capital is
Islamabad.

In late August 2024, Moody's Ratings upgraded the Government of
Pakistan's local and foreign currency issuer and senior unsecured
debt ratings to Caa2 from Caa3.  Concurrently, the outlook for
Government of Pakistan is changed to positive from stable.  In July
2024, S&P Global Ratings affirmed its 'CCC+' long-term sovereign
credit rating and 'C' short-term rating on Pakistan. The outlook on
the long-term rating is stable.  In August 2024, Fitch Ratings
upgraded Pakistan's Long-Term Foreign-Currency Issuer Default
Rating (IDR) to 'CCC+' from 'CCC'.




=====================
P H I L I P P I N E S
=====================

CASINO FILIPINO: PAGCOR Closes Losing Casino Site
-------------------------------------------------
The Philippine Amusement and Gaming Corporation (PAGCOR) on Feb. 3
said it has closed a losing Casino Filipino site in Talisay, Cebu
while another in Tagum, Davao del Norte will likewise be shuttered
as part of the agency's ongoing rationalization plan.

Employees of both venues will be returned to their mother units and
other PAGCOR gaming sites and will continue working.

PAGCOR Chairman and CEO Alejandro Tengco said both gaming venues
have been incurring significant losses over the past years.

"Given the sustained financial strain, continuing operations at
these sites is no longer feasible," the PAGCOR chief said.

Casino Filipino Talisay, operated by Casino Filipino Cebu, incurred
net losses of PHP39.32 million in 2023. The bleeding worsened in
2024 with PHP49.56 million in losses.

Casino Filipino Tagum, operated by Casino Filipino Grand Regal, on
the other hand suffered a PHP31.56 million net loss in 2023 which
ballooned to PHP36.93 million in 2024.

Despite the operational shutdown of both venues, no employee will
be displaced, Mr. Tengco said.

"While our decision was driven by mounting financial losses,
safeguarding the welfare of affected employees through job
reassignment and comprehensive support programs is our top
priority," he said.

The 42 employees from Casino Filipino Talisay will be transferred
to various branches under Casino Filipino Cebu, while the 33
employees from Casino Filipino Tagum will be deployed to different
sites under the Casino Filipino Grand Regal in Davao.

"Our Human Resource and Development Group is actively working with
affected employees to facilitate a smooth transition, ensuring that
each individual receives guidance and assistance in their
reassignment," Mr. Tengco said.




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

EVER ASCENDANT: Court to Hear Wind-Up Petition on Feb. 14
---------------------------------------------------------
A petition to wind up the operations of Ever Ascendant 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
Jan. 20, 2025.

The Petitioner's solicitors are:
          Shook Lin & Bok LLP
          1 Robinson Road
          #18-00, AIA Tower
          Singapore 048542  



FIRESIDE SENTOSA: Creditors' Proofs of Debt Due on Feb. 28
----------------------------------------------------------
Creditors of Fireside Sentosa Pte. Ltd. are required to file their
proofs of debt by Feb. 28, 2025, to be included in the company's
dividend distribution.

Don M Ho and David Ho Chjuen Meng of DHA+ pac were appointed joint
and several liquidators of the company on Jan. 24, 2025.



LIN FONG: Court Enters Wind-Up Order
------------------------------------
The High Court of Singapore entered an order on Jan. 17, 2025, to
wind up the operations of Lin Fong Pte. Ltd.

The company's liquidator is:

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


RESILIENT MEDICAL: Court Enters Wind-Up Order
---------------------------------------------
The High Court of Singapore entered an order on Jan. 17, 2025, to
wind up the operations of Resilient Medical Pte Ltd.

The Companies' liquidator is:

          Mr. Wong Pheng Cheong Martin
          c/o FTI Consulting (Singapore)
          1 Raffles Quay
          #27-10
          Singapore 048583


TAN SIN: Creditors' Proofs of Debt Due on March 3
-------------------------------------------------
Creditors of Tan Sin Liou Private Limited are required to file
their proofs of debt by March 3, 2025, to be included in the
company's dividend distribution.

Ms Ong Soo Hwa of S H Ong Llp was appointed liquidator of the
company on Jan. 22, 2025.


[] SINGAPORE: Compulsory Wind-Ups Rise More Than 50% in 2024
------------------------------------------------------------
The Business Times reports that as many as 307 companies were
forced to wind up last year, based on figures released by the
Ministry of Law's Insolvency Office.

This was a 52.7 per cent jump from the number of compulsory
wind-ups in 2023, when 201 companies were forced to shut for good,
BT relates.

According to BT, the Insolvency Office also received 399
applications from companies seeking to wind up in 2024, a 46.2 per
cent rise from 2023, when the office received 273 applications.

The number of bankruptcy applications filled in the first 11 months
of 2024 reached 4,521.

During this period, more than 1,100 bankruptcy orders were issued
and there were 740 bankruptcy discharges, BT discloses. As a
bankruptcy order may translate into more than one bankrupt, the
number of orders and the number of discharges may not necessarily
tally with the total number of undischarged bankrupts.

For the whole of 2023, there were 3,986 applications filed, and
1,096 bankruptcy orders issued. There 654 bankruptcy discharges, BT
relays.

Last month, Singapore passed a law to simplify and make the
insolvency process more cost-effective for companies. The new
Simplified Insolvency Programme will become a permanent feature of
Singapore's corporate debt restructuring and insolvency regime.




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

[] Banks Ordered to Boost Provision Reserves Amid Insolvency Risks
------------------------------------------------------------------
Chosun Biz reports that the Financial Supervisory Service (FSS) is
conducting on-site inspections targeting secondary financial
institutions such as savings banks and mutual finance, ordering an
increase in the provision reserves. This action is in response to
the growing risk of insolvency in the secondary financial sector
due to prolonged high interest rates and the fallout from real
estate project financing failures.

According to financial authorities on the 2nd, the FSS recently
conducted on-site inspections at four out of about 20 savings banks
that were deemed to require more provision reserves, while
interviews were held with the management of the others, Chosun Biz
relays. Inspections were also conducted on several mutual finance
unit cooperatives, including NongHyup and ShinHyup, that need
guidance on their soundness.

According to Chosun Biz, the FSS focuses on inspecting the capital
adequacy and the appropriateness of provision reserves in each
sector during its annual settlement of account examinations. This
year, as the risk from real estate project financing failures is
significant and the repayment ability of low-credit and vulnerable
groups has been particularly impacted by the economic recession,
greater emphasis has been placed on the soundness of the secondary
financial sector.

Chosun Biz relates that the FSS has ordered savings banks with
significant amounts of assets classified as non-performing to
increase their provisions beyond the established standards within
their capacity. The FSS has been demanding continued increases in
provisions commensurate with deficiencies, reinforcing the criteria
for provision reserves following property project financing
evaluations last year.

As high interest rates persist, insolvency indicators in the
secondary financial sector have deteriorated dramatically, Chosun
Biz notes. As of the third quarter of last year, among 79 savings
banks, 36 (45.6%) reported arrears of over 10%, a significant
increase from a year earlier (17.7%). The number of savings banks
with a ratio of non-performing loans exceeding 20% also reached
four.

As of the third quarter of last year, the delinquency rates for
loans in the non-bank construction and real estate sectors were
8.94% and 6.85%, respectively, the highest in nine years and six
months since relevant statistics began being compiled in the first
quarter of 2015, Chosun Biz discloses. The ratio of non-performing
loans with a delinquency period of three months or more also
reached 24.0% and 20.38% for non-bank construction and real estate
industries, respectively.

Due to increasing uncertainties both domestically and
internationally, the pace of restructuring and clearing of real
estate project financing business sites is slowing down, Chosun Biz
says. The amount cleared as of the end of September last year was
KRW1.2 trillion, and by the end of October, it had risen to KRW2.4
trillion (cumulative). However, this increased to KRW2.9 trillion
by the end of November and KRW3.5 trillion as of December 16, with
the growth rate decreasing.

"Through on-site inspections, we checked whether the classification
of asset soundness was well established and instructed to add more
reserves if provisions were insufficient," Chosun Biz quotes a FSS
official as saying. "If there are many bad debts, it is to enhance
their own loss absorption capacity."  "We plan to continue
discussions until the settlement of accounts if necessary, in
addition to the interviews," he stated.




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

UB FINANCE: Fitch Affirms BB(lka) National LT Rating, Outlook Neg.
------------------------------------------------------------------
Fitch Ratings has upgraded the National Long-Term Ratings of 10 Sri
Lankan non-bank financial institutions (NBFIs) and affirmed the
ratings of eight. This comes after the agency's Sri Lankan National
Rating scale was recalibrated to reflect changes in relative
creditworthiness among the country's issuers following the upgrade
of Sri Lanka's Long-Term Local-Currency Issuer Default Rating (IDR)
to 'CCC+' from 'CCC-' on 20 December 2024.

Rating actions on NBFIs with National Long-Term Ratings that are
driven by their standalone profiles:

- Central Finance Company PLC (CF) upgraded to 'A(lka)' from
'A-(lka)'; Outlook Stable

- LB Finance PLC upgraded to 'A-(lka)' from 'BBB+(lka)'; Outlook
Stable

- Fintrex Finance Limited upgraded to 'BB(lka)' from 'BB-(lka)';
Outlook Stable

- Citizens Development Business Finance PLC (CDB) affirmed at
'BBB(lka)'; Outlook Stable

- Senkadagala Finance PLC (Senka) affirmed at 'BBB(lka)'; Outlook
Stable

- Mercantile Investments and Finance PLC (MIF) affirmed at
'BBB-(lka)'; Outlook Stable

Rating actions on bank-supported NBFIs, following the actions on
their parent banks. Please see "Fitch Upgrades 10 Sri Lankan Banks'
National Ratings and Affirms Five after Scale Recalibration",
published 21 January 2025:

- People's Leasing & Finance PLC (PLC) upgraded to 'A(lka)' from
'A-(lka)'; Outlook Stable

- CBC Finance LTD (CBCF) upgraded to 'A(lka)' from 'BBB+(lka)';
Outlook Stable

- HNB Finance PLC (HNBF) upgraded to 'A(lka)' from 'BBB+(lka)';
Outlook Stable

- Siyapatha Finance PLC upgraded to 'A(lka)' from 'BBB+(lka)';
Outlook Stable

- Merchant Bank of Sri Lanka & Finance PLC (MBSL) upgraded to
'A(lka)' from 'BBB+(lka); Outlook Stable

- UB Finance PLC (UBF) affirmed at 'BB(lka)' ; Outlook remains
Negative

Actions on the shareholder support-driven National Long-Term
Ratings of local corporate-owned NBFIs: Please see "Fitch Upgrades
7, Revises 2 Sri Lankan Non-Financial Corporates' Ratings on
National Scale Revision", published 22 January 2025:

- Abans Finance PLC (AFP) upgraded to 'A-(lka)'/Stable from
'BBB+(lka)'/Negative

- Singer Finance (Lanka) PLC (SFP) upgraded to 'BBB+(lka)' from
'BBB(lka)'; Outlook Stable

- Dialog Finance PLC (DF) affirmed at 'AA(lka)'; Outlook Stable

- Richard Pieris Finance Limited (RPF) affirmed at 'A(lka)';
Outlook revised to Stable from Negative

- AMW Capital Leasing And Finance PLC (AMWCL) affirmed at
'BBB(lka)'; Outlook remains Negative

- Senfin Asset Management (Private) Limited affirmed at
'BBB-(lka)'; Outlook Stable

The National Ratings of other Sri Lankan NBFIs, which are not
mentioned in this commentary, have not been affected by the
recalibration.

National scale ratings are a risk ranking of issuers in a
particular market designed to help local investors differentiate
risk. Sri Lanka's national scale ratings are denoted by the unique
identifier '(lka)'. Fitch adds this identifier to reflect the
unique nature of the Sri Lankan national scale. National scales are
not comparable with Fitch's international rating scales or with
other countries' national rating scales. For details, see "Fitch
Ratings Recalibrates Sri Lanka's National Rating Scale", published
16 January 2025.

   Entity/Debt             Rating               Prior
   -----------             ------               -----
Merchant Bank of
Sri Lanka &
Finance PLC         Natl LT A(lka)   Upgrade    BBB+(lka)

Dialog Finance
PLC                 Natl LT AA(lka)  Affirmed   AA(lka)

Senfin Asset
Management
(Private) Limited   Natl LT BBB-(lka)Affirmed   BBB-(lka)

Abans Finance PLC   Natl LT A-(lka)  Upgrade    BBB+(lka)

Senkadagala
Finance PLC         Natl LT BBB(lka) Affirmed   BBB(lka)

UB Finance PLC      Natl LT BB(lka)  Affirmed   BB(lka)

CBC Finance LTD     Natl LT A(lka)   Upgrade    BBB+(lka)

People's Leasing
& Finance PLC       Natl LT A(lka)   Upgrade    A-(lka)

   senior
   unsecured        Natl LT A(lka)   Upgrade    A-(lka)

AMW Capital
Leasing And
Finance PLC         Natl LT BBB(lka) Affirmed   BBB(lka)
Singer Finance
(Lanka) PLC         Natl LT BBB+(lka)Upgrade    BBB(lka)

   senior
   unsecured        Natl LT BBB+(lka)Upgrade    BBB(lka)

   subordinated     Natl LT BBB-(lka)Upgrade    BB+(lka)

Fintrex Finance
Limited             Natl LT BB(lka)  Upgrade    BB-(lka)

Central Finance
Company PLC         Natl LT A(lka)   Upgrade    A-(lka)

LB Finance PLC      Natl LT A-(lka)  Upgrade    BBB+(lka)

Mercantile
Investments and
Finance PLC         Natl LT BBB-(lka)Affirmed   BBB-(lka)

Siyapatha
Finance PLC         Natl LT A(lka)   Upgrade    BBB+(lka)
   subordinated     Natl LT BBB+(lka)Upgrade    BBB-(lka)

   senior
   unsecured        Natl LT A(lka)   Upgrade    BBB+(lka)

Citizens
Development
Business Finance
PLC                 Natl LT BBB(lka) Affirmed   BBB(lka)

HNB Finance PLC     Natl LT A(lka)   Upgrade    BBB+(lka)

Richard Pieris
Finance Limited     Natl LT A(lka)   Affirmed   A(lka)

Key Rating Drivers

The rating actions on CF, LB and Fintrex, whose ratings are driven
by their standalone profiles, reflect the effect of the sovereign
rating upgrade and improving operating environment on their
standalone credit profiles, as well as the relative strength of
their credit profiles compared with that of other entities rated on
the Sri Lankan National Rating Scale following the recalibration.
The affirmation of the National Ratings of CDB, Senka and MIF
indicate that their creditworthiness relative to that of other
Fitch-rated standalone Sri Lankan entities has not changed
following the recalibration.

The rating actions on NBFIs that are supported by a shareholder -
bank or corporate - are driven by Fitch's assessment of their
parents' relative credit profiles after the national rating scale
recalibration. This is because these entities' national ratings
continue to reflect Fitch's expectation of extraordinary support
from their respective parents, underpinned by the parents' stakes
in the finance subsidiaries and the degree of integration and role
in the group, and shared branding in some cases. As such, the
parents' credit profiles are anchors to the subsidiaries' ratings,
which indicate the parents' ability to provide extraordinary
support to their subsidiaries in times of need.

The upgrade of PLC's national rating reflects its expectation of
extraordinary support from People's Bank (Sri Lanka) (PB,
AA-(lka)/Stable), stemming from the parent's credit profile
improvement following the alleviation of sovereign-related
stresses. Fitch assesses that PLC's support-driven rating is two
notches below PB's rating, considering its relative size to PB,
which exceeds its standalone credit profile and drives PLC's
national rating.

The affirmation of the National Ratings of UBF, DF, RPF, AMWCL and
Senfin reflects Fitch's view that shareholder support remains
unchanged. The rating action on SFP also considers its growing size
relative to its parent, which may weigh on the parent's ability to
provide support.

RPF's Outlook revision to Stable from Negative and AFP's upgrade
with a Stable Outlook reflect its view of abating downside risks to
parental support due to the parents' stabilising credit profiles as
well as RPF's and AFP's enhanced financial performance. UBF's and
AMWCL's ratings remain on Negative Outlook, reflecting the pressure
on their parents' credit profiles.

For more details on individual key rating drivers beyond the
developments discussed in this rating action commentary (RAC),
please refer to the previous RACs via the following links:

- Fitch Affirms Central Finance at 'A-(lka)'; Outlook Stable

- Fitch Affirms LB Finance's National Rating at 'BBB+(lka)';
Outlook Stable

- Fitch Affirms Citizens Development Business at 'BBB(lka)';
Outlook Stable

- Fitch Affirms Senkadagala Finance at 'BBB(lka)'; Outlook Stable

- Fitch Affirms Mercantile Investments and Finance at 'BBB-(lka)';
Outlook Stable

- Fitch Upgrades Fintrex Finance to 'BB-(lka)'; Outlook Stable

- Fitch Affirms People's Leasing & Finance at 'A-(lka)'; Outlook
Stable

- Fitch Affirms CBC Finance at 'BBB+(lka)'; Outlook Stable

- Fitch Affirms HNB Finance at 'BBB+(lka)'; Outlook Stable

- Fitch Affirms Siyapatha Finance at 'BBB+(lka)'; Outlook Stable

- Fitch Affirms Merchant Bank of Sri Lanka & Finance at
'BBB+(lka)'; Outlook Stable

- Fitch Revises UB Finance's Outlook to Negative; Affirms Rating at
'BB(lka)'

- Fitch Affirms Dialog Finance at 'AA(lka)'; Outlook Stable

- Fitch Affirms Richard Pieris Finance at 'A(lka)'; Outlook Remains
Negative

- Fitch Affirms Abans Finance at 'BBB+(lka)'; Outlook Remains
Negative

- Fitch Affirms Singer Finance at 'BBB(lka)'; Outlook Stable

- Fitch Affirms AMW Capital Leasing and Finance at 'BBB(lka)';
Outlook Remains Negative

- Fitch Assigns Senfin Asset Management First-Time 'BBB-(lka)'
Rating; Outlook Stable

RATING SENSITIVITIES

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

For standalone-driven entities: CF, LB, CDB, Senka, MIF and
Fintrex

These entities' National Ratings are sensitive to a change in the
NBFIs' creditworthiness relative to other Sri Lankan issuers. A
downgrade of the National Ratings is most likely to stem from a
significant weakening in the NBFIs' key credit metrics relative to
that of peers. A deterioration in the operating environment for Sri
Lankan NBFIs, which could be led by a sovereign rating downgrade,
may also be negative for the rating.

For support-driven entities: PLC, CBCF, HNBF, Siyapatha, MBSL, UBF,
DF, RPF, AFP, SFP, AMWCL, Senfin

The support-driven ratings are sensitive to changes in their
parents' credit profiles as well as Fitch's opinion about the
parents' ability and propensity to extend timely extraordinary
support. Sustained poor performance or weakened linkages with the
parent could reduce the parent's motivation to support the
subsidiaries, placing pressure on the support-driven ratings. A
continued increase in the subsidiaries' balance sheet relative to
that of their parents could also render extraordinary support more
burdensome, possibly resulting in a rating downgrade.

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

For standalone-driven entities: CF, LB, CDB, Senka, MIF and
Fintrex

The National Ratings are sensitive to a change in the NBFIs'
creditworthiness relative to that of other Sri Lankan issuers.

Sustained improvement in the NBFIs' key credit indicators relative
to that of peers could be positive for their standalone-driven
National Ratings.

For support-driven entities: PLC, CBCF, HNBF, Siyapatha, MBSL, UBF,
DF, RPF, AFP, SFP, AMWCL, Senfin

Positive action on the support-driven ratings could stem from an
improvement in their support providers' credit profiles or a
strengthening in the parents' propensity to provide support. UBF's
and AMWCL's rating Outlook may be revised to Stable if Fitch
believes the pressure on their parents' credit profiles has eased.

DEBT AND OTHER INSTRUMENT RATINGS: KEY RATING DRIVERS

Fitch has taken corresponding rating action on the NBFIs' national
scale debt ratings, where assigned.

The senior unsecured debt ratings of PLC, Siyapatha and SFP are at
the same level as the companies' National Long-Term Ratings, in
accordance with Fitch's criteria. This is because the debt ranks
equally with the claims of the entities' other senior unsecured
creditors.

Outstanding Sri Lankan rupee-denominated subordinated debt of
Siyapatha and SFP are rated two notches below the entities'
National Long-Term Ratings. Fitch has applied its Bank Rating
Criteria in rating these instruments, as Fitch views Sri Lankan
finance companies to have a prudential capital framework closer to
that for banks. The ratings reflect its baseline notching for loss
severity for this debt class due to its expectations of poor
recoveries in the event of default. There is no additional notching
for non-performance risk as the debentures have no going-concern
loss-absorption features, in line with Fitch criteria.

DEBT AND OTHER INSTRUMENT RATINGS: RATING SENSITIVITIES

The debt ratings will move in tandem with the issuers' National
Long-Term Ratings.

Public Ratings with Credit Linkage to other ratings

The ratings of PLC, CBCF, HNBF, MBSL, Siyapatha and UBF are driven
by the expectation of extraordinary support from People's Bank (Sri
Lanka) (AA-(lka)/Stable), Commercial Bank of Ceylon PLC
(AA-(lka)/Stable), Hatton National Bank PLC (AA-(lka)/Stable), Bank
of Ceylon (AA-(lka)/Stable), Sampath Bank PLC (AA-(lka)/Stable) and
Union Bank of Colombo PLC (BBB-(lka)/Negative), respectively.

The ratings of DF, AMWCL, RPF, SFL, AFP and Senfin are driven by
the expectation of extraordinary support from Dialog Axiata PLC
(AAA(lka)/Stable), Associated Motorways (Pvt) Limited, Richard
Pieris PLC, Singer (Sri Lanka) PLC (AA-(lka)/Stable), Abans PLC
(AA(lka)/Stable) and Senkadagala Finance PLC (BBB(lka)/Stable),
respectively.

This report was prepared by Fitch in English only. The company may
prepare or arrange for translated versions of this report. In the
event of any inconsistency between the English version and any
translated version, the former shall always prevail. Fitch is not
responsible for any translated version of this report.


                           *********


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

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

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

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