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

                     A S I A   P A C I F I C

          Friday, February 21, 2025, Vol. 28, No. 38

                           Headlines



A U S T R A L I A

CONQUEST 2023-3: Fitch Affirms 'Bsf' Rating on Class F Notes
DRINA CONTRACTING: First Creditors' Meeting Set for Feb. 27
ELTON LANDSCAPES: First Creditors' Meeting Set for March 3
FORZA GROUP: First Creditors' Meeting Set for Feb. 27
JFVR ENTERPRISES: First Creditors' Meeting Set for Feb. 27

ONESTEEL MANUFACTURING: PM Unveils AUD2.4BB Rescue Package
ONTIME MOVERS: First Creditors' Meeting Set for Feb. 27
STAR ENTERTAINMENT: Second Former Executive Settles With ASIC
TRITON BOND 2025-1: S&P Assigns Prelim B (sf) Rating to F Notes


C H I N A

CHINA VANKE: Sets Up US$220M Housing JV with Government Insurers
DATASEA INC: Reports $1.14 Million Net Loss for Q2 2025


I N D I A

AVIOM INDIA: NCLT Admits Company Into Bankruptcy on RBI's Plea
CHANDRA SHIP: CRISIL Keeps B+ Debt Ratings in Not Cooperating
CONCORDE DESIGNS: CRISIL Keeps D Debt Ratings in Not Cooperating
CONSTRUCTION CATALYSERS: CRISIL Keeps D Ratings in Not Cooperating
CORDON CONSTRUCTORS: CRISIL Keeps B Rating in Not Cooperating

D K CERAMIC: CRISIL Keeps D Debt Ratings in Not Cooperating
DELUXE KNITTING: CRISIL Keeps C Debt Ratings in Not Cooperating
DEWA PROJECTS: CRISIL Keeps D Debt Ratings in Not Cooperating
DHANVRIDHI COMMERCIAL: CRISIL Keeps D Ratings in Not Cooperating
DHANYA STEEL: CRISIL Keeps D Debt Rating in Not Cooperating

DIAMONDSTAR: CRISIL Keeps D Debt Ratings in Not Cooperating
DIVYA JYOTI: CRISIL Keeps D Debt Ratings in Not Cooperating
EMICHEM PRIVATE: CRISIL Keeps B Debt Ratings in Not Cooperating
ENKAY FOAM: CRISIL Keeps B Debt Rating in Not Cooperating
ESHWARNATH CONSTRUCTIONS: CRISIL Keeps D Ratings in Not Coop.

FINECRETE ECO-BLOCKS: CRISIL Keeps D Ratings in Not Cooperating
FLORA LAMINATE: CRISIL Keeps B Debt Ratings in Not Cooperating
GAJANAN OIL: CRISIL Keeps D Debt Ratings in Not Cooperating
GALAXY LIFE: CRISIL Keeps B Debt Rating in Not Cooperating
HILLWOOD FURNITURE: CRISIL Keeps D Ratings in Not Cooperating

KVR INDUSTRIES: CRISIL Keeps D Debt Ratings in Not Cooperating
MUNJANI BROTHERS: CRISIL Keeps D Debt Ratings in Not Cooperating
NAV JYOTI: CRISIL Keeps D Debt Ratings in Not Cooperating
NIKHIL FOOTWEARS: CRISIL Keeps D Debt Ratings in Not Cooperating
PARAMOUNT MINERALS: CRISIL Keeps D Ratings in Not Cooperating

RAMS ASSORTED: CRISIL Keeps D Debt Ratings in Not Cooperating
SAFIRE INDUSTRIES: CRISIL Keeps D Debt Ratings in Not Cooperating
SAFIRE OFFSET: CRISIL Keeps D Debt Ratings in Not Cooperating
SANTKRUPA COTTON: CRISIL Keeps D Debt Ratings in Not Cooperating
VEESONS ENERGY: CRISIL Keeps D Debt Ratings in Not Cooperating



J A P A N

SHARP CORP: S&P Affirms 'B-/B' ICRs, Outlook Negative
SUMITOMO MITSUI: S&P Rates Subordinated AT1 Perpetual Notes 'BB+'


M A L A Y S I A

E.A. TECHNIQUE: Exits PN17 Status; Changes Name to Avangaad Bhd


N E W   Z E A L A N D

DIRECT SOURCING: Creditors' Proofs of Debt Due on March 13
DOWN UNDER: Court to Hear Wind-Up Petition on April 11
HOMESAFE DIRECT: Creditors' Proofs of Debt Due on April 14
OPTIMUM HOMES: Court to Hear Wind-Up Petition on March 14
ROADSTAR TRANSPORT: Creditors' Proofs of Debt Due on March 31



S I N G A P O R E

CACHECO PTE: Creditors' Proofs of Debt Due on March 17
ESPN SINGAPORE: Creditors' Proofs of Debt Due on March 17
ONEUPSKATES PTE: Court to Hear Wind-Up Petition on March 7
SUPERLATIVE FOODS: Court to Hear Wind-Up Petition on Feb. 28
TRANSCENDENCE MANAGEMENT: Court to Hear Wind-Up Petition on Feb. 28


                           - - - - -


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

CONQUEST 2023-3: Fitch Affirms 'Bsf' Rating on Class F Notes
------------------------------------------------------------
Fitch Ratings has affirmed six note classes from ConQuest 2023-3
Warehouse Trust. The Outlook is Stable.

The warehouse transaction consists of notes backed by a pool of
first-ranking Australian residential full-documentation conforming
mortgage loans originated by MyState Bank Limited (BBB+/Stable).
The notes were issued by Perpetual Trustee Company Limited in its
capacity as trustee of ConQuest 2023-3.

   Entity/Debt        Rating          Prior
   -----------        ------          -----
ConQuest 2023-3
Warehouse Trust

   A              LT AAAsf Affirmed   AAAsf
   B              LT AAsf  Affirmed   AAsf
   C              LT Asf   Affirmed   Asf
   D              LT BBBsf Affirmed   BBBsf
   E              LT BB-sf Affirmed   BB-sf
   F              LT Bsf   Affirmed   Bsf

KEY RATING DRIVERS

Stable Asset Performance: The 30+ and 90+ day arrears were nil,
tracking below Fitch's 3Q24 Dinkum RMBS Index's arrears of 1.20%
and 0.60%, respectively. The transaction performance has been
strong, with no losses since closing.

Credit Enhancement Supports Ratings: Cash flow and asset modelling
were not performed for this review, in line with Fitch's APAC
Residential Mortgage Rating Criteria. The transaction has a
one-year availability period that may be extended by a further
year. Fitch's analysis is, therefore, based on a stressed pool
adjusted to different stress levels based on pool parameters,
historical data and Fitch's forward-looking view. Stresses were
applied to a number of portfolio characteristics to reflect the
historical and Fitch's expected portfolio composition.

The Class A, B, C, D, E and F notes have documented minimum credit
enhancement percentages of 8.0%, 4.5%, 2.8%, 1.6%, 1.0% and 0.4%,
respectively, during the availability period. The transaction also
benefits from a liquidity facility sized at the lesser of 1.0% of
the invested note balance (other than the class G notes) and the
aggregate outstanding principal amount of performing loans, subject
to a floor of AUD324,750 and a cap of AUD3,247,500. The eligibility
criteria and pool parameters ensure portfolio characteristics are
maintained during the availability period.

The transaction requires that credit support levels and a minimum
dollar amount of subordination be maintained for each rated note
after each subsequent note issuance or redemption.

Low Operational and Servicing Risk: MyState is an authorised
deposit-taking institution headquartered in Hobart, Tasmania. Fitch
undertook an operational review and found that the operations of
the originator and servicer were comparable with market standards
and that there were no material changes that may affect MyState's
ongoing ability to undertake administration and collection
activities.

Tight Labour Market Supports Outlook: Portfolio performance is
supported by Australia's continued economic growth and tight labour
market, despite rapid interest-rate hikes in 2022-2023. GDP growth
was 0.8% for the year ended September 2024 and unemployment was
4.0% in December 2024. Fitch forecasts GDP growth of 1.6% in 2025,
rising to 2.1% in 2026, with unemployment at 4.5% and decreasing to
4.2%.

ConQuest 2023-3 is geographically concentrated in Tasmania,
reflecting MyState's operational focus in the region. The Tasmanian
state government forecasts gross state product growth of 2% in
2025-2026.

RATING SENSITIVITIES

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

Transaction performance may be affected by changes in market
conditions and the economic environment. Weakening asset
performance is strongly correlated with increasing levels of
delinquencies and defaults that could reduce credit enhancement
available to the notes.

Downgrade Sensitivities

Unanticipated increases in the frequency of defaults could produce
loss levels higher than Fitch's base case and are likely to result
in a decline in credit enhancement and remaining loss-coverage
levels available to the notes. Decreased credit enhancement may
make certain note ratings susceptible to negative rating action,
depending on the extent of coverage decline. Hence, Fitch conducts
sensitivity analysis by stressing a transaction's initial base-case
assumptions.

Fitch's previous rating sensitivities were discussed in Fitch
Assigns Final Ratings to ConQuest 2023-3 Warehouse Trust; Outlook
Stable, published on 12 March 2024.

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

An upgrade could result from economic conditions, loan performance
and credit losses that are better than Fitch's baseline scenario or
sufficient build-up of credit enhancement that would fully
compensate for credit losses and cash flow stresses commensurate
with higher rating scenarios, all else being equal.

The class A notes are at the highest level on Fitch's scale and
cannot be upgraded. As such, upgrade sensitivity scenarios are not
relevant.

The ratings on the class B, C, D and F notes are constrained by the
revolving pool and large obligor concentration tests that limit
ratings at their current levels.

Fitch's previous rating sensitivities were discussed in the link
above.

USE OF THIRD PARTY DUE DILIGENCE PURSUANT TO SEC RULE 17G -10

Form ABS Due Diligence-15E was not provided to, or reviewed by,
Fitch in relation to this rating action.

DATA ADEQUACY

As part of its ongoing monitoring, Fitch reviewed a small targeted
sample of MyState's origination files and found the file
information to be adequately consistent with the originator's
policies and practices and the other information provided to the
agency about the asset portfolio. Prior to the transaction closing,
Fitch sought to receive a third-party assessment conducted on the
asset portfolio information, but none was made available to Fitch
for this transaction.

Overall, and together with any assumptions referred to above,
Fitch's assessment of the information relied upon for the agency's
rating analysis according to its applicable rating methodologies
indicates that it is adequately reliable.

REFERENCES FOR SUBSTANTIALLY MATERIAL SOURCE CITED AS KEY DRIVER OF
RATING

The issuer has informed Fitch that not all relevant underlying
information used in the analysis of the rated notes is public.

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.

DRINA CONTRACTING: First Creditors' Meeting Set for Feb. 27
-----------------------------------------------------------
A first meeting of the creditors in the proceedings of Drina
Contracting Pty Ltd will be held on Feb. 27, 2025 at 2:30 p.m. via
Zoom.

Scott Andersen of Worrells was appointed as administrator of the
company on Feb. 17, 2025.


ELTON LANDSCAPES: First Creditors' Meeting Set for March 3
----------------------------------------------------------
A first meeting of the creditors in the proceedings of Elton
Landscapes Pty Ltd will be held on March 3, 2025 at 11:00 a.m. via
electronics.

James Stuart McPherson of Meertens was appointed as administrator
of the company on Feb. 19, 2025.


FORZA GROUP: First Creditors' Meeting Set for Feb. 27
-----------------------------------------------------
A first meeting of the creditors in the proceedings of Forza Group
Pty Ltd will be held on Feb. 27, 2025 at 10:00 a.m. via virtual
meeting technology.

Mathew Gollant of CJG Advisory was appointed as administrator of
the company on Feb. 18, 2025.


JFVR ENTERPRISES: First Creditors' Meeting Set for Feb. 27
----------------------------------------------------------
A first meeting of the creditors in the proceedings of JFVR
Enterprises Pty Ltd, trading as Love Blinds, will be held on Feb.
27, 2025 at 10:30 a.m. via Microsoft Teams.

Adam Francis Ward of Worrells was appointed as administrator of the
company on Feb. 17, 2025.


ONESTEEL MANUFACTURING: PM Unveils AUD2.4BB Rescue Package
----------------------------------------------------------
9News reports that Prime Minister Anthony Albanese and South
Australian Premier Peter Malinauskas have announced a AUD2.4
billion package to save Whyalla steelworks after its operator was
placed under administration.

On Feb. 19, the state parliament rushed legislation to force
OneSteel Manufacturing, which owns Whyalla steelworks and is part
of Sanjeev Gupta's GFG group, under administration.

According to 9News, the multibillion-dollar announcement includes
AUD100 million for immediate on-the-ground support, including AUD50
million for creditor assistance payments.  AUD1.9 billion will go
towards investing in the steelworks' future and AUD384 million will
help stabilise the steelworks.

The state government has deferred AUD50 million set aside for the
Hydrogen Jobs Plan to prioritise securing the steelworks.

Mr. Albanese, speaking from Whyalla on Feb. 20, said the package
was a vote of confidence in Whyalla and will set up jobs for the
future.

"We want Whyalla not just to survive but to thrive and grow and
that is very possible with the vision that I share with . . . the
premier of South Australia," 9News quotes Mr. Albanese as saying.
"What we had today was a feeling of relief that the uncertainty is
over, that the jobs here are secure and that the future is secure
as well."

Last month, the state government revealed GFG owed them tens of
millions of unpaid royalties while SA Water was owed about AUD15
million, 9News recalls.

Mr. Gupta recently announced he would sell his Tahmoor Coking Coal
Mine in NSW to help pay off his debts in Whyalla.

According to 9News, Mr. Malinauskas, speaking alongside Mr.
Albanese, insisted the package was not a bail-out for Mr. Gupta and
GFG but to secure the future of Whyalla and steelmaking in
Australia.

"They will have to deal with the process of administration," he
said, notes the report.

"What we're going to do is support the businesses on the ground who
have done nothing wrong and do not owe anything to anyone.

"The good thing about these creditors is, while they've not been
getting paid, they have continued to pay their workers and that is
what has kept this town running but their sacrifice deserves to be
recognised and that is."

KordaMentha has been appointed administrator and will be searching
for a new owner.

Mr. Albanese assured no jobs would be lost in the process, the
report notes.

9News adds that the Australian Workers' Union, Australian
Manufacturing Workers' Union, Electrical Trades Union and Maritime
Union of Australia all welcomed the support package, citing a sense
of hope for the future.

GFG said it was assessing what Feb. 19 developments would mean for
the business and "our concern is first and foremost the wellbeing
and safety of our employees".

                   About OneSteel Manufacturing

OneSteel Manufacturing Pty Limited manufactures steel products. The
Company offers a variety of products including steel pipes, valves,
and sheets.

KordaMentha partners Mark Mentha, Sebastian Hams, Michael Korda and
Lara Wiggins have been appointed voluntary administrators of
OneSteel Manufacturing Pty Ltd, the owner and operator of the
Whyalla steelworks and the iron ore mining operations in the
Middlebank Range (together, 'Whyalla Steelworks and Mining') in
South Australia.

The appointment was made by the South Australian Government.


ONTIME MOVERS: First Creditors' Meeting Set for Feb. 27
-------------------------------------------------------
A first meeting of the creditors in the proceedings of Ontime
Movers Pty Ltd, trading as Ontime Movers and Storage, will be held
on Feb. 27, 2025 at 11:00 a.m. via videoconference.

Roberto Crispino and Richard Albarran of Hall Chadwick were
appointed as administrators of the company on Feb. 17, 2025.


STAR ENTERTAINMENT: Second Former Executive Settles With ASIC
-------------------------------------------------------------
The Australian Financial Review reports that Star Entertainment's
former chief casino officer Greg Hawkins has become the second
former senior manager at the embattled gaming company to settle
with the corporate regulator over directors' duties breaches.

According to the Financial Review, the Australian Securities and
Investments Commission is suing almost a dozen former directors and
executives of the casino operator alleging they failed to manage
risk and opened up the company to serious harm.

The ASIC lawsuit is significant because it is the first time that
the regulator is pursing directors who were not directly involved
in the wrongdoing but allegedly did not pay enough attention to
their board duties.

The Financial Review notes that two inquiries into the company,
which runs casinos in Sydney, Brisbane and the Gold Coast, found it
had allowed junket operators who brought it high-rollers to launder
money out of its facilities. Star's licence has been in question,
and its share price has fallen 94 per cent since 2022.

The Federal Court heard last week that Mr. Hawkins signed a major
commercial contract with a large junket operator despite receiving
warnings about its suspicious conduct inside a private gambling
room at Star Sydney.

The settlement with Mr. Hawkins comes at the same time as the
company confirmed reports in The Australian Financial Review's
Street Talk column that Oaktree Capital Management, which
specialises in distressed debt situations, had offered to lend
AUD650 million in a so-called loan-to-own.

Mr. Hawkins will pay a AUD180,000 fine and will be disqualified
from managing ASX-listed businesses for 18 months, the Financial
Review says.

He has been accused by ASIC of breaching his duties by not
adequately managing money laundering risks from dealing with the
operator, Suncity, as well as dealing with them despite reports of
criminal links. ASIC also alleged he did not escalate the concerns
to the board of directors.

"ASIC and Mr Hawkins have agreed terms of settlement that involve
him accepting declarations of contravention being made against him
in respect of his conduct in 2018 and 2019," the report quotes a
spokesperson for ASIC as sayomg in a statement.

"Mr. Hawkins has also agreed to pay a portion of ASIC's costs."

Mr. Hawkins, who is currently acting chief operating officer of
Bloomberry Resorts and Hotels in the Philippines, was accused of
two breaches of his directors' duties and risked a maximum penalty
of AUD1.3 million.

He is the second former executive to agree to a settlement after
Star's former chief financial officer Harry Theodore. The Financial
Review notes that Mr. Theodore's proposed settlement is a AUD60,000
fine and a nine-month suspension from ASX-listed companies.

                     About Star Entertainment

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

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

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

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

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

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

TRITON BOND 2025-1: S&P Assigns Prelim B (sf) Rating to F Notes
---------------------------------------------------------------
S&P Global Ratings assigned its preliminary ratings to nine classes
of prime residential mortgage-backed securities (RMBS) to be issued
by Perpetual Corporate Trust Ltd. as trustee for Triton Bond Trust
2025-1 Series 1.

The preliminary ratings reflect the following factors.

S&P has assessed the credit risk of the underlying collateral
portfolio, including the fact that this is a closed portfolio,
which means no further loans will be assigned to the trust after
the closing date.

The credit support is sufficient to withstand the stresses S&P
applies. This credit support comprises mortgage lenders insurance
covering 14.6% of the loans in the portfolio as well as note
subordination for all rated notes.

The various mechanisms to support liquidity within the transaction,
including an amortizing liquidity facility equal to 1.0% of the
invested amount of all rated and class G notes, subject to a floor
of 0.10% of the initial invested amount of all notes, principal
draws, and a loss reserve that builds from excess spread, are
sufficient under S&P's stress assumptions to ensure timely payment
of interest.

An extraordinary expense reserve of A$150,000, funded from day one
by Columbus Capital Pty Ltd., is available to meet extraordinary
expenses. The reserve will be topped up via excess spread if
drawn.

A fixed- to floating-rate interest-rate swap is provided by
National Australia Bank Ltd. to hedge the mismatch between receipts
from any fixed-rate mortgage loans and the variable-rate RMBS,
should any be entered into after transaction close.

S&P's ratings also consider the legal structure of the trust, which
has been established as a special-purpose entity and meets its
criteria for insolvency remoteness.

  Preliminary Ratings Assigned

  Triton Bond Trust 2025-1 Series 1

  Class A1-MM, A$90.000 million: AAA (sf)
  Class A1-AU, A$547.500 million: AAA (sf)
  Class A2, A$67.500 million: AAA (sf)
  Class AB, A$13.500 million: AAA (sf)
  Class B, A$13.125 million: AA (sf)
  Class C, A$8.175 million: A (sf)
  Class D, A$3.600 million: BBB (sf)
  Class E, A$3.375 million: BB (sf)
  Class F, A$1.050 million: B (sf)
  Class G, A$2.175 million: Not rated




=========
C H I N A
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CHINA VANKE: Sets Up US$220M Housing JV with Government Insurers
----------------------------------------------------------------
Mingtiandi reports that China Vanke has set up a CNY1.6 billion
(US$220 million) rental housing joint venture with a pair of
government insurers, according to an announcement on Feb. 18, in
what analysts see as a sign of further state support for the
financially troubled developer.

In a filing to the Hong Kong exchange Vanke said that it has joined
with New China Life Insurance (NCI) and Dajia Insurance Group to
invest in a new fund that will acquire a 7,700-unit rental
apartment project in the Fujian provincial city of Xiamen from the
developer's balance sheet, Mingtiandi relates.

According to the report, the two insurers will take a combined 90
percent stake in the fund managed by a unit of CITIC Group with the
deal seen aligning with government efforts to support the
cash-strapped builder.

"We think the JV indicates a bailout to support Vanke's liquidity,"
Jeff Zhang, an equity analyst at Morningstar, told Mingtiandi.
"While we still believe it's unlikely for Vanke to divest all
serviced apartments, the firm may liaise with insurance and other
strategic investors to recycle capital from some projects."

On the same day that it announced the housing fund, Vanke said in a
separate filing with Shanghai's Inter-bank Market Clearing House
that it will make timely repayment on CNY2 billion in notes
maturing next week, Mingtiandi adds.

                         About China Vanke

China Vanke Co., Ltd. operates real estate development businesses.
The Company provides housing renovation, housing loans, real estate
brokerage, and other businesses. China Vanke also operates
logistics, material supply, and other businesses.

As reported in the Troubled Company Reporter-Asia Pacific on Jan.
22, 2025, S&P Global Ratings lowered its long-term issuer credit
rating on China Vanke Co. Ltd. by two notches to 'B-' from 'B+' and
its long-term issuer credit rating on China Vanke's subsidiary
Vanke Real Estate (Hong Kong) Co. Ltd. (Vanke HK) to 'B-' from 'B'.
S&P also lowered the issue rating on Vanke HK's senior unsecured
notes to 'B-' from 'B'. S&P placed all these ratings on CreditWatch
with negative implications.

The TCR-AP on Jan. 28, 2025, reported that Fitch Ratings has
downgraded Chinese homebuilder China Vanke Co., Ltd.'s Long-Term
Foreign- and Local-Currency Issuer Default Ratings (IDRs) to 'B-',
from 'B+'. Fitch has also downgraded the Long-Term IDR on China
Vanke's wholly owned subsidiary, Vanke Real Estate (Hong Kong)
Company Ltd (Vanke HK), to 'CCC+', from 'B', and its senior
unsecured rating and the rating on its outstanding senior notes to
'CCC+', from 'B', with a Recovery Rating of 'RR4'. The ratings are
on Rating Watch Negative (RWN).

The downgrade reflects a deterioration in China Vanke's sales and
cash generation, which is eroding its liquidity buffer against
large capital market debt maturities in 2025.

DATASEA INC: Reports $1.14 Million Net Loss for Q2 2025
-------------------------------------------------------
Datasea Inc. submitted its Quarterly Report on Form 10-Q to the
Securities and Exchange Commission, revealing a net loss to the
company of $1.14 million on revenues of $20.46 million for the
three months ended Dec. 31, 2024.  In comparison, Datasea posted a
net loss to the company of $1.83 million on revenues of $11.35
million for the same period last year.

For the six months ended Dec. 31, 2024, the Company reported a net
loss to the company of $3.10 million on revenues of $41.54 million,
as compared to a net loss to the company of $1.86 million on
revenues of $18.23 million for the six months ended Dec. 31, 2023.

As of Dec. 31, 2024, the Company had $5.90 million in total assets,
$2.68 million in total liabilities, and $3.23 million in total
stockholders' equity.

The Company had an accumulated deficit of approximately $42.54
million as of Dec. 31, 2024, and negative cash flow from operating
activities of approximately $1.59 million and $5.63 million for the
six months ended Dec. 31, 2024 and 2023, respectively.  According
to the Company, the historical operating results including
recurring losses from operations raise substantial doubt about the
Company's ability to continue as a going concern.

"If deemed necessary, management could seek to raise additional
funds by way of admitting strategic investors, or private or public
offerings, or by seeking to obtain loans from banks or others, to
support the Company's research and development ("R&D"),
procurement, marketing and daily operation.  While management of
the Company believes in the viability of its strategy to generate
sufficient revenues and its ability to raise additional funds on
reasonable terms and conditions, there can be no assurances to that
effect.  The ability of the Company to continue as a going concern
depends upon the Company's ability to further implement its
business plan and generate sufficient revenue and its ability to
raise additional funds by way of a public or private offering.
There is no assurance that the Company will be able to obtain funds
on commercially acceptable terms, if at all.  There is also no
assurance that the amount of funds the Company might raise will
enable the Company to complete its initiatives or attain profitable
operations.  If the Company is unable to raise additional funding
to meet its working capital needs in the future, it may be forced
to delay, reduce or cease its operations," Datasea stated in the
Report.

The full text of the Form 10-Q is available for free at:

https://www.sec.gov/Archives/edgar/data/1631282/000121390025013537/ea0230219-10q_datasea.htm

                           About Datasea

Headquartered in Beijing, People's Republic of China, Datasea Inc.
-- http://www.dataseainc.com-- is a technology company
incorporated in Nevada, USA, on Sept. 26, 2014, with subsidiaries
and operating entities located in Delaware, US, and China that
provides intelligent acoustics (including ultrasound, infrasound,
directional sound, and Schumann resonance), 5G messaging and other
products and services to various corporate and individual
customers. The acoustic business offers a wide range of
cutting-edge products including high-quality sonic air disinfection
solutions, skin repair and beauty solutions, as well as sleep-aid
devices.  The Company's products find extensive applications across
various industries and sectors, including sonic antivirus, sonic
beauty, sonic medical treatments, and sonic agriculture.

Los Angeles, California-based Kreit & Chiu CPA LLP, the Company's
auditor since 2021, issued a "going concern" qualification in its
report dated Sept. 26, 2024, citing that the Company had an
accumulated deficit of $39.44 million and incurred a net loss from
operations of approximately $11.38 million as of and for the year
end June 30, 2024.  The Company has had recurring losses from
operations which has raised substantial doubt about the Company's
ability to continue as a going concern.

For the years ended June 30, 2024 and 2023, the Company had a net
loss of approximately $11.38 million and $9.48 million,
respectively.  The Company had an accumulated deficit of
approximately $39.44 million as of June 30, 2024, and negative cash
flow from operating activities of approximately $6.40 million and
$3.14 million for the years ended June 30, 2024 and 2023,
respectively.



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

AVIOM INDIA: NCLT Admits Company Into Bankruptcy on RBI's Plea
--------------------------------------------------------------
Livemint.com reports that the Delhi insolvency court on Feb. 20
admitted Aviom India Housing Finance Pvt. Ltd into bankruptcy and
liquidation proceedings following a plea by the Reserve Bank of
India (RBI).

According to Livemint.com, RBI had moved the National Company Law
Tribunal (NCLT) under the Financial Service Providers (FSP)
Insolvency Rules, 2019, leading to an interim moratorium that
restricts legal proceedings, asset transfers, and recovery actions
against the company. However, the supply of essential goods and
services will not be disrupted during this period.

Under the 2019 guidelines, only a regulator can refer a financial
services provider to the bankruptcy tribunal. Instead of a
traditional insolvency resolution professional, an
administrator--nominated by the regulator and appointed by the
tribunal--takes over the company's management.

This development follows RBI's intervention on January 27, when it
superseded the board of Aviom India Housing Finance, citing
governance concerns and defaults on various payment obligations,
Livemint.com states. The regulator exercised its powers under
Section 45-IE(1) of the Reserve Bank of India Act based on the
recommendation of the National Housing Bank (NHB).

The RBI has appointed Ram Kumar, former chief general manager of
Punjab National Bank (PNB), as the administrator of Aviom India
Housing Finance, Livemint.com discloses.

Livemint.com says the regulatory action came two months after the
lender received a notice from its statutory auditors, flagging
potential discrepancies in its financial records following a
complaint alleging irregularities and fraud.

In a November 2024 statement, Aviom India Housing Finance admitted
it had discovered fraud within the company and had filed a
complaint with the Economic Offences Wing (EOW). It also
acknowledged liquidity issues and anticipated delays in interest
payments.

                            About Aviom

Aviom is a Delhi-based housing finance company which provides home
loans and loan against property to low-income women borrowers in
Tier II and Tier III towns. The borrowers are self-employed or
salaried individuals in informal sectors.

Sabre Partners and investment firm Nuveen are among Aviom's equity
investors.

As reported in the Troubled Company Reporter-Asia Pacific in early
December 2024, CRISIL Ratings has downgraded its long-term rating
on the bank facilities and non-convertible debentures of Aviom
India Housing Finance Private Limited (Aviom) to 'CRISIL D' from
'CRISIL C'. The issuer continues to be non-cooperative.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Long Term Rating      225        CRISIL D (ISSUER NOT
                                    COOPERATING; Downgraded from
                                    'CRISIL C ISSUER NOT
                                    COOPERATING')

   Non Convertible        62        CRISIL D (ISSUER NOT
   Debentures                       COOPERATING; Downgraded from
                                    'CRISIL C ISSUER NOT
                                    COOPERATING')

The rating downgrade is on account of delay in serving the
principal repayment of term loan facility which was due on November
25, 2024. CRISIL Ratings has received verbal communication on
November 27, 2024 from one of the lenders confirming the same.

Previously, on November 22, 2024, the company made a disclosure to
the stock exchanges that it is currently facing liquidity issues
and expects a delay in the payment of interest.


CHANDRA SHIP: CRISIL Keeps B+ Debt Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Chandra Ship
Management Private Limited (CSMPL) continue to be 'CRISIL B+/Stable
Issuer Not Cooperating'.

                       Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit-         1.6         CRISIL B+/Stable (Issuer Not
   Book Debt                        Cooperating)

   Long Term Loan       1.21        CRISIL B+/Stable (Issuer Not
                                    Cooperating)

   Proposed Fund-      12.19        CRISIL B+/Stable (Issuer Not
   Based Bank Limits                Cooperating)

CRISIL Ratings has been consistently following up with CSMPL for
obtaining information through letter and email dated January 8,
2025 among others, apart from telephonic communication. However,
the issuer has remained non cooperative.

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

Detailed Rationale

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

Incorporated in May 2001, CSMPL is engaged in the business of
chartering out supply vessels and barges. It is promoted by Mr. S R
S Sastry and family.


CONCORDE DESIGNS: CRISIL Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Concorde
Designs Private Limited (CDPL) continue to be 'CRISIL D/CRISIL D
Issuer Not Cooperating'.

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

   Cash Credit            10         CRISIL D (Issuer Not
                                     Cooperating)

CRISIL Ratings has been consistently following up with CDPL for
obtaining information through letter and email dated January 8,
2025 among others, apart from telephonic communication. However,
the issuer has remained non cooperative.

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

Detailed Rationale

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

CDPL, incorporated in 2002, is promoted by Mr. Anvay Madhukar Naik.
It designs and constructs interior works for corporate customers
and provides architectural consulting.


CONSTRUCTION CATALYSERS: CRISIL Keeps D Ratings in Not Cooperating
------------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Construction
Catalysers Private Limited (CCPL) continue to be 'CRISIL D/CRISIL D
Issuer not cooperating'.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Bank Guarantee         20        CRISIL D (ISSUER NOT
                                    COOPERATING)

   Bank Guarantee          2        CRISIL D (ISSUER NOT
                                    COOPERATING)

   Cash Credit            20        CRISIL D (ISSUER NOT
                                    COOPERATING)

   Letter of Credit        2.5      CRISIL D (ISSUER NOT
                                    COOPERATING)

   Proposed Cash           2        CRISIL D (ISSUER NOT
   Credit Limit                     COOPERATING)

   Proposed Letter         2        CRISIL D (ISSUER NOT
   of Credit                        COOPERATING)

CRISIL Ratings has been consistently following up with CCPL for
obtaining information through letter and email dated January 8,
2025 among others, apart from telephonic communication. However,
the issuer has remained non cooperative.

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

Detailed Rationale

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

CCPL was formed as a partnership firm in 1988, and reconstituted as
a private-limited company in 2007. The company, based in Pune,
erects steel structures or facades, and undertakes design,
fabrication and installation. The product range includes rooftops,
sunshades, and facades, used in the real estate industry, and they
are available in various forms such as curtain walls, suspended
glasses, skylights, canopies, windows and doors.


CORDON CONSTRUCTORS: CRISIL Keeps B Rating in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Cordon
Constructors & Realtors Private Limited (CCRPL) continues to be
'CRISIL B/Stable Issuer not cooperating'.

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

CRISIL Ratings has been consistently following up with CCRPL for
obtaining information through letter and email dated January 8,
2025 among others, apart from telephonic communication. However,
the issuer has remained non cooperative.

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

Detailed Rationale

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

Incorporated in February 2011, CCRPL, promoted by Mr N Ayyappan
Unnithan along with his son Mr Arun Unnithan and wife Mrs Usha
Unnithan, undertakes residential real estate development in
Thiruvananthapuram.


D K CERAMIC: CRISIL Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of D K Ceramic
(DKC) continue to be 'CRISIL D/CRISIL D Issuer not cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Bank Guarantee        1.25       CRISIL D (Issuer Not
                                    Cooperating)

   Cash Credit           2.00        CRISIL D (Issuer Not
                                    Cooperating)

   Proposed Long Term    5.05       CRISIL D (Issuer Not
   Bank Loan Facility               Cooperating)

   Term Loan             4.20        CRISIL D (Issuer Not
                                    Cooperating)

CRISIL Ratings has been consistently following up with DKC for
obtaining information through letter and email dated January 8,
2025 among others, apart from telephonic communication. However,
the issuer has remained non cooperative.

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

Detailed Rationale

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

DKC is a Morbi, Gujarat-based partnership firm set up in 2014. The
firm manufactures ceramic wall and floor tiles.


DELUXE KNITTING: CRISIL Keeps C Debt Ratings in Not Cooperating
---------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Deluxe
Knitting Mill (DKM) continue to be 'CRISIL C/CRISIL A4 Issuer Not
Cooperating'.

                          Amount
   Facilities          (INR Crore)     Ratings
   ----------          -----------     -------
   Bill Discounting         0.5        CRISIL C (Issuer Not
                                       Cooperating)

   Mortgage Loan            8          CRISIL C (Issuer Not
   Facility                            Cooperating)

   Packing Credit           3.5        CRISIL A4 (Issuer Not
                                       Cooperating)

CRISIL Ratings has been consistently following up with DKM for
obtaining information through letter and email dated January 8,
2025 among others, apart from telephonic communication. However,
the issuer has remained non cooperative.

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of DKM, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on DKM
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
DKM continues to be 'CRISIL C/CRISIL A4 Issuer not cooperating'.

Established as a partnership firm at Tiruppur, Tamil Nadu, in 1987,
DKM exports knitted garments.


DEWA PROJECTS: CRISIL Keeps D Debt Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Dewa Projects
Private Limited (DPPL) continue to be 'CRISIL D Issuer Not
Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Term Loan             12.15       CRISIL D (Issuer Not
                                     Cooperating)

   Term Loan             13.67       CRISIL D (Issuer Not
                                     Cooperating)

   Term Loan             30.25       CRISIL D (Issuer Not
                                     Cooperating)

   Term Loan             13.68       CRISIL D (Issuer Not
                                     Cooperating)

   Term Loan              9.50       CRISIL D (Issuer Not
                                     Cooperating)

   Term Loan             48.46       CRISIL D (Issuer Not
                                     Cooperating)

   Term Loan             14.14       CRISIL D (Issuer Not
                                     Cooperating)

   Term Loan             40.39       CRISIL D (Issuer Not
                                     Cooperating)

   Term Loan             39.77       CRISIL D (Issuer Not
                                     Cooperating)


   Term Loan             13.55       CRISIL D (Issuer Not
                                     Cooperating)

   Term Loan             32.31       CRISIL D (Issuer Not
                                     Cooperating)

   Term Loan             10.25       CRISIL D (Issuer Not
                                     Cooperating)

   Term Loan              8.88       CRISIL D (Issuer Not
                                     Cooperating)

CRISIL Ratings has been consistently following up with DPPL for
obtaining information through letter and email dated January 15,
2025 among others, apart from telephonic communication. However,
the issuer has remained non cooperative.

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

Detailed Rationale

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

DPPL was established in April 2005. The company is constructing
residential apartments at Marine Drive, Kochi. The project which is
being developed at an estimated cost of over INR4,600 crore, is in
the early phase of construction. The company has been promoted by
Mr Venugopalan Nair, a Kuwait-based non-resident Indian.


DHANVRIDHI COMMERCIAL: CRISIL Keeps D Ratings in Not Cooperating
----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Dhanvridhi
Commercial Private Limited (DCPL) continue to be 'CRISIL D/CRISIL D
Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Bank Guarantee       2.26         CRISIL D (Issuer Not
                                     Cooperating)

   Cash Credit          3.88         CRISIL D (Issuer Not
                                     Cooperating)

   Proposed Long Term   4.08         CRISIL D (Issuer Not
   Bank Loan Facility                Cooperating)

   Term Loan            4.28         CRISIL D (Issuer Not
                                     Cooperating)

CRISIL Ratings has been consistently following up with DCPL for
obtaining information through letter and email dated January 8,
2025 among others, apart from telephonic communication. However,
the issuer has remained non cooperative.

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

Detailed Rationale

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

DCPL was incorporated by the Tantia family in Kolkata in 2005. Till
2012, the company traded in materials used in manufacture of
railway wagons/components. It now manufactures railway wagons
through Besco Ltd (foundry division).


DHANYA STEEL: CRISIL Keeps D Debt Rating in Not Cooperating
-----------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Dhanya Steel
Industries Private Limited (DSIPL; part of the Dhanya group)
continues to be 'CRISIL D Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit            13         CRISIL D (Issuer Not
                                     Cooperating)

CRISIL Ratings has been consistently following up with DSIPL for
obtaining information through letter and email dated January 8,
2025 among others, apart from telephonic communication. However,
the issuer has remained non cooperative.

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

Detailed Rationale

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

Established in December 2007, DSIPL manufactures ingots and
billets. The company has its manufacturing facility in Chittoor
district (Andhra Pradesh).


DIAMONDSTAR: CRISIL Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Diamondstar
continue to be 'CRISIL D Issuer Not Cooperating'.

                       Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Packing Credit        1.71       CRISIL D (Issuer Not
                                    Cooperating)

   Post Shipment         2.58       CRISIL D (Issuer Not
   Credit                           Cooperating)

   Proposed Short        9.71       CRISIL D (Issuer Not
   Term Bank                        Cooperating)
   Loan Facility         

CRISIL Ratings has been consistently following up with Diamondstar
for obtaining information through letter and email dated January 8,
2025 among others, apart from telephonic communication. However,
the issuer has remained non cooperative.

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

Detailed Rationale

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

Diamondstar, set up in 1967, cuts and polishes diamonds. It
predominantly deals in large diamonds in shapes such as marquise,
pear, and round. The firm has three partners, Mr Rupesh Shah and Mr
Nilesh Shah.


DIVYA JYOTI: CRISIL Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Divya Jyoti
Industries Limited (DJIL) continue to be 'CRISIL D/CRISIL D Issuer
Not Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Bank Guarantee        0.19        CRISIL D (Issuer Not
                                     Cooperating)

   Bank Guarantee        0.23        CRISIL D (Issuer Not
                                     Cooperating)

   Bank Guarantee        0.23        CRISIL D (Issuer Not
                                     Cooperating)

   Cash Credit           9.52        CRISIL D (Issuer Not
                                     Cooperating)

   Cash Credit           8.84        CRISIL D (Issuer Not
                                     Cooperating)

   Cash Credit           8.84        CRISIL D (Issuer Not
                                     Cooperating)

   Letter Of Guarantee   2.6         CRISIL D (Issuer Not
                                     Cooperating)

   Letter of Credit      3.9         CRISIL D (Issuer Not
                                     Cooperating)

   Proposed Long Term    0.65        CRISIL D (Issuer Not
   Bank Loan Facility                Cooperating)

CRISIL Ratings has been consistently following up with DJIL for
obtaining information through letter and email dated January 8,
2025 among others, apart from telephonic communication. However,
the issuer has remained non cooperative.

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

Detailed Rationale

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

DJIL, incorporated in 1992, manufactures soya bean oil, soya oil
extracts, DOC, and other value-added products. The company's
manufacturing facility at Pithampur in Dhar, Madhya Pradesh, has an
extraction capacity of 700 tpa and refining capacity of 100 tpa.


EMICHEM PRIVATE: CRISIL Keeps B Debt Ratings in Not Cooperating
---------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Emichem
Private Limited (EPL) continue to be 'CRISIL B/Stable Issuer not
cooperating'.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Export Packing         3.4       CRISIL B/Stable (Issuer Not
   Credit                           Cooperating)

   Export Packing         2         CRISIL B/Stable (Issuer Not
   Credit                           Cooperating)

   Foreign Bill           1.5       CRISIL B/Stable (Issuer Not
   Discounting                      Cooperating)

   Proposed Fund-         0.1       CRISIL B/Stable (Issuer Not
   Based Bank Limits                Cooperating)

CRISIL Ratings has been consistently following up with EPL for
obtaining information through letter and email dated January 8,
2025 among others, apart from telephonic communication. However,
the issuer has remained non cooperative.

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

Detailed Rationale

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

EPL, incorporated in 1997 at Kolkata, exports highly purified dyes,
organic pigments, ultramarine blue and other chemicals as per
customer requirement. Mr Binoy Kejriwal is the promoter.


ENKAY FOAM: CRISIL Keeps B Debt Rating in Not Cooperating
---------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Enkay Foam
Private Limited (EFPL) continues to be 'CRISIL B/Stable Issuer Not
Cooperating'.

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

CRISIL Ratings has been consistently following up with EFPL for
obtaining information through letter and email dated January 8,
2025 among others, apart from telephonic communication. However,
the issuer has remained non cooperative.

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

Detailed Rationale

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

Incorporated in 1990, EFPL is promoted by Mr Mayank Jain and Mr
Saurabh Jain. The company manufactures industrial foam of 9-50
density. This is used in industries such as furniture, garments,
footwear, automobiles, and packaging.


ESHWARNATH CONSTRUCTIONS: CRISIL Keeps D Ratings in Not Coop.
-------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Eshwarnath
Constructions (ECS) continue to be 'CRISIL D/CRISIL D Issuer Not
Cooperating'.

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

   Cash Credit             5         CRISIL D (Issuer Not
                                     Cooperating)


CRISIL Ratings has been consistently following up with ECS for
obtaining information through letter and email dated January 8,
2025 among others, apart from telephonic communication. However,
the issuer has remained non cooperative.

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

Detailed Rationale

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

Set up in 1997 as a partnership firm ECS executes civil
construction work for the Southern Railways and private players in
Tamil Nadu. Operations are managed by Mr M Athmanathan.


FINECRETE ECO-BLOCKS: CRISIL Keeps D Ratings in Not Cooperating
---------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Finecrete
Eco-Blocks Private Limited (Finecrete) continue to be 'CRISIL D
Issuer Not Cooperating'.

                       Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Term Loan              18         CRISIL D (Issuer Not
                                     Cooperating)

   Term Loan              18         CRISIL D (Issuer Not
                                     Cooperating)

CRISIL Ratings has been consistently following up with Finecrete
for obtaining information through letter and email dated January 8,
2025 among others, apart from telephonic communication. However,
the issuer has remained non cooperative.

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

Detailed Rationale

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

Finecrete, incorporated in July 2013, has set up a manufacturing
unit of autoclaved aerated concrete (AAC) blocks, or fly ash
bricks. The company's facility is at Panipat, Haryana.


FLORA LAMINATE: CRISIL Keeps B Debt Ratings in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of FL continue
to be 'CRISIL B/Stable Issuer not cooperating'.

                       Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit            8         CRISIL B/Stable(Issuer Not
                                    Cooperating)

   Long Term Loan         1         CRISIL B/Stable(Issuer Not
                                    Cooperating)

   Proposed Non           1         CRISIL B/Stable(Issuer Not
   Fund based limits                Cooperating)

CRISIL Ratings has been consistently following up with FL for
obtaining information through letter and email dated January 8,
2025 among others, apart from telephonic communication. However,
the issuer has remained non cooperative.

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

Detailed Rationale

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

Flora, was setup in 2009 by two brothers Mr. Ashwin Pandian and Mr.
Abhishek Abraham. The firm is part of Aachi group of companies.
Flora is engaged in manufacturing multi-layer flexible packaging
films.


GAJANAN OIL: CRISIL Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Gajanan Oil
Private Limited (GOPL) continue to be 'CRISIL D/CRISIL D Issuer Not
Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit             60        CRISIL D (Issuer Not
                                     Cooperating)

   Cash Credit             30        CRISIL D (Issuer Not
                                     Cooperating)

   Cash Credit             20        CRISIL D (Issuer Not
                                     Cooperating)

   Cash Credit             15        CRISIL D (Issuer Not
                                     Cooperating)

   Letter of Credit        15        CRISIL D (Issuer Not
                                     Cooperating)

   Letter of Credit        20        CRISIL D (Issuer Not
                                     Cooperating)

   Letter of Credit         5        CRISIL D (Issuer Not
                                     Cooperating)

   Letter of Credit        25        CRISIL D (Issuer Not
                                     Cooperating)

   Term Loan               35        CRISIL D (Issuer Not
                                     Cooperating)

   Term Loan               20        CRISIL D (Issuer Not
                                     Cooperating)

   Term Loan                5        CRISIL D (Issuer Not
                                     Cooperating)

CRISIL Ratings has been consistently following up with GOPL for
obtaining information through letter and email dated January 8,
2025 among others, apart from telephonic communication. However,
the issuer has remained non cooperative.

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

Detailed Rationale

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

GOPL is a part of the Gajanan group and is promoted by Mr Nitin
Jadhav and his family. The company extracts soya and wash cotton
seed oil, and refines soya, cotton and palm oils. GOPL was
incorporated in December 2015 to undertake expansion of the brown
field project acquired from Bhaskar Foods Pvt Ltd of the Dainik
Bhaskar group.


GALAXY LIFE: CRISIL Keeps B Debt Rating in Not Cooperating
----------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Galaxy Life
Care Services Private Limited (GLCS) continues to be 'CRISIL
B/Stable Issuer not cooperating'.

                       Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Term Loan              10        CRISIL B/Stable (Issuer Not
                                    Cooperating)

CRISIL Ratings has been consistently following up with GLCS for
obtaining information through letter and email dated January 8,
2025 among others, apart from telephonic communication. However,
the issuer has remained non cooperative.

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

Detailed Rationale

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

Incorporated in 2003 and promoted by neurosurgeon, Dr V D Tiwari,
GLCS operates a multi-disciplinary and super speciality hospital
(Galaxy Hospital) that has a 150-bed capacity.


HILLWOOD FURNITURE: CRISIL Keeps D Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Hillwood
Furniture Private Limited (HFPL) continue to be 'CRISIL D/CRISIL D
Issuer Not Cooperating'.

                       Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Bank Guarantee       0.5         CRISIL D (Issuer Not
                                    Cooperating)

   Cash Credit          3           CRISIL D (Issuer Not
                                    Cooperating)

   Letter of Credit    35           CRISIL D (Issuer Not
                                    Cooperating)

CRISIL Ratings has been consistently following up with HFPL for
obtaining information through letter and email dated January 8,
2025 among others, apart from telephonic communication. However,
the issuer has remained non cooperative.

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

Detailed Rationale

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

HFPL based in Kerala, were incorporated in 2001-02 and process
timber logs. HFPL also manufactures building materials such as
window, door, and kitchen frames. HFPL primarily deals in teakwood,
while HIEPL deals mostly in hardwood.


KVR INDUSTRIES: CRISIL Keeps D Debt Ratings in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Kvr
Industries Private Limited (KVRIL) continue to be 'CRISIL D Issuer
Not Cooperating'.

                       Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit          1.14        CRISIL D (Issuer Not
                                    Cooperating)

   Cash Credit         14           CRISIL D (Issuer Not
                                    Cooperating)

   Cash Credit         11.94        CRISIL D (Issuer Not
                                    Cooperating)
   Funded Interest
   Term Loan            0.96        CRISIL D (Issuer Not
                                    Cooperating)
   Funded Interest
   Term Loan            0.96        CRISIL D (Issuer Not
                                    Cooperating)

   Long Term Loan       8           CRISIL D (Issuer Not
                                    Cooperating)

   Long Term Loan       1.9         CRISIL D (Issuer Not
                                    Cooperating)

   Long Term Loan       6.1         CRISIL D (Issuer Not
                                    Cooperating)

CRISIL Ratings has been consistently following up with KVRIL for
obtaining information through letter and email dated January 8,
2025 among others, apart from telephonic communication. However,
the issuer has remained non cooperative.

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

Detailed Rationale

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

Incorporated in 2009, KVRIL manufactures newsprint paper and
writing and printing paper. The company is promoted by Mr. Kotha
Venkata Rao.


MUNJANI BROTHERS: CRISIL Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Munjani
Brothers (MB) continue to be 'CRISIL D/CRISIL D Issuer Not
Cooperating'.

                       Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Export Packing          6         CRISIL D (Issuer Not
   Credit                            Cooperating)

   Export Packing          3         CRISIL D (Issuer Not
   Credit                            Cooperating)

   Export Packing          6         CRISIL D (Issuer Not
   Credit                            Cooperating)

   Export Packing          4         CRISIL D (Issuer Not
   Credit                            Cooperating)

   Export Packing          2         CRISIL D (Issuer Not
   Credit                            Cooperating)

   Post Shipment           5         CRISIL D (Issuer Not
   Credit                            Cooperating)

   Post Shipment          13.5       CRISIL D (Issuer Not
   Credit                            Cooperating)

   Post Shipment           3         CRISIL D (Issuer Not
   Credit                            Cooperating)

   Post Shipment           6         CRISIL D (Issuer Not
   Credit                            Cooperating)

   Post Shipment           9         CRISIL D (Issuer Not
   Credit                            Cooperating)

CRISIL Ratings has been consistently following up with MB for
obtaining information through letter and email dated January 8,
2025 among others, apart from telephonic communication. However,
the issuer has remained non cooperative.

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

Detailed Rationale

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

MB was set up in 1986. The firm manufactures cut and polished
diamonds and specialises in small diamonds, such as star and
melees, ranging from 0.01 carat (ct) to 2.00 ct.


NAV JYOTI: CRISIL Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Nav Jyoti
Agro Foods Private Limited (NJAFPL) continue to be 'CRISIL D Issuer
Not Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit           120         CRISIL D (Issuer Not
                                     Cooperating)

   Term Loan               2.4       CRISIL D (Issuer Not
                                     Cooperating)

   Warehouse Financing    10         CRISIL D (Issuer Not
                                     Cooperating)

   Warehouse Financing    20         CRISIL D (Issuer Not
                                     Cooperating)

CRISIL Ratings has been consistently following up with NJAFPL for
obtaining information through letter and email dated January 8,
2025 among others, apart from telephonic communication. However,
the issuer has remained non cooperative.

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

Detailed Rationale

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

Incorporated in 2011 and based in Karnal (Haryana), NJAFPL mills,
processes, and sorts basmati rice. Operations are managed by Mr.
Rajinder Singla and his sons Mr. Pankaj Singla and Mr. Manoj
Singla. Its plant is in Karnal.


NIKHIL FOOTWEARS: CRISIL Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Nikhil
Footwears Private Limited (NFPL) continue to be 'CRISIL D/CRISIL D
Issuer not cooperating'.

                       Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit           50         CRISIL D (Issuer Not
                                    Cooperating)

   Letter of Credit      20         CRISIL D (Issuer Not
                                    Cooperating)
   
   Standby Letter         3         CRISIL D (Issuer Not
   of Credit                        Cooperating)

   Term Loan              7.64      CRISIL D (Issuer Not
                                    Cooperating)

CRISIL Ratings has been consistently following up with NFPL for
obtaining information through letter and email dated January 8,
2025 among others, apart from telephonic communication. However,
the issuer has remained non cooperative.

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

Detailed Rationale

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

NFPL, established in 1987, is promoted and managed by Mr Naresh
Agarwal. The company manufactures footwear at its facilities in
Kundli and Bahadurgarh, both in Haryana.


PARAMOUNT MINERALS: CRISIL Keeps D Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Paramount
Minerals and Chemicals Limited (PMCL) continue to be 'CRISIL
D/CRISIL D Issuer not cooperating'.

                       Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Bank Guarantee         2.25      CRISIL D (ISSUER NOT
                                    COOPERATING)

   Bank Guarantee         0.75      CRISIL D (ISSUER NOT
                                    COOPERATING)

   Bill Discounting      15         CRISIL D (ISSUER NOT
   under Letter                     COOPERATING)
   of Credit             
                                    
   Cash Credit            9         CRISIL D (ISSUER NOT
                                    COOPERATING)

   Cash Credit            8         CRISIL D (ISSUER NOT
                                    COOPERATING)

   Cash Credit            3.25      CRISIL D (ISSUER NOT
                                    COOPERATING)

   Letter of Credit      20.22      CRISIL D (ISSUER NOT
                                    COOPERATING)

   Letter of Credit      17         CRISIL D (ISSUER NOT
                                    COOPERATING)

   Letter of Credit       3         CRISIL D (ISSUER NOT
                                    COOPERATING)

   Long Term Loan         7.53      CRISIL D (ISSUER NOT
                                    COOPERATING)

   Packing Credit in     14         CRISIL D (ISSUER NOT
   Foreign Currency                 COOPERATING)

   Proposed Long Term    25         CRISIL D (ISSUER NOT
   Bank Loan Facility               COOPERATING)

CRISIL Ratings has been consistently following up with PMCL for
obtaining information through letter and email dated January 8,
2025 among others, apart from telephonic communication. However,
the issuer has remained non cooperative.

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

Detailed Rationale

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

Incorporated in 1975 and promoted by the Poddar and Sanghai groups,
PMCL manufactures OBAs and speciality chemicals used in the
textiles, paper and detergent industries. Its products are sold
under the Parawhite and Dolomass brands. The manufacturing facility
is in Ambernath, Maharashtra.


RAMS ASSORTED: CRISIL Keeps D Debt Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Rams Assorted
Cold Storage Limited (RACSL) continue to be 'CRISIL D/CRISIL D
Issuer not cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Export Packing          41        CRISIL D (Issuer Not
   Credit                            Cooperating)

   Foreign Bill            50        CRISIL D (Issuer Not
   Negotiation                       Cooperating)

   Proposed Long Term       9        CRISIL D (Issuer Not
   Bank Loan Facility                Cooperating)

CRISIL Ratings has been consistently following up with RACSL for
obtaining information through letter and email dated January 8,
2025 among others, apart from telephonic communication. However,
the issuer has remained non cooperative.

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

Detailed Rationale

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

Incorporated in 1986, RACSL is based in Cuttack, Odisha. It
processes and exports seafood. The company operated only as a
cold-storage facility until 1995, after which it set up its seafood
processing capacity. It operated on a jobwork basis until 2007 and
started its own export operations in 2008.


SAFIRE INDUSTRIES: CRISIL Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of The Safire
Industries (SI; part of the Safire group) continue to be 'CRISIL
D/CRISIL D Issuer Not Cooperating'.

                       Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Bank Guarantee         0.5        CRISIL D (Issuer Not
                                     Cooperating)

   Cash Credit            3          CRISIL D (Issuer Not
                                     Cooperating)

   Letter of Credit       1          CRISIL D (Issuer Not
                                     Cooperating)

   Long Term Loan         4.65       CRISIL D (Issuer Not
                                     Cooperating)

   Proposed Working       3          CRISIL D (Issuer Not
   Capital Facility                  Cooperating)

CRISIL Ratings has been consistently following up with SI for
obtaining information through letter and email dated January 8,
2025 among others, apart from telephonic communication. However,
the issuer has remained non cooperative.

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

Detailed Rationale

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

Set up in 1989 by Mr. Ayyanathan, SI is part of the Safire group,
which prints film posters, brochures, calendars, text books, and
school magazines. Both SI and SOP are based in Sivakasi (Tamil
Nadu).


SAFIRE OFFSET: CRISIL Keeps D Debt Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of The Safire
Offset Printers (SOP; part of the Safire group) continue to be
'CRISIL D/CRISIL D Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Bank Guarantee        0.5         CRISIL D (Issuer Not
                                     Cooperating)

   Cash Credit           8           CRISIL D (Issuer Not
                                     Cooperating)

   Letter of Credit      1           CRISIL D (Issuer Not
                                     Cooperating)

   Long Term Loan        6.45        CRISIL D (Issuer Not
                                     Cooperating)

   Proposed Working      2           CRISIL D (Issuer Not
   Capital Facility                  Cooperating)

CRISIL Ratings has been consistently following up with SOP for
obtaining information through letter and email dated January 8,
2025 among others, apart from telephonic communication. However,
the issuer has remained non cooperative.

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

Detailed Rationale

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

Set up in 1989 by Mr. Ayyanathan, SOP is part of the Safire group,
which prints film posters, brochures, calendars, text books, and
school magazines. Both SI and SOP are based in Sivakasi (Tamil
Nadu).


SANTKRUPA COTTON: CRISIL Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Shri
Santkrupa Cotton Industries (SSCI) continue to be 'CRISIL D Issuer
Not Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit            6.5        CRISIL D (Issuer Not
                                     Cooperating)

   Proposed Long Term     0.6        CRISIL D (Issuer Not
   Bank Loan Facility                Cooperating)

   Term Loan              1.4        CRISIL D (Issuer Not
                                     Cooperating)

CRISIL Ratings has been consistently following up with SSCI for
obtaining information through letter and email dated January 8,
2025 among others, apart from telephonic communication. However,
the issuer has remained non cooperative.

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

Detailed Rationale

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

Set-up in 1997 as a partnership firm by Mr Akash Fundkar, Mr
Harbanssingh Juneja, Mr Karamjeetsingh Juneja, and Mr Onkarappa
Todkar, SSCI processes raw cotton (kapas) into cotton bales and
cotton seeds. It also has a crushing unit to extract de-oiled cake
and oil from cotton seeds. Its unit is based in Khamgaon
(Maharashtra).


VEESONS ENERGY: CRISIL Keeps D Debt Ratings in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Veesons
Energy Systems Private Limited (Veesons) continue to be 'CRISIL
D/CRISIL D Issuer Not Cooperating'.

                       Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Bank Guarantee        14          CRISIL D (Issuer Not
                                     Cooperating)

   Cash Credit           24          CRISIL D (Issuer Not
                                     Cooperating)

   Cash Credit           12          CRISIL D (Issuer Not
                                     Cooperating)

   Letter of Credit       9          CRISIL D (Issuer Not
                                     Cooperating)

   Letter of Credit       7.5        CRISIL D (Issuer Not
                                     Cooperating)

   Proposed Long Term     3.83       CRISIL D (Issuer Not
   Bank Loan Facility                Cooperating)

   Term Loan             17.57       CRISIL D (Issuer Not
                                     Cooperating)

   Term Loan             12.66       CRISIL D (Issuer Not
                                     Cooperating)

   Working Capital        8          CRISIL D (Issuer Not
   Term Loan                         Cooperating)

CRISIL Ratings has been consistently following up with Veesons for
obtaining information through letter and email dated January 8,
2025 among others, apart from telephonic communication. However,
the issuer has remained non cooperative.

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

Detailed Rationale

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

Veesons commenced operations as a partnership firm in 1981 and was
reconstituted as a private limited company in 1994. The company
manufactures boilers and boiler components, besides undertaking
erection, procurement, and commissioning contracts to set up
boilers. Other services include conversion, modification, and
renovation of existing boilers.




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

SHARP CORP: S&P Affirms 'B-/B' ICRs, Outlook Negative
-----------------------------------------------------
S&P Global Ratings has affirmed its 'B-' long-term issuer credit
rating and its 'B' short-term issuer credit rating on Sharp Corp.
The outlook is negative. S&P took similar actions on an overseas
Sharp subsidiary.

The affirmation reflects S&P's view that the company's progress in
restructuring and the sale of businesses and assets will limit
further deterioration of its earnings and its financial and capital
base.

S&P said, "The company's performance will remain on a moderate
recovery track for the next year or so, in our view. Structural
reform of the device business and business reinforcement measures
in the brand business are progressing. This contributed to
consolidated operating profit returning to the black, at about ¥5
billion (after our adjustments) in fiscal 2024 (ending March 31,
2025). We expect the recovery to continue from here. The company
booked a consolidated operating loss of about ¥35 billion in
fiscal 2023.

"In the display business, we believe the loss will shrink for two
main reasons. First, production at the Sakai plant, which used to
manufacture large liquid-crystal display (LCD) panels, ended in
2024. Second, the company reduced production capacity in the small-
and medium-size LCD business in 2024.

"We expect the company's brand businesses, such as home appliances
and office equipment, to generate relatively stable profits, albeit
at a low level, over the next one to two years. In our view, it
will do so through higher value-added products and lower costs.

"On the other hand, we assume that as the brand business is subject
to severe competition, it will continue to be highly susceptible to
deterioration in the external environment. This business is far
inferior to those of major peers in terms of financial resources
and economies of scale.

"The small- and medium-size LCD business, meanwhile, will continue
to post operating deficits over the next six to 12 months, in our
view. This is despite structural reforms amid a significant shift
to organic light emitting diode (OLED) displays, in our view.

"We expect the weakened condition of the company's cash flow
metrics' to persist as profitability remains low. Even if the sale
of the Sakai plant, which is currently under negotiation, is
completed by the end of fiscal 2024, we expect the company's
debt-to-EBITDA ratio to be about 10x and more than 5x in the
following one to two years.

"Sharp's ongoing divestment of business and assets has made it less
likely that its equity capital will suffer further losses over the
next year or so, in our view. The company signed agreements in
December 2024 and January 2025 to sell its camera module business
to its parent company, Taiwan's Hon Hai Precision Industry Co. Ltd.
(A-/Stable /--), and part of its Sakai plant to Sekisui Chemical
Co. Ltd. We assume that Sharp will use the proceeds to repay debt.

"The timing of the sale of land and buildings in the Sakai plant to
SoftBank Corp. and KDDI Corp. and the sale of the semiconductor
business to Hon Hai remains uncertain. Once the sale to SoftBank is
completed, we expect that the company will be able to recover some
of its equity capital (approximately ¥160 billion as of Dec. 31,
2024) by recording a certain amount of profit from the sale.

"The company is currently not fully prepared for repayment of a
large bank loan due in April 2026, in our opinion. In the case of
completion of the sale of the assets and businesses, a substantial
amount of debt would remain even if the proceeds from the sale are
used to repay the loans. The company also has low profitability. We
therefore believe it will be difficult to repay the loans on time
with free cash flow alone. We believe it is essential for the
company to discuss and implement refinancing with its banks.

"The negative outlook reflects our view that, given the challenging
competitive environment for its businesses, there is a more than
one-in-three chance that the company's overall earnings recovery
will be delayed and that its financial position will deteriorate
again. It also reflects the risk that liquidity will deteriorate
due to inadequate provision for the repayment of the bank loans
discussed above.

"We may consider a downgrade if we see a heightened likelihood of
any of the following in the next six to 12 months."

-- Sharp continues to post operating losses, because of delays in
profit and cash flow recovery.

-- The company's equity decreases significantly further.

-- There is no prospect of repayment or refinancing of bank loans
due in April 2026 due to the weakening of support from banking
groups for the company.

-- Hon Hai's financial support to Sharp weakens.

Conversely, S&P may revise the outlook up to stable if we see a
heightened likelihood of all of the following.

-- The company can secure quarterly and annual operating and net
profit thanks to a gradual recovery in companywide profit and cash
flow.

-- It at least maintains the current level of equity capital.

-- S&P considers the likelihood of Hon Hai's financial support to
Sharp and bank support for Sharp to be unchanged.

-- S&P considers the likelihood of repayment or refinancing of
bank loans due in April 2026 to have sufficiently increased.

  Ratings List

  Ratings Affirmed

  Sharp Corp.

  Sharp International Finance (U.K.) PLC

  Issuer Credit Rating           B-/Negative/B

  Sharp Corp.

  Commercial Paper               B
  Sharp International Finance (U.K.) PLC

  Commercial Paper               B


SUMITOMO MITSUI: S&P Rates Subordinated AT1 Perpetual Notes 'BB+'
-----------------------------------------------------------------
S&P Global Ratings assigned its 'BB+' long-term issue credit rating
to Sumitomo Mitsui Financial Group Inc.'s (SMFG; A-/Stable/--)
perpetual, subordinated additional tier 1 (AT1) notes (US$1.25
billion). S&P understands the issuance will qualify as Basel
III-compliant AT1 notes under Japanese regulations.

The issue rating on the AT1 notes to be issued by the nonoperating
holding company (NOHC) of one of the largest banking groups in
Japan is five notches lower than our assessment of SMFG's group
stand-alone credit profile (SACP) of 'a'. S&P said, "We believe
that extraordinary support from the government would unlikely be
available for these AT1 notes. We use the issuer credit rating we
assign SMFG as our starting point. This rating is one notch below
the group SACP, because of structural subordination." Overall, the
five-notch downward revision from our group SACP reflects the
following:

-- One notch for contractual subordination;

-- Two notches for the risk of nonpayment of coupons as regulatory
Tier 1 capital;

-- One notch for the risk of principal write-down if the bank is
facing distress or nonviability; and

-- One notch for the issuer being a nonoperating holding company,
which means that the creditors of the issuer are structurally
subordinated to the creditors of the operating companies.

S&P said, "We also view the AT1s as having intermediate equity
content. This adds further support to our expectation that SMFG's
capitalization will remain stable over the next 12-24 months. In
addition, we believe the instruments will support the bank's
efforts to diversify its long-term foreign currency funding
profile." S&P viewz of these notes as having intermediate equity
content reflects our understanding that the notes:

-- Are perpetual, regulatory Tier 1 capital instruments;

-- Contain no step-up features; and

-- Can absorb losses on a going-concern basis through the
nonpayment of coupons, at SMFG's full discretion.

S&P said, "The one-notch deduction for the risk of principal
write-down reflects our view that under Japanese regulations, which
comply with the Basel III standards, AT1s may absorb losses via
principal write-downs when a bank is facing distress or
nonviability. This is notwithstanding our assessment that the
Japanese government is highly supportive toward the senior
creditors of the systemically important banks. Furthermore, under a
relatively unique feature of the Japanese bank resolution
framework, the government has a mechanism to preemptively support
the banks without triggering a bail-in of AT1s. Consequently, we
consider that there is a possibility that the government may
provide extraordinary support for the AT1s issued by systemically
important banks facing distress if it considers that absence of
such support may bring about instability for the financial system.
Nevertheless, the risk that AT1s will absorb losses via principal
write-downs remains untested and significant, in our view."




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

E.A. TECHNIQUE: Exits PN17 Status; Changes Name to Avangaad Bhd
---------------------------------------------------------------
The Star reports that Practice Note 17 (PN17) company E.A.
Technique (M) Bhd has regularised its financial condition and no
longer triggers any of the criteria under paragraph 2.1 of PN17 of
the Main Market Listing Requirements of Bursa Malaysia.

In a filing with the stock exchange, E.A. Technique said it will be
uplifted from being classified as a PN17 company effective from
Feb. 20, 9:00 a.m.

Meanwhile, E.A. Technique has changed its name to Avangaad Bhd,
effective from 9:00 a.m. on Feb. 24, The Star notes.

For the financial year ended Dec. 31, 2024, E.A. Technique's net
profit jumped to MYR154.33 mil from MYR23.69 mil in the previous
corresponding period, while revenue dipped to MYR122.66 mil from
MYR133.08 mil a year earlier, The Star discloses.

                        About E.A. Technique

E.A. Technique (M) Bhd owns and operates marine vessels focusing on
marine transportation and offshore storage of oil and gas, and
provision of port marine services. The Company also owns a shipyard
involved in shipbuilding, ship repair and minor fabrication of
steel structures.

On Feb. 28, 2022, Chan had granted a restraining order to EA
Technique after the firm slipped into Practice Note 17 (PN17)
status, according to theedgemarkets.com.

The company had triggered the PN17 criteria when its shareholders'
equity as at Dec. 31, 2021 stood at MYR5.96 million, which was less
than 50% of its share capital of MYR179.755 million, while its
auditor had raised concern over its ability to continue as a going
concern.

The company was therefore required to submit a regularisation plan
to the Securities Commission Malaysia within 12 months.

In May 2022, external auditor Messrs Ernst & Young PLT (EY)
expressed a disclaimer of opinion in its audited financial
statements for the financial year ended Dec. 31, 2021 (FY2021),
theedgemarkets.com relates.

According to EA Technique's bourse filing on May 18, 2022, EY had
highlighted the group's net loss of MYR150.6 million and the
company's net loss of MYR161.2 million for FY2021.

It also noted that at end-December 2021, the current liabilities of
the group had exceeded its current assets by MYR405.3 million, but
it only had cash and bank balances of MYR6.4 million, while the
company's current liabilities had exceeded its current assets by
MYR416.9 million, but its cash and bank balances only stood at
MYR5.5 million, theedgemarkets.com relayed.

"These events and conditions indicate the existence of material
uncertainty that may cast significant doubt on the ability of the
group and the company to continue as a going concern," said EY.



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

DIRECT SOURCING: Creditors' Proofs of Debt Due on March 13
----------------------------------------------------------
Creditors of Direct Sourcing Solutions NZ Limited are required to
file their proofs of debt by March 13, 2025, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on Feb. 12, 2025.

The company's liquidators are:

          Adam Botterill
          Damien Grant
          Waterstone Insolvency
          PO Box 352
          Auckland 1140


DOWN UNDER: Court to Hear Wind-Up Petition on April 11
------------------------------------------------------
A petition to wind up the operations of Down Under Developments
Limited will be heard before the High Court at Auckland on April
11, 2025, at 10:00 a.m.

The Commissioner of Inland Revenue filed the petition against the
company on Jan. 24, 2025.

The Petitioner's solicitor is:

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


HOMESAFE DIRECT: Creditors' Proofs of Debt Due on April 14
----------------------------------------------------------
Creditors of Homesafe Direct Limited are required to file their
proofs of debt by April 14, 2025, to be included in the company's
dividend distribution.

The High Court at Auckland appointed Lynda Smart and Derek Ah Sam
of Rodgers Reidy as liquidators of the company on Feb. 14, 2025.



OPTIMUM HOMES: Court to Hear Wind-Up Petition on March 14
---------------------------------------------------------
A petition to wind up the operations of Optimum Homes Limited will
be heard before the High Court at Auckland on March 14, 2025, at
10:00 a.m.

J & C International Enterprise Limited filed the petition against
the company on Dec. 6, 2024.

The Petitioner's solicitor is:

          Nicholas Andrew Farrands
          Kent Legal
          Level 4
          1 Albert Street
          Auckland


ROADSTAR TRANSPORT: Creditors' Proofs of Debt Due on March 31
-------------------------------------------------------------
Creditors of Roadstar Transport Limited are required to file their
proofs of debt by March 31, 2025, to be included in the company's
dividend distribution.

The High Court at Hamilton appointed Tony Leonard Maginness and
Jared Waiata Booth of Baker Tilly Staples Rodway as liquidators on
Feb. 10, 2025.




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

CACHECO PTE: Creditors' Proofs of Debt Due on March 17
------------------------------------------------------
Creditors of Cacheco Pte. Ltd. are required to file their proofs of
debt by March 17, 2025, to be included in the company's dividend
distribution.

The company commenced wind-up proceedings on Feb. 6, 2025.

The company's liquidator is:

          Chieng Leong Kwong
          190 Middle Road
          #13-01 Fortune Centre
          Singapore 188979


ESPN SINGAPORE: Creditors' Proofs of Debt Due on March 17
---------------------------------------------------------
Creditors of ESPN Singapore Pte. Ltd. are required to file their
proofs of debt by March 17, 2025, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on Feb. 14, 2025.

The company's liquidators are:

          Toh Ai Ling
          Chan Kwong Shing, Adrian
          Tan Yen Chiaw
          c/o 12 Marina View #15-01
          Asia Square Tower 2
          Singapore 018961


ONEUPSKATES PTE: Court to Hear Wind-Up Petition on March 7
----------------------------------------------------------
A petition to wind up the operations of Oneupskates Pte. Ltd. will
be heard before the High Court of Singapore on March 7, 2025, at
10:00 a.m.

Maybank Singapore Limited filed the petition against the company on
Feb. 12, 2025.

The Petitioner's solicitors are:

          Tito Isaac & Co LLP
          1 North Bridge Road
          #30-00 High Street Centre
          Singapore 179094


SUPERLATIVE FOODS: Court to Hear Wind-Up Petition on Feb. 28
------------------------------------------------------------
A petition to wind up the operations of Superlative Foods Pte. Ltd.
will be heard before the High Court of Singapore on Feb. 28, 2025,
at 10:00 a.m.

Lee Zi Xin, Angeline filed the petition against the company on Feb.
7, 2025.

The Petitioner's solicitors are:

          Sterling Law Corporation
          137 Telok Ayer Street, #07-05
          Singapore 068602


TRANSCENDENCE MANAGEMENT: Court to Hear Wind-Up Petition on Feb. 28
-------------------------------------------------------------------
A petition to wind up the operations of Transcendence Management
Pte. Ltd. will be heard before the High Court of Singapore on Feb.
28, 2025, at 10:00 a.m.

The Bamboo Group Management II Pte. Ltd. filed the petition against
the company on Feb. 5, 2025.

The Petitioner's solicitors are:

          Aquinas Law Alliance
          24 Raffles Place,
          #20-03, Clifford Centre
          Singapore 048621



                           *********


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

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

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

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