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

                     A S I A   P A C I F I C

          Monday, March 3, 2025, Vol. 28, No. 44

                           Headlines



A U S T R A L I A

CFS AWESOME: Second Creditors' Meeting Set for March 7
ENTYR LIMITED: Extends DOCA End Date Amid Ongoing Processes
GENETIC TECHNOLOGIES: Creditors Resolve to Execute Benelong DOCA
HENRYCARE PTY: First Creditors' Meeting Set for March 6
PANORAMA AUTO 2023-2P: Fitch Hikes Rating on Cl. F Notes to 'BBsf'

PARK BIKES: First Creditors' Meeting Set for March 7
PASTORALISTS AND GRAZIERS: RSM Issues Report to Creditors
PEPPER SPARKZ 9: Fitch Assigns 'B(EXP)sf' Rating to Class F Notes
TOP RATION: Second Creditors' Meeting Set for March 7
UPM GROUP: First Creditors' Meeting Set for March 7



C H I N A

BEYOND MEAT: Shuts Down Operations in China to Cut Costs
CHINA EVERGRANDE: Chair's Ex-Wife Seeks Guidance on Disclosures
CHINA EVERGRANDE: Liquidators Seek Guidance on COI Eligibility
YUZHOU GROUP: Needs Cash to Proceed With Restructuring


H O N G   K O N G

NEW WORLD: Reports HKD6.63 Billion First-Half Loss


I N D I A

AGNIBINA FOODS: CARE Keeps B- Debt Rating in Not Cooperating
ANNAPURNA KALPANA: CARE Keeps C Debt Rating in Not Cooperating
ARG HOUSING: CARE Keeps D Debt Rating in Not Cooperating Category
BISHNUPRIYA FOOD: CARE Keeps B- Debt Rating in Not Cooperating
BUILDMATE PROJECTS: CARE Keeps C Debt Rating in Not Cooperating

CONSTRUCTIONS & LEISURE: CARE Keeps C Rating in Not Cooperating
EBIX TRAVEL: CARE Keeps B- Debt Rating in Not Cooperating Category
EVEREST SEA: CARE Lowers Rating on INR10.10cr LT Loan to B-
GAYATRI BIOORGANICS: CARE Keeps D Debt Ratings in Not Cooperating
GOLDSTAR POLYMERS: CARE Keeps D Debt Ratings in Not Cooperating

GREENERIES AGRO: CARE Keeps D Debt Ratings in Not Cooperating
IL&FS TRANSPORTATION: CARE Keeps D Debt Ratings in Not Cooperating
JAGRATI TRADE: CARE Lowers Rating on INR0.50cr LT/ST Loans to D
JOY MAHAPROVU: CARE Keeps B- Debt Rating in Not Cooperating
KPM WAREHOUSING: CARE Keeps C Debt Rating in Not Cooperating

LAKSHMI GAYATRI: CARE Keeps D Debt Rating in Not Cooperating
MAHASHAKTI COLD: CARE Keeps B- Debt Rating in Not Cooperating
N. P. CONSTRUCTION: CARE Keeps C Debt Rating in Not Cooperating
NIMBUS MOTORS: CARE Keeps C Debt Rating in Not Cooperating
ORTEL COMMUNICATIONS: CARE Keeps D Debt Ratings in Not Cooperating

PAC BIO: CARE Keeps D Debt Rating in Not Cooperating Category
RAJESH RAYON: CARE Keeps C Debt Rating in Not Cooperating Category
RELIANCE INFRA: CARE Keeps D Debt Ratings in Not Cooperating
RIDHAM TEXPORT: CARE Keeps C Debt Rating in Not Cooperating
SADBHAV KIM: CARE Keeps B- Debt Rating in Not Cooperating Category

TATA POWER: Moody's Affirms 'Ba1' CFR & Alters Outlook to Positive


N E W   Z E A L A N D

BASELINE CONCRETE: Creditors' Proofs of Debt Due on March 19
BUBS 4 U: Creditors' Proofs of Debt Due on March 25
CROSSROAD COURIERS: Creditors' Proofs of Debt Due on April 7
KEENAN FORESTRY: Court to Hear Wind-Up Petition on March 13
LUCAS ENGINEERING: Court to Hear Wind-Up Petition on March 13



P A K I S T A N

PAKISTAN: Slight Increase in Consumer Inflation Expected in March


S I N G A P O R E

ARC 6SRN: Court to Hear Wind-Up Petition on March 14
GOLDEN ENERGY: Moody's Affirms 'B1' CFR & Alters Outlook to Stable
I FOUND: Court to Hear Wind-Up Petition on March 14
MAXEON SOLAR: Amends Senior Notes Indenture for Birch Disposition
MAXEON SOLAR: Sells Non-US Distributed Generation Biz for $29M

MIND EXPLORATION: Commences Wind-Up Proceedings
PHOENIX SOFTWARE: Commences Wind-Up Proceedings
STEMLY PTE: Commences Wind-Up Proceedings


S O U T H   K O R E A

TERRAFORM LABS: Judge Sets April 30 as Claims Filing Deadline


S R I   L A N K A

FINTREX FINANCE: Fitch Publishes 'B+(lka)' Subordinated Debt Rating


T H A I L A N D

FNS HOLDING: Fitch Affirms 'CCC-(tha)' National Long-Term Rating

                           - - - - -


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

CFS AWESOME: Second Creditors' Meeting Set for March 7
------------------------------------------------------
A second meeting of creditors in the proceedings of CFS Awesome
Foods Pty Ltd has been set for March 7, 2025 at 11:00 a.m. via
Microsoft Teams.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by March 6, 2025 at 5:00 p.m.

Paul Vartelas of B K Taylor & Co was appointed as administrator of
the company on Feb. 4, 2025.


ENTYR LIMITED: Extends DOCA End Date Amid Ongoing Processes
-----------------------------------------------------------
TipRanks reports that Entyr Limited has announced a further
extension of the Deed of Company Arrangement (DOCA) end date to
March 31, 2025, due to ongoing legal and procedural requirements
following the receipt of reinstatement conditions from the ASX.

According to TipRanks, the general meeting to finalize the DOCA is
now scheduled for March 7, 2025, with potential for additional
extensions if necessary. This extension reflects the company's
ongoing efforts to satisfy the final conditions precedent, which
include resolutions related to a share restructure, impacting its
operational and strategic positioning.

                        About Entyr Limited

Entyr Limited (ASX:ETR) -- https://entyr.com.au/ -- a clean
conversion technology company, converts tires into secondary
products in Australia. The company operates in two segments, Tyre
Processing and Manufacturing. It converts tires into fuel oil,
steel, recovered carbon black, and energy. The company was formerly
known as Pearl Global Limited.

Travis Anderson and Richard Hughes of Deloitte Financial Advisory
were appointed as administrators of Entyr Limited, Australian Tyre
Processors Pty Ltd, Keshi Technologies Pty Ltd, Pearl Global
Management Pty Ltd, and Rubber Reclamation Industries Pty Ltd on
March 26, 2024.

On May 7, 2024, Avior Capital proposed deeds of company arrangement
in respect of the Group.

At the second meeting of creditors of the Companies held on May 10,
2024, creditors resolved that the Companies execute Deeds of
Company Arrangement (DOCA) pursuant to Part 5.3A of the
Corporations Act 2001 (Act). The DOCAs were executed on May 17,
2024.

Messrs. Anderson and Hughes now act as Joint and Several Deed
Administrators of the Companies (Deed Administrators).

Having finalised the DOCAs, the ancillary transaction documents and
all required initial condition precedents, control of the Group has
transitioned to Avior Capital.

GENETIC TECHNOLOGIES: Creditors Resolve to Execute Benelong DOCA
----------------------------------------------------------------
The Voluntary Administrators of Genetic Technologies Limited
provide the following update on the Voluntary  Administration
process.  

On Feb. 28, 2025, the Administrators held the second reconvened
meeting of creditors of the Company. At the Second Reconvened
Meeting, creditors resolved the Company execute the Deed of Company
Arrangement ("DOCA") as proposed by Benelong Capital Partners Pty
Ltd.   

Further details of Benelong's DOCA proposal are contained within
the Administrators' Second Supplementary Report to Creditors dated
Feb. 20, 2025, which is available online via FTI Consulting's
Creditors Portal maintained by the Administrators at:

https://www.fticonsulting.com/creditors/genetic-technologies-limited


As outlined in the Second Supplementary Report, creditors' approval
of the Benelong DOCA proposal will see the Company enter into the
DOCA within 15 business days of the Second Reconvened  Meeting. The
Administrators and Benelong will endeavour to execute the DOCA as
soon as possible, but in any event no later than Friday, March 21,
2025.

The key condition precedent to effectuation of Benelong's DOCA
proposal is approval of the Company's shareholders under:

   1. Chapter 2E of the Corporations Act and listing rules 7.1 and
10.11 for the company to issue securities as contemplated by this
deed; and

   2. the Company's constitution and section 203D of the
Corporations Act to appoint the  nominee directors referred to in
clause 4.2.  

The Administrators understand that this process is expected to take
8-12 weeks.  

Subject to the satisfaction or waiver of all conditions precedent,
creditors' claims against the Company will transition to a
Creditors' Trust from the time of the DOCA effectuation, whereby
funds will be available to creditors with admitted claims and
distributed under the DOCA/Creditors' Trust terms (and control of
the Company will be transferred to persons nominated by Benelong).


                   Implication for Shareholders  

The Benelong DOCA Proposal involves the consolidation of the
Company's share capital on approximately a 1 for 10 basis, subject
to compliance with applicable laws. The consolidation will
result in approximately 165 million shares on issue following
completion of the consolidation and issue of fresh shares.

                    About Genetic Technologies

Victoria, Australia-based Genetic Technologies Limited (ASX: GTG;
Nasdaq: GENE) -- https://genetype.com/ -- is a molecular
diagnostics company. A global leader in genomics-based tests in
health, wellness, and serious disease through its geneType and
EasyDNA brands. GTG offers cancer predictive testing and assessment
tools to help physicians to improve health outcomes for people
around the world. The company has a proprietary risk stratification
platform that has been developed over the past decade and
integrates clinical and genetic risk to deliver actionable outcomes
to physicians and individuals.

Andrew Michael Smith and Robert Allan Jacobs of Auxuilium Partners
were appointed as administrators of the company on Nov. 20, 2024.


HENRYCARE PTY: First Creditors' Meeting Set for March 6
-------------------------------------------------------
A first meeting of the creditors in the proceedings of HenryCare
Pty Limited will be held on March 6, 2025 at 2:00 p.m. at the
offices of SV Partners at Level 7, 151 Castlereagh Street in Sydney
or by way of teleconference facilities (Microsoft Teams).

Michael Carrafa and Fabian Kane Micheletto of SV Partners were
appointed as administrators of the company on Feb. 24, 2025.


PANORAMA AUTO 2023-2P: Fitch Hikes Rating on Cl. F Notes to 'BBsf'
------------------------------------------------------------------
Fitch Ratings has upgraded nine and affirmed five classes of
asset-backed floating-rate notes from Panorama Auto Trust 2023-1
and Panorama Auto Trust 2023-2P. The Outlook is Positive on seven
notes and Stable on the remainder.

The two transactions are backed by a pool of first-ranking
Australian automotive lease and loan receivables originated by
Angle Auto Finance Pty Ltd (AAF). The notes were issued by
Perpetual Corporate Trust Limited as trustee.

The upgrades were driven by the build-up of credit enhancement
(CE), while the Positive Outlooks reflect the relevant notes'
sensitivity to decreased defaults and increased recoveries against
its expected increase in CE over the next 12 to 24 months.

   Entity/Debt                   Rating           Prior
   -----------                   ------           -----
Panorama Auto
Trust 2023-1

   A AU3FN0077145            LT AAAsf  Affirmed   AAAsf
   Commission AU3FN0077137   LT AAAsf  Affirmed   AAAsf
   B AU3FN0077152            LT AAAsf  Affirmed   AAAsf
   C AU3FN0077160            LT AAAsf  Upgrade    AAsf
   D AU3FN0077178            LT AAsf   Upgrade    Asf
   E AU3FN0077186            LT Asf    Upgrade    BBBsf
   F AU3FN0077194            LT BBBsf  Upgrade    BBsf

Panorama Auto Trust 2023-2P

   A AU3FN0079521            LT AAAsf  Affirmed   AAAsf
   Commission AU3FN0079604   LT AAAsf  Affirmed   AAAsf
   B AU3FN0079539            LT AAAsf  Upgrade    AA+sf
   C AU3FN0079547            LT AA+sf  Upgrade    A+sf
   D AU3FN0079554            LT A+sf   Upgrade    BBB+sf
   E AU3FN0079562            LT BBB+sf Upgrade    BB+sf
   F AU3FN0079570            LT BBsf   Upgrade    BB-sf

KEY RATING DRIVERS

CE Supports Ratings: Its cash flow analysis incorporates updated
base-case default and recovery expectations, portfolio composition
and the build-up of CE. The notes can withstand all Fitch stresses
at their assigned rating levels. The Positive Outlooks reflect the
notes' sensitivity to decreased defaults and increased recoveries
against its expected increase in CE over the next 12 to 24 months.

Both transactions are paying sequentially, building up CE for the
rated notes, and will continue to pay sequentially until the
stepdown criteria are satisfied. Structural features include
liquidity facilities sized at 1.3% of the invested note balance,
other than the class G notes, which is sufficient to mitigate
Fitch's payment interruption risk.

Stable Asset Performance: Obligor default risk is a key assumption
in its quantitative analysis. As of end-2024, 30+ day arrears for
Panorama 2023-1 and 2023-2P were 1.9% and 2.0%, respectively,
against Fitch's 3Q24 Dinkum ABS Index 30+ day arrears of 1.57%. The
transactions' 60+ day arrears were 0.8% and 0.9%, against the
Index's 0.80%.

Fitch used the following weighted-average (WA) base-case remaining
default rates (and 'AAAsf' multiples) in its analysis:

Panorama 2023-1: 1.95% (6.50x)

Panorama 2023-2P: 2.01% (6.50x)

The recovery base-case for electric vehicles (EV) is 24.0%, with a
'AAAsf' recovery haircut of 60.0%, and 35.0% for non-EVs, with a
'AAAsf' recovery haircut of 50.0%.

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
4.1% in January 2025. Fitch forecasts GDP growth of 1.6% in 2025,
rising to 2.1% in 2026, with unemployment at 4.5%, decreasing to
4.2%.

Limited or No Residual Value Exposure: Panorama 2023-1 has no
residual value (RV) exposure, while 2023-2P has a small exposure,
with 1.0% of the portfolio balance linked to loans in which
borrowers have the option to deliver the vehicle to discharge the
final balloon instalment. The WA RV is 42.7% of the receivables and
RV accounts for 0.6% of the portfolio balance.

There is no historical performance of AAF sale proceeds, but the RV
loss has been calibrated assuming car sale proceeds of 80% of the
final balloon instalments in a base-case scenario and rating
stresses were derived by applying upper haircuts. This reflects the
nature of the asset class, AAF's RV setting policy, the
distribution of scheduled maturities, manufacturer diversification
and the RV performance history of other auto receivable
transactions.

Low Operational and Servicing Risk: All receivables were originated
by AAF, which demonstrated adequate capability as originator,
underwriter and servicer. Servicer disruption risk is mitigated by
back-up servicing arrangements. The nominated back-up servicer is
Perpetual Corporate Trust. Fitch undertook an operational review
and found that the operations of the servicer were comparable with
those of other auto lenders.

The key rating drivers listed in the applicable sector criteria,
but not mentioned above, are not material to this rating action.

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 CE available to the
notes.

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 CE and remaining loss-coverage levels available to
the notes. Decreased CE 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 stresses the
recovery rate to isolate the effect of a change in recovery
proceeds at the borrower level.

Downgrade Sensitivities

Panorama Auto Trust 2023-1

Notes: A / Commission / B / C / D / E / F

Rating: AAAsf / AAAsf / AAAsf / AAAsf / AAsf / Asf / BBBsf

10% defaults increase: AAAsf / AAAsf / AAAsf / AAAsf / AA-sf / A-sf
/ BBBsf

25% defaults increase: AAAsf / AAAsf / AAAsf / AA+sf / A+sf /
BBB+sf / BBB-sf

50% defaults increase: AAAsf / AAAsf / AAAsf / AAsf / Asf / BBBsf /
BBsf

10% recoveries decrease: AAAsf / AAAsf / AAAsf / AAAsf / AAsf / Asf
/ BBBsf

25% recoveries decrease: AAAsf / AAAsf / AAAsf / AAAsf / AAsf / Asf
/ BBBsf

50% recoveries decrease: AAAsf / AAAsf / AAAsf / AAAsf / AA-sf /
A-sf / BBB-sf

10% defaults increase/10% recoveries decrease: AAAsf / AAAsf /
AAAsf / AAAsf / AA-sf / A-sf / BBB-sf

25% defaults increase/25% recoveries decrease: AAAsf / AAAsf /
AAAsf / AA+sf / A+sf / BBB+sf / BB+sf

50% defaults increase/50% recoveries decrease: AAAsf / AAAsf /
AA+sf / A+sf / BBB+sf / BBB-sf / BB-sf

Panorama Auto Trust 2023-2P

Notes: A / Commission / B / C / D / E / F

Rating: AAAsf / AAAsf / AAAsf / AA+sf / A+sf / BBB+sf / BBsf

10% defaults increase: AAAsf / AAAsf / AAAsf / AA+sf / Asf / BBBsf
/ BBsf

25% defaults increase: AAAsf / AAAsf / AAAsf / AA-sf / A-sf /
BBB-sf / BB-sf

50% defaults increase: AAAsf / AAAsf / AA+sf / A+sf / BBB+sf / BBsf
/ Bsf

10% recoveries decrease: AAAsf / AAAsf / AAAsf / AA+sf / A+sf /
BBBsf / BBsf

25% recoveries decrease: AAAsf / AAAsf / AAAsf / AA+sf / Asf /
BBBsf / BBsf

50% recoveries decrease: AAAsf / AAAsf / AAAsf / AA+sf / Asf /
BBB-sf / BB-sf

10% defaults increase/10% recoveries decrease: AAAsf / AAAsf /
AAAsf / AAsf / Asf / BBBsf / BB-sf

25% defaults increase/25% recoveries decrease: AAAsf / AAAsf /
AAAsf / AA-sf / BBB+sf / BB+sf / B+sf

50% defaults increase/50% recoveries decrease: AAAsf / AAAsf / AAsf
/ Asf / BBB-sf / BB-sf / less than Bsf

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 CE that would fully compensate for credit
losses and cash flow stresses commensurate with higher rating
scenarios, all else being equal.

The 'AAAsf' rated notes are at the highest level on Fitch's scale
and cannot be upgraded. Therefore, upgrade sensitivities for these
notes are not relevant.

Upgrade Sensitivities

Panorama Auto Trust 2023-1

Notes: D / E / F

Rating: AAsf / Asf / BBBsf

10% defaults decrease/10% recoveries increase: AA+sf / A+sf /
BBB+sf

Panorama Auto Trust 2023-2P

Notes: C / D / E / F

Rating: AA+sf / A+sf / BBB+sf / BBsf

10% defaults decrease/10% recoveries increase: AAAsf / AA-sf / A-sf
/ BB+sf

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

Fitch has checked the consistency and plausibility of the
information it has received about the performance of the asset
pools and the transactions. Fitch has not reviewed the results of
any third- party assessment of the asset portfolio information or
origination files as part of its ongoing monitoring.

Prior to each transaction's closing, Fitch reviewed the results of
a third-party assessment conducted on the asset portfolio
information and concluded that there were no findings that affected
the rating analysis.

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

Panorama 2023-1 and 2023-2P have ESG Relevance Scores of '4' for
Energy Management, which has a negative impact on the credit
profile and is relevant to the ratings in conjunction with other
factors. The score is above the baseline ESG Relevance Score of '2'
(no impact) for this general issue in Australia's auto sector. This
is due to the limited credit performance data for EVs, while
available market data show large differences in recoveries between
EVs and non-EVs. Fitch did not adjust its analytical approach for
the transactions purely due to the green nature of the underlying
collateral, but Fitch referenced available market data for EVs to
determine its recovery assumptions.

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.

PARK BIKES: First Creditors' Meeting Set for March 7
----------------------------------------------------
A first meeting of the creditors in the proceedings of Park Bikes
at Sydney Olympic Park Pty Ltd will be held on March 7, 2025 at
10:30 a.m. virtually via Microsoft Teams.

Sule Arnautovic of Salea Advisory was appointed as administrator of
the company on Feb. 26, 2025.


PASTORALISTS AND GRAZIERS: RSM Issues Report to Creditors
---------------------------------------------------------
Administrators in control of longstanding agricultural advocacy
organisation, The Pastoralists and Graziers Association of Western
Australia Inc. (PGA), have issued a report to creditors detailing
the results of their month-long administration process and
investigations into the financial irregularities of the PGA.

The report - which has been lodged with the Department of Energy,
Mines, Industry Regulation and Safety - outlines the outcomes of
their review into the organisation's operations and provides
recommendations regarding next steps.

Jerome Mohen and Greg Dudley of RSM Australia were appointed as
Joint and Several Voluntary Administrators of the PGA on Jan. 30,
2025.

Mr. Mohen said the PGA Executive and Committee engaged proactively
with Administrators through the process, reflecting their
commitment to seeing the organisation work through the
administration process.

"At this stage, we have received a Deed of Company Arrangement
(DOCA) proposal - a binding agreement between the PGA and
creditors, which would maximise the chances of the PGA continuing
to trade," Mr. Mohen said. "We have made the recommendation to
creditors that the DOCA be accepted, as it will provide better
outcomes for creditors, the PGA, and its members."

The report also outlined the outcome of the administrators'
investigations into the organisation's financial irregularities.

The Administrators have provided their investigation findings to
the WA Police and have requested that they conduct further
investigations as to whether there has been any criminal activity
with respect to these matters. As a result, the Administrators will
be making no further comment on this matter.

The Administrators will present their recommendation on the future
of the PGA at a creditor's meeting in Perth on March 7.

The PGA is a non-profit industry organisation in Western Australia
which represents primary producers of wool, grain and meat and
livestock.


PEPPER SPARKZ 9: Fitch Assigns 'B(EXP)sf' Rating to Class F Notes
-----------------------------------------------------------------
Fitch Ratings has assigned expected ratings to Pepper SPARKZ Trust
No.9's pass-through floating-rate notes. The notes are backed by a
pool of first-ranking Australian automotive and equipment lease and
loan receivables originated by Pepper Asset Finance Pty Limited, a
subsidiary of Pepper Money Limited (Pepper). The notes will be
issued by BNY Trust Company of Australia Limited as trustee for
Pepper SPARKZ Trust No.9.

   Entity/Debt       Rating           
   -----------       ------           
Pepper SPARKZ
Trust No.9

   A1-a          LT AAA(EXP)sf Expected Rating
   A1-x          LT AAA(EXP)sf Expected Rating
   B             LT AA(EXP)sf  Expected Rating
   C             LT A(EXP)sf   Expected Rating
   D             LT BBB(EXP)sf Expected Rating
   E             LT BB(EXP)sf  Expected Rating
   F             LT B(EXP)sf   Expected Rating
   G             LT NR(EXP)sf  Expected Rating

Transaction Summary

The total collateral pool at the 31 December 2024 pool cut-off date
was AUD750 million and consisted of 19,954 receivables with a
weighted-average (WA) remaining maturity of 52.2 months and an
average contract balance of AUD37,586

KEY RATING DRIVERS

Stress Commensurate with Ratings (Positive): Fitch has assigned
base-case default expectations and 'AAAsf' default multiples as
follows:

Novated: 1.10% (7.75x)

Non-Novated Risk Tier A: 4.50% (4.75x)

Non-Novated Risk Tier B: 9.00% (4.00x)

Non-Novated Risk Tier C: 17.50% (3.00x)

The recovery base case for electric vehicles (EV) is 24.0%, with a
'AAAsf' recovery haircut of 60.0% across all risk grades, and that
for non-EVs is 35.0%, with a 'AAAsf' recovery haircut of 50.0%. The
weighted-average (WA) base-case default assumption was 6.2% and the
'AAAsf' default multiple was 4.2x.

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 4.1% in January 2025. Fitch
forecasts GDP growth of 1.6% in 2025, rising to 2.1% in 2026, with
unemployment at 4.5%, decreasing to 4.2%.

Excess Spread Limited by Commission Note Repayment (Negative): The
transaction includes a class A1-x note to fund the purchase-price
component related to the unamortised commission paid to introducers
for the origination of the receivables and a premium. The note will
not be collateralised, but will amortise in line with an
amortisation schedule. The note's repayment limits the availability
of excess spread to cover losses, as it ranks senior in the
interest waterfall; above the class B to G notes.

The class A1-a to F notes will receive principal repayments pro
rata upon satisfaction of stepdown criteria. Fitch's cash flow
analysis incorporates the transaction's structural features and
tests each note's robustness by stressing default and recovery
rates, prepayments, interest-rate movements and default timing.

Counterparty Risks Addressed (Neutral): Counterparty risk is
mitigated by documented structural mechanisms that ensure remedial
action takes place should the ratings of the swap providers or
transaction account bank fall below a certain level.

Low Operational and Servicing Risk (Positive): All receivables were
originated by Pepper Asset Finance, which demonstrated adequate
capability as originator, underwriter and servicer. Pepper is not
rated by Fitch. Servicer disruption risk is mitigated by backup
servicing arrangements. The nominated backup servicer is BNY Trust
Company of Australia Limited. Fitch undertook an operational and
file review and found that the operations of the originator and
servicer were comparable with those of other auto and equipment
lenders.

No Residual Value Risk (Positive): There is no residual value
exposure in this transaction. However, 23.5% of the portfolio by
loan value, including all novated leases, has balloon amounts
payable at maturity.

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 CE available to the
notes.

Downgrade Sensitivities

Unanticipated increases in the frequency of defaults and decreases
in recoveries on defaulted receivables could produce loss levels
higher than Fitch's base case, and are likely to result in a
decline in CE and remaining loss-coverage levels available to the
notes. Decreased CE may make certain note ratings susceptible to
negative rating action, depending on the extent of the coverage
decline. Hence, Fitch conducts sensitivity analysis by stressing a
transaction's initial base-case assumptions; these include
increasing WA defaults and decreasing the WA recovery rate.

The rating sensitivity section provides insight into the
model-implied sensitivities the transaction faces when assumptions
- defaults or recoveries - are modified, while holding others
equal. The modelling process uses the modification of default and
loss assumptions to reflect asset performance in up and down
environments. The results should only be considered as one
potential outcome, as the transaction is exposed to multiple
dynamic risk factors.

Notes: A1-a / A1-x / B / C / D / E / F

Expected Rating: AAAsf / AAAsf / AAsf / Asf / BBBsf / BBsf / Bsf

10% defaults increase: AA+sf / AAAsf / AA-sf / A-sf / BBB-sf / B+sf
/ less than Bsf

25% defaults increase: AAsf / AAAsf / A+sf / BBB+sf / BB+sf / less
than Bsf / less than Bsf

50% defaults increase: AA-sf / AA+sf / A-sf / BBB-sf / BBsf / less
than Bsf / less than Bsf

10% recoveries decrease: AAAsf / AAAsf / AA-sf / A-sf / BBB-sf /
BB-sf / less than Bsf

25% recoveries decrease: AAAsf / AAAsf / AA-sf / A-sf / BBB-sf /
BB-sf / less than Bsf

50% recoveries decrease: AA+sf / AAAsf / AA-sf / BBB+sf / BB+sf /
Bsf / less than Bsf

10% defaults increase/10% recoveries decrease: AA+sf / AAAsf / A+sf
/ BBB+sf / BBB-sf / B+sf / less than Bsf

25% defaults increase/25% recoveries decrease: AAsf / AA+sf / Asf /
BBBsf / BBsf / less than Bsf / less than Bsf

50% defaults increase/50% recoveries decrease: A+sf / AA-sf /
BBB+sf / BB+sf / Bsf / less than Bsf / less than Bsf

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

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

The class A1-a and A1-x notes are at the highest level on Fitch's
scale and cannot be upgraded. As such, upgrade sensitivities are
not relevant.

Notes: B / C / D / E / F

Expected Rating: AAsf / Asf / BBBsf / BBsf / Bsf

10% defaults decrease/10% recoveries increase: AA+sf / A+sf /
BBB+sf / BB+sf / BB-sf

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

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.

As part of its ongoing monitoring, Fitch reviewed a small, targeted
sample of Pepper Asset Finance's origination files and found the
information contained in the files to be adequately consistent with
the originator's policies and practices and the other information
provided to the agency about the asset portfolio.

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.

ESG Considerations

Pepper SPARKZ Trust No.9 has an ESG Relevance Score of '4' for
Energy Management, which has a negative impact on the credit
profile, and is relevant to the ratings in conjunction with other
factors. The score is higher than the baseline ESG Relevance Score
of '2' (no impact) for this general issue in the Australian auto
sector. There is limited credit performance data for EVs, and
available market data show notable differences in recoveries
between EVs and non-EVs.

Fitch's analytical approach for the transaction, in which EVs form
5.4% of the pool, was not adjusted, due purely to the "green"
nature of the underlying collateral. However Fitch referenced
available market data for EVs in determining its recovery
assumptions.

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.

TOP RATION: Second Creditors' Meeting Set for March 7
-----------------------------------------------------
A second meeting of creditors in the proceedings of Top Ration
Australia Pty Ltd has been set for March 7, 2025 at 11:00 a.m. at
the offices of Rodgers Reidy (QLD) Pty Ltd at Level 2A, Elizabeth
Street in Brisbane and via telephone meeting.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by March 5, 2025 at 5:00 p.m.

David James Hambleton of Rodgers Reidy was appointed as
administrator of the company on Feb. 3, 2025.


UPM GROUP: First Creditors' Meeting Set for March 7
---------------------------------------------------
A first meeting of the creditors in the proceedings of UPM Group
Pty Ltd will be held on March 7, 2025 at 10:00 a.m. at the offices
of O'Brien Palmer at Level 9, 66 Clarence Street in Sydney and via
Zoom teleconferencing facilities.

Daniel Frisken of O'Brien Palmer was appointed as administrator of
the company on Feb. 25, 2025.




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

BEYOND MEAT: Shuts Down Operations in China to Cut Costs
--------------------------------------------------------
Truth Headlam of Bloomberg Law reports that Beyond Meat Inc. is
laying off about 6% of its workforce, becoming the latest consumer
company to announce job cuts.

The El Segundo, California-based company will eliminate 44
positions and shut down its operations in China, affecting about 20
employees, or 95% of its staff in that region. The cost-cutting
measures are intended to strengthen the company's financial
standing, according to a statement on Wednesday, Feb. 26, 2025.

                   About Beyond Meat Inc.

Beyond Meat Inc. operates the Beyond Meat online retail store, as
well as the Beyond Meat interactive Website and advertises,
markets, and operates in the State of New York and throughout the
United States.


CHINA EVERGRANDE: Chair's Ex-Wife Seeks Guidance on Disclosures
---------------------------------------------------------------
Bloomberg News reports that the ex-wife of China Evergrande
chairman Hui Ka-yan is asking the high court of Hong Kong to
clarify her obligations imposed by injunctions.

Bloomberg relates that Ding Yu-mei's lawyer said she received more
than 300 letters from liquidators requesting more information about
her assets. She is asking the court to provide guidance on the
"details" that she has to disclose, her legal representative told a
hearing Feb. 28.

The lawyer requested that Ding's disclosure obligations be limited
to necessities.

According to Bloomberg, Evergrande's liquidators are seeking to
recover US$6 billion in dividends and remuneration from seven
defendants including Ding, as part of attempts to recoup at least a
fraction of the creditors' investments in the property firm. Courts
in Hong Kong and London granted worldwide asset freeze injunctions
against Ding in July last year.

Bloomberg says representatives for the liquidators argued that Ding
only disclosed some details of her global assets, but not all the
ones acquired through her payouts from Evergrande.

"Her disclosure is not complete," Bloomberg quotes Charles Manzoni,
a legal representative for Evergrande's liquidators, as saying at
the hearing. "Ding offered different info on a piecemeal basis."
The liquidators "have significant distrust of Ding's approach," he
added.

The liquidators' representative also said Ding claimed she's owed
HKD33 billion by her ex-husband Hui and HKD1 billion by her son,
who isn't subject to any injunction, Bloomberg relays.

Ding's assets include an investment portfolio at Orient Securities,
properties in London and artwork in Guangzhou.

                       About China Evergrande

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

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

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

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

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

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

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

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

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

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


CHINA EVERGRANDE: Liquidators Seek Guidance on COI Eligibility
--------------------------------------------------------------
Bloomberg News reports that liquidators of China Evergrande Group,
the world's most indebted builder, are seeking guidance from a Hong
Kong court on whether bondholders can be part of a committee that
would streamline the company's winding-up process.

During a marathon court hearing on Feb. 27 before the High Court's
Judge Linda Chan, legal representatives of the liquidators and
bondholders discussed the possible criteria to be used to determine
eligibility for membership of a committee of inspection (COI),
Bloomberg relates. The morning session of the hearing focused on
the issue of the bondholders' eligibility to join.

Bloomberg relates that a lawyer representing the Hong Kong
court-appointed liquidators of the Chinese builder, Alvarez &
Marsal's Edward Middleton and Tiffany Wong, said they were neutral
on the issue. "Bondholders were one of the most active groups
during the company's restructuring and also been actively liaised
with the liquidators since the liquidation order issued," he said.

According to Bloomberg, Judge Chan's ruling will be handed down at
a later date. Once the eligibility issue is resolved, the next
phase of discussions will focus on whether a COI will be formed,
and if it is, who can join. Usually such an entity consists of
three to seven people.

"The sooner you have the COI the better," Bloomberg quotes Judge
Chan as saying.

Bloomberg says Evergrande's liquidators are still navigating the
company's structural maze and legal questions about their reach in
mainland jurisdictions where much of its assets are based. If a COI
is formed, it could simplify the process by allowing the
liquidators to consult the body instead of a judge or all the
creditors for each issue.

                       About China Evergrande

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

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

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

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

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

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

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

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

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

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


YUZHOU GROUP: Needs Cash to Proceed With Restructuring
------------------------------------------------------
Bloomberg News reports that Yuzhou Group Holdings Co. needs
financing to press ahead with an offshore restructuring plan that
received court approval last year, according to a company lawyer.

The builder will use the next six months to "shore up its liquidity
in advance of making the payments due on the restructuring
effective date," Christopher Hunker, a counsel at Linklaters on
behalf of Yuzhou, said during a Feb. 25 bankruptcy court hearing in
New York, Bloomberg relates.

Financing difficulties have led to delays implementing the plan,
the company said earlier this month in an exchange filing.
Creditors last week approved a Yuzhou proposal to extend the
long-stop date - typically a deadline to meet all restructuring
conditions - to Aug. 31 from Feb. 28, according to Bloomberg.

Bloomberg notes that Yuzhou's case underscores the ongoing
years-long slump in China's property sector, with new-home sales
remaining weak. Despite support from creditors, persistent
liquidity squeezes could still prevent a developer from completing
a debt restructuring. The company first defaulted on dollar bonds
in January 2022.

According to Bloomberg, Judge Lisa G. Beckerman called for Feb.
25's status conference because Yuzhou's Chapter 15 case hadn't been
moving for months. Mr. Hunker said there are a number of "moving
pieces" for Yuzhou's restructuring, with one sticking point the
payments that need to be made by the restructuring effective date.

Bloomberg adds that the company is also working on a right issue
under the debt plan, he added, as well as seeking regulatory
approvals to issue new shares and bonds.

                        About Yuzhou Group  

Yuzhou Group Holdings Co. (HKG:1628) --
https://www.yuzhou-group.com/ -- engages in the property
development and investment business in the People's Republic of
China and Hong Kong.

The Chinese builder failed to pay $2.9 billion of dollar notes with
interest as of the end of 2023 and is undergoing restructuring in
Hong Kong and Cayman Islands, Bloomberg reported.

Yuzhou Group sought relief under Chapter 15 of the U.S. Bankruptcy
Code (Bankr. S.D.N.Y. Case No. 4-11441) on Aug. 22, 2024.  The
Honorable Bankruptcy Judge Lisa G Beckerman oversees the case.

Yuzhou Group filed for Chapter 15 bankruptcy to seek U.S. court
recognition for debt restructuring in Hong Kong and ward off
litigation.



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

NEW WORLD: Reports HKD6.63 Billion First-Half Loss
--------------------------------------------------
Reuters reports that New World Development, one of the biggest
property developers in Hong Kong, reported an interim net loss of
HKD6.63 billion (US$852.45 million) on Feb. 28, following a
prolonged property downturn and high interest costs.

Reuters relates that CEO Echo Huang, who has led the company since
November, said she would increase cashflow and cut debt by
accelerating asset sales and lowering capital expenditure.

Financial markets are watching New World closely because any
deepening of its debt problems could trigger a crisis reminiscent
of the one in mainland China that started in 2021 and led to scores
of company defaults, Reuters says.

After around three years of constrained cash flows, New World has
had two new CEOs in short succession. Huang took over from Eric Ma
who held the job for two months after Adrian Cheng, a member of the
third-generation of the founding family, resigned in September.

According to Reuters, the net loss for the first half ended in
December, which counts only continuing operations, is mainly driven
by impairment and fair-value losses.

That compares with a HKD502 million net profit a year ago and
follows a record HKD11.8 billion net loss for the full 2023/2024
financial year.

Excluding non-cash items such as impairments and fair value
changes, core operating profit was HKD4.4 billion, 18% lower than a
year ago, Reuters relays.

Hong Kong developers enjoyed decades of growth until the property
market, a pillar of the economy, was repeatedly hit by crises,
including anti-government protests in 2019, COVID-19 and a slow
economic recovery.

New World's market value has shrunk to about $1.5 billion from $14
billion in mid-2019, Reuters notes.

Higher interest rates are also hitting it harder than its peers
because it has some of the highest net gearing in the sector, at
85% at end-June if perpetual bonds are included, following its
rapid expansion in both Hong Kong and mainland China before the
pandemic.

According to Reuters, Huang told an earnings conference call on
Feb. 28 the company is in discussion with potential buyers of
several assets, and it will only sell "when the price is right".

The developer had a total of HKD146.5 billion of loans and bonds as
of end-December, while its cash level was HKD21.9 billion. The
figures dropped by HKD5.1 billion and HKD6.1 billion, respectively,
from end-June.

New World had HKD35.4 billion of perpetual bonds outstanding. The
perpetual bonds, which are typically more expensive than those with
a defined term, are trading at between 29 and 57 cents to the
dollar, implying an imminent default or a bond restructuring,
Reuters notes.

Reuters relates that the company did not give an update on its bond
repayment plans, but reiterated it was not discussing any holistic
debt restructuring plan.

In a statement, it said it had obtained waivers from banks during
the reporting period to comply with certain financial covenants. It
said it was in active dialogue on refinancing terms and expected
the waivers to be extended, adds Reuters.

New World Development Company Limited -- https://www.nwd.com.hk/ --
an investment holding company, operates in the property development
and investment business in Hong Kong and Mainland China. Its
property portfolio includes residential, retail, office, and
industrial properties. The company is also involved in the loyalty
program, fashion retailing and trading, and land development
businesses; and development and operation of sports park. In
addition, it operates club houses, golf and tennis academies, and
shopping malls; constructs and operates Skycity complex; and
operates department stores.




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

AGNIBINA FOODS: CARE Keeps B- Debt Rating in Not Cooperating
------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Agnibina
Foods Private Limited (AFPL) continue to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       6.72       CARE B-; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category  

   Short Term Bank      0.49       CARE A4; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category
  
Rationale and key rating drivers

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

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

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

Analytical approach: Standalone

Outlook: Stable

Agnibina Foods Private Limited (AFPL), incorporated in April 2012,
was promoted by one Mr. Biswajit Hazra and three other directors of
Burdwan district of West Bengal, to set up a rice milling &
processing unit and sale of its by-products like rice bran etc. in
the domestic market. After incorporation, the company was engaged
to setup a rice mill unit at Raina in Burdwan and the commercial
operation has started from April 2014. The day-to-day affairs of
the company are looked after by Mr. Biswajit Hazra (Director) with
adequate support from other three directors and a team of
experienced personnel.

ANNAPURNA KALPANA: CARE Keeps C Debt Rating in Not Cooperating
--------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Annapurna
Kalpana Warehousing Enterprises (AKWE) continues to remain in the
'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      11.17       CARE C; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category  

Rationale and key rating drivers

CARE Ratings Ltd. had, vide its press release dated February 9,
2024, placed the rating(s) of AKWE under the 'issuer
non-cooperating' category as AKWE had failed to provide information
for monitoring of the rating as agreed to in its Rating Agreement.
AKWE continues to be non-cooperative despite repeated requests for
submission of information through e-mails dated December 25, 2024,
January 04, 2025 and January 14, 2025 among others.

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

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

Analytical approach: Standalone

Outlook: Stable

Hyderabad based, Annapurna Kalpana Warehousing Enterprises (AKWE)
was established as a partnership firm in January 2013 by Mrs.
Kalpana Prasad and Mrs. Sarala Devi. Mr. Vamsidhar Maddipatla, the
managing director of OSR Infra Private Limited (associate concern)
is the chief executive of AKWE and handles the overall operations
of the firm. The firm is engaged in providing ware house on lease
rental to Food Corporation of India (FCI) and other local traders.
The property of AKWE, located at West Godavari district, Andhra
Pradesh, which is built on a total land area of 454,766 square feet
comprises of five godowns, with an aggregate storage capacity of
30,000 MT (Metric Tons) for agricultural products and consumer
goods. The total project cost for the construction of five godown
is INR 12.47 crore which is funded through bank term loan of INR
8.84 crore and promoters fund of INR 3.63 crore. Apart from the
five godowns, the firm is constructing a railway siding at West
Godavari district. Estimated total project cost for the
construction of railway siding is INR 3.10 crore which is funded
through bank term loan of INR 2.33 crore and promoter fund of INR
0.77 crore. The firm started the project work in November 2015 and
is expecting to start the commercial operations from December 2018.
As on September 19, 2018 the firm has incurred INR 15.15 crore
towards purchase of land, civil works and preliminary expenses
which was funded in the form of term loan of INR 10.85 crore and
promoters fund of INR 4.30 crore.


ARG HOUSING: CARE Keeps D Debt Rating in Not Cooperating Category
-----------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of ARG
Housing Private Limited (AHPL) continue to remain in the 'Issuer
Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      17.17       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Rationale and key rating drivers

CARE Ratings Ltd. had, vide its press release dated February 14,
2024, placed the rating(s) of AHPL under the 'issuer
non-cooperating' category as AHPL had failed to provide information
for monitoring of the rating as agreed to in its Rating Agreement.
AHPL continues to be non-cooperative despite repeated requests for
submission of information through e-mails dated December 30, 2024,
January 9, 2025 and January 19, 2025 among others.

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

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

Analytical approach: Standalone

Outlook: Not Applicable

ARG Housing Private Limited (AHPL) was incorporated in 2008 with an
objective to work on the real estate project and is a part of
Jaipur based 'ARG' group. Currently, AHPL is executing one
integrated township project under the name of 'ARG Puram' at
Jaipur.


BISHNUPRIYA FOOD: CARE Keeps B- Debt Rating in Not Cooperating
--------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Bishnupriya
Food Industries Private Limited (BFIPL) continues to remain in the
'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      14.76       CARE B-; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category  

Rationale and key rating drivers

CARE Ratings Ltd. had, vide its press release dated January 17,
2024, placed the rating(s) of BFIPL under the 'issuer
non-cooperating' category as BFIPL had failed to provide
information for monitoring of the rating as agreed to in its Rating
Agreement. BFIPL continues to be non-cooperative despite repeated
requests for submission of information through e-mails dated
December 2, 2024, December 12, 2024, December 22, 2024 among
others.

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

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

Analytical approach: Standalone

Outlook: Stable

Bishnupriya Food Industries Private Limited (BFIPL) was
incorporated as a Private Limited Company on January 11, 2017. The
company is engaged in setting up of a food processing unit in
Murshidabad, West Bengal with a proposed installed capacity of 200
tons per day. The company proposed to manufacture different flour
qualities like "Atta", "Maida", "bran" and "Suzi"etc. BFIPL
proposes to procure wheat from wholesalers and commission agents
present in local grain markets and sell its products to
wholesale traders in the nearby states like West Bengal, Bihar, and
Odisha. Mr. Sunil Chowdhury (aged 46 years), having over two
decades of experience in food chain, liquor and restaurant business
along with Mr. Abdul Kader (aged 41 years), having a decade of
experience in electrical & civil contractor business is proposed to
look after the overall management of the company with adequate
support from a team of experienced personnel.


BUILDMATE PROJECTS: CARE Keeps C Debt Rating in Not Cooperating
---------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Buildmate
Projects Private Limited (BPPL) continue to remain in the 'Issuer
Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      10.74       CARE C; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category  

   Short Term Bank      9.00       CARE A4; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category

Rationale and key rating drivers

CARE Ratings Ltd. had, vide its press release dated January 30,
2024, placed the rating(s) of BPPL under the 'issuer
non-cooperating' category as BPPL had failed to provide information
for monitoring of the rating as agreed to in its Rating Agreement.
BPPL continues to be non-cooperative despite repeated requests for
submission of information through e-mails dated December 15, 2024,
December 25, 2024, January 4, 2025 among others.

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

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

Analytical approach: Standalone

Outlook: Stable

Buildmate Projects Private Limited was incorporated in the year
1991 and promoted by Mr.Kesava Reddy and Mrs. Jayasree. The company
is engaged in manufacturing and supply of equipments for AAC
(Autoclaved Aerated Concrete) Plants used in construction industry.
It usually takes up an entire project on turnkey basis, i.e., from
manufacturing of the machinery to installation (which includes
erection, commissioning, installation among others) at customers'
place. The company has an installed capacity for setting up seven
plants per annum.


CONSTRUCTIONS & LEISURE: CARE Keeps C Rating in Not Cooperating
---------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Shree
Constructions & Leisure Private Limited (SCLPL) continues to remain
in the 'Issuer Not Cooperating' category.

                        Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      14.30       CARE C; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Rationale and key rating drivers

CARE Ratings Ltd. had, vide its press release dated February 19,
2024, placed the rating(s) of SCLPL under the 'issuer
non-cooperating' category as SCLPL had failed to provide
information for monitoring of the rating as agreed to in its Rating
Agreement. SCLPL continues to be non-cooperative despite repeated
requests for submission of information through e-mails dated
January 4, 2025, January 14, 2025 and January 24, 2025 among
others. In line with the extant SEBI guidelines, CARE Ratings Ltd.
has reviewed the rating on the basis of the best available
information which however, in CARE Ratings Ltd.'s opinion is not
sufficient to arrive at a fair rating.

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

Analytical approach: Standalone

Outlook: Not Applicable

Shree Construction and Leisure Pvt Ltd (SCLPL) incorporated in
September 2010 by Mr. Ranjeet Singh and Mrs. Kiranjeet Kaur. SCLPL
operates a hotel under the brand name of 'Rajnes's Hotel' at
Lucknow, Uttar Pradesh. The hotel has 61 rooms, banquet hall (400
person capacity), mini banquet hall (100 person capacity),
conference room and restaurant. The hotel commenced its commercial
operations in May, 2015. SCL has many corporate tie ups with
companies like Vodafone, Uninor, Allahabad Bank etc.


EBIX TRAVEL: CARE Keeps B- Debt Rating in Not Cooperating Category
------------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Ebix Travel
& Holidays Limited (ETHL) continues to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      21.25       CARE B-; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category  

Rationale and key rating drivers

CARE Ratings Ltd. had, vide its press release dated February 15,
2024, placed the rating(s) of ETHL under the 'issuer
non-cooperating' category as ETHL had failed to provide information
for monitoring of the rating as agreed to in its Rating Agreement.
ETHL continues to be non-cooperative despite repeated requests for
submission of information through e-mails dated December 31, 2024,
January 10, 2025 and January 20, 2025 among others.

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

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

Analytical approach: Standalone

Outlook: Stable

Incorporated in 1948, Mercury Travels Limited later name was
changed to Ebix Travel & Holidays Limited on June 16, 2020, as a
subsidiary of East India Hotels (EIH) (which owns the Oberoi Hotels
& Resorts and Trident Hotels) is engaged in providing travel
related services. The company has a comprehensive portfolio of
travel related services that include outbound & inbound holidays,
corporate travel management, foreign exchange and travel insurance.
The company is an International Air Transport
Association (IATA) registered ticketing agency.

Status of non-cooperation with previous CRA: CRISIL has continued
the rating assigned to the bank facilities of ETHL under Issuer Not
Cooperating category vide press release dated November 28, 2024 on
account of its inability to carry out a review in the absence of
the requisite information from the company.

EVEREST SEA: CARE Lowers Rating on INR10.10cr LT Loan to B-
-----------------------------------------------------------
CARE Ratings has revised the ratings on certain bank facilities of
Everest Sea Foods Private Limited (ESFPL), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      10.10       CARE B-; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category and
                                   Downgraded from CARE B; Stable

Rationale and key rating drivers

CARE Ratings Ltd. had, vide its press release dated January 30,
2024, placed the rating(s) of ESFPL under the 'issuer
non-cooperating' category as ESFPL had failed to provide
information for monitoring of the rating as agreed to in its Rating
Agreement. ESFPL continues to be non-cooperative despite repeated
requests for submission of information through e-mails dated
December 15, 2024, December 25, 2024 and January 4, 2025 among
others. In line with the extant SEBI guidelines, CARE Ratings Ltd.
has reviewed the rating on the basis of the best available
information which however, in CARE Ratings Ltd.'s opinion is not
sufficient to arrive at a fair rating.

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

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

Analytical approach: Standalone

Outlook: Stable

Mangalore based, Everest Sea Foods Private Limited (ESFPL) was
incorporated on June 7, 2012 and started its commercial operations
from October, 2012. The company is currently managed by Mr. Waseem
Machiwala, Mr. Sanjay K Jaokar, Mr. Sumeet Jaokar and Mr.
Sindhuram Puthram who has more than three decades of experience in
the sea food industry. The company is engaged in processing,
packing and exporting of marine products.

Status of non-cooperation with previous CRA: ICRA has continued the
rating assigned to the bank facilities of ESFPL into Issuer Not
Cooperating category vide press release dated January 17, 2024 on
account of its inability to carry out a review in the absence of
requisite information.


GAYATRI BIOORGANICS: CARE Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Gayatri
Bioorganics Limited (GBL) continue to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      16.66       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

   Short Term Bank     10.00       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Rationale and key rating drivers

CARE Ratings Ltd. had, vide its press release dated January 12,
2024, placed the rating(s) of GBL under the 'issuer
non-cooperating' category as GBL had failed to provide information
for monitoring of the rating as agreed to in its Rating Agreement.
GBL continues to be non-cooperative despite repeated requests for
submission of information through emails dated November 27, 2024,
December 7, 2024, December 17, 2024 among others. In line with the
extant SEBI guidelines, CARE Ratings Ltd. has reviewed the rating
on the basis of the best available information which however, in
CARE Ratings Ltd.'s opinion is not sufficient to arrive at a fair
rating.

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

Analytical approach: Standalone

Outlook: Not Applicable

Gayatri Bio-organics Ltd (GBL) (ISIN Number: INE052E01015) was
originally incorporated as Starchkem Industries Ltd in December
1991 by Mr. T. Sandeep Kumar Reddy (Present Chairman). GBL is a
part of Hyderabad based Gayatri Group, which is in the business of
civil constructions, sugar and hospitality. GBL was engaged in the
business of manufacturing of Maize, Starch, sorbitol (Sugar
Alcohol), Liquid Glucose and other allied products. During FY2019,
GBL transferred its assets to Bluecraft Agro Private Ltd under
Business Transfer Agreement by way of slump sale.

GOLDSTAR POLYMERS: CARE Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Goldstar
Polymers Limited (GPL) continue to remain in the 'Issuer Not
Cooperating' category.

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

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

Rationale and key rating drivers

CARE Ratings Ltd. had, vide its press release dated February 16,
2024, placed the rating(s) of GPL under the 'issuer
non-cooperating' category as GPL had failed to provide information
for monitoring of the rating as agreed to in its Rating Agreement.
GPL continues to be non-cooperative despite repeated requests for
submission of information through emails dated January 1, 2025,
January 11, 2025 and January 21, 2025 among others.

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

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

Analytical approach: Standalone

Outlook: Not Applicable

Established in 1990 as a proprietorship concern by Mr. Prem Prakash
Saraogi, Goldstar Containers (GC) was later converted into a public
limited company as Goldstar Polymers Limited (GPL) in 2006. The
company is engaged in manufacturing of plastic drums which find
application in carriage of various materials across different
industries viz. oil & petroleum, lubricants, inks, chemicals, etc.
The manufacturing facility of the company is located in Daman.

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


GREENERIES AGRO: CARE Keeps D Debt Ratings in Not Cooperating
-------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Greeneries
Agro Private Limited (GAPL) continue to remain in the 'Issuer Not
Cooperating' category.

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

   Short Term Bank      2.50       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Rationale and key rating drivers

CARE Ratings Ltd. had, vide its press release dated February 16,
2024, placed the rating(s) of GAPL under the 'issuer
non-cooperating' category as GAPL had failed to provide information
for monitoring of the rating as agreed to in its Rating Agreement.
GAPL continues to be non-cooperative despite repeated requests for
submission of information through e-mails dated January 1, 2025,
January 11, 2025 and January 21, 2025 among others.

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

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

Analytical approach: Standalone

Outlook: Not Applicable

Incorporated in April 2015, Greeneries Agro Private Limited (GAPL);
started its operations in agriculture retailing business under the
leadership of Mr. Sachin Chavan and its engaged into bulk
purchasing of farm produce of fruits and vegetables (namely Onion,
Potato, Garlic) directly from farmers and does the value addition
to its like quality control checks, packing, grading, labelling
etc. and selling it to retail business and thereby acting as
channel between farmers and retailers. GAPL has its registered
office located at Vashi, Navi Mumbai and seven more branches at New
Delhi, Pune, Hubali, Bengaluru, Kochi,
Hyderabad and Chennai out of which at four places has its own cold
storage and rest three are on rental basis.


IL&FS TRANSPORTATION: CARE Keeps D Debt Ratings in Not Cooperating
------------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of IL&FS
Transportation Networks Limited (ITNL) continue to remain in the
'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank     2,241.50     CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

   Long Term/           890.00     CARE D/CARE D; ISSUER NOT
   Short Term                      COOPERATING; Rating continues
   Bank Facilities                 to remain under ISSUER NOT
                                   COOPERATING category

   Short Term Bank      230.00     CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

   Non Convertible      225.00     CARE D; ISSUER NOT COOPERATING
   Debentures                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

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

   Non Convertible      390.00     CARE D; ISSUER NOT COOPERATING
   Debentures                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

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

   Non Convertible      425.00     CARE D; ISSUER NOT COOPERATING
   Debentures                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

   Non Convertible      250.00     CARE D; ISSUER NOT COOPERATING
   Debentures                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

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

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

   Non Convertible      100.00     CARE D; ISSUER NOT COOPERATING
   Debentures                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category


Rationale and key rating drivers

CARE Ratings Ltd. had, vide its press release dated March 27, 2019,
placed the rating(s) of ITNL under the 'issuer non-cooperating'
category as ITNL had failed to provide information for monitoring
of the rating for the rating exercise as agreed to in its Rating
Agreement. ITNL continues to be non-cooperative despite repeated
requests for submission of information through e-mails, phone calls
and emails dated between January 12, 2025 and February 1, 2025. In
line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.

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

The ratings factor in continued delays in debt servicing.

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

Analytical approach: Standalone

Outlook: Not applicable

Detailed description of key rating drivers:

Key weaknesses

* Delay in debt-servicing obligations: As per disclosures on stock
exchanges, there have been continuous delays in servicing of debt
obligations.

Liquidity: Not applicable

ITNL was incorporated in 2000 and is a part of the IL&FS group. It
is involved in the development, operations and maintenance of
surface transportation infrastructure projects encompassing
national and state highways, roads, tunnels, flyovers and bridges
with expertise in development of Build Operate Transfer (BOT) road
projects. ITNL also renders services in the areas of project
advisory and management, supervisory in the capacity of lenders'
engineer, operation and maintenance (O&M) and toll collection
services. On a standalone basis, ITNL has incurred a loss
(including other comprehensive income) of INR973 crore for FY20 and
has net liabilities of INR14860 crore as on Mar. 31, 2020. As per
FY20 audited report, matter is still pending with NCLT.


JAGRATI TRADE: CARE Lowers Rating on INR0.50cr LT/ST Loans to D
---------------------------------------------------------------
CARE Ratings has revised the ratings on certain bank facilities of
Jagrati Trade Services Private Limited (JTSPL), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term/Short      0.50       CARE D/CARE D; ISSUER NOT
   Term Bank                       COOPERATING; Rating continues
   Facilities                      to remain under ISSUER NOT
                                   COOPERATING category and
                                   Downgraded from CARE C;
                                   Stable/CARE A4

   Short Term Bank      4.40       CARE D; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category and
                                   Downgraded from CARE A4

Rationale and key rating drivers

CARE Ratings Ltd. had, vide its press release dated February 13,
2025, placed the rating(s) of JTSPL under the 'issuer
non-cooperating' category as JTSPL had failed to provide
information for monitoring of the rating as agreed to in its Rating
Agreement. JTSPL continues to be non-cooperative despite repeated
requests for submission of information through e-mails dated
February 25, 2025 among others.

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

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

The ratings for JTSPL have been revised on account of
non-availability of requisite information. The ratings have been
revised on account of delays in debt servicing as recognized from
publicly available information.

Analytical approach: Standalone

Outlook: Not applicable

JTSPL was incorporated on September 11, 1986 by Mr. Jagdish Sarda
and Mr. Krishna Chandra Senapati, based out of Kolkata, West
Bengal. Since inception, the company is engaged in trading of raw
jute primarily in the state of West Bengal and the entity is
located at Kolkata. Further, JTSPL is also engaged in trading of
shares and it also derives revenue from money lending activities
to corporate entities.

Status of non-cooperation with previous CRA: Acuite has continued
the rating assigned to the bank facilities of JTSPL into ISSUER NOT
COOPERATING category vide press release dated February 21, 2025 on
account of its inability to carry out a review in the absence of
requisite information from the company.

CRISIL has continued the rating assigned to the bank facilities of
JTSPL into ISSUER NOT COOPERATING category vide press release dated
June 26, 2024 on account of its inability to carry out a review in
the absence of requisite information from the company.


JOY MAHAPROVU: CARE Keeps B- Debt Rating in Not Cooperating
-----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Joy
Mahaprovu Cold Storage Private Limited (JMCSPL) continues to remain
in the 'Issuer Not Cooperating' category.

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

Rationale and key rating drivers

CARE Ratings Ltd. had, vide its press release dated January 17,
2024, placed the rating(s) of JMCSPL under the 'issuer
non-cooperating' category as JMCSPL had failed to provide
information for monitoring of the rating as agreed to in its Rating
Agreement. JMCSPL continu s to be non-cooperative despite repeated
requests for submission of information through e-mails dated
December 2, 2024, December 12, 2024, December 22, 2024 among
others.

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

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

Analytical approach: Standalone

Outlook: Not applicable

Joy Mahapravu Cold Storage Private Limited (JMCSPL) was
incorporated on June 1996 for setting up a cold storage facility by
Dhawa family of Paschim Medinipur, West Bengal. JMCSPL is engaged
in the business of providing cold storage services for potatoes to
local farmers and traders on rental basis with an aggregate storage
capacity of around 8,000 metric ton per annum (MTPA). The cold
storage is located at Paschim Medinipur district of West Bengal.
Besides providing cold storage facility, the company also provides
interest bearing advances to farmers and traders for potato farming
and storing purposes against potato stored.

Status of non-cooperation with previous CRA: CRISIL has continued
the rating assigned to the bank facilities of JMCSPL into ISSUER
NOT COOPERATING category vide press release dated October 9, 2024
on account of its inability to carry out a review in the absence of
requisite information from the company.

KPM WAREHOUSING: CARE Keeps C Debt Rating in Not Cooperating
------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of KPM
Warehousing Enterprises (KWE) continues to remain in the 'Issuer
Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       13.20      CARE C; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category  

Rationale and key rating drivers

CARE Ratings Ltd. had, vide its press release dated February 9,
2024, placed the rating(s) of KWE under the 'issuer
non-cooperating' category as KWE had failed to provide information
for monitoring of the rating as agreed to in its Rating Agreement.
KWE continues to be non-cooperative despite repeated requests for
submission of information through e-mails dated December 25, 2024,
January 4, 2025 and January 14, 2025 among others. In line with the
extant SEBI guidelines, CARE Ratings Ltd. has reviewed the rating
on the basis of the best available information which however, in
CARE Ratings Ltd.'s opinion is not sufficient to arrive at a fair
rating.

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

Analytical approach: Standalone

Outlook: Stable

Hyderabad based, KPM Warehousing Enterprises (KWE) was established
as a partnership firm in August 2013 by Mrs. Kalpana Prasad and
Mrs. Saraswathi Gali. Mr. Vamsidhar Maddipatla, the managing
director of OSR Infra Private Limited (associate concern) is the
chief executive of KPMWE and handles the overall operations of the
firm. The firm is engaged in providing ware house on lease rental
to Food Corporation of India (FCI) and other local traders. The
property of KWE, located at Dindigal district, Tamil Nadu, which is
built on a total land area of 481,773 square feet comprises of five
godowns, with an aggregate storage capacity of 30,000 MT (Metric
Tons) for agricultural products and consumer goods. The total
project cost for the construction of five godowns is INR14.39 crore
which is funded through bank term loan of INR 10.06 crore and
promoter fund of INR4.33 crore. Apart from the five godowns, the
firm is constructing a railway siding at Dindigal district.
Estimated total project cost for the construction of railway siding
is INR 3.94 crore which is funded through bank term loan of INR2.96
crore and promoter fund of INR0.98 crore. The firm started the
project work in September 2015 and is expecting to start the
commercial operations from December 2018. As on September 19, 2018,
the firm has incurred INR17.86 crore towards purchase of land,
civil works and preliminary expenses which was funded in the form
of term loan of INR12.66 crore and promoter's fund of INR5.20
crore.


LAKSHMI GAYATRI: CARE Keeps D Debt Rating in Not Cooperating
------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Sree
Lakshmi Gayatri Hospitals Private Limited (SLGH) continues to
remain in the 'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      196.88      CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Rationale and key rating drivers

CARE Ratings Ltd. had, vide its press release dated December 08,
2023, placed the rating(s) of SLGHPL under the 'issuer
non-cooperating' category as SLGHPL had failed to provide
information for monitoring of the rating. SLGHPL continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and email dated October
23, 2024, November 2, 2024 and November 12, 2024.

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

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

Analytical approach: Standalone

Detailed description of key rating drivers:

Key weakness

* Delay in meeting the debt obligations: On account of liquidity
strain due to cash flow mismatches, the hospital has delayed
in meeting its debt obligations on time.

Liquidity: Stretched

Stretched liquidity position is marked by lower occupancy levels
resulting in losses during the period FY2021-2022 post impact of
COVID-19 settled in India, which led to mismatch in cashflows which
was addressed by availing emergency line of credit from lenders.
The company has cash balance of INR6.01 crore as on March 31, 2023.
Considering the overall gearing is high at -13.63x as on March 31,
2023(A), the company depends on promoter support for any cash
shortfall.

Sree Lakshmi Gayatri Hospitals Private Limited (SLGH) was
incorporated on June 10, 2011 by Mr Dandu Sivarama Raju. SLGH has
undertaken project to set up 775 beds multi-specialty hospital at
Bachupally, Hyderabad, to promote medical tourism and to facilitate
longer stay requirements it has also undertaken to setup 120 beds
in the same premises. The hospital commenced commercial operation
from April 1,2019 onwards. The hospital offers wide range of health
care services in specialties such as Cardiology, Nephrology,
Pulmonology, Orthopedics, Plastic Surgery, Neurology, Gastro
Entomology, Gynecology, Urology, Oncology, ENT and Dental etc.

MAHASHAKTI COLD: CARE Keeps B- Debt Rating in Not Cooperating
-------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Mahashakti
Cold Storage Private Limited (MCSPL) continues to remain in the
'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       7.30       CARE B-; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category  

Rationale and key rating drivers

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

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

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

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

Analytical approach: Standalone

Outlook: Stable

Mahashakti Cold Storage Private Limited. (MCSPL), incorporated in
the year 1984, is a Burdwan (West Bengal) based company, promoted
by the Kundu family. It is engaged in the business of providing
cold storage services to potato growing farmers and potato traders,
having an installed storage capacity of 179,696 quintals in Burdwan
district of West Bengal. Mr. Naba Kumar Kundu (Director) looks
after overall management of the company. Mr. Naba Kumar Kundu has
more than two decades of experience in cold storage business and is
supported by a team of experienced professionals who have rich
experience in the same line of business.


N. P. CONSTRUCTION: CARE Keeps C Debt Rating in Not Cooperating
---------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of N. P.
Construction (NPC) continue to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       3.81       CARE C; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category  

   Short Term Bank      4.00       CARE A4; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category

Rationale and key rating drivers

CARE Ratings Ltd. had, vide its press release dated February 12,
2024, placed the rating(s) of NPC under the 'issuer
non-cooperating' category as NPC had failed to provide information
for monitoring of the rating as agreed to in its Rating Agreement.
NPC continues to be non-cooperative despite repeated requests for
submission of information through emails dated December 28, 2024,
January 7, 2025 and January 17, 2025 among others.

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

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

Analytical approach: Standalone

Outlook: Stable

Established in 1991, N. P. Construction (NPC) was promoted by Mr.
Pramod Singh based out of Bokaro, Jharkhand. Since its inception,
the firm has been engaged in structural fabrication, erection,
installation, plant setup, setting up of coke oven, conveyor
building, gas piping work on turkey project basis. The firm mainly
provides its services to Steel Authority of India Limited (Bokaro),
Mecon Limited, Bengal tools Limited etc.


NIMBUS MOTORS: CARE Keeps C Debt Rating in Not Cooperating
----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Nimbus
Motors Private Limited (NMPL) continues to remain in the 'Issuer
Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       32.50      CARE C; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category

Rationale and key rating drivers

CARE Ratings Ltd. had, vide its press release dated February 19,
2024, placed the rating(s) of NMPL under the 'issuer
non-cooperating' category as NMPL had failed to provide information
for monitoring of the rating as agreed to in its Rating Agreement.
NMPL continues to be non-cooperative despite repeated requests for
submission of information through e-mails dated January 4, 2025,
January 14, 2025 and January 24, 2025 among others.

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

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

Analytical approach: Standalone

Outlook: Stable

Nimbus Motors Pvt Ltd. (NMPL) is an authorized dealership of
Hyundai Motors India Ltd at Noida, incorporated in April, 1998 by
Mr. Sunil Dewan. Currently, the company operates showroom in Noida
and four workshops selling premium Hyundai cars (Creta, Grand I20
and Verna, Santro, Eon, i10). The company derives revenue from
vehicle sales, servicing, sale of spare parts and sale of oil and
lubricants. The company was incorporated as a Public Ltd company;
however, it was converted into a Private Ltd company on July 6,
2016.

Status of non-cooperation with previous CRA: CRISIL has continued
the rating assigned to the bank facilities of NMPL into Issuer Not
Cooperating category vide press release dated May 24, 2024 on
account of its inability to carry out a review in the absence of
requisite information.


ORTEL COMMUNICATIONS: CARE Keeps D Debt Ratings in Not Cooperating
------------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Ortel
Communications Limited (OCL) continue to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       39.98      CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

   Short Term Bank      20.00      CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Rationale & Key Rating Drivers

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

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

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

Analytical approach: Standalone

Outlook: Not Applicable

OCL (ISIN Number: INE849L01019) was incorporated on June 2, 1995,
promoted by the Bhubaneswar-based Mr. Baijayant Panda and family.
OCL is a regional cable and broadband service provider. The company
provides services in the state of Odisha, Chhattisgarh, Andhra
Pradesh, Telangana, Madhya Pradesh and West Bengal.

PAC BIO: CARE Keeps D Debt Rating in Not Cooperating Category
-------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Pac Bio
Fungbact Private Limited (PBFPL) continues to remain in the 'Issuer
Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      11.00       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Rationale and key rating drivers

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

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

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

Analytical approach: Standalone

Outlook: Not Applicable

Surat-based (Gujarat) "Pac Bio Fungbact Private Limited" (PBFPL)
was incorporated on January 21, 2010; while the manufacturing
operations commenced from May, 2012. PBFPL is promoted by Mr.
Babubhai Chhagandas Patel, Mr. Devendra Babulal Patel, Mrs. Ektaben
Devendra Patel and Mrs. Hemlata Babubhai Patel. PBFPL is mainly
into business of manufacturing of bio fertilizers, micro nutrients,
organic fertilizer, banana plants through tissue culture etc. which
finds application largely in agriculture industry. Further, it also
manufactures enzymes used in detergents. The overall operations are
being managed by Mr. Babubhai Chhagandas Patel and Mr. Devendra
Babulal Patel, who carry an extensive experience in the same line
of business. The raw materials used by PBFPL include mother culture
bacteria, PET bottles, chemical nutrients etc. Manufacturing
facilities of PBFPL is located at Bardoli, Surat (Gujarat) with an
installed capacity of 38,40,000 litres per annum of
Bio-fertilizers, 39,42,000 kg per annum of Bio Pesticides,
36,50,000 litres per annum of Micro nutrients (liquid form),
36,50,000 Kg per annum of Micro nutrients (powdered form),
1,00,00,000 Kg per annum of compost and 22,00,000 no. of plants per
annum of Banana plant through tissue culture.

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

RAJESH RAYON: CARE Keeps C Debt Rating in Not Cooperating Category
------------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Rajesh
Rayon Silk Mills Limited (RRSML) continue to remain in the 'Issuer
Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      14.50       CARE C; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

   Short Term Bank      0.20       CARE A4; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category

Rationale and key rating drivers

CARE Ratings Ltd. had, vide its press release dated February 14,
2024, placed the rating(s) of RRSML under the 'issuer
non-cooperating' category as RRSML had failed to provide
information for monitoring of the rating as agreed to in its Rating
Agreement. RRSML continues to be non-cooperative despite repeated
requests for submission of information through e-mails dated
December 30, 2024, January 9, 2025 and January 19, 2025 among
others. In line with the extant SEBI guidelines, CARE Ratings Ltd.
has reviewed the rating on the basis of the best available
information which however, in CARE Ratings Ltd.'s opinion is not
sufficient to arrive at a fair rating.

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

Analytical approach: Standalone

Outlook: Not Applicable

Rajesh Rayon Silk Mills Limited (RRSML) is a public limited
company, incorporated in 1982 by Mr. Shikharchand Jain, Mr.
Narendra Kumar, and Mr. Shantilal Singhvi and commenced operations
in July 17, 1982. It is engaged in manufacturing and sell of
fabrics which includes shirting, suiting & dress material fabric
made from Polyester Viscose, Polyester Cotton and different blends
of polyester.

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

RELIANCE INFRA: CARE Keeps D Debt Ratings in Not Cooperating
------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Reliance
Infrastructure Ltd. (RIL) continue to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank        27.00     CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

   Short Term Bank      600.00     CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

   Non Convertible      103.00     CARE D; ISSUER NOT COOPERATING
   Debentures                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category Non Convertible

Rationale and key rating drivers

CARE Ratings Ltd. had, vide its press release dated March 4, 2021,
placed the rating(s) of RIL under the 'issuer non-cooperating'
category as RIL had failed to provide information for monitoring of
the rating and had not paid the surveillance fees for the rating
exercise as agreed to in its Rating Agreement. RIL continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and emails dated between
January 11, 2025 and January 31, 2025. In line with the extant SEBI
guidelines, CARE Ratings Ltd. has reviewed the rating on the basis
of the best available information which however, in CARE Ratings
Ltd.'s opinion is not sufficient to arrive at a fair rating.

CARE Ratings Ltd. has withdrawn the rating(s) assigned to the NCD
issue (Rs.600 crore) of RIL with immediate effect, as the company
has repaid the aforementioned NCD issue in full and there is no
amount outstanding under the issue as on date.

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

The ratings takes into account stretched liquidity position with
continued delays in debt servicing.


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

Analytical approach: Standalone

Outlook: Not applicable

Detailed description of key rating drivers:

At the time of last rating on February 26, 2024 the following were
the rating strengths and weaknesses:

Key Rating Weaknesses

* Delays in debt servicing: There have been delays in debt
servicing due to stretched liquidity position. The company has been
undertaking various steps to streamline the business and improve
the liquidity profile. While significant debt has been reduced as
on March 31, 2024, delays in debt servicing continue on the
outstanding debt.

Liquidity: Not applicable

RIL is the flagship company of the Reliance ADAG (controlled by Mr.
Anil D. Ambani). RIL is into developing projects through various
Special Purpose Vehicles (SPVs) in sectors such as Power, Roads and
Metro Rail in the Infrastructure and the defence sector. The
company also provides Engineering, Procurement and Construction
(EPC) services for developing power and road projects.


RIDHAM TEXPORT: CARE Keeps C Debt Rating in Not Cooperating
-----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Ridham
Texport Private Limited (RTPL) continues to remain in the 'Issuer
Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       7.51       CARE C; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Rationale and key rating drivers

CARE Ratings Ltd. had, vide its press release dated February 14,
2024, placed the rating(s) of RTPL under the 'issuer
non-cooperating' category as RTPL had failed to provide information
for monitoring of the rating as agreed to in its Rating Agreement.
RTPL continues to be non-cooperative despite repeated requests for
submission of information through e-mails dated December 30, 2024,
January 9, 2025 and January 19, 2025 among others.

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

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

Analytical approach: Standalone

Outlook: Not Applicable

Incorporated in 1997, Ridham Texport Private Limited (RTPL) is
primarily engaged in the weaving of cotton fabrics for shirting
purposes. RTPL's factory located at MIDC Tarapur, Maharashtra. RTPL
is primarily a domestic player and sells fabric to various garment
manufacturers in the domestic market; however, the company has
recently started exports which formed minor part of the total
operating income.

Status of non-cooperation with previous CRA: Acuite has continued
the rating assigned to the bank facilities of RTPL under Issuer Not
Cooperating category vide press release dated July 29, 2024 on
account of its inability to carry out a review in the absence of
the requisite information from the company.

SADBHAV KIM: CARE Keeps B- Debt Rating in Not Cooperating Category
------------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Sadbhav Kim
Expressway Private Limited. (SKEPL) continues to remain in the
'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      669.00      CARE B-; Negative; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category  

Rationale and key rating drivers

CARE Ratings Ltd. had, vide its press release dated November 28,
2023, placed the rating of SKEPL under the 'issuer non-cooperating'
category as SKEPL had failed to provide information for monitoring
of the rating as agreed to in its Rating Agreement. SKEPL continues
to be non-cooperative despite repeated requests for submission of
information through e-mails dated October 13, 2024, October 23,
2024, and November 2, 2024, and numerous phone calls. In line with
the extant SEBI guidelines, CARE Ratings Limited has reviewed the
rating based on the best available information which however, in
CARE Ratings Ltd.'s opinion is not sufficient to arrive at a fair
rating. CARE's Rating on SKEPL's long-term bank facilities
continues to be denoted as CARE B-; Negative; ISSUER NOT
COOPERATING.

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

Analytical approach: Standalone

Outlook: Negative

The "Negative" outlook reflects CARE's expectation of deterioration
in credit profile in case of weakened liquidity of SKEPL
considering inordinate delay in project execution. The outlook may
be revised to "Stable" if the project is completed within EOT as
approved by NHAI and improvement in pace of execution.

Detailed description of key rating drivers

At the time of last rating on November 28, 2023, the following were
the rating strengths and weaknesses (Updated basis the publicly
available information):

Key Weaknesses

* Nascent stage of construction and inordinate delay in project
execution increasing risk of annuities deduction and cost overrun:
SKEPL is exposed to inherent construction risk attached to
build-operate-transfer (BOT) road projects. SKEPL had received the
appointed date on November 1, 2019, and the project was scheduled
to be completed by October 30, 2021. However, against this, the
actual project progress as on July 31, 2021, stood low at 16% with
no major work done during the last one year. This significant
slowdown in project execution is mainly on account of funding
challenges owing to deterioration in the credit profile of the
sponsor, impact of Covid-19 and various other hindrances.
Inordinate delay in project execution leads to increased risk of
cost overrun and levy of damages and deduction in annuities by NHAI
(already witnessed in first construction grant). However, with
significant equity infusion in SKEPL by SIPL in May 2021 and
potential change in EPC contractor of the project the pace of
execution is envisaged to improve going forward. The project is now
envisaged to be completed by December 31, 2022. The company has
applied for EOT citing various reasons attributed to authority for
the delayed execution. However, as on September 30, 2021, EOT is
yet to be approved by NHAI. Receipt of EOT without further delay
shall be crucial from the credit perspective.

* Moderation in credit profile of Sadbhav group: Sadbhav group has
experience of successfully operating and maintaining build-operate
and transfer (BOT) projects for more than a decade. However, credit
profile of Sadbhav group has deteriorated during last few years on
account of continuous decline in scale of operations and stretched
liquidity position driven by high GCA days depicting weak execution
capabilities. However, entire pending equity contribution has been
infused by Sadbhav Infrastructure Projects Limited (SIPL) (rated
CARE B/CARE A4 (Credit Watch with Negative Implications); ISSUER
NOT COOPERATING) into the company during FY21. SIPL has entered
Debenture Trust Deed with Allianz Global Investors and AMP Capital
to raise INR700 crores out of which a sum of INR550 crores has
already been raised on April 15, 2020. Furthermore, SIPL also
completed sale of 7% units of IndInfravit Trust for a total
consideration of INR441 crore in first week of May 2021. These
proceeds are largely utilized for funding equity commitment and
cost overrun in the HAM projects and prepayment of the debt of
Sadbhav group. Extent of improvement in the pace of execution in
HAM projects is the key rating monitorable.

* Inherent O&M risk: Although inflation-indexed O&M annuity partly
mitigates O&M risk, projects would still face the risk of a sharp
increase in O&M cost due to more than envisaged wear and tear and
aggressive bidding in O&M cost.

* Inherent interest rate risk: SKEPL is exposed to interest rate
risk since the project debt is envisaged to be sanctioned with a
floating rate of interest which is reset periodically. The interest
rate risk is partially mitigated on account of receipt of the
interest annuity at the applicable bank rate + 300 bps. However,
there is a likelihood of a lag between the reductions in the bank
rate and the lending rate to the company. Consequently, it may
result in a temporary variability on the cash flow available for
debt servicing.

Key Strengths

* Assured cash flow due to annuity nature of the revenue stream
linked to inflation-indexed O&M annuity and bank rate linked
interest annuity during operational phase: During the operational
phase, cash flow is assured in the form of annuity payments from
NHAI on a semi-annual basis covering 60% of the project completion
cost along with interest at 'bank rate plus 3%' on reducing balance
and inflation-indexed O&M annuity. Further, BPC and O&M costs shall
be inflation-indexed (through a Price Index Multiple [PIM]), which
is the weighted average of Wholesale Price Index (WPI) and Consumer
Price Index (CPI) in the ratio of 70:30. Inflation-indexed BPC
protects the developers against price escalation to an extent.

* Low counterparty credit risk: Incorporated by the Government of
India (GoI) under an Act of Parliament as a statutory body, NHAI
functions as the nodal agency for development, maintenance and
management of the national highways in the country. The outlook on
NHAI reflects the outlook on the sovereign, whose direct and
indirect support continues to be the key rating driver.

Liquidity: Stretched

SKEPL's liquidity is stretched due to delays in project execution
leading to an increase in interest during construction and reliance
on sponsor till stabilization of revenue streams. The weakening of
sponsor financial profile is an added rating concern. Timely
receipt of partial annuity post receipt of partial PCOD is also
crucial.  

SKEPL, a special purpose vehicle (SPV) incorporated and owned by
SIPL, has entered into 17 years CA (including construction period
of 730 days from appointed date) with NHAI for the design, build,
operate and transfer (DBOT) of 24.570 km road on a hybrid annuity
basis. The project under consideration is a greenfield project for
the construction of the eight-lane section of Vadodara Mumbai
Expressway from Kim (Km 254.430) to Ankleshwar (Km. 279) in the
state of Gujarat. The bid project cost for the project is
INR1,404.00 crore while the total cost of the project is envisaged
at INR1,575.70 crore to be funded through construction grant from
NHAI of INR618.70 crore, debt of INR669 crore and balance through
promoter's contribution. SKEPL received the appointed date on
November 1, 2019, from NHAI.

TATA POWER: Moody's Affirms 'Ba1' CFR & Alters Outlook to Positive
------------------------------------------------------------------
Moody's Ratings has affirmed Tata Power Company Limited (The)
(TPC)'s corporate family rating of Ba1 and changed the outlook to
positive from stable.

"The positive outlook is underpinned by TPC's strong financial
performance and Moody's expectations that the company is likely to
maintain its stronger credit metrics with improved operating
efficiencies in its regulated businesses and growing renewable
generation portfolio," says Zi Zhu, a Moody's Ratings Analyst.

Under Moody's base case projection, TPC's CFO pre-WC/debt is
projected to be in the range of 12%-15% over the next 2-3 fiscal
years, which is around or exceeding Moody's upgrade trigger of 13%.
Over the next 12 to 18 months, Moody's will assess the company's
capital spending and financing plans and their impact on projected
metrics.

RATINGS RATIONALE

TPC's CFR of Ba1 incorporates the company's standalone credit
quality of Ba2 and a one-notch uplift for shareholder support. The
rating affirmation reflects TPC's predictable cash flow generated
by its regulated businesses in Mumbai, Delhi, and Odisha. These
regulated businesses provide a stable revenue stream, contributing
to the company's overall financial stability. Additionally, TPC's
credit quality is supported by its fixed-tariff long-term power
purchase agreements for its renewable generation capacity.
Furthermore, TPC is likely to receive support from its largest
shareholder, Tata Sons Private Limited (Tata Sons) if needed,
demonstrated by Tata Sons' ability to provide support and track
record of providing timely support to its investee companies.

However, these credit strengths are counterbalanced by several
challenges. TPC has announced a substantial capital spending plan,
mainly to expand its renewables business, which is unregulated.
TPC's coal mining assets in Indonesia also contribute to volatile
cash flow, adding an element of risk to the company's financial
stability. Additionally, there is also ongoing uncertainty around
the Mundra UMPP, which has historically faced financial
challenges.

Moody's have factored those risks into Moody's ratings by using
relatively conservative assumptions of capital spending and
earnings from coal mining. In addition, Moody's recognizes the
benefit from the Ministry of Power of India's Section 11 order,
which has been extended for multiple times since it became
effective in May 2022. It allows for the full pass-through of fuel
costs for Mundra UMPP and eases some of the uncertainty around the
plant's operation, leading to improved availability and plant load
factor.

Moody's notes that the company has reduced its reliance on
short-term debt by refinancing with longer-term debts, as seen over
the last few quarters. The positive outlook also reflects the
likelihood that TPC will manage its liquidity requirements
prudently, especially pertaining to its significant capital
spending and the reliance on short-term financing. Otherwise,
Moody's s TPC's liquidity to remain weak during the next 12 months,
as its internally generated cash flow plus existing cash balance
will be insufficient to cover its cash uses. However, TPC's strong
access to domestic funding markets, its status as a part of the
Tata Group, and the likelihood of support from Tata Sons when
needed will temper the liquidity risk.

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

Moody's could upgrade TPC's rating if the company's standalone
credit quality maintains or improves its financial metrics, such
that its CFO pre-WC/debt stays near or above 13% on a sustained
basis, and at the same time, its liquidity position improves with a
meaningful reduction of its reliance on short-term funding.

On the other hand, Moody's could change the outlook to stable if
TPC's operational or financial profile reverts to earlier levels,
for example with CFO pre-WC/debt below 13% on a sustained basis.
This could arise if the company undertakes aggressive debt-funded
capital spending or if the Mundra UMPP is no longer entitled to
full fuel cost pass-through.

The principal methodology used in this rating was Regulated
Electric and Gas Utilities published in August 2024.

Tata Power Company Limited (The) is one of India's largest
private-sector power utilities, with an installed generation
capacity of 15,567 megawatts as of December 2024. Its business
operations include power generation from thermal, hydro, solar and
wind sources, and transmission and distribution. The company also
holds interests in coal mines in Indonesia.

Tata Sons Ltd. is Tata Power's single-largest shareholder, with a
45.21% stake as of December 2024. Tata Power's market
capitalization was INR1,130 billion as of February 25, 2025.



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

BASELINE CONCRETE: Creditors' Proofs of Debt Due on March 19
------------------------------------------------------------
Creditors of Baseline Concrete Limited are required to file their
proofs of debt by March 19, 2025, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on Feb. 16, 2025.

The company's liquidator is:

          Mohammed Tazleen Nasib Jan
          Liquidation Management Limited
          PO Box 50683
          Porirua 5240


BUBS 4 U: Creditors' Proofs of Debt Due on March 25
---------------------------------------------------
Creditors of Bubs 4 U (2020) Limited are required to file their
proofs of debt by March 25, 2025, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on Feb. 24, 2025.

The company's liquidator is:

          Brenton Hunt
          PO Box 13400
          City East
          Christchurch 8141



CROSSROAD COURIERS: Creditors' Proofs of Debt Due on April 7
------------------------------------------------------------
Creditors of Crossroad Couriers Limited are required to file their
proofs of debt by April 7, 2025, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on Feb. 24, 2025.

The company's liquidators are:

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


KEENAN FORESTRY: Court to Hear Wind-Up Petition on March 13
-----------------------------------------------------------
A petition to wind up the operations of Keenan Forestry Limited
will be heard before the High Court at Palmerston North on March
13, 2025, at 10:00 a.m.

The Commissioner of Inland Revenue filed the petition against the
company on Oct. 30, 2024.

The Petitioner's solicitor is:

          Deepika Belinda Padmanabhan
          Inland Revenue Department, Legal Services
          Asteron Centre, 55 Featherston Street
          PO Box 895
          Wellington 6011


LUCAS ENGINEERING: Court to Hear Wind-Up Petition on March 13
-------------------------------------------------------------
A petition to wind up the operations of Lucas Engineering &
Fabrication Limited will be heard before the High Court at
Palmerston North on March 13, 2025, at 10:00 a.m.

The Commissioner of Inland Revenue, filed the petition against the
company on Oct. 23, 2024.

The Petitioner's solicitor is:

          Isaac Henry Linstrom
          Legal Services, Asteron Centre
          55 Featherston Street
          PO Box 895
          Wellington 6011




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

PAKISTAN: Slight Increase in Consumer Inflation Expected in March
-----------------------------------------------------------------
Reuters reports that Pakistan's consumer inflation was expected to
remain stable in February and maintain a downward trajectory
compared to the previous year, the finance ministry said in its
monthly economic outlook report on Feb. 278.

"Inflation is anticipated to remain within the range of 2.0-3.0%
for February 2025, however, there are prospects of a slight
increase to 3.0-4.0% by March 2025," the report said.

Inflation has eased since last year with CPI coming in at 2.4% in
January compared to 24% in the same period last year, Reuters
relays.

Reuters says authorities have credited the downward trend to
economic stabilization under a $7 billion International Monetary
Fund program secured last summer.

An IMF mission is due to arrive in Islamabad next week for the
first review of the global lender's facility.

"The primary surplus is expected to improve further in the coming
months," the ministry said, pointing to one of the benchmarks
identified by the IMF, notes the report.

Reuters adds that the report also said that foreign remittances, a
crucial lifeline for Pakistan's economy, were expected to rise.

"Workers' remittances recorded robust inflows of $20.8 billion
during July-Jan FY2025, marking a 31.7% increase over $15.8 billion
last year," the ministry added, Reuters notes.

                          About Pakistan

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

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




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

ARC 6SRN: Court to Hear Wind-Up Petition on March 14
----------------------------------------------------
A petition to wind up the operations of ARC 6SRN Pte. Ltd. will be
heard before the High Court of Singapore on March 14, 2025, at
10:00 a.m.

Maybank Singapore Limited filed the petition against the company on
Feb. 19, 2025.

The Petitioner's solicitors are:

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


GOLDEN ENERGY: Moody's Affirms 'B1' CFR & Alters Outlook to Stable
------------------------------------------------------------------
Moody's Ratings has affirmed Golden Energy and Resources Pte.
Ltd.'s (GEAR) B1 corporate family rating and the B1 rating on its
senior secured notes due in 2027. The outlook has been revised to
stable from negative.

"The outlook stabilization is driven by Moody's expectations that
GEAR will receive steady dividends from 59%-owned Stanmore
Resources Limited, and its Illawarra Metallurgical Coal (IMC)
project will not require funding support," says Maisam Hasnain a
Moody's Ratings Vice President and Senior Credit Officer.

In August 2024, GEAR M Illawarra Met Coal Pty Ltd, a consortium
which is 70% effectively owned by GEAR, acquired IMC from South32
Limited (Baa1 stable) for up to $1.65 billion, including a $1.05
billion upfront cash payment.

RATINGS RATIONALE

The IMC acquisition has strengthened GEAR's scale and geographic
diversity. Illawarra's 6 million metric tons (MT) of metallurgical
coal produced in New South Wales will help boost GEAR's production,
which was previously solely derived from Stanmore in Queensland,
that produced around 14 million metric tons of metallurgical coal
in 2024.

Nonetheless, the cash flow diversification benefit of the IMC
acquisition will be limited over the next 12-18 months. Assuming
metallurgical coal price of around $200 per metric ton, IMC's
ability to pay dividends will be constrained by large capital
spending including new ventilation shafts, and debt service
obligations on its $600 million five-year amortizing acquisition
loan.

The acquisition facility, which is non-recourse to IMC's
shareholders including GEAR, has a low initial amortization
profile. Moody's expects IMC to remain in compliance with the
financial maintenance covenants on its acquisition loan over the
next 12-18 months. IMC's liquidity is supported by a $150 million
five-year revolving credit facility that was mostly undrawn as of
December 31, 2024.

As a holding company, GEAR relies on dividends from investee
companies to meet its cash needs, which are currently primarily
derived from Stanmore. Stanmore's mines have an established track
record of operations and solid earnings. In September 2024,
Stanmore simplified its debt structure and reduced interest cost
with a new $350 million term loan to refinance its outstanding
acquisition loan facility, which had an 11.5% interest rate.

Moody's expects Stanmore to maintain stable metallurgical coal
production of around 14 million metric tons over the next two
years, with annual consolidated EBITDA of around $400 million
versus around $700 million in 2024. The decline in earnings is
primarily driven by Moody's $200 per metric ton metallurgical coal
price assumption, compared to an average of around $240 per metric
ton price in 2024.

GEAR will maintain good liquidity over the next 12-18 months at the
holding company level. Its cash balance and dividend receipts from
Stanmore and GEAR's 7% stake in Indonesia stock exchange-listed, PT
Golden Energy Mines (GEMS) will be sufficient to cover its
overheads and debt service costs.

GEAR also retains alternative liquidity of around $300 million
worth of shares that it can sell in its investee companies,
Stanmore and GEMS as of February 25, 2025. Additionally, GEAR holds
a 50% stake in Queensland-based Ravenswood Gold Mine which it could
choose to monetize.

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

Moody's could upgrade the ratings if GEAR (1) generates steady
dividends from its investee companies, (2) is not required to
provide funding to support any of these companies, which can all
independently fund their operations and operate within the
parameters of their financial covenants, and (3) maintains debt
serviceability at the holding company level such that its interest
coverage from dividend receipts exceeds 3.0x — excluding the
interest reserve account — on a sustained basis.

Conversely, Moody's could downgrade GEAR's ratings because of (1)
additional funding support rendered to its subsidiary or joint
venture investments that weakens GEAR's liquidity (2) GEAR pursues
aggressive financial policies, including high shareholder returns,
or lower holding company cash balance than historical levels; or
(3) credit quality significantly deteriorates at Stanmore, GEAR's
key investee company.

Specific indicators that Moody's would consider for a downgrade
include interest coverage at GEAR on a standalone basis falling
below 1.5x or consolidated adjusted debt/EBITDA rising above 3.0x.

The principal methodology used in these ratings was Mining
published in October 2021.

Headquartered in Singapore, Golden Energy and Resources Pte. Ltd.
(GEAR) is a privately-owned energy and resources company with
investments in coal and gold in Australia. GEAR's primary
investments include a 59% effective stake in Stanmore Resources
Limited, a 70% effective stake in Illawarra Metallurgical Coal, and
a 50% joint venture stake in gold producer Ravenswood Gold Mine.

I FOUND: Court to Hear Wind-Up Petition on March 14
---------------------------------------------------
A petition to wind up the operations of I Found Trading Pte. Ltd.
will be heard before the High Court of Singapore on March 14, 2025,
at 10:00 a.m.

DBS Bank Ltd filed the petition against the company on Feb. 18,
2025.

The Petitioner's solicitors are:

          Shook Lin & Bok LLP
          1 Robinson Road
          #18-00, AIA Tower
          Singapore 048542  


MAXEON SOLAR: Amends Senior Notes Indenture for Birch Disposition
-----------------------------------------------------------------
Maxeon Solar Technologies, Ltd. disclosed in a Form 6-K Report
filed with the U.S. Securities and Exchange Commission that the
Company entered into:

     (a) a supplemental indenture to the indenture dated June 20,
2024, relating to the 9.00% Convertible First Lien Senior Secured
Notes due 2029, by and among, the Company, Deutsche Bank Trust
Company Americas, as trustee, DB Trustees (Hong Kong) Limited, as
the collateral trustee and, solely with respect to the Philippine
collateral, RCBC Trust Corporation;

     (b) a supplemental indenture to the indenture dated August 17,
2022, relating to the Variable-Rate Convertible First Lien Senior
Secured Notes due 2029, by and among, the Company, Deutsche Bank
Trust Company Americas, as trustee, DB Trustees (Hong Kong)
Limited, as the collateral trustee and, solely with respect to the
Philippine collateral, RCBC Trust Corporation; and

     (c) a supplemental indenture to the indenture dated June 20,
2024, relating to the Adjustable-Rate Convertible Second Lien
Senior Secured Notes due 2028, by and among, Maxeon Solar
Technologies, Ltd., Deutsche Bank Trust Company Americas, as
trustee, DB Trustees (Hong Kong) Limited, as the collateral trustee
and, solely with respect to the Philippine collateral, RCBC Trust
Corporation. The term "Supplemental Indenture" shall refer to any
of the Super Senior Notes Supplemental Indenture, the Senior Notes
Supplemental Indenture, or the Junior Notes Supplemental Indenture,
as the case may be.

               Super Senior Notes Supplemental Indenture

The Super Senior Notes Supplemental Indenture amended the Super
Senior Notes Indenture to:

(i) permit the disposition of
     (a) 100% of shares of:
          (1) SunPower Malta Limited,
          (2) SunPower Corporation UK Limited,
          (3) Kozani Energy Malta Limited,
          (4) SunPower Corp Israel Ltd,
          (5) Photovoltaic Park Malta Limited,
          (6) Sgula (East) Green Energies Ltd,
          (7) SunPower Italia S.r.l.,
          (8) SunPower GmbH,
          (9) SunPower Netherlands B.V.,
         (10) SunPower Energy Systems Spain, S.L.U.,
         (11) Maxeon Solar System Mexico S. de R.L de CV,
         (12) SunPower Systems Belgium SPRL,
         (13) SunPower Corporation Australia Pty. Ltd.,
         (14) SunPower Corporation Spa,
         (15) SunPower Energy Systems Korea,
         (16) Maxeon Solar Products Mexico S.de R.L de C.V, and
         (17) Maxeon Japan KK (together, the "Birch Group
Entities");

(b) certain transferable assets including:
          (1) certain trademarks owned by Maxeon Solar Pte. Ltd. as
specified in the applicable Supplemental Indenture;
          (2) certain inventories owned by MSPL and SunPower
Systems Sarl as specified in the applicable Supplemental
Indenture;
          (3) certain contracts of MSPL, SPSW, Maxeon Americas,
Inc. and the Company as specified in the applicable Supplemental
Indenture;
          (4) certain fixed assets owned by MSPL and Maxeon
Americas Inc. as specified in the applicable Supplemental
Indenture;
          (5) certain accounts payable and other debts and amounts
owing by SPSW and MSPL; and

     (c) 100% of shares of

           (1) SunPower Energy Solutions France SAS,
           (2) SunPower Technologies France SAS,
           (3) Total Energie Do Brasil,
           (4) SunPower Manufacturing de Vernejoul SAS,
           (5) Tenesol Venezuela,
           (6) SunPower Corporation Southern Africa Proprietary
Limited,
           (7) SunPower Manufacturing (Pty) Ltd, and
           (8) SunPower Energy Systems Southern Africa (Pty) Ltd
and together with the shares of the Birch Group Entities the Birch
Transferable Assets, to Zhonghuan Singapore Investment and
Development Pte. Ltd. or one of its affiliates; and

(ii) in connection with the Proposed Birch Disposition, upon the
consummation of the Proposed Birch Disposition, automatically
release:

     (a) the security interest over the shares of SunPower Energy
Solutions France SAS,
     (b) the security interest over the Relevant Trademarks, the
Relevant Inventories, the Relevant Contracts and the Relevant Fixed
Assets, in each case owned by MSPL,
     (c) the security interest over the Relevant Contracts of MSPL
and SPSW, and
     (d) the security interest over the shares of SunPower Energy
Solutions France SAS and the Relevant Contracts in each case owned
by the Company.

                   Senior Notes Supplemental Indenture

The Senior Notes Supplemental Indenture amended the Senior Notes
Indenture to:

(i) permit the Proposed Birch Disposition; and
(ii) in connection with the Proposed Birch Disposition, upon the
consummation of the Proposed Birch Disposition, automatically
release

     (a) the security interest over the shares of SunPower Energy
Solutions France SAS,
     (b) the security interest over the Relevant Trademarks, the
Relevant Inventories, the Relevant Contracts and the Relevant Fixed
Assets, in each case owned by MSPL,
     (c) the security interest over the Relevant Contracts of MSPL
and SPSW, and
     (d) the security interest over the shares of SunPower Energy
Solutions France SAS and the Relevant Contracts in each case owned
by the Company.

                  Junior Notes Supplemental Indenture

The Junior Notes Supplemental Indenture amended the Junior Notes
Indenture to:

(i) in connection with the Proposed Birch Disposition, upon the
consummation of the Proposed Birch Disposition, automatically
release

     (a) the security interest over the shares of SunPower Energy
Solutions France SAS,
     (b) the security interest over the Relevant Trademarks, the
Relevant Inventories, the Relevant Contracts and the Relevant Fixed
Assets, in each case owned by MSPL,
     (c) the security interest over the Relevant Contracts of MSPL
and SPSW, and
     (d) the security interest over the shares of SunPower Energy
Solutions France SAS and the Relevant Contracts in each case owned
by the Company.

The Company's expected entry into the definitive agreement relating
to the Proposed Birch Disposition will be announced through a
separate current report. To the extent appropriate, the Company
will announce any update through additional current reports or
other filings pursuant to the Exchange Act

                        About Maxeon Solar

Maxeon Solar Technologies, Ltd. is a Singapore-based company that
designs and manufactures photovoltaic panels. The company was
previously a division of the American SunPower company before it
was spun off in August 2020. Maxeon is still the primary provider
of solar panels for SunPower.

Singapore-based Ernst & Young LLP, the Company's auditor since
2020, issued a "going concern" qualification in its report dated
May 30, 2024, citing that the Company has suffered recurring losses
from operations and negative free cash flows and has stated that
substantial doubt exists about the Company's ability to continue as
a going concern.

MAXEON SOLAR: Sells Non-US Distributed Generation Biz for $29M
--------------------------------------------------------------
As previously disclosed, on November 26, 2024, Maxeon Solar
Technologies Ltd. announced that, among other things, it entered
into a partially binding term sheet with TCL Zhonghuan Renewable
Energy Technology Co Ltd. and/or its subsidiaries, the Company's
controlling shareholder, in connection with the potential
acquisition by TZE of Maxeon's non-US, 'rest-of-the-world'
distributed generation business through acquisition of 100% equity
interest in certain direct and indirect non-U.S. subsidiaries of
Maxeon.

On February 18, 2025, Lumetech B.V., a subsidiary of TZE organized
under the laws of the Netherlands, TCL Sunpower International Pte.
Ltd., a subsidiary of TZE organized under the laws of Singapore,
and Maxeon, entered into a definitive Sale and Purchase Agreement,
pursuant to which the Purchasers will acquire all of the issued and
fully-paid ordinary shares in the capital of each Target Entity,
and all of the partnership interests of each of the Maxeon's
subsidiaries identified as "Mexican Entities" in the SPA. The
aggregate consideration for the sale of the Shares will be
approximately USD$29 million, which shall be payable on the closing
date of the transactions contemplated under the SPA, less any
installments already paid by the Purchasers to Maxeon following the
signing of the Term Sheet. If there is Net Intercompany Debt owing
from Maxeon and its existing subsidiaries to the Target Entities
and certain subsidiaries identified in the SPA, as of the Closing
Date, the Purchasers will assume all of Maxeon's and its
subsidiaries' obligation to repay the Net Intercompany Debt and
release and discharge them from the obligation to repay such debt
as from and including the Closing Date. If as of the Closing Date
the Net Intercompany Debt exceeds US$120 million, the SPA provides
that such debt will be capped at US$120 million.

The closing of the transactions contemplated under the SPA is
subject to receipt of certain customary closing deliverables by
each party, including the Purchasers' receipt of the outbound
direct investment approval from the PRC National Development and
Reform Commission (and/or the PRC Ministry of Commerce and/or PRC
State Administration of Foreign Exchange) related to the
transactions contemplated under the SPA, certain consents, waivers
and notification requirements, including but not limited to:

     * receipt of the fairness opinion as contemplated in the Term
Sheet, confirming that the terms of the transactions contemplated
under the Transaction Documents are fair from a financial
perspective;
     * the definitive "opinion" (avis) of the works council (CSE)
of SunPower Energy Solutions France SAS consistent with the terms
and conditions of the SPA;
     * the consummation of the transactions contemplated under an
Asset Transfer Agreement in accordance with its terms;
     * the delivery of a signed Trademark Assignment Agreement,
effective as of the Closing Date; and
     * the signing of a Transitional Services Agreement, pursuant
to which Lumetech (or its affiliates) will agree to provide certain
transition services to Maxeon (or its affiliates) and vice versa...
As of the Signing Date, Maxeon had received the Works Council
Opinion.

Post Closing, Maxeon and its affiliates will have the exclusive
right to manage in good faith certain known litigation matters that
are not finally determined as of the Closing Date, and the
Purchasers undertake not to, and shall procure that the Target
Entities not to, take any action related to the Known Proceedings
without prior consultation and written consent of Maxeon and/or its
affiliates, and cooperate with Maxeon to provide it and its
affiliates with necessary documentation, records and notices
relating to the Known Proceedings. If any payments are received in
relation to the Known Proceedings, the Purchasers shall procure
that such amounts are paid to Maxeon and its affiliates after final
judicial determination of the relevant Known Proceedings.

With respect to Known Proceedings which have not been resolved,
settled or otherwise achieved a final determination by a court of
law on or prior to the Signing Date, Maxeon shall, in the event
that any Target Group Company is required to make any payment
pursuant to a final determination by a court of law, or through
settlement or otherwise, in relation to a Known Proceeding,
reimburse the Purchasers such amount within 60 business days from
the date on which the foregoing payment is made by such Target
Group Company.

After the Closing Date and in compliance with applicable laws, the
Purchasers will have the right, at their sole discretion, to make
employment offers to any Maxeon employees identified in the SPA.

The SPA and each Ancillary Agreement contain customary
representations, warranties and covenants made by their respective
parties thereto. The obligation of the parties to consummate the
transactions contemplated by the Transaction Documents is subject
to the satisfaction or waiver of a number of customary conditions
and obtaining of requisite approvals and consents, and to the
extent that the conditions set forth in the SPA are not fulfilled
or waived on or before 11:59pm C.S.T on March 31, 2025 or such
other date as the parties may mutually agree in writing, the SPA
shall lapse and cease to have any further effect. The Long Stop
Date will be automatically extended by a period of 30 days or such
other period as the parties to the SPA mutually agree if the
non-fulfilment of certain Closing conditions is attributable solely
to the relevant governmental authority. If the Closing of the
transactions contemplated under the SPA does not take place whether
by reason of non-fulfillment of certain Closing conditions or of
Maxeon's entering into insolvency proceedings which prevent Maxeon
from proceeding with the Closing, then any portion of the Total
Consideration paid by the Purchasers to Maxeon shall be refunded to
the Purchasers along with interest at the effective federal funds
rate of the United States of America on the Long Stop Date or the
date of commencement of insolvency proceedings, as the case may be,
within 60 days of the event triggering the refund.

          Asset Transfer Agreement

At or about the Closing, the Purchasers, Maxeon together with three
of its direct and indirect subsidiaries, Sunpower Corporation
Australia Pty Limited, Sunpower Energy Solutions France SAS and
Maxeon Solar Products Mexico S.DE R.L. DE C.V., will enter into an
Asset Transfer Agreement pursuant to which on the Effective Date,
the Transferors will sell, assign and transfer, and the Transferees
will purchase, acquire and assume certain assets, inventories,
contracts, accounts payable and other debts and amounts owing by
the relevant Transferor as specified in the Asset Transfer
Agreement.

In addition, effective as of the Closing Date, the Transferees will
discharge in full all the obligations imposed upon the Transferors
in certain product warranties granted by Maxeon in respect of
certain of the Transferred Items distributed outside of the United
States, including servicing the warranty holders. The Transferees
will be fully responsible for any Warranty claims arising from or
relating to the Warranties following the Closing. The aggregate
consideration for the sale of the Transferred Items will be
approximately USD$15 million. The ATA, provides that the
Transferred Items will be sold and purchased on an 'as is where is'
basis. The ATA contemplates that Maxeon together with some of
subsidiaries will undertake an asset and liability restructuring
pursuant to which certain Transferred Items will be transferred,
assumed or assigned from certain subsidiaries of Maxeon not being
the Target Group Companies, to the Target Group prior to the
Closing. Lastly, the ATA provides that one of Transferees will
indemnify Maxeon and/or one of its Transferor subsidiaries for any
payment made and fees and/or expenses incurred by the above-noted
Transferors in relation to a settlement agreement dated November
21, 2024, entered into by and among Maxeon and a number of its
subsidiaries, with such indemnity to take effect from the earlier
of the Closing Date or March 31, 2025, and in the manner and on the
terms set forth in the ATA.

          Trademark Assignment Agreement

On the Signing Date, TCL Sunpower and Maxeon Solar Pte. Ltd., an
affiliate of Maxeon organized under the laws of Singapore entered
into a Trademark Assignment Agreement in the form of Exhibit 99.3
attached hereto, pursuant to which, as of the Closing Date, the
Assignee will acquire all of the Assignor's right, title and
interest, in certain trademarks, and the Assignor will assign all
such right, title and interest in and to the trademarks to the
Assignee for a total consideration of USD$6.74 million, upon the
terms and conditions set forth in the Trademark Assignment
Agreement. The trademarks subject to the Trademark Assignment
Agreement relate to trademark registrations and applications for
"SunPower" in all jurisdictions excluding the United States.

           Transitional Services Agreement

On the Closing Date, Lumetech and MSPL will enter into a
Transitional Services Agreement, in the form attached hereto as
Exhibit 99.4, pursuant to which both parties will provide to the
other certain transition services outlined in the Transitional
Services Agreement for a period of one year following the Closing.
The parties will be compensated for rendering of such services in
the amounts indicated in the Transitional Services Agreement. The
parties agree to meet a certain standard of care and cooperate and
communicate with one another during the course of providing the
services under the Transitional Services Agreement.

                        About Maxeon Solar

Maxeon Solar Technologies, Ltd. is a Singapore-based company that
designs and manufactures photovoltaic panels. The company was
previously a division of the American SunPower company before it
was spun off in August 2020. Maxeon is still the primary provider
of solar panels for SunPower.

Singapore-based Ernst & Young LLP, the Company's auditor since
2020, issued a "going concern" qualification in its report dated
May 30, 2024, citing that the Company has suffered recurring losses
from operations and negative free cash flows and has stated that
substantial doubt exists about the Company's ability to continue as
a going concern.

As of December 31, 2023, Maxeon Solar Technologies had $1 billion
in total assets, $997.4 million in total liabilities, and $4.6
million in total equity.

MIND EXPLORATION: Commences Wind-Up Proceedings
-----------------------------------------------
Members of Mind Exploration Labs Pte. Ltd. on Feb. 21, 2025, passed
a resolution to voluntarily wind up the company's operations.

The company's liquidator is Ms. Valerie Lim Lee Huang.


PHOENIX SOFTWARE: Commences Wind-Up Proceedings
-----------------------------------------------
Members of Phoenix Software Development Pte. Ltd. on Feb. 18, 2025,
passed a resolution to voluntarily wind up the company's
operations.

The company's liquidator is Ms. Valerie Lim Lee Huang.


STEMLY PTE: Commences Wind-Up Proceedings
-----------------------------------------
Members of Stemly Pte. Ltd. on Feb. 19, 2025, passed a resolution
to voluntarily wind up the company's operations.

The company's liquidator is:

          Mr. Chian Yeow Hang
          c/o Guardian Advisory
          531A Upper Cross Street #03-118
          Singapore 051531




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

TERRAFORM LABS: Judge Sets April 30 as Claims Filing Deadline
-------------------------------------------------------------
Emily Lever of Law360 Bankruptcy Authority reports that a Delaware
bankruptcy judge on February 26, 2025, granted the Chapter 11 plan
administrator for defunct cryptocurrency software developer
Terraform Labs permission to set an April 30, 2025, deadline for
claims related to losses from its collapsed stablecoin.

                    About Terraform Labs

Terraform Labs Pte. Ltd. -- https://www.terra.money -- is a startup
that created Terra, a blockchain protocol and payment platform used
for algorithmic stablecoins. It was co-founded by Do Kwon and
Daniel Shin in 2018 in Seoul, South Korea.

Terraform Labs introduced its first cryptocurrency token, TerraUSD,
in 2019. Investment firms like Arrington Capital, Coinbase
Ventures, Galaxy Digital, and Lightspeed Venture Partners helped
Terraform Labs raise more than $200 million.

The collapse of the stablecoins TerraUSD (UST) and Luna in May 2022
caused the temporary suspension of the Terra network, wiping out
over $45 billion in market capitalization in a single week.

Both of Terra Form Labs' founders have encountered legal problems
as a result of the devaluation of the company's currency. In
September 2022, South Korean prosecutors filed a warrant for Do
Kwon's arrest. He was also added to Interpol's Red Notice list,
which urges other law enforcement to find and detain him.

Terraform Labs Pte. Ltd. sought relief under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. D. Del. Case No. 24-10070) on Jan. 22,
2024. In the petition filed by Chris Amani, as chief executive
officer, the Debtor estimated assets and liabilities between $100
million and $500 million each.

The Debtor is represented by:

     Zachary I Shapiro, Esq.
     Richards, Layton & Finger, P.A.
     1 Wallich Street
     #37-01
     Guoco Tower 078881
     Singapore




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

FINTREX FINANCE: Fitch Publishes 'B+(lka)' Subordinated Debt Rating
-------------------------------------------------------------------
Fitch Ratings has published the 'B+(lka)' National Long-Term Rating
on Fintrex Finance Limited's (BB(lka)/Stable) Sri Lankan
rupee-denominated subordinated debentures.

The notes of up to LKR1 billion will mature in five years and carry
fixed coupons. Fintrex plans to use the proceeds to strengthen its
Tier-2 capital base and support loan growth. The debentures will be
listed on the Colombo Stock Exchange.

Key Rating Drivers

Fintrex's Sri Lankan rupee subordinated debentures are rated two
notches below its National Long-Term Rating. This reflects Fitch's
baseline notching for loss severity for this debt class and its
expectations of poor recoveries in the event of default. There is
no additional notching for non-performance risk, as the notes do
not contain going-concern loss-absorption and coupon-deferral
features.

Fintrex's National Long-Term Rating was upgraded to 'BB(lka)' from
'BB-(lka)' on 24 January 2025 after a Sri Lankan national rating
recalibration. Please refer to its commentary, Fitch Upgrades 10
Sri Lankan NBFIs' Ratings, Affirms 8 Following National Scale
Recalibration, dated 24 January 2025 for more details.

The rating reflects Fintrex's modest business and funding franchise
and higher-than-peer leverage appetite, balanced by decent asset
quality and its focus on less-risky four-wheeler lending. Please
refer to its commentary, Fitch Upgrades Fintrex Finance to
'BB-(lka)'; Outlook Stable, dated 14 August 2024 for more details.

RATING SENSITIVITIES

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

A downgrade of Fintrex's National Long-Term Rating would lead to a
downgrade of the subordinated debt rating.

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

An upgrade of Fintrex's National Long-Term Rating would lead to an
upgrade of the subordinated debt rating.

Date of Relevant Committee

23-Jan-2025

   Entity/Debt             Rating           
   -----------             ------           
Fintrex Finance
Limited

   Subordinated     Natl LT B+(lka) Publish



===============
T H A I L A N D
===============

FNS HOLDING: Fitch Affirms 'CCC-(tha)' National Long-Term Rating
----------------------------------------------------------------
Fitch Ratings has affirmed the National Long-Term Rating of FNS
Holdings Public Company Limited at 'CCC-(tha)' and its National
Short-Term Rating at 'C(tha)'.

The affirmation reflects that FNS's liquidity remains tight. The
company's ability to repay near-term debt maturities will rely on
recoveries of intercompany loans from its affiliate, M.K. Real
Estate Development Public Company Limited (MK), which also has weak
financial flexibility in repaying its maturing debentures. The
rating also reflects Fitch's view that FNS will operate with
sustained negative free cash flow (FCF) in the next 18-24 months,
adding pressure on the company's liquidity.

Key Rating Drivers

Tight Liquidity: Fitch estimates that FNS's liquidity is still
limited by its obligations to repay short-term loans and maturing
debentures in the next 12 months. Timely repayment will depend on
the loan recoveries from MK. The affiliate also has high
refinancing and liquidity needs, with debentures amounting to
THB1,189 million due in March 2025 and THB700 million in June
2025.

Fitch sees some execution risk in MK's plan to sell investment
properties held at its subsidiary to its affiliate, Prospect
Logistics and Industrial REIT (Prospect REIT) to service the debt,
although the asset sale has shown some progress.

Negative FCF: Fitch believes FNS's liquidity will tighten further,
with negative FCF for at least the next 18-24 months due to its
wellness business. The business is still in an early stage and
access to new funding will be limited. FNS is likely to rely
largely on asset sales, existing bank lines and its limited cash
balance to fund the negative FCF. The company plans to support its
negative FCF in the short term with divestment of non-core assets
along with the loan recoveries.

Limited Operating Scale: FNS's credit profile is constrained by its
limited operating scale. Its business is focused on two wellness
projects: RAKxa Integrative Wellness and RXV Wellness Village.
RAKxa, launched in 2020, is a luxury wellness hospitality project
targeting high-end foreign guests, while RXV, opened in 2023,
offers more affordable packages to cater to domestic individual and
corporate customers, in addition to foreign guests.

Both projects are operating at occupancy rates that are below their
cash flow break-even levels, but FNS expects to break even within
the next 18 months. It plans to improve the occupancy rate by
attracting a larger pool of guests and a higher rate of return
guests.

Weak Cash Flow from Investments: Fitch believes FNS's dividends
from investments other than MK are not sustainable over the medium
term. Excluding MK, FNS received dividends in 2023-2024 from its
stake in NEO, a leading domestic manufacturer of household and
personal care products, and its investment in Prospect REIT. FNS
swapped its investment in Prospect REIT for MK's wellness business
in 2024. FNS considers NEO and other small investments to be
non-core and may divest them to meet liquidity requirements.

Modest Capex and Investment: Fitch forecasts that FNS's capex and
investment requirements will remain modest over the medium term.
This is based on its belief that FNS will focus on the performance
turnaround of the existing two wellness projects to generate
sustained positive FCF before embarking on business expansion or
any new investments. As a result, FNS will incur only minimal
maintenance capex over the medium term.

Derivation Summary

FNS's rating is significantly lower than that of rated peers in
Thailand and is driven by its tight liquidity and limited operating
scale.

Key Assumptions

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

- MK deconsolidated from FNS from November 2024, and FNS to focus
on its health and wellness business;

- FCF to remain negative in 2025-2026;

- No major capex in 2025-2026;

- No dividend payments in 2025-2026.

RATING SENSITIVITIES

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

- Inability to address imminent capital-market debt maturities;

- A default of some kind appearing probable.

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

- Timely resolution of impending capital-market debt maturities;

- Timely execution of asset sales that meaningfully improve
liquidity.

Liquidity and Debt Structure

FNS's liquidity remained tight with THB626 million in debt maturing
within the next 12 months to end-September 2025. The debt comprised
short-term loans to be repaid through the recovery of THB967
million in intercompany loans from MK and THB350 million from BFTZ
Wangnoi Co., Ltd., a related company in a warehouse-for-rent
business. Fitch believes FNS will preserve the remaining funds to
support its negative FCF, which Fitch estimates at THB350 million,
over the next 12 months.

FNS also has THB367 million of debentures due in October 2025 that
Fitch expects it to service by selling its remaining NEO shares,
which are currently valued at about THB380 million.

Issuer Profile

FNS is a holding company with investments in a variety of
businesses. Its primary investments are in the wellness sector,
where it holds a 100% stake in RX Wellness Ltd, and in the property
and real-estate sector, where it holds a 36.6% stake in MK. Its
other investments include household and personal care products, a
bakery chain, and small start-up businesses.

MACROECONOMIC ASSUMPTIONS AND SECTOR FORECASTS

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

   Entity/Debt               Rating                Prior
   -----------               ------                -----
FNS Holdings Public
Company Limited       Natl LT CCC-(tha) Affirmed   CCC-(tha)
                      Natl ST C(tha)    Affirmed   C(tha)


                           *********


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

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

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

This material is copyrighted and any commercial use, resale or
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