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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

          Thursday, March 27, 2025, Vol. 28, No. 62

                           Headlines



A U S T R A L I A

ABACUS 49: First Creditors' Meeting Set for March 31
ALLIED CREDIT 2025-1P: Fitch Assigns 'BB+(EXP)sf' Rating on E Notes
CORONADO GLOBAL: S&P Lowers ICR to 'B' on Elevated Leverage
E & R TILING: First Creditors' Meeting Set for March 31
FINN POKE: First Creditors' Meeting Set for March 31

FIRSTMAC MORTGAGE 4: S&P Rates Series Eagle No. 5 Cl. F Debt 'Bsf'
HANDY ABS 2024-1: Moody's Upgrades Rating on Class F Notes to Ba3
INFRABUILD: Delays Accounts for Third Time in a Month
ONELIFE LABS: Avoids Liquidation as Creditors Accept Plan
PEPPER SPARKZ 9: Fitch Assigns B+sf Final Rating on Cl. F Notes

RIGEL ASSETS: First Creditors' Meeting Set for March 28
SAPPHIRE XXIX 2024-1: Fitch Affirms 'BB+sf' Rating on Class E Notes
SMARTE SOLUTIONS: First Creditors' Meeting Set for March 31
STAR ENTERTAINMENT: Extends Deadline on AUD750MM Deal to April


C H I N A

HOZON AUTO: Neta on Brink of Collapse as Funding Round Fails
NIO INC: Annual Loss Widens 8.1% to USD3.1 Billion in 2024
RETO ECO-SOLUTIONS: Board Approves 10-to-1 Share Combination


I N D I A

GOYAL EDUCATIONAL: CRISIL Keeps D Debt Ratings in Not Cooperating
GREENKO WIND: Moody's Rates New Senior Unsecured USD Notes 'Ba2'
HAPPYHOMESS CONSULTANCY: CRISIL Moves B- Rating to Not Coop.
HOWRAH MUNICIPAL: CRISIL Cuts Rating on INR10cr LT Bond to B
JAIPRAKASH ASSOCIATES: Faces Setback in Insolvency Resolution

KRISHNA JEWELLERS: CRISIL Keeps B+ Ratings in Not Cooperating
MADAN GOPAL: CRISIL Keeps D Debt Ratings in Not Cooperating
RAJALAKSHMI POULTRY: CRISIL Keeps D Ratings in Not Cooperating
RAM INDUSTRIES: CRISIL Keeps D Debt Ratings in Not Cooperating
SAI TEJA: CRISIL Keeps B Debt Rating in Not Cooperating Category

SAMBASIVA DAIRY: CRISIL Keeps B Debt Rating in Not Cooperating
SAMYU GLASS: CRISIL Keeps D Debt Ratings in Not Cooperating
SANJAR PHARMA: CRISIL Keeps B- Debt Ratings in Not Cooperating
SANNIDHI FOODS: CRISIL Keeps D Debt Ratings in Not Cooperating
SAVVY INDUSTRIES: CRISIL Keeps B Debt Ratings in Not Cooperating

SCIENTIFIC INT'L: CRISIL Keeps B Debt Ratings in Not Cooperating
SHIVAJI MARATHA: CRISIL Keeps B Debt Rating in Not Cooperating
SILIGURI MUNICIPAL: CRISIL Cuts Rating on INR10cr LT Bond to B
SNEHAL ENTERPRISES: CRISIL Keeps D Debt Rating in Not Cooperating
SONCOYA SOLUTIONS: CRISIL Keeps B Debt Ratings in Not Cooperating

SONIGARA JEWELLERS: CRISIL Keeps B+ Rating in Not Cooperating
SS ALUMINIUM: CRISIL Keeps D Debt Ratings in Not Cooperating
STAR REALCON: CRISIL Keeps D Debt Ratings in Not Cooperating
SWARG GOLDTOUCH: CRISIL Keeps B- Debt Ratings in Not Cooperating
SWARN CARS: CRISIL Keeps B+ Debt Rating in Not Cooperating

TERAI ISPAT: CRISIL Moves B- Debt Rating to Not Cooperating
VENKATA LAKSHMI: CRISIL Keeps B Debt Ratings in Not Cooperating
[] INDIA: MahaRERA Stops Hearing Homebuyer Complaints in NCLT


I N D O N E S I A

ABM INVESTAMA: Fitch Affirms & Then Withdraws B+ Foreign Curr. IDR
INDIKA ENERGY: Moody's Alters Outlook on 'Ba3' CFR to Negative


M O N G O L I A

MONGOLIAN MINING: Fitch Assigns 'B+' Rating on Proposed USD Notes


N E W   Z E A L A N D

DREAMM WINDOWS: Creditors' Proofs of Debt Due on May 20
LONGEVITY CONSTRUCTION: Liquidation Case Put Off Until May
M A BRUCE: Court to Hear Wind-Up Petition on March 31
PARTY KINGDOM: Creditors' Proofs of Debt Due on April 29
TRADE ME: S&P Affirms 'B-' ICR & Alters Outlook to Positive

TREE CO: Court to Hear Wind-Up Petition on March 31
WENMOTH TRUSTEES: Court to Hear Wind-Up Petition on March 28


S I N G A P O R E

DAILY PRICE: Court Enters Wind-Up Order
DIAMOND AND SPADE: Court to Hear Wind-Up Petition on April 4
JUBILEE FOODSTUFF: Court Enters Wind-Up Order
RUMA SINGAPORE: Court Enters Wind-Up Order
X PROPERTIES: Court Enters Wind-Up Order



S O U T H   K O R E A

HOMEPLUS: FSS Chief Urges MBK Partners to Share 'Pain' Over Case

                           - - - - -


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

ABACUS 49: First Creditors' Meeting Set for March 31
----------------------------------------------------
A first meeting of the creditors in the proceedings of Abacus 49
Pty Ltd (formerly known as Tak Operations Pty Ltd) will be held on
March 31, 2025 at 10:00 a.m. at Suite 19.02, Level 19, 1
Castlereagh Street, in Sydney, NSW and via electronic facilities.

Nicholas Charlwood, Alan Walker and Glenn Livingstone of WLP
Restructuring were appointed as administrators of the company on
March 19, 2025.


ALLIED CREDIT 2025-1P: Fitch Assigns 'BB+(EXP)sf' Rating on E Notes
-------------------------------------------------------------------
Fitch Ratings has assigned expected ratings to Allied Credit ABS
Trust 2025-1P - Series 1's pass-through floating-rate notes. The
notes are backed by a pool of first-ranking Australian automotive
loan receivables originated by entities related to Allied Credit
Pty Ltd (Allied Credit). The notes will be issued by AMAL Trustees
Pty Limited as trustee for Allied Credit ABS Trust 2025-1P - Series
1.

   Entity/Debt           Rating           
   -----------           ------           
Allied Credit ABS
Trust 2025-1P –
Series 1

   A1                LT AAA(EXP)sf Expected Rating
   A2                LT NR(EXP)sf  Expected Rating
   A-X               LT NR(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
   G                 LT NR(EXP)sf  Expected Rating

Transaction Summary

The total collateral pool at the 31 December 2024 cut-off date was
AUD700 million and consisted of 18,522 receivables with a
weighted-average (WA) seasoning of 6.1 months, WA remaining
maturity of 56.9 months and an average contract balance of
AUD37,793.

KEY RATING DRIVERS

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

Platinum: 1.0% (7.50x)

Titanium: 3.0% (5.50x)

Gold: 5.0% (5.00x)

Silver: 8.0% (4.50x)

The recovery base case for electric vehicles (EVs) 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%. The WA base-case default
assumption was 2.3% and the 'AAAsf' default multiple was 5.7x.

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 1.3% for the year ended
December 2024 and unemployment was 4.1% in February 2025. Fitch
forecasts GDP growth of 1.9% in 2025 and rising to 2.2% in 2026,
with unemployment at 4.2% in 2025 and 2026.

Excess Spread Limited by Commission Note Repayment: The transaction
includes a class A-X note to fund the purchase-price component
related to the unamortised commission paid to introducers for the
origination of the receivables. 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 E notes.

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

Counterparty Risks Addressed: 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. The transaction includes
interest-rate swaps with a fixed schedule that is expected to be
rebalanced, depending on the level of prepayments and defaults.
Hence, the transaction is modelled as fully hedged at all times.

Low Operational and Servicing Risk: All receivables were originated
by related entities of Allied Credit - Allied Retail Finance Pty
Ltd, Dealer Motor Finance Australia Pty Limited, IFSA Pty Ltd,
Allcredit Automotive Finance Pty Ltd, AutoMe Finance Pty Ltd,
MotorCycle Finance Pty Ltd and Mercury Finance Pty Ltd - and
serviced by Allied Retail Finance Pty Ltd. Fitch undertook an
operational review and found that the operations of the originator
and servicer were consistent with market standards for auto
lenders. Allied Credit is not rated by Fitch.

Servicer disruption risk is mitigated by back-up servicing
arrangements. The nominated backup servicer is AMAL Asset
Management 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: There is no residual value exposure in this
transaction. However, 23.7% of the portfolio by loan value
(including guaranteed future value loans) 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 the credit enhancement
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 credit enhancement and remaining loss-coverage levels
available to the notes. Decreased credit enhancement may make
certain note ratings susceptible to negative rating action,
depending on the extent of 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 / B / C / D / E

Expected Rating: AAAsf / AAsf / Asf / BBBsf / BB+sf

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

25% defaults increase: AAAsf / A+sf / BBB+sf / BB+sf / BBsf

50% defaults increase: AA+sf / A-sf / BBBsf / BBsf / B+sf

10% recoveries decrease: AAAsf / AAsf / Asf / BBBsf / BB+sf

25% recoveries decrease: AAAsf / AA-sf / A-sf / BBB-sf / BBsf

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

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

25% defaults increase/25% recoveries decrease: AA+sf / Asf / BBBsf
/ BB+sf / BB-sf

50% defaults increase/50% recoveries decrease: AAsf / BBB+sf /
BB+sf / BB-sf / 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
credit enhancement that would fully compensate for credit losses
and cash flow stresses commensurate with higher rating scenarios,
all else being equal.

The class A1 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

Expected Rating: AAsf / Asf / BBBsf / BB+sf

10% defaults decrease/10% recoveries increase: AA+sf / A+sf /
BBB+sf / BBB-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 sought to receive a third-party assessment conducted on the
asset portfolio information, but none was made available to Fitch
for this transaction.

As part of its ongoing monitoring, Fitch reviewed a small targeted
sample of the originator's origination files and found the
information contained in the reviewed 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

Allied Credit ABS Trust 2025-1P - Series 1, for which EVs form 1.6%
of the pool, has an ESG Relevance Score (RS) of '4' (impact on
credit) for Energy Management, above the baseline RS of '2' (no
impact) for this issue in the Australian auto sector, due to the
limited credit performance data for EVs. Available market data show
notable differences in recoveries between EVs and non-EVs. Fitch's
analytical approach for the transaction was not adjusted, due
purely to the "green" nature of the underlying collateral, but
Fitch referenced available market data for EVs in determining
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.


CORONADO GLOBAL: S&P Lowers ICR to 'B' on Elevated Leverage
-----------------------------------------------------------
S&P Global Ratings lowered its long-term issuer credit rating on
Coronado Global Resources Inc. to 'B' from 'B+'. At the same time,
S&P lowered its long-term issue rating on the company's senior
secured debt to 'B+' from 'BB-'. The recovery rating on the senior
secured debt is '2' (85%).

The negative rating outlook reflects the possibility that met coal
prices may remain materially below S&P's expectations while the
company's mining costs stay high. This scenario could accelerate
cash burn for the company over the next six months and materially
erode its cash levels. Liquidity could tighten further if it cannot
extend covenant waivers for its US$150 million asset-based loan
facility.

Coronado is unlikely to be cash flow positive at current market
prices. This is due to the company's cost position and capex. The
company's cost guidance for fiscal 2025 implies a marginal cost
improvement through the year as additional volumes come on line.

S&P said, "We assume Coronado will have a mining cost of about
US$100 per metric ton (mt), the mid-point of its guidance range.
Operational and weather setbacks in calendar 2024 hampered its
ability to achieve its original guidance of US$95 per mt-US$99 per
mt. Accordingly, at our base case mining cost level, the company is
exposed to the relatively recently revised Queensland royalty
regime as it will be effectively paying royalties at coal price
levels for which it is not profitable."

A rationalization of the mining fleet at Coronado's Curragh mine
should stabilize mining costs. But S&P does not expect material
improvements in mining costs until 2026. By then, unit costs may
benefit from additional production from the company's Mammoth
underground mine and Buchanan mine, which will ramp up production
through 2025.

Coronado expects these projects to lift volumes by up to 2.5
million metric tons per annum (mtpa) once fully ramped up.
Meanwhile, the company still must spend material capex to bring
these expansion projects to fruition. It has guided for US$230
million-US$270 million of spending in 2025. S&P believes Coronado
has limited flexibility to curtail its spending this year, given
the importance of the additional production.

Unique to the economics of Coronado's Curragh mine is the pincer
impact from the company's Stanwell supply agreement and associated
tonnage rebate. The Curragh mine must supply about 3 mpta of
thermal coal to the Stanwell power station at deeply uneconomical
prices.

In addition to lost revenue, Coronado must also pay 25% of export
revenues for the first 7 mpta of coal and 10% of export revenues
for the next 7 mtpa. When the supply agreement expires, anticipated
in early 2027, the company will have access to 1 mtpa of thermal
coal and S&P understands stop paying the rebates. Profitability
should then improve materially thereafter.

Price risk will remain elevated for the next six months or so. Coal
prices worsened in the first three months of calendar 2025. The
Premium Low Vol Hard Coking Coal Free On-Board Index recently
traded below US$180 per mt. A number of forces are driving met coal
prices lower. These include weaker Chinese steel production and the
imposition of Chinese tariffs on U.S. met coal, which is likely to
mean U.S. supply being redirected to Asian markets putting pressure
on seaborne coal prices. Until supply falls in response to these
trends, a sustained recovery in met coal prices is unlikely, in
S&P's view. Coronado derived close to 60% of its fiscal 2024
revenue from Japan, South Korea, and India.

Credit metrics will remain elevated over the next 12-24 months.
Coronado had an S&P Global Ratings-adjusted ratio of debt to EBITDA
of 5.2x in fiscal 2024. This was materially higher than S&P's
expectation of 2.7x. The main reason was persistent weakness in met
coal benchmark prices in the second half of 2024. Prices have been
range-bound at US$175 per mt-US$225 mt since August 2024. Assuming
an average price of US$200 per mt, the company may have marginally
negative EBITDA in fiscal 2025.

Coronado's liquidity could weaken over 2025 and breach the key
rating support level of US$200 million. Given an uncertain recovery
in met coal prices, negative operating cash flow could persist.
This could erode the company's cash balance over the coming months.
Compounding the impact will be the funding of its capex spending.

S&P therefore thinks Coronado's liquidity could fall below our
rating support level of US$200 million, including cash and undrawn
facilities. Liquidity could come under further pressure if the
company cannot obtain extend bank covenant waivers for its US$150
million asset-based loan facility.

Support from the financial sponsor is unlikely for now. Coronado's
majority owner is its financial sponsor, The Energy & Minerals
Group (EMG). That said, if necessary S&P thinks EMG could
eventually provide funding support to preserve the likely valuation
uplift from the expected increase in profitability when the
Stanwell contract expires in early 2027. EMG provided equity
support in 2021 by participating in a US$100 million equity raising
during a restructuring of Coronado when coal prices crashed.

The negative rating outlook reflects the uncertainty of Coronado
lifting its volumes and materially reducing mining costs over the
next six to 12 months. In addition, persistent weak coal prices
mean Coronado is unlikely to achieve the level of profitability
needed to support free cash flow levels that will maintain
liquidity at sufficient levels to manage the weak price cycle.

S&P could lower the rating if:

-- Liquidity weakens, including if cash balances fall materially
below US$200 million.

-- Operating performance deteriorates, leading to persistent
negative free cash flow. This could occur if mining costs remain
elevated or coal prices stay below Coronado's breakeven price.

S&P could revise the outlook to stable if Coronado improves its
profitability such that it can maintain positive operating cash
flow and its liquidity position. This could occur if the company
can improve operating costs and coal prices broadly recover.


E & R TILING: First Creditors' Meeting Set for March 31
-------------------------------------------------------
A first meeting of the creditors in the proceedings of E & R Tiling
Pty Ltd will be held on March 31, 2025 at 11:30 a.m. via virtual
facilities only.

Graeme Beattie of Worrells was appointed as administrator of the
company on March 19, 2025.


FINN POKE: First Creditors' Meeting Set for March 31
----------------------------------------------------
A first meeting of the creditors in the proceedings of Finn Poke
Byron Pty Ltd and Finn Poke Pacific Fair Pty Ltd will be held on
March 31, 2025 at 11:00 a.m. at the offices of Smith Hancock
Chartered Accountants, Suite 47.04, Level 47, 8 Parramatta Square,
10 Darcy Street, in Parramatta, NSW and via virtual meeting
technology.

Erwin Rommel Alfonso of Smith Hancock Chartered Accountants was
appointed as administrator of the company on March 19, 2025.


FIRSTMAC MORTGAGE 4: S&P Rates Series Eagle No. 5 Cl. F Debt 'Bsf'
------------------------------------------------------------------
S&P Global Ratings assigned its ratings to eight of the nine
classes of prime residential mortgage-backed securities (RMBS)
issued by Firstmac Fiduciary Services Pty Ltd. as trustee for
Firstmac Mortgage Funding Trust No.4 Series Eagle No.5.

The ratings assigned to the prime floating-rate RMBS reflect the
following factors.

The credit risk of the underlying collateral portfolio and the
credit support provided to each class of notes are commensurate
with the ratings assigned. Credit support for the rated notes is
provided by subordination, excess spread, and lenders' mortgage
insurance (LMI). The credit support provided to the rated notes is
sufficient to cover the assumed losses at the applicable rating
stress. Our assessment of credit risk considers Firstmac Ltd.'s
(Firstmac) underwriting standards and approval processes, which are
consistent with industry-wide practices, and the strong servicing
quality of Firstmac, and the support provided by the LMI policies
on 7.8% of the loan portfolio.

The rated notes can meet timely payment of interest--excluding the
residual interest (if applicable) due on the class B1, class B2,
class C, class D, class E, and class F notes--and ultimate
repayment of principal under the rating stresses. Key rating
factors are the level of subordination provided, the LMI cover, the
liquidity reserve, the principal draw function, the interest-rate
swap, and the provision of an extraordinary expense reserve. Our
analysis is on the basis that the notes are fully redeemed by their
legal final maturity date, and S&P does not assume the notes are
called at or beyond the call date.

S&P said, "Our ratings also take into account the counterparty
exposure to Westpac Banking Corp. as bank account provider and
National Australia Bank Ltd. as interest-rate swap provider. The
transaction documents for the facilities include downgrade language
consistent with our counterparty criteria.

"We also have factored into our ratings the legal structure of the
trust, which is established as a special-purpose entity and meets
our criteria for insolvency remoteness."

  Ratings Assigned

  Firstmac Mortgage Funding Trust No. 4 Series Eagle No.5

  Class A1, A$800.00 million: AAA (sf)
  Class A2, A$120.00 million: AAA (sf)
  Class B1, A$30.00 million: AA+ (sf)
  Class B2, A$12.60 million: AA (sf)
  Class C, A$19.40 million: A (sf)
  Class D, A$8.80 million: BBB (sf)
  Class E, A$4.20 million: BB (sf)
  Class F, A$2.00 million: B (sf)
  Class G, A$3.00 million: Not rated


HANDY ABS 2024-1: Moody's Upgrades Rating on Class F Notes to Ba3
-----------------------------------------------------------------
Moody's Ratings has upgraded ratings on five classes of notes
issued by Handy ABS 2024-1 Trust.

The affected ratings are as follows:

Issuer: Handy ABS 2024-1 Trust

Class B Notes, Upgraded to Aa1 (sf); previously on Jun 6, 2024
Definitive Rating Assigned Aa2 (sf)

Class C Notes, Upgraded to Aa3 (sf); previously on Jun 6, 2024
Definitive Rating Assigned A2 (sf)

Class D Notes, Upgraded to A3 (sf); previously on Jun 6, 2024
Definitive Rating Assigned Baa2 (sf)

Class E Notes, Upgraded to Baa3 (sf); previously on Jun 6, 2024
Definitive Rating Assigned Ba2 (sf)

Class F Notes, Upgraded to Ba3 (sf); previously on Jun 6, 2024
Definitive Rating Assigned B2 (sf)

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

RATINGS RATIONALE

The upgrades were prompted by an increase in credit enhancement
available to the affected notes and good performance of the
collateral pool to date.

No action was taken on the remaining rated class in the deal as
credit enhancement remain commensurate with the current rating for
the notes.

Following the February 2025 payment date, the credit enhancement
available for the Class B, Class C, Class D, Class E and Class F
Notes has increased to 24.1%, 17.6%, 13.8%, 7.8%, and 5.4%,
respectively, from 16.2%, 11.8%, 9.2%, 5.1% and 3.5% at closing.

Principal collections have been distributed on a pro-rata basis
across all rated notes since the February 2025 payment date.
Current outstanding notes as a percentage of the total closing
balance is 64.7%.

As of end-January 2025, 0.16% of the outstanding pool was 30-plus
day delinquent, and 0.02% was 90-plus day delinquent. The deal has
incurred of 0.05% of gross losses (as a percentage of the original
pool balance) to date, all of which have been covered by excess
spread.

Based on the observed performance to date and loan attributes,
Moody's have maintained Moody's expected default assumption at 4.5%
of the current pool balance (equivalent to 3% of the original pool
balance) and the Aaa portfolio credit enhancement assumption of 27%
from closing.

The transaction is a securitisation of a portfolio of personal
loans originated by OurMoneyMarket Lending Pty Ltd ("OMM"). OMM,
founded in 2017, is an Australian non-bank lender providing secured
and, to a smaller extent, unsecured, personal loans, and motor
vehicle loans.

The principal methodology used in these ratings was "Moody's
Approach to Rating Consumer Loan-Backed ABS" published in July
2024.

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

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

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


INFRABUILD: Delays Accounts for Third Time in a Month
-----------------------------------------------------
The Australian Financial Review reports that Sanjeev Gupta's
InfraBuild has delayed the release of its accounts for the third
time in three weeks as it struggles to get the sign-off from
auditors and as the British industrialist attempts to finalise a
settlement with his creditors.

The sprawling steel manufacturing operation runs two electric arc
furnaces in Sydney and Melbourne and 10 mills along the eastern
seaboard. But it is facing calls from its creditors to repay more
than AUD800 million, a move that would almost certainly render the
company insolvent, the Financial Review relates.

Despite having circulated unaudited half-year financial results to
bondholders on March 3, InfraBuild has repeatedly delayed an
earnings call to discuss the finalised accounts. It was first
scheduled to be held on March 14, but was delayed until March 18
and then March 21. Last week, the company told bondholders they
would have to wait until March 27, the Financial Review says.

The Financial Review relates that an InfraBuild spokesman said the
company was "working to complete their audit with its auditor". An
"announced anticipated settlement" between Mr. Gupta's broader
group of companies, known as GFG Alliance, and its creditors was a
"material positive" for InfraBuild, he added.

According to the Financial Review, GFG Alliance owes about AUD5
billion and has been scrambling to cut a deal with creditors after
the collapse four years ago of its major financier Greensill Group.
Last month, it lost control of its other big local asset, the
Whyalla steelworks, after the South Australian government seized
control.

GFG, which once had steelmaking operations across the United
Kingdom, Europe and the United States, has touted a settlement with
its creditors for the last two years, first announcing an
in-principle agreement in November 2022. It announced a new deal
with creditors in February.

InfraBuild creditors are increasingly concerned that Mr. Gupta will
use the company's funds for any settlement with GFG creditors, the
report says. Last month, The Australian Financial Review reported
that a private equity firm run by former Macquarie dealmaker Ben
Brazil was suing InfraBuild, alleging that it may be impossible to
recover money "if the funds are then transferred to the Greensill
Group as consideration for a settlement".

Over the last four years, InfraBuild has spent about AUD130 million
on what it describes as restructuring and professional fees "in
relation to specific non-recurring, non-operational matters", which
are likely to be connected to GFG and its settlement with the
Greensill creditors, according to the report. The unaudited
accounts to be discussed on March 27 include a AUD16.2 million
charge described as payment for "one-off significant items relating
to professional fees incurred in relation to creditor settlement
and restructuring expenses".

An InfraBuild spokesman declined to respond to questions about how
much of the AUD129.5 million since the year to the end of June 30,
2021 had been spent on professional fees and creditor negotiations
at GFG.

InfraBuild has long been the crown jewel in GFG's global business,
recording a AUD239 million profit in the 12 months to the end of
June 2023. Last year, however, it lost AUD18.6 million. The
Financial Review has previously revealed the complex web of related
party transactions that show how it has propped up other parts of
the GFG business. For instance, documents circulated to investors
in 2023 showed that a shared services agreement with Gupta's other
companies had cost InfraBuild AUD109.2 million in three years.

Outside InfraBuild, Mr. Gupta's steelmaking empire has all but
collapsed, the Financial Review states. It faces a court-ordered
bankruptcy process in Poland, a creditor-initiated liquidation suit
in Hungary and insolvency proceedings in the Czech Republic. In
Britain, GFG has idled plants in Wales and England.

KordaMentha, the administrator of the Whyalla plant, has described
the business as "hard-wired" to make losses because it was selling
billet – metal bars processed into other products – to
InfraBuild at very low prices.

                         About InfraBuild

InfraBuild is Australia's largest and only vertically integrated
electric arc furnace manufacturer and supplier of steel long
products. The company supplies around 2.1 million tonnes per annum
(mtpa) of steel long products across Australia, with most products
supplying the construction steel segment of the market (rebar,
mesh, etc.).

InfraBuild is a private company and is ultimately owned by the GFG
Alliance, a UK-based international industrial, energy, natural
resources and financial services group.

As reported in the Troubled Company Reporter-Asia Pacific in
mid-February 2025, Moody's Ratings has downgraded InfraBuild
Australia Pty Ltd's corporate family rating and backed senior
secured notes rating to Caa2 from Caa1, and maintained the negative
outlook.

The ratings downgrade reflects InfraBuild's rising default risk
given the company's weakening liquidity profile and deteriorating
operating performance, which continue to track below Moody's
expectations. Moody's view the company's capital structure as
unsustainable given its materially high interest burden, which
along with its decline in earnings, will result in ongoing cash
burn over the next 12-18 months. Without a material improvement in
earnings, Moody's expect that InfraBuild will breach its financial
covenants under its asset-backed term loan (ABTL) facility as they
reset in the first half of the fiscal year ending June 2026 (fiscal
2026), and will require waivers or further amendments. 2026), and
will require waivers or further amendments.

The TCR-AP reported in late December, 2024, that Fitch Ratings has
downgraded the Long-Term Issuer Default Rating (IDR) of InfraBuild
Australia Pty Ltd. (InfraBuild) to 'CCC-', from 'CCC'. The rating
on InfraBuild's senior secured US-dollar notes has also been
downgraded to 'CCC+', from 'B-', with a Recovery Rating of 'RR2'.
Fitch rates InfraBuild based on the consolidated profile of its
100% holding company, Liberty InfraBuild Ltd. (InfraBuild Group),
which does not generate any revenue, nor holds any cash or debt.

The downgrade reflects InfraBuild's weaker operational performance
and liquidity, relative to its last review. Fitch estimates the
company could breach the financial covenants under its USD150
million asset-backed term loan (ABTL) facility in 2H25, which could
lead to a payment acceleration from the due date in May 2026 in the
absence of a cure or waiver.


ONELIFE LABS: Avoids Liquidation as Creditors Accept Plan
---------------------------------------------------------
Cannabiz reports that creditors of OneLife Labs and OneLife
Cultivation have agreed to explore a financial plan with director
Andrew Grant, rather than place the companies in liquidation, as
they look to claw back some of the AUD1.6 million they are owed.

They voted to accept a recommendation to enter a Deed of Company
Arrangement (DOCA) after administrator Gideon Rathner warned that
winding up the businesses would likely leave creditors empty
handed, Cannabiz relates.

OneLife Botanicals is a cultivator and manufacturer of medicinal
cannabis in Melbourne, Australia.

Gideon Isaac Rathner of Lowe Lippmann was appointed as
administrator of Onelife Labs Pty Ltd and Onelife Cultivation Pty
on Dec. 3, 2024.


PEPPER SPARKZ 9: Fitch Assigns B+sf Final Rating on Cl. F Notes
---------------------------------------------------------------
Fitch Ratings has assigned final 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 were issued
by BNY Trust Company of Australia Limited as trustee for Pepper
SPARKZ Trust No.9.

The final rating on the class F notes is one notch higher than the
expected rating. This is due to the reduction in the transaction's
weighted-average (WA) note margin from the indicative WA note
margin previously modelled, which increases available excess
spread.

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

   A1-a AU3FN0096178       LT AAAsf New Rating   AAA(EXP)sf
   A1-x AU3FN0096186       LT AAAsf New Rating   AAA(EXP)sf
   B AU3FN0096194          LT AAsf  New Rating   AA(EXP)sf
   C AU3FN0096202          LT Asf   New Rating   A(EXP)sf
   D AU3FN0096210          LT BBBsf New Rating   BBB(EXP)sf
   E AU3FN0096228          LT BBsf  New Rating   BB(EXP)sf
   F AU3FN0096236          LT B+sf  New Rating   B(EXP)sf
   G1 AU3FN0096707         LT NRsf  New Rating   NR(EXP)sf
   G2                      LT NRsf  New Rating

Transaction Summary

The total collateral pool at the 31 January 2025 cut-off date was
AUD1 billion. The pool consisted of 26,596 receivables with a WA
remaining maturity of 52.4 months and an average contract balance
of AUD37,597.

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
WA base-case default assumption is 6.1% and the 'AAAsf' default
multiple 4.3x.

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 1.3% for 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%.

Commission Note Repayment Limits Excess Spread (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 G2 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 Risk 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, 23.1% 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 the credit enhancement
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 credit enhancement and remaining loss-coverage levels available
to the notes. Decreased credit enhancement may make certain note
ratings susceptible to negative rating action, depending on the
extent of 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

Rating: AAAsf / AAAsf / AAsf / Asf / BBBsf / BBsf / B+sf

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

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

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

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

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

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

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

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

50% defaults increase/50% recoveries decrease: A+sf / AAAsf /
BBB+sf / BB+sf / B+sf / 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
credit enhancement 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

Rating: AAsf / Asf / BBBsf / BBsf / B+sf

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

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
5.2% 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.


RIGEL ASSETS: First Creditors' Meeting Set for March 28
-------------------------------------------------------
A first meeting of the creditors in the proceedings of Rigel Assets
Pty Ltd, Worx Equipment Holdings Pty Ltd, and Worx Equipment Pty
Ltd will be held on March 28, 2025 at 2:00 p.m. via virtual
technology.

Robert Michael Kirman and Robert Conry Brauer of McGrathNicol were
appointed as administrators of the company on March 18, 2025.


SAPPHIRE XXIX 2024-1: Fitch Affirms 'BB+sf' Rating on Class E Notes
-------------------------------------------------------------------
Fitch Ratings has affirmed six note classes from Sapphire XXIX
Series 2024-1 Trust. The Outlook is Stable.

The transaction consists of notes backed by a pool of first-ranking
Australian residential conforming and non-conforming full- and
low-documentation mortgage loans originated by Bluestone Group Pty
Limited and Bluestone Mortgages Pty Limited. The notes were issued
by Permanent Custodians Limited in its capacity as trustee of
Sapphire XXIX Series 2024-1 Trust, a separate and distinct trust
created under a master trust deed.

   Entity/Debt             Rating           Prior
   -----------             ------           -----
Sapphire XXIX
Series 2024-1 Trust

   A1L AU3FN0086120    LT AAAsf  Affirmed   AAAsf
   A2 AU3FN0086138     LT AAAsf  Affirmed   AAAsf
   B AU3FN0086146      LT AAsf   Affirmed   AAsf
   C AU3FN0086153      LT Asf    Affirmed   Asf
   D AU3FN0086161      LT BBBsf  Affirmed   BBBsf
   E AU3FN0086179      LT BB+sf  Affirmed   BB+sf

KEY RATING DRIVERS

Deteriorating Asset Performance; Sufficient Credit Enhancement: The
30+ day arrears stood at 5.33% as of end-January 2025, tracking
above Fitch's 4Q24 non-conforming Dinkum Index of 4.93%. The
transaction's 90+ day arrears were 2.81%, also tracking above the
Dinkum 90+ day arrears of 2.52%. There have been no losses to
date.

Fitch's asset model, using December 2024 data, produced a 'AAAsf'
weighted-average (WA) foreclosure frequency (WAFF) of 25.0% is
driven by the WA unindexed current loan/value ratio of 67.0%, low
documentation loans of 66.4%, self-employed borrowers of 75.8% and,
under Fitch's methodology, non-conforming and investment loans of
50.9% and 26.0%, respectively. The 'AAAsf' WA recovery rate (WARR)
of 57.2% is driven by the WA indexed scheduled loan/value ratio of
63.1%. Class A1S has been paid in full. The A1L, A2, B, C, D and E
notes benefit from credit enhancement of 31.0%, 17.7%, 10.1%, 7.2%,
4.5% and 2.7%, respectively.

Credit Enhancement Build-Up Supports Ratings: The transaction is
currently paying sequentially and will continue to build credit
enhancement until stepdown conditions are met. The transaction will
continue to build credit enhancement during the pro rata period as
class G1 and G2 notes do not amortise. In addition, property prices
have increased since the transaction closed and will provide a
buffer if loans move into the foreclosure process.

Liquidity Risk Mitigated: Fitch's payment interruption risk is
mitigated by a liquidity facility sized at 1.5% of the invested
note balance (excluding class RM), with a floor of AUD1,050,000.
Other structural features include retention and amortisation
amounts that divert excess available income to repay note principal
and a yield enhancement reserve that traps excess income with a
limit of AUD1.4 million.

Low Operational and Servicing Risk: Bluestone is a non-bank lender
with extensive experience in originating, servicing and managing
its mortgage portfolio. Fitch undertook an operational review and
found that the operations of the originator and servicer were
comparable with market standards and that there were no material
changes that may affect Bluestone's ongoing ability to undertake
administration and collection activities.

Tight Labour Market to Support Outlook: Portfolio performance is
supported by Australia's continued growth and tight labour market.
GDP growth was 1.3% for 2024 and unemployment was 4.1% in February
2025. Fitch expects unemployment to increase to 4.5% next year and
forecast GDP growth of 1.9% in 2025, rising to 2.1% in 2026.

RATING SENSITIVITIES

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

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

Downgrade sensitivities:

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

The rating sensitivity section provides insight into the
model-implied sensitivities the transaction faces when assumptions
-WAFF or WARR - 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: Class A1L / A2 / B / C / D / E

Rating: AAAsf / AAAsf / AAsf / Asf / BBBsf / BB+sf

Increase defaults by 15%: AA+sf / AA+sf / Asf / BBBsf / BBsf /
B+sf

Increase defaults by 30%: AA+sf / AA+sf / Asf / BBBsf / BB-sf /
Bsf

Reduce recoveries by 15%: AAAsf / AAAsf / AAsf / Asf / BBBsf /
BB+sf

Reduce recoveries by 30%: AAAsf / AAAsf / AAsf / Asf / BBBsf /
BB+sf

Increase defaults by 15% and reduce recoveries by 15%: AA+sf /
AA+sf / Asf / BBBsf / BBsf / B+sf

Increase defaults by 30% and reduce recoveries by 30%: AA+sf /
AA+sf/ Asf / BBBsf / BB-sf / Bsf

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

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

Upgrade sensitivities are not relevant for classes A1L and A2, as
the notes are rated at the highest level on Fitch's scale.

Upgrade sensitivities:

Notes: Class B / C / D / E

Rating: AAsf / Asf / BBBsf / BB+sf

Reduce defaults by 15% and increase recoveries by 15%: AAsf/ Asf /
BBBsf / 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 pool
and the transaction. Fitch has not reviewed the results of any
third-party assessment of the asset portfolio information or
conducted a review of origination files as part of its ongoing
monitoring.

Prior to the transaction closing, Fitch sought to receive a
third-party assessment conducted on the asset portfolio
information, but none was made available to Fitch for this
transaction.

Prior to the transaction closing, Fitch reviewed a small targeted
sample of the originator's origination files and found the
information contained in the reviewed 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

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.


SMARTE SOLUTIONS: First Creditors' Meeting Set for March 31
-----------------------------------------------------------
A first meeting of the creditors in the proceedings of Smarte
Solutions Pty Ltd will be held on March 31, 2025 at 10:00 a.m. at
Level 34, 32 Turbot Street, in Brisbane, Queensland, and virtually
via Zoom video conferencing.

Steven Staatz of Vincents was appointed as administrator of the
company on March 19, 2025.


STAR ENTERTAINMENT: Extends Deadline on AUD750MM Deal to April
--------------------------------------------------------------
The Australian Financial Review reports that Star Entertainment has
given its suitor Salter Brothers until the beginning of April to
complete due diligence and deliver a AUD750 million rescue package,
as the casino group teeters on the brink of collapse for the second
time in a month.

According to the Financial Review, Steve McCann, Star's chief
executive, has been in negotiations with a group of potential
investors since early March, when he announced a three-part deal to
shore up the casino group's financial future.

The Financial Review relates that the package involved offloading
Star's 50 per cent stake in its newly opened Brisbane precinct to
two Hong Kong investors, a AUD750 million refinancing from a group
led by property development fund Salter Brothers, and a AUD250
million bridge loan from New York-headquartered financier King
Street Capital Management.

In a statement to the ASX late on March 25, Star confirmed the
exclusivity period with Salter Brothers had been extended until
April 1, according to the Financial Review.

According to the Financial Review, Mr. McCann held talks with a
range of potential investors, lenders and buyers before announcing
Star's latest path forward in early March.

The Financial Review relates that the package involved the sale of
Star's 50 per cent stake in Queens Wharf to Hong Kong's Chow Tai
Fook Enterprises and Far East Consortium, as well as the Treasury
Hotel and carpark in Brisbane, in exchange for two towers in
Broadbeach Island on the Gold Coast and a AUD53 million cash
payment (AUD35 million of which has already been paid).

Star is expected to receive another AUD10 million from its joint
venture partners on March 31.

Mr. McCann also announced a AUD250 million bridge loan from King
Street Capital Management and planned to receive AUD60 million from
the sale of Star's conference centre in Sydney, which has not
occurred.

The Financial Review notes that Star has not drawn any money from
the bridge loan because it does not have approval from lenders, who
are owed about AUD430 million and have security over its assets.
The loan was complicated by a multimillion-dollar payment Star must
make to King Street irrespective of whether it withdraws money or
receives lender approval.

Salter Brothers, which has already engaged with regulators and
state governments about probity, provided Star with a draft
commitment letter, fee letter, and a detailed term sheet in March.
Its proposal requires Star to have AUD50 million in cash.

The deal with Salter Brothers is not the only option for Star, the
Financial Review says. American casino giant Bally's Corporation
offered an alternative solution earlier this month, offering AUD250
million in exchange for a 50.1 per cent stake in the local casino
operator.

Star Entertainment's largest shareholder, billionaire publican
Bruce Mathieson, has backed that last-minute rescue offer, agreeing
to tip in more than AUD50 million if a deal proceeds, the Financial
Review adds.

                     About Star Entertainment

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

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

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

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

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

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




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

HOZON AUTO: Neta on Brink of Collapse as Funding Round Fails
------------------------------------------------------------
Caixin Global reports that Neta Auto, the Chinese electric vehicle
(EV) startup, is teetering on the brink of collapse after a funding
crisis brought production to a standstill and triggered mass
layoffs, leaving its parent company scrambling for a financial
lifeline amid rising debt.

Hozon New Energy Automobile Co. Ltd., which produces EVs under the
Neta brand, revealed in February that its much-anticipated Series E
funding round had unraveled, Caixin relates. Originally scheduled
to close by Feb. 28 with a planned injection of CNY4 billion to
CNY4.5 billion ($550 million to $620 million), the deal never
materialized.

Tongxiang-based Hozon Auto manufactures electric car. It produces
vehicles under the Neta brand.


NIO INC: Annual Loss Widens 8.1% to USD3.1 Billion in 2024
----------------------------------------------------------
Yicai Global reports that Nio Inc. said its loss grew 8.1 percent
last year, with deliveries and gross margin falling short of
target.

Nio's net loss was CNY22.4 billion (USD3.1 billion) in the 12
months ended Dec. 31, the Shanghai-based firm said in a financial
report released on March 21, Yicai relays. Revenue jumped 18.2
percent from the year before to CNY65.7 billion, with vehicle
margin growing to 12.3 percent from 9.5 percent.

"Since last year we have already started the cost mining
initiatives and for the 2024 full year, we were also on track for
the cost reduction initiatives," Yicai quotes founder and Chief
Executive William Li as saying on an earnings conference call.

"As you can see in our fourth-quarter vehicle margin, it has
fulfilled our expectation," Li said, referring to the firm's
overall vehicle margin of 13.1 percent for the last three months of
2024. "And we will continue such cost reduction actions this year
from multiple aspects, including supply chain, R&D."

Over the past year, the carmaker has brought in a Cell Business
Unit model, breaking operations into distinct business units with
clearly defined performance metrics, The Paper reported earlier
this month, citing a source familiar with the matter, Yicai relays.
Nio has also taken major steps in cost control, particularly in its
supply chain and product development, the source noted.

"Looking ahead to 2025, we will sharpen our focus on enhancing
profitability by driving cost reductions through technological
advancements, optimizing operational efficiency, and accelerating
scalable growth," Chief Financial Officer Stanley Yu said in a
press release.

Despite deliveries surging 39 percent to 221,970 vehicles last
year, Nio missed its sales and gross margin targets, Yicai notes.
Li had set the monthly sales goal at over 20,000 and the annual
figure at 230,000, while aiming for a gross margin of between 15
percent and 18 percent.

For the fourth quarter of last year, the net loss widened 38
percent to CNY7.1 billion (USD979.4 million) from a year earlier,
while revenue rose 15.2 percent to CNY19.7 billion, Yicai
discloses. The firm had CNY41.9 billion in cash and cash
equivalents as of Dec. 31, with a debt-to-asset ratio of 87
percent.

Nio expects deliveries to jump around 36 percent to 43 percent to
between 41,000 and 43,000 vehicles this quarter from a year ago,
while revenue will likely be between CNY12.4 billion and CNY12.9
billion, according to the company.

Yicai says Nio plans to launch nine new models across its Nio,
Onvo, and Firefly brands this year, aiming to achieve a 20 percent
gross margin for the first brand and 15 percent for Onvo in the
fourth quarter.

In addition, the carmaker plans to continue expanding its
nationwide network of battery swap stations throughout the year,
after having already built 3,167.

                          About NIO Inc.

NIO Inc. designs, develops, manufactures, and sells smart electric
vehicles in China. It offers five and six-seater electric SUVs, as
well as smart electric sedans. The company also offers power
solutions, including Power Home, a home charging solution; Power
Swap, a battery swapping service; Power Charger and Destination
Charger; Power Mobile, a mobile charging service through charging
vans; Power Map, an application that provides access to a network
of public chargers and their real-time information; and One Click
for Power valet service. In addition, it provides repair,
maintenance, and bodywork services through its NIO service centers
and authorized third-party service centers; statutory and
third-party liability insurance, and vehicle damage insurance
through third-party insurers; repair and routine maintenance;
courtesy vehicle services; roadside assistance; data packages; and
auto financing and financial leasing services. Further, the company
involved in the provision of energy and service packages to its
users; design and technology development activities; manufacture of
e-powertrains, battery packs, and components; and sales and after
sales management activities. Additionally, it offers NIO Certified,
a used vehicle inspection, evaluation, acquisition, and sales
service.

Nio Inc. reported three consecutive annual net losses of CNY10.57
billion, CNY14.56 billion and CNY21.15 billion for the years ended
Dec. 30, 2021, 2022 and 2023, respectively.


RETO ECO-SOLUTIONS: Board Approves 10-to-1 Share Combination
------------------------------------------------------------
As previously disclosed in the report on Form 6-K with the U.S.
Securities and Exchange Commission on March 4, 2025, the board of
directors of Reto Eco-Solutions, Inc. approved a share combination
of the Company's Class A shares at a ratio of 10-to-1, resulting in
a change in the par value of Class A Shares from $0.1 per share to
$1.0 per share).

The Board also approved an amendment to the Company's Amended and
Restated Memorandum of Association to reflect the Par Value Change,
which became effective upon the registration by the British Virgin
Islands Registrar of Corporate Affairs as filed on March 7, 2025.

                       About Reto Eco-Solutions

Reto Eco-Solutions, Inc., through its operating subsidiaries in
China, is engaged in the manufacture and distribution of
eco-friendly construction materials (aggregates, bricks, pavers and
tiles), made from mining waste (iron tailings), as well as
equipment used for the production of these eco-friendly
construction materials.  Headquartered in Beijing, Peoples Republic
of China, the Company also provides consultation, design, project
implementation and construction of urban ecological protection
projects through its operating subsidiaries in China.  It also
provides parts, engineering support, consulting, technical advice
and service, and other project-related solutions for its
manufacturing equipment and environmental protection projects.

Irvine, California-based YCM CPA, Inc., the Company's auditor since
2021, issued a "going concern" qualification in its report dated
May 15, 2024.  The report highlighted that the Company records an
accumulated deficit as of Dec. 31, 2023, and the Company currently
has net working capital deficit, continued net losses and negative
cash flows from operations.  These conditions raise substantial
doubt about the Company's ability to continue as a going concern.



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

GOYAL EDUCATIONAL: CRISIL Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Goyal
Educational and Welfare Society (GEWS) continue to be 'CRISIL
D/CRISIL D Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Long Term Loan         4.5        CRISIL D (Issuer Not
                                     Cooperating)

   Overdraft Facility     1          CRISIL D (Issuer Not
                                     Cooperating)

   Proposed Long Term     2          CRISIL D (Issuer Not
   Bank Loan Facility                Cooperating)

Crisil Ratings has been consistently following up with GEWS for
obtaining information through letter and email dated February 7,
2025 among others, apart from telephonic communication. However,
the issuer has remained non cooperative.

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

Detailed Rationale

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

GEWS was set up in 2008 by Rawal and Goyal families based in
Faridabad (Haryana) to impart education in engineering and
management streams. The society set up Rawal Institute of
Engineering and Technology and Rawal Institute of Management in
2010 in Faridabad. In 2012, it also started Rawal Institute of
Education. Courses are approved by the All India Council for
Technical Education, while the institutes are affiliated to
Maharshi Dayanand University, Rohtak (Haryana). There society has
eight members, with Mr Mahendra Goyal as president.


GREENKO WIND: Moody's Rates New Senior Unsecured USD Notes 'Ba2'
----------------------------------------------------------------
Moody's Ratings has assigned a Ba2 rating to the proposed backed
senior unsecured USD notes of Greenko Wind Projects (Mauritius) Ltd
(GWPM). The rating outlook is negative.

The proceeds are expected to be used to refinance GWPM's $750
million 5.5% senior notes due in April 2025 and another $220
million equivalent INR-denominated project loan.

The proposed notes will be unconditionally and irrevocably
guaranteed by Greenko Energy Holdings' (GEH, Ba2 negative). As
such, the rating for the proposed notes is in line with GEH's
corporate family rating of Ba2.

RATINGS RATIONALE

GEH's Ba2 CFR and the Ba2 backed senior unsecured instrument
ratings under GWPM reflects GEH's standalone credit quality of B1
and a two-notch uplift stemming from likely shareholder support,
which is underpinned by the very strong credit quality of, and
strategic oversight by, the majority shareholder, GIC Private
Limited (GIC).

The negative outlook reflects GEH's weak standalone credit quality,
due to concurrent large scale capital expenditure (capex) projects
which are currently being, or will be, undertaken by GEH, including
several pumped hydro storage projects (PHSPs) and a large
hydropower project Teesta III.

Moody's expects funds from operations (FFO)/debt to be in the range
of 0%-1%, below the downgrade trigger of 1% FFO/debt over the next
12 months. Delays in restart of Teesta III operations and
commissioning and stabilization of PHSPs would delay the
improvement in leverage metrics beyond fiscal 2026-27 (year ending
March 2027).

GEH's standalone credit quality continues to reflect its diverse
portfolio of operating renewable energy assets backed by long-term
contracts, track record and large operating scale.

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

Moody's could downgrade the ratings due to (1) weak operational
performance, a delay in Teesta III restoration due to lower
insurance proceeds or under recovery of past dues from Haryana
distribution companies, crystallization of execution or other risks
in relation to PHSPs, or more aggressive acquisitions and capital
spending would result in projected FFO/debt staying below 1% until
FY2026; (2) if support from GEH's shareholders weakens, as
reflected by a significant decrease in GIC's ownership or a
more-than-expected increase in debt leverage without new equity
capital; or (3) if the liquidity position deteriorates due to
challenges in refinancing maturing debt.

Conversely, Moody's could revise the outlook back to stable if the
capital programme progresses without cost or time overruns and the
maturing debts are refinanced in a timely manner and at reasonable
costs.

The principal methodology used in this rating was Unregulated
Utilities and Unregulated Power Companies published in December
2023.

Greenko Energy Holdings (GEH), a Mauritius-based company focused on
renewable energy generation in India, is a major energy company
that owns and operates a diversified portfolio of hydro, wind,
solar and biomass power plants. After acquiring Teesta III and the
completion of input energy solar project under Greenko AP01 IREP
Private Limited (Greenko AP01), GEH's total consolidated capacity
will increase to 8,225 megawatts (MW), including 3,158 MW of wind,
1,950 MW of hydro, 3,037 MW of solar and 78 MW of biomass.

GWPM is a financing vehicle for GEH's first integrated renewable
energy storage project (IRESP), which is being implemented by GEH's
subsidiary, Greenko AP01.        

GEH has two other indirectly wholly owned subsidiaries, Greenko
Dutch B.V. (GDBV, Ba2 negative) and Greenko Power II Limited (GPII,
Ba2 negative), which are issuing entities for their own restricted
groups. The backed senior unsecured ratings of GDBV and GPII are
also underpinned by the credit profile of GEH due to the
unconditional and irrevocable guarantees from GEH.


HAPPYHOMESS CONSULTANCY: CRISIL Moves B- Rating to Not Coop.
------------------------------------------------------------
Crisil Ratings has migrated the rating on bank facilities of
Happyhomess Consultancy Private Limited (HCPL) to 'Crisil B-/Stable
Issuer not cooperating'.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Proposed Long Term      9        Crisil B-/Stable (ISSUER NOT
   Bank Loan Facility               COOPERATING; Rating Migrated)


Crisil Ratings has been consistently following up with HCPL for
obtaining information through letter and email dated February 11,
2025 among others, apart from telephonic communication. However,
the issuer has remained non cooperative.

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

Detailed Rationale

Despite repeated attempts to engage with the management, Crisil
Ratings failed to receive any information on either the financial
performance or strategic intent of HCPL, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on HCPL
is consistent with 'Assessing Information Adequacy Risk'.
Therefore, on account of inadequate information and lack of
management cooperation, Crisil Ratings has migrated the rating on
bank facilities of HCPL to 'Crisil B-/Stable Issuer not
cooperating'.

HCPL, incorporated in Dec 2015, is engaged in real estate
consultancy and marketing services. The company has its head office
in Visakhapatnam. The company has close to 200 employees across
four cities across India (Visakhapatnam, Hyderabad, Gajuwaka and
Bengaluru).


HOWRAH MUNICIPAL: CRISIL Cuts Rating on INR10cr LT Bond to B
------------------------------------------------------------
Crisil Ratings has revised the Bond rating of Howrah Municipal
Corporation (HMC) to 'Crisil B/Stable Issuer Not Cooperating' from
'Crisil BB+/Stable Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Bond-LT                10.0       Crisil B/Stable (ISSUER NOT
                                     COOPERATING; Revised from
                                     'Crisil BB+/Stable ISSUER
                                     NOT COOPERATING')

Crisil Ratings has been consistently following up with HMC through
letters and emails dated February 13, 2025, among others, apart
from telephonic communication. However, the issuer has remained non
cooperative.

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

Detailed Rationale

Despite repeated attempts to engage with the management, Crisil
failed to receive any information on financial performance or
strategic intent of the HMC, which restricts Crisil Ratings'
ability to take a forward-looking view on the entity's credit
quality. Crisil Ratings believes that the rating action on HMC is
consistent with 'Assessing Information Adequacy Risk'. Based on the
last available information, the Bond rating of HMC is revised to
'Crisil B/Stable Issuer Not Cooperating' from 'Crisil BB+/Stable
Issuer Not Cooperating'.

HMC is the local government of Howrah. It is the second-largest
municipal corporation and urban area in West Bengal. In 2015, the
Bally municipality was merged with HMC.


JAIPRAKASH ASSOCIATES: Faces Setback in Insolvency Resolution
-------------------------------------------------------------
TipRanks reports that Jaiprakash Associates Limited has announced
that the Committee of Creditors (CoC) rejected a resolution during
its ninth meeting, which was part of the company's ongoing
Corporate Insolvency Resolution Process (CIRP). The resolution
aimed to authorize the Resolution Professional to facilitate the
registration of 154 units of Jaypee Greens, Wishtown, Noida.

TipRanks relates that the rejection of this resolution could impact
the company's efforts to resolve its insolvency issues and may have
implications for stakeholders involved in the real estate project.

                            About JAL

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

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

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

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

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


KRISHNA JEWELLERS: CRISIL Keeps B+ Ratings in Not Cooperating
-------------------------------------------------------------
Crisil Ratings said the rating on bank facilities of Sri Krishna
Jewellers (SKJ) continues to be 'Crisil B+/Stable Issuer not
cooperating'.

                     Amount
   Facilities     (INR Crore)    Ratings
   ----------     -----------    -------
   Cash Credit           5       CRISIL B+/Stable (ISSUER NOT
                                 COOPERATING)

   Proposed Cash        11       CRISIL B+/Stable (ISSUER NOT
   Credit Limit                  COOPERATING)

Crisil Ratings has been consistently following up with SKJ for
obtaining information through letter and email dated February 7,
2025 among others, apart from telephonic communication. However,
the issuer has remained non cooperative.

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

Detailed Rationale

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

SKJ was set up by the descendants of Mr.Soorappa Chettiyars family
in 2006. The firm is wholesaler of gold jewellery. The promoters
have been in the same line of business for about a long time.
Currently, the firm is being managed by the fourth generation of
the family.


MADAN GOPAL: CRISIL Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Sri Madan
Gopal Bhikam Chand Marketing Private Limited (MGB) continue to be
'CRISIL D/CRISIL D Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit            2          CRISIL D (Issuer Not
                                     Cooperating)

   Foreign Bill           6          CRISIL D (Issuer Not
   Purchase                          Cooperating)

   Packing Credit         4          CRISIL D (Issuer Not
                                     Cooperating)

Crisil Ratings has been consistently following up with MGB for
obtaining information through letter and email dated February 7,
2025 among others, apart from telephonic communication. However,
the issuer has remained non cooperative.

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

Detailed Rationale

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

MGB, incorporated in 2006, is promoted by Mr. Rajesh Mall and is
based in Jaipur. It trades in and exports agricultural products,
such as spices, animal feeds, and herbs. It also trades in lac,
used in bangles and paints, in the domestic market. Its directors
are Mr. Rajesh Mall and Mrs. Kusum Mall.


RAJALAKSHMI POULTRY: CRISIL Keeps D Ratings in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Sri
Rajalakshmi Poultry Farm (SRPF) continue to be 'CRISIL D Issuer Not
Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit            0.2        CRISIL D (Issuer Not
                                     Cooperating)

   Term Loan              4.8        CRISIL D (Issuer Not
                                     Cooperating)

Crisil Ratings has been consistently following up with SRPF for
obtaining information through letter and email dated February 7,
2025 among others, apart from telephonic communication. However,
the issuer has remained non cooperative.

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

Detailed Rationale

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

The Sri Poultry group was set up by Mr B H Thippeswamy and family
in Kodihally (Karnataka).

SRPF is engaged in poultry farming with capacity of 60,000 birds;
it also operates a 1 megawatt (MW) solar roof top plant and has a
25-year power-purchase agreement (PPA) with BESCOM.

SRHPF is engaged in poultry farming with capacity of 75,000 birds;
it also operates a 1 MW solar roof top plant and has a 25-year PPA
with BESCOM.


RAM INDUSTRIES: CRISIL Keeps D Debt Ratings in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Shree Ram
Industries (Harij) (RI) continue to be 'CRISIL D Issuer Not
Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit           9.75        CRISIL D (Issuer Not
                                     Cooperating)

   Proposed Long Term    0.25        CRISIL D (Issuer Not
   Bank Loan Facility                Cooperating)

Crisil Ratings has been consistently following up with RI for
obtaining information through letter and email dated February 7,
2025 among others, apart from telephonic communication. However,
the issuer has remained non cooperative.

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

Detailed Rationale

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

RI, formed in 2007, is promoted by Patan, Gujarat-based Mr Jaydev
Thakkar and his family members. The firm gins cotton.


SAI TEJA: CRISIL Keeps B Debt Rating in Not Cooperating Category
----------------------------------------------------------------
Crisil Ratings said the rating on bank facilities of Sai Teja
Coating - Manikonda (STC) continues to be 'Crisil B/Stable Issuer
not cooperating'.

                         Amount
   Facilities         (INR Crore)    Ratings
   ----------         -----------    -------
   Proposed Long Term      15        Crisil B/Stable (Issuer Not
   Bank Loan Facility                Cooperating)

Crisil Ratings has been consistently following up with STC for
obtaining information through letter and email dated February 7,
2025 among others, apart from telephonic communication. However,
the issuer has remained non cooperative.

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

Detailed Rationale

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

Incorporated in October 2018, STC is into manufacturing of fan
blades, shanks and liquid used in manufacturing of shanks. Partners
of the firm are Mr. Gummadi Venkateswerllu, Mrs. Sri Devi and Mr.
Gajjela Yadav Reddy.


SAMBASIVA DAIRY: CRISIL Keeps B Debt Rating in Not Cooperating
--------------------------------------------------------------
Crisil Ratings said the rating on bank facilities of Sri Sambasiva
Dairy Products India Private Limited (SSDPIPL) continues to be
'Crisil B/Stable Issuer not cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit/            7         Crisil B/Stable (Issuer Not
   Overdraft facility                Cooperating)

Crisil Ratings has been consistently following up with SSDPIPL for
obtaining information through letter and email dated February 7,
2025 among others, apart from telephonic communication. However,
the issuer has remained non cooperative.

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

Detailed Rationale

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

Incorporated in November 2011, the company is engaged in
pasteurization of raw milk and sale it via distributors. The
company has its own chilling centre at Mehboob Nagar District,
Telangana. Recently in fiscal 2021, the company started trading of
chikki to government schools under mid-day meal scheme.

The company is based in Hyderabad and is owned & managed by Kanchi
Parameswara Reddy and Kanchi Jayamma.


SAMYU GLASS: CRISIL Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Samyu Glass
Private Limited (SGPL) continue to be 'CRISIL D/CRISIL D Issuer Not
Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Bank Guarantee        3.35        CRISIL D (Issuer Not
                                     Cooperating)

   Cash Credit          13.60        CRISIL D (Issuer Not
                                     Cooperating)

   Letter of Credit      2.35        CRISIL D (Issuer Not
                                     Cooperating)

   Long Term Loan       11.8         CRISIL D (Issuer Not
                                     Cooperating)

   Long Term Loan        0.7         CRISIL D (Issuer Not
                                     Cooperating)

   Working Capital      11.1         CRISIL D (Issuer Not
   Term Loan                         Cooperating)

Crisil Ratings has been consistently following up with SGPL for
obtaining information through letter and email dated February 7,
2025 among others, apart from telephonic communication. However,
the issuer has remained non cooperative.

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

Detailed Rationale

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

Based in Hyderabad, SGPL manufactures glass containers. The company
is promoted by Mr. S V Reddy and his associates.


SANJAR PHARMA: CRISIL Keeps B- Debt Ratings in Not Cooperating
--------------------------------------------------------------
Crisil Ratings said the ratings on bank facilities of Sanjar Pharma
LLP (SPLL) continue to be 'Crisil B-/Stable Issuer not
cooperating'.

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

   Long Term Loan          9         Crisil B-/Stable (Issuer Not
                                     Cooperating)

Crisil Ratings has been consistently following up with SPLL for
obtaining information through letter and email dated February 7,
2025 among others, apart from telephonic communication. However,
the issuer has remained non cooperative.

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

Detailed Rationale

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

SPLL was set up by the promoter, Mr Modasiya Mo. Moin Khalil Ahmed
and his family members in 2015. The firm started its operations in
August 2016. The firm manufactures low-value pharmaceutical
products at its facility in Himatnagar, Gujarat.


SANNIDHI FOODS: CRISIL Keeps D Debt Ratings in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Sree Sannidhi
Foods Private Limited (SSFPL) continue to be 'CRISIL D Issuer Not
Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit            1.5        CRISIL D (Issuer Not
                                     Cooperating)

   Proposed Long Term    17.45       CRISIL D (Issuer Not
   Bank Loan Facility                Cooperating)

   Term Loan              5          CRISIL D (Issuer Not
                                     Cooperating)

Crisil Ratings has been consistently following up with SSFPL for
obtaining information through letter and email dated February 7,
2025 among others, apart from telephonic communication. However,
the issuer has remained non cooperative.

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

Detailed Rationale

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

SSFPL, incorporated in 2010 in Chittoor, was taken over by the
current management comprising Mr. Shivam Goyal and Ms. Shavya Goyal
in January 2014. The company manufactures and exports processed
fruit products; it commenced full-fledged commercial operations
from June 2014.


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

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Cash Credit            2.6       CRISIL B/Stable (Issuer Not
                                    Cooperating)

   Long Term Loan         2.58      CRISIL B/Stable (Issuer Not
                                    Cooperating)

   Proposed Long Term     4.32      CRISIL B/Stable (Issuer Not
   Bank Loan Facility               Cooperating)

Crisil Ratings has been consistently following up with SI for
obtaining information through letter and email dated February 7,
2025 among others, apart from telephonic communication. However,
the issuer has remained non cooperative.

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

Detailed Rationale

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

SI, a partnership concern set up in 2014, manufactures narrow woven
elastics for industrial and household use. It commenced commercial
operations in September, 2015. The firm has a unit at Sansawadi in
Pune, Maharashtra. Mr Rajesh Jain, Mr Gaurav Jain, Mr Rishabh Jain,
Ms Namita Jain, and Ms Anuradha Jain are partners in the firm. They
have been trading in narrow woven fabrics for several years through
other firms. SI's operations are primarily managed by Mr. Gaurav
Jai.


SCIENTIFIC INT'L: CRISIL Keeps B Debt Ratings in Not Cooperating
----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Scientific
International Private Limited (SIPL) continue to be 'CRISIL
B/Stable Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Drop Line              5.2        CRISIL B/Stable (Issuer Not
   Overdraft Facility                Cooperating)

   Drop Line              0.6        CRISIL B/Stable (Issuer Not
   Overdraft Facility                Cooperating)

   Drop Line              1          CRISIL B/Stable (Issuer Not
   Overdraft Facility                Cooperating)

   Term Loan              0.65       CRISIL B/Stable (Issuer Not
                                     Cooperating)

   Term Loan              4.55       CRISIL B/Stable (Issuer Not
                                     Cooperating)

Crisil Ratings has been consistently following up with SIPL for
obtaining information through letter and email dated February 7,
2025 among others, apart from telephonic communication. However,
the issuer has remained non cooperative.

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

Detailed Rationale

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

Established in 1993 in New Delhi by Mr. Rajan Jain and family, SIPL
publishes and trades in engineering, medical, science, geology, and
other higher educational textbooks. Operations primarily involve
distribution of books published by foreign publishers.


SHIVAJI MARATHA: CRISIL Keeps B Debt Rating in Not Cooperating
--------------------------------------------------------------
Crisil Ratings said the rating on bank facilities of Shri Shivaji
Maratha Society (SSMS) continues to be 'Crisil B/Stable Issuer not
cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Rupee Term Loan         20        Crisil B/Stable (Issuer Not
                                     Cooperating)

Crisil Ratings has been consistently following up with SSMS for
obtaining information through letter and email dated February 7,
2025 among others, apart from telephonic communication. However,
the issuer has remained non cooperative.

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

Detailed Rationale

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

SSMS was set up in 1918 by Chhatrapati Shrimant, the late Shahu
Maharaj of Kolhapur (Maharashtra), to impart quality education to
all strata of society. The Pune-based society has established 16
institutions in Pune, providing education from pre-primary to
post-graduation. The colleges offer professional courses such as
Master of Business Administration and Master of Computer
Applications. Operations are managed by Mr Shashikant Sutar, who
has been associated with the society since 2011.


SILIGURI MUNICIPAL: CRISIL Cuts Rating on INR10cr LT Bond to B
--------------------------------------------------------------
Crisil Ratings has revised the bond rating of Siliguri Municipal
Corporation (SMC) to 'Crisil B/Stable Issuer Not Cooperating' from
'Crisil BB+/Stable Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Bond-LT               10.0        Crisil B/Stable (ISSUER NOT
                                     COOPERATING; Revised from
                                     'Crisil BB+/Stable ISSUER
                                     NOT COOPERATING')

Crisil Ratings has been consistently following up with SMC through
letter and email dated February 13, 2025, among others, apart from
telephonic communication. However, the issuer has remained non
cooperative.

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

Detailed Rationale

Despite repeated attempts to engage with the management, Crisil
Ratings failed to receive any information on the financial
performance or strategic intent of SMC, which restricts Crisil
Ratings' ability to take a forward-looking view on the entity's
credit quality. Crisil Ratings believes that the rating action on
SMC is consistent with 'Assessing Information Adequacy Risk'. Based
on the last available information, the bond rating of SMC is
revised to 'Crisil B/Stable Issuer Not Cooperating' from 'Crisil
BB+/Stable Issuer Not Cooperating'.

SMC is the civic body of Siliguri, headquartered in Darjeeling
district, West Bengal. Siliguri is a unique city as 14 out of the
47 wards fall in the neighbouring Jalpaiguri district. This means
certain areas of Darjeeling and Jalpaiguri districts also fall
under the governance of SMC.

Siliguri connects the Northeast with the rest of India. Located at
the foothills of the eastern Himalayas, the city is a significant
trading and transportation hub.


SNEHAL ENTERPRISES: CRISIL Keeps D Debt Rating in Not Cooperating
-----------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Snehal
Enterprises (SE) continues to be 'CRISIL D Issuer Not
Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit            34         CRISIL D (Issuer Not
                                     Cooperating)

Crisil Ratings has been consistently following up with SE for
obtaining information through letter and email dated February 7,
2025 among others, apart from telephonic communication. However,
the issuer has remained non cooperative.

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

Detailed Rationale

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

Set up in 2007, SE is a Hindu Undivided Family business owned and
managed by Mr Nitin Jain and his family members. The firm trades in
various agricultural commodities including rice, paddy, and bardana
in the local markets of Punjab and Delhi. It is based in Amritsar,
Punjab.


SONCOYA SOLUTIONS: CRISIL Keeps B Debt Ratings in Not Cooperating
-----------------------------------------------------------------
Crisil Ratings said the ratings on bank facilities of Soncoya
Solutions Private Limited (SSPL) continue to be 'Crisil B/Stable
Issuer not cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit            1.85       Crisil B/Stable (Issuer Not
                                     Cooperating)

   Proposed Cash         15.15       Crisil B/Stable (Issuer Not
   Credit Limit                      Cooperating)

Crisil Ratings has been consistently following up with SSPL for
obtaining information through letter and email dated February 7,
2025 among others, apart from telephonic communication. However,
the issuer has remained non cooperative.

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

Detailed Rationale

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

SSPL is a private limited company, established in January, 1994 and
was later taken over in 2013 by Jaipur based Vishambhar Aggarwal
and family. It is engaged in the trading of qualitative range of
Marbles and granite including Euro Stone White Marble, Rampura
Black Marble Slab, Ivory Brown Granite Slabs etc. Lately, SSPL
started offering BPO/KPO services in fiscal 2019 and is also coming
up with a mall cum hotel project.


SONIGARA JEWELLERS: CRISIL Keeps B+ Rating in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Sonigara
Jewellers Private Limited (SJPL) continues to be 'CRISIL B+/Stable
Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Cash Credit             12       CRISIL B+/Stable (Issuer Not
                                    Cooperating)             

Crisil Ratings has been consistently following up with SJPL for
obtaining information through letter and email dated February 7,
2025 among others, apart from telephonic communication. However,
the issuer has remained non cooperative.

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

Detailed Rationale

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

Incorporated in 2006 and promoted by members of the Sonigara
family, SJPL manufactures and wholesales gold chains, bangles, and
rings in Pune. The company has a 5000-square foot workshop and four
retail showrooms.


SS ALUMINIUM: CRISIL Keeps D Debt Ratings in Not Cooperating
------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of SS Aluminium
Private Limited (SSAPL) continue to be 'CRISIL D/CRISIL D Issuer
Not Cooperating'.

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

   Cash Credit            4.9        CRISIL D (Issuer Not
                                     Cooperating)

   Cash Credit            1.6        CRISIL D (Issuer Not
                                     Cooperating)

   Long Term Loan         4.42       CRISIL D (Issuer Not
                                     Cooperating)

   Proposed Long Term     1.92       CRISIL D (Issuer Not
   Bank Loan Facility                Cooperating)

Crisil Ratings has been consistently following up with SSAPL for
obtaining information through letter and email dated February 7,
2025 among others, apart from telephonic communication. However,
the issuer has remained non cooperative.

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

Detailed Rationale

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

SSAPL, incorporated in 2013 and based in Balasore, Odisha,
manufactures aluminium extrusions for door and window frames. Mr
Jadabendra Pradhan and his wife Ms Madhusmita Pradhan manage the
operations.


STAR REALCON: CRISIL Keeps D Debt Ratings in Not Cooperating
------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Star Realcon
Private Limited (SRPL) continue to be 'CRISIL D Issuer Not
Cooperating'.

                        Amount
   Facilities         (INR Crore)    Ratings
   ----------         -----------    -------
   Proposed Long Term     0.5        CRISIL D (Issuer Not
   Bank Loan Facility                Cooperating)

   Secured Overdraft      8.5        CRISIL D (Issuer Not
   Facility                          Cooperating)

Crisil Ratings has been consistently following up with SRPL for
obtaining information through letter and email dated February 7,
2025 among others, apart from telephonic communication. However,
the issuer has remained non cooperative.

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

Detailed Rationale

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

SRPL was established in 2006 by Mr Nitin Kumar Gupta and his son,
Mr Goldy Gupta. The Delhi based company undertakes civil
construction activities and real estate development projects in
Delhi, Ghaziabad, Chennai, and Rajasthan.


SWARG GOLDTOUCH: CRISIL Keeps B- Debt Ratings in Not Cooperating
----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Swarg
Goldtouch Limited (SGTL) continue to be 'CRISIL B-/Stable Issuer
Not Cooperating'.

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

   Proposed Long Term     1          CRISIL B-/Stable (Issuer Not
   Bank Loan Facility                Cooperating)

Crisil Ratings has been consistently following up with SGTL for
obtaining information through letter and email dated February 7,
2025 among others, apart from telephonic communication. However,
the issuer has remained non cooperative.

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

Detailed Rationale

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

Set up as a proprietorship firm in 2004, SGTL was reconstituted as
a limited company in 2008. SGTL trades in imitation jewellery. The
company has 18 retail shops in Mumbai, Thane, Pune, and Nashik (all
in Maharashtra).


SWARN CARS: CRISIL Keeps B+ Debt Rating in Not Cooperating
----------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Swarn Cars
Private Limited (Swarn) continues to be 'CRISIL B+/Stable Issuer
Not Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit            1          CRISIL B+/Stable (Issuer Not
                                     Cooperating)

Crisil Ratings has been consistently following up with Swarn for
obtaining information through letter and email dated February 7,
2025 among others, apart from telephonic communication. However,
the issuer has remained non cooperative.

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

Detailed Rationale

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

Incorporated in 2005 and promoted by Mr Manmohan Singh, Mr Ravinder
Singh, and Mr Satwant Singh, Swarn is a dealer of Ford India Pvt
Ltd's passenger cars. The company has one showroom and two
workshops in Kanpur (Uttar Pradesh).


TERAI ISPAT: CRISIL Moves B- Debt Rating to Not Cooperating
-----------------------------------------------------------
Crisil Ratings has migrated the rating on bank facilities of Terai
Ispat & Trading Private Limited (TITPL) to 'Crisil B-/Stable Issuer
not cooperating'.

                      Amount
   Facilities      (INR Crore)     Ratings
   ----------      -----------     -------
   Cash Credit           30        Crisil B-/Stable (ISSUER NOT
                                   COOPERATING; Rating Migrated)

Crisil Ratings has been consistently following up with TITPL for
obtaining information through letter and email dated March 11, 2025
among others, apart from telephonic communication. However, the
issuer has remained non cooperative.

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

Detailed Rationale

Despite repeated attempts to engage with the management, Crisil
Ratings failed to receive any information on either the financial
performance or strategic intent of TITPL, which restricts Crisil
Ratings' ability to take a forward looking view on the entity's
credit quality. Crisil Ratings believes that rating action on TITPL
is consistent with 'Assessing Information Adequacy Risk'.
Therefore, on account of inadequate information and lack of
management cooperation, Crisil Ratings has migrated the rating on
bank facilities of TITPL to 'Crisil B-/Stable Issuer not
cooperating'.

Incorporated in 1991 and promoted by Mr Ajit Agarwala, TITPL trades
in sugar. The company is a part of the Terai group that primarily
operates tea plantations. The company's registered office is in
Kolkata and shareholders also include companies owned by Mr.
Mahendra Sharma, a business associate of the Agarwala family.


VENKATA LAKSHMI: CRISIL Keeps B Debt Ratings in Not Cooperating
---------------------------------------------------------------
Crisil Ratings said the ratings on bank facilities of Sri Venkata
Lakshmi Aqua Traders (SVLAT) continue to be 'Crisil B/Stable Issuer
not cooperating'.

                         Amount
   Facilities         (INR Crore)     Ratings
   ----------         -----------     -------
   Cash Credit             4.6        Crisil B/Stable (Issuer Not
                                      Cooperating)

   Overdraft Facility      1          Crisil B/Stable (Issuer Not
                                      Cooperating)

   Overdraft Facility      1.4        Crisil B/Stable (Issuer Not
                                      Cooperating)

Crisil Ratings has been consistently following up with SVLAT for
obtaining information through letter and email dated February 7,
2025 among others, apart from telephonic communication. However,
the issuer has remained non cooperative.

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

Detailed Rationale

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

SVLAT, set up in 1997, is owned and managed by Mr MVSRSV Prasad
Raju Mudunuri. The firm trades in aqua feeds, medicine, and allied
products.


[] INDIA: MahaRERA Stops Hearing Homebuyer Complaints in NCLT
-------------------------------------------------------------
The Times of India reports that a large number of home buyers face
a roadblock at the doors of MahaRERA (Maharashtra Real Estate
Regulatory Authority) when projects that they have invested in land
at the National Company Law Tribunal (NCLT) following initiation of
insolvency and bankruptcy proceedings. Legal professionals said the
regulatory body stops hearing cases and adjourns these cases, once
it is informed that the proceedings regarding the project have been
initiated at the NCLT, TOI says.

In a recent hearing of a complaint, a MahaRERA order stated that
since NCLT proceedings are pending, all the complaints at this
juncture cannot be adjudicated before the Authority. It therefore,
disposed of all complaints in the case with a direction to the
resolution professional to accept all claims of the complainants,
according to TOI.

TOI says advocate Avinash Pawar questions MahaRERA's practice of
stopping the hearing of complaints, once the proceedings are
initiated at the NCLT. "When an Insolvency Resolution Professional
(IRP) is appointed in place of a builder, IRP has responsibility of
a builder. If I am a home buyer and I am asking for the house I
booked, they should give me the house and not money on a pro-rata
basis. More importantly, why should MahaRERA stop hearing
complaints or giving orders and relief to home buyers. MahaRERA has
jurisdiction over real estate projects and no law stops RERA from
functioning or giving orders. But MahaRERA keeps matters in
abeyance," TOI quotes Pawar as saying.

"When a bank gives an NOC for sale of a flat, the home buyer's
right is created. A third-party right is created over the flat. The
IRP does not have any right over the home buyer's flat and has
rights only over payments pending from the home buyer," Pawar
added.

Last year, MahaRERA had cautioned homebuyers against investing in
certain projects, by releasing a list of real estate projects
registered with it, against which corporate insolvency resolution
processes, as per the Insolvency and Bankruptcy Code, are ongoing
at the National Company Law Tribunal (NCLT), TOI recalls. As of
now, according to the MahaRERA, there are 340 projects in the
state, against which proceedings have been initiated at the NCLT.

"Most of these projects on the NCLT list, will have complaints
against them pending at the MahaRERA too. Just when the home
buyers, who are cheated by builders with various promises, are on
the cusp of receiving relief from MahaRERA, the complainants get
the news that the builder is now under NCLT proceedings. After
waiting for two to three years for orders from MahaRERA, home
buyers are disappointed. The complaints are adjourned 'sine die'
and no orders are passed, till completion of the NCLT proceedings,"
said Advocate Anil D Souza.

"Home buyers are given the option of filing their claim under the
appointed IRP (insolvency resolution professional). But here too,
home buyers can expect only a haircut relief, if any, and that too
after many years, as large creditors like banks and financial
lending institutions are on top of the list, with bigger
liabilities. Home buyers in the several large projects across the
state have nowhere to go. Innocent home buyers, who have paid huge
stamp duty and registration charges to the state exchequer, are now
left with only a property on paper. It's quite a tight logjam, and
the government should involve all stakeholders and try to address
this issue," D Souza added.




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

ABM INVESTAMA: Fitch Affirms & Then Withdraws B+ Foreign Curr. IDR
------------------------------------------------------------------
Fitch Ratings has affirmed Indonesia-based PT ABM Investama Tbk's
Long-Term Foreign-Currency Issuer Default Rating (IDR) at 'B+' with
a Stable Outlook. Concurrently, Fitch has withdrawn the rating.

ABM's ratings are constrained by its high exposure to thermal coal
and smaller scale than domestic peers. Fitch forecasts leverage to
reach 2.9x in 2025 (2024E: 2.0x), due to a fall in EBITDA from a
weaker contract-mining segment margin and the loss of coal mining
volume. Fitch also expects capex and acquisition-related outflows
of almost USD500 million during 2024-2025, directed towards its
contract and coal mining businesses.

The Stable Outlook reflects its expectation that EBITDA net
leverage and ABM's overall financial profile will remain consistent
with its rating, although with limited rating headroom.

Fitch has chosen to withdraw ABM's ratings for commercial reasons.

Key Rating Drivers

Weaker EBITDA, Higher Leverage: Fitch forecasts EBITDA net leverage
to worsen by 1.4x over 2024-2025, to 2.9x, driven by lower EBITDA.
Fitch estimates average 2024-2025 EBITDA to decline by around 40%
relative to 2023. Fitch believes the contract mining segment will
be impacted by a weaker margin, while coal mining EBITDA will fall
due to the deconsolidation of a subsidiary and the end of mine life
at another asset. Fitch also expects lower dividends from PT Golden
Energy Mines Tbk (GEMS, BB-/Stable), in which ABM has a 30% stake,
in 2025.

Fitch forecasts a fall in the contract mining segment's unit EBITDA
margin to USD0.7 per billion cubic metre (bcm) during 2024-2025,
after rising steadily during 2021-2023 to USD0.8/bcm. ABM's
overburden (OB) volume should rise by 5%, after remaining flat in
2024 and doubling over 2021-2023. Fitch thinks ABM has the ability
to manage costs and negotiate with customers to support its margin
amid weaker coal prices.

Risk of Covenant Breach: Its forecast, which assumes sharply lower
dividends from GEMS, implies that leverage will be close to ABM's
bank loan covenant of debt/EBITDA of 3.0x in 2025. Fitch also
forecasts leverage to be higher than the covenant threshold for
2026. However, Fitch believes ABM will be able to obtain covenant
waivers or refinance ahead of a potential covenant breach. The
company expects to comply with the covenant.

Coal Mine Acquisition Underway: ABM is looking for further assets
to boost its coal mining volume, after acquiring a small coal mine
in Aceh, the westernmost province of Indonesia, for USD14 million
in 2024 and signing a conditional agreement to acquire another mine
in Kalimantan, the Indonesian portion of Borneo, for USD57 million.
Fitch assumes acquisition outflow of USD120 million in 2025-2026,
against incremental EBITDA from acquisitions of USD40 million by
2026. This is sharply lower than ABM's mining EBITDA over
2021-2023, but in line with its view that coal prices will drop.

Coal Concentration: ABM's IDR is constrained by its large exposure
to thermal coal, which faces weak demand growth prospects. Over 75%
of ABM's 9M24 revenue was from coal-related contracting and mining
businesses and Fitch expects the share to remain flat in the next
three years.

Small Scale: The IDR is also constrained by ABM's small scale. It
is Indonesia's fourth-largest coal mining contractor by OB volume
and its larger peers benefit from better customer credit profiles
and diversification. Nonetheless, ABM's business is underpinned by
a lengthy operating record and robust customer relationships, which
allow it to mitigate the impact of volatile coal prices by managing
volume and costs.

Rated on Standalone Basis: Fitch rates ABM on a standalone basis
under its Parent and Subsidiary Linkage Rating Criteria. ABM's 54%
parent, PT Tiara Marga Trakindo (TMT), is a private company for
which Fitch does not have financial information. It owns diverse
businesses, including PT Trakindo Utama (Trakindo), a leading
mining equipment distributor in Indonesia. Trakindo is ABM's
primary mining equipment provider, and ABM benefits from its better
credit terms and robust technical support.

Fitch believes TMT's access to ABM's cash is limited to its
shareholder return policy, as 21% of ABM's shares are held by
public shareholders. Material related-party transactions with the
parent require approval from independent shareholders and must be
reported to Indonesia's Financial Services Authority. Fitch assumes
that ABM will pay an average annual dividend of around USD55
million over 2024-2026 (2023: USD75 million), higher than its
guidance of paying around USD50 million annually.

Peer Analysis

ABM's closest peer is PT Bukit Makmur Mandiri Utama (BUMA,
BB-/Stable), Indonesia's second-largest mining contractor. BUMA has
a stronger business profile than ABM. It is well ahead of ABM in
terms of OB volume, which boosts its ability to sustain operations
through market downturns, and its customers in Indonesia include
leading coal miners, such as Berau Coal, PT Adaro Indonesia and PT
Bayan Resources Tbk. BUMA also has lower exposure to Indonesia and
thermal coal than ABM, with operations in Australia and the US in
metallurgical coal and ultra-high-grade anthracite coal. BUMA
derived almost 20% of revenue from non-thermal coal mining in 2023
with plans to increase the ratio to above 50% by 2028.

ABM's rating can also be compared with that of Emeco Holdings
Limited (BB-/Stable). Emeco is one of Australia's leading
earthmoving equipment rental companies, with operations in all the
country's key mining regions. Its customers include mining
companies and contractors across gold, coal, copper, bauxite and
iron ore. These business profile strengths are offset by the
company's focus on equipment hire and related services, which make
it more vulnerable than higher-rated peers that provide integrated
or full-service offerings. However, Emeco has a better financial
profile than ABM, based on leverage and coverage metrics, which
underpins its higher rating.

Key Assumptions

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

- OB removal volume of 295 million bcm in 2025 (2024E: 280 million
bcm, 2023: 277 million bcm)

- EBITDA margin for contract mining business declining to
USD0.6/bcm by 2026 (2023: USD0.8/bcm), based on its expectation of
weaker thermal coal prices

- EBITDA from other businesses of around USD70 million by 2026
(2024E: USD35 million, 2023: USD172 million)

- Average annual dividends from associates of around USD100 million
over 2024-2026

- Total capex and acquisition-related outflow of around USD700
million during 2024-2026

- Average annual dividends of around USD55 million over 2024-2026.

RATING SENSITIVITIES

Not applicable, as the rating has been withdrawn.

Liquidity and Debt Structure

ABM reported debt of around USD940 million against cash of around
USD140 million as of end-3Q24. The debt included USD180 million in
short-term bank loans, mostly for working capital, and USD160
million of US-dollar notes due 2026. ABM secured a USD395 million
facility from PT Bank Mandiri (Persero) Tbk (BBB/Stable) in 4Q24,
which allowed it to redeem the notes and refinance some long-term
loans at a lower interest cost. Fitch estimates that ABM has
roughly USD140 million of long-term loans due each year in 2025 and
2026.

Fitch forecasts ABM to have negative free cash flow, after
accounting for acquisition payments, in 2025 and 2026. However,
Fitch thinks the group will be able to manage its liquidity and
repayment obligations. ABM has robust relationships with multiple
domestic banks, which are likely to provide financing. Its
short-term debt for working capital is likely to be rolled over and
it has the option to cut its growth-related spending and dividends
to boost liquidity, if needed.

Issuer Profile

ABM is an Indonesian company with business interests in contracting
for thermal coal miners, coal mining, logistics, engineering and
fuel services.

REFERENCES FOR SUBSTANTIALLY MATERIAL SOURCE CITED AS KEY DRIVER OF
RATING

ABM's 54% parent, PT Tiara Marga Trakindo (TMT), is a private
company for which Fitch does not have financial information. It
owns diverse businesses, including PT Trakindo Utama (Trakindo), a
leading mining equipment distributor in Indonesia. Trakindo is
ABM's primary mining equipment provider, which allows ABM to
benefit from better credit terms and robust technical support from
Trakindo. TMT is owned ultimately by the Hamami family.

Fitch rates ABM on a standalone basis based on Fitch's Parent and
Subsidiary Linkage Criteria. Fitch believes TMT's access to ABM's
cash is limited to its shareholder return policy, as 21% of ABM
shares are held by public shareholders. Material related-party
transactions with the parent require approval from independent
shareholders and must be reported to Indonesia's Financial Services
Authority.

Fitch assumes that ABM will pay an average annual dividend of
around USD55 million over 2024-2026, higher than its guidance of
paying around USD50 million annually.

These factors limit additional risk to ABM's credit profile, beyond
what is incorporated in its rating assessment.

MACROECONOMIC ASSUMPTIONS AND SECTOR FORECASTS

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

ESG Considerations

ABM has an ESG Relevance Score of '4' for GHG Emissions & Air
Quality, due to its revenue dependence on thermal coal. Thermal
coal has weak demand growth prospects due to its heavy carbon
footprint, which increases uncertainty regarding ABM's long-term
business strategy and diminishes the company's access to
international funding. This has a negative impact on the credit
profile and is relevant to the rating in conjunction with other
factors.

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

   Entity/Debt                Rating           Prior
   -----------                ------           -----
PT ABM Investama Tbk    LT IDR B+  Affirmed    B+

                        LT IDR WD  Withdrawn


INDIKA ENERGY: Moody's Alters Outlook on 'Ba3' CFR to Negative
--------------------------------------------------------------
Moody's Ratings has affirmed Indika Energy Tbk (P.T.)'s Ba3
corporate family rating and the Ba3 rating on its senior secured
notes due 2029.

The outlook has been revised to negative from stable.

"The change in outlook to negative is based on Moody's expectations
that Indika's credit metrics will deteriorate over the next 12
months due to debt-funded capital spending and weaker earnings amid
lower coal prices," says Maisam Hasnain, a Moody's Ratings Vice
President and Senior Credit Officer.

RATINGS RATIONALE

Moody's expects Indika's consolidated debt to rise to around $1.2
billion in 2025 from $1 billion in 2024, mainly due to capital
spending at the Awak Mas gold mine project, which faced higher
costs and weather delays over the past year.

Indika plans to start gold operations during the second half of
2026. Earlier this year, the company signed an AUD463 million
long-term contract with mining service contractor Macmahon Holdings
Limited to operate the mine. Indika expects Awak Mas to produce
100,000 – 140,000 ounces of gold annually, with a 15-year mine
life.

Nonetheless, significant earnings from gold mining are unlikely
before 2027. Until then, Indika's credit quality will remain
anchored by its 91%-owned subsidiary, Kideco Jaya Agung (P.T.),
whose earnings will decline this year amid lower coal prices.

Furthermore, Moody's do not expect operating costs and mine
stripping ratios at Kideco to decline significantly during
2025-2026 as the company continues to mine and explore additional
higher calorific value coal reserves at its existing concessions.
Moody's had previously anticipated significant cost reductions at
Kideco including a reduction in mine stripping ratios during this
period.

Due to higher debt and lower earnings, Moody's expects Indika's
leverage, as measured by Moody's adjusted debt/EBITDA, to increase
to 4.7x in December 2025 from an estimated 3.8x in December 2024.
Earnings will improve slightly in 2026 due to modest earnings
growth from non-coal business, but leverage will likely stay above
4.0x, breaching Indika's downgrade trigger.

Moody's projections exclude potential benefits from possible
changes in Indonesia's mining regulation that might lower royalty
rates for Izin Usaha Pertambangan Khusus (IUPK) license holders
like Kideco. The final form and timing of these regulations are
still uncertain.

Indika will maintain good liquidity over the next 12-18 months,
with its cash balance and projected operating cash flow sufficient
to meet its planned cash needs during this period. Following the
early repayment of its 2025 notes during the fourth quarter of
2024, Indika does not have a large debt maturity wall until its
$455 million notes mature in 2029.

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

A ratings upgrade is unlikely given the negative outlook. However,
Moody's could revise the outlook to stable if the company improves
its credit metrics through earnings growth and debt reduction,
while maintaining good liquidity.

Specific indicators Moody's would consider to stabilize the outlook
include adjusted debt/EBITDA below 4.0x and adjusted EBIT/interest
above 2.0x on a sustained basis.

On the other hand, Moody's could downgrade the ratings if (1)
Indika's credit metrics weaken further; (2) its internal cash
sources are insufficient to meet its cash needs over the subsequent
12-18 months; or (3) the company engages in aggressive investments
or shareholder distributions.

Specific indicators Moody's would consider for a downgrade include
adjusted debt/EBITDA above 4.0x or adjusted EBIT/interest below
2.0x on a sustained basis.

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

Indika Energy Tbk (P.T.) is an Indonesian firm with investments
primarily within the energy value chain. Its principal investment
is a 91% stake in Kideco Jaya Agung (P.T.), one of Indonesia's
largest coal producers. Indika is listed on the Indonesian Stock
Exchange with a market capitalization of around IDR7.2 trillion
($0.4 billion) as of March 14, 2025.




===============
M O N G O L I A
===============

MONGOLIAN MINING: Fitch Assigns 'B+' Rating on Proposed USD Notes
-----------------------------------------------------------------
Fitch Ratings has assigned coal producer Mongolian Mining
Corporation's (MMC) proposed US dollar notes a 'B+' rating with a
Recovery Rating of 'RR4'. The proposed notes will be issued by MMC
and its wholly owned subsidiary, Energy Resources LLC, and
guaranteed by most of its operating subsidiaries. The notes will
constitute senior unsecured obligations of MMC as they represent
its unsecured and unsubordinated obligations.

Net proceeds from this issuance will be used to refinance its
outstanding notes due September 2026 and for general corporate
purposes.

MMC's IDR is constrained by its concentration of end customers,
small scale and the high country-risk for the mining operations in
Mongolia.

Key Rating Drivers

Limited by Scale and Concentration: MMC's small scale, and product
and geographical concentration constrain its business profile.
MMC's EBITDA is small compared with Fitch-rated coal miners
globally. Fitch expects annual EBITDA to be above USD400 million in
2025-2027 due to stable volumes and a lower coking coal selling
price. Washed coking coal products contributed to 97% of total
revenue in 2024, in line with historical levels.

Fitch believes that MMC's main end-customer base is in northern
China, even though the share of the top 10 customers decreased
substantially in recent years. MMC's heavy reliance on Chinese
customers makes it vulnerable to economic conditions and regulatory
changes in China. Although MMC's mine gate cash cost is in the
first quartile of the global coking-coal cost curve, its cost
advantage is limited to northern China. Fitch believes additional
transportation costs beyond the region will put MMC in the higher
quartiles of the global coking-coal cost curve.

Country Risk Remains High: MMC's mining assets are all in Mongolia
and subject to local regulations. Fitch believes the volatile
mining regulations have a meaningful impact on MMC's financials.
This was the case during the Covid-19 pandemic when the effective
rate for the royalty reference price was raised to over 20%, from
5%-8%, increasing financial pressure on MMC. The reference price
has fallen and stabilised after the pandemic and the mining product
exchange has established a more transparent reference price from
October 2023, but the record of stable regulation is short.

Robust Operations: Border throughput after the pandemic averaged
about 900 trucks a day in 2023 and around 970 trucks a day in 2024,
above the 600-700 before Covid-19. A new mining commodity trading
platform also expanded its customer reach and accounted for 50% of
2024 revenue. As a result, MMC's run-of-mine coal output rose to
16.3 million tonnes (mt) in 2024 from 10mt in 2019. Washed coking
coal product sales rose to 7.8mt in 2024 from the historical
average of 4.5mt-5mt. The average selling price (ASP) per tonne of
washed hard coking coal stayed strong at USD168 in 2024, against
USD160 in 2023.

Strong Financial Profile: Fitch expects the EBITDA margin to trend
down in 2025-2027 as coking coal prices fall but will remain above
40%, supported by steady volume and a low-cost position. Fitch
forecasts EBITDA net leverage to remain below 0.4x in 2025-2027.

Acquisitions Drive Diversification and Growth: MMC started
diversifying into other metals through its recent acquisitions of
50% of gold and precious metal exploration company Erdene Mongol
LLC and 50.5% of copper and other non-ferrous metals exploration
company Universal Copper LLC.

However, the coal segment will remain its dominant revenue
contributor in the short to medium term. Fitch does not expect
aggressive M&A in 2025-2027, as management has indicated a cautious
approach to acquisitions. Still, Fitch will evaluate any
debt-funded investment larger than Fitch expects as an event-driven
risk and assess the effects on MMC's financial flexibility and
credit profile.

Peer Analysis

MMC is a single-product coal miner, similar to Indonesia-based
miner peers PT Indika Energy Tbk (BB-/Stable) and PT Golden Energy
Mines Tbk (GEMS, BB-/Stable). Its operational profile in terms of
mine life is over 20 years, against GEMS's around 17 years and
Indika's around 16 years. Still, MMC's concentrated customer base
and Mongolia's volatile mining regulations compare unfavourably
with that of rated peers.

Compared to Indika, MMC is slightly larger in terms of EBITDA due
to a high EBITDA margin of above 40%, against Indika's margin in
the low teens. MMC's EBITDA net leverage was lower than Indika's in
2023. Compared with GEMS, MMC is smaller in terms of EBITDA, but
MMC's EBITDA margin is higher than GEMS' 25%. GEMS also has better
leverage, with a net cash position at end-September 2024.

Key Assumptions

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

- Total annual coal sales volume on average slightly below 8mt in
2025-2027;

- Mid-single-digit coal revenue to decline annually in 2025-2026 as
coking coal prices trend down;

- EBITDA margin to remain above 40% in 2025-2027, supported by
steady volume and normalised costs;

- Capex to average over 15% of revenue a year during 2025-2027.

- No dividend payments in 2025-2027 based on current expectations.

RATING SENSITIVITIES

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

- EBITDA net leverage above 3.0x for a sustained period;

- Adverse changes in mining regulations that affect the operating
environment in Mongolia.

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

- Positive rating action is not envisaged in light of MMC's limited
scale and diversification.

Liquidity and Debt Structure

Reported cash and cash equivalents was USD140.5 million at
end-December 2024, with no short-term maturities within the next 12
months. MMC's USD220 million of bonds issued with Energy Resources
LLC mature in 2026, but the company plans to refinance the bonds
with the proposed bond issue. MMC also has USD60 million of unused
committed bank facilities available as of December 2024.

Issuer Profile

MMC is the largest producer and exporter of high-quality hard
coking coal in Mongolia. It owns and operates the Ukhaa Khudag and
Baruun Naran open-pit coking coal mines in South Gobi province. MMC
processed 15.4mt of run-of-mine coking coal in 2024, which yielded
around 8.4mt of washed coking coal as a primary product.

Date of Relevant Committee

08 November 2024

MACROECONOMIC ASSUMPTIONS AND SECTOR FORECASTS

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

ESG Considerations

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

   Entity/Debt             Rating          Recovery   
   -----------             ------          --------   
Mongolian Mining
Corporation

   senior unsecured     LT B+  New Rating    RR4

Energy Resources LLC

   senior unsecured     LT B+  New Rating    RR4




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

DREAMM WINDOWS: Creditors' Proofs of Debt Due on May 20
-------------------------------------------------------
Creditors of Dreamm Windows & Doors Limited are required to file
their proofs of debt by May 20, 2025, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on March 18, 2025.

The company's liquidator is:

          Heath Gair
          Palliser Insolvency
          PO Box 57124
          Mana, Porirua 5247


LONGEVITY CONSTRUCTION: Liquidation Case Put Off Until May
----------------------------------------------------------
BusinessDesk reports that a bid to liquidate the construction
company of a troubled Auckland developer has been put off until May
as the firm claims it can come up with a compromise to pay its
debts.

BusinessDesk relates that there was no dispute Longevity
Construction owed firewall manufacturer Korok Building Systems
NZD50,000, "we just need more time", the company's lawyer, Daniel
Grove, told the High Court at Auckland on March 21, BusinessDesk
relays.

Building supplies merchant Mitre 10 is also owed NZD153,000 and
supports Korok's application to liquidate Longevity, BusinessDesk
notes.

Longevity Construction commenced wind-up proceedings on Dec. 16,
2024.


M A BRUCE: Court to Hear Wind-Up Petition on March 31
-----------------------------------------------------
A petition to wind up the operations of M A Bruce Limited will be
heard before the High Court at Timaru on March 31, 2025, at 10:00
a.m.

The Commissioner of Inland Revenue filed the petition against the
company on Jan. 31, 2025.

The Petitioner's solicitor is:

          Arna McAvoy
          Inland Revenue, Legal Services
          PO Box 1782
          Christchurch 8140
          Email: arna.mcavoy@ird.govt.nz


PARTY KINGDOM: Creditors' Proofs of Debt Due on April 29
--------------------------------------------------------
Creditors of Party Kingdom 2022 Limited and Sarkar 2020 Limited
(trading as Rise & Shine Childcare Auckland) are required to file
their proofs of debt by April 29, 2025, to be included in the
company's dividend distribution.

Party Kingdom commenced wind-up proceedings on March 17, 2025.

Sarkar 2020 commenced wind-up proceedings on March 21, 2025.

The company's liquidators are:

          Iain Bruce Shephard
          Jessica Jane Kellow
          BDO Wellington, Business Restructuring
          Level 1, 50 Customhouse Quay
          Wellington 6011


TRADE ME: S&P Affirms 'B-' ICR & Alters Outlook to Positive
-----------------------------------------------------------
S&P Global Ratings revised the rating outlook on New Zealand-based
online classifieds company Titan Parent New Zealand Ltd. (Trade Me)
to positive from stable. S&P also affirmed its 'B-' long-term
issuer credit rating on the company and its recovery rating of '3'
on the existing first-lien term loans (equivalent to about NZ$1.06
billion).

The positive outlook reflects S&P's expectation that it may raise
the rating to 'B' within the next six to 12 months if Trade Me
maintains a ratio of S&P Global Ratings-adjusted debt to EBITDA
below 7.5x and a funds from operations (FFO) cash interest coverage
ratio above 1.5x. This should be underpinned by a meaningful
economic recovery in New Zealand, supporting continued earnings
growth, and positive FOCF.

Trade Me has demonstrated earnings resilience over a period of
economic uncertainty, in S&P's view. In recent years, elevated
interest rates and cost-of-living pressures have dampened consumer
spending and exacerbated labor market conditions in New Zealand.
This has most notably weighed on volumes across Trade Me's online
marketplace and jobs segments.

S&P said, "The company's motors and property segments have helped
offset declines in other segments. Over the next 12 months, we
expect that the motors segment will continue to benefit from solid
dealer revenues as consumer confidence and spending improves. We
also anticipate that property listing volumes will continue to
recover, supported by the growing effects of lower interest rates
in New Zealand.

"In our view, Trade Me's leading market positions in its online
classifieds and online marketplace have helped achieve yield growth
despite softer economic conditions. New package offerings for Trade
Me's online classifieds, coupled with a large user base, have
supported the company's ability to improve monetization rates,
while maintaining low customer churn.

"Earnings growth, underpinned by Trade Me's motors and property
segments, has helped the company deleverage. We forecast Trade Me's
debt to EBITDA ratio to remain about flat at 6.8x in fiscal 2025
(ending June 30), before easing to 6.4x in fiscal 2026.
Nevertheless, we still consider Trade Me to be constrained by its
highly leveraged balance sheet."

Lower interest rates and improving market conditions should deliver
higher volumes for Trade Me. In recent years, volumes have been
softer than normalized pre-pandemic levels, reflecting weakness in
New Zealand's broader economy.

The RBNZ has lowered New Zealand's official cash rate to 3.75%
(from 5.5% in August 2024) and signaled further rate cuts. S&P
expects household consumption to modestly increase throughout 2025.
However, the timing and magnitude of New Zealand's economic
recovery remains uncertain, given the nonlinear transmission of
lower interest rates to consumer sentiment.

Economic recovery in 2025 could support a return to more normalized
volumes across Trade Me's online classified segments. S&P forecasts
New Zealand's GDP (real, year on year) will grow by 2.2% and 2.4%
in 2025 and 2026, respectively, up from about 0.8% in 2024. Volume
and yield improvements should drive earnings growth. That said, a
slower-than-expected economic recovery could scupper Trade Me's
prospects for continued deleveraging and earnings growth.

Trade Me's FOCF should improve over the forecast period, helping to
sustain deleveraging. Further rate cuts by the RBNZ would reduce
Trade Me's cash interest expenses and improve its cash flow
generation. Over the past two fiscal years, the company's FOCF has
been constrained by materially higher interest costs, partially
offset by 70% of variable interest rate exposure being hedged. That
said, Trade Me has maintained positive FOCF throughout this time,
supported by the capital light nature of the business.

In August 2024, Trade Me refinanced its existing NZ$465 million
second-lien term loan, extending the maturity to October 2031 and
reducing the facility margin by 50 basis points (bps). S&P
forecasts Trade Me's FOCF will improve to about NZ$67 million in
fiscal 2025, up from NZ$54 million in fiscal 2024. This should help
the company continue to deleverage and improve its interest
coverage profile.

The positive rating outlook reflects Trade Me's sustained earnings
growth and positive FOCF generation over a period of economic
uncertainty. As consumer sentiment and spending improve from a
meaningful economic recovery, we expect the company to maintain its
leading market positions across its online classifieds and online
marketplace and to demonstrate continued earnings growth. We may
raise the rating within the next six to 12 months if Trade Me
maintains its ratio of S&P Global Ratings-adjusted debt to EBITDA
below 7.5x and its FFO cash interest coverage ratio above 1.5x.

S&P could revise the outlook to stable if the economic recovery in
New Zealand is lackluster, such that consumer confidence and
spending remain subdued. This could result in Trade Me's ratio of
S&P Global Ratings-adjusted debt to EBITDA increasing toward 7.5x
or FFO cash interest coverage remaining below 1.5x. A protracted
economic recovery would likely drag on Trade Me's volume and yield
growth across its various company segments, which could moderate
earnings and margins.

S&P could raise the rating within the next six to 12 months if
Trade Me can successfully navigate the currently challenging
economic conditions and maintain:

-- An S&P Global Ratings-adjusted debt to EBITDA ratio comfortably
below 7.5x; and

-- S&P Global Ratings-adjusted FFO cash interest coverage above
1.5x.

Upward rating momentum would also depend on Trade Me maintaining
its leading market positions in its online classifieds and online
marketplace in New Zealand.


TREE CO: Court to Hear Wind-Up Petition on March 31
---------------------------------------------------
A petition to wind up the operations of Tree Co. Contracting
Limited will be heard before the High Court at Whangarei on March
31, 2025, at 10:00 a.m.

The Commissioner of Inland Revenue filed the petition against the
company on Nov. 27, 2024.

The Petitioner's solicitor is:

          Cloete van der Merwe
          Inland Revenue, Legal Services
          5 Osterley Way
          Manukau City
          Auckland 2104


WENMOTH TRUSTEES: Court to Hear Wind-Up Petition on March 28
------------------------------------------------------------
A petition to wind up the operations of Wenmoth Trustees Limited
will be heard before the High Court at New Plymouth/Ngāmotu on
March 28, 2025, at 2:15 p.m.

Bizcap NZ Limited filed the petition against the company on Feb.
10, 2025.

The Petitioner's solicitor is:

          Mike King
          Lane Neave Lawyers
          Level 5, 141 Cambridge Terrace
          Christchurch 8013




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

DAILY PRICE: Court Enters Wind-Up Order
---------------------------------------
The High Court of Singapore entered an order on March 14, 2025, to
wind up the operations of Daily Price Fair Pte. Ltd.

United Overseas Bank Limited filed the petition against the company
on Feb. 17, 2025.

The company's liquidator is:

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


DIAMOND AND SPADE: Court to Hear Wind-Up Petition on April 4
------------------------------------------------------------
A petition to wind up the operations of Diamond and Spade Pte. Ltd.
will be heard before the High Court of Singapore on April 4, 2025,
at 10:00 a.m.

Maybank Singapore Limited filed the petition against the company on
March 11, 2025.

The Petitioner's solicitors are:

          Adsan Law LLC
          300 Beach Road
          #26-00 The Concourse
          Singapore 199555


JUBILEE FOODSTUFF: Court Enters Wind-Up Order
---------------------------------------------
The High Court of Singapore entered an order on March 7, 2025, to
wind up the operations of Jubilee Foodstuff Pte. Ltd.

Maybank Singapore Limited filed the petition against the company on
Jan. 6, 2025.

The company's liquidator is:

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


RUMA SINGAPORE: Court Enters Wind-Up Order
------------------------------------------
The High Court of Singapore entered an order on March 7, 2025, to
wind up the operations of Ruma Singapore Pte. Ltd. (formerly known
as Studio Fleurette Pte. Ltd.)

United Overseas Bank Limited filed the petition against the company
on Feb. 10, 2025.

The company's liquidator is:

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


X PROPERTIES: Court Enters Wind-Up Order
----------------------------------------
The High Court of Singapore entered an order on March 14, 2025, to
wind up the operations of X Properties Inc Pte. Ltd.

HPC Builders Pte. Ltd. filed the petition against the company on
Jan. 27, 2025.

The company's liquidators are:

          Ms. Lim Soh Yen
          Ms. Tan Suah Pin
          Acutus Advisory
          133 New Bridge Road, #24-01/02
          Singapore 059413




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

HOMEPLUS: FSS Chief Urges MBK Partners to Share 'Pain' Over Case
----------------------------------------------------------------
Yonhap News Agency reports that the chief of the country's
financial watchdog called on private equity firm MBK Partners Ltd.
to be more responsible for the recent Homeplus fiasco March 26.

Since last week, the Financial Supervisory Service (FSS) has been
inspecting MBK Partners to look into whether there have been any
flaws in the process of the private equity fund-controlled
retailer's short-term debt sale and its filing for court
rehabilitation, Yonhap says.

On March 4, Homeplus entered court-led rehabilitation proceedings
after two rating appraisers lowered the rating of its corporate
bonds to A3- from A3, citing the company's lack of efforts to
improve its financial health.

The company issued asset-backed short-term bonds (ABSTBs) worth
KRW82 billion (US$56.3 million) through Shinyoung Securities on
Feb. 25, despite being notified by a credit rating agency on the
same day that its rating was likely to decline.

In a radio interview, Lee Bok-hyun, the head of the FSS, raised
questions over Homeplus's recent plan to pay off some KRW400
billion worth of ABSTBs, according to Yonhap.

"We can't believe MBK's plan, and I think they are cheating us,"
Yonhap quotes Mr. Lee as saying. The company has not provided any
details of its plan, he added.

Yonhap relates that Mr. Lee called on MBK Partners to share the
pain in handling the Homeplus case.

Earlier, MBK Partners said its chair, Kim Byung-ju, will use his
personal assets to support suppliers of the major discount store
chain affected by the court-led rehabilitation process, recalls
Yonhap.

MBK has come under criticism for placing Homeplus into
rehabilitation without making self-recovery efforts, though its
massive acquisition debt has led to the retailer's financial
difficulties, Yonhap says.

                         About Homeplus Co

Homeplus Co. operates discount store chain in South Korea. It
currently operates 126 stores nationwide.

Homeplus entered court-led rehabilitation process on March 4, 2025,
after a Seoul court approved the request by MBK Partners, the
private equity fund that owns the discount store chain.

The decision came after Korea Investors Service and Korea Ratings
Inc. downgraded the company's rating, citing the company's lack of
efforts to improve its financial health.



                           *********


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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