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

                     A S I A   P A C I F I C

          Friday, March 28, 2025, Vol. 28, No. 63

                           Headlines



A U S T R A L I A

ALLY FASHIONS: Owes as Much as AUD58 Million, Directors Reveal
HARBOUR GUIDANCE: Jeanswest Enters Voluntary Administration
INKA BUILDERS: Hall Chadwick Appointed as Administrators
JOBPOINT PTY: Second Creditors' Meeting Set for March 31
LANDSCAPERS BAG: First Creditors' Meeting Set for March 31

MANSA GROUP: Director Pleads Guilty to Criminal Charges
OLYMPUS TRUST 2025-1: S&P Assigns B(sf) Rating on Class F Notes
PHAT WINE: First Creditors' Meeting Set for April 1
ROBERTS CO: Victorian Arm Owes More Than 100 Traders Up to AUD50MM
T PTY: Second Creditors' Meeting Set for March 31



C H I N A

HOZON AUTO: Thailand Unit Vows to Clear Debt w/ Suppliers in 2 Mos.


I N D I A

A2Z INFRA: CARE Moves D Debt Ratings to Not Cooperating Category
ADITYA VIDYUT: ICRA Keeps D Debt Ratings in Not Cooperating
ARIHANT DREAM: ICRA Keeps D Debt Rating in Not Cooperating
ARISTO INDUSTRIES: ICRA Keeps D Debt Ratings in Not Cooperating
ARVIND PIPES: ICRA Keeps D Debt Ratings in Not Cooperating

B.S. AGRICULTURE: ICRA Keeps B/A4 Debt Ratings in Not Cooperating
BANGALORE METALLURGICALS: ICRA Keeps B+ Rating in Not Cooperating
BHADRESHWAR VIDYUT: ICRA Keeps D Debt Ratings in Not Cooperating
BHATI ASSOCIATES: CARE Keeps C Rating in Not Cooperating Category
CASTALL TECHNOLOGIES: ICRA Keeps D Ratings in Not Cooperating

COMMERCIAL MOTOR: CARE Lowers Rating on INR58.05cr LT Loan to B
JAIPRAKASH ASSOCIATES: Adani Group Likely to Buy JAL by Insolvency
JSV MOTORS: CARE Lowers Rating on INR139.24cr LT Loan to B
MALIK MOTORS: ICRA Keeps B Debt Ratings in Not Cooperating
NANDAGUDI OILS: CARE Keeps C Debt Rating in Not Cooperating

NAVAMI PLAZA: CARE Keeps B- Debt Rating in Not Cooperating
NEO PAPER: ICRA Keeps B- Debt Ratings in Not Cooperating Category
OPTICS & ALLIED: ICRA Keeps B+ Debt Ratings in Not Cooperating
PARAMOUNT IMPEX: CARE Keeps C Debt Rating in Not Cooperating
PASOLITE ELECTRICALS: ICRA Keeps B+ Rating in Not Cooperating

PHOOL CHAND: CARE Keeps B- Debt Rating in Not Cooperating Category
RAJAMAHAL INTERNATIONAL: CARE Keeps C Rating in Not Cooperating
RAKE POWER: CARE Keeps D Debt Ratings in Not Cooperating Category
RICHFIELD ENGINEERING: Insolvency Resolution Process Case Summary
RSAB IT INDIA: Voluntary Liquidation Process Case Summary

SAHU HYDRO: ICRA Keeps B+ Debt Ratings in Not Cooperating
SAMMAAN CAPITAL: S&P Rates Proposed USD Senior Secured Bonds 'B+'
SECUREKLOUD TECH: CARE Reaffirms D Rating on INR17.12cr Loan
SHREENIDHI METALS: CARE Keeps D Debt Rating in Not Cooperating
SKD REALTY: ICRA Keeps B+ Debt Rating in Not Cooperating Category

SKY INFRASTRUCTURES: Insolvency Resolution Process Case Summary
SUVISHRHU SPECIALITY: Insolvency Resolution Process Case Summary
THREE282 TECHNOLOGIES: Voluntary Liquidation Process Case Summary
UNITED CAPZ: CARE Cuts Rating on INR17.26cr LT Loan to D
VARUN LOGISTICS: CARE Keeps B- Debt Rating in Not Cooperating

VISHAL STRUCTURALS: Insolvency Resolution Process Case Summary
WESTSTAR CONSTRUCTIONS: Insolvency Resolution Process Case Summary


M A L A Y S I A

PHARMANIAGA BHD: Shareholders Approve Plan to Exit PN17


N E W   Z E A L A N D

ABCHAL INVESTMENTS: Court to Hear Wind-Up Petition on April 4
BOTTOMS UP: Creditors' Proofs of Debt Due on April 30
CONTROL PLUS: Waterstone Insolvency Appointed as Receivers
HUIA LIVING: Court to Hear Wind-Up Petition on May 8
K E M HOLDINGS: Creditors' Proofs of Debt Due on April 24

KD FIREWOOD: Liquidators Warn of Unpaid Creditors


S I N G A P O R E

CLOUD INVESTMENTS: Creditors' Proofs of Debt Due on April 25
CT BUSINESS: Court Enters Wind-Up Order
JMF II: Creditors' Proofs of Debt Due on April 24
MM2 ASIA: Cathay Cinema at Jem Mall Closes as Landlord Ends Lease
ROOTRUNNER PTE: Court to Hear Wind-Up Petition on April 11

YT FOOD: Court to Hear Wind-Up Petition on April 4

                           - - - - -


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

ALLY FASHIONS: Owes as Much as AUD58 Million, Directors Reveal
--------------------------------------------------------------
News.com.au reports that a major Australian retail chain that was
ordered into liquidation could have racked up a massive amount of
debt - amounting to AUD58 million - as a court case launched by the
company's owner was recently thrown out.

News.com.au broke the news of Ally Fashion's demise when it was
ordered to be wound up by the Federal Court of Australia at the end
of February due to insolvency, with liquidators moving quickly to
shut down 51 stores and axe hundreds of jobs.

On March 26, the Supreme Court of NSW rejected a proposal to take
back control of the company by Ally Fashion's sole director, while
an application for voluntary administrators to be appointed was
also refused, news.com.au relates.

The fast fashion chain had 158 stores across Australia and an
online store, as well as employing 1,669 staff before its
collapse.

The chain has stores across New South Wales, Victoria, Queensland,
South Australia and the Northern Territory.

News.com.au says the company's director revealed in the recent
court hearing that 340 workers had lost their job since the
company's demise.

Meanwhile, the liquidators revealed that "unsolicited" buyers have
been circling Ally Fashion.

For the first time, it was revealed in the NSW court that Ally
Fashion's debt could sit at a staggering AUD58 million, according
to the company's director, news.com.au relays.

"Its trade creditors were owed in excess of AUD52.5 million; its
Commonwealth and State taxes were overdue; it had overdue
liabilities in respect of superannuation guarantee charge, rent
(and) other expenses," Justice Ashley Black noted as evidence given
in an affidavit by the director.

Ally Fashion also owed suppliers, including those providing the
clothes, in excess of AUD41.9 million, according to the company's
director.

According to news.com.au, the chain's owner proposed a Deed of
Company Arrangement - or DOCA - where a portion of the debt would
be paid to take back control of the company, with the terms laid
out in court.

This included administrators nominated by the director to be
appointed and a fund established comprising a payment of
AUD500,000.

Then payments of AUD3.6 million would due in instalments of
AUD150,000 per month over 24 months, commencing four months after
the date of execution of the DOCA, the judgement said.

But it proposed the money to pay creditors would come from future
profit generated from trading the business.

"That proposal had the consequence that the bulk of the DOCA
contributions would only be received if the company had the
capacity to make those payments in a 24-month period commencing
four months after execution of the DOCA," Justice Black, as cited
by news.com.au, noted.

He said it meant creditors would only have access to the AUD500,000
for repayment of the debts and any amounts paid later, although
there was no guarantees on these sums being paid.

Jeff Marsden and Duncan Clubb from BDO Sydney were appointed as
liquidators of Ally Fashion.

News.com.au adds that Justice Black outlined concerns raised by Mr
Marsden to the court about allowing the director to take back
control of the company.

This included no evidence that Ally Fashion was capable of making
the AUD150,000 monthly contributions under the DOCA, considering
recent trading losses and the reduction of stores and employees,
which would also likely have both revenue and cost implications.

"Mr. Marsden also points to the significant delay in any payment to
priority creditors under the DOCA proposal and notes that the DOCA
proposal does not identify what security would be given by the
company to secure its obligations under that proposal," Justice
Black said.

"He also points to a risk to future contributions to the deed fund
under the DOCA proposal, where the company would be returned to
(the director's) control and the liquidators have identified
possible breaches of directors' duties in respect of (the
director's) previous management of the company."

News.com.au relates that the liquidators revealed in court that the
company may have been insolvent from late October 2024 and possibly
earlier, but investigations were ongoing.

The lawyer for the company's director had argued the DOCA should be
allowed as the business was "substantial" and had been operating
for 24 years, its closure would affect employees, landlords and
suppliers who would "suffer", that it would maximise Ally Fashion's
ability to continue and further negotiations over the terms of the
DOCA would happen.

Ally Fashion currently continues to operate under the liquidators.

News.com.au reached out to BDO Sydney but the firm declined to
comment.


HARBOUR GUIDANCE: Jeanswest Enters Voluntary Administration
-----------------------------------------------------------
The company behind iconic fashion brand Jeanswest has called time
on its bricks-and-mortar retail operations as trading conditions
for Australian retailers become increasingly tough amid reduced
discretionary spending and increased cost of living.

Harbour Guidance Pty Ltd, which rescued Jeanswest after it entered
administration in 2020, has made the decision to put the company
into voluntary administration, appointing Lindsay Bainbridge,
Andrew Yeo and David Vasudevan of Pitcher Partners Melbourne.

"While the bricks and mortar business operations are set to close
in due course, the brand and online store may be continuing and all
restructuring options remain open," Pitcher Partners said in a
statement. Jeanswest currently operates from over 90 locations in
Australia and employs over 600 team members.

Mr. Bainbridge said the company had fought for five years to revive
the 53-year-old brand but had concluded it was time to step back
from physical stores to focus on online retail.

"The owners have done everything they can to keep Jeanswest going,
but market conditions mean sustaining bricks-and-mortar stores is
not viable and unlikely to improve," he said.

"They deeply regret the impact of store closures on their team
members and their customers, and we will be working now with teams
across the country."

Mr. Bainbridge acknowledged the impact of the decision on staff.

"This is a hard day for hundreds of Jeanswest team members and we
will be working directly with the team members to provide clarity
and information about the next steps," he said.

Mr. Bainbridge said he expected all store stock to go on immediate
sale as the administrators began the process of restructuring the
business.

"We will be opening the doors of all stores and selling online to
clear all stock to secure a return to creditors," he said.

According to The Sydney Morning Herald, Jeanswest survived a
near-death experience in 2020, going into voluntary administration
in January. It subsequently closed 37 stores and made 263 staff
redundant before it was rescued by Harbour Guidance – the
Australian subsidiary of Hong Kong-based company Harbour Guide –
owned by clothing mogul Chun Fan Yeung.

Mr. Yeung's family investment vehicle, Howsea, was the former
parent company of Jeanswest, having bought the company from its
previous owner, Glorious Sun Enterprises, in 2017 in a AUD41
million deal, SMH notes.


INKA BUILDERS: Hall Chadwick Appointed as Administrators
--------------------------------------------------------
Richard Albarran, Cameron Hugh Shaw and Aaron Joseph Dominish of
Hall Chadwick on March 20, 2025, were appointed as administrators
of Inka Builders Pty Ltd.

The administrators may be reached at:

          Hall Chadwick
          Level 11
          77 St Georges Terrace
          Perth


JOBPOINT PTY: Second Creditors' Meeting Set for March 31
--------------------------------------------------------
A second meeting of creditors in the proceedings of Jobpoint Pty
Ltd has been set for March 31, 2025 at 11:00 a.m. via telephone and
Zoom and at the offices of Oracle Insolvency Services at Suite
1102, Level 11, 81 Flinders Street in Adelaide.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by March 28, 2025 at 5:00 p.m.

Yulia Petrenko and Nick Cooper of Oracle Insolvency Services were
appointed as administrators of the company on Nov. 18, 2024.


LANDSCAPERS BAG: First Creditors' Meeting Set for March 31
----------------------------------------------------------
A first meeting of the creditors in the proceedings of The
Landscapers Bag Pty Ltd will be held on March 31, 2025 at 11:00
a.m. via Zoom virtual meeting technology.

Aaron Dominish, Cameron Shaw & Richard Albarran of Hall Chadwick
were appointed as administrators of the company on March 19, 2025.


MANSA GROUP: Director Pleads Guilty to Criminal Charges
-------------------------------------------------------
Mr. Krishnakumar Sitaram Agrawal, the current and former director
of 27 companies which are collectively known as the Mansa Group,
has pleaded guilty in the Sydney Downing Centre Local Court to
criminal charges following an ASIC investigation.

Mr. Agrawal pleaded guilty to one count of using false documents to
obtain a financial advantage contrary to the Crimes Act NSW and one
count (and admitted guilt to a further count) of using his position
as director dishonestly to gain advantage and cause detriment
contrary to the Corporations Act.

The charges relate to Mr. Agrawal removing directors and
shareholders of corporations within the Mansa Groups, which he
controlled, without their knowledge, applying for and obtaining
loans from third-party lenders on that basis and/or with the use of
false documents and using the loans for the benefit of other
corporations which he controlled.

This criminal action follows previous action by ASIC to secure
travel restraints against Mr. Agrawal and his wife following the
collapse of the Mansa Group.

Mr. Agrawal appeared in the Sydney Downing Centre Local Court in
relation to the offences, committed between April 24, 2017 and
March 24, 2023. Mr. Agrawal entered guilty pleas at his first
appearance on March 18, 2025. His admission of guilt on the second
charge of using his position as director dishonestly to gain
advantage and cause detriment will be taken into account on
sentencing.

Under s 254 of the Crimes Act, the offence of using false documents
to obtain a financial advantage has a maximum penalty of 10 years'
imprisonment. Under s 184(2) of the Corporations Act, the offence
of sentence involving use of a position dishonestly to obtain
advantage or cause detriment has a maximum penalty of 15 years'
imprisonment.

The matter was committed to the Sydney District Court for Mr.
Agrawal to be sentenced at a later date and will next be heard at
Sydney Downing Centre District Court on April 11, 2025.

The matter is being prosecuted by the Commonwealth Director of
Public Prosecutions.

The companies in the Mansa Group are currently in either voluntary
administration or liquidation.

The Mansa Group companies were used for the funding, acquisition
and development of property in Sydney's west.

Liquidators, Michael Billingsley and Mohammad Mansoor of Olvera
Advisors, are appointed to Mansa Sons Pty Ltd, Dawn Enterprise Pty
Ltd, Tvesa Investments Pty Ltd, Siddhi Services Pty Ltd, and
Patidar Group Pty Ltd.

Liquidators, Shumit Banerjee and Rajiv Ghedia of Westburn Advisory,
are appointed to Pramukham Enterprises Pty Ltd, SK Homes Aus Pty
Ltd, SKTM Capital Pty Ltd, SKTM Capital Pty Ltd, TKA Investments
Pty Ltd, and SK Capital Pty Ltd.

Liquidators, Martin Walsh of Walsh & Associates, are appointed to
SK Homes Pty Ltd.

Liquidators, Simon Cathro and Declan Lane of Cathro & Partners, are
appointed to Samarpan Investments Pty Ltd, Sahyog Developers Pty
Ltd, and United Capital Australia Pty Ltd.


OLYMPUS TRUST 2025-1: S&P Assigns B(sf) Rating on Class F Notes
---------------------------------------------------------------
S&P Global Ratings assigned its ratings to eight classes of prime
residential mortgage-backed securities (RMBS) issued by Perpetual
Corporate Trust Ltd. as trustee of Olympus 2025-1 Trust.

Olympus 2025-1 Trust is a securitization of prime residential
mortgages originated by Athena Mortgage Pty Ltd. This is the fourth
standalone RMBS transaction rated by S&P Global Ratings consisting
entirely of loans originated by Athena.

The ratings S&P has assigned to the 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. Note subordination and excess spread
provide credit support. S&P said, "Our assessment of credit risk
considers Athena's underwriting standards and approval process. Our
assessment also takes into account Athena's servicing and
underwriting standards."

The rated notes can meet timely payment of interest and ultimate
payment of principal under the rating stresses. Key rating factors
are the level of subordination provided, the provision of a
liquidity facility, the principal draw function, and the provision
of an extraordinary expense reserve. Our analysis is on the basis
that the rated notes are fully redeemed via the principal waterfall
mechanism under the transaction documents by their legal final
maturity date, and S&P assumes the notes are not called at or
beyond the call-option date.

S&P said, "Our ratings also consider the counterparty exposure to
National Australia Bank Ltd. as bank account provider and liquidity
facility provider. The transaction documents for the facilities
include downgrade language consistent with S&P Global Ratings'
counterparty criteria.

"We have also 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

  Olympus 2025-1 Trust

  Class A1S, A$317.50 million: AAA (sf)
  Class A1L, A$807.50 million: AAA (sf)
  Class A2, A$72.50 million: AAA (sf)
  Class B, A$21.25 million: AA (sf)
  Class C, A$12.50 million: A (sf)
  Class D, A$6.25 million: BBB (sf)
  Class E, A$6.25 million: BB (sf)
  Class F, A$1.875 million: B (sf)
  Class G1, A$2.50 million: Not rated
  Class G2, A$1.875 million: Not rated


PHAT WINE: First Creditors' Meeting Set for April 1
---------------------------------------------------
A first meeting of the creditors in the proceedings of Phat Wine
Co. Pty Ltd will be held on April 1, 2025 at 10:30 a.m. via Zoom
videoconferencing at the offices of Jirsch Sutherland at Level 1,
14, Watt Street in Newcastle.

Stewart Free and Bradd William Morelli of Jirsch Sutherland were
appointed as administrators of the company on March 21, 2025.


ROBERTS CO: Victorian Arm Owes More Than 100 Traders Up to AUD50MM
------------------------------------------------------------------
The Australian Financial Review reports that Roberts Co's Victorian
arm went into administration owing more than 100 trade creditors up
to AUD50 million in debts - mostly current progress claims -
creditors heard in their first meeting with administrators on March
26.

Total liabilities went up to about AUD186 million if obligations to
all bond holders and contingent claims for liquidated damages due
to delays were included, but such a scenario was less likely,
sources present at the meeting told The Australian Financial
Review.

How long it would take to restart work on the contractors' three
main Melbourne projects – and how they would be completed –
remained unanswered, however, administrator Jason Ireland told the
Financial Review after the meeting chaired by his colleague Matthew
Caddy.

The quickest option would be for the administrator to step in as
project manager, overseeing progress and payments from developers
to subcontractors already engaged on the jobs, but it was unclear
what the clients would choose, Mr. Ireland said, the Financial
Review relays.

"We've presented to each of them the option that involves us, which
is fastest to start again, but they may just say 'I'll start later
with someone new'," he said.

Projects needed to start quickly to ensure trades and other
suppliers – and their employees, who might be looking for other
jobs – remained available to the jobs, he said.

"If they're going down the restart path with us it needs to be
weeks," Mr. Ireland said.

Meanwhile, the sites at Craigieburn in Melbourne's outer north of
retailer Amazon's biggest warehouse in Australia, as well as the
702-unit build-to-rent apartment development in inner-western
Footscray and a 28-storey office tower on Little Collins Street in
the CBD all remain closed, the Financial Review says.

"ESR is working with the administrators and other project
stakeholders to get the site back up and running as soon as
possible," the developer of the 209,000-square-metre Amazon
warehouse told The Australian Financial Review.

"It is a highly complex project; as such, we are working to ensure
we have the appropriate partners on board to resume work."

A spokeswoman for Investa, which is developing the build-to-rent
project with Canada's Oxford Properties, said their site was still
closed, the Financial Review relays.

Golden Age, developer of the 28-level 130 Little Collins Street
strata office tower, did not respond to a request for comment.

Roberts Co Australia, which had already lost more than AUD60
million from its Victorian projects before calling time on the
subsidiary, declined to comment on March 26, the Financial Review
notes.

The Financial Review, citing separate documents filed by the
administrators with corporate regulator ASIC, relates that Roberts
Co owner, billionaire Andrew Roberts, first raised concerns with
them about the cashflow challenges of his Victorian subsidiary on
February 18, more than three weeks before a formal appointment to
take over the troubled business.

Mr. Roberts' lawyer contacted McGrathNicol partner Ireland and a
series of meetings followed, leading to contingency planning around
putting the company into administration starting on March 7, the
documents show.

National Australia Bank was a secured creditor over Roberts Co
VIC's assets, the administrators' documents also showed, the
Financial Review relays.

The administrators were paid AUD110,000 for that work on March 10,
before the formal appointment on March 14. And as of last week, the
administrators had received a total AUD4.9 million, their
disclosure documents show.

The Financial Review notes that the collapse of the Victorian
business, which had contracts with a collective construction cost
totalling an estimated AUD930 million, poses a threat to the
continued existence of the parent company.

If all clients called in security bonds lodged against their
projects by the builder, it could mount to demands for some AUD46
million, more than the contract assets Roberts Co Australia said it
had in its last published earnings for the year to June 2024.

Roberts Co is an Australian-based, a boutique tier-one construction
company.

Jason Ireland and Matthew Caddy of McGrathNicol were appointed as
voluntary administrators of Roberts Co (VIC) Pty Limited, the
Victorian subsidiary of Roberts Co Australia, on March 14, 2025.


T PTY: Second Creditors' Meeting Set for March 31
-------------------------------------------------
A second meeting of creditors in the proceedings of T Pty Ltd has
been set for March 31, 2025 at 4:00 p.m. via virtual meeting only.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by March 28, 2025 at 5:00 p.m.

Cameron Gray of DW Advisory was appointed as administrator of the
company on Dec. 11, 2024.




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

HOZON AUTO: Thailand Unit Vows to Clear Debt w/ Suppliers in 2 Mos.
-------------------------------------------------------------------
The Nation reports that Neta Auto (Thailand) Co Ltd on March 24
vowed to continue electric vehicle manufacturing in Thailand at
full speed from June, after spending the next two months clearing
its debts with suppliers and dealers.

The Nation relates that Sun Baolong, General Manager of Neta Auto
Thailand, unveiled the business plan of the Chinese battery EV
manufacturer on the first day of the Bangkok International Motor
Show at Impact Challenger in Muang Thong Thani.

Sun stated that Neta Auto Thailand's parent company, Neta Auto in
China, had successfully settled its debts with all creditors.

According to The Nation, Neta Auto has reportedly reached an
agreement with 134 core domestic suppliers to convert a significant
portion of their outstanding claims into equity in its parent
company, Hozon Auto. The total value of this swap is said to exceed
RMB2 billion (approximately USD275 million).

Under the proposed plan, 70% of the suppliers' claims will be
converted into equity, while the remaining 30% will be treated as
interest-free debt, to be repaid in 15 monthly instalments starting
in May 2025.

In Thailand, Sun said Neta Auto Thailand would start repaying its
debts to dealers and suppliers in April and May, before resuming
full BEV production in June, The Nationa says.

According to The Nation, Sun clarified that its contract to obtain
a 10-billion-baht loan from Nissan Leasing (Thailand) was not part
of a debt restructuring plan. Instead, the loan would be used to
provide inventory financing for its dealers and mortgage loans for
Neta EV buyers.

Sun said Neta Auto (Thailand) is currently manufacturing the Neta
VII model at its Bangchan General Assembly factory. Production of
the Neta X model is set to begin in July.

Neta Auto Thailand aims to sell 10,000 BEVs this year, with a
long-term goal of reaching 50,000 BEV sales across six models by
2029.

Sun added that Neta Auto would use Thailand as its hub for BEV
manufacturing and exports to ASEAN nations.

He also stated that Neta aims to become Thailand's second-largest
BEV seller this year and plans to open a centre for EV battery
maintenance, The Nation relays.

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




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

A2Z INFRA: CARE Moves D Debt Ratings to Not Cooperating Category
----------------------------------------------------------------
CARE Ratings has moved the ratings on certain bank facilities of
A2Z Infra Engineering Limited (AZIL), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      147.80      CARE D; ISSUER NOT COOPERATING;
   Facilities                      Rating moved to ISSUER NOT
                                   COOPERATING category

   Short Term Bank     337.29      CARE D; ISSUER NOT COOPERATING;
   Facilities                      Rating moved to ISSUER NOT
                                   COOPERATING category

Rationale and key rating drivers

AZIL has not paid the surveillance fees for the rating exercise
agreed to in its Rating Agreement. In line with the extant SEBI
guidelines, CARE Ratings Ltd.'s rating on AZIL's bank facilities
will now be denoted as CARE D/CARE D; ISSUER NOT COOPERATING.

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

The reaffirmation in the rating assigned to the bank facilities of
A2Z Infra Engineering Limited continues to factor in delays in debt
servicing by the company.

Analytical approach: Standalone

Outlook: Not Applicable

Detailed description of key rating drivers:

Key weaknesses

* Ongoing delays in debt servicing: As per the audited annual
report for the FY24 (refers to April 01 to March 31) and
provisional report for 9MFY25 (refers to the period from April 01
to December 31), there are on-going delays in debt servicing by the
company.

Liquidity: Poor

The liquidity of the company is poor, leading to delays in debt
servicing.

Incorporated in January 2002 as A2Z Maintenance Services Private
Ltd, the company was renamed 'A2Z Maintenance & Engineering
Services Private Ltd' in June 2005. Subsequently, the company
became a public limited company in March 2010. A2Z came up with an
IPO in October 2010 and raised INR776.2 crore. The company got its
present name in December 2014 and is primarily engaged in providing
Engineering, Procurement and Construction (EPC) services in power
transmission and distribution sector.


ADITYA VIDYUT: ICRA Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------
ICRA has kept the Long-Term and Short-Term ratings of Aditya Vidyut
Appliances Limited in the 'Issuer Not Cooperating' category. The
ratings are denoted as "[ICRA]D; ISSUER NOT COOPERATING/ [ICRA]D;
ISSUER NOT COOPERATING".

                     Amount
   Facilities     (INR crore)   Ratings
   ----------     -----------   -------
   Long-term-        53.00      [ICRA]D; ISSUER NOT COOPERATING;
   Fund based                   Rating Continues to remain under
   Cash Credit                  'Issuer Not Cooperating'
                                Category

   Long-term-        44.00      [ICRA]D; ISSUER NOT COOPERATING;
   Fund based                   Rating Continues to remain under
   Term Loan                    'Issuer Not Cooperating'
                                Category

   Short-term       123.00      [ICRA]D; ISSUER NOT COOPERATING;
   Non-fund based               Rating continues to remain under
   Others                       'Issuer Not Cooperating'
                                Category

As part of its process and in accordance with its rating agreement
with Aditya Vidyut Appliances Limited, ICRA has been trying to seek
information from the entity so as to monitor its performance.
Further, ICRA has been sending repeated reminders to the entity for
payment of surveillance fee that became due. Despite multiple
requests by ICRA, the entity's management has remained
non-cooperative. In the absence of requisite information and in
line with the aforesaid policy of ICRA, the rating has been
continued to the "Issuer Not Cooperating" category. The rating is
based on the best available information.

Aditya Vidyut Appliances Limited started its
transformer-remanufacturing business in 1989 and has successfully
remanufactured over 9,000 transformers till date. At present, the
company has two business verticals –transformer remanufacturing
(repairs) and transformer manufacturing, including contract
manufacturing. AVAL remanufactures and uprates transformers
manufactured in India and as well as abroad and in the due course
has incorporated technologies from leading companies across the
world such as Siemens (Germany), Westinghouse (USA), Trafo Union
(Germany), ABBSecheron(SA), English Electric (UK), AEG (Germany),
Tamini (Italy), ABB (Italy), Stromberg (Finland), Concar (Croatia),
Elta (Poland),Hyundai (Korea), Mitsubishi (Japan), GEC (England),
etc. In addition, the company has developed European as well as in
house proprietary design programs for accurate and optimised
designing of transformers. Apart from EHV transformers, the company
has expertise in remanufacturing auto transformers, generating
transformers, furnace transformers and rectifier transformer of all
major transformer OEMs. AVAL has two manufacturing units in Thane,
Maharashtra. The total area of the units is over60,000 sq. meters.
The units are capable of delivering more than 16,000 MVA per year.
The company has well experienced teams of engineers and technicians
with ample experience in the transformer industry.


ARIHANT DREAM: ICRA Keeps D Debt Rating in Not Cooperating
----------------------------------------------------------
ICRA has kept the Long-Term rating of Arihant Dream Infra Projects
Limited (ADIPL) in the 'Issuer Not Cooperating' category. The
rating is denoted as "[ICRA]D; ISSUER NOT COOPERATING".

                     Amount
   Facilities     (INR crore)   Ratings
   ----------     -----------   -------
   Long-term-        14.90      [ICRA]D; ISSUER NOT COOPERATING;
   Fund based                   Rating Continues to remain under
   Term Loan                    'Issuer Not Cooperating'
                                Category

As part of its process and in accordance with its rating agreement
with ADIPL, ICRA has been trying to seek information from the
entity so as to monitor its performance. Further, ICRA has been
sending repeated reminders to the entity for payment of
surveillance fee that became due. Despite multiple requests by
ICRA, the entity's management has remained non-cooperative. In the
absence of requisite information and in line with the aforesaid
policy of ICRA, the rating has been continued to the "Issuer Not
Cooperating" category. The rating is based on the best available
information.

Arihant Dream Infra Projects Ltd (ADIPL) is the flagship
development company of the group and was incorporated on
27.05.2011. It is a closely held company and promoted by Mr. Rakesh
Goel and Mrs. Reena Goel with entire equity held by them. Apart
from having real estate as his business, Mr. Rakesh Goel also has
an established name as the leading trader of the TMT steel coke and
pig iron in the entire Jaipur region. Mr. Goel has set up a
business house in the name of Arihant Group of Companies, which has
20 years of track recording the real estate business and has
established itself firmly in commercial development, hospitality,
food and property management in the Jaipur region.


ARISTO INDUSTRIES: ICRA Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------------
ICRA has kept the Long-Term and Short-Term ratings of Aristo
Industries (AI) in the 'Issuer Not Cooperating' category. The
ratings are denoted as "[ICRA]D; ISSUER NOT COOPERATING/ [ICRA]D;
ISSUER NOT COOPERATING".

                     Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Long-term/        12.00       [ICRA]D/[ICRA]D; ISSUER NOT
   Short Term                    COOPERATING; Rating Continues
   Unallocated                   to remain under 'Issuer Not
                                 Cooperating' Category

As part of its process and in accordance with its rating agreement
with AI, ICRA has been trying to seek information from the entity
so as to monitor its performance. Further, ICRA has been sending
repeated reminders to the entity for payment of surveillance fee
that became due. Despite multiple requests by ICRA, the entity's
management has remained non-cooperative. In the absence of
requisite information and in line with the aforesaid policy of
ICRA, the rating has been continued to the "Issuer Not Cooperating"
category. The rating is based on the best available information.

Incorporated in 2009, Aristo Industries (AI) used to manufacture
polyfibre mattresses from its unit in Tinsukia, Assam and traded in
fabrics. The company started merchant trading in steel rebars and
shafts from FY2015 onwards.


ARVIND PIPES: ICRA Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------
ICRA has kept the Long-term and Short term rating of Arvind Pipes &
Fittings Industries Private Limited in the 'Issuer Not Cooperating'
category. The ratings are denoted as [ICRA]D; ISSUER NOT
COOPERATING/[ICRA]D; ISSUER NOT COOPERATING."

                     Amount
   Facilities     (INR crore)   Ratings
   ----------     -----------   -------
   Long-term-         3.00      [ICRA]D; ISSUER NOT COOPERATING;
   Fund based                   Rating Continues to remain under
   Term Loan                    'Issuer Not Cooperating'
                                Category

   Long-term-         6.75      [ICRA]D; ISSUER NOT COOPERATING;
   Fund based                   Rating Continues to remain under
   Cash Credit                  'Issuer Not Cooperating'
                                Category


   Short-term         7.00      [ICRA]D; ISSUER NOT COOPERATING;
   Non-fund based               Rating continues to remain under
                                'Issuer Not Cooperating'
                                Category

   Short-term-        1.00      [ICRA]D; ISSUER NOT COOPERATING;
   Fund based                   Rating Continues to remain under
   Cash Credit                  'Issuer Not Cooperating'
                                Category

   Long-term/         2.25      [ICRA]D/[ICRA]D; ISSUER NOT
   Short Term                   COOPERATING; Rating Continues to
   Unallocated                  remain under 'Issuer Not
                                Cooperating' Category

As part of its process and in accordance with its rating agreement
with Arvind Pipes & Fittings Industries Private Limited, ICRA has
been trying to seek information from the entity so as to monitor
its performance. Further, ICRA has been sending repeated reminders
to the entity for payment of surveillance fee that became due.
Despite multiple requests by ICRA, the entity's management has
remained non-cooperative. In the absence of requisite information
and in line with the aforesaid policy of
ICRA, the rating has been continued to the "Issuer Not cooperating"
category. The rating is based on the best available information.

Arvind Pipe & Fittings Industries Private Limited was incorporated
in the year 1982 as Arvind Metal Syndicate. The company commenced
commercial operations with trading in pipe fittings and flanges and
ventured into manufacturing of the aforementioned products in 1990.
Subsequently, in the year 2004, APFIPL commissioned its second unit
to manufacture seamless and welded pipes. The company's both
manufacturing units are located in Waghodia near Baroda in Gujarat
and have a combined installed capacity of around 2000 MTPA.


B.S. AGRICULTURE: ICRA Keeps B/A4 Debt Ratings in Not Cooperating
-----------------------------------------------------------------
ICRA has kept the Long-Term and Short-Term ratings of B.S.
Agriculture Industries (India) (BSA) in the 'Issuer Not
Cooperating' category. The rating is denoted as [ICRA]B (Stable);
ISSUER NOT COOPERATING/[ICRA]A4; ISSUER NOT COOPERATING; ISSUER NOT
COOPERATING".

                     Amount
   Facilities     (INR crore)     Ratings
   ----------     -----------     -------
   Long Term/         5.50        [ICRA]B (Stable); ISSUER NOT
   Short Term                     COOPERATING/[ICRA]A4; ISSUER
   Cash Credit                    NOT COOPERATING; Rating
                                  continues to remain under the
                                  'Issuer Not Cooperating'
                                  Category

   Long Term/         1.50       [ICRA]B (Stable); ISSUER NOT
   Short Term                     COOPERATING/[ICRA]A4; ISSUER
   Non Fund Based-                NOT COOPERATING; Rating
   Others                         continues to remain under the
                                  'Issuer Not Cooperating'
                                  Category

As part of its process and in accordance with its rating agreement
with BSA, ICRA has been trying to seek information from the entity
so as to monitor its performance. Further, ICRA has been sending
repeated reminders to the entity for payment of surveillance fee
that became due. Despite multiple requests by ICRA, the entity's
management has remained non-cooperative. In the absence of
requisite information and in line with the aforesaid policy of
ICRA, the rating has been continued to the "Issuer Not Cooperating"
category. The rating is based on the best available information.

BSA, incorporated in 1968 by Mr. Baldev Singh Matharoo manufactures
pump sets, diesel engines, centrifugal water pumps, generating sets
and other agricultural equipment. The firm has manufacturing units
in Ludhiana (Punjab) and Agra (Uttar Pradesh) and also one branch
office in Patna (Bihar). Exports are made through the Ludhiana unit
to Egypt, Bangladesh, Australia, South Africa etc. while domestic
sales are catered to by the Agra unit. For FY2015, the firm
reported a net profit of INR0.79 crore on an operating income of
INR31.9 crore, as compared to a net profit of INR0.68 crore on an
operating income of INR28.6 crore for the previous year. The firm,
on a provisional basis, reported an operating income of ~INR38
crore for FY2016.


BANGALORE METALLURGICALS: ICRA Keeps B+ Rating in Not Cooperating
-----------------------------------------------------------------
ICRA has kept the Long-Term rating of Bangalore Metallurgicals
Private Limited (BMPL) in the 'Issuer Not Cooperating' category.
The rating is denoted as "[ICRA]B+ (Stable); ISSUER NOT
COOPERATING".

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long Term-          6.00        [ICRA]B+ (Stable) ISSUER NOT
   Fund Based-                     COOPERATING; Rating continues
   Cash Credit                     to remain under 'Issuer Not
                                   Cooperating' category

   Long Term-          1.50        [ICRA]B+ (Stable) ISSUER NOT
   Fund Based-                     COOPERATING; Rating continues
   Term Loan                       to remain under 'Issuer Not
                                   Cooperating' category

As part of its process and in accordance with its rating agreement
with BMPL, ICRA has been trying to seek information from the entity
so as to monitor its performance Further, ICRA has been sending
repeated reminders to the entity for payment of surveillance fee
that became due. Despite multiple requests by ICRA, the entity's
management has remained non-cooperative. In the absence of
requisite information and in line with the aforesaid policy of
ICRA, the rating has been continued to the "Issuer Not Cooperating"
category. The rating is based on the best available information.

Established in 1960, BMPL is engaged in manufacturing of metal
casts. BMPL was originally set up in 1960 as a partnership firm by
Mr. Maddaiah Ramaiah and his family members; subsequently, the firm
was reconstituted as a private limited company in 1987.  The
company manufactures grey and ductile steel castings ranging from
0.5 kg to 3000 kg for its customers across industries such as
electric motors, textiles, earth moving equipment, machine tools
and wind turbine sectors. The foundry has ISO 9001 and ISO 14001 &
18001 certifications through TUV Rheinland Private Limited. The
company's facility was earlier located in Rajaji Nagar in
Bangalore. However, the company upgraded its machinery and shifted
to a new unit in Hoskote (40 km from Bangalore) in the year 2000.
The current capacity of the foundry stands at 6000 MT per annum and
the management plans to expand into heavy castings and reach a
capacity of 12000 MT over the near-to-long term. While the capacity
utilisation of the plant stood at nearly 80%  till  2011-12, the
same has decreased  to  about 40-50%  from  2012-13 on account of
the company's change in focus to high-margin hand-moulded castings
as against the earlier focus on low margin machine-moulded
castings.


BHADRESHWAR VIDYUT: ICRA Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------------
ICRA has kept the Long-Term and Short-Term ratings of Bhadreshwar
Vidyut Private Limited (BVPL) in the 'Issuer Not Cooperating'
category. The rating is denoted as [ICRA]D/[ICRA]D; ISSUER NOT
COOPERATING".

                     Amount
   Facilities     (INR crore)   Ratings
   ----------     -----------   -------
   Long-term-       135.00      [ICRA]D; ISSUER NOT COOPERATING;
   Fund based                   Rating Continues to remain under
   Cash Credit                  'Issuer Not Cooperating'
                                Category

   Long-term-     1,497.40      [ICRA]D; ISSUER NOT COOPERATING;
   Fund based                   Rating Continues to remain under
   Term Loan                    'Issuer Not Cooperating'
                                Category

   Short-term       430.00      [ICRA]D; ISSUER NOT COOPERATING;
   Non-fund based               Rating continues to remain under
   Others                       'Issuer Not Cooperating'
                                Category

As part of its process and in accordance with its rating agreement
with BVPL, ICRA has been trying to seek information from the entity
so as to monitor its performance Further, ICRA has been sending
repeated reminders to the entity for payment of surveillance fee
that became due. Despite multiple requests by ICRA, the entity's
management has remained non-cooperative. In the absence of
requisite information and in line with the aforesaid policy of
ICRA, the rating has been continued to the "Issuer Not Cooperating"
category. The rating is based on the best available information.

Bhadreshwar Vidyut Private Limited (BVPL, formerly known as OPGS
Power Gujarat Private Limited) was incorporated in April 2007 as a
special purpose vehicle (SPV) promoted by the OPG Group, which has
substantial experience in the power and steel sectors. The company
had initially planned to setup a 270 MW (2x135 MW) coal-based power
plant but subsequently revised its plant capacity to 300 MW (2x150
MW). The plant is based in Kutch, Gujarat and had a scheduled COD
of February 2013. However, the project witnessed delays due to
litigation over the coastal regulatory zone (CRZ) clearance granted
to it and
subsequently, due to delay in setting up of evacuation
infrastructure. The first unit achieved COD in February 2015 and
the second unit achieved COD in February 2016. The total cost
incurred for the project is INR2,026 crore (INR6.75 crore/MW),
which was funded through INR1,497 crore of debt and INR529 crore of
equity.


BHATI ASSOCIATES: CARE Keeps C Rating in Not Cooperating Category
-----------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Bhati
Associates Private Limited (BAPL) continue to remain in the 'Issuer
Not Cooperating' category.

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

   Long Term/          10.00       CARE C; Stable/CARE A4;
   Short Term                      ISSUER NOT COOPERATING;
   Bank Facilities                 Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Rationale and key rating drivers

CARE Ratings Ltd. had, vide its press release dated March 5, 2024,
placed the rating(s) of BAPL under the 'issuer non-cooperating'
category as BAPL had failed to provide information for monitoring
of the rating as agreed to in its Rating Agreement. BAPL continues
to be non-cooperative despite repeated requests for submission of
information through e-mails dated January 19, 2025, January 29,
2025 and February 8, 2025 among others. In line with the extant
SEBI guidelines, CARE Ratings Ltd. has reviewed the rating on the
basis of the best available information which however, in CARE
Ratings Ltd.'s opinion is not sufficient to arrive at a fair
rating.

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

Analytical approach: Standalone

Outlook: Stable

Delhi-based Bhati Associates Private Limited (BAPL) was established
in year 1996 as a proprietorship firm by Mr Harish Bhati, which was
later converted to a private limited company in January, 2004. The
company is managed by Mr Harish Chaudhary and Mr Satish Chaudhary.
The company is engaged in civil construction works such as
construction of roads, buildings, flyovers and others for
government entities like Public Works Department, Uttar Pradesh
Avas Vikas Parishad and others. In order to get the business,
company has to participate in tenders and bids floated by
government entities.


CASTALL TECHNOLOGIES: ICRA Keeps D Ratings in Not Cooperating
-------------------------------------------------------------
ICRA has kept the Long-Term and Short-Term ratings of Castall
Technologies Private Limited in the 'Issuer Not Cooperating'
category. The ratings are denoted as "[ICRA]D; ISSUER NOT
COOPERATING/[ICRA]D; ISSUER NOT COOPERATING".

                    Amount
   Facilities     (INR crore)   Ratings
   ----------     -----------   -------
   Long-term-        23.50      [ICRA]D; ISSUER NOT COOPERATING;
   Fund based                   Rating Continues to remain under
   Cash Credit                  'Issuer Not Cooperating'
                                Category

   Long-term-         3.04      [ICRA]D; ISSUER NOT COOPERATING;
   Fund based                   Rating Continues to remain under
   Term Loan                    'Issuer Not Cooperating'
                                Category

   Short-term         0.40      [ICRA]D; ISSUER NOT COOPERATING;
   Non-fund based               Rating continues to remain under
   Others                       'Issuer Not Cooperating'
                                Category

   Long Term-        18.06      [ICRA]D; ISSUER NOT COOPERATING;
   Unallocated                  Rating Continues to remain under
                                'Issuer Not Cooperating'
                                Category

As part of its process and in accordance with its rating agreement
with Castall Technologies Private Limited, ICRA has been trying to
seek information from the entity so as to monitor its performance.
Further, ICRA has been sending repeated reminders to the entity for
payment of surveillance fee that became due. Despite multiple
requests by ICRA, the entity's management has remained
non-cooperative. In the absence of requisite information and in
line with the aforesaid policy of ICRA, the rating has been
continued to the "Issuer Not Cooperating" category. The rating is
based on the best available information.

Castall Technologies Private Limited, is promoted by Mr. N. Madhu
Venkateshwar, was incorporated in the year 1999 and is in the
business of manufacturing of aluminium die castings for auto OEMs
and tier I suppliers. The manufacturing facility is spread over 1
acre in Gandhinagar, Hyderabad. CTPL's products cover the entire
spectrum of two-wheelers, Light Commercial Vehicles, passenger cars
and heavy-duty trucks.


COMMERCIAL MOTOR: CARE Lowers Rating on INR58.05cr LT Loan to B
---------------------------------------------------------------
CARE Ratings has revised the ratings on certain bank facilities of
Commercial Motor Sales Private Limited (CMSPL), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term           58.02       CARE B; Stable; ISSUER NOT
   Bank Facilities                 COOPERATING; Downgraded from
                                   CARE B+; Stable and moved to
                                   ISSUER NOT COOPERATING category

   Long Term/           4.48       CARE B; Stable/CARE A4;
   Short Term                      ISSUER NOT COOPERATING;
   Bank Facilities                 LT rating downgraded from
                                   CARE B+; Stable and ST rating
                                   reaffirmed and moved to
                                   ISSUER NOT COOPERATING category

Rationale and key rating drivers

CARE Ratings Ltd. (CARE Ratings) has been seeking information from
CMSPL to monitor the rating(s) vide e-mail communications dated
March 4,2025, March 7,2025, and March 18, 2025, among others and
numerous phone calls. However, despite repeated requests, the
company has not provided the requisite information for monitoring
the ratings and had not paid the surveillance fees for the rating
exercise as agreed to in its Rating Agreement. In line with the
extant SEBI guidelines, CARE Ratings has reviewed the rating on the
basis of the best available information which however, in CARE
Ratings Ltd.'s opinion is not sufficient to arrive at a fair
rating. The rating on Commercial Motor Sales Private Limited
(CMSPL) bank facilities will now be denoted as CARE B; Stable/ CARE
A4; ISSUER NOT COOPERATING.

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

The ratings have been revised on account of the non-availability of
requisite information due to non-cooperation by CMSPL with CARE
Ratings Ltd.'s efforts to undertake a review of the ratings
outstanding. CARE Ratings Ltd. views information availability risk
as a key factor in its assessment of credit risk. Further, the
ratings assigned to the bank facilities of CMSPL is primarily
constrained on account of modest though growing scale of
operations, low profitability margins, leveraged capital structure
are weak debt coverage indicators. Further, the ratings are also
constrained by pricing constraints and margin pressure arising out
of competition from various auto dealers in the market, and
cyclical nature of the auto industry. The ratings, however,
continue to draw comfort from experienced promoters and comfortable
operating cycle.

Analytical approach: Standalone

Outlook: Stable

'Stable' outlook reflects that the company will continue to benefit
from the long-standing experience of the promoters in the auto
dealership industry.

Detailed description of key rating drivers: At the time of last
rating on April 19, 2024, the following were the ratings weaknesses
and strengths. [Updated for audited financials for FY24 (refers to
the period April 1 to March 31) received from Ministry of Corporate
Affairs (MCA).

Key weaknesses

* Modest though growing scale of operations: CMSPL's scale of
operations continue to remain modest albeit growing as evident from
total operating income (TOI) and gross cash accruals (GCA) of
INR173.40 crore and INR3.37 crore, respectively, during FY24 (FY
refers to the period April 1 to March 31) as against INR154.98
crore and INR1.96 crore respectively, during FY23. Nevertheless,
the scale remains modest, it limits the company's financial
flexibility in times of stress and deprives it of scale benefits.
Though, the risk is partially mitigated by the fact that the
CMSPL's scale of operations has been on a growing trend reflecting
a compounded annual growth rate (CAGR) of about 11.25% during
FY22-24. The increase in TOI is attributable to higher number of
vehicles sold owing to healthy demand.

* Low profitability margins: The profitability margins of the
company as marked by PBILDT and PAT margins stood low for the last
three years (FY21-FY24) owing to limited negotiating power with
manufacturers and has no control over the selling price as the same
is fixed by the manufacturers. The company reported profitability
margin as marked by PBILDT and PAT margin to 4.10% and 1.12%
respectively, during FY24 as against 5.16% and 0.41% respectively,
during FY23. The margins are expected to improve over near to
medium term as envisaged as the company focus on increasing the
share of service revenue coupled with lower discount offered to the
customers in FY25.

* Leveraged capital structure and weak debt coverage indicators: As
on March 31, 2023, the debt profile of the company comprises of
term loan of INR55.91 crore, working capital limit of INR24.49
crore. The capital structure of the company stood leveraged for the
past three years (FY22-FY24) on account of higher reliance on
external borrowings to fund the incremental working capital
requirements of business to support the incremental growth. The
overall gearing ratio stood at 4.30x as on March 31, 2024. Further,
on account of high debt levels leading to high interest cost and
low profitability margins leading to low gross cash accruals (GCA),
the debt coverage indicators of the company stood weak as marked by
interest coverage ratio and total debt to GCA and stood at 1.13x
and 23.83x respectively, in FY24 as against 5.46x and 33.32x
respectively, in FY23.

* Pricing constraints and margin pressure arising out of the
competition from various auto dealers in the market: Indian
automobile industry is highly competitive in nature as there are
large numbers of players operating in the market like Maruti Suzuki
India Limited (MSIL), Mahindra & Mahindra Limited (MML), Tata
Motors, Hyundai, Honda, etc. in the passenger vehicle segment.
CMSPL's operations are geographically restricted to Uttar Pradesh
and Uttarakhand. The original Equipment Manufacturers (OEMs) are
also encouraging more dealerships to improve penetration and sales,
thereby increasing competition amongst dealers. The entry of the
global OEMs in the Indian market has further intensified the
competition. Hence, OEMs have to offer various discount schemes to
attract customers. Due to very high competition in the industry,
dealers are also forced to pass on discounts and exchange schemes
to attract customers and capture market share. Further, the
dealers' fate is also linked to the industry scenario and
performance of OEMs. CMSPL's prospects are governed directly by the
performance of Toyota Kirlosar Motor Private Limited (TKMPL). Any
downturn in its performance or change in nature of agreement with
the OEM will directly impact the financial and operating
performance of CMSPL.

* Cyclical nature of the auto industry: The automotive sector is
dependent on economic growth, credit conditions and consumer
confidence. The auto industry is inherently vulnerable to economic
cycles and is highly sensitive to interest rates and fuel prices. A
hike in interest rate increases the costs associated with the
purchase leading to purchase deferral. Further, the fuel prices
have a direct impact on the running costs of the vehicle and any
hike in the same would lead to reduced disposable income of the
consumers, influencing the purchase decision. The policies
implemented by the government also have a direct bearing on the
sale of passenger vehicles.

Key strengths

* Experienced promoters: Arun Gupta and his son Shivam Gupta are
the directors of CMSPL's, and they collectively look after the
overall operations of the company. Both of them are postgraduates
by qualification. Arun Gupta has around four decades of experience
in auto dealership industry while Shivam Gupta is also having an
experience of around a decade in the auto dealership industry. The
directors have an adequate acumen about various aspects of business
which is likely to benefit CMSPL in the long run.

* Comfortable operating cycle: The operating cycle stood
comfortable at 28 days in FY24 as against 17 days in FY23. The
moderation in operating cycle is on account of increase in
inventory period. The company needs to stock different models of
vehicles and spares in the showrooms in order to ensure adequate
availability and visibility leading to low inventory days. The
average inventory holding days of the company stood at 30 days in
FY24.The sales to customers are made on “Cash and Carry” basis
however, around 30% of the vehicles are bought on vehicle financing
basis through banks and NBFCs. The same results in a collection
period of around 13 days. Further, the company procures passenger
cars by making full advance payment to OEM. However, for
consumables the company receive a credit period of around 15 days
from its suppliers. Besides this, the large working capital
requirements are met through bank borrowings which remained around
70% utilized for the last 12 months ended February 2024.

Liquidity: Stretched

The liquidity of the company is stretched as characterized by
tightly matched accruals vis-a-vis repayment. The company has
generated gross cash accruals of INR1.96 Cr in FY23 and is expected
to envisage gross cash accruals of INR2.75 crore in FY24 against
repayment obligations amounting to INR3.41 crores in same year. The
company has infused funds in form of equity share capital to the
tune of 6.72 crore in FY24 to support the liquidity. However, the
average working capital utilization is over 70% in past twelve
months ended February 2024. The company also have free cash and
bank balance of INR5.53 crores in FY24.

Bareilly, Uttar Pradesh CMSPL was incorporated in 2001. The company
is managed by Mr. Arun Gupta and Mr. Shivam Gupta who are the
managing director of the company. The company is an authorized
dealer in Toyota Passenger Vehicles of Toyota Kirloskar Motor
Private Limited catering in the states of Uttar Pradesh and
Uttarakhand. The company is engaged in the sale of passenger
vehicles (PV), servicing of vehicles and sale of spare parts. The
revenue share sales of Toyota Vehicles is approximately of 77.45%,
14.72% is from sale of parts, accessories, oil and lubricant and
remaining 7.83% is from servicing of vehicles. Further, as on date
the company operates 3S facility (Sales, Spares and Services) and
has 4 showrooms located in Bareilly, Moradabad, Rudrapur and
Haldwani and 3 workshops in Bareilly, Moradabad and Rudrapur.
Showroom and workshop located in Rudrapur is rented and remaining
are owned.


JAIPRAKASH ASSOCIATES: Adani Group Likely to Buy JAL by Insolvency
------------------------------------------------------------------
Business Standard reports that Adani Group has shown interest in
acquiring Jaiprakash Associates Ltd (JAL) through an insolvency
process, according to sources.

Jaypee Group's flagship firm JAL, which is into cement, power,
hotels, construction and real estate businesses, has been admitted
into the corporate insolvency resolution process under the
Insolvency and Bankruptcy Code, 2016, through an order dated June
3, 2024, passed by the National Company Law Tribunal, Allahabad
Bench.

Sources said that Adani Group has submitted an Expression of
Interest (EOI) to acquire the bankrupt JAL.

Earlier this month, the National Company Law Tribunal (NCLT)
directed that the resolution plans to acquire JAL through the
insolvency process should be invited for the entire company as a
going concern and not by dividing its different business verticals,
Business Standard recalls.

The JAL's total outstanding loans from banks and financial
institutions stood at Rs 55,493.43 crore as of Feb. 20, 2025.

Business Standard says the company also recently informed that a
consortium of lenders has transferred their outstanding loans to
National Asset Reconstruction Company Ltd (NARCL).

The consortium comprises SBI, ICICI Bank, IDBI Bank, Axis Bank,
LIC, Canara Bank, Bank of Maharashtra, IFCI, PNB, UCO Bank, South
Indian Bank, Punjab & Sind Bank, Jammu & Kashmir Bank, SIDBI,
Standard Chartered Bank, Karur Vysya Bank, EXIM Bank, Bank of
India, Indian Overseas Bank, Indian Bank, IndusInd Bank, Bank of
Baroda, Union Bank of India, Central Bank of India and SREI
Equipment Finance Ltd.

The total amount of the debt transferred to the NARCL was not
disclosed.

Jaypee Group's other company Jaypee Infratech has already been
acquired by Mumbai-based Suraksha Group through insolvency
process.

Meanwhile, Adani Group is also in talks to acquire real estate firm
Emaar India, which is part of Dubai-based Emaar Properties.

                             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.

Bhuvan Madan is the resolution professional (RP) for the JAL.

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


JSV MOTORS: CARE Lowers Rating on INR139.24cr LT Loan to B
----------------------------------------------------------
CARE Ratings has revised the ratings on certain bank facilities of
J S V Motors and Constructions Private Limited (JSVMCPL), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term           139.24      CARE B; Stable; ISSUER NOT
   Bank Facilities                 COOPERATING; Downgraded from
                                   CARE B+; Stable and moved to
                                   ISSUER NOT COOPERATING category

Rationale and key rating drivers

CARE Ratings Ltd. has been seeking information from JSVMCPL to
monitor the rating(s) vide e-mail communications dated March 11,
2025; February 25, 2025, February 13, 2025 and numerous phone
calls. However, despite repeated requests, the company has not
provided the information required for carrying out the annual
surveillance exercise for the ratings assigned to the instruments
of JSVMCPL. Also, JSVMCPL has not paid the surveillance fees for
the rating exercise agreed to in its Rating Agreement. In line with
the extant SEBI guidelines, CARE Ratings has reviewed the rating on
the basis of the best available information which however, in CARE
Ratings Ltd.'s opinion is not sufficient to arrive at a fair
rating. The ratings on JSVMCPL bank facilities will now be denoted
as CARE B; Stable/ CARE A4; ISSUER NOT COOPERATING.

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

The ratings have been revised on account of the non-availability of
requisite information due to non-cooperation by JSVMCPL with CARE
Ratings Ltd.'s efforts to undertake a review of the ratings
outstanding. CARE Ratings Ltd. views information availability risk
as a key factor in its assessment of credit risk. The ratings
remain constrained mainly on account of weak financial risk profile
marked by leveraged capital structure & weak debt service coverage
indicators, low profitability margins, working capital intensive
nature of operations along with pricing constraints and margin
pressure arising out of competition from various auto dealers in
the market. However, the rating derive strength from improving
scale of operations and experienced promoters and the company being
authorized dealer of Hyundai Motor India Limited and Jaguar Land
Rover.

Analytical approach: Standalone

Outlook: Stable

The 'Stable' outlook reflects that the company is likely to
continue with its operating & financial risk profile over the
medium term.

Detailed description of key rating drivers: At the time of last
rating on March 29, 2024, the following were the ratings weaknesses
and strengths (updated for financials for FY24 available from
Ministry of Corporate Affairs).

Key weaknesses

* Low profitability margins and leveraged capital structure: The
company's profitability margins remained low, with PBILDT and PAT
margins at 3.73% and 0.80% in FY24, respectively, compared to 3.63%
and 0.39% in FY23. While PBILDT margin saw a marginal improvement,
the absolute PBILDT increased to INR16.04 crore in FY24 (PY:
INR12.21 crore), primarily due to increased scale of operations.
However, the higher interest expense of INR11.18 crore in FY24 (PY:
INR7.58 crore) impacted profitability. Despite improved PAT margin,
the capital structure remained leveraged, with overall gearing at
4.92x as of March 31, 2024, compared to 5.22x as of March 31, 2023.
The debt coverage indicators also remained weak, with an interest
coverage ratio of 1.44x in FY24 (PY: 1.61x) and total debt to GCA
at 17.72x (PY: 17.38x) due to increased debt levels.

* Moderate operating cycle: The company's operating cycle increased
to 47 days in FY24, compared to 32 days in FY23, primarily due to
an increase in inventory holding days to 46 days (PY: 30 days). The
need to stock various vehicle models and spare parts led to higher
working capital requirements. While the collection period remained
stable at 6 days, the credit period received from suppliers
remained low at 5 days (PY: 4 days). The company's working capital
limits continue to remain highly utilized (~70-80%).

* Pricing constraints and margin pressure arising out of
competition from various auto dealers in the market: Indian
automobile industry is highly competitive in nature as there are
large numbers of players operating in the market like Maruti Suzuki
India Limited (MSIL), Tata Motors Limited, Hyundai Motor Company,
Honda Motor Company, Toyota India etc. in the passenger vehicle
segment. The margin on products is set at a particular level by
Hyundai Motor India Limited and Jaguar Land Rover thereby
restricting the company to earn incremental income. With the large
dealership network of Hyundai Motor India Limited and Jaguar Land
Rover, the bargaining power of the dealer with the customer is
further reduced. The market also faces aggressive competition from
various other established automobile dealers of companies like
Maruti Suzuki and Tata Motors Limited etc. In order to capture the
market share, the auto dealers have to offer better buying terms
like providing allowing discounts on purchases which create
pressure on margins and negatively impact the earning capacity of
the company.

* Limited bargaining power with principal automobile manufacturer:
Being primarily into auto dealership business, JSV's business model
is largely in the nature of trading wherein profitability margins
are inherently thin. Moreover, in this business a dealer has very
less bargaining power over principal manufacturer. The margin of
products is set at a particular level by the principal manufacturer
thereby restricting any incremental income for JSV.

Key strengths

* Experienced management coupled with long track record of
operations: The company was incorporated in 2007 and promoted by
Mr. Jatin Verma. He has an experience of around two decades in the
dealership business through his association with Hyundai. Mr.
Pankaj Verma and Mr. Jai Shankar Verma also have relevant
experience through their association with the company. The company
started its commercial operations in 2007 and has long track record
in the industry as compared to other established players. It
currently operates through two 3S facility (Sales, Service,
Spares). Further, company has a dedicated team of marketing and
sales professionals, service in-charge and customer relation
officers, who have around one and half decade of experience in
their respective fields.

* Moderate albeit improving scale of operations: The company's
total operating income (TOI) improved by 28% to INR430.01 crore in
FY24 (PY: INR336.02 crore) due to strong demand in the industry.
The gross cash accruals (GCA) also improved to INR5.89 crore in
FY24 (PY: INR5.33 crore), reflecting the overall growth in
operations. The revenue mix continues to comprise income from
vehicle sales, sale of spare parts & accessories, job work, and
repairs, with some contribution from the sale of old vehicles.

Liquidity: Stretched

The company's liquidity position remains stretched due to high debt
obligations and increased working capital requirements. The gross
cash accruals (GCA) of INR5.89 crore in FY24 remain low against
term loans of INR39.59 crore in FY24. While the cash and cash
equivalents remained low at INR2.20 crore as of March 31, 2024 (PY:
INR2.39 crore), the working capital utilization continued to remain
high (~70-80%). The company's operating cycle increased to 47 days
in FY24, compared to 32 days in FY23, primarily due to an increase
in inventory holding days to 46 days (PY: 30 days).

JSVMCPL, incorporated in 2007 is an authorized dealer of Hyundai
Motor India Limited and Jaguar Land Rover, catering to Uttar
Pradesh for its sales channel. At present company has 3 showrooms
for Hyundai, one for Jaguar Land Rover (JLR) and 5 workshops The
company manages its operations through its 3S (Sales, spare and
service) facility located in Lucknow and Barabanki, Uttar Pradesh.
The showroom has attached workshop facility for the post sales
services of cars. Mr. Jatin Verma, who has more than 15 years of
experience in the dealership business, is the Chairman and MD of
JSVMCPL and is ably assisted by a qualified management team in the
day-to-day operations of the company.


MALIK MOTORS: ICRA Keeps B Debt Ratings in Not Cooperating
----------------------------------------------------------
ICRA has kept the Long-Term ratings of Malik Motors Private Limited
(MMPL) in the 'Issuer Not Cooperating' category. The rating is
denoted as "[ICRA]B (Stable); ISSUER NOT COOPERATING".

                      Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long Term-         13.00        [ICRA]B (Stable) ISSUER NOT
   Fund Based-                     COOPERATING; Rating continues
   Cash Credit                     to remain under 'Issuer Not
                                   Cooperating' category

   Long Term-          2.00        [ICRA]B (Stable) ISSUER NOT
   Unallocated                     COOPERATING; Rating continues
                                   to remain under 'Issuer Not
                                   Cooperating' category

As part of its process and in accordance with its rating agreement
with MMPL, ICRA has been trying to seek information from the entity
so as to monitor its performance Further, ICRA has been sending
repeated reminders to the entity for payment of surveillance fee
that became due. Despite multiple requests by ICRA, the entity's
management has remained non-cooperative. In the absence of
requisite information and in line with the aforesaid policy of
ICRA, the rating has been continued to the "Issuer Not Cooperating"
category. The rating is based on the best available information.

MMPL was incorporated as a private limited company in 2010 and
began operations in 2012. It is an authorized dealer of light
commercial vehicles (LCV's) of Ashok Leyland Limited (ALL). The
company is the sole authorized dealer for Medak, Nalgonda, Siddipet
and Sangareddy districts of Telangana and authorized dealer for
Hyderabad and Secunderabad regions in Telangana. MMPL operates
eleven 3S (Sales, Spares and Service) facilities in these
districts. The company is managed by Mr. Rajesh Malik and Mr.
Neeraj Malik. MMPL is part of Malik group which is also into other
dealership businesses.


NANDAGUDI OILS: CARE Keeps C Debt Rating in Not Cooperating
-----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Nandagudi
Oils & Agro Industries Llp (NOAIL) continues to remain in the
'Issuer Not Cooperating' category.

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

Rationale and key rating drivers

CARE Ratings Ltd. had, vide its press release dated February 6,
2024, placed the rating(s) of NOAIL under the 'issuer
non-cooperating' category as NOAIL had failed to provide
information for monitoring of the rating as agreed to in its Rating
Agreement. NOAIL continues to be non-cooperative despite repeated
requests for submission of information through e-mails dated
December 22, 2024, January 1, 2025, January 11, 2025 among others.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.

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

Analytical approach: Standalone

Outlook: Stable

Nandagudi Oils and Agro Industries LLP (NOAIL) was established on
July 21, 2014; however commercial productions of the firm started
in December 1, 2014. NOAIL is a Limited Liability Partnership firm
formed by reorganizing and restructuring the business operations of
Siddaganga Oil Extractions Private Limited to form two separate
LLPs. SOE has transferred all the related assets and liabilities to
NOAIL and Siddaganga Oil and Bio Industries LLP respectively. The
partners of the firm are Mr. N J Shivakumar, Mrs. N S Dhanshree,
Mr. N S Kunal and Mr. N S Sagar. NOAIL has a solvent extraction
plant for extraction of rice bran, soya and sunflower oil with a
processing capacity of 300 tons of oil per day. Moreover, the firm
has an edible oil refining plant with an installed capacity of 50
tons per day. The major raw material for the firm is rice bran;
yellow soya seeds, nonrefined sun flower oil and cotton seed washed
oil which are procured from local players from Karnataka.

NAVAMI PLAZA: CARE Keeps B- Debt Rating in Not Cooperating
----------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Navami
Plaza Private Limited (NPPL) continue to remain in the 'Issuer Not
Cooperating' category.

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

Rationale and key rating drivers

CARE Ratings Ltd. had, vide its press release dated February 7,
2024, placed the rating(s) of NPPL under the 'issuer
non-cooperating' category as NPPL had failed to provide information
for monitoring of the rating as agreed to in its Rating Agreement.
NPPL continues to be non-cooperative despite repeated requests for
submission of information through e-mails dated December 23, 2024,
January 2, 2025, January 12, 2025 among others. In line with the
extant SEBI guidelines, CARE Ratings Ltd. has reviewed the rating
on the basis of the best available information which however, in
CARE Ratings Ltd.'s opinion is not sufficient to arrive at a fair
rating.

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

Analytical approach: Standalone

Outlook: Stable

Navami Plaza Private Limited (NPPL) was established in the year
1991. NPPL was promoted by Mr. Nanda Kumar N Kudva along with his
wife Mrs. Rashmi N Kudva at Modibidri (Karnataka). Mr. Nanda Kumar
has started a lodging business in 1991 with the name Navami
Shopping Plaza Private Limited, later in November 1992 the company
name changed to current nomenclature Navami Plaza Private Limited.
In 2012 the company expands its business operations and started
Navmi Walk In Mart and Navmi Lifestyle which are into retail
trading of food and grocery and garments business respectively.
Currently, the Company is engaged in Retail Trading of food and
grocery (fresh fruits & vegetables, groceries, personal care, home
care, general merchandise and a basic range of apparels, besides a
large range of products across fruit & vegetables, groceries, FMCG
products, retailing of textiles and readymade garments (Sarees,
suiting & shirting, dress material, handlooms, men's, ladies and
kids wear) and providing rooms on rental basis under the name
Navami Lodging & Comfort.


NEO PAPER: ICRA Keeps B- Debt Ratings in Not Cooperating Category
-----------------------------------------------------------------
ICRA has kept the Long-Term rating of Neo Paper Mill Private
Limited (NPMPL) in the 'Issuer Not Cooperating' category. The
rating is denoted as [ICRA]B-(Stable); ISSUER NOT COOPERATING".

                      Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long Term-          1.14        [ICRA]B- (Stable) ISSUER NOT
   Fund Based-                     COOPERATING; Rating continues
   Cash Credit                     to remain under 'Issuer Not
                                   Cooperating' category

   Long Term-          3.89        [ICRA]B- (Stable) ISSUER NOT
   Unallocated                     COOPERATING; Rating continues
                                   to remain under 'Issuer Not
                                   Cooperating' category

   Long Term-          4.97        [ICRA]B- (Stable) ISSUER NOT
   Fund Based-                     COOPERATING; Rating continues
   Term Loan                       to remain under 'Issuer Not
                                   Cooperating' category

As part of its process and in accordance with its rating agreement
with NPMPL, ICRA has been trying to seek information from the
entity so as to monitor its performance. Further, ICRA has been
sending repeated reminders to the entity for payment of
surveillance fee that became due. Despite multiple requests by
ICRA, the entity's management has remained non-cooperative.  In the
absence of requisite information and in line with the aforesaid
policy of ICRA, the rating has been continued to the "Issuer Not
Cooperating" category. The rating is based on the best available
information.

Incorporated in March 2012, Neo Paper Mills Private Limited (NPMPL)
proposes to manufacture kraft paper for packaging applications. The
proposed unit is located in Halkarni, Kolhapur district of
Maharashtra and would have a production capacity of 13,500 MTPA.
The company plans to manufacture kraft paper in the range of 50-150
GSM (grams per square meter) and having a Burst Factor of 14-16 BF.
Kraft paper is used (i) in manufacturing corrugated boxes, paper
grocery bags, multiwall sacks, envelopes and other packaging (ii)
for lining particle boards and (iii) as base paper for producing
sand paper. The main raw materials required for manufacturing kraft
paper are waste paper, water, alum, rosin, starch, gum, dyes and
other
chemicals used for treating and removing impurities.


OPTICS & ALLIED: ICRA Keeps B+ Debt Ratings in Not Cooperating
--------------------------------------------------------------
ICRA has kept the Long-Term rating of Optics & Allied Engg Pvt. Ltd
in the 'Issuer Not Cooperating' category. The rating is denoted as
[ICRA]B+(Stable); ISSUER NOT COOPERATING".

                      Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long-term-          4.00        [ICRA]B+ (Stable)ISSUER NOT
   Fund Based-                     COOPERATING; Rating continues
   Term Loan                       to remain under 'Issuer Not
                                   Cooperating' category

   Long-term-          3.50        [ICRA]B+ (Stable)ISSUER NOT
   Fund Based-                     COOPERATING; Rating continues
   Cash Credit                     to remain under 'Issuer Not
                                   Cooperating' category

As part of its process and in accordance with its rating agreement
with Optics & Allied Engg Pvt. Ltd, ICRA has been  trying to seek
information from the entity so as to monitor its performance.
Further, ICRA has been sending repeated reminders to the entity for
payment of surveillance fee that became due. Despite multiple
requests by ICRA, the entity's management has remained
non-cooperative. In the absence of requisite information and in
line with the aforesaid policy of ICRA, the rating has been
continued to the "Issuer Not Cooperating" category. The rating is
based on the best available information.

Established in 1985, Optics & Allied Engineering Private Limited is
engaged in manufacturing of precision optical components, polymer
optics, LED lenses, light reflectors, light pipes, LED/LCD
backlights, technical plastic parts and inspection instruments like
microscopes, vision systems and magnifiers. The company is based
out of Bommasandra Industrial area, Karnataka. It is an ISO
9001:2008 certified company. At present, the company has an
employee base of 120 employees.


PARAMOUNT IMPEX: CARE Keeps C Debt Rating in Not Cooperating
------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Paramount
Impex Private Limited (PIPL) continue to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       1.76       CARE C; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category  

   Short Term          10.50       CARE A4; ISSUER NOT
   Bank Facilities                 COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category

Rationale and key rating drivers

CARE Ratings Ltd. had, vide its press release dated March 15, 2024,
placed the rating(s) of PIPL under the 'issuer non-cooperating'
category as PIPL had failed to provide information for monitoring
of the rating as agreed to in its Rating Agreement. PIPL continues
to be non-cooperative despite repeated requests for submission of
information through e-mails dated January 29, 2025, February 8,
2025 and February 18, 2025 among others. In line with the extant
SEBI guidelines, CARE Ratings Ltd. has reviewed the rating on the
basis of the best available information which however, in CARE
Ratings Ltd.'s opinion is not sufficient to arrive at a fair
rating.

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

Analytical approach: Standalone

Outlook: Stable

PIPL was incorporated in 1995 by Mr. Sat Bhushan Gupta and Mr.
Raghu Nandan Sarup. The current management includes Mr. Sat Bhushan
Gupta, Mr. Rajeev Gupta and Ms. Urmil Gupta. The company is engaged
in the manufacturing and trading of textile products. The company
manufactures home furnishing products which includes bedroom
accessories (blankets, bed sheets, pillow covers) and kitchen
accessories (velvet bottle cover, aprons). The company is also
engaged in trading of blankets. PIP's also export its products to
U.K., Canada and Europe. PIP mainly procures its raw material i.e.
cotton fabric and velvet etc. from domestic manufactures. The
process of the company are ISO 9001 & 14001 certified and the
manufacturing unit is located at Panipat, Haryana.


PASOLITE ELECTRICALS: ICRA Keeps B+ Rating in Not Cooperating
-------------------------------------------------------------
ICRA has kept the Long-Term rating of Pasolite Electricals Pvt Ltd
in the 'Issuer Not Cooperating' category. The rating is denoted as
[ICRA]B+(Stable); ISSUER NOT COOPERATING".

                      Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long Term-          8.00        [ICRA]B+ (Stable) ISSUER NOT
   Fund Based-                     COOPERATING; Rating continues
   CC                              to remain under 'Issuer Not
                                   Cooperating' category

As part of its process and in accordance with its rating agreement
with Pasolite Electricals Pvt Ltd, ICRA has been trying to seek
information from the entity so as to monitor its performance.
Further, ICRA has been sending repeated reminders to the entity for
payment of surveillance fee that became due. Despite multiple
requests by ICRA, the entity's management has remained
non-cooperative. In the absence of requisite information and in
line with the aforesaid policy of ICRA, the rating has been
continued to the "Issuer Not Cooperating" category. The rating is
based on the best available information.

Pasolite Electricals Pvt Ltd, based out of Bangalore, is promoted
by Mr. Ganpat Jain and is engaged in the business of trading wide
range of user friendly light fixtures with emphasis on energy
saving and custom design for two decades. Pasolite provide lighting
solutions to all indoor, outdoor, industrial and residential
applications. It also trades in exterior lighting, road and street
lighting, and landscape lighting.


PHOOL CHAND: CARE Keeps B- Debt Rating in Not Cooperating Category
------------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Phool Chand
Infrastructure Private Limited (PCIPL) continues to remain in the
'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      25.00       CARE B-; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category  

Rationale and key rating drivers

CARE Ratings Ltd. had, vide its press release dated March 12, 2024,
placed the rating(s) of PCIPL under the 'issuer non-cooperating'
category as PCIPL had failed to provide information for monitoring
of the rating as agreed to in its Rating Agreement. PCIPL continues
to be non-cooperative despite repeated requests for submission of
information through e-mails dated January 26, 2025, February 5,
2025 and February 15, 2025 among others. In line with the extant
SEBI guidelines, CARE Ratings Ltd. has reviewed the rating on the
basis of the best available information which however, in CARE
Ratings Ltd.'s opinion is not sufficient to arrive at a fair
rating.

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

Analytical approach: Standalone

Outlook: Stable

Delhi-based Phool Chand Infrastructure Private Limited (PCIPL) is
promoted by Mr Manoj Gupta and Mr. Rajneesh Gupta. PCIPL is
currently developing one real estate project by the name of
“Green View Blossam” located in Main Shastradhara Road,
Armanvihar, Dehradun, with total saleable area of 3.22 lsf. The
project comprises of three residential blocks with 150 flats in a
mix of two-BHK (Bedroom, Hall & Kitchen) and three-BHK flats. Apart
from PCIPL, the other group concern GAV Developers Pvt Ltd is also
engaged in the real estate development and currently developing a
residential project named Green View Heights in
NH-18, Raj Nagar Extension, Ghaziabad- Uttar Pradesh.


RAJAMAHAL INTERNATIONAL: CARE Keeps C Rating in Not Cooperating
---------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Rajamahal
International Private Limited (RIPL) continue to remain in the
'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       5.00       CARE C; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

   Short Term Bank      7.00       CARE A4; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category

Rationale and key rating drivers

CARE Ratings Ltd. had, vide its press release dated February 7,
2024, placed the rating(s) of RIPL under the 'issuer
non-cooperating' category as RIPL had failed to provide information
for monitoring of the rating as agreed to in its Rating Agreement.
RIPL continues to be non-cooperative despite repeated requests for
submission of information through e-mails dated December 23, 2024,
January 2, 2025, January 12, 2025 among others. In line with the
extant SEBI guidelines, CARE Ratings Ltd. has reviewed the rating
on the basis of the best available information which however, in
CARE Ratings Ltd.'s opinion is not sufficient to arrive at a fair
rating.

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

Analytical approach: Standalone

Outlook: Not Applicable

Incorporated in 1991, Rajamahal International Private Limited
(RIPL) is promoted by Mr. Syed Aslam Pasha and Mr. Syed Sardar
Pasha. The company is engaged in trading of silk waste, iron ore
fines, granite, fabric and TMT bars. The company has a major focus
on the domestic market of Karnataka and the remaining through
exports mainly to Singapore, China and Taiwan. RIPL procures mainly
from domestic suppliers based out in Karnataka from the regions of
Sidlaghatta, Ramanagar, Kolar etc.

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

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

   Long Term/           3.00       CARE D/CARE D; ISSUER NOT
   Short Term                      COOPERATING; Rating continues
   Bank Facilities                 to remain under ISSUER NOT
                                   COOPERATING category

Rationale and key rating drivers

CARE Ratings Ltd. had, vide its press release dated March 20, 2024,
placed the rating(s) of RPL under the 'issuer non-cooperating'
category as RPL had failed to provide information for monitoring of
the rating as agreed to in its Rating Agreement. RPL continues to
be non-cooperative despite repeated requests for submission of
information through e-mails dated February 3, 2025, February 13,
2025, February 23, 2025 among others. In line with the extant SEBI
guidelines, CARE Ratings Ltd. has reviewed the rating on the basis
of the best available information which however, in CARE Ratings
Ltd.'s opinion is not sufficient to arrive at a fair rating.

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

Analytical approach: Standalone

Outlook: Not Applicable

Rake Power Limited (RPL) incorporated on June 20, 2000, is a
subsidiary of Shalivahana Green Energy Limited (SGEL) and has Setup
a biomass-based 10.00 MW power plant at Ramtek Tehsil, Nagpur,
Maharashtra. The project achieved Commercial Operations Date (COD)
on July 25, 2008 and the project was completed at total cost of
INR41 crore. The company has entered in to Energy Purchase
Agreement (EPA) with Maharashtra State Electricity Distribution
Company (MSEDCL) for a period of 13 years from COD. At present, the
company is billing as per the tariff of INR6.73 per kWh. Hyderabad
based Shalivahana group has multiple business operations in
construction, real estate, power generation and education. RPL is
currently in talks for
liquidation, however, the same has not been finalized yet.

RICHFIELD ENGINEERING: Insolvency Resolution Process Case Summary
-----------------------------------------------------------------
Debtor: Richfield Engineering India Private Limited
14 Sujata Park
        Behind Utkarsh Vidyalaya
        Vadodara, Gujarat, India 390015

Insolvency Commencement Date: February 4, 2025

Estimated date of closure of
insolvency resolution process: August 3, 2025

Court: National Company Law Tribunal, Ahmedabad Bench

Insolvency
Professional: Mr. Rajendra Jain
              A - 1103, Iscon Riverside
              Near Dafnala, Opposite Police Stadium,
              Near Shilalekh, Shahibaug
              Ahmadabad, Gujarat 380004
              Email: iprajendragjain@gmail.com

              9-B Vardan Tower
              Near Vimal House
              Lakhudi Circle
              Narangpura, Ahmadabad
              Gujarat 380014
              Email: reipl.cirp@gmail.com

Last date for
submission of claims: March 28, 2025


RSAB IT INDIA: Voluntary Liquidation Process Case Summary
---------------------------------------------------------
Debtor: RSAB IT India Private Limited
P41 9th, A Main, LIC Colony
        Jeevanbhima Nagar,
        Bangalore, Karnataka - 560075

Liquidation Commencement Date: March 6, 2025

Court: National Company Law Tribunal, Bangalore Bench

Liquidator: Gigi Joseph KJ, FCS
     Company Secretaries #48
            2nd Block, 100Ft Road
            Opp. Kendriya Sadan
            Koramangala Bangalore - 560034
            Email: gigi@jandc.in

Last date for
submission of claims: April 5, 2025


SAHU HYDRO: ICRA Keeps B+ Debt Ratings in Not Cooperating
---------------------------------------------------------
ICRA has kept the Long-Term ratings of Sahu Hydro Power Private
Limited (SHPPL) in the 'Issuer Not Cooperating' category. The
rating is denoted as "[ICRA]B+(Stable); ISSUER NOT COOPERATING".

                      Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long Term-         10.85        [ICRA]B+ (Stable) ISSUER NOT
   Fund Based-                     COOPERATING; Rating continues
   Term Loan                       to remain under 'Issuer Not
                                   Cooperating' category

   Long Term-          7.60        [ICRA]B+ (Stable) ISSUER NOT
   Fund Based-                     COOPERATING; Rating continues
   Unallocated                     to remain under 'Issuer Not
                                   Cooperating' category

As part of its process and in accordance with its rating agreement
with SHPPL, ICRA has been trying to seek information from the
entity so as to monitor its performance. Further, ICRA has been
sending repeated reminders to the entity for payment of
surveillance fee that became due. Despite multiple requests by
ICRA, the entity's management has remained non-cooperative. In the
absence of requisite information and in line with the aforesaid
policy of ICRA, the rating has been continued to the "Issuer Not
Cooperating" category. The rating is based on the best available
information.

Sahu Hydro Power Private Limited (referred as SHPPL) is a private
limited company promoted by Indus group to develop, own and operate
a 5 MW small hydro power (SHP) project at Kurtha in Chamba District
of Himachal Pradesh (HP). The company is promoted by Indus
Renewable Energy India Private Limited (IREIPL). Indus Power and
Infrastructure LLC (Indus USA), through Indus Power &
Infrastructure Mauritius (Indus Mauritius) holds stake in IREIPL.
Indus USA (holding company) is held by three Indian promoters
(combined stake of 30%), Mr. Lingareddy Venkata Prasad, Mr.
Nagarjun Valluripalli, and Mr. Ramaraju Raudraraju and a hedge
fund, Wexford Capital LLC (Wexford, 70% stake). The company has
successfully commissioned Kurtha project in December 2014 and is
backed by PPA with Govt.  


SAMMAAN CAPITAL: S&P Rates Proposed USD Senior Secured Bonds 'B+'
-----------------------------------------------------------------
S&P Global Ratings assigned its 'B+' long-term issue credit rating
to U.S. dollar-denominated senior secured bonds that Sammaan
Capital Ltd. (SCL) proposes to issue. The rating on the proposed
bonds is subject to S&P's review of the final terms and
conditions.

S&P equalizes the rating on the bonds with the long-term issuer
credit rating on SCL (B+/Stable/B). The bonds are direct and
unconditional obligations of the India-based finance company. They
are secured and will rank equally with all its other outstanding
secured and unsubordinated obligations, without any preference.

SCL plans to use the net proceeds to finance and refinance eligible
green and social projects in accordance with its sustainability
financing framework.

The bonds have performance-related covenants. A breach of those
covenants can result in a default and early redemption of the
bonds. These covenants are SCL's net nonperforming assets (NPA)
should be less than 5.0% of gross advances and total secured loans
should not be less than 85% of the total loan book. SCL must also
maintain a minimum security coverage ratio of 1.1x for the senior
secured bonds.

SCL had a net NPA ratio of 0.7% as of Dec. 31, 2024. Secured loans
formed 97.7% of the company's total loans.


SECUREKLOUD TECH: CARE Reaffirms D Rating on INR17.12cr Loan
------------------------------------------------------------
CARE Ratings has reaffirmed ratings on certain bank facilities of
SecureKloud Technologies Limited (SecureKloud), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term            17.12      CARE D Reaffirmed
   Bank Facilities                 

Rationale and key rating drivers

The rating assigned to the bank facilities of SecureKloud
Technologies Limited (SecureKloud) factor in the delays in debt
servicing.

Rating sensitivities: Factors likely to lead to rating actions

Positive factors

* Satisfactory track record of timely repayment and servicing of
debt obligation for a continuous period of 90 days.
* Improvement in liquidity position
* Resolution of governance related issues and strengthening of the
corporate governance architecture in the company and management

Analytical approach: Consolidated

SecureKloud and its subsidiaries are under the common management
and engaged in similar line of business.  

Detailed description of the key rating drivers

Key weaknesses

* Delay in debt servicing: There are instances of delays in debt
servicing of its term loans owing to delay in collections.

* Moderation in scale of operation and continued operating losses:
The company's scale of operations decreased from INR460.12 crores
in FY23 to INR340.86 crores in FY24, and further to INR131.71
crores in the first nine months of FY25, following the loss of a
key customer in FY24. The company has been incurring losses at
operational level due to increased R&D spending over the past few
years for the platform business. The revenue from this R&D activity
has been not as envisaged due to the low acceptance of the platform
model in the healthcare segment leading to continued operating
losses. Company has reported PBILDT losses of around INR81.46
crores in FY22 and INR69.48 crores in FY23. However, with the
rationalization of R&D and reduction in discretionary spends, the
operational losses have narrowed down to INR26.58 crores in FY24.
Despite cutting employee costs in FY24, the company's modest scale
has led to low employee utilization, and high employee costs
continue to impact profitability.

* Modest financial risk profile marked by negative tangible net
worth: The company's tangible net-worth has seen an erosion after
the write-off INR624.95 crore of capitalised internally developed
software in FY20. Due to continuous operating losses, the tangible
net-worth continued to remain negative. The company has a total
debt of INR120.70 crore as on March 31, 2024, out of which INR31.38
crore is in the form of unsecured loans from related parties. The
company, through its step-down subsidiary, has raised funds through
a Private Investment in Public Equity (PIPE) offering of around
INR131 Cr (USD 15.2 mn), out of which the company has received
around INR11.3 Cr (USD 1.3 mn) which pertains to delayed
receivables from the subsidiary. This is expected to be utilised
towards repayment of debt and working capital requirements.

* Geographical concentration: The company caters to USA market
primarily. Around 98% of the consolidated revenue is from the USA
for the past few years. This high dependence on USA for revenue
exposes the company to geographical concentration risk especially
with higher employee costs.

* Presence in highly competitive industry: The company has a
relatively moderate scale of operations in a highly competitive
industry which would restrict the company's bargaining power with
high value clients. It faces competition from IT giants and other
small-scale players. The company is also exposed to risks of
regulatory framework and immigration policy changes in USA. All the
above would put pressure on the margins of the company.

* Impact of SEBI Order and governance issues: Pursuant to receipt
of certain complaints alleging inter-alia financial misreporting/
irregularities by promoters and management of the Company and the
resignation of the Company's statutory auditor, viz. Deloitte
Haskins and Sells citing various corporate governance issues
including fraud relating to irregularities and inconsistencies in
financial statements and books of accounts of the Company, SEBI had
initiated an investigation and Grant Thornton was appointed as
forensic auditor. In this regard, SEBI has issued a final order
with directives and penalties for the company and its officials. In
SEBI order dated Dec 16, 2022, Mr. Suresh Venkatachari, Mr. R S
Ramani and Mr. Gurumurthy Jayaraman were prohibited from being
associated with the securities market in any manner, including as a
director or Key Managerial Personnel in a listed company or an
intermediary registered with SEBI, for a period of one year, from
the date of coming into force of the direction. Following this
order, the promoter Mr. Suresh Venkatachari stepped down as
chairman of the company with effect from January 19, 2023. The
company had sought appeal against this order in SAT, however, no
order has been passed. Subsequently after the lapse of the
restriction period stipulated by SEBI, Mr. Suresh Venkatachari was
appointed as Chairman & CEO.
Key strengths

* Domain and Industry expertise coupled with tie-ups with public
cloud enterprises: SecureKloud is focussed on cloud transformation
and data pipeline management services. Since its inception, the
company has developed in-house patented softwares such as CloudEz
platform and has continued to develop technology platforms like
DataEz, readbl.ai, blockedge.io and CloudAuth etc. Furthermore, the
company has also tied up as a service partner with public cloud
system providers such as AWS, Azure, Google Cloud Services, IBM
Smart Cloud and VMWare. Being in a highly regulated vertical
like healthcare, SecureKloud also has expertise and has been
certified in regulatory compliances such as HIPAA (Health Insurance
Portability and Accountability Act), HITRUST and GxP.

Liquidity: Poor

The liquidity of the company remained poor with negative cash
accruals at consolidated level. The company has a consolidated cash
and bank balance of INR0.41 Cr as on September 30, 2024. The
average working capital utilisation stands high at around 99.9% for
the past 12 months ended December 2024. Further, there are delay in
servicing of the term debts.

SecureKloud Technologies Limited (SecureKloud) was originally
promoted as 8K Miles Software Services Limited by Mr. Venkatachari
Suresh, Mr. R. S. Ramani and Mr. M. V Bhaskar in the year 2008. The
company provides software services (strategic advisory,
implementation, and development services), managed services and
support (post implementation support and cloud hosting services)
and platform services (solutions delivery model). The company has
technological partnerships with Amazon Web Services, Microsoft
Azure, IBM, Google Cloud Platform and CA Technologies. They are one
of the preferred managed service partners for Amazon Web Services.


SHREENIDHI METALS: CARE Keeps D Debt Rating in Not Cooperating
--------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Shreenidhi
Metals Private Limited (SMPL) continues to remain in the 'Issuer
Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       6.22       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Rationale and key rating drivers

CARE Ratings Ltd. had, vide its press release dated March 18, 2024,
placed the rating(s) of SMPL under the 'issuer non-cooperating'
category as SMPL had failed to provide information for monitoring
of the rating as agreed to in its Rating Agreement. SMPL continues
to be non-cooperative despite repeated requests for submission of
information through e-mails dated February 1, 2025, February 11,
2025, February 21, 2025 among others. In line with the extant SEBI
guidelines, CARE Ratings Ltd. has reviewed the rating on the basis
of the best available information which however, in CARE Ratings
Ltd.'s opinion is not sufficient to arrive at a fair rating.

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

Analytical approach: Standalone

Outlook: Not Applicable

Vadodara (Gujarat) based Shreenidhi Metals Private Limited (SMPL)
was incorporated in 2013 as a private limited company and is run by
Ms. Sadhna Maloo and Ms. Nikita Jain. The company is engaged into
manufacturing of aluminum circles and sheets, which find its
application in utensils industry and power sector with installed
capacity of 1800 MT per annum as on March 31, 2018. Plant of the
company is located at Waghodia, Gujarat.


SKD REALTY: ICRA Keeps B+ Debt Rating in Not Cooperating Category
-----------------------------------------------------------------
ICRA has kept the Long-term rating of SKD Realty LLP in the 'Issuer
Not Cooperating' category. The rating is denoted as
[ICRA]B+(Stable); ISSUER NOT COOPERATING."

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long Term-         25.00        [ICRA]B+ (Stable) ISSUER NOT
   Fund Based-                     COOPERATING; Rating continues
   Term Loan                       to remain under 'Issuer Not
                                   Cooperating' category

As part of its process and in accordance with its rating agreement
with SKD Realty LLP, ICRA has been trying to seek information from
the entity so as to monitor its performance. Further, ICRA has been
sending repeated reminders to the entity for payment of
surveillance fee that became due. Despite multiple requests by
ICRA, the entity's management has remained non-cooperative. In the
absence of requisite information and in line with the aforesaid
policy of ICRA, the rating has been continued
to the "Issuer Not Cooperating" category. The rating is based on
the best available information.

SKD Realty LLP was incorporated in 2011 as a partnership firm and
was later converted in to a limited liability partnership (LLP)
firm in 2014. It is engaged in construction of residential project
in Mira Road (Thane). The firm is promoted by partner shaving
extensive experience in the field of real estate construction in
Mumbai and adjoining areas. The group has experience of more than
20 years in the real estate construction business in the Mumbai
region.


SKY INFRASTRUCTURES: Insolvency Resolution Process Case Summary
---------------------------------------------------------------
Debtor: Sky Infrastructures Private Limited
Shop Number 25, Unicity Business Centre
        Bhabhat, Zirakpur,
        Distt: SAS Nagar - 140603

Insolvency Commencement Date: February 25, 2025

Estimated date of closure of
insolvency resolution process: August 24, 2025

Court: National Company Law Tribunal, New Delhi Bench

Insolvency
Professional: Bhim Sain Goyal
              M-215, Rear Ground Floor
              Greater Kailash-II
              New Delhi 110048
              Email: bsgoyal1@gmail.com
              Email: cirpsky@gmail.com

Last date for
submission of claims: March 11, 2025


SUVISHRHU SPECIALITY: Insolvency Resolution Process Case Summary
----------------------------------------------------------------
Debtor: M/s Suvishrhu Speciality Chemicals Pvt. Ltd.
W - 220, PHASE - II, M.I.D.C DOMBIVALI (EAST)
        Thane, Maharashtra
        India, 421204

Insolvency Commencement Date: February 24, 2025

Estimated date of closure of
insolvency resolution process: August 23, 2025 (180 Days)

Court: National Company Law Tribunal, Mumbai Bench

Insolvency
Professional: Sunil Kumar Agarwal
       G-805, Akruti Orchid Park
              Near Safed Pul
              Andheri Kurla Road
              Sakinaka, Andheri (East)
              Mumbai, Maharashtra, 400072
              Email: ANIL91111@HOTMAIL.COM

              B/1221, Sun WestBank
              Near Shiv Cinema, Ashram Road
              Ahmedabad - 380009
              Email: CIRP.SUVIS@GMAIL.COM
              Email: ANIL91111@HOTMAIL.COM

Last date for
submission of claims: March 10, 2025


THREE282 TECHNOLOGIES: Voluntary Liquidation Process Case Summary
-----------------------------------------------------------------
Debtor: Three282 Technologies Private Limited
12, Dronpuri GMS Road
        Dehradun, Uttarakhand 248001

Liquidation Commencement Date: March 3, 2025

Court: National Company Law Tribunal New Delhi Bench

Liquidator: Mr. Manish Gupta
     207, Suchet Chambers
            1224/5, Bank Street
            Near Faiz Road
            Karol Bagh, New Delhi - 110005
            Email: Liquidation.three282@gmail.com
            Email: manish@rmgcs.com
            Contact No: +91-11-45042509

Last date for
submission of claims: April 2, 2025


UNITED CAPZ: CARE Cuts Rating on INR17.26cr LT Loan to D
--------------------------------------------------------
CARE Ratings has revised the ratings on certain bank facilities of
United Capz Private Limited (UPCL), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      17.26       CARE D; Issuer not cooperating;
   Facilities                      Downgraded from CARE B; Stable
                                   and moved to ISSUER NOT  
                                   COOPERATING category

Rationale and key rating drivers

CARE Ratings Ltd. has been seeking information from UPCL to monitor
the rating(s) vide e-mail communications/ letters dated March 12,
2025, March 11, 2025, March 7, 2025, March 4, 2025, and February 4,
2025, and numerous phone calls. However, despite repeated requests,
the company has not provided the requisite information for
monitoring the ratings. Also, UCPL has not paid the surveillance
fees for the rating exercise as agreed to in its Rating Agreement.
In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating. The rating on UCPL's bank facilities will
now be denoted as CARE D; ISSUER NOT COOPERATING.

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

The rating has been revised on account of non-availability of
requisite information to conduct the review and delays reported in
repayment of term loan as per FY24 audit report.

Analytical approach: Standalone

Detailed description of key rating drivers:

At the time of last rating, following were the rating weaknesses
and strengths (updated from FY24 audit report):

Key weaknesses

* Delays in debt repayment: As per the FY24 audit report, United
Capz Private Limited has defaulted in repayment of term loan.

* Decrease in scale of operations coupled with loss in FY24: In
FY24, UCPL's TOI witnessed a degrowth of 30% to INR25.69 crores in
FY24 from INR36.54 crore in FY23. With dip in scale of
operations, UCPL registered cash loss of INR5.12 crore as against
cash profit of INR2.15 crore.

* Deterioration in capital structure and debt coverage indicators:
Due to net loss in FY24, UCPL's networth base turned negative to
INR8.18 crore as on March 31, 2024. This weakened the
company's capital structure and debt coverage indicators.

* Presence in highly fragmented and competitive nature of industry
and exposure to government regulations: UCPL is engaged in the
manufacturing of vide variety of gelatine and cellulose based
capsule shells which serve as raw material (excipient) for
pharmaceutical and food supplement industry. The industry is
characterized by a high level of competition having presence of a
large number of small and big players. All the products and
companies of pharmaceutical industry are regulated by several
policies and bodies in terms of pricing, quality control, safety,
health standards, several other certifications, control standards.
Also, APIs, excipients (e.g., shell capsules) and other
pharmaceutical products have to maintain compliance with regulatory
policies of each export destination like the US FDA, EUGMP etc. in
order to sustain sales. UCPL, being present in the highly regulated
industry is susceptible to any adverse change in the Government
policy regarding the same.

Key strengths

* Experienced promoters in diversified industries: UCPL was
initially promoted by Late Mr. Dahyabhai, Mr. Mahesh Panchal and
Mr. Rakesh Dahanuwala. Mr. Mahesh Panchal resigned as director and
Mr. Bhavesh Dahanuwala and Ms. Jagruti Patel were appointed as
director of UCPL in 2018.

* Location advantage due to cluster presence: The manufacturing
facility of UCPL is in Valsad (Gujarat) which is one of the largest
pharmaceutical clusters in India. The primary raw material i.e.,
gelatine, water and food colour are easily available from Gujarat
and Maharashtra. Other advantages include easy availability of
labour as well as accessibility of water and power.

Thane-based (Maharashtra) UCPL was incorporated on October 8, 2015
as a private limited company by Late Mr. Dahyabhai Patel, Mr.
Rakesh Dahanuwala and Mr. Mahesh Panchal. Currently, Mr. Rakesh
Dahunuwala, Mr. Bhavesh Dahanuwala and Ms. Jagruti Patel holds
directorship in UCPL. UCPL is engaged into manufacturing of Empty
Hard Gelatin Capsule (EHGC) shells operating from plant situated in
Valsad (Gujarat) with an installed capacity of manufacturing 750
crore capsule shells per annum as on March 31, 2023. UCPL commenced
its operations from newly commissioned plant from May 2019
onwards.


VARUN LOGISTICS: CARE Keeps B- Debt Rating in Not Cooperating
-------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Sri Varun
Logistics Park Private Limited (SVLPPL) continues to remain in the
'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term           31.34       CARE B-; Stable; ISSUER NOT
   Bank Facilities                 COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category

Rationale and key rating drivers

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

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

Analytical approach: Standalone

Outlook: Stable

Sri Varun Logistics Park Private Limited (SVLPPL), promoted by Mr.
G. Sambasiva Rao, was incorporated in July 2011 in Visakhapatnam,
Andhra Pradesh (A.P.). The company has undertaken establishment of
Logistics Park at Ravada Village, Visakhapatnam, and Andhra Pradesh
that would provide end to end shipping services such as cargo
handling, stevedoring, transportation warehousing, Container
Freight Station (CFS) and other shipping services. The logistics
park is proposed to be located at Ravada Village, Parawada Mandal,
Visakhapatnam District, Andhra Pradesh which is easily accessible
to both Visakhapatnam Port Trust (33 Km) and Gangavaram Port (22
Km) through national highway.


VISHAL STRUCTURALS: Insolvency Resolution Process Case Summary
--------------------------------------------------------------
Debtor: Vishal Structurals Private Limited
        Unit No. 701-706, 7th Floor, Krishna-Govinda Tower
        Plot No.22-26, Sector 24, Vashi
        Opposite Sanpada, Railway Station
        Navi Mumbai
        Maharashtra, India 400705

Insolvency Commencement Date: March 12, 2025

Estimated date of closure of
insolvency resolution process: September 8, 2025

Court: National Company Law Tribunal, Mumbai Bench

Insolvency
Professional: Mr. Prashant Jain
              A501, Shanti Heights
              Plot No. 2,3,9B/10, Sector 11,
              Koparkharine, Thane
              Navi Mumbai- 400709
              Email: ipprashantjain@gmail.com
              Email: cirp.vishalstructurals@gmail.com

Last date for
submission of claims: March 26, 2025


WESTSTAR CONSTRUCTIONS: Insolvency Resolution Process Case Summary
------------------------------------------------------------------
Debtor: M/s Weststar Construction Private Limited
No-51 Furniture Block
        Kirti Nagar
        New Delhi 110015

Insolvency Commencement Date: February 14, 2025

Estimated date of closure of
insolvency resolution process: September 1, 2025 (180 Days)

Court: National Company Law Tribunal, New Delhi Bench

Insolvency
Professional: Saurab Sharma
              B-204, First Floor Back Side,
              T-Extension, Street No 7,
              Vishwas Park Extn,
              Uttam Nagar, Delhi 110059
              Email: sk04sharma@gmail.com
              Email: cirp.wscpl@gmail.com

Last date for
submission of claims: March 19, 2025




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

PHARMANIAGA BHD: Shareholders Approve Plan to Exit PN17
-------------------------------------------------------
The Star reports that Pharmaniaga Bhd is moving forward with its
regularisation plan to exit its Practice Note 17 (PN17) status
following shareholders' approval of three key resolutions at the
group's EGM on March 20.

According to The Star, the three resolutions, aimed at
strengthening its financial position and supporting business
expansion, are a rights issue to raise gross proceeds of up to
RM353.5 million; a private placement of up to RM300 million with a
minimum of RM215 million; and a capital reduction through the
cancellation of RM520 million in issued share capital.

Pharmaniaga's "largest shareholders, Boustead Holdings Bhd and
Lembaga Tabung Angkatan Tentera, which hold 47.1% and 7.8%
respectively, have undertaken to subscribe to their entitlements
under the rights issue," it said in a statement, The Star relays.

                         About Pharmaniaga

Pharmaniaga Berhad is an investment holding company. The Company is
principally engaged in the research and development, manufacturing
of generic drugs and medical devices, logistics and distribution,
sales, and marketing, as well as community pharmacy.

It was reported on Feb. 28, 2023, that Pharmaniaga had been
classified as an affected listed issuer under PN17. The
pharmaceutical company said it had triggered the PN17 criteria
pursuant to its audited consolidated financial statements for the
period ended Dec. 31, 2022.




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

ABCHAL INVESTMENTS: Court to Hear Wind-Up Petition on April 4
-------------------------------------------------------------
A petition to wind up the operations of Abchal Investments Limited
will be heard before the High Court at Auckland on April 4, 2025,
at 10:45 a.m.

The Commissioner of Inland Revenue filed the petition against the
company on Jan. 21, 2025.

The Petitioner's solicitor is:

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


BOTTOMS UP: Creditors' Proofs of Debt Due on April 30
-----------------------------------------------------
Creditors of Bottoms Up Pet Limited are required to file their
proofs of debt by April 30, 2025, to be included in the company's
dividend distribution.

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

The company's liquidator is:

          Larissa Helen Logan
          Suite 14456, 17B Farnham Street
          Parnell
          Auckland 1052


CONTROL PLUS: Waterstone Insolvency Appointed as Receivers
----------------------------------------------------------
Damien Grant and Adam Botterill of Waterstone Insolvency on March
25, 2025, were appointed as receivers and managers of Control Plus
Limited.

The receivers and managers may be reached at:

       Waterstone Insolvency
       16 Piermark Drive
       Rosedale
       Auckland 0632


HUIA LIVING: Court to Hear Wind-Up Petition on May 8
----------------------------------------------------
A petition to wind up the operations of Huia Living Limited will be
heard before the High Court at Auckland on May 8, 2025, at 10:45
a.m.

3RN Investments Limited filed the petition against the company on
Feb. 11, 2025.

The Petitioner's solicitor is:

       Warwick Ayres
       Ayres Legal Limited
       Level 1, 280 Parnell Road
       Parnell
       Auckland 1052


K E M HOLDINGS: Creditors' Proofs of Debt Due on April 24
---------------------------------------------------------
Creditors of K E M Holdings Limited are required to file their
proofs of debt by April 24, 2025, to be included in the company's
dividend distribution.

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

The company's liquidators are:

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


KD FIREWOOD: Liquidators Warn of Unpaid Creditors
-------------------------------------------------
Otago Daily Times reports that a southern-based firewood business
has blamed shortage of wood, staffing difficulties, theft of cut
wood and Covid-19 for its insolvency position.

KD Firewood, which originated in Invercargill and later took over
Wanaka Firewood, was put into liquidation by a special resolution
of shareholders earlier this month, according to ODT.

The company, which was incorporated in October 2019 and ceased
trading at the end of last year, was jointly owned by Kerry John
Dixon and Owen Fredrick Dixon who were also its directors.

In his first report, liquidator Iain Nellies of Insolvency
Management Ltd said the total amount owed to creditors was just
over NZD855,000 - which included unsecured creditors of NZD126,556,
ODT discloses.

With total net assets of NZD659,350, that left the total estimated
deficit, subject to costs of liquidation, at just over NZD296,000.

It was not possible to determine whether a dividend would become
payable to creditors until all the records had been examined.

Owen Dixon was also listed as the director and shareholder of Dixon
Transport which was placed in liquidation in September last year
for failing to meet its obligations to Inland Revenue, ODT notes.

In their first report in October last year, KPMG liquidators
Elizabeth Keene and Luke Norman said the company was incorporated
in 1994 and operated as a transport business, predominantly for the
logging industry.

The director, who said the company had ceased trading in 2023,
initially advised he wanted to repay all creditors and terminate
the liquidation.

However, the liquidators were told that was no longer financially
viable.

Total liabilities were estimated at more than NZD2.3 million, ODT
discloses.

Meanwhile Kristal Pihama and Luke Norman, of KPMG, were appointed
liquidators of Dixon Haulage Ltd earlier this month, the
appointment made on the application of the Commission of Inland
Revenue.

Owen Dixon was also listed as director and shareholder of that
company, says ODT.




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

CLOUD INVESTMENTS: Creditors' Proofs of Debt Due on April 25
------------------------------------------------------------
Creditors of Cloud Investments Pte. Ltd. are required to file their
proofs of debt by April 25, 2025, to be included in the company's
dividend distribution.

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

The company's liquidator is:

          Tan Lye Heng Paul
          c/o Nexia Solutions  
          36 Robinson Road
          #11-01 City House
          Singapore 068877


CT BUSINESS: Court Enters Wind-Up Order
---------------------------------------
The High Court of Singapore entered an order on March 14, 2025, to
wind up the operations of CT Business Solutions Pte. Ltd.

Maybank Singapore Limited filed the petition against the company.

The company's liquidator is:

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


JMF II: Creditors' Proofs of Debt Due on April 24
-------------------------------------------------
Creditors of JMF II SG 1 Pte. Ltd. are required to file their
proofs of debt by April 24, 2025, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on March 17, 2025.

The company's liquidator is:

          Kasturi Majumdar
          c/o Maples Fiduciary Services (Singapore)  
          1 Raffles Place
          #36-01 One Raffles Place
          Singapore 048616


MM2 ASIA: Cathay Cinema at Jem Mall Closes as Landlord Ends Lease
-----------------------------------------------------------------
The Straits Times reports that the Cathay Cineplex outlet at Jem
mall in Jurong East has closed its doors on March 27, its operator
mm2 Asia said.

This came after the cinema chain closed its Bukit Batok outlet in
West Mall in February and its Ang Mo Kio branch in June 2024.

The Straits Times relates that the closure of the Jem outlet came
after more than a year of negotiations with the landlord, Lendlease
Global Commercial Real Estate Investment Trust, said
mainboard-listed operator mm2 in a filing on the Singapore
Exchange.

Cathay Cineplexes "has been actively engaging with the landlord to
negotiate and resolve issues related to the continued occupation of
the premises and rent arrears", mm2 said.

But Lendlease decided to issue a notice to terminate its lease with
the cinema chain starting from March 27, as it seeks to recoup,
among other things, some SGD4.3 million in rental arrears, mm2
added, The Straits Times relays.

"Cathay Cineplexes remains committed to realigning and rightsizing
its cinema business in anticipation of the market and audience
shift post-Covid.

"The painful process is inevitable but will allow the cinema to
explore new opportunities based on current market demands and
ensure long-term sustainability," the operator said.

Mm2 also thanked Lendlease for supporting the struggling cinema
business, which has experienced significant challenges since the
onset of the Covid-19 pandemic. It added that the cinema chain will
continue working on settling its outstanding debts, the report
notes.

With the latest closure, Cathay Cineplexes will have four remaining
outlets - Causeway Point in Woodlands, Downtown East in Pasir Ris,
Century Square in Tampines, and Clementi 321 in Clementi.

In a previous bourse filing on Feb. 3, mm2 said Cathay Cineplexes
also received letters of demand from the landlords of its outlets
at Century Square and Causeway Point, requesting close to SGD2.7
million in rental arrears and legal costs, The Straits Times adds.


Both Century Square and Causeway Point are owned by Frasers
Centrepoint Trust.

                         About mm2 Asia

Based in Singapore, mm2 Asia Ltd. (SGX:1B0) --
https://www.mm2asia.com/ -- primarily engages in the media and
entertainment industry, focusing on the production, distribution,
and exhibition of films and television content. The company
operates through its subsidiaries, including Cathay Cineplexes,
which manages cinema operations.


ROOTRUNNER PTE: Court to Hear Wind-Up Petition on April 11
----------------------------------------------------------
A petition to wind up the operations of Rootrunner Pte. Ltd. will
be heard before the High Court of Singapore on April 11, 2025, at
10:00 a.m.

Maybank Singapore Limited filed the petition against the company on
March 14, 2025.

The Petitioner's solicitors are:

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


YT FOOD: Court to Hear Wind-Up Petition on April 4
--------------------------------------------------
A petition to wind up the operations of YT Food Management 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 13, 2025.

The Petitioner's solicitors are:

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



                           *********


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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