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

                     A S I A   P A C I F I C

          Wednesday, April 2, 2025, Vol. 28, No. 66

                           Headlines



A U S T R A L I A

FLEET TECHNOLOGIES: First Creditors' Meeting Set for April 4
HARBOUR GUIDANCE: Jeanswest to Hold Sale of $20MM Worth of Stock
LIBERTY AUTO 2024-1: Fitch Affirms BB Rating on Class F Debt
MEETINGS INDUSTRY: First Creditors' Meeting Set for April 8
PARABLE PRODUCTIONS: First Creditors' Meeting Set for April 4

QUEENSLAND LINEN: Second Creditors' Meeting Set for April 7
STRONGROOM: Investors at War as Founders Hit With Freezing Orders
THINK TANK 2025-2: S&P Assigns B+(sf) Rating on Class E Notes
WEST COAST AQUACULTURE: Second Creditors' Meeting Set for April 7


C H I N A

AIXIN LIFE: To Restate 2021 Financial Statements


I N D I A

ANSALDOCALDAIE GB: ICRA Keeps D Debt Ratings in Not Cooperating
ARVIND AND RAJAN: ICRA Keeps B+ Debt Rating in Not Cooperating
ATC FOODS: ICRA Keeps B+ Debt Rating in Not Cooperating Category
CHANDAN TEXTILES: ICRA Keeps B Debt Ratings in Not Cooperating
CHINTAMANIS JEWELLERY: ICRA Keeps D Ratings in Not Cooperating

DELITE CABLES: ICRA Keeps D Debt Ratings in Not Cooperating
DEVANGA SANGHA: ICRA Keeps B Debt Rating in Not Cooperating
FUTURISTIC DIAGNOSTIC: ICRA Keeps B+ Ratings in Not Cooperating
GAYATHRI SUSTAINABLE: ICRA Keeps B+ Ratings in Not Cooperating
GOLHAR GINNING: ICRA Keeps D Debt Ratings in Not Cooperating

HARAN CHANDRA: ICRA Keeps D Debt Ratings in Not Cooperating
IKAT EXPORTS: ICRA Lowers Rating on INR17.50cr NCDs to B-
SADIQ AND COMPANY: CRISIL Withdraws B Rating on INR22cr Cash Loan
SAHU AGENCIES: CRISIL Lowers Rating on INR40cr Loan to B
V. S. TAPES: CRISIL Keeps B Debt Ratings in Not Cooperating

VADIVEL PYROTECHS: CRISIL Keeps D Debt Rating in Not Cooperating
WELLCOME HOSPITALS: CRISIL Keeps B Ratings in Not Cooperating
WILLIAM INDUSTRIES: CRISIL Keeps D Ratings in Not Cooperating
YAMUNA BIO: CRISIL Keeps B+ Debt Ratings in Not Cooperating
YOGI WIRES: CRISIL Keeps B+ Debt Rating in Not Cooperating

YOUVAKSHHII DIGITAL: CRISIL Keeps B Rating in Not Cooperating
YOUVAKSHI EXPORTS: CRISIL Keeps B Debt Rating in Not Cooperating
YOUVAKSHI GODOWNS: CRISIL Keeps B Debt Rating in Not Cooperating
YOUVAKSHI NEWS: CRISIL Keeps B Debt Ratings in Not Cooperating
YOUVAKSHI VEGETABLE: CRISIL Keeps B Rating in Not Cooperating



M A L A Y S I A

CAPITAL A: Seeks Approval to Extend Issuance of PN17 Plan Circular


N E W   Z E A L A N D

K E M HOLDINGS: Three F45 Gyms Enters Liquidation
KARIKI PHARMA: Insolvent After Failing to Pay Staffer
MAHIA VILLAGE: Court to Hear Wind-Up Petition on April 24
MOBEEN TRANSPORT: Reynolds & Associates Appointed as Liquidator
NICSON PROMOTIONS: Court to Hear Wind-Up Petition on April 4

NORTH ISLAND: Creditors' Proofs of Debt Due on May 9
SOLUTION STREET: Creditors' Proofs of Debt Due on May 2
UBCO HOLDINGS: Owes NZD36 Million to Creditors


P H I L I P P I N E S

AC LOGISTICS: Posts PHP2.2BB Net Loss in 2024 Amid Entrego Woes


S I N G A P O R E

ARC 6SRN: Court Enters Wind-Up Order
DELTA CORP: Court to Hear Wind-Up Petition on April 25
ERVINIA PTE: Court to Hear Wind-Up Petition on April 11
FURNITURE CLUB: Court Enters Wind-Up Order
PLACE TO RELAX: Court Enters Wind-Up Order



S O U T H   K O R E A

MG NON-LIFE: Regulator Seeks Best Solution Amid Liquidation Woes


S R I   L A N K A

STATE MORTGAGE: Fitch Assigns 'BB(lka)' National LongTerm Rating

                           - - - - -


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A U S T R A L I A
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FLEET TECHNOLOGIES: First Creditors' Meeting Set for April 4
------------------------------------------------------------
A first meeting of the creditors in the proceedings of Fleet
Technologies Limited will be held on April 4, 2025 at 11:00 a.m. at
Wexted Sydney Offices and via Microsoft Teams.

Christopher Johnson of Wexted was appointed as administrator of the
company on March 25, 2025.


HARBOUR GUIDANCE: Jeanswest to Hold Sale of $20MM Worth of Stock
----------------------------------------------------------------
News.com.au reports that Jeanswest will hold a sale of more than
AUD20 million worth of stock from April 1 after the '90s denim
staple went into voluntary administration.

On March 26, Harbour Guidance Pty Ltd, the company behind the
iconic fashion brand called in administrators - for the second time
since 2020 - to wind up its 90 bricks-and-mortar stores, with 600
jobs set to go as it pivots to online-only trade, the report
notes.

The price of more than 350,000 items - 138,000 pairs of jeans among
them - has now been slashed, news.com.au says.

"There will be storewide discounts to shift the stock, which
includes 77,000 units of new pieces of clothing and footwear that
were ordered before the company entered administration and have
only just arrived in warehouses," news.com.au quotes administrator
Lindsay Bainbridge as saying.

"Everything is reduced and sales will apply both at retail stores
and online. All sales will be final during the closing event."

The purpose of the sale, Mr. Bainbridge continued, "is to clear the
stock, maximise returns for creditors and get the business ready to
be structured as an online operation".

"We have spoken to all staff and will continue to operate all
stores at this stage while we run out of the stock," he said.

News.com.au relates that Mr. Bainbridge said Jeanswest 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."

David Raj Vasudevan, Lindsay Stephen Bainbridge and Andrew Reginald
Yeo of Pitcher Partners were appointed as administrators of the
company on March 26, 2025.


LIBERTY AUTO 2024-1: Fitch Affirms BB Rating on Class F Debt
------------------------------------------------------------
Fitch Ratings has upgraded two and affirmed five classes of
asset-backed floating-rate notes from two Liberty Series Auto Trust
transactions. Fitch has also revised the Outlook on five notes to
Positive, from Stable.

The transactions are backed by pools of first-ranking Australian
automotive loan receivables originated by Liberty Financial Pty
Ltd. The notes are issued by Liberty Funding Pty Limited in its
capacity as issuer.

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

   Entity/Debt             Rating           Prior
   -----------             ------           -----
Liberty Series
2023-1 Auto Trust

   A AU3FN0077640      LT AAAsf  Affirmed   AAAsf

Liberty Series
2024-1 Auto Trust

   A AU3FN0088308      LT AAAsf  Affirmed   AAAsf
   B AU3FN0088316      LT AA+sf  Upgrade    AAsf
   C AU3FN0088324      LT A+sf   Affirmed   A+sf
   D AU3FN0088332      LT A-sf   Upgrade    BBB+sf
   E AU3FN0088340      LT BBB-sf Affirmed   BBB-sf
   F AU3FN0088357      LT BBsf   Affirmed   BBsf

KEY RATING DRIVERS

Stable Asset Performance: The performance of the underlying assets
has been stable. As of end-February 2025, 30+ day arrears were 3.9%
for Liberty Series 2023-1 Auto Trust and 2.4% for Liberty Series
2024-1 Auto Trust, which are above Fitch's 4Q24 Dinkum ABS index of
1.5%. The 60+ day arrears were 3.1% and 1.6%, respectively, above
Fitch's 4Q24 Dinkum ABS index of 0.8%. Obligor default risk is a
key assumption in its quantitative analysis. Fitch used the
following weighted-average (WA) base-case remaining default rates
(and 'AAAsf' multiples) in its analysis:

Liberty Series 2023-1 Auto Trust: 4.17% (5.66x) - unchanged from
closing

Liberty Series 2024-1 Auto Trust: 4.15% (5.67x)

The recovery base case for electric vehicles (EVs) is 34.0% with a
'AAAsf' recovery haircut of 60.0%, and is 50% for non-EVs with a
'AAAsf' recovery haircut of 40.0%.

Tight Labour Market Supports Outlook: Portfolio performance is
supported by Australia's continued economic growth and tight labour
market, despite rapid interest rate hikes in 2022-2023. GDP growth
was 1.3% for the year ended December 2024 and unemployment was 4.1%
in February 2025. Fitch forecasts GDP growth of 1.9% in 2025,
rising to 2.2% in 2026, with unemployment at 4.2% over both years.

Credit Enhancement Supports Ratings: Structural features of Liberty
Series 2023-1 and 2024-1 Auto Trust include liquidity facilities
sized at 2.0% and 1.5% of the aggregate note balance, respectively,
which are sufficient to mitigate Fitch's payment interruption risk.
Updated cash flow analysis was performed for Liberty Series 2024-1
Auto Trust, incorporating Fitch's default and recovery
expectations, portfolio compositions and the build-up of CE.

Updated asset and cash flow analysis was not performed on Liberty
Series 2023-1 Auto Trust as Fitch considered it unnecessary. The
main purpose of the modelling is to assess the effect of rising CE
and better performance than Fitch expected, but the notes are
already at their highest achievable rating and other variables are
in line with expectations.

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

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

RATING SENSITIVITIES

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

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

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

Downgrade Sensitivities

Liberty Series 2024-1 Auto Trust

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

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

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

25% defaults increase: AAAsf / AAsf / Asf / BBBsf / BBsf / B+sf

50% defaults increase: AAAsf / A+sf / BBB+sf / BBB-sf / BB-sf /
Bsf

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

25% recoveries decrease: AAAsf / AA+sf / A+sf / BBBsf / BBsf /
BB-sf

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

10% defaults increase/10% recoveries decrease: AAAsf / AA+sf/ / Asf
/ BBB+sf / BBsf / BB-sf

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

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

Fitch's previous rating sensitivities for Liberty Series 2023-1
Auto Trust were discussed in the rating action commentary published
1 June 2023.

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

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

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

Upgrade Sensitivities

Liberty Series 2024-1 Auto Trust

Notes: B / C / D / E / F

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

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

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

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

DATA ADEQUACY

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

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

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

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

REFERENCES FOR SUBSTANTIALLY MATERIAL SOURCE CITED AS KEY DRIVER OF
RATING

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

ESG Considerations

Liberty Series 2023-1 and 2024-1 Auto Trust have an ESG Relevance
Score of '4' for Energy Management, which has a negative impact on
the credit profile and is relevant to the ratings in conjunction
with other factors. The score is higher than the baseline ESG
Relevance Score of '2' (no impact) for this general issue in the
Australian auto sector. This is because there is limited credit
performance data for EVs and available market data show notable
differences in recoveries between EVs and non-EVs. Fitch's
analytical approach for the transactions, in which EVs form 2.25%
and 2.67% of the pool, respectively, was not adjusted purely due to
the green nature of the underlying collateral, but Fitch references
available market data for EVs to determine its recovery
assumptions.

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


MEETINGS INDUSTRY: First Creditors' Meeting Set for April 8
-----------------------------------------------------------
A first meeting of the creditors in the proceedings of The Meetings
Industry Association of Australia Limited will be held on April 8,
2025 at 10:00 a.m. at the offices of JLA Insolvency & Advisory at
Level 13, 50 Margaret Street in Sydney.

Jamieson Louttit of JLA Insolvency & Advisory was appointed as
administrator of the company on March 27, 2025.


PARABLE PRODUCTIONS: First Creditors' Meeting Set for April 4
-------------------------------------------------------------
A first meeting of the creditors in the proceedings of Parable
Productions Pty Ltd, New Adventure Media Pty Ltd, Caravan,Camping
Classifieds Pty Ltd, and Camper Deals Pty. Ltd. will be held on
April 4, 2025 at 11:00 a.m. via teleconference only.

David Ross and David Ingram of I & R Advisory were appointed as
administrators of the company on March 25, 2025.


QUEENSLAND LINEN: Second Creditors' Meeting Set for April 7
-----------------------------------------------------------
A second meeting of creditors in the proceedings of Queensland
Linen Services Pty Ltd has been set for April 7, 2025 at 11:00 a.m.
via virtual meeting.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by April 4, 2025 at 4:00 p.m.

Rajiv Ghedia of Westburn Advisory was appointed as administrator of
the company on March 3, 2025.


STRONGROOM: Investors at War as Founders Hit With Freezing Orders
-----------------------------------------------------------------
The Australian Financial Review reports that StrongRoom AI will be
forced to detail if its founders and board members received any
money from the company in the two months since it raised AUD17
million after Sydney venture capital firm EVP successfully sought
freezing orders over the pharmaceutical software start-up's
assets.

According to the Financial Review, the court orders against
StrongRoom's founders Max Mito and Christopher Durre and directors
Peter Bruce-Clark and Divesh Sanghi were made days after the
collapse of the company. The failure of StrongRoom has created
significant investor animosity, with shareholders blaming EVP for
publicly raising concerns that the company misrepresented its
finances.

EVP is attempting to claw back the AUD10.4 million it invested in
February in a round that valued the seven-year-old company around
AUD70 million. The Financial Review says StrongRoom fell into
administration on March 28 after the board became concerned about
its solvency. One of its lenders had earlier that day appointed
receivers to take control of the company's bank account.

On March 31, the Federal Court ordered StrongRoom to confirm
whether Mito, Durre, Bruce-Clark and Sanghi had received any money
from the company since the capital raising round, and to detail any
other payments since that time. It also put broad freezing orders
in place, the Financial Review relays.

Overnight, European investor Tyson & Blake – where Bruce-Clark is
a strategic partner – suggested it could sue EVP for raising
those issues publicly and for alerting police to its concerns,
saying it should have engaged with other shareholders before doing
so.

The Financial Review relates that Tyson & Blake's Aaron Michelin
said EVP could be in breach of a shareholder agreement it signed,
describing the firm's decision to contact police demonstrated "a
very narrow and quite selfish thinking".

"Rather than taking the appropriate route of engaging other
shareholders to discuss findings, potential governance changes, or
corrective actions, EVP appears to have unilaterally involved
authorities and media in what can only be described as a
disproportionate and destructive reaction," he wrote in a letter to
the Australian start-up investor, the Financial Review relays.
"This will cause significant damage to the company, its team, and
fellow investors."

Mr. Michelin said he had been told that EVP had conducted its own
due diligence on StrongRoom, rather than engaging an external firm
to assess the accounts. It said his firm would have used KPMG or
another large accounting firm as part of a rigorous and tailored
due diligence process, the Financial Review relays.

He said investors in start-ups always found things amiss during due
diligence, but that this was part of dealing with inexperienced
entrepreneurs. EVP should have helped StrongRoom, he added.

"Sometimes, after everything is agreed upon, aggressive VCs come in
at the last minute and want a discount because they found some
issues in DD. Usually, the founders and other shareholders have to
agree," he wrote.

"I have personally experienced such renegotiations in a pre-IPO
situation just some days before listing. This shark strategy is
well known, but I have never heard that it would happen after you
sign and pay.

"Instead of assuming responsibility for their due diligence
decisions, EVP has opted for what appears to be a public
scapegoating campaign, targeting the CEO in an unprecedented and
damaging manner."

However, Mr. Michelin acknowledged the possibility of accounting
irregularities or reporting errors. But he said that without
evidence of "massive outright fraud", EVP could be open to a
lawsuit for financial damage.

"StrongRoom's founders are entrepreneurs – not yet polished
public company executives. This is not unusual," Mr. Michelin, as
cited by the Financial Review, wrote. "As investors, our role is to
support, mentor, and guide these leaders toward scalable governance
and long-term growth – not to publicly dismantle them."

As reported in the Troubled Company Reporter-Asia Pacific on April
1, 2025, financiers for Melbourne startup Strongroom AI have forced
the company into administration, amid concerns about the company's
accounts.  On March 28, new regulatory filings with corporate
regular ASIC revealed that Strong Room Technology Pty Ltd was in
external administration.

Todd Gammel, Barry Taylor, Matthew Levesque-Hocking from HLB Mann
Judd stepped in on March 28 as administrators for the company,
Startup Daily discloses.

Walsh & Associates has also been appointed as receiver for banking
assets in the startup at the behest of Paddington Street Finance.


THINK TANK 2025-2: S&P Assigns B+(sf) Rating on Class E Notes
-------------------------------------------------------------
S&P Global Ratings assigned its preliminary ratings to eight of the
nine classes of residential mortgage-backed, floating-rate
pass-through notes to be issued by BNY Trust Co. of Australia Ltd.
as trustee of Think Tank Residential Series 2025-2 Trust.

Think Tank Residential Series 2025-2 Trust is a securitization of
loans to residential borrowers, secured by first-registered
mortgages over Australian residential properties originated by
Think Tank Group Pty Ltd. (Think Tank).

The ratings reflect the following factors.

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

The credit support is sufficient to withstand the stresses S&P
applies. This credit support comprises note subordination for each
class of rated note.

The transaction's cash flows can meet timely payment of interest
and ultimate payment of principal to the noteholders under the
rating stresses. Key factors are the level of subordination
provided, the condition that a minimum margin will be maintained on
the assets, an amortizing liquidity facility sized at 1.5% of the
outstanding balance of the rated notes, the yield reserve, and the
principal draw function.

There is an extraordinary expense reserve of A$150,000, funded from
day one by Think Tank, available to meet extraordinary expenses.
The reserve will be topped up via excess spread if drawn.

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

S&P said, "We have also considered the counterparty exposure to
Commonwealth Bank of Australia as bank account provider and
National Australia Bank Ltd. as liquidity facility provider. The
transaction documents for the bank account and liquidity facility
include downgrade language consistent with our counterparty
criteria."

  Preliminary Ratings Assigned

  Think Tank Residential Series 2025-2 Trust

  Class A1-S, A$150.00 million: AAA (sf)
  Class A1-L, A$250.00 million: AAA (sf)
  Class A2, A$60.00 million: AAA (sf)
  Class B, A$15.50 million: AA (sf)
  Class C, A$11.50 million: A (sf)
  Class D, A$6.25 million: BBB (sf)
  Class E, A$3.00 million: BB+ (sf)
  Class F, A$1.75 million: B+ (sf)
  Class G, A$2.00 million: Not rated


WEST COAST AQUACULTURE: Second Creditors' Meeting Set for April 7
-----------------------------------------------------------------
A second meeting of creditors in the proceedings of West Coast
Aquaculture Group Ltd has been set for April 7, 2025 at 10:30 a.m.
via Microsoft Teams.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by April 4, 2025 at 4:00 p.m.

Richard Lawrence and Domenico Alessandro Calabretta of Mackay
Goodwin were appointed as administrators of the company on Feb. 28,
2025.




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C H I N A
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AIXIN LIFE: To Restate 2021 Financial Statements
------------------------------------------------
On May 25, 2021, Aixin Life International, Inc., acting through a
subsidiary, HK Aixin International Group Co. Limited, entered into
an agreement with Chengdu Aixin Shangyan Hotel Management Co., Ltd
and its two shareholders Quanzhong Lin and Yirong Shen pursuant to
which the Company would acquire 100% of the equity of Aixin
Shangyan Hotel.  Eighty percent of the equity of Aixin Shangyan
Hotel was owned by Mr. Lin and the balance was owned by Ms. Shen.
The acquisition was completed in July 2021.

On June 2, 2021, the Company, acting through AiXin HK entered into
an agreement with Chengdu Aixintang Pharmacy Co., Ltd. and certain
affiliated entities, each of which operates a pharmacy and its
three shareholders, Quanzhong Lin, Ting Li and Xiao Ling Li
pursuant to which Aixin would acquire 100% of the equity of
Aixintang Pharmacies. Mr. Lin owned in excess of 95% of the
outstanding equity of Aixintang Pharmacies. The remaining equity
interest was owned by Ting Li and Xiao Ling Li. The acquisition was
completed in September 2021.

The acquisitions of Aixin Shangyan Hotel and Aixintang Pharmacies
were accounted for as acquisitions of entities under common control
under ASC 805-50-15-6, and the assets and liabilities acquired were
recorded at the carrying amount under ASC 805-50-30-5.

Prior to its resignation from its position as the independent
registered principal accounting firm of the Company, KCCW Certified
Public Accountants, advised the Company in writing of the need to
restate the consolidated financial statements of the Company for
the year ended December 31, 2021 to present the results of
operations for the year ended December 31, 2021, as though the
acquisitions of Aixin Shangyan Hotel and Aixintang Pharmacies had
occurred at the beginning of the period, the Company disclosed in a
Form 8-K Report filed with the U.S. Securities and Exchange
Commission.

In addition to the necessary adjustments to the 2021 Financial
Statements, the comparative financial statements and financial
information for prior years included in the 2021 Financial
Statements needed to be restated to reflect the retroactive
adjustment of the financial data of previously separate entities
under common control that are combined. In addition, the Company
corrected the financial statement presentation of the capital
contribution from a major shareholder during the year ended
December 31, 2021.

Certain members of the Audit Committee and officers of the Company
have discussed the matters disclosed in this filing with KCCW.

The Company has provided KCCW with a copy of the disclosures it is
making in this Form 8-K and requested that KCCW furnish a letter
addressed to the Securities and Exchange Commission stating whether
or not it agrees with the statements made herein. Copies of KCCW's
letter shall be filed as an exhibit to this Report on Form 8-K.

The Company intends to file an amendment to this Report on Form 8-K
promptly after the date hereof including the restated 2021
Financial Statements and explanations of the adjustments made as a
result of the matters described above.

                  About AiXin Life International

Sichuan Province, China-based AiXin Life International, Inc. is a
Colorado holding company and conducts substantially all of its
operations through its operating companies established in the
People's Republic of China, or the PRC. The Company focuses on
providing health and wellness products to the growing middle class
in China. It currently develops, manufactures, markets, and sells
premium-quality healthcare, nutritional products, and wellness
supplements, including herbs and greens, traditional Chinese
remedies, functional products such as weight management products,
probiotics, foods, and drinks. The Company also provides
advertising and marketing services to clients who engage us to
market and distribute their products.

Diamond Bar, California-based KCCW Accountancy Corp., the Company's
former auditor, issued a "going concern" qualification in its
report dated April 5, 2024, citing that the Company incurred
recurring losses from operations and has an accumulated deficit,
which raises substantial doubt about its ability to continue as a
going concern.




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I N D I A
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ANSALDOCALDAIE GB: ICRA Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------------
ICRA has kept the Long-Term rating of Ansaldocaldaie GB Engineering
Private Limited in the 'Issuer Not Cooperating' category. The
rating is denoted as "[ICRA]D; ISSUER NOT COOPERATING".

                      Amount
   Facilities     (INR crore)   Ratings
   ----------     -----------   -------
   Long-term-         2.00      [ICRA]D; ISSUER NOT COOPERATING;
   Fund based                   Rating Continues to remain under
   Cash Credit                  'Issuer Not Cooperating'
                                Category

   Long-term-        15.80      [ICRA]D; ISSUER NOT COOPERATING;
   Fund based                   Rating Continues to remain under
   Term Loan                    'Issuer Not Cooperating'
                                Category

   Long Term-         2.20      [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 Ansaldocaldaie GB Engineering 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.

Ansaldocaldaie GB Engineering Private Limited is engaged in the
manufacturing and fabrication of Boiler components mainly pressure
vessels for boilers, mainly high pressure boilers and
super-critical boilers. The company is a 50:50 Joint Venture
between Ansaldocaldaie Boilers India Private Limited (ABIPL) and G
B Engineering Enterprises Private Limited (GBEEPL). The
manufacturing facility is located in Pudukkudy village near Trichy,
Tamil Nadu.


ARVIND AND RAJAN: ICRA Keeps B+ Debt Rating in Not Cooperating
--------------------------------------------------------------
ICRA has kept the Long-Term and Short-Term ratings of Arvind and
Rajan Constructions (ARC) in the 'Issuer Not Cooperating' category.
The rating is denoted as [ICRA]B+ (Stable); ISSUER NOT
COOPERATING/[ICRA]A4; ISSUER NOT COOPERATING".

                      Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long Term-          2.50        [ICRA]B+ (Stable) ISSUER NOT
   Fund Based-                     COOPERATING; Rating continues
   Cash Credit                     to remain under 'Issuer Not
                                   Cooperating' category

   Short Term-         2.50        [ICRA]A4 ISSUER NOT
   Non Fund Based                  COOPERATING; Rating continues
   Others                          to remain under 'Issuer Not
                                   Cooperating' category

As part of its process and in accordance with its rating agreement
with ARC, 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, Arvind and Raja Constructions (ARC) is a
proprietorship firm based of Bangalore. The company primarily
operates as a civil contractor engaged in the construction
residential complex and commercial buildings. The company strives
to achieve enhanced customer satisfaction by delivering quality
product through timely completion with safe working environment.
The clientele of the Company includes, Prestige Estate Projects
Limited, Aveda Ventures, Tanglin Developments Limited (a unit of
Coffee Day) and Exora Business Parks Private Limited.


ATC FOODS: ICRA Keeps B+ Debt Rating in Not Cooperating Category
----------------------------------------------------------------
ICRA has kept the Long-Term ratings for the Bank facilities of ATC
Foods Private Limited (ATC) in the 'Issuer Not Cooperating'
category. The rating is denoted as "[ICRA]B+(Stable) ISSUER NOT
COOPERATING ".

                      Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long Term-         50.00       [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 ATC, 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 2011, ATC is engaged in milling, processing and
sorting of basmati rice. The concern has its plant at Delhi with a
milling capacity of 9 MTPH. The firm primarily sells basmati rice
through export as well as domestic sales. The direct exports are
made to countries like Europe, Saudi Arabia etc. and the balance is
sold through exporters to European countries.


CHANDAN TEXTILES: ICRA Keeps B Debt Ratings in Not Cooperating
--------------------------------------------------------------
ICRA has kept the Long-Term ratings of Chandan Textiles in the
'Issuer Not Cooperating' category. The rating is denoted as [ICRA]B
(Stable); ISSUER NOT COOPERATING".

                      Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long Term-          3.00       [ICRA]B (Stable) ISSUER NOT
   Fund Based-                    COOPERATING; Rating continues
   Cash Credit                    to remain under 'Issuer Not
                                  Cooperating' category

   Long Term-          3.30       [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 Chandan Textiles, 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.

Chandan Textiles is a proprietorship firm established in the year
2002 by Mr. Chandan Malhotra. The firm is engaged in the business
of manufacturing and trading of pure silk fabrics like chiffon,
georgette and crape. The concern generates ~70% of the revenue from
the state of Karnataka, followed by 20% from Kolkata and the rest
from other States.


CHINTAMANIS JEWELLERY: ICRA Keeps D Ratings in Not Cooperating
--------------------------------------------------------------
ICRA has kept the Long-term and Short-Term rating of Chintamanis
Jewellery Arcade Pvt. Ltd. (CJAPL) 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-        18.00      [ICRA]D; ISSUER NOT COOPERATING;
   Fund based                   Rating Continues to remain under
   Cash Credit                  'Issuer Not Cooperating'
                                Category

   Long-term-         5.00      [ICRA]D; ISSUER NOT COOPERATING;
   Fund based                   Rating Continues to remain under
   Term Loan                    'Issuer Not Cooperating'
                                Category

   Short Term-     (10.00)      [ICRA]D; ISSUER NOT COOPERATING;
   Interchangeable              Rating Continues to remain under
                                'Issuer Not Cooperating'
                                Category

As part of its process and in accordance with its rating agreement
with CJAPL, 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.

Chintamanis Jewellery Arcade Pvt. Ltd. (CJAPL) is involved in the
retailing of gold, silver and diamond ornaments. It was established
in 1972 as a proprietorship concern by Mr. Arun Kaigaonkar. In the
year 2003, it was converted into a private limited company and the
name was changed to its current name. CJAPL is a family run
business and primarily deals in gold based jewellery which
contributes more than95% of the total sales. The company sources
gold, silver and diamond from the local market in Mumbai. CJAPL has
five retail outlets in Mumbai and one retail outlet in Goa.


DELITE CABLES: ICRA Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------
ICRA has kept the long-term and Short term ratings of Delite Cables
Pvt. Ltd. (DCPL) in the 'Issuer Not Cooperating' category. The
rating is denoted as [ICRA]D; ISSUER NOT COOPERATING/[ICRA]D;
ISSUER NOT COOPERATING.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Short Term-Non        4.50     [ICRA]D ISSUER NOT COOPERATING;
   Fund Based                     Rating continues to remain in
   Others                         the 'Issuer Not Cooperating'
                                  Category

   Long Term/Short       3.50     [ICRA]D/[ICRA]D ISSUER NOT
   Term-Unallocated               COOPERATING; Rating continues
                                  to remain in the 'Issuer Not
                                  Cooperating' category

   Long Term-            4.00     [ICRA]D ISSUER NOT COOPERATING;
   Fund Based-                    Rating continues to remain in
   Cash Credit                    the 'Issuer Not Cooperating'
                                  category

As part of its process and in accordance with its rating agreement
with DCPL, 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.

Delite Cables Private Limited (DCPL) was incorporated in 2004 and
is engaged in manufacturing low tension power and control cables
and aerial bundled cables at its facility located at Vadodara in
Gujarat. Besides this, DCPL is also an EPC (Erection, procurement
and commissioning) contractor and has completed projects in Sasan
Gir, Junagadh and Rajkot regions of Gujarat. The company is managed
by Mr. Pankaj Panchal and Mr. Mitul Panchal who have past
experience of about a decade in the cable industry.


DEVANGA SANGHA: ICRA Keeps B Debt Rating in Not Cooperating
-----------------------------------------------------------
ICRA has kept the Long-Term rating of Devanga Sangha (DS) in the
'Issuer Not Cooperating' category. The rating is denoted as
"[ICRA]B(Stable); ISSUER NOT COOPERATING".

                      Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long Term-         11.00       [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 DS, 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 1924, the Devanga Sangha (DS) society provides
education facilities to the people of weaker sections of the
society. It is registered under the Karnataka Societies
Registration Act and has around 18,500 members in Bangalore. It is
managed by a body which is elected through open general body
elections, held every three years. It started its operations by
providing hostel facilities to poor students and opened schools and
colleges gradually. At present, the society has a school, a
pre-university college and a first-grade college. The educational
institutions are supported through income generated from
the rentals of a function hall and commercial complexes. It has
commercial complexes at S.R. Nagar (started in 1943), Avenue Road
(started in 2015) and K.G Road, Bangalore (started in 2015 by the
name of Devanga Sangha Tower).


FUTURISTIC DIAGNOSTIC: ICRA Keeps B+ Ratings in Not Cooperating
---------------------------------------------------------------
ICRA has kept the Long-term rating of Futuristic Diagnostic Imaging
Centre Private Limited (FDI) in the 'Issuer Not Cooperating'
category. The rating is denoted as [ICRA]B+(Stable); ISSUER NOT
COOPERATING."

                      Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long Term-          5.00       [ICRA]B+ (Stable) ISSUER NOT
   Fund Based-                    COOPERATING; Rating continues
   Cash Credit                    to remain under 'Issuer Not
                                  Cooperating' category

   Long Term-         10.00       [ICRA]B+ (Stable); ISSUER NOT
   Unallocated                    COOPERATING; Rating continues
                                  to remain under the 'Issuer Not
                                  Cooperating' category

As part of its process and in accordance with its rating agreement
with FDI, 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.

FDI, incorporated in 2004, manufactures fluorodeoxyglucose (FDG)
fluids, aradio active substance injected into a patient before
performing a positron emission tomography (PET) scan. FDI's
manufacturing unit is at Jigani Industrial Area, Bangalore, with an
installed production capacity of 10 curies per batch. The unit
started operations fromFY2008. The company was also operating a PET
scanning centre at Narayana Hrudayalaya - Mazumdar Shaw Medical
Centre, Bommasandra, Bangalore, from FY2010. However, this was sold
in October 2019.


GAYATHRI SUSTAINABLE: ICRA Keeps B+ Ratings in Not Cooperating
--------------------------------------------------------------
ICRA has kept the long-term rating of Gayathri Sustainable Energies
India Private Limited (GSEIPL) in the 'Issuer Not Cooperating'
category. The rating is denoted as [ICRA]B+(Stable); ISSUER NOT
COOPERATING.

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long Term-          4.80        [ICRA]B+ (Stable) ISSUER NOT
   Fund Based/CC                   COOPERATING; Rating continues
                                   to remain under 'Issuer Not
                                   Cooperating' category

   Long Term-         18.07        [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 GSEIPL, 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.

Founded in 2011, Gayathri Sustainable Energies India Private
Limited (GSEIPL) is engaged in wind power generation. The company
is headquartered in Hyderabad while its wind power plants are
located in Tamil Nadu. It has established five wind electric
generators, with 0.85MW generation capacity each, in association
with Gamesa in Coimbatore. Additionally, two wind electric
generators with 0.85MW capacity each, based in Theni district in
Tamil Nadu, were added by GSEPL in 2012. The total wind power
capacity of the company stands at 5.95 MW.


GOLHAR GINNING: ICRA Keeps D Debt Ratings in Not Cooperating
------------------------------------------------------------
ICRA has kept the Long-Term ratings for the Bank facilities of
Golhar Ginning & Oil Pvt. Ltd. in the 'Issuer Not Cooperating'
category. The rating is denoted as "[ICRA]D ISSUER NOT
COOPERATING".

                     Amount
   Facilities     (INR crore)   Ratings
   ----------     -----------   -------
   Long-term-         4.75      [ICRA]D; ISSUER NOT COOPERATING;
   Fund based                   Rating Continues to remain under
   Cash Credit                  'Issuer Not Cooperating'
                                Category

   Long-term-         4.10      [ICRA]D; ISSUER NOT COOPERATING;
   Fund based                   Rating Continues to remain under
   Term Loan                    'Issuer Not Cooperating'
                                Category

   Long Term-         1.15      [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 Golhar Ginning & Oil 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.

Golhar Ginning & Oils Private Limited was incorporated in November
2012 and commenced business operations since December 2014. It is
in the business of ginning, pressing of cotton and crushing of
cotton seed oil. The factory is located in Hingaghat, Dist. Wardha
(Maharashtra). GGOPL is equipped with 24 ginning machines and 1
pressing machine to carry out operations. It is presently managed
by Mr. Damodar Golhar and Mr. Dhanraj Golhar.


HARAN CHANDRA: ICRA Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------
ICRA has kept the Long-Term and Short-Term ratings of Haran Chandra
Cold Storage Pvt Ltd (HCCSPL) 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-         1.25      [ICRA]D; ISSUER NOT COOPERATING;
   Fund based                   Rating Continues to remain under
   Cash Credit                  'Issuer Not Cooperating'
                                Category

   Long-term-         3.96      [ICRA]D; ISSUER NOT COOPERATING;
   Fund based                   Rating Continues to remain under
   Term Loan-I                  'Issuer Not Cooperating'
                                Category

   Long-term-         7.10      [ICRA]D; ISSUER NOT COOPERATING;
   Fund based                   Rating Continues to remain under
   Term Loan-II                 'Issuer Not Cooperating'
                                Category

   Long Term-         4.14      [ICRA]D; ISSUER NOT COOPERATING;
   Fund Based-                  Rating Continues to remain under
   Working                      'Issuer Not Cooperating'
   Capital                      Category
   Term Loan

   Long Term/         0.80      [ICRA]D/[ICRA]D ISSUER NOT
   Short Term-                  COOPERATING; Rating continues
   Unallocated                  to remain in the 'Issuer Not
                                Cooperating' category

   Long Term-         0.25      [ICRA]D ISSUER NOT COOPERATING;
   Non Fund Based               Rating continues to remain in
   Others                       the 'Issuer Not Cooperating'
                                Category

As part of its process and in accordance with its rating agreement
with HCCSPL, 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 2014, Haran chandra Cold Storage Pvt. Ltd. (HCCSPL)
provides cold storage facilities to farmers and traders. The
warehouse is located in the Coochbehar district of West Bengal with
an installed capacity of 317,275 quintals and is mainly used for
storage of potatoes by farmers/ traders in that area. Apart from
HCCSPL, the promoters are engaged in the business of cold storage
through other group companies and have an existing network which is
expected to support the revenue generation of HCCSPL. The company
is also engaged in trading of potatoes.


IKAT EXPORTS: ICRA Lowers Rating on INR17.50cr NCDs to B-
---------------------------------------------------------
ICRA has revised the ratings on certain bank facilities of IKAT
Exports Private Limited (IEPL), as:

                        Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Non-convertible       17.50      [ICRA]B-(Stable); downgraded
   debentures (NCD)                 from [ICRA]B (Stable)

Rationale  

The rating downgrade for the Non-Convertible Debentures (NCDs) of
IEPL factors in the sustained delays in getting the project
approvals resulting in further delays in launch and construction of
the project, exposing to high execution and market risks. The
proposed launch of the project is likely to be deferred to October
2025 as against the earlier expectation of February 2025 (initial
launch was planned in June 2024). Moreover, IEPL has a single
project and presence in a single location (i.e., Bhubaneshwar)
which exposes it to asset and geographic concentration risk. The
project is proposed to be funded through a mix of NCD, bank loan,
customer advances and promoter contribution, with high dependence
on customer advances following the project launch, thereby exposing
it to funding risk. Further, the rating considers the cyclical
nature of the residential real estate sector, which is highly
dependent on macroeconomic factors, which exposes its sales to any
downturn in real estate demand and competition within the region
from various established developers.  However, the rating factors
in the long track record and extensive experience of its promoters
of more than three decades in the real estate sector. The rating
also considers the favorable location of the proposed project and
its proximity to several operational IT parks, educational
institutes, and hospitals, which enhances its saleability.

Key rating drivers and their description

Credit strengths  

* Favourable location of project: The proposed upcoming residential
project is in Patia, Bhubaneshwar, close to several operational and
upcoming IT office parks. The area has easy access to educational
institutes, hospitals, etc, which are located within 1-5 km of the
project site. The favourable location is expected to enhance the
saleability of the project.
* Long track record of promoters: The promoters have long track
record and extensive experience of more than three decades in the
real estate sector. They have been involved in the execution of
multiple housing projects since 1987.
  
Credit challenges

* Execution and market risks due to delay in project launch:
Sustained delays in getting the project approvals resulting in
further delays in launch and construction of the project, exposes
IEPL to high execution and market risks. The project is proposed to
be funded through a mix of NCD, bank loan, customer advances and
promoter contribution, with high dependence on customer advances
following the project launch, thereby exposing it to funding risk.


* Geographical concentration risk: The company has a single project
and presence in a single location (i.e., Bhubaneshwar)
which exposes it to asset and geographic concentration risk.

* Cyclicality inherent in real estate sector: Being a cyclical
industry, the residential real estate sector is highly dependent on
macroeconomic factors, which exposes its sales to any downturn in
real estate demand and competition within the region from various
established developers.

Liquidity position: Stretched

IEPL's liquidity position is expected to remain stretched as the
project is in the nascent stages with major approvals still pending
to be applied. The project would remain dependent on getting the
requisite promoter and bank loan funding, attaining
adequate sales for project development and NCD repayments.

Rating sensitivities  

Positive factors – ICRA could upgrade the rating in case of
receipt of requisite approvals, attaining healthy collections and
cash flow from operations, adequate cash flow adequacy and debt
protection metrics.

Negative factors – ICRA could downgrade the rating, if there is
material delay in receipt of requisite approvals, project launch or
slow sales or significant increase in indebtedness resulting in
weakening of debt protection metrics and liquidity position.

IKAT Exports Private Limited was incorporated on June 16, 2004. The
entity is currently promoted by Mr. Rajendra Gupta, Ms. Pragati
Gupta and Mr. Rohit Raj Modi. The company plans to develop a luxury
high-rise residential project (ground + 19 floors) in Patia,
Bhubaneshwar. Phase 1 of the project is on land of 4.64 acres with
a total expected saleable area of around 6.0 lakh square feet. The
project is expected to be completed within four years of launch.


SADIQ AND COMPANY: CRISIL Withdraws B Rating on INR22cr Cash Loan
-----------------------------------------------------------------
Crisil Ratings has withdrawn its rating on the bank facilities of
SAC on the request of the company and after receiving no objection
certificate from the bank. The rating action is in-line with Crisil
Rating's policy on withdrawal of its rating on bank loan
facilities.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit             22        Crisil B/Stable/Issuer Not
                                     Cooperating (Withdrawn)

   Secured Overdraft        3        Crisil B/Stable/Issuer Not
   against term                      Cooperating (Withdrawn)
   deposits                 
                                     
Crisil Ratings has been consistently following up with SAC for
obtaining information through letter and email dated October 10,
2024 among others, apart from telephonic communication. However,
the issuer has remained non cooperative.

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

Detailed Rationale

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

SAC was establish in 1943 as a partnership firm, based in Nagpur by
Mr Zoeb Vani and other partners. The firm undertakes construction
of roads and bridges, canal works, irrigation works for government
departments.

PHRPL, incorporated in 2019, is SPV for the execution of HAM road
construction project in Maharashtra.


SAHU AGENCIES: CRISIL Lowers Rating on INR40cr Loan to B
--------------------------------------------------------
Crisil Ratings has downgraded its rating on the long-term bank
facility of Sahu Agencies Private Limited (SAPL) to 'Crisil
B/Stable' from 'Crisil B+/Stable' and has subsequently withdrawn
the rating, as requested by the company and on receipt of a
no-objection certificate from the banker. This is in line with the
policy of Crisil Ratings on withdrawal of ratings.

                      Amount
   Facilities      (INR Crore)     Ratings
   ----------      -----------     -------
   Cash Credit           40        Crisil B/Stable (Rating
                                   Downgraded and Withdrawn)

The downgrade reflects weakening of the financial risk profile and
liquidity profile over the years which are expected to remain weak
in the upcoming fiscals as well. The total outside liabilities to
tangible networth ratio (TOL/TNW) increased from 9.8 times in
fiscal 2023 to 10.4 times in fiscal 2024. The capital structure is
expected to remain highly leveraged in fiscals 2025 and 2026 as
well with TOL/TNW expected at over 9 times resulting from higher
reliance on external debt. Further, because of trading nature of
the business, the profitability also remains low leading to low
accretion to reserves and significantly low net cash accruals as
compared to the annual repayment obligations leading to NCA/RO of
less than 1 time in the upcoming fiscals. Though the liquidity is
supported by infusion of unsecured loans from the promoters,
generation of sufficient cash accruals from the business thereby
leading to an improvement in the liquidity profile shall remain
monitorable over medium term.

The rating continues to reflect the weak financial risk profile of
the company, insufficient net cash accrual against debt obligation
and stretched working capital cycle. These weaknesses are partially
offset by the company's established market position in the consumer
electronics distribution business and healthy relationships with
suppliers.

Analytical Approach

Unsecured loan of INR25 crore from the group company and promoters
estimated as on March 31, 2025, has been treated as debt as this is
maintained in the company on requirement and is expected to be
repaid.

Key Rating Drivers & Detailed Description

Weaknesses:

* Weak financial risk profile: The capital structure of SAPL
remains highly leveraged with expected total outside liabilities to
tangible networth (TOLTNW) ratio of 9-9.5 times as on March 31,
2025, owing to high reliance on external debt. Networth has
improved over the years on account of steady accretion to reserve.
Debt protection metrics remain weak with interest coverage ratio
expected at 1.3-1.4 times in fiscal 2025. Improvement in the
financial risk profile with steady accretion to reserve and
declining debt remains monitorable.

* Insufficient net cash accrual against debt obligation: Though
revenue is improving year-on-year, high interest and finance costs
resulted in low net cash accrual, which is likely to remain
insufficient against debt obligation. The net cash accrual to debt
obligation ratio is expected to remain below 1 time in fiscals 2025
and 2026 as well on account of high interest charges because of
greater reliance on external debt. The liquidity support provided
by way of unsecured loans and equity infusion by the promoters will
remain monitorable.

* Stretched working capital cycle: SAPL trades in consumer
electronic goods through a chain of distributors and retail
outlets. The company has to maintain a huge inventory comprising
various products (air conditioners, refrigerators, washing
machines, television sets, mobile handsets) of different brands
(Sony, LG, Bosch, Oppo, OnePlus). Hence, its working capital cycle
is large as indicated by gross current assets of 140-150 days,
driven by sizeable inventory of 3-4 months and receivables of 20-30
days. Credit of 20-30 days from suppliers supports the working
capital. The operations are expected to remain working capital
intensive on account of high inventory maintenance.


Strength:

* Established market position and healthy relationships with
suppliers: The promoters' experience of over three decades in the
consumer electronics industry, their strong understanding of local
market dynamics, healthy relationships with suppliers and robust
distribution network have helped expand operations all over Lucknow
and other areas such as Lalganj and Raebareli in Uttar Pradesh
through 24 outlets. This is reflected in revenue of INR310 crore
till mid-March 2025, which is expected to increase to INR325-330
crore in the full fiscal. The growth shall be supported by the
ongoing festive season as well as the opening of showrooms in the
current fiscal. Longstanding association with esteemed players such
as Sony and LG supports the business. Further ramp-up of operations
with plans of starting more showrooms in fiscal 2026 will remain
monitorable.

Liquidity: Poor

Annual net cash accrual is expected at INR3-4 crore against yearly
term debt obligation of INR4.0-4.5 crore over the medium term. Bank
limit utilisation was 98%, on average for the 12 months through
January 2025. The current ratio is expected at 1.2-1.3 times as on
March 31, 2025. Liquidity will be supported by need-based funds
from the promoter by way of unsecured loans to meet working capital
requirement and debt obligation.

Outlook: Stable

Crisil Ratings believes SAPL will maintain its position in the
consumer electronics industry, backed by its strong distribution
network and healthy relationships with suppliers.

Rating Sensitivity Factors

Upward Factors

* Increase in operating income and operating margin, leading to net
cash accrual of INR5-6 crore
* Improvement in the financial risk profile, resulting in reduction
in TOLTNW ratio
* Efficient working capital management, leading to moderation in
bank limit utilisation

Downward Factors

* Decline in operating income or operating margin, leading to net
cash accrual below INR1 crore
* Large, debt-funded capital expenditure, further weakening the
financial risk profile
* Withdrawal of unsecured loans from the business, impacting the
debt servicing capability of the company

SAPL was set up in 1985 by Vijay Kumar Sahu and Neeraj Kumar Sahu.
The company is a distributor of consumer electronic goods such as
television sets, air conditioners, refrigerators, mobile phones,
washing machines and computers for Hitachi, IFB, Godrej, LG, Sony,
Voltas and Oppo.


V. S. TAPES: CRISIL Keeps B Debt Ratings in Not Cooperating
-----------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of V. S. Tapes
(VST) continue to be 'CRISIL B/Stable Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit            5.25       CRISIL B/Stable (Issuer Not
                                     Cooperating)

   Term Loan              0.25       CRISIL B/Stable (Issuer Not
                                     Cooperating)

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

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

Detailed Rationale

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

VST a partnership firm set up in 2006, manufactures elastic tapes.
The manufacturing unit is at Tirupur, Tamil Nadu. Mr
Venkatachalapathy and Mr Surendran are the partners.


VADIVEL PYROTECHS: CRISIL Keeps D Debt Rating in Not Cooperating
----------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Vadivel
Pyrotechs Private Limited (VPPL) continues to be 'CRISIL D Issuer
Not Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Proposed Working       15         CRISIL D (Issuer Not
   Capital Facility                  Cooperating)

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

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

Detailed Rationale

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

Formed in 1945 as a proprietorship firm by the promoter Mr.
Vadivelu, the company is into manufacturing of fireworks and
crackers. The firm got reconstituted as private limited company in
2011. Its operations are managed by Mr. Vasantha Vikas.


WELLCOME HOSPITALS: CRISIL Keeps B Ratings in Not Cooperating
-------------------------------------------------------------
Crisil Ratings said the ratings on bank facilities of Wellcome
Hospitals Private Limited (WHPL) continue to be 'Crisil B/Stable
Issuer not cooperating'.

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

   Term Loan             9        CRISIL B/Stable (Issuer Not
                                  Cooperating)

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

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

Detailed Rationale

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

Incorporated in 2013, WHPL is setting up a 50-bed multi-speciality
hospital in Visakhapatnam, Andhra Pradesh.


WILLIAM INDUSTRIES: CRISIL Keeps D Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of William
Industries Private Limited (WIPL) continue to be 'CRISIL D/CRISIL D
Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Bank Guarantee         0.4        CRISIL D (Issuer Not
                                     Cooperating)

   Cash Credit            7          CRISIL D (Issuer Not
                                     Cooperating)

   Proposed Long Term     2.6        CRISIL D (Issuer Not
   Bank Loan Facility                Cooperating)

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

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

Detailed Rationale

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

Incorporated in 1958 and promoted by Mr Vivek Juneja and Mr Manoj
Juneja, WIPL manufactures cotton and nylon socks for men, women,
and kids.


YAMUNA BIO: CRISIL Keeps B+ Debt Ratings in Not Cooperating
-----------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Yamuna Bio
Energy Private Limited (YBEPL) continue to be 'CRISIL B+/Stable
Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit           4.25        CRISIL B+/Stable (Issuer Not
                                     Cooperating)

   Proposed Long Term    3.25        CRISIL B+/Stable (Issuer Not
   Bank Loan Facility                Cooperating)

   Term Loan             2.50        CRISIL B+/Stable (Issuer Not
                                     Cooperating)

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

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

Detailed Rationale

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

Set up initially as a proprietorship, Yamuna Industries was
reconstituted as a private limited company with the current name in
2014. It is promoted by the Vadodara (Gujarat)-based Mr. Gaurang
Shah and others. The company manufactures bio-diesel.


YOGI WIRES: CRISIL Keeps B+ Debt Rating in Not Cooperating
----------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Yogi Wires
Private Limited (YWPL) continue to be 'CRISIL B+/Stable Issuer Not
Cooperating'.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Cash Credit            4         CRISIL B+/Stable (Issuer Not
                                    Cooperating)

   Proposed Long Term     6         CRISIL B+/Stable (Issuer Not
   Bank Loan Facility               Cooperating)

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

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

Detailed Rationale

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

Established in 2008 in Pune by Mr Pradeep Khollam, YWPL
manufactures a comprehensive assortment of fine wire, galvanised
wire, and mild steel wire.


YOUVAKSHHII DIGITAL: CRISIL Keeps B Rating in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Youvakshhii
Digital India Private Limited (YDIPL) continues to be 'CRISIL
B/Stable Issuer Not Cooperating'.

                         Amount
   Facilities         (INR Crore)    Ratings
   ----------         -----------    -------
   Proposed Long Term       30       CRISIL B/Stable (Issuer Not
   Bank Loan Facility                Cooperating)


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

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

Detailed Rationale

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

Incorporated in 2015, YDIPL is into online trading of electronic
goods. It is promoted by Mr.Gummadi Venkateswerllu.


YOUVAKSHI EXPORTS: CRISIL Keeps B Debt Rating in Not Cooperating
----------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Youvakshi
Exports and Imports India Private Limited (YEIPL) continues to be
'CRISIL B/Stable Issuer Not Cooperating'.

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

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

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

Detailed Rationale

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

Incorporated in 2015, YEIPL is into trading of edible oil. It
imports palm oil and trades in domestic market. It is promoted by
Mr. Gummadi Venkateswerllu.


YOUVAKSHI GODOWNS: CRISIL Keeps B Debt Rating in Not Cooperating
----------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Youvakshi
Godowns India Private Limited (YGIPL) continues to be 'CRISIL
B/Stable Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Proposed Cash          30         CRISIL B/Stable (Issuer Not
   Credit Limit                      Cooperating)

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

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

Detailed Rationale

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

Incorporated in January 2019, YGIPL is expected to be engaged
distribution of food products and providing warehousing facility to
regional farmers/traders in Telangana and Andhra Pradesh. It is
promoted by Mr. Gummadi Venkateswerllu. Operations are expected to
commence in FY20.


YOUVAKSHI NEWS: CRISIL Keeps B Debt Ratings in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Youvakshi
News Broadcasting India Private Limited (YNBPL) continue to be
'CRISIL B/Stable Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Proposed Cash          15         CRISIL B/Stable (Issuer Not
   Credit Limit                      Cooperating)

   Proposed Long Term     15         CRISIL B/Stable (Issuer Not
   Bank Loan Facility                Cooperating)

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

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

Detailed Rationale

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

Incorporated in January 2019, YNBPL is expected to be engaged in
news broadcasting under the name 'Youvakshi TV'. It is promoted by
Mr. Gummadi Venkateswerllu. Operations are expected to commence in
FY20.


YOUVAKSHI VEGETABLE: CRISIL Keeps B Rating in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Youvakshi
Vegetable Basket Private Limited (YVBPL) continues to be 'Crisil
B/Stable Issuer not cooperating'.

                         Amount
   Facilities         (INR Crore)   Ratings
   ----------         -----------   -------
   Proposed Long Term       15      CRISIL B/Stable (ISSUER NOT
   Bank Loan Facility               COOPERATING)

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

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

Detailed Rationale

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

Incorporated in 2017, YVBPL is into online trading of vegetables
and other food products. It is promoted by Mr. Gummadi
Venkateswerllu.




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

CAPITAL A: Seeks Approval to Extend Issuance of PN17 Plan Circular
------------------------------------------------------------------
Bernama reports that Capital A Bhd is seeking approval from Bursa
Malaysia Securities Bhd for an extension until April 15, 2025, to
issue the shareholder circular for its proposed Practice Note 17
(PN17) regularization plan.

In a filing with Bursa Malaysia on March 27, the low-cost carrier,
through its adviser RHB Investment Bank Bhd, said that pursuant to
Paragraph 9.33(1)(b)(i) of the Main Market listing requirements of
Bursa Securities, the company must issue the circular that it has
no further comments, Bernama relays.

On March 7, Capital A said Bursa Securities had approved its
regularization plan, marking a crucial step towards the company's
exit from the PN17 status.

Subsequently, its chief executive officer Tan Sri Tony Fernandes
told reporters on March 10, that the group is expected to exit the
PN17 status by May 2025, Bernama relates.

                          About Capital A

Capital A Bhd, formerly known as AirAsia Group Bhd, provides
low-cost air carrier service. The company provides services on
short-haul, point-to-point domestic and international routes.

Capital A, headquartered in Malaysia, operates from hubs in
Malaysia, Thailand, Indonesia, Philippines and India. The airline's
Malaysia and Thailand operations are undertaken via AirAsia Bhd and
Thai AirAsia Co Ltd while AirAsia Group's Indonesia and Philippines
operations are managed under PT Indonesia AirAsia and Philippines
AirAsia Inc.

Capital A triggered the PN17 suspended criteria in July 2020 after
its external auditors, Ernst & Young PLT, issued an unqualified
audit opinion with material uncertainty relating to going concern
in respect of its audited financial statements for the financial
year ended Dec. 31, 2019 (FY19) and its shareholders' equity on a
consolidated basis was 50% or less of its share capital.

Capital A also triggered the prescribed criteria pursuant to
Paragraph 8.04 and Paragraph 2.1(a) of PN17 of Bursa's Main Market
Listing Requirements (Main LR), where AirAsia's shareholders'
equity on a consolidated basis was 25% or less of its share capital
and the shareholders' equity is less than MYR40 million based on
the audited financial statements for FY20.

Following relief measures introduced by Bursa and the Securities
Commission Malaysia, Capital A was not classified as a PN17 listed
issuer and was not required to comply with the obligations under
Paragraph 8.04 and PN17 of the Main LR for a period of 18 months
from the date of the first relief announcement, theedgemarkets.com
said.  The date of the first relief announcement was July 8, 2020,
and the 18-month period ended on Jan. 7, 2022.  Under the relief
measures, companies that triggered any of the suspended criteria
between April 17, 2020 and June 30, 2021, would not be classified
as a PN17 and Guidance Note 3 (GN3) company for 12 months.

As reported in the Troubled Company Reporter-Asia Pacific in
mid-October 2024, shareholders have backed plans for budget carrier
AirAsia to be bought by its long-haul associate, AirAsia X paving
the way for the Malaysian-based airlines to finalise their
consolidation by the end of the year.

AirAsia X shareholders approved the proposed acquisition of Capital
A's equity interest in AirAsia units for MYR6.8 billion (US$1.6
billion) on Oct. 16, 2024, after Capital A shareholders gave the
nod on Oct. 14 to the deal, company statements said, according to
Reuters.

Capital A CEO Tony Fernandes said on Oct. 14, 2024, the disposal of
AirAsia Berhad and AirAsia Aviation Group, which includes AirAsia
units in Thailand, Indonesia, Philippines, and Cambodia, will pave
the way for Capital A's restructuring and exit from PN17 status.

The TCR-AP reported on March 17, 2025, that Capital A Berhad has
reached a major milestone in its financial transformation journey
with the approval of its Proposed Regularisation Plan by Bursa
Malaysia Securities Berhad.




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

K E M HOLDINGS: Three F45 Gyms Enters Liquidation
-------------------------------------------------
NBR reports that a company behind three F45 gym franchises in
Auckland has been tipped into liquidation.

K E M Holdings Ltd, which is owned and directed by Kate McEntee,
appointed Victoria Toon from Corporate Restructuring as liquidator
on March 24, 2025, NBR discloses.

This decision comes amid financial pressures that have plagued
several F45 locations both in New Zealand and globally, according
to Property Noise New Zealand.

The once-booming F45 franchise model, known for its high-intensity
function training workouts, has faced growing financial struggles.
Property Noise relates that industry analysts point to a mix of
factors contributing to the closures including declining
memberships, economic pressures and franchise model challenges.


KARIKI PHARMA: Insolvent After Failing to Pay Staffer
-----------------------------------------------------
The Post reports that a Tauranga-based medicinal cannabis startup
is insolvent after the Employment Relations Authority ordered it to
pay NZD232,000 to a former staffer, and it racked up NZD1.8 million
in creditor claims after liquidating.

According to The Post, the ERA order came after the company failed
to pay its former technical officer for 106 weeks of work.

But the liquidator said some company directors are working to
appeal the ERA decision even though the company "can't afford to do
so".

Kariki Pharma went into liquidation on February 28, and Gerry Rea's
Simon Dalton was appointed to liquidate the company, The Post
discloses.

The Post relates that Mr. Dalton's first report said the company
had "unpaid judgment debt" for the ongoing legal dispute, "which it
[had] insufficient assets to defend".

In October, the ERA ordered Kariki Pharma to pay its former
technical officer Alexis Lopez NZD232,000 for failing to pay him
for more than two years of work between December 2019 and July
2022, The Post recalls.

Mr. Dalton told The Post the company had stopped trading long
before the liquidation, but that some directors were working to
appeal the ERA decision.

"While there is a judgment against the company, some of its
directors are appealing that judgment," he said.

But Mr. Dalton added: "There's no point in the company doing that.
It can't afford to do so, but I understand some of those directors
are appealing."

He did not confirm which directors were appealing the decision.
Paul Seton was the company's sole director at the time of
liquidation, The Post notes.

Australia-based NTHC Pty held 48.5% of its shares while Puaka
Pharma held another 48.28% of its shares.

Mr. Lopez held 0.82% of Kariki Pharma shares at the time of
liquidation with the remainder divided between Stephen Wilson,
Michael Riordon, Philip Holt, Andrew Steadson, Khan Ngoc Le and
Cerise Holdings.

At the time of liquidation, Kariki had about NZD9,500 in assets
available for preferential claims. Unsecured creditor claims came
in at NZD1,817,500, with Inland Revenue claims at NZD1,800, The
Post discloses.

That left the company with NZD1.8 million in deficit, The Post
relays.

Creditors included Mr. Lopez, Inland Revenue, the New Zealand
Medicinal Cannabis Council, accountancy firm Ingham Mora, among
others.


MAHIA VILLAGE: Court to Hear Wind-Up Petition on April 24
---------------------------------------------------------
A petition to wind up the operations of Mahia Village Limited will
be heard before the High Court at Auckland on April 24, 2025, at
10:00 a.m.

The Commissioner of Inland Revenue filed the petition against the
company on Jan. 16, 2025.

The Petitioner's solicitor is:

          Cloete Van Der Merwe
          Inland Revenue, Legal Services
          5 Osterley Way
          Manukau City
          Auckland 2104


MOBEEN TRANSPORT: Reynolds & Associates Appointed as Liquidator
---------------------------------------------------------------
Grant Bruce Reynolds of Reynolds & Associates on March 26, 2025,
was appointed as liquidator of Mobeen Transport Limited.

The liquidator may be reached at:

          Reynolds & Associates Limited
          PO Box 259059
          Botany
          Auckland 2163


NICSON PROMOTIONS: Court to Hear Wind-Up Petition on April 4
------------------------------------------------------------
A petition to wind up the operations of Nicson Promotions (North
Island) Limited will be heard before the High Court at Auckland on
April 4, 2025, at 10:00 a.m.

The Commissioner of Inland Revenue filed the petition against the
company on Jan. 15, 2025.

The Petitioner's solicitor is:

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


NORTH ISLAND: Creditors' Proofs of Debt Due on May 9
----------------------------------------------------
Creditors of North Island Homes Limited are required to file their
proofs of debt by May 9, 2025, to be included in the company's
dividend distribution.

The High Court at Auckland appointed Paul Vlasic and Derek Ah Sam
of Rodgers Reidy as liquidators on March 21, 2025.


SOLUTION STREET: Creditors' Proofs of Debt Due on May 2
-------------------------------------------------------
Creditors of Solution Street Limited and The Creators (NZ) Limited
are required to file their proofs of debt by May 2, 2025, to be
included in the company's dividend distribution.

The company commenced wind-up proceedings on March 27, 2025.

The company's liquidator is:

          Craig Young
          PO Box 87340
          Auckland


UBCO HOLDINGS: Owes NZD36 Million to Creditors
----------------------------------------------
BusinessDesk reports that Tauranga-based electric motorcycle maker
Ubco, which previously raised more than NZD45 million from
investors before going into receivership, owes creditors NZD36
million.

Both Ubco Ltd and Ubco Holdings were placed into receivership in
January. At the time, receivers Stephen Keen and David Ruscoe of
Grant Thornton said: "As there is no funding available, the
receivers have ceased to trade the business of the companies, and
all employees have been terminated with immediate effect."

Stephen Speers Keen and David Ian Ruscoe of Grant Thornton New
Zealand on Jan. 17, 2025 were appointed as receivers and managers
of Ubco Holdings Limited and Ubco Limited.




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

AC LOGISTICS: Posts PHP2.2BB Net Loss in 2024 Amid Entrego Woes
---------------------------------------------------------------
Bilyonaryo.com reports that AC Logistics, the logistics arm of
Ayala Corporation, reported a wider net loss of PHP2.2 billion in
2024 compared to the PHP1.8 billion loss in the previous year.

Bilyonaryo.com relates that the company attributed this increase to
ongoing challenges within its Entrego operations, higher manpower
and rental expenses, as well as an increased investment in Air21
Holdings Inc.

Despite the widened net loss, AC Logistics saw a 34% reduction in
its attributable EBITDA losses, which narrowed to PHP633 million in
2024 from PHP995 million a year earlier, Bilyonaryo.com says. The
company credited this improvement to streamlining initiatives that
enhanced operational efficiency.

AC Logistics also highlighted the performance of its cold storage
facility, GMAC CDO, which achieved a strong 74% average utilization
rate throughout 2024 since its launch in June 2023.

According to Bilyonaryo.com, the company also made significant
strides in securing partnerships to strengthen its position in the
logistics sector. On March 5, 2025, AC Logistics, Ayala Corp. and
A.P. Moller Capital entered into a share subscription agreement.

Under the terms of the agreement, APMC's EMIF II Holding III BV
will acquire common and redeemable preferred shares of AC
Logistics, equivalent to a 40% economic stake, Bilyonaryo.com
relays. The completion of this transaction is contingent on the
finalization of the subscription price, satisfaction of condition
precedent, including regulatory approvals, and the achievement of
certain business milestones.

As of the end of 2024, AC Logistics had PHP1.33 billion in
outstanding loans, an increase from PHP936.2 million in 2023,
Bilyonaryo.com discloses. These loans, utilized for working capital
purposes, carried interest rates ranging from 7.30% to 7.45%, a
decrease from the 7.50% to 11.37% range in 2023. The maturity
period for these loans is between 90 days and one year.

AC Logistics Holdings Corporation provides end-to-end supply chain
solutions that include international and domestic air and sea
freight forwarding, nationwide door-to-door delivery, warehousing
and fulfillment, customs facilities warehousing, cold storage and
transport, and waste management.




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

ARC 6SRN: Court Enters Wind-Up Order
------------------------------------
The High Court of Singapore entered an order on March 14, 2025, to
wind up the operations of ARC 6SRN Pte. Ltd.

Maybank Singapore Limited filed the petition against the company.

The company's liquidator is:

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


DELTA CORP: Court to Hear Wind-Up Petition on April 25
------------------------------------------------------
A petition to wind up the operations of Delta Corp Shipping Pte.
Ltd. will be heard before the High Court of Singapore on April 25,
2025, at 10:00 a.m.

Green Seeds General Trading Company (SFZ) filed the petition
against the company on March 24, 2025.

The Petitioner's solicitors are:

          Rajah & Tann Singapore LLP
          9 Straits View
          #06-07 Marina One West Tower
          Singapore 018937


ERVINIA PTE: Court to Hear Wind-Up Petition on April 11
-------------------------------------------------------
A petition to wind up the operations of Ervinia Pte. Ltd. (formerly
known as DM Wines) 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 17, 2025.

The Petitioner's solicitors are:

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


FURNITURE CLUB: Court Enters Wind-Up Order
------------------------------------------
The High Court of Singapore entered an order on March 14, 2025, to
wind up the operations of Furniture Club International Pte. Ltd.

Maybank Singapore Limited filed the petition against the company.

The company's liquidator is:

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


PLACE TO RELAX: Court Enters Wind-Up Order
------------------------------------------
The High Court of Singapore entered an order on March 21, 2025, to
wind up the operations of Place To Relax Pte. Ltd.

Maybank Singapore Limited filed the petition against the company.

The company's liquidator is:

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




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

MG NON-LIFE: Regulator Seeks Best Solution Amid Liquidation Woes
----------------------------------------------------------------
Yonhap News Agency reports that the country's financial regulator
is working to find a feasible and desirable option for financially
feeble MG Non-Life Insurance Co., its chief said March 26, as the
insurer is facing a looming liquidation.

Earlier this month, Meritz Financial Group decided to drop its
status of preferred bidder for the non-life insurer, citing
differences with its labor union over job security, Yonhap notes.

After being designated as a financially weak company by the
financial watchdog in April 2022, MG Non-Life Insurance has been on
the selling block.

So far, four rounds of a sale bid to sell the insurer have fallen
through.

According to Yonhap, Kim Byoung-hwan, the chief of the Financial
Services Commission (FSC), said there are very limited options for
the insurer.

"We are closely analyzing what is a feasible and desirable option
(for MG Non-Life Insurance)," Yonhap quotes Kim as saying, the
insurer will be dealt with in accordance with laws and principles,
he added.

According to the regulator, the insurer's financial footing has
continued to weaken.

The insurer's capital adequacy ratio under the Korean Insurance
Capital Standard (K-ICS), a barometer of a financial company's
financial stability, stood at 43.4 percent at the end of September,
far lower than the legally required threshold of 100 percent,
Yonhap discloses.

Yonhap adds that the Korea Deposit Insurance Co., which has been
seeking to sell the insurer, said earlier it would consider all
possible options, including liquidation, should Meritz Financial
nix its takeover bid.

MG Non-Life Insurance has some 1.24 million policyholders.

MG Non-Life Insurance Co. Ltd. provides insurance services. The
Company offers automobile, property damage, casualty, theft, fire,
malpractice, marine, workers compensation, homeowners insurance,
and other insurance services. MG Non-Life Insurance serves clients
in Korea.




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

STATE MORTGAGE: Fitch Assigns 'BB(lka)' National LongTerm Rating
----------------------------------------------------------------
Fitch Ratings has assigned Sri Lanka-based State Mortgage &
Investment Bank (SMIB) a first-time National Long-Term Rating of
'BB(lka)'. The Outlook is Stable.

Key Rating Drivers

Intrinsic Profile Drives Rating: SMIB's rating reflects its
standalone financial strength and factors in its weaker-than- peers
funding profile that has led to balance sheet mismatches. Risk
controls are showing improvement, but still have room for
enhancement, and the bank's capital position is not as strong as
peers. SMIB has a long operating history, but its franchise remains
modest as reflected in its negligible market share (0.3% of sector
assets at end-3Q24). SMIB's credit profile, similar to peers, is
influenced by Sri Lanka's improving, yet vulnerable, operating
environment, and exposure to the sovereign.

SMIB is a licensed specialised bank that is fully owned by the
government of Sri Lanka (CCC+). Its core business is retail
focused, with the majority of its exposure to personal loans,
housing finance loans backed by Employee Provident Fund (EPF)
balances and mortgage loans.

Improving Operating Environment: The operating environment for Sri
Lankan banks continues to stabilise, as macroeconomic and systemic
risks recede, supporting the recovery in banks' operational
flexibility. Further progress depends on the sovereign's
creditworthiness, given the strong link between the sovereign's
financial health and banks' operating conditions. Fitch believes an
improvement in underlying borrower creditworthiness would ease
loan-quality stress, while an uptick in private credit demand would
boost new business prospects.

Constrained Business Profile: SMIB's lending activities remain
limited given its mandate as defined in its governing act, the
State Mortgage and Investment Bank Law No. 13 of 1975. This has
resulted in SMIB's concentration in housing finance, including EPF
and unsecured personal loans (95% of gross loans at end-2024) which
Fitch expects to persist. SMIB's funding franchise is evolving,
given its narrower offering compared with peers. That said, SMIB's
ability to generate business volume should be aided by Sri Lanka's
improving economic conditions.

High-Risk Retail Exposure: SMIB's concentrated retail lending and
structural balance-sheet risk influence its risk profile
assessment. The bank's main product is unsecured personal loans, at
40% of loans, which Fitch regard as higher risk, but Fitch expects
the share to moderate in the medium term. SMIB's structural
balance-sheet risk exposes it to net interest margin volatility, as
seen during Sri Lanka's recent economic crisis, owing to the
duration differences of its assets and liabilities.

Below-Peer Loan Quality: SMIB's asset-quality metrics are weaker
than peers' with the impaired loan ratio at 33.0% at end-2024
(end-2023: 26%) compared with the Fitch-rated small bank average of
20.8%. This stems from SMIB's exposure to housing finance and
unsecured retail lending. Fitch expects the rising exposure to
EPF-backed loans to weigh on the bank's reported impaired loan
ratio, despite their materially lower loss rates due to periodic
settlement from the central bank. Excluding EPF-backed loans, the
impaired loan ratio is 15pp lower. A decline in the share of
unsecured lending, which carry higher loss rates, if sustained,
would be positive for its loan quality.

Volatile Profitability: SMIB experiences greater cyclical earnings
volatility than peers, a trend Fitch expects to persist. This was
evident during the country's recent economic crisis, when SMIB's
operating profit/risk-weighted assets ratio dropped to -4.6% in
2023, from 2.3% prior to the crisis in 2021, following the spike in
interest rates. Having returned to profitability (end-2024: 1.8%),
Fitch expects the ratio to modestly improve over the medium term,
helped by the favourable interest rate environment and risk density
benefits from the higher EPF loan share.

Modest Capital Base: SMIB's small capital base falls short of the
regulatory minimum threshold. Fitch believes the limited access to
capital makes the bank's capitalisation susceptible to
profitability and asset-quality shocks. SMIB's common equity Tier 1
capital ratio of 19.3% at end-2024 was slightly below the
Fitch-rated small bank peer average of 20.1%. Residual risk to
capital from impaired loans remained high at 246% at end-2024 (peer
average: 83%), given SMIB's large EPF loan exposure.

Funding and Liquidity Challenges: SMIB's asset-liability mismatches
from its longer-tenor loan book and short-tenor concentrated
deposit base, relative to peers, weighs on its funding and
liquidity profile. Its loan/deposit ratio of 93% at end-2024 was
higher than the 86% of small bank peers, while its liquidity
position was weaker than peers' (liquidity coverage ratio of 105%,
peer average: 310.5%, regulatory minimum: 100%). Fitch expects the
state-related deposits and the bank's focus on expanding reach to
keep its funding challenges at bay.

Rating Sensitivities

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

The National Long-Term Rating is sensitive to a change in the
bank's creditworthiness relative to other Sri Lankan issuers rated
on the National Rating scale.

A deterioration in SMIB's key credit metrics beyond its base-case
expectations relative to peers would also pressure the rating,
which is driven by the bank's intrinsic financial strength. This
may include a large decline in its liquidity position, which would
signal elevated default risk relative to peers. A sustained
deterioration in SMIB's capital position owing to losses from
interest rate risk in the balance sheet or a higher-than-expected
increase in the share of unprovisioned impaired loans in comparison
to peers may also pressure the bank's rating.

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

A sustained improvement in key credit metrics beyond its base-case
expectations relative to peers could lead to a rating upgrade. This
would include a sustained improvement to SMIB's liquidity profile,
including a reduction in structural mismatches on its balance sheet
and earnings volatility in comparison with peers. This is in
addition to maintaining adequate capital buffers commensurate with
its high-risk appetite, which may include a demonstration of
capital access, if necessary.

SMIB has a 1.78% equity stake in Fitch Ratings Lanka Ltd. No
shareholder other than Fitch, Inc. is involved in the day- to-day
rating operations of, or credit reviews undertaken by, Fitch
Ratings Lanka.

Date of Relevant Committee

10 March 2025

ESG Considerations

Not applicable.

   Entity/Debt             Rating                Prior
   -----------             ------                -----
State Mortgage &
Investment Bank     Natl LT BB(lka) New Rating   WD(lka)



                           *********


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

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

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

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding,
electronic re-mailing and photocopying) is strictly prohibited
without prior written permission of the publishers.
Information contained herein is obtained from sources believed
to be reliable, but is not guaranteed.

TCR-AP subscription rate is US$775 for 6 months delivered via e-
mail.  Additional e-mail subscriptions for members of the same
firm for the term of the initial subscription or balance
thereof are US$25 each.  For subscription information, contact
Peter Chapman at 215-945-7000.



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