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

                     A S I A   P A C I F I C

          Monday, April 21, 2025, Vol. 28, No. 79

                           Headlines



A U S T R A L I A

AVANTE EDUCATION: First Creditors' Meeting Set for April 30
CYPRUS COMMUNITY: SC Grants Extension for Administration
HIGENIQ CLEANING: First Creditors' Meeting Set for April 29
JUANITA HOLDINGS: First Creditors' Meeting Set for April 30
NORTHERN IRON: First Creditors' Meeting Set for April 28

PINNACLE TRUST 2024-T1: S&P Assigns BB Rating on Class E Notes
RICHOS RENDERING: First Creditors' Meeting Set for April 30
SEER MEDICAL: Gets Rescue Deal From Cadwell, Breakthrough Victoria


C H I N A

CHINA HONGQIAO: S&P Upgrades LongTerm ICR to 'BB', Outlook Stable
FARASIS ENERGY: Chinese Government Takes Over Battery-Maker
SUNAC CHINA: Reaches Second Debt Revamp Deal With Key Creditors


I N D I A

ANUBHA INDUSTRIES: Ind-Ra Affirms BB Loan Rating, Outlook Stable
AXIS BANK: Fitch Affirms 'BB+' LongTerm IDR, Outlook Stable
FAIRYLAND FOUNDATIONS: ICRA Keeps B+ Rating in Not Cooperating
HANUMAN LOHA: Ind-Ra Keeps BB Loan Rating in NonCooperating
HARMONY FOODS: ICRA Keeps B+ Debt Ratings in Not Cooperating

ICICI BANK: Fitch Affirms 'BB+' LongTerm IDR, Outlook Stable
MAK CONSTRUCTIONS: ICRA Keeps D Debt Rating in Not Cooperating
MARIANELLA PROPERTIES: ICRA Keeps D Rating in Not Cooperating
MINOX METAL: ICRA Keeps B+ Debt Ratings in Not Cooperating
MORARJEE TEXTILES: Shriniwas Spintex Wins Bid for Company

NOBLE MOULDS: ICRA Keeps D Debt Ratings in Not Cooperating
PERFECT COMMUNICATION: ICRA Keeps B+ Rating in Not Cooperating
PIYUSH INFRATECH: ICRA Keeps D Debt Ratings in Not Cooperating
PLASMA METAL: ICRA Keeps D Debt Rating in Not Cooperating
RAVI STEEL: ICRA Keeps B+ Debt Rating in Not Cooperating Category

RIDDHI SIDDHI: ICRA Keeps D Debt Rating in Not Cooperating
SIESTA HOSPITALITY: ICRA Keeps D Debt Ratings in Not Cooperating
SS INDUS: ICRA Keeps B+ Debt Rating in Not Cooperating Category
SUVARNA LAKSHMI: ICRA Keeps B+ Debt Ratings in Not Cooperating
TAPTI AGRO: ICRA Keeps B Debt Rating in Not Cooperating Category

TRIVENI WIRES: ICRA Keeps D Debt Ratings in Not Cooperating
UNIVERSAL FREIGHT: ICRA Keeps D Debt Ratings in Not Cooperating
WIRES AND CABLES: ICRA Keeps B+ Debt Rating in Not Cooperating
XYRON TECHNOLOGIES: Insolvency Resolution Process Case Summary
ZAVERI EXPORTS: ICRA Keeps D Debt Rating in Not Cooperating

ZENVISION PHARMA: ICRA Keeps B+ Debt Ratings in Not Cooperating


I N D O N E S I A

INDIKA ENERGY: Fitch Lowers LongTerm IDRs to 'B+', Outlook Stable


M A L A Y S I A

HO HUP: Announces Board Changes
HO HUP: Slips Into PN17 Status After Unit Defaults on MYR113M Loan


N E W   Z E A L A N D

CHEFS ON WAX: Creditors' Proofs of Debt Due on May 14
FRONTLINE FENCING: Creditors' Proofs of Debt Due on May 14
JOSH DALTON: Creditors' Proofs of Debt Due on May 19
MAKIN' DOUGH: Court to Hear Wind-Up Petition on May 1
OLIVE YOU: Court to Hear Wind-Up Petition on May 1



P A K I S T A N

PAKISTAN: Fitch Hikes Foreign Currency IDR to 'B-', Outlook Stable


S I N G A P O R E

FAR OCEAN: Court to Hear Wind-Up Petition on May 2
GLG ENGINEERING: Creditors' Proofs of Debt Due on May 10
PING AN: Court to Hear Wind-Up Petition on April 25
SWIFT INTEGRATOR: Court to Hear Wind-Up Petition on April 25
ZENDYLL COLLECTIVE: Court Enters Wind-Up Order



S R I   L A N K A

CAPITAL ALLIANCE: Fitch Affirms 'BBf(lka)' National Fund Rating

                           - - - - -


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A U S T R A L I A
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AVANTE EDUCATION: First Creditors' Meeting Set for April 30
-----------------------------------------------------------
A first meeting of the creditors in the proceedings of Avante
Education Pty Ltd will be held on April 30, 2025 at 10:00 a.m. via
videoconference only.

Daniel Peter Juratowitch and Matthew Sweeny of Cor Cordis were
appointed as administrators of the company on April 15, 2025.


CYPRUS COMMUNITY: SC Grants Extension for Administration
--------------------------------------------------------
The Greek Herald reports that the Supreme Court of NSW has granted
administrators of the Cyprus Community of NSW (CCNSW) an extension
to the company's administration period, delaying key governance and
financial decisions until late October.

In a notice to creditors dated April 11, 2025, Ernst & Young (EY)
had advised they were seeking Court approval to extend the
convening period - the timeframe by which the second creditors'
meeting must be held - to Sept. 23, 2025. The application was
approved at a hearing on April 15, 2025 at Queen's Square, Sydney.

According to the Greek Herald, the second creditors' meeting is a
critical step in the administration process, where creditors vote
on the organisation's future - including whether control should be
returned to members, a Deed of Company Arrangement (DOCA) adopted,
or liquidation pursued. A DOCA is a formal agreement between a
company and its creditors that outlines how debts will be repaid,
allowing the business to continue trading while avoiding
liquidation.

The meeting was initially scheduled to occur by April 30, 2025.
However, EY cited a range of legal and operational complexities
that made that timeline impractical, the report notes.

"The Administrators have made this application to provide
sufficient time to progress a property strategy and identify a path
forward for the club," the notice stated. "The extension is
considered necessary to realise value from the real estate and
secure the club's future."

The Greek Herald says EY explained that the extended administration
period became necessary due to a number of setbacks. Shortly after
the administrators were appointed in September 2024, Cyprus Capital
moved to appoint Receivers and Managers over the club's property,
shifting control away from EY for several months. This limited the
administrators' ability to move forward with any meaningful sale or
property strategy.

Compounding this was a legal challenge to EY's appointment,
launched by Cyprus Capital and Con Costa, which effectively stalled
progress while the matter was before the courts, the Greek Herald
relates. Although EY's appointment was ultimately upheld, these
proceedings consumed valuable time.

In parallel, EY faced difficulties finalising a refinancing
arrangement, which was only resolved by the end of February 2025.
The administrators also experienced delays in obtaining accurate
financial information from Cyprus Capital, which they needed to
calculate the correct loan repayment figures.

With the receivership now terminated and refinancing in place, EY
said it can finally shift focus to developing a long-term property
strategy and preparing recommendations for the organisation's
future, the report relays.

According to the Greek Herald, the extension means administrators
now have until Sept. 23, 2025 to hold the second creditors'
meeting.

In the meantime, EY has confirmed they will proceed with finalising
a property strategy and forming a replacement board, the Greek
Herald states. A revised timeline for club elections and broader
governance transition is expected to be shared in the coming
months.

The Greek Herald adds that the Court's decision underscores the
complex and ongoing nature of the CCNSW administration, now
entering its eighth month. While recent progress has been made -
including the refinancing deal and the end of receivership - the
path forward continues to require careful legal and financial
navigation.

David A Kennedy and Morgan Kelly of Ernst & Young were appointed as
administrators of Cyprus Community of N.S.W. Limited on Sept. 24,
2024.


HIGENIQ CLEANING: First Creditors' Meeting Set for April 29
-----------------------------------------------------------
A first meeting of the creditors in the proceedings of Higeniq
Cleaning Services Pty Ltd will be held on April 29, 2025 at 11:00
a.m. via videoconference only.

Roberto Crispino and Richard Albarran of Hall Chadwick were
appointed as administrators of the company on April 14, 2025.


JUANITA HOLDINGS: First Creditors' Meeting Set for April 30
-----------------------------------------------------------
A first meeting of the creditors in the proceedings of Juanita
Holdings Pty Ltd will be held on April 30, 2025 at 11:00 a.m. via
videoconference only.

Richard Rohrt of Kennedy Ryan Advisory was appointed as
administrator of the company on April 15, 2025.


NORTHERN IRON: First Creditors' Meeting Set for April 28
--------------------------------------------------------
A first meeting of the creditors in the proceedings of Northern
Iron Pty Ltd will be held on April 28, 2025 at 10:00 a.m. via
videoconference only.

Stuart George Reid and Samantha Rangika Sellahewa were appointed as
administrators of the company on April 12, 2025.


PINNACLE TRUST 2024-T1: S&P Assigns BB Rating on Class E Notes
--------------------------------------------------------------
S&P Global Ratings affirmed its ratings on 12 classes of prime
residential mortgage-backed securities (RMBS) issued by BNY Trust
Co. of Australia Ltd. as trustee for Pinnacle Series Trust 2021-T1
and Pinnacle Series Trust 2024-T1.

The affirmations reflect S&P's view of the credit risk of the
underlying collateral portfolios, which have been amortizing in
line with its expectations. The pools continue to perform well.

As of Feb. 28, 2025, Pinnacle 2021-T1 has a weighted-average
effective loan-to-value (LTV) ratio of 53.3%, weighted-average
seasoning of 91.2 months, and pool factor of about 32.2%. Loans
that are more than 30 days in arrears make up 1.02% of the pool, of
which 0.85% is more than 90 days in arrears. There have been no
losses to date for this portfolio.

Pinnacle 2024-T1 has a weighted-average effective LTV ratio of
59.2%, weighted-average seasoning of 46.7 months, and pool factor
of about 77.0%. There are no loans in arrears and no losses to date
for this portfolio.

S&P said, "We believe that the credit support provided to each
class of notes is sufficient to withstand the stresses we apply at
each respective rating level. Credit support comprises
subordination from junior notes and lenders' mortgage insurance on
34.3% of the portfolio for Pinnacle 2021-T1 and 9.1% for Pinnacle
2024-T1.

"We expect that the various mechanisms to support liquidity within
the transaction, including principal draws and an amortizing
liquidity reserve, are sufficient to ensure timely payment of
interest. These mechanisms combined are sufficient under our
cash-flow stress assumptions to ensure timely payment of interest
for each class of notes at their respective rating levels."

  Ratings Affirmed

  Pinnacle Series Trust 2021-T1

  Class A1: AAA (sf)
  Class A2: AAA (sf)
  Class B: AA (sf)
  Class C: A (sf)
  Class D: BBB (sf)
  Class E: BB (sf)

  Pinnacle Series Trust 2024-T1

  Class A: AAA (sf)
  Class AB: AAA (sf)
  Class B: AA (sf)
  Class C: A (sf)
  Class D: BBB (sf)
  Class E: BB (sf)


RICHOS RENDERING: First Creditors' Meeting Set for April 30
-----------------------------------------------------------
A first meeting of the creditors in the proceedings of Richos
Rendering & Painting Pty Ltd will be held on April 30, 2025 at
10:00 a.m. at the offices of Rodgers Reidy (Tas) Pty Ltd, Cnr
Bathurst and Argyle Street, in Hobart, Tasmania, via
videoconference only.

Shelley-Maree Brooks of Rodgers Reidy were appointed as
administrators of the company on April 14, 2025.


SEER MEDICAL: Gets Rescue Deal From Cadwell, Breakthrough Victoria
------------------------------------------------------------------
SmartCompany reports that Seer Medical has been revived from
voluntary administration thanks to a $40 million investment deal
involving former backer Breakthrough Victoria and Cadwell
Industries, one of the world's largest neurodiagnostic equipment
manufacturers.

Seer will join Cadwell Industries' portfolio as part of the
investment deal, which also includes Singapore-based TrialCap.

Administrators from Pitcher Partners confirmed to SmartCompany the
transaction is worth $40 million and will involve Cadwell
Industries, TrialCap and Breakthrough Victoria each taking an
equity position in the company.

For Breakthough Victoria, the state government-backed fund will see
its existing investment in Seer converted to shares in the new,
restructured company.

SmartCompany relates that the deal forms part of a deed of company
arrangement (DOCA) agreed to by creditors of Seer, which entered
voluntary administration in late December following a product
recall and the closure of its Australian clinics.

According to SmartCompany, Seer Medical had previously raised more
than $80 million for its technology that allows for diseases like
epilepsy to be better detected and monitored at home.

However, the business was forced to close its 18 Australian clinics
in 2024 after its primary product, a portable video EEG monitoring
system called the Seer Home System, was recalled in the US.

In December, administrators Lindsay Bainbridge and Andrew Yeo of
Pitcher Partners said they were confident the business could be
restructured with the right partner, SmartCompany recalls.

They found that partner in Cadwell Industries, which is based in
Washington and specialises in neurodiagnostic, neuromonitoring, and
sleep technologies.

In a statement last week, Cadwell said it plans to integrate Seer's
long-term home EEG technology into its existing EEG portfolio to
build "an industry-leading product line serving clinical,
ambulatory, and hospital-based epilepsy diagnostic and treatment
centers".

The US company said the investment will also give it access to
Seer's Melbourne office and staff, which will enhance "its
technical breadth and capacity for bringing new products to
market".

"We are thrilled to welcome the Seer Medical team as a part of the
Cadwell family as we continue our shared vision of empowering
providers to help more patients worldwide and, importantly, to
expand access to quality epilepsy care for the millions who need
it," SmartCompany quotes Cadwell CEO Patrick Jensen as saying in
the statement.

"Breakthrough Victoria and TrialCap share in this same vision, and
we are pleased to partner with them in improving the lives of
epilepsy patients around the world."

SmartCompany adds that administrator Lindsay Bainbridge said the
company's creditors are expected to receive most or all of the
outstanding amounts owed to them, either in cash or shares, and
almost all of the company's employees are expected to be retained -
an outcome he described as "excellent".

"We had teams of medical and clinical representatives fly to
Melbourne to be introduced to the Seer Medical staff, receive
demonstrations of the products and work with technologists,
indicating the strong level of interest in this company,"
SmartCompany quotes Mr. Bainbridge as saying.

                        About Seer Medical

Founded in 2017, Seer Medical develops and commercialises
technologies that could detect warning signs of various disorders,
including epilepsy and heart issues.

Lindsay Stephen Bainbridge and Andrew Reginald Yeo of Pitcher
Partners were appointed as administrators of the company on Jan. 6,
2025.




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CHINA HONGQIAO: S&P Upgrades LongTerm ICR to 'BB', Outlook Stable
-----------------------------------------------------------------
On April 15, 2025, S&P Global Ratings raised its long-term issuer
credit rating on China Hongqiao Group Ltd. (Hongqiao) to 'BB' from
'BB-'.

S&P said, "The stable outlook reflects our view that the company's
solid OCF will be sufficient to cover its capital outlay, such that
the integrated producer's leverage will remain low during
2025-2026. We also expect Hongqiao to maintain adequate liquidity.

"We anticipate Hongqiao will maintain healthy cash flow and
profitability over the next one to two years, following a solid
2024. Supportive aluminum demand will underpin cash flow
generation. Demand from applications of aluminum in China's energy
transition will offset softness in some end-use markets, such as
real estate and infrastructure. Resilient demand and China's cap on
total capacity in the industry will support a continued moderate
rise in aluminum prices over the next two years.

"We forecast Hongqiao's aluminum sales volumes will grow moderately
by 1%-1.5% annually over 2025-2026, on resilient demand and the
ramp up of its Yunnan project.

"The company's profitability will stay largely stable, in our
opinion. We project its EBITDA margin at 28%-29% for the next two
years, similar to 28% in 2024. Profitability for the aluminum
segment will improve moderately, on lower electricity costs due to
falling coal prices. This will be offset by weakening margins in
Hongqiao's alumina segment, as alumina prices will drop amid rising
supply after a price spike last year. Aluminum will remain the
company's major profit driver, with a gross profit contribution of
over 80%.

"Hongqiao will maintain its lowered leverage during the next two
years, despite elevated investments. We forecast the company's
annual capital expenditure (capex) will stay at Chinese renminbi
(RMB) 12 billion in 2025-2026, compared with RMB11 billion in 2024,
mainly due to new energy projects and capacity relocation to
Yunnan."

In addition, the Simandou iron ore project will call for an
additional RMB5.8 billion investment in 2025 and RMB3.6 billion in
2026, by our estimate.

That said, Hongqiao's annual OCF of about RMB30 billion can fully
cover these investments. Therefore, we project the company's
debt-to-EBITDA ratio will stay at 0.9x-1.0x in 2025 and 2026,
versus about 0.9x in 2024.

S&P has not factored in any cash flow contribution from the
Simandou project, due to the uncertainties over the amount and
timing.

S&P said, "According to our scenario tests, Hongqiao can withstand
a 20% fall in aluminum prices, or 10% cut in its sales volume, from
our base case in 2025-2026. The 15% additional aluminum tariffs
announced by the U.S. in February 2025 and other tariff actions
announced recently will have minimal direct impact on Hongqiao,
because the company's operations and sales are mostly domestic."
That said, a dimmer macroeconomic outlook ultimately may dampen the
company's growth prospects and profitability.

Hongqiao's improved liquidity will likely persist over the next one
to two years. This is mainly due to its higher OCF and a moderate
reduction in short-term debt in 2024. Therefore, S&P revised its
liquidity assessment to adequate, from less than adequate.

Hongqiao's cash position may stay higher than previous years during
the next 12-24 months, as the company preserves more liquidity for
potential market volatility. Its unrestricted cash balance jumped
by 41% year on year to RMB45 billion by 2024-end, thanks to robust
OCF.

S&P expects Hongqiao to maintain adequate liquidity over the next
one to two years. The company has diversified access to both
onshore and offshore funding, and stable banking relationships. The
company has plans to further scale down its short-term debt. It
also has some flexibility in managing working capital and
investments.

Reliance on short-term debt will continue to weigh on Hongqiao's
capital structure. Despite the company's efforts to reduce its
short-term debts, short-term debt still accounted for 60% of total
debt as of 2024-end. This has fallen from 72%-74% in 2022-2023; yet
is still above the pre-COVID-19 levels of 31%-48%.

S&P expects Hongqiao will continue to improve its capital structure
over the next two years, through refinancing short-term debt by
using more long-term financing. The company has secured RMB6.7
billion long-term financing so far in 2025, including onshore and
offshore notes, and convertible bond.

S&P said, "The stable outlook on Hongqiao reflects our view that
resilient aluminum prices, higher sales volumes, and moderating
production costs will underpin the integrated producer's healthy
OCF, which should cover its investments and dividend in 2025-2026.
Therefore, the company's debt-to-EBITDA ratio will stay at
0.9x-1.0x over the period. We also expect Hongqiao will continue to
maintain its adequate liquidity.

"We could lower the rating on Hongqiao if the company's liquidity
becomes less than adequate, or its debt-to-EBITDA ratio exceeds
2.0x over a sustained period. This could happen if Hongqiao's OCF
materially weakens, or capex is well above our estimates.

"We could upgrade Hongqiao if its capital structure improves such
that its weighted-average debt maturity stays above two years for a
sustained period, while it maintains adequate liquidity and a
debt-to-EBITDA ratio below 2.0x."


FARASIS ENERGY: Chinese Government Takes Over Battery-Maker
-----------------------------------------------------------
Caixin Global reports that the Guangzhou government is taking
control of Farasis Energy Gan Zhou Co. Ltd., offering a lifeline to
a battery-maker struggling with mounting losses.

Caixin relates that two shareholders of Farasis Energy sold a
combined 5% stake in the company to a clean energy investment
company for over CNY970 million ($133 million), according to a
stock exchange filing on April 15. Guangzhou Industrial Investment
Holding Group Co. Ltd., which the Guangzhou government controls,
owns just under 50% of the investment company, according to
business data provider Tianyancha.

Established in 2009, Farasis Energy Gan Zhou Co. Ltd., mainly
engaged in the research, development, production and sales of
lithium-ion power batteries for new energy vehicles and battery
systems for complete vehicles. The Company also provides integrated
solutions for power batteries for new energy vehicle manufacturers.
The Company's main products are batteries, modules and battery
packs for ternary soft pack power batteries. Its products are used
in new energy passenger vehicles, new energy special vehicles and
electric motorcycles. The Company conducts its businesses within
the domestic market and to overseas markets.


SUNAC CHINA: Reaches Second Debt Revamp Deal With Key Creditors
---------------------------------------------------------------
Reuters reports that Sunac China said on April 17 it had reached an
agreement with key creditors on an offshore debt restructuring
plan, becoming the only Chinese developer to pursue a second such
overhaul.

Reuters relates that the scope of the restructuring includes
offshore debts issued or guaranteed by the company, with debt
claims of about $9.55 billion as of June 30, 2025, the company
said.

Creditors holding about $1.3 billion in total principal debt have
signed the restructuring support agreement so far. Some others,
holding over $1 billion, have expressed support for the plan and
are in the process of acceding to it.

The creditors together hold about 26% of the principal amount of
the existing debt, Sunac said.

Under the latest proposal, two series of mandatory convertible
bonds will be issued to creditors which can be converted into
company shares at HK$6.80 and HK$3.85 apiece, respectively,
following the restructuring.

Earlier this year, Sunac reduced its onshore debt of CNY15.4
billion ($2.11 billion) by more than half after bondholders
accepted the first restructuring proposal.

In 2023, it also restructured its $9 billion offshore debt by
swapping its existing debt for a combination of notes, among
others.

Sunac, among other Chinese property firms, has been hit hard by the
sector's downturn in the country, resulting in fewer real estate
project completions and weaker earnings for developers as they
fight to recover.

For 2024, Sunac posted a wider loss of CNY25.70 billion, total
group borrowings of about CNY259.67 billion and a cash balance of
CNY19.75 billion, Reuters discloses.

This year so far, companies such as Logan and Shimao have received
creditor backing for offshore debt revamp.

                         About Sunac China

Sunac China Holdings Limited (SEHK:1918) --
http://www.sunac.com.cn/-- engages in the sales of properties in
the People's Republic of China. The Company operates its business
through two segments: Property Development and Property Management
and Others. The Company's subsidiaries include Sunac Real Estate
Investment Holdings Ltd., Qiwei Real Estate Investment Holdings
Ltd. and Yingzi Real Estate Investment Holdings Ltd.

Sunac is among a string of Chinese property developers that have
defaulted on their offshore debt payment obligations since the
sector was hit by a liquidity crisis in 2021, roiling global
markets, according to Reuters.

Creditors of Sunac China Ltd have approved its NZD9 billion
offshore debt restructuring plan, the company said on Sept. 18,
2023, marking the first approval of such debt overhaul by a major
Chinese property developer.

Sunac China Holdings Limited sought creditor protection in the
United States under Chapter 15 of the Bankruptcy Code (Bankr.
S.D.N.Y. Case No. 23-11505) on Sept. 19, 2023. U.S. Bankruptcy
Judge Philip Bentley presides over the Chapter 15 proceedings.
Sidley Austin is the legal counsel to Sunac China.




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ANUBHA INDUSTRIES: Ind-Ra Affirms BB Loan Rating, Outlook Stable
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has taken the following rating
actions on Anubha Industries Private Limited's (AIPL) bank
facilities:

-- INR10 mil. Proposed bank loan assigned with IND BB/Stable/IND
     A4+ rating;

-- INR800 mil. Fund-based working capital limits affirmed with
     IND BB/Stable rating;

-- INR25 mil. (reduced from INR35.5 mil.) Non-fund-based working
     capital limits affirmed with IND A4+ rating; and

-- INR160.40 mil. (reduced from INR311.4 mil.) Term loans
     December 31, 2027 affirmed with IND BB/Stable rating.

Detailed Rationale of the Rating Action

The ratings reflect AIPL's elongated working capital cycle, modest
credit metrics and stretched liquidity. The company's revenue
declined in FY24, due to the market slowdown and political
volatility in Bangladesh. Ind-Ra expects the revenue to improve in
the near- to medium term, due to an improvement in the political
conditions in Bangladesh. However, the ratings are supported by the
company's medium scale of operations and the promoters' extensive
experience.

Detailed Description of Key Rating Drivers

Decline in EBITDA Margins, likely to Improve in Medium Term:  AIPL
EBITDA margins declined and remained modest at 5.88% in FY24 (FY23:
6.33%), primarily due to a noticeable drop in domestic consumption
and political instability in Bangladesh.  The return on capital
employed also reduced to 6.3% in FY24 (FY23: 6.6%). Ind-Ra expects
the EBITDA margin to improve over the near to medium term as a
result of these strategic changes in marketing. The company has
implemented significant changes in its marketing strategy. Instead
of focusing on building individual customer relationships and
segmenting marketing efforts into specific verticals, AIPL is now
concentrating on product and customer verticals. This approach
positions each vertical to cater to specific types of customers
more effectively.

Modest Credit Metrics:  AIPL's credit metrics remained modest with
its gross interest coverage (operating EBITDA/gross interest
expenses) reducing to 1.23x in FY24 (FY23: 1.34x) and the net
leverage (total adjusted net debt/operating EBITDAR) falling to
6.18x (6.68x), due to a decrease in its long-term debt. In the
medium term, Ind-Ra and the management expect the credit metrics to
remain at similar levels, as the company does not plan to avail any
funding from financial institutions. AIPL does not have any capex
except for maintenance capex, which will be funded through internal
accruals or infusions by the promoters via preferential equity and
unsecured loans.

Stretched Liquidity: Please refer to the liquidity section below.

Medium Scale of Operations:  AIPL's scale of operations remained
medium with its revenue at INR4174 million in FY24 (FY23:
INR4110.71 million), due to a sudden slowdown in the domestic
industry compounded by the political issues in Bangladesh. Its
EBITDA stood at INR245.47 million in FY24 (FY23: INR260.39
million). Until 8MFY25, AIPL booked revenue of INR2317.92 million
and has an order book of INR597 million as of November 2024, to be
executed by March 2025. In the near to medium term, Ind-Ra expects
the revenue to remain at similar level due to low demand from the
market as 3QFY26 might face the slowdown in the industry.

Long Operational Track Record; Experienced Promoters: The ratings
remain supported by AIPL's promoters' more than four decades of
experience in the textile industry through its other group
companies, leading to established relationships with its customers
and suppliers.

Liquidity

Stretched: AIPL's gross working capital cycle shortened to 114 days
in FY24 (FY23: 119 days; FY22: 137 days; FY21: 271 days), primarily
driven by an increase in creditor days to 103 (97 days; 130 days;
125 days). The company's cash flow from operations improved to
INR152.48 million in FY24 (FY23: INR23.21 million; FY22: negative
INR9.66 million; FY21: negative INR265.33 million) due to favorable
changes in working capital. The company's free cash and cash
equivalents increased to INR4.93 million in FY24 (FY23: INR0.73
million; FY22: INR0.80 million; FY21: INR0.85 million). As of
8MFY25, the free cash and cash equivalents improved to INR6.14
million vis-a-vis letter of credit (LC) utilization of INR19.13
million. The average maximum fund-based working capital utilization
stood at 97.69%, and non-fund-based utilization stood at 71.92%
over the 12 months ended January 2025. AIPL has repayment
obligations of INR91.61 million and INR34.38 million for FY26 and
FY27, respectively.

Rating Sensitivities

Negative: A further deterioration in the liquidity profile or the
interest coverage reducing below 1.25x, all on a sustained basis,
will be negative for the ratings.

Positive: An improvement in the liquidity position, along with an
improvement in the interest coverage above 1.75x, all on a
sustained basis, will be positive for the ratings.

About the Company

Incorporated in 2012, Surat-based AIPL manufactures denim and
cotton fabrics. The company has an installed capacity of 20 million
meters. Aditya Goyal is the managing director.

AXIS BANK: Fitch Affirms 'BB+' LongTerm IDR, Outlook Stable
-----------------------------------------------------------
Fitch Ratings has affirmed Axis Bank Limited's Long-Term Issuer
Default Rating (IDR) at 'BB+'. The Outlook is Stable. The agency
has also affirmed the bank's Government Support Rating (GSR) at
'bb+' and Viability Rating (VR) at 'bb'.

Key Rating Drivers

Support-Driven IDR: Axis' Long-Term IDR is driven by its GSR. It
reflects Fitch's expectation of a moderate probability of
extraordinary state support for Axis relative to the large state
banks, if required, as Axis is privately owned. Fitch views the
bank to be systemically important. The Stable Outlook mirrors that
on the Indian sovereign rating of 'BBB-'.

Axis' VR is currently one notch below the GSR. It reflects its
moderate financial metrics compared to higher-rated peers,
particularly profitability and capitalisation, as well as emerging
asset-quality pressures stemming from its appetite for risk.

Supportive Operating Environment: India's strong medium-term growth
potential, and its large, diversified economy are reflected in
Fitch's operating environment (OE) score of 'bb+', which is above
the agency's implied 'b' category score. Fitch projects GDP growth
of over 6% in the financial year ending March 2025 (FY25) and FY26,
driven by domestic demand, government capex and improving capacity
utilisation. The growth will support Indian banks' ability to
sustain profitable business in the medium term, if risks are
effectively managed.

Strong Domestic Presence: Axis is India's third-largest private
bank and benefits from a robust local franchise, particularly in
retail, and above-average capitalisation. These should support
through-the-cycle business and revenue generation for Axis,
contingent on effective management of its loan-to-deposit ratio and
risk appetite, which are currently facing some pressure.

Loan Growth to Recover: Fitch expects Axis' loan growth to rebound
over the next two years from 8.7% in 9MFY25. However, Fitch expects
the bank's appetite for riskier, higher-yielding loans to remain
above the sector average, weighing on its risk profile assessment.
Its ability to withstand and manage pressures in its unsecured
retail loan segment will also be important in assessing the bank's
risk control mechanisms, considering its above-average growth in
the past.

Rising Impaired-Loan Generation: Fitch has revised the outlook on
the bank's 'bb' asset quality score to 'stable' from 'positive' as
the bank's elevated impaired-loan formation reflects pressures from
unsecured retail loans. Increased write-offs have helped the bank
maintain the impaired-loan ratio at 1.5% in 9MFY25, but credit
costs rose to 1.1% from 0.7% in FY24.

Profitability Past Peak: The bank's operating profit/risk-weighted
assets (OP/RWA) fell by 20bp to 3% in 9MFY25 due to a 40bp rise in
credit costs, lower margins due to interest rate cuts, and
increased risk density. It was partially offset by improving
operating efficiency and recoveries from written-off loans. Fitch
expects OP/RWA to fall by another 30bp by FY27.

Organic Capital Generation: Fitch expects Axis's common equity Tier
1 (CET1) ratio (9MFY25: 14.6%) to rise slightly by FY27, as
internal accruals will more than offset the impact of loan growth
and expected increase in risk density. Fitch also factors in the
bank's net impaired loan/CET1 ratio of 2.3%, its lowest in a
decade, reflecting improved CET1 capital tolerance against loan
losses.

Stable Funding: Axis's loan/ deposit ratio (LDR) rose by 230bp to
94% in 9MFY25 as per preliminary disclosures. Fitch expects the
ratio to rise further by FY27 but remain below previous highs
(FY18: 100%) as the bank strives to expand its deposit franchise to
support loan growth. The bank's stable funding and liquidity
position benefits from a liquidity coverage ratio of 119% at
9MFY25.

Rating Sensitivities

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

IDRS and GSR

Fitch would downgrade the GSR and the Long-Term IDR, if Fitch
believes the sovereign's ability and/or propensity to support Axis
has weakened. This could be reflected in negative action on India's
sovereign rating or should Fitch perceive any material reduction in
the government's propensity to extend timely support, which would
lead to a reassessment of the GSR and the bank's Long-Term IDR.

The Short-Term IDR is mapped to the bank's Long-Term IDR, in line
with Fitch's criteria. Negative action on the Short-Term IDR could
occur if Fitch downgrades the Long-Term IDR by multiple notches to
below the 'B' category. However, such a downgrade is unlikely over
the medium term.

VR

Negative VR rating action is unlikely in its base scenario, but it
is possible if Fitch believes that the bank's risk profile has
deteriorated to a point where it can pose a risk in a less benign
OE and become a more binding constraint on its financial profile
and loss-absorption buffers.

This could manifest through weakening in all the following three
key financial metrics:

- a reversal in the asset-quality trend, with the four-year average
impaired-loan ratio being sustained close to 5% (9MFY25: 1.9%);

- four-year average OP/RWA ratio sustained below 2% (FY24: 3.0%);
and

- a drop in the CET1 ratio closer to 10%, without a credible plan
to restore it back to current levels.

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

IDRS and GSR

A sovereign rating upgrade, which appears unlikely in the near
term, could lead to an upgrade in the bank's GSR and Long-Term IDR
if it coincided with a strengthening of the sovereign's ability
and, more importantly, propensity to support the bank, in Fitch's
view.

The bank's Short-Term IDR may be upgraded if the bank's Long-Term
IDR is upgraded. If the bank's Long-Term IDR is upgraded based on a
strengthening of its VR, any upgrade of the bank's Short-Term IDR
would be contingent on its assessment of the funding and liquidity
score being at least 'bbb+', which is two notches above its current
assessment. However, Fitch does not foresee this possibility in the
medium term.

VR

The VR could be upgraded if Fitch assesses the bank's risk and
financial profiles can be sustained in less-benign operating
conditions. This sustainability might be evident through more than
one of the following three key financial metrics:

- four-year average impaired-loan ratio being sustained below 2%,
without overly relying on write-offs.

- four-year OP /RWA ratio being sustained closer to 4.75%;

- the CET1 ratio being sustained above current levels.

A higher VR is also possible if the Indian banks' OE score is
revised to 'bbb-' from 'bb+'.

OTHER DEBT AND ISSUER RATINGS: KEY RATING DRIVERS

The bank's medium-term note (MTN) programme is rated at the same
level as the Long-Term IDR, in line with Fitch's criteria.

The Long-Term IDR (xgs) is driven by its VR, while its Short-Term
IDR (xgs) is in accordance with its Long-Term IDR (xgs) and the
short-term rating mapping outlined in Fitch's criteria. Senior
unsecured long-term ratings (xgs) are assigned at the level of the
Long-Term IDR (xgs).

OTHER DEBT AND ISSUER RATINGS: RATING SENSITIVITIES

The MTN programme rating would be downgraded if the Long-Term IDR
is downgraded, and upgraded in the event the IDR is upgraded.

Axis' Long-Term IDR (xgs) will move in tandem with the bank's VR.
Axis' Short-Term IDR (xgs) is primarily sensitive to changes in the
bank's Long-Term IDR (xgs) and would be mapped as per Fitch's
criteria. A change in the bank's Long-Term IDR (xgs) would lead to
a similar change in its senior unsecured long-term rating (xgs).

VR ADJUSTMENTS

The OE score of 'bb+' is above the implied category score of 'b'
for the following adjustment reasons: economic performance
(positive), and size and structure of the economy (positive).

The business profile score of 'bb+' has been assigned below the
implied category score of 'bbb' for the following adjustment
reason: business model (negative).

The funding and liquidity score of 'bbb-' is above the implied
category score of 'bb' for the following reason: deposit structure
(positive).

Public Ratings with Credit Linkage to other ratings

Axis' IDRs are driven by India's sovereign rating via the GSR.

ESG Considerations

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

   Entity/Debt                     Rating             Prior
   -----------                     ------             -----
Axis Bank
Limited          LT IDR             BB+    Affirmed   BB+
                 ST IDR             B      Affirmed   B
                 Viability          bb     Affirmed   bb
                 Government Support bb+    Affirmed   bb+
                 LT IDR (xgs)       BB(xgs)Affirmed   BB(xgs)
                 ST IDR (xgs)       B(xgs) Affirmed   B(xgs)

   senior
   unsecured     LT                 BB+    Affirmed   BB+

   senior
   unsecured     LT (xgs)           BB(xgs)Affirmed   BB(xgs)


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

                      Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long Term-         10.00        [ICRA]B+ (Stable) ISSUER NOT
   Unallocated                     COOPERATING; Rating moved to
                                   "ISSUER NOT COOPERATING"
                                   category

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

Fairyland Foundation Private Limited is a real estate company
operating in Tamil Nadu. Fairyland was started as a partnership
concern by Mr. T.N. Vijaykumar and Mr. S. Saravanan in 2000 and
later in 2005 it was converted into a private limited company. The
company has till date completed 21 residential projects with a
total saleable area of ~5.8 Lakh sq ft. All the projects are
located in Chennai and Coimbatore in Tamil Nadu. The construction
for the projects is completed in house and Mr. T. N. Vijayakumar
who is a civil engineer with more than 15 years in the construction
industry heads the execution team. Mr. S. Saravanan has been in the
real estate industry for more than 12 years and he leads the
marketing team and is also in charge of identification of new
projects for development.


HANUMAN LOHA: Ind-Ra Keeps BB Loan Rating in NonCooperating
-----------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained Shree Hanuman
Loha Ltd.'s (SHLL) bank facilities' ratings in the non-cooperating
category and has simultaneously withdrawn the same.

The detailed rating action is:

-- INR90 mil. Fund-based working capital limits maintained in
     non-cooperating category and withdrawn.

*Maintained at 'IND BB/Stable (ISSUER NOT COOPERATING)' before
being withdrawn

Detailed Rationale of the Rating Action

The rating has been maintained in the non-cooperating category
before being withdrawn because the issuer did not participate in
the rating exercise despite repeated requests by the agency through
phone calls and emails, and has not provided information about
latest audited financial statement, sanctioned bank facilities and
utilization, business plans and projections for the next three
years, and management certificate. This is in accordance with
Ind-Ra's policy of 'Guidelines on What Constitutes
Non-cooperation'.

Ind-Ra is no longer required to maintain the ratings, as the agency
has received a request for withdrawal of ratings and no-objection
certificate issued by the bankers. This is consistent with Ind-Ra's
Policy on Withdrawal of Ratings.

Non-Cooperation by the Issuer

Ind-Ra has not received adequate information and has not been able
to conduct management interactions with SHLL while reviewing the
rating. Ind-Ra had consistently followed up with SHLL over emails,
apart from phone calls since May 2018. The issuer have submitted
the monthly no default statement until March 2024.

Limitations regarding Information Availability

Ind-Ra is unable to provide an updated forward-looking view on the
credit rating of SHLL, as the agency does not have adequate
information to review the rating. If an issuer does not provide
timely business and financial updates to the agency, it indicates
weak governance, particularly in 'Transparency of Financial
Information'. The agency may also consider this as symptomatic of a
possible disruption/distress in the issuer's credit profile.
Therefore, investors and other users are advised to take
appropriate caution while using these ratings. SHLL has been
non-cooperative with the agency since May 10, 2018.

About the Company

Incorporated in 1989, SHLL manufactures various steel products such
as billets, ingots, angles, flats and channels. Its manufacturing
plant is in Raipur, Chhattisgarh.

HARMONY FOODS: ICRA Keeps B+ Debt Ratings in Not Cooperating
------------------------------------------------------------
ICRA has kept the Long-Term and Short-Term ratings of Harmony Foods
Private Limited (HFPL) in the 'Issuer Not Cooperating' category.
The ratings are denoted as "[ICRA]B+(Stable); ISSUER NOT
COOPERATING/[ICRA]A4; ISSUER NOT COOPERATING".

                      Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long Term-         13.50        [ICRA]B+ (Stable) ISSUER NOT
   Fund Based-                     COOPERATING; Rating continues
   Cash Credit                     to remain under 'Issuer Not
                                   Cooperating' category

   Long Term-          4.62        [ICRA]B+ (Stable) ISSUER NOT
   Fund Based-                     COOPERATING; Rating continues
   Term Loan                       to remain under 'Issuer Not
                                   Cooperating' category

   Long Term/          1.88        [ICRA]B+(Stable)/[ICRA]A4;
   Short Term-                     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 HFPL, 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 2004, Harmony Foods Private Limited (HFPL) is
involved in processing of wheat into food products such as maida,
rawa, atta and bran with an installed capacity of 350 TPD. The
manufacturing facility is located at Visakhapatnam. The products
manufactured by the company are primarily consumed in the bakery,
supermarkets etc. The bran is used as feed for livestock and also
included as an ingredient in making fish feed.


ICICI BANK: Fitch Affirms 'BB+' LongTerm IDR, Outlook Stable
------------------------------------------------------------
Fitch Ratings has affirmed ICICI Bank Limited's Long-Term Issuer
Default Rating (IDR) at 'BB+'. The Outlook is Stable. At the same
time, Fitch has upgraded the bank's Viability Rating (VR) to 'bb+',
from 'bb', and affirmed the Government Support Rating (GSR) at
'bb+'.

Fitch has upgraded the bank's Long-Term IDR (xgs) to 'BB+(xgs)'
from 'BB(xgs)', and affirmed its Short-Term IDR (xgs) at 'B(xgs)',
while simultaneously withdrawing both Ex-Government Support
ratings. They are no longer considered relevant to Fitch's coverage
as the VR drives the Long-Term IDR.

Key Rating Drivers

Driven by VR, Backstopped by Support: ICICI's Long-Term IDR is
driven by its standalone credit profile, as indicated by its VR,
which is now at the same level as its GSR. The VR upgrade reflects
the bank's improved financial metrics and loss-absorption buffers,
which Fitch expects to be sustained. The GSR is one notch below
India's Long-Term IDR (BBB-/Stable), reflecting its expectation of
a moderate probability of extraordinary government support for
ICICI relative to the large state banks, as ICICI is privately
owned.

Fitch views the bank to be systemically important, underpinned by
its large market share of about 6%-7% of system loans and deposits
at the end of the financial year to 31 March 2024 (FYE24) and its
significant franchise.

Supportive Operating Environment: India's strong medium-term growth
potential and its large, diversified economy are reflected in an
operating environment score of 'bb+', which is above the implied
'b' category score. Fitch projects GDP growth of over 6% in FY25
and FY26, driven by domestic demand, government capex and improving
capacity utilisation. The growth should support banks' ability to
sustain profitable business in the medium term if risks are
effectively managed.

Large Domestic Franchise: ICICI's business profile reflects its
market position as India's second-largest private bank with a
strong retail focus. Its above-average capitalisation and robust
domestic franchise position it well for market-share gains,
contingent on effective risk management through cycles. Its
assessment also takes into account ICICI's diversified income base,
which contributes to above-average profitability.

Elevated Risk Appetite: Loan growth moderated to 13.5% yoy in
9MFY25, yet remains above the sector average. Fitch expects ICICI
to maintain an elevated risk appetite, focusing on higher-yielding
loans to offset margin pressure. While unsecured personal loan
growth was sharply lower, due to asset quality issues, Fitch
believes this is temporary, given the bank's elevated risk
appetite. Fitch expects overall loan growth to increase, but stay
below the FY21-FY24 CAGR of 17%.

Improved Asset Quality: Fitch has revised ICICI's asset quality
score to 'bb', from 'bb-', and the outlook to stable, from
positive. This follows an improved impaired loans ratio, which
Fitch expects to be sustained at around current levels. The ratio
decreased by about 20bp to 2.1% in 9MFY25, from FY24, as recoveries
and write-offs more than offset new bad loan pressure, despite
slightly lower than expected loan growth. Loan impairment charges
rose nearly 50bp to 0.70% of loans, slightly below the 0.84%
average for Fitch-rated banks.

Strong Profitability: Fitch has revised the earnings and
profitability score to 'bb+', from 'bb'. The revision reflects the
improved profitability in recent years and its expectation that the
operating profit/risk-weighted asset ratio, which was 3.9% in
9MFY25, will be sustained above 3.5%. This is despite some
normalisation, due to margin contraction and rising credit costs.
The ratio was stable in 9MFY25, as increased fees, treasury income
and operational efficiency counterbalanced margin pressure, rising
credit costs and higher risk density. The ratio on a consolidated
basis stood at 4.3% in 9MFY25.

Above-Average Capitalisation: Fitch expects ICICI's common equity
Tier 1 (CET1) ratio to remain near 16% until FY27, supported by
steady internal capital generation. The ratio rose by around 70bp
to 16.2% in 9MFY25, including profit, as robust internal accruals
offset the rise in risk density. Fitch expects it to settle close
to 15.7% in FY25, due to a dividend payout, with a potential 15bp
upside amid a reduced regulatory risk weight on non-bank exposure.
Its assessment also factors in the bank's above-peer capitalisation
on an un-risk-weighted basis, an improved net impaired loan/CET1
ratio of 2.7% in 9MFY25 and significantly better capital
flexibility than at most peers.

Stable Funding: Fitch expects a moderate increase in ICICI's
loan/deposit ratio as the bank aims to balance loan and deposit
growth. The ratio is above the sector average; however, funding and
liquidity is bolstered by the bank's strong deposit franchise and
large holdings of Indian government bonds - similar to peers.
Retail deposits constitute the majority of deposits, with a
low-cost deposit ratio of about 41%. ICICI's liquidity coverage
ratio of 122% and net stable funding ratio of 120% as of 9MFY25
should ensure adequate liquidity.

Rating Sensitivities

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

Negative rating action on the Long-Term IDR would occur if both the
GSR and VR are downgraded. The GSR could be downgraded if Fitch
believes the sovereign's ability and propensity to support ICICI
has weakened. A lower sovereign rating would also lead to a
corresponding change in ICICI's GSR.

The Short-Term IDR is mapped to the Long-Term IDR, in line with
Fitch criteria. Fitch expects the rating to remain unchanged.
Negative rating action would be possible if the Long-Term IDR is
downgraded by multiple notches to below the 'B' category, which is
unlikely.

Fitch expects the VR to remain unchanged in the near term given the
recent upgrade. Nevertheless, the VR could be downgraded if Fitch
believes that ICICI's risk profile has deteriorated to a point
where it can pose a risk in a less benign operating environment and
become a more binding constraint on the bank's financial profile
and loss-absorption buffers. This could manifest through a
weakening in the following three key financial metrics:

- a reversal in the asset-quality trend, with the four-year average
impaired-loan ratio sustained above 4.0% (9MFY25: 2.7%);

- the four-year average operating profit/risk-weighted asset ratio
at below 3.5% for a sustained period (9MFY25: 3.8%); and,

- a drop in the CET1 ratio to below 14% (9MFY25: 16%) without a
credible plan to restore it to prior levels.

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

Positive rating action on the IDR could occur if there is a similar
upgrade in either the GSR or VR.

The GSR could be upgraded upon a sovereign rating upgrade (which
appears unlikely in the near term), if it coincided with a
strengthening of the sovereign's ability and, more importantly,
propensity to support the bank, in its view.

The Short-Term IDR may be upgraded if the Long-Term IDR is
upgraded. This may occur if the sovereign's Short-Term IDR is
upgraded. If the bank's Long-Term IDR is upgraded based on a
stronger VR, any upgrade of ICICI's Short-Term IDR would be
contingent on its assessment of the funding and liquidity score
being at least 'bbb+', which is two notches above its current
assessment. Fitch does not foresee this possibility in the medium
term.

A VR upgrade is less likely, as the rating has just been upgraded,
assuming no changes to its operating environment assessment.
However, an upgrade could occur amid a further significant
improvement in the financial profile, potentially manifesting
through all of the following three key financial metrics, along
with an improved risk profile:

- the four-year average impaired-loan ratio being sustained closer
to or below 0.75%;

- the four-year average operating profit/risk-weighted asset ratio
being sustained above 4.75%;

- the CET1 ratio sustained close to or above 20%.

A higher VR is also possible if Fitch revises the operating
environment score to 'bbb-', from 'bb+'.

OTHER DEBT AND ISSUER RATINGS: KEY RATING DRIVERS

Ex-Government Support Rating

ICICI's Long-Term IDR (xgs) rating before the withdrawal had been
driven by its VR. The bank's Short-Term IDR (xgs), which is also
withdrawn, is in accordance with its Long-Term IDR (xgs) and the
short-term rating mapping outlined in Fitch's criteria.

OTHER DEBT AND ISSUER RATINGS: RATING SENSITIVITIES

No longer relevant, as the 'xgs' ratings have been withdrawn.

VR ADJUSTMENTS

The operating environment score of 'bb+' is above the implied
category score of 'b' for the following adjustment reasons:
economic performance (positive) and size and structure of the
economy (positive).

The business profile score of 'bb+' is below the implied category
score of 'bbb' for the following adjustment reason: business model
(negative).

The funding and liquidity score of 'bbb-' is above the implied
category score of 'bb' for the following adjustment reason: deposit
structure (positive).

ESG Considerations

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

   Entity/Debt                    Rating               Prior
   -----------                    ------               -----
ICICI Bank
Limited         LT IDR             BB+     Affirmed    BB+
                ST IDR             B       Affirmed    B
                Viability          bb+     Upgrade     bb
                Government Support bb+     Affirmed    bb+
                ST IDR (xgs)       B(xgs)  Affirmed    B(xgs)
                LT IDR (xgs)       BB+(xgs)Upgrade     BB(xgs)
                LT IDR (xgs)       WD      Withdrawn
                ST IDR (xgs)       WD      Withdrawn


MAK CONSTRUCTIONS: ICRA Keeps D Debt Rating in Not Cooperating
--------------------------------------------------------------
ICRA has kept the Long-Term rating of Mak Constructions in the
'Issuer Not Cooperating' category. The rating is denoted as
"[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

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

MAK Constructions (MAK) is a partnership concern established in
2001 with Mr. R.T. Venkatesh Kumar, Mr. S.R. Chandra Mohan and Mrs.
R. Mekhala as partners. This firm undertakes small scale
infrastructure projects and is primarily focused on the laying and
maintenance of roads (national highways, state highways and private
roads) and bridges. MAK undertakes projects within a 100 km radius
of Madurai, Tamil Nadu. The managing partner, Mr. S.R. Chandra
Mohan, has been involved in the construction segment as a
proprietor since 1989; while his partner, Mr. R.T. Venkatesh Kumar,
began his career as a construction contractor in 1995.


MARIANELLA PROPERTIES: ICRA Keeps D Rating in Not Cooperating
-------------------------------------------------------------
ICRA has kept the Long-Term ratings for the Bank Facility of
Marianella Properties Private Limited (MPPL) in the 'Issuer Not
Cooperating' category. The ratings is denoted as "[ICRA]D; ISSUER
NOT COOPERATING".

                      Amount
   Facilities     (INR crore)   Ratings
   ----------     -----------   -------
   Long-term-        15.00      [ICRA]D; ISSUER NOT COOPERATING;
   Fund based                   Rating Continues to remain under
   Term Loan                    'Issuer Not Cooperating'
                                Category

As part of its process and in accordance with its rating agreement
with MPPL, 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 2008, Marianella Properties Private Limited (MPPL)
is into the business of developing land and other immovable
properties. Till last rating exercise, the company had one project
in Vasai (Suburban Mumbai) where it was constructing a commercial
complex. In the past, the promoters have executed 13 projects
(through Rose Builders) in Mumbai.



MINOX METAL: ICRA Keeps B+ Debt Ratings in Not Cooperating
----------------------------------------------------------
ICRA has kept the Long-Term and Short-Term ratings of Minox Metal
Private Limited (MMPL) in the 'Issuer Not Cooperating' category.
The ratings are denoted as "[ICRA]B+(Stable); ISSUER NOT
COOPERATING/[ICRA]A4; ISSUER NOT COOPERATING".

                      Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long Term-         45.50        [ICRA]B+ (Stable) ISSUER NOT
   Fund Based-                     COOPERATING; Rating continues
   Cash Credit                     to remain under 'Issuer Not
                                   Cooperating' category

   Short Term-        20.00        [ICRA]A4 ISSUER NOT
   Non Fund Based                  COOPERATING; Rating continues
                                   to remain under 'Issuer Not
                                   Cooperating' category

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

Incorporated in 2005, Minox Metals Private Limited (MMPL) (formerly
Mysore Steel Suppliers, a proprietorship firm) is involved in
processing and trading of stainless steel sheets and coils in all
major grades, sizes and finishes including high-end architecture
finishes, color etched, embossed and mirror which are primarily
used in elevators and escalators. The company has two
stainless-steel processing units in Bangalore with facilities for
slitting, cut to length and sheet polishing. The current combined
capacity of the processing plant is 27,000 MTPA (Metric Tons Per
Annum). The company's stocking and selling units are located at
Bangalore, Ahmadabad, and Chennai. In FY2017, the company has
forayed into trading of stainless steel pipes which find its
application in architecture, furniture and kitchen appliances.
However, revenue contribution from this segment remains minimal.


MORARJEE TEXTILES: Shriniwas Spintex Wins Bid for Company
---------------------------------------------------------
The Economic Times reports that Wardha-based Shriniwas Spintex
Industries has been declared as the winning bidder to take over
Ashok Piramal Group's Morarjee Textiles, with a INR156 crore offer
against the total admitted pending debt claims of INR892 crore.
Shriniwas will be making 30% of the payment upfront while the rest
of the amount will be staggered over two years.

Other bidders were disqualified under IBC's 29A regulations,
leaving Shriniwas as the sole contender, ET notes.

Morarjee Textiles Limited commenced insolvency proceedings on Feb.
9, 2024. Ravi Sethia of KPMG Restructuring Services was appointed
as the company's Insolvency Professional.


NOBLE MOULDS: ICRA Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------
ICRA has kept the Long-Term and Short-Term ratings of Noble Moulds
Private Limited (NMPL) 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-        17.00      [ICRA]D; ISSUER NOT COOPERATING;
   Fund based                   Rating Continues to remain under
   Cash Credit                  'Issuer Not Cooperating'
                                Category

   Long-term-         7.90      [ICRA]D; ISSUER NOT COOPERATING;
   Fund based                   Rating Continues to remain under
   Term Loan                    'Issuer Not Cooperating'
                                Category

   Short-term         5.00      [ICRA]D; ISSUER NOT COOPERATING;
   Non-fund based               Rating continues to remain under
   Others                       'Issuer Not Cooperating'
                                Category

As part of its process and in accordance with its rating agreement
with NMPL, 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 1992, NMPL is engaged in manufacturing of plastic
mouldings for use in manufacturing of washing machines, air coolers
and LED televisions. Along with manufacturing of plastic mouldings,
the company is also engaged in assembling of air coolers with its
manufacturing unit located in Noida, Uttar Pradesh. The company has
35 machines which presently operate 10-12 hours per day. Further,
the company offers its own design manufacturing (ODM) which is
approved by its client.


PERFECT COMMUNICATION: ICRA Keeps B+ Rating in Not Cooperating
--------------------------------------------------------------
ICRA has kept the Long-Term ratings for the Bank Facility of
Perfect Communication (PC) in the 'Issuer Not Cooperating'
category. The ratings is denoted as "[ICRA]B+(Stable); ISSUER NOT
COOPERATING".

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

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

Perfect Communication (PC) is a Mumbai based partnership concern
established in 2008 jointly promoted by Mr. Madhav Sheth and Ms.
Dimple Amit Bist. The firm is an exclusive area distributor for
Samsung mobiles and accessories in Andheri-Bandra stretch in
Mumbai. The firm has its registered office in Irla Lane in Vile
Parle West, Mumbai.


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

                    Amount
   Facilities     (INR crore)   Ratings
   ----------     -----------   -------
   Long-term-        16.50      [ICRA]D; ISSUER NOT COOPERATING;
   Fund based                   Rating Continues to remain under
   Cash Credit                  'Issuer Not Cooperating'
                                Category

   Long-term/        20.00      [ICRA]D/[ICRA]D; ISSUER NOT
   Short Term                   COOPERATING; Rating Continues to
   Non Fund Based               remain under 'Issuer Not
                                Cooperating' Category

As part of its process and in accordance with its rating agreement
with Piyush Infratech, 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 June 2013, Piyush Infratech Private Limited is a
construction company based out in Aurangabad in the state of
Maharashtra. The company is part of Piyush Group companies and had
initially started with small sized projects related with
infrastructures like earthen dams, Kolhapuri Type Weirs (K T
weirs)1. The company has subsequently undertaken larger projects
including barrages2, bridges, railway overbridges, lift irrigation
schemes etc. and is focused on: Construction of dams/ storage
tanks, Construction of Barrages, Construction of Roads & Bridges,
Railway Over Bridges, Earthwork of Railway BG lines, Construction
of Buildings for various Government Sectors, and Lift Irrigation
Schemes (pump house, canal, distribution system & structures) .

The company also owns two windmills of 1.25 M.W. and has been
supplying electricity to government of Maharashtra since 2006.
Company earlier had a contract of 14 years with MSEDCL (Maharashtra
State Electricity Distribution Company Ltd). With that contract
expired in the year 2020, the company has entered into a contract
with MSEB (Maharashtra State Electricity Board) with revised
terms.



PLASMA METAL: ICRA Keeps D Debt Rating in Not Cooperating
---------------------------------------------------------
ICRA has kept the Long-Term ratings for the Bank Facility of Plasma
Metal Processing Pvt. Ltd. (PMP) in the 'Issuer Not Cooperating'
category. The ratings is denoted as "[ICRA]D; ISSUER NOT
COOPERATING".

                      Amount
   Facilities     (INR crore)   Ratings
   ----------     -----------   -------
   Long-term-        35.00      [ICRA]D; ISSUER NOT COOPERATING;
   Fund based                   Rating Continues to remain under
   Term Loan                    'Issuer Not Cooperating'
                                Category

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

Plasma Metal Processing Pvt. Ltd. (PMP) was established in the year
2011 and will be engaged in the business of plasma cleaning and
coating of rebars, wire rods and wires. The company is managed by
its directors, Mr. Krishnakant Tekriwal, Mr. Shreekant Tekriwal and
Mr. Rishikant Tekriwal who have vast experience in metal cleaning
and metal coating processes and are involved in steel long products
processing industry. The factory is located in Butibori, MIDC,
Nagpur. PMP has two group companies namely Triveni Wires Pvt. Ltd.
And Tensile Wires Pvt. Ltd. which are engaged in a similar line of
business.


RAVI STEEL: ICRA Keeps B+ Debt Rating in Not Cooperating Category
-----------------------------------------------------------------
ICRA has kept the Long-Term rating of Ravi Steel and Renewables
Private Limited (Formerly Ravi Iron Limited, RIL) in the 'Issuer
Not Cooperating' category. The rating is denoted as
[ICRA]B+(Stable); ISSUER NOT COOPERATING".

                       Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long Term-         24.40       [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 RIL, 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 1997 by Mr. Ravindra Kumar Garg and his son, Mr.
Manu Garg, RIL is a part of the Ghaziabad-based Garg Group that has
operations in various sectors like education, steel, publication,
real estate, etc. The company trades in long and flat steel
products. Its product portfolio includes various products such as
mild steel bars, plates, angles, structures, rounds, and channels.
The company procures steel primarily from Steel Authority India
Ltd. and Rashtriya Ispat Nigam Ltd. in Ghaziabad and other large
traders. In FY2018, the company reported a net profit of INR0.3
crore on an OI of INR179 crores compared with a net profit of
INR0.2 crore on an OI of INR161.6 crore in the previous year.


RIDDHI SIDDHI: ICRA Keeps D Debt Rating in Not Cooperating
----------------------------------------------------------
ICRA has kept the Long-Term rating of Riddhi Siddhi Cotton Ginning
& Pressing Pvt. Ltd. (RSCGP) in the 'Issuer Not Cooperating'
category. The rating is denoted as "[ICRA]D; ISSUER NOT
COOPERATING".

                     Amount
   Facilities     (INR crore)   Ratings
   ----------     -----------   -------
   Long-term-        20.00      [ICRA]D; ISSUER NOT COOPERATING;
   Fund based                   Rating Continues to remain under
   Cash Credit                  'Issuer Not Cooperating'
                                Category

As part of its process and in accordance with its rating agreement
with RSCGP, 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 2006, Riddhi Siddhi Cotton Ginning and Pressing
Private Limited (RSCGP) is engaged in cotton ginning and pressing
to produce cotton bales and cotton seeds. The manufacturing unit of
company is located in Rajkot, Gujarat with thirty six ginning and
one pressing machine having an installed capacity of producing
19,152 bales of ginned cotton in a year. RSCGP is currently managed
by three directors Mr. Lavjibhai Kakdiya, Mrs. Gauriben Kakdiya and
Mr. Vijay Kakdiya, all of who have long-standing experience in the
cotton industry.


SIESTA HOSPITALITY: ICRA Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------------
ICRA has kept the Long-Term rating of Siesta Hospitality Services
Limited in the 'Issuer Not Cooperating' category. The rating is
denoted as [ICRA]D; ISSUER NOT COOPERATING".

                      Amount
   Facilities     (INR crore)   Ratings
   ----------     -----------   -------
   Long-term-         22.85     [ICRA]D; ISSUER NOT COOPERATING;
   Fund based                   Rating Continues to remain under
   Cash Credit                  'Issuer Not Cooperating'
                                Category

   Long Term-         6.74      [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 Siesta, 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.

Siesta is engaged in providing corporate residences at various
locations across the country, with amenities as preferred by the
corporate. The company's operations are divided across four
segments- i) Composite (classified as dedicated rooms); ii) Stay
(non-dedicated rooms and hotels); iii) Men and maintenance; iv)
Food & Beverages. The company enters into contract with its
customers across all the segments, around 75% of the revenues of
the company is contracted.


SS INDUS: ICRA Keeps B+ Debt Rating in Not Cooperating Category
---------------------------------------------------------------
ICRA has kept the Long-Term rating of SS Indus Solar Energy Private
Limited in the 'Issuer Not Cooperating' category. The rating is
denoted as [ICRA]B+(Stable); ISSUER NOT COOPERATING".

                      Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long Term-          6.50        [ICRA]B+ (Stable) ISSUER NOT
   Fund Based-                     COOPERATING; Rating continues
   Cash Credit                     to remain under 'Issuer Not
                                   Cooperating' category

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

SS Indus Solar Energy Pvt Ltd was originally incorporated as SS
Indus Valley Private Limited on 18.07.2006, the name of the company
was changed to SS Indus Solar Energy Private Limited on 14.08.14.
The solar PV power plant consists of several solar PV arrays
totalling to 2.40 MW. The plant generates DC power which is fed
into the power conditioning units to convert DC power to AC power
at 3 Ph, 320 V, 50 Hz. The output of the PCUs is stepped upto 33KV
and then evacuated to Kattangur Substation at 33 KV. At the
substation, the power is interconnected to the grid. Metering of
the power shall take place at the substation.


SUVARNA LAKSHMI: ICRA Keeps B+ Debt Ratings in Not Cooperating
--------------------------------------------------------------
ICRA has kept the Long-Term rating of Suvarna Lakshmi Jewellers
(SLJ) in the 'Issuer Not Cooperating' category. The rating is
denoted as [ICRA]B+(Stable); ISSUER NOT COOPERATING".

                      Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long Term-         18.00       [ICRA]B+ (Stable) ISSUER NOT
   Fund Based-                    COOPERATING; Rating continues
   Cash Credit                    to remain under 'Issuer Not
                                  Cooperating' category

   Long Term-          9.20       [ICRA]B+ (Stable) ISSUER NOT
   Unallocated                    COOPERATING; Rating continues
                                  to remain under 'Issuer Not
                                  Cooperating' categoryI

Suvarna Lakshmi Jewellers (SLJ) was founded in FY2009 to start the
business of branded jewellery retail. The firm operates as
a level-3 dealer of Tanishq's jewellery products. SLJ operates
through its own showroom located at Dilsukhnagar, Hyderabad.
The firm is promoted and managed by Mr. B Satya Prakash Rao and his
family members.


TAPTI AGRO: ICRA Keeps B Debt Rating in Not Cooperating Category
----------------------------------------------------------------
ICRA has kept the Long-Term ratings for the Bank Facility of Tapti
Agro Industries (TAI) in the 'Issuer Not Cooperating' category. The
ratings is denoted as "[ICRA]B(Stable); ISSUER NOT COOPERATING".

                      Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long Term-         14.50       [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 TAI, 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.

M/s Tapti Agro Industires (TAI) incorporated in 2015 is setting up
a Khandsari (semi-white centrifugal sugar) manufacturing facility
having crushing capacity of 1,500 Tonnes of Cane per Day (TCD) at
Betul District of Madhya Pradesh. The firm plans tocommence the
operations of the facility by December 2016.The firm is promoted by
Mr. Rahul Kumar Sao and Mr. Dharmveer Juneja who have significant
experience in the sugar industry through their association with
other firms which are also engaged in sugar manufacturing.


TRIVENI WIRES: ICRA Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------
ICRA has kept the Long-Term and Short-Term ratings for the Bank
facilities of Triveni Wires Private Limited (TWPL) 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         1.75      [ICRA]D; ISSUER NOT COOPERATING;
   Non-fund based               Rating continues to remain under
   Others                       'Issuer Not Cooperating'
                                Category

   Short Term-       (5.00)     [ICRA]D; ISSUER NOT COOPERATING;
   Interchangeable              Rating Continues to remain under
                                'Issuer Not Cooperating'
                                Category

   Long-term-        25.00      [ICRA]D; ISSUER NOT COOPERATING;
   Fund based                   Rating Continues to remain under
   Term Loan                    'Issuer Not Cooperating'
                                Category

   Long-term-         2.50      [ICRA]D; ISSUER NOT COOPERATING;
   Fund based                   Rating Continues to remain under
   Cash Credit                  'Issuer Not Cooperating'
                                Category

   Long Term-         7.75      [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 TWPL, 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 the year 1981, Triveni Wires Private Limited (TWPL)
is involved in the business of wire drawing from wire rods and
galvanizing of wires. Directors, Mr. Premkumar Tekriwal, Mr.
Arunkumar Tekriwala and Mr. Ramakanth Tekriwala who have experience
in the wire drawing industry, manage the company. TWPL has a
factory in Higna district of Nagpur with an installed capacity of
12000 MTPA and is setting up an additional unit in M.I.D.C.
Butibori, Nagpur with an installed capacity of 37200 MTPA. TWPL has
two grou companies namely Tensile Wires Pvt. Ltd. Plasma Metal
Processing Pvt. Ltd., which are engaged in a similar line of
business.


UNIVERSAL FREIGHT: ICRA Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------------
ICRA has kept the Long-Term ratings for the Bank Facility of
Universal Freight Management (India) Private Limited (UFM) in the
'Issuer Not Cooperating' category. The ratings is denoted as
"[ICRA]D; ISSUER NOT COOPERATING".

                     Amount
   Facilities     (INR crore)   Ratings
   ----------     -----------   -------
   Long-term-        14.30      [ICRA]D; ISSUER NOT COOPERATING;
   Fund based                   Rating Continues to remain under
   Cash Credit                  'Issuer Not Cooperating'
                                Category

   Long Term-        10.70      [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 UFM, 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.

Universal Freight Management India Private Limited (UFM) was
incorporated in 2009 by Mr. Rajeev Bhatnagar and Mr. Sheshagiri
Kulkarni as Communicare Infra India Private Limited and
subsequently its name was changed to UFM. The company is primarily
engaged in providing services such as Air and Ocean forwarding,
Multi modal transport, custom clearance, distribution, contract
logistics and warehousing services. The company has five offices in
India at Delhi, Mumbai, Bangalore, Chennai and Hyderabad. The
company also operates three warehouses.


WIRES AND CABLES: ICRA Keeps B+ Debt Rating in Not Cooperating
--------------------------------------------------------------
ICRA has kept the Long-Term rating of Wires And Cables (India)
(WAC) in the 'Issuer Not Cooperating' category. The rating is
denoted as [ICRA]B+(Stable); ISSUER NOT COOPERATING".

                      Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long Term-         10.00       [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 WAC, 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.

Wires and Cables (India) (WAC) mainly trades in low-tension (LT)
wires, high-tension (HT) wires and wire connectors. Promoted by Mr.
Bhawarlal, WAC had started operations in 1989. It also has a retail
shop in Chikpet area of Bangalore. It distributes HT wires of
Universal Cables Limited to various projects of KPTCL, BESCOM,
MESCOM, NHAI, and BDA etc.


XYRON TECHNOLOGIES: Insolvency Resolution Process Case Summary
--------------------------------------------------------------
Debtor: Xyron Technologies Limited
        Extol Tower, Jahangirabad,
        Bhopal, Madhya Pradesh,
        India 462008

Insolvency Commencement Date: March 24, 2025

Court: National Company Law Tribunal, Indore Bench

Estimated date of closure of
insolvency resolution process: September 20, 2025

Insolvency professional: Teena Saraswat Pandey

Interim Resolution
Professional: Teena Saraswat Pandey
              387F, 114 Scheme Part 1
              Behind Deisha Boys hostel
              Sant Nagar, Indore, Madhya Pradesh 452010
              Email: teensaraswat@yahoo.co.in
              Email: cirp.xyrontech@gmail.com

Last date for
submission of claims: April 7, 2025


ZAVERI EXPORTS: ICRA Keeps D Debt Rating in Not Cooperating
-----------------------------------------------------------
ICRA has kept the Long-Term rating of Zaveri Exports Private
Limited (ZEPL) in the 'Issuer Not Cooperating' category. The rating
is denoted as [ICRA]D; ISSUER NOT COOPERATING".

                     Amount
   Facilities     (INR crore)   Ratings
   ----------     -----------   -------
   Long-term-        13.00      [ICRA]D; ISSUER NOT COOPERATING;
   Fund based                   Rating Continues to remain under
   Cash Credit                  'Issuer Not Cooperating'
                                Category

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

Zaveri Exports Private Limited (formerly Zaveri Jewellers, ZEPL)
was incorporated as a private limited company in 2001 and is
promoted by Mr. Sunil Tayal. The company manufactures, and exports
studded and plain gold, silver and platinum jewellery. The
company's jewellery collection ranges from 22karat gold jewellery
to 18 karat jewellery studded with diamonds, gemstones like rubies,
emeralds, sapphires, semi-precious stones. ZEPL sells all forms of
jewellery including earrings, necklaces, bangles, rings, anklets,
pendants, bracelets, brooches, pinsand silverwares. The company has
1 retail show room at Abids, Hyderabad.


ZENVISION PHARMA: ICRA Keeps B+ Debt Ratings in Not Cooperating
---------------------------------------------------------------
ICRA has kept the Long-Term ratings of Zenvision Pharma LLP in the
'Issuer Not Cooperating' category. The ratings are denoted as
"[ICRA]B+ (Stable); ISSUER NOT COOPERATING".

                      Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long Term-         16.00        [ICRA]B+ (Stable) ISSUER NOT
   Fund Based-                     COOPERATING; Rating moved to
   Cash Credit                     "ISSUER NOT COOPERATING"
                                   category

   Long Term-         15.00        [ICRA]B+ (Stable) ISSUER NOT
   Fund Based-                     COOPERATING; Rating moved to
   Term Loan                       "ISSUER NOT COOPERATING"
                                   Category

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

Zenvision Pharma LLP was incorporated in 2015 by Dr. Sivakumar
Venkata Bobba along with two other professional partners to set up
a research and development (R&D) lab as well as manufacturing unit
for formulations. The present management is headed by Dr. Bobba as
managing partner, supported by two other experienced partners. ZPL
offers Contract Research and Manufacturing Services (CRAMS), and
has a manufacturing facility with a production capacity of 8.0 lakh
tablets per day and 4.0 lakh capsules per day. It has also filed
for 12 patents till date and is in the process of taking the
products to market.




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

INDIKA ENERGY: Fitch Lowers LongTerm IDRs to 'B+', Outlook Stable
-----------------------------------------------------------------
Fitch Ratings has downgraded PT Indika Energy Tbk's Long-Term
Foreign- and Local-Currency Issuer Default Ratings (IDRs) to 'B+'
from 'BB-'. Fitch has also downgraded the rating on Indika's
outstanding US dollar notes to 'B+' from 'BB-'. The US dollar notes
have a Recovery Rating of 'RR4'. At the same time, Fitch Ratings
Indonesia has downgraded Indika's National Long-Term Rating to
'A(idn)' from 'A+(idn)'. The Outlook on the IDRs and National
Long-Term Rating is Stable.

The downgrade reflects its expectations that Indika's EBITDA net
leverage will remain above 3.0x in 2025-2026 (2024: 2.9x), due to
lower coal prices and still high production costs. It also reflects
execution risk on its gold mining project, which has been delayed.
The 'B+' IDR reflects Indika's operating scale as a mid-size
thermal coal producer in Indonesia, with planned diversification
into gold, a healthy reserve life profile and sufficient
liquidity.

'A' National Ratings denote expectations of a low level of default
risk relative to other issuers or obligations in the same country
or monetary union.

Key Rating Drivers

High Leverage: Fitch expects Indika's EBITDA net leverage to remain
higher than 3.0x in 2025-2026. Free cash flow (FCF) is likely to be
negative during this period due to the high capex on development
works for the Awak Mas gold project. Cash flow from new businesses
remains small and is insufficient to fully offset the EBITDA
reduction due to Indika's divestments of other coal-related assets
in recent years.

Fitch expects EBITDA net leverage to recover only in 2027, when
Awak Mas production ramps up. However, any further delay in the
start of Awak Mas or a continued high-cost structure, especially if
coal prices correct sharply, could push back deleveraging.

Execution of Awak Mas Crucial: The Awak Mas project is scheduled to
start in 2H26, instead of end-2025, due mainly to delays in land
acquisitions. The execution of the Awak Mas development is crucial
for Indika's deleveraging, as well as providing Indika both
commodity and earnings diversification. Fitch expects the project's
EBITDA contribution to be 25% by 2027, based on its price
assumption of USD2,000/oz for gold. Indika has potential gold
reserves of 1.51 million oz, translating to a mine life of about 15
years. Management estimates Awak Mas to be in the third quartile in
terms of cost position, with its open-pit feature providing cost
flexibility.

Concentration in Kideco: Fitch believes stable operations at
Indika's Kideco coal mine is key to supporting cash flow generation
and planned capex over the next two to three years. Kideco will
generate 80%-90% of total EBITDA for 2025-2026. Kideco has a long
record of stable production volumes with a proven ability to
maintain profitability through commodity cycles. Fitch estimates
Kideco's EBITDA contribution will decrease to about 65% when Awak
Mas ramps up meaningfully by 2027, based on its price deck
assumptions.

Higher Production Cost, Retains Flexibility: Fitch expects Kideco
to maintain stable thermal coal production of about 30 million
tonnes per annum (mtpa) over the next three to four years, with a
reserve life of about 15 years. Fitch expects Kideco's cash cost to
stay similar to 2024. Indika is in the third quartile of the cost
curve. Fitch believes if prices correct significantly, Indika can
adjust its mine plan to reduce costs, as shown in the past.

Savings from Proposed Royalty Change: Fitch expects the proposed
revision of the royalty tariff structure on coal to benefit Indika,
providing EBITDA savings of about USD90 million (effectively USD3
per tonne) at current prices. This helps to alleviate Indika's cash
flow, especially as coal prices retrace from high levels.

New Business Contribution to Remain Small: Fitch expects the EBITDA
contribution from new businesses, aside from Awak Mas, to remain
small for the next three to four years compared with Indika's
mining business. Indika expects small capital outlays for its new
businesses, such as electric vehicles, new energy and bauxite
mining. In some instances, it expects to form alliances with
strategic investors who can bring technical expertise to sectors
new to Indika, minimising risk exposure.

Low New Business Capex Commitment: Indika has low capex commitment
for its new business beyond 2025, aside from Awak Mas, and minimal
maintenance capex for existing business. However, any unexpected
large-scale capital outlay in new businesses that may not generate
immediate cash flow return would increase negative pressure on
ratings.

Change in Export Proceeds Rule: Fitch does not expect any material
impact on Indika's operations from Indonesia's recently revised
rule that requires all proceeds from exports to be locked up for a
year. About 65%-70% of Indika's thermal coal production is
exported. Fitch expects exporters such as Indika to have the
flexibility to use some of these locked-up amounts to meet
operational, capex, dividend and debt repayment needs.

Rated on Standalone Basis: Indika's ultimate majority shareholder,
PT Indika Inti Investindo (III), is privately held, and Fitch has
no financial information on it. However, Fitch believes the
majority shareholder's access to Indika's cash is limited to
shareholder returns, as Indika is listed with public shareholders.
In addition, material related-party transactions with the parent
are subject to disclosure requirements and approval from
independent shareholders.

Peer Analysis

Mongolian Mining Corporation (MMC, B+/Stable), a single-product
hard coking coal producer with a high concentration of
end-customers, faces higher country risk for its mining operations
in Mongolia (B+/Stable). However, MMC is more profitable in terms
of EBITDA/tonne and also has lower net leverage compared with
Indika.

Fitch thinks both Indika and PT Golden Energy Mines Tbk (GEMS,
BB-/A+(idn)/Stable) have adequate reserve life in key thermal coal
mines. They have also demonstrated the ability to manage costs in
line with coal-price movements. However, Indika will have better
commodity diversification than GEMS when Indika's gold mining
operations ramp up by 2027. GEMS's lack of diversification outside
of thermal coal may result in narrowing funding access, but it has
maintained a conservative financial profile, with a net cash
position and limited dependence on external funding. Indika's
financial profile, however, is weaker due to higher net leverage as
it executes its diversification strategy.

PT Bukit Makmur Mandiri Utama (BUMA, BB-/A+(idn)/Stable) has better
earnings visibility from its mining service segment, where average
selling prices have lower volatility than commodity prices. BUMA
also has stronger geographical diversification and has recently
diversified into metallurgical coal production. However, BUMA
maintains a similar leverage profile to Indika.

Key Assumptions

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

- Kideco's average coal selling prices in line with Fitch's coal
price deck for the Newcastle 6000 index: USD95/tonne in 2025,
USD90/tonne in 2026 and 2027, and USD85/tonne in 2028;

- Gold prices in line with Fitch's gold price deck: USD2100/oz in
2026, USD2,000/oz in 2027 and USD1,800/oz in 2028;

- Kideco's coal-mining production volume to be 30 mtpa in 2025-2028
(2024: 31 mtpa);

- Kideco's cash production costs (excluding royalty) of around
USD34/tonne to USD32/tonne during 2025-2028;

- Awak Mas to start in 2H26, with annual production volume reaching
100,000 oz by 2027 and 2028. Cash costs of around USD900/oz on
average;

- Capex of USD250 million in 2025 and USD190 million in 2026,
before averaging USD65 million during 2027-2028;

- Overall royalty payments to range from USD8/tonne to USD11/tonne
during 2025-2028.

Recovery Analysis

Recovery Rating

- The recovery analysis assumes that Indika would be reorganised as
a going concern in bankruptcy rather than liquidated.

- Fitch has assumed a 10% administrative claim at Indika.

- An enterprise value/EBITDA multiple of 2.5x is applied to the
going-concern EBITDA to calculate a post-reorganisation enterprise
value Indika.

- Indika's going-concern EBITDA is based on the average EBITDA
Fitch expects between 2025-2028, derived using Fitch's mid-cycle
coal price assumptions.

- In the distribution waterfall, Fitch has assumed all secured debt
to be prior ranking debt.

- Using these assumptions in the recovery calculation, as specified
in Fitch's Corporates Recovery Ratings and Instrument Ratings
Criteria, Fitch determines the bond's Recovery Rating to be 'RR4',
which implies average recovery.

RATING SENSITIVITIES

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

- Lower coal prices or further delays in production of gold from
Awak Mas, leading to EBITDA net leverage sustained above 3.5x;

- EBITDA interest coverage sustained below 3.0x;

- Weakened external funding access.

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

- Evidence of reduced execution risk, leading to EBITDA net
leverage sustained below 2.5x.

Liquidity and Debt Structure

Indika has no major lumpy debt repayment due in 2025-2026. Its
available cash balance of USD577 million as of end-2024 is
sufficient to cover its USD133 million of short-term debt. The
short-term debt is also mostly working-capital loans that can be
rolled over. Fitch expects Indika to assume some new borrowings to
partially cover an FCF deficit in 2025 and 2026. Indika has
maintained adequate funding access in the domestic market, given
its long operating record.

Issuer Profile

Indika's main asset is Indonesia's fifth-largest thermal coal mine,
PT Kideco Jaya Aung, in which it owns a 91% stake. Indika also has
direct and indirect ownership of 100% in Awak Mas, 100% in EMI
(electric vehicles), 100% in Interport (port terminal), 51% in
EMITS (roof-top solar), 100%% in Natura (essential oil) and 100% in
Mekko (bauxite mine).

MACROECONOMIC ASSUMPTIONS AND SECTOR FORECASTS

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

ESG Considerations

Indika has an ESG Relevance Score of '4' for GHG Emissions & Air
Quality, as it derives most of its revenue from thermal coal and
faces the risk of declining demand in the medium-to-long term
because of coal's high carbon footprint. Funding access for thermal
coal companies has also progressively tightened, which has a
negative impact on the credit profile, and is relevant to the IDRs
in conjunction with other factors.

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

   Entity/Debt             Rating           Recovery   Prior
   -----------             ------           --------   -----
PT Indika
Energy Tbk        LT IDR    B+    Downgrade            BB-
                  Natl LT   A(idn)Downgrade            A+(idn)
                  LC LT IDR B+    Downgrade            BB-

   senior
   unsecured      LT        B+    Downgrade   RR4      BB-




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

HO HUP: Announces Board Changes
-------------------------------
The Edge Malaysia reports that Ho Hup Construction Co Bhd announced
a slew of boardroom changes, including the appointment of
Narayanasamy Chithambaram as an independent and non-executive
director.

Narayanasamy, 65, is a legal professional with extensive experience
in corporate transactions, including takeover bids, mergers and
acquisitions, joint ventures and restructuring.

He also currently sits on the board of Main Market-listed Microlink
Solutions Bhd).

Meanwhile, the company announced the resignations of two directors
- Datuk Wong Gian Kui, due to other work commitments, and Danny Hoe
Kam Thong, due to personal reasons, the Edge reports.

Low Kheng Lun, grandson of Ho Hup's co-founder, the late Low Chee,
has also been redesignated as executive director from non-executive
director, according to the Edge.

Currently, Ho Hup's largest shareholder is Datuk Low Tuck Choy, the
eldest son of the late Low, with a total shareholding of 11.58%.

                            About Ho Hup

Ho Hup Construction Company Berhad --
https://www.hohupgroup.com.my/ -- engages in foundation
engineering, civil engineering, building contracting works and hire
of plant and machinery.  The Company operates in four segments:
construction, which is engaged in foundation and civil engineering,
building contracting works and engineering, procurement,
construction and commissioning of pipeline system; property
development, which includes the development of residential and
commercial properties, manufacturing, which includes manufacturing
and distribution of ready-mixed concrete, and other business
segment, which represents hire of plant and machinery.  The
Company's subsidiaries include H2Energy Corporation Sdn Bhd,
Tru-Mix Concrete Sdn Bhd, Bukit Jalil Development Sdn Bhd and Ho
Hup Equipment Rental Sdn Bhd.


HO HUP: Slips Into PN17 Status After Unit Defaults on MYR113M Loan
------------------------------------------------------------------
The Edge Malaysia reports that Ho Hup Construction Co Bhd said on
April 18 it has been classified as a Practice Note 17 (PN17) issuer
after its subsidiary defaulted on outstanding loan facilities of
MYR112.69 million.

The Edge relates that the construction company said it received a
demand notice from Insas Credit & Leasing Sdn Bhd over Ho Hup's
role as guarantor for its wholly-owned subsidiary Bukit Jalil
Development Sdn Bhd, which failed to repay the outstanding loan
amount.

"The demand against the Ho Hup, being the guarantor, triggers
Paragraph 8.04 and Paragraph 2.1(f) of Practice Note 17 of the
Listing Requirements, whereby the guarantor is unable to provide a
solvency declaration to Bursa Securities," Ho Hup said in a bourse
filing.

According to the Edge, the loss-making company must now announce
within three months whether its regularisation plan will
significantly change its business direction.

It then has 12 months to submit and secure approval for the plan -
either from the Securities Commission if it involves major changes,
or from Bursa Securities if it does not.

If Ho Hup fails to meet the regularisation requirements within the
stipulated timeframes, Bursa Securities may suspend trading of its
shares on the sixth market day after issuing a suspension notice.

The Edge says the company may also be delisted, though it has the
right to appeal within five market days of the delisting notice.

Ho Hup has been loss-making for 13 consecutive quarters, the report
notes. For the fourth quarter ended Dec. 31, 2024, its net loss
widened to MYR113.8 million from MYR55.3 million a year earlier, as
revenue fell nearly 60% to MYR6.35 million from MYR15.7 million,
the Edge discloses.

As of end-December 2024, its current borrowings stood at MYR320.3
million, with non-current borrowings at MYR76.6 million. Total
current assets stood at MYR801.3 million, while non-current assets
came in at MYR195.4 million.

                            About Ho Hup

Ho Hup Construction Company Berhad --
https://www.hohupgroup.com.my/ -- engages in foundation
engineering, civil engineering, building contracting works and hire
of plant and machinery.  The Company operates in four segments:
construction, which is engaged in foundation and civil engineering,
building contracting works and engineering, procurement,
construction and commissioning of pipeline system; property
development, which includes the development of residential and
commercial properties, manufacturing, which includes manufacturing
and distribution of ready-mixed concrete, and other business
segment, which represents hire of plant and machinery.  The
Company's subsidiaries include H2Energy Corporation Sdn Bhd,
Tru-Mix Concrete Sdn Bhd, Bukit Jalil Development Sdn Bhd and Ho
Hup Equipment Rental Sdn Bhd.




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

CHEFS ON WAX: Creditors' Proofs of Debt Due on May 14
-----------------------------------------------------
Creditors of Chefs On Wax Limited are required to file their proofs
of debt by May 14, 2025, to be included in the company's dividend
distribution.

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

The company's liquidators are:

          Adam Botterill
          Damien Grant
          Waterstone
          PO Box 352
          Auckland 1140


FRONTLINE FENCING: Creditors' Proofs of Debt Due on May 14
----------------------------------------------------------
Creditors of Frontline Fencing (2016) Limited are required to file
their proofs of debt by May 14, 2025, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on April 11, 2025.

The company's liquidators are:

          Adam Botterill
          Damien Grant
          Waterstone
          PO Box 352
          Auckland 1140


JOSH DALTON: Creditors' Proofs of Debt Due on May 19
----------------------------------------------------
Creditors of Josh Dalton Builders Limited are required to file
their proofs of debt by May 19, 2025, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on April 11, 2025.

The company's liquidators are:

          Janet Sprosen
          Stephen White
          C/o PwC
          PwC Auckland
          Private Bag 92162
          Victoria Street West
          Auckland 1142


MAKIN' DOUGH: Court to Hear Wind-Up Petition on May 1
-----------------------------------------------------
A petition to wind up the operations of Makin' Dough Limited will
be heard before the High Court at at Palmerston North on May 1,
2025, at 10:00 a.m.

The Commissioner of Inland Revenue filed the petition against the
company on Feb. 4, 2025.

The Petitioner's solicitor is:

          Ashley Ashika Singh
          Legal Services, Asteron Centre
          55 Featherston Street (PO Box 895)
          Wellington 6011


OLIVE YOU: Court to Hear Wind-Up Petition on May 1
--------------------------------------------------
A petition to wind up the operations of Olive You So Much Limited
will be heard before the High Court at Palmerston North on May 1,
2025, at 10:00 a.m.

The Commissioner of Inland Revenue filed the petition against the
company on Feb. 3, 2025.

The Petitioner's solicitor is:

          Ashley Ashika Singh
          Legal Services, Asteron Centre
          55 Featherston Street (PO Box 895)
          Wellington 6011




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

PAKISTAN: Fitch Hikes Foreign Currency IDR to 'B-', Outlook Stable
------------------------------------------------------------------
Fitch Ratings has upgraded Pakistan's Long-Term Foreign-Currency
Issuer Default Rating (IDR) to 'B-' from 'CCC+'. The Outlook is
Stable.

Key Rating Drivers

Fiscal Consolidation, External Stabilisation: The upgrade reflects
Fitch's increased confidence that Pakistan will sustain its recent
progress on narrowing budget deficits and implementing structural
reforms, supporting its IMF programme performance and funding
availability. Fitch also expects tight economic policy settings to
continue to support recovery of international reserves and contain
external funding needs, although implementation risks remain and
financing needs are still large. Global trade tensions and market
volatility could create external pressures, but risks are mitigated
by lower oil prices and Pakistan's low dependence on exports and
market financing.

Policy Credibility Gradually Rebuilt: Pakistan and the IMF reached
a staff-level agreement in March on the first review of the
country's USD7 billion Extended Fund Facility and a new USD1.3
billion Resilience and Sustainability Facility, both set to last
until 3Q27. Pakistan performed well on quantitative performance
criteria, particularly on reserve accumulation and the primary
surplus, although tax revenue growth fell short of its indicative
target. Provincial governments have also legislated increases in
agricultural income tax, a key structural benchmark. This follows
Pakistan's strong performance on its previous, more temporary
arrangement, which expired in April 2024.

Fiscal Performance Improving: Fitch forecasts the general
government budget deficit to narrow to 6% of GDP in the fiscal year
ending June 2025 (FY25) and around 5% in the medium term, from
nearly 7% in FY24. Its FY25 forecast is conservative. Fitch expects
the primary surplus to more than double to over 2% of GDP in FY25.
Shortfalls in tax revenue, in part due to lower-than-expected
inflation and imports, will be offset by lower spending and wider
provincial surpluses. The lagged effects of high domestic interest
rates in recent years still weigh on fiscal performance, but also
drove the State Bank of Pakistan's (SBP) extraordinary dividend of
2% of GDP to the government in FY25.

Downward Debt Trajectory: Government debt/GDP dropped to 67% in
FY24, from 75% in FY23, and Fitch forecasts a gradual decline over
the medium term, reflecting tight fiscal policy, nominal growth and
a repricing of domestic debt at lower rates. Nevertheless, the debt
ratio will still tick up in FY25 due to a rapid decline in
inflation and will remain above the forecast 'B' median of just
over 50%. The interest payment/revenue ratio, which Fitch forecasts
at 59% in FY25, will narrow, but remain well above the 'B' median
of about 13%, given a high share of domestic debt and a narrow
revenue base.

Lower Inflation, Economic Stability: Fitch expects CPI inflation to
average 5% yoy in FY25, from over 20% in FY23-FY24, on fading base
effects from several rounds of energy price reforms, before picking
up again to 8% in FY26, in line with urban core inflation over the
past few months. The SBP held its policy rate steady at 12% in
March, noting pressures on the current account (CA) and persistent
core inflation, after 1,000bp of rate cuts between May 2024 and
January 2025. Fitch expects GDP growth to edge up to 3% in FY25.

External Deficit Contained: Pakistan posted a CA surplus of USD700
million in 8MFY25 on surging remittances and favourable import
prices. Imports picked up in early 2025 and Fitch expects external
deficits to widen from its forecast of a broadly balanced position
for FY25 on stronger domestic demand. Nevertheless, they should
remain below 1% of GDP in the coming years. Fitch thinks some
informal FX demand management persists after the loosening exchange
rate and import controls, and market reforms in 2023.

Risks from Global Volatility: International trade tensions could
hurt Pakistan's goods exports, with exports to the US, mostly
textiles, accounting for 3% of GDP (35% of the total) in FY24.
Lower commodity import prices could soften the blow on the trade
balance. Remittances, Pakistan's main source of external receipts,
mostly come from the Middle East and tend to be resilient to the
economic cycle. Pakistan has become less reliant on market and
commercial financing in recent years, but market turmoil could
still reduce access to loan funding.

Reserve Recovery: Fitch expects a further buildup of gross reserves
after the SBP's purchase of FX in the interbank market brought them
to just under USD18 billion in March 2025 (about three months of
external payments), from about USD15 billion at FYE24 and a low of
less than USD8 billion in early 2023. Measures of net FX reserves
are much lower, reflecting FX reserve deposits of domestic
commercial banks, a Chinese central bank swap line and bilateral
deposits at the SBP. Nevertheless, Fitch still views gross reserves
as the most relevant indicator of Pakistan's external liquidity.

Funding Needs Still Large: The government will face about USD9
billion in external debt maturities in FY26 after over USD8 billion
in FY25 (nearly USD5 billion in 2HFY25). Both figures exclude USD13
billion in bilateral deposits and loans that are regularly rolled
over, of which USD4 billion is at the SBP. The next international
bond maturity is in September 2025. Besides bilateral rollovers,
the authorities secured USD4 billion in external financing in
1HFY25 from a mix of multilateral and commercial sources and are
expecting to obtain USD10 billion in 2HFY25, of which USD4 billion
would be from multilaterals and USD5 billion from various
commercial loans, mainly refinancing from Chinese banks.

Challenging Politics, Security: Prime Minister Shehbaz Sharif's
PMLN party and its allies received a mandate that was weaker than
Fitch expected in elections in early 2024, although they still have
a constitutional majority in the National Assembly and are backed
by the country's influential military. Former prime minister Imran
Khan, imprisoned since May 2023, remains highly popular. Domestic
political and economic fractures are compounded by the increased
frequency of security incidents along the border with Afghanistan
and in the Balochistan province.

Implementation Risks: Governments from across the political
spectrum in Pakistan have had a mixed record of IMF programme
performance, often failing to implement or reversing the required
reforms. The current apparent consensus within Pakistan on the need
for reform could weaken over time. Technical challenges will also
be significant.

ESG - Governance: Pakistan has an ESG Relevance Score of '5' for
both political stability and rights and for the rule of law,
institutional and regulatory quality and control of corruption, as
is the case for all sovereigns. These scores reflect the high
weight that the World Bank Governance Indicators (WBGI) have in its
proprietary Sovereign Rating Model (SRM). Pakistan has a WBGI
ranking at the 22nd percentile.

RATING SENSITIVITIES

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

- Public Finances: Failure to keep government debt and
debt-servicing metrics on a firm downward path.

- External Finances: Renewed deterioration in external liquidity
conditions, for example, from delays in IMF programme reviews or
insufficiently tight economic policy settings.

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

- Public Finances: Significant declines in government debt and
debt-servicing burdens, for example, due to the implementation of
fiscal consolidation plans in line with IMF programme commitments,
leading to structural improvements in tax revenue generation.

- External Finances: Further significant easing of external
financing risks, including evidence of greater ability to source
external funding and a sustained recovery in foreign-currency
reserves beyond Fitch's forecasts.

Sovereign Rating Model (SRM) and Qualitative Overlay (QO)

Fitch's proprietary SRM assigns Pakistan a score equivalent to a
rating of 'CCC+' on the Long-Term Foreign-Currency (LT FC) IDR
scale.

Fitch's sovereign rating committee adjusted the output from the SRM
score to arrive at the final LT FC IDR by applying its QO, relative
to SRM data and output, as follows:

- Macro: +1 notch, to reflect a material improvement in
macro-policy credibility and macro stability, for instance a
decline in inflation, which is not yet fully captured in the SRM.

Fitch's SRM is the agency's proprietary multiple regression rating
model that employs 18 variables based on three-year centred
averages, including one year of forecasts, to produce a score
equivalent to a LT FC IDR. Fitch's QO is a forward-looking
qualitative framework designed to allow for adjustment to the SRM
output to assign the final rating, reflecting factors within its
criteria that are not fully quantifiable and/or not fully reflected
in the SRM.

Country Ceiling

The Country Ceiling for Pakistan is 'B-', in line with the LT FC
IDR. This reflects no material constraints and incentives, relative
to the IDR, against capital or exchange controls being imposed that
would prevent or significantly impede the private sector from
converting local currency into foreign currency and transferring
the proceeds to non-resident creditors to service debt payments.

Fitch's Country Ceiling Model produced a starting point uplift of 0
notches above the IDR. Fitch's rating committee did not apply a
qualitative adjustment to the model result.

ESG Considerations

Pakistan has an ESG Relevance Score of '5' for political stability
and rights, as WBGIs have the highest weight in Fitch's SRM and are
therefore highly relevant to the rating and a key rating driver
with a high weight. As Pakistan has a percentile rank below 50 for
the respective governance indicator, this has a negative impact on
the credit profile.

Pakistan has an ESG Relevance Score of '5' for rule of law,
institutional & regulatory quality and control of corruption, as
WBGIs have the highest weight in Fitch's SRM and are therefore
highly relevant to the rating and are a key rating driver with a
high weight. As Pakistan has a percentile rank below 50 for the
respective governance indicators, this has a negative impact on the
credit profile.

Pakistan has an ESG Relevance Score of '4' for human rights and
political freedoms, as the voice and accountability pillar of the
WBGIs is relevant to the rating and a rating driver. As Pakistan
has a percentile rank below 50 for the respective governance
indicator, this has a negative impact on the credit profile.

Pakistan has an ESG Relevance Score of '4' for creditor rights, as
willingness to service and repay debt is relevant to the rating and
is a rating driver for Pakistan, as for all sovereigns. As Pakistan
participated in the Debt Service Suspension Initiative in 2020,
this has a negative impact on the credit profile.

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

   Entity/Debt                    Rating           Prior
   -----------                    ------           -----
Pakistan          LT IDR            B- Upgrade     CCC+
                  ST IDR            B  Upgrade     C
                  LC LT IDR         B- Upgrade     CCC+
                  LC ST IDR         B  Upgrade     C
                    Country Ceiling B- Affirmed    B-

   senior
   unsecured        LT              B- Upgrade     CCC+

The Pakistan
Global Sukuk
Programme
Company Limited

   senior
   unsecured        LT              B- Upgrade     CCC+




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

FAR OCEAN: Court to Hear Wind-Up Petition on May 2
--------------------------------------------------
A petition to wind up the operations of Far Ocean Sea Products
(Private) Limited will be heard before the High Court of Singapore
on May 2, 2025, at 10:00 a.m.

United Overseas Bank Limited filed the petition against the company
on April 8, 2025.

The Petitioner's solicitors are:

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


GLG ENGINEERING: Creditors' Proofs of Debt Due on May 10
--------------------------------------------------------
Creditors of GLG Engineering Pte. Ltd. are required to file their
proofs of debt by May 10, 2025, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on April 8, 2025.

The company's liquidator is:

          Theng Searn Por
          c/o 2 Venture Drive
          #11-03 Vision Exchange
          Singapore 608526


PING AN: Court to Hear Wind-Up Petition on April 25
---------------------------------------------------
A petition to wind up the operations of Ping An Dentist Pte. Ltd.
will be heard before the High Court of Singapore on April 25, 2025,
at 10:00 a.m.

DBS Bank Ltd filed the petition against the company on April 3,
2025.

The Petitioner's solicitors are:

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


SWIFT INTEGRATOR: Court to Hear Wind-Up Petition on April 25
------------------------------------------------------------
A petition to wind up the operations of Swift Integrator Pte. Ltd.
will be heard before the High Court of Singapore on April 25, 2025,
at 10:00 a.m.

The Comptroller of Income Tax filed the petition against the
company on March 24, 2025.

The Petitioner's solicitors are:

          Infinitus Law Corporation
          77 Robinson Road
          #16-00, Robinson 77
          Singapore 068896


ZENDYLL COLLECTIVE: Court Enters Wind-Up Order
----------------------------------------------
The High Court of Singapore entered an order on April 4, 2025, to
wind up the operations of Zendyll Collective Pte. Ltd.

Maybank Singapore Limited filed the petition against the company.

The company's liquidators are:

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




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

CAPITAL ALLIANCE: Fitch Affirms 'BBf(lka)' National Fund Rating
---------------------------------------------------------------
Fitch Ratings has affirmed Capital Alliance Investment Grade Fund's
National Fund Credit Quality Rating at 'BBf(lka)' and its National
Fund Market Risk Sensitivity Rating at'S4(lka)'.

KEY RATING DRIVERS

The fund invests directly and indirectly in Sri Lankan government
securities, as well as financial institutions and non-bank
financial institutions (NBFIs). Fitch's recent recalibration of the
Sri Lankan national rating scale and ratings upgrades on 10 Sri
Lankan banks and 10 Sri Lankan NBFIs have a positive impact on the
fund's rating headroom.

NATIONAL CREDIT QUALITY

The fund's National Fund Credit Quality Rating considers both its
actual and prospective credit quality. Its weighted-average rating
factor (WARF), Fitch's proprietary measure of fund credit risk, was
5.2 at end-March 2025, within the 'BBBf(lka)' rating range of
2.1-6.1. However, Fitch recognises that the fund's investment
guidelines allow an increase in its exposure to lower-rated assets
to the level, which could lead the WARF to move to the 'BBf(lka)'
range.

A fund's WARF is a function of the credit ratings of the securities
held in a fund's portfolio and their remaining term to maturity,
weighted by market value. Fitch bases the WARF on the agency's
ratings where available. Fitch assumes, for the purpose of the WARF
calculation, that securities that are not publicly rated by any
globally recognised rating agencies carry 'CCC(lka)' ratings.

MODERATE TO HIGH SENSITIVITY TO MARKET RISKS

The National Fund Market Risk Sensitivity rating reflects Capital
Alliance Investment Grade Fund's moderate to high sensitivity to
interest-rate and spread risk. The fund's weighted-average maturity
was nine months and its weighted-average life was 16 months at
end-March 2025. The asset manager adjusts the fund's duration based
on market developments. The investment guidelines allow the fund to
have a longer duration.

FUND PROFILE

Capital Alliance Investment Grade Fund is an open-end fixed income
fund that mainly invests in Sri Lankan banks and non-bank financial
institutions. The fund seeks to obtain a high level of current
income, targeting a competitive return consistent with liquidity
and preservation of capital.

The fund was launched in 2013 and is domiciled in Sri Lanka. It is
authorised and regulated by the Sri Lankan Securities and Exchanges
Commission. The fund's assets are segregated with the trustee,
Deutsche Bank AG, Colombo Branch, a subsidiary of Deutsche Bank AG
(A-/Stable/F2). The fund size has increased to around LKR55 billion
as of end-March 2025.

INVESTMENT MANAGER

Fitch regards Capital Alliance Investments Limited as a suitably
qualified, competent and capable investment manager for the fund.
The manager was founded in 2011 and is majority owned by Capital
Alliance Limited, with a minority holding by Sri Lanka Insurance
Corporation Limited. The manager was the country's second-largest
investment manager, with a market share of about 21% and total
assets under management of LKR132 billion in unit trust funds as of
end-January 2025.

RATING SENSITIVITIES

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

The National Fund Credit Quality Rating could be downgraded if the
portfolio suffers negative rating migration or if the fund's
strategy changes to invest in more lower-quality securities. The
rating is also sensitive to exposures that are not publicly rated
by a globally recognised rating agency and where Fitch may have
more conservative credit views than other rating agencies. The
National Fund Market Risk Sensitivity Rating could be downgraded if
the fund's investment strategy changes to allow it to increase
duration risk significantly.

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

The National Fund Credit Quality Rating could be upgraded if the
fund adjusts its investment guidelines to focus only on
higher-quality securities. The National Fund Market Risk
Sensitivity Rating could be upgraded if the fund's investment
strategy facilitates a shorter duration.

   Entity/Debt                     Rating               Prior
   -----------                     ------               -----
Capital Alliance
Investment
Grade Fund        Natl Fund Cr Qual BBf(lka) Affirmed   BBf(lka)
                  Natl Sensitivity  S4(lka)  Affirmed   S4(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
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