---

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

                     A S I A   P A C I F I C

          Wednesday, February 11, 2026, Vol. 29, No. 30

                           Headlines



A U S T R A L I A

FUTURE KIDS: First Creditors' Meeting Set for Feb. 13
HEUREKA INVESTMENTS: First Creditors' Meeting Set for Feb. 16
LIBERTY PRIMARY: Tahmoor Coal Placed Into Voluntary Administration
MENZIES CIVIL: First Creditors' Meeting Set for Feb. 17
N H JOINERY: First Creditors' Meeting Set for Feb. 16

SIMPLEMOTION PTY: Second Creditors' Meeting Set for Feb. 17
ZIP MASTER 2026-1: S&P Assigns BB (sf) Rating to Class E Notes


C H I N A

CHINA EVERGRANDE: Liquidators Weigh Revised Bids for Stake in Unit
ORIGIN AGRITECH: Posts US$8.2M FY 2025 Loss, Going Concern Persists
SHIMAO GROUP: Posts RMB1.51BB in Unaudited Contracted Sales for Jan


I N D I A

A SHAMA: ICRA Keeps B+ Debt Ratings in Not Cooperating Category
ANSHUL IMPEX: ICRA Keeps B+ Debt Ratings in Not Cooperating
AYYAN FIREWORKS: ICRA Keeps B+ Debt Ratings in Not Cooperating
BHARAT FOOD: ICRA Keeps D Ratings in Not Cooperating Category
BHASKARA MARKETING: ICRA Keeps B+ Debt Rating in Not Cooperating

CLASSIC ENTERPRISES: ICRA Keeps B+ Ratings in Not Cooperating
CLASSIC MICROTECH: ICRA Keeps C Debt Ratings in Not Cooperating
COOCHBEHAR AGRO: ICRA Keeps B- Debt Ratings in Not Cooperating
DINJOYE TEA: ICRA Keeps D Debt Ratings in Not Cooperating
DISCOVERY LABORATORIES: ICRA Keeps D Rating in Not Cooperating

DM COTTON: ICRA Keeps B Debt Ratings in Not Cooperating Category
GIRIRAJ JEWELLERS: ICRA Keeps D Debt Ratings in Not Cooperating
GOEL EXIM: ICRA Keeps D Debt Rating in Not Cooperating Category
GOLDEN STAR: ICRA Keeps B+ Rating in Not Cooperating Category
KHOSLA INTERNATIONAL: ICRA Keeps D Debt Rating in Not Cooperating

L.A. HOTELS: ICRA Keeps B+ Debt Rating in Not Cooperating Category
MAHESH GINNING: ICRA Keeps B+ Debt Ratings in Not Cooperating
MEWAD POLYMERS: ICRA Keeps B+ Debt Ratings in Not Cooperating
NARULA SOLVEX: ICRA Keeps D Debt Rating in Not Cooperating
PAVANSUT PAPER: ICRA Keeps D Debt Ratings in Not Cooperating

POLESTAR TRADERS: ICRA Keeps D Debt Rating in Not Cooperating
R. S. H. AGRO: ICRA Keeps D Debt Ratings in Not Cooperating
RIDDHI SIDDHI: ICRA Keeps B Debt Ratings in Not Cooperating
RLJ CONCAST: ICRA Keeps D Debt Ratings in Not Cooperating
S A IRON: ICRA Keeps D Debt Ratings in Not Cooperating Category



J A P A N

[] JAPAN: Corporate Bankruptcy Cases Rise 5.6% in January


N E W   Z E A L A N D

AVALON AUTO: Court to Hear Wind-Up Petition on Feb. 23
CREALIS NZ: Creditors' Proofs of Debt Due on Feb. 19
GO WITH THE FLOW: Creditors' Proofs of Debt Due on March 4
HIGHBRITE LIMITED: Creditors' Proofs of Debt Due on March 17
HOME GROWN: Liquidators Yet to Assess Debts; To Auction Stock

KORU LIFESCIENCE: Court to Hear Wind-Up Petition on Feb. 24
SOUL MACHINES: Placed Into Receivership


S I N G A P O R E

AGENA PTE: Creditors' Proofs of Debt Due on March 8
AKIRA CORPORATION: Commences Wind-Up Proceedings
BISHAN RESIDENTIAL: Creditors' Proofs of Debt Due on March 9
BRILLIANCE RESIDENTIAL: Creditors' Proofs of Debt Due on March 9
DIGITAL DEVELOPMENT: Creditors' Proofs of Debt Due on March 9



S O U T H   K O R E A

ONE MOUNT: Faces Bankruptcy After Failed Rehabilitation
[] KOREA: KOSME Deploys Early Alerts to Keep SMEs Out of Crisis

                           - - - - -


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

FUTURE KIDS: First Creditors' Meeting Set for Feb. 13
-----------------------------------------------------
A first meeting of the creditors in the proceedings of Future Kids
Pty Ltd will be held on Feb. 13, 2026, at 2:00 p.m. via virtual
meeting only.

Matthew Kucianski and Nathan Deppeler of Worrells Solvency &
Forensic Accountants were appointed as administrators of the
company on Feb. 3, 2026.


HEUREKA INVESTMENTS: First Creditors' Meeting Set for Feb. 16
-------------------------------------------------------------
A first meeting of the creditors in the proceedings of Heureka
Investments Pty Ltd, trading as Altec the Spacemakers, will be held
on Feb. 16, 2026, at 11:00 a.m. via virtual facilities.

Michael Gerard McCann and Graham Killer of Grant Thornton Australia
Limited were appointed as administrators of the company on Feb. 5,
2026.


LIBERTY PRIMARY: Tahmoor Coal Placed Into Voluntary Administration
------------------------------------------------------------------
ABC News reports that Sanjeev Gupta's Tahmoor Coal mine has been
placed into voluntary administration just hours before a court
hearing which could have forced the mine's owner into liquidation
over unpaid insurance premiums.

About 500 workers have been without work since the mine south-west
of Sydney closed last February after it was caught up in the
financial turmoil surrounding Mr. Gupta's GFG Alliance.

The mine's parent company, Liberty Primary Metals Australia (LPMA),
was placed in administration in November, with an
expressions-of-interest period for potential buyers of the mine set
to close on February 11.

According to the ABC, a local consortium led by the mine's majority
contractor, RStar, had made an offer of AUD350 million to buy the
mine outside of the expressions-of-interest process in the past
fortnight, in the hope of getting the mine operational as quickly
as possible.

The ABC relates that Mr. Gupta's GFG Alliance confirmed it had
entered Tahmoor Coal into voluntary administration as the NSW
Supreme Court prepared to hear a winding-up application brought by
Coal Mines Insurance (CMI).

The last-minute move was designed to prevent creditors from forcing
liquidation over unpaid insurance premiums.

According to the ABC, GFG Alliance said the voluntary
administration was fully funded and intended to preserve value,
safeguard jobs, and allow the ongoing sale to continue.

It said the move would avoid what it described as the immediate
destruction of the business that liquidation would cause.

Tahmoor has appointed Joseph Hayes from Wexted as administrator,
the ABC discloses.

Mr. Hayes told the court he would take the next two weeks to review
the sale process being conducted by LPMA administrators.

"I'll have a fulsome understanding of what has been undertaken by
them and I'll be able to form a view fairly quickly on how that
process could be refined and approved," the ABC quotes Mr. Hayes as
saying. "If it couldn't be refined or improved, I could report that
process back to the court."

Justice Ashley Black on Feb. 10 granted a one-week adjournment to
allow Mr. Hayes to undertake his investigations and left options,
including a future winding-up action available, the ABC adds.

Liberty Primary Metals Australia (LPMA) is the holding entity for
GFG Alliance's Australian steel and mining businesses, including
Tahmoor.

Michael Brereton, Rashnyl Prasad and Sean Wengel of William Buck
were appointed as administrators of LPMA on Nov. 3, 2025.


MENZIES CIVIL: First Creditors' Meeting Set for Feb. 17
-------------------------------------------------------
A first meeting of the creditors in the proceedings of Menzies
Civil Australia Pty Ltd will be held on Feb. 17, 2026, at 11:00
a.m. at the offices of KPMG, at Level 8, 235 St Georges Terrace, in
Perth, WA and via virtual meeting technology.

Martin Bruce Jones and Matthew David Woods of KPMG were appointed
as administrators of the company on Feb. 5, 2026.


N H JOINERY: First Creditors' Meeting Set for Feb. 16
-----------------------------------------------------
A first meeting of the creditors in the proceedings of N H Joinery
Co Pty Ltd (trading as Viking Joinery and Construction & Viking
Joinery) will be held on Feb. 16, 2026, at 11:00 a.m. via virtual
meeting.

Bruce Gleeson of Jones Partners Insolvency & Restructuring was
appointed as administrator of the company on Feb. 4, 2026.


SIMPLEMOTION PTY: Second Creditors' Meeting Set for Feb. 17
-----------------------------------------------------------
A second meeting of creditors in the proceedings of Simplemotion
Pty Ltd has been set for Feb. 17, 2026, at 10:00 a.m. via virtual
meeting.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by Feb. 16, 2026 at 4:00 p.m.

Rajiv Ghedia of Westburn Advisory was appointed as administrator of
the company on Jan. 12, 2026.


ZIP MASTER 2026-1: S&P Assigns BB (sf) Rating to Class E Notes
--------------------------------------------------------------
S&P Global Ratings assigned its ratings to six classes of notes
issued by Perpetual Corporate Trust Ltd. as trustee of Zip Master
Trust - Series 2026-1. Zip Master Trust - Series 2026-1 is a
securitization of buy now, pay later line of credit receivables to
consumers originated by zipMoney Payments Pty Ltd. (Zip).

The ratings reflect the following factors.

S&P has assessed the credit risk of the underlying collateral
portfolio, including the fact that the portfolio has an initial
revolving period, which means further receivables may be assigned
to the series after the closing date.

The credit support provided to each class of rated notes is
commensurate with the ratings assigned. Credit support is provided
by subordination and excess spread, if any.

The various mechanisms to support liquidity within the series,
including a series-specific liquidity facility, mitigate disruption
risks to senior fees and ensure timely payment of interest on the
rated notes.

The transaction documents include downgrade language consistent
with S&P's counterparty criteria that requires the replacement of
the bank account provider and liquidity facility provider should
our rating on the providers fall below the applicable rating.

The legal structure of the master trust is established as a
special-purpose entity and meets our criteria for insolvency
remoteness.

  Ratings Assigned

  Zip Master Trust - Series 2026-1

  Class A1: A$150,000,000: AAA (sf)
  Class A2: A$49,500,000: AAA (sf)
  Class B: A$31,500,000: AA (sf)
  Class C: A$26,100,000: A (sf)
  Class D: A$20,700,000: BBB (sf)
  Class E: A$7,200,000: BB (sf)
  Class G: A$15,000,000: Not rated




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

CHINA EVERGRANDE: Liquidators Weigh Revised Bids for Stake in Unit
------------------------------------------------------------------
Reuters reports that China Evergrande Group's liquidators are
considering updated offers received from certain selected bidders
to buy out the developer's majority stake in its property
management unit, an exchange filing showed on Feb. 6.

Evergrande Property Services had a market capitalisation of
HK$12.32 billion ($1.58 billion) as of February 6, LSEG data
showed. Creditor claims against the parent group totalled about $45
billion, liquidators said in August last year.

The unit disclosed in September last year that its parent's
liquidators had received indicative bids for a majority stake in
the unit, Reuters recalls.

The liquidators of the embattled developer own a 51.016% stake in
Evergrande Property Services, as per the September announcement.

According to Reuters, the filing said that the liquidators do not
intend to consider any new non-binding indicative offers for the
stake.

"The timing and details for entering the next phase of the process
and for entering into any transaction document with respect to the
potential transaction have yet to be finalised by the liquidators,"
Evergrande Property Services said.

                       About China Evergrande

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

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

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

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

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

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

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

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

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

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


ORIGIN AGRITECH: Posts US$8.2M FY 2025 Loss, Going Concern Persists
-------------------------------------------------------------------
Origin Agritech Limited filed with the U.S. Securities and Exchange
Commission its Annual Report on Form 20-F for the fiscal year ended
September 30, 2025.

For the fiscal year ended September 30, 2025, revenue was RMB 91.3
million (US$12.9 million), compared to RMB 113.4 million for the
fiscal year ended September 30, 2024. Net loss for the fiscal year
ended September 30, 2025, was RMB 58 million (US$8.2 million),
compared to the net income of RMB 18.7 million for the fiscal year
ended September 30, 2024.

Cash Position and Balance Sheet Overview

As of September 30, 2025, 2024, and 2023, Origin had approximately
RMB 15.9 million (US$2.2 million), RMB 8.4 million and RMB 23.7
million, respectively, in cash and cash equivalents for continuing
operations. Cash and cash equivalents primarily consisted of cash
on hand and short-term liquid investments with maturities of three
months or less deposited with banks and other financial
institutions.

Total borrowings as of September 30, 2025, 2024 and 2023 were RMB
7.95 million, RMB 4.95 and RMB-nil-, respectively. The borrowing as
of September 30, 2025, is a loan from bank by Xinjiang Originbo.

Cash Flow

During fiscal year 2025, net cash used in operating activities was
RMB 22.9 million (US$3.2 million), compared with RMB 15 million for
the fiscal years ended September 30, 2025 and 2024 respectively.

Net cash used in investing activities was RMB 13.7 million (US$1.9
million) for the fiscal year ended September 30, 2025, compared
with net cash used in investing activities of RMB5 million for the
fiscal years ended September 30, 2024.

Net cash provided by financing activities was RMB 44.3 million
(US$6.2 million) for the fiscal year ended September 30, 2025,
compared with net cash provided by financing activities of RMB 4.5
million for the fiscal years ended September 30, 2024.

The Company raised US$5.38 million from the sale of 3,859,300
ordinary shares during the fiscal year ended September 30, 2025.
and did not issue any shares during the fiscal year ended September
30, 2024. The proceeds from the sale of the ordinary shares have
been using for working capital.

Going Concern and Auditor Qualification

Singapore-based Enrome LLP, the Company's auditor since 2024,
issued a "going concern" qualification in its report dated January
30, 2026, citing that the Company has negative operating cashflow
of RMB 22.9 million in the year ended September 30, 2025, net loss
of RMB 58.0 million in the year ended September 30, 2025, net
current liabilities of RMB83.3 million as of September 30, 2025,
accumulated deficit of RMB634.2 million as of September 30, 2025
and shareholders' deficit of RMB 615.2 million as of September 30,
2025 that raise substantial doubt about its ability to continue as
a going concern.

Operational and Strategic Transactions

     -- On May 17, 2019, the Company entered into a Cooperation
Framework Agreement with Beijing Changping Technology Innodevelop
Group (BC-TID), an entity owned by the government of Changping
District of Beijing City. Under this agreement, BC-TID and the
Company created a joint venture entity, which is 51% and 49% owned
by BC-TID and the Company, respectively.

Based on the agreement, Beijing Origin contributed the headquarters
building in Beijing and certain of its seed technology assets
related to genetically modified seeds to the entity. As of February
1, 2021, BC-TID invested a total of RMB 137.7 million (US$20.2
million) as part of the agreement.

The transaction is now completed. The cash received in the
transaction was used to repay the bank loan of the Company on the
headquarters building and provide working capital.

According to the agreement, RMB 137.7 million cash booked as
long-term debt was an loan and has been converted to equity for the
joint venture namely Beijing Origin when the deal was completed in
August 2023. And Beijing Origin has transferred all of its
ownership of Xinjiang Originbo to Hainan Aoyu during fiscal 2023.

In September 2024, Origin Biotechnology cleared its debt to Beijing
Origin by transferring its remaining shares to BC-TID. Following
this, in 2025, Hainan Aoyu transferred Xinjiang Originbo to Origin
Agriculture, its newly established, wholly-owned Beijing
subsidiary.

For the three fiscal years 2023, 2024 and 2025, the Company had
raised US$2.77 million, nil and US$5.38 million through equity
financing respectively. A total of 320,000, nil and 3,859,300
ordinary shares were issued for these equity financing in 2023,
2024 and 2025, respectively.

Management Plans

The Company continues to seek funds from other resources including
but not limited to licensing its core seed traits to its customers,
applying for more government grants for research and development
activities, pursuing other capital investment from investors and
selling certain Company assets. The Company consistently reviews
its working capital requirements.

Despite the Company's effort to obtain additional funding and
reduce operating costs, there is no assurance that the Company's
plans and actions will be successful.

In addition, there can be no assurance that in the event additional
sources of funds are needed they will be available on acceptable
terms, if at all.

A full text copy of the Company's Report is available at
https://tinyurl.com/3jaw8rkb

                         About Origin Agritech

Headquartered in Beijing, China, Origin Agritech Limited, along
with its subsidiaries, is focused on agricultural biotechnology,
operating in the PRC.  The Company's seed research and development
activities specialize in crop seed breeding and genetic
improvement.  Origin believes that it has built a solid capacity
for seed breeding technologies, including marker-assisted breeding
and doubled haploids technologies, which it believes, along with
its rich germplasm resources, will allow it to become a significant
seed technology company in China.

As of September 30, 2025, the Company had total assets of RMB 100.7
million (US$14.2 million), total liabilities of RMB 162.2 million
(US$22.8 million), and total shareholders' deficit of RMB 61.5
million (US$8.7 million)

SHIMAO GROUP: Posts RMB1.51BB in Unaudited Contracted Sales for Jan
-------------------------------------------------------------------
TipRanks reports that Shimao Group Holdings reported unaudited
contracted sales of approximately RMB1.51 billion for January 2026,
with a contracted sold area of 120,782 square metres and an average
selling price of RMB12,504 per square metre.

TipRanks relates that the company cautioned that these figures are
based on preliminary internal data and may differ from forthcoming
audited or interim financial statements, urging investors to use
the information for reference only and to exercise prudence when
dealing in its securities.

China-based Shimao Group Holdings Ltd, formerly Shimao Property
Holdings Ltd, is an investment holding company principally engaged
in the sale of properties. The Company operates its business
through four segments. The sales of Properties segment is mainly
engaged in the development of residential real estate. The Property
Management Income and Others is mainly engaged in property
management. The Hotel Operation Income segment is mainly engaged in
hotel operations. The Commercial Properties Operation Income
segment is mainly engaged in the development, investment and
operation of commercial, office and industrial park property
projects.

As reported in the Troubled Company Reporter-Asia Pacific, Shimao
Group has missed the interest and principal payment of a US$1
billion offshore bond due on July 3, 2022.




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

A SHAMA: ICRA Keeps B+ Debt Ratings in Not Cooperating Category
---------------------------------------------------------------
ICRA has kept the long-term ratings of A Shama Rao Foundation
(ASRF) in the 'Issuer Not Cooperating' category. The rating is
denoted as "[ICRA]B+(Stable); ISSUER NOT COOPERATING".

                     Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long Term-         69.50       [ICRA]B+ (Stable) ISSUER NOT
   Fund Based-                    COOPERATING; Rating continues
   Term Loan                      to remain under 'Issuer Not
                                  Cooperating' category

   Unallocated         0.25       [ICRA]B+ (Stable) ISSUER NOT
                                  COOPERATING; Rating continues
                                  to remain under 'Issuer Not
                                  Cooperating' category

The rating continues to remain under "Issuer Not Cooperating" is
because of lack of adequate information regarding ASRF's
performance and hence the uncertainty around its credit risk. ICRA
assesses whether the information available about the entity is
commensurate with its rating and reviews the same as per its
"Policy in respect of non-cooperation by a rated entity" available
at www.icra.in. The lenders, investors and other market
participants are thus advised to exercise appropriate caution while
using this rating as the rating may not adequately reflect the
credit risk profile of the entity.

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

Established in April 1988, A Shama Rao Foundation (ASRF) is a part
of the Srinivas Group of Colleges and Vijayalakshmi Group of
Colleges, which run many educational institutes offering various
courses ranging from pre-university to post graduation. The group
operates with 18 institutions at present, offering courses in hotel
management, medical, nursing, pharmacy, physiotherapy, management,
engineering and hospitality among others. The colleges of the Group
are located on three campuses in and around Mangalore namely
Pandeshwar, Valachil and Mukka. The Trust has five trustees, with
Mr. A Raghavendra Rao as its current President. ASRF established
Srinivasa University in 2013, which commenced operations in the
academic year 2015-16. The university offers courses in the fields
of management, engineering, commerce, allied health sciences, hotel
management, social science and humanities.



ANSHUL IMPEX: ICRA Keeps B+ Debt Ratings in Not Cooperating
-----------------------------------------------------------
ICRA has kept the Long-Term and Short-Term ratings of Anshul Impex
Private Limited (AIPL) 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
   ----------      -----------     -------
   Short Term-        45.00        [ICRA]A4 ISSUER NOT
   Non Fund Based                  COOPERATING; Rating continues
   Others                          to remain under 'Issuer Not
                                   Cooperating' category

   Long Term-         30.00        [ICRA]B+ (Stable) ISSUER NOT
   Fund Based-                     COOPERATING; Rating continues
   Cash Credit                     to remain under 'Issuer Not
                                   Cooperating' category

The rating continues to remain under "Issuer Not Cooperating" is
because of lack of adequate information regarding AIPL's
performance and hence the uncertainty around its credit risk. ICRA
assesses whether the information available about the entity is
commensurate with its rating and reviews the same as per its
"Policy in respect of non-cooperation by a rated entity" available
at www.icra.in. The lenders, investors and other market
participants are thus advised to exercise appropriate caution while
using this rating as the rating may not adequately reflect the
credit risk profile of the entity.

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

AIPL was incorporated in 1989 in Nagpur (Maharashtra) and is
engaged in trading of indigenous and imported coal along with
providing logistic services to the customers. AIPL has its sales
depot at Dharmatal (Mumbai), Nagpur, Wani, Chandrapur (all
Maharashtra), Sarni, Mandideep, Indore (MP) and at Surat in
Gujarat. The company was promoted by Mr Yugpradhan Mehta who is an
engineer from UICT, Mumbai and has extensive experience of more
than 25 years in the coal trading business.


AYYAN FIREWORKS: ICRA Keeps B+ Debt Ratings in Not Cooperating
--------------------------------------------------------------
ICRA has kept the Long-Term ratings of Ayyan Fireworks Factory
Private Limited (AFFPL) in the 'Issuer Not Cooperating' category.
The ratings are denoted as [ICRA]B+(Stable); ISSUER NOT
COOPERATING".

                      Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long Term-          4.08       [ICRA]B+ (Stable) ISSUER NOT
   Fund Based-                    COOPERATING; Rating continues
   Cash Credit                    to remain under 'Issuer Not
                                  Cooperating' category

   Long Term-          1.92       [ICRA]B+ (Stable) ISSUER NOT
   Fund Based-                    COOPERATING; Rating continues
   Term Loan                      to remain under 'Issuer Not
                                  Cooperating' category

The rating continues to remain under "Issuer Not Cooperating" is
because of lack of adequate information regarding AFFPL's
performance and hence the uncertainty around its credit risk. ICRA
assesses whether the information available about the entity is
commensurate with its rating and reviews the same as per its
"Policy in respect of non-cooperation by a rated entity" available
at www.icra.in. The lenders, investors and other market
participants are thus advised to exercise appropriate caution while
using this rating as the rating may not adequately reflect the
credit risk profile of the entity.

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

Ayyan Fireworks Factory Private Limited (AFFPL) was incorporated in
1985 by Late Mr. A. Grahadurai and family, after the promoters'
split from National Fireworks Limited. The Company, which commenced
operations in 1989, is primarily engaged in the manufacture of
firecrackers.


BHARAT FOOD: ICRA Keeps D Ratings in Not Cooperating Category
-------------------------------------------------------------
ICRA has kept the long-term ratings of Bharat Food & Agro Products
(BFAP) in the 'Issuer Not Cooperating' category. The rating is
denoted as "[ICRA]D; ISSUER NOT COOPERATING".

                     Amount
   Facilities     (INR crore)   Ratings
   ----------     -----------   -------
   Long-term         14.35      [ICRA]D; ISSUER NOT COOPERATING;
   Fund based                   Rating Continues to remain under
   Term Loan                    'Issuer Not Cooperating'
                                Category

   Long-term         12.65      [ICRA]D; ISSUER NOT COOPERATING;
   Fund based                   Rating Continues to remain under
   Cash Credit                  'Issuer Not Cooperating'
                                Category

The rating continues to remain under "Issuer Not Cooperating" is
because of lack of adequate information regarding BFAP's
performance and hence the uncertainty around its credit risk. ICRA
assesses whether the information available about the entity is
commensurate with its rating and reviews the same as per its
"Policy in respect of non-cooperation by a rated entity" available
at www.icra.in. The lenders, investors and other market
participants are thus advised to exercise appropriate caution while
using this rating as the rating may not adequately reflect the
credit risk profile of the entity.

As part of its process and in accordance with its rating agreement
with BFAP, 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, BFAP is a partnership firm involved in
milling and processing of basmati and non-basmati rice. The firm's
plant at Payal, Ludhiana (Punjab) has a milling capacity of 6
ton/hour. It sells its products under its registered brand names
'Nature Gold', and 'Royal Taste of India'.


BHASKARA MARKETING: ICRA Keeps B+ Debt Rating in Not Cooperating
----------------------------------------------------------------
ICRA has kept the Long-Term rating of Bhaskara Marketing Services
(BMS) in the 'Issuer Not Cooperating' category. The rating is
denoted as "[ICRA]B(Stable); ISSUER NOT COOPERATING".

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

The rating continues to remain under "Issuer Not Cooperating" is
because of lack of adequate information regarding BMS's performance
and hence the uncertainty around its credit risk. ICRA assesses
whether the information available about the entity is commensurate
with its rating and reviews the same as per its "Policy in respect
of non-cooperation by a rated entity" available at www.icra.in. The
lenders, investors and other market participants are thus advised
to exercise appropriate caution while using this rating as the
rating may not adequately reflect the credit risk profile of the
entity.

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

Bhaskara Marketing Services (BMS), established in the year 2001, is
engaged in the trading of Aqua feed(Prawn feed). It is a
partnership firm promoted by Mr. D. Veerabhadra Reddy & Smt. D.
Madhuri Latha. The firm has 3 branches in East Godavari District,
Andhra Pradesh. One of the branches is located in Kakinada town and
the other two branches are at Amalapuram and Pithapuram
respectively.


CLASSIC ENTERPRISES: ICRA Keeps B+ Ratings in Not Cooperating
-------------------------------------------------------------
ICRA has kept the Long-Term ratings of Classic Enterprises 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-          5.00       [ICRA]B+ (Stable) ISSUER NOT
   Fund Based-                    COOPERATING; Rating continues
   Cash Credit                    to remain under 'Issuer Not
                                  Cooperating' category

   Long Term-          8.50       [ICRA]B+ (Stable) ISSUER NOT
   Fund Based-                    COOPERATING; Rating continues
   Term Loan                      to remain under 'Issuer Not
                                  Cooperating' category

The rating continues to remain under "Issuer Not Cooperating" is
because of lack of adequate information regarding Classic
Enterprises Limited's performance and hence the uncertainty around
its credit risk. ICRA assesses whether the information available
about the entity is commensurate with its rating and reviews the
same as per its "Policy in respect of non-cooperation by a rated
entity" available at www.icra.in. The lenders, investors and other
market participants are thus advised to exercise appropriate
caution while using this rating as the rating may not adequately
reflect the credit risk profile of the entity.

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

Classic Enterprises Ltd is a closely held public limited company
promoted by Daga Group. The company started its extrusion facility
at Bhiwadi, Rajasthan in the year 1998. Company manufactures
Polypropylene Corrugated Sheets and also its fabricated products
under one roof. Apart from sheets the company also carry out value
addition activity with these sheets such as returnable packaging
(Made of order Bins, boxes, handling system etc.). Company markets
its products in India as well as export to various countries such
as Australia, New Zealand, UAE, Saudi Arabia and Japan.


CLASSIC MICROTECH: ICRA Keeps C Debt Ratings in Not Cooperating
---------------------------------------------------------------
ICRA has kept the Long-Term and Short-Term ratings of Classic
Microtech Private Limited (CMPL) in the 'Issuer Not Cooperating'
category. The rating is denoted as "[ICRA]C; ISSUER NOT
COOPERATING/[ICRA]A4; ISSUER NOT COOPERATING".

                      Amount
   Facilities     (INR crore)   Ratings
   ----------     -----------   -------
   Long-term-        10.00      [ICRA]C; ISSUER NOT COOPERATING;
   Fund based                   Rating Continues to remain under
   Cash Credit                  'Issuer Not Cooperating'
                                Category

   Short Term-        5.00      [ICRA]A4 ISSUER NOT
   Non Fund Based               COOPERATING; Rating continues
   Limits                       to remain under 'Issuer Not
                                Cooperating' category

The rating continues to remain under "Issuer Not Cooperating" is
because of lack of adequate information regarding CMPL's
performance and hence the uncertainty around its credit risk. ICRA
assesses whether the information available about the entity is
commensurate with its rating and reviews the same as per its
"Policy in respect of non-cooperation by a rated entity" available
at www.icra.in. The lenders, investors and other market
participants are thus advised to exercise appropriate caution while
using this rating as the rating may not adequately reflect the
credit risk profile of the entity.

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

Classic Microtech Pvt. Ltd. (CMPL), incorporated in 2000, is
engaged in the business of manufacturing zirconium silicatea
mineral used as an input during manufacturing of ceramic glaze
frits for tiles, sanitary ware etc. CMPL has an installed capacity
to manufacture ~4200 Metric Tonnes Per Annum (MTPA) of zirconium
silicate at its manufacturing facility located in Pratij, Gujarat.
CMPL is a closely held entity with the members of the Patel family
being the key stakeholders.


COOCHBEHAR AGRO: ICRA Keeps B- Debt Ratings in Not Cooperating
--------------------------------------------------------------
ICRA has kept the Long-Term and Short-Term ratings of Coochbehar
Agro Tea Estates Pvt. Ltd. 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-          9.25       [ICRA]B- (Stable) ISSUER NOT
   Fund Based-                    COOPERATING; Rating continues
   Cash Credit                    to remain under 'Issuer Not
                                  Cooperating' category

   Long Term-          2.33       [ICRA]B- (Stable) ISSUER NOT
   Fund Based-                    COOPERATING; Rating continues
   Term Loan                      to remain under 'Issuer Not
                                  Cooperating' category

   Long Term/          0.98       [ICRA]B- (Stable)/[ICRA]A4;
   Short Term-                    ISSUER NOT COOPERATING;
   Unallocated                    Rating Continues to remain
                                  under issuer not cooperating
                                  category

   Short Term-         0.75       [ICRA]A4 ISSUER NOT
   Non Fund Based                 COOPERATING; Rating continues
                                  to remain under 'Issuer Not
                                  Cooperating' category

The rating continues to remain under "Issuer Not Cooperating" is
because of lack of adequate information regarding Coochbehar Agro
Tea Estates Pvt. Ltd.'s performance and hence the uncertainty
around its credit risk. ICRA assesses whether the information
available about the entity is commensurate with its rating and
reviews the same as per its "Policy in respect of non-cooperation
by a rated entity" available at www.icra.in. The lenders, investors
and other market participants are thus advised to exercise
appropriate caution while using this rating as the rating may not
adequately reflect the credit risk profile of the entity.

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

Incorporated in 2012, Coochbehar Agro Tea Estates Pvt. Ltd, is
engaged in the production of black tea of CTC variety. The company
is being managed by Agarwal and Bansal family based in Kolkata who
are in the tea industry for a long time. The company has one tea
garden and a factory in the district of Coochbehar, West Bengal.
The company has seven CTC lines with an annual installed capacity
to produce 2.5 million kgs of black tea. The company markets tea
under the brand name of 'Teen Bigha'.


DINJOYE TEA: ICRA Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------
ICRA has kept the Long-Term ratings of Dinjoye Tea Estate Pvt. Ltd.
(DTEPL) in the 'Issuer Not Cooperating' category. The rating is
denoted as "[ICRA]D; ISSUER NOT COOPERATING".

                    Amount
   Facilities    (INR crore)    Ratings
   ----------    -----------    -------
   Long Term-        3.67       [ICRA]D; ISSUER NOT COOPERATING;
   Fund Based-                  Rating continues to remain under
   Cash Credit                  'Issuer Not Cooperating' category

   Long Term-        6.33       [ICRA]D; ISSUER NOT COOPERATING;
   Unallocated-                 Rating continues to remain under
   Limits                       'Issuer Not Cooperating' category


The rating continues to remain under "Issuer Not Cooperating" is
because of lack of adequate information regarding DTEPL's
performance and hence the uncertainty around its credit risk. ICRA
assesses whether the information available about the entity is
commensurate with its rating and reviews the same as per its
"Policy in respect of non-cooperation by a rated entity" available
at www.icra.in. The lenders, investors and other market
participants are thus advised to exercise appropriate caution while
using this rating as the rating may not adequately reflect the
credit risk profile of the entity.

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

DTEPL, incorporated in 1943 has two tea gardens located in the
Chabua area of Dibrugarh district in Upper Assam region with a
total cultivable area of around 244.66 hectares. The company has
been promoted by Kolkata based Jalan family, who have a significant
presence in the tea business. About 4-5 years ago, the brothers
Mahadeo Jalan and Mrigendra Jalan had separated their businesses
and thus DTEPL became a part of Mahadeo Jalan group of companies
and the remaining tea companies such as Ethelwold Estate Private
Limited, Limbugiri Tea Estate Private Limited, Arunachal Tea &
Industries Private Limited, Jalannagar Tea Estate Private Limited
were moved to Manoj Jalan group of companies.


DISCOVERY LABORATORIES: ICRA Keeps D Rating in Not Cooperating
--------------------------------------------------------------
ICRA has kept the Long-Term rating of Discovery Laboratories
Private Limited (DLPL) in the 'Issuer Not Cooperating' category.
The rating is denoted as "[ICRA]D; ISSUER NOT COOPERATING".

                     Amount
   Facilities     (INR crore)   Ratings
   ----------     -----------   -------
   Long-term         10.00      [ICRA]D; ISSUER NOT COOPERATING;
   Fund based                   Rating Continues to remain under
   Cash Credit                  'Issuer Not Cooperating'
                                Category

The rating continues to remain under "Issuer Not Cooperating" is
because of lack of adequate information regarding DLPL's
performance and hence the uncertainty around its credit risk. ICRA
assesses whether the information available about the entity is
commensurate with its rating and reviews the same as per its
"Policy in respect of non-cooperation by a rated entity" available
at www.icra.in. The lenders, investors and other market
participants are thus advised to exercise appropriate caution while
using this rating as the rating may not adequately reflect the
credit risk profile of the entity.

As part of its process and in accordance with its rating agreement
with DLPL, 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, Discovery Intermediates Private Limited
manufactures pharmaceutical intermediates. Its name was changed to
Discovery Laboratories Private Limited (DLPL) in January 2017. The
company manufactures various types of intermediates and supplies
the same to bulk drug manufacturers. Its manufacturing facility is
based in Choutuppal in Bhongir district of Telangana. The
commercial production of the unit commenced in 2006. The facilities
comply with Current Good Manufacturing Practice regulations (CGMP)
guidelines. Further, the facility received approval from EU GMP in
FY2020.


DM COTTON: ICRA Keeps B Debt Ratings in Not Cooperating Category
----------------------------------------------------------------
ICRA has kept the Long-Term and Short-term ratings of D.M Cotton
Industries in the 'Issuer Not Cooperating' category. The rating is
denoted as [ICRA]B(Stable); ISSUER NOT COOPERATING/[ICRA]A4; ISSUER
NOT COOPERATING".

                      Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long Term/          1.10       [ICRA]B (Stable)/[ICRA]A4;
   Short Term-                    ISSUER NOT COOPERATING;
   Unallocated                    Rating Continues to remain
                                  under issuer not cooperating
                                  category

   Long Term-          8.25       [ICRA]B (Stable) ISSUER NOT
   Fund Based-                    COOPERATING; Rating continues
   Cash Credit                    to remain under 'Issuer Not
                                  Cooperating' category

   Long Term-          0.65       [ICRA]B (Stable) ISSUER NOT
   Fund Based-                    COOPERATING; Rating continues
   Term Loan                      to remain under 'Issuer Not
                                  Cooperating' category

The rating continues to remain under "Issuer Not Cooperating" is
because of lack of adequate information regarding D.M Cotton
Industries's performance and hence the uncertainty around its
credit risk. ICRA assesses whether the information available about
the entity is commensurate with its rating and reviews the same as
per its "Policy in respect of non-cooperation by a rated entity"
available at www.icra.in. The lenders, investors and other market
participants are thus advised to exercise appropriate caution while
using this rating as the rating may not adequately reflect the
credit risk profile of the entity.

As part of its process and in accordance with its rating agreement
with D.M Cotton Industries, 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.

DM Cotton Industries was established in 1998. The firm is into
production of cotton bales and cotton seeds with an installed
capacity of 300 bales per day or 51MTPD at its manufacturing
facility located in Surendranagar, Gujarat equipped with 24 ginning
machines and 1 pressing machine. Partners associated with DM Cotton
Industries have an experience of about 15 years in cotton ginning
industry.


GIRIRAJ JEWELLERS: ICRA Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------------
ICRA has kept the Long-Term and Short-Term ratings of Giriraj
Jewellers Private Limited (GJPL) 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/         0.50      [ICRA]D/[ICRA]D; ISSUER NOT
   Short Term                   COOPERATING; Rating Continues to
   Unallocated                  remain under 'Issuer Not
                                Cooperating' Category

   Short-term         6.00      [ICRA]D; ISSUER NOT COOPERATING;
   Non-fund based               Rating continues to remain under
   Others                       'Issuer Not Cooperating'
                                Category

   Long-term-         6.00      [ICRA]D; ISSUER NOT COOPERATING;
   Fund based                   Rating Continues to remain under
   Cash Credit                  'Issuer Not Cooperating'
                                Category

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

The rating continues to remain under "Issuer Not Cooperating" is
because of lack of adequate information regarding GJPL's
performance and hence the uncertainty around its credit risk. ICRA
assesses whether the information available about the entity is
commensurate with its rating and reviews the same as per its
"Policy in respect of non-cooperation by a rated entity" available
at www.icra.in. The lenders, investors and other market
participants are thus advised to exercise appropriate caution while
using this rating as the rating may not adequately reflect the
credit risk profile of the entity.

As part of its process and in accordance with its rating agreement
with GJPL, 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, Giriraj Jewellers Private Limited (GJPL) is
engaged in manufacturing gold and diamond studded Jewellery from
its manufacturing facility in Borivali (West), Mumbai. The company
also has a showroom in Borivali (West). The promoter of GJPL has
been engaged in the Jewellery business for the past three decades
through the proprietorship firm, Giriraj Jewellers. Giriraj
Jewellers is currently engaged in wholesale of gold and diamond
Jewellery and exports to the UAE and UK markets.


GOEL EXIM: ICRA Keeps D Debt Rating in Not Cooperating Category
---------------------------------------------------------------
ICRA has kept the Long-Term rating of Goel Exim India Private
Limited (GEIPL) in the 'Issuer Not Cooperating' category. The
rating is denoted as "[ICRA]D; ISSUER NOT COOPERATING".

                    Amount
   Facilities     (INR crore)   Ratings
   ----------     -----------   -------
   Long-term-        50.00      [ICRA]D; ISSUER NOT COOPERATING;
   Fund based                   Rating Continues to remain under
   Cash Credit                  'Issuer Not Cooperating'
                                Category

The rating continues to remain under "Issuer Not Cooperating" is
because of lack of adequate information regarding GEIPL's
performance and hence the uncertainty around its credit risk. ICRA
assesses whether the information available about the entity is
commensurate with its rating and reviews the same as per its
"Policy in respect of non-cooperation by a rated entity" available
at www.icra.in. The lenders, investors and other market
participants are thus advised to exercise appropriate caution while
using this rating as the rating may not adequately reflect the
credit risk profile of the entity.

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

GEIPL is a manufacturer, wholesaler and trader of gold, diamonds
and silver ornaments/jewellery. The company was incorporated in the
year 2004. The customers of GEIPL are primarily wholesalers and
retailers based in New Delhi area. The company is part of the Delhi
Based Group engaged in the manufacturing, wholesale and retail
sales of gold and diamond. GEIPL had acquired two partnership
firms, namely, Shree Ganpati Impex and Bhavya Gold with effect from
15 March 2010. The partners of both the firms are shareholders of
the company.


GOLDEN STAR: ICRA Keeps B+ Rating in Not Cooperating Category
-------------------------------------------------------------
ICRA has kept the Long-Term rating of Golden Star Designer (GSD)
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-         5.00      [ICRA]B+(Stable); ISSUER NOT
   Fund Based-                  COOPERATING; Rating continues to
   Cash Credit                  remain under 'Issuer Not
                                Cooperating' category

The rating continues to remain under "Issuer Not Cooperating" is
because of lack of adequate information regarding GSD's performance
and hence the uncertainty around its credit risk. ICRA assesses
whether the information available about the entity is commensurate
with its rating and reviews the same as per its "Policy in respect
of non-cooperation by a rated entity" available at www.icra.in. The
lenders, investors and other market participants are thus advised
to exercise appropriate caution while using this rating as the
rating may not adequately reflect the credit risk profile of the
entity.

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

GSD was incorporated in 2009 by promoters Mr. Ghanshyam Patel and
Mr. Rajesh Jadia to engage in the business of manufacturing and
wholesale trading of gold jewellery. The company mainly carries out
job work for small jewellery retailers-based Gujarat. GSD has an
office on prime location of C. G. Road, Ahmedabad. The promoters
have extensive experience in jewellery business through their
former association with other companies involved in jewellery
business. The company mainly sells 22 carat gold jewellery and
diamond studded jewellery (~5%) in the domestic market. Once the
orders are received from traders/retailers, the company procures
the gold based on the given orders. However, if the raw material
prices are expected to increase the management estimates the likely
orders based on prior experience and procures gold. The company
receives the designs from customers based on which it manufactures
and quotes the making charges. GSD does not have in-house team of
designers and/or artisans. The company does not have its presence
in retail segment.


KHOSLA INTERNATIONAL: ICRA Keeps D Debt Rating in Not Cooperating
-----------------------------------------------------------------
ICRA has kept the long-term rating of Khosla International (KI) in
the 'Issuer Not Cooperating' category. The rating is denoted as
"[ICRA]D; ISSUER NOT COOPERATING".

                     Amount
   Facilities     (INR crore)   Ratings
   ----------     -----------   -------
   Long-term         29.00      [ICRA]D; ISSUER NOT COOPERATING;
   Fund based                   Rating Continues to remain under
   Cash Credit                  'Issuer Not Cooperating'
                                Category

The rating continues to remain under "Issuer Not Cooperating" is
because of lack of adequate information regarding KI's performance
and hence the uncertainty around its credit risk. ICRA assesses
whether the information available about the entity is commensurate
with its rating and reviews the same as per its "Policy in respect
of non-cooperation by a rated entity" available at www.icra.in. The
lenders, investors and other market participants are thus advised
to exercise appropriate caution while using this rating as the
rating may not adequately reflect the credit risk profile of the
entity.

As part of its process and in accordance with its rating
agreement with KI, 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 2002, KI is a partnership firm engaged in
milling and processing and basmati and non-basmati rice. The firm
is mainly engaged into production and export of parboiled rice. KI
has its plant located in Batala, Punjab with a milling capacity of
6tons/hour.


L.A. HOTELS: ICRA Keeps B+ Debt Rating in Not Cooperating Category
------------------------------------------------------------------
ICRA has kept the long-term ratings of L.A. Hotels & Retreats
Private Limited (LHRPL) in the 'Issuer Not Cooperating' category.
The rating is denoted as "[ICRA]B+(Stable); ISSUER NOT
COOPERATING".

                      Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Long Term-        15.00       [ICRA]B+ (Stable) ISSUER NOT
   Fund-based                    COOPERATING; Rating continues
   Term Loan                     to remain in the 'Issuer Not
                                 Cooperating' category

The rating continues to remain under "Issuer Not Cooperating" is
because of lack of adequate information regarding LHRPL's
performance and hence the uncertainty around its credit risk. ICRA
assesses whether the information available about the entity is
commensurate with its rating and reviews the same as per its
"Policy in respect of non-cooperation by a rated entity" available
at www.icra.in. The lenders, investors and other market
participants are thus advised to exercise appropriate caution while
using this rating as the rating may not adequately reflect the
credit risk profile of the entity.

As part of its process and in accordance with its rating agreement
with LHRPL, 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 1996, LHRPL is a private limited company, and is a
part of the LAHAG group of companies. It operates various bars and
restaurants in Bareilly and has an under-construction hotel in
Mangolpuri Industrial Area, Delhi which is expected to start
operations in December 2016. The project cost estimated at INR91
crores is being funded by term loan of INR15 crore and balance
through promoters' funds.


MAHESH GINNING: ICRA Keeps B+ Debt Ratings in Not Cooperating
-------------------------------------------------------------
ICRA has kept the Long-Term ratings of Mahesh Ginning Private
Limited (MGPL) in the 'Issuer Not Cooperating' category. The rating
is denoted as "[ICRA]B+(Stable); ISSUER NOT COOPERATING".

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

   Long Term-          1.75       [ICRA]B+ (Stable) ISSUER NOT
   Fund Based-                    COOPERATING; Rating continues
   Term Loan                      to remain under 'Issuer Not
                                  Cooperating' category

The rating continues to remain under "Issuer Not Cooperating" is
because of lack of adequate information regarding MGPL's
performance and hence the uncertainty around its credit risk. ICRA
assesses whether the information available about the entity is
commensurate with its rating and reviews the same as per its
"Policy in respect of non-cooperation by a rated entity" available
at www.icra.in. The lenders, investors and other market
participants are thus advised to exercise appropriate caution while
using this rating as the rating may not adequately reflect the
credit risk profile of the entity.

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

MGPL is into ginning of cotton and started its operations in
October 2011. The company has an installed capacity of 310 bales
per day. The company is part of the Mahesh Group belonging to the
Tayal family of Sendhwa, Madhya Pradesh, which is predominantly
engaged in cotton trading and ginning, and has more than two
decades of experience in this line of business. MGPL procures kapas
from farmers/mandis, which is processed in ginning mills for
removing seeds and other impurities. The cotton bales are sold to
spinning mills and traders whereas cotton seeds are sold to oil
extraction units.


MEWAD POLYMERS: ICRA Keeps B+ Debt Ratings in Not Cooperating
-------------------------------------------------------------
ICRA has kept the Long-Term ratings of Mewad Polymers Private
Limited (MPPL) in the 'Issuer Not Cooperating' category. The
ratings are 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 in the 'Issuer Not
                                 Cooperating' category

   Long Term-         4.00       [ICRA]B+ (Stable) ISSUER NOT
   Fund-based                    COOPERATING; Rating continues
   Term Loan                     to remain in the 'Issuer Not
                                 Cooperating' category

The rating continues to remain under "Issuer Not Cooperating" is
because of lack of adequate information regarding MPPL's
performance and hence the uncertainty around its credit risk. ICRA
assesses whether the information available about the entity is
commensurate with its rating and reviews the same as per its
"Policy in respect of non-cooperation by a rated entity" available
at www.icra.in. The lenders, investors and other market
participants are thus advised to exercise appropriate caution while
using this rating as the rating may not adequately reflect the
credit risk profile of the entity.

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 April 2009, Mewad Polymers Private Limited (MPPL)
is engaged in the manufacturing of flexible intermediate bulk
containers (FIBC) also known as Jumbo bags for packaging
applications. The company commenced operations from November 2015.
The manufacturing unit is located in Vadodara in Gujarat and has
installed production capacity of 4,800 MTPA. www.icra .in Page |2
The total cost of the project was INR19.80 crore which was funded
by term loan of INR9.70 crore, unsecured loans of INR7.56 crore
remaining by internal accruals.


NARULA SOLVEX: ICRA Keeps D Debt Rating in Not Cooperating
----------------------------------------------------------
ICRA has kept the long-term rating of Narula Solvex Pvt. Ltd.
(NSPL) in the 'Issuer Not Cooperating' category. The rating is
denoted as "[ICRA]D ISSUER NOT COOPERATING".

                     Amount
   Facilities     (INR crore)   Ratings
   ----------     -----------   -------
   Long-term         12.00      [ICRA]D; ISSUER NOT COOPERATING;
   Fund based                   Rating Continues to remain under
   Cash Credit                  'Issuer Not Cooperating'
                                Category

The rating continues to remain under "Issuer Not Cooperating" is
because of lack of adequate information regarding NSPL's
performance and hence the uncertainty around its credit risk. ICRA
assesses whether the information available about the entity is
commensurate with its rating and reviews the same as per its
"Policy in respect of non-cooperation by a rated entity" available
at www.icra.in. The lenders, investors and other market
participants are thus advised to exercise appropriate caution while
using this rating as the rating may not adequately reflect the
credit risk profile of the entity.

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

Established in 2003, NSPL is a private limited company, which
processes rice bran with a product mix, comprising crude rice bran
oil and de-oiled rice bran from its production unit located at Moga
(Punjab), with an installed capacity of 300 metric tonnes per day
(MTPD). The company extracts solvents and sells the crude oil to
the oil refiners and traders in the nearby regions. It procures
rice bran from millers in the nearby regions of Haryana and Punjab.
NSPL is promoted by the Narula family, with an experience of around
two decades in rice bran oil extraction.


PAVANSUT PAPER: ICRA Keeps D Debt Ratings in Not Cooperating
------------------------------------------------------------
ICRA has kept the long-term and short-term ratings of Pavansut
Paper Mill Pvt. Ltd. (Pavansut) 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
   ----------     -----------   -------
   Long-term-         8.50      [ICRA]D; ISSUER NOT COOPERATING;
   Fund based                   Rating Continues to remain under
   Cash Credit                  'Issuer Not Cooperating'
                                Category

   Long-term-         4.04      [ICRA]D; ISSUER NOT COOPERATING;
   Fund based                   Rating Continues to remain under
   Term Loan                    'Issuer Not Cooperating'
                                Category

   Short-term         0.70      [ICRA]D; ISSUER NOT COOPERATING;
   Non-fund based               Rating continues to remain under
   Others                       'Issuer Not Cooperating'
                                Category

   Long-term/         2.96      [ICRA]D/[ICRA]D; ISSUER NOT
   Short Term                   COOPERATING; Rating Continues to
   Unallocated                  remain under 'Issuer Not
                                Cooperating' Category

The rating continues to remain under "Issuer Not Cooperating" is
because of lack of adequate information regarding Pavansut's
performance and hence the uncertainty around its credit risk. ICRA
assesses whether the information available about the entity is
commensurate with its rating and reviews the same as per its
"Policy in respect of non-cooperation by a rated entity" available
at www.icra.in. The lenders, investors and other market
participants are thus advised to exercise appropriate caution while
using this rating as the rating may not adequately reflect the
credit risk profile of the entity.

As part of its process and in accordance with its rating agreement
with Pavansut, 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 October 2015 as a private limited company, Pavansut
Paper Mill Pvt. Ltd. (Pavansut) manufactures kraft paper in varying
BF sizes from 12 to 22, which is used for manufacturing corrugated
boxes. The company's plant is in Morbi, Gujarat and has a
manufacturing capacity of 100 tonne/day. The operations are managed
by members of the Patel family, who have extensive experience in
the paper industry by virtue of their erstwhile association in a
related business.


POLESTAR TRADERS: ICRA Keeps D Debt Rating in Not Cooperating
-------------------------------------------------------------
ICRA has kept the long-term and short-term ratings for the bank
facilities of Polestar Traders 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
   ----------     -----------   -------
   Short-term         1.50      [ICRA]D; ISSUER NOT COOPERATING;
   Non-fund based               Rating continues to remain under
   Others                       'Issuer Not Cooperating'
                                Category

   Long-term          8.00      [ICRA]D; ISSUER NOT COOPERATING;
   Fund based                   Rating Continues to remain under
   Cash Credit                  'Issuer Not Cooperating'
                                Category

The rating continues to remain under "Issuer Not Cooperating" is
because of lack of adequate information regarding Polestar Traders
Private Limited's performance and hence the uncertainty around its
credit risk. ICRA assesses whether the information available about
the entity is commensurate with its rating and reviews the same as
per its "Policy in respect of non-cooperation by a rated entity"
available at www.icra.in. The lenders, investors and other market
participants are thus advised to exercise appropriate caution while
using this rating as the rating may not adequately reflect the
credit risk profile of the entity.

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

Polestar Traders Private Limited was incorporated in March 2013 by
Mr. Umesh Vrajlal Damania and Mr. Manish Babel.The company started
operations by taking over the asset and liabilities of M/s Polestar
Industries, a proprietorship concern established by Mr. Umesh
Vrajlal Damania. The company is engaged in trading of various
ferrous and non ferrous metals. It predominantly deals in trading
of various types of stainless steel like pipes, plates, sheets,
wire rods etc. The company has its registered office in Mumbai and
warehouse in Navi Mumbai.


R. S. H. AGRO: ICRA Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------
ICRA has kept the long-term ratings of R. S. H. Agro Products Pvt
Ltd in the 'Issuer Not Cooperating' category. The rating is denoted
as "[ICRA]D; ISSUER NOT COOPERATING".

                     Amount
   Facilities     (INR crore)   Ratings
   ----------     -----------   -------
   Long-term-        10.00      [ICRA]D; ISSUER NOT COOPERATING;
   Fund based                   Rating Continues to remain under
   Cash Credit                  'Issuer Not Cooperating'
                                Category

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

The rating continues to remain under "Issuer Not Cooperating" is
because of lack of adequate information regarding R. S. H. Agro
Products Pvt Ltd's performance and hence the uncertainty around its
credit risk. ICRA assesses whether the information available about
the entity is commensurate with its rating and reviews the same as
per its "Policy in respect of non-cooperation by a rated entity"
available at www.icra.in. The lenders, investors and other market
participants are thus advised to exercise appropriate caution while
using this rating as the rating may not adequately reflect the
credit risk profile of the entity.

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

Incorporated in 2012, RSH Agro Products Private Limited has
recently commenced manufacturing of mustard oil and oil cake by
crushing mustard seeds, since April 2015 at is facility located in
Assam. The company is managed by the Harlalka family, and is a part
of the Harlalka Group which operates other companies in agro
products, coke etc.


RIDDHI SIDDHI: ICRA Keeps B Debt Ratings in Not Cooperating
-----------------------------------------------------------
ICRA has kept the long-term ratings of Riddhi Siddhi Jewellers Pvt.
Ltd. (RSJ) 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/CC                   COOPERATING; Rating continues
                                   to remain under 'Issuer Not
                                   Cooperating' category

   Long Term-          3.50        [ICRA]B (Stable) ISSUER NOT
   Unallocated                     COOPERATING; Rating continues
                                   to remain under 'Issuer Not
                                   Cooperating' category

The rating continues to remain under "Issuer Not Cooperating" is
because of lack of adequate information regarding RSJ's performance
and hence the uncertainty around its credit risk. ICRA assesses
whether the information available about the entity is commensurate
with its rating and reviews the same as per its "Policy in respect
of non-cooperation by a rated entity" available at www.icra.in. The
lenders, investors and other market participants are thus advised
to exercise appropriate caution while using this rating as the
rating may not adequately reflect the credit risk profile of the
entity.

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

Riddhi Siddhi Jewellers Pvt Ltd. (RSJ) was established as a private
limited company in the year 2010 by Patel family. The company is
mainly engaged in trading of gold jewellery. The company deals only
in BIS certified gold jewellery to ensure purity of the product it
sells. The company is primarily managed by Mr. Prashant Patel.


RLJ CONCAST: ICRA Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------
ICRA has kept the long-term and short-term ratings of RLJ Concast
Private Limited (RLJ) 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
   ----------     -----------   -------
   Long-term         31.01      [ICRA]D; ISSUER NOT COOPERATING;
   Fund based                   Rating Continues to remain under
   Term Loan                    'Issuer Not Cooperating'
                                Category

   Long-term         15.60      [ICRA]D; ISSUER NOT COOPERATING;
   Fund based                   Rating Continues to remain under
   Cash Credit                  'Issuer Not Cooperating'
                                Category

   Short-term        14.79      [ICRA]D; ISSUER NOT COOPERATING;
   Non-fund based               Rating continues to remain under
   Others                       'Issuer Not Cooperating'
                                Category

The rating continues to remain under "Issuer Not Cooperating" is
because of lack of adequate information regarding RLJ's performance
and hence the uncertainty around its credit risk. ICRA assesses
whether the information available about the entity is commensurate
with its rating and reviews the same as per its "Policy in respect
of non-cooperation by a rated entity" available at www.icra.in. The
lenders, investors and other market participants are thus advised
to exercise appropriate caution while using this rating as the
rating may not adequately reflect the credit risk profile of the
entity.

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

RLJ processes sponge iron and MS Ingots/billets. Its manufacturing
facility, with an installed capacity of 60,000 tonnes per annum
(TPA), is located at village Baragaon, Chunar area, District
Mirzapur (Uttar Pradesh). RLJ is promoted by Mr. Arun Kumar Jain,
who has also promoted S.A Iron & Alloys Private Limited, a 90,000
TPA sponge iron unit in Jeevnathpur, Chandauli. RLJ has recently
set-up an induction furnace with a capacity of 28,800 TPA and a 6MW
power generation plant. The projects started commercial production
in October 2016.


S A IRON: ICRA Keeps D Debt Ratings in Not Cooperating Category
---------------------------------------------------------------
ICRA has kept the long-term and short-term ratings of S A Iron &
Alloys Private Limited (SAI) in the 'Issuer Not Cooperating'
category. The rating is denoted as "[ICRA]D/[ICRA]D; ISSUER NOT
COOPERATING".

                     Amount
   Facilities     (INR crore)   Ratings
   ----------     -----------   -------
   Long-term         39.50      [ICRA]D; ISSUER NOT COOPERATING;
   Fund based                   Rating Continues to remain under
   Term Loan                    'Issuer Not Cooperating'
                                Category

   Long-term         19.50      [ICRA]D; ISSUER NOT COOPERATING;
   Fund based                   Rating Continues to remain under
   Cash Credit                  'Issuer Not Cooperating'
                                Category

   Short-term         3.00      [ICRA]D; ISSUER NOT COOPERATING;
   Non-fund based               Rating continues to remain under
   Others                       'Issuer Not Cooperating'
                                Category

The rating continues to remain under "Issuer Not Cooperating" is
because of lack of adequate information regarding SAI's performance
and hence the uncertainty around its credit risk. ICRA assesses
whether the information available about the entity is commensurate
with its rating and reviews the same as per its "Policy in respect
of non-cooperation by a rated entity" available at www.icra.in. The
lenders, investors and other market participants are thus advised
to exercise appropriate caution while using this rating as the
rating may not adequately reflect the credit risk profile of the
entity.

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

SAI is engaged in the processing of sponge iron with an installed
capacity of 90,000 tonnes per annum (TPA) at village Jeevantpur,
Ramngar Industrial Area, District Chanduali (Uttar Pradesh). SAI is
promoted by Mr. Arun Kumar Jain, who has also promoted RLJ Concast
Private Limited (RLJ), a 60,000 TPA sponge iron unit in Baragaon,
District Mirzapur (Uttar Pradesh).




=========
J A P A N
=========

[] JAPAN: Corporate Bankruptcy Cases Rise 5.6% in January
---------------------------------------------------------
Reuters reports that Japan's bankruptcy cases rose in January as
companies struggled with rising labour costs in a tight job market,
a private survey showed on Feb. 9, a sign of how increasing pay was
hitting smaller firms.

Separate data showed real wages fell 0.1% in December from a year
earlier, much slower than a 1.6% drop in November, as inflation
eased and workers saw a steady gain in bonuses, according to
Reuters.

The data highlights the difficulty for the government to boost
wages to support household purchasing power while helping smaller
firms weather rising labour costs.

Prime Minister Sanae Takaichi, who won a landslide victory in a
general election on Sunday, has offered to help small firms
struggling to lift pay as part of efforts to boost wages.

Bankruptcy cases rose 5.6% in January to 887 from a year earlier,
the highest level for the month in 13 years, Reuters discloses
citing a survey by private think tank Tokyo Shoko Research.

Of the total, 19 cited surging labour costs for their filing, a
three-fold increase from a year earlier and 36 cited labour
shortages, marking the first rise in eight months, it said.

"Many small firms cannot cope with rising costs and labour
shortages. With demand for funds likely to increase towards the
March fiscal year-end, bankruptcy cases are expected to rise
moderately," Tokyo Shoko Research said in a report, Reuters
relays.

Reuters notes that Japan's core consumer inflation has exceeded the
central bank's 2% target for nearly four years, as companies
continued to pass on rising raw material costs.

Such sticky inflation, coupled with an intensifying labour
shortage, have prodded firms to push up wages, though the pace of
pay hikes has yet to catch up to the rate of inflation.




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

AVALON AUTO: Court to Hear Wind-Up Petition on Feb. 23
------------------------------------------------------
A petition to wind up the operations of Avalon Auto Spares Limited
will be heard before the High Court at Hamilton on Feb. 23, 2026,
at 10:00 a.m.

Carol Collier Family Trust and the trustees of the Chris Collier
Family Trust filed the petition against the company on Oct. 20,
2025.

The Petitioner's solicitors are:

          Alice Nunn
          Jesse Savage
          Foy & Halse
          539 Mt Eden Road
          Mt Eden
          Auckland


CREALIS NZ: Creditors' Proofs of Debt Due on Feb. 19
----------------------------------------------------
Creditors of Crealis Nz Limited are required to file their proofs
of debt by Feb. 19, 2026, to be included in the company's dividend
distribution.

The company commenced wind-up proceedings on Feb. 3, 2026.

The company's liquidators are:

          George Bannerman
          Rees Logan
          BDO Auckland
          Level 4 BDO Centre
          4 Graham Street
          Auckland 1010


GO WITH THE FLOW: Creditors' Proofs of Debt Due on March 4
----------------------------------------------------------
Creditors of Go With The Flow Limited and Go With The Flow Racing
Stables Limited are required to file their proofs of debt by March
4, 2026, to be included in the company's dividend distribution.

The company commenced wind-up proceedings on Feb. 3, 2026.

The company's liquidators are:

          Steven Khov
          Kieran Jones
          Khov Jones Limited
          PO Box 302261
          North Harbour
          Auckland 0751


HIGHBRITE LIMITED: Creditors' Proofs of Debt Due on March 17
------------------------------------------------------------
Creditors of Highbrite Limited are required to file their proofs of
debt by March 17, 2026, to be included in the company's dividend
distribution.

The company commenced wind-up proceedings on Feb. 3, 2026.

The company's liquidator is:

          Jared Booth
          Baker Tilly Staples Rodway Auckland Limited
          PO Box 3899
          Auckland 1140


HOME GROWN: Liquidators Yet to Assess Debts; To Auction Stock
-------------------------------------------------------------
The Post reports that liquidators are yet to determine what amounts
if any are outstanding for a hydroponics shop in voluntary
liquidation, but said any remaining stock will be sold at a public
auction.

Palmerston North's Home Grown Kiwi Limited was put into voluntary
liquidation on January 20 with its first report released on Feb.
20.

Just days after the company went into insolvency, its director
Tayte Marcel Cozens appeared in court for ongoing litigation
proceedings involving his shop and American social media giant
Reddit, according to The Post.

The Post relates that Mr. Cozens alleged Reddit allowed defamatory
posts about his business to remain on its site and by doing so had
breached the Harmful Digital Communications Act.

Auckland firm Rodgers Reidy had been appointed as liquidators and
according to its first report was still to investigate any
outstanding debts owed, or any creditors that needed to be paid.

According to The Post, the report said the company opened in 2018
and Mr. Cozens had cited difficult trading conditions as his reason
for insolvency.

An initial discussion between Mr. Cozens and the firm took place on
January 12 and the liquidation was confirmed by email on January
16. The business ceased trading once liquidators were appointed.

It had one vehicle registered against it as security, and
liquidators had not yet received anything from Inland Revenue
regarding any unpaid tax.

It also noted there would likely be no funds immediately available
to pay unsolicited creditors, but this could be done through other
means.

Those wanting to make a claim would need to register with the firm
by March 6, they said, adds The Post.

The most recent financial statement provided for the company was
for the period ending March 2024, and an attached statement of
affairs said liquidators were "still to investigate" what assets or
liabilities the business had.

It said any assets found would be sold at public auction, The Post
adds.


KORU LIFESCIENCE: Court to Hear Wind-Up Petition on Feb. 24
-----------------------------------------------------------
A petition to wind up the operations of Koru Lifescience Limited
will be heard before the High Court at Auckland on Feb. 24, 2026,
at 11:00 a.m.

The Commissioner of Inland Revenue filed the petition against the
company on Dec. 9, 2025.

The Petitioner's solicitor is:

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



SOUL MACHINES: Placed Into Receivership
---------------------------------------
BusinessDesk reports that Soul Machines, the Auckland-founded maker
of AI-powered virtual people for customer services that raised more
than US$135 million (NZD225 million) in venture capital, said it is
in receivership.

BusinessDesk says the firm has yet to file an update with the
Companies Office.

Leon Francis Bowker and Luke Norman of KPMG were appointed joint
and several receivers of the company on Feb. 5, 2026.




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

AGENA PTE: Creditors' Proofs of Debt Due on March 8
---------------------------------------------------
Creditors of Agena Pte. Ltd. are required to file their proofs of
debt by March 8, 2026, to be included in the company's dividend
distribution.

The company commenced wind-up proceedings on Jan. 30, 2026.

The company's liquidator is:

          Chan Li Shan
          c/o Impetus Corporate Advisory  
          11 Collyer Quay
          #16-02 The Arcade
          Singapore 049317


AKIRA CORPORATION: Commences Wind-Up Proceedings
------------------------------------------------
Members of Akira Corporation Pte. Ltd. on Feb. 2, 2026, passed a
resolution to voluntarily wind up the company's operations.

The company's liquidator is:

          Ms. Muk Siew Peng
          c/o ClearView Associates
          133 New Bridge Road
          #08-01 Chinatown Point
          Singapore 059413



BISHAN RESIDENTIAL: Creditors' Proofs of Debt Due on March 9
------------------------------------------------------------
Creditors of Bishan Residential Investments Pte. Ltd., Bishan
Residential Development Pte. Ltd. and Bishan Realty Pte. Ltd. are
required to file their proofs of debt by March 9, 2026, to be
included in the company's dividend distribution.

The company commenced wind-up proceedings on Jan. 30, 2026.

The company's liquidators are:

          Gary Loh Weng Fatt
          Dev Kumar Harish Nandwani
          Seah Roh Lin
          c/o BDO Advisory Pte Ltd
          No. 600 North Bridge Road
          #23-01 Parkview Square
          Singapore 188778


BRILLIANCE RESIDENTIAL: Creditors' Proofs of Debt Due on March 9
----------------------------------------------------------------
Creditors of Brilliance Residential Pte. Ltd. and Brilliance
Residential (1) Pte. Ltd. are required to file their proofs of debt
by March 9, 2026, to be included in the company's dividend
distribution.

The company commenced wind-up proceedings on Jan. 30, 2026.

The company's liquidators are:

          Gary Loh Weng Fatt
          Dev Kumar Harish Nandwani
          Seah Roh Lin
          c/o BDO Advisory Pte Ltd
          No. 600 North Bridge Road
          #23-01 Parkview Square
          Singapore 188778


DIGITAL DEVELOPMENT: Creditors' Proofs of Debt Due on March 9
-------------------------------------------------------------
Creditors of Digital Development Pte. Ltd. are required to file
their proofs of debt by March 9, 2026, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on Jan. 30, 2026.

The company's liquidators are:

          Gary Loh Weng Fatt
          Dev Kumar Harish Nandwani
          Seah Roh Lin
          c/o BDO Advisory Pte Ltd
          No. 600 North Bridge Road
          #23-01 Parkview Square
          Singapore 188778





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

ONE MOUNT: Faces Bankruptcy After Failed Rehabilitation
-------------------------------------------------------
Chosun.biz reports that the Il-san mixed-use cultural complex "One
Mount" has effectively entered the path to bankruptcy. It comes one
year and six months after the court opened rehabilitation
proceedings. If bankruptcy is finalized, there is concern that
lessors who purchased units and commercial tenants may not be able
to recover their investment funds and deposits.

According to Chosun.biz, legal sources said the Seoul Bankruptcy
Court on Feb. 5 decided to discontinue rehabilitation proceedings
for One Mount. The rehabilitation plan was voted down at a
stakeholders' meeting, and the court determined there was no
further practical benefit to maintaining the rehabilitation
process.

Generally, for a rehabilitation plan to be approved by the court,
at least two-thirds (66.7%) of creditors must consent. But One
Mount failed to secure the creditors' approval, Chosun.biz says.

One Mount, which combines a shopping mall, water park and snow
park, opened in 2013 as a representative landmark of Il-san. The
site, about 49,000 square meters (about 14,800 pyeong) owned by
Goyang City, has been operated under a system where One Mount uses
it for up to 50 years in exchange for contributed acceptance to the
city, Chosun.biz notes.

But One Mount has not escaped business difficulties since the
COVID-19 crisis. Its net loss was 17.9 billion won in 2020, 12.5
billion won in 2021, 15.4 billion won in 2022, 20.4 billion won in
2023 and 18.7 billion won in 2024, Chosun.biz discloses. As of the
end of 2024, it was in a state of complete capital impairment, with
liability alone reaching 309 billion won.

Ultimately, on July 16, 2024, One Mount applied to the court to
commence rehabilitation proceedings, and on Aug. 1 of the same year
received the court's decision to open the proceedings.

With the court discontinuing rehabilitation, One Mount is likely to
shift to bankruptcy proceedings, Chosun.biz states. Typically, if
no appeal is filed within 14 days after the court discontinues
rehabilitation, the decision becomes final and the case moves to
bankruptcy.

Chosun.biz says the concern is the impact that One Mount's
bankruptcy would have on the Il-san commercial district and nearby
real estate market. More than 1,000 creditors are currently
registered with the court.

In particular, there are concerns that losses for lessors who
purchased units and commercial tenants will be unavoidable,
Chosun.biz relates. In general, claims for return of sales proceeds
or lease deposits without separate collateral or preferential
repayment rights are classified as general claims in bankruptcy and
are often subordinated to the secured claims of financial
institutions.

A Goyang City official said, "As a bankruptcy ruling has not yet
been issued, we are monitoring the situation and reviewing legal
issues," Chosun.biz relays.


[] KOREA: KOSME Deploys Early Alerts to Keep SMEs Out of Crisis
---------------------------------------------------------------
Chosun.biz reports that the South Korean SMEs and Startups Agency
(KOSME) said on Feb. 8 that it will fully roll out the Small and
Medium-Sized Corporations Crisis-Overcoming Alert Service to
proactively prevent management crises at small and medium-sized
corporations.

Chosun.biz relates that the service was presented as a key task in
a briefing by agencies under the Ministry of SMEs and Startups on
Jan. 12. With management uncertainty rising recently, it was
prepared to block insolvency among small and medium-sized
corporations at an early stage and support the swift normalization
of corporations showing signs of crisis.

According to Chosun.biz, KOSME will use its in-house early warning
system (EWS) to comprehensively analyze internal and external data,
including financial status, financial transaction information, and
representative's credit information, and will proactively provide
stage-by-stage, tailored policy information to corporations where
signs of crisis are detected.

Previously, corporations had to find relevant support measures
themselves after recognizing a management crisis, but the new
service will be operated so that KOSME detects warning signals
early and guides corporations to needed policy funds, liquidity
support, and management improvement programs.

Chosun.biz says the alert service is divided into four stages
according to the level of crisis: caution, preliminary alert,
alert, and insolvency. For corporations at the "caution" and
"preliminary alert" stages, it will regularly provide information
on policy funds and liquidity support as well as management
improvement. For corporations at the "alert" stage, it will focus
on connecting support for management normalization, such as
rehabilitation consulting. For corporations that have entered the
insolvency stage due to closure, it will actively guide them to
debt reduction and installment repayment and other debt adjustment
programs to help restore credit and make a fresh start.

Chosun.biz adds that KOSME will first operate the alert service
focusing on insolvent corporations in urgent need of policy
support, then gradually expand the target to corporations at the
caution, preliminary alert, and alert stages. Chairperson Kang
Seok-jin of Korea SMEs and Startups Agency (KOSME) said, "For small
and medium-sized corporations, early recognition and preemptive
support matter more than after-the-fact responses," adding,
"Through this alert service, we will raise the recovery prospects
of crisis-hit corporations and strengthen our role as a financial
safety net for small and medium-sized corporations."



                           *********


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 2026.  All rights reserved.  ISSN: 1520-9482.

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding,
electronic re-mailing and photocopying) is strictly prohibited
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Information contained herein is obtained from sources believed
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