/raid1/www/Hosts/bankrupt/TCRAP_Public/240422.mbx (2024)

T R O U B L E DC O M P A N YR E P O R T E R

A S I AP A C I F I C

Monday, April 22, 2024, Vol. 27, No. 81

Headlines

A U S T R A L I A

AKASHA BREWING: Second Creditors' Meeting Set for April 30
CG PROJECTS: First Creditors' Meeting Set for April 24
DESIGN HUB: First Creditors' Meeting Set for April 24
DIXON ADVISORY: Federal Court OKs AUD16MM Class Action Settlement
ECHOSTAR CORP: Swings to $1.6 Billion Net Loss in 2023

FRIENDLY HEARTS: First Creditors' Meeting Set for April 24
LGB & CO: Second Creditors' Meeting Set for April 24
MESOBLAST LTD: G. George, 3 Others Report Stakes as of April 5

C H I N A

CHINA EVERGRANDE: Hong Kong Regulator to Probe PwC Auditing Role
CITY SHOP: Supermarket Chain Shuts Due to Financial Issues
FORTUNE VALLEY: YCM CPA Raises Going Concern Doubt
REMARK HOLDINGS: Faces Delisting From NASDAQ

I N D I A

ACE INOTECH: Ind-Ra Assigns BB+ Term Rating, Outlook Stable
ALUPAN COMPOSITE: CRISIL Keeps D Debt Ratings in Not Cooperating
AMARAVATHI TOURISM: CARE Keeps D Debt Rating in Not Cooperating
ARMSTRONG APPAREL: Ind-Ra Moves BB Loan Rating to NonCooperating
ARMSTRONG TEXTILES: Ind-Ra Moves BB+ Loan Rating to NonCooperating

BHUMI PLASTIC: CRISIL Keeps D Debt Ratings in Not Cooperating
BUDS TEA: CRISIL Keeps D Debt Ratings in Not Cooperating Category
BYJU'S: NCLT Grants One Week to Settle Payment Dispute
DROPADI INDUSTRIES: CARE Keeps D Debt Rating in Not Cooperating
EDIZ CERAMIC: CRISIL Keeps C Debt Ratings in Not Cooperating

ELITE INFRAPROJECTS: CARE Keeps D Debt Ratings in Not Cooperating
EXCELL TECHNOLOGY: Ind-Ra Assigns BB+ Term Loan Rating
GAGAN AGRO: CRISIL Keeps D Debt Ratings in Not Cooperating
GENGA MILLS: CARE Keeps D Debt Rating in Not Cooperating Category
GRT HOTELS: Ind-Ra Cuts Loan Rating to BB, Outlook Stable

HOSPITALITY EDUCATION: CARE Keeps D Debt Rating in Not Cooperating
HYDROPOWER LIMITED: Ind-Ra Gives BB+ Loan Rating, Outlook Stable
INDO FABRICS: CARE Keeps D Debt Rating in Not Cooperating Category
KLN MOTORS: CARE Keeps D Debt Rating in Not Cooperating Category
KUBER METPACK: CARE Keeps D Rating in Not Cooperating Category

KUMAR SINEW: Ind-Ra Affirms D NonConvertible Debts Rating
LANGTA BABA: Ind-Ra Keeps BB+ Rating in Non-Cooperating
MARUTI GRANITES: CARE Keeps D Debt Rating in Not Cooperating
METRO AGRI-INDUSTRIES: CARE Keeps D Ratings in Not Cooperating
METSMITH INNOVATIONS: CARE Keeps D Debt Ratings in Not Cooperating

ND PATIL: Ind-Ra Affirms BB- Loan Rating, Outlook Stable
RAHEEM INDUSTRIES: CRISIL Keeps D Debt Ratings in Not Cooperating
RAMSWAROOP MEMORIAL: CARE Keeps C Debt Rating in Not Cooperating
SARAN ALLOYS: CARE Keeps C Debt Rating in Not Cooperating Category
SHAKTHI MURUGAN: Ind-Ra Assigns BB- Loan Rating, Outlook Stable

SHIKHAR INTEGRATED: CARE Keeps D Debt Rating in Not Cooperating
SHYAM AGRO: Ind-Ra Cuts Loan Rating to BB-, Outlook Stable
SILVERGLADES HOMES: Ind-Ra Gives BB+ Loan Rating, Outlook Stable
SIRIUS INFRAPROJECTS: CARE Keeps D Debt Ratings in Not Cooperating
SOLAIMALAI ENTERPRISES: Ind-Ra Affirms BB Loan Rating

SOMULA CONSTRUCTIONS: CARE Keeps C Debt Rating in Not Cooperating
SUNPAUL PROPERTIES: CARE Keeps C Debt Rating in Not Cooperating
UNNATI FORTUNE: CARE Keeps D Debt Rating in Not Cooperating
VIRAL CORPORATION: CARE Keeps C Debt Rating in Not Cooperating
ZEE ENTERPRISES: Withdraws Sony Merger Application from Tribunal

I N D O N E S I A

INDIKA ENERGY: Moody's Affirms Ba3 CFR & Rates New Sec. Notes Ba3

N E WZ E A L A N D

COACHIO GROUP: Grant Bruce Reynolds Appointed as Liquidator
MANTA5 LP: BDO Tauranga Appointed as Administrators
OLD WOOD: Creditors' Proofs of Debt Due on May 6
SUMMERSIDE 2018: Court to Hear Wind-Up Petition on May 2
WAIPAWA BUSES: Court to Hear Wind-Up Petition on May 2

P A K I S T A N

PAKISTAN: Aims to Agree Outline of New IMF Loan in May, FM Says

P H I L I P P I N E S

ABS-CBN CORP: Annual Net Loss Widens to PHP9.76BB in 2023
ABS-CBN CORP: Converge ICT Aborts Plan to Buy Sky Cable

S I N G A P O R E

B&S SERVICES: Court Enters Wind-Up Order
HYFLUX UTILITY: Creditors' Meetings Set for April 30
INNOVATE CAPITAL: Creditors' Proofs of Debt Due on May 16
PERFORMANCE AUTOHAUS: Commences Wind-Up Proceedings
SG LANDED: Court to Hear Wind-Up Petition on May 3

- - - - -

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A U S T R A L I A
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AKASHA BREWING: Second Creditors' Meeting Set for April 30
----------------------------------------------------------
A second meeting of creditors in the proceedings of Akasha Brewing
Company Pty. Ltd. has been set for April 30, 2024 at 10:30 a.m. via
Zoom and at the offices of Vincents at Level 14, 25 Martin Place in
Sydney.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by April 29, 2024 at 4:00 p.m.

Henry McKenna of Vincents was appointed as administrator of the
company on March 30, 2024.

CG PROJECTS: First Creditors' Meeting Set for April 24
------------------------------------------------------
A first meeting of the creditors in the proceedings of CG Projects
Pty Ltd will be held on April 24, 2024 at 11:00 a.m. at Suite 38, 3
Box Road in Caringbah and via Microsoft Teams facilities.

Darren John Vardy of Insolvency Options was appointed as
administrator of the company on April 25, 2024.

DESIGN HUB: First Creditors' Meeting Set for April 24
-----------------------------------------------------
A first meeting of the creditors in the proceedings of Design Hub
NSW Pty Ltd will be held on April 24, 2024 at 11:00 a.m. at the
offices of O'Brien Palmer at Level 9, 66 Clarence Street in Sydney
and via Zoom videoconferencing.

Nicholas Wollinski and Liam Bailey of O'Brien Palmer were appointed
as administrators of the company on April 15, 2024.

DIXON ADVISORY: Federal Court OKs AUD16MM Class Action Settlement
-----------------------------------------------------------------
MoneyManagement reports that the Federal Court has approved the
AUD16 million class action settlement regarding Dixon Advisory and
Superannuation Services.

According to MoneyManagement, E&P Financial Group Limited said in a
statement on the ASX on April 18 that the Federal Court of
Australia has approved the settlement of the class action filed by
Shine Lawyers in December 2021 against Dixon Advisory &
Superannuation Services Pty Ltd (DASS), E&P, Alan Dixon and
Christopher Brown.

MoneyManagement relates that the settlement, as announced in
November 2023, is AUD16 million. E&P said a provision of AUD4
million has "previously been recognised in relation to the
mechanism for settlement as contemplated in the Deed of Company
Arrangement for DASS", and was reflected in E&P's financial report
for the half year ended Dec. 31, 2023.

"The balance of the settlement amount is comprised of remaining
available insurance proceeds," E&P said.

"Consequently, the Shine Proceeding will be dismissed against E&P,
Mr Alan Dixon and Mr Christopher Brown, and permanently stayed
against DASS, without admission of any liability (subject to any
appeal).

"The representative proceeding filed by Piper Alderman in the
Federal Court of Australia in November 2021 will also be dismissed
against E&P and Mr. Alan Dixon, and permanently stayed against DASS
(subject to any appeal)."

On April 3, the Federal Court pushed back a decision on the class
action settlement for two weeks to "allow the applicant to provide
further information to the court," the report notes.

The group did not provide further detail on exactly what kind of
information the court is seeking.

In November 2023, the class action, which alleged DASS financial
advisers gave unsuitable advice and failed to address conflicts of
interest, was settled for AUD16 million, recalls MoneyManagement.

At the time, Shine Lawyers, representing the class action, said a
conditional settlement had been reached between E&P Financial Group
and the estimated 4,000 customers allegedly affected by the
conduct.

The settlement was reached without admission of liability, the
report notes.

According to MoneyManagement, the class action alleged E&P
advisers, working under DASS - which went into liquidation in
January 2022 - gave unsuitable advice that did not reflect their
clients' needs or their financial circ*mstances.

It was also alleged the advice was not in the clients' best
interests and, when there was a conflict, it was not adequately
addressed.

MoneyManagement says the affected clients will retain the ability
to make a claim with the Australian Financial Complaints Authority
or Compensation Scheme of Last Resort (CSLR).

"We are pleased to have been able to reach a conclusion in this
class action for group members subject to the court's approval, and
that group members will retain their rights to bring a claim
against DASS, pursuant to the financial compensation scheme of last
resort," MoneyManagement quoted Shine Lawyers' head of class
actions, Vicky Antzoulatos, as saying at the time.

In September 2022, the Federal Court imposed a AUD7.2 million
penalty on Dixon Advisory over its investment advice, recalls
MoneyManagement.

The court found that on 53 occasions between October 2015 and May
2019, Dixon Advisory was the responsible licensee of six
representatives who did not act in the best interests of eight
clients when they advised these clients to acquire, roll over or
retain interests in the US Masters Residential Property Fund (URF)
and URF-related products, MoneyManagement says.

Representatives of Dixon Advisory were also found to have failed to
conduct a "reasonable investigation" of the clients' circ*mstances
before providing advice, MoneyManagement adds.

About Dixon Advisory

Both Dixon Advisory and E&P Operations were wholly owned
subsidiaries of E&P Financial Group Limited.

Dixon Advisory previously held an Australian Financial Services
licence and operated a financial advice business focused on
providing financial advice, investment advice, portfolio management
and superannuation administration services to retail clients.

As reported in the Troubled Company Reporter-Asia Pacific in
January 2022, E&P Financial Group's wholly owned subsidiary Dixon
Advisory and Superannuation Services (DASS) has appointed PwC
Partners Stephen Longley and Craig Crosbie as voluntary
administrators.According to themarketherald.com.au, E&P said the
appointment was made after the DASS directors determined mounting
actual and potential liabilities were likely to result in DASS
becoming insolvent at some future time.

On Dec. 16, 2022, a deed of company arrangement (DOCA) was passed
by Dixon Advisory's creditors, which among other things required
E&P Operations to pay an amount of AUD17,662,489 to Dixon Advisory
less a settlement adjustment for expenses incurred by E&P
Operations during the administration period.

ECHOSTAR CORP: Swings to $1.6 Billion Net Loss in 2023
------------------------------------------------------
Echostar Corporation filed with the Securities and Exchange
Commission its Annual Report on Form 10-K reporting a net loss of
$1.63 billion on $17.02 billion of total revenue for the year ended
Dec. 31, 2023, compared to net income of $2.53 billion on $18.63
billion of total revenue for the year ended Dec. 31, 2022.

As of Dec. 31, 2023, the Company had $57.11 billion in total
assets, $36.72 billion in total liabilities, $438.38 million in
redeemable noncontrolling interests, and $19.95 billion in total
stockholders' equity.

Denver, Colorado-based KPMG LLP, the Company's auditor since 2002,
issued a "going concern" qualification in its report dated Feb. 29,
2024, citing that the Company has debt maturing in 2024 and expects
to use a substantial amount of cash in the next twelve months. This
raises substantial doubt about its ability to continue as a going
concern.

A full-text copy of the Form 10-K is available for free at:

https://tinyurl.com/2r9mfde9

About EchoStar Corporation

EchoStar Corporation (Nasdaq: SATS) -- www.echostar.com -- is a
provider of technology, networking services, television
entertainment and connectivity, offering consumer, enterprise,
operator and government solutions worldwide under its EchoStar,
Boost Mobile, Boost Infinite, Sling TV, DISH TV, Hughes, HughesNet,
HughesON, and JUPITER brands.In Europe, EchoStar operates under
its EchoStar Mobile Limited subsidiary and in Australia, the
company operates as EchoStar Global Australia.

FRIENDLY HEARTS: First Creditors' Meeting Set for April 24
----------------------------------------------------------
A first meeting of the creditors in the proceedings of Friendly
Hearts Disability Services Pty Ltd will be held on April 24, 2024
at 11:00 a.m. at the offices of Cor Cordis, Level 29, 360 Collins
Street in Melbourne and via virtual meeting technology.

Shaun Matthews and Daniel P Juratowitch of Cor Cordis were
appointed as administrators of the company on April 12, 2024.

LGB & CO: Second Creditors' Meeting Set for April 24
----------------------------------------------------
A second meeting of creditors in the proceedings of LGB & Co Pty
Ltd has been set for April 24, 2024 at 10:00 a.m. via video
conference facilities.

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by April 23, 2024 at 5:00 p.m.

Kathleen Vouris and Richard Albarran of Hall Chadwick were
appointed as administrators of the company on March 13, 2024.

MESOBLAST LTD: G. George, 3 Others Report Stakes as of April 5
--------------------------------------------------------------
Gregory George, James George, Grant George and G to the Fourth
Investments, LLC disclosed in a Schedule 13G/A Report filed with
the U.S. Securities and Exchange Commission that as of April 5,
2024, they beneficially owned ordinary shares of Mesoblast Limited.
The Shares beneficially owned are as follows:

Reporting PersonShares OwnedPercent of Class

Gregory George157,014,23713.80%

James George3,500,0000.31%

Grant George5,000,0000.44%

G to the Fourth
Investments, LLC50,269,4494.42%

The ownership information represents beneficial ownership of
ordinary shares as represented by American Depositary Receipts by
the Reporting Persons as of April 5, 2024, based upon 1,137,611,751
ordinary shares of the issuer outstanding as of April 5, 2024.

Gregory George is the sole beneficial owner of 98,244,788 ordinary
shares, which include 6,830,602 ordinary shares underlying warrants
and 36,500,000 ordinary shares held in the form of American
Depositary Receipts.

Gregory George is a manager of G to the Fourth Investments, LLC and
has discretionary authority to vote and dispose of 50,269,449
ordinary shares held by G to the Fourth Investments, LLC. Gregory
George may be deemed to be the beneficial owner of these shares.

Gregory George has discretionary authority to vote and dispose of
3,500,000 ordinary shares held in the form of ADRs by his son James
George. Gregory George may be deemed to be the beneficial owner of
these shares.

Gregory George has discretionary authority to vote and dispose of
5,000,000 ordinary shares held in the form of ADRs by his son Grant
George. Gregory George may be deemed to be the beneficial owner of
these shares.

A full-text copy of the Report is available at
https://tinyurl.com/jpb5dfyx

About Mesoblast

Headquartered in Melbourne, Australia, Mesoblast Limited --
www.mesoblast.com -- is a developer of allogeneic (off-the-shelf)
cellular medicines for the treatment of severe and life-threatening
inflammatory conditions.The Company has leveraged its proprietary
mesenchymal lineage cell therapy technology platform to establish a
broad portfolio of late-stage product candidates which respond to
severe inflammation by releasing anti-inflammatory factors that
counter and modulate multiple effector arms of the immune system,
resulting in significant reduction of the damaging inflammatory
process. Mesoblast has locations in Australia, the United States
and Singapore and is listed on the Australian Securities Exchange
(MSB) and on the Nasdaq (MESO).

As of June 30, 2023, the Company had $669.41 million in total
assets, $167.58 million in total liabilities, an $501.84 million in
total equity.

Melbourne, Australia-based PricewaterhouseCoopers, the Company's
auditor since 2008, issued a "going concern" qualification in its
report dated Aug. 31, 2023, citing that the Company has net cash
outflows from operating activities and is dependent upon
implementing cost containment and deferment strategies and
obtaining additional funding from one or more sources to meet the
Company's projected expenditure consistent with its business
strategy, and has stated that these events or conditions result in
material uncertainty that may cast significant doubt (or raise
substantial doubt as contemplated by PCAOB standards) on the
Company's ability to continue as a going concern.

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CHINA EVERGRANDE: Hong Kong Regulator to Probe PwC Auditing Role
----------------------------------------------------------------
Bloomberg News reports that Hong Kong's accounting regulator said
it will investigate allegations over PricewaterhouseCoopers' role
auditing China Evergrande Group following a "whistleblower
report".

Bloomberg relates that the Accounting and Financial Reporting
Council (AFRC) said in a statement on April 19 the report that has
been circulating "expressed significant concerns" regarding
potential alleged deficiencies in PwC's systems of quality
management and the quality of its audits of Evergrande.

"Given the gravity of these allegations," the AFRC is "obliged to
initiate an investigation," it said.

According to Bloomberg, the probe comes after PwC on April 16 said
it will investigate an anonymous letter circulating on social media
that made "false allegations" about the company and its partners
over its role in auditing Evergrande. PwC Hong Kong has reported it
to relevant authorities, and is "treating this incident with high
priority," it said.

The auditing firm has been under the spotlight after China launched
one of the biggest investigations of financial fraud in history,
Bloomberg notes. Authorities said developer Evergrande's main
onshore unit overstated its revenue in the two years through 2020.
The government is examining PwC's role as a former auditor for the
real estate company, people familiar said in March.

The AFRC said it won't hesitate to take stringent enforcement
actions against any firms and individuals if they are found to have
committed any misconduct or violated the AFRC Ordinance, Bloomberg
relays.

PwC has run into trouble in other regions, Bloomberg says. It
pledged to boost governance controls in Australia over questions of
a serious conflict of interest in leaking government tax plans to
its clients. Its UK network was also fined US$7 million for
failures in auditing Babco*ck International Group.

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.

CITY SHOP: Supermarket Chain Shuts Due to Financial Issues
----------------------------------------------------------
Yicai Global reports that City Shop, a high-end supermarket chain
in Shanghai, closed permanently due to financial difficulties,
continuing the trend of brick-and-mortar stores shutting in China
since the start of the year.

Due to dire operating straits over recent years, City Shop decided
to wind up the company, it said in a notice obtained by Yicai from
an insider familiar with the matter on April 16. All outlets have
suspended operation, it added.

Ten time-honored department stores have shut or closed for
renovation in China since the start of the year, Yicai found.
Japanese retail titan Isetan Mitsukoshi Holdings will shut its
flagship department store in Shanghai's Westgate Mall on June 30
when its lease expires after 27 years of operations, it announced
on March 25, Yicai relays.

City Shop will resolve its remaining debt issues via legal means to
guarantee creditors' interests to the greatest extent after
suspending operations, it said. Employees' wages will be calculated
as of April 15, with their social insurance payments ending this
month, it noted, adding that their severance pay will be dealt with
in accordance with the law after the company's winding up,
according to Yicai.

Set up in 1995, City Shop was one of the biggest retailers of
imported food and daily necessities in the Yangtze River Delta. It
owned 10 outlets in Shanghai during its heyday but impacted by the
recent growth of e-commerce platforms and the Covid-19 pandemic,
only three were still running before its complete closure, Yicai
notes.

FORTUNE VALLEY: YCM CPA Raises Going Concern Doubt
--------------------------------------------------
Fortune Valley Treasures, Inc. disclosed in a Form 10-K Report
filed with the U.S. Securities and Exchange Commission for the
fiscal year ended December 31, 2023, that its auditor expressed
that there is substantial doubt about the Company's ability to
continue as a going concern.

Irvine, California-based YCM CPA, Inc., the Company's auditor since
2024, issued a "going concern" qualification in its report dated
April 15, 2024, citing that the Company has sustained net losses
from its operations and has experienced negative operating
cashflows in the current year, and the Company also reports an
accumulated deficit as of December 31, 2023, which raises
substantial doubt about its ability to continue as a going concern.

For the years ended December 31, 2023, and December 31, 2022, the
Company reported net losses of $4.3 million and $2.2,
respectively.

As of December 31, 2023, the Company had $6.2 million in total
assets, $4.3 million in total liabilities, and $2 million in total
stockholders' equity.

A full-text copy of the Company's Form 10-K is available at
https://tinyurl.com/3v6annzc

About Fortune Valley Treasures

Dongguan City, China-based Fortune Valley Treasures, Inc. was
incorporated in the State of Nevada on March 21, 2014. It engages
in the food supply chain through a service platform. Through
various acquisitions of high-quality upstream and downstream
companies in the industry, the Company creates a complete
industrial chain to reduce costs and enhance competitiveness. The
company mainly focuses on online and offline sales targeting
regional wholesalers, retailers, supermarkets and major food and
beverage chains.

REMARK HOLDINGS: Faces Delisting From NASDAQ
--------------------------------------------
Remark Holdings, Inc. reported in a Form 8-K filed with the
Securities and Exchange Commission that on April 8, 2024, The
Nasdaq Stock Market LLC issued a press release publicizing that it
would formally delist the common stock of the Company and file a
Form 25-NSE with the U.S. Securities and Exchange Commission, which
form was filed on April 9, 2024.

Trading of the Company's common stock on Nasdaq was previously
suspended at the opening of business on Feb. 14, 2024.The
Company's common stock currently trades on the OTCQX market under
the trading symbol MARK.

About Remark Holdings

Remark Holdings, Inc. (NASDAQ: MARK) --

http://www.remarkholdings.com-- is a diversified global technology
business with leading artificial intelligence and data-analytics,
as well as a portfolio of digital media properties.The Company's
innovative artificial intelligence ("AI") and data analytics
solutions continue to gain worldwide awareness and recognition
through comparative testing, product demonstrations, media
exposure, and word of mouth.The Company continues to see positive
responses and increased acceptance of its software and applications
in a growing number of industries.

The Company reported a net loss of $55.48 million for the year
ended Dec. 31, 2022, compared to net income of $27.47 million for
the year ended Dec. 31, 2021.As of Sept. 30, 2023, the Company
had $12.40 million in total assets, $45.32 million in total
liabilities, and a total stockholders' deficit of $32.92 million.

"Our history of recurring operating losses, working capital
deficiencies and negative cash flows from operating activities give
rise to, and management has concluded that there is, substantial
doubt regarding our ability to continue as a going concern.Our
independent registered public accounting firm, in its report on our
consolidated financial statements for the year ended December 31,
2022, has also expressed substantial doubt about our ability to
continue as a going concern.Our consolidated financial statements
do not include any adjustments that might result from the outcome
of this uncertainty," said Remark Holdings in its Quarterly Report
for the period ended Sept. 30, 2023.

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ACE INOTECH: Ind-Ra Assigns BB+ Term Rating, Outlook Stable
-----------------------------------------------------------
India Ratings and Research (Ind-Ra) has rated Ace Inotec
Manufacturing Pvt Ltd.'s (AIMPL) bank facilities as follows:

-- INR97.5 mil. Fund-based working capital limit assigned with
IND BB+/Stable/IND A4+ rating;

-- INR120 mil. Proposed fund-based working capital limit assigned

with IND BB+/Stable/IND A4+ rating; and

-- INR120 mil. Proposed term loan assigned with IND BB+/Stable
rating.

Analytical Approach

Ind-Ra has assessed the company on a standalone basis while
assigning the ratings.

Detailed Rationale of the Rating Action

The ratings reflect AIMPL's small scale of operations and high
customer concentration. The ratings also factor in the company's
debt-led capex plans of INR160 million during FY25, of which INR120
million is to be funded through a term loan and the balance through
internal accruals. Although the company's revenue will benefit with
the operationalization of capex, Ind-Ra expects the scale of
operations to remain small in the near-to-medium term.
Nevertheless, the agency expects the credit metrics to remain
comfortable in FY24 and FY25 despite the planned debt-led capex,
supported by healthy margins. The company's top five customers
accounted for 97% of its total revenue during 9MFY24 (FY23: 92%,
FY22: 98%), reflecting the highly concentrated customer base. Also,
the company does not have any hedging practices in place, and
remains exposed to currency fluctuations, which may impact its
profitability in case of any steep movement in the exchange rates
in the short term.

List of Key Rating Drivers

Weaknesses

- Small scale of operations
- Negative free cash flow in FY25 amid planned capex
- High customer concentration
- Exposure to currency fluctuation risk could impact
profitability

Strengths

- Healthy EBITDA margins
- Credit metrics likely to remain comfortable, despite planned
debt-led capex
- Experienced promoters

Detailed Description of Key Rating Drivers

Small Scale of Operations: AIMPL's revenue increased to INR620.80
million in FY23 (FY22: INR507.56 million) and grew at a CAGR of
23.69% over FY20-FY23, majorly on account of an increasing demand
from the existing customers and the firm's well-established
relationships. AIMPL achieved a revenue of INR650 million during
10MFY24. The company has an unexecuted orderbook position of
INR1,121 million as of February 2024, to be executed over the next
18 months. Further, the company has a planned capex pertaining to
the purchase and installation of machinery of INR160 million during
FY25, to be completed by end-August 2024. The machinery to be
purchased will be similar to the firm's existing machinery. The
management believes the capex will increase the overall
manufacturing capacity of the plant, which is required to meet the
rise in demand. The firm will also be able to produce maximum
components inhouse, which will ensure better quality in term of
customization of critical components. Ind-Ra expects the revenue to
improve on a year-on-year basis during FY24 and FY25, led by the
likely rise in demand.

Negative Free Cash Flow in FY25 Amid Planned Capex : Although the
company's free cash flows is likely to improve and turn positive in
FY24 in the absence of any significant capex; it is likely to turn
negative again in FY25 owing to the planned capex of INR160 million
during the year.

High Customer Concentration: AIMPL's top five customers accounted
for 97% of its total revenue during 9MFY24 (FY23: 92%, FY22: 98%).
Furthermore, the company derives about 54% of its total revenue
from a single customer. The majority of its customers are arms
manufacturers such as Israel Weapon Industries Ltd, Malhotrasons
Defense Private Limited and Caracal International LLC. However,
AIMPL has been focusing on expanding its client base in the
domestic as well as international market through expos and
exhibitions.

Exposure to Currency Fluctuation Risk Could Impact Profitability:
The company does not have any hedging practices in place, and
remains exposed to currency fluctuations, which may impact
profitability in case of any steep movement in the exchange rates
in the short term.

Healthy EBITDA Margins: The EBITDA margins were 12.24% in FY23
(FY22: 15.23%) with a return on capital employed of 15.2% (17.7%).
The decline in margins in FY24 was due to an increase in the cost
of goods sold. The EBITDA margins are highly susceptible to order
requirements and degree of customization needed by the customer,
among other factors such as bargaining power of customer and
development cost incurred by the company to improve its product
quality. Ind-Ra expects the margins to remain at similar levels in
FY24, given the nature of operations.

Credit metrics likely to remain comfortable, despite planned
debt-led capex: The net financial leverage (adjusted net
debt/operating EBITDAR) deteriorated to 2.55x in FY23 (FY22: 1.43x)
and interest coverage (operating EBITDA/gross interest expense) to
5.51x (9.41x) due to an increase in the net debt to INR160.4
million (INR89.68 million)resulting from increased working capital
limit requirement and the consequent increase in the interest
expense to INR13.79 million (INR8.22 million). The credit metrics
were comfortable despite the increase in net debt, supported by
healthy margins. Ind-Ra expects the credit metrics to improve in
FY24, supported by the increase in EBITDA and a likely decline in
AIMPL's net debt position. Further, the agency expects the credit
metrics to remain comfortable in FY25 despite the planned debt-led
capex, supported by healthy margins.

Experienced Promoters: AIMPL's promoters have more than a decade of
experience in manufacturing of precision and other machine
components, which has helped it establish strong relationships with
customers as well as suppliers.

Liquidity

Stretched

AIMPL's average maximum utilization of the fund-based limits was
around 98.9% during the 12 months ended January 2024. AIMPL does
not have any capital market exposure and relies on banks and
financial institutions to meet its funding requirements. The net
working capital cycle stood elongated at 113 days in FY23 (FY22: 78
days) primarily on account of a long inventory holding period of
124 days (89 days). The cash flow from operations turned negative
to INR39.06 million in FY23 (FY22: INR56.37 million) due to the
increasing working capital requirements with the rise in scale.
This, coupled with capex of INR31.66 million in FY23 (FY22:
INR33.49 million) caused the free cash flow to also turn negative
to INR70.72 million (INR22.88 million). The cash and cash
equivalents stood low at INR0.15 million at FYE23 (FYE22: INR1.38
million). The company has scheduled debt repayment obligations of
INR23.7 million, INR10.23 million and INR5.10 million in FY24, FY25
and FY26, respectively.

Rating Sensitivities

Negative: A decline in the scale of operations, leading to
deterioration in the credit metrics and/or any weakening of the
liquidity position, all on a sustained basis, will be negative for
the ratings.

Positive: A significant increase in the scale of operation while
maintaining the credit metrics and interest coverage sustaining
above 2.5x and an improvement in the liquidity position, all on a
sustained basis, will lead to a positive rating action.

About the Company

Incorporated in March 2013, AIMPL manufactures customized precision
and non-precision components, primarily used in defense and
aerospace, and medical and life science industries, among others.
The company is promoted by Vignesh L. and Jiby John.

ALUPAN COMPOSITE: CRISIL Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Alupan
Composite Panels Private Limited (ACPPL) continue to be 'CRISIL
D/CRISIL D Issuer Not Cooperating'.

Amount
Facilities(INR Crore)Ratings
----------------------------
Cash Credit14CRISIL D (Issuer Not
Cooperating)

Cash Credit2CRISIL D (Issuer Not
Cooperating)

Letter of Credit4CRISIL D (Issuer Not
Cooperating)

Proposed Long Term1CRISIL D (Issuer Not
Bank Loan FacilityCooperating)

CRISIL Ratings has been consistently following up with ACPPL for
obtaining information through letter and email dated March 15, 2024
among others, apart from telephonic communication. However, the
issuer has remained non cooperative.

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

Detailed Rationale

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

ACPPL was established in 2003, promoted by Mr Vinod Kumar Garg. The
company manufactures aluminium composite panels at its facility in
Haridwar, Uttarakhand.

AMARAVATHI TOURISM: CARE Keeps D Debt Rating in Not Cooperating
---------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Amaravathi
Tourism Projects Limited (ATPL) continues to remain in the 'Issuer
Not Cooperating' category.

Amount
Facilities(INR crore)Ratings
----------------------------
Long Term Bank7.90CARE D; ISSUER NOT COOPERATING
FacilitiesRating continues to remain
under ISSUER NOT COOPERATING
category

Rationale and key rating drivers

CARE Ratings Ltd. had, vide its press release dated January 19,
2023, placed the rating(s) of ATPL under the 'issuer
non-cooperating' category as ATPL had failed to provide information
for monitoring of the rating and had not paid the surveillance fees
for the rating exercise as agreed to in its Rating Agreement. ATPL
continues to be non-cooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated December 5, 2023, December 15, 2023, December
25, 2023.

In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.

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

Amaravathi Tourism Projects Limited (ATPL) was incorporated as a
public limited company on October 20, 2015. In 2017, ATPL
registered with the Government of Andhra Pradesh, Department of
Tourism. Mr. Akkineni Bhavani Prasad, Ms. Jammula Radhikamani and
Ms. Sameera Banu are the directors of the company. The company
proposes to establish a convention centre with a seating capacity
of 2000 people and a restaurant to cater to 250 people in
Vijayawada, Andhra Pradesh. The registered office and the proposed
property is located in Nidamanuru, Vijayawada.

ARMSTRONG APPAREL: Ind-Ra Moves BB Loan Rating to NonCooperating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Armstrong Apparel
Mills Private Limited's (AAMPL) bank facilities' ratings to the
non-cooperating category. The issuer did not participate in the
rating exercise despite continuous requests and follow-ups by the
agency through phone calls and emails. The rating is based on the
best available information. Therefore, investors and other users
are advised to take appropriate caution while using the rating.

The instrument-wise rating actions are:

-- INR290 mil. Fund-based working capital limit migrated to non-
cooperating category with IND BB/Stable (ISSUER NOT
COOPERATING)/IND A4+ (ISSUER NOT COOPERATING) rating;

-- INR141.83 mil. Term loan due on February 2027 migrated to non-
cooperating category with IND BB/Stable (ISSUER NOT
COOPERATING) rating; and

-- INR210 mil. Proposed fund-based facilities migrated to non-
cooperating category with IND BB/Stable (ISSUER NOT
COOPERATING)/IND A4+ (ISSUER NOT COOPERATING) rating.

Note: ISSUER DID NOT COOPERATE; based on the best available
information. The ratings were last reviewed on February 8, 2023.
Ind-Ra is unable to provide an update, as the agency does not have
adequate information to review the ratings.

Detailed Rationale of the Rating Action

The ratings have been migrated to the non-cooperating category in
accordance with Ind-Ra's policy of 'Guidelines on What Constitutes
Non-cooperation'.

Non-Cooperation by the Issuer

Ind-Ra has not received adequate information and has not been able
to conduct management interaction with AAMPL while reviewing the
ratings. Ind-Ra had consistently followed up with AAMPL over emails
starting from November 29, 2023, apart from phone calls.

Limitations regarding Information Availability

Ind-Ra has reviewed the of the credit ratings of AAMPL on the basis
of best available information and is unable to provide a
forward-looking credit view. Hence, the current outstanding rating
might not reflect AAMPL's credit strength. If an issuer does not
provide timely business and financial updates to the agency, it
indicates weak governance, particularly in 'Transparency of
Financial Information'. The agency may also consider this as
symptomatic of a possible disruption / distress in the issuer's
credit profile. Therefore, investors and other users are advised to
take appropriate caution while using these ratings.

About the Company

AAMPL was incorporated on December 19, 2019. Promoted by E.
Palanisamy, it manufactures and exports knitted ready-made
garments. AAMPL manufactures a wide range of products such as
knitted garments for men and children. The company's customer base
includes clients of its group company, AAMPL has the capacity to
manufacture more than 10.8 million knitted garment pieces
annually.

ARMSTRONG TEXTILES: Ind-Ra Moves BB+ Loan Rating to NonCooperating
------------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Armstrong Textiles
Processing Private Limited's (ATPPL) bank facilities' ratings to
non-co-operating category. The issuer did not participate in the
rating exercise despite continuous requests and follow-ups by the
agency through emails and phone calls. Thus, the rating is based on
the best available information. The rating will now appear as 'IND
BB+/Stable (ISSUER NOT COOPERATING)' on the agency's website.
Therefore, investors and other users are advised to take
appropriate caution while using the rating.

The instrument-wise rating actions are:

-- INR12.5 mil. Fund-based working capital limit migrated to non-
cooperating category with IND BB+/Stable (ISSUER NOT
COOPERATING)/IND A4+ (ISSUER NOT COOPERATING) rating; and

-- INR166.85 mil. Term Loan due on February 2027 migrated to non-
cooperating category with IND BB+/Stable (ISSUER NOT
COOPERATING) rating.

Note: Issuer did not cooperate; based on best available
information

The ratings were last reviewed on February 8, 2023. Ind-Ra is
unable to provide an update, as the agency does not have adequate
information to review the ratings.

Analytical Approach

Not applicable

Detailed Rationale of the Rating Action

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

Non-Cooperation by the Issuer

Ind-Ra has not received adequate information and has not been able
to conduct management interaction with ATPPL while reviewing the
ratings. Ind-Ra had consistently followed up with ATPPL over emails
starting from 29 November 2023, apart from phone calls.

Limitations regarding Information Availability
Ind-Ra has reviewed the of the credit ratings of ATPPL on the basis
of best available information and is unable to provide a forward
looking credit view. Hence, the current outstanding rating might
not reflect ATPPL's credit strength. If an issuer does not provide
timely business and financial updates to the agency, it indicates
weak governance, particularly in 'Transparency of Financial
Information'. The agency may also consider this as symptomatic of a
possible disruption/distress in the issuer's credit profile.
Therefore, investors and other users are advised to take
appropriate caution while using these ratings.

About the Company

ATPPL is engaged in the fabric dyeing business. It has a total
dyeing installed capacity of 12,000kg of fabric dyeing per day.
Besides, ATPPL has an effluent treatment plant capacity totaling to
700 kiloliters per day, along with an imported machine with 24 tons
capacity per day for drying and heat-treating fabric after wet
processing.

BHUMI PLASTIC: CRISIL Keeps D Debt Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Bhumi Plastic
Pipes Private Limited (BPPPL) continue to be 'CRISIL D/CRISIL D
Issuer Not Cooperating'.

Amount
Facilities(INR Crore)Ratings
----------------------------
Bank Guarantee1CRISIL D (Issuer Not
Cooperating)

Cash Credit4.25CRISIL D (Issuer Not
Cooperating)

Long Term Loan4.75CRISIL D (Issuer Not
Cooperating)

CRISIL Ratings has been consistently following up with BPPPL for
obtaining information through letter and email dated March 15, 2024
among others, apart from telephonic communication. However, the
issuer has remained non cooperative.

Detailed Rationale

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

BPPPL, commenced operations from October 2017 at Guntur (Andhra
Pradesh), manufactures polyvinyl chloride pipes and high-density
polyethylene pipes with capacity of 7,200 tonne per year.

BUDS TEA: CRISIL Keeps D Debt Ratings in Not Cooperating Category
-----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Buds Tea
Industries Limited (BITL) continue to be 'CRISIL D/CRISIL D Issuer
Not Cooperating'.

Amount
Facilities(INR Crore)Ratings
----------------------------
Bank Guarantee2CRISIL D (Issuer Not
Cooperating)

Cash Credit20CRISIL D (Issuer Not
Cooperating)

Long Term Loan8.75CRISIL D (Issuer Not
Cooperating)

CRISIL Ratings has been consistently following up with BITL for
obtaining information through letter and email dated March 15, 2024
among others, apart from telephonic communication. However, the
issuer has remained non cooperative.

Detailed Rationale

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

BITL, established in 2006, manufactures and trades in the CTC
variety of tea, and has a plant near Jalpaiguri, West Bengal.

BYJU'S: NCLT Grants One Week to Settle Payment Dispute
------------------------------------------------------
Livemint.com reports that the National Company Law Tribunal (NCLT),
Bengaluru bench, on April 18 granted Byju's a week to negotiate a
settlement with Teleperformance Business Services regarding its
payment default, aimed at preventing new insolvency proceedings
against the struggling edtech firm.

Teleperformance Business Services, an operational creditor, had
initiated insolvency proceedings after Byju's failed to make a INR5
crore payment. Byju's senior counsel, Promod Nair, requested
additional time from the tribunal to reach an agreement with
Teleperformance Business Services, Livemint.com relates.

According to Livemint.com, Byju's has acknowledged the default and
agreed to a structured payment plan: an initial payment of INR1.5
crore, followed by subsequent payments of INR2 crore and INR2.2
crore.

Livemint.com says Justices K Biswal and Manoj Kumar Dubey were
hearing Section 9 of the insolvency petition filed by
Teleperformance against Byju's for non-payment of dues. Section 9
allows an operational creditor to initiate an insolvency process
against a company due to a default.

Sukrit Kapoor, the counsel representing Teleperformance, cited an
agreement that formed the basis of the dispute. Kapoor noted that
Byju's began defaulting on its payments starting April 14, 2023. He
added that the default involved INR5.3 crore at an annual interest
rate of 18%, as stipulated in the agreement, Livemint.com relays.

Teleperformance provides business processing outsourcing services
to Byju's, specifically for call centre-related services under the
agreement.

In October 2023, Byju's was also issued a demand notice, which was
served to the directors and at the registered offices of the
company, Livemint.com recalls. Byju's did not dispute the claims.

Although Byju's claimed to have made an initial payment of INR1.5
crore, Teleperformance has contested this claim.

Livemint.com notes that the tribunal, while allowing time for the
parties to finalize their settlement, has scheduled a final hearing
for April 30.

About Byju's

Based in Bengaluru, Karnataka, India, Byju's operates an online
learning platform intended to deliver engaging and accessible
education. The company's platform makes use of original content,
watch-and-learn videos, animations, and interactive simulations
that make learning contextual, visual, and practical, enabling
students to receive a personalized educational experience.

As reported in the Troubled Company Reporter-Asia Pacific, the
Enforcement Directorate, India's federal financial crime-fighting
agency, issued a show-cause notice to education tech company Byju's
for alleged violations of foreign exchange rules, the agency said
in a statement on Nov. 11, 2023.

Reuters said the agency alleged violations by the company worth
over INR93 billion ($1.12 billion) under the Foreign Exchange
Management Act (FEMA), and has sent notices to founder Byju
Raveendran and parent company Think & Learn Pvt Ltd. Byju's
violated FEMA norms by not submitting documents of imports against
advance remittances made outside India, and failing to realize
proceeds of exports, the Enforcement Directorate said. The company
also delayed filing of documents against the foreign investment
received and failed to allot shares against these, it added.

The TCR-AP, citing Moneycontrol, reported on Jan. 26, 2024, that
foreign lenders, who collectively extended more than 85% of Byju's
$1.2 billion term loan, have filed an insolvency petition against
the online tutor in India, people directly aware of the development
said.Moneycontrol related that the bankruptcy petition was filed
in January 2024 in the Bengaluru bench of the National Company Law
Tribunal (NCLT), the people said, requesting anonymity.

As reported in the Troubled Company Reporter-Asia Pacific on Feb.
5, 2024, a U.S. unit of Byju's has filed for Chapter 11 bankruptcy
proceedings in the U.S. court of Delaware, listing liabilities in
the range of $1 billion to $10 billion.Byju's Alpha unit listed
its assets in the range of $500 million to$1 billion, according
to a court filing, which showed estimated creditors in the range of
100 to 199, according to Reuters.

DROPADI INDUSTRIES: CARE Keeps D Debt Rating in Not Cooperating
---------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Dropadi
Industries (DI) continues to remain in the 'Issuer Not Cooperating'
category.

Amount
Facilities(INR crore)Ratings
----------------------------
Long Term Bank5.40CARE D; ISSUER NOT COOPERATING
FacilitiesRating continues to remain
under ISSUER NOT COOPERATING
category

Rationale and key rating drivers

CARE Ratings Ltd. had, vide its press release dated January 17,
2023, placed the rating(s) of DI under the 'issuer non-cooperating'
category as DI had failed to provide information for monitoring of
the rating and had not paid the surveillance fees for the rating
exercise as agreed to in its Rating Agreement. DI continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
December 3, 2023, December 13, 2023, December 23, 2023.

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

Dropadi Industries (DI) was established in the year 1984 by Mr.
Anil Kejriwal with his father and brother as partners. Presently
Mr. Anil Kejriwal, Mr. Archit Kejriwal and Mr. Akshat Kejriwal are
managing the firm as partners. The firm is engaged in trading and
processing of wheat to manufacture different forms of flour such as
Maida, Rawa, Suji, and wheat flour (atta) at its plant located at
Vasai, Maharashtra.

EDIZ CERAMIC: CRISIL Keeps C Debt Ratings in Not Cooperating
------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Ediz Ceramic
Private Limited (ECPL) continue to be 'CRISIL C/CRISIL A4 Issuer
Not Cooperating'.

Amount
Facilities(INR Crore)Ratings
----------------------------
Bank Guarantee1.06CRISIL A4 (Issuer Not
Cooperating)

Cash Credit2.75CRISIL C (Issuer Not
Cooperating)

Proposed Long Term2.86CRISIL C (Issuer Not
Bank Loan FacilityCooperating)

Term Loan2.33CRISIL C (Issuer Not
Cooperating)

CRISIL Ratings has been consistently following up with ECPL for
obtaining information through letter and email dated March 15, 2024
among others, apart from telephonic communication. However, the
issuer has remained non cooperative.

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of ECPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on ECPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
ECPL continues to be 'CRISIL C/CRISIL A4 Issuer Not Cooperating'.

Set up in May 2013 as Florim Ceramic Pvt Ltd by Morbi-based Kalaria
family and renamed ECPL, following a change in management December
2014 (acquired by Mr Bishan), the company manufactures ceramic wall
tiles. The company has been taken over by Mr Pravin Patel and Mr
Dhirajlal Aghara and their family members, in 2017.

ELITE INFRAPROJECTS: CARE Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Elite
Infraprojects Private Limited (EIPL) continue to remain in the
'Issuer Not Cooperating' category.

Amount
Facilities(INR crore)Ratings
----------------------------
Long Term Bank9.50CARE D; ISSUER NOT COOPERATING
FacilitiesRating continues to remain
under ISSUER NOT COOPERATING
category

Short Term Bank6.00CARE D; ISSUER NOT COOPERATING
FacilitiesRating continues to remain
under ISSUER NOT COOPERATING
category

Rationale and key rating drivers

CARE Ratings Ltd. had, vide its press release dated January 31,
2023, placed the rating(s) of EIPL under the 'issuer
non-cooperating' category as EIPL had failed to provide information
for monitoring of the rating and had not paid the surveillance fees
for the rating exercise as agreed to in its Rating Agreement. EIPL
continues to be non-cooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated December 17, 2023, December 27, 2023, January 6,
2024.

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

EIPL was incorporated in the year 2009 by Mr. B Narsimha Reddy and
Mr. B Nagi Reddy. The company is engaged in the execution of civil
construction works such as laying of roads, canal irrigation works
and other civil works for both government and private
organisations. EIPL mainly undertakes projects for government and
private organisations.

EXCELL TECHNOLOGY: Ind-Ra Assigns BB+ Term Loan Rating
------------------------------------------------------
India Ratings and Research (Ind-Ra) has rated Excell Technology
Ventures Private Limited's (ETVPL) proposed bank loan as follows:

-- INR100.00 mil. Proposed term loan due on March 31, 2030
assigned with IND BB+/ Stable rating.

Analytical Approach

Ind-Ra has assessed the company on a standalone basis to assign the
rating.

Detailed Rationale of the Rating Action

The ratings reflect ETVPL's small scale of operations, as indicated
by revenue of INR787.44 million in FY23 (FY22: INR330.35 million).
Ind-Ra expects the revenue to continue to improve in the medium
term due to a likely improvement in the performance of the used car
sale segment. The ratings are constrained by the cyclical nature of
the auto industry and intense competition in the user car market.
ETVPL reported healthy EBITDA margins of 5.04% in FY23 (FY22:
8.43%), with ROCE of 103.50% (230.80%). In FY23, the margins
declined because of an increase in the revenue share of the used
car sale segment, which yields lower profitability compared to
commission income. ETVPL did not have any bank facilities
outstanding at FYE23. ETVPL plans to avail a term loan for
expanding the infrastructure of the office. However, ETVPL's credit
metrics are likely to be remain modest due to the likely
improvement in EBITDA and scheduled repayment of term loan.

List of Key Rating Drivers

Weaknesses

-- Small scale of operations

-- Cyclical nature of auto industry; intense competition

Strengths

-- Healthy EBITDA margins

-- Modest credit metrics

-- Experienced promoters

Detailed Description of Key Rating Drivers

Small Scale of Operations: ETVPL's revenue increased to INR787.44
million in FY23 (FY22: INR330.35 million) due to a rise in the
income from the used cars segmentto INR732.17 million ( INR277.86
million). Ind-Ra expects the revenue to improve further in the
medium term due to continued improvement in the performance of the
used car sale segment.

Cyclical Nature of the Auto Industry; Intense Competition: EVTPL
operates in the auto industry, which is susceptible to
macro-economic factors. Furthermore, its operations remain
dependent on the sales of used cars, and the intense competition in
this segment might keep EVTPL's margins at lower levels. Also,
EVTPL's operations are concentrated in Maharashtra, and any adverse
developmentsin the state could impact the company's performance.

Healthy EBITDA margins: ETVPL's EBITDA margins fell to 5.04% in
FY23 (FY22: 8.43%) owing to the increased revenue share of the used
car sale segment, which offers lower profitability. The ROCE was
103.50% in FY23 (FY22: 230.80%).However, the operating EBITDA
increased to INR39.67 million in FY23 (FY22: INR27.85 million) due
to the increase in the top line. Ind-Ra expects the EBITDA margins
to decline further in the medium term, considering the likelihood
of continued increase in the revenue share of used car sales.

Modest Credit Metrics: ETVPL did not have any debtat FYE23.
Furthermore, despite the proposed term loan for capex in FY24,
ETVPL's credit metrics are likely to be remain modest due to the
likely improvement in EBITDA and scheduled repayment of term loan.

Experienced Promoters: ETVPL's promoters have an experience of
nearly a decade in the automobile industry, whichhas helped the
company establish strong relationships with customers as well as
suppliers.

Liquidity

Stretched

ETVPL did not have any bank facility outstanding in FY23.The
company does not have any capital market exposure and relies on
banks and financial institutions to meet its funding requirements.
The cash flow from operations fell to INR7.33 million in FY23
(FY22: INR14.54 million) due to deterioration in the working
capital cycle to 21 days (10 days), resulting from a decline in
creditor days to 24 days (107 days). Consequently, despite the
absence of capex, the free cash flow declined to INR7.33 million in
FY23 (FY22: INR14.26 million). The cash and cash equivalents stood
at INR8.61 million at FYE23 (FYE22: INR10.66 million). ETVPL has
scheduled debt repayments ofINR19.20 million each in FY25 and
FY26.

Rating Sensitivities

Negative: A decline in the scale of operations, leading to
deterioration in the overall credit metrics and/or a further
pressure on the liquidity position, all on a sustained basis could
lead to a negative rating action.

Positive: A substantial increase in the scale of operations, along
with an improvement in the overall credit metrics, keeping the
leverage (total adjusted net debt/operating EBITDAR) below 3.5x, on
sustained basis, and an improvement in the liquidity profile, all
on a sustained basis, could lead to a positive rating action.

About the Company

Incorporated in 2013, ETVPL is engaged in the trading of used cars
and also provides business marketing services to insurance
companies. Promoted by Madhup Agarwal and family, ETVPL is located
in Navi Mumbai,Maharashtra.

GAGAN AGRO: CRISIL Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Gagan Agro &
Rice Exporters (GARE) continue to be 'CRISIL D Issuer Not
Cooperating'.

Amount
Facilities(INR Crore)Ratings
----------------------------
Cash Credit4.5CRISIL D (Issuer Not
Cooperating)

Cash Credit5CRISIL D (Issuer Not
Cooperating)

Pledge Loan5CRISIL D (Issuer Not
Cooperating)

Proposed Fund-26.41CRISIL D (Issuer Not
Based Bank LimitsCooperating)

Term Loan9.09CRISIL D (Issuer Not
Cooperating)

CRISIL Ratings has been consistently following up with GARE for
obtaining information through letter and email dated March 15, 2024
among others, apart from telephonic communication. However, the
issuer has remained non cooperative.

Detailed Rationale

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

Established in 2014, GARE mills, processes, and exports Basmati
rice. It is a partnership firm promoted by Mr. Sumit Singla, Mr.
Rahul Garg, and Mrs Amandeep Kaur. Its manufacturing unit at
Badrukhan in Sangrur, Punjab, has an installed rice milling
capacity of 5000 tonnes per month. The unit commenced operations in
January 2015.

GENGA MILLS: CARE Keeps D Debt Rating in Not Cooperating Category
-----------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Sree Genga
Mills Private Limited (SGMPL) continue to remain in the 'Issuer Not
Cooperating' category.

Amount
Facilities(INR crore)Ratings
----------------------------
Long Term Bank9.94CARE D; ISSUER NOT COOPERATING
FacilitiesRating continues to remain
under ISSUER NOT COOPERATING
category

Rationale and key rating drivers

CARE Ratings Ltd. had, vide its press release dated January 27,
2023, placed the rating(s) of SGMPL under the 'issuer
non-cooperating' category as SGMPL had failed to provide
information for monitoring of the rating and had not paid the
surveillance fees for the rating exercise as agreed to in its
Rating Agreement. SGMPL continues to be noncooperative despite
repeated requests for submission of information through e-mails,
phone calls and a letter/email dated December 13, 2023, December
23, 2023, January 2, 2024.

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

Tamil Nadu based, Sree Genga Mills Private Limited (SGMPL) was
established as a partnership firm in 1993 by 9 partners and later
in 2005, the constitution of the entity was changed to private
limited. The company is managed by R. Srinivasan. The company is
engaged in spinning of cotton yarn (20 to 60 counts) with a total
installed capacity of 12,096 spindles with a total production
capacity of 3200 kg/day as on October 2020. Located at Sattur,
Tamil Nadu, SGMPL has its customer base in Tamil Nadu and
Maharashtra. SGMPL purchases raw cotton mainly from dealers based
at Warangal (Telangana) and Raichur (Karnataka).

GRT HOTELS: Ind-Ra Cuts Loan Rating to BB, Outlook Stable
---------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded GRT Hotels and
Resorts Private Limited's (GRT Hotels) bank facility ratings to
'IND BB/Stable (ISSUER NOT COOPERATING)' from 'IND BBB+/Stable
(ISSUER NOT COOPERATING)'. The issuer did not participate in the
rating exercise despite continuous requests and follow-ups by the
agency through emails and phone calls.

The detailed rating actions are:

-- INR250 mil. Fund-based working capital limit downgraded with
IND BB/Stable (ISSUER NOT COOPERATING) rating; and

-- INR70.83 mil. Term loan due on May 2, 2029 downgraded with IND

BB/Stable (ISSUER NOT COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The issuer did not cooperate, based
on the best available information.

Detailed Rationale of the Rating Action

The downgrade is in accordance with Ind-Ra's Guidelines on What
Constitutes Non-Cooperation. As per the guidelines, if an issuer
has an investment grade rating outstanding while being
noncooperative for more than six months with Ind-Ra, then Ind-Ra
will necessarily downgrade such rating to the non-investment grade,
while maintaining the Issuer Not Cooperating status.

Non-Cooperation by the Issuer

Ind-Ra has not received adequate information and has not been able
to conduct management interaction with GRT Hotels while reviewing
the ratings. Ind-Ra had consistently followed up with the company
over emails starting from August 2023, apart from phone calls. The
issuer has also not been submitting their monthly No Default
Statement since August 2023.

Limitations regarding Information Availability

Ind-Ra has reviewed the credit ratings of GRT Hotels on the basis
of best available information and is unable to provide a
forward-looking credit view. Hence, the current outstanding rating
might not reflect GRT Hotels' credit strength. Therefore, investors
and other users are advised to take appropriate caution while using
these ratings. GRT Hotels has been non-cooperative with the agency
since September 28, 2023.

About the Company

Incorporated on November 23, 1990, GRT Hotels operates 16 hotels
across Tamil Nadu, Karnataka, Andhra Pradesh and Telangana; of
which seven are owned properties, seven are on a long-term license
and two under operating arrangements.

HOSPITALITY EDUCATION: CARE Keeps D Debt Rating in Not Cooperating
------------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of
Hospitality Education Services International (HESI) continue to
remain in the 'Issuer Not Cooperating' category.

Amount
Facilities(INR crore)Ratings
----------------------------
Short Term Bank11.50CARE D; ISSUER NOT COOPERATING
FacilitiesRating continues to remain
under ISSUER NOT COOPERATING
category

Rationale and key rating drivers

CARE Ratings Ltd. had, vide its press release dated January 23,
2023, placed the rating(s) of HESI under the 'issuer
non-cooperating' category as HESI had failed to provide information
for monitoring of the rating and had not paid the surveillance fees
for the rating exercise as agreed to in its Rating Agreement. HESI
continues to be non-cooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated December 9, 2023, December 19, 2023, December
29, 2023.

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

Hospitality Education Services International (HESI) was established
in 2002 by Mr. Rohit Bhatia as a proprietorship firm to provide
education in hotel management. HESI are running its institutes
under the brand name of RIG Institute of Hospitality & Management
since 2007. HESI are also engaged in providing consultancy to
various hospitality management colleges like Hotel and Tourism
Management Institute (HTMi), Switzerland. HES have campuses at
three locations that is Greater Noida, Dwarka and Rohini. The
courses offered by HES are specifically designed for hotel
management and recognized by Indira Gandhi National Open University
(IGNOU).

HYDROPOWER LIMITED: Ind-Ra Gives BB+ Loan Rating, Outlook Stable
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has rated OM Hydropower
Limited's (OHL) term loan as follows:

-- INR500 mil. Term loan due on October 15, 2048 assigned with
IND BB+/Stable rating.

Analytical Approach

Ind-Ra has analyzed the standalone credit profile of OHL while
assigning the rating, while factoring in the strong legal linkages
with Pioneer Power Corporation Limited (PPCL, 'IND BB+'/Negative;
holds 45.17% stake) and Pioneer Genco Limited (PGL, 'IND
BB+'/Negative; holds 49% stake) considering the corporate guarantee
extended by PPCL and PGL to the project.

The rating reflects the inherent risks of hydro projects, as well
as the weakening of credit profile of PPCL and PGL. However, the
rating is supported by the presence of a long-term fixed-tariff
power purchase agreement (PPA) with Himachal Pradesh State
Electricity Board Limited (HPSEBL), regular payments from the
off-taker and presence of a two quarter of debt service reserve
(DSR).

Detailed Description of Key Rating Drivers

Moderate Sponsor Profile:PPCL and PGL, each, own two 24.75MW
small hydro power plant in Karnataka, operational for more than 11
years. The entire capacity of PGL and one unit of PPCL have been
tied under a long-term PPA with Bangalore Electricity Supply
Company Limited while power from the second unit of PPCL is sold
under merchant basis. PPCL and PGL have extended corporate
guarantee to OHL until 20% of the loan is repaid. The agency notes
the weakening of credit profile of PPCL and PGL on account of
subdued generation in their hydro projects and deterioration of
credit profile of their parent company, Penna Cement Industries
Limited ('IND BBB-'/Rating Watch with Negative Implications/'IND
A3'/Rating Watch with Negative Implications) during 8MFY24 and FY23
on account of continued weakness in the consolidated operational
performance and strained liquidity position.

Moderate Debt Structure: OHL availed project debt of about INR500
million towards replacement of unsecured loan in the project. The
term loan would be amortized in 99 structured quarterly
instalments, beginning April 2024 and ending in October 2048.
Considering the 40-year contract period, the project has a tail
period of five years. OHL has created a DSR, equivalent to two
quarters of debt obligations as required under the sanction terms,
in the form of a fixed deposit. The debt terms also feature the
lender's right for a cash sweep of 50% of the surplus cash.

Moderate Operating Risk: The rating is constrained by power
generation volatility associated with hydropower projects, given
their dependence on rainfall and snowfall for power generation.
Although the operations of the project are handled by in-house
operations and maintenance team of experienced professionals,
efficient operations of the plant within the projected costs is of
paramount importance to the rating. Any substantial increase in
operating expenses, beyond Ind-Ra's base case estimates, could
impact the rating.

Long Operational Track Record: OHL has set up 2x7.5MW hydroelectric
project in Bundla village, Kangara district, Himachal Pradesh. The
plant achieved commercial operations date in 2013 and has been
operational for about 11 years. OHL's plant load factor was 42% for
the trailing 12 months ended December 2023 (FY23: 37%; FY22: 39%).

Long-term PPA Secures Cash Flows: OHL had entered into a 40-year
PPA with HPSEBL at a fixed tariff of INR2.25/unit for the entire
capacity. However, the tariff was revised to INR2.31/unit vide
Himachal Pradesh Electricity Regulatory Commission tariff order
dated 28 April 2016. The presence of a long-term PPA assures cash
flows to the project and largely mitigates the revenue risk. In
FY23, the average receivable period from the invoice date from
HPSEB was 46 days (FY22: 37 days). Overall, Ind-Ra considers the
revenue risk associated with the project to be low.

Liquidity Indicator - Adequate: The project has an average debt
service coverage ratio (DSCR) of above 1.1x over the debt tenor
according to Ind-Ra's base case projections. The DSCR will be about
1.0x over FY31-FY34 based on Ind-Ra's assumptions but the available
internal liquidity provides some comfort. As of February 8, 2024,
the total liquidity (including free cash, fixed deposits and a
two-quarter DSR) available with the company was INR40.9 million,
which is equivalent to about 19 months of debt servicing
obligations. Further, OHL created a DSR, equivalent to two quarters
of debt obligations, in the form of fixed deposits in December
2023, within timelines, as per management. An increase in the
internal liquidity to manage the seasonal variations in power
generation such that the DSR is not used for such purpose will be
positive for the rating.

Rating Sensitivities

Positive: The following developments could collectively lead to a
positive rating action:

- operational and financial performance better than Ind-Ra's base
case estimates;

- an improvement in the credit quality of the promoter group
company.

Negative: The following developments could, individually or
collectively, lead to a negative rating action:

- operational and financial performance being weaker than Ind-Ra's
base case estimates;

- any significant payment delays beyond 90 days by the off-taker
on a sustained basis;

- a depletion of the DSR and liquidity;

- the absence of the timely financial support from the promoter
group.

About the Company

OHL has set up 2x7.5MW hydroelectric project in Kangara district of
Himachal Pradesh. The plant is located on the left bank of Neogal
Khad river, a tributary of Beas river. It is a perennial
snow-fed/glacier-fed river, which emanates from the southern slopes
of Dhauladhar snow ranges.

INDO FABRICS: CARE Keeps D Debt Rating in Not Cooperating Category
------------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Indo
Fabrics (IF) continue to remain in the 'Issuer Not Cooperating'
category.

Amount
Facilities(INR crore)Ratings
----------------------------
Long Term Bank13.84CARE D; ISSUER NOT COOPERATING
FacilitiesRating continues to remain
under ISSUER NOT COOPERATING
category

Rationale and key rating drivers

CARE Ratings Ltd. had, vide its press release dated February 10,
2023, placed the rating(s) of IF under the 'issuer non-cooperating'
category as IF had failed to provide information for monitoring of
the rating and had not paid the surveillance fees for the rating
exercise as agreed to in its Rating Agreement. IF continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
December 27, 2023, January 6, 2024, January
16, 2024.

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

Indo Fabrics (IFB) is a proprietorship concern established in the
year 1999 by Mrs. Indumathi. The firm is primarily engaged in the
manufacture of grey fabrics. Mrs. Indumathi is supported by her
husband Mr. Palanisamy in handling the operations. IFB has two
divisions namely sizing division and weaving division. It has 36
sulzer looms in the weaving division and 700 power looms. As of
September 2021, IFB has installed capacity of 2500 kg/day for yarn
sizing and 13 lakh meter/month for manufacturing of grey fabrics.
The firm has its manufacturing unit at Sommanur, Coimbatore.

KLN MOTORS: CARE Keeps D Debt Rating in Not Cooperating Category
----------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of KLN Motors
Agencies Private Limited (KMAPL) continue to remain in the 'Issuer
Not Cooperating' category.

Amount
Facilities(INR crore)Ratings
----------------------------
Long Term Bank5.14CARE D; ISSUER NOT COOPERATING
FacilitiesRating continues to remain
under ISSUER NOT COOPERATING
category

Rationale and key rating drivers

CARE Ratings Ltd. had, vide its press release dated January 31,
2023, placed the rating(s) of KMAPL under the 'issuer
non-cooperating' category as KMAPL had failed to provide
information for monitoring of the rating and had not paid the
surveillance fees for the rating exercise as agreed to in its
Rating Agreement. KMAPL continues to be non-cooperative despite
repeated requests for submission of information through e-mails,
phone calls and a letter/email dated December 17, 2023, December
27, 2023, January 6, 2024.

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

KMAPL, incorporated in 2007 belongs to KTC group of companies.
KMAPL was an authorized dealer of General Motors India Limited (GM)
since inception. The company was a service provider of GM, after
the exit of GM in May 2017 it has taken up the dealership of
passenger cars of Tata Motors Limited (TM) from August 2017. KMAPL
has one showroom at Ekkattuthangal for sale of cars & spares and
service of TM and GM cars. KTC group has diversified line of
business including automobile dealership (Two wheelers, Four
Wheelers), chemicals trading business which includes engineering
and plastic chemicals.

KUBER METPACK: CARE Keeps D Rating in Not Cooperating Category
--------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Kuber
Metpack Private Limited (KMPL) continue to remain in the 'Issuer
Not Cooperating' category.

Amount
Facilities(INR crore)Ratings
----------------------------
Long Term Bank16.00CARE D; ISSUER NOT COOPERATING
FacilitiesRating continues to remain
under ISSUER NOT COOPERATING
category

Rationale and key rating drivers

CARE Ratings Ltd. had, vide its press release dated January 19,
2023, placed the rating(s) of KMPL under the 'issuer
non-cooperating' category as KMPL had failed to provide information
for monitoring of the rating and had not paid the surveillance fees
for the rating exercise as agreed to in its Rating Agreement. KMPL
continues to be noncooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated December 5, 2023, December 15, 2023, December
25, 2023.

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

New Delhi-based Kuber Metpack Private Limited (KMPL) (formerly
Kevin Metpack Private Limited) was incorporated in November 2007 by
Mr Vikas Malu and his family members. The company is a part of
Kuber Group which is engaged in manufacturing of tobacco products,
rental leasing, hotel, spices and others. The company manufacture
metallized cast polypropylene and polyethylene terephthalate shrink
film, and thermoforming grade polyester for the packaging industry.
The company commenced commercial production in 2013. KMPL
manufacturing facilities are based out in Delhi and Gandhi Nagar
(Gujarat).

KUMAR SINEW: Ind-Ra Affirms D NonConvertible Debts Rating
---------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Kumar Sinew
Developers Private Limited's (KSDPL) non-convertible debentures'
(NCDs) rating as follows:

-- INR1,794.00 bil. Non-convertible debentures* ISIN INE994K07079

issued on March 17, 2016 coupon rate 14.80% due on December
31, 2023 affirmed with IND D rating.

*Details in Annexure I

Analytical Approach

Ind-Ra continues to take a standalone view of KSDPL to arrive at
the rating.

Detailed Rationale of the Rating Action

The affirmation reflects the curing period not being covered since
the last extension date.

List of Key Rating Drivers

Weakness

Extension in maturity of NCDs

Strengths

None

Detailed Description of Key Rating Drivers

Extension in Maturity of NCDs: KSDPL has entered into agreement
with debenture holder/parent company, Sukumar Estates Private
Limited (previously known as KUL Urban Development Bengaluru
Private Limited), which holds 1,794 listed NCDs with a face value
of INR10,00,000, to extend the redemption date of the NCDs to
December 31, 2025 from April 30, 2023 due to the absence of any
substantial operations in the company. The curing period has not
been covered since the last extension date. KSDPL is in the process
of obtaining in-principal approval from the Bombay Stock Exchange
for the extension in the redemption date as per Regulation 59 of
Securities and Exchange Board of India's Listing Obligations and
Disclosure Requirements regulations.

The terms of repayment were not available with the agency as the
restructuring agreement was not provided.

Liquidity

Poor

KSDPL's cash and cash equivalents amounted to INR4.81 million as on
March 31, 2023.As per the agreement with the Sukumar Estates, the
NCDs would be redeemed by December 31, 2025.

Rating Sensitivities

Negative: Not applicable

Positive: Timely debt servicing for three consecutive months could
result in a re-assessment of the credit profile.

About the Company

KSDPL is a real estate development special purpose entity with a
focus on residential, retail and commercial development in Pune and
Mumbai.

LANGTA BABA: Ind-Ra Keeps BB+ Rating in Non-Cooperating
-------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained Sri Langta Baba
Steels Private Limited's (SLBSPL) bank loan rating of IND
BB+/Stable (ISSUER NOT COOPERATING) in the non-cooperating category
and has simultaneously withdrawn the same.

The detailed rating actions are:

-- INR350 mil. Fund-based working capital limit* maintained in
non-cooperating category and withdrawn;

-- INR75 mil. Non-fund-based working capital limit** maintained
in non-cooperating category and withdrawn; and

-- INR10 mil. Term loan# due on June 30, 2026 maintained in non-
cooperating category and withdrawn.

Note: ISSUER NOT COOPERATING: The issuer did not cooperate, based
on the best available information

WD- Rating Withdrawn

* Maintained at 'IND BB+/Stable (ISSUER NOT COOPERATING)'/'IND
A4+ (ISSUER NOT COOPERATING)' before being withdrawn

** Maintained at 'IND A4+ (ISSUER NOT COOPERATING)' before being
withdrawn

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

Analytical Approach

Not applicable

Detailed Rationale of the Rating Action

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

Ind-Ra is no longer required to maintain the ratings, as the agency
has received a no-objection certificate from the lender. This is
consistent with Ind-Ra's Policy on Withdrawal of Ratings. Ind-Ra
will no longer provide analytical and rating coverage for the
company.

Non-Cooperation by the Issuer

Ind-Ra has not received adequate information and has not been able
to conduct management interaction with SLBSPL while reviewing the
rating. Ind-Ra had consistently followed up with SLBSPL over
emails, apart from phone calls. The issuer has also not been
submitting their monthly no default statement (NDS).

Limitations regarding Information Availability
Ind-Ra is unable to provide an updated forward-looking view on the
credit rating of SLBSPL, as the agency does not have adequate
information to review the rating. If an issuer does not provide
timely business and financial updates to the agency, it indicates
weak governance, particularly in 'Transparency of Financial
Information'. The agency may also consider this as symptomatic of a
possible disruption / distress in the issuer's credit profile.
Therefore, investors and other users are advised to take
appropriate caution while using these ratings. SLBSPL has been
non-cooperative with the agency since December 28, 2022.

About the Company

Incorporated in 2005, SLBSPL runs a fully automatic steel
re-rolling mill in Jharkhand to manufacture MS billets (90,000
metric tons per annum) and thermo-mechanically treated bars (90,000
metric tons per annum). It also has a slag crushing capacity of
7,200 metric tons per annum. It sells its products under the brand
name of TUFCON.

MARUTI GRANITES: CARE Keeps D Debt Rating in Not Cooperating
------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Maruti
Granites and Marbles Private Limited (MGMPL) continue to remain in
the 'Issuer Not Cooperating' category.

Amount
Facilities(INR crore)Ratings
----------------------------
Long Term Bank11.00CARE D; ISSUER NOT COOPERATING
FacilitiesRating continues to remain
under ISSUER NOT COOPERATING
category

Rationale and key rating drivers

CARE Ratings Ltd. had, vide its press release dated January 16,
2023, placed the rating(s) of MGMPL under the 'issuer
non-cooperating' category as MGMPL had failed to provide
information for monitoring of the rating and had not paid the
surveillance fees for the rating exercise as agreed to in its
Rating Agreement. MGMPL continues to be non-cooperative despite
repeated requests for submission of information through e-mails,
phone calls and a letter/email dated December 2, 2023, December 12,
2023, December 22, 2023.

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

Maruti Granites and Marbles Private Limited (MGMPL), incorporated
in 1987, is promoted by Udaipur (Rajasthan) based Rajgarhia family.
MGMPL is engaged in the business of marble processing with its
processing facility located at Sukher, Udaipur, Rajasthan having
processing capacity of 2,00,000 sq ft per month to process marble
slabs and tiles. The company procures marbles slabs and tiles from
domestic market including purchase from its group concern and
imports from Italy and Turkey. It sells its product in domestic
market as well as export to other countries.

METRO AGRI-INDUSTRIES: CARE Keeps D Ratings in Not Cooperating
--------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Metro
AgrI-Industries Limited (MAIL) continue to remain in the 'Issuer
Not Cooperating' category.

Amount
Facilities(INR crore)Ratings
----------------------------
Long Term Bank13.84CARE D; ISSUER NOT COOPERATING
FacilitiesRating continues to remain
under ISSUER NOT COOPERATING
category

Long Term/2.66CARE D/CARE D; ISSUER NOT
Short TermCOOPERATING; Rating continues
Bank Facilitiesto remain under ISSUER NOT
COOPERATING category

Rationale and key rating drivers

CARE Ratings Ltd. had, vide its press release dated January 25,
2023, placed the rating(s) of MAIL under the 'issuer
non-cooperating' category as MAIL had failed to provide information
for monitoring of the rating and had not paid the surveillance fees
for the rating exercise as agreed to in its Rating Agreement. MAIL
continues to be noncooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated December 11, 2023, December 21, 2023, December
31, 2023.

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

Metro Agri-Industries Limited (MAIL) was incorporated in 2011 by
Mr. Vijay Garg, Mr. Himank Garg and Mrs. Ankita Garg as a limited
company. The company started its production in November 2013 and is
engaged in the business of basmati rice milling and processing of
rice which is sold in the export and domestic markets. The
processing facility is at Tehsil Israna Karnal district in Panipat
(Haryana).

METSMITH INNOVATIONS: CARE Keeps D Debt Ratings in Not Cooperating
------------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Metsmith
Innovations Private Limited (MIPL) continue to remain in the
'Issuer Not Cooperating' category.

Amount
Facilities(INR crore)Ratings
----------------------------
Long Term Bank5.12CARE D; ISSUER NOT COOPERATING
FacilitiesRating continues to remain
under ISSUER NOT COOPERATING
category

Short Term Bank1.72CARE D; ISSUER NOT COOPERATING
FacilitiesRating continues to remain
under ISSUER NOT COOPERATING
category

Rationale and key rating drivers

CARE Ratings Ltd. had, vide its press release dated January 31,
2023, placed the rating(s) of MIPL under the 'issuer
non-cooperating' category as MIPL had failed to provide information
for monitoring of the rating and had not paid the surveillance fees
for the rating exercise as agreed to in its Rating Agreement. MIPL
continues to be non-cooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated December 17, 2023, December 27, 2023, January 6,
2024.

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

Metsmith Innovations Private Limited (MIPL) incorporated in August,
2013 as JMJ Switch Gears Private Limited (JMJ) and is promoted by
Mr. Adaikalasamy along with his friend Mr. Philip Kumar. The
company has changed its name to Metsmith Innovations Private
Limited from May 4, 2021. The company started its commercial
operation in January, 2014. It has been engaged in the business of
manufacturing of electrical products like power control panels,
low-tension & high-tension panels, compact substations with its
sole manufacturing facility located at Bommasandra Industrial Area,
Bangalore. These panels provide backup protection to the power
transformers, generation, capacitor banks and power distribution.

ND PATIL: Ind-Ra Affirms BB- Loan Rating, Outlook Stable
--------------------------------------------------------
India Ratings and Research (Ind-Ra) has rated N. D. Patil Sugars
Private Limited's (NDPSPL) bank facilities as follows:

-- INR540.8 mil. Term loan due on March 2033 affirmed with
IND BB-/Stable rating; and

-- INR95 mil. Proposed fund-based working capital limit assigned
with IND BB-/Stable/IND A4+ rating.

Analytical Approach

Ind-Ra has taken a standalone view of NDPSPL for the rating review.

Detailed Rationale of the Rating Action

The ratings reflect the near-completion stage of NDPSPL's jaggery
manufacturing unit in Maharashtra. The unit is in the testing phase
and commercial operations will commence from April 2024 with a
capacity of 1,800 tons crushing per day (TCD). The new sugar
season, which commences from September 2024 (September-April) will
mark the first full-fledged operational season of the company. The
lack of track record, moderate interest coverage and high net
leverage owing to the initial stages of operation have been taken
into consideration while arriving at the ratings.

List of Key Rating Drivers

Weaknesses

-- Lack of track record

-- Credit metrics likely to remain weak owing to nascent stage of
operations

-- Stretched liquidity

Strengths

-- Minimal cost overrun risk

-- Promoter experience in jaggery business

Detailed Description of Key Rating Drivers

Lack of Track Record: NDPSPL's jaggery and co-gen unit is in the
testing phase and its commercial operations will commence from
April 2024 with a crushing capacity of 1,800 tons per day. The
achievement of stable operating performance remains to be
witnessed. Due to the nascent stage of operations, capacity
utilization and consequently, the scale of operations are likely to
be small in FY25.

Credit Metrics Likely to Remain Weak owing to Nascent Stage of
Operations: The high interest cost of 11.15% on the term loans
employed for capex of the jaggery unit, combined with the moderate
capacity utilization due to the nascent stage of operations, is
likely to lead to a weak interest coverage in FY25. The net
leverage too is likely to remain high in FY25 owing to a high debt
of INR540.8 million availed for capex purposes.

Stretched Liquidity: Since the project is yet to commence
operations, the stability in its capacity utilization and growth in
its scale of operations are yet to be seen. This, along with the
high interest costs on the loans incurred for the project, likely
to pressure the liquidity over the short run.

Minimal Cost Overrun Risk: NDPSPL has invested in both a jaggery
manufacturing unit and a co-gen plant to generate electricity from
the jaggery plant's bagasse production. The total investment for
the jaggery project is INR570 million, of which INR533.6 million
(93.6% of construction) was completed at end-January 2024. The
total investment for the co-gen unit is INR322.5 million, of which
INR294 million (91.16% of construction) was completed at
end-January 2024. Both the projects have been funded through term
loans (56.29%) and the remaining through promoters' contribution.
Till end-January 2024, the promoters had brought INR317.2 million
as equity and unsecured loans (92.4% of overall contribution).

Promoters' Experience in jaggery Business: The promoters have over
five decades of experience in the jaggery business, leading to
NDPSPL's established relationships with its customers and
suppliers.

Liquidity

Stretched: NDPSPL's working capital limit of INR94.5 million is in
the process of being sanctioned. In the event of a delay in the
achievement of stable operating performance, the expenses will be
funded by promoters; however, it could impact the debt service
coverage ratio. NDPSPL does not have any capital market exposure
and relies on banks and financial institutions to meet its funding
requirements.

Rating Sensitivities

Negative: Any delays in the achievement of stable operating
performance resulting in lower-than-Ind-Ra-expected scale of
operations or deterioration in the liquidity and credit metrics
could be negative for the ratings.

Positive: The achievement of stable operating profitability with an
improvement in the liquidity and credit metrics, on a sustained
basis, will be positive for the ratings.

About the Company

NDPSPL was incorporated on January 20, 2021. Its registered office
is in Islampur Sangli, Maharashtra. The company is promoted by
Dattajirao Narayanrao Patil and Anjali Dattajirao Patil. The
company has set up a 1,800 tons crushing per day jaggery
manufacturing unit in Koregaon grampanchayat, district-Sangli,
Maharashtra. The unit will commence commercial operations from
April 2024.

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

Amount
Facilities(INR Crore)Ratings
----------------------------
Cash Credit7CRISIL D (Issuer Not
Cooperating)

Proposed Long Term1.63CRISIL D (Issuer Not
Bank Loan FacilityCooperating)

Standby Line1.05CRISIL D (Issuer Not
of CreditCooperating)

CRISIL Ratings has been consistently following up with RI for
obtaining information through letter and email dated March 15, 2024
among others, apart from telephonic communication. However, the
issuer has remained non cooperative.

Detailed Rationale

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

RI was established as a partnership firm in 2005 by Mr Abdul
Qayyum, Mr Iqbal Ahmed, and their families. The firm processes
paddy into basmati and non-basmati rice. The processing unit at
Bareilly, Uttar Pradesh, has a capacity of around 7 tonne per hour.

RAMSWAROOP MEMORIAL: CARE Keeps C Debt Rating in Not Cooperating
----------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Shri
Ramswaroop Memorial Institute Of Management and Computer
Application (SRMIOMCA) continue to remain in the 'Issuer Not
Cooperating' category.

Amount
Facilities(INR crore)Ratings
----------------------------
Long Term Bank8.40CARE C; Stable; ISSUER NOT
FacilitiesCOOPERATING; Rating continues
to remain under ISSUER NOT
COOPERATING category

Rationale and key rating drivers

CARE Ratings Ltd. had, vide its press release dated January 20,
2023, placed the rating(s) of SRMIOMCA under the 'issuer
non-cooperating' category as SRMIOMCA had failed to provide
information for monitoring of the rating and had not paid the
surveillance fees for the rating exercise as agreed to in its
Rating Agreement. SRMIOMCA continues to be non-cooperative despite
repeated requests for submission of information through e-mails,
phone calls and a letter/email dated December 6, 2023, December 26,
2023, April 3, 2024.

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

Lucknow (Uttar Pradesh) – based SRMIOMCA was established as an
educational society in December 1998 with an objective to impart
technical education by Mr. Pankaj Agarwal and his wife Mrs. Pooja
Agarwal. SRMIOMCA manages the Shri Ramswaroop Memorial Group of
Professional Colleges (SRMGPC) which offers a range of
undergraduate and postgraduate programmes in engineering, computer
applications, and management.

SARAN ALLOYS: CARE Keeps C Debt Rating in Not Cooperating Category
------------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Saran
Alloys Private Limited (SAPL) continue to remain in the 'Issuer Not
Cooperating' category.

Amount
Facilities(INR crore)Ratings
----------------------------
Long Term Bank6.35CARE C; Stable; ISSUER NOT
FacilitiesCOOPERATING; Rating continues
to remain under ISSUER NOT
COOPERATING category

Rationale and key rating drivers

CARE Ratings Ltd. had, vide its press release dated January 27,
2023, placed the rating(s) of SAPL under the 'issuer
non-cooperating' category as SAPL had failed to provide information
for monitoring of the rating and had not paid the surveillance fees
for the rating exercise as agreed to in its Rating Agreement. SAPL
continues to be non-cooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated December 13, 2023, December 23, 2023, January 2,
2024.

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

The ratings assigned to the bank facilities of SAPL have been
revised on account of non-availability of requisite information.
The revision also considers significant decline in scale of
operations and losses incurred during FY23.

Saran Alloy Private Limited (SAPL) was incorporated on July 17,
2008, promoted by Mr. Sobhi Nath Rai and Mr. Aniket Gaurav of
Durgapur, West Bengal. Since its inception, SAPL has been engaged
in manufacturing of MS ingots. The manufacturing facility of the
company is located at industrial area, Durgapur, West Bengal with
an installed capacity of 24000metric tons per annum.

SHAKTHI MURUGAN: Ind-Ra Assigns BB- Loan Rating, Outlook Stable
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has rated Shakthi Murugan
Textiles' (SMT) bank facilities as follows:

-- INR85 mil. Fund-based working capital limits assigned with
IND BB-/Stable/IND A4+ rating;

-- INR145 mil. Non-fund-based working capital limits assigned
with IND A4+ rating; and

-- INR92.22 mil. Term loan due on September 2028 assigned with
IND BB-/Stable rating.

Analytical Approach

Ind-Ra has taken a standalone view of SMT to assign the ratings.

Detailed Rationale of the Rating Action

The ratings reflect SMT's small scale of operations, as indicated
by revenue of INR607.46 million in FY23 (FY22: INR642.89 million.
The revenue fell in FY23 owing to a decline in realizations. SMT
caters only to the domestic market, which has been witnessing a
fall in demand for cotton.SMT's EBITDA margin was modest at
12.02% in FY23 (FY22:18.09%). The EBITDA margins have been
volatile, ranging between 7% -13%, due to fluctuations in prices of
cotton and change in the sales mix. SMT's average maximum
utilization of the fund-based limits was 69.49% for the 12 months
ended February 2024. SMT's credit metrics are modest, as reflected
by the interest coverage (operating EBITDA/gross interest expenses)
of 4.56x in FY23 (FY22: 19.09x) and the net leverage (total
adjusted net debt/operating EBITDAR) of 4.3x (0.91x).

List of Key Rating Drivers

Weaknesses

-- Small scale of operations

-- Modest EBITDA margins

-- Modest credit metrics

Strengths

-- Experienced promoters

Detailed Description of Key Rating Drivers

Small Scale of Operations: SMT's revenue declined to INR607.46
million in FY23 (FY22: INR642.89 million), owing to a fall in
realizations. The firm caters only to the domestic market, which
has been witnessing a fall in demand for cotton. In the medium
term, Ind-Ra expects SMT's revenue to decline on a yoy basis due to
lower demand for cotton in India.

Modest EBITDA Margins: SMT's EBITDA margins have been range-bound
and volatile during the past two years, hovering between 7% -13%,
owing to the fluctuations in cotton prices and changes in the sales
mix. In FY23, the firm's EBITDA margins declined to 12.02%
(FY22:18.09%), due to an increase in the direct and administrative
expenses. SMT's ROCE was 1% in FY23 (FY22:24.1%). In the medium
term, Ind-Ra expects the EBITDA margin to remain range-bound.

Modest Credit Metrics: SMT's credit metrics deteriorated in FY23
due to a decrease in the absolute EBITDA to INR73.03 million (FY22:
INR116.27 million). The interest coverage (operating EBITDA/gross
interest expenses) was 4.56x in FY23 (FY22: 19.09x) and the net
leverage (total adjusted net debt/operating EBITDAR) was 4.3x
(0.91x). In the medium term, Ind-Ra expects SMT's credit metrics to
remain at similar levels, given the absence of any debt-led capex
plans.

Experienced Promoters: The ratings are supported by the promoters'
experience of nearly 22 years in the spinning and weaving industry,
which has helped the firm to establish strong relationships with
customers as well as suppliers.

Liquidity

Stretched

SMT has scheduled debt obligations of INR20.1 and INR16.1 million
for FY24 and FY25, respectively. SMT's average maximum utilization
of the fund-based limits was 69.49% for the 12 months ended
February 2024. At end-FY23, the firm had unencumbered cash of
INR4.05 million (FY22: INR4.61 million). In FY23, despite a fall in
creditors days to 47 days (73), the working capital cycle improved
to 24 days in FY23 (FY22: 41 days), mainly on account of decrease
in inventory days to 46 days (100). The firm's cash flow from
operations turned negative at INR64.60 million (FY22: INR99.78
million) due to unfavorable changes in working capital. The free
cash flow turned negative at INR257.77 million in FY23
(FY22:INR2.75 million) owingto the undertaking of capex of
INR193.17 million (INR97.03 million).

Rating Sensitivities

Negative: A decline in the scale of operations, leading to
deterioration in the overall credit metrics and/or liquidity
profile, could lead to negative rating action.

Positive: A significant increase in the scale of operations, along
with an improvement in the overall credit metrics, with the net
leverage falling below 4.2x, and an improvement in the liquidity
profile, all on a sustained basis, could lead to a positive rating
action.

About the Company

Incorporated in 2000 as a partnership firm, SMT is engaged in the
manufacturing of textiles, with three divisions, namely spinning,
weaving and power, in Coimbatore. The partners in the firm are R.
Murugesan, M. Naveen, Shanti Subramanian and Velumani Shanmugham.

SHIKHAR INTEGRATED: CARE Keeps D Debt Rating in Not Cooperating
---------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Shikhar
Integrated Cold Chain Private Limited (SICCPL) continue to remain
in the 'Issuer Not Cooperating' category.

Amount
Facilities(INR crore)Ratings
----------------------------
Long Term Bank17.00CARE D; ISSUER NOT COOPERATING
FacilitiesRating continues to remain
under ISSUER NOT COOPERATING
category

Rationale and key rating drivers

CARE Ratings Ltd. had, vide its press release dated January 27,
2023, placed the rating(s) of SICCPL under the 'issuer
non-cooperating' category as SICCPL had failed to provide
information for monitoring of the rating and had not paid the
surveillance fees for the rating exercise as agreed to in its
Rating Agreement. SICCPL continues to be non-cooperative despite
repeated requests for submission of information through e-mails,
phone calls and a letter/email dated December 13, 2023, December
23, 2023, January 2, 2024.

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

Hathras (Uttar Pradesh) based Shikhar Integrated Cold Chain Private
Limited (SICCPL) is a private limited company incorporated in 2012
and is promoted by Mr. Y.P. Singh, Mr. Amlesh Singh and Mr. Ashish
Singh. SICCPL is engaged in procurement, cold storage and
distribution of agricultural products such as lemon, ginger,
carrot, pomegranate and apple.

SHYAM AGRO: Ind-Ra Cuts Loan Rating to BB-, Outlook Stable
----------------------------------------------------------
India Ratings and Research (Ind-Ra) has taken the following rating
actions on Shri Shyam Agro Biotech Private Limited's (SSABPL) bank
facilities:

-- INR140 mil. Fund-based working capital limit downgraded with
IND BB-/Stable rating;

-- INR3.7 mil. Term loan due on May 2030 downgraded with IND BB-/

Stable rating; and

-- INR7.5 mil. (reduced from INR11 mil.) Non-fund-based working
capital limit with IND A4+ rating.

Affirmed Approach

Ind-Ra has changed its analytical approach towards SSABPL, whereby
the credit assessment is now based on the standalone credit profile
of the company. Ind-Ra has re-assessed the linkages between SSABPL
and Shree Jee Flour Mills Private Limited as the operational
linkages have deteriorated in absence of any common director.

Detailed Rationale of the Rating Action

The downgrade reflects the aforementioned changed in the analytical
approach for the company. The ratings reflect SSABPL's small scale
of operations, as indicated by revenue of INR2,476.8 million in
FY23 (FY22: INR1,490.68 million). The revenue increased due to
growth in the company's repackaging business and higher
realizations SSABPL had also undertaken wheat and sugar trading
during FY22 but stopped the operations during FY23 due to very low
margins. The company booked a revenue of INR2,150 million in
11MFY24. Despite flattening of wheat prices, Ind-Ra expects the
revenue to remain stable on a yoy basis in FY24due to improved
market penetration and growing sales through online platforms. The
EBIDTA margin fell to a modest 1.7% in FY23 (FY22: 1.8%) owing to
sugar and wheat trading, which offers lower margins compared to
other revenue segments. The ROCE was 7% in FY23 (FY22: 4.2%).
Ind-Ra expects the margins to stable on a yoy basis in FY24. In
FY23, SSABPL's credit metrics improved owing of an increase in
EBIDTA to INR41.36 million (FY22: INR26.37 million). The net
leverage stood at 6.6x in FY23 (FY22: 8.24x) and the gross interest
coverage stood at 2.06x (1.56x). Ind-Ra expects the credit metrics
to remain at similar levels in FY24 on the back of scheduled debt
repayments.

List of Key Rating Drivers

Weaknesses

Small scale of operations

Modest EBITDA margin

Strengths

Comfortable credit metrics

Experienced promoters

Detailed Description of Key Rating Drivers

Small Scale of Operations: SSABPL's revenue increased to INR2476.8
million in FY23 (FY22: INR1490.68 million), led by growth in the
company's repackaging business and higher realizations.The EBITDA
increased to INR41.36 million in FY23 (FY22: INR26.37 million) due
to revenue growth. SSABPL had also engaged in trading ofwheat and
sugar trading during FY22 but stopped the operations in FY23 due to
very low margins. The company booked a revenue of INR2,150 million
in 11MFY24.As of February 2024, SSABPL had an orderbook of INR40
million, scheduled to be executed in the next one month.
Consequently, Despite flattening of wheat prices, Ind-Ra expects
the revenue to remain stable on a yoy basis in FY24due to
improved market penetration and growing sales through online
platforms.

Modest EBITDA Margin: The ratings reflect SSABPL's modest EBITDA
margins. The margin fell slightly to 1.7% in FY23 (FY22: 1.8%)
owing to sugar and wheat trading, which yields lower margins
compared to other segments. The ROCE was 7% in FY23 (FY22: 4.2%).
In FY24, Ind-Ra expects the margins to remain in line with FY23
levels.

Comfortable Credit Metrics: In FY23, SSABPL's credit metrics
improved owing of increase in EBIDTA to INR41.36 million (FY22:
INR26.37 million).The net leverage (total adjusted net
debt/operating EBITDAR) was 6.6x in FY23 (FY22: 8.24x) and the
gross interest coverage (operating EBITDA/gross interest expense)
was 2.06x (1.56x). Ind-Ra expects the credit metrics to remain at
similar levels in FY24 on the back of scheduled debt repayments.

Experienced Promoters: The ratings are supported by the promoters'
experience of nearly two decades in the food processing industry,
leading to established relationships with customers and suppliers.

Liquidity

Stretched

The average maximum utilization of the fund-based limits was 98.02%
in the 12 months ended January 2024. The company has scheduled debt
repayments of INR28 million in FY24 and INR19.4 million in FY25.
SSABPL does not have any capital market exposure and relies on
banks and financial institutions to meet its funding requirements.
The cash flow from operations turned negative at INR36.9 million in
FY23 (FY22: INR2.26 million) due to an increase in working capital
requirements to INR63.99 million (INR18.72 million). The net
working capital cycle improved to 46 days in FY23 (FY22: 67 days)
due to a decrease in the inventory days to 39 days (61 days). The
unencumbered cash and cash equivalents stood at INR4.79 million at
FYE23 (FYE22: INR12.73 million).

Rating Sensitivities

Negative: A decline in the scale of operations, leading to a
deterioration in liquidity and credit metrics, with the interest
coverage falling below 1.5x, on a sustained basis, with delay in
funding support from promoters in case of shortfall in debt
repayments would lead to a negative rating action.

Positive: Improvement in the scale of operations, leading to an
improvement in the liquidity position, while maintaining the credit
metrics, would lead to a positive rating action.

About the Company

Established in 2001, SSABPL is operates a flour mill with a
capacity of 150 tons in Raniganj, West Bengal. SSABPL is engaged in
the manufacturing and trading activities of food products such as
wheat flour, refined wheat flour and soya chunks are manufactured
and traded. SSABPL sells its products to both industrial and retail
consumers under its own brand named Agro Fresh, and it also
undertakes repackaging of products for other market players such as
Flipkart Private Limited, Hands on Trades Private Limited, Tata
Consumer Products Limited, and Parle Products Pvt. Ltd.

SILVERGLADES HOMES: Ind-Ra Gives BB+ Loan Rating, Outlook Stable
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has rated Silverglades Homes
LLP's (SHLLP) proposed term loan as follows:

-- INR1.50 bil. Proposed term loan assigned with IND BB+/Stable

rating.

Analytical Approach

SHLLP is a special purpose vehicle set up by the Silver glades
group for developing a residential real estate project namely The
Legacy in Gurugram. Therefore, Ind-Ra has taken a consolidated view
of the group to assign the rating. The group entities consolidated
are SHLLP, Silver glades Infrastructure Pvt Ltd, Doll Development
Pvt Ltd, DSS Buildtech Private Limited; which have ongoing projects
namely The Legacy, Hightown, Hill Homes and Melia, respectively.
The group entities are under common management.

Detailed Rationale of the Rating Action

The rating reflects the high offtake risk for SHLLP's ongoing
luxury residential project - The Legacy. The firm so far has not
registered the project with Real Estate Regulatory Authority
(RERA), hence could not start bookings. The project is at nascent
stages and there is significant time and cost overrun risk
involved. Furthermore, the term loan is yet to be sanctioned. The
ratings however are supported by the group's successful completion
and sale of six projects across Gurugram and Manesar.

List of Key Rating Drivers

Weaknesses

-- High offtake risk, pending RERA registration and other
approvals

-- Time and cost overrun risk; Significant dependence on customer
advances

Strengths

-- Prime location of project

-- Established group, promoter's experience and completion of past
projects

Detailed Description of Key Rating Drivers

High Offtake Risk; Pending RERA Registration and Other Approvals:
The rating reflects the high offtake risk for SHLLP's ongoing
luxury residential project until March 21, 2024, the project has
not yet been registered with RERA and hence SHLLP could not start
bookings. Also, it has not yet received environmental clearance for
the project.

At the group level, three out of the four ongoing projects have
been started under a joint venture agreement. 44.6% of the total
saleable area (pertaining to group's share i.e. excluding JV's
share) was sold till November 2023. The management expects the
construction to begin in 1QFY24.

Time and Cost Overrun Risk; Significant Dependence on Customer
Advances: SHLLP is facing significant time and cost overrun risk in
its ongoing project. The total cost of the ongoing project of
INR10,362 million (group's share i.e. excluding JV's share) is to
be funded by the promoter's contribution of INR753.90 million
(7.3%), customer advances of INR8,108.46 million (78.2%) and a term
loan of INR1,500 million (14.5%). As of November 30, 2023, the
total project cost incurred was INR601.70 million (6%) which was
funded through partner's contribution.

At the group level, the four ongoing projects entail an overall
cost of around INR22,191.07 million (group's share i.e. excluding
JV's share); of which, the total cost incurred as on 30 November
2023 was INR6,021.6 million (27%). For the remaining cost of
INR16,169.4 million, around 80.7% is expected to be funded using
customer advances, 18.2% through a term loan and around 11% by the
promoters.

Additionally, the Indian real estate industry is highly cyclical
with volatile cash flows. The real estate sector is exposed to a
number of regulatory requirements that are subject to frequent and
unpredictable changes. This leads to confusion, non-compliance and
delays in project execution.

Prime Locality: The ongoing project is located at Sector 63A Golf
Course Road, Gurugram which is a prime locality. Also, the project
is in proximity to metro stations, airport, expressway, shopping
complex, educational hub and hospitals.

Established Group, Promoter Experience : Ind-Ra draws comfort from
the promoters' experience of more than two decades in real estate
development; the group so far has successfully completed and sold
six projects with limited time and cost overruns.

Liquidity

Stretched: For the project The Legacy, a term loan is yet to be
sanctioned and also there is significant dependence upon customer
advances. SHLLP's ratings are constrained by the likely cash
flow-mismatch risk, if the advances/collection from customer are
lower than Ind-Ra's expectations. The company does not have any
access to the capital market and relies on bank loans and promoter
funds and unsecured loans from the family and relatives.

Rating Sensitivities

Negative: Time or cost overruns and lower-than-expected sales
volumes or lower realizations from bookings, leading to stressed
cash flows, could lead to a negative rating action.

Positive: Successful launch of the project with
higher-than-expected sales and collections, and financial closure
(sanction of term loan) with credit enhancements from the group
entities with profitable projects, could lead to a positive rating
action.

About the Company

SHLLP was established as a limited liability partnership firm in
February 2023and is engaged in the construction of a residential
project namely The Legacy. The project is located at Sec-63A,
Gurugram, Haryana. The firm has entered into a joint venture
agreement with the land owner Pyramid & LID Realtors LLP, and will
construct a total of 408 residential units under the project. The
project The Legacy has a total saleable area of 15,62,400 sq ft,
for which the share of SHLLP is 42% and remaining share shall go to
Pyramid & LID Realtors. As per management, the entity is expected
to start construction from April 2024 and complete the project by
March 2031. The partners of the firm are M/s Silver glades Holdings
Pvt Ltd, M/s Silver glades Infrastructure Pvt Ltd and M/s
Centerstone Estate LLP.

SIRIUS INFRAPROJECTS: CARE Keeps D Debt Ratings in Not Cooperating
------------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Sirius
Infraprojects Private Limited (SIPL) continue to remain in the
'Issuer Not Cooperating' category.

Amount
Facilities(INR crore)Ratings
----------------------------
Long Term Bank4.00CARE D; ISSUER NOT COOPERATING
FacilitiesRating continues to remain
under ISSUER NOT COOPERATING
category

Short Term Bank5.00CARE D; ISSUER NOT COOPERATING
FacilitiesRating continues to remain
under ISSUER NOT COOPERATING
category

Rationale and key rating drivers

CARE Ratings Ltd. had, vide its press release dated January 17,
2023, placed the rating(s) of SIPL under the 'issuer
non-cooperating' category as SIPL had failed to provide information
for monitoring of the rating and had not paid the surveillance fees
for the rating exercise as agreed to in its Rating Agreement. SIPL
continues to be noncooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated December 3, 2023, December 13, 2023, December
23, 2023.

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

Incorporated in 2008, Hyderabad-based, SIPL was promoted by Mr. B.
Narsimha Reddy and Mr. Rajeev Mayor. The company is engaged in
civil construction works such as laying of roads and irrigation
works for government organizations covering the states of Madhya
Pradesh and Odisha. Till March 2011, the company used to work as
subcontractor for Patel Engineering Limited and KNR Constructions
Limited whereas from April 2012 onwards the company started
participating in tenders and executing the projects directly for
the government. The company has executed around Rs.12.98crore for
MPRDCL (Road Work) during FY13.

SOLAIMALAI ENTERPRISES: Ind-Ra Affirms BB Loan Rating
-----------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Solaimalai
Enterprises' (Solaimalai) bank facilities as follows:

-- INR550 mil. Fund-based working capital limits affirmed with
IND BB/Stable/IND A4+ rating; and

-- INR120 mil. Term loan due on March 2027 affirmed with IND BB/
Stable rating.

Analytical Approach

Ind-Ra continues to take a standalone view of Solaimalai to arrive
at the ratings.

Detailed Rationale of the Rating Action

The affirmation reflects Solaimalai's continued modest credit
metrics and EBITDA margins. Ind-Ra expects the EBITDA margins to
remain at similar levels in the near-medium term on account of the
similar nature of operations. However, the credit metrics are
expected to improve in the near-medium term, on account of an
expected increase in EBITDA along with a decline in debt levels.

The ratings are supported by an improvement in Solaimalai's scale
of operations, which is likely to improve further in the
near-to-medium term with improved order inflow and execution.

List of Key Rating Drivers

Weaknesses

-- Modest credit metrics
-- Modest EBITDA margin

Strengths

-- Continued medium scale of operations; Likely improvement in
revenue
-- Experienced promoters

Detailed Description of Key Rating Drivers

Modest Credit Metrics: The affirmation reflects Solaimalai's
continued modest credit metrics. The interest coverage (operating
EBITDAR/gross interest expense + rents) declined to 1.34x (FY22:
1.61x) due to a decline in EBITDA to INR105.64 million (INR129.13
million). The net leverage (adjusted net debt/operating EBITDAR)
also deteriorated to 6.39x in FY23 (FY22: 5.45x) on account of a
decline in cash accruals to INR26.38 million (INR130.96 million)
along with the decline in EBITDA. The agency expects the firm's
credit metrics to improve in the near-medium term, owing to an
expected increase in EBITDA along with a decline in debt due to the
scheduled repayment of term loans and an absence of any debt-led
capex plan.

Modest EBITDA Margins: The ratings continue to factor Solaimalai's
modest EBITDA margins due to the distribution nature of the
business. The EBITDA margin declined to 1.59% in FY23 (FY22: 2.04%)
on account of an increase in operating expenses related to the
opening of branches in new locations, where it was earlier selling
through sub-dealers. The return on capital employed was 8.7% in
FY23 (FY22: 9.9%).Ind-Ra expects the margins to remain at the
FY23 level in the near-medium term due to the similar nature of
operations.

Continued Medium Scale of Operations; Likely Improvement in
Revenue: The affirmation also factors Solaimalai's continued medium
scale of operations. The revenue improved to INR6,661.17 million in
FY23 (FY22: INR6,338.55 million), on account of an increase in the
order inflow. Solaimalai is a distributor for the products of
Procter and Gamble Company (P&G) in Tamil Nadu. At end-December
2023, it had 63 outlets of P&G across Tamil Nadu, except Chennai
and Coimbatore.The firm booked a revenue of INR5,455.30 million
in 9MFY24. Ind-Ra expects the revenue to increase in the
near-medium term on the back of full operations of new branches
along with operations of the existing branches.

Extensive Promoters Experience: The ratings are supported by the
firm's promoter's experience of nearly three decades in the
distributorship business, leading to established relationships with
suppliers and customers.

Liquidity

Stretched: The company has scheduled repayments of INR69 million
and INR80.1 million in FY24 and FY25, respectively. Solaimalai does
not have any capital market exposure and relies on banks and
financial institutions to meet its funding requirements. Its
average working capital limit utilization was 93.97% over the 12
months ended February,2024. The cash flow from operations declined
to INR51.63 million in FY23 (FY22: INR233.24 million), majorly due
to adverse working capital changes. Subsequently, the free cashflow
declined to INR49.37 million in FY23 (FY22: INR109.5 million). The
working capital cycle stretched to 45 days in FY23 (FY22: 42 days)
due to an increase in debtor days to 40 (38) and payable days to 12
(13).

Rating Sensitivities

Negative: A substantial decline in the scale of operations leading
to deterioration in the credit metrics, with gross interest
coverage sustaining below 1.4x, or further deterioration in the
liquidity position could lead to a negative rating action.

Positive: An increase in the scale of operations, along with an
improvement in the overall credit metrics, with gross interest
coverage at and above 1.7x, and the liquidity profile, all on a
sustained basis, could lead to a positive rating action.

About the Company

Solaimalai was incorporated in 1995 by P Pitchai, SP Anand, and SP
Aravind who share profits and loss in the ratio of 0.1%, 49.5% and
49.5%, respectively. The firm is a distributor of P&G products in
Tamil Nadu and has a registered office in Madurai, Tamil Nadu. The
firm has 63 branches all over Tamil Nadu except Chennai and
Coimbatore.

SOMULA CONSTRUCTIONS: CARE Keeps C Debt Rating in Not Cooperating
-----------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Somula
Construction Private Limited (SCPL) continue to remain in the
'Issuer Not Cooperating' category.

Amount
Facilities(INR crore)Ratings
----------------------------
Long Term Bank7.50CARE C; Stable; ISSUER NOT
FacilitiesCOOPERATING; Rating continues
to remain under ISSUER NOT
COOPERATING category

Rationale and key rating drivers

CARE Ratings Ltd. had, vide its press release dated January 17,
2023, placed the rating(s) of SCPL under the 'issuer
non-cooperating' category as SCPL had failed to provide information
for monitoring of the rating and had not paid the surveillance fees
for the rating exercise as agreed to in its Rating Agreement. SCPL
continues to be non-cooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated December 3, 2023, December 13, 2023, December
23, 2023.

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

Somula Construction Private Limited (SCPL) was incorporated by Mr
Somula Venkata Prasad Reddy (Managing Director) and his wife Mrs
Venkata Subbalakshmi Somula in the year 2008 as a Private Limited
company. SCPL is a Kurnool based company engaged in civil
construction works such as laying roads and irrigation works for
government organizations covering Road & Buildings Department (R&B)
and Panchayat Raj which are procured through tenders. The company
is a Class–I contractor. Beside civil construction works, the
company is also engaged in trading of coal and steel in Andhra
Pradesh region. The company generates around 60% of its total
revenues from trading activities and balance 40% from execution of
civil construction works.

SUNPAUL PROPERTIES: CARE Keeps C Debt Rating in Not Cooperating
---------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Sunpaul
Properties Private Limited (SPPL) continue to remain in the 'Issuer
Not Cooperating' category.

Amount
Facilities(INR crore)Ratings
----------------------------
Long Term Bank9.00CARE C; ISSUER NOT COOPERATING
FacilitiesRating continues to remain
under ISSUER NOT COOPERATING
category

Rationale and key rating drivers

CARE Ratings Ltd. had, vide its press release dated January 30,
2023, placed the rating(s) of SPPL under the 'issuer
non-cooperating' category as SPPL had failed to provide information
for monitoring of the rating and had not paid the surveillance fees
for the rating exercise as agreed to in its Rating Agreement. SPPL
continues to be noncooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated, December 26, 2023, January 5, 2024, April 4,
2024.

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

Sunpaul Properties Private Limited (SPPL) was incorporated on June
18, 2012 and the operation commenced in October 2013. The key
promoter is Mr. Sunny Paul. SPPL belongs to Sunpaul Group of
Companies which has interest in construction and real estate
businesses. Associate concerns Dezira Projects & Realtors Pvt. Ltd.
(DPR) and Sunpaul Dezira Projects Pvt. Ltd (SDP) are
property developers in the Kerala. Mr. Sunny Paul is the Managing
director of the group companies as well. SPPL is engaged in
civil construction of residential and commercial business buildings
for developers. SPPL is a regional player in Kerala state. The
company is also engaged in property development.

UNNATI FORTUNE: CARE Keeps D Debt Rating in Not Cooperating
-----------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Unnati
Fortune Hotmart Private Limited (UFHPL) continue to remain in the
'Issuer Not Cooperating' category.

Amount
Facilities(INR crore)Ratings
----------------------------
Long Term Bank25.00CARE D; ISSUER NOT COOPERATING
FacilitiesRating continues to remain
under ISSUER NOT COOPERATING
category

Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated January 25,
2023, placed the rating(s) of UFHPL under the 'issuer
non-cooperating' category as UFHPL had failed to provide
information for monitoring of the rating and had not paid the
surveillance fees for the rating exercise as agreed to in its
Rating Agreement. UFHPL continues to be non-cooperative despite
repeated requests for submission of information through e-mails,
phone calls and a letter/email dated December 11, 2023, December
21, 2023, December 31, 2023.

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

Ghaziabad (Uttar Pradesh) based Unnati Fortune Hotmart Pvt Ltd
(UFH), a private limited company was incorporated by Mr. Anil
Mithas and Mrs. Madhu Mithas in June 2011 and is part of Unnati
Fortune group. The group consists of 25 companies however, only few
of them are operational. UFH is setting up a four-star hotel in
Vaishali near Ghaziabad (Uttar Pradesh).

VIRAL CORPORATION: CARE Keeps C Debt Rating in Not Cooperating
--------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Viral
Corporation India Private Limited (VCIPL) continue to remain in the
'Issuer Not Cooperating' category.

Amount
Facilities(INR crore)Ratings
----------------------------
Long Term Bank6.50CARE C; Stable; ISSUER NOT
FacilitiesCOOPERATING; Rating continues
to remain under ISSUER NOT
COOPERATING category

Short Term Bank6.00CARE A4; ISSUER NOT
FacilitiesCOOPERATING; Rating continues
to remain under ISSUER NOT
COOPERATING category

Rationale and key rating drivers

CARE Ratings Ltd. had, vide its press release dated January 19,
2023, placed the rating(s) of VCIPL under the 'issuer
non-cooperating' category as VCIPL had failed to provide
information for monitoring of the rating and had not paid the
surveillance fees for the rating exercise as agreed to in its
Rating Agreement. VCIPL continues to be non-cooperative despite
repeated requests for submission of information through e-mails,
phone calls and a letter/email dated December 5, 2023, December 15,
2023, December 25, 2023.

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

Established in 1984 as a partnership firm by Mr. Jyotin C. Sheth &
family and reconstituted as a private limited company in May 2011,
Viral Corporation (India) Private Limited (VCPL) is engaged in the
manufacturing and renting of prefabricated engineered building
(PEB) and portable cabins. VCPL caters to the needs of clients
belonging to oil & gas, infrastructure industries (including
private companies, multinationals and government organizations)
such as L&T, ABB and Cairn Energy India.

ZEE ENTERPRISES: Withdraws Sony Merger Application from Tribunal
----------------------------------------------------------------
Reuters reports that Zee Entertainment Enterprises said on April 16
it was withdrawing an application filed with an Indian company
tribunal that was aimed at forcing Sony to merge its India unit
with the company.

The decision to withdraw the application, which was filed in
January, will enable the company to "aggressively pursue" all its
claims against Sony in the ongoing arbitration proceedings at the
Singapore International Arbitration Center (SICA) and in other
forums, Zee said in an exchange filing, according to Reuters.

Sony scrapped the $10 billion merger of its Indian arm with Zee
Entertainment in January, in part because Zee failed to meet some
financial terms of the deal and come up with a plan to address
them, Reuters notes.

The deal would have created a media powerhouse in the world's most
populous nation with 90-plus channels across sports, entertainment
and news.

About Zee Entertainment

Based in Mumbai, India, Zee Entertainment Enterprises Limited,
together with its subsidiaries, engages in broadcasting satellite
television channels.

As reported in the Troubled Company Reporter-Asia Pacific in early
September 2023, the National Company Law Appellate Tribunal (NCLAT)
on Aug. 31 issued notice to Zee Entertainment Enterprises Ltd
(ZEEL) in a plea by IDBI Bank to initiate insolvency proceedings
against the company.

According to Hindu BusinessLine, IDBI Bank, in its plea, said it
was unable to recover unpaid dues of around INR150 crore from Zee.

Many banks, including IndusInd, Standard Chartered, Axis Bank and
IDBI, have initiated insolvency proceedings against Zee ahead of
its merger with Sony. So far, Zee has reached a settlement with
IndusInd and Standard Chartered.

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

INDIKA ENERGY: Moody's Affirms Ba3 CFR & Rates New Sec. Notes Ba3
-----------------------------------------------------------------
Moody's Ratings has affirmed the Ba3 corporate family rating of
Indika Energy Tbk (P.T.), the Ba3 ratings on the backed senior
secured notes due 2024 issued by Indika Energy Capital III Pte.
Ltd., and the backed senior secured notes due 2025 issued by Indika
Energy Capital IV Pte. Ltd.

At the same time, Moody's Ratings has assigned a first-time Ba3
rating to the proposed senior secured notes to be issued by Indika
Energy Tbk (P.T.). The proceeds from the notes will primarily be
used to fund a capped tender offer Indika has announced on its 2025
notes. The proposed notes will rank pari passu with Indika's
outstanding US dollar notes.

The outlook remains stable.

"The affirmation of Indika's Ba3 CFR reflects the long operating
track record of its thermal coal mining operations and Indika's
continued adherence to conversative liquidity and balance sheet
management, as evidenced by its proactive refinancing of its
November 2024 notes maturities ahead of schedule and its planned
refinancing of its October 2025 notes," says Maisam Hasnain, a
Moody's Ratings Vice President and Senior Analyst.

RATINGS RATIONALE

In early April, Indika announced that it will redeem its $294
million outstanding notes due November 2024 on May 3, 2024 at par
value. The notes will be funded through a new $300 million
five-year loan from Bank Negara Indonesia (Persero) Tbk (P.T.)
(BNI, Baa2 stable, baa3) and Bank Mandiri (Persero) Tbk (P.T.)
(Baa2 stable, baa2) that Indika signed in December 2023.

The new loan, which demonstrates Indika's continued access to raise
external debt, will lengthen Indika's debt maturity profile.
Moody's Ratings also expects Indika to seek to refinance its $534
million notes due October 2025 well ahead of their scheduled
maturity. On April 17, Indika announced a tender offer to redeem
its 2025 notes at 101.25 cents on the dollar, which will be funded
by proceeds from its planned notes issuance. The tender offer will
be capped at the amount that Indika will raise from its new notes.

Indika's credit quality remains supported by steady earnings and
cash flows from its 91%-owned Indonesian thermal coal mining
subsidiary, PT Kideco Jaya Agung (Kideco), which has a track record
of maintaining stable production. Based on its expected coal
production of around 30 million metric tons a year, Kideco has a
reserve life of around 16 years.

Kideco has also exhibited the ability to reduce operating costs to
maintain profitability during coal price downturns. Its revenue and
earnings will decline this year based on Moody's Ratings' Newcastle
thermal coal price of $110 per metric ton in 2024 compared with
$170 per metric ton in 2023. Indika's leverage will increase to
around 3.8x in 2024 from 2.8x in 2023. Nonetheless, leverage will
subsequently decline to around 3.3x in 2025 due to scheduled debt
amortization and a modest increase in earnings from non-coal
businesses.

Indika's Ba3 CFR is premised on the company maintaining its
conservative approach to new investments as it seeks to reduce its
reliance on thermal coal for revenue. In recent years, the company
has invested in a number of non-coal businesses while divesting its
coal-related businesses.

The successful execution of Indika's ongoing investments - which
include other minerals, nature-based solutions and the electric
vehicle ecosystem - could stretch the company's management
resources and increase its execution risk, particularly if earnings
at Kideco are pressured by prolonged weak coal prices. Nonetheless,
business diversification is critical to help Indika ultimately
reduce its credit exposure to carbon transition risk (E-5 IPS) and
increase its resilience to a secular decline in coal demand.

Indika will maintain good liquidity over the next 12-18 months,
with its cash balance, projected operating cash flow and $203
million in proceeds from its sale of coal mining subsidiary PT
Multi Tambangjaya Utama sufficient to meet its planned cash needs
during this period. Furthermore, the company's proposed notes
issuance will help address its October 2025 notes maturity and
further extend its debt maturity profile.

OUTLOOK

The outlook is stable, reflecting Moody's Ratings' expectation that
Indika will maintain (1) good liquidity while proactively
refinancing debt maturities; (2) profitable and cash-generative
operations; and (3) a conservative approach to investments and
shareholder returns.

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

A near-term upgrade is unlikely, given Indika's current scale and
the risks associated with its diversification strategy.
Nonetheless, Moody's Ratings could upgrade the ratings over time if
the company increases its scale and diversifies its business while
maintaining a strong credit profile with minimal refinancing risk.

Specific indicators Moody's Ratings would consider for an upgrade
include adjusted debt/EBITDA below 2.5x and adjusted EBIT/interest
above 3.0x on a sustained basis.

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

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

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

Indika Energy Tbk (P.T.) is an Indonesian firm with investments
primarily within the energy value chain. Its principal investment
is a 91% stake in Kideco Jaya Agung (P.T.), one of Indonesia's
largest coal producers. Indika is listed on the Indonesian Stock
Exchange with a market capitalization of around IDR8.0 trillion
($0.5 billion) as of April 16, 2024.

=====================
N E WZ E A L A N D
=====================

COACHIO GROUP: Grant Bruce Reynolds Appointed as Liquidator
-----------------------------------------------------------
Grant Bruce Reynolds of Reynolds & Associates on April 15, 2024,
was appointed as liquidator of Coachio Group Limited.

The liquidator may be reached at:

Reynolds & Associates
PO Box 259059
Botany
Auckland 2163

MANTA5 LP: BDO Tauranga Appointed as Administrators
---------------------------------------------------
Paul Thomas Manning and Jessica Jane Kellow on April 16, 2024, were
appointed as administrators of Manta5 LP And Bright Spark
Innovations GP Limited.

The administrators may be reached at:

C/- BDO Tauranga Limited
Level 1, The Hub
525 Cameron Road
PO Box 15660
Tauranga 3110

OLD WOOD: Creditors' Proofs of Debt Due on May 6
------------------------------------------------
Creditors of The Old Wood Shop Limited are required to file their
proofs of debt by May 6, 2024, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on April 5, 2024.

The company's liquidator is:

Mohammed Tazleen Nasib Jan
Liquidation Management Limited
PO Box 50683
Porirua 5240

SUMMERSIDE 2018: Court to Hear Wind-Up Petition on May 2
--------------------------------------------------------
A petition to wind up the operations of Summerside 2018 Limited
will be heard before the High Court at Palmerston on May 2, 2024,
at 10:00 a.m.

The Commissioner of Inland Revenue filed the petition against the
company on Feb. 12, 2024.

The Petitioner's solicitor is:

Amber Victoria Flesher
Legal Services, Asteron Centre
55 Featherston Street
PO Box 895
Wellington

WAIPAWA BUSES: Court to Hear Wind-Up Petition on May 2
------------------------------------------------------
A petition to wind up the operations of Waipawa Buses Limited will
be heard before the High Court at Napier on May 2, 2024, at 2:15
p.m.

The Commissioner of Inland Revenue filed the petition against the
company on Feb. 7, 2024.

The Petitioner's solicitor is:

Claudia Elizabeth Mazuecos
Legal Services, Asteron Centre
55 Featherston Street
PO Box 895
Wellington

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

PAKISTAN: Aims to Agree Outline of New IMF Loan in May, FM Says
---------------------------------------------------------------
Reuters reports that Pakistan hopes to agree the contours of a new
International Monetary Fund loan in May, Finance Minister Muhammad
Aurangzeb told Reuters, and has kicked off talks with ratings
agencies to lay the groundwork for a return to international debt
markets.

Reuters relates that the country's current $3 billion arrangement
with the fund runs out in late April and the government is seeking
a longer and bigger loan to help bring permanence to macroeconomic
stability as well as an umbrella under which the country can
execute much needed structural reforms, the minister said.

"We expect the IMF mission to be in Islamabad around the middle of
May - and that is when some of these contours will start
developing," said Aurangzeb, who met with the Fund's Managing
Director Kristalina Georgieva on April 17 during the International
Monetary Fund and World Bank Spring Meetings.

He declined to outline what size programme the government hoped to
secure, though Pakistan is expected to seek, opens new tab at least
$6 billion, Reuters says. Aurangzeb added that once the IMF loan
was agreed, Pakistan would also request additional financing from
the Fund under the Resilience and Sustainability Trust.

According to Reuters, the struggling South Asian nation had managed
to accumulate foreign exchange reserves in recent months and was on
track for its war chest to hit $10 billion - or roughly two months
import cover - by end-June.

The debt situation also looked more benign, Aurangzeb said.
"The bulk of our bilateral debt - including our China debt - is
being rolled over, so in that sense I think we are in good shape
and I don't see a big issue during this fiscal year nor next fiscal
year, cause we need to repay roughly $25 billion dollars every
fiscal year."

Pakistan also hopes to come back to international capital markets,
possibly with a green bond. However, there was some more work to be
done before that happens, Aurangzeb, as cited by Reuters, said.

"We have to come back into a certain ratings environment," he said,
having kicked off talks with ratings agencies, adding the
government was hoping to get an improvement in its sovereign rating
in the next fiscal year.

"In all likelihood, any international capital markets issuance will
likely be in the 2025/2026 fiscal year."

About Pakistan

Pakistan is a country located in South Asia. It has a coastline
along the Arabia Sea and the Gulf of Oman and is bordered by
Afghanistan, China, India, and Iran. Pakistan's capital is
Islamabad.

As reported in the Troubled Company Reporter-Asia Pacific in
December 2023, Fitch Ratings affirmed Pakistan's Long-Term
Foreign-Currency Issuer Default Rating (IDR) at 'CCC'. Fitch
typically does not assign Outlooks to sovereigns with a rating of
'CCC+' or below.

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

ABS-CBN CORP: Annual Net Loss Widens to PHP9.76BB in 2023
---------------------------------------------------------
Elijah Felice Rosales at The Philippine Star reports that ABS-CBN
Corp. suffered a setback in its efforts to become profitable again,
tripling its net loss to nearly PHP10 billion last year due to the
impairment of some of its legacy assets.

The company's net loss widened to PHP9.76 billion in 2023 from
PHP2.46 billion in 2022, to end another year in the red, The
Philippine Star discloses.

ABS-CBN, however, kept its revenue flat at PHP18.51 billion and cut
its spending by six percent to PHP14.85 billion, but the network
realized an impairment loss of PHP9.12 billion.

It suffered the impairment loss from goodwill and non-financial
assets in the broadband and cable businesses, the report says.
Companies list an asset as an impairment loss once it has
depreciated more than its value when it was acquired.

ABS-CBN lost the right to air on free TV when lawmakers rejected
its bid for a fresh franchise in 2020. As a consequence, ABS-CBN
not only lost an avenue for revenue generation, but its
broadcasting assets like towers and transmitters depreciated
quicker.
The Philippine Star relats that ABS-CBN's pay TV provider Sky Cable
Corp. also lost its right to offer direct-to-home services, leaving
it with the broadband business to survive.

To date, Sky Cable owes PHP4.53 billion to lenders and is working
on paying them within the year as committed.

Recently, Sky Cable has obtained term extensions for the maturity
of its loans with the following banks: Robinsons Bank Corp., one
year, payable in October; Bank of the Philippine Islands, six
months, due on July 9; and Security Bank Corp., 88 days, until May
3, according to The Philippine Star.

The Philippine Star says telco giant PLDT Inc. was supposed to buy
out Sky Cable for PHP6.75 billion, but the transaction was called
off in February. PLDT and Sky Cable decided to keep to themselves
the reason for the withdrawal, but said it was an agreement reached
mutually.

Had PLDT proceeded with the buyout, Sky Cable would have to fold
its pay TV. Further, the sale would have reduced the financial
strain on the Lopez empire, as it will be freed of a business that
has struggled to recover since 2020.

According to The Philippine Star, the glimmer of hope for ABS-CBN
is that its decision to expand in digital platforms and partner
with media giants in the Philippines and abroad is starting to pay
off.

ABS-CBN grew its revenue from content production and distribution
by eight percent to PHP11.31 billion in 2023 on the diversification
of its revenue stream.

About ABS-CBN

ABS-CBN Broadcasting operated a network of TV & radio stations in
the Philippines. The Company produced entertainment and news
programs for basic and cable channels.

On May 5, 2020, the National Telecommunications Commission (NTC)
issued a cease-and-desist order (CDO) against ABS-CBN, immediately
directing it to stop broadcast operations in radio and television.
The order followed the expiration of ABS-CBN's broadcast franchise
on May 4, 2020.

On July 10, 2020, members of the House of Representatives denied
ABS-CBN's renewal franchise application, citing several issues on
the network's prior 25-year franchise.

The network has now rebranded itself as a mass content company and
produced television programs, films and other entertainment content
through partnerships with independent production companies and
broadcasters.

ABS-CBN CORP: Converge ICT Aborts Plan to Buy Sky Cable
-------------------------------------------------------
Bilyonaryo.com reports that Converge ICT of bilyonaryo Dennis
Anthony Uy is no longer interested in buying SkyCable from ABS-CBN
Broadcasting of the Lopez family.

According to the report, Babbler said Converge has terminated
negotiations with ABC-CBN which began after the collapse of PHP6.75
billion sale to PLDT two months ago.

Bilyonaryo.com relates that Babbler said that just like PLDT,
Converge grasped the severity of SkyCable's situation during a deep
dive into its financial records as part of the due diligence
process.

Converge determined SkyCable would not provide much value due to
its heavily decimated subscriber base and predominantly
copper-based broadband network, which would require additional
capital for conversion to fiber, the report relays.

Babbler said Converge reckoned SkyCable needed a massive financial
rehabilitation, a challenge even beyond what a white knight could
tackle.

Recently, ABS-CBN reported a 448 percent jump in losses to PHP12.6
billion in 2023, largely due to a PHP9 billion hit from SkyCable,
Bilyonaryo.com discloses.

The impairment loss reflected the sharp decrease in Sky Cable's
value across asset categories – PHP4.5 billion in goodwill,
PHP2.4 billion in property and equipment, PHP1.9 billion in other
intangible assets, and PHP252 million in current assets.

Sky Cable is also burdened with a PHP4.5 billion debt almost half
of which is payable this year.

About ABS-CBN

ABS-CBN Broadcasting operated a network of TV & radio stations in
the Philippines. The Company produced entertainment and news
programs for basic and cable channels.

On July 10, 2020, members of the House of Representatives denied
ABS-CBN's renewal franchise application, citing several issues on
the network's prior 25-year franchise.

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

B&S SERVICES: Court Enters Wind-Up Order
----------------------------------------
The High Court of Singapore entered an order on April 5, 2024, to
wind up the operations of B&S Services Pte. Ltd.

Maybank Singapore Limited filed the petition against the company on
March 15, 2024.

The company's liquidators are:

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

HYFLUX UTILITY: Creditors' Meetings Set for April 30
----------------------------------------------------
Hyflux Utility (Oman) Pte Ltd will hold a meeting for its creditors
on April 30, 2024, at 10:00 a.m. via electronic means.

Agenda of the meeting includes:

a. to receive a statement of the Company's affairs together
with a list of creditors and the estimated amounts of their
claims;

b. to appoint Liquidators;

c. to appoint a Committee of Inspection if deemed necessary;
and

d. Any other business.

INNOVATE CAPITAL: Creditors' Proofs of Debt Due on May 16
---------------------------------------------------------
Creditors of Innovate Capital Pte Ltd are required to file their
proofs of debt by May 16, 2024, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on April 8, 2024.

The company's liquidators are:

Tee Wey Lih
Cheong Beng Sheng, Dean
c/o Guardian Advisory
531A Upper Cross Street
#03-118
Singapore 051531

PERFORMANCE AUTOHAUS: Commences Wind-Up Proceedings
---------------------------------------------------
Members of Performance Autohaus Private Limited on April 9, 2024,
passed a resolution to voluntarily wind up the company's
operations.

The company's liquidator is:

Mr. Tee Wey Lih
c/o Guardian Advisory
531A Upper Cross Street
#03-118
Singapore 051531

SG LANDED: Court to Hear Wind-Up Petition on May 3
--------------------------------------------------
A petition to wind up the operations of SG Landed Development Pte
Ltd will be heard before the High Court of Singapore on May 3,
2024, at 10:00 a.m.

Maybank Singapore Limited filed the petition against the company on
April 11, 2024.

The Petitioner's solicitors are:

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

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

Troubled Company Reporter-Asia Pacific is a daily newsletter co-
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Marites O. Claro, Joy A. Agravante, Rousel Elaine T. Fernandez,
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