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

                     A S I A   P A C I F I C

          Thursday, May 9, 2024, Vol. 27, No. 94

                           Headlines



A U S T R A L I A

777 OZ: First Creditors' Meeting Set for May 10
BONZA: Extends Flight Suspension as Lessors Seek to Seize Planes
ESC FIRM: First Creditors' Meeting Set for May 13
GO BIG: McGrathNicol Appointed as Liquidators
METRO FINANCE 4: Moody's Upgrades Rating on Class E Notes to B1

NOW TRUST 2024-1: Moody's Gives (P)B2 Rating on AUD1.50MM F Notes
OPS IN A BOX: First Creditors' Meeting Set for May 10
SYDNEY ARBOR: First Creditors' Meeting Set for May 14
TOOWOOMBA CLINIC: First Creditors' Meeting Set for May 14
[*] Feared 'Insolvency Tsunami' Hits Australia, Credit Agency Says



B A N G L A D E S H

FAREAST FINANCE: Court Rejects Depositor's Plea for Liquidation


C H I N A

CHINA VANKE: To Auction Land Plot with Loss-Making Reserve Price
CXJ GROUP: Zhen Hui CPAs Raises Going Concern Doubt


I N D I A

ALAMELU BALAJI: CARE Lowers Rating on INR15.60cr LT Loan to B-
ARORA INDUSTRIES: CARE Keeps D Debt Rating in Not Cooperating
ARORA KNIT: CARE Keeps D Debt Rating in Not Cooperating Category
BANKE BIHARI: CARE Lowers Rating on INR17.58cr LT Loan to D
BENARA BEARINGS: CARE Keeps D Debt Ratings in Not Cooperating

BYJU'S: NCLT Issues Notice on Oppo's Insolvency Plea
CFI VENTURES: CARE Keeps C Debt Rating in Not Cooperating
COSMO GRANITES: CARE Keeps B Debt Rating in Not Cooperating
COSMOS INFRA: CARE Keeps C Debt Rating in Not Cooperating Category
DELHI INTERNATIONAL: S&P Raises LT ICR to 'BB-', Outlook Positive

DRN INFRASTRUCTURE: CRISIL Assigns B Rating to INR100cr Loan
DURA ROOF: CARE Keeps B- Debt Rating in Not Cooperating Category
GALI JAGADISH: CARE Keeps C Debt Rating in Not Cooperating
GEMUS ENGINEERING: CRISIL Lowers Long & Short Term Ratings to D
GMR HYDERABAD: S&P Upgrades LT ICR to 'BB', Outlook Stable

GOVINDAM PROJECTS: CARE Keeps B+ Debt Rating in Not Cooperating
HARDAYAL MILK: CARE Keeps D Debt Rating in Not Cooperating
JADLI FOODS: ICRA Keeps B+ Debt Ratings in Not Cooperating
MANSAROVAR ROLLER: CARE Lowers Rating on INR5.60cr LT Loan to B-
MASTEK ENGINEERING: CARE Keeps B Debt Rating in Not Cooperating

MENTOR HOME: CARE Lowers Rating on INR250cr LT Loan to B+
NORTHERN ELECTRIC: CARE Lowers Rating on INR6.40cr LT Loan to B-
OXFORD EDUCATIONAL: CARE Keeps B- Debt Rating in Not Cooperating
RADHAKRISHNA CONTRACTORS: CRISIL Ups Rating on INR5cr Loan to B+
RAJASTHAN ARTS: ICRA Keeps B+ Debt Ratings in Not Cooperating

RCN IMPEX: CARE Keeps C Debt Rating in Not Cooperating Category
RELIANCE BROADCAST: NCLT Approves Sapphire Media's Acquisition Bid
RM ROCKS: CARE Keeps C Debt Rating in Not Cooperating Category
SHIV SHAKTI: CARE Lowers Rating on INR10.00cr LT Loan to B+
SHIVAM MOTORS: CARE Keeps B Debt Rating in Not Cooperating

SHIVJOT DEVELOPERS: CARE Keeps B- Debt Rating in Not Cooperating
SHREENATHJI ENTERPRISE: CRISIL Ups Rating on INR12.5cr Loan to B-
SULOCHANA EXPORT: CARE Keeps D Debt Rating in Not Cooperating
SWASTIK CEMENT: CARE Keeps C Debt Rating in Not Cooperating
TEJAS AGRO: CARE Keeps C Debt Ratings in Not Cooperating Category



M O N G O L I A

BOGD BANK: Moody's Affirms 'B3' Deposit Ratings, Outlook Stable


N E W   Z E A L A N D

MACKENZIE COUNTRY: Creditors' Proofs of Debt Due on May 31
RICHARD TAYLOR: Thomas Lee Rodewald Appointed as Receiver
SM MARETH: Creditors' Proofs of Debt Due on July 1
TEKAPO 1: Steven Khov and Kieran Jones Appointed as Receivers
VESSEL ENTERTAINMENT: Creditors' Proofs of Debt Due on May 30



S I N G A P O R E

ECCO LAND: Creditors' Proofs of Debt Due on June 8
GADIUS ASSETS: Creditors' Proofs of Debt Due on June 8
GIANT LAND: Creditors' Proofs of Debt Due on June 8
MM STAR: Court Enters Wind-Up Order
SINBUN TRADING: Court to Hear Wind-Up Petition on May 24

ZIPMEX PTE: Appoints Mazars Consulting as Provisional Liquidator

                           - - - - -


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

777 OZ: First Creditors' Meeting Set for May 10
-----------------------------------------------
A first meeting of the creditors in the proceedings of 777 Oz
Holdco Pty Ltd will be held on May 10, 2024, at 10:30 a.m. at
Sheraton Grand Sydney Hyde Park, Hyde Park Room, 161 Elizabeth
Street, in Sydney, NSW, and via videoconference facilities.

Richard Albarran, Kathleen Vouris, Brent Kijurina and Cameron Shaw
of Hall Chadwick were appointed as administrators of the company on
April 30, 2024.


BONZA: Extends Flight Suspension as Lessors Seek to Seize Planes
----------------------------------------------------------------
Bloomberg News reports that Australian budget airline Bonza has
canceled all flights through May 14 as lessors seek to seize its
planes.

The embattled carrier grounded its fleet on April 29 after the
lessors issued termination notices. Hall Chadwick, which has been
appointed as administrators to the airline, said May 7 it has been
in discussions with the lessors to see whether the grounded planes
could become operational in the short term, but to no avail,
Bloomberg relates.

"The administrators have regretfully been advised that the lessors
will continue to enforce their rights under the termination notices
and, subject to their own requirements and arrangements, seek to
reposition the fleet elsewhere," Hall Chadwick said in a statement.
In Australia, administrators are appointed to restructure
financially stressed companies before the last resort of declaring
bankruptcy.

According to Bloomberg, Hall Chadwick said it will continue efforts
to resume Bonza's operations through talks with interested parties,
potential investors, and other airlines.

After launching last year, Bonza had focused on dozens of new or
little-used holiday routes aimed at the local market, Bloomberg
says. But doubts grew about the airline's ability to fill large
jets serving small populations, as well as the accessibility of its
app-only booking process.

Bloomberg says the fate of Bonza also raises questions about its
parent 777 Partners, which has laid out ambitious plans to build a
global airline portfolio and last year agreed to buy UK football
club Everton. Lenders to the firm last week accused it of fraud,
claiming it borrowed against AUD350 million of assets that it
didn't own, didn't exist or were already promised to someone else,
according to a complaint filed in New York federal court.

                            Abount Bonza

Sunshine Coast-based Bonza was unveiled in October 2021 and its
first flight took off in January 2023.  It operates Boeing
737-Max-8 planes and is backed by 777 Partners, an investment group
based in Miami, Florida.  It originally flew 27 routes to 17
destinations but started cutting services during its first six
months.

Richard Albarran, Kathleen Vouris, Brent Kijurina and Cameron Shaw
of Hall Chadwick were appointed Administrators of the Company on
April 30, 2024.


ESC FIRM: First Creditors' Meeting Set for May 13
-------------------------------------------------
A first meeting of the creditors in the proceedings of ESC Firm Pty
Ltd and ESC Operations Pty Ltd will be held on May 13, 2024, at
11:30 a.m. at the offices of Hayes Advisory, Level 3, 84 Pitt
Street, Sydney NSW 2000 and virtually via Zoom.

Alan Hayes and Wayne Marshall of Hayes Advisory were appointed as
administrators of the company on May 1, 2024.


GO BIG: McGrathNicol Appointed as Liquidators
---------------------------------------------
Kathy Sozou & Damien Pasfield of McGrathNicol on May 3, 2024, were
appointed as liquidators of Go Big Tech Pty Ltd (formerly Inotap
Corp Pty Ltd), Go Check ID Pty Ltd, and Seeky IP Pty Ltd.


METRO FINANCE 4: Moody's Upgrades Rating on Class E Notes to B1
---------------------------------------------------------------
Moody's Ratings has upgraded the ratings on four classes of notes
issued by Metro Finance Trust No.4 Warehouse Series 1, following
amendments.

The affected ratings are as follows:

Issuer: Metro Finance Trust No.4 Warehouse Series 1

Class B Notes, Upgraded to A1 (sf); previously on Dec 20, 2022
Assigned A2 (sf)

Class C Notes, Upgraded to A3 (sf); previously on Dec 20, 2022
Assigned Baa2 (sf)

Class D Notes, Upgraded to Baa3 (sf); previously on Dec 20, 2022
Assigned Ba2 (sf)

Class E Notes, Upgraded to B1 (sf); previously on Dec 20, 2022
Assigned B2 (sf)

A comprehensive review of all credit ratings for the transaction
has been conducted during a rating committee.

RATINGS RATIONALE

The rating actions were prompted by amendments to the transaction,
effective as of April 28, 2024, including changes to the note
margins and various concentration limits and extension of the
availability period.

No action was taken on the remaining rated class of notes in the
transaction as credit enhancement remains commensurate with the
current rating for the notes.

Moody's has maintained the expected default and Aaa portfolio
credit enhancement assumptions for the transaction at 2.5% and 16%,
respectively.

The transaction is a securitisation backed by a revolving portfolio
of Australian prime commercial auto and equipment loans and leases
and novated leases originated by Metro Finance Pty Limited.

The principal methodology used in these ratings was "Moody's Global
Approach to Rating Auto Loan- and Lease-Backed ABS" published in
November 2023.

Factors that would lead to an upgrade or downgrade of the ratings:

that could lead to an upgrade of the ratings include (1)
performance of the underlying collateral that is better than
Moody's expectations, and (2) an increase in the notes' required
subordination amount.

Factors that could lead to a downgrade of the ratings include (1)
performance of the underlying collateral that is worse than Moody's
expectations, (2) a decrease in the notes' required subordination
amount, and (3) a deterioration in the credit quality of the
transaction counterparties.


NOW TRUST 2024-1: Moody's Gives (P)B2 Rating on AUD1.50MM F Notes
-----------------------------------------------------------------
Moody's Ratings has assigned provisional ratings to the notes to be
issued by Perpetual Corporate Trust Limited in its capacity as
trustee of the NOW Trust 2024-1.

Issuer: Perpetual Corporate Trust Limited in its capacity as
trustee of the NOW Trust 2024-1

AUD243.00 million Class A Notes, Assigned (P)Aaa (sf)

AUD4.43 million Class A-X Notes, Assigned (P)Aaa (sf)

AUD19.20 million Class B Notes, Assigned (P)Aa2 (sf)

AUD12.60 million Class C Notes, Assigned (P)A2 (sf)

AUD4.80 million Class D Notes, Assigned (P)Baa2 (sf)

AUD15.30 million Class E Notes, Assigned (P)Ba2 (sf)

AUD1.50 million Class F Notes, Assigned (P)B2 (sf)

The AUD3.60 million Class G Notes are not rated by Moody's.

The transaction is a cash securitisation of unsecured personal
loans, secured personal loans and consumer asset finance loans
(mainly auto loans) extended to obligors located in Australia. It
is a static structure. All receivables were originated by Now
Finance Group Pty Ltd (NFG, unrated).

NFG is a private company, operating as a non-bank lender in the
Australian personal loan and consumer asset finance loan market
under its registered trademark NOW FINANCE. NFG began originating
personal loans in 2013 focusing on unsecured personal lending
before commencing secured personal loans lending in 2016 and
consumer asset finance lending in 2022.

RATINGS RATIONALE

The ratings take into account, among other factors:

-- The limited amount of historical data. NFG began originating
personal loans in 2013, with significant origination growth
beginning in 2017, and started originating consumer asset finance
loans from 2022. The collateral performance data used in Moody's
analysis reflects NFG's short origination history, particularly for
the consumer asset finance loans, and does not cover a full
economic cycle. Moody's has incorporated additional stress into its
default assumptions to account for the limited data.

-- The evaluation of the capital structure. The transaction
features a sequential/pro rata principal paydown structure.
Initially, the notes will be repaid on a sequential basis starting
with the Class A notes. Once pro rata paydown conditions are
satisfied, principal will be distributed pro rata among Class A
through to Class F Notes. Following the call date, or if the pro
rata conditions are otherwise not satisfied, the principal
collections distribution will revert to sequential. Initially, the
Class A, Class B, Class C, Class D, Class E and Class F Notes
benefit from 19.0%, 12.6%, 8.4%, 6.8%, 1.7% and 1.2% of note
subordination, respectively.

-- The Class A-X Notes are repaid according to a scheduled
amortisation profile. These notes are not collateralised and are
repaid through the interest waterfall only. The notes are sensitive
to very high prepayment rates, which could see the underlying asset
portfolio repay in full before the notes have fully amortised in
May 2027. If the deal is called by the sponsor before repayment of
the Class A-X Notes under the amortisation schedule in May 2027,
the Class A-X Notes will be made whole and repaid in full. The
notes also benefit from access to principal draw.

-- The availability of excess spread over the life of the
transaction. Repayment of the Class A-X Notes in a senior position
the interest waterfall reduces the availability of excess spread
for the other notes.

-- The liquidity facility in the amount of 1.50% of the aggregate
invested amount of all note balances, subject to a floor of
AUD0.475 million.

-- The interest rate swap provided by National Australia Bank
Limited ("NAB", Aa2/P-1/Aa1(cr)/P-1(cr)).

-- The experience of NFG as servicer, and the back-up servicing
arrangements with AMAL Asset Management Ltd.

MAIN MODEL ASSUMPTIONS

Moody's portfolio credit enhancement ("PCE") — representing the
loss that Moody's expects the portfolio to suffer in the event of a
severe recession scenario — is 24.5%. Moody's mean default rate
for this transaction is 5.5% and the assumed recovery rate is
16.25%. Expected defaults, recoveries and PCE are parameters used
by Moody's to calibrate its lognormal portfolio loss distribution
curve and to associate a probability with each potential future
loss scenario in Moody's cash flow model to rate consumer ABS.

Moody's assumed mean default rate is stressed compared to the
extrapolated observed levels of default, estimated at 5.06%. The
stress Moody's has applied in determining its mean default rate
reflects the limited historical data available for NFG's portfolio.
It also reflects the current macroeconomic trends, and other
similar transactions used as a benchmark.

The PCE of 24.50% is based on Moody's assessment of the pool taking
into account (i) historical data variability; (ii) quantity,
quality and relevance of historical performance data; and (iii)
originator quality and servicer quality.

Key pool features are as follows:

-- Unsecured personal loans constitute 43.8% of the pool, secured
personal loans constitute 6.2% while the remaining 50.0% is made up
of consumer asset finance loans (mainly auto loans);

-- The 50.0% of consumer asset finance loans in the pool is made
up of 87.1% of vehicles and 11.0% of caravans;

-- The weighted average interest rate of the portfolio is 14.4%;

-- The weighted average remaining term of the portfolio is 71.2
months; and

-- The weighted average seasoning of the initial portfolio is 5.5
months.

Methodology Underlying the Rating Action

The methodologies used in these ratings were "Moody's Approach to
Rating Consumer Loan-Backed ABS" published in December 2022.

Factors that would lead to an upgrade or downgrade of the ratings:

Factors that could lead to an upgrade of the notes include a rapid
build-up of credit enhancement due to sequential amortization or a
better-than-expected collateral performance. The Australian job
market is a primary driver of performance.

Factor that could lead to a downgrade of the notes is a
worse-than-expected collateral performance, poor servicing, error
on the part of transaction parties, a deterioration in the credit
quality of transaction counterparties, a lack of transactional
governance, or fraud.


OPS IN A BOX: First Creditors' Meeting Set for May 10
-----------------------------------------------------
A first meeting of the creditors in the proceedings of Ops in a Box
Pty Ltd will be held on May 10, 2024, at 10:00 a.m. at the Sheraton
Grand Sydney Hyde Park, Hyde Park Room, 161 Elizabeth Street, in
Sydney, NSW, and via videoconference facilities.

Richard Albarran, Kathleen Vouris, Brent Kijurina and Cameron Shaw
of Hall Chadwick were appointed as administrators of the company on
April 30, 2024.


SYDNEY ARBOR: First Creditors' Meeting Set for May 14
-----------------------------------------------------
A first meeting of the creditors in the proceedings of Sydney Arbor
Trees Pty Ltd will be held on May 14, 2024, at 12:00 p.m. via
virtual meeting technology.

Anthony Phillip Wright and Mohammad Mirzan Bin Mansoor of Olvera
Advisors were appointed as administrators of the company on May 2,
2024.


TOOWOOMBA CLINIC: First Creditors' Meeting Set for May 14
---------------------------------------------------------
A first meeting of the creditors in the proceedings of The
Toowoomba Clinic Pty Ltd will be held on May 14, 2024, at 11:00
a.m. at Allan Cunningham Room, Burke & Wills Hotel, 554 Ruthven
Street, in Toowoomba, Queensland.

Anne Meagher and Adam Kersey of SV Partners were appointed as
administrators of the company on May 1, 2024.


[*] Feared 'Insolvency Tsunami' Hits Australia, Credit Agency Says
------------------------------------------------------------------
9News.com.au reports that a feared "insolvency tsunami" has well
and truly hit Australia, according to one of the world's largest
credit agencies, and construction and hospitality businesses are at
risk of folding faster than most.

Insolvencies have reached their highest levels since 2015, Equifax
said, up 41 per cent from the same time last year and a massive
145.7 per cent since 2022, 9News.com.au relays.

According to 9News.com.au, Equifax's Scott Mason said the trend
raised serious questions about the survivability of many businesses
– particularly SMEs and sole traders in construction and
hospitality.

Those businesses are "significantly more likely" to be in mortgage
stress, Mr. Mason said.

According to Equifax, sole traders in construction are 60 per cent
more likely to be in early mortgage arrears versus the average
consumer, and SMEs 30 per cent more likely.

Similarly, sole traders in hospitality are 75 per cent more likely
to be in mortgage arrears, 9News.com.au relates.

"Across the board, many Australian consumers are struggling, with
data from our consumer bureau showing that early-stage mortgage
arrears are up 30 per cent in the last quarter compared to two
years ago," 9News.com.au quotes Mr. Mason as saying.

9News.com.au says Equifax data found construction sole traders and
SMEs in different regions across Australia have varying levels of
stress.

Sole traders in Western Australia and South Australia are twice as
likely to be in early mortgage arrears, Mr. Mason said, while those
in Victoria are 44 per cent more likely.

"These business owners are having to make some extremely difficult
choices around whether to prioritise paying their business or
personal expenses," Mr. Mason said.

"As a result, their mortgage repayments are starting to lapse."

Additionally, Days Beyond Terms (DBT) - the average time taken to
pay back dues - has increased year-on-year, bringing the average
DBT to 6.5 days.

In further signs the construction industry is under pressure,
Equifax said those in the trade paid their dues on average 10.2
days beyond terms, 9News.com.au adds.




===================
B A N G L A D E S H
===================

FAREAST FINANCE: Court Rejects Depositor's Plea for Liquidation
---------------------------------------------------------------
The Business Standard reports that the High Court on May 6 turned
down a depositor's petition seeking appointment of a liquidator at
Fareast Finance and Investment, a publicly traded non-bank
financial institution (NBFI).

However, the single-member bench of Justice Syed Refaat Ahmed asked
the Bangladesh Bank to investigate the complaint of Sterling
Creations Ltd and give the client feedback in three months,
according to Barrister Sayed Mahsib Hossain, a lawyer for the NBFI,
the report says.

"It is again established that the High Court is not inclined to
shut down financial institutions on the basis of the claims of a
depositor," he told The Business Standard.

TBS relates that barrister Mustafizur Rahman Khan, a lawyer for the
petitioner, said the High Court's direction to the central bank
also includes how the sum Fareast Finance owes to Sterling
Creations would be paid back by March 2025.

In the case of Fareast Finance's failure to pay back by the
stipulated time, his client might appear before the court again,
Khan added.

According to TBS, Sayed Mahsib Hossain said the High Court also
directed the Bangladesh Securities and Exchange Commission (BSEC)
to take into account the Bangladesh Bank report before
reconstructing the board of directors of Fareast Finance, as the
current board is constituted by independent directors sent by the
securities regulator itself.

The BSEC, along with appointing a special auditor, also recast the
Fareast Finance board twice by appointing independent directors in
the last three years.

Sterling Creations Ltd, an apparel exporter, filed its petition in
September last year, seeking the NBFI's winding up as its money in
two FDRs has been stuck at the troubled NBFI since 2019, despite
maturity, TBS recalls.

Mustafizur Rahman Khan told TBS that his client had around BDT11
crore in the two FDRs, and with the piling up of interest since
maturity in April 2019, the amount had already surged to over BDT20
crore.

Fareast Finance and Investment went public in 2013, and some of its
directors' alleged embezzlement of depositors' money by disbursing
shady loans dragged it down to near insolvency, TBS notes.

At the end of 2022, its net liability stood at 3.85 times its
paid-up capital, according to the Dhaka Stock Exchange. In 2022,
its net loss was 140% of the paid up capital, TBS discloses.

According to its financial statement, 94% of the NBFI's loans were
non-performing till that year.

Shareholders who have been deprived of dividends since 2017 are
feeling even more acute pains of capital erosion in Fareast Finance
stocks as the price of its shares, which have a face value of
BDT10, came down to BDT4 on the Dhaka Stock Exchange, while the
historic high was BDT28 during trading debut in 2013.

Fareast Finance & Investment Limited, a non-banking financial
institution, provides leasing and financing services in
Bangladesh.




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

CHINA VANKE: To Auction Land Plot with Loss-Making Reserve Price
----------------------------------------------------------------
Reuters reports that cash-strapped China Vanke is selling a large
Shenzhen land plot at a reserve price of CNY2.24 billion ($310
million) via auction, the developer's latest move to raise funds to
ease its liquidity stress.

The auction of the 19,000 square-metre block, which the
state-backed property developer bought in late 2017 for CNY3.1
billion, will start on May 18, according to a notice in the
Shenzhen Public Resources Trading Center on May 8, Reuters relays.

According to Reuters, Vanke said last month it is facing short-term
liquidity pressure and operational difficulties, adding that it had
prepared "a basket of plans" to stabilise its business and cut
debt.

It has also said it aims to boost cashflow this year with bank
financing and more asset disposals worth more than CNY30 billion.

Reuters relates that Vanke said in a statement on May 8 the land
sale plan is one of its solutions to downsize, and the disposal
would free up capital from non-core business assets after it
scrapped its original plan to build a development for staff use.

The Shenzhen-based company is also in talks with state-owned
investment company Guangdong Holdings Ltd to sell its 21.4% stake
in logistics firm GLP, sources have said, adds Reuters.

                         About China Vanke

China Vanke Co., Ltd. operates real estate development businesses.
The Company provides housing renovation, housing loans, real estate
brokerage, and other businesses. China Vanke also operates
logistics, material supply, and other businesses.

As reported in the Troubled Company Reporter-Asia Pacific on May 1,
2024, Moody's Ratings has downgraded the following ratings of China
Vanke Co., Ltd. and its wholly-owned subsidiary, Vanke Real Estate
(Hong Kong) Company Limited.

1. China Vanke's corporate family rating to Ba3 from Ba1;

2. Backed senior unsecured rating on the medium-term note (MTN)
program of Vanke Real Estate to (P)B1 from (P)Ba2; and

3. Backed senior unsecured rating on the bonds issued by Vanke Real
Estate to B1 from Ba2.

The MTN program and senior unsecured bonds are supported by a deed
of equity interest purchase undertaking and a keepwell deed between
China Vanke, Vanke Real Estate and the bond trustee.

The entities' outlooks have been revised to negative. Previously,
their ratings were on review for downgrade.

The TCR-AP recently reported that S&P Global Ratings lowered its
long-term issuer credit rating on China Vanke Co. Ltd. to 'BB+'
from 'BBB+', and its long-term issuer credit rating on China
Vanke's subsidiary, Vanke Real Estate (Hong Kong) Co. Ltd. to 'BB'
from 'BBB'. S&P also lowered the issue rating on Vanke HK's senior
unsecured notes to 'BB' from 'BBB'.

The negative outlook on China Vanke reflects S&P's expectation that
the company's contracted sales could decline further over the next
12 months amid a prolonged industry downturn. China Vanke's
financial position could also weaken if the company fails to
execute its asset disposal plans.


CXJ GROUP: Zhen Hui CPAs Raises Going Concern Doubt
---------------------------------------------------
Hong Kong, China-based Zhen Hui CPAs, expressed substantial doubt
about CXJ Group Co., Ltd.'s ability to continue as a going concern.


Zhen Hui, the Company's auditor since 2023, issued a "going
concern" qualification in its report dated April 30, 2024, attached
to CXJ's Form 10-K Report filed with the U.S. Securities and
Exchange Commission for the fiscal year ended May 31, 2023, that
was recently filed with the U.S. Securities and Exchange
Commission.

"The Company has suffered recurring losses from operations that
raises substantial doubt about its ability to continue as a going
concern," the auditor said.

The Company's ability to continue as a going concern depends upon
its ability to market and sell its products to generate positive
operating cash flows. Company generated negative cash flow $378,815
and positive cash flow of $443,523 in the years ended May 31, 2023
and 2022 respectively. In addition, for the years ended May 31,
2023 and 2022, the Company reported a net loss of $1,138,141 and
$541,453 respectively.

In an effort to improve its financial position, the Company must
obtain new working capital through improving its operation and
obtaining loans from banks or other financial institutes. The
Company also relies on relates parties to provided financing and
management services at cost that may not be the prevailing market
rate for those services.

However, management cannot provide any assurances that the Company
will be successful in accomplishing any of its plans.

A full-text copy of the Company's Form 10-K is available at
https://tinyurl.com/52tm76de

                 About CXJ Group Co., Ltd.

Hangzhou City, China-based CXJ Group Co., Ltd. is an automobile
aftermarket products wholesaler, as well as an auto detailing store
consultancy company. Its business is mainly divided into three
sectors, namely sales of automobile aftermarket products,
authorization fee on our brand name "Chejiangling / Teenage Hero
Car" and provision of auto detailing store consultancy services.
CXJ Group Co. provides consultancy services to its customers, who
are auto detailing store owners or persons who are going to start
the stores.

As of May 31, 2023, the Company has $5,562,671 in total assets,
$3,123,324 in total liabilities, and $2,439,347 in total
stockholders' equity.




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

ALAMELU BALAJI: CARE Lowers Rating on INR15.60cr LT Loan to B-
--------------------------------------------------------------
CARE Ratings has revised the ratings on certain bank facilities of
Alamelu Balaji Spinning Mills Private Limited (ABSMPL), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      15.60       CARE B-; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category and
                                   Revised from CARE B; Stable  

   Short Term Bank      0.40       CARE A4; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category

Rationale and key rating drivers

CARE Ratings Ltd. had, vide its press release dated February 17,
2023, placed the rating(s) of ABSMPL under the 'issuer
non-cooperating' category as ABSMPL 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. ABSMPL continues to be non-cooperative despite
repeated requests for submission of information through e-mails,
phone calls and a letter/email dated January 3, 2024, January 13,
2024, January 23, 2024.

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).

The ratings assigned to the bank facilities of ABSMPL have been
revised on account of non-availability of requisite information.

Analytical approach: Standalone

Outlook: Stable

Alamelu Balaji Spinning Mills Private Limited (ABSMPL) was
incorporated in 1996 by Mr. Venkataswamy and his family members in
Coimbatore. ABSMPL is engaged in spinning of cotton with an
installed capacity of 21456 spindles and 1440 rotors in its
manufacturing unit located at Coimbatore, Tamil Nadu as on February
2, 2022. ABSM purchases raw cotton from traders located at
Telangana, Andhra Pradesh and from other districts in the state of
Tamil Nadu. The company supplies cotton yarn to the customers
located in Tamil Nadu.


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

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      79.88       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Rationale and key rating drivers

CARE Ratings Ltd. had, vide its press release dated February 9,
2023, placed the rating(s) of AI under the 'issuer non-cooperating'
category as AI 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. AI continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
April 24, 2024, April 26, 2024, April 29, 2024.

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

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

Analytical approach: Standalone.

CARE had taken combined approach for Arora Industries and Arora
Knit Fab Private Limited till FY21 as both these entities have
common management and financial linkages. However, updated
information is not available to determine that management and
financials linkages continue to exist. Thus, analytical approach
has been changed to standalone.

Outlook: Not Applicable

Arora Industries is a Partnership Firm registered with Registrar of
firms of Indian Partnership Act,1932. The firm is managed by Shri
Mohinder Singh Arora and Ravinder Pal Singh, both are partners in
this firm. The firm is engaged in manufacturing and exports of
Knitted Fabrics, Home Textiles, Garments, Mink Blankets and other
substitutes.


ARORA KNIT: CARE Keeps D Debt Rating in Not Cooperating Category
----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Arora Knit
Fab Private Limited (AKFPL) continues to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      57.89       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Rationale and key rating drivers

CARE Ratings Ltd. had, vide its press release dated February 9,
2023, placed the rating(s) of AKFPL under the 'issuer
non-cooperating' category as AKFPL 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. AKFPL continues to be noncooperative despite
repeated requests for submission of information through e-mails,
phone calls and a letter/email dated April 29, 2024, April 30,
2024, May 1, 2024.

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

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

Analytical approach: Standalone.

CARE had taken combined approach for Arora Industries and Arora
Knit Fab Private Limited till FY21 as both these entities have
common management and financial linkages. However, updated
information is not available to determine that management and
financials linkages continue to exist. Thus, analytical approach
has been changed to standalone.

Outlook: Not Applicable

AKFPL, incorporated in the year 2000, under companies Act 1956 and
the flagship entity of the Arora Group. The company is engaged in
manufacturing and exports of Knitted Fabrics, Home Textiles,
Garments, Mink Blankets and the substitutes. The company is managed
by Shri Mohinder Singh Arora (Chairman, founder CEO) and Shri
Ravinder Pal Singh elder brother of Mohinder Singh Arora.


BANKE BIHARI: CARE Lowers Rating on INR17.58cr LT Loan to D
-----------------------------------------------------------
CARE Ratings has revised the ratings on certain bank facilities of
Shree Banke Bihari Oil Mills (SBBOM), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       17.58      CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category and Revised from
                                   CARE B; Stable

   Long Term/            7.42      CARE D/CARE D; ISSUER NOT
   Short Term                      COOPERATING; Rating continues
   Bank Facilities                 to remain under ISSUER NOT
                                   COOPERATING category and
                                   Revised from CARE B; Stable/
                                   CARE A4

Rationale and key rating drivers

CARE Ratings Ltd. had, vide its press release dated February 9,
2023, placed the rating(s) of SBBOM under the 'issuer
non-cooperating' category as SBBOM 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. SBBOM continues to be noncooperative despite
repeated requests for submission of information through e-mails,
phone calls and a letter/email dated April 23, 2024, April 24,
2024, April 30, 2024 and May 2, 2024.

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).

The ratings assigned to the bank facilities of SBBOM have been
revised on account of non-availability of requisite information.

The rating revision also considers delays in debt servicing as
recognized from publicly available information i.e. DRT order as
well as CIBIL filings.

Rohtak (Haryana) based, Shree Banke Bihari Oil Mills (SBBOM) was
initially established as a proprietorship firm in September, 2000
by Mrs. Shakuntla Devi under the same name. Later, in November,
2019, its constitution changed to partnership firm. The firm is
currently being managed by Mrs. Shakuntla Devi, Mr. Vipul Singla
and Mrs. Sonam Bansal sharing profit and losses in the ratio of
50:40:10 respectively. The firm is engaged in the processing of
mustard seeds for mustard oil, mustard oil cake, cotton seeds for
cotton seeds oil, cotton seeds oil cake, ginning and pressing of
cotton for cotton bales and de-linted cotton seeds. The firm is
also engaged in the trading of the products which contributes ~20%
of the total revenue. The manufacturing facility of the firm is
located at Rohtak, Haryana.


BENARA BEARINGS: CARE Keeps D Debt Ratings in Not Cooperating
-------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Benara
Bearings and Pistons Limited (BBPL) continue to remain in the
'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      47.01       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

   Short Term Bank      2.99       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated February 13,
2023, placed the rating(s) of BBPL under the 'issuer
non-cooperating' category as BBPL 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. BBPL
continues to be non-cooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated December 30, 2023, January 9, 2024, January 19,
2024.

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

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

Analytical approach: Standalone

Outlook: Not Applicable

Benara Bearings & Pistons Ltd (BBPL) (ISIN: INE495Z01011),
incorporated in 1970 by Mr. Panna Lal Jain, manufactures
aftermarket automotive parts and has 2 units in Agra, Uttar Pradesh
which manufactures engine bearings & bushes for stationary marine
engines, pistons, pins, piston rings, engine bearing and bushes for
all applications. Furthermore, the company is involved in the
marketing of products like ball bearing, spark plugs, rocker arms,
timing chains etc.


BYJU'S: NCLT Issues Notice on Oppo's Insolvency Plea
----------------------------------------------------
Business Today reports that the National Company Law Tribunal
(NCLT) in Bengaluru issued notice in an insolvency plea filed by
mobile phone manufacturer Oppo against embattled ed-tech company
Byju's. The plea is now likely to come up for hearing again in the
last week of May, as the tribunal will go on a summer break from
May 3.

According to Business Today, OPPO Mobiles filed a petition on May 1
in the Bengaluru bench of the National Company Law Tribunal (NCLT),
seeking initiation of insolvency proceedings against troubled
edtech major Byju's.

OPPO's petition, filed under Section 9 of the Insolvency and
Bankruptcy Code (IBC), was accepted by the tribunal, the report
says.

OPPO is the latest in the growing list of entities, who dragged
Byju's to the NCLT, including the Board of Control for Cricket in
India (BCCI), foreign Term Loan B lenders, France-based vendor
Teleperformance Business Services, and IT service provider Surfer
Technologies, Business Today notes.

A group of unhappy investors, including Prosus, General Atlantic,
Sofina and Peak XV - along with support from other shareholders,
including Tiger Global and Owl Ventures, has also filed an
oppression and mismanagement suit against the company.

Business Today relates that the group has also opposed a recently
concluded rights issue. In an interim order, the NCLT had directed
the funds received by the company from the rights issue be kept in
a separate escrow account and not withdrawn till the disposal of
the matter. The next hearing on this matter is listed for June 6.

                            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.


CFI VENTURES: CARE Keeps C Debt Rating in Not Cooperating
---------------------------------------------------------
CARE Ratings said the rating for the bank facilities of CFI
Ventures Private Limited (CVPL) continues to remain in the 'Issuer
Not Cooperating' category.

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

Rationale and key rating drivers

CARE Ratings Ltd. had, vide its press release dated February 14,
2023, placed the rating(s) of CVPL under the 'issuer
non-cooperating' category as CVPL 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. CVPL
continues to be noncooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated December 31, 2023, January 10, 2024, January 20,
2024.

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

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

Analytical approach: Standalone

Outlook: Not Applicable

CFI Ventures Private Limited (CVPL) (erstwhile Joshi Auto Wheels
Private Limited) was incorporated in June 2015. The company
operates a 3S facility (Sales, Spares, Service) showroom for Nissan
Motor India Private Limited (NMIPL). The company started its
operations in October-2015. The operations of the company are
managed by the directors, Mr Manish Joshi and Mrs Bhawna Joshi.
CVPL operates as an authorized dealership of the entire range of
passenger vehicles (PV) like hatchback-Micra Active, sedan-Sunny,
SUV-Terrano, etc, for NMIPL. The showroom is located in Industrial
area, Phase-1, Chandigarh and the service workshop is located at
Plot No. 33, Phase-1, Industrial Area, Chandigarh. The company
provides NMIPL products with finance, exchange, insurance and
accessories. CVPL has two group concerns namely Joshi Auto Links
Pvt. Ltd. (JALPT) and Cement Fabrics (India) (CF). JALPT operates
as an authorized dealership of Honda cars since 2010 and CF is
engaged in manufacturing of pcc cements pole since 1993.


COSMO GRANITES: CARE Keeps B Debt Rating in Not Cooperating
-----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Cosmo
Granites Private Limited (CGPL) continues to remain in the 'Issuer
Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      20.36       CARE B; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category  

Rationale and key rating drivers

CARE Ratings Ltd. had, vide its press release dated February 22,
2023, placed the rating(s) of CGPL under the 'issuer
non-cooperating' category as CGPL 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. CGPL
continues to be noncooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated January 8, 2024, January 18, 2024, January 28,
2024.

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

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

Analytical approach: Standalone

Outlook: Stable

Cosmo Granites Private Limited (CGPL) was established in 1992 by
Mr. D. Venkatesh, Mr. D.H. Sarath Kumar and Mr. D.N. Choudary. The
company is engaged in trading of flooring materials viz. granites,
marbles, wooden flooring, etc. Apart from trading, CGPL
manufactures aluminium doors and windows. The company's clientele
are located at Tamil Nadu, Andhra Pradesh and it also exports to
Kenya and Sudan. CGPL imports 90% of marbles from Turkey and Italy
and remaining flooring products are procured domestically. The
company owns 2 showrooms along with stockyard of 16000 sq. meters
at Karapakam and 12000 sq. meters at Sholinganallur, Chennai.


COSMOS INFRA: CARE Keeps C Debt Rating in Not Cooperating Category
------------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Cosmos
Infra Engineering (India) Private Limited (CIEPL) continues to
remain in the 'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       72.00      CARE C; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category  

Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated February 10,
2023, placed the rating(s) of CIEPL under the 'issuer
non-cooperating' category as CIEPL 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. CIEPL 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.

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

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

Analytical approach: Standalone

Outlook: Stable

Cosmos Infra Engineering India Private Limited (CIEIPL) was
incorporated in 1986 as Cosmos Builders & Promoters Limited by Mr.
Vinod Mittal (Chairman & Managing Director). Later in March, 2008,
company changed its name to Cosmos Infra Engineering India Limited.
Further, in June-2016, company became Private Limited and
subsequently its name changed to the present one Cosmos Infra
Engineering India Private Limited. CIEIPL is involved in
construction of residential and commercial real estate projects.


DELHI INTERNATIONAL: S&P Raises LT ICR to 'BB-', Outlook Positive
-----------------------------------------------------------------
S&P Global Ratings raised its long-term issuer credit rating on
Delhi International Airport Ltd. (DIAL) and the issue rating on its
senior secured notes to 'BB-' from 'B+'.

The positive outlook indicates that S&P may raise the ratings over
the next 12-18 months if DIAL's ratio of operating cash flow (OCF)
to debt increases to more than 9% on a sustainable basis.
Implementation of higher CP4 tariffs should drive the improvement,
assuming timing is not materially delayed beyond April 1, 2025.

DIAL's cash flows will improve significantly owing to higher
tariffs for the next control period. S&P said, "We forecast the
company's ratio of OCF to debt will increase to about 9.4% in the
fiscal year ending March 31, 2026, (fiscal 2026), and 12% in fiscal
2027 upon the tariff reset. This compares with a ratio of 0.6% in
fiscal 2025. We have high visibility that CP4 tariffs will be more
than double current levels, resulting in aeronautical revenue per
passenger of Indian rupee (INR) 360-INR370."

S&P said, "We continue to expect a one-year delay in implementation
of CP4 tariff, given the past record of tariff delays. DIAL expects
to file its CP4 tariff application with revised project costs by
the end of May 2024."

S&P said, "DIAL's ratios should remain resilient even if the tariff
increase is 10%-20% lower than our estimates. India has a
supportive regulatory framework of assured returns on the
regulatory asset base. DIAL will benefit from higher tariffs that
encompass its investments for expansion of the airport terminal.
The expansion, which was 99.5% complete as of March 2024, has a
total project cost of INR126 billion, up from the company's
previous estimate of INR115 billion. The expected tariff will also
include an approved true-up amount from the previous control
period. As such, we see limited downside risk to our CP4 tariff
assumptions.

"CP4 tariffs could further increase due to a favorable ruling by
Telecom Disputes Settlement and Appellate Tribunal in 2023 on
certain issues for the current regulatory period. This judgement is
still pending a final hearing from the Supreme Court, and we have
not factored any upside into our tariff assumption. If approved,
DIAL's credit ratios could be much stronger.

"Robust recovery in passenger traffic will also support improving
cash flow. We estimate total passenger traffic at Delhi airport
will increase 8%-10% annually to about 81 million passengers in
fiscal 2025 and 87 million in fiscal 2026. Inflation and higher air
fares are unlikely to materially dent travel demand, in our view.
DIAL's total passenger traffic rebounded strongly to about 110% of
pre-pandemic levels in fiscal 2024, reaching 73.7 million
passengers. Domestic and international traffic surpassed
pre-pandemic levels. Strong demand for both leisure and business
travel, higher airlines' capacity, and an increase in flights
following the commissioning of a fourth runway will support strong
traffic growth for DIAL."

DIAL's dividends will be a key credit consideration as capital
spending tapers. The airport's capex needs will decrease
significantly over the next five years post a phase of heavy
spending. The expanded terminal can comfortably accommodate 100
million passengers (with capacity to increase to 120 million),
largely meeting total planned capacity levels. S&P forecasts DIAL's
capex will moderate to about INR2.5 billion per year from fiscal
2026 onward (mainly maintenance-related).

With limited spending needs and growing cash flows, DIAL is likely
to resume dividend payments of INR2 billion-INR4 billion per year
from fiscal 2026 onward. The company does not have an articulated
financial and dividend policy. Therefore, materially higher
dividends than we have estimated could lead to weaker ratios.

The positive outlook reflects our expectation that DIAL's ratio of
OCF to debt could increase to more than 9% following the
implementation of higher CP4 tariffs. S&P expects CP4 tariffs to be
implemented from April 1, 2025.

S&P said, "We could revise the outlook on DIAL to stable if we
believe the company's OCF-to-debt ratio is unlikely to improve
toward 9% on a sustainable basis. This could happen if the
company's CP4 tariff is 20%-30% lower than our expectation or is
materially delayed, or if dividend payments from fiscal 2026 onward
are much higher than our estimate."

S&P could raise the rating on DIAL if the OCF-to-debt ratio
increases to more than 9% on a sustainable basis. This could happen
if:

-- The company's CP4 tariff implementation is not materially
delayed beyond April 1, 2025; and

-- DIAL earns a CP4 tariff that is more than double the current
level, reflecting a supportive regulatory framework that allows for
timely recovery of capital spending on its expansion program.


DRN INFRASTRUCTURE: CRISIL Assigns B Rating to INR100cr Loan
------------------------------------------------------------
CRISIL Ratings has assigned its 'CRISIL B/Stable/CRISIL A4' ratings
to the bank facilities of DRN Infrastructure Pvt Ltd (DRNIPL).

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Bank Guarantee        290         CRISIL A4 (Assigned)

   Bank Guarantee         55         CRISIL A4 (Assigned)

   Bank Guarantee         85         CRISIL A4 (Assigned)

   Cash Credit           100         CRISIL B/Stable (Assigned)

   Cash Credit            15         CRISIL B/Stable (Assigned)

   Cash Credit/
   Overdraft facility     35         CRISIL B/Stable (Assigned)

   Letter of credit
   & Bank Guarantee       45         CRISIL A4 (Assigned)

   Proposed Bank
   Guarantee             150         CRISIL A4 (Assigned)

The ratings reflect susceptibility to risks inherent in
tender-based business, large working capital requirement and
stretched liquidity. These weaknesses are partially offset by the
company's established market position in Karnataka and Maharashtra,
with substantial orders in hand, healthy operating efficiency and
moderate financial risk profile.

Key Rating Drivers & Detailed Description

Weaknesses:

* Susceptibility to risks inherent in tender-based business:
Revenue and profitability depend on the ability to win tenders.
Players in this segment face intense competition, requiring them to
bid aggressively to get contracts, which restricts their operating
margin. Also, because of cyclicality inherent in the construction
industry, the ability to maintain profitability through operating
efficiency becomes critical.

* Working capital-intensive operations: Gross current assets (GCAs)
were at 393-304 days over the three fiscals through 2023 and at 393
days as on March 31, 2023, driven by large receivables and
inventory.

* Extensive exposure to group companies: DRNIPL had invested more
than INR300 crore as on March 31, 2023, in group companies in the
form of equity, loans and advances. Further exposure in group
companies may impact liquidity and will remain a rating sensitivity
factor.

Strengths:

* Established market position, supported by substantial orders, and
healthy operating efficiency: Healthy relationships with government
bodies, backed by sound project execution track record, have
ensured strong order inflow. The company undertakes widening of
roads, irrigation projects, construction of canals, barrages and
bridges in Karnataka and Maharashtra. While projects in Karnataka
are related to roads and irrigation, projects in Maharashtra are
related to irrigation. Orders worth INR3,500 crore as of December
2023 offer medium-term revenue visibility. Sizeable investment in
machinery and construction equipment has enhanced the execution
capability of the company, which will support the operating margin
over the medium term.

* Moderate financial risk profile: Capital structure is modest, as
reflected in gearing and total outside liabilities to adjusted
networth ratio of 1.3 times and 2.1 times, respectively, as on
March 31, 2023 and interest coverage and net cash accrual to total
debt ratios of 1.5 times and 0.06 time, respectively, in fiscal
2023, and are expected at similar levels over the medium term. The
company has two hybrid annuity projects, which are to be completed,
and debt for these projects has not been considered as the same is
under subsidiaries, though timely completion and receipt from these
project remains crucial.

Liquidity: Stretched

Bank limit utilisation was high at 99% on average for the 12 months
through March 2024. Cash accrual, expected over INR35 crore per
annum, will cover yearly term debt obligation of INR25-30 crore
over the medium term. The promoters will likely extend support in
the form of equity and unsecured loans to meet working capital
requirement and debt obligation.

Outlook: Stable

CRISIL Ratings believes DRNIPL will continue to benefit from the
extensive experience of its promoters and established relationships
with clients.

Rating Sensitivity Factors

Upward factors

* Steady increase in revenue and operating margin leading to cash
accrual of INR50 crore
* Efficient working capital management with Improvement GCA days
and overall liquidity

Downward factors

* Decline in revenue and profitability leading to net cash accrual
less than INR30 crore
* Large, debt-funded capital expenditure weakening the capital
structure
* Further stretch in the working capital cycle weakening liquidity
and financial risk profile

DRNIPL was set up in 1984 as RN Nayak & Sons by Mr Ramchandra
Nayak. The firm was renamed as DRN Infrastructure in fiscal 2013,
and reconstituted as a private limited company in fiscal 2022. The
company undertakes civil engineering projects for state governments
in Karnataka and Maharashtra.

It is owned and managed by Dinesh R Nayak and Deepa D Nayak.


DURA ROOF: CARE Keeps B- Debt Rating in Not Cooperating Category
----------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Dura Roof
Private Limited (DRPL) continue to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      17.49       CARE B-; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category  

   Short Term Bank      2.50       CARE A4; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category

Rationale and key rating drivers

CARE Ratings Ltd. had, vide its press release dated February 13,
2023, placed the rating(s) of DRPL under the 'issuer
non-cooperating' category as DRPL 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. DRPL
continues to be non-cooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated December 30, 2023, January 09, 2024, January 19,
2024.

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

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

Analytical approach: Standalone

Outlook: Stable

Dura Roof Private Limited (DRPL) was incorporated during May 2015
to initiate a colour coated steel roofing manufacturing business.
After incorporation the company started to set up a manufacturing
unit at Kamrup in Assam and the commercial operation has started
from August 2016. The company manufactures Colour Coated & Natural
Colour Steel Roofing Sheet & Rolling Shutters with guides and sells
in the domestic market. The day-to-day affairs of the company are
looked after by Mr. Kishore Kumar Saboo, Director, along with other
three directors and a team of experienced personnel.


GALI JAGADISH: CARE Keeps C Debt Rating in Not Cooperating
----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Gali
Jagadish Chandra Prakash (GJCP) continues to remain in the 'Issuer
Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       5.53       CARE C; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category  

Rationale and key rating drivers

CARE Ratings Ltd. had, vide its press release dated March 1, 2023,
placed the rating(s) of GJCP under the 'issuer non-cooperating'
category as GJCP 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. GJCP continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
January 15, 2024, January 25, 2024, February 4, 2024.

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

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

Analytical approach: Standalone

Outlook: Stable

Andhra Pradesh based, Gali Jagadish Chandra Prakash was established
as a proprietorship firm in the year 2002 and is promoted by Mr. G.
Jagadish Chandra Prakash. The firm is engaged in providing ware
housing services (lease/rental basis) to Andhra Pradesh State Civil
Supplies Corporation Limited (APSCSCL) under the name of 'Jagadish
Warehousing Corporation'. The warehouse is built on total land area
of 30 acres comprising of 2 warehouses having a cumulative storage
capacity of 10,000 MT and 18,000 MT (proposed).


GEMUS ENGINEERING: CRISIL Lowers Long & Short Term Ratings to D
---------------------------------------------------------------
CRISIL Ratings has downgraded its ratings of Gemus Engineering
Limited (GEL) to 'CRISIL D/CRISIL D Issuer Not Cooperating' from
'CRISIL B/Stable/CRISIL A4 Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Long Term Rating       -          CRISIL D (ISSUER NOT
                                     COOPERATING; Downgraded from
                                     'CRISIL B/Stable ISSUER NOT
                                     COOPERATING)

   Short Term Rating      -          CRISIL D (ISSUER NOT
                                     COOPERATING; Downgraded from
                                     'CRISIL A4 ISSUER NOT
                                     COOPERATING)

CRISIL Ratings has been consistently following up with GEL for
obtaining information through letter and email dated August 25,
2023 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 has failed to receive any information on either the
financial performance or strategic intent of GEL, which restricts
CRISIL Ratings's ability to take a forward looking view on the
entity's credit quality. The company has remained non cooperative
since 2017. CRISIL Ratings believes information available on GEL is
consistent with 'Assessing Information Adequacy Risk'.

Based on the last available information, CRISIL Ratings has
downgraded its ratings to 'CRISIL D/CRISIL D Issuer Not
Cooperating' from 'CRISIL B/Stable/CRISIL A4 Issuer Not
Cooperating' as there have been delay in repayments of interest and
debt obligations.

GEL, set up in August 1996 by Kolkata-based Sharma family,
manufactures products cast in ductile iron as per customers'
specifications. Its products are primarily used in the railways and
water works industries. It commenced commercial production in 2001
and operations are managed by director Mr. Rajeev Sharma.

Status of non-cooperation with previous CRA

GEL has not cooperated with Acuite Ratings and Research Limited,
which has classified the company as non-cooperative through its
release dated November 28, 2019. The reason provided by Acuite
Ratings and Research Limited is non-furnishing of information for
monitoring the rating.

GEL has not cooperated with India Ratings and Research Private
Limited, which has classified the company as non-cooperative
through its release dated January 13, 2021. The reason provided by
India Ratings and Research Private is non-furnishing of information
for monitoring the rating.

GMR HYDERABAD: S&P Upgrades LT ICR to 'BB', Outlook Stable
----------------------------------------------------------
S&P Global Ratings raised its long-term issuer credit rating on GMR
Hyderabad International Airport Ltd. (GHIAL) and the issue rating
on its senior secured notes to 'BB' from 'BB-'.

The stable rating outlook reflects S&P's view that GHIAL's ratio of
operating cash flow (OCF) to debt will recover to 8%-9% over the
next two years, driven by robust traffic growth and an improvement
in EBITDA margin to close to 50%.

S&P said, "Rising tariffs and stronger profitability will
strengthen GHIAL's cash flow. We forecast the company's ratio of
OCF to debt will improve to 8.0%-9.5% in the fiscal years ending
March 31, 2025, (fiscal 2025) and 2026, from our estimate of 6.3%
in fiscal 2024. GHIAL's earnings will benefit from higher approved
tariffs under the current control period 3 (CP3; April 1, 2021, to
March 31, 2026). The tariff (aeronautical revenue per passenger,
excluding cargo, ground handling, and fuel farm) will increase to
Indian rupee (INR) 440 per passenger in fiscal 2025 and INR420 in
fiscal 2026, from INR300-INR400 over the past two years. This
increase will support a doubling of EBITDA to about INR15.8 billion
in fiscal 2025, from fiscal 2023 levels. Similarly, we expect
operating cash flow to double to more than INR6 billion in fiscal
2025."

GHIAL's profitability has also recovered significantly during the
first nine months of fiscal 2024. S&P expects strong EBITDA margins
of 50%-53% over the next three years backed by higher passenger
traffic and non-aeronautical revenue, particularly in the retail
and duty-free segments. Moreover, GHIAL's operating costs will
likely stabilize following the completion of its terminal
expansion.

S&P said, "Robust recovery in passenger traffic will support
improvement in financial performance. We estimate total passenger
traffic at Hyderabad airport will increase to about 29 million
passengers in fiscal 2025 and 32 million in fiscal 2026,
registering a 10%-15% annual growth. We believe inflation and
higher air fares will not materially dent travel demand. GHIAL's
total passenger traffic rebounded strongly to 25 million passengers
in fiscal 2024, about 115% of pre-pandemic levels. Domestic and
international traffic surpassed pre-pandemic levels. Strong demand
for both leisure and business travel, higher airlines' capacity,
and an increase in daily flights on commissioning of recent
terminal expansion will support traffic growth for GHIAL.

"GHIAL's capital spending for its next phase of expansion and for
dividends may limit significant improvement in cash flow metrics.
The company's next phase of expansion over fiscals 2028-2031 would
have a total project cost of about INR55 billion. Large expansion
work will likely start in fiscal 2028 with the construction of a
second runway. As such, capital expenditure (capex) needs could
increase significantly during that year to INR16 billion, from INR5
billion in fiscals 2026 2027. That said, the investment cost for
this planned expansion would be incorporated in GHIAL's tariff for
control period 4, and a potential tariff hike could provide some
buffer.

"We also expect GHIAL to resume dividend payments of INR2 billion
in fiscal 2025. The payout could further rise to INR3 billion-INR5
billion in subsequent years. In our view, greater clarity on
GHIAL's dividend policy and distributions are key credit
considerations. Materially higher dividends than we estimate could
weaken the company's financial ratios.

"The stable rating outlook reflects our expectation that GHIAL's
OCF-to-debt ratio will recover to 8%-9% over the next two years.
Robust traffic growth and an improvement in EBITDA margin to close
to 50% following the completion of its terminal expansion will
support recovery in the ratio."

S&P could lower the rating on GHIAL if the company's OCF-to-debt
ratio falls sustainably below 9%. This could happen if:

-- Dividends and capital spending are significantly higher than
our estimate; and

-- Tariff over control period 4 is materially below our
expectation, leading to lower OCF.

S&P could raise the rating on GHIAL if the company's OCF-to-debt
ratio increases to well above 11% on a sustainable basis. This
could happen if:

-- GHIAL earns a higher tariff over control period 4 and the
tariff reset is not delayed by more than one year; and

-- S&P has greater clarity on the company's dividend policy as it
embarks on capital spending for the next phase of its airport
expansion program.


GOVINDAM PROJECTS: CARE Keeps B+ Debt Rating in Not Cooperating
---------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Govindam
Projects Private Limited (GPPL) continues to remain in the 'Issuer
Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      11.00       CARE B+; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category  

Rationale and key rating drivers

CARE Ratings Ltd. had, vide its press release dated February 14,
2023, placed the rating(s) of GPPL under the 'issuer
non-cooperating' category as GPPL 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. GPPL
continues to be noncooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated December 31, 2023, January 10, 2024, January 20,
2024.

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

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

Analytical approach: Standalone

Outlook: Stable

Govindam Projects Private Limited (GPPL) was incorporated in
February 2003 to initiate a sponge iron manufacturing business. The
company has set up its manufacturing unit at Kuarmunda, Rourkela in
Odisha. Since its inception, the company has been engaged in
manufacturing of sponge iron and from FY16 the company has also
started iron ore crushing unit in its existing plant.


HARDAYAL MILK: CARE Keeps D Debt Rating in Not Cooperating
----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Hardayal
Milk Products Private Limited (HMPPL) continues to remain in the
'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      50.72       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated February 10,
2023, placed the rating(s) of HMPPL under the 'issuer
non-cooperating' category as HMPPL 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. HMPPL 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.

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).

Hardayal Milk Products Pvt. Ltd. (HMPPL) was setup by Mr.
Praveendra Kumar, Mr. Ramveer Singh, Mr. Hardayal Singh, Mr.
Veerpal Singh and Mr. Amol Yadav in July 2005. The company
commenced production from December 2006. HMPPL is involvedvin
production of various milk products mainly in Pasteurized packed
milk, Ghee and other milk products like Flavored Milk, Curd,
flavored Yogurt, Butter milk, Paneer, SMP (Skimmed Milk Powder),
Pasteurized Butter, Whole Milk Powder and Dairy Whitener.
Pasteurized milk is sold to institutional buyers in bulk, and other
milk products are sold through retail chain with "Hardayal" brand
name. The products are well established in the regional markets of
Rajasthan, Uttar Pradesh, Uttarakhand, Punjab, Haryana,
Maharashtra, West Bengal, Delhi, Madhya Pradesh, Andhra Pradesh and
North – East States.


JADLI FOODS: ICRA Keeps B+ Debt Ratings in Not Cooperating
----------------------------------------------------------
ICRA has kept the Long-Term and Short-Term ratings of Jadli Foods
(India) Pvt. Ltd. (JFPL) in the 'Issuer Not Cooperating' category.
The ratings are denoted as "[ICRA]B+ (Stable); ISSUER NOT
COOPERATING/[ICRA]A4; ISSUER NOT COOPERATING".

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

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

   Short Term-         3.00       [ICRA]A4 ISSUER NOT
   Non Fund Based                 COOPERATING; Rating continues
   Others                         to remain under 'Issuer Not
                                  Cooperating' category

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

JFPL is involved in the manufacturing of fruit pulp, pickle, sauce
and jam. The company has been promoted by Mr. Raghwa Nand Jadli and
family. It was incorporated in 1999, with its first pickle, sauce
and jam-manufacturing facility at Roorkee, Uttarakhand. Later in
May 2014, JFPL took a processing plant on a seven-year lease in
Krishnagiri for processing mango and guava pulp. The company also
processes fruits and manufactures fruit pulp for the export market,
which contributes around 90% to its revenues.


MANSAROVAR ROLLER: CARE Lowers Rating on INR5.60cr LT Loan to B-
----------------------------------------------------------------
CARE Ratings has revised the ratings on certain bank facilities of
Mansarovar Roller Flour Mills Private Limited (MRFMPL), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       5.60       CARE B-; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category and
                                   Revised from CARE B; Stable

Rationale and key rating drivers

CARE Ratings Ltd. had, vide its press release dated February 10,
2023, placed the rating(s) of MRFMPL under the 'issuer
non-cooperating' category as MRFMPL 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.
MRFMPL 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.

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).

The ratings assigned to the bank facilities of MRFMPL have been
revised on account of non-availability of requisite information.
The ratings also consider a decline in scale of operations and
losses incurred in FY23.

Mansarover Roller Flour Mills Private Limited (MRFMPL) was
incorporated in 1989 and is currently being managed by Mr. Amrik
Singh and Mr. Kamaljeet Singh. The company is engaged in the
processing of wheat at its manufacturing facility located in
Samrala, Punjab.


MASTEK ENGINEERING: CARE Keeps B Debt Rating in Not Cooperating
---------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Mastek
Engineering Private Limited (MEPL) continue to remain in the
'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       3.00       CARE B; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category  

   Short Term Bank      8.00       CARE A4; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category

Rationale and key rating drivers

CARE Ratings Ltd. had, vide its press release dated March 1, 2023,
placed the rating(s) of MEPL under the 'issuer non-cooperating'
category as MEPL 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. MEPL continues to be
noncooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
January 15, 2024, January 25, 2024, February 4, 2024.

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

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

Analytical approach: Standalone

Outlook: Stable

MEPL was established as partnership firm in 2003 under the name
Mastek Engineering and later got reconstituted as private limited
in June 2020 with the current name. The company is engaged in
laying of underground oil and gas pipeline, erection of oil storage
tank, repair and maintenance of oil and gas pipelines by
participating in various tenders floated by renowned Central
government Corporations.


MENTOR HOME: CARE Lowers Rating on INR250cr LT Loan to B+
---------------------------------------------------------
CARE Ratings has revised the ratings on certain bank facilities of
Mentor Home Loans India Limited (MHIL), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank     250.00       CARE B+; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category and
                                   Revised from CARE BB-; Stable

Rationale and key rating drivers

CARE Ratings Ltd. has been seeking information from MHIL to monitor
the rating vide e-mail communications/letters dated February 17,
2024, February 7, 2024 and January 28, 2024 among others and
numerous phone calls. However, despite repeated requests, the
company has not provided the requisite information for monitoring
the ratings.

In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating. The rating on Mentor Home Loans India
Ltd.'s bank facilities will now be denoted as CARE B+; Stable;
ISSUER NOT COOPERATING.

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

Analytical approach: Standalone

Outlook: Stable

Detailed description of the key rating drivers:

The ratings have been revised on account of limited information
available, uncertainty pertaining to the outcome of the pending
National Company Law Tribunal (NCLT) litigation in relation to the
ongoing dispute within the promoter family that has impacted its
resources raising ability and thereby led to sustained decline in
operations of the company.

Key weaknesses

* Pending NCLT litigation in relation to on-going dispute in the
promoter family: Pending NCLT litigation in relation to on-going
dispute in the promoter family which has impacted the company's
overall operations.

* Challenges in resource mobilization: Company is facing challenges
in fund raising from external sources. In sync with sustained
decline in operations, total borrowing from external sources
reduced to INR100 crore as on March 31, 2023 from INR165 crore as
on March 31, 2022.

* Small scale of operations and continued de-growth in AUM: MHIL's
scale of operations continued to remain small marked by sustained
decline in AUM since FY19. The company's AUM has been consistency
declining over the last few years and stood at INR397.93 crore as
on March 31, 2023 from INR480 crore as on March 31, 2019.

* Moderate Profitability & regional concentration: MHIL's total
income decreased during FY23 mainly due to consistent decline in
AUM and decline in interest income to INR59.91 crore in FY23 from
INR69.41 crore in FY22. However, NIMs improved, Opex and credit
cost increased due to the denominator impact resulting to decline
in RoTA. Roughly 73.37% of portfolio as on March 31, 2022 is
concentrated in Rajasthan followed by Madhya Pradesh (22.19%),
Gujarat (3.56%) and Maharashtra (0.88%). (updated data for
geography wise not available).

Key strengths

* Experienced promoters: Mr. Pawan Kumar Goyal (Managing Director)
has an experience of over two decades in various lines of business,
including managing Mentor Home Loans India Limited (MHIL) and has
been instrumental in driving the growth of the company since its
inception. Mr. Pawan Goyal is assisted by his son, Mr Sahil Goyal
(Chief Operating Officer) who has a experience in the financial
sector. The promoters are supported by experienced second line of
management.

* Secured nature of portfolio with low LTV Ratio: MHIL focuses on
housing loans and LAP which comprised 75:25 of total loan portfolio
mix as on March 31, 2022 (71:29 as on March 31, 2021) which are
secured in nature. During FY22, nearly 81% of total disbursements
(FY21: 87%) had LTV of upto 50% with the balance 19% having LTV
ranging between 51% to 75% (FY21: 13.32%).

Mentor Home Loans India Limited was initially registered as a
non-deposit taking Non-Banking Finance Company (NBFC) with Reserve
Bank of India (RBI) as an Asset finance company and was engaged in
vehicle financing. Subsequently, it got registered with National
Housing Bank (NHB) as non-deposit taking Housing Finance Company
(HFC) in August, 2014 and commenced its housing finance business.
The company is headquartered in Jaipur and is engaged in financing
of housing loans and LAP (Mortgage loan). As on March 31, 2023,
MHIL's own book loan portfolio stood at INR282.40 crore. The
company operates out of its network of 35 branches (as on March 31,
2023) which are located across Rajasthan, Madhya Pradesh and
Gujarat.


NORTHERN ELECTRIC: CARE Lowers Rating on INR6.40cr LT Loan to B-
----------------------------------------------------------------
CARE Ratings has revised the ratings on certain bank facilities of
Northern Electric Cables Private Limited (NECPL), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       6.40       CARE B-; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category and
                                   revised from CARE B; Stable  

   Short Term Bank      6.60       CARE A4; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category

Rationale and key rating drivers

CARE Ratings Ltd. had, vide its press release dated February 9,
2023, placed the rating(s) of NECPL under the 'issuer
non-cooperating' category as NECPL 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. NECPL continues to be non-cooperative despite
repeated requests for submission of information through e-mails,
phone calls and a letter/email dated December 26, 2023, January 05,
2024, January 15, 2024.

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).

The ratings have been revised on account of non-availability of
requisite information. The rating revision also considers the
decline in operating profitability vis-à-vis a high interest cost
leading to weak debt coverage indicators in FY23 compared to FY22.

Delhi based, Northern Electric Cables Private Limited (NECPL) was
incorporated in March 16, 2007. The company is currently managed by
Mr Amit Maggo, Mr Kapil Maggo and Ms Ginni Maggo. The company is
engaged in trading of electric products. NECPL is an authorized
dealer of Finolex Cables, Novateur Electrical & Digital Systems
Private Limited (Subsidiary of Legrand SA), and Larsen & Toubro
Limited. NECPL sells its products to various contractors and
wholesalers located in Delhi-NCR.

OXFORD EDUCATIONAL: CARE Keeps B- Debt Rating in Not Cooperating
----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Oxford
Educational Society (OES) continues to remain in the 'Issuer Not
Cooperating' category.

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

Rationale and key rating drivers

CARE Ratings Ltd. had, vide its press release dated February 28,
2023, placed the rating(s) of OES under the 'issuer
non-cooperating' category as OES 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. OES
continues to be non-cooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated January 14, 2024, January 24, 2024, February 3,
2024.

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

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

Analytical approach: Standalone

Outlook: Stable

Oxford Educational Society (OES) was founded in May, 2001 by Mr.
Kullai Reddy (Secretary/Correspondent) and Mrs. Harini (President)
in Anantapur, Andhra Pradesh. Oxford Educational Society has been
running a school in the name of 'Oxford E.M High
School' at two locations. One of the branches is located at
Anantapur Old Town and other at Pamurai Village, Anantapur. The
school located at Anantapur Old Town is basically a day school
which has a total student base of 600. However, for the school
located at Pamurai Village, Anantapur on a land area of 12 acres,
Oxford Educational Society has entered into a lease rental
agreement with Delhi Public School for 20 years with effective from
April 2018. The total student base was 1000, however after leasing
out to DPS, the number of students increased to 1100. Presently,
OES is getting lease rental income of Rs.13.00 lakhs per month from
DPS School. This income is towards rent for the school building
given to DPS School. There will be enhancement of rent by 5% for
every year.

RADHAKRISHNA CONTRACTORS: CRISIL Ups Rating on INR5cr Loan to B+
----------------------------------------------------------------
CRISIL Ratings has upgraded its rating on the long-term bank
facilities of Radhakrishna Contractors (RC) to 'CRISIL B+/Stable'
from 'CRISIL B/Stable', and reaffirmed its 'CRISIL A4' rating on
the short-term bank facility.  

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Bank Guarantee         12         CRISIL A4 (Reaffirmed)

   Cash Credit             5         CRISIL B+/Stable (Upgraded
                                     from 'CRISIL B/Stable')

   Proposed Cash           3         CRISIL B+/Stable (Upgraded
   Credit Limit                      from 'CRISIL B/Stable')

The upgrade reflects the improvement in the business risk profile
of the firm. Revenue grew by around 125% to INR47 crore in fiscal
2024 from INR21 crore in fiscal 2023 driven by better execution of
orders from AP Transco. The revenue is expected at a similar level
in fiscal 2025 aided by unexecuted orders of around INR20 crore and
orders of around INR70 crore in the pipeline. Operating margin was
moderate at 8.5-10.0%.

The ratings reflect the firm's small scale of operations, modest
order book and exposure to intense competition. These weaknesses
are partially offset by the extensive experience of the proprietor
in the civil construction industry.

Key Rating Drivers & Detailed Description

Weaknesses:

* Small scale of operations and modest order book: Revenue was
average at INR47 crore in fiscal 2024 and is expected at INR45-50
crore in fiscal 2025. The firm has in-hand orders of around INR20
crore and orders of around INR70 crore in the pipeline, providing
modest revenue visibility.

* Exposure to intense competition: Revenue depends on the ability
to win tenders, and hence, the firm must bid aggressively to
withstand competitive pressures inherent in the construction
industry. Intense competition and limited bargaining power will
continue to constrain revenue and profitability.

Strength:

* Extensive experience of the proprietor: The proprietor's
experience of over two decades in the civil construction industry,
strong understanding of local market dynamics and healthy
relationships with suppliers and customers will continue to support
the business. The firm has a track record of executing several
telecommunication, power and civil works projects.

Liquidity: Stretched

Bank limit utilisation was high at 86.93% for the 12 months through
March 2024. Cash accrual, expected over INR2 crore per annum, will
sufficiently cover yearly term debt obligation of INR0.5 crore over
the medium term and will cushion liquidity. Current ratio was
moderate at 1.16 times as on March 31, 2024.

Outlook: Stable

CRISIL Ratings believes RC will continue to benefit from the
extensive experience of the proprietor.

Rating Sensitivity Factors

Upward factors:

* Increase in revenue over INR60 crore and stable operating margin
at 10% leading to higher cash accrual
* Improvement in the working capital cycle

Downward factors:

* Delay in execution of orders resulting in lower revenue and fall
in operating margin below 5%
* Stretched working capital cycle or large, debt-funded capital
expenditure weakening the financial risk profile and liquidity

Set up in 2013 by the proprietor, Mr Kiran M, RC provides
infrastructure services to telecommunication and power companies.
The firm also undertakes civil work for roads and drainage. It is
based in Rajahmundry, Andhra Pradesh.


RAJASTHAN ARTS: ICRA Keeps B+ Debt Ratings in Not Cooperating
-------------------------------------------------------------
ICRA has kept the ratings for the bank facilities of Rajasthan Arts
and Crafts House (RACH) in the 'Issuer Not Cooperating' category.
The rating is denoted as "[ICRA]B+(Stable); ISSUER NOT
COOPERATING".

                      Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Fund-based-         39.00       [ICRA]B+(Stable); ISSUER NOT
   Export Packing                  COOPERATING; Rating Continues
   Credit-EPC/PCFC                 to remain under Issuer Not
                                   Cooperating category

   Fund-based-          4.19       [ICRA]B+(Stable); ISSUER NOT
   Foreign Currency                COOPERATING; Rating Continues
   Term Loan                       to remain under Issuer Not
                                   Cooperating category

   Unallocated          8.81       [ICRA]B+(Stable); ISSUER NOT
   Limits                          COOPERATING; Rating Continues
                                   to remain under Issuer Not
                                   Cooperating category

As part of its process and in accordance with its rating agreement
with RACH, ICRA has been trying to seek information from the entity
so as to monitor its performance, but despite repeated requests by
ICRA, the entity's management has remained non-cooperative. In the
absence of requisite information and in line with the aforesaid
policy of ICRA, a rating view has been taken on the entity based on
the best available information.

Rajasthan Arts & Crafts House (RACH) was incorporated in 1976 by
Mr. Ramesh Chand Gupta as a proprietorship firm. Later in 2005, it
was converted into a partnership firm. It manufactures and exports
large varieties of Indian handicrafts, furniture and other
accessories to the US, Europe, Australia and South-East Asia, etc.
The firm is promoted by Mr. Sunil Gupta and his family
members. Its registered office and all six manufacturing units are
located in Jodhpur (Rajasthan).


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

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

   Short Term Bank      7.50       CARE A4; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category

Rationale and key rating drivers

CARE Ratings Ltd. had, vide its press release dated March 2, 2023,
placed the rating(s) of RIPL under the 'issuer non-cooperating'
category as RIPL 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. RIPL continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
January 16, 2024, January 26, 2024, February 5, 2024.

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).

The ratings assigned to the bank facilities of RIPL have been
revised on account of non-availability of requisite information.

Analytical approach: Standalone

Outlook: Stable

RCN Impex Private Limited (RIPL) was incorporated on January 5,
2012 by Mr. A. Arunraj. RIPL is primarily engaged in the business
of processing cashew kernels through its processing units at
Panruti (Cuddalore district, Tamil Nadu) Kollam (Kerala)
aggregating to 15,000 metric tonnes per annum as on June 27, 2017.
The units at Kollam are ISO 9001:2008, ISO 22000:2005 & HACCP
(Hazard Analysis & Critical Control Points) certified. Cashew
processing is a seasonal business since the raw nut availability is
seasonal. Countries which are north of the equator, including
India, Vietnam, and producers in West Africa, harvest in the first
part of the calendar year up to end of May. Countries which are
south of the equator including producing in East Africa harvest
from October to January. RIPL procures the raw cashew nut
domestically as well through imports owing to better quality and
relatively lower prices as compared to the domestic market. Imports
are from the countries such as Dubai, Africa, etc. The suppliers
are paid immediately, both in the domestic as well as imports
market. Domestic procurement is from the traders who in turn import
the raw materials and majority of the raw material is procured in
and around Kollam which is hub of cashew processing.


RELIANCE BROADCAST: NCLT Approves Sapphire Media's Acquisition Bid
------------------------------------------------------------------
The Economic Times reports that the Mumbai bench of the National
Company Law Tribunal (NCLT) has approved the resolution plan of
Sapphire Media for Reliance Broadcast Network's FM radio business,
Big 92.7 FM.

As per the plan, Sapphire Media will pay INR261 crore to secured
and operational creditors as against the total claims of INR947.5
crore, ET relates.

According to ET, the NCLT Bench, comprising technical member Madhu
Sinha and judicial member Reeta Kohli, approved the resolution plan
submitted by Sapphire Media Limited in its order dated May 6.

"The interlocutory application is allowed. The resolution plan
submitted by Sapphire Media Limited is hereby approved. It shall
become effective from this date and shall form part of this order,"
the bench said in its order.

Big FM, owned by Reliance Broadcast Network, has been going through
the insolvency process since February 2023. The Corporate
Insolvency Resolution Process (CIRP) was initiated under the
Insolvency and Bankruptcy Code of 2016, and Rohit Mehra was
appointed as the resolution professional.

A committee of creditors of Big FM was also appointed, which
approved Sapphire Media Limited's resolution plan on November 11,
2023, with a voting share of 88.97% in accordance with the
provisions of the Insolvency and Bankruptcy Code, ET relates.

ET says the resolution professional subsequently filed an
application with NCLT Mumbai seeking approval of Sapphire Media
Limited's resolution plan.

The NCLT order also directed the monitoring committee to supervise
the implementation of the resolution plan and file the status of
its implementation before it from time to time, ET adds.

Reliance Broadcast Network Limited (RBNL), a public limited company
(unlisted), incorporated on December 27, 2005, is a part of the
Anil Ambani-led Reliance Group. The company is in the business of
radio broadcasting (BIG FM). RBNL operates FM radio broadcasting
stations in 58 Indian cities under the brand name 'BIG FM'.


RM ROCKS: CARE Keeps C Debt Rating in Not Cooperating Category
--------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of RM Rocks
and Sand Private Limited (RRSPL) continues to remain in the 'Issuer
Not Cooperating' category.

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

Rationale and key rating drivers

CARE Ratings Ltd. had, vide its press release dated February 16,
2023, placed the rating(s) of RRSPL under the 'issuer
non-cooperating' category as RRSPL 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. RRSPL continues to be noncooperative despite
repeated requests for submission of information through e-mails,
phone calls and a letter/email dated January 2, 2024, January 12,
2024, January 22, 2024.

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).

Kerala Based, R.M. Rocks and Sand Private Limited (RRSPL) was
incorporated in the year 2011 promoted by Mr. Rohit Mathai Roger
and Mrs. Miinu Roger. The company carries quarrying and mining of
rocks activities on its own quarry land and then converts the
blocks of rock into small stones. The rock is converted into metal
aggregate of different sizes and sells the products to its
customers Viz. Indtech Interior & Contractors Private Limited
(Interior designers), Sanu Industries, SeenaiEldho and Roger Mathew
& company among all. All the customers are based out of Kerala.


SHIV SHAKTI: CARE Lowers Rating on INR10.00cr LT Loan to B+
-----------------------------------------------------------
CARE Ratings has revised the ratings on certain bank facilities of
Shiv Shakti Industries Private Limited (SSIPL), as:

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

Rationale and key rating drivers

CARE Ratings Ltd. had, vide its press release dated February 15,
2023, placed the rating(s) of SSIPL under the 'issuer
non-cooperating' category as SSIPL 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. SSIPL continues to be non-cooperative despite
repeated requests for submission of information through e-mails,
phone calls and a letter/email dated April 29, 2024, April 30,
2024, May 1, 2024.

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).

The ratings assigned to the bank facilities have been revised on
account of non-availability of requisite information. The revision
also factored in decline in scale of operations, overall profit
levels, increase in total debt levels and deteriorated capital
structure as well as debt coverage indicators during FY23.

Analytical approach: Standalone

Outlook: Stable

Shiv Shakti Industries Private Limited (SSIPL) is a closely held
company, set up in 2006 in Raxaul, Bihar, by Mr Rajeev Gupta and Mr
Ananta More. SSIPL is engaged in the manufacturing of poultry feed
products with installed capacity of 10 tonnes per
hour. SSIPL uses maize and soyabean as raw materials to manufacture
poultry feeds. Besides this, the company has also entered into
trading of edible oil namely palm and soya oil. Currently, day to
day affair of the company is looking after by Mr. Rajeev Gupta
supported by a team of professionals.

SHIVAM MOTORS: CARE Keeps B Debt Rating in Not Cooperating
----------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Shivam
Motors Private Limited (SMPL) continue to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      65.00       CARE B; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category  

   Short Term Bank     16.00       CARE A4; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category
  
Rationale and key rating drivers

CARE Ratings Ltd. had, vide its press release dated February 15,
2023, placed the rating(s) of SMPL under the 'issuer
non-cooperating' category as SMPL 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. SMPL
continues to be noncooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated January 1, 2024, January 11, 2024, January 21,
2024.

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

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

Analytical approach: Standalone

Outlook: Stable

Incorporated in 1983, Shivam Motors Private Limited is the sole
supplier of commercial vehicles of Tata Motors and spare parts in
the seven districts of Chhattisgarh namely Bilaspur, Korba,
Janjgir, Surguja, Koriya, Raigarh and Jashpur. The company is
promoted by Mr Kailash Gupta, Mr Raghav Gupta and his family
members.


SHIVJOT DEVELOPERS: CARE Keeps B- Debt Rating in Not Cooperating
----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Shri
Shivjot Developers and Builders Limited (SSDBL) continues to remain
in the 'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       9.50       CARE B-; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Rationale and key rating drivers

CARE Ratings Ltd. had, vide its press release dated February 9,
2023, placed the rating(s) of SSDBL under the 'issuer
non-cooperating' category as SSDBL 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. SSDBL continues to be non-cooperative despite
repeated requests for submission of information through e-mails,
phone calls and a letter/email dated December 26, 2023, January 5,
2024, January 15, 2024.

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).

Shri Shivjot Developers & Builder Limited (SSDBL) was incorporated
in 2005, by Mr. Baljit Nain, Mr. Jaswinder Singh and Mr. Darshan
Singh. The company is engaged in the real estate business since
2005 and is currently undertaking a commercial project namely
'Shivjot Green Project' at Kharar, Mohali, Punjab on 2.74 acres of
land. Further, the company is developing a residential project
namely "Shivjot Apartments". Besides SDB, the group has Shivjot
Developers and Builders (established in 2005) and M/s Shivjot Dmag
Apartments (established in 2008), as the group concerns, engaged in
the real estate business.


SHREENATHJI ENTERPRISE: CRISIL Ups Rating on INR12.5cr Loan to B-
-----------------------------------------------------------------
CRISIL Ratings has upgraded its rating to the long-term bank
facilities of Shreenathji Enterprise (SE) to 'CRISIL B-/Stable'
from 'CRISIL D'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit           12.5        CRISIL B-/Stable (Upgraded
                                     from 'CRISIL D')

   Term Loan             12.5        CRISIL B-/Stable (Upgraded
                                     from 'CRISIL D')

The rating upgrade reflects timely debt servicing by the firm over
the last six months ending March 2024.

The rating reflects firm's Susceptibility to fluctuations in raw
material prices, intense competition and regulatory changes and its
Below average financial risk profile. These weaknesses are
partially offset by longstanding presence of the partners in the
industry.

Key Rating Drivers & Detailed Description

Weaknesses:

* Susceptibility to fluctuations in raw material prices, intense
competition and regulatory changes: Raw material cost forms 75-80%
of the operating income. Intense competition from numerous domestic
and global players exerts pricing pressure on players such as SE.
The firm needs to remain cost-competitive to maintain its
profitability. As the firm is in its nascent stage of operations
and firm estimated operating margin of 6.4% and net loss in FY2024.
Hence, the operating margin remains susceptible to any sharp hike
in raw material prices.

* Below average financial risk profile: SE estimated networth of
INR2.38 crores as on March 31, 2024 with estimated gearing of 12.4
times and TOL/TNW of 14.12 times as of March 31, 2024 on account of
TL o/s. of INR10.85 Crores, WC limits utilization of INR5.29 crores
and USL of INR11.59 crores. Debt protection metrics is average as
indicated by estimated interest coverage of 0.87 times as of March
31, 2024. Over the medium term, the same is expected to improve in
absence of debt funded capex.

Strength:

* Extensive experience of the partners: The long diversified
entrepreneurial experience of the partners of over 15-20 years
across businesses has helped them develop healthy business
relationships. This is expected to support the firm in quickly
ramping up operations over the medium term. This has supported the
firm to achieve revenue of INR13.66 crores in its first year of
operations and is expected to improve over the medium term.

Liquidity: Stretched

Bank limit utilisation is low at around 20.33 percent for the past
twelve months ended March 2024. Cash accrual are expected to be
over INR3.22 crores which are sufficient though remains tightly
matched against term debt obligation of INR2.94-1.98 crores over
the medium term. In addition, it will act as cushion to the
liquidity of the company. Current ratio are low at times on March
31, 2023.

Outlook Stable

CRISIL Ratings believes that SE will benefit over the medium term
from its promoter extensive industry experience

Rating Sensitivity factors

Upward factors:

* Increase in revenue leading to cash accrual above INR3.5 crore.
* Significant improvement in the financial risk profile.

Downward factors:

* Large, debt-funded capital expenditure weakening the financial
risk profile and liquidity.
* Decline in revenue or profitability leading to cash accrual below
INR1 crore.

SE was established in April 2019 as a partnership firm. It is based
in Khambhat, Gujarat, and is setting up a unit to manufacture dye,
chemicals and other allied products with capacity of 500-600 tonne
for CPC Blue and 100-150 tonne for Alpha Blue and Beta Blue. The
plant commenced from March 23, 2023. SE is promoted by Mr. Akash
Dipak Patel, Mr. Arpit Babubhai Patel, Mr. Jayesh Babulal Patel,
Mr. Kamleshkumar Devchanddas Patel and Mr. Sanjaykumar Narayan
Jha.


SULOCHANA EXPORT: CARE Keeps D Debt Rating in Not Cooperating
-------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Sulochana
Export (SE) continues to remain in the 'Issuer Not Cooperating'
category.

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

Rationale and key rating drivers

CARE Ratings Ltd. had, vide its press release dated February 27,
2023, placed the rating(s) of SE under the 'issuer non-cooperating'
category as SE 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. SE continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
January 13, 2024, January 23, 2024,
February 2, 2024.

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

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

Analytical approach: Standalone

Outlook: Not Applicable

Sulochana Export (SE) was established in 2015 as a partnership firm
and promoted by Mr. Madeswaran and his family members. The firm is
engaged in manufacturing of cotton fabrics. The manufacturing unit
is spread in total area of 45000 Sq. ft. located at Tiruchengode,
Namakkal District (Tamil Nadu). SE purchases its key raw material
(cotton yarn) from domestic market in Erode District, which is
famous for cotton production in south India. The firm sells the
cotton fabrics to the customers located at Tamil Nadu, Andhra
Pradesh and Gujarat. The firm has an installed capacity of 15000
meters per day. The firm is utilizing around 85% of capacity per
day. The lender has indicated that the firm has availed moratorium
from March to August 2020 amid covid-19 RBI guidelines.


SWASTIK CEMENT: CARE Keeps C Debt Rating in Not Cooperating
-----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Swastik
Cement Products Private Limited (SCPPL) continues to remain in the
'Issuer Not Cooperating' category.

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

Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated February 9,
2023, placed the rating(s) of SCPPL under the 'issuer
non-cooperating' category as SCPPL 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. SCPPL continues to be non-cooperative despite
repeated requests for submission of information through e-mails,
phone calls and a letter/email dated December 26, 2023, January 5,
2024, January 15, 2024.

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

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

Analytical approach: Standalone

Outlook: Stable

Uttar Pradesh based SCPPL was incorporated in February, 1980. The
company is currently being managed by Mr Ajit Kumar Jain and Mr
Rishabh Tulsyan. The firm primarily engaged in the manufacturing of
Mild Steel (MS) ingots. The company has its manufacturing facility
located at Chandauli, Uttar Pradesh. Also, the company is engaged
in manufacturing of wheat flour on job work basis for Swastik
Grains Corporation (associate firm). SCPL has an associate concern
namely Swastik Grains Products Private Limited, which was
incorporated in March, 2007 and is engaged in processing of wheat
flour.


TEJAS AGRO: CARE Keeps C Debt Ratings in Not Cooperating Category
-----------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Tejas Agro
Irrigation Systems Private Limited (TAISPL) continue to remain in
the 'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      15.50       CARE C; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category  

   Long Term/           5.00       CARE C; Stable/CARE A4;
   Short Term                      ISSUER NOT COOPERATING;
   Bank Facilities                 Rating continues to remain
                                   Under ISSUER NOT COOPERATING
                                   Category

Rationale and key rating drivers

CARE Ratings Ltd. had, vide its press release dated February 10,
2023, placed the rating(s) of TAISPL under the 'issuer
non-cooperating' category as TAISPL 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. TAISPL 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.

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).

Pandharpur (Maharashtra) based TAISPL was incorporated on June 29,
2015 by Mr. Prashant Lade and Mr. Shivaji Ajalkar. The company has
set up a facility for manufacturing of PVC pipes and fittings and
LLDPE pipes, catering mainly for agriculture sector. The company
manufactures a diverse range of pipes and fittings with a product
portfolio of 750 products with various types of moulded and
fabricated fittings.



===============
M O N G O L I A
===============

BOGD BANK: Moody's Affirms 'B3' Deposit Ratings, Outlook Stable
---------------------------------------------------------------
Moody's Ratings has affirmed Bogd Bank JSC's B3 foreign currency
and local currency long-term bank deposit ratings, Not Prime
foreign currency and local currency short-term bank deposit
ratings, and b3 Baseline Credit Assessment (BCA) and Adjusted BCA.

At the same time, Moody's has affirmed the bank's B3 foreign
currency long-term Counterparty Risk Rating (CRR), B2 local
currency long-term CRR, Not Prime foreign currency and local
currency short-term CRRs, as well as the B2(cr)/Not Prime(cr)
long-term/short-term Counterparty Risk (CR) Assessments.

Moody's has also maintained stable outlooks on the ratings, where
applicable.

RATINGS RATIONALE

The affirmation of Bogd Bank's ratings reflects Moody's expectation
that the bank's credit profile will remain stable over the next
12-18 months. The agency expects Mongolia's improved operating
environment to support the bank's asset quality and
higher-than-peers' profitability.

The bank's asset quality is constrained by its very high loan
growth of 39% cumulative annual growth rate (CAGR) during 2020-23.
Moody's expects loan growth to remain very high at the 70% level
annually for 2024-25. This raises unseasoned loan risk, and its
loan concentration is also high. Nevertheless, the bank has a low
loan exposure to cyclical sectors, including the mining,
agriculture and construction sectors. The bank's problem loans to
gross loans ratio was 6.3%, as of end-2023, which is at the lower
end among the agency's rated domestic peers.

Moody's expects Bogd Bank's tangible common equity
(TCE)/risk-weighted assets (RWA) to decline to the 16% level by
end-2025 from 21% as of end-2023, as it plans to double its total
assets during the period. Over the long term, the agency expects
the bank's capitalization to stabilize at a level similar to that
of its domestic peers.

Moody's expects Bogd Bank's profitability to remain higher than
those of its local peers. That said, the agency forecasts its net
income to tangible asset ratio will decline to the 3.5% level over
the next 12-18 months from 4% in 2023. The bank's net interest
margin will narrow given the Bank of Mongolia's (BoM) policy rate
has peaked, which was lowered by one percentage point to 12% in
March 2024; higher competition for small and medium enterprise
(SME) and household loans; and the increasing use of
interest-bearing liabilities as the bank's nominal leverage rises.

The bank's planned asset growth will be proportionately funded by
increases in both market funding and its deposit bases. As a
result, Moody's expects Bogd Bank's funding to remain stable with
its market funding ratio at the 25% level over the next 12-18
months. Meanwhile, Moody's expects the bank's liquidity, measured
as liquid banking assets/tangible banking assets, to decline to the
30% level from 46% as of end-2023. The bank has low credit and
market risks because its liquid assets consist of cash and balances
with the BoM (47%), BoM treasury bills (18%), government bonds (8%)
and others (27%).

Moody's has not incorporated affiliate support for Bogd Bank, and
therefore, the bank's Adjusted BCA is in line with its b3 BCA.
Moody's assesses the level of government support to be low, given
Bogd Bank's low systemic importance to the banking sector, with a
market share of 1.2% in terms of total assets as of end-2023.

Mongolia does not have an operational bank resolution regime.
Moody's therefore applies a basic Loss Given Failure (LGF) approach
in rating Mongolian banks. Bogd Bank's long-term CRR of B2/B3 and
long-term CR Assessment of B2(cr) incorporate the bank's b3
Adjusted BCA and Moody's basic LGF analysis, which positions the
preliminary CRRs and CR Assessment one notch above the bank's
Adjusted BCA. Moody's then adds the same uplift of government
support as applied to the bank's long-term issuer rating, subject
to country ceiling by currency.

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

FACTORS THAT COULD LEAD TO AN UPGRADE

Moody's could upgrade Bogd Bank's ratings if the sovereign rating
is upgraded because the bank's BCA is constrained by the sovereign
rating of B3.

FACTORS THAT COULD LEAD TO A DOWNGRADE

Moody's could downgrade Bogd Bank's ratings if the sovereign rating
is downgraded, or the bank's BCA is lowered.

Bogd Bank's BCA could be lowered if (1) its capitalization weakens
meaningfully with its TCE/RWA falling below 15% level on a
sustained basis; (2) its liquidity deteriorates significantly with
its liquid banking assets/tangible banking assets declining below
30% level on a sustained basis; (3) its reliance on market funding
rises significantly, particularly borrowings from banks and
financial institutions; or (4) its asset quality deteriorates with
its new nonperforming loan formation ratio rising above 5%.

PRINCIPAL METHODOLOGY

The principal methodology used in these ratings was Banks
Methodology published in March 2024.

Bogd Bank JSC is headquartered in Ulaanbaatar, Mongolia. The bank
reported total assets of MNT712.3 billion (USD208.9 million) as of
the end of 2023.




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

MACKENZIE COUNTRY: Creditors' Proofs of Debt Due on May 31
----------------------------------------------------------
Creditors of Mackenzie Country Tyres 2014 Limited are required to
file their proofs of debt by May 31, 2024, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on April 22, 2024.

The company's liquidators are:

          Trevor Edwin Laing
          Emma Margaret Laing
          Laing Insolvency Specialists Limited
          PO Box 2468
          Dunedin 9044


RICHARD TAYLOR: Thomas Lee Rodewald Appointed as Receiver
---------------------------------------------------------
Thomas Lee Rodewald of Rodewald Consulting on March 30, 2024, were
appointed as receiver and manager of Richard Taylor Contracting
Limited.

The receiver may be reached at:

          C/- Rodewald Consulting Limited
          Level 1, The Hub
          525 Cameron Road
          Tauranga 3144


SM MARETH: Creditors' Proofs of Debt Due on July 1
--------------------------------------------------
Creditors of SM Mareth Limited are required to file their proofs of
debt by July 1, 2024, to be included in the company's dividend
distribution.

The company commenced wind-up proceedings on May 1, 2024.

The company's liquidators are:

          Rees Logan
          Andrew McKay
          BDO Auckland
          Level 4, BDO Centre
          4 Graham Street
          Auckland 1010


TEKAPO 1: Steven Khov and Kieran Jones Appointed as Receivers
-------------------------------------------------------------
Steven Khov and Kieran Jones of Khov Jones on May 3, 2024, were
appointed as receivers of Tekapo 1 Limited, Tekapo 2 Limited,
Tekapo 3 Limited, Tourist Hotel Corporation Limited and Tourist
Hotel Corporation Finance Limited.

The receivers may be reached at:

          Khov Jones Limited
          PO Box 302261
          North Harbour
          Auckland 0751


VESSEL ENTERTAINMENT: Creditors' Proofs of Debt Due on May 30
-------------------------------------------------------------
Creditors of Vessel Entertainment Limited are required to file
their proofs of debt by May 30, 2024, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on May 2, 2024.

The company's liquidators are:

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




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

ECCO LAND: Creditors' Proofs of Debt Due on June 8
--------------------------------------------------
Creditors of Ecco Land Pte. Ltd. and Ecco Investment Pte. Ltd. are
required to file their proofs of debt by June 8, 2024, to be
included in the company's dividend distribution.

The company commenced wind-up proceedings on April 29, 2024.

The company's liquidator is:

          Loke Poh Keun
          c/o 9 Raffles Place
          #26-01 Republic Plaza
          Singapore 048619


GADIUS ASSETS: Creditors' Proofs of Debt Due on June 8
------------------------------------------------------
Creditors of Gadius Assets Pte. Ltd. are required to file their
proofs of debt by June 8, 2024, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on April 29, 2024.

The company's liquidator is:

          Loke Poh Keun
          c/o 9 Raffles Place
          #26-01 Republic Plaza
          Singapore 048619


GIANT LAND: Creditors' Proofs of Debt Due on June 8
---------------------------------------------------
Creditors of Giant Land Pte. Ltd. are required to file their proofs
of debt by June 8, 2024, to be included in the company's dividend
distribution.

The company commenced wind-up proceedings on April 29, 2024.

The company's liquidator is:

          Loke Poh Keun
          c/o 9 Raffles Place
          #26-01 Republic Plaza
          Singapore 048619


MM STAR: Court Enters Wind-Up Order
-----------------------------------
The High Court of Singapore entered an order on May 3, 2024, to
wind up the operations of MM Star Pte. Ltd.

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

The company's liquidators are:

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


SINBUN TRADING: Court to Hear Wind-Up Petition on May 24
--------------------------------------------------------
A petition to wind up the operations of Sinbun Trading Pte Ltd will
be heard before the High Court of Singapore on May 24, 2024, at
10:00 a.m.

DBS Bank Ltd filed the petition against the company on May 3,
2024.

The Petitioner's solicitors are:

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


ZIPMEX PTE: Appoints Mazars Consulting as Provisional Liquidator
----------------------------------------------------------------
Fintech News reports that Singapore-based cryptocurrency exchange
Zipmex is set to wind up its operations, having appointed Ellyn Tan
Huixian from Mazars Consulting as its provisional liquidator,
according to documents filed with Singapore's Accounting and
Corporate Regulatory Authority (ACRA).

Fintech News relates that the filing, dated April 29, 2024,
accessed by DealStreetAsia, comes as the company grapples with
significant financial liabilities that prevent it from continuing
its business, stated Zipmex founder and CEO Marcus Lim.

An extraordinary general meeting (EGM) along with a creditor's
meeting is scheduled for May 20, where a special resolution will be
presented to voluntarily liquidate the company, Fintech News
discloses.

A permanent liquidator will be appointed in the upcoming weeks to
oversee the final dissolution process.

This decision follows a troubled period marked by liquidity
challenges exacerbated by the volatile crypto market and
difficulties faced by key business partners, according to Fintech
News.

Notably, Zipmex had halted withdrawals on its Z Wallet platform in
July 2022 following a liquidity crisis at its lenders, Babel
Finance and Celsius, which coincided with a broader downturn in the
crypto sector.

Previously, DealStreetAsia reported that despite launching a new
restructuring offer five months ago, Zipmex continued to face
opposition from major creditors, Fintech News relays.

Fintech News says the platform, which operates in Australia,
Thailand, Indonesia, and Singapore, also attempted to secure fresh
investments to avert liquidation after a potential US$100-million
acquisition deal fell through.

Financial disclosures reveal that Zipmex suffered a substantial
loss of SGD23.75 million (US$17.77 million) for the fiscal year
ending December 31, 2021, representing a 400% increase from the
previous year, Fintech News discloses.

The company's operating expenses surged to SGD36 million, with a
significant portion allocated to employee compensation, Fintech
News adds.

                            About Zipmex

Singapore-based Zipmex Pte Ltd -- https://zipmex.com/ -- is a
digital asset exchange that provides digital access to wealth
generating assets for the mass market. Zipmex offers services for
users in Thailand, Indonesia, Singapore and Australia.

As reported in the Troubled Company Reporter-Asia Pacific,
Southeast Asia-focused cryptocurrency exchange Zipmex said it had
filed for bankruptcy protection in Singapore in late July 2022,
becoming the latest victim of the global downturn in digital
currencies.  Zipmex resumed withdrawals, a day after suspending
them on July 20, 2022, and said it was working to address its
exposure of US$53 million to crypto lenders Babel Finance and
Celsius, Reuters said.  Zipmex's solicitors submitted five
applications on July 22, 2022 seeking moratoriums to prohibit legal
proceedings against Zipmex for up to six months, the cryptocurrency
exchange said on July 27, 2022.



                           *********


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

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

Copyright 2024.  All rights reserved.  ISSN: 1520-9482.

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

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mail.  Additional e-mail subscriptions for members of the same
firm for the term of the initial subscription or balance
thereof are US$25 each.  For subscription information, contact
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