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

                     A S I A   P A C I F I C

          Wednesday, May 15, 2024, Vol. 27, No. 98

                           Headlines



A U S T R A L I A

BONZA AVIATION: Hopes Fade as VietJet Walks From Deal Talks
HIBBARD SPORTS: Second Creditors' Meeting Set for May 17
LUCHA ELIZABETH: Second Creditors' Meeting Set for May 17
OCTILLION PARTNERS: ASIC Cancels AFS Licence
PENINSULA CARPENTERS: Second Creditors' Meeting Set for May 20

PRINTECH SOLUTIONS: First Creditors' Meeting Set for May 20
VIRIDI GROUP: Second Creditors' Meeting Set for May 17


C H I N A

PING AN REAL: Moody's Withdraws 'Ba1' Corporate Family Rating
RUIFENGDA ASSET: Guarantor Absconds From Investors


I N D I A

AISIRI AGRO: CARE Keeps C Debt Rating in Not Cooperating Category
ALCHEM TADE: CARE Keeps B- Debt Rating in Not Cooperating Category
DH LIMITED: CARE Keeps B Debt Rating in Not Cooperating Category
DHARANI SUGARS: Exits Insolvency Process, To Restart Operations
DIGNITY INNOVATIONS: CARE Cuts Rating on INR7cr Loans to B-/A4

GARG POLYPACKS: CARE Keeps B- Debt Rating in Not Cooperating
GAYATRI PROJECTS: Promoters File Plea Against Liquidation
GAZEBO CONSTRUCTIONS: CARE Keeps B- Debt Rating in Not Cooperating
GROOM INDIA: CARE Keeps B- Debt Rating in Not Cooperating Category
HOLITECH INDIA: CARE Downgrades Issuer Rating to C

IPSAA HOLDINGS: CARE Keeps B- Debt Rating in Not Cooperating
K G DENIM: CARE Lowers Rating on INR123.81cr ST Loan to D
KANASE AUTO: CARE Keeps B Debt Rating in Not Cooperating Category
LAKSHMI PRESTRESS: CARE Keeps B Debt Rating in Not Cooperating
LAKSHMI RAIL: CARE Lowers Rating on INR5.0cr LT Loan to B-

LAKSHMI RAMA: CARE Lowers Rating on INR10.90cr LT Loan to B-
MADHUR KNIT: CARE Lowers Rating on INR19.95cr LT Loan to B-
MNC ELECTRICALS: CARE Keeps B- Debt Ratings in Not Cooperating
NUTRIONEX MANUFACTURERS: CARE Keeps D Ratings in Not Cooperating
PATIL CONSTRUCTION: CARE Keeps D Debt Rating in Not Cooperating

PREMIER SOLVENTS: CARE Keeps B- Debt Rating in Not Cooperating
RM DAIRY: CARE Keeps D Debt Rating in Not Cooperating Category
RPV EXPORTS: CARE Reaffirmed D Rating on INR10cr ST Loan
RSG FOODS: CARE Keeps B- Debt Rating in Not Cooperating Category
SHIV GANGA: CARE Keeps B+ Debt Rating in Not Cooperating Category

THERMOTECH ENGINEERING: CARE Keeps B- Ratings in Not Cooperating
VENTA REALTECH: CARE Keeps D Debt Rating in Not Cooperating


N E W   Z E A L A N D

AR-RAHMAN HOLDINGS: Creditors' Proofs of Debt Due on July 3
BUILDHQ LIMITED: BDO Tauranga Appointed as Liquidator
LEGEND HOMES: Court to Hear Wind-Up Petition on May 24
PACIFIC PROPERTY: Court to Hear Wind-Up Petition on May 24
SMITH AND NELLE: Creditors' Proofs of Debt Due on July 8



P A K I S T A N

PAKISTAN: IMF, Islamabad Open Talks for a New Loan


S I N G A P O R E

HAVE FUN: Creditors' Meeting Set for May 21
HIN LEONG: Founder OK Lim Found Guilty of 3 Criminal Charges
KDY PTE: Court to Hear Wind-Up Petition on May 24
KUKUH SHIPPING: Commences Wind-Up Proceedings
ORCHARD CAR: Creditors' Proofs of Debt Due on May 27

SOVEREIGN HEALTH: Court Enters Wind-Up Order


S R I   L A N K A

SRI LANKA: Insolvent Firms to Operate Under Debt Restructure Scheme

                           - - - - -


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

BONZA AVIATION: Hopes Fade as VietJet Walks From Deal Talks
-----------------------------------------------------------
The Australian Financial Review reports that Bonza's hopes of
finding a buyer are fading after VietJet Air walked away from talks
and its administrators, Hall Chadwick, told Bonza's staff on May 14
that they had extended the airline's grounding until May 29.

On May 10, the administrators said they were in talks with six
"serious" buyers who had expressed interest in competing in the
lucrative Australian domestic aviation market.

The Australian Financial Review has confirmed Vietnam's VietJet was
among those looking at Bonza's aircraft operator certificate, a
crucial licence needed to establish a foothold in the domestic
aviation market. Bonza, which began flying only last year, has few
other assets, with its aircraft heading overseas to other
carriers.

According to the Financial Review, two sources said VietJet had
been looking at ways to expand into Australia, with an order of 66
Boeing 737 Max 8 aircraft, the first of which are due for delivery
this year.

VietJet confirmed the airline -- which arrived in Australia in
April and flies 48 flights a week to Melbourne, Sydney, Brisbane,
Perth and Adelaide -- had walked away from talks.

Hall Chadwick told the first meeting of the company's creditors
last week that they would not allow discussions about a sale to
drag on indefinitely. On May 14, they told staff potential bidders
had until May 16 to submit a formal expression of interest, the
Financial Review relays.

Travellers have been advised to contact their banks or credit card
companies for refunds.

Airline Intelligence and Research chief executive Tony Webber, a
former Qantas chief economist, said there was space in the
Australian market for a true low-cost carrier.

"There are a lot of carriers that know the Australian market is
lucrative and that if you're going to enter into the domestic
market, it's got to be part of a wider group because you need
resources behind it," the report quotes Mr. Webber as saying. "The
biggest opportunity comes from the fact that [Qantas subsidiary]
Jetstar has moved from an extreme low-cost carrier model to some
kind of hybrid carrier now. Its unit costs are too high."

The Financial Review adds that Mr. Webber said, however, that a new
owner should pursue a different strategy to Bonza, which avoided
competition with Qantas, Jetstar and Virgin Australia by flying
mostly between towns previously unconnected by other carriers.

"Bonza was obviously trying to target routes where there's less
competitive pressure to stimulate new regional leisure routes, but
that domain is just too thin -- there's not enough demand to
possibly make that work," he said. "If you're an ultra-low-cost
carrier, the best pursuit would be to price below the current
incumbent low-cost carrier and win market share by pricing and
attacking them on their own key leisure routes."

                            About 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.

HIBBARD SPORTS: Second Creditors' Meeting Set for May 17
--------------------------------------------------------
A second meeting of creditors in the proceedings of Hibbard Sports
Club Limited has been set for May 17, 2024 at 11:00 a.m. at Hibbard
Sports Club, 20 Boundary Street in Port Macquarie and via video
conferencing.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by May 16, 2024 at 4:00 p.m.

Benjamin Ismay and Scott Newton of Shaw Gidley were appointed as
administrators of the company on April 11, 2024.


LUCHA ELIZABETH: Second Creditors' Meeting Set for May 17
---------------------------------------------------------
A second meeting of creditors in the proceedings of Lucha Elizabeth
Pty Ltd has been set for May 17, 2024 at 10:30 a.m. virtually via
Microsoft Teams.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by May 16, 2024 at 5:00 p.m.

Marcus Watters and Marcus Watters of Hall Chadwick were appointed
as administrators of the company on April 10, 2024.

OCTILLION PARTNERS: ASIC Cancels AFS Licence
--------------------------------------------
The Australian Securities & Investments Commission (ASIC) has
cancelled the Australian financial services (AFS) licence of
Octillion Partners Pty Ltd.

ASIC determined that Octillion:

   * did not comply with the financial services laws,

   * did not take reasonable steps to ensure that its
     representatives complied with the financial services laws,

   * did not do all things necessary to ensure that the financial
     services covered by the licence were provided efficiently,
     honestly and fairly,

   * is likely to contravene its obligations under s912A(1) of the

     Corporations Act 2001, and

   * is not a fit and proper person under s913BA(1) of the Act.

ASIC's concerns arose out of Octillion's supervision of its
authorised representative financial adviser Shane Allan Rose, who
engaged in dishonest conduct by using client invested funds for
purposes other than which they were given.

On March 20, 2024, ASIC permanently banned Mr. Rose from providing
any financial services, performing any function involved in the
carrying on of a financial services business, and from controlling
an entity that carries on a financial services business.

Under the terms of the licence cancellation, Octillion's AFS
licence will continue until Aug. 16, 2024 in relation to the
provision of financial services to current clients.

Octillion has a right to apply to the Administrative Appeals
Tribunal for a review of ASIC's decision.

Octillion held AFS licence no. 000289621 between July 15, 2005 and
May 10, 2024.

Octillion, formally known as ACN 105 085 612 Pty Ltd, Unison Wealth
Management Pty Ltd and Eden Wealth Management Pty Ltd is based in
Helensvale, Queensland.


PENINSULA CARPENTERS: Second Creditors' Meeting Set for May 20
--------------------------------------------------------------
A second meeting of creditors in the proceedings of Peninsula
Carpenters Pty Ltd has been set for May 20, 2024 at 11:00 a.m. at
165 Camberwell Road in Hawthorn East.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by May 19, 2024 at 5:00 p.m.

Adrian John Warry and Shane Leslie Deane of Dye & Co. were
appointed as administrators of the company on Feb. 22, 2024.


PRINTECH SOLUTIONS: First Creditors' Meeting Set for May 20
-----------------------------------------------------------
A first meeting of the creditors in the proceedings of Printech
Solutions Pty Ltd will be held on May 20, 2024 at 11:00 a.m. via
Zoom Teleconference Facilities.

Andrew Quinn and Richard Lawrence of Mackay Goodwin were appointed
as administrators of the company on May 8, 2024.


VIRIDI GROUP: Second Creditors' Meeting Set for May 17
------------------------------------------------------
A second meeting of creditors in the proceedings of Viridi Group
Asset Holding Pty Ltd has been set for May 17, 2024 at 10:30 a.m.
via virtual meeting only.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by May 16, 2024 at 4:00 p.m.

Christopher Damien Darin and Joanne Monica Keating of Worrells were
appointed as administrators of the company on April 11, 2024.




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

PING AN REAL: Moody's Withdraws 'Ba1' Corporate Family Rating
-------------------------------------------------------------
Moody's Ratings has withdrawn the following ratings of Ping An Real
Estate Company Ltd. (PARE) and its subsidiaries due to insufficient
information:

1. PARE's Ba1 corporate family rating (CFR)

2. Pingan Real Estate Capital Limited's (PARE Capital) Ba2 CFR

3. The provisional (P)Ba2 backed senior unsecured rating on PARE
Capital's USD1 billion medium-term note (MTN) program

4. The Ba2 backed senior unsecured rating on the notes issued under
PARE Capital's MTN program

5. The provisional (P)Ba2 backed senior unsecured rating on Fuqing
Investment Management Limited's and Fuxiang Investment Management
Limited's USD2 billion MTN program, which is guaranteed by PARE
Capital

6. The Ba2 backed senior unsecured rating on the notes issued under
Fuqing Investment's MTN program guaranteed by PARE Capital

Prior to the withdrawal, the rating outlooks for all entities were
negative.

RATINGS RATIONALE

Moody's has decided to withdraw the ratings because it believes it
has insufficient or otherwise inadequate information to support the
maintenance of the ratings.

COMPANY PROFILE

Pingan Real Estate Capital Limited (PARE Capital) was incorporated
in December 2013 and is registered as a limited liability company
under the laws of Hong Kong SAR, China. It is a wholly-owned
subsidiary of Ping An Real Estate Company Ltd. (PARE), and is
PARE's primary overseas subsidiary for investment holding and
financing outside China.

PARE is the real estate investment and asset management platform of
Ping An Insurance (Group) Company of China, Ltd. (Ping An Group).



RUIFENGDA ASSET: Guarantor Absconds From Investors
--------------------------------------------------
Yicai Global reports that shares of Ri Ying Holdings plunged after
the guarantor of insolvent Chinese private equity firm Ruifengda
Asset Manager absconded from investors after stumbling in a
repayment crisis.

Ruifengda's office in Shanghai was empty, an investor told Yicai
after going to check on-site on May 10 because they heard the
company had absconded.

Yicai also visited the office and found it empty. The investors who
spoke with Yicai claimed they had purchased millions to tens of
millions of Chinese yuan in fund products from Ruifengda, which are
now unredeemable.

Ri Ying is the investment institution guaranteeing for Ruifengda's
products. Moreover, Li Tao, the legal representative of Ruifengda,
is a former employee at Ri Ying. The two companies share the same
office in Shanghai, according to some media reports, Yicai relays.

Founded in 2016, Ruifengda manages funds worth a total of CNY2
billion to CNY5 billion (USD276.5 million to USD691.1 million),
according to data from the Asset Management Association of China.
Its registered capital is CNY30 million (USD4.1 million), but its
paid-up capital is only CNY7.5 million (USD1 million). It has only
12 employees.

Ruifengda's shareholder structure and senior management changed
several times, Yicai notes. Its current shareholders are Hainan
Smart City Holding Group and Shanghai Qingcheng Culture Club, with
stakes of 51 percent and 49 percent, respectively.

Li is also Ruifengda's executive director and general manager.
However, he transferred all its shares of Smart City last month,
according to corporate information platform Tianyancha.

Ruifengda is keen on speculating on small-cap companies with poor
liquidity on the National Equities Exchange and Quotations, Yicai
learned from an industry insider. The company often leveraged in
most offerings, so some of its products achieved very high returns,
the insider noted.




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

AISIRI AGRO: CARE Keeps C Debt Rating in Not Cooperating Category
-----------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of AISIRI
Agro Private Limited (AAPL) continue to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      16.00       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 20,
2023, placed the rating(s) of AAPL under the ‘issuer
non-cooperating' category as AAPL 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. AAPL
continues to be non-cooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated January 6, 2024, January 16, 2024, January 26,
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).

AISIRI Agro Private Limited (erstwhile ISIRI Agro Private Limited)
is a private limited company incorporated in the year December 23,
2015 by Mr. Gowrishankar Uday Kumar, Mrs. Vimala Uday Kumar, Mr.
Annaiah, Mr. S Devanand and Ms. K. Lalitha as its Directors. The
AAPL started its commercial operations in January 2016. In FY19,
the company has reconstituted by changing its name from ISIRI agro
Private Limited to AISIRI Agro Private Limited and continued its
operations under new name. The company is engaged in providing
services like assisting farmers in protected cultivation in poly
houses/greenhouses by undertaking poly houses construction and
providing help in cultivation activities.


ALCHEM TADE: CARE Keeps B- Debt Rating in Not Cooperating Category
------------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Alchem
Tade Private Limited (ATPL) continue to remain in the 'Issuer Not
Cooperating' category.
                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       1.90       CARE B-; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

   Short Term Bank      3.00       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 ATPL under the ‘issuer
non-cooperating’ category as ATPL had failed to provide
information for monitoring of the rating and had not paid the
surveillance fees for the rating exercise as agreed to in its
Rating Agreement. ATPL continues to be 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).

Incorporated in 2012, as Rockdude Constructions Private Limited
later name was changed to Alchem Trade Pirvate Limited (ATPL) on
January 25, 2019. ATPL is engaged into trading of reprocessed
plastic granules, household aluminum foils and steel products.
Further, company also imports aluminium foils from China.


DH LIMITED: CARE Keeps B Debt Rating in Not Cooperating Category
----------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of DH Limited
(DHL) continue to remain in the 'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      25.00       CARE B; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category  

   Short Term Bank     20.70       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 DHL under the 'issuer
non-cooperating' category as DHL 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. DHL
continues to be non-cooperative 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).

Ghaziabad-based (Uttar Pradesh) DH Limited (DHL) (formerly known as
Dass Hitachi Limited) established in 1960, is a closely held public
limited company. DHL was originally formed under the joint venture
between Mr S.K. Dass and Japan based Hitachi Limited to manufacture
electric watt-hour meters. The name changed to the present one in
January, 2014, after the separation from Hitachi Limited. The
current management comprises of Mr SK Dass, his wife Ms Veena Dass
and son Mr Pradeep Dass. DHL is engaged in manufacturing of
engineering goods specifically defence systems viz. cableway and
specialized systems. These specialized systems include NBC
integrated shelters, NBC ventilation system, bullet proofing of
vehicles, laboratory on wheels and many other medium and high
technology precision products to cater to the needs of defence
forces. The company is also engaged in providing fabricated metal
products. DHL has its manufacturing unit located in Sahibabad,
Uttar Pradesh and the processes of the company are ISO 9001:2008
certified.


DHARANI SUGARS: Exits Insolvency Process, To Restart Operations
---------------------------------------------------------------
NDTV Profit reports that listed company Dharani Sugars & Chemicals
Ltd., exited the insolvency process and returned to its original
promoter the PGP Group.

This follows the decision of the Chennai bench of the National
Company Law Tribunal, which allowed an application filed by
promoter PGP Group for settlement and revival of Dharani Sugars &
Chemicals, NDTV relates.

According to NDTV, the company's Chairman, Dr. Palani G. Periasamy
expressed happiness over the NCLT's order and assured his
commitment to revive sugar and allied businesses.

"The NCLT order comes at a time when the growth prospects look
promising for the Indian sugar sector with growing demand," he
said, notes the report.

The application was filed under Section 12A of the Insolvency and
Bankruptcy Code, NDTV notes.

Section 12A permits withdrawal of an insolvency application against
a corporate debtor, if approved by at least 90% of the Committee of
Creditors in cases admitted under Section 7, Section 9, or Section
10 of the IBC.

Following admission of the application, Dharani Sugars and
Chemicals has come out of the insolvency resolution process.

"The IRP is directed to hand over the management to the Board of
Directors whose powers stood suspended by virtue of the initiation
of the CIRP by this Tribunal while admitting the Petition in
IBA/976/2019 vide Order dated 29.07.2021," the NCLT order said.

"The Corporate Debtor is released from all the rigours of the IBC,
2016. The IRP is discharged from all his responsibilities. The
Corporate Debtor shall operate through its own Board," the order,
as cited by NDTV, added.

"Accordingly, IA(IBC)825/CHE/2024 stands allowed, IBA/976/2019
stands dismissed as withdrawn," it said.

DSCL has three sugar plants in Tamil Nadu. DSCL was the first sugar
company in Tamil Nadu, promoted by NRI investors and led by Dr.
Palani G. Periasamy.

This is the second victory for the PGP Group before the NCLT.
Sometime ago, the group regained control of Appu Hotels, which runs
the iconic Le Royal Meridien, Chennai and Le Meridien, Coimbatore,
NDTV notes.

Dharani Sugars & Chemicals had suffered losses during the 2016–19
period.

"This development will help revive the three sugar factories
located in Vasudevanallur (Tirunelveli district), Polur
(Tiruvannamalai district) and Kallakurichi (Sankarapuram district)
and employment in the rural areas," the company said in a late
evening note on May 10.


DIGNITY INNOVATIONS: CARE Cuts Rating on INR7cr Loans to B-/A4
--------------------------------------------------------------
CARE Ratings has revised the ratings on certain bank facilities of
Dignity Innovations (DI), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term/Short      7.00       CARE B-; Stable/CARE A4;
   Term Bank                       ISSUER NOT COOPERATING;
   Facilities                      Revised from CARE B; Stable/
                                   CARE A4 and moved to ISSUER NOT
                                   COOPERATING category

   Short Term Bank     18.00       CARE A4; ISSUER NOT
   Facilities                      COOPERATING; Rating moved to
                                   ISSUER NOT COOPERATING category

Rationale and key rating drivers

CARE Ratings Ltd. has been seeking information from DI to monitor
the ratings vide e-mail communications dated March 28, 2024, April
24, 2024 among others and numerous phone calls. However, despite
repeated requests, the firm 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 Dignity Innovations's bank
facilities will now be denoted as CARE B-; Stable ISSER NOT
COOERATING/CARE A4; 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(s).

The ratings have been revised on account of non-availability of
requisite information due to non- cooperation by Dignity
Innovations with CARE's efforts to undertake a review of the
outstanding ratings as CARE views information availability risk as
key factor in its assessment of credit risk profile. There has been
a significant adverse deviation between the FY23 audited financials
and provisional financials submitted earlier. The ratings are
constrained by small scale of operations, moderate capital
structure, weak debt protection metrics, highly competitive
industry, and proprietorship constitution of the entity with
inherent risk of withdrawal of capital and profitability margins
susceptible to volatility in raw material prices and forex rates.
However, the ratings derive strength from experienced and
resourceful promoter, established relationship with reputed
clients.

Analytical approach: Standalone

Outlook: Stable

Detailed description of the key rating drivers:

At the time of last rating on June 30, 2023 the following were the
rating strengths and weaknesses (updated for the FY23 (A) results
provided by the firm).

Key weaknesses

* Small scale of operations: Despite being operational for close to
three decades the scale of operations of DI remains small marked by
total operating income of INR78.82 crores during FY23 (Refers to
the period from April 1 to March 31). The firm reported operating
loss of INR1.54 crore in FY23 (A) as against operating profit of
INR4.3 crore in FY23 provisional results submitted earlier. The
deviation is on account of difference in valuation of finished
goods inventory and higher manufacturing costs.

* Moderate Capital Structure and Weak Debt Protection Metrics: The
capital structure of the firm stood moderate with overall gearing
at 2.5x as on March 31, 2023 (PY: 2.47x). The debt protection
metrics stood weak with cash losses of INR5.08 crore in FY23 (A).

* Constitution of the entity as proprietorship with inherent risk
of withdrawal of capital: DI, being a proprietorship concern, is
exposed to inherent risk of the promoter's capital being withdrawn
at time of personal contingency and firm being dissolved upon the
death/retirement/insolvency of the proprietor. Moreover,
proprietorship business has restricted avenues to raise capital
which could prove a hindrance to its growth.

* Forex Exposure and volatility in raw material prices: Major
portion of revenue of DI is from export sales and hence the firm is
exposed to forex risk. However, the firm's forex receivables are
hedged partially using forward contracts. The prices of Fabrics are
directly linked to the prices of yarn which are seasonal and
volatile in nature.

* Highly competitive industry: The company operates in a highly
fragmented textile manufacturing industry wherein the presence of
large number of entities in the unorganized sector and established
players in the organized sector limits the bargaining power with
customers. Furthermore, DI is also exposed to competitive pressures
from domestic players as well as from players situated in other
countries including China and Bangladesh.

Key strengths

* Experienced promoter: Mr S Rajasekaran, sole proprietor, has more
than two decades of experience in garments export. He has been
involved in Readymade garment (RMG) business since 1997. Apart from
this, promoter also manages educational institutions and involved
in real estate business through two group entities named Avigna
Properties Private Limited (APPL) and Avigna Housing Private
Limited (Avigna).

* Established relationship with clients however concentrated
customer base: DI has established and long-standing relationship
with clients who are reputed and has retail presence across the
globe. However, the firm faces the risk of customer concentration
with its top 10 customers contributing to 86.24 % of the Total
Operating Income generated during FY23.

Dignity Innovations, part of Chennai based Avigna group, was
established as a partnership firm in 1993 by Mr S.V. Shivagnanam as
a Readymade Garment (RMG) manufacturing and export entity. The
firm's constitution was changed into sole proprietorship with
effect from April 2015 and currently Mr. Rajasekaran, son of Mr.
Sivagnanam is the proprietor of the entity. DI exports men's,
ladies and kids garments to clients in USA and Europe. DI has six
manufacturing units in Chennai with a total capacity to produce
20,000 pcs of garments per day. Avigna group has presence in
diversified industry including real estate, textile exports,
educational institutions etc.


GARG POLYPACKS: CARE Keeps B- Debt Rating in Not Cooperating
------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Garg
Polypacks Private Limited (GPPL) continue to remain in the 'Issuer
Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       7.00       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 16,
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 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).

Uttar Pradesh based, Garg Polypacks Private Limited (GPPL) was
formed in the year 1984 as a partnership firm. Subsequently in
1993, it was converted into private limited company by Mr. Ajay
Kumar Garg, Mr. Ankit Garg and Mr. Prateek Garg. The company is
engaged in the business of manufacturing of High- Density
Polyethylene (HDPE) and Polypropylene (PP) laminated woven sacks
bags and fabrics which find its application in packaging across
various industries viz. cattle feed, sugar, fertilizers etc. The
manufacturing plant of the company is located at Visyakpur,
Kanpur.


GAYATRI PROJECTS: Promoters File Plea Against Liquidation
---------------------------------------------------------
The Economic Times reports that promoters of distressed
engineering, procurement and construction (EPC) company Gayatri
Projects (GPL) made a nearly INR750 crore offer to creditors
seeking to settle dues worth INR9,115 crore after banks filed for
the company's liquidation.

However, a successful outcome is far from easy as any settlement
with promoters under Section 12A of Insolvency and Bankruptcy Code
(IBC) needs approval from 90% of lenders.

According to ET, promoters of Gayatri comprising former Rajya Sabha
MP T Subbarami Reddy and his family have filed an intervention
petition in National Company Law Tribunal (NCLT), Hyderabad
following the liquidation plea by banks as the only bid for the
company received so far was below expectation.

"The company has filed a plea against liquidation and is seeking a
settlement. The offer is not very different from what lenders got
through a bid process but here the promoters have committed to
ensure that the bank guarantees associated with this account are
not encashed which is a substantial comfort for banks," ET quotes a
person aware of the details as saying.

Lenders moved NCLT in January for liquidation, rejecting the sole
bid from private equity firm Mark AB Capital Investment offer of
INR650 crore, of which only INR50 crore was in cash upfront, ET
recalls. Of the total dues, more than INR3,000 crore is linked to
guarantees given by the company. These include guarantees for
distressed projects being executed by Gayatri like Indore Dewas
Tollways and subsidiary Sai Maatarini Tollways though they comprise
a smaller portion of bank debt. Both projects have been terminated
by National Highways Authority of India with arbitration claims
pending.

"Total direct dues from the company could be about INR5,500 crore.
This being an EPC company, there are no assets on the ground, so
recovery chances are almost nil. Banks are in fact worried that
they may have to pay back to government agencies if these
guarantees are invoked, so this offer by the company to take care
of those dues is a positive," said the person cited above.

Canara Bank is the largest creditor with 23% of total dues
totalling INR1,911 crore, followed by Bank of Baroda with 15% at
INR1,382 crore, ET discloses. There are 14 secured creditors also
including non-banking financial companies like Srei Equipment
Finance, IL&FS Financial Services, Sundaram Finance and Tata Motors
Finance.

Gayatri Projects Ltd. offers construction services. The Company
builds infrastructure projects such as dams, highways, bridges,
canals, aqueducts, and ports.


GAZEBO CONSTRUCTIONS: CARE Keeps B- Debt Rating in Not Cooperating
------------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Gazebo
Constructions Private Limited (GCPL) continues to remain in the
'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       5.00       CARE B-; 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 27,
2023, placed the rating(s) of GCPL under the 'issuer
non-cooperating' category as GCPL 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. GCPL
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).

Gazebo Constructions Private Limited (GCPL) was incorporated in
February 2007 as a private limited company and is currently being
managed by Mr. Srijan Kumar Bansal and Mrs. Minaxi Aggarwal, as its
directors. GCPL is engaged in civil construction work in Punjab
which includes infrastructure development, construction of
hospitals, education institutes, bridges etc. The company is
registered with Punjab Urban Planning and Development Authority
(PUDA. Furthermore, GCPL is also engaged in developing commercial
and residential complexes for other builders and developers.
Besides GCPL, the directors are also engaged in other group
concerns namely Mittal Innovations Private Limited (MIPL), Gazebo
Super Infrastructure Private Limited (GSIP), P-Sat Enterprises
(PSE) and P-sat concrete.


GROOM INDIA: CARE Keeps B- Debt Rating in Not Cooperating Category
------------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Groom
India Salon and Spa Private Limited (GISSPL) continue to remain in
the 'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       5.91       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 GISSPL under the 'issuer
non-cooperating' category as GISSPL 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. GISSPL continues to be non-cooperative 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).

Groom India Salon and SPA Private Limited (GISSPL) was initially
established as a proprietorship firm by Mrs. Veena Kumaravel in
2006. Later in 2009, the firm was converted into private limited
company. GISSPL is promoted by Mrs. Veena Kumaravel and Mr. A. S.
Vedagiri and the company is engaged in the business of rendering
salon and beautician services to its customers. The company's Chief
Executive Officer, Mr. C. K. Kumaravel, looks at the overall
activities of the company. In April 2018, the company appointed Mr.
Vaibhav Kumaravel as new director. GISSPL owns 663 saloon and
beauty service centres all over India operating under the brand
name of 'Naturals'. It also owns three saloon and beauty service
centres in Sri Lanka. The company has its registered office at
Chennai.


HOLITECH INDIA: CARE Downgrades Issuer Rating to C
--------------------------------------------------
CARE Ratings has revised the ratings on certain bank facilities of
Holitech India Private Limited (HIPL), as:

                      Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Issuer rating        -         CARE C; Stable; ISSUER NOT
                                  COOPERATING; Rating continues to

                                  remain under ISSUER NOT
                                  COOPERATING category and Revised

                                  from CARE B+; Stable

Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated March 10, 2023,
placed the rating(s) of HIPL under the 'issuer non-cooperating'
category as HIPL 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. HIPL continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
May 6, 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. Further the rating revision also considers
continued cash losses over the past three years as well as delays
in debt servicing to its parent company as recognized from publicly
available information i.e. FY23 annual report available from ROC
Filings.

Holitech India Private Limited was incorporated in April 2018. The
company is a part of China based of Holitech Group which produces
core components for smart terminals, including Thin Film Transistor
(TFT) display modules, compact camera module and fingerprint
recognition modules.

IPSAA HOLDINGS: CARE Keeps B- Debt Rating in Not Cooperating
------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of IPSAA
Holdings private Limited (IHPL) continue to remain in the 'Issuer
Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      15.64       CARE B-; 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 23,
2023, placed the rating(s) of IHPL under the 'issuer
non-cooperating' category as IHPL 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. IHPL
continues to be noncooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated January 9, 2024, January 19, 2024, January 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).

IPSAA Holdings Private Limited (IHPL) was incorporated in 2013 by
Mr. Shiv Kumar Mittal and Ms. Kanchan Mittal. IHPL is running
pre-school and daycare centres in Ahmedabad, Bangalore, Chennai,
Gurgaon, Hyderabad, Kolkata, Mumbai, New Delhi, Noida, Neemrana and
Pune. IHPL operates under two business models; Company Owned
Company Operated (COCO) and Captive (Corporate)-acting as day-care
service provider to corporates clients. The company has tie ups
with corporates like Snap deal, MMT, Maruti Udyog Limited, Standard
Chartered Bank, Birla Estates, Hero moto Corp etc. to operate day
care centres in their offices. The centres also have arrangement
for recreation and extracurricular activities for the children like
pottery, sports, art, music etc.


K G DENIM: CARE Lowers Rating on INR123.81cr ST Loan to D
---------------------------------------------------------
CARE Ratings has revised the ratings on certain bank facilities of
K G Denim Limited (KGDL), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      113.99      CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category and Revised from
                                   CARE B+; Stable

   Short Term Bank     123.81      CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   Under ISSUER NOT COOPERATING
                                   Category and Revised from
                                   CARE A4

Rationale and key rating drivers

CARE Ratings Ltd. had, vide its press release dated March 26, 2024,
placed the ratings of KGDL under the 'issuer non-cooperating'
category as KGDL had failed to provide information for monitoring
of the rating.

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 delays in servicing
debt obligations due to stressed liquidity position. The ratings
also continue to be constrained by moderate capital structure, weak
debt coverage indicators, stretched liquidity and exposure to
fluctuation in raw material prices and cyclical nature of the denim
industry with over capacity prevailing in denim industry.

Analytical approach: Standalone

Detailed description of the key rating drivers:

At the time of last rating on April 6, 2023 the following were the
rating strengths and weaknesses, updated with information from the
stock exchange filings and feedback from bankers.

Key weaknesses

* Decline in profitability with net losses in FY23 and 9mFY24,
leading to delays in debt servicing: The operating income moderated
from INR586.46 crore in FY22 to INR512.02 in FY23 owing to slowdown
in denim demand. The company incurred operating loss of INR2.37
crore in FY23 as against operating profit of INR26.32 crore in FY22
due to higher raw material costs. Further with higher interest
expenses, the company reported net loss of INR27.41 crore in FY23
as against net loss of INR7.06 crore in FY22. During 9mFY24, the
company further reported cash loss of INR14.42 crore on total
income of INR194.90 crore. KGDL informed BSE vide its announcement
dated May 4, 2024, that it had received an order dated March 25,
2024, from Government of Tamil Nadu not to draw water from the
Bhavani River, which is the only water source for the company. KGDL
has ceased its major operations due to the ongoing water crisis in
the district. This had further stressed the liquidity and led to
delays in its repayment obligations of bank loans.

* Moderate capital structure and weak debt coverage indicators: The
capital structure has deteriorated with overall gearing at 3.44x as
on March 31, 2023 as against 2.87x as on March 31, 2022 due to
decline in networth owing to the net losses reported. KGDL had also
given guarantee to the banks in the favour of its
subsidiary and associate companies amounting to INR5.00 crore (PY:
INR5.00 crore) for its working capital facilities. Adjusting the
exposure to the group companies and subsidiaries including
receivables of INR37.69 crore (PY: INR28.47 crore), the adjusted
overall gearing stood at 4.08x as on March 31, 2023 (PY: 3.20x).
The debt coverage metrics also stood weak with cash losses in
FY23.

* Exposure to volatility in the prices of key raw material: The
major raw material requirement for the integrated denim
manufacturing unit is cotton and yarn. The profitability depends
largely on the prices of cotton and cotton yarn which are governed
by various factors such as area under cultivation, monsoon,
international demand-supply situation, etc. During the past years,
the market has seen volatility in cotton yarn production due to the
unstable cotton prices and inconsistent cotton yarn export policy.
The company, however, mitigates the price volatility of the raw
material by passing on about 40% of the purchase cost to its
customer.

Key strengths

* One of the leading denim manufacturers with a long track record &
experienced promoter: Mr. K.G Baalakrishnan, B.Com, B.L, the
Executive Chairman has been associated with the textile industry
for more than 47 years and instrumental in building KG group in
Coimbatore, TamilNadu. He is the Managing Trustee of KG Medical
Trust- KG Hospitals and KG Educational Trust. His sons
Mr.B.Sriramulu & Mr. B.Srihari, the Managing Directors have two
decades of experience in textile sector. KGDL has been in the denim
business for over two decades.

* Group's integrated presence in the value chain: KGDL has direct
presence in weaving, dyeing and garmenting segments of the textile
value chain. Its presence is extended to branded retailing and
apparel business through its wholly owned subsidiary, Trigger
Apparel Limited (TAL). Sri Kannapiran Mills Limited (SKML), a group
company, is engaged in spinning business. KGDL procures nearly 40%
of its yarn requirements from SKML. KGDL's subsidiary, TAL, sells
denim garments in domestic market through its own retail outlets
under 'Trigger' brand and distributors spread across the country.

KG Denim Ltd (KGDL) was incorporated in the year 1992 by Shri. K.
Govindaswamy Naidu, founder of KG group to manufacture denim
fabric. The company is now managed by his son Shri. K G
Baalakrishnan, Chairman and grandsons Shri B.Sriramulu, Managing
Director and Shri B. Srihari, Managing Directors. The company
entered into non-denim business (processing cotton based fabric and
home textiles) during FY07. As on March 31, 2022, KGDL had an
installed capacity of 232 looms and can process up to 27 million
meters of denim fabric per annum. The company also has a
cogeneration facility with a capacity of 10 MW of power
generation.


KANASE AUTO: CARE Keeps B Debt Rating in Not Cooperating Category
-----------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Kanase
Auto Wheels Private Limited (KAWPL) continue to remain in the
'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      15.00       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 17,
2023, placed the rating(s) of KAWPL under the 'issuer
non-cooperating' category as KAWPL 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. KAWPL 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).

Satara, Maharashtra based KAPL, was incorporated in the year 2008.
The company is an authorized dealer and authorized service provider
for the vehicles of Hyundai. The company manages three showrooms
located at Satara, Karad, and Shirwal. All the three showrooms are
equipped with 3-S facilities (Sales, Service and Spare parts).

LAKSHMI PRESTRESS: CARE Keeps B Debt Rating in Not Cooperating
--------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Lakshmi
Prestress Concrete Works Private Limited (LPCWPL) continue to
remain in the 'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       4.00       CARE B; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category  

   Short Term Bank      1.00       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 14,
2023, placed the rating(s) of LPCWPL under the 'issuer
non-cooperating' category as LPCWPL 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. LPCWPL continues to be non-cooperative 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

Revised from Combined approach; Earlier CARE has taken a combined
view on Bemco Sleepers Limited, Lakshmi Prestress Concrete Works
Private Limited and Lakshmi Rail Infra Private Limited. All the
companies have similar line of operations; operate under the same
management and operational linkages by way of intergroup
transaction. Further, due to lack of sufficient information of all
the group companies, the analytical approach has been changed to
standalone.

Outlook: Stable

The Padia Group is involved in manufacturing of plastic tubs, cans
& bottles (mainly for paint, lube & ink industry) and concrete
sleepers mainly for railways. The group is jointly managed by
promoters- Kesar Chand Padia (Chairman) along with his two sons -
Bijay Padia (handles concrete sleeper business) and Ajay Padia
(handles plastic business). Incorporated in 1980 as a
proprietorship firm, Bemco Sleepers Limited (BSL) was reconstituted
as a private limited company in 1983 and thereafter as a public
limited company in 1995. The company was taken over by Mr. K. C.
Padia from erstwhile promoters in Jan 2005. BSL is engaged in
manufacturing of pre-stressed concrete sleepers for Indian Railways
and operates with two manufacturing units, one at Nandgaon and
other at Kandwa. Incorporated in 1987, Lakshmi Pre-stress Concrete
Works Pvt Ltd (LPCWPL) is involved in manufacturing of concrete
sleepers with a capacity to produce 252,000 units of Mono Block
Sleepers per year. The company was taken over by Mr. K. C. Padia
from erstwhile promoters in Sep 2017 by making OTS (One Time
Settlement) to Indian Bank. Incorporated in 2009, Lakshmi Rail
Infra Pvt Ltd (LRIPL) is involved in manufacturing of concrete
sleepers with a capacity to produce 102,000 units of Mono Block
Sleepers per year. The Company was taken over by Mr. K. C. Padia
from erstwhile promoters in October 2018 by making OTS to State
Bank of India (SBI).


LAKSHMI RAIL: CARE Lowers Rating on INR5.0cr LT Loan to B-
----------------------------------------------------------
CARE Ratings has revised the ratings on certain bank facilities of
Lakshmi Rail Infra Private Limited (LRIPL), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       5.00       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 14,
2023, placed the rating(s) of LRIPL under the 'issuer
non-cooperating' category as LRIPL 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. LRIPL 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).

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

Analytical approach: Standalone

Revised from Combined approach; Earlier CARE has taken a combined
view on Bemco Sleepers Limited, Lakshmi Prestress Concrete Works
Private Limited and Lakshmi Rail Infra Private Limited. All the
companies have similar line of operations; operate under the same
management and operational linkages by way of intergroup
transaction. Further, due to lack of sufficient information of all
the group companies, the analytical approach has been changed to
standalone.

Outlook: Stable

The Padia Group is involved in manufacturing of plastic tubs, cans
& bottles (mainly for paint, lube & ink industry) and concrete
sleepers mainly for railways. The group is jointly managed by
promoters- Kesar Chand Padia (Chairman) along with his two sons -
Bijay Padia (handles concrete sleeper business) and Ajay Padia
(handles plastic business). Incorporated in 1980 as a
proprietorship firm, Bemco Sleepers Limited (BSL) was reconstituted
as a private limited company in 1983 and thereafter as a public
limited company in 1995. The company was taken over by Mr. K. C.
Padia from erstwhile promoters in Jan 2005. BSL is engaged in
manufacturing of pre-stressed concrete sleepers for Indian Railways
and operates with two manufacturing units, one at Nandgaon and
other at Kandwa with total installed Mono Block Sleepers capacity
of 360,000 units per year and Turnout sleepers capacity of 67,500
units per year. Incorporated in 1987, Lakshmi Pre-stress Concrete
Works Pvt Ltd (LPCWPL) is involved in manufacturing of concrete
sleepers with a capacity to produce 252,000 units of Mono Block
Sleepers per year. The company was taken over by Mr. K. C. Padia
from erstwhile promoters in Sep 2017 by making OTS (One Time
Settlement) to Indian Bank. Incorporated in 2009, Lakshmi Rail
Infra Pvt Ltd (LRIPL) is involved in manufacturing of concrete
sleepers with a capacity to produce 102,000 units of Mono Block
Sleepers per year. The Company was taken over by Mr. K. C. Padia
from erstwhile promoters in October 2018 by making OTS to State
Bank of India (SBI).


LAKSHMI RAMA: CARE Lowers Rating on INR10.90cr LT Loan to B-
------------------------------------------------------------
CARE Ratings has revised the ratings on certain bank facilities of
Sri Lakshmi Rama Constructions (SLRC), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      10.90       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      4.77       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 28,
2023, placed the rating(s) of SLRC under the 'issuer
non-cooperating' category as SLRC 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. SLRC
continues to be noncooperative 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).

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

Analytical approach: Standalone

Outlook: Stable

Gangavathi (Karnataka) based Sri Lakshmi Rama Constructions (SLRC)
was established as a proprietorship concern by Mr. T Gopal Krishna
in 2010. The firm is engaged in the business of civil construction
which includes laying of roads and construction of buildings and
bridges in the states of Karnataka and Telangana and the firm is
registered contractor with Public Works Department (PWD) and Road
and Building Departments (R&B), Karnataka and Telangana. The firm
also gets the work done while assigning the work to other
subcontractors.


MADHUR KNIT: CARE Lowers Rating on INR19.95cr LT Loan to B-
-----------------------------------------------------------
CARE Ratings has revised the ratings on certain bank facilities of
Madhur Knit Crafts Private Limited (MKCPL), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      19.95       CARE B-; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category and
                                   Revised from CARE B; Stable

   Long Term/Short      3.00       CARE B-; Stable/CARE A4;
   Term Bank                       ISSUER NOT COOPERATING;
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category and Revised from
                                   CARE B; Stable/CARE A4

   Short Term Bank      0.50       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
17,2023, placed the rating(s) of MKCPL under the 'issuer
non-cooperating' category as MKCPL had failed to provide
information for monitoring of the rating as agreed to in its Rating
Agreement. MKCPL continues to be non-cooperative despite repeated
requests for submission of information through e-mails, phone calls
and a letter/email dated April 23,2024, April 24, 2024 and 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.

The ratings have been revised on account of non-availability of
requisite information due to non-cooperation by Madhur Knit Crafts
Private Limited with CARE Ratings Ltd.'s efforts to undertake a
review of the rating outstanding. CARE Ratings Ltd. views
information availability risk as a key factor in its assessment of
credit risk. The ratings of the bank facilities of Madhur Knit
Crafts Private Limited are constrained by modest scale of
operations, Low profitability margins and weak overall solvency
position and fragmented nature of Industry characterized by high
competition. The ratings, however, draw strengths from experienced
promoters.

Analytical approach: Standalone

Outlook: Stable

Detailed description of the key rating drivers:

At the time of last rating on February 17, 2023 the following were
the rating strengths and weaknesses (updated for the information
available from Ministry of Corporate Affairs).

Key weaknesses

* Modest scale of operations: The total operating income (TOI) of
MKCPL stood at INR89.33 crore in FY23 (refers to the period April 1
to March 31) as compared to INR77.40 crore in FY22.

* Low profitability margins and weak overall solvency position: The
profitability margins marked by PBILDT margin and PAT margin stood
low at 6.17% and 0.68% in FY23 respectively (PY: (6.56% and 0.65%
respectively). The overall gearing ratio stood leveraged at 2.21x
as on March 31, 2023 (PY: 2.00x). The total debt to GCA stood weak
at 14.45x for FY23 (PY: 14.46x). However, interest coverage ratio
stood moderate at 1.78x in FY23 (PY: 1.72x).

* Fragmented nature of Industry characterized by high competition
and volatility in raw material prices: MKCPL operates in highly
fragmented industry wherein various organized and unorganized
players cater to the same market, this has limited the bargaining
power of the company and has exerted pressure on its margins. The
company faces direct competition from various regional players
based in and outside Ludhiana, which is a hub for textile industry.
Furthermore, the company is also exposed to international
competition from players in the international market.

Key strengths

* Experienced promoters: MKCPL is promoted by five brothers of
Gupta family. All the promoters are graduates by qualification and
jointly share all the responsibilities of MKCPL. Moreover, Gupta
family is engaged in yarn trading business through – Trimurti
Hosiery Mills Private Limited and National Yarn Agency since last
two and a half decades. Though promoters were into the trading of
yarn since long, they started manufacturing of blanket only from
March 2013. Long track record of operations in trading of yarn has
helped MKCPL in maintaining good relations with customers.

Incorporated in the year 1997 at Ludhiana (Punjab), Madhur Knit
Crafts Private Limited (MKCPL) is involved in manufacturing of
blankets. MKCPL started its manufacturing operations from March 2,
2013, onwards with an installed capacity of 9 lakh unit per annum.
MKCPL's product range includes floral mink blankets, polyester mink
blankets, mink blankets, acrylic blankets, printed blankets,
woollen blankets and designer blankets. MKCPL sells its product in
various states of India through its network of nearly 150 dealers.


MNC ELECTRICALS: CARE Keeps B- Debt Ratings in Not Cooperating
--------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of MNC
Electricals Private Limited (MEPL) continue to remain in the
'Issuer Not Cooperating' category.

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

   Long Term/Short     12.00       CARE B-; Stable/CARE A4;
   Term Bank                       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 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 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).

Haryana based, MNC Electricals Private Limited (MEPL) was
incorporated on May 2, 2005 and is currently being managed by Mr
Man Singh, Mr Deepak Chaudhary and Mrs Seema Chaudhary. MEPL is
engaged in the trading and installation of electrical equipment
(electric poles, electric meters and high voltage transformers
etc.). The company primarily executes contracts for state
electricity boards. Jyoti Electro track Private Limited is a group
associate and is also engaged in trading and installation of
electrical equipment.


NUTRIONEX MANUFACTURERS: CARE Keeps D Ratings in Not Cooperating
----------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Nutrionex
Manufacturers Limited (NML) continue to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      16.73       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

   Long Term/         1,133.27     CARE D/CARE D; ISSUER NOT
   Short Term                      COOPERATING; Rating continues
   Bank Facilities                 to remain under ISSUER NOT
                                   COOPERATING category
  
Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated February 24,
2023, placed the rating(s) of NML under the 'issuer
non-cooperating' category as NML 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. NML
continues to be noncooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated January 10, 2024, January 20, 2024, January 30,
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).

Nutrionex Manufacturers Limited (NML) (previously known as Shri Lal
Mahal Limited) was established in year 1907 with presence mainly in
rice segment. The two main companies of the group are Nutrionex
Manufacturers Limited (NML) and Kannu Aditya India Limited (NML)
having similar nature of operations, common management and
promoters. NML also has a wholly owned subsidiary Lal Mahal Retail
Limited. The group is primarily engaged in milling, processing and
selling of rice primarily basmati rice. The company has an
established Brand 'Empire' for its Basmati Rice. Other major brands
of the Company are “Supreme”, Mughalai, Heena, for Exports, and
Diamond, Tibar, Dubar and Mogra for the Domestic sales. It also
engages in trading (both export and domestic) of various agro and
non-agro commodities and also has wind power generation capacity of
12.5MW and Gold jewellery SEZ unit at Noida under NML.


PATIL CONSTRUCTION: CARE Keeps D Debt Rating in Not Cooperating
---------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Patil
Construction & Infrastructure Limited (PCIL) continues to remain in
the 'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      24.58       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 13,
2023, placed the rating(s) of PCIL under the 'issuer
non-cooperating' category as PCIL 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. PCIL
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).

Patil Construction and Infrastructure Limited (PCIL) is the
flagship company of the Patil Group. PCIL is engaged in execution
of construction contracts for infrastructure and commercial
segments, with specialization in asphalt and concrete roads along
with maintenance of bridges, buildings and storm water drainage
etc. PCIL operates in various states such as Andhra Pradesh,
Chhattisgarh, Jharkhand, Karnataka, Maharashtra, Orissa, Tamilnadu
& Telangana.


PREMIER SOLVENTS: CARE Keeps B- Debt Rating in Not Cooperating
--------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Premier
Solvents Private Limited (PSPL) continue to remain in the 'Issuer
Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       6.00       CARE B-; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category  

   Short Term Bank      3.00       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 PSPL under the 'issuer
non-cooperating' category as PSPL 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. PSPL
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 1989, Premier Solvents Private Limited (PSPL)
started its operations in chemical industry under the leadership of
Mr. Sanjay Ajmera and now his son Mr. Vijay Ajmera heading the
company since past three decades. PSPL is engaged in manufacturing
& trading of organic & inorganic chemicals and solvents which finds
its application in paint, pharmaceuticals, leather and ink
industries. PSPL has its registered office in Mumbai and plant
located at Tarapur, Boisar.


RM DAIRY: CARE Keeps D Debt Rating in Not Cooperating Category
--------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of RM Dairy
Products LLP (RDPL) continues to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      42.41       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 16,
2023, placed the rating(s) of RDPL under the 'issuer
non-cooperating' category as RDPL 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. RDPL
continues to be non-cooperative 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).

RM Dairy Products LLP is the flagship company of Ram Meher Group.
The group was started in 2005 with focus in the real estate and
glass industry. RM Dairy Products LLP was incorporated in April,
2015 as a limited liability partnership firm by eight partners - Mr
Ram Vinod Singh, Ms Radha Singh, Mr Shishir Singh, Mr Girish Goyal,
Ms Suman Goyal, Mr Ravi Singhal, Ms Archana Singhal and Ms Shally
Singh. The firm has a manufacturing plant in Aligarh, Uttar
Pradesh.


RPV EXPORTS: CARE Reaffirmed D Rating on INR10cr ST Loan
--------------------------------------------------------
CARE Ratings has reaffirmed the ratings on certain bank facilities
of RPV Exports Private Limited (RPV), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank        9.90      CARE D Rating removed from
   Facilities                      ISSUER NOT COOPERATING category

                                   and Reaffirmed

   Short Term Bank      10.00      CARE D Rating removed from
   Facilities                      ISSUER NOT COOPERATING category

                                   and Reaffirmed

Rationale and key rating drivers

The reaffirmation of the rating assigned to the bank facilities of
RPV takes into account the ongoing delay in servicing of debt
obligation of term loan.

Rating sensitivities: Factors likely to lead to rating actions

Positive factors

* Delays/defaults free track record of 90 days.
* Infusion of equity/unsecured loans or turnaround in operation
leading to improvement in liquidity position.

Analytical approach: Standalone

Outlook: Not Applicable.

Detailed description of the key rating drivers:

Key weaknesses

* Delays in debt servicing: RPV has on-going delays in servicing of
debt obligation of term loan.

Liquidity: Poor

Liquidity is marked poor on account of continuing delay in debt
servicing of its term loan.

RPV Exports Private Ltd (RPV) was incorporated on October 19, 2012,
by Choubey family of Kolkata, West Bengal with Shri Rama Shankar
Choubey being the main promoter. Since its inception, RPV has been
engaged in manufacturing and export of readymade garments. The
manufacturing facility of the company is in Kolkata with an
aggregate installed capacity of 25,00,000 pieces per annum. The
company generates revenue fully from export activities. The major
export destinations of RPV are UAE, Saudi Arabia etc. Mr. Rama
Shankar Choubey, aged about 60 years, having thirty years of
experience in garments manufacturing, export, and trading
activities, looks after the overall management of the company. He
is also assisted by other directors and a team of experienced
personnel.


RSG FOODS: CARE Keeps B- Debt Rating in Not Cooperating Category
----------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of RSG Foods
Private Limited (RFPL) continue to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      23.00       CARE B-; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

   Short Term Bank      1.00       CARE A4; 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 21,
2023, placed the rating(s) of RFPL under the 'issuer
non-cooperating' category as RFPL 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. RFPL
continues to be non-cooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated January 7, 2024, January 17, 2024, January 27,
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).

RFPL was incorporated in November 1999 and is currently being
managed by Mr Kamal Kishore and Mr Naresh Kumar. The company is
engaged in the processing of paddy at its facility located at
Ferozepur, Punjab. RFPL is also engaged in trading of rice. RFPL
sells its products, ie, Basmati and Non-Basmati rice under the
brand name of 'Jaikar' in the states of Maharashtra, Madhya Pradesh
and Punjab through a network of commission agents.


SHIV GANGA: CARE Keeps B+ Debt Rating in Not Cooperating Category
-----------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Shiv Ganga
Hybrid Seeds Private Limited (SGHSPL) continue to remain in the
'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      16.80       CARE B+; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category  

   Short Term Bank      5.00       CARE A4; 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 24,
2023, placed the rating(s) of SGHSPL under the 'issuer
non-cooperating' category as SGHSPL 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. SGHSPL continues to be non-cooperative despite
repeated requests for submission of information through e-mails,
phone calls and a letter/email dated January 10, 2024, January 20,
2024, January 30, 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 entity was originally established as a proprietorship concern.
Shiv Ganga Hybrid Seeds Private Limited was incorporated in
December 1989. The business operations of the proprietorship
concern were taken over by SGH. The company is currently being
managed by Mr Ravinder Gupta and Mr Satish Gupta. The company is
engaged in the procurement, production, processing, marketing and
distribution of paddy, wheat, barley, mustard, guar and jawar seeds
in Hisar, Haryana.


THERMOTECH ENGINEERING: CARE Keeps B- Ratings in Not Cooperating
----------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Thermotech
Engineering (Pune) Private Limited (TEPL) continue to remain in the
'Issuer Not Cooperating' category.

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

   Long Term/Short      5.00       CARE B-; Stable/CARE A4;
   Term Bank                       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 13,
2023, placed the rating(s) of TEPL under the 'issuer
non-cooperating' category as TEPL 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. TEPL
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).

Thermotech Engineering Pune Private Limited (TEPPL), was
established by Mr Santosh Changedia and Mr Sanjeev Gandhi in 2004
to undertake manufacturing of reactors, heat exchangers, industrial
agitators and chemical process equipment. The manufacturing
facilities is located at Chinchwad, Pune and Chakan Industrial
Area, Pune.


VENTA REALTECH: CARE Keeps D Debt Rating in Not Cooperating
-----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Venta
Realtech Private Limited (VRPL) continues to remain in the 'Issuer
Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      90.00       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 20,
2023, placed the rating(s) of VRPL under the 'issuer
non-cooperating' category as VRPL 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. VRPL
continues to be noncooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated January 6, 2024, January 16, 2024, January 26,
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).

Venta Realtech Private Limited was incorporated in June 5, 2010 as
Krrish Realtynirman Pvt Ltd (KRPL) was engaged in the development
of residential/group housing project in Gurgaon (Haryana). Company
was engaged in the construction and
development of the project viz. Monde De Provence (MDP). The
project is a residential (group housing) project on a land area
measuring 12.36 acres situated at Sector 2, Gwal Pahari, Gurgaon,
Haryana and comprises of 174 residential units. Effective from
March 8, 2018, the name of the company has been changed to Venta
Realtech Private Limited.




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

AR-RAHMAN HOLDINGS: Creditors' Proofs of Debt Due on July 3
-----------------------------------------------------------
Creditors of Ar-Rahman Holdings Limited are required to file their
proofs of debt by July 3, 2024, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on May 3, 2024.

The company's liquidators are:

          Christopher Carey McCullagh
          Stephen Mark Lawrence
          PKF Corporate Recovery  
          PO Box 3678
          Auckland 1140


BUILDHQ LIMITED: BDO Tauranga Appointed as Liquidator
-----------------------------------------------------
Paul Thomas Manning and Thomas Lee Rodewald of BDO Tauranga on May
1, 2024, were appointed as liquidators of BuildHQ Limited.

The liquidators may be reached at:

          C/- BDO Tauranga Limited
          Level 1, The Hub
          525 Cameron Road
          PO Box 15660
          Tauranga 3144


LEGEND HOMES: Court to Hear Wind-Up Petition on May 24
------------------------------------------------------
A petition to wind up the operations of Legend Homes Limited will
be heard before the High Court at Auckland on May 24, 2024, at
10:00 a.m.

The Commissioner of Inland Revenue filed the petition against the
company on March 27, 2024.

The Petitioner's solicitor is:

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


PACIFIC PROPERTY: Court to Hear Wind-Up Petition on May 24
----------------------------------------------------------
A petition to wind up the operations of Pacific Property Management
Limited will be heard before the High Court at Auckland on May 24,
2024, at 10:00 a.m.

The Commissioner of Inland Revenue filed the petition against the
company on March 22, 2024.

The Petitioner's solicitor is:

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


SMITH AND NELLE: Creditors' Proofs of Debt Due on July 8
--------------------------------------------------------
Creditors of Smith and Nelle Limited are required to file their
proofs of debt by July 8, 2024, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on May 6, 2024.

The company's liquidators are:

          Christopher Carey McCullagh
          Stephen Mark Lawrence
          PKF Corporate
          PO Box 3678
          Auckland 1140




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

PAKISTAN: IMF, Islamabad Open Talks for a New Loan
--------------------------------------------------
Reuters reports that an International Monetary Fund (IMF) mission
has opened discussions with Islamabad on a new loan programme, a
Pakistan finance ministry statement said on May 13.

The mission chief, Nathan Porter, met Pakistan's Finance Minister
Muhammad Aurangzeb to "kick-start the discussions on further
engagement with the fund," Reuters relays.

Aurangzeb informed the team of improvements in the macro-economic
indicators over the course of the standby arrangement and
underscored the government's commitment to continue and expand the
reform agenda, the ministry said.

Reuters says Pakistan is likely to seek at least $6 billion and
request additional financing from the Fund under the Resilience and
Sustainability Trust.

Ahead of the discussions, the IMF has warned that downside risks
for the Pakistani economy remained exceptionally high.

The IMF team is visiting ahead of Islamabad's annual budget-making
process for the next financial year, which starts on July 1.

Pakistan last month completed a short-term $3 billion programme,
which helped stave off sovereign default, Reuters notes.

                           About Pakistan

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

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




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

HAVE FUN: Creditors' Meeting Set for May 21
-------------------------------------------
Have Fun Serangoon Pte Ltd will hold a meeting for its creditors on
May 21, 2024, at 11:00 a.m., at 135 Cecil Street, #10-01 Philippine
Airlines Building, in Singapore.

Agenda of the meeting includes:

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

   b. to confirm the appointment of Ms. Ellyn Tan Huixian of
      Mazars Consulting Pte. Ltd. to act as the sole Liquidator of

      the Company for the purpose of such winding up;

   c. to resolve that the Liquidator be at liberty to open,
      maintain and operate any bank account or an account for
      monies received by her as Liquidator of the Company, with
      such bank as the Liquidator deems fit;

   d. to appoint a Committee of Inspection of not more than
      5 members, if thought fit;

   e. should a Committee of Inspection be formed, approval of the
      Liquidator’s powers pursuant to Section 177 of the
      Insolvency, Restructuring and Dissolution Act 2018; and

   f. Any other business.


HIN LEONG: Founder OK Lim Found Guilty of 3 Criminal Charges
------------------------------------------------------------
The Business Times reports that Lim Oon Kuin, a former oil tycoon
and founder of collapsed oil trader Hin Leong Trading, was on May
10 convicted of three criminal charges after a trial that ran more
than 60 days in the State Courts.

BT relates that two charges against the 82-year-old former
billionaire pertained to cheating HSBC, and the third was for
instigating a contracts executive of Hin Leong to forge a document
for the ultimate purpose of cheating. The charges involved a total
of US$111.7 million.

According to BT, the judgment was delivered in the State Courts by
Judge Toh Han Li. Prosecution was led by Deputy Public Prosecutor
Christopher Ong. Lim was represented by a team of lawyers from
Davinder Singh Chambers.

Lim, better known in the industry as OK Lim, faced a total of 130
criminal charges of forgery and cheating, involving a collective
sum of US$2.7 billion. Prosecutors proceeded to trial on three of
them, BT says.

BT relates that the key thrust of the prosecution's case was that
Lim deceived HSBC through his employees by forging documents to
give the lender the impression that Hin Leong had entered into two
contracts for the sale of oil with Unipec and China Aviation Oil
(Singapore), or CAO.

Hin Leong had submitted two invoice financing applications to get
financing from HSBC for these two contracts. But the contracts were
completely fictitious, the prosecutors said at the beginning of the
trial.

In the delivery of his oral judgment on May 10, Judge Toh said the
prosecutors had proven the three charges "beyond a reasonable
doubt", and Lim was "accordingly convicted on the charges," BT
relays.

For the two charges related to cheating, the judge found that there
was dishonest intent on Lim's part as he had directed his staff to
submit documents for discounting with regard to non-existent
transactions, according to BT.

"The accused himself recognised (albeit in a different context)
that it was 'not correct' to submit documents for discounting if it
was not a done deal and there were no goods inside," Judge Toh
said.

For the charge related to instigating a Hin Leong employee to forge
a document for the ultimate purpose of cheating, Judge Toh said he
accepted the statements that former contracts executive Freddy Tan
provided to the Commercial Affairs Department (CAD) in June and
August 2020.

Judge Toh said he accepted Tan's statements to "reflect the correct
position of what had happened" at the time -- that Lim had made
representations to HSBC through Hin Leong employees that a contract
between Hin Leong and CAO had purportedly been entered into, with a
payment due date of April 17, 2020.

This, Judge Toh said, deceived HSBC into disbursing about US$56.1
million to Hin Leong, BT relates.

He added that the relevant issues that arose in the case included
Lim's involvement in the matters of Hin Leong and his statements to
the CAD.

Other issues taken into account were matters such as who had
directed Tan to prepare the e-mail contract pertaining to CAO,
which was submitted with supporting documents to HSBC for
discounting; who had directed the staff of Hin Leong to submit the
discounting application for the bogus Unipec transaction; and
whether HSBC was deceived into disbursing assets to Hin Leong on
the back of the two transactions.

BT adds that Judge Toh also said the significance of the reporting
of the two transactions to HSBC, and whether the prosecution's
summary of facts matched up to its case at trial, were also
relevant factors.

The case's prosecutors are expected to make their submissions for
sentencing by July 5; the defence will make its submissions by Aug.
30. Replies will take till Sept. 20, BT discloses.

Lim is expected to be sentenced on Oct. 3, so his bail of S$4
million has been extended till then.

BT adds that the Singapore Police Force said on May 10 that Lim
faces imprisonment of up to 10 years for each charge levelled
against him. He will also be liable to a fine for each charge.

                          About Hin Leong

Singapore-based Hin Leong Trading (Pte.) Ltd. provided petroleum
products and transportation services. The Company offered oil,
lubricants, grease, and diesel products, as well grants storage,
terminalling, trucking, and marine logistics services. Hin Leong
Trading served customers globally.

Hin Leong Trading and shipping unit Ocean Tankers (Pte.) Ltd. filed
for court protection from creditors on April 17, 2020, as the
former struggles to repay debts of almost US$4 billion.

Hin Leong posted a positive equity of US$4.56 billion and net
profit of US$78 million in the period ended October 31, 2019,
according to the people, who asked not to be identified as the
matter is sensitive, Bloomberg News reported.

But Hin Leong told its creditors that total liabilities reached
US$4.05 billion as of early April 2020, while assets were just
US$714 million, leaving a hole of at least US$3.34 billion,
according to screenshots of the presentation to a group of bankers
seen by Bloomberg News.

The balance sheet of the company showed no equity at all as of
April 9, 2020, and warned that "figures obtained from the company
are subject to verification," Bloomberg News added.

On April 27, 2020, the Company was granted interim judicial
management by the Singapore High Court.  Goh Thien Phong and Chan
Kheng Tek of PricewaterhouseCoopers Advisory Services (PwC) have
been appointed as interim judicial managers. Ernst & Young (EY),
has been appointed interim judicial manager for Ocean Tankers.

On March 8, 2021, judicial managers Goh Thien Phong and Chan Kheng
Tek of PwC were appointed liquidators of Hin Leong.

The judicial managers had applied for Hin Leong to be wound up
after three potential bidders walked away from a deal to buy Hin
Leong and two related companies as a combined entity, according to
The Straits Times.

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

Work Plus Store Pte Ltd filed the petition against the company on
March 12, 2024.

The Petitioner's solicitors are:

          Chevalier Law LLC
          112 Robinson Road
          #04-02
          Singapore 068902


KUKUH SHIPPING: Commences Wind-Up Proceedings
---------------------------------------------
Members of Kukuh Shipping Pte Ltd, on May 7, 2024, passed a
resolution to voluntarily wind up the company's operations.

The company's liquidator is Ms Cheng Sam Tai Catherine of Messrs
Crowe Horwath First Trust Corporate Advisory.


ORCHARD CAR: Creditors' Proofs of Debt Due on May 27
----------------------------------------------------
Creditors of Orchard Car Rental Private Limited are required to
file their proofs of debt by May 27, 2024, to be included in the
company's dividend distribution.

The company's liquidator is:

          Farooq Ahmad Mann
          c/o No. 3 Shenton Way
          #03-06C Shenton House
          Singapore 068805


SOVEREIGN HEALTH: Court Enters Wind-Up Order
--------------------------------------------
The High Court of Singapore entered an order on May 10, 2024, to
wind up the operations of Sovereign Health Pte. Ltd.

SNR Consultancy Pte. Ltd filed the petition against the company.

The company's liquidators are:

          Abuthahir S/O Abdul Gafoor
          Yessica Budiman
          AAG Corporate Advisory
          144 Robinson Road
          #14-02 Robinson Square
          Singapore 068908




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

SRI LANKA: Insolvent Firms to Operate Under Debt Restructure Scheme
-------------------------------------------------------------------
The Sunday Times reports that Sri Lanka's insolvent companies are
to be allowed to continue operating following government's decision
of enabling creditor banks to avoid declaring bankruptcy of such
entities, Finance Ministry sources said.

The Sunday Times relates that business owners with insolvent
enterprises have been given an opportunity to renegotiate and/or
extend the terms of the loans taken by them from banks although
permitting these firms to continue operating poses a significant
impediment to growth and economic efficiency.

These firms are to be made efficient or productive to remain
competitive in the local market at a time where Sri Lanka is
emerging from the economic crisis to a stronger and more resilient
economy, a ministry official said.

According to The Sunday Times, the challenging macroeconomic
environment that prevailed during the recent years disrupted many
business entities limiting their income-generating capabilities and
hence forcing them to default timely payments of loans, which
resulted in impairing the recovery process of licensed banks
(LBs).

As evidenced by the increase of non-performing loans of LBs from
5.2 per cent at end-2019 to 13.6 per cent by the end of 3Q 2023,
which marginally improved later to 12.8 per cent by the end of
2023, the credit quality of the banking sector has deteriorated
significantly, The Sunday Times discloses citing Central Bank's
economic review report 2023.

The Sunday Times relates that financial restructuring tools would
include debt forgiveness, debt rescheduling including grace periods
for the payment of principal and interest, adjustment of interest
rates, maturity extensions, and provision of new financing,
including interim financing and exit financing, it added.

As per the proposed business revival mechanism of LBs, it is
expected that distressed borrowers who are engaged in business
activities will be able to revive their businesses with the
guidance of LBs, and improved cash flows will be utilised to repay
their non-performing loans and thereby improving asset quality of
the banking sector, the Central Bank report indicated.

                          About Sri Lanka

Sri Lanka, formerly known as Ceylon and officially the Democratic
Socialist Republic of Sri Lanka, is an island country in South
Asia. It lies in the Indian Ocean, southwest of the Bay of Bengal,
and southeast of the Arabian Sea; it is separated from the Indian
subcontinent by the Gulf of Mannar and the Palk Strait. Sri Lanka
shares a maritime border with India and the Maldives. Sri
Jayawardenepura Kotte is its legislative capital, and Colombo is
its largest city and financial centre.

The island nation defaulted on its foreign debt for the first time
in its history in April 2022 as the worst financial crisis since
independence from Britain in 1948 crushed its economy.

As reported in the Troubled Company Reporter-Asia Pacific in early
October 2023, Fitch Ratings upgraded Sri Lanka's Long-Term
Local-Currency Issuer Default Rating (IDR) to 'CCC-' from 'RD'
(Restricted Default). Fitch typically does not assign Outlooks to
sovereigns with a rating of 'CCC+' or below. The Long-Term
Foreign-Currency IDR has been affirmed at 'RD' and the Country
Ceiling at 'B-'.  The Short-Term Local-Currency IDR has been
downgraded to 'RD' from 'C' following the exchange of treasury
bills held by the central bank and subsequently upgraded to 'C' in
line with the Sovereign Rating Criteria, as Fitch believes the
local-currency debt exchange has now been completed.


                           *********


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
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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
Peter Chapman at 215-945-7000.



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