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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 29, 2024, Vol. 27, No. 108

                           Headlines



A U S T R A L I A

BLUESTONE PRIME 2022-1: S&P Raises Class F Notes Rating to BB (sf)
BRUCE HARTWIG: Second Creditors' Meeting Set for May 31
MYTINYHOMEKIT: Collapses with AUD6MM Debt, 170 Customers Impacted
NDF ELECTRICAL: First Creditors' Meeting Set for June 3
PAN ASIA: First Creditors' Meeting Set for May 31

PIPE UP PLUMBING: First Creditors' Meeting Set for May 31
PROFORM FOODS: In Voluntary Administration
ZMM PTY: Second Creditors' Meeting Set for May 31


B A N G L A D E S H

BANGLADESH: Fitch Lowers LongTerm IDR to 'B+', Outlook Stable


C H I N A

CBAK ENERGY: Posts $9.6MM Net Income in Q1 2024
CHINA VANKE: Sells Shenzhen Land Plot at Loss-Making Reserve Price
DALIAN WANDA: PAG Won't Buy 500 Wanda Plazas for USD13.8 Billion


I N D I A

AJS IMPEX: Liquidation Process Case Summary
AMR INDIA: Ind-Ra Assigns BB+ Rating, Outlook Positive
ARVIND MOTORS: CRISIL Lowers Rating on INR30cr Loan to D
BIHAR RAFFIA: CRISIL Keeps D Debt Ratings in Not Cooperating
CAUVERY POWER: CRISIL Keeps D Debt Ratings in Not Cooperating

DESEIN PRIVATE: CRISIL Lowers Rating on LT/ST Loans to D
FURNACE FABRICA: Ind-Ra Corrects November 9, 2023 Rating Release
GANESH DIAGNOSTIC: CRISIL Keeps D Debt Ratings in Not Cooperating
GINNI INTERNATIONAL: Ind-Ra Cuts Bank Loan Rating to BB+
GO FIRST: Bilaterals, Slots Temporarily Given to Other Airlines

GO FIRST: EaseMyTrip CEO Withdraws Bid for Bankrupt Carrier
HIRANMAYE ENERGY: NCLT Halts Company's Insolvency Resolution Plan
INDIRA CONTAINER: Insolvency Resolution Process Case Summary
JINDAL DIAMONDS: Voluntary Liquidation Process Case Summary
K G N MOTORS: CRISIL Keeps D Debt Ratings in Not Cooperating

KALPAKA TRANSPORT: CRISIL Keeps D Debt Rating in Not Cooperating
KAVERI INDUSTRIES: CRISIL Keeps D Debt Ratings in Not Cooperating
KAVYARC TRADEX: CRISIL Keeps D Debt Ratings in Not Cooperating
KERALA TRANSPORT: CRISIL Keeps D Debt Ratings in Not Cooperating
KEYA BUILDTECH: CRISIL Keeps D Debt Rating in Not Cooperating

KHARE & TARKUNDE: Ind-Ra Corrects December 13, 2023 Rating Release
KPT SPINNING: CRISIL Keeps D Debt Ratings in Not Cooperating
KRISHNA STONE-TECH: CRISIL Keeps D Ratings in Not Cooperating
KUKU EXPORTS: CRISIL Keeps C Debt Ratings in Not Cooperating
LAGGAR INDUSTRIES: CRISIL Keeps D Debt Rating in Not Cooperating

LAKSHMI CONSTRUCTIONS: CRISIL Keeps D Ratings in Not Cooperating
LAXMI ENGINEERING: CRISIL Keeps D Debt Ratings in Not Cooperating
LEOLINE FOODS: CRISIL Keeps D Debt Ratings in Not Cooperating
LORD BALAJI: CRISIL Keeps D Debt Ratings in Not Cooperating
LOTUS PROJECTS: CRISIL Keeps D Debt Ratings in Not Cooperating

LUNI POWER: CRISIL Keeps D Debt Rating in Not Cooperating
MAA PADMAWATI: CRISIL Keeps D Debt Ratings in Not Cooperating
MEALITE FOODS: CRISIL Keeps D Debt Ratings in Not Cooperating
MEDHATIYA CONSTRUCTION: CRISIL Keeps D Ratings in Not Cooperating
MERCHANT CHARITABLE: CRISIL Reaffirms D Rating on INR10.5cr Loan

NAYAK INFRASTRUCTURE: CRISIL Keeps D Ratings in Not Cooperating
ORAVEL STAYS: Fitch Hikes LongTerm IDR to 'B', Outlook Stable
PASUPATI SPINNING: Ind-Ra Cuts Bank Loan Rating to BB-
PHENIL SUGARS: CRISIL Keeps D Debt Ratings in Not Cooperating
PRAGATI MARINE: CRISIL Keeps D Debt Ratings in Not Cooperating

PREMIUM EXPORTS: CRISIL Keeps D Debt Rating in Not Cooperating
PRICE & BUCKLAND: Ind-Ra Keeps B+ Rating in NonCooperating
RASHTRIYA ISPAT: Ind-Ra Affirms BB+ Bank Loan Rating
RITE DEVELOPERS: Liquidation Process Case Summary
SHIVRIS RESOURCES: Insolvency Resolution Process Case Summary

SUNBEAM DEALERS: CRISIL Lowers Rating on INR10cr Cash Loan to D
SVARRNIM INFRASTRUCTURES: Ind-Ra Cuts Bank Loan Rating to D
[*] INDIA: Pre-pack Insolvency a Success for Five Companies


I N D O N E S I A

LIPPO KARAWACI: Fitch Lowers IDR to 'CCC', Placed on Watch Negative


N E W   Z E A L A N D

BUILT BY DAN: Court to Hear Wind-Up Petition on June 6
COLDMASTER PRODUCTS: Commences Wind-Up Proceedings
EASTCAPE LOGGING: Creditors' Proofs of Debt Due on July 1
SAINT RENTALS: Creditors' Proofs of Debt Due on June 11
SWAN ENGINEERING: Creditors' Proofs of Debt Due on June 21



S I N G A P O R E

BAVARIAN MARQUES: Court to Hear Wind-Up Petition on June 14
FACTORY OUTLET: Court Enters Wind-Up Order
ONETWO HOLDINGS: Court to Hear Wind-Up Petition on June 14


S R I   L A N K A

SRI LANKA: Central Bank Holds Rates to Manage Inflation

                           - - - - -


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

BLUESTONE PRIME 2022-1: S&P Raises Class F Notes Rating to BB (sf)
------------------------------------------------------------------
S&P Global Ratings raised its ratings on five classes of prime
residential mortgage-backed securities (RMBS) issued by Permanent
Custodians Ltd. as trustee of Bluestone Prime 2022-1 Trust. At the
same time, S&P affirmed its ratings on two classes of notes.

Bluestone Prime 2022-1 Trust is a securitization of prime
residential mortgages originated by Bluestone Group Pty Ltd.,
Bluestone Mortgages Pty Ltd., and Athena Mortgage Pty Ltd.

The raised ratings reflect an increase in the credit support
provided to each rated class of notes and the strong cashflows,
which are sufficient to cover rating stresses consistent with the
higher rating levels. The rating actions reflect S&P's view of the
credit risk of the underlying collateral portfolio, which has been
amortizing in line with its expectations.

Credit support for the rated notes is provided by subordination and
excess spread (if any). The credit support provided to the rated
notes is sufficient to cover the assumed losses at the applicable
rating stress.

The current loan-to-value (LTV) ratio for the pool has decreased as
principal has been repaid. As of March 31, 2024, the pool has a
current weighted-average LTV ratio of 59.9%, weighted-average
seasoning of 35.3 months, and pool factor of about 31.6%. S&P has
factored into its analysis the prepayment rates and arrears
performance of the transaction. As of March 31, 2024, the
prepayment rate is 44.6%, which is higher than the Standard &
Poor's Prepayment Index (SPPI) for Australian prime mortgage loans.
Loans that are more than 30 days in arrears make up 2.8% of the
pool, of which 1.0% is more than 90 days in arrears.

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

"The factors constraining our ratings on the class C, class D,
class E, and class F notes below model-implied outcomes relate to
high prepayment rates, which may constrain the buildup of excess
spread in the deal, the higher interest-rate environment, and
cost-of-living pressures that could further increase delinquency
levels in this portfolio. An increase in arrears could lead to an
increase in expected losses, which constrains our ratings."

  Ratings Raised

  Bluestone Prime 2022-1 Trust

  Class B: to AAA (sf) from AA (sf)
  Class C: to AA (sf) from A (sf)
  Class D: to A (sf) from BBB (sf)
  Class E: to BBB (sf) from BB (sf)
  Class F: to BB (sf) from B (sf)

  Ratings Affirmed

  Bluestone Prime 2022-1 Trust

  Class A1L: AAA (sf)
  Class A2: AAA (sf)


BRUCE HARTWIG: Second Creditors' Meeting Set for May 31
-------------------------------------------------------
A second meeting of creditors in the proceedings of Bruce Hartwig
Flying School Pty Ltd has been set for May 31, 2024 at 10:30 a.m.
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 30, 2024 at 5:00 p.m.

Mark Lieberenz and Victoria Young of Heard Phillips Lieberenz were
appointed as administrators of the company on April 29, 2024.


MYTINYHOMEKIT: Collapses with AUD6MM Debt, 170 Customers Impacted
-----------------------------------------------------------------
News.com.au reports that two companies have collapsed impacting 170
customers who had poured AUD6 million into their dream tiny homes.

The businesses, called MyTinyHomeKit Pty Ltd and Property Magician
Pty Ltd, were run by 25-year-old Spencer Porter with the companies
designing, manufacturing and supplying tiny homes.

Michael Caspaney from Menzies Advisory was appointed to oversee the
voluntary administration.

He told news.com.au there was a "lot of money and a lot of people"
affected by the companies' failure.

"It looks like about 170 people and this is just data until the
customers verify it. But the accounting system had about 140 people
that had deposited AUD5.1 million and I received phone calls from
another 28 people who weren't registered in the companies' software
and that added about AUD900,000 - so 170 people with AUD6 million
deposited," the report quotes Mr. Caspaney as saying. "It's a lot
worse than I thought but I don't know how good that data is. In
this first communication I need to write to all of them so they can
show their situation and prove how much they have deposited."

Customers impacted were mainly spread across the east coast of
Australia including NSW, Victoria and Queensland, with some also
based in South Australia, he added.

News.com.au relates that Mr. Caspaney said a number of customers
had paid for tiny homes that were never delivered and would not be
protected by the law.

"When I was a liquidator of quite a large building company in
Melbourne that went down in February last year, the Victorian
government did pay up to AUD50,000 for people that didn't have home
warranty insurance.

"But that is another thing an unregulated 'builder' gets away with,
as when a builder is registered they have to pay home warranty
insurance, but I don't think the Victorian government will be
paying any of these deposits."

The administrator is also aware of eight former and current
employees impacted too, who were owed unpaid wages and annual
leave. One employee was claiming AUD9,500 in unpaid wages, he
added.

According to news.com.au, My Tiny Home Kit had already faced
numerous customer complaints to Consumer Affairs Victoria. The
company agreed to make changes to the company's business practices
in January and had entered into an enforceable undertaking,
news.com.au says.

For affected customers, he had committed to making contact by
email, post and text within three business days of the
undertaking's commencement date and offering customers the choice
of: a full refund within 21 days or delivery of their completed
tiny home kit, news.com.au relates.

For all customers, Mr. Porter agreed to not offer to supply or
accept payment for kits that the company can't deliver within an
agreed time period or a reasonable time and create and maintain a
dedicated email account for refund requests and feedback.

He also agreed to implement an internal complaints management
system to record and respond to complaints.

However, in April Mr. Porter sought and was granted extensions to
the time My Tiny Home Kits had to refund affected customers and
provide evidence to Consumer Affairs Victoria, the report notes.

Its director Nicole Rich granted the company's request to vary the
enforceable undertaking on the basis that it had shown a commitment
to comply with the promises it gave, including providing refunds or
final delivery of tiny homes to several affected consumers under
the original enforceable undertaking.

In November last year, the firm was also fined AUD4,000 for
breaches of South Australia's building laws after telling consumers
it would organise both council approvals and builders to carry out
works via sister company My Property Magician, news.com.au adds.


NDF ELECTRICAL: First Creditors' Meeting Set for June 3
-------------------------------------------------------
A first meeting of the creditors in the proceedings of NDF
Electrical Pty Ltd will be held on June 3, 2024 at 2:30 p.m. at
Level 3, 12 Short Street, Southport

Anne Meagher and Matthew Bookless of SV Partners were appointed as
administrators of the company on May 22, 2024.


PAN ASIA: First Creditors' Meeting Set for May 31
-------------------------------------------------
A first meeting of the creditors in the proceedings of Pan Asia
Corporation Limited will be held on May 31, 2024 at 11:00 a.m. at
the offices of Hall Chadwick at Level 11, 77 St Georges Terrace in
Perth and via virtual meeting technology.

Aaron Dominish, Richard Albarran, and Cameron Shaw of Hall Chadwick
were appointed as administrators of the company on May 21, 2024.


PIPE UP PLUMBING: First Creditors' Meeting Set for May 31
---------------------------------------------------------
A first meeting of the creditors in the proceedings of Pipe Up
Plumbing Pty Ltd will be held on May 31, 2024 at 10:00 a.m. via
Microsoft Teams.

Sule Arnautovic of Salea Advisory was appointed as administrator of
the company on May 21, 2024.


PROFORM FOODS: In Voluntary Administration
------------------------------------------
SmartCompany reports that the manufacturer of MEET plant-based
protein products is continuing to trade, after administrators from
KPMG were appointed to the company last week.

Established in 2008, Proform Foods has been producing alternative
protein products well before other startups like cultured meat
startup Vow entered the market.

On May 22, Gayle Dickerson and James Dampney from KPMG Australia
were appointed voluntary administrators to manage Proform Food
Group Pty Ltd and its subsidiaries, SmartCompany discloses.

The group of companies under administration also includes Proform
Food Group Pty Ltd, Proform Innovation Pty Ltd and Proform Gourmet
Pty Ltd.

Together, the group employs around 30 employees and will continue
to trade while the administrators urgently assess the business,
KPMG confirmed to SmartCompany.

SmartCompany relates that KPMG also confirmed all frozen and
chilled MEET products will continue to stay on supermarket shelves.
The products, which include beef-free mince and burgers and
chicken-free tenders, are available from Woolworths, Coles and via
food delivery service Hello Fresh.

According to SmartCompany, KPMG Australia restructuring partner
James Dampney described Proform as a "well-established business in
a sector with compelling medium-term growth prospects".

The administrators will immediately begin a sale process for the
business, added Dampney in a statement provided to SmartCompany.

"We will be working with all stakeholders, including employees,
suppliers and customers, to maximise the outcome for all parties,"
he said.

History includes investment from Tattarang's Harvest Road Proform
also produces plant-based protein products under the Protein Plate
and Bad Hunter brands, and supplies meat-free alternatives to
burger chains and other food service operators, SmartCompany
relays.

The company was founded in 2005 by Vogel Cereals founder Stephen
Dunn, whose son Matt Dunn, a former Olympic swimmer, later joined
the business and serves as CEO and executive director.

MEET, the company's consumer-facing brand, was established in
2008.


ZMM PTY: Second Creditors' Meeting Set for May 31
-------------------------------------------------
A second meeting of creditors in the proceedings of ZMM Pty Ltd has
been set for May 31, 2024 at 10:30 a.m. at the offices of Jirsch
Sutherland at Suite 2, Level 14, 383 Kent Street in Sydney and via
videoconference and/or teleconference.

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 30, 2024 at 5:00 p.m.

Peter John Moore of Jirsch Sutherland was appointed as
administrator of the company on Feb. 20, 2024.




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

BANGLADESH: Fitch Lowers LongTerm IDR to 'B+', Outlook Stable
-------------------------------------------------------------
Fitch Ratings has downgraded Bangladesh's Long-Term
Foreign-Currency Issuer Default Rating to 'B+' from 'BB-'. The
Outlook is Stable.

KEY RATING DRIVERS

Ratings Downgraded, Outlook Stable: The downgrade to 'B+' reflects
sustained weakening of Bangladesh's external buffers, which could
prove challenging to sufficiently reverse despite recent policy
reforms, leaving the country more vulnerable to external shocks.
Policy actions since early 2022 have been insufficient to stem the
fall in foreign exchange reserves and resolve domestic dollar
tightness. The recent shift to a crawling peg aims to increase
exchange-rate flexibility. Whether this will fully address
lingering FX market distortions and support significant reserves
build-up remains unclear.

The Stable Outlook reflects mitigation of external refinancing
risks by a favourable external creditor composition, IMF-programme
reforms to improve macroeconomic stability and address banking
sector weaknesses, moderate government debt and favourable
medium-term growth prospects.

Weak External Buffers: FX reserves are down substantially due to
continued FX interventions, capital outflows and persistent use of
informal channels for remittances. Reserves have fallen by 15% from
January 2024 levels to USD18.4 billion. Fitch projects reserves to
stabilise on recent reforms. Uncertainty remains around
implementation of the new FX regime, and to what extent the
official rate will be permitted to align with the parallel market
rate.

Bangladesh Bank says the crawling peg is an interim arrangement
before moving to a fully flexible market-based exchange rate.
Further moves to increase exchange rate flexibility may be
complicated by persistent high inflation (9.8% in April 2024).

FX Rationing: Domestic US dollar scarcity has resulted in effective
import restrictions, as authorities manage allocation of FX. Lower
imports from such measures and sustained export growth drove the
current account surplus to a Fitch-estimated 1.4% of GDP in the
fiscal year ended 30 June 2024 (FY24). Greater FX flexibility
should ease US dollar shortages, which could drive up imports in
the next few years. The impact on the current account should be
modest, as remittances through formal channels should also
accelerate with better alignment between the official and parallel
market exchange rates.

High Inflation: Fitch expects high inflation to persist due to
domestic supply shortages, import restrictions and a weaker
exchange rate. Inflation in FY24 averaged 9.7%, far above the
central bank's target of 7.5%, despite a 200bp hike in the policy
rate. Removal of interest rate caps for banks and non-bank
financial institutions (NBFIs), could bode well for monetary policy
transmission.

The Long-Term Foreign-Currency IDR also reflects the following
factors:

Low Government Revenues: Bangladesh's low general government
revenue/GDP ratio is a long-standing fiscal weakness. At 8.2% of
GDP, this is far lower than the 19.5% 'B' median. Revenues continue
to underperform budget targets owing to prevailing tax exemptions,
weak tax administration and challenges in implementing tax reforms.
Several tax reforms are planned under the IMF programme and some
measures to increase revenue collection, including tax hikes on
tobacco and land registration, have been implemented. These
measures pose an upside risk to its revenue forecasts.

Favourable Debt Composition: Bangladesh's medium-term external debt
is owed either to bilateral or multilateral partners, and financing
from these sources is likely to continue, supporting ongoing debt
service capacity, notwithstanding US dollar shortages. Projected
external debt service is low relative to peers, averaging about
9.2% of current external receipts over 2024-2025, against a 'B'
median of 20%. The ongoing IMF programme agreed in January 2023
also supports continued access to multilateral and bilateral
financing, subject to meeting programme targets.

Favourable Growth Prospects: The medium-term growth outlook is
favourable, supported by a well-established ready-made garment
sector, demographic dividend and stable remittance inflows. In the
near term, however, Fitch expects growth to moderate to 5.3% in
FY24 due to the US dollar shortage that is likely to weigh on
investment and the high inflation reducing consumption.

Government Debt Below Peers: Fitch expects gross government debt to
increase gradually to about 40% of GDP over the medium term, from
about 36% in FY23, but still well below the current 'B' median of
55%. Budget underperformance owing to a revenue shortfall, high
borrowing costs, extension of forbearance measures to the banking
sector and potential contingent liabilities owing to weaknesses in
the banking sector and debt of state-owned enterprises, are risks
to the fiscal position.

Weak Banking Sector: Banking sector credit metrics - asset quality,
capitalisation and governance standards - are weak, especially
those of public-sector banks. The sector's non-performing loan
ratio was 9% at end-December 2023, while that of state-owned banks
was about 21%. These ratios could rise once forbearance measures
are withdrawn. The sector could be a source of contingent liability
for the sovereign if credit stress intensifies. The removal of
lending rate caps on banks and NBFIs, after removal of the floor on
deposit rates, is a significant step towards improving banking
sector profitability.

Weak Structural Metrics: Bangladesh is at the 21st percentile on
World Bank's composite governance score, against the 33rd
percentile for the 'B' median. FDI is hampered by large
infrastructure gaps, although some government projects in the
pipeline could lead to higher investment over time. The Awami
League, which won the general election in January 2024, is in a
strong political position to implement its policy agenda that is
focused on lowering poverty, developing infrastructure,
strengthening resilience to climate risks and reaching upper
middle-income status by 2030.

ESG - Governance: Bangladesh has an ESG Relevance Score of '5' for
both Political Stability and Rights, as well as the Rule of Law,
Institutional and Regulatory Quality and Control of Corruption.
These scores reflect the high weight that the World Bank Governance
Indicators (WBGIs) have in its proprietary Sovereign Rating Model.
Bangladesh has a low WBGI ranking in the 21st percentile,
reflecting weak rights for participation in the political process
and institutional capacity, uneven application of the rule of law
and a high level of corruption.

RATING SENSITIVITIES

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

- External Finances: Increased external vulnerability, for example,
due to a marked decline in FX reserves or other liquidity buffers.

- Public Finances: Higher fiscal deficits or financing stress that
is driven, for example, by a further increase in the
interest/revenue ratio or an inability to significantly increase
the government's revenue over the medium term.

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

- External Finances: A reduction in external vulnerabilities, for
example, due to greater confidence in a credible exchange-rate
policy supporting a sustained build-up of FX reserves or other
liquidity buffers.

- Public Finances: A structural increase in fiscal revenue
collection that supports fiscal consolidation and improves the
interest/revenue ratio.

- Structural: A significant improvement in institutional capacity
and implementation of measures to address economic vulnerabilities,
including weaknesses in the banking sector, evident, for instance,
in better bank asset quality and capitalisation.

SOVEREIGN RATING MODEL (SRM) AND QUALITATIVE OVERLAY (QO)

Fitch's proprietary SRM assigns Bangladesh a score equivalent to a
rating of 'BB-' on the Long-Term Foreign-Currency IDR scale.

Fitch's sovereign rating committee adjusted the output from the
adopted SRM score to arrive at the Long-Term Foreign-Currency IDR
by applying its QO, relative to SRM data and output, as follows:

Structural: -1 notch to reflect weaknesses in institutional
capacity, including the macroeconomic policy framework and broader
vulnerabilities in the banking sector in terms of governance, data
quality, asset quality and capitalisation.

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

COUNTRY CEILING

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

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

ESG CONSIDERATIONS

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

Bangladesh has an ESG Relevance Score of '5' for Rule of Law,
Institutional & Regulatory Quality and Control of Corruption, as
WBGIs have the highest weight in Fitch's SRM and are therefore
highly relevant to the rating and are a key rating driver with a
high weight. As Bangladesh has a percentile rank below 50 for the
respective governance indicator, this has a negative impact on the
credit profile.

Bangladesh has an ESG Relevance Score of '4' for Human Rights and
Political Freedoms, as the Voice and Accountability pillar of the
WBGIs is relevant to the rating and a rating driver. As Bangladesh
has a percentile rank below 50 for the respective governance
indicator, this has a negative impact on the credit profile.

Bangladesh has an ESG Relevance Score of '4' [+] for Creditor
Rights, as willingness to service and repay debt is relevant to the
rating and is a rating driver for Bangladesh, as for all
sovereigns. As Bangladesh has 20-plus year record without a
restructuring of public debt - as captured in its SRM variable -
this has a positive impact on the credit profile.

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

   Entity/Debt                 Rating           Prior
   -----------                 ------           -----
Bangladesh      LT IDR          B+  Downgrade   BB-
                ST IDR          B   Affirmed    B
                LC LT IDR       B+  Downgrade   BB-
                LC ST IDR       B   Affirmed    B
                Country Ceiling B+  Downgrade   BB-



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

CBAK ENERGY: Posts $9.6MM Net Income in Q1 2024
-----------------------------------------------
CBAK Energy Technology, Inc. filed with the U.S. Securities and
Exchange Commission its Quarterly Report on Form 10-Q reporting a
net income of $9.6 million on $58.8 million of net revenue for the
three months ended March 31, 2024, compared to a net loss of $2.2
million on $42.4 million of net revenue for the three months ended
March 31, 2023.

As of March 31, 2024, the Company had an accumulated deficit of
$124.6 million and had an accumulated deficit from net losses
incurred from prior years and significant short-term debt
obligations maturing in less than one year as of March 31, 2024.
The Company's plan for continuing as a going concern included
improving its profitability, and obtaining additional debt
financing, loans from existing directors and shareholders for
additional funding to meet its operating needs. There can be no
assurance that the Company will be successful in the plans
described above or in attracting equity or alternative financing on
acceptable terms, or if at all.

A full-text copy of the Company's Form 10-Q is available at
https://tinyurl.com/5ay3rrx2

                         About CBAK Energy

Liaoning Province, People's Republic of China-based CBAK Energy --
www.cbak.com.cn -- is a manufacturer of new energy high power
lithium and sodium batteries that are mainly used in light electric
vehicles, electric vehicles, energy storage such as residential
energy supply & uninterruptible power supply (UPS) application, and
other high-power applications.  The Company's primary product
offering consists of new energy high power lithium and sodium
batteries.  In addition, after completing the acquisition of 81.56%
of registered equity interests (representing 75.57% of paid-up
capital) of Hitrans in November 2021, the Company entered the
business of developing and manufacturing NCM precursor and cathode
materials.  Hitrans is a developer and manufacturer of ternary
precursor and cathode materials in China, whose products have a
wide range of applications on batteries that would be applied to
electric vehicles, electric tools, high-end digital products and
storage, among others.

As of March 31, 2024, the Company has $286.5 million in total
assets, $165.2 in total liabilities, and a total stockholders'
equity of $121.2 million. As of Dec. 31, 2023, the Company had
$281.16 million in total assets, $167.70 million in total
liabilities, and $113.46 million in total equity.

Hong Kong, China-based ARK Pro CPA & Co, the Company's auditor
since 2023, issued a "going concern" qualification in its report
dated March 15, 2024, citing that the Company has a working capital
deficiency, accumulated deficit from recurring net losses and
significant short-term debt obligations maturing in less than one
year as of Dec. 31, 2023.  All these factors raise substantial
doubt about its ability to continue as a going concern.

CHINA VANKE: Sells Shenzhen Land Plot at Loss-Making Reserve Price
------------------------------------------------------------------
Reuters reports that China Vanke has sold a Shenzhen land plot via
auction for CNY2.24 billion ($309.18 million), a filing on May 27
showed, more than 27% below the price it paid for the same 19,000
square-metre block nearly seven years ago.

Vanke is working to raise funds after saying last month it is
facing short-term liquidity pressure, one of many companies to have
been caught up in a broad-based cash crunch in China's crisis-hit
real estate sector, Reuters says.

Its largest shareholder, state-owned Shenzhen Metro, and
Shenzhen-based company Baishuoyinghai jointly bought the plot at
Vanke's reserve price, according to an online filing uploaded to a
trading center in Shenzhen on May 27, Reuters relays.

Theirs was the only bid for the asset, the same filing, made after
mainland stock market was closed, showed.

Vanke bought the land in late 2017 for CNY3.1 billion, Reuters
discloses citing previous documents.

In a statement to Reuters, Vanke said the deal reflects that its
largest shareholder is "supporting the company with market-based,
legitimate measures and real money". It said the deal will help the
firm free up capital from non-core business assets.

Vanke has said it aims to boost cashflow this year with bank
financing and more asset disposals worth more than CNY30 billion,
Reuters relates.

Last week, Vanke said it had received a CNY20 billion syndicated
loan facility from a group of banks led by state-owned Industrial
and Commercial Bank of China and would push forward other financing
to boost its liquidity, adds Reuters.

                         About China Vanke

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

As reported in the Troubled Company Reporter-Asia Pacific on May
28, 2024, Fitch Ratings has downgraded Chinese homebuilder China
Vanke Co., Ltd.'s Long-Term Foreign- and Local-Currency Issuer
Default Ratings (IDR) to 'BB-', from 'BB+'. The Outlook is
Negative. Fitch also downgraded the Long-Term IDR on China Vanke's
wholly owned subsidiary, Vanke Real Estate (Hong Kong) Company Ltd
(Vanke HK), to 'B+', from 'BB', and downgraded Vanke HK's senior
unsecured rating and the rating on the outstanding senior notes to
'B+' with a Recovery Rating of RR4, from 'BB'. The ratings have
been removed from Rating Watch Negative.

The TCR-P reported on May 1, 2024, Moody's Ratings has downgraded
the following ratings of China Vanke Co., Ltd. and its wholly-owned
subsidiary, Vanke Real Estate (Hong Kong) Company Limited.

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

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

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

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

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

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


DALIAN WANDA: PAG Won't Buy 500 Wanda Plazas for USD13.8 Billion
----------------------------------------------------------------
Yicai Global reports that Chinese private equity firm PAG is not
planning to acquire nearly 500 plazas owned by debt-laden real
estate giant Dalian Wanda Group for around CNY100 billion (USD13.8
billion), according to a source familiar with the matter.

There are several factual errors with the recent market rumor, the
person told Yicai. Wanda owns less than 300 plazas and each is
valued at around CNY1.5 billion (USD200 million) based on the value
of previously sold Wanda Plazas, bringing the total valuation to
about CNY450 billion, the person noted.

There is no reason for Wanda to transfer high-quality assets at a
price far below the market value, according to the source, Yicai
relays. "Promoting an asset-light strategy is Wanda's long-term
plan, but when it comes to asset transfers, it will seek an
appropriate price."

Wanda's financial situation is improving considering recent
supportive real estate policies, the source, as cited by Yicai,
pointed out. In addition, an investor group led by PAG and the Abu
Dhabi Investment Authority agreed to pay CNY60 billion (USD8.3
billion) for a majority stake in Newland Commercial Management, the
holding company of Zhuhai Wanda Commercial Management Group, on
March 30, the person added.

Yicai says the deal does not include a bet-on clause or one
requiring Zhuhai Wanda to go public at any specific time. Newland
will develop independently and representatives of the investors
will join its board.

Wanda and PAG have a good relationship, so various future
partnerships cannot be ruled out, the source said, Yicai relays.

Wanda has frequently sold assets to cash out over the past year,
Yicai notes. It has sold 15 Wanda Plazas in different regions,
including several in tier-one cities such as Guangzhou and
Shanghai.

                         About Dalian Wanda

Dalian Wanda Group Co., Ltd. operates real estate business. The
Company develops commercial property including commercial centres,
urban pedestrian streets, hotels, office buildings, and apartments.
Dalian Wanda Group also operates tourism investment, cultural, and
department store businesses.

As reported in the Troubled Company Reporter-Asia Pacific in early
December 2023, Bloomberg News said Dalian Wanda Group's founder
Wang Jianlin is planning to sell the rest of the firm's film unit
as the troubled Chinese conglomerate faces increasing debt
repayment pressure.

The billionaire plans to transfer his 51 per cent stake in Beijing
Wanda Investment, which controls Wanda Film Holding, to a
subsidiary of China Ruyi Holdings, according to a Shenzhen Stock
Exchange filing on Dec. 6, 2023. That will give Ruyi full ownership
after its July purchase of 49 per cent of Beijing Wanda Investment
for CNY2.3 billion.

Investors in November 2023 rejected Wanda's proposal to extend the
deadline for the repayment of CNY30 billion plus interest if its
mall unit fails to list shares by the end of this year, Bloomberg
said. Its property arm only recently managed to obtain consent from
creditors to push back the maturity date for a US$600 million US
dollar bond.

The TCR-AP reported in early January 2024, Fitch Ratings downgraded
Dalian Wanda Commercial Management Group Co., Ltd.'s (Wanda
Commercial) and Wanda Commercial Properties (Hong Kong) Co.
Limited's (Wanda HK) Long-Term Foreign-Currency Issuer Default
Ratings to 'RD' from 'C' on completion of the distressed debt
exchange (DDE), in accordance with the distressed debt exchange
section in Fitch's Corporate Rating Criteria.



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

AJS IMPEX: Liquidation Process Case Summary
-------------------------------------------
Debtor: AJS Impex Private Limited
Office No. 211, 2nd Floor,
        Hubtown Solaris Saiwadi N.S.
        Phadake Road, Near Hotel Regency, Andheri E,
        Mumbai, Maharashtra, India, 400069

Liquidation Commencement Date: April 30, 2024

Court: National Company Law Tribunal, Mumbai Bench

Liquidator: Birenda Kumar Agrawal
     F-1602, Tower A, Runwal Elegante, Lokhandwala Complex,
            Lane Near Raheja Classiq, Veera Desai Road,
            Andheri (West), Mumbai-400053 Maharashtra
            Email: bk@bhamaconsulting.com
            Email: cirp.ajsimpex@gmail.com

Last date for
submission of claims: May 30, 2024


AMR INDIA: Ind-Ra Assigns BB+ Rating, Outlook Positive
------------------------------------------------------
India Ratings and Research (Ind-Ra) has rated AMR India Limited's
(AMR) bank facility as follows:

-- INR2,171.5 bil. Fund-based working capital limits assigned
     with IND BB+/Positive/IND A4+ rating; and

-- INR3,766.5 bil. Non-fund-based working capital limits assigned

     with IND BB+/Positive/IND A4+ rating.

Analytical Approach

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

Detailed Rationale of the Rating Action

The rating reflects AMR's improved-but-stretched liquidity profile
in FY24. The ratings are also constrained by the moderate credit
metrics likely over FY25-FY26 and the prevailing concentrated and
slow-moving order book. The ratings factor in Ind-Ra's expectation
that the firm would be able to maintain its scale of operations
over the near-to-medium term.

The Positive Outlook reflects the agency's expectation that AMR
would be able to tie-up enhancements in working capital limits,
thereby easing its liquidity position, while maintaining its stable
operational performance with timely realization of receivables from
the counterparties.

List of Key Rating Drivers

Weaknesses

-- Comfortable credit metrics; moderation likely due to capex

-- Slow moving and concentrated orderbook

Strengths

-- Large scale of operations ; steady growth in revenue

-- Complete corporate debt restructuring exit achieved

Detailed Description of Key Rating Drivers

Slow Moving and Concentrated Order Book:  At end-January 2024, AMR
had an order book of around INR246 billion (FYE23: INR249 billion).
However,  the order book is concentrated, with one single order
comprising 58% of the order-book. Furthermore, as per AMR's
management, about 38.3% of the orders have not  been  moving for
reasons attributable to counter-parties. Thus, effectively, the
revenue is mainly being driven by one project, exposing the company
to high revenue risk and significant project execution risk.
Considering both new and moving orders, the revenue visibility is
9x of FY23 revenues. However, considering the fact that the
aforementioned large order is to be executed over more than 24
years up  to 2047, the revenue visibility is 1x-1.5x.  Any delays
in the execution of this order shall affect the revenue visibility
of the company significantly. Furthermore, the order book has 40%
exposure to private counterparties.

In addition, the order book exhibits high geographical
concentration, with major exposure to Telangana, Andhra Pradesh,
Bihar and Madhya Pradesh. In terms of segment-wise share, the
mining project of TSGENCO accounts for a major portion of the order
book,  while the remaining order-book is dominated by the
irrigation segment. The counterparty default risk remains low,
considering that most of the orders have been awarded by state
governments, though the risk of delay in collection remains.

Comfortable Credit Metrics; Moderation Likely due to Capex: As per
its contract with TSGENCO, AMR is required to undertake capex of
about INR2,400 million at its Tadicherla site, which is likely to
be funded through a debt of about INR2,000 million and remaining to
be met through internal accruals. The unavailability of funding for
the aforementioned capex is  likely to put a burden of INR400
million-500 million every year  in terms of transportation costs on
the company, and might impact the credit and liquidity profiles;
hence, this is a key monitorable for the agency. Furthermore, an
additional capex of about INR2,600 million would be needed for the
replacement of existing equipment as well as for new orders that
are likely to be received in FY25 and FY26.

At 9MFYE24, AMR had a working capital debt of INR2,173 million
(FYE23: INR2,221 million) and a term debt of  INR82.1 million
(INR201.1 million). The company has  an outstanding debt of INR286
million from the promoters in the form of unsecured loans (FY23:
INR377 million; FY22: INR377 million), which is likely to be repaid
from internal accruals post the servicing of external debt.
Furthermore, a capex loan pertaining to AMR's subsidiary, AMR Green
Renewables Private Limited (AMRGRPL), is being serviced by AMR
through back-to-back arrangement with the AMRGRPL.

Ind-Ra estimates the EBITDA to  have  increased to INR2,750
million-INR2,900 million in FY24 (FY23: INR2,735 million; FY22:
INR2,036 million). The net leverage (net debt/EBITDA) improved to
0.7x in 9MFY24 (FY23: 0.81x; FY22:1.44x) and the interest coverage
(EBITDA/finance cost) to 4.7x (3.2x;2.4x) owing to an increase in
the EBITDA.

Large Scale of Operations; Steady Growth in Revenue: Ind-Ra expects
AMR's revenue to have increased to INR17 billion-18 billion in FY24
(FY23: INR16.5 billion, FY22: INR13.8 billion), and believes the
revenue would  rise further to INR18 billion-20 billion in FY25,
backed by the execution of mining orders from Telangana State Power
Generation Corporation Limited (TSGENCO) and irrigation and civil
work projects. Further growth in the revenue would  depend on the
inflow  of  new orders. The company had received new orders of
INR14.6 billion in FY23, which contributed to revenue in FY23 and
are likely to have been completed in FY24. Therefore, the inflow of
new orders and execution of the same in a timely manner would be
essential for revenue growth over the long term. During 9MFY24,
AMR's revenue stood at INR10.4 billion, aided by a pick-up in the
execution of the mining project from TSGENCO. The EBITDA margins
dipped to 15.6% in 9MFY24 (FY23: 16.54%; FY22: 14.7%) owing to an
increase in operating costs. Ind-Ra expects the margins to sustain
at 15%-16% levels over FY24-FY25, considering the high-margin
projects that have been received by AMR.

Complete Corporate Debt Restructuring (CDR) Exit achieved: The
company had been in CDR since 2014, but it exited completely from
CDR as on 20 March 2024. From the existing lenders, no conditions
have been stipulated in terms of cooling period for enhancement of
limits.

Liquidity

Stretched: AMR's cash and cash equivalents amounted to around
INR316.7 million at 9MFYE24 (FY23: INR498 million; FY22: INR:170
million). The company has scheduled debt repayment obligations of
INR47.2 million and INR35.0 million for FY25 and FY26,
respectively, which can be met from internal accruals. The average
use of the fund-based working capital limits was  very high at 95%
for the 12 months ended April 2024. However, the net working
capital liability (working capital debt minus unencumbered cash)
reduced considerably to  INR1,187 million at 4QFYE24 (3QFYE24:
INR2,108 million). The total sanctioned limits of the company
amount to INR2,192 million and are likely to be fully utilized in
FY25, till the enhancement of limits are unavailable, since the
scale of operations is large and not commensurate with the
available limits. The lead lender has assessed higher limits and
the company expects to tie up fund-based and non-fund-based
enhancements of about INR650 million and INR4,500 million,
respectively, in FY25.

Ind-Ra expects AMR to have generated free cash flow of about INR450
million in FY24 (INR344 million; INR1,993 million). However, the
free cash flows are likely to turn negative over FY25-FY26 owing to
the impending capex requirements of about INR5,000 million.

The company had a gross working capital cycle (receivables,
inventory, advances to suppliers and retention money) of 199 days
at FYE23 (FYE22: 257 days), while the net working capital cycle was
77days (105 days) led by a recovery of receivables. Ind-Ra expects
the liquidity to remain stretched in FY25,  given the nature of the
segment in which the company has been operating.

Furthermore, AMR has been trying to return bank guarantees of
nearly INR361 million to lenders. Any crystallization of these bank
guarantees and delays in the tie-up of enhancements in working
capital limits, coupled with any unexpected outflows resulting from
the company buying out the stake of lenders, is likely to impact
the overall liquidity profile and is a key monitorable for the
agency.

Rating Sensitivities

Negative:  Deterioration in liquidity and/or delay in tying up the
required bank limits, resulting in fund-based utilizations
remaining above 95%, and/or deterioration in the profitability will
lead to an Outlook revision to Stable.

Positive: An improvement in the core liquidity and/or timely tie-up
of envisaged borrowing while maintaining the profitability and
order book will be positive for the rating.

About the Company

Incorporated in 2001 as a public limited company, AMR started as a
partnership firm in 1992 and had been undertaking minor civil works
in mining and other infrastructure segments.  AMRL is engaged in
construction activities in mining, irrigation, civil construction
and industrial infrastructure. AMR is promoted by A. Mahesh Reddy
and other family members.



ARVIND MOTORS: CRISIL Lowers Rating on INR30cr Loan to D
--------------------------------------------------------
CRISIL Ratings has downgraded its rating on the bank facilities of
Arvind Motors Private Limited (AMPL) to 'CRISIL D' from 'CRISIL
BB/Stable'.

                        Amount
   Facilities        (INR Crore)      Ratings
   ----------        -----------      -------
   Cash Credit            24.5        CRISIL D (Downgraded from
                                      'CRISIL BB/Stable')

   Channel Financing      20          CRISIL D (Downgraded from
                                      'CRISIL BB/Stable')

   Channel Financing      30          CRISIL D (Downgraded from
                                      'CRISIL BB/Stable')

   Channel Financing      20          CRISIL D (Downgraded from
                                      'CRISIL BB/Stable')

   Proposed Long Term      5.5        CRISIL D (Downgraded from
   Bank Loan Facility                 'CRISIL BB/Stable')

The ratings downgrade is on account of delay in payment in April
and May'2024 in lieu of channel financing facilities availed by the
company. The company had not disclosed these delays in the NDS
provided in April 2024.

The ratings reflect the delay in payment in lieu of channel
financing facilities availed by AMPL, below average financial risk
profile, limited pricing power with the principal supplier and
susceptibility to cyclicality in the auto industry. These
weaknesses are partially offset by the extensive industry
experience of the promoter and long-standing relationship with the
principal supplier TML.

Analytical Approach

For arriving at the rating of AMPL, CRISIL Ratings has considered
its standalone financial and business risk profile.

An unsecured loan from the promoter (Rs 2.32 crore as on December
31, 2024) is treated as debt.

Key Rating Drivers & Detailed Description

Weaknesses

* Delay in Debt servicing: There has been delay is servicing of
inventory funding facilities availed during April and May'2024 as
confirmed by lenders during the banker feedback. Delay in debtor
realization against sales made over the past 2-3 months resulted in
stretch in the liquidity position which resulted in delay in debt
servicing. The submission of 'no default statement' by the issuer
(last shared for April 2024), however, does not indicate any delay
in repayment of any facilities.

* Exposure to intense competition: The auto sector is intensely
competitive, with several players operating in the mini, compact,
mid-sized, executive, premium, and luxury passenger car segments.
The company also faces stiff competition from dealers of other
leading players, along with the unorganised used-car market.
Original equipment manufacturers also encourage more dealerships to
improve penetration and sales; this increases competition between
dealers.

* Susceptibility to cyclicality in the auto industry: Business
prospects are linked to cyclicality in demand inherent in the auto
industry, and ability to sustain market share. Players are also
subject to high financing costs, sharp contraction in credit, and
the overall macroeconomic slowdown. Revenue had earlier declined in
fiscal 2021 amid the COVID-19 pandemic wherein the commercial
vehicle segment had underperformed. However, with improved demand
and increasing economy the performance of auto industry is expected
to rise over the medium term.

* Below average financial risk profile: Financial risk profile
though improving remains moderate marked by a modest capital
structure and moderate debt protection metrics. Gearing remains
weak at over 5 times owing to low net-worth at INR26 crores
(excluding revaluation reserves of INR12 crore) in fiscal 2024 as
against total debt of ~INR144 crores. With accretion to profits,
gearing is expected to improve to below 5 times over the medium
term. ~90% of debt comprises of working capital borrowings (majorly
inventory funding) and the balance is long term.  Adjusted interest
coverage stood improved at ~2.06 times in fiscal 2024 and expected
to improve to over 2.1 times over the medium term.

Strengths

* Extensive industry experience of the promoter: Three promoters
have experience of more than three decades in the automobile
distributorship business. They undertook dealership of TATA Motors
Limited's (TML) commercial vehicles, spares & lubricants in 1954
when AMPL had started its operations. Mr. Ashok Rao is engaged in
dealership of Maruti Suzuki India limited (rated 'CRISIL
AAA/Stable/CRISIL A1+') (through Mandovi motors), Bajaj Auto
limited (rated 'CRISIL AAA/Stable/CRISIL A1+') (through Supreme
Auto Dealers Pvt Ltd and Supreme motors).

* Long standing relationship with the principal supplier TML: The
company has been an authorized dealer of TML's commercial (both new
and used) in Karnataka since 1954. It was one of the earliest
distributors for TML.

Liquidity: Poor

Delay in debtor realization over the past 2-3 months has caused a
stretch in the liquidity position of the company. However, expected
annual accruals of INR12-16 crore would be sufficient to meet
repayment obligations of INR3-4 crore and annual capex requirements
of ~Rs. 3-5 crore going forward. Also, fund-based bank limits have
been utilized at an average of 84% over the past 14 months ending
Feb 2024. The company also has fixed deposits  of around INR14
crores.

Rating Sensitivity Factors

Upward factors:

* Track record of timely debt servicing for at least over 90 days.
* Improvement in operating performance resulting in improvement in
liquidity position.

AMPL is a private limited Company having registered office in
Mangalore, Karnataka. Initially it was established as a Partnership
Firm in 1954 and subsequently reconstituted as a Private Limited
Company in 1999. Mr. Aroor Kishor Rao is a Managing Director of the
Company having more than 3 decades of an experience in the
industry. The company is an authorized dealer of TATA Motors
Limited's (TML) commercial vehicles, spares & lubricants and has
been associated with TML since 1954. AMPL offers the entire range
of TML's commercial vehicles (light, medium & heavy). The Company
has 15 showrooms, 20 outlets, 3 stock yards and 4 container
workshops.


BIHAR RAFFIA: CRISIL Keeps D Debt Ratings in Not Cooperating
------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Bihar Raffia
Industries Limited (BRIL) continue to be 'CRISIL D Issuer Not
Cooperating'.

                        Amount
   Facilities        (INR Crore)      Ratings
   ----------        -----------      -------
   Cash Credit            20          CRISIL D (Issuer Not
                                      Cooperating)
   Funded Interest
   Term Loan               5.21       CRISIL D (Issuer Not
                                      Cooperating)

   Proposed Long Term      4.54       CRISIL D (Issuer Not
   Bank Loan Facility                 Cooperating)

   Term Loan               1.9        CRISIL D (Issuer Not
                                      Cooperating)

   Working Capital        11.8        CRISIL D (Issuer Not
   Term Loan                          Cooperating)

CRISIL Ratings has been consistently following up with BRIL for
obtaining information through letter and email dated April 19, 2024
among others, apart from telephonic communication. However, the
issuer has remained non cooperative.

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

Detailed Rationale

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

BRIL, incorporated in 1998, manufactures bulk packaging materials
made of polypropylene and high-density poly ethylene (HDPE). The
company has two units, at Jamshedpur in Jharkhand and at Satna in
Madhya Pradesh, with combined capacity of 7500 tonne per annum.


CAUVERY POWER: CRISIL Keeps D Debt Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Cauvery Power
Generation Chennai Private Limited (CPL) continue to be 'CRISIL
D/CRISIL D Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)      Ratings
   ----------        -----------      -------
   Cash Credit            30          CRISIL D (Issuer Not
                                      Cooperating)

   Letter of Credit       16          CRISIL D (Issuer Not
                                      Cooperating)

   Long Term Loan         90          CRISIL D (Issuer Not
                                      Cooperating)

   Proposed Long Term     69.19       CRISIL D (Issuer Not
   Bank Loan Facility                 Cooperating)

   Term Loan              18.42       CRISIL D (Issuer Not
                                      Cooperating)

CRISIL Ratings has been consistently following up with CPL for
obtaining information through letter and email dated April 19, 2024
among others, apart from telephonic communication. However, the
issuer has remained non cooperative.

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

Detailed Rationale

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

CPL, set up by Mr. S Elangovan, operates a 63-megawatt coal-based
power plant in Chennai.


DESEIN PRIVATE: CRISIL Lowers Rating on LT/ST Loans to D
--------------------------------------------------------
CRISIL Ratings has downgraded its ratings of Desein Private Limited
(DPL) to 'CRISIL D/CRISIL D Issuer Not Cooperating' from 'CRISIL
B+/Stable/CRISIL A4 Issuer Not Cooperating' as there have been
irregularities in account conduct.

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

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

CRISIL Ratings has been consistently following up with DPL for
obtaining information through letter and email dated April 11,
2024, among others, apart from telephonic communication. However,
the issuer has remained non cooperative.

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of DPL, which restricts CRISIL
Rating's ability to take a forward-looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on DPL
is consistent with 'Assessing Information Adequacy Risk'.

Based on best available latest information, CRISIL Ratings has
downgraded its ratings to 'CRISIL D/CRISIL D Issuer Not
Cooperating' from 'CRISIL B+/Stable/CRISIL A4 Issuer Not
Cooperating' as there have been irregularities in account conduct.

DPL was founded in 1970 by Late Mr. O P Gupta. The company provides
engineering consultancy services for coal/lignite/diesel and
gas-based combined cycle power plants with unit sizes ranging up to
800 MW, both in India and overseas. It is based in New Delhi and
currently owned and managed by Ms Nidhi Gupta.

Status of non cooperation with previous CRA

DPL has not cooperated with ICRA, which has classified the company
as non-cooperative through its release dated May 21,2021. The
reason provided by ICRA is non-furnishing of information for
monitoring the rating.


FURNACE FABRICA: Ind-Ra Corrects November 9, 2023 Rating Release
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) rectifies Furnace Fabrica
(India) Limited's (FFIL)rating published on November 9, 2023 to
include the company's non-cooperating status with previous
agencies.

The amended version is as follows:

India Ratings and Research (Ind-Ra) has downgraded  Furnace Fabrica
(India) Limited's (FFIL) bank facilities to 'IND D (ISSUER NOT
COOPERATING)' from 'IND BB- (ISSUER NOT COOPERATING)'.

The detailed rating actions are:

-- INR2.558 bil. Non-fund-based working capital limit downgraded
     with IND D (ISSUER NOT COOPERATING) rating;

-- INR589 mil. Fund-based working capital limit downgraded with
     IND D (ISSUER NOT COOPERATING) rating;

-- INR30 mil. Non-fund-based working capital limit downgraded
     with IND D (ISSUER NOT COOPERATING) rating; and

-- INR83.10 mil. COVID-19 emergency line of credit downgraded
     with IND D (ISSUER NOT COOPERATING) rating.

Note: ISSUER NOT COOPERATING: Issuer did not cooperate; based on
the best available information.

Key Rating Drivers

The downgrade reflects FFIL's delays in servicing of debt service
obligations, based on information available from public sources.
Ind-Ra has not been able to ascertain the reason for the delay, as
the issuer has been non-cooperative.

Rating Sensitivities

Positive: Timely debt servicing for at least three consecutive
months will be positive for the ratings.

Company Profile

FFIL provides engineering, procurement and construction services
for metallurgical, fertiliser, petrochemical, refinery, cement,
power and steel plants on a turnkey basis. Its head office is in
Mumbai. It has regional offices in Delhi, Kochi and Kolkata, and
its international offices are in Zambia, Morocco and the UAE.
Furthermore, FFIL has captive fabrication facilities in Navi Mumbai
(Maharashtra) and Kandla (Gujarat) in India and Chingola in Zambia.
The company is promoted by A. Baseeruddin.

GANESH DIAGNOSTIC: CRISIL Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Ganesh
Diagnostic and Imaging Centre Private Limited (GDICPL) continue to
be 'CRISIL D/CRISIL D Issuer Not Cooperating'.

                         Amount
   Facilities         (INR Crore)      Ratings
   ----------         -----------      -------
   Long Term Loan         7.47         CRISIL D (Issuer Not
                                       Cooperating)

   Overdraft Facility     4.95         CRISIL D (Issuer Not
                                       Cooperating)

   Proposed Long Term     0.08         CRISIL D (Issuer Not
   Bank Loan Facility                  Cooperating)

CRISIL Ratings has been consistently following up with GDICPL for
obtaining information through letter and email dated April 19, 2024
among others, apart from telephonic communication. However, the
issuer has remained non cooperative.

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

Detailed Rationale

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

Set up in 2000 by Dr Ganesh Chand Sharma and Dr Ravin Sharma,
GDICPL is engaged in lab testing (pathology) and radio imaging
(radiology) at its laboratories in the Delhi NCR.


GINNI INTERNATIONAL: Ind-Ra Cuts Bank Loan Rating to BB+
--------------------------------------------------------
India Ratings and Research (Ind-Ra) has taken the following rating
actions on Ginni International Limited's (GIL) debt instruments:

-- INR1,496.5 bil. (reduced from INR1,690.5 bil.) Fund-based
     working capital limits downgraded with IND BB+/Stable/IND A4+

     rating;

-- INR150 mil. Non-fund-based working capital limits downgraded
     with IND A4+ rating;

-- INR115.7 mil. Term loan due on March 2028 downgraded with IND
     BB+/Stable rating;

-- INR280.91 mil. Term loan due on March 2028 assigned with IND
     BB+/Stable rating; and

-- INR26.89 mil. Proposed Fund-based working capital limit
     assigned with IND BB+/Stable/IND A4+ rating.

Analytical Approach

Ind-Ra continues to assesses the company on a standalone basis
while arriving at the ratings.

Detailed Rationale of the Rating Action

The downgrade reflects GIL's weak operational performance as
reflected in the significant decline in its EBITDA margins in FY24
based on provisional financials, owing to unfavorable movements in
raw material pricing and reduced realizations. This along with an
increase in the working capital debt to fund operational
requirements led to substantial deterioration in its credit metrics
in FY24. However, GIL had adequate external liquidity lines to meet
its moderate debt repayments during FY24 amid weak operational
liquidity. Moreover, the scale remains medium. The ratings are also
supported by GIL's experienced promoters along with a longstanding
track record of operations and an established distribution
network.

List of Key Rating Drivers

Weaknesses

-- Modest operating profitability

-- Modest credit metrics

-- Elongated working capital cycle

-- Susceptibility to raw material price volatility

--Inherent industry risks

Strengths

-- Experienced promoters

-- Continued medium scale of operations

Detailed Description of Key Rating Drivers

Modest Operating Profitability: The operating profitability reduced
to INR119.6 million with a margin of 2.6% in FY24 on provisional
basis (FY23: INR219.9 million; 4.5%; FY22: INR600.2 million; 10.9%)
owing to fluctuating raw material prices and intense competition in
the market. The return on capital employed stood around 0.5% in
FY24 (FY23: 3.6%, FY22: 15.2%). However, Ind-Ra expects the raw
material price volatility to stabilize and result in an improvement
in the EBITDA margins in FY25, as reflected partially in the past
couple of months.

Modest Credit Metrics: The company's gross interest coverage (total
operating EBITDA/ gross interest expenses) deteriorated to 0.87x in
FY24 (FY23: 1.92x) due to the decline in absolute operating EBITDA
and increased interest expenses of INR137 million (INR114 million)
because of higher working capital borrowings. The net leverage
(total net debt/ operating EBITDA) also deteriorated to 13.64x at
FYE24 (FY23: 6.43x) due to a higher debt balance of INR1,636
million (INR1,465 million). As of FYE24, the total debt comprised
term loans of INR418.4 million, unsecured loans of INR51.7 million,
working capital borrowings of INR1060 million and preferred stock
of INR106.5 million redeemable in FY27 towards Borodrill Commercial
Pvt Ltd. Preference stock has been treated as 100% debt to arrive
at ratings, considering its redemption period within five years
based on the agency's criteria of Treatment of Hybrid Instruments.
However, Ind-Ra expects the credit metrics to improve over the
near-medium term on account of a likely improvement in the overall
EBITDA.

Elongated Working Capital Cycle: The net working capital cycle
elongated to 224 days in FY24 (FY23: 196 days), with higher
inventory stocking for 164 days (135 days) as against stable debtor
days of 73 (71) and creditor days of 12 (11). The seasonal nature
of cotton results is elevated levels of inventory, wherein cotton
is available from October to March and an inventory for 90-100 days
is maintained at the end of a financial year. Furthermore, fabric
inventory levels are maintained for 45-50 days and finished goods
inventory for 20 days, resulting in overall inventory levels of
140-160 days. The management expects the working capital to trail
around similar levels in the near-medium term. The company provides
a credit period of 60-120 days to its customers with an average
credit period of 70-80 days. Cotton is procured on cash discount
basis and average credit period ranges 10-15 days.

Susceptibility to Raw Material Price Volatility: Cotton and cotton
yarn, the key raw materials used for manufacturing denim fabric,
typically account for around 60% of the net sales, thereby
influencing the operating margins of fabric producers. GIL procures
cotton during the cotton season and usually builds an inventory of
four-to-five months as of cotton year end (January). Seasonality of
cotton production and risks related to agricultural yields and
production expose the company's operations to volatility in cotton
prices.

Inherent Industry Risks: The textile industry in India is highly
fragmented due to low entry barriers, along with overcapacity
mainly in the spinning sector. The denim and fabric industry faced
a supply glut in the past, leading to suboptimal capacity
utilization, which coupled with raw material price volatility
impacted the segment over the years. Furthermore, the domestic
industry's price dynamics depend significantly on the developments
in China, the largest manufacturer and exporter in the global
textile industry.

Experienced Promoter: GIL's promoter, Sharad Jaipuria, has over
three decades of experience in the textile industry, leading to
established relationships with its customers and suppliers across
India, and the resultant repeat orders and regular supply of raw
materials. The company is a part of the Jaipuria group and has an
integrated nature of operations from suppling of cotton yarn to
denim manufacturing.. The company has an established distribution
network spread across India.

Continued Medium Scale of Operations: GIL's revenue declined to
INR4,611.3 million in FY24 (FY23: INR4,837.7 million, FY22:
INR5,463.8 million), mainly on account of lower realizations in
line with stabilizing cotton prices; while production and sale
quantities improved. Exports remained low and accounted around 6%
of the total sales in line with the lower overseas demand and route
disruptions. Ind-Ra expects the revenue to improve over the medium
term, led by growth in the sale volumes in the domestic market
backed by the addition of looms in FY23 and a likely rebound in
sales realization as reflected in improving realizations over the
past couple of months.

Liquidity

Adequate: GIL's average month-end utilization of the fund-based
limits stood around 67% and that of the non-fund based limits stood
was around 17% for the 12 months period ended March 2024.  The
company has sizeable debt repayment obligations as against the
muted operating profitability generated during FY24. However, the
shortfall has been compensated by sufficient buffers available in
the liquidity lines with the company. Furthermore, the company has
debt repayment obligations of INR114.4 million in FY25 and INR117
million in FY26. The cash flow from operations improved to INR139.8
million in FY23 (FY22: INR31.85 million) despite the lower
operating profitability, as it was compensated by favorable working
capital changes. The unencumbered cash balance stood around INR 4.9
million in FY24 (FY23: INR55.8 million). The company does not plan
to undertake any major debt-driven capital expenditure as it
maintains an annual maintenance capex requirement of around INR20
million. Ind-Ra expects the cash flow from operations to turn
positive, on account of likely higher absolute EBITDA and minimal
maintenance capex requirements.

Rating Sensitivities

Positive: A substantial improvement in the scale of operations and
operating profitability, and net leverage falling below 4x, with
maintenance of liquidity position, on a sustained basis, could lead
to a positive rating action.

Negative: A substantial decline in the scale of operations or
operating profitability or net leverage remaining above 5x or a
decline in the liquidity position on a sustained basis could lead
to a negative rating action.

About the Company

GIL, a closely held public limited company, was set up in 1984 by
the Jaipuria family. The company manufactures denim fabric at its
unit in Neemrana, Rajasthan which commenced commercial production
in 1996. The company has an annual installed capacity of 14,500
metric ton for yarn, 12 million meters for greige fabric and 27
million meters  for denim fabric.



GO FIRST: Bilaterals, Slots Temporarily Given to Other Airlines
---------------------------------------------------------------
The Times of India reports that the slots and foreign bilateral
rights of GoAir have been "temporarily given" to other airlines.
Given the global supply chain crunch that has caused a mismatch in
demand and supply of planes amid resurgence in air travel, the
Union aviation ministry took this step to come to the aid of air
travelers, TOI relates. With almost curtains for GoAir revival
after a key bidder pulled out, other airlines could retain its
rights after getting government nod.

"Temporary distribution (of Go slots and bilaterals) has been
happening for sometime now," said people in the know, TOI relays.
Tata Group's Air India and IndiGo are adding almost a plane every
week to their fleet. AI Express and Akasa also plan to grow
rapidly, despite being affected by Boeing's issues with the B737
MAX - the plane these two airlines have ordered, TOI reports.

"All airport slots that GoAir had are gone. Their bilaterals were
temporarily distributed mainly among Air India, Vistara and IndiGo.
Akasa asked for Go's Dubai flying rights (it has so far got the
same for Saudi Arabia, Kuwait and Qatar). Now that there is no
bidder left for GoAir, airlines will ask the ministry whether the
temporarily distributed slots and bilaterals of Go will be put in a
general pool and then given as per airlines' needs," TOI quotes
officials of multiple airlines as saying.

                         About Go First

Go First, formerly known as GoAir, was an Indian ultra-low-cost
airline based in Mumbai, Maharashtra.  Go First was incorporated in
April 2004 as GoAir and commenced flight operations in November the
following year. Its inaugural flight was from Mumbai to Ahmedabad.
The airline is owned by the Wadia Group.

Go First filed an application for voluntary insolvency resolution
proceedings before National Company Law Tribunal (NCLT) on May 2,
2023.

The company said the filing with the NCLT comes after Pratt &
Whitney, the exclusive engine supplier for the airline's Airbus
A320neo aircraft fleet, refused to comply with an order to release
engines to the airline that would have allowed it return to full
operations.

Go First owes INR6,521 crore to its financial creditors, Bank of
Baroda, IDBI Bank, and Deutsche Bank. The airline has a total
liability of about INR11,463 crore to banks, other creditors,
vendors, and others.

On May 10, 2023, the NCLT accepted Go First's voluntary insolvency
petition.  The NCLT bench appointed Abhilash Lal as the interim
resolution professional to look after the affairs of Go First and
also suspended its board as part of the insolvency resolution
process.

GO FIRST: EaseMyTrip CEO Withdraws Bid for Bankrupt Carrier
-----------------------------------------------------------
The New Indian Express reports that EaseMyTrip's chief executive
officer Nishant Pitti on May 25 said he is withdrawing the bid for
the bankrupt airline Go First.

"After careful consideration, I have decided to withdraw from the
GoAir bid in my personal capacity.  This decision allows me to
better focus on other strategic priorities and initiatives that
align with our long-term vision and growth objectives," Indian
Express quotes Pitti, Founder & CEO of the travel port EaseMyTrip,
as saying.

More than three months back, Busy Bee Airways, majority-owned by
Pitti, along with SpiceJet Chief Ajay Singh, had put in a bid for
Go First, which is undergoing an insolvency resolution process, the
report notes. It is not immediately known whether Singh would go
ahead or withdraw his plans as well.

According to Indian Express, the latest move by Pitti comes less
than a month after the Delhi High Court allowed lessors to take
back 54 planes leased to Go First. This order, according to
experts, has the capability to derail the revival process of
airline as it would leave minuscule assets for the bidders who have
shown interest in acquiring the airline.

Following this order, Pitti had said he will consider any necessary
adjustments to its proposed offer for the grounded airline after
reviewing the court order, Indian Express relays.

Apart from Ajay Singh-Busy Bee Airways, Sharjah-based Sky One FZE
had submitted a bid for Go First, the report says.

On April 8, the National Company Law Tribunal (NCLT) again extended
the deadline to complete Go First's insolvency resolution process
by 60 days to June 3. Prior to this extension, the deadline was
April 4.

                          About Go First

Go First, formerly known as GoAir, was an Indian ultra-low-cost
airline based in Mumbai, Maharashtra.  Go First was incorporated in
April 2004 as GoAir and commenced flight operations in November the
following year. Its inaugural flight was from Mumbai to Ahmedabad.
The airline is owned by the Wadia Group.

Go First filed an application for voluntary insolvency resolution
proceedings before National Company Law Tribunal (NCLT) on May 2,
2023.

The company said the filing with the NCLT comes after Pratt &
Whitney, the exclusive engine supplier for the airline's Airbus
A320neo aircraft fleet, refused to comply with an order to release
engines to the airline that would have allowed it return to full
operations.

Go First owes INR6,521 crore to its financial creditors, Bank of
Baroda, IDBI Bank, and Deutsche Bank. The airline has a total
liability of about INR11,463 crore to banks, other creditors,
vendors, and others.

On May 10, 2023, the NCLT accepted Go First's voluntary insolvency
petition.  The NCLT bench appointed Abhilash Lal as the interim
resolution professional to look after the affairs of Go First and
also suspended its board as part of the insolvency resolution
process.

HIRANMAYE ENERGY: NCLT Halts Company's Insolvency Resolution Plan
-----------------------------------------------------------------
The Economic Times reports that the Kolkata bench of the bankruptcy
court halted the corporate insolvency resolution process (CIRP) of
thermal power company Hiranmaye Energy on the promoter's plea that
lenders should consider its INR1,101.5 crore settlement offer,
which is about one-fifth of the lenders' debt, showed a tribunal
order.

Meanwhile, over a dozen power-generating companies had submitted
expressions of interest for the company, said people with
knowledge, ET relates.
  
Hiranmaye Energy Limited develops and operates a coal-based power
plant in the state of West Bengal, India.


INDIRA CONTAINER: Insolvency Resolution Process Case Summary
------------------------------------------------------------
Debtor: Indira Container Terminal Private Limited
ICT Office, Indira Dock, Green Gate,
        Mumbai Port, Mumbai City MH 400038 India

Insolvency Commencement Date: May 9, 2024

Estimated date of closure of
insolvency resolution process: November 5, 2024

Court: National Company Law Tribunal, Mumbai Bench

Insolvency
Professional: Dinesh Kumar Aggarwal
              1507 07, Highland Park,
              Kolshet Road, Behind D Mart,
              Thane, Maharashtra 400607
              Email: dinesh.aggarwal31@gmail.com

              Unit # 207, 2nd Floor, Kshitij CHS Ltd,
              Near Azad Nagar Metro Station,
              Veera Desai Road, Andheri West,
              Mumbai - 400053.
              Email: CIRP.INDIRA@GMAIL.COM


Last date for
submission of claims: May 23, 2024



JINDAL DIAMONDS: Voluntary Liquidation Process Case Summary
-----------------------------------------------------------
Debtor: Jindal Diamonds Private Limited
C-54, Basement, Greater Kailash,
        New Delhi-110048 India
  
Liquidation Commencement Date: May 13, 2024

Court: National Company Law Tribunal, New Delhi Bench

Liquidator: Mr. Chander Shekhar
     839, West End Mall, District Centre,
            Janakpuri, New Delhi-110058
            Contact no: 9971073795
            Email: ca.cssuneja@gmail.com

Last date for
submission of claims: June 12, 2024


K G N MOTORS: CRISIL Keeps D Debt Ratings in Not Cooperating
------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of K G N Motors
Private Limited (KMPL) continue to be 'CRISIL D Issuer Not
Cooperating'.

                        Amount
   Facilities        (INR Crore)      Ratings
   ----------        -----------      -------
   Cash Credit            10          CRISIL D (Issuer Not
                                      Cooperating)

   Rupee Term Loan         5          CRISIL D (Issuer Not
                                      Cooperating)

CRISIL Ratings has been consistently following up with KMPL for
obtaining information through letter and email dated April 19, 2024
among others, apart from telephonic communication. However, the
issuer has remained non cooperative.

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

Detailed Rationale

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

KMPL was incorporated in 2007, promoted by Mr. Mubin Riaz Inamdar.
The company is an authorised dealer of ALL for sales and service of
its entire range of commercial vehicles. The company currently has
three 3S (sales, service, and spares) showrooms in Pune.


KALPAKA TRANSPORT: CRISIL Keeps D Debt Rating in Not Cooperating
----------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Kalpaka
Transport Co Private Limited (KTCPL) continues to be 'CRISIL D
Issuer Not Cooperating'.

                          Amount
   Facilities          (INR Crore)     Ratings
   ----------          -----------     -------
   Overdraft Facility        9         CRISIL D (Issuer Not
                                       Cooperating)

CRISIL Ratings has been consistently following up with KTCPL for
obtaining information through letter and email dated April 19, 2024
among others, apart from telephonic communication. However, the
issuer has remained non cooperative.

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

Detailed Rationale

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

For arriving at its ratings, CRISIL Ratings has combined the
business and financial risk profiles of KTCPL and Kerala Transport
Company (KTC). This is because the two entities, together referred
to as the KTC group, are in the same line of business, under a
common management, and have significant operational linkages and
fungible cash flows between them.

KTC, setup in 1958 and KTCPL setup in 1973, is promoted by Mr. P V
Chandran and family members. It provides freight transportation
services to players in the fast- moving consumer goods,
automobiles, paints, and tyres industries all over India. In
addition to the logistics business, the firm also owns and operates
two Indian Oil Corporation fuel bunks in Calicut, Kerala and
provides clearing and shipping services at the Cochin Airport and
the Cochin Port.


KAVERI INDUSTRIES: CRISIL Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Kaveri
Industries Private Limited (KIPL) continue to be 'CRISIL D Issuer
Not Cooperating'.

                        Amount
   Facilities        (INR Crore)      Ratings
   ----------        -----------      -------
   Cash Credit             3          CRISIL D (Issuer Not
                                      Cooperating)

   Proposed Long Term      2.5        CRISIL D (Issuer Not
   Bank Loan Facility                 Cooperating)

   Term Loan               4.5        CRISIL D (Issuer Not
                                      Cooperating)

CRISIL Ratings has been consistently following up with KIPL for
obtaining information through letter and email dated April 19, 2024
among others, apart from telephonic communication. However, the
issuer has remained non cooperative.

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

Detailed Rationale

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

KIPL is setting-up PVC pipes & fitting manufacturing unit at Guntur
(Andhra Pradesh). The company is promoted by Guntur based Reddy
family, Mr. Srinivas Reddy has over 10 years of experience in the
pipe & allied manufacturing business


KAVYARC TRADEX: CRISIL Keeps D Debt Ratings in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Kavyarc
Tradex Private Limited (KTPL) continue to be 'CRISIL D Issuer Not
Cooperating'.

                        Amount
   Facilities        (INR Crore)      Ratings
   ----------        -----------      -------
   Cash Credit            7           CRISIL D (Issuer Not
                                      Cooperating)

   Long Term Loan         1           CRISIL D (Issuer Not
                                      Cooperating)

CRISIL Ratings has been consistently following up with KTPL for
obtaining information through letter and email dated April 19, 2024
among others, apart from telephonic communication. However, the
issuer has remained non cooperative.

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

Detailed Rationale

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

Incorporated in 2014, KTPL processes wheat, rice, millet, and maize
at its facility in Bavla, Ahmedabad.


KERALA TRANSPORT: CRISIL Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Kerala
Transport Company (KTC) continue to be 'CRISIL D/CRISIL D Issuer
Not Cooperating'.

                        Amount
   Facilities        (INR Crore)      Ratings
   ----------        -----------      -------
   Bank Guarantee         3           CRISIL D (Issuer Not
                                      Cooperating)

   Cash Credit            3           CRISIL D (Issuer Not
                                      Cooperating)

   Cash Credit           33           CRISIL D (Issuer Not
                                      Cooperating)

   Cash Credit            6           CRISIL D (Issuer Not
                                      Cooperating)

CRISIL Ratings has been consistently following up with KTC for
obtaining information through letter and email dated April 19, 2024
among others, apart from telephonic communication. However, the
issuer has remained non cooperative.

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

Detailed Rationale

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

For arriving at its ratings, CRISIL Ratings has combined the
business and financial risk profiles of KTC and Kalpaka Transport
Company Pvt Ltd (KTCPL). This is because the two entities, together
referred to as the KTC group, are in the same line of business,
under a common management, and have significant operational
linkages and fungible cash flows between them.

KTC, setup in 1958 and KTCPL setup in 1973, is promoted by Mr. P V
Chandran and family members. It provides freight transportation
services to players in the fast- moving consumer goods,
automobiles, paints, and tyres industries all over India. In
addition to the logistics business, the firm also owns and operates
two Indian Oil Corporation fuel bunks in Calicut, Kerala and
provides clearing and shipping services at the Cochin Airport and
the Cochin Port.


KEYA BUILDTECH: CRISIL Keeps D Debt Rating in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Keya Buildtech
LLP (KB) continues to be 'CRISIL D Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)      Ratings
   ----------        -----------      -------
   Term Loan              25          CRISIL D (Issuer Not
                                      Cooperating)

CRISIL Ratings has been consistently following up with KB for
obtaining information through letter and email dated April 19, 2024
among others, apart from telephonic communication. However, the
issuer has remained non cooperative.

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

Detailed Rationale

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

Incorporated in 2017, KB is a partnership firm engaged in the
development of residential real estate. The firm is mainly present
in Vadodara, Gujarat. KB is promoted and is currently being run by
Mahesh Patel.


KHARE & TARKUNDE: Ind-Ra Corrects December 13, 2023 Rating Release
------------------------------------------------------------------
India Ratings and Research (Ind-Ra) rectifies Khare & Tarkunde
Infrastructure Private Limited rating published on December 13,
2023 to include details pertaining to non-cooperation with previous
credit rating agency.

The amended version is as follows:

India Ratings and Research (Ind-Ra) has downgraded Khare & Tarkunde
Infrastructure Private Limited debt facilities to 'IND D (ISSUER
NOT COOPERATING)' from 'IND BB+ (ISSUER NOT COOPERATING)'.

The detailed rating actions are:

-- INR425 mil. Fund-based working capital limit (Long-term/Short-
     term) downgraded with IND D (ISSUER NOT COOPERATING) rating;

-- INR1,003.1 bil. Non-fund-based working capital limit (Short-
     term) downgraded with IND D (ISSUER NOT COOPERATING) rating;
     and

-- INR181 mil. Term loan (Long-term) downgraded with IND D
     (ISSUER NOT COOPERATING) rating.

Note: ISSUER NOT COOPERATING: Issuer did not cooperate; based on
the best available information

ANALYTICAL APPROACH: Ind-Ra has taken a standalone rating approach
for Khare & Tarkunde Infrastructure Private Limited.

Key Rating Drivers

The downgrade of the bank facility ratings reflects Khare &
Tarkunde Infrastructure's delays in debt servicing, based on
information available from public sources. Ind-Ra has not been able
to ascertain the reason for the delays, as the issuer has been
non-cooperative.

Rating Sensitivities

Positive: Timely debt servicing for at least three consecutive
months will be positive for the ratings.

Company Profile

Khare & Tarkunde Infrastructure primarily focuses on designing and
constructing bridges for governments or government enterprises.



KPT SPINNING: CRISIL Keeps D Debt Ratings in Not Cooperating
------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of KPT Spinning
Mills Private Limited (KPT) continue to be 'CRISIL D Issuer Not
Cooperating'.

                        Amount
   Facilities        (INR Crore)      Ratings
   ----------        -----------      -------
   Cash Credit           3.5          CRISIL D (Issuer Not
                                      Cooperating)

   Long Term Loan        2.5          CRISIL D (Issuer Not
                                      Cooperating)

CRISIL Ratings has been consistently following up with KPT for
obtaining information through letter and email dated April 19, 2024
among others, apart from telephonic communication. However, the
issuer has remained non cooperative.

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

Detailed Rationale

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

KPT was promoted by Mr. K P Thangamuthu and Mr. Vetrivel in 2010
and began commercial production in 2011-2012. The company is
engaged in the manufacture of cotton yarn (40 counts) and has its
manufacturing facility situated in Erode Dist, Tamil Nadu.


KRISHNA STONE-TECH: CRISIL Keeps D Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Krishna
Stone-Tech Private Limited (KST) continue to be 'CRISIL D/CRISIL D
Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)      Ratings
   ----------        -----------      -------
   Cash Credit            0.5         CRISIL D (Issuer Not
                                      Cooperating)

   Export Packing         9.2         CRISIL D (Issuer Not
   Credit                             Cooperating)

   Export Packing         2.3         CRISIL D (Issuer Not
   Credit                             Cooperating)

   Foreign Bill           4.0         CRISIL D (Issuer Not   
   Discounting                        Cooperating)

CRISIL Ratings has been consistently following up with KST for
obtaining information through letter and email dated April 19, 2024
among others, apart from telephonic communication. However, the
issuer has remained non cooperative.

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

Detailed Rationale

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

Set up in 1988 by Dr D L Ramesh Gopal, Bellary-based KST processes
and trades in granite slabs.


KUKU EXPORTS: CRISIL Keeps C Debt Ratings in Not Cooperating
------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Kuku Exports
(KE) continue to be 'CRISIL C/CRISIL A4 Issuer Not Cooperating'.

                         Amount
   Facilities         (INR Crore)      Ratings
   ----------         -----------      -------
   Export Packing          6.5         CRISIL A4 (Issuer Not
   Credit                              Cooperating)

   Proposed Long Term      3.5         CRISIL C (Issuer Not
   Bank Loan Facility                  Cooperating)

   Secured Overdraft       2.0         CRISIL C (Issuer Not
   Facility                            Cooperating)

CRISIL Ratings has been consistently following up with KE for
obtaining information through letter and email dated April 19, 2024
among others, apart from telephonic communication. However, the
issuer has remained non cooperative.

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

Detailed Rationale

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

KE was established as a partnership firm by Mr. Shivnand Puri and
his sons Mr. Rajesh Puri and Mr. Dinesh Puri in 1998. The firm
manufactures knitted sweaters from acrylic yarn for men, women, and
children. It mainly caters to the international market with focus
on the UK. The firm's facility in Ludhiana, Punjab, has installed
capacity of 2500 pieces per day.


LAGGAR INDUSTRIES: CRISIL Keeps D Debt Rating in Not Cooperating
----------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Laggar
Industries Limited (LIL) continues to be 'CRISIL D Issuer Not
Cooperating'.

                        Amount
   Facilities        (INR Crore)      Ratings
   ----------        -----------      -------
   Cash Credit            14          CRISIL D (Issuer Not
                                      Cooperating)

CRISIL Ratings has been consistently following up with LIL for
obtaining information through letter and email dated April 19, 2024
among others, apart from telephonic communication. However, the
issuer has remained non cooperative.

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

Detailed Rationale

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

LIL was incorporated by Mr. Sandeep Sobti in 1990. The company
manufactures and trades in bullet-proof steel which is used
primarily in bullet-proof jackets and in armored vehicles. The
company has a rolling mill with installed capacity of 30,000 tonne
per annum in Jalandhar, Punjab.


LAKSHMI CONSTRUCTIONS: CRISIL Keeps D Ratings in Not Cooperating
----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Sri Lakshmi
Constructions (SLC) continue to be 'CRISIL D/CRISIL D Issuer Not
Cooperating'.

                        Amount
   Facilities        (INR Crore)      Ratings
   ----------        -----------      -------
   Bank Guarantee         3.3         CRISIL D (Issuer Not
                                      Cooperating)

   Overdraft Facility     7           CRISIL D (Issuer Not
                                      Cooperating)

   Proposed Long Term     0.2         CRISIL D (Issuer Not
   Bank Loan Facility                 Cooperating)

CRISIL Ratings has been consistently following up with SLC for
obtaining information through letter and email dated April 19, 2024
among others, apart from telephonic communication. However, the
issuer has remained non cooperative.

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

Detailed Rationale

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

SLC (formerly, C Viswanatha Naidu) was set up in 1980 as a
proprietorship concern by Mr. C Viswanatha Naidu and was
reconstituted as a partnership firm in 2014. It constructs and
repairs roads in Chittoor, Andhra Pradesh.


LAXMI ENGINEERING: CRISIL Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Laxmi
Engineering Industries (Bhopal) Private Limited (LEIPL) continue to
be 'CRISIL D/CRISIL D Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)      Ratings
   ----------        -----------      -------
   Bank Guarantee         10          CRISIL D (Issuer Not
                                      Cooperating)

   Cash Credit            17.50       CRISIL D (Issuer Not
                                      Cooperating)

   Rupee Term Loan        10.75       CRISIL D (Issuer Not
                                      Cooperating)

CRISIL Ratings has been consistently following up with LEIPL for
obtaining information through letter and email dated April 19, 2024
among others, apart from telephonic communication. However, the
issuer has remained non cooperative.

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

Detailed Rationale

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

LEIPL was set up in 1987, by Mr. KK Gurjar. The company
manufactures heat exchangers and oil coolers, at its plant in
Bhopal, Madhya Pradesh.


LEOLINE FOODS: CRISIL Keeps D Debt Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Leoline Foods
Private Limited (LFPL) continue to be 'CRISIL D Issuer Not
Cooperating'.

                        Amount
   Facilities        (INR Crore)      Ratings
   ----------        -----------      -------
   Cash Credit            2           CRISIL D (Issuer Not
                                      Cooperating)

   Long Term Loan         6.23        CRISIL D (Issuer Not
                                      Cooperating)

   Proposed Fund-         4.37        CRISIL D (Issuer Not
   Based Bank Limits                  Cooperating)

CRISIL Ratings has been consistently following up with LFPL for
obtaining information through letter and email dated April 19, 2024
among others, apart from telephonic communication. However, the
issuer has remained non cooperative.

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

Detailed Rationale

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

Incorporated in 2015, LFPL is promoted by Mr. Ramesh Kumar Agarwal
and family. The company manufactures 2D and 3D pellets, pasta, and
vermicelli at Choti Nawada, Patna (Bihar).


LORD BALAJI: CRISIL Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Lord Balaji
Ware Housing Private Limited (Lord) continues to be 'CRISIL D
Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)      Ratings
   ----------        -----------      -------
   Term Loan               10         CRISIL D (Issuer Not
                                      Cooperating)

CRISIL Ratings has been consistently following up with Lord for
obtaining information through letter and email dated April 19, 2024
among others, apart from telephonic communication. However, the
issuer has remained non cooperative.

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

Detailed Rationale

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

Lord was set up in 2011, albeit operation commenced in April 2015.
It constructs warehouse spaces and leases them to various customers
in Delhi. The company has storage capacity of 2.70 lakhs sq. ft.
Big Bazar and Mother Dairy are the main tenants, and nearly the
entire space available has been leased out.


LOTUS PROJECTS: CRISIL Keeps D Debt Ratings in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Lotus
Projects Private Limited (LPPL) continue to be 'CRISIL D Issuer Not
Cooperating'.

                        Amount
   Facilities        (INR Crore)      Ratings
   ----------        -----------      -------
   Cash Credit            7.5         CRISIL D (Issuer Not
                                      Cooperating)

   Proposed Long Term     1.05        CRISIL D (Issuer Not
   Bank Loan Facility                 Cooperating)

   Term Loan             11.45        CRISIL D (Issuer Not
                                      Cooperating)

CRISIL Ratings has been consistently following up with LPPL for
obtaining information through letter and email dated April 19, 2024
among others, apart from telephonic communication. However, the
issuer has remained non cooperative.

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

Detailed Rationale

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

Incorporated in 1994, LPPL is engaged in plantation and processing
of tea. On August 10, 2015, the company took over the operations of
a tea estate of New Chumta Tea Co Ltd, at a purchase consideration
of INR13.5 crores. LPPL has an annual tea production capacity of 40
lakh kg.


LUNI POWER: CRISIL Keeps D Debt Rating in Not Cooperating
---------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Luni Power
Company Private Limited (LPCL) continues to be 'CRISIL D Issuer Not
Cooperating'.

                        Amount
   Facilities        (INR Crore)      Ratings
   ----------        -----------      -------
   Term Loan              15          CRISIL D (Issuer Not
                                      Cooperating)

CRISIL Ratings has been consistently following up with LPCL for
obtaining information through letter and email dated April 19, 2024
among others, apart from telephonic communication. However, the
issuer has remained non cooperative.

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

Detailed Rationale

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

LPCL, incorporated in 2001, is setting up a small hydro-power plant
under a 40-year concession contract with the Government of Himachal
Pradesh on a build-own-operate-and-transfer basis.


MAA PADMAWATI: CRISIL Keeps D Debt Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Maa Padmawati
Agro Foods Private Limited (MPAFPL) continue to be 'CRISIL D Issuer
Not Cooperating'.

                        Amount
   Facilities        (INR Crore)      Ratings
   ----------        -----------      -------
   Cash Credit             6          CRISIL D (Issuer Not
                                      Cooperating)

   Proposed Long Term      1          CRISIL D (Issuer Not
   Bank Loan Facility                 Cooperating)

   Term Loan              11.1        CRISIL D (Issuer Not
                                      Cooperating)

CRISIL Ratings has been consistently following up with MPAFPL for
obtaining information through letter and email dated April 19, 2024
among others, apart from telephonic communication. However, the
issuer has remained non cooperative.

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

Detailed Rationale

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

Established in 2011 by Mr. Mintoo Gupta, MPAFPL processes paddy
into non-basmati, parboiled, and basmati rice. Facility in
Aurangabad has capacity of 16 tonne per hour.


MEALITE FOODS: CRISIL Keeps D Debt Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Mealite Foods
Private Limited (MFPL) continue to be 'CRISIL D Issuer Not
Cooperating'.

                        Amount
   Facilities        (INR Crore)      Ratings
   ----------        -----------      -------
   Cash Credit           5.5          CRISIL D (Issuer Not
                                      Cooperating)

   Term Loan             3.1          CRISIL D (Issuer Not
                                      Cooperating)

CRISIL Ratings has been consistently following up with MFPL for
obtaining information through letter and email dated April 19, 2024
among others, apart from telephonic communication. However, the
issuer has remained non cooperative.

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

Detailed Rationale

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

Incorporated in 2013, MFPL manufactures corn flakes, ready to eat
packaged snacks such as namkeens, baked snacks, fried snacks and
other related products. It has recently started its commercial
operations in July 2015 and its manufacturing facilities is located
at Rajkot-Gujarat.

MEDHATIYA CONSTRUCTION: CRISIL Keeps D Ratings in Not Cooperating
-----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Medhatiya
Construction Company Private Limited (MCCPL) continue to be 'CRISIL
D Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)      Ratings
   ----------        -----------      -------
   Term Loan              4           CRISIL D (Issuer Not
                                      Cooperating)

   Working Capital        2.85        CRISIL D (Issuer Not
   Demand Loan                        Cooperating)

CRISIL Ratings has been consistently following up with MCCPL for
obtaining information through letter and email dated April 19, 2024
among others, apart from telephonic communication. However, the
issuer has remained non cooperative.

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

Detailed Rationale

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

Incorporated in 2006, MCCPL is engaged in residential real estate
development.


MERCHANT CHARITABLE: CRISIL Reaffirms D Rating on INR10.5cr Loan
----------------------------------------------------------------
CRISIL Ratings has reaffirmed its 'CRISIL D/CRISIL D' ratings on
the bank loan facilities of Merchant Charitable Trust (MCT).

                        Amount
   Facilities        (INR Crore)      Ratings
   ----------        -----------      -------
   Bank Guarantee         0.5         CRISIL D (Reaffirmed)

   Overdraft Facility    10.5         CRISIL D (Reaffirmed)

   Term Loan              7           CRISIL D (Reaffirmed)

The ratings continue to reflect delay of 12-15 days by the trust in
servicing its term debt obligation owing to the poor liquidity of
the company. The ratings also factor in the weak financial profile
of MCT and its vulnerability to stringent regulations on
educational institutions. These weaknesses are partially offset by
the extensive experience of the promoters in the educational
segment.

Key Rating Drivers & Detailed Description

Weaknesses:

* Weak financial profile: The financial risk profile is impacted by
high gearing of 3.6 times and total outside liabilities to adjusted
net worth ratio of 3.74 times as on March 31, 2023. Debt protection
metrics were also weak in the past due to high gearing and low
accrual from operations. Interest coverage and net cash accrual to
total debt ratios stood at 4.79 times and 0.13 times, respectively,
for fiscal 2023. High debt levels may keep the debt protection
metrics constrained over the medium term

* Vulnerability to stringent regulations: Establishment and
operations of educational institutions are regulated by the state
governments and various governmental and quasi-governmental
agencies such as the University Grants Commission (UGC), Medical
Council of India (MCI), All India Council for Technical Education
(AICTE), and the Central Board for Secondary Education (CBSE). Each
body has detailed procedures for granting permission to set up
institutions, and approvals need to be renewed every three or five
years. Any non-compliance will result in cancellation of
affiliation or license, leading to loss of reputation for the
college and revenue for the trust.

Strength:

* Extensive experience of the management and the trustees: The
management and trustees have been engaged in the education services
industry for over two decades. Over the years, they have gained
strong understanding of market dynamics and maintained healthy
relationships with related parties in the Gujarat region.

Liquidity: Poor

Liquidity remains constrained as reflected in irregularities in
debt servicing by the trust. Bank limit utilization was high
averaging at around 109.74 percent for the last 12 months ended
March 24.

Rating Sensitivity factors

Upward factors:

* Track record of timely repayment of debt for at least 90 days
* Significant improvement in liquidity

Set up in 1996, MCT operates 10 colleges on two of its campuses,
one at Mehsana and the other at Visnagar, both in Gujarat. The
colleges offer various courses in the medical, engineering and
technology streams.


NAYAK INFRASTRUCTURE: CRISIL Keeps D Ratings in Not Cooperating
---------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Nayak
Infrastructure Private Limited (NRM) continue to be 'CRISIL
D/CRISIL D Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)      Ratings
   ----------        -----------      -------
   Bank Guarantee        15           CRISIL D (Issuer Not
                                      Cooperating)

   Bank Guarantee        10           CRISIL D (Issuer Not
                                      Cooperating)

   Bank Guarantee        81           CRISIL D (Issuer Not
                                      Cooperating)

   Bank Guarantee        29           CRISIL D (Issuer Not
                                      Cooperating)

   Cash Credit            2.5         CRISIL D (Issuer Not
                                      Cooperating)

   Cash Credit            9.5         CRISIL D (Issuer Not
                                      Cooperating)

   Cash Credit            3.5         CRISIL D (Issuer Not
                                      Cooperating)

   Cash Credit           24           CRISIL D (Issuer Not
                                      Cooperating)

   Proposed Long Term    53           CRISIL D (Issuer Not
   Bank Loan Facility                 Cooperating)

CRISIL Ratings has been consistently following up with NRM for
obtaining information through letter and email dated April 19, 2024
among others, apart from telephonic communication. However, the
issuer has remained non cooperative.

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

Detailed Rationale

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

Incorporated in December 2007 by reconstituting a partnership firm
as a private limited company, NIPL is a Class I contractor for NEFR
and constructs bridges and tunnels, undertakes earthwork, cuts
hills, and designs layout of railway tracks in Northeast India.


ORAVEL STAYS: Fitch Hikes LongTerm IDR to 'B', Outlook Stable
-------------------------------------------------------------
Fitch Ratings has upgraded India-based Oravel Stays Limited's (OYO)
Long-Term Foreign- and Local-Currency Issuer Default Ratings to 'B'
from 'B-'. The Outlook is Stable. Fitch has also upgraded the
rating on the USD660 million senior secured term loan facility
(outstanding USD448 million) due 2026 issued by OYO's fully owned
subsidiary, Oravel Stays Singapore Pte Limited, to 'B' from 'B-'.
The Recovery Rating is 'RR4'.

The upgrade reflects its estimate that OYO's EBITDA leverage will
improve to below 5.0x on sustained EBITDA growth amid cost savings,
a demand recovery in the short-term stay market and OYO's buyback
of USD195 million in debt in November 2023. OYO's liquidity is
adequate due to a sufficient cash balance and its expectation of
positive free cash flow from the financial year ending March 2025
(FY25). However, refinancing risks remain with USD448 million in
debt maturing in June 2026.

The ratings also reflect OYO's asset-light business model, minimal
capex needs, largely exclusive distribution rights, fixed revenue
share and strong long-term growth potential, mitigated by the
sector's high competitive intensity and demand cyclicality.

KEY RATING DRIVERS

Sustained EBITDA Growth: OYO's provisional EBITDA rose to around
USD105 million in FY24 and Fitch expects it will increase to USD135
million in FY25 (FY23: USD33 million). The improvement in FY24
EBITDA was driven by staff and marketing cost savings as revenue
was flat year on year. Fitch expects EBITDA growth in FY25 to be
supported by both rising revenue and profitability as the result of
a sustained reduction in costs.

Declining Leverage: Fitch expects OYO's EBITDA leverage to improve
to 4.2x in FY24 and 3.3x in FY25, well below its previous positive
rating guideline of 5.0x, driven by improving profitability and the
partial debt buyback during FY24, which reduced debt by 30% and
resulted in annual interest cost savings of around USD26 million.
OYO targets debt/EBITDA of 2.0x-3.0x in the medium-to-long term, or
less than 3.5x in the case of any debt-funded M&A.

Demand Recovery to Continue: Fitch expects travel and tourism
industry conditions to continue to improve in OYO's key end-markets
in FY25. The Indian hotel industry's occupancy rates rose to around
70% in FY24 (FY23: 60%) with a demand recovery continuing after the
Covid-19 pandemic. Fitch expects demand to continue to improve,
supported by an increase in domestic leisure travel, recovery in
business travel and a gradual rise in inbound tourism. Foreign
tourist arrivals in India jumped to 9.2 million in 2023 from 1.5
million in 2021.

OYO expanded the number of home storefronts in Europe in FY24 as
leisure travel recovered, despite the cost-of-living crisis and
reduced disposable incomes. Fitch expects the recovery to continue
over the 2024 summer holidays.

Satisfactory Liquidity: OYO had around USD100 million in cash at
end-March 2024, a committed undrawn facility of USD25 million, and
Fitch expects the company to generate about USD50 million in free
cash flow in FY25. The only outstanding debt is the USD448 million
term loan due in June 2026, which has minimal annual amortisation
and an effective interest rate of adjusted secured overnight
financing rate + 825bp.

Manageable Refinancing Risk: Fitch believes OYO's improving
profitability and declining leverage should support its ability to
refinance the debt in a timely manner. However, high interest rates
and tight capital market conditions could present challenges.

Small Scale; Sustainable Business Model: OYO operates in the low-
to mid-tier market with price-sensitive travellers and property
owners, and its EBITDA scale is smaller than that of technology
sector peers rated higher by Fitch. The industry is highly
fragmented and OYO has a single-digit market share in some of its
key markets. OYO has solid relationships with property owners and
provides integrated services, but industry conditions remain
competitive. The company's focus on cost efficiency and growth in
its core markets has improved profitability and resilience.

Rating on Standalone Basis: Fitch rates OYO on a standalone basis
as there is no parent-subsidiary linkage between OYO and Softbank
Group Corp, which owns 45% of the company through its subsidiary,
SVF India Holdings (Cayman) Ltd, on a fully diluted basis. Softbank
does not exercise control over the company. SoftBank supported OYO
with equity injections and a term loan in March 2021, which has
since been repaid. However, Fitch does not factor in future
exceptional liquidity support from SoftBank in its ratings, given
OYO's small size compared with SoftBank's overall investment
portfolio.

Guaranteed Term Loan: The term loan facility is unconditionally and
irrevocably guaranteed by OYO and certain subsidiaries within the
group. The guarantee covers 121% of the outstanding principal or up
to USD800 million, and Fitch considers the guarantee full and
worthy.

DERIVATION SUMMARY

US-based Expedia Group, Inc. (BBB-/Positive) has a significantly
stronger business profile than OYO, with a larger scale and a much
better market position. Expedia is one of the largest online travel
agents and makes over half of its revenue from the merchant model,
exposing it to higher working-capital requirements during
downturns. Expedia's financial profile is stronger than OYO's,
given its solid EBITDA margin of 20%-22%. Expedia's revenue and
EBITDA have recovered since 2021 and Fitch expects its gross
debt/EBITDA to improve towards 2x in 2024 (2023: 2.3x).

China's Meituan (BBB-/Positive) has a significantly stronger
business and financial profile than OYO in light of its leading
position as an e-commerce platform for consumer services, wide
customer outreach and merchant base. Meituan has more diversified
service offerings than OYO, including food delivery, in-store,
hotel and travel services, and electric bikes. Meituan has
substantial operating cash flow from its mature food delivery and
in-store business. Meituan's financial profile is stronger than
OYO's due to its net cash position, robust financial flexibility
and equity market access to fund investments.

OYO's credit profile is the same as that of Germany-based online
classified information provider Speedster Bidco GmbH (AutoScout24,
B/Stable). AutoScout24 has a stronger business profile than OYO,
supported by its focus on the online car dealer segment, its
established platforms with low competition, a high level of
immunity to new or smaller challengers, and the trend of dealers
moving from offline to online platforms. This is offset by its
weaker financial profile with EBITDA leverage forecast at around
6.8x in 2024, which is significantly higher than that of OYO.

KEY ASSUMPTIONS

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

- Revenue growth of 16%-19% yoy over FY25-FY26, driven by an
improvement in hotels and home storefronts.

- EBITDA margins of 17%-18% over FY25-FY26, supported by revenue
growth and OYO's cost-reduction efforts.

- Capex/revenue ratio of around 1% and no M&A spending over
FY25-FY26.

- No dividends or share buybacks.

RECOVERY ANALYSIS

The recovery analysis assumes that OYO would be reorganised as a
going concern (GC) in bankruptcy rather than liquidated. Fitch
estimates post-restructuring GC EBITDA of about INR5 billion (USD60
million), which nearly covers its annual interest cost of INR5
billion. This is at a large discount to its long-term EBITDA
forecast for OYO.

An enterprise value (EV) multiple of 5.0x is applied to the GC
EBITDA to calculate a post-reorganisation EV. The multiple of 5.0x
reflects OYO's business and financial profile, industry dynamics
and comparable peer data, using the multiple assumption tool under
Fitch's Corporates Recovery Ratings and Instrument Ratings
Criteria. Fitch takes 10% of administrative claims off the EV to
account for bankruptcy and associated costs.

The estimated recovery is consistent with a Recovery Rating of
'RR3'. However, the Recovery Rating is capped at 'RR4' because,
under Fitch's Country-Specific Treatment of Recovery Ratings
Criteria, India falls into Group D of creditor friendliness, and
the Recovery Ratings of issuers with significant operations in this
group are subject to a cap of 'RR4'. OYO is an India-incorporated
entity, having substantial revenue and staff in the country.

RATING SENSITIVITIES

Factors that could, individually or collectively, lead to positive
rating action/upgrade:

- Successful refinancing and extension of the term loan maturing in
June 2026;

- Record of consistent revenue growth driving EBITDA growth, while
maintaining EBITDA leverage below 4.0x on a sustained basis;

- Sustained improvement in free cash flow generation.

Factors that could, individually or collectively, lead to negative
rating action/downgrade:

- Inadequate progress on debt refinancing plans over the next 12-18
months;

- Loss of market share or lower-than-expected EBITDA growth,
leading to EBITDA leverage above 5.0x.

LIQUIDITY AND DEBT STRUCTURE

Adequate Liquidity: OYO's unrestricted cash was about USD95 million
and it had access to a USD25 million undrawn revolving credit
facility at end-March 2024. Repayment of the term loan under Oravel
Stays Singapore is in June 2026, with only 1% amortisation annually
in the interim. Fitch expects the company to generate about USD50
million in free cash flow in FY25. Fitch assesses the group's
access to local and international banks as moderate.

ISSUER PROFILE

OYO operates a technology-led platform that connects around 170,000
hotels and homes with global travellers across more than 35
countries, with a focus on the Indian, south-east Asian and
European markets.

ESG CONSIDERATIONS

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

   Entity/Debt               Rating      Recovery   Prior
   -----------               ------      --------   -----
Oravel Stays
Limited             LT IDR    B  Upgrade            B-
                    LC LT IDR B  Upgrade            B-

Oravel Stays
Singapore Pte
Limited

   senior secured   LT        B  Upgrade   RR4      B-

PASUPATI SPINNING: Ind-Ra Cuts Bank Loan Rating to BB-
------------------------------------------------------
India Ratings and Research (Ind-Ra) has taken the following rating
actions on Pasupati Spinning & Weaving Mills Limited (PSWML) bank
facilities:

-- INR59.55 mil. (reduced from INR69.7 mil.) Non-fund-based
     working capital limit affirmed with IND A4+ rating;

-- INR345.15 mil. Fund-based working capital limit downgraded
     with IND BB-/Stable rating;

-- INR10.15 mil. Fund-based working capital limit assigned with
     IND BB-/Stable rating;

-- INR24.34 mil. Term loan downgraded with IND BB-/Stable rating;

-- INR5.7 mil. Term loan assigned with IND BB-/Stable rating; and

-- INR48.32 mil. (reduced from INR75.92 mil.) Working capital
     term loan downgraded with IND BB-/Stable rating.

Detailed Rationale of the Rating Action

The downgrade reflects deterioration in PSWML's credit metrices in
FY23, with the net leverage (total adjusted net debt/operating
EBITDA) increasing to 10.21x in FY23 (FY22: 9.32x) and the interest
coverage (operating EBITDA/gross interest expense) deteriorating to
1.03x (1.75x), due to a decline in its EBITDA to INR48.97 million
(INR61.96 million). Ind-Ra expects the credit metrics to remain
modest in the medium term due to the company's reliance on short
term debt to meet its working capital needs. PSWML's EBITDA margins
fell to 3.6% in FY23 (FY22: 5.51%), owing to the write-off of a
five-year old bad debt worth INR24 million. Ind-Ra expects the
margins to continue to be modest in the medium term despite a
recovery, due to continued small scale of operations and the nature
of the business. The company's revenue improved to INR1,374.36
million in FY23 (FY22: INR1017.44 million) due to an improvement in
market conditions. However, the company's revenue stood at INR814.2
million in 9MFY24. Ind-Ra expects the scale of operations to remain
small over the near to medium-term. However, the ratings are
supported by over four decades of experience of PSWML's promoters
in the textile industry.

Detailed Description of Key Rating Drivers

Decline in Revenue: PSWML's revenue remained at INR814.2 million as
of 9MFY24 (FY23: INR1,374.36 million; FY22: INR1,017.44 million)
due to adverse market scenario in the textiles industry. The
company had contracts with Ganesha Ecospheres Limited (GEL), which
supplies raw materials and purchases PSWML's entire production,
accounting for total annual sales of INR300 million. However, from
May 2023, GEL slowed down this arrangement and discontinued it in
September 2023. For FY24, the agency expects the revenue to have
declined, due to the non-receipt of orders from GEL. Ind-Ra expects
the arrangements with GEL to resurface in the near term, basis
PSWML's conversations with GEL, and a gradual recovery in the
textile market. However, the scale of operations would remain small
over the near to medium term.

Modest Credit Metrics: PSWML's credit metrics deteriorated in FY23,
with the net leverage (total adjusted net debt/operating EBITDA)
increasing to 10.21x in FY23 (FY22: 9.32x) and the gross interest
coverage (operating EBITDA/gross interest expense) deteriorating to
1.03x (1.75x), due to a decline in EBITDA to INR48.97 million
(INR61.96 million). Ind-Ra expects the credit metrics to have
remained modest in FY24 and to remain same in the medium term, due
to the company's reliance on short term debt to meet working
capital needs.

Decline in EBITDA Margins: PSWML's EBITDA margins fell and remained
modest at 3.6% in FY23 (FY22: 5.51%) owing to the write-off of a
five-year old bad debt worth INR24 million, leading to the decline
in its EBITDA. Ind-Ra expects the margins to remain modest in the
medium term despite a recovery given continued small scale of
operations and the nature of the business. The return on capital
employed increased to 3.5% in FY23 (FY22: 3.1%).

Stretched Liquidity: PSWML's average maximum utilization of the
fund-based and non-fund-based limits was 82.38% and 37.94%,
respectively, for the 12 months ended February 2024. The cash flow
from operations improved to INR72.14 million in FY23 (FY22:
negative INR96.48 million) due to an increase in the fund flow from
operations to INR71.78 million (INR1.42 million); as a result, the
free cashflow improved to INR41.93 million (negative INR121.6
million). At FYE23, PSWML had a cash balance of INR10.65 million
(INR10.42 million), against the total debt of INR510.55 million
(INR532.74 million).  The company has debt repayment obligations of
around and INR44.7 million and INR29 million for FY25 and FY26,
respectively. The net working capital cycle remained elongated
despite a reduction in FY23 to 222 days (FY22: 386 days). The
debtor collection period reduced to 79 days (112 days) due to high
proportion of revenue realized through agreements with GEL, which
virtually had no debtor collection period. The inventory holding
period fell to 172 days (328 days) owing to the company's decision
to liquidate stock which was held as a result of the company's
earlier decision to transact in cotton yarns through joint
ventures.

Experienced Promoters: The ratings are supported by the promoters'
over four decades of experience in the textile industry.

Liquidity

Stretched: PSWML's average maximum utilization of the fund-based
and non-fund-based limits was 82.38% and 37.94%, respectively, for
the 12 months ended February 2024. The cash flow from operations
improved to INR72.14 million in FY23 (FY22: negative INR96.48
million) due to an increase in the fund flow from operations to
INR71.78 million (INR1.42 million). Consequently, the free cashflow
improved to INR41.93 million in FY23 (FY22: negative INR121.6
million). At FYE23, PSWML had a cash balance of INR10.65 million
(FYE22: INR10.42 million), against the total debt of INR510.55
million (INR532.74 million).  The company has debt repayment
obligations of around and INR44.7 million and INR29 million for
FY25 and FY26, respectively. The net working capital cycle remained
elongated despite a reduction in FY23 to 222 days (FY22: 386 days).
The debtor collection period fell to 79 days (112 days) due to high
proportion of revenue realized through agreements with GEL, which
virtually had no debtor collection period. The inventory holding
period reduced to 172 days (328 days) owing to the company's
decision to liquidate stock which was held as a result of the
company's earlier decision to transact in cotton yarns through
joint ventures.

Rating Sensitivities

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

Positive: An increase in the scale of operations, along with an
improvement in the overall credit metrics, with the interest
coverage rising above 2x, all on a sustained basis, would lead to a
positive rating action.

About the Company

PSWML, a public limited company, was incorporated in 1979 by Ramesh
Kumar Jain. The company engages in manufacturing of
cotton/synthetic/blended yarn, knitted fabrics and readymade
garments at village Kaprivas Dharuhera, Dist. Rewari, Haryana, and
polyester grey and dyed sewing thread at Kala Amb (Himachal
Pradesh).


PHENIL SUGARS: CRISIL Keeps D Debt Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Phenil Sugars
Limited (Phenil) continue to be 'CRISIL D/CRISIL D Issuer Not
Cooperating'.

                        Amount
   Facilities        (INR Crore)      Ratings
   ----------        -----------      -------
   Bank Guarantee         2           CRISIL D (Issuer Not
                                      Cooperating)

   Funded Interest        9.24        CRISIL D (Issuer Not
   Term Loan                          Cooperating)

   Long Term Loan         0.44        CRISIL D (Issuer Not
                                      Cooperating)

   Working Capital       48.32        CRISIL D (Issuer Not
   Term Loan                          Cooperating)

CRISIL Ratings has been consistently following up with Phenil for
obtaining information through letter and email dated April 19, 2024
among others, apart from telephonic communication. However, the
issuer has remained non cooperative.

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

Detailed Rationale

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

Incorporated in 2003 as Phenil Sugars Pvt Ltd, the company had its
registered office in Mumbai, which was later shifted to Delhi for
better operational efficiency and monitoring. It got converted into
a public-limited company as on April 26, 2013. In October 2004,
Phenil acquired two sugar companies, Govind Nagar Sugar Ltd (GNSL)
and Basti Sugar Mills Co Ltd (BSML) from the Narang group. Both,
GNSL and BSML have been amalgamated with Phenil with effect from
April 1, 2010. Pursuant to a High Court order dated April 19, 2011,
GNSL merged with Phenil and subsequently, according to a High Court
order dated February 20, 2013, BSML merged with Phenil with the
appointed date being April 1, 2010. Phenil has total sugarcane
crushing capacity of 6,000 tonne of cane per day and power
cogeneration capacity of 13.6 megawatt. Entire power generated is
used for captive consumption.


PRAGATI MARINE: CRISIL Keeps D Debt Ratings in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Pragati
Marine Services Private Limited (PMSPL) continue to be 'CRISIL
D/CRISIL D Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)      Ratings
   ----------        -----------      -------
   Bank Guarantee         1           CRISIL D (Issuer Not
                                      Cooperating)

   Cash Credit            3.50        CRISIL D (Issuer Not
                                      Cooperating)

   Proposed Long Term     0.82        CRISIL D (Issuer Not
   Bank Loan Facility                 Cooperating)

   Term Loan              1.68        CRISIL D (Issuer Not
                                      Cooperating)

CRISIL Ratings has been consistently following up with PMSPL for
obtaining information through letter and email dated April 19, 2024
among others, apart from telephonic communication. However, the
issuer has remained non cooperative.

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

Detailed Rationale

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

Established in 2009 by Mr. Amrendra Kumar Singh, PMSPL provides
crew and manning services for the shipping industry. It also leases
tugs, barges, and undertakes dredging contracts. Operations are
managed by the promoter with a team of professionals.


PREMIUM EXPORTS: CRISIL Keeps D Debt Rating in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Premium
Exports (PEX) continues to be 'CRISIL D Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)      Ratings
   ----------        -----------      -------
   Working Capital        8           CRISIL D (Issuer Not
   Facility                           Cooperating)

CRISIL Ratings has been consistently following up with PEX for
obtaining information through letter and email dated April 19, 2024
among others, apart from telephonic communication. However, the
issuer has remained non cooperative.

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

Detailed Rationale

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

PEX is a Government Recognized Star Export House dealing in the
export of all kinds of Food and Agricultural Commodities. The firm
was established in the year, 1988. It offers a wide range of foods
and commodities like Sugar, Rice, Wheat and Allied Products,
Oilseeds, Spices, Pulses, Cattle/ Bird Feeds, Cotton, Frozen/Fresh
Foods and Ready to Eat Foods.


PRICE & BUCKLAND: Ind-Ra Keeps B+ Rating in NonCooperating
----------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained Price & Buckland
(India) Private Limited's instrument(s) rating in the
non-cooperating category. The issuer did not participate in the
surveillance exercise, despite continuous requests and follow-ups
by the agency through emails and phone calls. Therefore, investors
and other users are advised to take appropriate caution while using
the rating. The rating will continue to appear as 'IND B+/Stable
(ISSUER NOT COOPERATING)' on the agency's website.

The detailed rating actions are:

-- INR15 mil. Term loan due on March 31, 2023 maintained in non-
     cooperating category with IND B+/Stable (ISSUER NOT
     COOPERATING) rating; and

-- INR48 mil. Fund based limits maintained in non-cooperating
     category with IND B+/Stable (ISSUER NOT COOPERATING)/IND A4
     (ISSUER NOT COOPERATING) rating.

Note: ISSUER NOT COOPERATING: Issuer did not cooperate; based on
the best available information

Detailed Rationale of the Rating Action

The ratings are maintained in the non-cooperating category in
accordance with Ind-Ra's policy of Issuer Non-Cooperation.

Non-Cooperation by the Issuer

Ind-Ra has not received adequate information and has not been able
to conduct management interaction with Price & Buckland (India)
Private Limited while reviewing the rating. Ind-Ra had consistently
followed up with Price & Buckland (India) Private Limited over
emails, apart from phone calls.

Limitations regarding Information Availability

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

About the Company

Price & Buckland (India) was established in 2010 as a private
company, with Naveen Thapliyal, Nick Buckland and Ant Buckland as
the promoters. The company is a subsidiary of Price & Buckland Ltd
– an established British brand for premium school wear.



RASHTRIYA ISPAT: Ind-Ra Affirms BB+ Bank Loan Rating
----------------------------------------------------
India Ratings and Research (Ind-Ra) has revised the Outlook on
Rashtriya Ispat Nigam Limited's (RINL) bank facilities to Stable
from Positive while affirming the rating at 'IND BB+'.

The detailed rating actions are as follows:

-- INR2,548.5 bil. (reduced from INR112,798.5 bil.) Fund-based
     working capital limits affirmed; Outlook revised to Stable
     from Positive with IND BB+/Stable/IND A4+ rating;

-- INR34.0 bil. Non-fund-based working capital limits affirmed
     and withdrawn;

-- INR6.0 bil. Non-fund-based limits affirmed and withdrawn; and

-- INR5,775.9 bil. (reduced from INR114,750.3 bil.) Term loans
     due on August 2028 affirmed; Outlook revised to Stable from
     Positive with IND BB+/Stable

*Affirmed at IND A4+ before being withdrawn
#Affirmed at 'IND BB+' with the Outlook being revised to Stable
from Positive before being withdrawn

Analytical Approach

To arrive at the ratings, Ind-Ra continues to assess the standalone
profile of the company along with an implicit support from the
government of India's (GoI) parentage for RINL, owing to the
company being a Navratna public sector undertaking (PSU) and a
systemically important entity.

Detailed Rationale of the Rating Action

The Outlook revision reflects RINL's interest coverage remaining
below 1.75x along with lower-than-expected EBITDA/ton (t) for FY23
and FY24, leading to the stretched liquidity position. Ind-Ra
expects the interest coverage to remain below 1.75x along with
lower EBITDA/t over the medium term.

The affirmation reflects enhanced indirect financial and
operational support from the GoI, improved capacity utilizations
exhibited in FY24 and the materialization of the monetization of
its non-core assets by concluding the sales transaction with the
ministry of railways for the rail wheel plant and auctioned sale of
its non-core land parcels.

Historically, RINL has been successfully refinancing its debt
obligations, supported by its strong GoI's parentage. However, the
company's financial viability is dependent on refinancing. The
developments regarding the GoI's stated intention to fully divest
its stake in RINL shall remain a key rating monitorable.

Ind-Ra is no longer required to maintain the ratings for INR34,000
million non-fund based working capital limits and INR6,000 million
for non-fund-based limits, as the agency has received no-objection
certificates from all lenders. This is consistent with Ind-Ra's
Policy on Withdrawal of Ratings.

List of Key Rating Drivers

Weaknesses

Increased EBITDA losses despite slight improvement in revenue in
FY24
Stretched credit metrics
GoI disinvestment to impact financial flexibility
High margin volatility

Strengths

Debt-funded capex to continue
Refinancing requirements
Enhanced GoI support
Diversification in supply chain

Detailed Description of Key Rating Drivers

Increased EBITDA Losses despite Slight Improvement in Revenue in
FY24: As per the provisional numbers of FY24, RINL reported an
EBITDA loss of INR19,084 million (FY23: loss of INR6,063 million;
FY22: INR31,810 million) with the EBITDA margins of negative 8.22%
(negative 2.66%; positive 11.22%), led by an increase in raw
material prices, inventory losses and lower realizations. Its
4QFY24 EBITDA loss was highest among all the quarters. However,
RINL's revenue improved 2% in FY24 due to increased volumes despite
a fall in blended realizations. The capacity utilizations for
liquid steel increased to 73.1% in FY24 (FY23: 68.6%; FY22: 87.6%)
and the sales volume for saleable steel increased 7% (decrease of
6%; FY22: 31%), supported by the third blast furnace which started
operations in 4QFY24.

The captive power support increased to 62% in FY24 (FY23: 59%;
FY22: 81%); however, it remained low compared to its average
captive power support of 85%-90% due to coal shortages and lower
utilizations. Lower captive power support led to increased power
purchases from the state grid at higher per unit costs.   

Coking coal prices have witnessed a gradual decrease 2QFY23 onwards
and remained stable since then; furthermore, the capacity
utilization improved qoq to 79.3% in 4QFY24 (3QFY24: 70.9%; 2QFY24:
76.3%). However, the EBITDA/t declined in FY24 to negative 4,511/t
(FY23: negative 1,600/t; FY22: 6,003/t; FY21: 2,736/t). Ind-Ra
expects the losses to narrow and gradually turn positive with
overall EBITDA/t over FY25-FY26 to be at INR500-1,000/t, factoring
in stable raw material prices, better control over supply of raw
materials, cost efficiency improvement measures and enhanced
support on working capital management. However, the cash flows
generated would still be insufficient to reduce its gross debt
substantially in the medium term.

Stretched Credit Metrics: In FY24, the company's credit metrics
remained weak, due to the incurring of EBITDA loss. The gross
interest coverage (EBITDA/gross interest) remained negative 0.89x
in FY24 (FY23: negative 0.35x; FY22: positive 2.06x; FY21: positive
0.80x) and the net leverage (debt-cash/EBITDA) remained negative
9.75x (negative 33.76x; positive 5.40x; positive 17.33x).
Considering that the gross debt levels continue to be high and
unsustainable, the agency believes RINL's credit metrics would
remain stretched for at least three-to-four years until the
capacity utilization ramps up to 85%-90% along with timely
monetization of the non-core assets.

GoI Disinvestment to Impact Financial Flexibility: RINL is a
Navratna central public sector enterprise (CPSE) under the ministry
of steel, GoI (100% holding as on 31 March 2024). RINL has received
the board's approval to borrow up to INR140,000 million for working
capital purposes and INR150,000 million for capex. Also, as a
Navratna CPSE, RINL has access to centralized raw material
procurement channels and has been receiving support from banks;
this is evident from public sector banks taking unsecured exposure
(around INR4,565 million as of March 2024) in the company. Given
the company's 100% GoI ownership, the ratings factor in the strong
probability of financial and operational support to RINL due to its
parentage, as and when required. However, with the proposed
disinvestment announced in January 2021, RINL shall lose its CPSE
status and the associated benefits. There is no information
available as of now on the progress of the disinvestment plan with
regards to the prospective investors or the timeline. However, RINL
is in the process of turning around the operations of the company.


The monetization of non-core assets, the disinvestment process and
associated positive developments shall be critical for the credit
profile of RINL. Nevertheless, the company's scale of operations
and established market position as a manufacturer of long steel
products that cater to the construction segment shall support the
ratings.

RINL concluded the sales transaction with the ministry of railways
with a transaction value of INR17,883.8 million received fully till
date which was largely utilized towards reducing its debt
obligations. RINL has also auctioned and sold five acres of
non-core land at INR2,430 million and received up to INR500 million
till April 2024 and the balance of INR1,930 million likely be
received by the end of 1QFY25. After the announcement of the
election results, the company would proceed with the auction of the
balance land parcels which would support RINL's liquidity. The
company is also planning to lease available land parcels which is
likely to support liquidity further.

High Margin Volatility: Being a partially integrated player, RINL's
margins are vulnerable to volatility in raw material prices. The
company's ability to pass on an increase in raw material prices
remains limited due to moderate share of commoditized offerings in
its product mix and the high competition in the sector.
Furthermore, high fixed costs and constrained working capital amid
rising prices have restricted the achievement of viable capacity
utilizations. The impact of the same is evident in the historically
volatile EBITDA margins. However, the agency believes the
volatility might reduce over the medium term if there is any
improvement in the company's ability to negotiate with its
suppliers, though this would be subject to an expansion in the
scale of operations, improved cost efficiencies and an increase in
the share of value-added products in the product mix. The share of
finished steel sales in the overall sales mix was 88% in FY24
(FY23: 92%; FY22: 73%; FY21: 69%).  

Debt-funded Capex to Continue: RINL planned a total capex of INR254
billion since 2010, of which around INR234 billion shall be
completed by FYE24 and around INR10 billion is likely to be
executed over FY25-FY26. The capex has been primarily directed
towards the revamping of the existing 3 million tons per annum
(mtpa) plant, enhancing the capacity to 6.3mtpa, and the
enhancement of another 1mtpa, which shall take the company's total
capacity to 7.3mtpa. RINL is likely to achieve the full capacity by
end of FY26 as against earlier expectation of mid-FY25.  

The company plans to incur capex of around INR5,700 million and
INR3,930 million over FY25 and FY26, respectively. The capex would
be aimed towards the coke oven batter which would assist in
improving the cost efficiency of the plants by reducing the input
of coking coal required and regular maintenance of the machineries.
According to the management, at end-April 2024, unutilized limits
of capex stood at INR13,905.9 million out of the total sanctioned
limits of INR104,567.8 million (approved limit INR150,000 million).
A sustained improvement in the capacity utilizations along with an
improvement in techno-economic parameters shall be critical to
yield benefits in terms of operating leverage.  

Refinancing Requirements: At end-March 2024, RINL had an unused
fund-based working capital limit of INR14,332 million and cash and
equivalents of around INR197 million. For FY25, the company's
repayment requirements stood at INR17,598 million towards principal
repayment and around INR19,702 million towards interest dues.
Considering the insufficiency of internal accruals, the agency
believes the repayment obligations shall be predominantly met by
rollovers/refinancing/monetization of non-core assets. Ind-Ra
believes the company will be able to refinance these requirements,
given its strong parentage – the GoI – until disinvestment.
Furthermore, the agency expects RINL's debt service coverage ratio
to remain less than 1x in FY25-FY26, due to improved-but-moderate
EBITDA earnings.

Enhanced GoI Support: Over the past one year, RINL, with the
support of GoI, has arranged for enhanced financial and operational
support within the PSU network for enhanced suppliers' credit, bill
discounting facilities, additional coal linkages, and making a
temporary arrangement of idle coking coal stock, tapping from other
PSUs for efficient inventory management. Furthermore, with its
parentage, RINL has been able to negotiate an increase in its
creditor period to around 100 days (FY24: 91 days; FY23: 88 days),
which aids in lower working capital requirement.  These measures
have helped RINL tide over the EBITDA loss. Moreover, additional
sources of coal and iron ore are being developed as RINL's
subsidiary/PSU joint ventures are in the process of ramping up
extraction from the captive mines.

Diversification in Supply Chain: On April 12, 2024, the workers at
the Gangavaram port started a protest, leading to all the three
blast furnaces operating at sub-optimal levels in the last week of
April 2024. On May 16, 2024, the protest was called off, leading to
RINL's blast furnace capacity utilizations likely improving by
end-May 2024.

As RINL was 100% dependent on Gangavaram port for its imports, the
operations were significantly impacted due to the strike. However,
during the protest, RINL shifted some import volumes to Vizag port
which is 35 kms away from the plant. The management stated that the
company would diversify its import sources equally between
Gangavaram port and Vizag port gradually. Ind-Ra expects this to
diversify and strengthen RINL's supply chain in order to ensure
smooth imports.

Liquidity

Stretched: Ind-Ra expects RINL's core liquidity to remain stretched
over FY25-FY26 owing to low EBITDA profits against significantly
high debt repayment obligations. In the past, the company's losses
were funded by additional short-term borrowings, which mounted
significantly over FY17-FY20. The average utilization of the merged
working capital limits (fund-based and non-fund-based limits)
against the sanctioned limits remained at around 89% during the 12
months ended March 2024. Furthermore, as on March 31, 2024, the
free cash balances were around INR197 million (FYE23: INR27
million; FYE22: INR41 million; FYE21: INR371 million). Despite
EBITDA loss over FY23-FY24, RINL managed the working capital cycle
by increasing the payable days.  RINL also had sanctioned corporate
loans of INR4,000 million towards capex requirements; however, the
limit remained undisbursed as of May 2024.

Rating Sensitivities

Negative: Lower-than-estimated sales volumes and/or
lower-than-estimated EBITDA/t and/or a significant delay in the
monetization plans, leading to the interest coverage remaining
below 1.25x, on a sustained basis, and continued stretched
liquidity position would be negative for the ratings. Additionally,
any weakening of linkages with the GoI could lead to a negative
rating action.

Positive: An improvement in the liquidity position and the net cash
cycle and higher operational profitability along with reduction in
net debt levels, leading to the interest coverage exceeding 1.75x,
on a sustained basis, could lead to a positive rating action.

About the Company

RINL is a Navratna CPSE under the ministry of steel. Established in
1982, the company has its registered office at Visakhapatnam,
Andhra Pradesh. It is an integrated manufacturer of long steel
products, with a liquid steel manufacturing capacity of around
6.3mtpa. It also has a 541.6MW captive power plant (capable to meet
100% of the requirement; met 62% requirement in FY24).



RITE DEVELOPERS: Liquidation Process Case Summary
-------------------------------------------------
Debtor: M/s. Rite Developers Private Limited
Shop No. 27, 1st Floor,
        Rite Bills Kandivali Dattatray CHSL,
        Dhanukarwadi, Kandivali
        Mumbai, Maharashtra-400067 India

Liquidation Commencement Date: April 29, 2024

Court: National Company Law Tribunal, Mumbai Bench-IV

Liquidator: Mr. Nilesh Rajendra Kothari
     A703, Iskon Riverside, Near Shelaleikh Society,
            Shahibaug, Ahmadabad, Gujarat-380004
            Email: ca.nkothari@gmail.com
            Email: cirp.ritedevelopers@gmail.com

Last date for
submission of claims: June 3, 2024


SHIVRIS RESOURCES: Insolvency Resolution Process Case Summary
-------------------------------------------------------------
Debtor: SHIVRIS RESOURCES PRIVATE LIMITED
5th Floor Bhupati Chambers 13,
        Mathew Road Mumbai 400004

Insolvency Commencement Date: May 6, 2024

Estimated date of closure of
insolvency resolution process: October 31, 2024

Court: National Company Law Tribunal, Mumbai Bench

Insolvency
Professional: Mr. Uday Shreeram Sakrikar
       303 Rahul Vihar A, Lane Nos 8,
              Dahanukar Colony Kothrud,
              Pune 411038
              Email: ipudaysakrikar@gmail.com
              Email: ipshivris@gmail.com

Last date for
submission of claims: May 20, 2024



SUNBEAM DEALERS: CRISIL Lowers Rating on INR10cr Cash Loan to D
---------------------------------------------------------------
CRISIL Ratings has downgraded its rating of Sunbeam Dealers Pvt Ltd
(SDPL) to 'CRISIL D Issuer Not Cooperating' from 'CRISIL B+/Stable
Issuer Not Cooperating'

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit             10        CRISIL D (ISSUER NOT
                                     COOPERATING; Downgraded from
                                     'CRISIL B+/Stable ISSUER NOT
                                     COOPERATING)

CRISIL Ratings has been consistently following up with SDPL,
seeking information through letter and email dated March 15, 2024,
August 25, 2023 among others, apart from telephonic communication.
However, the issuer has remained non-cooperative.

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

Detailed rationale

Despite repeated attempts to engage with the management, CRISIL
Ratings has failed to receive any information on either the
financial performance or strategic intent of SDPL, which restricts
the ability to take a forward-looking view on the credit quality of
the entity. The company has remained non-cooperative since 2017.
CRISIL Ratings believes the information available on SDPL is
consistent with 'Assessing Information Adequacy Risk'.

Based on the last available information, CRISIL Ratings has
downgraded its rating to 'CRISIL D Issuer Not Cooperating' from
'CRISIL B+/Stable Issuer Not Cooperating' as the conduct of the
account has been irregular.

SDPL established in 2013 is engaged in the trading of in trading of
cotton, synthetic and grey fabrics. The company is promoted by Mr.
Amit Sarawgi & Ms Swati Sarawgi and it is based out in Ranchi,
Jharkhand.


SVARRNIM INFRASTRUCTURES: Ind-Ra Cuts Bank Loan Rating to D
-----------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded Svarrnim
Infrastructures Private Limited's bank loan rating to 'IND D
(ISSUER NOT COOPERATING)' from 'IND B+ (ISSUER NOT COOPERATING)'
while maintaining it in the non-cooperating category. The issuer
did not participate in the rating review despite continuous
requests and follow-ups by the agency. The rating is based on the
best available information. Therefore, investors and other users
are advised to take appropriate caution while using the rating.

The instrument-wise rating actions are:

-- INR50 mil. Fund-based working capital limit (Long term/Short
     term)* downgraded with IND D (ISSUER NOT COOPERATING) rating;

     and

-- INR247.5 mil. Non-fund-based working capital limit (Short
     term)* downgraded with IND D (ISSUER NOT COOPERATING) rating.

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

Detailed Rationale of the Rating Action

The downgrade reflects delays in debt servicing by Svarrnim
Infrastructures. Ind-Ra has relied on information available in the
public domain. However, Ind-Ra has not been able to ascertain the
reason for the delays, as the company has been non-cooperative.

The ratings continue to be maintained in the non-cooperating
category in accordance with Ind-Ra's Guidelines on What Constitutes
Non-Cooperation.

Non-Cooperation by the Issuer

Ind-Ra has not received adequate information and has not been able
to conduct management interaction with Svarrnim Infrastructures
while reviewing the ratings. Ind-Ra had consistently followed up
with Svarrnim Infrastructures over emails starting from June 24,
2021, apart from phone calls. The issuer has also not been
submitting their monthly no default statement.

Limitations regarding Information Availability

Ind-Ra is unable to provide an updated forward-looking view on the
credit ratings of Svarrnim Infrastructures, as the agency does not
have adequate information to review the ratings. If an issuer does
not provide timely business and financial updates to the agency, it
indicates weak governance, particularly in 'Transparency of
Financial Information'. The agency may also consider this as
symptomatic of a possible disruption / distress in the issuer's
credit profile. Therefore, investors and other users are advised to
take appropriate caution while using these ratings. Svarrnim
Infrastructures has been non-cooperative with the agency since June
24, 2021.

About the Company

Established in February 2010, Svarrnim Infrastructures undertakes
civil construction work mainly for government organizations. The
company has its registered office in Delhi.

[*] INDIA: Pre-pack Insolvency a Success for Five Companies
-----------------------------------------------------------
The Economic Times reports that the Pre-packaged Insolvency
Resolution Process (PPIRP) has resulted in the full settlement of
operational creditors' claims in five cases.

They are - Amrit India, Sudal Industries, Shri Rajasthan Syntex,
Enn Tee International and GCCL Infrastructure and Projects, ET
discloses.

According to ET, the government enacted the Insolvency and
Bankruptcy Code (IBC) in August 2021 and introduced the PPIRP for
micro, small and medium enterprises. According to the newsletter of
the Insolvency and Bankruptcy Board of India (IBBI), these five
cases resulted in a 25% realisation.

The concept of pre-packaged insolvency involves the debtor and its
creditors negotiating and agreeing on a resolution plan before
initiating the formal insolvency process, ET notes.

"In any functional unit, apart from formal credit, the credit line
extended by operational creditors plays a crucial role. The motto
of IBC is to balance the interests of all stakeholders. The fact
that all five cases resolved under pre-pack ensured full payment of
operational creditors' claims is notable and reinforces the
principle of fair and equitable treatment," ET quotes Hari Hara
Mishra, CEO of the Association of ARCs in India, as saying.

Once approved by the creditors, the pre-packaged resolution plan is
submitted to the National Company Law Tribunal (NCLT) for approval.
It is similar to an out-of-court settlement process.

ET relates that the debtor and creditor work on a draft resolution
plan before formally initiating the insolvency process. Once
finalised and approved by the required majority of creditors, the
plan is submitted to NCLT.

The pre-packaged insolvency process is initiated voluntarily by the
debtor. Since the resolution plan is negotiated and finalised
before filing with NCLT, it reduces the time taken for resolution
compared to the corporate insolvency resolution process, with
minimal disruptions, ET notes.




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

LIPPO KARAWACI: Fitch Lowers IDR to 'CCC', Placed on Watch Negative
-------------------------------------------------------------------
Fitch Ratings has downgraded Indonesia-based developer PT Lippo
Karawaci Tbk's (LPKR) Long-Term Issuer Default Rating (IDR) to
'CCC' from 'CCC+'. Fitch has also downgraded the ratings on LPKR's
US dollar notes due January 2025 and October 2026 issued by Theta
Capital Pte. Ltd. to 'CCC' from 'CCC+' with a Recovery Rating of
'RR4'.

Fitch Ratings Indonesia has simultaneously downgraded LPKR's
National Long-Term Rating to 'B-(idn)' from 'B+(idn)'. All ratings
have been placed on Rating Watch Negative (RWN).

The downgrade reflects Fitch's view that LPKR's proposed tender
offer, combined with consent solicitation, constitutes a distressed
debt exchange (DDE). Fitch believes that the transaction is being
conducted to avoid a default on the US dollar notes, taking into
consideration LPKR's unsustainable liquidity profile.

The RWN reflects the possibility that LPKR's ratings could be
downgraded to 'C', which is in line with Fitch's DDE criteria. It
also reflects the uncertainty that a majority of noteholders by
outstanding principal may not consent to the proposed waivers.
Fitch expects to resolve the RWN when the consent solicitation
process is completed.

B' National Ratings denote a significantly elevated level of
default risk relative to other issuers or obligations in the same
country or monetary union.

KEY RATING DRIVERS

Considered a DDE: The combination of a tender offer plus consent
solicitation makes LPKR's proposal a DDE, in its view. The proposed
unmodified Dutch auction process sets minimum tender prices at
discounts to par. The minimum tender price, including a consent fee
of USD5 for each USD1,000 of note principal, is USD965 per USD1,000
for the 2025 notes and USD895 per USD1,000 for the 2026 notes.

The offer is combined with consent solicitation to allow LPKR to
sell 10.4% of a restricted subsidiary, PT Siloam International
Hospitals Tbk (SILO). The company expects the sale to raise about
USD245 million. LPKR requires the consent of a majority of the 2025
noteholders and over two-thirds of the 2026 noteholders. Upon the
disposal, SILO will cease to be a restricted subsidiary.

Tender Offer Necessary: Fitch believes the tender offer is
unavoidable with the impending maturity of LPKR's January 2025
notes as alternative options are limited. Refinancing with bank
loans is less likely as they would typically be secured with
collateral and contain amortisation requirements. The amortisation
would add pressure to LPKR's near-term cash flow.

The completion of the tender offer may retire a majority of LPKR's
2025 notes, depending on the distribution of the proceeds. It would
reduce, but not eliminate, refinancing risk in the near term. LPKR
also has USD194.7 million in notes maturing in October 2026.

Weak Holdco Interest Coverage: LPKR's holding-company (holdco)
liquidity will remain under pressure even if the tender offer
successfully reduces total debt. The holdco's debt-servicing
requirements have increased given its expectation of a higher
interest rate environment and a weakening rupiah to the US dollar.
Fitch estimates the holdco's EBITDA interest coverage will be less
than 1.5x from 2024 to 2026.

Some Unencumbered Land Bank: LPKR has some unencumbered assets.
Excluding land inventory booked under its subsidiary, PT Lippo
Cikarang Tbk (LPCK), LPKR had around IDR13.5 trillion of land at
book value that is mostly unpledged. LPKR pledged a book value of
IDR1.25 trillion of land as security for syndication loans it
obtained for the tender offer of its capital-market debt in January
2023.

Steady Pre-Sales, Improving FCF: Consolidated marketing pre-sales
of IDR1.5 trillion in 1Q24 represent 28% of its 2023 target of
IDR5.4 trillion and a 24 % increase year on year. Fitch expects
free cash flow (FCF) to turn positive to around IDR200 billion in
2024 (2023: negative IDR287 billion).

Rating Based on Standalone Profile: Fitch assesses LPKR's rating
based on the standalone company and closely held subsidiaries, and
exclude its key listed subsidiaries, LPCK and SILO. This is to
reflect limited cash fungibility between LPKR and its listed
subsidiaries, while LPKR is the obligor of most of the consolidated
group's debt.

DERIVATION SUMMARY

LPKR's ratings reflect its unsustainable liquidity profile as well
as the tender offer and concurrent consent solicitation.

PT Agung Podomoro Land Tbk's (APLN) Long-Term IDR of 'CC' reflects
its view that some kind of default is probable on its USD132
million unsecured notes due June 2024. APLN terminated a proposed
tender offer to buy back part of the unsecured notes in November
2023 and is seeking alternatives options as it negotiates with its
noteholders, but repayment options are diminishing. The November
2023 termination underscores APLN's limited appetite and ability to
repay the notes.

APLN has two unpledged properties remaining, valued at around
IDR3.1 trillion (USD195 million), which is based on the company's
share. These assets could be sold or pledged as collateral against
a new loan, but Fitch thinks APLN's partial ownership of these
assets exposes both of these options to material execution risk.

PT Kawasan Industri Jababeka Tbk's (KIJA) Long-Term IDR of 'B-'
reflects its view of its improved liquidity such that its cash and
equivalents will remain steady over the medium term, despite rising
loan amortisations. This is supported by neutral-to-positive FCF
and improved access to domestic banks that Fitch believes the
company may use to fund capex and construction costs as required.

However, KIJA's cash balance could deplete unless the company
regains access to new financing to fund near-term debt maturities.
KIJA's contracted sales will remain small with exposure to cyclical
industrial land sales, counterbalanced by improving non-development
cash flow from its power plant, dry port and estate-management
services, covering its interest expense.

KEY ASSUMPTIONS

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

- Pre-sales, excluding bulk land at standalone level, of IDR3.5
trillion-3.7 trillion a year over 2024-2026;

- FCF improves to IDR200 billion in 2024 and IDR500 billion in 2025
from a gap of IDR300 billion in 2023;

- Dividend income from key subsidiaries of IDR180 billion-250
billion a year in 2024-2026;

- Neutral EBITDA from recurring-income businesses, such as hotels,
malls and property management by 2024.

RECOVERY ANALYSIS

Recovery Rating Assumptions:

- LPKR, excluding SILO, Lippo Malls Indonesia Retail Trust (LMIRT,
C) and LPCK, will be liquidated during bankruptcy because it is
primarily an asset-trading company;

- 10% administrative claims;

- A 25% haircut on trade receivables, in line with domestic and
regional peers;

- A 50% haircut on the book value of adjusted inventory, in line
with domestic and regional peers;

- A 50% haircut on net property, plant and equipment;

- Proceeds from the disposal of LPKR's 58% share of SILO and 47%
share of LMIRT will be available during a liquidation. Fitch used
SILO's share price (IDR2,560) and LMIRT's unit price (SGD0.0012) on
20 May 2024 as the basis to calculate the recovery value from both
entities' shares.

- A 60% haircut on SILO's and LMIRT's market value given LPKR's
substantial stake;

Fitch estimates, based on its calculation of the adjusted
liquidation value after administrative claims, the recovery rate of
the senior unsecured bonds to be 100%, which corresponds to a
Recovery Rating of 'RR2'. However, Fitch has rated the senior
unsecured bonds 'CCC'/'RR4' because Indonesia falls into Group D of
creditor-friendliness under its Country-Specific Treatment of
Recovery Ratings Criteria and the instrument ratings of issuers
with assets in this group are subject to a soft cap at 'RR4'.

RATING SENSITIVITIES

Factors that could, individually or collectively, lead to positive
rating action/upgrade:

- Positive rating action is unlikely until the company can improve
liquidity and resolves the near-term maturities.

Factors that could, individually or collectively, lead to negative
rating action/downgrade:

- Success of the consent solicitation to allow for the sale of the
SILO stake that would pave the way for the execution of the tender
offer, which Fitch considers a DDE. In this case, based on Fitch's
criteria, Fitch expects to downgrade the IDR to 'C' once
bondholders agree and set a date for the debt exchange.

- Fitch could also downgrade LPKR's IDR if the tender offer and
consent solicitation do not go through.

LIQUIDITY AND DEBT STRUCTURE

Unsustainable Liquidity: LPKR's proposed tender offer and consent
solicitation will only partly address its unsecured notes due
January 2025 and October 2026. Fitch believes that a majority of
the January 2025 notes may be redeemed, depending on how the
proceeds from the proposed SILO sale will be used. For LPKR's
outstanding notes, it will have to rely on additional bank debt or
the sale of assets to fund their maturities, as the holdco's cash
(1Q24: IDR1.34 trillion) and cash flow from subsidiaries will be
insufficient.

ISSUER PROFILE

LPKR is an Indonesia-based homebuilder with over 1,000 hectares of
land bank, which the company says is sufficient for more than a
decade of development. It also has a small portfolio of investment
properties consisting of retail malls and hotels, and a property
and portfolio management business

ESG CONSIDERATIONS

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

   Entity/Debt           Rating           Recovery   Prior
   -----------           ------           --------   -----
PT Lippo
Karawaci Tbk    Natl LT   B-(idn)Downgrade           B+(idn)
                LT IDR    CCC    Downgrade           CCC+
                LC LT IDR CCC    Downgrade           CCC+

   senior
   unsecured    LT        CCC    Downgrade   RR4     CCC+

Theta Capital
Pte. Ltd.

   senior
   unsecured    LT        CCC    Downgrade   RR4     CCC+



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

BUILT BY DAN: Court to Hear Wind-Up Petition on June 6
------------------------------------------------------
A petition to wind up the operations of Built By Dan Limited will
be heard before the High Court at Auckland on June 6, 2024, at
10:00 a.m.

The Commissioner of Inland Revenue filed the petition against the
company on April 10, 2024.

The Petitioner's solicitor is:

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


COLDMASTER PRODUCTS: Commences Wind-Up Proceedings
--------------------------------------------------
Members of Coldmaster Products Limited on May 22, 2024, passed a
resolution to voluntarily wind up the company's operations.

The company's liquidator is:

          Grant Bruce Reynolds
          Reynolds & Associates Limited
          PO Box 259059
          Botany
          Auckland 2163


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

Iain Bruce Shephard and Jessica Jane Kellow of BDO Wellington were
appointed liquidators of the company by Order of the High Court at
Auckland on May 20, 2024 upon the application of Z Energy 2015
Limited.


SAINT RENTALS: Creditors' Proofs of Debt Due on June 11
-------------------------------------------------------
Creditors of Saint Rentals Limited and Villa Valentin NZ Limited
are required to file their proofs of debt by June 11, 2024, to be
included in the company's dividend distribution.

The company commenced wind-up proceedings on May 24, 2024.

The company's liquidator is:

          Richard Anthony Johnston
          Level 1
          One Jervois Road
          Auckland
          Email: rjohnston@jacal.co.nz


SWAN ENGINEERING: Creditors' Proofs of Debt Due on June 21
----------------------------------------------------------
Creditors of Swan Engineering Limited are required to file their
proofs of debt by June 21, 2024, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on May 21, 2024.

The company's liquidators are:

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




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

BAVARIAN MARQUES: Court to Hear Wind-Up Petition on June 14
-----------------------------------------------------------
A petition to wind up the operations of Bavarian Marques Pte Ltd
will be heard before the High Court of Singapore on June 14, 2024,
at 10:00 a.m.

Maybank Singapore Limited filed the petition against the company on
May 21, 2024.

The Petitioner's solicitors are:

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



FACTORY OUTLET: Court Enters Wind-Up Order
------------------------------------------
The High Court of Singapore entered an order on May 17, 2024, to
wind up the operations of Factory Outlet Concept Pte Ltd (formerly
known as Picket & Rail Holdings Pte Ltd).

Singapore G Pte Ltd filed the petition against the company.

The company's liquidators are:

          Mr. Abuthahir s/o Abdul Gafoor
          Ms. Yessica Budiman
          AAG Corporate Advisory
          144 Robinson Road, #14-02
          Robinson Square
          Singapore 068908


ONETWO HOLDINGS: Court to Hear Wind-Up Petition on June 14
----------------------------------------------------------
A petition to wind up the operations of Onetwo Holdings Pte Ltd
will be heard before the High Court of Singapore on June 14, 2024,
at 10:00 a.m.

Maybank Singapore Limited filed the petition against the company on
May 21, 2024.

The Petitioner's solicitors are:

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




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

SRI LANKA: Central Bank Holds Rates to Manage Inflation
-------------------------------------------------------
Reuters reports that Sri Lanka's central bank held interest rates
steady on May 28 to ensure inflation pressures remain in check as
authorities look to foster economic stability and lift growth
following the South Asian nation's worst financial crisis in
decades.

The Central Bank of Sri Lanka (CBSL) kept the Standing Deposit
Facility Rate at 8.50% and the Standing Lending Facility Rate at
9.50%, it said in a statement.

The decision surprised some in the market as eight out of 15
economists and analysts polled by Reuters had projected rates to be
cut by 50 basis points.

Sri Lanka's key annual inflation rate was at 1.5% in April, down
from 6.4% at the start of the year, and prices appear well
anchored, the central bank said in a statement, Reuters relays.

"Incoming data suggests that headline inflation is likely to be
below the targeted level of 5 per cent in the upcoming months due
to the combined impact of the administered price adjustments and
eased food prices, although some upside risks remain," the central
bank said.

CBSL reduced rates by 50 bps in March as it continued an easing
cycle that has seen rates drop by 700 bps since June, partially
reversing the 1,050 bps in increases made since April 2022 when the
economy plunged into crisis.

Space remains for market lending interest rates to decline further
given the prevailing accommodative monetary policy stance, the CBSL
said, reiterating to lenders the need to pass on the benefits of
lower rates to borrowers without further delay, according to
Reuters.

"The weighted average lending rate need to adjust more. That is
what will assist people to borrow. Its clear the central bank wants
private sector credit to expand to boost growth," said Udeeshan
Jonas, chief strategist at equity research firm CAL Group.

Sri Lanka's economy is expected to grow 3% in 2024 after Colombo
secured a $2.9 billion lending programme from the International
Monetary Fund (IMF) last March, Reuters adds.

                           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
to be reliable, but is not guaranteed.

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