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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

          Friday, May 31, 2024, Vol. 27, No. 110

                           Headlines



A U S T R A L I A

ADCON ACT: First Creditors' Meeting Set for June 4
AESTHETICS AUS: HPS Corporate Marks $57MM Loan at 37% Off
AQUA STAR: First Creditors' Meeting Set for June 4
ASDAM OPERATIONS: HPS Corporate Marks $3.6MM Loan at 36% Off
ASDAM OPERATIONS: HPS Corporate Marks $41.5MM Loan at 36% Off

JOSCLI PTY: First Creditors' Meeting Set for June 6
MELBOURNE REBELS: Axed From 2025 Super Rugby Pacific
MINISO AUSTRALIA: Collapses Into Administration Again
SURROUNDING AUSTRALIA: First Creditors' Meeting Set for June 3
SYDNEY STRATA: First Creditors' Meeting Set for June 6



C H I N A

JD HEALTH: Shuts Family Doctor Unit After Three Years of Losses
[*] CHINA: Mainland Tycoons Sell Hong Kong Properties at Cut Price


H O N G   K O N G

TELEVISION BROADCASTS: Shareholding Changes Approved


I N D I A

BALAJI INDUSTRIES: CARE Keeps C Debt Rating in Not Cooperating
DURGASHREE CASHEWS: CARE Keeps D Debt Rating in Not Cooperating
GLOBAL ENETWORKS: CARE Lowers Rating on INR0.95cr LT Loan to B
IL&FS TAMIL: ICRA Keeps D Debt Ratings in Not Cooperating
INDURE PRIVATE: ICRA Keeps D Debt Ratings in Not Cooperating

MAYUR LEATHER: CARE Keeps D Debt Ratings in Not Cooperating
OYSTER STEEL: CARE Keeps D Debt Ratings in Not Cooperating
PRESIDENCY EXPORTS: ICRA Keeps D Debt Ratings in Not Cooperating
RADIUS ESTATE: NCLAT Upholds Adani Goodhomes Bid With 93% Haircut
RAJ KUMAR: ICRA Keeps B+ Debt Rating in Not Cooperating Category

RAJALAXMI EDUCATION: ICRA Keeps B+ Debt Rating in Not Cooperating
SHIV VEGPRO: ICRA Keeps B+ Debt Rating in Not Cooperating
SHRIGEE AGRO: CARE Upgrades Rating on INR42cr LT Loan to B-
SIDDHI INDUSTRIES: ICRA Lowers Rating on INR6.0cr LT Loan to D
SPICEJET LTD: Engine Lessor Moves Insolvency Plea Over Arrears

SUPREME & COMPANY: CARE Keeps D Debt Ratings in Not Cooperating
TALWALKARS BETTER: CARE Keeps D Debt Ratings in Not Cooperating
TALWALKARS HEALTHCLUBS: CARE Keeps D Ratings in Not Cooperating
TEXOOL LIMITED: CARE Keeps D Debt Ratings in Not Cooperating
TIRUPATI COTTON: ICRA Keeps B+ Debt Ratings in Not Cooperating

VIKAS KRISHI: ICRA Keeps B+ Debt Rating in Not Cooperating
VIR ELECTRO: ICRA Keeps D Debt Ratings in Not Cooperating
XRBIA DEVELOPERS: ICRA Keeps D Debt Ratings in Not Cooperating


J A P A N

RAKUTEN GROUP: S&P Alters Outlook to Stable, Affirms 'BB' ICR


M A L A Y S I A

SINO GREEN: Losses Raise Going Concern Doubt


N E W   Z E A L A N D

CANNASOUTH LIMITED: Watershed Meeting Scheduled for June 7
DIESEL NORTH: Creditors' Proofs of Debt Due on July 25
ELIZA'S HOLDINGS: Creditors' Proofs of Debt Due on June 15
MOLONEY & MOLONEY: Court to Hear Wind-Up Petition on June 27
WHAKATANE HI: Court to Hear Wind-Up Petition on June 11

WILSON PLASTERING: Creditors' Proofs of Debt Due on July 12


P H I L I P P I N E S

PHILIPPINE TELEGRAPH: Miguel Marco O. Bitanga Quits as COO


S I N G A P O R E

AI LEARNING: HPS Corporate Marks $44MM Loan at 27% Off
CORDLIFE GROUP: MOH Extends Company's Suspension by Up to 3 Months
GRAB HOLDINGS: Moody's Affirms B2 CFR, Alters Outlook to Positive
MONTVIEW INVESTMENTS: Creditors' Proofs of Debt Due on July 1
SINBUN TRADING: Court Enters Wind-Up Order

ZIPMEX ASIA: Commences Wind-Up Proceedings

                           - - - - -


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

ADCON ACT: First Creditors' Meeting Set for June 4
--------------------------------------------------
A first meeting of the creditors in the proceedings of Adcon ACT
Pty Ltd and Adcon Logistics Pty Ltd will be held on June 4, 2024 at
10:30 a.m. via teleconference and at the offices of SV Partners, 22
Market Street in Brisbane.

David Michael Stimpson and Michael Carrafa of SV Partners were
appointed as administrators of the company on May 23, 2024.


AESTHETICS AUS: HPS Corporate Marks $57MM Loan at 37% Off
---------------------------------------------------------
HPS Corporate Lending Fundhas marked its $57,095,000 loan extended
to Aesthetics Australia Group Pty Ltd to market at $35,939,000 or
63% of the outstanding amount, as of March 31, 2024, according to a
disclosure contained in HPS Corporate's Form 10-Q for the quarterly
period ended March 31, 2024, filed with the Securities and Exchange
Commission.

HPS Corporate is a participant in a First Lien Debt to Aesthetics
Australia Group Pty Ltd. The loan accrues interest at a rate of
10.67% (B+ 6.25%) per annum. The loan matures on March 21, 2028.

HPS Corporate is a Delaware statutory trust that was formed on
December 23, 2020 and commenced operations on February 3, 2022. The
Company is a non-diversified, closed-end management investment
company that has elected to be regulated as a business development
company under the Investment Company Act of 1940, as amended. The
Company is externally managed by HPS Advisors, LLC a wholly-owned
subsidiary of HPS Investment Partners, LLC. Prior to June 30, 2023,
the Company was externally managed by HPS. The Company has elected
to be treated for federal income tax purposes, and intends to
qualify annually thereafter, as a regulated investment company as
defined under Subchapter M of the Internal Revenue Code of 1986, as
amended.

HPS Corporate is led by Michael Patterson, Chief Executive Officer;
and Robert Busch, Chief Financial Officer. The fund can be reach
through:

     Michael Patterson
     HPS Corporate Lending Fund
     40 West 57th Street, 33rd Floor
     New York, NY 10019
     Tel: (212) 287-6767

Aesthetics Australia Group is in the consumer services industry.

AQUA STAR: First Creditors' Meeting Set for June 4
--------------------------------------------------
A first meeting of the creditors in the proceedings of Aqua Star
Pty Ltd will be held on June 4, 2024 at 11:00 a.m. via video
conference.

Shaun Matthews and Daniel Juratowitch of Cor Cordis were appointed
as administrators of the company on May 23, 2024.


ASDAM OPERATIONS: HPS Corporate Marks $3.6MM Loan at 36% Off
------------------------------------------------------------
HPS Corporate Lending Fund has marked its $3,614,000 loan extended
to Asdam Operations Pty Ltd to market at $2,296,000 or 64% of the
outstanding amount, as of March 31, 2024, according to a disclosure
contained in HPS Corporate's Form 10-Q for the quarterly period
ended March 31, 2024, filed with the Securities and Exchange
Commission.

HPS Corporate is a participant in a First Lien Debt to Asdam
Operations Pty Ltd. The loan accrues interest at a rate of
10.10%(B+ 5.75%) per annum. The loan matures on August 22, 2028.

HPS Corporate is a Delaware statutory trust that was formed on
December 23, 2020 and commenced operations on February 3, 2022. The
Company is a non-diversified, closed-end management investment
company that has elected to be regulated as a business development
company under the Investment Company Act of 1940, as amended. The
Company is externally managed by HPS Advisors, LLC a wholly-owned
subsidiary of HPS Investment Partners, LLC. Prior to June 30, 2023,
the Company was externally managed by HPS. The Company has elected
to be treated for federal income tax purposes, and intends to
qualify annually thereafter, as a regulated investment company as
defined under Subchapter M of the Internal Revenue Code of 1986, as
amended.

HPS Corporate is led by Michael Patterson, Chief Executive Officer;
and Robert Busch, Chief Financial Officer. The fund can be reach
through:

     Michael Patterson
     HPS Corporate Lending Fund
     40 West 57th Street, 33rd Floor
     New York, NY 10019
     Tel: (212) 287-6767

ASDAM is an Australian defense manufacturer.


ASDAM OPERATIONS: HPS Corporate Marks $41.5MM Loan at 36% Off
-------------------------------------------------------------
HPS Corporate Lending Fundhas marked its $41,558,000 loan extended
to Asdam Operations Pty Ltd to market at $26,400,000 or 64% of the
outstanding amount, as of March 31, 2024, according to a disclosure
contained in HPS Corporate's Form 10-Q for the quarterly period
ended March 31, 2024, filed with the Securities and Exchange
Commission.

HPS Corporateis a participant in a First Lien Debt to Asdam
Operations Pty Ltd. The loan accrues interest at a rate of 10.10%
(B+ 5.75%) per annum. The loan matures on August 22, 2028.

HPS Corporate is a Delaware statutory trust that was formed on
December 23, 2020 and commenced operations on February 3, 2022. The
Company is a non-diversified, closed-end management investment
company that has elected to be regulated as a business development
company under the Investment Company Act of 1940, as amended. The
Company is externally managed by HPS Advisors, LLC a wholly-owned
subsidiary of HPS Investment Partners, LLC. Prior to June 30, 2023,
the Company was externally managed by HPS. The Company has elected
to be treated for federal income tax purposes, and intends to
qualify annually thereafter, as a regulated investment company as
defined under Subchapter M of the Internal Revenue Code of 1986, as
amended.

HPS Corporateis led by Michael Patterson, Chief Executive Officer;
and Robert Busch, Chief Financial Officer. The fund can be reach
through:

     Michael Patterson
     HPS Corporate Lending Fund
     40 West 57th Street, 33rd Floor
     New York, NY 10019
     Tel: (212) 287-6767

ASDAM is an Australian defense manufacturer.

JOSCLI PTY: First Creditors' Meeting Set for June 6
---------------------------------------------------
A first meeting of the creditors in the proceedings of Joscli Pty
Ltd will be held on June 6, 2024 at 10:00 a.m. online via Microsoft
Teams.

Joshua Philip Taylor of Taylor Insolvency was appointed as
administrators of the company on May 27, 2024.


MELBOURNE REBELS: Axed From 2025 Super Rugby Pacific
----------------------------------------------------
Rugby Australia (RA) advises that the application from a Consortium
seeking a Participation Agreement for the Melbourne Rebels to
participate in the 2025 Super Rugby Pacific competition has been
unsuccessful.   

RA advised the known representatives of the Consortium of this
outcome on May 30, noting that the application did not demonstrate
sufficient financial viability.

The application relied upon projections for revenue growth and cost
savings that RA believes are overly optimistic, raising significant
doubts about the long-term sustainability of the proposed licensee.
Further, the Consortium's proposed alliance with Western Melbourne
Group (WMG) regarding co-location at Tarneit, which is central to
the proposed model, is early stage and is not yet agreed between
the parties.  

The Consortium has made it clear that it is seeking a contribution
from RA of several million dollars to cover forecast operating
losses - this is in addition to the standard funding that would be
available under a Participation Agreement.

The identity of the Consortium members has not been disclosed to RA
and, as a result the credentials of the Consortium were unable to
be fully assessed.

However, it is clear that key advisers to the Consortium include
one or more former directors of Melbourne Rebels Rugby Union Pty
Ltd (MRRU), meaning that an individual or individuals involved were
responsible for the governance of MRRU during the period in which
the Administrator considers the company may have traded while
insolvent.

Since the Rebels' inaugural year in 2011, MRRU has not been
independently financially sustainable despite significant
additional investment by RA over and above committed club grants.
There is nothing in the Consortium's proposal which demonstrates
with sufficient certainty that this will change.  

The Consortium has claimed to have committed $18m in funding,
though no documentary evidence has been provided to support this.
RA has been asked to rely on a verbal assurance, as well as
confirmation that a portion of the committed funding will be
contributed towards funding the Deed of Company Arrangement (DOCA).


No material has been provided outlining the new ownership
structure, the new delivery model across two locations (AAMI Park
and Tarneit) or how the historic financial challenges faced by MRRU
would be mitigated under the new model.

RA does not take this decision lightly, however it must act in the
best interests of the game and its stakeholders, and to provide
certainty for the Rebels' players and staff, and all Super Rugby
clubs in planning for the 2025 Super Rugby Pacific season.  

Given the lack of detail made available to RA, the lack of
transparency and the significant doubts over the Consortium's
proposed financial model, RA has determined that there is an
unacceptable level of risk associated with entering into a
Participation Agreement with this Consortium for the 2025 Super
Rugby Pacific season.

Regarding the Melbourne Rebels players, RA and the Rugby Union
Players Association (RUPA) have been contingency planning for the
possibility of this outcome and met with players last week to
discuss options for player movement within Australian Rugby.   

This process will continue in the coming weeks, as RA engages with
RUPA, players and other Super Rugby clubs regarding options for
player movement. RA will communicate further details regarding this
process in due course.

                   Commitment to Victorian Rugby

This is a decision solely regarding the participation of a men's
professional Rugby team in Melbourne that has not demonstrated
financial sustainability, and which requires substantial ongoing
additional financial support. RA remains deeply committed to Rugby
in Victoria and will continue to invest in the game, working with
Rugby Victoria, State and Federal Government and other stakeholders
to grow the game.

Further:

   * RA is currently working through the appropriate footprint for
the 2025 Super Rugby Women's competition – a decision on the
Rebels Super Rugby Women's team will be made as part of this
broader process later this year;

   * RA will continue to fund Rugby Victoria to oversee community
Rugby and grow the game within the state, and will look at
opportunities to increase funding;

   * RA will assume strategic and financial responsibility for
junior talent development programs working closely with Rugby
Victoria under a centralised high-performance structure –
including Super Rugby U16s and U19s;

   * RA will continue to work with the Victorian Government on
development of the Victorian Rugby Centre of Excellence at La Trobe
University, which promises to become one of the nation's landmark
development facilities and the home of Rugby pathways in Victoria;


   * RA is evaluating options to feed Victoria's elite men's
pathways into Australian

Super Rugby clubs - a path previously trodden by 2023 John Eales
Medallist Rob Valetini when he was signed by the Brumbies as a
Melbourne schoolboy.

                   MRRU Voluntary Administration

The Administrator reported that MRRU had accumulated almost $23
million in debt prior to entering Voluntary Administration (VA) in
January this year. RA were not advised by the directors of MRRU
that they had been issued with ATO Director Penalty Notices – RA
was only made aware of these notices when the Administrator
communicated them.

The Administrator also noted that MRRU may have traded while
insolvent from Dec. 31, 2018.

The Administrator also stated that the reasons for the company's
financial challenges were a history of trading losses, lack of
readily available alternative funding sources, an excessive cost
structure compared to the underlying revenue base, and insufficient
revenue generated from non-RA sources including membership,
sponsorship and game day receipts.

Following MRRU being placed in administration, RA stepped in to
fund all operations of the Melbourne Rebels in 2024, paying player
and staff wages, and meeting all associated statutory obligations
connected with those payments for the entirety of the season.

RA CEO Phil Waugh: "It has been a testament to the players,
coaches, team management and support staff that they have managed
to deliver such a competitive season on the field in extremely
difficult circumstances – and we are looking forward to seeing
the team fighting in the Finals for the first time ever.

"I want to thank the Rugby community for its patience and ongoing
support of the code. Rugby Australia's focus right now is on
supporting the impacted staff and players at the Rebels.

"We have a plan that will ensure Rugby has a strong future in
Victoria - the infrastructure and the systems remain unchanged
despite the change to the professional game in 2025, and we will
continue to look for opportunities to increase that investment in
the game in Victoria.

"As Australian Rugby evolves, we will consider the game's
professional footprint, and how it best serves the game and Super
Rugby.

"We will continue to work closely with the Victorian Government and
Visit Victoria on major events for the future, and we are looking
forward to the Wallabies taking on Wales at AAMI Park this July.

"RA is evaluating possibilities for the tour game for the 2025
British & Irish Lions Tour scheduled for Marvel Stadium on 22 July
2025 and is working with the Lions on the successful delivery of
that event."


MINISO AUSTRALIA: Collapses Into Administration Again
-----------------------------------------------------
Inside Retail reports that Miniso's business in Australia collapsed
into administration for the second time, with the Chinese variety
retailer appointing Melissa Lau, Andrew Spring and Peter Moore from
insolvency firm Jirsch Sutherland as administrators earlier this
month.

This is the second time the local master franchisee of the Chinese
discount variety products retailer has entered administration,
having previously undergone a restructuring in 2020, Inside Retail
says.

According to Inside Retail, Mr. Spring said that Miniso suffered
from normal market forces such as labour costs, supply chain
issues, and inflationary pressures.

The administrators are still in discussions with the
Guangzhou-based parent company to check whether it could step in to
provide aid to the struggling business.

Inside Retail, citing The Sydney Morning Herald, relates that that
the administration includes company-owned Miniso stores at Burwood,
Castle Tower, Galeries, Parramatta, Rhodes, Sydney Central, Top
Ryde, and Hornsby in NSW and DFO South Wharf, Highpoint shopping
centre, Spencer Outlet, Northland, and Box Hill in Victoria. It
also includes stores at Pacific Fair in Queensland and at Westfield
Carousel in Western Australia.

All of these stores continue to operate as normal, Inside Retail
relates. Another 18 franchisor-operated stores are not part of the
administration but may be impacted, given they would source stock
from the master franchisee.

The administration will affect about 140 employees from 21 stores
nationwide, 13 of which are corporate and eight joint ventures,
adds Inside Retail.


SURROUNDING AUSTRALIA: First Creditors' Meeting Set for June 3
--------------------------------------------------------------
A first meeting of the creditors in the proceedings of Surrounding
Australia Pty Ltd will be held on June 3, 2024 at 10:30 a.m.
virtually via Zoom.

Scott Andersen and Matthew Kucianski of Worrells were appointed as
administrators of the company on May 22, 2024.


SYDNEY STRATA: First Creditors' Meeting Set for June 6
------------------------------------------------------
A first meeting of the creditors in the proceedings of Sydney
Strata Pty. Limited. will be held on June 6, 2024 at 10:00 a.m. at
the offices of JLA Insolvency & Advisory at Level 13, 50 Margaret
Street in Sydney.

Jamieson Louttit of JLA Insolvency & Advisory was appointed as
administrator of the company on May 27, 2024.




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

JD HEALTH: Shuts Family Doctor Unit After Three Years of Losses
---------------------------------------------------------------
Yicai Global reports that JD Health, the healthcare arm of Chinese
e-commerce titan JD.com, has shuttered its family doctor division,
which was launched during the Covid-19 pandemic to provide health
consultancy and other services to the general public, for failing
to become profitable.

The department, which was launched in August 2020, has never
managed to get off the ground, despite being regarded as a
strategic offering by JD Health, Yicai learned.

"Despite much investment, the family doctor division was never able
to make a profit, nor did it have any other value, so as a result,
it has been closed," said an insider close to the senior management
of Beijing-based JD Health, notes the report.

Yicai says the division aimed to provide customers with health
consultancy services 24 hours a day, seven days a week, with an
unlimited number of consultations, follow-up visits and
prescriptions. It also offered the booking of outpatient
appointments at more than 2,700 hospitals, online consultations
with leading doctors within 48 hours, the collection of
health-related information, formulation of healthcare plans and
many other services.

Doctors working in government hospitals were not willing to get
involved in the scheme, which put a strain on the division, another
industry insider said, Yicai relays.

The former head of the division, Tan Tianhong, has moved to another
position, most of the staff have resigned and a few have shifted to
different jobs internally.

It is not surprising that JD Health has closed down the business
division, other insiders said. Other attempts, such as doctor
consultation app Chunyu Yisheng, healthcare software company Ping
An Good Doctor and online medical services platform Haodaifu, were
also unable to succeed, according to Yicai.

If the family doctor business model wants to succeed, it should be
rooted in grassroots healthcare instead of trying to enlist
high-end private doctors, said Liu Dong, an observer of the
Internet-based healthcare sector. As China introduces a graded
diagnostic and treatment system, family doctors can become
suppliers of technologies and resources, even if this does not
involve healthcare platforms and will have limited profitability.


[*] CHINA: Mainland Tycoons Sell Hong Kong Properties at Cut Price
------------------------------------------------------------------
Yicai Global reports that real estate tycoons from the Chinese
mainland have been actively selling their properties in Hong Kong
at discounted prices to help ease their companies' liquidity
crises.

Xu Rongmao, chairman of struggling real estate developer Shimao
Group Holdings, put on sale on May 27 a 2,915-square-meter property
on the 63rd floor of The Center in Hong Kong for HKD730 million
(USD93.4 million), down 15 percent from when he bought it in 2017,
according to real estate information platform Reitse, Yicai
relays.

Hui Ka Yan, founder of debt-ridden builder China Evergrande Group,
sold a luxury house at The Peak in Hong Kong for HKD470 million,
with the price down nearly 47 percent from a year ago, Ming Pao
reported on May 21.

It is normal for Chinese developers to sell their properties in
Hong Kong because of liquidity crises and other factors, Yicai
states. Yuzhou Group offered to sell a property in The Center for
HKD500 million at the end of last year, Yicai recalls. CIFI
Holdings Group and KWG Group Holdings also sold properties at lower
prices than their market values.

Some builders are cash-strapped, and many of them choose to sell
properties to recover funds and pay debts, said Liu Shui, director
of corporate research at the China Index Academy, Yicai relays.
They bought most of the properties at a premium years ago when the
real estate industry was rapidly growing, but now they need to sell
at discounted prices to cash in as soon as possible, Liu noted.

According to Yicai, the Hong Kong real estate market has been
facing great downward pressure in the past two years, with big
asset depreciation, said Song Hongwei, research director at real
estate consultant firm Tospur. However, the market has not bottomed
out, so it is reasonable for property developers to sell their
properties now, Song added.

In addition, Chinese mainland real estate developers still face
great pressure to repay debts, so they need to sell properties to
get money, Song pointed out.




=================
H O N G   K O N G
=================

TELEVISION BROADCASTS: Shareholding Changes Approved
----------------------------------------------------
The Standard reports that the Communications Authority has approved
an application from Television Broadcasts to change its
shareholding structure as the local broadcaster allotted over 8.7
million new shares to GF Global Capital.

According to the Standard, TVB said in a filing on May 28 it has
completed the issuance, adding that its net proceeds amounting to
HKD28.5 million, will be used for general corporate purposes,
including working capital for the group's drama co-production
projects with mainland Chinese streaming platform partners.

The Standard relates that the firm said it expects to commence
filming and production of 10 co-production drama titles in the
second half of this year, which is a relatively large number of
titles to produce within that period.

TVB expects to fully utilize its net proceeds from the issuance
before the end of this year, the report adds.

                             About TVB

Based in Hong Kong, Television Broadcasts Limited (TVB) is a
television broadcasting. The Company operates five free-to-air
terrestrial television channels in Hong Kong, with TVB Jade as its
main Cantonese language service, and TVB Pearl as its main English
service. TVB is headquartered at TVB City at the Tseung Kwan O
Industrial Estate.

TVB reported three consecutive annual net losses of HKD763 million,
HKD807 million and HKD647 million for the years ended Dec. 31,
2023, 2022 and 2021, respectively.




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I N D I A
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BALAJI INDUSTRIES: CARE Keeps C Debt Rating in Not Cooperating
--------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Balaji
Industries Mysore (BI) continue to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       5.50       CARE C; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category  

Rationale and key rating drivers

CARE Ratings Ltd. had, vide its press release dated March 9, 2023,
placed the rating(s) of BI under the 'issuer non-cooperating'
category as BI had failed to provide information for monitoring of
the rating and had not paid the surveillance fees for the rating
exercise as agreed to in its Rating Agreement. BI continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
January 23, 2024, February 2, 2024, February 12, 2024.

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

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

Mysore (Karnataka) based, Balaji Industries (BI) was established on
May 10, 2012 and promoted by Mr. D. V. Narayana. The firm is mainly
engaged in processing of Bengal fried gram and polishing gram.


DURGASHREE CASHEWS: CARE Keeps D Debt Rating in Not Cooperating
---------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Durgashree
Cashews (DC) continues to remain in the 'Issuer Not Cooperating'
category.

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

Rationale and key rating drivers

CARE Ratings Ltd. had, vide its press release dated March 8, 2023,
placed the rating(s) of DC under the 'issuer non-cooperating'
category as DC had failed to provide information for monitoring of
the rating and had not paid the surveillance fees for the rating
exercise as agreed to in its Rating Agreement. DC continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
January 22, 2024, February 1, 2024, February 11, 2024.

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

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

Durgashree Cashews (DC) was established in 2009 as a partnership
firm by Mr. B. Satish Shetty and Mrs. Suhasini S Shetty. The firm
is engaged in processing of raw cashew nut into cashew kernels, the
process involves steam roasting, shell cutting, peeling and
grading. The firm majorly procures raw material (raw cashew nuts)
through imports from Dubai, Singapore, Indonesia, African countries
like Benin, Togo, Ivory Coast, and Tanzania etc. The firm also
purchases raw cashews locally from farmers. Imports constitute 90%
of the total purchases. The firm sells the cashew kernels
throughout India through agents.  Goa, Karnataka, Maharashtra,
Punjab and Rajasthan are the major states covered by the firm. The
firm also generates income from sale of by-products cashew shells,
cashew husk and rejections.


GLOBAL ENETWORKS: CARE Lowers Rating on INR0.95cr LT Loan to B
--------------------------------------------------------------
CARE Ratings has revised the ratings on certain bank facilities of
Global Enetworks Limited (GEL), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       0.95       CARE B; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category and
                                   Revised from CARE B+; Stable

   Short Term Bank      5.05       CARE A4; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category

Rationale and key rating drivers

CARE Ratings Ltd. had, vide its press release dated March 21, 2023,
placed the rating(s) of GEL under the 'issuer non-cooperating'
category as GEL had failed to provide information for monitoring of
the rating and had not paid the surveillance fees for the rating
exercise as agreed to in its Rating Agreement. GEL continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
February 4, 2024, February 14, 2024, February 24, 2024.

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

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

The ratings assigned to the bank facilities of GEL have been
revised on account of non-availability of requisite information.
The rating also factors in the operating losses as well as an
increase in overall debt in FY23 over FY22.

Analytical approach: Standalone

Outlook: Stable

New Delhi based Global Enetworks Limited (GEL) was incorporated as
a public limited company in December 1998 by the promoters Mr.
Sarpreet Singh Chadha, Mr. Kishan Kant and Mr. Harpreet Kaur
Chadha. GEL is mainly engaged in system integration in information
technology (IT), installation of networks & electronic warfare and
information warfare (EW/IW) systems for defense academies and other
institutions. The company supplies and installs servers, modules,
routers, OFC, etc. The company also undertake turnkey project for
laying of HDPE pipe and OFC cable, setting-up of WAN/LAN etc. It
mainly works for government entities. Some of its major clients are
ministry of defense, department of telecommunications, Indian Air
force, Indian Navy, Electrical Corporation Limited, Bharat
electronic limited, Tech Mahindra etc.


IL&FS TAMIL: ICRA Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------
ICRA has kept the long-term rating and Non-Convertible Debenture
Programme of IL&FS Tamil Nadu Power Company Limited (ITPCL) in the
'Issuer Not Cooperating' category. The rating is denoted as
[ICRA]D; ISSUER NOT COOPERATING".

                     Amount
   Facilities     (INR crore)   Ratings
   ----------     -----------   -------
   Bonds/NCD/LTD     500.00     [ICRA]D; ISSUER NOT COOPERATING;
                                Rating Continues to remain under
                                the 'Issuer Not Cooperating'
                                category

   Long-term-       6080.00     [ICRA]D; ISSUER NOT COOPERATING;
   Fund based                   Rating Continues to remain under
   Term Loan                    'Issuer Not Cooperating'
                                Category

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

ITPCL is a special purpose vehicle promoted by IL&FS Energy
Development Company Limited (IEDCL), which is a subsidiary of IL&FS
Limited, for the development of a 3180-MW coal-based thermal power
plant at Cuddalore in Tamil Nadu. The project would be implemented
in phases and in the first phase, the company has set up a 1200 MW
(2x600 MW) power plant based on imported coal with sub-critical
technology. IL&FS has an established track record of financing
various infrastructure projects as well as developing projects
through the SPV route. IEDCL is a subsidiary of IL&FS and the
holding company for project SPVs in the power domain. The total
project cost in the first phase, which was estimated at INR6371
crore initially, was revised by the lenders to INR9116 crore
because of execution delays and increase in project scope and was
financed be INR6080 crore of term loans and balance through
equity.


INDURE PRIVATE: ICRA Keeps D Debt Ratings in Not Cooperating
------------------------------------------------------------
ICRA has kept the long-term and Short-term rating of Indure Private
Limited (IPL) in the 'Issuer Not Cooperating' category. The rating
is denoted as [ICRA]D/[ICRA]D; ISSUER NOT COOPERATING.

                    Amount
   Facilities     (INR crore)   Ratings
   ----------     -----------   -------
   Short-term       1,400.00    [ICRA]D; ISSUER NOT COOPERATING;
   Non-fund based               Rating continues to remain under
   Others                       'Issuer Not Cooperating'
                                Category

   Long-term-        250.00     [ICRA]D; ISSUER NOT COOPERATING;
   Fund based                   Rating Continues to remain under
   Cash Credit                  'Issuer Not Cooperating'
                                Category

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

The Indure Private Limited (IPL) is a Company under DESEIN- INDURE
Group of Companies and was promoted by late Mr. O. P. Gupta in
1970. The Company engages in undertaking Ash Handling Plant
contracts on turnkey basis involving designing, engineering,
manufacturing and installation & commissioning of Ash handling
systems. The Company also undertakes operation and maintenance for
Ash Handling Plants. IPL has two workshops/units one located at
Sahibabad (U.P.) and other at Sikandarabad (U.P.). Together these
units have a foundry, two induction furnaces with 2 tonne capacity
each, machine shops and fabrication shops (including fabrication
shops for large vessels).


MAYUR LEATHER: CARE Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Mayur
Leather Products Limited (MLPL) continue to remain in the 'Issuer
Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       0.66       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

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

   Short Term Bank      1.05       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Rationale and key rating drivers

CARE Ratings Ltd. had, vide its press release dated March 2, 2023,
placed the rating(s) of MLPL under the 'issuer non-cooperating'
category as MLPL had failed to provide information for monitoring
of the rating and had not paid the surveillance fees for the rating
exercise as agreed to in its Rating Agreement. MLPL continues to be
noncooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
January 16, 2024, January 26, 2024, February 5, 2024.

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

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

Jaipur (Rajasthan) (ISIN Number: INE799E01011) based MLPL was
formed in 1987 by Mr. Rajender Singh Poddar. The company is engaged
in manufacturing and export of leather shoe and shoe uppers. The
company has its manufacturing facility located at
Jaipur and exports its products to Europe, Middle East and Canada.


OYSTER STEEL: CARE Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Oyster
Steel & Iron Private Limited (OSIPL) continue to remain in the
'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      100.00      CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

   Short Term Bank      20.00      CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Rationale and key rating drivers

CARE Ratings Ltd. had, vide its press release dated April 10, 2023,
placed the rating(s) of OSIPL under the 'issuer non-cooperating'
category as OSIPL had failed to provide information for monitoring
of the rating and had not paid the surveillance fees for the rating
exercise as agreed to in its Rating Agreement. OSIPL continues to
be noncooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
February 24, 2024, March 5, 2024, March 15, 2024.

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

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

Incorporated in 2008 by Mr. Prem Chand Gupta, OSIPL is engaged in
trading of aluminium and copper products in the form of ingots,
wire rods etc. The company also has associate concerns i.e.
Worldwide Metals Private Limited, Olympus Metal Private Limited,
Prominent Metal Private Limited, and Duke Sponge and Iron Private
Limited engaged in similar industry i.e. trading of aluminium and
copper components.


PRESIDENCY EXPORTS: ICRA Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------------
ICRA has kept the long-term and Short-term rating of Presidency
Exports & Industries Ltd in the 'Issuer Not Cooperating' category.
The rating is denoted as [ICRA]D/[ICRA]D; ISSUER NOT COOPERATING.

                     Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Long-term/         13.00      [ICRA]D/[ICRA]D; ISSUER NOT
   Short Term                    COOPERATING; Rating Continues to
   Fund Based-                   remain under 'Issuer Not
   Cash Credit                   Cooperating' Category

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

Presidency Exports & Industries Ltd, promoted by Kolkata based
Bajoria family, was incorporated in the year 1919. The company had
been engaged in the export of iron ore fines from the year 2007
onwards. However, unfavourable changes in the Government policies
related to iron ore mining in the past few years adversely impacted
its revenues from this segment. The company also exports onion and
rice to Bangladesh. It also has a warehouse in Rishra which has
been leased to the corporate.


RADIUS ESTATE: NCLAT Upholds Adani Goodhomes Bid With 93% Haircut
-----------------------------------------------------------------
The Economic Times of India reports that Insolvency Appellate
Tribunal NCLAT has upheld orders approving Adani Goodhomes'
resolution plan for realty firm Radius Estate with a 93 percent
haircut for creditors. A two-member bench comprising the NCLAT
Chairman rejected the petitions by two dissenting financial
creditors, saying it was "commercial wisdom" of the Committee of
Creditors (CoC), which approved the payout to different creditors.

The Mumbai bench of the National Company Law Tribunal (NCLT) on
January 9, 2022, approved the resolution plan of Adani Goodhomes, a
part of Adani Realty, ET says.

As per the resolution plan, which received an 83.99 percent of the
vote of the CoC and was approved by NCLT, nearly 700 flat owners
were getting possession of without escalation of any price.

ET relates that the plan was opposed by two dissenting financial
creditors -- Beacon Trusteeship and ICICI Prudential Venture
Capital Fund Real Estate -- before the National Company Law
Appellate Tribunal (NCLAT).

According to reports, Adani Goodhomes had proposed to pay around
INR76 crore as against total claims of INR1,700 crore. However, it
had assured to complete the construction of the project.

The dissenting financial creditors moved the NCLAT contending it to
be "unfair and inequitable" as it provides 93 per cent haircut to
their claims.

On the other hand, it provides 100 per cent recovery to homebuyers
by way of allotted units in the project without them having to bear
any haircut or price escalation.

Rejecting this, the NCLAT said, "It was a 'commercial wisdom' of
the CoC, which approved the payout to different creditors."

It also rejected the claims of violation of Section 30, sub-section
(2) of the Insolvency & Bankruptcy Code (IBC).

According to ET, the dissenting financial creditors had alleged
that the liquidation value of the assets of Radius Estate was
grossly undervalued and the valuation report suffers from material
irregularities.

It was also alleged that there were other material irregularities
committed by the resolution professional in the entire process,
which were hurried to approve the resolution plan submitted by
Adani Goodhomes.

However, NCLAT said, "It is relevant to notice that in the present
case, the CoC has approved the resolution plan, which directed the
haircut to the financial creditors and decided to handover the
units to homebuyers, after completion of the construction, which
construction cost was undertaken to be spent by the SRA (Adani
Goodhomes)."

ET relates that NCLAT further said dissenting financial creditors
are entitled to receive their payment as per the provision of the
IBC, which have already been offered.

"We, thus, are not persuaded to interfere with the order of the
adjudicating authority (NCLT), approving the resolution plan on the
above ground raised by the appellant," it said.

The appellate tribunal further said NCLT in its order dated January
9, 2022, has adverted to all relevant considerations on which the
resolution plan is to be checked for compliance of the statutory
provisions.

"We, thus, do not find any infirmity in the order of the
adjudicating authority, approving the resolution plan dated January
9, 2022," NCLAT said in its 59-page order.

                        About Radius Estates

Radius Estates and Developers Private Limited operates as a real
estate company. The Company offers construction of residential,
commercial, and infrastructure projects. Radius Estates and
Developers serves customers in India, Dubai, Singapore, Hong Kong,
and the United States and United Kingdom.

In April 2021, the National Company Law Tribunal (NCLT) agreed to
initiate insolvency and bankruptcy proceedings against Radius
Estates and Developers.

RAJ KUMAR: ICRA Keeps B+ Debt Rating in Not Cooperating Category
----------------------------------------------------------------
ICRA has kept the Long-term rating for the bank facilities of Raj
Kumar Goel Educational Foundations (RKGEF) in the 'Issuer Not
Cooperating' category. The rating is denoted as "[ICRA]B+(Stable);
ISSUER NOT COOPERATING".

                      Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long Term-         20.00       [ICRA]B+ (Stable) ISSUER NOT
   Fund Based-                    COOPERATING; Rating continues
   Cash Credit                    to remain under 'Issuer Not
                                  Cooperating' category

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

RKGEF established in 1999, is a trust started by the Late Mr. Raj
Kumar Goel. The trust established the Raj Kumar Goel Institute of
Technology in Ghaziabad, UP in Sep 2000. RKGIT is recognised by All
India Council for Technical Education, Ministry of Human Resources
and Development and is affiliated to Uttar Pradesh Technical
University, Lucknow. RKGIT offers Bachelor of Technology, Bachelor
of Pharmaceutical Science, Master of Computer Application, Master
of Business Administration and Masters of Pharmaceutical Sciences.
The Trust established Lala Mangat Ram Maha Vidyalaya in 2003. LMRM
offers open course Bachelor of Education. This course is approved
by National Council for Teacher Education and is affiliated to CCU
University, Meerut.


RAJALAXMI EDUCATION: ICRA Keeps B+ Debt Rating in Not Cooperating
-----------------------------------------------------------------
ICRA has kept the Long-term rating for the bank facilities of
Rajalaxmi Education Trust (RET) in the 'Issuer Not Cooperating'
category. The rating is denoted as "[ICRA]B+(Stable); ISSUER NOT
COOPERATING".

                      Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long Term-         21.00       [ICRA]B+ (Stable) ISSUER NOT
   Fund Based-                    COOPERATING; Rating continues
   Term Loan                      to remain under 'Issuer Not
                                  Cooperating' category

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

Established in 2005, Rajalaxmi Education Trust (RET) runs the
educational institute, "Mangalore Institute of Technology &
Engineering (MITE)", at Moodabidre in Mangalore, Karnataka. This
college was established in FY2008 and is approved by the All India
Council for Technical Education (AICTE), New Delhi, and is also
affiliated to the Visveshwariah Technological University, Belgaum,
Karnataka. It is, moreover, approved by the State Government of
Karnataka. The college offers B. Tech, M. Tech and MBA courses with
close to 3,133 students enrolled under the above courses in the
Academic Year (AY) 2016. The college's daily operations are managed
by its board of management, headed by the Chairman, Mr. Rajesh
Chout.


SHIV VEGPRO: ICRA Keeps B+ Debt Rating in Not Cooperating
---------------------------------------------------------
ICRA has kept the long-term rating of Shiv Vegpro Private Limited
(SVPL) in the 'Issuer Not Cooperating' category. The rating is
denoted as [ICRA]B+(Stable); ISSUER NOT COOPERATING.

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

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

SVPL is engaged in solvent extraction of soybean seeds, producing
soybean oil and deoiled cake. The promoters belong to the Saboo
Group, which has a long track record of about four decades in the
food processing industry and business, having been
involved in the manufacture of edible oil in Hadoti area comprising
Kota, Bundi, Baran, Jhalawar and Bhawanmandi. The company has
solvent extraction and allied 3 processes at RIICO Industrial Area,
Kota with a crushing capacity of 400 TPD (tonnes
per day) of soybean seed for production of de-oiled cake.


SHRIGEE AGRO: CARE Upgrades Rating on INR42cr LT Loan to B-
-----------------------------------------------------------
CARE Ratings has revised the ratings on certain bank facilities of
Shrigee Agro Foods (SAF), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      42.00       CARE B-; Stable; Revised to
                                   CARE D and upgraded to CARE B-;

                                   Stable

Rationale and key rating drivers

The revision in the rating assigned to bank facilities of SAF to
CARE D and simultaneous revision to CARE B- (Stable) consider the
delay in debt repayment during Nov and Dec 2023 in one of the GECL
loans and delay in the interest payment for the month of Nov 2023
in another GECL loan due to liquidity not available in CC account.
Normally the firm is regular in payment of interest and principal,
and since Jan 2024, there has been no delay and default in the debt
repayment and overall conduct of the account is satisfactory as
confirmed from the bank statements and banker. Furthermore, the
rating has been revised from CARE D to CARE B-; Stable on account
of satisfactory track record of debt repayment for more than 90
days as per the curing policy of CARE Ratings.

The ratings assigned to the bank facilities of SAF takes into
account the small scale of operations and low profitability
margins, weak financial profile, constitution of the entity being a
partnership firm, susceptibility of margins to fluctuation in raw
materials prices with prospects also dependent on climatic
conditions and Competitive & fragmented nature of industry coupled
with high level of government regulation. The ratings also remain
constrained due to stretched liquidity profile of the firm.
However, these rating weaknesses are partially offset by experience
of promoters and favourable location of the manufacturing unit.

Rating sensitivities: Factors likely to lead to rating actions

Positive factors

* Increase in scale of operation above INR150cr with PBILDT margin
of 5%.

Negative factors

* Decline in profitability margins as marked by PBILDT margin below
3%

Analytical approach: Standalone

Outlook: Stable

The "Stable" outlook reflects that the entity is likely to sustain
the financial risk profile with stretched liquidity.

Detailed description of the key rating drivers:

Key weaknesses

* Small scale of operations and low profitability margins: The
total operating income of the firm has increased by from INR84.70
crores for FY22 to INR125.45 crores in FY23 and INR138 cr in FY24
(prov.). On account of small scale of operations firm deprive the
benefit of economies of scale. PBILDT and PAT margin of the firm
also stood moderate as reflected by 3.51% and 0.35% respectively in
FY23 as against 3.86% and 0.41% in FY22.

* Weak financial risk profile: SAF's financial risk profile is weak
as reflected by high overall gearing of 8.30x as on March 31, 2023
as against 6.77x as on March 31, 2022, which was deteriorated on
account of increase in the term loans and working capital limit
utilisation. The debt service coverage indicators also remain weak
and deteriorated, as reflected by total debt to PBILDT and total
debt to GCA 11.23x and 43.69x respectively during FY23 as against
9.82x and 28.03x respectively during FY22. The interest coverage
ratio stood at 1.35x for FY23 (PY: 1.49x).

* Constitution of the entity being a partnership firm: SAF's
constitution being a partnership firm has the inherent risk of
possibility of withdrawal of the partner's capital at the time of
personal contingency and firm being dissolved upon the
death/retirement/insolvency of partner. Moreover, partnership firms
have restricted access to external borrowing as credit worthiness
of partners would be the key factors affecting credit decision for
the lenders.

* Susceptibility of margins to fluctuation in raw materials prices
with prospects also dependent on climatic conditions: Agro-based
industry is characterized by its seasonality owing to its
dependence on the availability of raw materials, which further
varies with different harvesting periods. The price of rice moves
in tandem with the prices of paddy. Availability and prices of agro
commodities are highly dependent on the climatic conditions. The
timing of monsoons has a huge bearing on crop availability which
determines the prevailing paddy prices. The profitability margins
are therefore susceptible to the risk of any adverse price movement
in the raw material prices which have remained fluctuating in the
past.

* Competitive & fragmented nature of industry coupled with high
level of government regulation: The commodity nature of the product
makes the rice processing industry highly fragmented, with numerous
players operating in the unorganized sector with very less product
differentiation. Furthermore, the concentration of rice millers
around the paddy growing regions makes the business intensely
competitive.

Key Strengths

* Experienced partners: SAF was incorporated in September 2017 with
the commercial operations of the firm commencing from October 2018.
The firm was started by Mr. Devinder Singh, Mr. Gurdayal Singh, Mr.
Jitesh Goyal and Mr. Ritesh Kumar sharing profits & losses equally.
However, Mr. Devinder Singh, Mr. Gurdayal Singh retired from the
firm in September 2022, Mr. Jitesh Goyal and Mr. Ritesh Kumar along
with Mrs. Amarjeet Kaur and Mrs. Harjeet Kaur are the partners of
the firm and they collectively look after the overall operations of
the firm. All the partners are graduates by qualification and Mr.
Jitesh Goyal and Mr. Ritesh Kumar have accumulated experience
varied up to two decades in rice milling business through their
association with this entity and other associate concerns.

* Favourable manufacturing location: SAF is mainly engaged in
milling and processing of rice. The main raw material (paddy) is
procured from local grain markets, mainly located in Uttarakhand.
The firm's processing facility is situated in Udham Singh Nagar,
Uttarakhand; which is a good producer of paddy. Its presence in the
region gives additional advantage over the competitors in terms of
easy availability of the raw material as well as favorable pricing
terms. Moreover, SAF owing to its location
is in a position to cut on the freight component of incoming raw
materials.

Liquidity: Stretched

The firm's liquidity remains stretched as low cash balance of
INR0.22 cr and the average working capital utilization of the firm
also remains full in last 12 months and firm regularly takes ad-hoc
limits to fulfil its requirements.

Uttarakhand based Shrigee Agro Foods (SAF) was established in
September, 2017 as a partnership firm and started its commercial
operations from October, 2018. The firm is currently managed by Mr.
Jitesh Kumar Goel, Mr. Ritesh Kumar, Smt. Amarjeet Kaur and Smt.
Harjeet Kaur. The firm is engaged in the milling, processing and
trading of paddy with an installed capacity to process 10 tonnes
per hour (TPH) as on March 31, 2023 at its manufacturing facility
located in Sitarganj, Uttarakhand. The firm is having four
associate concerns namely; "G. R. Rice Mill" (established in 1995),
"Bhagwati Agro Foods" (established in 2016), "GLD Agri Foods"
(established in 2014) and "Narayan Paddy Product" (established in
2016) engaged in rice milling business respectively.


SIDDHI INDUSTRIES: ICRA Lowers Rating on INR6.0cr LT Loan to D
--------------------------------------------------------------
ICRA has revised the ratings on certain bank facilities of Siddhi
Industries (SI), as:

                    Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Long-term–         6.00       [ICRA]D; ISSUER NOT
COOPERATING;
   Fund based                    Rating downgraded from
   Cash Credit                   [ICRA]B+ (Stable) and continues
                                 to remain under 'Issuer Not
                                 Cooperating' category

   Long-term–         0.26       [ICRA]D; ISSUER NOT
COOPERATING;
   Fund based                    Rating downgraded from
   Term Loan                     [ICRA]B+ (Stable) and continues
                                 to remain under 'Issuer Not
                                 Cooperating' category

   Short-term–        2.50       [ICRA]D; ISSUER NOT
COOPERATING;
   Fund based                    Rating downgraded from
   Cash Credit                   [ICRA]A4 ISSUER NOT COOPERATING
                                 and continues to remain under
                                 'Issuer Not Cooperating'
                                 Category

   Long Term/         0.74       [ICRA]D/[ICRA]D; ISSUER NOT  
   Short Term-                   COOPERATING; Rating downgraded
   Unallocated                   from [ICRA]B+ (Stable)/[ICRA]A4
                                 and continues to remain under
                                 'Issuer Not Cooperating'
                                 Category

Rationale

Material event
The rating downgrade reflects Delay in Debt Repayment as mentioned
in the publicly available sources.

Impact of material event
The rating is based on limited information on the entity's
performance since the time it was last rated in March 2023. The
lenders, investors and other market participants are thus advised
to exercise appropriate caution while using this rating as the
rating may not adequately reflect the credit risk profile of the
entity, despite the downgrade".

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

Siddhi Industries (SI) was established as a proprietorship concern
in 2007. Later, in 2011, the firm was reconstituted as a
partnership firm. The firm gins raw cotton and crushes cottonseeds
to produce cotton bales, cottonseeds oil, and cottonseeds oil
cakes. It also trades in raw cotton and castor seeds. The firm
commenced operations in 2008. Its manufacturing facility is located
at Harij in the Patan district of Gujarat.


SPICEJET LTD: Engine Lessor Moves Insolvency Plea Over Arrears
--------------------------------------------------------------
The Economic Times of India reports that Engine Lease Finance BV,
an aircraft engine lessor of SpiceJet, has moved an insolvency plea
before the NCLT against the debt-ridden air carrier over
non-payment of over USD12 million (around INR100 crore). Engine
Lease Finance (ELF) has leased eight engines to SpiceJet. Along
with interest and rental, ELF has claimed an amount of around USD16
million.

ET relates that the matter was listed before a Delhi-based bench of
the National Company Law Tribunal (NCLT) on May 22, which heard it
briefly. Counsel appearing for SpiceJet sought time to respond to
the petition filed by Engine Lease Finance.

On this, the NCLT bench comprising members Mahendra Khandelwal and
Sanjeev Ranjan directed SpiceJet to file its response to the
petition.

Headquartered in Shannon, Ireland, ELF is the world's leading
independent engine financing and leasing company.

It entered into an agreement in 2017 with SpiceJet to lease
engines, ET recalls. According to the petitioner, the low-budget
carrier has defaulted on payments since April 2021.

During the hearing counsel appearing for SpiceJet contended that
there is a pre-existing dispute between them.

Earlier, ELF had approached the Delhi High Court against SpiceJet
in 2023 after terminating the lease for two engines and sought
possession.

Later both the parties arrived at a settlement and ELF decided not
to pursue the matter.

However, it again approached the high court after alleging SpiceJet
had failed to pay in accordance with the terms. The matter is still
pending before the Delhi High Court, ET relates.

                           About Spicejet

SpiceJet Limited -- http://www.spicejet.com/-- is an India-based
low-budget air carrier.  The Company operates daily flights between
major cities in India. The carrier is India's second-biggest budget
airline, after IndiGo.

SpiceJet has faced a series of insolvency pleas from various
parties in the National Company Law Tribunal (NCLT) over pending
dues. These include Wilmington Trust SP Services (Dublin), Willis
Lease Finance, Celestial Aviation, Aircastle (Ireland) Ltd, and
Alterna Aircraft.

The NCLT has already rejected the pleas of Willis Lease Finance and
Wilmington Trust SP, while SpiceJet reached a settlement with
Celestial Aviation, according to Livemint.com.

As reported in the Troubled Company Reporter-Asia Pacific in late
March 2024, Moneycontrol said Alterna Aircraft BV Limited on March
18 withdrew its insolvency plea against SpiceJet at the NCLT. The
lessor plans to fight the same at an appropriate forum.

The plea of Aircastle is still pending.

Both Wilmington Trust and Willis Lease Finance have moved the
National Company Law Appellate Tribunal (NCLAT) challenging the
dismissal of their insolvency plea by NCLT, the Economic Times
said.

SUPREME & COMPANY: CARE Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Supreme &
Company Private Limited (SCPL) continue to remain in the 'Issuer
Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      58.71       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

   Long Term/         121.00       CARE D/CARE D; ISSUER NOT
   Short Term                      COOPERATING; Rating continues
   Bank Facilities                 to remain under ISSUER NOT
                                   COOPERATING category

   Short Term Bank    102.50       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Rationale and key rating drivers

CARE Ratings Ltd. had, vide its press release dated March 6, 2023,
placed the rating(s) of SCPL under the 'issuer non-cooperating'
category as SCPL had failed to provide information for monitoring
of the rating and had not paid the surveillance fees for the rating
exercise as agreed to in its Rating Agreement. SCPL continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
January 20, 2024, January 30, 2024, February 9, 2024.

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

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

Supreme and Company Private Limited (SCPL), promoted by Mr. Omkar
Agarwal of Kolkata, was incorporated in 1978 and remained dormant
till 2006. Prior to setting up of SCPL, the promoters were engaged
in manufacturing of fastener products through a partnership firm,
named, Supreme & Company. Currently, SCPL is engaged in
manufacturing of galvanised steel fabrication, aluminium and copper
accessories for power transmission and distribution lines. In FY10,
SCPL has ventured into supply, construction and commissioning of
power distribution lines on turnkey basis. In FY15, SCPL took the
dealership of Mahindra & Mahindra vehicles for five districts of
West Bengal.


TALWALKARS BETTER: CARE Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Talwalkars
Better Value Fitness Limited (TBVFL) continue to remain in the
'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      84.20       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

   Non-Convertible     50.00       CARE D; ISSUER NOT COOPERATING
   Debentures                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

   Non-Convertible     30.00       CARE D; ISSUER NOT COOPERATING
   Debentures                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

   Non-Convertible     25.00       CARE D; ISSUER NOT COOPERATING
   Debentures                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

   Non-Convertible     25.00       CARE D; ISSUER NOT COOPERATING
   Debentures                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Rationale and key rating drivers

CARE Ratings Ltd. had, vide its press release dated June 6, 2023,
reaffirmed the rating(s) of TBVFL under the 'issuer
non-cooperating' category as TBVFL had failed to provide
information for monitoring of the rating as agreed to in its Rating
Agreement. TBVFL continues to be non-cooperative despite repeated
requests for submission of information through e-mails dated May
11, 2024, May 6, 2024, May 1, 2024, April 21, 2024 and several
emails sent.

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

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

CARE has considered combined financials of Talwalkars Better value
Fitness Limited (TBVFL) and Talwalkars Healthclubs Limited (THL,
Erstwhile Talwalkars Lifestyle Limited) for analysis referred as
TBVFL (combined) due to business and financial linkages along with
common management. The rating takes into account ongoing delays in
debt servicing by the company.

Detailed description of the key rating drivers

As per PR dated June 30, 2021, the following were the rating
strengths and weaknesses:

Key Rating Weaknesses

* Deteriorating debt coverage indicators; asset monetisation
remains key rating monitorable: As on March 31, 2019 (UA), the
total outstanding debt stood at INR~759 crore an increase of
45.30%. The debt was primarily on account of to fund its various
expansion plans, predominantly for the David Lloyd Club in Pune.
Consequently, the debt coverage metrics also deteriorated. As of
March 31, 2019 (UA), the interest coverage ratio stood at 4.99x as
against 7.10x as of March 31, 2018. Similarly, overall gearing as
well as total debt to gross cash accruals deteriorated to 1.05x and
5.33x as against 0.89x and 3.91x respectively. Furthermore, TBVFL
(combined) has invested in other complementing ventures in the
lifestyle segment such as 'Sarva'. As these investments are taking
longer than expected to generate material returns, adjusting for
the same (including
goodwill), the overall gearing ratio as on March 31, 2019 stands at
1.57x as against 1.11x as on March 31, 2018. The management is
looking to raise funds by the end of calendar year 2019 through
various avenues such as sale of equity, sale of stake in joint
ventures/associate companies and to monetise some of its gym
properties by entering in a sale and lease back transaction to
partially retire its debt. The ability of the company to timely
raise funds and subsequent debt reduction is a key rating
monitorable.

* Reduced financial flexibility: The financial flexibility of TBVFL
(combined) has reduced on account of significant reduction in
market capitalisation along with increase in promoters' pledged
shares. The promoters' stake pledged has increased to 76.11%
(TBVFL) and 77.30% (THL) as on June 30, 2019. The ability of the
promoters' to reduce quantum of pledged shares continues to remain
a key rating monitorable.

* Relatively moderate scale of operations: TBVFL's scale of
operations are moderate and seasonal in nature as second quarter
and fourth quarter of the fiscal year together contribute almost
61% of its overall consolidated revenues in FY19. Hence, any
adverse impact on the business in the peak season may adversely
impact the profitability.

* On-going significant capex towards existing line of business as
well as towards newer business segments which have not generated
returns in line with expectation: During FY19, on a combined basis,
the company had incurred capex of INR173.03 crore of which, INR111.
18 crore was for gym business and INR61.84 crore was for the
lifestyle business. The company's ability to improve its asset
turnover and increasing turnover of higher value added segment is
crucial to improve its credit profile. Further, the company is
setting up a club in Pune in collaboration with David Lloyd Leisure
Limited which got delayed and is expected to start operation
shortly. The performance in terms of member addition remains a
rating sensitivity.

Key Rating Strengths

* Long track record and extensive experience of the promoters in
the fitness industry: TBVFL and THL, promoted jointly by the
Talwalkar and Gawande families in 2003 has well-established track
record of operating gyms/fitness centres of over a decade and half
in the fitness industry with presence across the country. The brand
"Talwalkars" is in existence since 1932. The promoters, Mr Madhukar
Talwalkar and Mr Prashant Talwalkar, have more than four decades of
experience in various segments/aspects of fitness industry.

* Diversified product portfolio; albeit higher dependence on
revenues from gym services: TBVFL (combined) have a diversified
product portfolio offering multiple products spanning from basic
gym services to aerobics, yoga, diet-based weight reduction
programs, massage, spa, and health counselling. While the
contribution from its value added services is increasing the
company continues to derive major share of revenues from basic gym
services across its outlets.

Liquidity: Poor There are ongoing delays in company's debt service
obligations.

Analytical approach: Combined Financials of THL and TBVFL have been
considered for analysis; given the strong operational synergies
along with common management.

Incorporated in 2003, Talwalkars Better Value Fitness Limited
(TBVFL) was jointly promoted by Mr. Madhukar Talwalkar, Mr.
Prashant Talwalkar and Mr. Anant Gawande. The company is one of the
leading fitness chains in India offering a wide range of services
like weight loss, weight gain, and other fitness programs like body
sculpting, shaping, general fitness, massage, spa and health
counselling under the brand "Talwalkars". The company offers
various value added fitness programs in its bouquet of fitness
programs like Zumba (dance inspired fitness program), NuForm
(Electric Muscle Simulation based Technology fitness program),
Reduce (weight loss diet program), Transform (holistic fitness
program). TBVFL (combined) operates gyms/fitness centre on three
models viz directly managed gyms, franchisee route and subsidiary
model (wherein TBVFL enters into an agreement with a master
franchise, and TBVFL owns around 51% equity and the brand). Over
the last seven years, TBVFL has grown rapidly from operating 63
gyms/fitness centres as on March 31, 2010, to 272 gyms/fitness
centres as on March 31, 2019. TBVFL has split its operations into
lifestyle business and gym business and form two separate entities
in the following manner: a) Lifestyle business: This business is
housed under TBVFL. The business including various joint
ventures/associate companies comprises of Nuform, Zumba Fitness,
Mickey Mehta, Sarva (Yoga), Group X, Reduce, and sports club. As on
March 31, 2019, there are 116 centers of Reduce, 80 centers of
Nuform, 85 centers of Sarva Yoga and 19 centers of Mickey Mehta. b)
Gym Business: This business is housed under Talwalkar Healthclubs
Limited (THL); erstwhile Talwalkars Lifestyle Limited (TLL).


TALWALKARS HEALTHCLUBS: CARE Keeps D Ratings in Not Cooperating
---------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Talwalkars
Healthclubs Limited (THL) continue to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank     280.74       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

   Non-Convertible     25.00       CARE D; ISSUER NOT COOPERATING
   Debentures                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

   Non-Convertible     63.34       CARE D; ISSUER NOT COOPERATING
   Debentures                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

   Non-Convertible     25.00       CARE D; ISSUER NOT COOPERATING
   Debentures                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

   Non-Convertible     25.00       CARE D; ISSUER NOT COOPERATING
   Debentures                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

   Non-Convertible     25.00       CARE D; ISSUER NOT COOPERATING
   Debentures                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

   Non-Convertible     25.00       CARE D; ISSUER NOT COOPERATING
   Debentures                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category
  
Rationale and key rating drivers

CARE Ratings Ltd. had, vide its press release dated June 6, 2023,
reaffirmed the rating(s) of THL under the 'issuer non-cooperating'
category as THL had failed to provide information for monitoring of
the rating as agreed to in its Rating Agreement. THL continues to
be non-cooperative despite repeated requests for submission of
information through e-mails dated May 16, 2024, May 6, 2024, May 1,
2024, April 21, 2024 and various email.

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

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

CARE has considered combined financials of Talwalkars Better value
Fitness Limited (TBVFL) and Talwalkars Healthclubs Limited (THL,
Erstwhile Talwalkars Lifestyle Limited) for analysis referred as
TBVFL (combined) due to business and financial linkages along with
common management. The rating takes into account ongoing delays in
debt servicing by the company.

Detailed description of the key rating drivers

As per PR dated June 30, 2021, the following were the rating
strengths and weaknesses:

Key Rating Weaknesses

* Deteriorating debt coverage indicators; asset monetisation
remains key rating monitorable: As on March 31, 2019 (UA), the
total outstanding debt stood at INR~759 crore an increase of
45.30%. The debt was primarily on account of to fund its
various expansion plans, predominantly for the David Lloyd Club in
Pune. Consequently, the debt coverage metrics also deteriorated. As
of March 31, 2019 (UA), the interest coverage ratio stood at 4.99x
as against 7.10x as of March 31, 2018. Similarly, overall gearing
as well as total debt to gross cash accruals deteriorated to 1.05x
and 5.33x as against 0.89x and 3.91x respectively. Furthermore,
TBVFL (combined) has invested in other complementing ventures in
the lifestyle segment such as 'Sarva'. As these investments are
taking longer than expected to generate material returns, adjusting
for the same (including goodwill), the overall gearing ratio as on
March 31, 2019 stands at 1.57x as against 1.11x as on March 31,
2018. The management is looking to raise funds by the end of
calendar year 2019 through various avenues such as sale of equity,
sale of stake in joint ventures/associate companies and to monetise
some of its gym properties by entering in a sale and lease back
transaction to partially retire its debt. The ability of the
company to timely raise funds and subsequent debt reduction is a
key rating monitorable.

* Reduced financial flexibility: The financial flexibility of TBVFL
(combined) has reduced on account of significant reduction in
market capitalisation along with increase in promoters' pledged
shares. The promoters' stake pledged has increased to 76.11%
(TBVFL) and 77.30% (THL) as on June 30, 2019. The ability of the
promoters' to reduce quantum of pledged shares continues to remain
a key rating monitorable.

* Relatively moderate scale of operations: TBVFL's scale of
operations are moderate and seasonal in nature as second quarter
and fourth quarter of the fiscal year together contribute almost
61% of its overall consolidated revenues in FY19. Hence, any
adverse impact on the business in the peak season may adversely
impact the profitability.

* On-going significant capex towards existing line of business as
well as towards newer business segments which have not generated
returns in line with expectation: During FY19, on a combined basis,
the company had incurred capex of INR173.03 crore of which, INR111.
18 crore was for gym business and INR61.84 crore was for the
lifestyle business. The company's ability to improve its asset
turnover and increasing turnover of higher value added segment is
crucial to improve its credit profile. Further, the company is
setting up a club in Pune in collaboration with David Lloyd Leisure
Limited which got delayed and is expected to start operation
shortly. The performance in terms of member addition remains a
rating sensitivity.

Key Rating Strengths

* Long track record and extensive experience of the promoters in
the fitness industry: TBVFL and THL, promoted jointly by the
Talwalkar and Gawande families in 2003 has well-established track
record of operating gyms/fitness centres of over a decade and half
in the fitness industry with presence across the country. The brand
"Talwalkars" is in existence since 1932. The promoters, Mr Madhukar
Talwalkar and Mr Prashant Talwalkar, have more than four decades of
experience in various segments/aspects of fitness industry.

* Diversified product portfolio; albeit higher dependence on
revenues from gym services: TBVFL (combined) have a diversified
product portfolio offering multiple products spanning from basic
gym services to aerobics, yoga, diet-based weight reduction
programs, massage, spa, and health counselling. While the
contribution from its value added services is increasing the
company continues to derive major share of revenues from basic gym
services across its outlets.

Liquidity: Poor There are ongoing delays in company's debt service
obligations.

Analytical approach: Combined Financials of THL and TBVFL have been
considered for analysis; given the strong operational synergies
along with common management.

Incorporated in 2003, Talwalkars Better Value Fitness Limited
(TBVFL) was jointly promoted by Mr. Madhukar Talwalkar, Mr.
Prashant Talwalkar and Mr. Anant Gawande. The company is one of the
leading fitness chains in India offering a wide range of services
like weight loss, weight gain, and other fitness programs like body
sculpting, shaping, general fitness, massage, spa and health
counselling under the brand "Talwalkars". The company offers
various value added fitness programs in its bouquet of fitness
programs like Zumba (dance inspired fitness program), NuForm
(Electric Muscle Simulation based Technology fitness program),
Reduce (weight loss diet program), Transform (holistic fitness
program). TBVFL (combined) operates gyms/fitness centre on three
models viz directly managed gyms, franchisee route and subsidiary
model (wherein TBVFL enters into an agreement with a master
franchise, and TBVFL owns around 51% equity and the brand). Over
the last seven years, TBVFL has grown rapidly from operating 63
gyms/fitness centres as on March 31, 2010, to 272 gyms/fitness
centres as on March 31, 2019. TBVFL has split its operations into
lifestyle business and gym business and form two separate entities
in the following manner: a) Lifestyle business: This business is
housed under TBVFL. The business including various joint
ventures/associate companies comprises of Nuform, Zumba Fitness,
Mickey Mehta, Sarva (Yoga), Group X, Reduce, and sports club. As on
March 31, 2019, there are 116 centers of Reduce, 80 centers of
Nuform, 85 centers of Sarva Yoga and 19 centers of Mickey Mehta. b)
Gym Business: This business is housed under Talwalkar Healthclubs
Limited (THL); erstwhile Talwalkars Lifestyle Limited (TLL).


TEXOOL LIMITED: CARE Keeps D Debt Ratings in Not Cooperating
------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Texool
Limited (TL) continue to remain in the 'Issuer Not Cooperating'
category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       1.20       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

   Long Term/           2.80       CARE D/CARE D; ISSUER NOT
   Short Term                      COOPERATING; Rating continues
   Bank Facilities                 to remain under ISSUER NOT
                                   COOPERATING category

   Short Term Bank      6.00       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category
  
Rationale and key rating drivers

CARE Ratings Ltd. had, vide its press release dated March 14, 2023,
placed the rating(s) of TL under the 'issuer non-cooperating'
category as TL had failed to provide information for monitoring of
the rating and had not paid the surveillance fees for the rating
exercise as agreed to in its Rating Agreement. TL continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
January 28, 2024, February 7, 2024, February 17, 2024.

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

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

Texool Limited (TL) was incorporated in the year 1995 by the Sajdeh
family. TL is engaged in manufacturing and export of shoddy yarns
and rendered unserviceable used clothing through recycling. It is
an export-oriented unit (EOU) with its facility in Kandla SEZ,
Gujarat.

TIRUPATI COTTON: ICRA Keeps B+ Debt Ratings in Not Cooperating
--------------------------------------------------------------
ICRA has kept the Long-Term rating for the Bank facilities of
Tirupati Cotton (Ghatanji) in the 'Issuer Not Cooperating'
category. The rating is denoted as "[ICRA]B+(Stable);ISSUER NOT
COOPERATING".

                      Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long Term-          8.50       [ICRA]B+ (Stable) ISSUER NOT
   Fund Based-                    COOPERATING; Rating continues
   Cash Credit                    to remain under 'Issuer Not
                                  Cooperating' category

   Long Term-          1.50       [ICRA]B+ (Stable) ISSUER NOT
   Fund Based-                    COOPERATING; Rating continues
   Term Loan                      to remain under 'Issuer Not
                                  Cooperating' category
  
As part of its process and in accordance with its rating agreement
with TC, ICRA has been trying to seek information from the entity
so as to monitor its performance. Further, ICRA has been sending
repeated reminders to the entity for payment of surveillance fee
that became due. Despite multiple requests by ICRA, the entity's
management has remained non-cooperative. In the absence of
requisite information and in line with the aforesaid policy of
ICRA, the rating has been continued to the "Issuer Not Cooperating"
category. The rating is based on the best available information.

Tirupati Cotton (TC) was established in 2008 in Maharashtra as
partnership firm. The firm is engaged in ginning and pressing of
raw cotton into cotton lint/bales. The firm runs under the
leadership of partners Mr. Chetan Agrawal and Mr. Shivshankar
Agrawal, having equal profit-sharing ratio. The firm has a 48
cotton ginning machines and one pressing machines with a production
capacity of 288 cotton bales per day. The firm's manufacturing
facility is in Ghatanji, Yawatmal district of
Maharashtra. Ghatanji is also known as 'Cotton City', because in
this area farmer produces fine quality of cottons.


VIKAS KRISHI: ICRA Keeps B+ Debt Rating in Not Cooperating
----------------------------------------------------------
ICRA has kept the long-term rating of Vikas Krishi Seva Kendra in
the 'Issuer Not Cooperating' category. The rating is denoted as
[ICRA]B+(Stable); ISSUER NOT COOPERATING.

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

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

Vikas Krishi Sewa Kendra is a proprietorship firm engaged in the
trading of seeds, fertilizers, pesticides, oil paints and colour
etc. In seeds the firm trades in BT Cotton Seeds (T-1 and T-2
variety), hybrid Maize, Jowar, Wheat etc. In fertilizers, the firm
trades in UREA, Superphosphates, DAG etc. The firm also deals in
the pesticides and has dealership of Asian Paints.


VIR ELECTRO: ICRA Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------
ICRA has kept the Long-Term rating for the Bank facilities of Vir
Electro Engineering Private Limited (VEE) in the 'Issuer Not
Cooperating' category. The rating is denoted as "[ICRA]D;ISSUER NOT
COOPERATING".

                     Amount
   Facilities     (INR crore)   Ratings
   ----------     -----------   -------
   Long-term-         6.92      [ICRA]D; ISSUER NOT COOPERATING;
   Fund based                   Rating Continues to remain under
   Cash Credit                  'Issuer Not Cooperating'
                                Category

   Long Term-         4.73      [ICRA]D; ISSUER NOT COOPERATING;
   Unallocated                  Rating Continues to remain under
                                'Issuer Not Cooperating'
                                Category

   Long-term-        12.35      [ICRA]D; ISSUER NOT COOPERATING;
   Fund based                   Rating Continues to remain under
   Term Loan                    'Issuer Not Cooperating'
                                Category

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

Established in 1996 by Mr. Shivaji S. Dalvi, Vir Electro
Engineering Private Limited (VEE) is engaged in fabrication,
galvanizing, spray painting and metalizing of steel structures for
engineering companies like Crompton Greaves, ABB Ltd. and Siemens.
The company is specialized in surface preparation and protection
work as specified by customer and manufacturer of fabrication
items. The company's manufacturing plants are located at Ambad and
Gonde at Nashik. VEE has set up their manufacturing plant at Gonde,
Nashik in January 2013. The total installed capacity of 2,600 MT
per month for fabrication and galvanization.


XRBIA DEVELOPERS: ICRA Keeps D Debt Ratings in Not Cooperating
--------------------------------------------------------------
ICRA has kept the Long-Term rating for the Bank facilities of Xrbia
Developers Limited in the 'Issuer Not Cooperating' category. The
rating is denoted as "[ICRA]D;ISSUER NOT COOPERATING".

                    Amount
   Facilities     (INR crore)   Ratings
   ----------     -----------   -------
   Long-term         15.00      [ICRA]D; ISSUER NOT COOPERATING;
   Non-fund based               Rating continues to remain under
   Others                       'Issuer Not Cooperating'
                                Category

   Long-term-        12.00      [ICRA]D; ISSUER NOT COOPERATING;
   Fund based                   Rating Continues to remain under
   Cash Credit                  'Issuer Not Cooperating'
                                Category

   Long-term-       323.00      [ICRA]D; ISSUER NOT COOPERATING;
   Fund based                   Rating Continues to remain under
   Term Loan                    'Issuer Not Cooperating'
                                Category

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

The promoters of Xrbia group started real estate operations in the
year 1995 and have so far executed projects with over 17 million
square feet (MSF) of saleable area and over 10 MSF of area under
various stages of development spread across affordable housing,
plotting schemes and mid-luxury residences. Xrbia Developers
Limited, incorporated in 2004, is involved in the development and
sale of real estate projects and is part of Pune based Xrbia Group.
The firm is currently executing two residential and one plotting
schemes. The residential project Eiffel Khopoli Woods is located at
Mhadap, Khalapur and has sold 60% of the total 0.85 msf of saleable
area. The other residential project Xrbia Vangani is located at
Karjat and enjoys good connectivity with suburbs of Mumbai. The
company has sold 67% of the total 2.8 msf of saleable area in
Vangani. The company's plotting scheme is at Kharpudi, Pune. All
the necessary approvals required for the project such as land
approvals, environmental clearance.




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

RAKUTEN GROUP: S&P Alters Outlook to Stable, Affirms 'BB' ICR
-------------------------------------------------------------
S&P Global Ratings revised the outlook on its long-term issuer
credit rating on Rakuten Group to stable from negative. S&P
affirmed its 'BB' long-term issuer credit and senior unsecured debt
ratings on Rakuten Group and its 'B' issue rating on its
subordinated bonds.

S&P said, "The mobile business (including telecommunications
infrastructure) will continue to reduce losses, in our view.
Rakuten has maintained a net increase in the number of
subscriptions. We believe this is because its base station
development and its roaming agreement with KDDI Corp. have reduced
customer concerns about network quality. The launch in around June
of commercial services using low-band spectrum, which has better
propagation, could also help the company gain customers. As a
result, we estimate the company's mobile business will be
profitable on a quarterly basis at the end of fiscal 2024 (Dec. 31,
2024).

"Performance of the mainstay domestic e-commerce (EC) business will
continue to improve, in our opinion. Earnings growth in the
business has slowed slightly due to one-time factors, but we do not
expect a significant change in competitiveness. Improved services
through more efficient points programs and artificial intelligence
(AI) generation will also help maintain and improve profitability.
Under our assumptions, EBITDA from the nonfinancial unit will be a
surplus of just under JPY110 billion in fiscal 2024, up from a
deficit of JPY32.8 billion in fiscal 2023. This is thanks in part
to a reduction in the mobile business deficit."

The nonfinancial FOCF deficit will continue to shrink. This is
because capital expenditures in the mobile business should
significantly decline. The roaming agreement with KDDI will enable
a significant reduction in capital investment through 2025, as well
as the enhanced management of working capital. As a result, the
FOCF deficit in the nonfinancial business is likely to narrow to
just over JPY90 billion in fiscal 2024 and turn positive in fiscal
2025. In fiscal 2023, the unit booked a deficit of about JPY490
billion.

The company's liquidity has improved. It has raised $3.8 billion
(JPY569 billion) in U.S. dollar-denominated bonds and JPY50 billion
in yen-denominated bonds in fiscal 2024. With the addition of about
JPY500 billion in cash on hand, funds are almost there for the
redemption of the remaining amount of corporate bonds due by the
end of 2025 (about JPY545 billion) and to make up for the FOCF
deficit. However, S&P expects the company's funding and liquidity
to remain susceptible to the stance of Japanese banks and
developments in financial markets.

S&P said, "We do not expect any significant changes in the
creditworthiness of the financial businesses that underpin our
ratings on the company. Our long-term issuer credit rating on
Rakuten is a weighted average of the somewhat lower credit quality
of the highly leveraged nonfinancial unit (stand-alone credit
profile of 'b+') and slightly higher credit quality of the
financial unit, which has stable profitability. The company's
control of the financial business as a parent allows it to continue
to use part of its stable operating cash flow from the business,
which is growing steadily, to support its nonfinancial business. As
a result, we give a slightly higher weight to the financial unit in
our long-term issuer credit rating on Rakuten. On the other hand,
we believe that the financial business has been hindered from
accumulating capital because of its assistance for the nonfinancial
business.

"We plan to review and incorporate into our analysis reorganization
in the financial unit announced by the company in April 2024.We
will do so as details of the plan take shape and its timing becomes
clear. If the company can raise nondebt funds through the
reorganization and use it to improve the financial position of the
nonfinancial unit, this would benefit the creditworthiness of the
company. However, there is a possibility that the reorganization
could lead to an increase in the number of outside shareholders in
the financial unit and a substantial weakening of the company's
control of it. This could ultimately hurt the company's ecosystem
across financial and nonfinancial businesses, which could be
detrimental to our assessment of group creditworthiness.

"The stable outlook reflects our view that results and key
financial indicators for the nonfinancial unit will continue to
recover gradually over the next one to two years as mobile losses
continue to fall.

S&P may consider a downgrade if it sees a heightened likelihood of
both of the following scenarios:

-- Over the next year or so, the nonfinancial unit's EBITDA and
FOCF becoming substantially weaker than S&P currently assume
because, for example, of slower improvement in the mobile business'
performance.

-- Debt in the company's nonfinancial business increases
significantly.

S&P may consider an upgrade if it sees a heightened likelihood of
all of the following scenarios:

-- With the mobile business operating in a stable EBITDA surplus,
the company will maintain significant positive FOCF for the
nonfinancial business.

-- The ratio of debt to EBITDA for nonfinancial businesses will
improve to below 5x and stay there thanks to a significant
reduction in debt through, for instance, the procurement of nondebt
financing.

-- The financial soundness and profitability of the financial
businesses will not deteriorate from the current level.

Governance factors are a moderately negative consideration in S&P's
credit rating analysis of Rakuten. The company has a high-risk
appetite for its industry. In the mobile business, which the
company has entered full-scale in Japan, performance has been slow
to improve, leading to large increases in losses and investment.
This is a negative factor when assessing the ability of the
company's management to execute its business strategy.




===============
M A L A Y S I A
===============

SINO GREEN: Losses Raise Going Concern Doubt
--------------------------------------------
Sino Green Land Corp. disclosed in a Form 10-Q Report filed with
the U.S. Securities and Exchange Commission for the quarterly
period ended March 31, 2024, that substantial doubt exists about
its ability to continue as a going concern within the next 12
months.

According to Sino Green, for the six months ended March 31, 2024,
the Company incurred a net loss of $943,686 and used cash in
operating activities of $557,193.

In addition, Sino Green's independent registered public accounting
firm based in Los Angeles, Calif., Weinberg & Company, P.A. raised
substantial doubt about the Sino Green Land Corporation's ability
to continue as a going concern, citing that during the six-month
transition period ended June 30, 2023, the Company incurred a net
loss and utilized cash in operations, and at June 30, 2022, had a
stockholders' deficit.

No assurance can be given that any future financing, if needed,
will be available or, if available, that it will be on terms that
are satisfactory to the Company. Even if the Company is able to
obtain additional financing, if needed, it may contain undue
restrictions on its operations, in the case of debt financing, or
cause substantial dilution for its stockholders, in the case of
equity financing.

A full-text copy of the Company's Form 10-Q is available at
https://tinyurl.com/nzde2us8

                   About Sino Green Land Corp.

Semenyih, Malaysia-based Sino Green Land Corporation was
incorporated under the laws of the State of Nevada on March 6,
2008, under the name of Henry County Plywood Corporation, as a
successor by merger to a Virginia corporation incorporated in May
1948 under the same name. On March 17, 2009, the Company changed
its name from "Henry County Plywood Corporation" to "Sino Green
Land Corporation". On January 7, 2020, it renamed from "Sino Green
Land Corporation" to "Go Silver Toprich, Inc.". On August 31, 2020,
it changed the name from "Go Silver Toprich, Inc." back to "Sino
Green Land Corporation."

As of March 31, 2024, the Company has $4,583,343 in total assets,
$5,270,359 in total liabilities, and total stockholders' deficit of
$687,016



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

CANNASOUTH LIMITED: Watershed Meeting Scheduled for June 7
----------------------------------------------------------
Cannasouth Limited announced on May 29, 2024, that the watershed
meeting is set down for 10:00 a.m. on Friday, June 7, 2024. The
watershed meeting will only be attended by the creditors (and not
shareholders) of Cannasouth Limited.

A group of investors have proposed that Cannasouth Limited and some
of its subsidiaries enter into a deed of company arrangement. The
proposed deed of company arrangement will be discussed at the
watershed meeting.

The Administrators have released a report pursuant to section 239AU
of the Companies Act 1993 which considers the proposed deed of
company arrangement (which can be retrieved from the
Administrators' website).

Ben Francis and Garry Whimp from Blacklock Rose Limited were
appointed as joint administrators of the Company on March 28,
2024.

The company said the appoinment came after "careful consideration
of the circumstances of the company, including the challenges of
securing additional funding and balancing the interest of
shareholders and convertible note holders".

The administrators now had responsibility for planning for ongoing
operations and "meeting cashflow positive results".

"The administrators will be undertaking a detailed review of the
operations of Cannasouth with particular focus on identifying the
profitable lines of the company's products and services,"
Cannasouth said.

Cannasouth Limited (NZX:CBD) -- www.cannasouth.co.nz -- a medicinal
cannabis company, engages in the cultivation and manufacture of
cannabis pharmaceutical ingredients and medicines. It develops
cannabinoid therapeutics to support human and animal health
outcomes.


DIESEL NORTH: Creditors' Proofs of Debt Due on July 25
------------------------------------------------------
Creditors of Diesel North Limited are required to file their proofs
of debt by July 25, 2024, to be included in the company's dividend
distribution.

The High Court at Whangarei appointed Lynda Smart and Derek Ah Sam
of Rodgers Reidy as liquidators on May 27, 2024.


ELIZA'S HOLDINGS: Creditors' Proofs of Debt Due on June 15
----------------------------------------------------------
Creditors of Eliza's Holdings Limited and Francesca's Christchurch
Limited are required to file their proofs of debt by June 15, 2024,
to be included in the company's dividend distribution.

The company commenced wind-up proceedings on May 15, 2024.

The company's liquidator is:

          Brenton Hunt
          PO Box 13400
          City East
          Christchurch 8141



MOLONEY & MOLONEY: Court to Hear Wind-Up Petition on June 27
------------------------------------------------------------
A petition to wind up the operations of Moloney & Moloney Limited
will be heard before the High Court at Auckland on June 27, 2024,
at 10:45 a.m.

The Commissioner of Inland Revenue filed the petition against the
company on May 1, 2024.

The Petitioner's solicitor is:

          Hosanna Tanielu
          Inland Revenue
          Legal Services
          5 Osterley Way
          Manukau City
          Auckland 2104


WHAKATANE HI: Court to Hear Wind-Up Petition on June 11
-------------------------------------------------------
A petition to wind up the operations of Whakatane Hi Trim
Contractors Limited will be heard before the High Court at Rotorua
on June 11, 2024, at 10:00 a.m.

The Commissioner of Inland Revenue filed the petition against the
company on April 15, 2024.

The Petitioner's solicitor is:

          Christina Anne Hunt
          Inland Revenue
          Legal Services
          21 Home Straight
          PO Box 432
          Hamilton


WILSON PLASTERING: Creditors' Proofs of Debt Due on July 12
-----------------------------------------------------------
Creditors of Wilson Plastering Hawkes Bay Limited are required to
file their proofs of debt by July 12, 2024, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on May 27, 2024.

The company's liquidators are:

          Garry Whimp
          Blacklock Rose Limited
          PO Box 6709
          Victoria Street West
          Auckland 1142




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

PHILIPPINE TELEGRAPH: Miguel Marco O. Bitanga Quits as COO
----------------------------------------------------------
Bilyonaryo.com reports that the son of businessman Benjamin Bitanga
has stepped down from his key posts in PT&T as part of a massive
management shakeup in the struggling telecom firm.

Miguel Marco O. Bitanga has resigned as director, chief operating
officer, EVP, treasurer, and chief marketing officer of PT&T on May
27 for "personal reason," Bilyonaryo.com relates.

PT&T's chief information officer Alberto P. Ambuyo and strategic
projects and vendor management advisor Reinhard Klocker have also
resigned along with Miguel.

Two other PT&T executives have resigned for "personal reason" since
January this year - CFO Oscar Sevilla Jr. and SVP for fixed
broadband, retail, carrier and wholesale business Juanita C.
Rimando, Bilyonaryo.com relays.

In a statement, PT&T said Miguel, Ambuyo and Reinhard Klocker will
transfer to its parent, Menlo Capital group which also owns MRC
Allied and Rappler to "focus on driving forward key initiatives."

PT&T assured that it has "a robust succession plan in place" with a
"strong management team."

Miguel was named COO when the Menlo Group, owned by Benjamin, Buddy
Zamora, took over 70 percent of PT&T from Republic
Telecommunications Holdings in 2017.

Bilyonaryo.com notes that the management shake-up at PT&T was
unexpected, especially after the company reported P8 million in
profits last year, following PHP220 million in losses from 2018 to
2022.

Last year, PT&T also secured approval from the Securities and
Exchange Commission to increase its authorized capital stock from
PHP3.8 billion to PHP12.6 billion, enabling an PHP8.9 billion
debt-to-equity conversion as part of its rehabilitation plan,
Bilyonaryo.com recalls.

In its 2023 annual report, Reyes Tacandong & Co. said PT&T's
PHP11.665 billion capital deficit due to losses, ongoing corporate
rehabilitation, and unresolved issues on its legislative franchise
"indicate a material uncertainty which may cast doubt on the
company's ability to continue as a going concern," Bilyonaryo.com
discloses.

Makati City-based Philippine Telegraph & Telephone Corporation --
http://www.ptt.com.ph/-- operates a telecommunication network. The
Company also offers basic telephone and long distance services,
digital data and other data communication services, and a variety
of other products.





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

AI LEARNING: HPS Corporate Marks $44MM Loan at 27% Off
------------------------------------------------------
HPS Corporate Lending Fund has marked its $44,063,000 loan extended
to AI Learning (Singapore) PTE. LTD to market at $31,975,000 or 73%
of the outstanding amount, as of March 31, 2024, according to a
disclosure contained in HPS Corporate's Form 10-Q for the quarterly
period ended March 31, 2024, filed with the Securities and Exchange
Commission.

HPS Corporate is a participant in a First Lien Debt to AI Learning
(Singapore) PTE. LTD. The loan accrues interest at a rate of 12.19%
(SORA+ 8.25% (incl 4% Payment In Kind) per annum. The loan matures
on May 25, 2027.

HPS Corporate is a Delaware statutory trust that was formed on
December 23, 2020 and commenced operations on February 3, 2022. The
Company is a non-diversified, closed-end management investment
company that has elected to be regulated as a business development
company under the Investment Company Act of 1940, as amended. The
Company is externally managed by HPS Advisors, LLC a wholly-owned
subsidiary of HPS Investment Partners, LLC. Prior to June 30, 2023,
the Company was externally managed by HPS. The Company has elected
to be treated for federal income tax purposes, and intends to
qualify annually thereafter, as a regulated investment company as
defined under Subchapter M of the Internal Revenue Code of 1986, as
amended.

HPS Corporate is led by Michael Patterson, Chief Executive Officer;
and Robert Busch, Chief Financial Officer. The fund can be reach
through:

     Michael Patterson
     HPS Corporate Lending Fund
     40 West 57th Street, 33rd Floor
     New York, NY 10019
     Tel: (212) 287-6767

AI Learning (Singapore) PTE. LTD. is in the consumer services
industry.


CORDLIFE GROUP: MOH Extends Company's Suspension by Up to 3 Months
------------------------------------------------------------------
The Business Times reports that Singapore's Ministry of Health
(MOH) has issued a new notice to beleaguered private cord blood
bank Cordlife, barring them from collecting new cord blood and
human tissue for up to an additional three months, the company said
on May 28.

BT relates that the notice, issued on May 27, will take effect from
June 15 unless the director-general of health approves it sooner,
pending written representations from Cordlife to MOH. Cordlife said
that it does not plan to submit such written representations and
will inform the health ministry accordingly.

The first notice was issued on Nov. 30, 2023, after an MOH check
found seven of the company's 22 cord-blood storage tanks being kept
at temperatures above acceptable limits.

MOH had conducted further inspections in April and May 2024, and
determined that Cordlife had yet to complete the validation of its
AXP II System for cord blood processing.

The company also did not complete the development of the relevant
operating procedures and practices for the system, as well as the
training and competency assessment of the staff using it.

According to BT, Cordlife said it will work to expedite potency
testing, in addition to other rectification efforts. It will also
update MOH on its progress to fulfil all requirements and receive
approval to resume operations as soon as possible.

The company also announced that it applied on May 15 to discontinue
licences related to services involving haematopoietic stem cells
and its clinical laboratory services.

BT says Cordlife will stop providing services related to
haematopoietic stem cells, including bone marrow, under its human
tissue banking service. It plans to focus only on the banking of
ocular tissue, specifically the corneal lenticule.

It does not expect the discontinuation of this licence to
significantly impact its Singapore operations, as peripheral blood
stem cell banking services did not account for a major portion of
its services.

The same can be said for its clinical laboratory service licence,
as the company has not been providing any services that require the
licence. The discontinuation is effective from May 20, BT adds.

                          About Cordlife

Headquartered in Singapore, Cordlife Group Limited, an investment
holding company, provides cord blood banking services in Singapore,
Hong Kong, India, Malaysia, the Philippines, and internationally.
The company operates through two segments, Banking and Diagnostics.
It offers cord blood, cord lining, and cord tissue banking
services, including processing and storage of stem cells; and
various diagnostics services, such as newborn genetic screening,
pediatric vision and ear screening, pediatric allergen test,
genetic talent test, preimplantation genetic screening, endometrial
receptivity test, non-invasive prenatal testing, and newborn
metabolic screening. The company also provides Moms Up, a mobile
app for pregnancy and parenting resources for moms and moms-to-be.
In addition, it provides medical laboratory, marketing, and
property investment services.  

As reported in the Troubled Company Reporter-Asia Pacific in late
in April 2024, Cordlife's former internal auditor KPMG had
submitted a disclaimer of opinion in its independent auditor's
report dated April 24, stating that it had not been able to obtain
"sufficient appropriate audit evidence" to provide a basis for an
audit opinion on several areas.

These areas included the company's compliance with laws and
regulations, given Cordlife's ongoing investigations by the
Ministry of Health (MOH) and the Commercial Affairs Department
(CAD).

KPMG also addressed uncertainties in providing an audit opinion on
the subject of Cordlife's refunds and claims, after the company
said it would waive all future annual fees and initiate a refund
for clients affected by its recent case of damaged cord-blood
units, BT related.

According to BT, the auditor said it was unable to obtain
sufficient audit evidence over the number of affected customers
with confirmed damaged cord blood arising from temperature
excursions as at Dec. 31 2023 - and therefore the "quantification
and significance" on any adjustments to be recorded in Cordlife's
financial statements as a result.

KPMG further highlighted that "there are no alternative audit
procedures that can be performed" in applying the going concern
basis of preparation for Cordlife's financial statements.

This is because investigations by MOH and CAD remain ongoing, while
Cordlife's business in Singapore remains suspended.

GRAB HOLDINGS: Moody's Affirms B2 CFR, Alters Outlook to Positive
-----------------------------------------------------------------
Moody's Ratings has affirmed the B2 corporate family rating of Grab
Holdings Inc.

In addition, Moody's changed the outlook to positive from stable.
"The change in outlook to positive reflects Moody's expectation
that Grab's earnings and cash flow will continue to improve,
supported by the company's scale and leading market position in
Southeast Asia," says Yu Sheng Tay, a Moody's Analyst.

"Moody's expect Grab to execute its growth strategy in a prudent
manner, particularly for its nascent digital banking operations,
while maintaining cost discipline and very good liquidity," adds
Tay.

RATINGS RATIONALE

Grab has been able to leverage its scale and leading market
position in Southeast Asia to make significant progress toward
sustained profitability. The company recorded healthy growth in
gross merchandize value against its regional peers over the past
12-18 months, even as it reduced incentives for customers and
partners and trimmed operating costs.

Consequently, Moody's expects Grab's earnings and cash flow will
continue to increase over the next 12-18 months. This will also be
supported by a stabilized competitive environment in the mobility
(ride-hailing) and food delivery businesses, as well as ongoing
recovery in the tourism sector across Southeast Asia. In addition,
Grab will focus on improving affordability to retain and attract
new customers, while maintaining cost discipline across its
operations.

Moody's projects Grab's adjusted EBITDA (including share-based
compensation) will rise to around $94 million in 2024 and $220
million in 2025, from losses of $140 million last year. Over the
same period, cash flow from operations (before movements in
customer deposits and loan receivables) will rise to $330
million-$470 million, from $9 million in 2023.

Grab plans to ramp up lending at its digital banking operations in
Singapore, Malaysia and Indonesia in 2024. While this represents a
new growth avenue for the company, the financial services segment
is loss-making and faces competition from traditional lenders and
financial technology firms.

Nonetheless, Moody's expects Grab to pursue growth at the digital
banking operations prudently by focusing on lending to existing
users of its platform to minimize customer acquisition costs and
credit risk. The agency also expects Grab to reduce its losses over
the next two years and achieve breakeven EBITDA in 2026.

The rating reflects Grab's exposure to the evolving legal and
regulatory framework in its key markets. It also considers the
company's complex corporate structure stemming from partial
ownership stakes in several of its operating entities.

Grab's B2 rating is supported by the company's robust balance sheet
and very good liquidity. As of March 31, 2024, Grab had substantial
cash balances and short-term deposits of $3.3 billion (excluding
customer deposits) compared with $298 million of debt.

Grab's liquidity is further bolstered by around $1.2 billion of
non-current time deposits and investments. The cash sources are
sufficient to cover the company's debt maturities, planned share
buyback and capital expenditure. At the same time, Grab has
considerable financial flexibility to withstand losses associated
with the ramp-up of its digital banking operations as well as
capitalize on inorganic growth opportunities.

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

Moody's would consider upgrading the rating if Grab maintains its
leading market position in mobility and delivery services; improves
its revenue, earnings, margins and cash flow; reduces losses and
cash burn as it ramps up its financial services business;
demonstrates prudent financial policies particularly in terms of
acquisitions and investments; and maintains very good liquidity.

Given the positive outlook, a rating downgrade is unlikely.
However, Moody's could revise the outlook to stable if Grab's
market position in mobility and delivery services erodes such that
its revenue and earnings deteriorate; losses at Grab's financial
services segment intensify; the company has insufficient liquidity
to fund its operations and investments; and it deviates from its
prudent financial policies and engages in an aggressive growth
strategy or excessive shareholder returns.

The principal methodology used in this rating was Business and
Consumer Services published in November 2021.

Founded in 2012, Grab provides ride-hailing, delivery and digital
financial services in Southeast Asia. The company also provides
digital banking services in Singapore, Malaysia and Indonesia. Grab
has been listed on the NASDAQ since December 2021.

MONTVIEW INVESTMENTS: Creditors' Proofs of Debt Due on July 1
-------------------------------------------------------------
Creditors of Montview Investments Pte Ltd are required to file
their proofs of debt by July 1, 2024, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on May 23, 2024.

The company's liquidators are:

           Ong Kok Yeong David
           Tay Tuan Leng
           c/o Tricor Singapore  
           9 Raffles Place
           #26-01 Republic Plaza
           Singapore 048619


SINBUN TRADING: Court Enters Wind-Up Order
------------------------------------------
The High Court of Singapore entered an order on May 24, 2024, to
wind up the operations of Sinbun Trading Pte. Ltd.

DBS Bank Ltd filed the petition against the company.

The company's liquidators are:

           Mr. Leow Quek Shiong
           Mr. Gary Loh Weng Fatt
           c/o BDO Advisory  
           600 North Bridge Road
           #23-01 Parkview Square
           Singapore 188778


ZIPMEX ASIA: Commences Wind-Up Proceedings
------------------------------------------
Members of Zipmex Asia Pte Ltd on May 20, 2024, passed a resolution
to voluntarily wind up the company's operations.

The company's liquidator is:

          Ms Ellyn Tan Huixian
          Mazars Consulting
          135 Cecil Street
          #10-01 Philippine Airlines Building
          Singapore 069536



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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,
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