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

                     A S I A   P A C I F I C

          Thursday, June 13, 2024, Vol. 27, No. 119

                           Headlines



A U S T R A L I A

ALLIED METHANOL: First Creditors' Meeting Set for June 18
EDWAY GROUP: First Creditors' Meeting Set for June 20
FIKA ENTERTAINMENT: First Creditors' Meeting Set for June 18
ICREATE RETAIL: First Creditors' Meeting Set for June 18
MALT SHOVEL: Popular Brewery to Shut After 36 Years

OAKLANDS BUILT: First Creditors' Meeting Set for June 19


C H I N A

CHINA EVERGRANDE: Founder's Black's Link Mansion Finds a Buyer
CHINA EVERGRANDE: Unit May Lose Key Assets Over Unpaid Subsidies


H O N G   K O N G

CHINA AIRCRAFT: Fitch Affirms 'BB+' LT IDR, Alters Outlook to Neg.


I N D I A

A B EQUIPMENTS: CRISIL Keeps B+ Debt Ratings in Not Cooperating
AMBAL MODERN: CRISIL Keeps B+ Debt Rating in Not Cooperating
ARYABHATTA ACADEMIC: CRISIL Keeps B Rating in Not Cooperating
ASA INTERNATIONAL: ICRA Lowers Rating on INR109.88cr NCD to D
CREATIVE INFRA: CRISIL Keeps B Debt Rating in Not Cooperating

DESU VEERAIAH: CRISIL Keeps B Debt Rating in Not Cooperating
GLENMARK PHARMACEUTICALS: Fitch Affirms 'BB' IDR, Outlook Stable
JAIPRAKASH ASSOCIATES: NCLAT Asks ICICI to Consider OTS Proposal
JINDAL INFRASTRUCTURE: CARE Keeps C Debt Rating in Not Cooperating
KALTHIA INFRA-CON: ICRA Cuts Rating on INR28cr LT Loan to B+(CE)

MAHESWARI FERTILIZERS: CRISIL Keeps B Rating in Not Cooperating
MOIDU'S MEDI: CRISIL Keeps D Debt Ratings in Not Cooperating
NATIONAL AUTO: Liquidation Process Case Summary
RAMACHANDRA POOJA: CARE Keeps B- Debt Rating in Not Cooperating
RUBY BUILDESTATES: Insolvency Resolution Process Case Summary

RUHATIYA COTTON: CRISIL Keeps B Debt Rating in Not Cooperating
SAFFRON RESOURCES: CRISIL Keeps B+ Debt Rating in Not Cooperating
SAI MAATARINI: CARE Keeps D Debt Rating in Not Cooperating
SAMRAKSHA HEALTH: CRISIL Keeps B Debt Rating in Not Cooperating
SANDEEP SINGH: CRISIL Keeps B Debt Rating in Not Cooperating

SATYA BHASKARA: ICRA Keeps B+ Debt Ratings in Not Cooperating
SHIVA DALL: CRISIL Keeps D Debt Ratings in Not Cooperating
SHUBH SANDESH: CRISIL Keeps B+ Debt Rating in Not Cooperating
SIMRAN GROUP: CRISIL Keeps B Debt Ratings in Not Cooperating
SINDHU CARGO: ICRA Lowers Rating on INR36cr LT Loan to D

SND LIMITED: CARE Keeps D Debt Ratings in Not Cooperating Category
SRIRAMSAVITRI BUILDERS: CRISIL Cuts Rating on INR29cr Loan to B
SS INNOVATIONS: Posts $2.8MM Net Loss in Q1 2024
STARGAZE ENTERTAINMENT: Insolvency Resolution Process Case Summary
SUPREME INFRASTRUCTURE: Insolvency Resolution Process Case Summary

SUSHEELA TEXFAB: CARE Keeps D Debt Rating in Not Cooperating
TEEKAY MARINES: ICRA Keeps B Debt Rating in Not Cooperating
VIKAS FILAMENTS: ICRA Keeps B Debt Ratings in Not Cooperating
VINNARASI EDUCATIONAL: CARE Keeps D Debt Rating in Not Cooperating
VISHNU ENTERPRISES: CARE Keeps D Debt Ratings in Not Cooperating



M Y A N M A R

MYANMAR: Poverty Deepens, Growth Stagnant, World Bank Says


N E W   Z E A L A N D

AUCKLAND CIVIL: Creditors' Proofs of Debt Due on July 12
HIGHGATE COMMERCIAL: Creditors' Proofs of Debt Due on July 3
MATAMATA FOOD: Court to Hear Wind-Up Petition on June 24
MEARNS & LECKIE: Court to Hear Wind-Up Petition on June 20
REFRIGERATION SOLUTIONS: Creditors' Proofs of Debt Due on July 7



P H I L I P P I N E S

RURAL BANK OF CUYO: Placed Under PDIC Receivership


S I N G A P O R E

3D MEDICINES: Commences Wind-Up Proceedings
GMDC: Placed in Provisional Liquidation
MAXEON SOLAR: 'Going Concern' Warning Issued
PACIFIC NETWORK: Court Enters Wind-Up Order
VELTECH PTE: Court to Hear Wind-Up Petition on June 28

YANG KEE: Commences Wind-Up Proceedings

                           - - - - -


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

ALLIED METHANOL: First Creditors' Meeting Set for June 18
---------------------------------------------------------
A first meeting of the creditors in the proceedings of Allied
Methanol Pty Ltd will be held on June 18, 2024 at 10:00 a.m. at the
offices of Cor Cordis at M Level 28, The Esplanade in Perth and via
Microsoft Teams.

Jeremy Joseph Nipps and Thomas Donald Birch of Cor Cordis were
appointed as administrators of the company on June 6, 2024.


EDWAY GROUP: First Creditors' Meeting Set for June 20
-----------------------------------------------------
A first meeting of the creditors in the proceedings of Edway Group
Pty Ltd will be held on June 20, 2024 at 11:00 a.m. via
teleconference only.

Mohammad Najjar of Vanguard Insolvency Australia was appointed as
administrator of the company on June 7, 2024.


FIKA ENTERTAINMENT: First Creditors' Meeting Set for June 18
------------------------------------------------------------
A first meeting of the creditors in the proceedings of Fika
Entertainment Pty Ltd will be held on June 18, 2024 at 10:00 a.m.
via Microsoft Teams meeting.

David Johnstone and Robert Hutson of Korda Mentha were appointed as
administrators of the company on June 6, 2024.


ICREATE RETAIL: First Creditors' Meeting Set for June 18
--------------------------------------------------------
A first meeting of the creditors in the proceedings of iCreate
Retail Solutions Pty Ltd will be held on June 18, 2024 at 10:00
a.m. via videoconference only.

Roberto Crispino and Richard Albarran of Hall Chadwick were
appointed as administrators of the company on June 5, 2024.


MALT SHOVEL: Popular Brewery to Shut After 36 Years
---------------------------------------------------
News.com.au reports that a brewery, best known for producing the
popular James Squire range of beers, is set to be closed down as
the cost of living crisis bites and the beer drinking market
shrinks.

Popular Sydney outfit Malt Shovel Brewery will be shuttered at the
end of August, impacting nine staff members, news.com.au relates.

Its comes at a torrid time for the craft brewery industry with a
spate of closures hitting the sector as onerous taxes and a massive
drop in demand drives breweries to their knees across the country.

News.com.au says Malt Shovel Brewery was first established by Chuck
Hahn in 1988 and was sold in 1993 to Lion Nathan – one of the
largest drinks groups in the world which is best known for making
XXXX Gold and Tooheys.

Currently Malt Shovel is producing a range of James Squire,
Eumundi, New Belgium and Little Creatures products which will be
transferred to other sites in their breweries in the Lion network
including in northern NSW and Geelong in Victoria.

According to news.com.au, Malt Shovel head brewer Allison Macdonald
said she was "incredibly sad" about the closure but was proud of
the brewery's legacy which had an "incredible history and lineage
of beers and brewers throughout the years which I've been proud to
have been part of".

News.com.au had previously revealed an industry insider sounding
the alarm about the difficulties the industry faced.

Nick Boots, an industry consultant from The Business of Beer
Consulting and Advisory and previously the general manager of
popular Byron Bay brewery Stone & Wood, warned that the recent
collapse of Melbourne-based Deeds Brewery wouldn't be the last to
rock the sector.

Now Malt Shovel is added to the growing pile, while Asahi,
Australia's biggest beer company, announced just last month it was
also closing one of its craft beer operations Matilda Bay Brewpub
in Victoria due to rising costs including wages, energy bills,
materials and taxes, news.com.au says.

A number of other independent breweries have gone into
administration in the past year including Brisbane-based Ballistic
Beer Company, Adelaide business Big Shed Brewing, Melbourne-based
Hawkers Brewery and the Wayward brand and Akasha Brewery, both from
Sydney, the report adds.


OAKLANDS BUILT: First Creditors' Meeting Set for June 19
--------------------------------------------------------
A first meeting of the creditors in the proceedings of Oaklands
Built (NSW) Pty Ltd will be held on June 19, 2024 at 10:30 a.m. at
Suite 14.02, Level 14, 383-395 Kent Street in Sydney.

Andrew John Spring and Trent Andrew Devine of Jirsch Sutherland
were appointed as administrator of the company on June 6, 2024.




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

CHINA EVERGRANDE: Founder's Black's Link Mansion Finds a Buyer
--------------------------------------------------------------
South China Morning Post reports that a mansion at one of Hong
Kong's most exclusive neighbourhoods found its buyer after a fire
sale and 15 months on the auction block, offering a minor victory
for China Evergrande Group's liquidators as they grapple to sell
the defunct developer's assets.

The 5,171-sq ft mansion at 10B Black's Link, previously held by an
Evergrande executive, sold last month for HK$448 million (US$57.35
million), according to the Land Registry, the Post discloses. The
price was 44 per cent less than the HK$800 million that valuers had
estimated the property to be worth.

The Post says the buyer of the two-storey mansion, located near the
Hong Kong Cricket Club and one of the island's favourite trekking
trails, was Sassicaia Company Limited, a privately owned company.
The two directors of Sassicaia, registered in April, are the
Singapore passport holder Lim Choi Hwee, and a Bermuda-registered
company called Bartley Directors, which uses an agent in Hong Kong
as its company secretary.

The Post relates that the sale showed that liquidators and
receivers are making progress in their attempt to unravel the web
of debt owed by Evergrande and its founder Hui Ka-yan, as they work
through an estimated US$300 billion of liabilities after the
developer's liquidation in January. Overnight, Evergrande's
car-making unit was ordered to return CNY1.9 billion (US$261.9
million) it received in subsidies from various local authorities
after it failed to fulfil its production goals.

The property was put up for sale by receivers in March 2023 to
recover unpaid bills after being seized by China Construction Bank
(Asia) in November 2022, the Post recalls. Along with two adjacent
mansions 10C and 10E, the three properties were remortgaged in late
2021 for HK$1.1 billion, compared with their combined valuation of
HK$1.5 billion.

The mansion's previous owner was registered as Better Vision and
its director Tan Haijun, according to a company registration
search, the Post relays.  Tan was the director of Giant Hill, which
owned adjacent mansions 10C and 10E on Black's Link, according to
Land Registry data. Hui resigned as Giant Hill's director on July
30, 2021, and his seat was filled on the same day by Tan, according
to the records.

The Post notes that the 10E property on Black's Link, a
three-storey detached house measuring 4,933 sq ft and an estimated
market value of HK$550 million, was put up for sale by public
tender in March. Savills, the agent responsible for the sale,
invited tenders for the property, which closed on April 22.

Once China's richest person, Hui's personal wealth has dwindled
since Evergrande was enmeshed in a debt crisis triggered by
Beijing's "three red lines" lending curbs in 2021, which choked off
financing for developers that breached the central bank's leverage
limits, the Post notes. The Guangzhou-base developer defaulted on
US$20 billion of offshore bonds.

                       About China Evergrande

China Evergrande Group is an integrated residential property
developer. The Company, through its subsidiaries, operates in
property development, investment, management, finance, internet,
health, culture, and tourism markets.

China Evergrande Group, the second largest real estate developer in
China, and certain of its affiliates sought creditor protection in
the United States under Chapter 15 of the Bankruptcy Code (Bankr.
S.D.N.Y. Lead Case No. 23-11332) on Aug. 17, 2023.

Evergrande, widely known as the most leveraged company in the
world, and its affiliates are asking the U.S. Bankruptcy Court for
the Southern District of New York for recognition of foreign
proceedings as "foreign main" proceeding under Chapter 15.

Evergrande is in the midst of a highly complex restructuring of
around $20 billion in offshore debt.  In total, the Company has
more than $300 billion in liabilities.

Evergrande is incorporated in the Cayman Islands as an exempted
company with limited liability, with its principal place of
business located at 15th Floor, YF Life Centre, 38 Gloucester Road,
Wanchai, Hong Kong.  It is subject to a restructuring proceeding
entitled In the Matter of China Evergrande Group, concerning a
scheme of arrangement between Evergrande and certain Scheme
Creditors pursuant to the relevant provisions of the Hong Kong
Companies Ordinance (Chapter 622 of the Laws of Hong Kong),
currently pending before the High Court of Hong Kong (Case Number
HCMP 1091/2023.

Affiliate Tianji Holding Limited is incorporated in Hong Kong as a
limited liability company, with its principal place of business
located at 17th Floor, One Island East, Taikoo Place, 18 Westlands
Road, Quarry Bay, Hong Kong. Tianji is subject to a restructuring
proceeding entitled In the Matter of Tianji Holding Limited,
concerning a scheme of arrangement between Tianji and certain
Scheme Creditors, pursuant to the relevant provisions of the Hong
Kong Companies Ordinance and currently pending before the Hong Kong
Court (Case Number HCMP 1090/2023).

Affiliate Scenery Journey Limited is incorporated in the British
Virgin Islands as a limited liability company, with its principal
place of business located at 2nd Floor Water's Edge Building,
Wickham's Cay II, Road Town, Tortola, BVI. Scenery Journey is
subject to a restructuring proceeding entitled In the Matter of
Scenery Journey Limited, concerning a scheme of arrangement between
Scenery Journey and certain Scheme Creditors, pursuant to section
179A of the BVI Business Companies Act, 2004, and currently pending
before the High Court of the Eastern Caribbean Supreme Court (Case
Number BVIHCOM 2023/0076).

U.S. Bankruptcy Judge Michael E Wiles presides over the Chapter 15
proceedings.

Sidley Austin is the Hong Kong Counsel to Evergrande and Tianji.
Maples BVI is the British Virgin Island Counsel to Scenery
Journey.

On Jan. 29, 2024, a Hong Kong court ordered the liquidation of
China Evergrande Group.

CHINA EVERGRANDE: Unit May Lose Key Assets Over Unpaid Subsidies
----------------------------------------------------------------
Reuters reports that China Evergrande New Energy Vehicle Group
faces the risk of losing assets such as land and equipment, the
company said on June 11, as local administrative bodies demand
repayment of CNY1.9 billion (US$261.91 million) in subsidies by its
units.

According to Reuters, the local bodies last month sent a letter of
demand asking unit Evergrande Automotive Holdings to terminate a
series of investment cooperation agreements made between the
parties since April 29, 2019.

If the decision by the relevant local administrative authority is
implemented, it "would result in the Group being exposed to the
risks of compulsory resumption of land of the relevant plants, and
the buildings and equipment thereon being used for repayment of the
said incentives and subsidies," the EV unit of China Evergrande
said on June 11, Reuters relays.

Another unit, Evergrande New Energy Vehicle (Tianjin) Co, also
received a notice ordering it to make rectifications regarding
three issues raised, and stop producing and selling new energy
passenger vehicles, Reuters notes.

The group intends to submit the appeal and rectification materials
to the authority before the time limit, it added.

                       About China Evergrande

China Evergrande Group is an integrated residential property
developer. The Company, through its subsidiaries, operates in
property development, investment, management, finance, internet,
health, culture, and tourism markets.

China Evergrande Group, the second largest real estate developer in
China, and certain of its affiliates sought creditor protection in
the United States under Chapter 15 of the Bankruptcy Code (Bankr.
S.D.N.Y. Lead Case No. 23-11332) on Aug. 17, 2023.

Evergrande, widely known as the most leveraged company in the
world, and its affiliates are asking the U.S. Bankruptcy Court for
the Southern District of New York for recognition of foreign
proceedings as "foreign main" proceeding under Chapter 15.

Evergrande is in the midst of a highly complex restructuring of
around $20 billion in offshore debt.  In total, the Company has
more than $300 billion in liabilities.

Evergrande is incorporated in the Cayman Islands as an exempted
company with limited liability, with its principal place of
business located at 15th Floor, YF Life Centre, 38 Gloucester Road,
Wanchai, Hong Kong.  It is subject to a restructuring proceeding
entitled In the Matter of China Evergrande Group, concerning a
scheme of arrangement between Evergrande and certain Scheme
Creditors pursuant to the relevant provisions of the Hong Kong
Companies Ordinance (Chapter 622 of the Laws of Hong Kong),
currently pending before the High Court of Hong Kong (Case Number
HCMP 1091/2023.

Affiliate Tianji Holding Limited is incorporated in Hong Kong as a
limited liability company, with its principal place of business
located at 17th Floor, One Island East, Taikoo Place, 18 Westlands
Road, Quarry Bay, Hong Kong. Tianji is subject to a restructuring
proceeding entitled In the Matter of Tianji Holding Limited,
concerning a scheme of arrangement between Tianji and certain
Scheme Creditors, pursuant to the relevant provisions of the Hong
Kong Companies Ordinance and currently pending before the Hong Kong
Court (Case Number HCMP 1090/2023).

Affiliate Scenery Journey Limited is incorporated in the British
Virgin Islands as a limited liability company, with its principal
place of business located at 2nd Floor Water's Edge Building,
Wickham's Cay II, Road Town, Tortola, BVI. Scenery Journey is
subject to a restructuring proceeding entitled In the Matter of
Scenery Journey Limited, concerning a scheme of arrangement between
Scenery Journey and certain Scheme Creditors, pursuant to section
179A of the BVI Business Companies Act, 2004, and currently pending
before the High Court of the Eastern Caribbean Supreme Court (Case
Number BVIHCOM 2023/0076).

U.S. Bankruptcy Judge Michael E Wiles presides over the Chapter 15
proceedings.

Sidley Austin is the Hong Kong Counsel to Evergrande and Tianji.
Maples BVI is the British Virgin Island Counsel to Scenery
Journey.

On Jan. 29, 2024, a Hong Kong court ordered the liquidation of
China Evergrande Group.




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

CHINA AIRCRAFT: Fitch Affirms 'BB+' LT IDR, Alters Outlook to Neg.
------------------------------------------------------------------
Fitch Ratings has revised the Outlook on China Aircraft Leasing
Group Holdings Limited's (CALC) Long-Term Issuer Default Rating
(IDR) to Negative, from Stable, and affirmed its Long-Term IDR at
'BB+' and Short-Term IDR at 'B'. Fitch has also affirmed the
long-term rating on the senior unsecured notes and the medium-term
note (MTN) programme issued by CALC Bonds Limited at 'BB+'.

The Negative Outlook on the IDR reflects CALC's weakened capital
profile and raised leverage as well as the increased execution risk
associated with its deleveraging objectives. This raises the
pressure on the company's standalone credit profile (SCP) and could
lead to a downgrade of its IDR if the elevated leverage persists.

State-owned China Everbright Group (CEG) owns about 19% of CALC's
effective equity interest through China Everbright Limited (CEL,
BBB/Stable). CALC Bonds Limited is registered in the British Virgin
Islands, and serves as the wholly owned debt-issuing subsidiary of
CALC.

KEY RATING DRIVERS

Heightened Leverage Pressure: CALC's leverage, measured by debt to
tangible equity ratio, increased to 11.9x by end-2023, from 10.0x
at end-2022. The leverage increase is attributable to weakened
profitability and slower deleveraging than Fitch expected while US
dollar interest rates remain elevated. Management has delayed its
aircraft disposal plan over the past two years in anticipation of
higher post-pandemic aircraft prices. CALC plans to resume trading
activities in 2024, which could bolster its liquidity and capital
profile.

The company's leverage, which is significantly higher than its
global peers' 2x-4x, weighs on its overall credit profile and
leaves limited headroom to navigate potential asset-quality
deterioration from its small and concentrated portfolio.

Increased Execution Risk: Fitch has lowered CALC's management and
strategy score to 'bb-' with a stable outlook, and concurrently
revised the Outlook on its risk profile to negative while
maintaining the 'bb' score. These revisions reflect the company's
increased leverage tolerance and the elevated operational risk
associated with its deleveraging objectives amid the possibility of
sustained high US dollar interest rates.

Notching-Up Approach: CALC's IDR benefits from two notches of
uplift from its 'bb-' SCP. The uplift reflects Fitch's expectation
for modest potential support from state-owned CEG and affiliated
entities in the group, including China Everbright Bank Company
Limited (BBB+/Stable). The application of the notching-up approach,
instead of top-down, is driven by CEG's limited shareholding
control, the lack of common branding, and complexities in legal
commitments to CALC from CEG and CEL.

The uplift also reflects CALC's meaningful alignment with CEG's
strategic objective of cultivating a world-leading aircraft lessor,
CEG's strong operational and managerial control over CALC, and
CEG's record of providing ordinary funding and liquidity support to
CALC. CEG's development strategy was approved by China's Ministry
of Finance and China Huijin Investment Ltd, an investment company
wholly owned by the Chinese government. Fitch expects any support
required by CALC would be immaterial relative to CEG's ability to
provide it.

Modest SCP: Its assessment of CALC's SCP reflects its small scale,
high leverage, and high lessee and geographic concentration
relative to higher-rated peers, as well as significant financing
and refinancing needs for a large order book and substantial debt
maturities in the next two to three years. However, these risks are
mitigated by the company's moderate asset-quality risk,
characterised by a liquid fleet portfolio and limited exposure to
troubled airline companies, as well as its adequate funding access
and liquidity profile.

Weakened Profitability: CALC's net spread - defined as lease yields
less funding costs - contracted to 5.9% in 2023 from 6.7% in 2022,
due to rising funding costs, despite improving lease yields on new
leases. The contraction, along with higher depreciation expenses
from its portfolio expansion, kept its reported pre-tax return on
average assets subdued at 0.9% in 2023. The financial gain realised
from an insurance settlement for an aircraft previously leased to a
Russian airline was offset by mark-to-market losses on its loans to
CAG Bermuda 1 Limited, an aircraft management platform CALC
manages.

Moderate Asset-Quality Risk: CALC's portfolio is small and
concentrated relative to other higher-rated global peers.
Nevertheless, it has maintained an in-demand, fuel-efficient fleet
with an average age of 8.5 years and average remaining lease term
of 5.7 years at end-2023. Fitch estimates that 84% of CALC's
portfolio consists of Tier 1 assets, helping to mitigate
asset-quality risk during economic downturns.

Concentrated Portfolio in China: The company's exposure to lessees
domiciled in China, at 55% of its portfolio (based on Fitch
estimates of aircraft values), is still significant compared with
global peers, despite a decrease from 62%. However, its exposure is
mainly to the three largest domestic airlines and their affiliates,
which have strong government backing.

Adequate Funding Access: CALC had a large order book of 141
aircraft and total aircraft purchase commitments of HKD52.8 billion
(around USD6.8 billion) at end-2023, with deliveries through 2028.
However, its funding profile benefits from large undrawn
uncommitted credit lines, continued access to secured and unsecured
markets, and ordinary support from CEG and its affiliates.

Weak Liquidity Coverage: Fitch estimates CALC's financing needs and
aircraft purchase commitments will be over USD3 billion in 2024,
and Fitch expects its liquidity coverage for the next 12 months to
remain weaker than that of peers. Unsecured debt formed 47% of
CALC's total debt at end-2023, and this was adequately covered at
1.4x by unencumbered assets.

RATING SENSITIVITIES

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

Fitch may consider downgrading CALC's SCP if the company's leverage
is sustained at above 10x over the 12-18 month rating horizon.

A material deterioration in asset performance, heightened risk
appetite for growth beyond its expectations, unsecured funding
level consistently below 50%, and/or reduced liquidity relative to
debt maturities and order book commitments could lead to a
reduction in Fitch's assessment of SCP, and thus the IDRs.

A weakening in the linkage between CEG and CALC, such as a dilution
in ownership or control; or a reduction in CALC's strategic role to
CEG; or reduced liquidity support from CEG and its affiliates would
also lead to a downgrade.

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

Fitch may revise the Outlook to Stable if leverage decreases to
below 10x over the 12-18 month rating horizon, provided that other
credit considerations remain largely unchanged.

A sustained decrease in leverage to below 5.5x without
deterioration in its asset quality and profitability, coupled with
strengthened funding and liquidity relative to its financing needs,
could lead to an improvement in Fitch's assessment of CALC's SCP,
and hence the IDRs.

Stronger linkages between CALC and CEG could be positive for the
rating, which could arise from more explicit legal ties between
CALC and CEG. A meaningful increase in CEG's shareholding and
control through board representation in CALC could also lead to an
upgrade.

DEBT AND OTHER INSTRUMENT RATINGS: KEY RATING DRIVERS

The rating on the MTN programme under CALC Bonds Limited and the
senior unsecured notes issued under the MTN programme are equalised
with CALC's 'BB+' Long Term IDR, as the MTN programme and the notes
are unconditionally and irrevocably guaranteed by CALC, and will at
all times rank at least equally with all other present and future
unsecured and unsubordinated obligations of CALC and CALC Bonds
Limited.

DEBT AND OTHER INSTRUMENT RATINGS: RATING SENSITIVITIES

The rating on the notes and the MTN programme will move in tandem
with any changes to CALC's Long-Term IDR.

ADJUSTMENTS

The asset-quality score has been assigned below the implied score
due to the following reason: concentrations.

The funding and liquidity score has been assigned above the implied
score due to the following reason: business model/funding market
convention.

ESG CONSIDERATIONS

CALC has an ESG Relevance Score of '4' for Management Strategy due
to the increasing execution risk in achieving its deleveraging
target amid possibly sustained high US dollar interest rates, which
has a negative impact on the credit profile, and is relevant to the
ratings in conjunction with other factors.

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

   Entity/Debt             Rating          Prior
   -----------             ------          -----
China Aircraft
Leasing Group  
Holdings Limited     LT IDR BB+ Affirmed   BB+
                     ST IDR B   Affirmed   B

CALC Bonds
Limited

   senior
   unsecured         LT     BB+ Affirmed   BB+



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

A B EQUIPMENTS: CRISIL Keeps B+ Debt Ratings in Not Cooperating
---------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of A B
Equipments (ABE) continue to be 'CRISIL B+/Stable Issuer Not
Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit            2.5        CRISIL B+/Stable (Issuer Not
                                     Cooperating)

   Channel Financing      7          CRISIL B+/Stable (Issuer Not
                                     Cooperating)

   Proposed Long Term     1.5        CRISIL B+/Stable (Issuer Not
   Bank Loan Facility                Cooperating)

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

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

Detailed Rationale

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

ABE was set up as a partnership firm in 2009, by Ms Indira Kanudia
and her son, Mr Rituraj Kanudia. The firm is an authorised dealer
for heavy earthmoving equipment, and spare parts, and also offers
aftersales services. It is the sole dealer of Hyundai's earthmoving
equipment products in Uttar Pradesh, and currently has offices in
Sonebhadra, Mahoba, Kanpur and Lucknow districts.


AMBAL MODERN: CRISIL Keeps B+ Debt Rating in Not Cooperating
------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Ambal Modern
Rice Mill (AMRM) continues to be 'CRISIL B+/Stable Issuer Not
Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit            10         CRISIL B+/Stable (Issuer Not
                                     Cooperating)

CRISIL Ratings has been consistently following up with AMRM for
obtaining information through letter and email dated May 15, 2024
among others, apart from telephonic communication. However, the
issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'

Detailed Rationale

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

Set up in 1999 as a proprietorship firm, AMRM mills and processes
paddy into rice, rice bran, broken rice, and husk. The firm is
promoted by Mrs. M Wahida.


ARYABHATTA ACADEMIC: CRISIL Keeps B Rating in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Aryabhatta
Academic Society (AAS) continues to be 'CRISIL B/Stable Issuer Not
Cooperating'.

                          Amount
   Facilities          (INR Crore)    Ratings
   ----------          -----------    -------
   Overdraft Facility        10       CRISIL B/Stable (Issuer Not
                                      Cooperating)

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

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

Detailed Rationale

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

AAS is an educational society registered under Rajasthan Society
Registration Act 1958. It commenced operations in 2002 and is
promoted by Dr Amit Shastri and Ms Ridhima Shastri. Currently, it
operates three institutions in management, polytechnic and
engineering.


ASA INTERNATIONAL: ICRA Lowers Rating on INR109.88cr NCD to D
-------------------------------------------------------------
ICRA has downgraded the ratings on certain bank facilities of ASA
International India Microfinance Limited's (ASA India), as:

                       Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Long-term             29.69      [ICRA]D; Downgraded from
   Bank facilities–                 [ICRA]BB (Stable)
   Term loans           
                                    
   Non-convertible      109.88      [ICRA]D; Downgraded from
   Debentures                       [ICRA]BB (Stable)

Rationale

The rating downgrade factors in the stress in ASA India liquidity
position. The no default statement (NDS) received by ICRA on June
5, 2024 for April and May 2024 indicated the rescheduling of some
of the debt obligations. ICRA also notes that the company's
partially guaranteed non-convertible debentures (NCDs) are being
serviced by the guarantor at present. These NCD repayments were
preponed due to covenant breach(es), waiver for which was received
from investor post acceptance of the preponed/revised repayment
schedule. The company was unable to make these payments as per the
preponed/revised repayment schedule. ICRA expects ASA India's
liquidity to remain under pressure in view of its modest on-balance
sheet liquidity at present (~INR2 crore). Moreover, its financial
flexibility would remain weak in view of the above-mentioned
developments.

As on September 30, 2023, the assets under management (AUM)
declined to INR374 crore from INR759 crore as on March 31, 2022.
This was due to lower disbursements because of limited fund-raising
by the company, and the management's strategic decision to go slow
on disbursements. The company's asset quality deteriorated during
the Covid-19 pandemic, which kept its gross non-performing assets
(NPAs) elevated despite the sizeable write-offs undertaken in
FY2022. Further slippages from the restructured book and the
decline in the portfolio base led to an increase in the gross NPAs
in FY2023 to 27.7% as on March 31, 2023.

ASA India took high write-offs in H1 FY2024, which helped it reduce
its reported gross NPAs, though this impacted its profitability. In
H1 FY2024, the profitability was supported by the recognition of
sizeable income as recoverable from the Government of Assam (GoA),
though the recovery and/or the timing of the same remains
uncertain. Going forward, the actual receipt of funds from the GoA
and the company's ability to contain fresh slippages and achieve
recoveries from overdue accounts remain key monitorables.

Key rating drivers and their description

Credit strengths

* Steady BC relationships supporting operations – ASA India has a
long-standing relationship with IDFC First Bank Limited under its
business correspondent (BC) operations with a first loss default
guarantee (FLDG) requirement of 5%. It also entered into a BC
arrangement with Jana Small Finance Bank in FY2023 and Fincare
Small Finance Bank (now AU Small Finance Bank Limited) in H1 FY2024
with an FLDG requirement of 5%. Driven by these new partnerships,
the BC portfolio increased to INR371 crore as on March 31, 2024
from INR217 crore as on March 31, 2023 (INR280 crore as on March
31, 2022). ICRA takes notes of the company's plan to increase the
number of BC partners and raise its disbursements under its BC
operations further and grow its AUM.

Credit challenges

* Rescheduling of debt and stressed liquidity profile: The NDS
received by ICRA on June 05, 2024 for April and May 2024 indicated
rescheduling of some debt obligations. Further, the company's debt
obligations were preponed by one of its lenders due to covenant
breach(es), waiver for which was received from investor post
acceptance of the preponed/revised repayment schedule. The company
was unable to make the payment as per the preponed/revised
repayment schedule. ASA India's liquidity is expected to remain
under pressure in view of its modest on-balance sheet liquidity at
present (~INR2 crore). ICRA notes that the company is expecting
~INR1.9 crore monthly in the form of BC fees from its BC partners.
Additionally, management is expecting INR2 -2.2 crore through
recoveries each month from written-off portfolio. Nevertheless, its
financial flexibility would remain weak in view of the
above-mentioned developments.

* Weak financial profile: ASA India's gross AUM declined by ~10%
(annualised) in H1 FY2024 to INR374 crore as on September 30, 2023
from INR394 crore as on March 31, 2023 (48% decline in FY2023 from
INR759 crore as on March 31, 2022). This was due to lower
disbursements because of limited fund-raising by the company, and
the management's strategic decision to go slow on disbursements.

The company's asset quality deteriorated during the pandemic, which
kept its gross NPAs elevated despite the sizeable write-offs
undertaken in FY2022. Further slippages from the restructured book
and the decline in the portfolio base led to an increase in the
gross NPAs in FY2023 to 27.7% as on March 31, 2023. ASA India took
high write-offs in H1 FY2024, which helped it reduce its reported
gross NPAs, though this impacted its profitability. The
profitability was supported by the recognition of recoveries from
the GoA as income. Nevertheless, the actual receipt of funds from
the GoA and the company's ability to contain fresh slippages and
achieve recoveries from overdue accounts will remain monitorables.

Liquidity position: Poor

ASA India's liquidity profile is poor given the modest on-book
liquidity (~INR2 crore), rescheduling of debt obligations and weak
financial flexibility. ICRA notes that the company's partially
guaranteed non-convertible debentures (NCDs) are being serviced by
the guarantor at present. These NCD repayments were preponed due to
covenant breach(es) and the company was unable to make these
payments as per the preponed/revised repayment schedule. As per the
asset-liability mismatch (ALM) statement as on March 31, 2024, the
company had scheduled inflows from advances of INR53 crore against
scheduled debt repayments of INR51 crore till March 31, 2025. ICRA
notes that the company is expecting ~INR1.9 crore monthly in the
form of BC fees from its BC partners. Additionally, management is
expecting INR2 -2.2 crore through recoveries each month from
written-off portfolio. Nevertheless, its financial flexibility
would remain weak in view of the above-mentioned developments.

Rating sensitivities

Positive factors – ICRA could upgrade ASA India's rating if there
is an improvement in its liquidity profile along with a track
record of timely debt servicing.

Negative factors – Not applicable

ASA International India Microfinance Limited (ASA India) is a
subsidiary of ASA International Holdings, Mauritius. ASA
International Group plc is listed on the London Stock Exchange. ASA
India started its microfinance operations in July 2008. Its
corporate and registered office is in Kolkata (West Bengal). ASA
India's lending model is based on individual liability without any
group guarantee mechanism. As on September 30, 2023, it operated
through a network of 267 branches, spread across 57 districts in 7
states in India.


CREATIVE INFRA: CRISIL Keeps B Debt Rating in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Creative Infra
and Construction (CIC) continues to be 'CRISIL B/Stable Issuer Not
Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit             6         CRISIL B/Stable (Issuer Not
                                     Cooperating)

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

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

Detailed Rationale

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

CIC was established in 1986 by Mr. Mehul Mehta. It is involved in
manufacture of ready mix concrete used in the construction
industry. It has recently also started manufacturing precast ducts
and boxes.

CICPL, established on 29th of July 2017, is setting up facility for
manufacture of ready mix concrete, Precast concrete box culvert and
Precast elements.


DESU VEERAIAH: CRISIL Keeps B Debt Rating in Not Cooperating
------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Desu Veeraiah
Sons (DVS) continues to be 'CRISIL B/Stable Issuer Not
Cooperating'.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Secured Overdraft      19.5      CRISIL B/Stable (Issuer Not
   Facility                         Cooperating)

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

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

Detailed Rationale

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

Set up in 1957, DVS is a partnership firm of Mr Veera Prakash Rao
and Mr Srinivas Rao. The firm, based in Ongole, Andhra Pradesh,
trades in fertilisers.


GLENMARK PHARMACEUTICALS: Fitch Affirms 'BB' IDR, Outlook Stable
----------------------------------------------------------------
Fitch Ratings has affirmed India-based Glenmark Pharmaceuticals
Ltd's Long-Term Issuer Default Rating (IDR) at 'BB'. The Outlook is
Stable.

Glenmark's rating reflects its adequate geographical
diversification, which mitigates the business risk arising from its
small size relative to peers, and adequate product pipeline. Fitch
believes Glenmark's robust growth in India and other markets, along
with rising sales of higher-margin branded products, will improve
its profitability from the financial year ended March 2024 (FY24),
despite continued pricing pressure in the US generic pharmaceutical
market.

The Stable Outlook reflects its expectation that Glenmark will
maintain solid leverage headroom and financial flexibility after
repaying most of its debt using proceeds from the March 2024 sale
of a majority stake in its active pharmaceutical ingredient (API)
business. Fitch believes Glenmark's improving profitability and
prudent approach to growth investments position it well to sustain
a net cash balance-sheet position, despite the announced increase
in dividends and drug litigation settlement payments.

KEY RATING DRIVERS

Small, Yet Diversified: Glenmark has low revenue and operating
EBITDA compared with major global generic drug makers, but this is
offset by the company's adequate geographical diversification
across pure and branded generic markets, including the US, which
accounted for 26% of its FY24 revenue, excluding the API business,
India (29%) and Europe (20%). Scale and diversification help
generic drug makers maintain stable margins. Glenmark also has
adequate competitive positions in its core dermatology and
respiratory therapy segments.

Profitability to Improve: Fitch expects Glenmark's FY25 revenue to
surpass that in FY23 amid continued robust growth in India after a
one-off impact in 3QFY24 and in other markets, along with a sales
ramp-up for Ryaltris - Glenmark's maiden novel drug - and the
contribution from in-licensed products. This is despite the impact
from the sale of its API business and pricing pressure in the US.
Fitch expects a rising contribution from branded products and plans
to further cut R&D spending to around 7% of sales (FY24: 9.2%) to
boost Glenmark's EBITDA margin to 17.5% in FY25 (FY24: 9.2%).

Solid Financial Structure: Stronger operating cash flow should help
Glenmark sustain its net cash position after FY24, after debt
repayments improved EBITDA net leverage to negative 0.6x in FY24.
This is after factoring in the company's announced investment
plans, higher dividends after FY25 and litigation settlement
payments.

Glenmark has a prudent record in growth investments and shareholder
returns and intends to generate positive free cash flow after
dividends and M&A. Fitch believes the wide headroom below 3.0x
leverage - the level above which Fitch would consider negative
rating action - cushions against a more aggressive growth approach.
The company's small scale remains a rating constraint and Fitch
will assess the impact of any potential large investments on
leverage after factoring in the improvement it may bring to scale.

Regulatory, Litigation Risks: Below-peer production-facility
diversification exposes Glenmark to above-average risk from adverse
regulatory actions that could hurt US sales and product approvals.
The US Food and Drug Administration took adverse action at three
plants over 2022 and 2023. Glenmark is a defendant in other cases,
although settlement of suits involving generic Zetia for USD87.5
million and a US drug-price fixing case for USD30 million has
reduced uncertainty. Fitch treats any further pay-outs as event
risk. Pricing pressure could rise from changes to laws governing
drug price negotiations in the US.

Solid Long-Term Domestic Prospects: The Indian government's focus
on boosting mass healthcare access and rising income levels support
pharmaceutical demand. Glenmark's formulation business ranks 14th
in India, with a revenue market share of 2.2% in March 2024,
according to IQVIA MAT. Stronger shares in dermatology (7.5%),
respiratory (5.7%) and cardiovascular (5.7%) underpin Glenmark's
position in the fragmented and physician-driven market. India's
robust long-term growth prospects limit the impact on profitability
from continued pricing pressure in the US generic pharmaceutical
market.

Risks in Novel Drugs: Glenmark faces high inherent risks around
novel drug development due to its small scale and limited record.
This is despite the 2022 approval of Ryaltris in the US. R&D
spending weighs on profitability and free cash generation, although
Glenmark expects further R&D spending cuts after reducing outlays
to 9.2% of sales in FY24, from 14.7% in FY19. Fitch expects
Glenmark to take a collaborative approach to R&D spending, in line
with its strategy.

The company has signed multiple partnerships for its R&D assets and
plans to sell a stake in Ichnos Sciences Inc., a subsidiary holding
novel drug assets. Nonetheless, a more aggressive approach may
pressure Glenmark's credit metrics and financial flexibility,
outweighing the benefits of lower dependence on the highly
competitive generic drug business. Glenmark aims to launch or
monetise its R&D drugs in advanced stages of development, which
could provide significant earnings. However, Fitch does not
consider this in its rating case, amid uncertainty and potential
delays in the approval process.

DERIVATION SUMMARY

Glenmark has smaller scale and diversification than large
pharmaceutical companies with a presence in generics, such as
Viatris Inc. (BBB/Stable) and Teva Pharmaceutical Industries
Limited (BB-/Positive). The larger peers also have deeper launch
pipelines, with a focus on more complex products. This mitigates
price-erosion risk, especially in the US. Glenmark is rated three
notches below Viatris due to its weaker business profile and
profitability, which are partly counterbalanced by Viatris's higher
leverage. Glenmark is rated a notch above Teva, as Teva's stronger
business profile is offset by higher leverage amid continued
pricing pressure on generic drugs in the US and litigation.

Glenmark is rated two notches below Hikma Pharmaceuticals PLC
(BBB-/Positive), underscoring Hikma's larger scale and robust
market positioning, particularly in the US injectables market.
Hikma also has a stronger financial profile, which is characterised
by higher profitability and cash generation.

Glenmark is rated at the same level as Grunenthal Pharma GmbH & Co.
Kommanditgesellschaft (BB/Stable), which has a similar scale and
operational scope. Glenmark has greater product and geographic
diversification, but this is counterbalanced by Grunenthal's
stronger market position in its core segments, underscored by
higher profitability and cash generation.

Ache Laboratorios Farmaceuticos S.A.'s (BB+/Stable) smaller scale
and lower geographical diversification are offset by its strong
competitive position in Brazil and record of low financial
leverage. Ache's Foreign-Currency IDR is capped by Brazil's Country
Ceiling of 'BB+'.

KEY ASSUMPTIONS

Fitch's Key Assumptions within its Rating Case for the Issuer:

- Revenue to increase by 13% in FY25 on the resumption of growth in
India after a one-off impact in 3QFY24. New product launches to
drive 10% growth in FY26.

- EBITDA margin to improve to between 17%-18% over FY25-FY26 on
lower R&D expenses and improving mix (FY24: 9.2%).

- Capex to average around 5% of sales over FY25-FY26 (FY24: 7.6%)

- Dividend payout at between 15%-20% of net income after FY25.

RATING SENSITIVITIES

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

- sustained increase in scale to at least USD2 billion in sales,
with an EBITDA margin of at least 17%; and

- sustained positive free cash flow generation; and

- financial leverage, measured by consolidated net debt/EBITDA,
sustained at below 1.5x.

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

- a weaker competitive position or adverse regulatory action by the
US Food and Drug Administration;

- deterioration in financial leverage to above 3.0x.

LIQUIDITY AND DEBT STRUCTURE

Comfortable Liquidity: Glenmark's net cash position of INR6.6
billion at end-March 2024 underscores its solid liquidity profile
and financial flexibility. Consolidated debt declined to INR9.9
billion in March 2024, following repayments using proceeds from the
stake sale of the API business. This includes working capital debt
of INR8.3 billion that Fitch expects Glenmark to roll over in the
normal course of business. Positive free cash generation after FY24
should support liquidity, despite drug litigation and antitrust
settlement payments.

ISSUER PROFILE

Glenmark is an India-headquartered pharmaceutical company, focused
on branded and generic formulations and the novel drug development
businesses.

MACROECONOMIC ASSUMPTIONS AND SECTOR FORECASTS

Fitch's latest quarterly Global Corporates Macro and Sector
Forecasts data file which aggregates key data points used in its
credit analysis. Fitch's macroeconomic forecasts, commodity price
assumptions, default rate forecasts, sector key performance
indicators and sector-level forecasts are among the data items
included.

ESG CONSIDERATIONS

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

   Entity/Debt              Rating          Prior
   -----------              ------          -----
Glenmark
Pharmaceuticals Ltd   LT IDR BB  Affirmed   BB

JAIPRAKASH ASSOCIATES: NCLAT Asks ICICI to Consider OTS Proposal
----------------------------------------------------------------
The Economic Times reports that insolvency appellate tribunal NCLAT
has asked ICICI Bank to consider bankrupt Jaiprakash Associates
Ltd's (JAL) one-time settlement proposal to clear its outstanding
loans. The JAL has challenged an order by National Company Law
Tribunal (NCLT), Allahabad earlier this month to initiate
insolvency proceedings against the company.

While hearing the plea by the JAL, the National Company Law
Appellate Tribunal (NCLAT) has issued a notice to ICICI Bank in
this regard, ET relates. It said the private sector lender may
consider the one-time settlement (OTS) proposal submitted by
debt-ridden JAL by June 24, the next date of hearing.

During the proceedings of the NCLAT, the JAL through its counsel
submitted that the company is inclined to make the entire payment
within 18 weeks, if the OTS is accepted by the bank. This was
opposed by creditors alleging that the total debt is over INR26,000
crore, ET notes.

Earlier, the JAL moved an OTS proposal to creditors before the
NCLT, which had a provision of an upfront amount of INR200 crore
and the balance of about INR16,000 crore to be paid on or before 18
weeks from its acceptance.

However, this was dismissed by the Allahabad bench of the NCLT and
directed to initiate the Corporate Insolvency Resolution Process
(CIRP) against JAL, ET says.

In its order, a two-member vacation bench of the NCLAT said that
the JAL may also consider a deposit of some bigger amount by the
next date of hearing.

"Considering the submission so made, notice is issued to the
Respondents (ICICI Bank and IRP)," said the NCLAT order passed on
June 10, ET relays.

It further said: "Let the matter be now listed on June 24, 2024,
within which period the Respondent Banks may file a reply and may
consider the proposal/OTS submitted by the appellant by the said
date. The appellant may also consider the deposit of some bigger
amount by the next date."

An application was moved by the Corporate Debtor (JAL) to defer the
order in the company petition. However, NCLT on June 3, 2024,
dismissed the application and initiated CIRP against the corporate
debtor.

NCLAT was hearing a petition filed by Sunil Kumar Sharma, on behalf
of the suspended Board of Directors of JAL, against the order
passed by the NCLT, according to ET.

On June 3, the Allahabad bench of NCLT admitted the six-year-old
petition filed by ICICI Bank in September 2018 and appointed Bhuvan
Madan as Interim Resolution Professional after suspending the board
of JAL, ET notes.

During the hearing of NCLAT, apprehensions of over 25,000 employees
and continuation of various projects by JAL were also raised.

". . . The same is answered by the counsel for the IRP that he has
taken over the company as a running concern and no adverse impact
shall be there in running its project or qua fate of such
employees," the four-page long NCLAT order noted.

The second segment consists of debt of INR6,367 crore, which was to
continue on new terms as per MRA dated October 31, 2017, which is
still continuing and being served.

While the third segment consists of debt of INR13,590 crore, ET
discloses.

NCLT, in its 120-page long order, rejected JAL's contention that it
faced a liquidity crunch and defaulted on debt repayments mainly
due to delays in government approvals and prolonged litigation
concerning land acquisition for Yamuna Expressway and changes in
government policies, according to ET.

It has been held by the Supreme Court that if there is a debt and
default in repayment of debt and application filed by a financial
creditor under Section 7 of Insolvency & Bankruptcy Code, then the
insolvency plea is to be admitted, the NCLT had said, adds ET.

                    About Jaiprakash Associates

Jaiprakash Associates Ltd (JAL) is the flagship company of the
Jaypee group and is engaged in engineering and construction,
cement, real estate and hospitality businesses. JAL was one of the
leading cement manufacturers with an installed capacity of ~28
million tonnes per annum (mtpa) and under implementation capacity
of ~5 mtpa on a consolidated basis as on March 31, 2018. JAL is
also engaged in the construction business in the field of civil
engineering, design and construction of hydro-power, river valley
projects. JAL is also undertaking power generation, power
transmission, real estate, road BOT, healthcare and fertilizer
businesses through its various subsidiaries/SPVs.

JAL featured in Reserve Bank of India's second list of at least 26
defaulters with which it wants creditors to start the process of
debt resolution before initiating bankruptcy proceedings.

In September 2018, ICICI Bank had filed an insolvency petition
against JAL under Section 7 of IBC.

On June 3, 2024, the Allahabad bench of National Company Law
Tribunal (NCLT) admitted the insolvency plea filed by ICICI Bank.
The tribunal also appointed Bhuvan Madan as Interim Resolution
Professional of JAL after suspending the board of the company.

JINDAL INFRASTRUCTURE: CARE Keeps C Debt Rating in Not Cooperating
------------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Jindal
Infrastructure (JI) continue to remain in the 'Issuer Not
Cooperating' category.

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

   Short Term Bank      4.00       CARE A4; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category

Rationale and key rating drivers

CARE Ratings Ltd. had, vide its press release dated April 20, 2023,
placed the rating(s) of JI under the 'issuer non-cooperating'
category as JI 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. JI continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
March 5, 2024, March 15, 2024, March 25, 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).

Jindal Infrastructure (JI) was established as a partnership firm in
2009 by Mr. Mukesh Kumar Agrawal and Mr. Vishnu Prasad Agrawal
based out of Chhattisgarh. Since its inception, the firm has been
engaged in civil construction activities in the segment like
construction of buildings, bridges, roads, etc. The firm is
classified as A5 class contractor by Public Works Division,
Chhattisgarh which indicates that the firm can participate for
higher value contracts released by government departments. JI
participates in tenders and executes orders for the Public Works
Department (Chhattisgarh), Irrigation Department, etc.


KALTHIA INFRA-CON: ICRA Cuts Rating on INR28cr LT Loan to B+(CE)
----------------------------------------------------------------
ICRA has revised the ratings on certain bank facilities of Kalthia
Infra-Con Private Limited (KICPL), as:

                    Amount
   Facilities    (INR crore)    Ratings
   ----------    -----------    -------
   Long Term-        28.00      [ICRA]B+(CE) (Stable); ISSUER NOT
   Fund Based-                  COOPERATING; Rating downgraded
   Term Loan                    from [ICRA]BB+(CE) (Stable);
                                ISSUER NOT COOPERATING and
                                continues to remain under the
                                'Issuer Not Cooperating' category

Rationale

The rating downgrade is attributable to the lack of adequate
information regarding KICPL performance and hence the uncertainty
around its credit risk.

ICRA assesses whether the information available about the entity is
commensurate with its rating and reviews the same as per its
"Policy in respect of non-cooperation by a rated entity" available
at www.icra.in. 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 Kalthia Infra-Con Private 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.

KICPL is a wholly-owned subsidiary of KECL. KICPL, a special
purpose vehicle (SPV), entered into a 13 years six months
concession agreement on January 5, 2012 with the Road and Building
Department, Government of Gujarat for the DBFOT of a 50 km road
project for the widening and strengthening of the existing two-lane
and paved shoulders of district border to Jasdan bypass (167.00 km
to 198.20 km) and Lakhatar to Wadhwan (km 101.50 to 120.30 of
SH-17) on state highway no. 17 in Gujarat. The project was
completed on May 11, 2013, which was 227 days ahead of the
scheduled commercial operation date of December 25, 2013.


MAHESWARI FERTILIZERS: CRISIL Keeps B Rating in Not Cooperating
---------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Maheswari
Fertilizers (MF) continues to be 'CRISIL B/Stable Issuer Not
Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit             5         CRISIL B/Stable (Issuer Not
                                     Cooperating)

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

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

Detailed Rationale

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

MF, a partnership firm set up in September 2009, manufactures
nitrogen-phosphorous-potassium (NPK)-based fertilizers. The firm is
promoted by Mr V Rami Reddy and his associates, and its
manufacturing facility is in Kadapa, Andhra Pradesh.


MOIDU'S MEDI: CRISIL Keeps D Debt Ratings in Not Cooperating
------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Moidu's Medi
Care Private Limited (MMPL) continue to be 'CRISIL D/CRISIL D
Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Long Term Loan          8         CRISIL D (Issuer Not
                                     Cooperating)

   Overdraft Facility      4         CRISIL D (Issuer Not
                                     Cooperating)

   Proposed Long Term      4.12      CRISIL D (Issuer Not
   Bank Loan Facility                Cooperating)

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

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

Detailed Rationale

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

Incorporated in July 1990, MMPL operates two hospitals - 'National
Hospital' and 'Western Medicals' in Calicut, Kerala. The company is
promoted and managed by Dr. K Moidu, Mrs. Haseena Ashik, Dr. K M
Ashik, Dr. K M Navas, and Mrs. Amina Moidu.


NATIONAL AUTO: Liquidation Process Case Summary
-----------------------------------------------
Debtor: National Auto Wheels Private Limited
        Suresh Complex, Plot No. 12
        Survey No. 151/12
        Hadapsar Mundhwa Road
        Hadapsar, Pune 411013

Liquidation Commencement Date: May 16, 2024

Court: National Company Law Tribunal, Mumbai Bench

Liquidator: Hetal Gaurang Kothari
            604, Oak Building
            Mahavir Kalpavrush
            GB Road, Kasarvadavali
            Thane 400615
            E-mail: iphetalkothari@gmail.com
            E-mail: nationalautowheelsliquidation@gmail.com

Last date for
submission of claims: June 20, 2024


RAMACHANDRA POOJA: CARE Keeps B- Debt Rating in Not Cooperating
---------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Sri
Ramachandra Pooja Industries (SRPI) continue to remain in the
'Issuer Not Cooperating' category.

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

Rationale and key rating drivers

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

Sri Ramachandra Pooja Industries (SRPI) was established in 1993 as
a partnership firm. SRPI is engaged in milling and processing of
rice. The rice milling unit of the firm is located at Bevinahal Po:
Karatagi, Gangavathi, Koppal, Karnataka. Apart from rice
processing, the firm is also engaged in selling off bi-products
such as broken rice, husk and bran. The main raw material, paddy,
is directly procured from local farmers located in and around
Koppal District and the firm sells rice and other by-products in
Chennai, Tamilnadu, Andhra Pradesh, Mumbai, Bangalore etc.


RUBY BUILDESTATES: Insolvency Resolution Process Case Summary
-------------------------------------------------------------
Debtor: Ruby Buildestates Private Limited

        Registered Address:
        Unit No. 22-26/35-38, 3rd Floor
        Orbit Mall Arcade International
        Ajmer Road, Jaipur 302006
        
Insolvency Commencement Date: May 15, 2024

Court: National Company Law Tribunal, Jaipur Bench

Estimated date of closure of
insolvency resolution process: November 13, 2024

Insolvency professional: Garima Diggiwal

Interim Resolution
Professional: Garima Diggiwal
              91, Moji Colony
              Malviya Nagar
              Jaipur, Rajasthan 302017
              E-mail: garima286@gmail.com
              E-mail: cirp.rubybuildestates@gmail.com

Last date for
submission of claims: May 31, 2024


RUHATIYA COTTON: CRISIL Keeps B Debt Rating in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Ruhatiya
Cotton and Metal Private Limited (RCM: part of Ruhatiya group)
continues to be 'CRISIL B/Stable Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit             7         CRISIL B/Stable (Issuer Not
                                     Cooperating)

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

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

Detailed Rationale

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

CRISIL Ratings had earlier combined the business and financial risk
profile of Narmada Solvex Pvt. Ltd. (NSPL), Kaluram Food Products
Pvt. Ltd. (KFPL), Ruhatiya Spinners Pvt. Ltd. (RSPL), RCM and
Omprakash Shivprakash (OS). For arriving at the rating, CRISIL has
evaluated the credit profile of the firm by combining the financial
and business risk profile of RSPL, RCM and OS (together referred as
Ruhatiya Group). This is because of management's stance that going
forward there will be no fungibility between Ruhatiya group and
NSPL and KFPL (Narmada group).

                          About the Group

RCM was incorporated in 1984 and is engaged in ginning, pressing
and trading of cotton.

OS was set up in 1952 by Mr. Kaluramji Ruhatiya and his family
members. OS is into cotton yarn ginning & pressing along with
trading of cotton and is also engaged in processing and trading of
toor dal. The firm has a ginning and pressing unit in Adilabad, AP
and dal processing unit in Akola, Maharashtra.

RSPL was incorporated in 1996 and is engaged in manufacturing of
cotton yarn. The company has a spinning capacity of 2 lac Kg per
annum.


SAFFRON RESOURCES: CRISIL Keeps B+ Debt Rating in Not Cooperating
-----------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Saffron
Resources Private Limited (SRPL) continues to be 'CRISIL B+/Stable
Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit           6.75        CRISIL B+/Stable (Issuer Not
                                     Cooperating)

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

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

Detailed Rationale

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

Incorporated in September 2014 and promoted by Mr. Sourav Agarwal
and Mr. Amit Singhal, SRPL trades in coal and also provides
transportation and liaising services.


SAI MAATARINI: CARE Keeps D Debt Rating in Not Cooperating
----------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Sai
Maatarini Tollways Limited (SMTL) continue to remain in the 'Issuer
Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank     1,397.35     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 21, 2023,
placed the rating(s) of SMTL under the 'issuer non-cooperating'
category as SMTL 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. SMTL 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).

Sai Maatarini Tollways Limited (SMTL), an SPV entered into
Concession Agreement (CA) on September 28, 2011 with National
Highways Authority of India (NHAI)/Authority for developing 4
laning of Panikoili-Remuli section of NH-215 (from 0.00 Km to
163.00 Km; Design Length: 166.17 km.) in the state of Orissa under
DBFOT (toll) basis for a period of 24 years including construction
period of 910 days.

SAMRAKSHA HEALTH: CRISIL Keeps B Debt Rating in Not Cooperating
---------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Samraksha
Health Care Private Limited (SHPL) continues to be 'CRISIL B/Stable
Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Long Term Loan          10       CRISIL B/Stable (Issuer Not
                                    Cooperating)

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

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

Detailed Rationale

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

Incorporated in September 2013, SHPL is setting up a 160 bedded
hospital in Warangal. The company is promoted by Mr. Nagelli
Samuel.


SANDEEP SINGH: CRISIL Keeps B Debt Rating in Not Cooperating
------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Sandeep Singh
And Associates (SS) continues to be 'CRISIL B/Stable Issuer Not
Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit             5         CRISIL B/Stable (Issuer Not
                                     Cooperating)

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

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

Detailed Rationale

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

SS was set up as a partnership firm in 2015, by Mr. Sandeep Singh
and his wife. The firm is engaged in milling and processing of
paddy into rice, rice bran, broken rice and husk. It has an
installed paddy milling capacity of 10 tonnes per hour. The rice
mill is located at Allahabad.


SATYA BHASKARA: ICRA Keeps B+ Debt Ratings in Not Cooperating
-------------------------------------------------------------
ICRA has kept the long-term ratings of Sri Satya Bhaskara Poultry
Farm (SSBP) in the 'Issuer Not Cooperating' category. The rating is
denoted as [ICRA]B+(Stable); ISSUER NOT COOPERATING.

                      Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long Term-          3.00       [ICRA]B+ (Stable) ISSUER NOT
   Unallocated                    COOPERATING; Rating continues
                                  to remain under 'Issuer Not
                                  Cooperating' category

   Long Term-          7.00       [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 SSBP, 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.

Sri Satya Bhaskara Poultry Farm (SSBP) operates poultry farms with
a total capacity of 230000 layer birds in Balabrapuram village,
Biccvole Madal, East Godavari Dist, Andhra Pradesh (A.P). The firm
is engaged in sale of table eggs of the Vencobb breed (Venkateswara
Hatcheries) which have wide market acceptance. SSBP sells eggs to
traders/wholesalers and supplies eggs to Government schools,
Anganwadis.


SHIVA DALL: CRISIL Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Shiva Dall
Industries (SDI) continue to be 'CRISIL D Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit           12          CRISIL D (Issuer Not
                                     Cooperating)

   Term Loan              0.95       CRISIL D (Issuer Not
                                     Cooperating)

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

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

Detailed Rationale

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

Set up in 2009, by Mr. Ashok Kumar Lalwani, SDI processes pulses
such as matar dal, chana dal and rahar dal. The manufacturing
facility at Raipur has capacity to process 50 tonnes of pulses per
day.


SHUBH SANDESH: CRISIL Keeps B+ Debt Rating in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Shubh Sandesh
Health Care LLP (SSHC) continues to be 'CRISIL B+/Stable Issuer Not
Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Term Loan               20        CRISIL B+/Stable (Issuer Not
                                     Cooperating)

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

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

Detailed Rationale

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

SSHC was set up in November 2014 as a limited-liability partnership
between This firm is setting up a 140-bed multi-specialty hospital
at Amravati; the hospital is expected to commence operations from
November 2019.


SIMRAN GROUP: CRISIL Keeps B Debt Ratings in Not Cooperating
------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Simran Group
Of Industries (SGI) continue to be 'CRISIL B/Stable Issuer Not
Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit            1          CRISIL B/Stable (Issuer Not
                                     Cooperating)

   Term Loan              6.5        CRISIL B/Stable (Issuer Not
                                     Cooperating)

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

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

Detailed Rationale

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

Established in 2017 as a partnership firm by Mr Paramjeet Saluja,
SGI is setting up a unit to manufacture plastic products in
Raipur.


SINDHU CARGO: ICRA Lowers Rating on INR36cr LT Loan to D
--------------------------------------------------------
ICRA has downgraded the ratings on certain bank facilities of
Sindhu Cargo Services Private Limited (SCSPL), as:

                    Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Short-term–        2.00       [ICRA]D; ISSUER NOT
COOPERATING;
   Non Fund based                Rating downgraded from
   Others                        [ICRA]A4 ISSUER NOT COOPERATING;
                                 and Continues to remain under
                                 'Issuer Not Cooperating'
                                 Category

   Long-term–        36.00       [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–        21.79       [ICRA]D; ISSUER NOT
COOPERATING;
   Unallocated                   Rating downgraded from
                                 [ICRA]B+(Stable) ISSUER NOT
                                 COOPERATING and Continues to
                                 remain under 'Issuer Not
                                 Cooperating' category

   Long-term–        15.21       [ICRA]D; ISSUER NOT
COOPERATING;
   Fund based                    Rating downgraded from
   Term Loan                     [ICRA]B+ (Stable) ISSUER NOT
                                 COOPERATING and Continues to
                                 remain under 'Issuer Not
                                 Cooperating' category

Rationale

The rating downgrade reflects Delay in Debt Repayment as mentioned
in 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 on June 28, 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 Sindhu Cargo Services Private 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.

Incorporated in October 1991, Sindhu Cargo Services Private Limited
(SCSPL) is an integrated logistics service provider. The company
has its origins in customs clearance business started by Mr. G
Balaraju in 1987 which was later incorporated as a private limited
company in October 1991. Over the years, the company has
diversified into freight 2 forwarding, transportation, warehousing
and supply chain management starting from customs clearing
operations. Presently, SCSPL has offices across the country located
at metros and other major cities.


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

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank     271.20       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

   Short Term Bank    100.00       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 July 31, 2019,
placed the rating(s) of SNDL under the 'issuer noncooperating'
category as SNDL had failed to provide information for monitoring
of the rating as agreed to in its Rating Agreement. SNDL continues
to be non-cooperative despite repeated requests for submission of
information through e-mails dated January 1, 2024, February 1, 2024
and 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).

Analytical approach: Standalone

Outlook: Not applicable

Detailed description of the key rating drivers:

At the time of last rating on March 8, 2023, the following were the
rating strengths and weaknesses:

Key weaknesses

* Delays in debt servicing: There are continued delays in debt
servicing obligation. The company has not serviced the interest and
instalments on the debt as per Auditor's report of FY21.

Liquidity: Poor

Cash flow mismatches due to short credit period of 7 days from the
date of invoice compared to billing cycle of around 80 days
thus creating funding gaps for operational purpose and leading to
additional working capital requirements. The same has resulted
in delays in debt servicing.

SNDL is a power distribution franchisee within three urban circles
(Civil lines, Mahal and Gandhibag) of Nagpur. In September 2010,
Maharashtra State Electricity Distribution Company Limited (MSEDCL)
invited competitive bids to appoint the franchisee for the
aforementioned three urban circles of Nagpur. The term of franchise
is for 15 years, which is extendable by mutual consent. The bidding
was based on 'Input-based franchisee model' and SNDL emerged as the
successful bidder. The Distribution Franchisee Agreement (DFA) was
signed by the company with MSEDCL on February 23, 2011, and it took
over power distribution within these circles with effect from May
1, 2011. SNDL was promoted by the Spanco group (Spanco Limited),
which was unable to achieve financial closure for the project and
this resulted in SNDL owing an overdue up to INR230 crore to MSEDCL
as on August 31, 2012. Subsequently, Spanco group entered into a
share 'subscription-cum-shareholders' agreement with Essel
Utilities Distribution Company Limited (EUDCL) of the Essel group
to sell majority stake in SND. In September 2012, EUDCL received
the approval of MSEDCL to acquire up-to 99% of the stake in SND in
consideration for settling of dues of MSEDCL. Consequently, EUDCL
holds up-to 99% equity stake and balance is with Spanco group. The
total cost incurred stood at INR340 crore funded through debt of
INR195 crore, through MSEDCL capital grant of INR48 crore and
balance through equity & internal accruals. The previous management
(Spanco) had spent INR110 crore.


SRIRAMSAVITRI BUILDERS: CRISIL Cuts Rating on INR29cr Loan to B
---------------------------------------------------------------
CRISIL Ratings has revised the ratings on bank facilities of
Sriramsavitri Builders and Logistics Private Limited (SRSBPL) to
'CRISIL B/Stable Issuer Not Cooperating' from 'CRISIL BB+/Stable
Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Term Loan               29        CRISIL B/Stable (ISSUER NOT
                                     COOPERATING; Revised from
                                     'CRISIL BB+/Stable ISSUER
                                     NOT COOPERATING')

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

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

Detailed Rationale

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

Incorporated in 2013, SRSBL operates warehouses spread over around
2.4 lakh square feet. The company specialises in leasing out of
commercial property as warehouses.


SS INNOVATIONS: Posts $2.8MM Net Loss in Q1 2024
------------------------------------------------
SS Innovations International, Inc. filed with the U.S. Securities
and Exchange Commission its Quarterly Report on Form 10-Q reporting
a net loss of $2,798,448 on $6,851,058 of revenue for the three
months ended March 31, 2024, compared to a net loss of $2,992,362
on $1,511,379 of revenue for the three months ended March 31, 2023.


As of March 31, 2024, the Company had $31,045,225 in total assets,
$17,509,627 in total liabilities, and $13,535,597 in total
stockholders' equity.

The Company expects to require substantial funds for expansion of
its manufacturing capacity through the installation of additional
machinery and equipment, bulk ordering of components for use in
manufacturing of its final products, conducting global clinical
trials to meet various regulatory requirements, lease of additional
office and manufacturing space, augmenting working capital and
establishing regional marketing offices. To meet these fund
requirements, the Company is making efforts to raise long term
funds by way of equity or loans.

Between February 1, 2024, and February 14, 2024, the Company raised
$2.45 million through a private offering of 7% One-Year Convertible
Promissory Notes from two affiliates ($1,000,000 each) and $450,000
from three other investors to finance its ongoing working capital
requirements. These Notes are payable in full after 12 months from
the respective date of issuance of these Notes and are convertible
at the election of noteholder at any time through the maturity date
at a per share price of $4.45.

On February 14, 2024, the Company filed a Registration Statement on
Form S-1 with the Securities and Exchange Commission with respect
to a proposed public offering of its common stock.

In April 2024, the Company has raised US$2 Million from Sushruta
Pvt Ltd. by issuance of two, One-Year 7% Promissory Notes of US$
1.00 Million each, to meet certain working capital needs.

SS Innovations said, "While we have been successful in raising
funds to meet our working capital needs to date, believe that we
have the resources to do so for the balance, we do not have any
committed sources of funding and there are no assurances that we
will be able to secure additional funding if and when needed. The
condensed consolidated financial statements included in this report
have been prepared assuming that the Company will continue as a
going concern; however, if the efforts noted above are not
successful, it would raise substantial doubt about the Company's
ability to continue as a going concern. If we cannot obtain
financing, then we may be forced to further curtail our operations
or consider other strategic alternatives. Even if we are successful
in raising the additional financing, there is no assurance
regarding the terms of any additional investment and any such
investment or other strategic alternative would likely
substantially dilute our current shareholders."

A full-text copy of the Company's Form 10-Q is available at:

  
https://www.sec.gov/ix?doc=/Archives/edgar/data/1676163/000121390024043430/ea0205873-10q_ssinnova.htm

                About SS Innovations International

Gurugram, Haryana, India-based SS Innovations International, Inc.
(OTC: SSII) is a developer of innovative surgical robotic
technologies with a vision to make the benefits of robotic surgery
affordable and accessible to a larger part of the global
population. SSII's product range includes its proprietary "SSi
Mantra" surgical robotic system, and "SSi Mudra", its wide range of
surgical instruments capable of supporting a variety of surgical
procedures including robotic cardiac surgery. SSII's business
operations are headquartered in India and SSII has plans to expand
the presence of its technologically advanced, user-friendly, and
cost-effective surgical robotic solutions, globally.

As of December 31, 2023, the Company had $25.48 million in total
assets, $11.18 million in total liabilities, and $14.3 million in
total stockholders' equity.

Lakewood, Colo.-based BF Borgers CPA PC, the Company's former
auditor, issued a "going concern" qualification in its report dated
March 22, 2024, citing that the Company has suffered recurring
losses from operations that raise substantial doubt about its
ability to continue as a going concern.

On May 13, 2024, the Company dismissed BF Borgers CPA PC as its
independent registered public accounting firm, after the firm and
its owner, Benjamin F. Borgers, were charged by the Securities and
Exchange Commission with deliberate and systemic failures to comply
with Public Company Accounting Oversight Board (PCAOB) standards in
its audits and reviews incorporated in more than 1,500 SEC filings
from January 2021 through June 2023; falsely representing to their
clients that the firm's work would comply with PCAOB standards;
fabricating audit documentation to make it appear that the firm's
work did comply with PCAOB standards; and falsely stating in audit
reports included in more than 500 public company SEC filings that
the firm's audits complied with PCAOB standards.  Borgers agreed to
pay a $14 million civil penalty and agreed to permanent suspensions
from appearing and practicing before the Commission as accountants,
effective immediately.

On May 29, 2024, the Company engaged BDO India LLP as its new
independent registered public accounting firm. The engagement was
approved by the Company's board of directors by unanimous written
consent in lieu of a meeting dated May 23, 2024.

STARGAZE ENTERTAINMENT: Insolvency Resolution Process Case Summary
------------------------------------------------------------------
Debtor: Stargaze Entertainment Private Limited

        Registered Address:
        503, 504 & 507, 5th Floor
        Mercantile House
        15 Kasturba Gandhi Marg
        New Delhi - 110001
        
Insolvency Commencement Date: May 13, 2024

Court: National Company Law Tribunal, New Delhi

Estimated date of closure of
insolvency resolution process: November 9, 2024

Insolvency professional: Ashok Kumar Gulla

Interim Resolution
Professional: Ashok Kumar Gulla
              RBSA Restructuring Advisors LLP
              4th floor, Tower 4B
              DLF Corporate Park
              Gurugram - Delhi NCR
              Haryana 122002
              E-mail: ashok.gulla@rbsa.in
              E-mail: cirp.sepl@outlook.com

Last date for
submission of claims: June 7, 2024


SUPREME INFRASTRUCTURE: Insolvency Resolution Process Case Summary
------------------------------------------------------------------
Debtor: Supreme Infrastructure Bot Private Limited

        Registered Address:
        4th Floor, CTS No. 16/4
        Supreme House, Jain Mandir Road
        Powai, Opp. IIT Main Gate
        Mumbai City, Mumbai 400076
        Maharashtra, India
        
Insolvency Commencement Date: May 22, 2024

Court: National Company Law Tribunal, Mumbai Bench

Estimated date of closure of
insolvency resolution process: November 18, 2024

Insolvency professional: Rajesh Lihala

Interim Resolution
Professional: Rajesh Lihala
              11, Crooked Lane
              Kolkata 700069
              West Bengal, India
              E-mail: lihalaco@gmail.com
              E-mail: cirp.supremebot@gmail.com

Last date for
submission of claims: June 6, 2024


SUSHEELA TEXFAB: CARE Keeps D Debt Rating in Not Cooperating
------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Susheela
Texfab Private Limited (STPL) continue to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      23.60       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 11, 2023,
placed the rating(s) of STPL under the 'issuer non-cooperating'
category as STPL 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. STPL continues to be
noncooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
February 25, 2024, March 6, 2024, March 16, 2024.

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

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

Pilkhuwa (Uttar Pradesh) based Susheela Texfab Private Limited
(STPL) was incorporated in 2012 by Mr Anil Kumar Tanwar and Mr
Randheer Singh Rana. SPL is currently engaged in manufacturing of
various types of knitted fabrics. The manufacturing unit is located
at Pilkhuwa, Uttar Pradesh, with installed capacity of 3,500 metric
tonne per annum as on February 28, 2018. The major raw materials
are cotton yarn and dyes which the company procures from various
spinning mills across the country. The company caters to domestic
as well as international market.


TEEKAY MARINES: ICRA Keeps B Debt Rating in Not Cooperating
-----------------------------------------------------------
ICRA has kept the long-term and Short-Term ratings of Teekay
Marines Private Limited (TMPL) in the 'Issuer Not Cooperating'
category. The rating is denoted as [ICRA]B (Stable)/[ICRA]A4;
ISSUER NOT COOPERATING.

                      Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long Term-         14.50       [ICRA]B (Stable) ISSUER NOT
   Fund Based-                    COOPERATING; Rating continues
   Cash Credit                    to remain under 'Issuer Not
                                  Cooperating' category

   Short Term-         0.30       [ICRA]A4 ISSUER NOT
   Non Fund Based                 COOPERATING; Rating continues
   Others                         to remain under 'Issuer Not
                                  Cooperating' category

As part of its process and in accordance with its rating agreement
with TMPL, 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.

TMPL was incorporated in April, 2001 and is involved in the
processing and export of different varieties of shrimp and other
seafood. The company's processing facility is located at the
Chandaka Industrial Estate in Bhubaneswar, Odisha. TMPL is promoted
by Mr. T. K. Narayanan and his family.


VIKAS FILAMENTS: ICRA Keeps B Debt Ratings in Not Cooperating
-------------------------------------------------------------
ICRA has kept the long-term and Short-Term ratings of Vikas
Filaments Private Limited (VFPL) in the 'Issuer Not Cooperating'
category. The rating is denoted as [ICRA]B (Stable)/[ICRA]A4;
ISSUER NOT COOPERATING.

                      Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Short Term-         0.15       [ICRA]A4 ISSUER NOT
   Non Fund Based                 COOPERATING; Rating continues
   Others                         to remain under 'Issuer Not
                                  Cooperating' category

   Long Term-          7.67       [ICRA]B (Stable) ISSUER NOT
   Fund Based-                    COOPERATING; Rating continues
   Term Loan                      to remain under 'Issuer Not
                                  Cooperating' category

   Long Term-          5.85       [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 VFPL, 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 Filaments Private Limited (VFPL) was incorporated in the year
1993 by Mr. Banshidhar Singhal as a private limited company and is
engaged in manufacturing of textured yarn. In 2005, the texturing
unit was transferred to Vishal Polyfilms Private Limited, a group
concern of VFPL. Since 2005, the company was engaged in trading of
Fully Drawn Yarn (FDY) as a dealer of Nova Petrochemicals Limited,
the same was discontinued in FY 2014. Subsequently, the company set
up a knitting unit with an installed capacity of 900 MTPA which
started commercial production in February 2012. Thereafter, the
company set up a sizing unit with an installed capacity of 2400
MTPA which started production in May 2013. Both manufacturing
facilities are based near Surat (Gujarat).


VINNARASI EDUCATIONAL: CARE Keeps D Debt Rating in Not Cooperating
------------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Vinnarasi
Educational & Social Service Trust (VESST) continue to remain in
the 'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       6.63       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 24, 2023,
placed the rating(s) of VESST under the 'issuer non-cooperating'
category as VESST 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. VESST continues to
be non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
March 9, 2024, March 19, 2024, March 29, 2024.

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

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

Vinnarasi Educational and Social Service Trust (VESST) was
established in the year 1995 by Mr.B.Chandra Bose (President),
Ms.Antonysamy Lourdumary (Managing Trustee) and Ms.S.Mathalin Mary
(Trustee). VESST presently runs seven educational
institution which includes St.Josephs's Polytechnic College
(krishnagiri), St.Josephs's Institute of Advance Research (Distance
Education)(Hosur), St. Antony college of Nursing (Hosur),
St.Josephs's School of Nursing (Krishnagiri), St.Josephs's
Industrial Training Institute(Hosur and Krishnagiri), St.Josephs's
Industrial School (Hosur and Krishnagiri), and St.Josephs's Nursery
& Primary School(CBSE) (Krishnagiri). St.Josephs's Institute of
Advance Research is the study centre for J.R.N.Rajasthan Vidyapeeth
(Delhi), IASE University (Delhi) and KSOU (Mysore). The trust also
conducts medical camps in villages and also gives ITI training to
students who are school drop outs at free of cost as a social
service.

VISHNU ENTERPRISES: CARE Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Vishnu
Enterprises (VE) continue to remain in the 'Issuer Not Cooperating'
category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      30.00       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

   Short Term Bank     10.00       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 30, 2023,
placed the rating(s) of VE under the 'issuer non-cooperating'
category as VE 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. VE continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
February 13, 2024, February 23, 2024, March 4, 2024.

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

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

Vishnu Enterprises (VE) based at Hyderabad, Telangana, established
in 2003 is now a partnership entity of Mrs. Indira Agarwal and Mr.
Pramod Agarwal. VE is engaged in designing & making of gold jewelry
(Wholesaler) and selling it to retail traders. VE mainly
specializes in traditional south Indian Jewellery products which
form a part of their customs & traditions, products such as
vaddanams etc.




=============
M Y A N M A R
=============

MYANMAR: Poverty Deepens, Growth Stagnant, World Bank Says
----------------------------------------------------------
Reuters reports that poverty in Myanmar is more widespread than at
any time in the last six years and growth in the conflict-torn
nation is likely to remain at a measly 1% in the current fiscal
year with little respite in sight, the World Bank said on June 12.

Escalating violence, labour shortages and a depreciating currency
have made it harder to do business, the bank said in a report on
the Southeast Asian nation that has been in political and economic
turmoil since a 2021 military coup ended a decade of tentative
democratic and economic reform, Reuters relates.

In December, the World Bank had projected Myanmar's economy would
grow by around 2% during the current fiscal year, after estimated
GDP growth of 1% in the year that ended in March 2024.

"The downward revision in projected growth for 2024/25 is largely
due to the persistence of high inflation and constraints on access
to labour, foreign exchange, and electricity, all of which are
likely to have larger impacts on activity than was previously
expected," the World Bank said in a report.

According to Reuters, the country's grinding civil war, where a
collection of new armed groups and established ethnic armies are
beating back the junta, has led to the displacement of over 3
million people and brought poverty rates to 32.1%, reverting to
2015 levels, according to the World Bank.

"The depth and severity of poverty has worsened in 2023-24, meaning
that poverty is more entrenched than at any time in the last six
years," it said.

Faced with a widening armed resistance against its rule, Myanmar's
junta earlier this year announced a conscription plan to replenish
its depleted military manpower, Reuters recalls.

"The announcement of mandated conscription in February 2024 has
intensified migration to rural areas and abroad, leading to
increased reports of labour shortages in some industries," the
World Bank said.

Reuters relates that the junta has also lost access to some key
land borders with China and Thailand, leading to a sharp drop in
overland trade.

"Excluding natural gas, exports through land borders declined by 44
percent," the World Bank, as cited by Reuters, said. "Imports via
land borders declined by half, accounting for 71 percent of the
decline in overall imports."

Overall, merchandise exports fell by 13% and imports dropped by 20%
in the six months to March 2024, compared to the same period a year
earlier, according to the World Bank.

Ongoing currency volatility, which the junta has attempted to
control with a slew of arrests in recent weeks, and rapid inflation
will put further pressure on households, it said.

Meanwhile, industry will have to cope with electricity and foreign
currency shortages, with energy production expected to decline
further, according to the World Bank.

"The economic outlook remains very weak, implying little respite
for Myanmar's households over the near to medium term," it said.




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

AUCKLAND CIVIL: Creditors' Proofs of Debt Due on July 12
--------------------------------------------------------
Creditors of Auckland Civil Earthworks 2016 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 June 4, 2024.

The company's liquidators are:

          Rachel Mason-Thomas
          Jeffrey Philip Meltzer
          Meltzer Mason, Chartered Accountants
          PO Box 6302
          Victoria Street West
          Auckland 1141


HIGHGATE COMMERCIAL: Creditors' Proofs of Debt Due on July 3
------------------------------------------------------------
Creditors of Highgate Commercial Limited are required to file their
proofs of debt by July 3, 2024, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on June 4, 2024.

The company's liquidator is:

          Gregory Victor Millar
          Level 2, 142 Broadway
          Newmarket
          Auckland


MATAMATA FOOD: Court to Hear Wind-Up Petition on June 24
--------------------------------------------------------
A petition to wind up the operations of Matamata Food Hub Limited
will be heard before the High Court at Tauranga on June 24, 2024,
at 10:00 a.m.

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

The Petitioner's solicitor is:

          Timothy Saunders
          Inland Revenue, Legal Services
          21 Home Straight
          PO Box 432
          Hamilton


MEARNS & LECKIE: Court to Hear Wind-Up Petition on June 20
----------------------------------------------------------
A petition to wind up the operations of Mearns & Leckie Limited
will be heard before the High Court at Dunedin on June 20, 2024, at
10:00 a.m.

The Commissioner of Inland Revenue filed the petition against the
company on April 19, 2024.

The Petitioner's solicitor is:

          David Tasker
          Inland Revenue, Legal Services
          PO Box 1782
          Christchurch 8140


REFRIGERATION SOLUTIONS: Creditors' Proofs of Debt Due on July 7
----------------------------------------------------------------
Creditors of Refrigeration Solutions Nelson Limited are required to
file their proofs of debt by July 7, 2024, to be included in the
company's dividend distribution.

The High Court at Nelson appointed Wendy Somerville and Richard
Nacey of PwC as liquidators of the company on May 31, 2024.




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

RURAL BANK OF CUYO: Placed Under PDIC Receivership
--------------------------------------------------
The Monetary Board (MB) of the Bangko Sentral ng Pilipinas (BSP)
prohibited Rural Bank of Cuyo (Palawan), Inc. from doing business
in the Philippines through MB Resolution No. 631.C dated June 6,
2024, which also directed the Philippine Deposit Insurance
Corporation (PDIC), as Receiver, to proceed with the takeover and
liquidation of the bank.

The PDIC took over the bank on June 10, 2024.

Rural Bank of Cuyo (Palawan), Inc. is a two-unit rural bank with
Head Office located in Mendoza Street, Bancal, Cuyo, Palawan; and a
branch lite unit in Subic Bay, Zambales. Latest available records
show that as of March 31, 2024, Rural Bank of Cuyo (Palawan), Inc.
has 1,758 deposit accounts with total deposit liabilities of
PHP123.4 million, of which 78.7% or PHP97.1 million are insured
deposits.

The PDIC assured depositors that all valid deposits and claims will
be paid up to the maximum deposit insurance coverage of
PHP500,000.00 per depositor.

Individual and registered entities account holders of valid
deposits with balances of PHP500,000.00 and below, who have no
outstanding obligations or have not acted as co-makers of
obligations with Rural Bank of Cuyo (Palawan), Inc. are not
required to file deposit insurance claims. These individual and
registered entities must ensure that they have complete and updated
addresses with the bank. Depositors may update their addresses by
submitting a Mailing Address Update Form (MAUF) until June 19, 2024
either through the PDIC representatives in the bank premises, or by
sending a scanned copy of said Form and valid ID to email address,
cuyorb-pad@pdic.gov.ph. MAUF will be made available at the bank
premises or may be downloaded from the PDIC website at
www.pdic.gov.ph. Insurance payments for valid deposits with
balances of PHP500,000.00 and below will be made through postal
money order and targeted to be sent via mail starting on June 27,
2024.

For all other depositors, filing of claims for insured deposit is
targeted to start by July 5, 2024.

Borrowers are likewise reminded to continue paying their loan
obligations with the closed Rural Bank of Cuyo (Palawan), Inc. and
to transact only with designated PDIC representatives.

For more information on the requirements and procedures for filing
deposit insurance claims and settlement of loan obligations,
depositors and borrowers of the bank are enjoined to attend the
Depositors-Borrowers' Forum scheduled on June 26, 2024. Details of
the Forum i.e., time and venue, will be announced later.
As provided for by the PDIC Charter, the PDIC shall likewise accept
Letters of Intent from interested banks and non-bank institutions
for possible purchase of assets and assumption of liabilities (P&A)
as a mode of liquidating the Rural Bank of Cuyo (Palawan), Inc.
Letters of intent should be submitted within 60 days from takeover
date subject to compliance with the requirements prescribed under
the Guidelines in Pre-qualifying Proponents and Evaluating the
Proposals for Purchase of Assets and Assumption of Liabilities Mode
of Liquidating Closed Banks which can be accessed in the PDIC
website.

All clients of the bank may communicate with PDIC through any of
the following modes: Public Assistance Hotline during office hours
at (02) 8841-4141, Toll-Free Hotline at 1-800-1-888-PDIC (7342)
during office hours for those outside Metro Manila, e-mail to
cuyorb-pad@pdic.gov.ph or Facebook private message. For visits to
the PDIC Public Assistance Center, clients are highly encouraged to
request for an appointment which may be secured through telephone,
e-mail or Facebook private message.





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

3D MEDICINES: Commences Wind-Up Proceedings
-------------------------------------------
Members of 3D Medicines Biomedical Technologies Pte Ltd on June 7,
2024, passed a resolution to voluntarily wind up the company's
operations.

The company's liquidator is:

          Ms. Oon Su Sun
          Ms. Dang Looyean
          Finova Advisory Pte Ltd
          182 Cecil Street
          #30-01 Frasers Tower
          Singapore 069547


GMDC: Placed in Provisional Liquidation
---------------------------------------
The Business Times reports that the tenant of Sabana Industrial
Real Estate Investment Trust at 30 and 32 Tuas Avenue 8 has been
placed in provisional liquidation.

According to BT, the Reit's manager said in a bourse filing on June
11 that the tenant in question, biotechnology company GDMC,
accounted for about 2.4 per cent of the Reit's total gross rental
income for the financial year ended Dec. 31, 2023.

The manager expects that the overall impact to the Reit will be
about 2.3 per cent of its pro forma distribution per unit in FY
2023.

The premises comprise two original "E8" JTC standard factories and
an adjoining four-storey facility, with ancillary offices spanning
158,846 square feet in gross floor area.

BT relates that Sabana Reit's manager said that it is taking legal
advice and will do what it can to limit the losses from this,
including entering the premises, marketing the asset to prospective
tenants, and offsetting outstanding rental payments with the
tenant's security deposit.

It noted that GDMC had paid its rent up to April, BT adds.


MAXEON SOLAR: 'Going Concern' Warning Issued
--------------------------------------------
Josh Saul of Bloomberg News reports that Maxeon Solar Technologies
Ltd. issued a "going concern" warning and said it will receive
almost $200 million in investments from its top shareholder.

Maxeon's troubles come as segments of the US solar industry have
struggled amid high interest rates, overseas competition and
changed California residential incentives that have hobbled
installations.

The Singapore-based solar company's stock dropped as much as 53% in
New York, the most since 2020, as the investment from TCL Zhonghuan
Renewable Energy Technology Co. will result in substantial dilution
of shares.

               About Maxeon Solar Technologies Ltd.

Maxeon Solar Technologies Ltd. -- https://maxeon.com/ -- is a
global leader in solar innovation. It manufactures renewable energy
equipment.

PACIFIC NETWORK: Court Enters Wind-Up Order
-------------------------------------------
The High Court of Singapore entered an order on May 23, 2024, to
wind up the operations of Pacific Network (Singapore) Pte. Ltd.

Gan Kok Koon filed the petition against the company.

The company's liquidators are:

          Don Ho Mun-Tuke
          David Ho
          DHA+pac, Chartered Accountants Singapore
          63 Market Street
          #05-01A Bank of Singapore Centre
          Singapore 048942


VELTECH PTE: Court to Hear Wind-Up Petition on June 28
------------------------------------------------------
A petition to wind up the operations of Veltech Pte Ltd will be
heard before the High Court of Singapore on June 28, 2024, at 10:00
a.m.

Maybank Singapore Limited filed the petition against the company on
June 5, 2024.

The Petitioner's solicitors are:


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


YANG KEE: Commences Wind-Up Proceedings
---------------------------------------
Members of Yang Kee Logistics (Hunan) Pte Ltd, on June 7, 2024,
passed a resolution to voluntarily wind up the company's
operations.

The company's liquidators are:

          Cosimo Borrelli
          Jason Aleksander Kardachi
          Kroll Pte. Limited
          10 Collyer Quay
          #05-04/05 Ocean Financial Centre
          Singapore 049315



                           *********


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

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

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

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding,
electronic re-mailing and photocopying) is strictly prohibited
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Information contained herein is obtained from sources believed
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