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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

          Monday, July 8, 2024, Vol. 27, No. 136

                           Headlines



A U S T R A L I A

AJ RECRUITMENT: First Creditors' Meeting Set for July 11
ART INDEX: First Creditors' Meeting Set for July 10
CUISINIER AUSTRALIS: McGrathNicol Appointed as Administrators
D G & P P NOMINEES: First Creditors' Meeting Set for July 11
GOAL GROUP: First Creditors' Meeting Set for July 10

TPN INSULATIONS: First Creditors' Meeting Set for July 11


C H I N A

CHINA EVERGRANDE: Gets Fresh Resumption Guidance on Stock
HOPSON DEVELOPMENT: S&P Affirms 'B' Long-Term Issuer Credit Rating
PENGING: Fails to Pay Off Investors


I N D I A

4 GENIUS: ICRA Keeps D Debt Ratings in Not Cooperating Category
ABR PETRO: CARE Keeps D Debt Ratings in Not Cooperating Category
AISHWARYA ENTERPRISES: CARE Keeps B- Rating in Not Cooperating
AURAYA HEALTHCARE: ICRA Keeps B+ Debt Ratings in Not Cooperating
BHARANI SPINNINGS: CRISIL Keeps D Debt Ratings in Not Cooperating

BOMMIDALA PURNAIAH: CRISIL Keeps C Ratings in Not Cooperating
BR DESIGNS: CARE Keeps D Debt Ratings in Not Cooperating Category
BYJU'S: Karnataka High Court Sets Aside NCLT Interim Order
CANOPY ESTATES: CRISIL Keeps D Debt Ratings in Not Cooperating
CAPTAB BIOTEC: ICRA Keeps D Debt Ratings in Not Cooperating

D J AGRO: CARE Keeps D Debt Rating in Not Cooperating Category
FLIPKART: Malabar Gold Initiates Insolvency vs. Ecommerce Firm
GRADUATE AGRO: ICRA Keeps B+ Debt Ratings in Not Cooperating
GREENLEAF TOBACCO: CRISIL Keeps D Debt Rating in Not Cooperating
GUINESS SECURITIES: CRISIL Keeps D Ratings in Not Cooperating

GURUVAYOOR INFRA: ICRA Lowers Rating on INR212cr Term Loan to D
HARYANA PETROCHEM: CARE Keeps B- Debt Rating in Not Cooperating
JANAADHAR (INDIA): ICRA Withdraws B+ Rating on INR30cr LT Loan
JINAAMS DRESS: CRISIL Keeps D Debt Ratings in Not Cooperating
JINDAL TRADING: ICRA Keeps D Debt Ratings in Not Cooperating

KAVIT INDUSTRIES: CRISIL Keeps D Debt Ratings in Not Cooperating
LRN FINANCE: CRISIL Keeps D Debt Rating in Not Cooperating
M.M. VORA: ICRA Withdraws B+ Rating on INR24.50cr LT Loan
MATESWARI ROYALTIES: ICRA Keeps B+ Debt Rating in Not Cooperating
P.S.R. GRANITES: ICRA Keeps B+ Debt Ratings in Not Cooperating

RADHARAMAN COTGIN: CARE Keeps D Debt Rating in Not Cooperating
REVATHI ENGINEERING: CARE Keeps B- Debt Ratings in Not Cooperating
SUPERTECH REALTORS: NCLAT Awaits Decision on Settlement Offer
TIRUPATI BASMATI: CRISIL Keeps D Debt Ratings in Not Cooperating
V.R.K. ASSOCIATES: CARE Keeps D Debt Rating in Not Cooperating

VAAYU RENEWABLE: CRISIL Lowers Rating on INR116cr Loan to B+
VIRGINIA DEVELOPERS: CRISIL Keeps D Rating in Not Cooperating


J A P A N

[*] JAPAN: Football Clubs Face Significant Risk of Bankruptcy
[*] JAPAN: Nursing Care Bankruptcies Up 50% in Jan.-June Period


N E W   Z E A L A N D

AV15 LIMITED: Creditors' Proofs of Debt Due on Aug. 10
EASTERN STUDIOS: Court to Hear Wind-Up Petition on Aug. 2
ESTRELLA EVENTS: Creditors' Proofs of Debt Due on Aug. 5
FAST FIT: Creditors' Proofs of Debt Due on Aug. 1
FLOWERING RATA: Creditors' Proofs of Debt Due on Aug. 7



S I N G A P O R E

ASTEC CUSTOM: Creditors' Proofs of Debt Due on Aug. 2
BROAD STREET: Commences Wind-Up Proceedings
CHALLENGER FUNDS: Creditors' Proofs of Debt Due on Aug. 5
DASIN RETAIL: Trustee-Manager Gets Letter of Demand for SGD214,000
HUE CONCEPT: Court Enters Wind-Up Order

KPK ENGINEERING: Court to Hear Wind-Up Petition on July 19
REGAL GLOBAL: Commences Wind-Up Proceedings


V I E T N A M

VIETNAM: Fitch Affirms 'BB+' LongTerm IDR, Outlook Stable

                           - - - - -


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

AJ RECRUITMENT: First Creditors' Meeting Set for July 11
--------------------------------------------------------
A first meeting of the creditors in the proceedings of AJ
Recruitment Pty Ltd will be held on July 11, 2024, at 10:00 a.m.
via Microsoft Teams videoconferencing facility.

Richard Lawrence and Domenic Calabretta of Mackay Goodwin were
appointed as administrators of the company on July 1, 2024.


ART INDEX: First Creditors' Meeting Set for July 10
---------------------------------------------------
A first meeting of the creditors in the proceedings of Art Index
Pty Ltd will be held on July 10, 2024, at 11:30 a.m. via virtual
meeting technology.

John Vouris and Richard Albarran of Hall Chadwick were appointed as
administrators of the company on June 28, 2024.


CUISINIER AUSTRALIS: McGrathNicol Appointed as Administrators
-------------------------------------------------------------
News.com.au reports that one of the last pillars of an
award-winning Queensland chef's hospitality empire has gone bust,
just a month after seven other sister venues collapsed.

Cuisinier Australis Pty Ltd trading as Montrachet has called in
administrators.

Montrachet is a well known fine-dining French restaurant in the
Brisbane suburb of Bowen Hills.

The appointed administrators, Mark Holland, Jamie Harris and
Anthony Connelly of restructuring firm McGrath Nicol, informed
news.com.au of their appointment on June 28.

News.com.au relates that Montrachet continues to trade and
administrators encourage interested parties to reach out to if
they're interesting in buying the eatery.

The restaurant had been in business for 20 years and was headed by
award-winning chef Shannon Kellam.

"It is with a heavy heart, that I regret to advise that we have
made the very difficult decision to place the business into
administration," news.com.au quotes Mr. Kellam as saying in a
statement.

"We are very grateful for the ongoing support provided by our
clientele, staff and suppliers over the past 20 years."

It's the latest heartbreak for Mr. Kellam, who was also forced to
close down seven other popular hospitality joints at the end of
May, resulting in 90 job losses.

News.com.au reported that another arm of Mr. Kellam's business, BCN
Events Group, entered liquidation earlier this year.

BCN Events Group was behind seven venues specialising in bakery
goods. Liquidators shut all of these down immediately.

Those businesses include cooking school Lumiere Culinary Studio and
popular cafe Mica which had locations in Newstead and the CBD.

King Street Bakery, based in Bowen Hills, wholesale service
provider the Kneadery in Newstead and a commercial production
kitchen in Brisbane were also caught up in the company collapse.

The current administrators of Montrachet are also the liquidators
of these other businesses.

"We intend to work with staff, customers and suppliers during this
difficult time," the liquidators said at the time.

BCN Events hit a rough spot in 2022 which it appeared unable to
recover from, news.com.au notes.


D G & P P NOMINEES: First Creditors' Meeting Set for July 11
------------------------------------------------------------
A first meeting of the creditors in the proceedings of D G & P P
Nominees Pty Ltd will be held on July 11, 2024, at 10:00 a.m. via
teleconference only.

David Ross and David Ingram of I & R Advisory were appointed as
administrators of the company on July 1, 2024.


GOAL GROUP: First Creditors' Meeting Set for July 10
----------------------------------------------------
A first meeting of the creditors in the proceedings of Goal Group
Australia Pty Ltd will be held on July 10, 2024, at 10:30 a.m. at
the offices of Jirsch Sutherland, at Suite 14.02, Level 14, 383
Kent St, in Sydney, NSW.

Andrew John Spring, Bradd William Morelli and Trent Andrew Devine
of Jirsch Sutherland were appointed as administrators of the
company on June 28, 2024.


TPN INSULATIONS: First Creditors' Meeting Set for July 11
---------------------------------------------------------
A first meeting of the creditors in the proceedings of TPN
Insulations Pty Ltd will be held on July 11, 2024, at 10:30 a.m.
via electronic means.

Jason Glenn Stone and Paul Anthony Allen of PKF Melbourne were
appointed as administrators of the company on July 1, 2024.




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

CHINA EVERGRANDE: Gets Fresh Resumption Guidance on Stock
---------------------------------------------------------
The Standard reports that China Evergrande said that it received
additional resumption guidance from the Stock Exchange on June 27.
The stock has been suspended since January 29 and will remain
suspended until further notice.

The Standard relates that the resumption guidance includes the
withdrawal or lifting of the winding up order against the
developer, as well as any liquidators discharged; demonstrations of
its compliance with Rule 13.24; and disclosure of all material
information to the market.

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.

HOPSON DEVELOPMENT: S&P Affirms 'B' Long-Term Issuer Credit Rating
------------------------------------------------------------------
S&P Global Ratings affirmed its 'B' long-term issuer credit rating
on Hopson Development Holdings Ltd.

The stable outlook reflects S&P's expectation that Hopson's sales
will likely recover in the next six to 12 months, backed by its
high-quality residential projects.

S&P said, "We affirmed the rating on Hopson because refinancing
pressure should largely ease in the next 12 months. Having repaid
all of its U.S. dollar-denominated bonds, its debt structure is
cleaner, with most debt in secured bank borrowing. Hopson's
high-quality assets will enable it to weather the ongoing downturn
in the property market, in our view."

Hopson's high-end residential projects enhance its competitiveness
in a weak market. Three high-end projects in Beijing, Shanghai, and
Guangzhou (three of four tier-one cities in China), generated 65%
of Hopson's sales in 2023. These projects will continue to dominate
sales in 2024. Its contracted sales were Chinese renminbi (RMB) 7.1
billion for the first five months of 2024, down 49% compared with
last year, amid weak sentiment. This was in line with the drop for
the Top 100 developers in China, which ranged 40%-60%.

S&P said, "We expect sales to gradually stabilize as the effect of
property stimulus policies plays out. The company plans more new
launches in the second half to time the market stabilization. We
forecast Hopson's contracted sales in 2024 to decline to about
RMB21 billion-RMB23 billion, from RMB32.6 billion in 2023. This
represents a 30%-32% sell-through rate of its about RMB70 billion
salable resources for the year."

Bank borrowing refinancing risk seems manageable due to
good-quality collateral. Bank loans made up 85% of the company's
reported debt as of Dec. 31, 2023. After Hopson repaid US$300
million in offshore bonds in May 2024, the company has no unsecured
capital market bonds outstanding. Almost all of its debt is
secured, with either projects in construction or commercial
properties as collateral. The asset quality supports the
refinancing prospects of its debt, in our view.

In June 2024, Hopson drew down RMB8.4 billion in operating loans to
repay RMB7.5 billion in commercial mortgage-backed securities,
using the same collateral: Beijing Chaoyang shopping mall.

Hopson's cash-to-short-term-debt coverage has been consistently low
in the past years. At the end of 2023, cash on hand covered 41% of
short-term debt, compared with 74% in 2022. S&P expects the ratio
will hover around 50%-60% in the next two years.

S&P said, "We believe Hopson's investment properties and financial
investments could provide financing buffer. The company has pledged
about HK$54.7 billion of investment properties for HK$26.4 billion
of loans by Dec. 31, 2023. We estimate additional funding of HK$1
billion-HK$6 billion could be obtained assuming an increase in
loan-to-value ratio to 50%-60% from a current 48%. In addition,
Hopson had HK$7.3 billion in financial investments in private and
listed equity securities as of December 2023. Although we do not
consider the above as sources in our liquidity calculation, they do
provide a potential means of funding for the company.

"We expect Hopson's leverage to stay high. We estimate Hopson's
adjusted debt to decline to HK$80 billion-HK$90 billion in 2024 and
2025, from HK$98.5 billion in 2023. This will be partly due to
positive operating cash generation. However, revenue and margin may
dip because of the slowing sales and pricing pressure in a buyer
market. We expect Hopson's leverage, measured by the ratio of debt
to EBITDA, will stay elevated at 10x-11x in 2024-2025, compared
with 10.1x in 2023.

"The stable rating outlook reflects our view that Hopson's sales
performance will recover in the next six to 12 months,
strengthening its cash flow generation. It will also manage its
debt refinancing, which is mostly bank borrowings backed by
high-quality projects.

"We may lower the ratings if Hopson's liquidity weakens. This could
stem from: (1) weaker sales than we expect; and (2) narrowing
refinancing channels.

"We could also downgrade Hopson if its ratio of debt to EBITDA
rises well above our base case and EBITDA interest coverage falls
below 1.5x without signs of improving.

"We may upgrade Hopson if the company: (1) significantly
deleverages such that its ratio of adjusted debt to EBITDA improves
toward 6x and EBITDA interest coverage to above 2x; or (2) improves
its market position such that sales and revenue increase
substantially beyond our expectations, while it maintains high
profitability and prudent leverage."

Environmental and governance factors are negative considerations in
S&P's credit rating analysis on Hopson. The company's environmental
exposure reflects overall increasing regulatory standards for
environmental protection in the property developer sector that
could result in higher costs. The company's environmental risks in
property development are comparable to those of its peer property
developers.

As a family-owned developer, Hopson has a board that is heavily
influenced by the controlling Chu family, which decides the company
strategy, including its entry into financial investments and
trading. Hopson had very slow asset turnover previously, but in
recent years the controlling family has sped up property sales to
be more on par with those of peers. The company also has a more
consistent strategy on rental income, which now accounts for more
than 10% of total revenue (excluding investment income). A
guarantee number to an independent third party in 2022 was restated
in 2023 financial reports, which resulted in higher adjusted debt
in S&P's calculation.


PENGING: Fails to Pay Off Investors
-----------------------------------
Bloomberg News reports that a Chinese online financing company has
failed to pay investors who bought equity-backed products partially
underpinned by projects linked to China Vanke, according to people
familiar with the matter.

Shenzhen-based Penging, which is partially owned by Vanke, used
revenue from real estate projects related to the developer as
underlying assets for products it then sold to some Vanke staff,
the people said, requesting not to be named because the matter is
private, Bloomberg relays. Investors failed to receive payments
starting a few months ago, the people added.

Bloomberg relates that Penging said it could not retrieve money as
scheduled due to market factors, without specifying what it
invested in, according to a statement on its WeChat account on July
1.

Vanke is among property developers that have seen sales of new
homes tumble amid an unprecedented slump that's entering its fourth
year.

About 100 current and former Vanke employees have formed a WeChat
group seeking their money, the people familiar, as cited by
Bloomberg, said.

Bloomberg says one Vanke staff member bought about CNY500,000
(SGD93,240) worth of products voluntarily for annualised returns in
the range of 5 per cent to 6.5 per cent.

Even though the wealth management arm at another large developer,
China Evergrande Group, had already missed payments in 2021, the
person said staff at Vanke were confident in the developer's
business at the time and fought for quotas to put money in.

Another person bought CNY200,000 worth of products, underpinned by
Vanke projects in Hefei city and Guizhou province. She was promised
returns of 5.2 per cent, adds Bloomberg.



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

4 GENIUS: ICRA Keeps D Debt Ratings in Not Cooperating Category
---------------------------------------------------------------
ICRA has kept the Long-Term rating for the Bank facilities of 4
Genius Minds (4GM) in the 'Issuer Not Cooperating' category. The
rating is denoted as "[ICRA]D;ISSUER NOT COOPERATING".

                     Amount
   Facilities     (INR crore)   Ratings
   ----------     -----------   -------
   Long-term-        45.00      [ICRA]D; ISSUER NOT COOPERATING;
   Fund based                   Rating Continues to remain under
   Cash Credit                  'Issuer Not Cooperating'
                                Category

   Long Term-        20.00      [ICRA]D; ISSUER NOT COOPERATING;
   Unallocated                  Rating Continues to remain under
                                'Issuer Not Cooperating'
                                Category

As part of its process and in accordance with its rating agreement
with 4GM, 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 2006 as a partnership firm by Mr. Adtya Agarwal and
Mr. Abhishek Agarwal, 4 Genius Minds (4GM) is an Apple Solution
Expert; one of the 14 partners authorized by Apple Inc. in India.
The company has centres across India with two centres in Delhi
while one each in Hyderabad, Shimla, Kolkata, Bangalore and
Jalandhar. The firm would be converted to a private limited company
under the name 4 Genius Minds Private Limited.


ABR PETRO: CARE Keeps D Debt Ratings in Not Cooperating Category
----------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of ABR Petro
Products Limited (APPL) continue to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      12.19       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

   Long Term/           9.26       CARE D/CARE D; ISSUER NOT
   Short Term                      COOPERATING; Rating continues
   Bank Facilities                 to remain under ISSUER NOT
                                   COOPERATING category

Rationale and key rating drivers

CARE Ratings Ltd. had, vide its press release dated May 10, 2023,
placed the rating(s) of APPL under the 'issuer non-cooperating'
category as APPL 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. APPL continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
March 25, 2024, April 4, 2024, April 14, 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).

Gorakhpur (Uttar Pradesh) based, ABR Petro products Limited (APPL)
was incorporated in November, 1993. The company is currently
engaged in the manufacturing poly polyene woven sacks. The
manufacturing facility of the company is in Gorakhpur Uttar
Pradesh.

AISHWARYA ENTERPRISES: CARE Keeps B- Rating in Not Cooperating
--------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Aishwarya
Enterprises (AE) continue to remain in the 'Issuer Not Cooperating'
category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       7.95       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 June 6, 2023,
placed the rating(s) of AE under the 'issuer non-cooperating'
category as AE 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. AE continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
April 21, 2024, May 1, 2024, May 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).

Aishwarya Enterprises (AIE) was established in April 2002 as a
proprietorship firm by Mr. Karan Thapar. AIE is engaged in trading
of yarn, fabric and readymade garments at its facility located in
Ludhiana, Punjab. The firm is also engaged in
manufacturing of garments.


AURAYA HEALTHCARE: ICRA Keeps B+ Debt Ratings in Not Cooperating
----------------------------------------------------------------
ICRA has kept the Long-Term rating of Auraya Healthcare (AUH) in
the 'Issuer Not Cooperating' category. The ratings are denoted as
"[ICRA]B+ (Stable); ISSUER NOT COOPERATING".

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

   Long Term-          4.50        [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 AUH, 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.

AUH is a partnership firm, formed in July 2006, by Mr. Vipul
Chanana, Mr. Amit Chanana, Mr. Alok Madhok and Mr. Gautam Madhok;
and it primarily makes water for injection and sodium chloride
solutions. It is an ISO 9001:2008 and cGMP certified firm. It has a
manufacturing unit in Baddi, Himachal Pradesh with an installed
capacity of 24 crore units per annum. In addition to AUH, the
partners also manufacture automobile filters (through Hira Filters
and Udbhav Industries) and aluminum profiles (through Virgo Graces
Laboratories).


BHARANI SPINNINGS: CRISIL Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Shree Bharani
Spinnings India Limited (SBSIL) continue to be 'CRISIL D/CRISIL D
Issuer Not Cooperating'.

                     Amount
   Facilities     (INR Crore)   Ratings
   ----------     -----------   -------
   Bank Guarantee      0.25     CRISIL D (Issuer Not Cooperating)
   Cash Credit         5.25     CRISIL D (Issuer Not Cooperating)
   Letter of Credit    2.5      CRISIL D (Issuer Not Cooperating)
   Long Term Loan      4        CRISIL D (Issuer Not Cooperating)

CRISIL Ratings has been consistently following up with SBSIL 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 SBSIL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on SBSIL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
SBSIL continues to be 'CRISIL D/CRISIL D Issuer Not Cooperating'.

SBSIL was incorporated in 1994 as a private limited company for the
purpose of setting up a spinning mill with 3000 spindles. It was
reconstituted as a public Limited company. The company commenced
commercial production in 1995 with 5760 spindles. Presently, it has
14,880 spindles of capacity.


BOMMIDALA PURNAIAH: CRISIL Keeps C Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Bommidala
Purnaiah Holdings Private Limited (BPHL) continue to be 'CRISIL C
Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Open Cash Credit       24.2       CRISIL C (Issuer Not
                                     Cooperating)

   Proposed Long Term      0.77      CRISIL C (Issuer Not
   Bank Loan Facility                Cooperating)

   Working Capital         4.8       CRISIL C (Issuer Not
   Demand Loan                       Cooperating)

CRISIL Ratings has been consistently following up with BPHL 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 BPHL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on BPHL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
BPHL continues to be 'CRISIL C Issuer Not Cooperating'.

Set up in 1996, BPHL is part of the Bommidala group, which has
diversified interests in packaging, rope manufacturing, and lease
financing.

BPHL trades in tobacco. Mr Bommidala Venkata Raja Srinivas is the
managing director of the company. It is based in Guntur, Andhra
Pradesh.


BR DESIGNS: CARE Keeps D Debt Ratings in Not Cooperating Category
-----------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of BR Designs
Private Limited (BDPL) continue to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       9.04       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

   Long Term/          16.67       CARE D/CARE D; ISSUER NOT
   Short Term                      COOPERATING; Rating continues
   Bank Facilities                 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 BDPL under the 'issuer non-cooperating'
category as BDPL 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. BDPL 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).

BDPL was originally established as a firm in 1991 and subsequently
changed its constitution to a private limited company under its
current name from May 2013. BDPL is promoted by Mr. Dilip Kumar T
Shah and his wife Mrs. Bharti D Shah. It is engaged in the
designing and manufacturing of variety of diamond, gold, silver,
gemstone, and jadau jewellery using dazzling diamonds to exquisite
emeralds, rubies, and sapphires. BDPL manufactures its jewellery
using state-of-the-art technology, which it then sells pan-India as
well as to few overseas nations. Further BDPL has also won many
national jewellery awards for their handcrafted luxury jewellery
pieces and has verticals in retail, B2B and e-commerce segments.
BDPL designs and manufactures exclusive collections using
Forevermark Diamonds- a DeBeers Brand and supplies to Asia Pacific
Region (APAC). It operates one retail showroom in Surat and two
owned outlets at Taj Gateway and Airport at Surat.


BYJU'S: Karnataka High Court Sets Aside NCLT Interim Order
----------------------------------------------------------
Business Standard reports that the Karnataka High Court on July 2
set aside a June 12 interim order passed by the National Company
Law Tribunal (NCLT), Bangalore which had restrained beleaguered
edtech firm Byju's from launching a second rights issue.

Justice SR Krishna Kumar pronounced the decision on July 2, after
having reserved orders in the matter end of June, Business Standard
discloses citing law platform Bar & Bench.

Business Standard relates that the judge said that the order has
been passed on merits and that the matter has been sent back to the
NCLT (possibly for reconsideration) for further hearing.  

According to Business Standard, Byju's and its investors are
fighting at the National Company Law Tribunal (NCLT) over the
company's rights issue of $200 million in a petition alleging
mismanagement.

The four investors, Prosus, General Atlantic, Sofina, and Peak XV
Partners (formerly Sequoia India & Southeast Asia), had sought a
stay on the rights issue at less than 99% enterprise valuation
compared to Byju's peak valuation of $22 billion.

Byju's recently moved the Karnataka High Court challenging the NCLT
order restraining it from going ahead with the second rights
issue.

Business Standard says the orders of NCLT were expected to be
challenged before the National Company Law Appellate Tribunal
(NCLAT). However, Byju's approached the high court.

NCLT Bengaluru had on June 12 told Byju's to maintain the status
quo with regard to existing shareholders and their shareholding.

"Status quo with regard to existing shareholders and their
shareholding shall be maintained till the disposal of the main
petition," the order that was made available on June 13 said.

This means that Byju's was restricted from issuing shares and using
funds raised from a $200 million rights issue until the tribunal
decides the matter.

The second rights issue started on May 13 and was expected to end
on June 13. With that, Byju's was not allowed to utilise any funds
it had collected from the second rights issue, and the amount from
the second rights issue had to be deposited in a separate account.

According to industry sources, the legal battles are expected to
adversely impact the edtech firm's ability to run its operations,
pay the pending amount to the vendors, as well as salaries to the
employees, Business Standard relays.

Byju's is facing multiple challenges, including a cash crunch,
delays in financial reporting, and legal disputes with lenders and
investors.

                           About Byju's

Based in Bengaluru, Karnataka, India, Byju's operates an online
learning platform intended to deliver engaging and accessible
education. The company's platform makes use of original content,
watch-and-learn videos, animations, and interactive simulations
that make learning contextual, visual, and practical, enabling
students to receive a personalized educational experience.

As reported in the Troubled Company Reporter-Asia Pacific, the
Enforcement Directorate, India's federal financial crime-fighting
agency, issued a show-cause notice to education tech company Byju's
for alleged violations of foreign exchange rules, the agency said
in a statement on Nov. 11, 2023.

Reuters said the agency alleged violations by the company worth
over INR93 billion ($1.12 billion) under the Foreign Exchange
Management Act (FEMA), and has sent notices to founder Byju
Raveendran and parent company Think & Learn Pvt Ltd. Byju's
violated FEMA norms by not submitting documents of imports against
advance remittances made outside India, and failing to realize
proceeds of exports, the Enforcement Directorate said. The company
also delayed filing of documents against the foreign investment
received and failed to allot shares against these, it added.

The TCR-AP, citing Moneycontrol, reported on Jan. 26, 2024, that
foreign lenders, who collectively extended more than 85% of Byju's
$1.2 billion term loan, have filed an insolvency petition against
the online tutor in India. Moneycontrol related that the bankruptcy
petition was filed in January 2024 in the Bengaluru bench of the
National Company Law Tribunal (NCLT), the people said, requesting
anonymity.

BYJU's Alpha, Inc., a U.S. unit of Byju's, sought protection under
Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Case No.
24-10140) on Feb. 1, 2024.  In the petition signed by Timothy R.
Pohl, chief executive officer, the Debtor disclosed up to $1
billion in assets and up to $10 billion in liabilities.

CANOPY ESTATES: CRISIL Keeps D Debt Ratings in Not Cooperating
--------------------------------------------------------------
CRISIL said the ratings on bank facilities of Canopy Estates
Private Limited (CEPL) continue to be 'CRISIL D Issuer Not
Cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Mortgage Loan          20        CRISIL D (ISSUER NOT  
   Facility                         COOPERATING)

   Proposed Long Term     30        CRISIL D (ISSUER NOT
   Bank Loan Facility               COOPERATING)

CRISIL Ratings has been consistently following up with CEPL for
obtaining information through letter and email dated May 16, 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 CEPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on CEPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
CEPL continues to be 'CRISIL D Issuer Not Cooperating'.

CEPL, incorporated in 2005 and promoted by Mr Yasir Rizvi,
undertakes real estate and property development. It mainly develops
residential spaces. During 2010, the company entered into joint
development agreement for developing residential and commercial
projects.


CAPTAB BIOTEC: ICRA Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------
ICRA has kept the Long-Term and Short-Term rating for the Bank
facilities of Captab Biotec Unit - II in the 'Issuer Not
Cooperating' category. The rating are denoted as "[ICRA]D;ISSUER
NOT COOPERATING/[ICRA]D;ISSUER NOT COOPERATING".

                    Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Long Term-         1.53       [ICRA]D ISSUER NOT COOPERATING;
   Fund Based-                   Rating continues to remain under  

   Term Loan                     'Issuer Not Cooperating'
                                 Category

   Long Term-         1.47       [ICRA]D; ISSUER NOT COOPERATING;
   Unallocated                   Rating continues to remain under
                                 'Issuer Not Cooperating'
                                 Category

   Long-term-         6.50      [ICRA]D; ISSUER NOT COOPERATING;
   Fund based                   Rating Continues to remain under
   Cash Credit                  'Issuer Not Cooperating'
                                Category

   Short-term         3.80      [ICRA]D; ISSUER NOT COOPERATING;
   Non-fund based               Rating continues to remain under
   Others                       'Issuer Not Cooperating'
                                Category

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

Captab, incorporated in 2015, manufactures formulations of generics
in oral dosage forms such as capsules, tablets and dry syrup. It
also manufactures injectables. Promoted by Mr. Sushil Goel, Mr.
Pawan Goel and Mr. Kapish Goel, the firm's manufacturing facilities
are located in Baddi, Himachal Pradesh. Associate concerns - Total
Healthcare and Shiv Industries – are also involved in the same
line of business.


D J AGRO: CARE Keeps D Debt Rating in Not Cooperating Category
--------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of D J Agro
Industrial Project Private Limited (DJAIPPL) continue to remain in
the 'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      74.00       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Rationale and key rating drivers

CARE Ratings Ltd. had, vide its press release dated April 14, 2023,
placed the rating(s) of DJAIPPL under the 'issuer non-cooperating'
category as DJAIPPL 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. DJAIPPL
continues to be non-cooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated February 28, 2024, March 9, 2024, March 19,
2024.

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

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

D J Agro Industrial Project Private Limited (DJAIPPL) was
incorporated in April 2012 with an objective to enter the business
of manufacturing of jute bags from raw jute. The manufacturing unit
of the company is located at Mandakata (North Guwahati,
Assam) with a proposed installed capacity of 50 Metric Ton Per Day
(17,500 tpa). Promoters of the company, Mr. Dipjyoti Mahanta and
Mrs. Mili Mahanta having long experience in similar line of
business, proposes to look after the day-to-day operation of the
company along with adequate support from a team of experienced
personnel. The company also has three associate companies in the
name of "Apex Yarn Private Limited", "Ashoka Weaving Private
Limited" and "Atlanta Modular Private Limited". All the three
companies were incorporated on August 7, 1997.


FLIPKART: Malabar Gold Initiates Insolvency vs. Ecommerce Firm
--------------------------------------------------------------
Inc42 reports that Malabar Gold has filed an insolvency petition
against ecommerce major Flipkart at the Bengaluru bench of the
National Company Law Tribunal (NCLT).

As per the details of the case available on the NCLT website,
Malabar Gold filed the case in February this year and the tribunal
admitted the plea in April 2024, according to Inc42. There was no
clarity on why the case was filed against the ecommerce major.

During the latest hearing on July 3, the counsel for Flipkart
reportedly sought additional time to submit objections in
connection with the case. The tribunal listed the matter for the
next hearing on August 19, NDTV Profit reported, Inc42 relays.

The first hearing in the case took place in May this year before a
bench comprising Member (Technical) Manoj Kuar Dubey and Member
(Judicial) K Biswal, recalls Inc42. During the hearing, the
Tribunal issued a notice to Flipkart.

In its order, the NCLT then authorised Malabar Gold's counsel to
serve the notice to Flipkart and the ecommerce major's managing
director (MD), along with a copy of the petition and other
annexures, by speed post and email.

Inc42 relates that the NCLT also mandated the filing of an
affidavit of service within a week along with tracking reports.

"Registry is directed to prepare the notice and counsel for the
petitioner is permitted to collect the notice and serve it on the
respondent company as well as on the MD of the respondent company
along with a copy of the petition and other annexures by speed post
as well as by email and is directed to file an affidavit of service
along with tracking reports in the Registry within one week," read
the NCLT order dated May 21.

At the time, the Tribunal also granted Flipkart two weeks' time to
file objections and an additional week's time to Malabar Gold
thereafter to file a rejoinder, Inc42 says. Alongside, the NCLT
also issued directions to the jewellery retailer to file a memo
underlining the details of due dates that are falling within the
Section 10A period.

Section 10A of IBC, 2016 essentially bars the initiation of
corporate insolvency resolution process (CIRP) for any default that
occurred between March 25, 2020 and March 21, 2021.

With this, Flipkart has become the latest Indian startup to be
embroiled in an insolvency case, Inc42 notes. Edtech major BYJU'S
is currently in the middle of multiple such proceedings filed by
vendors and partners such as smartphone maker OPPO, and BCCI.

Flipkart Private Limited -- https://www.flipkart.com/ -- operates
an online shopping website that offers a wide range of products and
services to customers.


GRADUATE AGRO: ICRA Keeps B+ Debt Ratings in Not Cooperating
------------------------------------------------------------
ICRA has kept the Long-Term and Short-Term rating for the Bank
facilities of Graduate Agro and Mechanical Engineers (GAME) in the
'Issuer Not Cooperating' category. The rating is denoted as
"[ICRA]B+(Stable);ISSUER NOT COOPERATING/[ICRA]A4;ISSUER NOT
COOPERATING".

                      Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long Term-          1.66       [ICRA]B+ (Stable) ISSUER NOT
   Fund Based-                    COOPERATING; Rating continues
   Term Loan                      to remain under 'Issuer Not
                                  Cooperating' category

   Short Term-         9.75       [ICRA]A4 ISSUER NOT
   Non Fund Based                 COOPERATING; Rating continues
   Others                         to remain under 'Issuer Not
                                  Cooperating' category

   Long Term/          0.34       [ICRA]B+ (Stable)/[ICRA]A4;
   Short Term-                    ISSUER NOT COOPERATING;
   Unallocated                    Rating Continues to remain
                                  under issuer not cooperating
                                  category

   Long Term-          6.90       [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 GAME, ICRA has been trying to seek information from the entity
so as to monitor its performance. Further, ICRA has been sending
repeated reminders to the entity for payment of surveillance fee
that became due. Despite multiple requests by ICRA, the entity's
management has remained non-cooperative. In the absence of
requisite information and in line with the aforesaid policy of
ICRA, the rating has been continued to the "Issuer Not Cooperating"
category. The rating is based on the best available information.

Established in 1977, Graduate Agro & Mechanical Engineers (GAME) is
involved in the fabrication of structured units as well as machined
equipment like water-cooling items for furnaces, ladles, converter
vessel, ladle/tundish transfer cars and other assembles catering
primarily to the steel-manufacturing companies. The manufacturing
facilities of the firm are located in Bhilai, Chhattisgarh.


GREENLEAF TOBACCO: CRISIL Keeps D Debt Rating in Not Cooperating
----------------------------------------------------------------
CRISIL said the rating on bank facilities of Greenleaf Tobacco
Threshers Limited (GTTL) continues to be 'CRISIL D Issuer Not
Cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Export Packing        15         CRISIL D (ISSUER NOT
   Credit                           COOPERATING)

CRISIL Ratings has been consistently following up with GTTL 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 GTTL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on GTTL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
GTTL continues to be 'CRISIL D Issuer Not Cooperating'.

GTTL was set up in 1985 as a private limited company by Mr
Shyamsundara Rao and his family, and was reconstituted as a closely
held public limited company in 1990. The company processes tobacco
leaves and is based in Guntur (Andhra Pradesh).


GUINESS SECURITIES: CRISIL Keeps D Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Guiness
Securities Limited (Guiness Securities) continue to be 'CRISIL
D/CRISIL D Issuer Not Cooperating'.

                         Amount
   Facilities         (INR Crore)     Ratings
   ----------         -----------     -------
   Bank Guarantee        27.98        CRISIL D (Issuer Not
                                      Cooperating)

   Cash Credit           21.08        CRISIL D (Issuer Not
                                      Cooperating)

   Cash Credit            8.42        CRISIL D (Issuer Not
                                      Cooperating)

   Cash Credit            0.50        CRISIL D (Issuer Not
                                      Cooperating)

   Overdraft Facility     1.00        CRISIL D (Issuer Not
                                      Cooperating)

   Proposed Long Term    19.02        CRISIL D (Issuer Not
   Bank Loan Facility                 Cooperating)

   Term Loan              2           CRISIL D (Issuer Not
                                      Cooperating)

CRISIL Ratings has been consistently following up with Guiness
Securities for obtaining information through letter and email dated
May 28, 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 Guiness Securities, which
restricts CRISIL Ratings' ability to take a forward looking view on
the entity's credit quality. CRISIL Ratings believes that rating
action on Guiness Securities is consistent with 'Assessing
Information Adequacy Risk'. Based on the last available
information, the ratings on bank facilities of Guiness Securities
continues to be 'CRISIL D/CRISIL D Issuer Not Cooperating'.

Guiness Securities, formed in 1986 and owned by Mr Kamal Kumar
Kothari and family, undertakes broking activities in both cash and
futures, and options segments. It was a non-banking financial
company, Guiness Properties and Holdings, before it started the
broking business in 2001. The company is a member of the Bombay
Stock Exchange and National Stock Exchange and a depository
participant with the National Securities Depository Ltd and Central
Depository Services (India) Ltd. Besides providing cash and
derivatives trading services, Guiness Securities offers services
such as dematerialisation of shares, mutual funds, initial public
offerings, and insurance. As on March 31, 2016, the company had 7
branches and 40 sub brokers


GURUVAYOOR INFRA: ICRA Lowers Rating on INR212cr Term Loan to D
---------------------------------------------------------------
ICRA has revised the ratings on certain bank facilities of
Guruvayoor Infrastructure Private Limited (GIPL), as:

                      Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Term loan           212.0      [ICRA]D; Rating downgraded from
                                  [ICRA]B- and Removed from
                                  Rating Watch with Negative
                                  Implications

   Non-convertible      53.0      [ICRA]D; Rating downgraded from
   Debenture                      [ICRA]B- and Removed from
                                  Rating Watch with Negative
                                  Implications

Rationale

Material event
On July 1, 2024, ICRA received confirmation from GIPL regarding the
recent irregularities in debt servicing on the company's borrowing
facilities.

Impact of material event
The long-term rating of GIPL have been downgraded to [ICRA]D from
[ICRA]B- following the recent delays in debt servicing on bank
facilities. Also, the rating has been removed from Watch with
Negative Implications. The delay in debt servicing was on account
of a stretch in the company's liquidity, which has turned poor due
to materialisation of large payments towards National Highways
Authority of India (NHAI) in relation to the ongoing litigations.


Liquidity position: Poor

GIPL's liquidity is poor, as reflected in the delays in fulfilling
its debt repayment obligations. The company has to pay large
regular payments to NHAI as per the interim order from the High
Court of Delhi, which has adversely impacted the company's
liquidity, which is likely to remain under pressure in the
near-to-medium term.

Rating sensitivities

* Positive factors: The rating can be upgraded if the company
demonstrates a timely debt servicing track record, supported by an
improvement in toll collection revenues and liquidity on a
sustained basis.

GIPL is a special purpose vehicle (SPV) formed for four-laning of
Thrissur-Angamali section of NH-47 (in Kerala) from km 270.00 to km
316.00, and improvement, operation and maintenance from km 316.70
to km 342.00 on a build, operate and transfer (BOT) toll basis. The
project was secured by a consortium of KMC Infratech Limited and
SREI Equipment Finance Limited with equity interest of 51% and 49%,
respectively. However, later Bharat Road Network Limited (BRNL)
took over 76% equity interest (49% from SREI and 25% from KMC). At
present, the SPV is held by BRNL.  The project achieved PCOD in
December 2011, and tolling operations commenced in February 2012.
The total project cost was INR726 crore, which was funded by the
promoter's contribution of INR226 crore (INR169 crore as equity and
INR57 crore as unsecured loans from promoters) and external debt of
INR465 crore.


HARYANA PETROCHEM: CARE Keeps B- Debt Rating in Not Cooperating
---------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Haryana
Petrochem (HP) continue to remain in the 'Issuer Not Cooperating'
category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       7.60       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 June 2, 2023,
placed the rating(s) of HP under the 'issuer non-cooperating'
category as HP 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. HP continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
April 17, 2024, April 27, 2024, May 7, 2024.

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

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

Haryana Petrochem (HP) was established in May 2015 as a
proprietorship concern by Mr. Rajiv Jain. The firm is an authorized
dealer of Bhilosa Industries Private Limited, Sanathan Textiles
Private Limited, Wellknown Polyester Limited, Reliance Industries
Limited, Shubhalakshmi Polyester Limited, JBF Industries Limited,
Indorama Industries Limited, DNX Polyester Limited and Alok
Industries Limited for polyester yarn and polyester fiber. HPC
mainly undertakes wholesale trading of products through its outlet
located in Panipat, Haryana.

JANAADHAR (INDIA): ICRA Withdraws B+ Rating on INR30cr LT Loan
--------------------------------------------------------------
ICRA has withdrawn the ratings assigned to the unallocated limits
of Janaadhar (India) Private Limited, at the request of the company
and based on the no objection certificate received from the
bankers, and in accordance with ICRA's policy on withdrawal of
ratings. ICRA does not have information to suggest that the credit
risk has changed since the time the rating was last reviewed.

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long-term–         30.00        [ICRA]B+ (Stable); ISSUER NOT
   Unallocated                     COOPERATING; rating withdrawn
   Limits             
                                   
JIPL, incorporated in 2007, develops affordable housing projects to
address the home ownership aspirations of the lower income urban
population. It provides a complete housing solution that is
affordable, of high quality and has accessible housing finance. It
was promoted by Mr. Ramesh Ramanathan, who is also the promoter of
Jana Holdings Limited and a director in Jana Small Finance Bank
Limited. The promoter holds stake in this company through Jana
Urban Foundation (JUF), which holds 50.3% stake as on date with
other major shareholders being Tree Line Asia Master Fund
(Singapore) Private Limited with 12.3% share and Sterling
Developers with 11.3% share. The remaining shares are held by
individual investors - Mr. Narayan Ramachandran, Mr. Vikram Gandhi,
Mr. Vallabh Bhansali, Mr. Badri Narayan Pilinja, and Sri Vatsa
Krishna. The JKR student housing project is being executed under a
special purpose vehicle (SPV) - Janaadhar South1 Projects LLP, and
the Sanand project is being executed under an SPV named Janaadhar
Western Projects LLP.


JINAAMS DRESS: CRISIL Keeps D Debt Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Jinaams Dress
Limited (JDL) continue to be 'CRISIL D/CRISIL D Issuer Not
Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Bank Guarantee        0.24        CRISIL D (Issuer Not
                                     Cooperating)

   Cash Credit          30           CRISIL D (Issuer Not
                                     Cooperating)

   Proposed Fund-        6.76        CRISIL D (Issuer Not
   Based Bank Limits                 Cooperating)

CRISIL Ratings has been consistently following up with JDL 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 JDL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on JDL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
JDL continues to be 'CRISIL D/CRISIL D Issuer Not Cooperating'.

JDL was set up in 2002, in Surat, Gujarat, by Mr Hemraj Oswal; it
is currently being managed by Mr Rahul Oswal and his brothers, Mr
Pritam Oswal and Mr Vishal Oswal. The company manufactures
readymade garments, primarily women's wear, which it sells under
its own brands.


JINDAL TRADING: ICRA Keeps D Debt Ratings in Not Cooperating
------------------------------------------------------------
ICRA has kept the Long-Term and Short-Term ratings of Jindal
Trading Company (JTC) in the 'Issuer Not Cooperating' category. The
ratings are denoted as "[ICRA]D; ISSUER NOT COOPERATING/[ICRA]D;
ISSUER NOT COOPERATING".

                     Amount
   Facilities     (INR crore)   Ratings
   ----------     -----------   -------
   Long-term-         6.00      [ICRA]D; ISSUER NOT COOPERATING;
   Fund based                   Rating Continues to remain under
   Cash Credit                  'Issuer Not Cooperating'
                                Category

   Long-term-         1.05      [ICRA]D; ISSUER NOT COOPERATING;
   Fund based                   Rating Continues to remain under
   Term Loan                    'Issuer Not Cooperating'
                                Category

   Long-term/         2.95      [ICRA]D/[ICRA]D; ISSUER NOT
   Short Term                   COOPERATING; Rating Continues to
   Unallocated                  remain under 'Issuer Not
                                Cooperating' Category

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

JTC is a proprietorship firm established in 2014, which trades in
PVC products - PVC resin, calcium carbonate and PVC pipes. The firm
was involved in wholesale trading of these PVC products till
FY2018, but has started its PVC pipe manufacturing facility from
the products which it already trades - PVC resin and calcium
carbonate.


KAVIT INDUSTRIES: CRISIL Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Kavit
Industries (KI) continue to be 'CRISIL D/CRISIL D Issuer Not
Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit            5          CRISIL D (Issuer Not
                                     Cooperating)

   Letter of Credit       2.34       CRISIL D (Issuer Not
                                     Cooperating)

   Term Loan              0.66       CRISIL D (Issuer Not
                                     Cooperating)

CRISIL Ratings has been consistently following up with KI 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 KI, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on KI is
consistent with 'Assessing Information Adequacy Risk'. Based on the
last available information, the ratings on bank facilities of KI
continues to be 'CRISIL D/CRISIL D Issuer Not Cooperating'.

Based in Noida, Uttar Pradesh, KI was established as a
proprietorship firm in 2000 by Mr. Vijay Manchanda. The firm
manufactures PU foams and matrices and also trades in industrial
chemicals and fabrics.


LRN FINANCE: CRISIL Keeps D Debt Rating in Not Cooperating
----------------------------------------------------------
CRISIL Ratings said the rating on the bank facilities and debt of L
R N Finance Limited (LRN Finance) continues to be 'CRISIL D Issuer
Not Cooperating'.

                         Amount
   Facilities         (INR Crore)     Ratings
   ----------         -----------     -------
   Proposed Long Term      10         CRISIL D (ISSUER NOT
   Bank Loan                          COOPERATING)
   Facility

CRISIL Ratings has followed up with LRN Finance for obtaining
information through letter and email dated May 16, 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

On Sept. 4, 2017, CRISIL had assigned 'CRISIL D' rating based on an
email communication received from the debenture trustee stating
that debenture holders had not received the redemption amount,
indicating delay in debt servicing by the issuer. The company has
remained closed since Sep 2017 and all the debt obligations till
June 2024 have remained unpaid as per email communication received
from debenture trustee. Despite repeated attempts to engage with
the management, CRISIL failed to receive any information on either
the updated business or financial performance or track record of
debt servicing of LRN Finance, which restricts CRISIL's ability to
take a forward-looking view on the entity's credit quality. CRISIL
believes information available on LRN Finance is consistent with
the 'Assessing Information adequacy risk'.

Based on the last available information and no updated information
that debt is now being serviced, the ratings on the bank facilities
and debt instruments of LRN Finance continues to be 'CRISIL D
Issuer Not Cooperating'.

LRN Finance was registered as a non-banking financial company. The
Reserve Bank of India cancelled the certificate of registration of
LRN Finance via an order dated Sept. 27, 2016 prohibiting the
company to transact the business of a non-banking financial
institution, as defined in clause (a) of Section 45-IA of the RBI
Act, 1934. Adequate information about the company is also not
available in public domain as the company has last filed returns
with the Ministry of Corporate Affairs (MCA) on Oct. 13, 2014.


M.M. VORA: ICRA Withdraws B+ Rating on INR24.50cr LT Loan
---------------------------------------------------------
ICRA has withdrawn the ratings assigned to the bank facilities of
M.M. Vora Automobiles Private Limited (MMVAPL) at the request of
the company and based on the No Dues Certificate/Closure Mail
received from its bankers. However, The Key Rating Drivers and
their description, Liquidity Position, Rating Sensitivities and
have not been captured as the rated instruments are being
withdrawn.

                      Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long Term-         24.50       [ICRA]B+ (Stable) ISSUER NOT
   Fund Based-                    COOPERATING; Withdrawn
   Cash Credit                    

M.M. Vora Automobiles Private Limited (MMVAPL) is promoted and
managed by the Vora family of Vadodara (Gujarat). At present,
MMVAPL is involved in the automobile dealership of Mahindra &
Mahindra Limited (M&M) and have showrooms and servicing facilities
in Vadodara, Anand and Nadiad in Gujarat. Prior to becoming dealers
for M&M, the promoters had varied business interest spanning across
business such as sale of spare parts, transportation business, and
sub-dealership Of Ford Motors & Lambretta Scooters etc.


MATESWARI ROYALTIES: ICRA Keeps B+ Debt Rating in Not Cooperating
-----------------------------------------------------------------
ICRA has kept the Long-Term rating for the Bank facilities of
Mateswari Royalties in the 'Issuer Not Cooperating' category. The
rating is denoted as "[ICRA]B+ Stable);ISSUER NOT COOPERATING".

                      Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long Term-          5.00       [ICRA]B+ (Stable) 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 Mateswari Royalties, 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.

Mateswari Royalties, incorporated in FY 2016 is a partnership
concern, promoted by Mr. Sunil kulhari (60%), Mr Sunil Kumar (20%)
and Mr Narendra (20%). The firm is a royalty contractor for
Masonary Stone and other minerals in the state of Rajasthan. Such
contracts are awarded on competitive bidding by Directorate of
Mines and Geology (DMG), Government of Rajasthan. Under these
contracts, the firm collects royalties from the miners based on
volumes extracted by the latter and in turn pays a fixed royalty
amount to DMG as per the pre-fixed schedule. Currently, Mateswari
Minerals is working on three Royalty collections for mining area in
Bikaner, Jaipur and Tonk region of Rajasthan. Details about which
are further discussed in report.


P.S.R. GRANITES: ICRA Keeps B+ Debt Ratings in Not Cooperating
--------------------------------------------------------------
ICRA has moved the ratings for the bank facilities of P.S.R.
Granites Pvt. Ltd to 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-          0.25        [ICRA]B+ (Stable) ISSUER NOT
   Fund Based/CC                   COOPERATING; Rating continues
                                   to remain under 'Issuer Not
                                   Cooperating' category

   Short-term          9.25        [ICRA]A4 ISSUER NOT
   Fund based                      COOPERATING; Rating Moved to
                                   the 'Issuer Not Cooperating'
                                   category

   Long Term/          0.50        [ICRA]B+ (Stable)/[ICRA]A4;
   Short Term-                     ISSUER NOT COOPERATING;
   Unallocated                     Rating moved to the 'Issuer
                                   Not Cooperating' category

As a part of its process and in accordance with its rating
agreement with P.S.R. Granites Pvt. Ltd, ICRA has been sending
repeated reminders to the entity for the payment of surveillance
fee that became due. Further, ICRA has been consistently following
up with P.S.R. Granites Pvt. Ltd for obtaining the monthly 'No
Default Statement' (NDS). However, despite multiple requests by
ICRA, the entity's management has remained non-cooperative. In the
absence of requisite cooperation and in line with the
aforementioned policy of ICRA, the company's rating has been moved
to the "Issuer Not Cooperating" category.

P.S.R. Granites Pvt. Ltd. and P.S.R. Granites, incorporated in
2004, are involved in the mining and export of rough blocks of
granites. The PSR Group operates three quarries in Telangana at
present. The Group also owns two processing facilities with a total
capacity of 3,50,000 MT per annum where the granite is processed
into rough blocks and majorly exported (80-90% of total revenues)
to China. The operations are managed by Mr. Palakurthi Sridhar.


RADHARAMAN COTGIN: CARE Keeps D Debt Rating in Not Cooperating
--------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Radharaman
Cotgin Private Limited (RCPL) continues to remain in the 'Issuer
Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       9.00       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Rationale and key rating drivers

CARE Ratings Ltd. had, vide its press release dated April 11, 2023,
placed the rating(s) of RCPL under the 'issuer non-cooperating'
category as RCPL 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. RCPL 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).

Incorporated in December 2012, Radharaman Cotgin Private Limited
(RCPL) was promoted by Mr. Monoj Kumar Biswal and Mr. Adarsh
Agrawal. The company has been engaged in manufacturing of ginning
and pressing of cotton bales. The manufacturing facility of the
company is located at Belpada, Odisha with installed capacity of
2000 quintals per day. RCPL procures cotton from local farmers and
agents and sells its products through the wholesalers and
distributors located in Punjab, Haryana, Rajasthan, Delhi and
Kolkata.


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

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

   Long Term/Short      2.50       CARE B-; Stable/CARE A4;
   Term Bank                       ISSUER NOT COOPERATING;
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Rationale and key rating drivers

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

Hyderabad based, Revathi Engineering Private Limited (REPL) was
incorporated in the year 1982 as a partnership firm by Mr.
Phanindra. The company is primarily engaged in manufacturing of
high precision assemblies and components for the aerospace
sector.

SUPERTECH REALTORS: NCLAT Awaits Decision on Settlement Offer
-------------------------------------------------------------
The Economic Times reports that insolvency appellate tribunal NCLAT
on July 3 said it will wait for the decision of lenders on a
revised settlement offer by Supertech Realtors, which is developing
a residential apartment, offices, retail and luxury hotels at its
Supernova project. ET says NCLAT also directed the Interim
Resolution Professional (IRP) not to constitute a Committee of
Creditors. However, it said the construction work for the project
would be continued under the supervision of IRP.

A three-member NCLAT bench observed that Supertech Realtors
submitted an one-time settlement (OTS), and the lead bank
principally agreed with the proposal and the proposal is under
consideration by the consortium of banks, according to ET.

"In the meantime, we direct that the Committee of Creditors be not
constituted. However, the ongoing project may be continued under
the supervision of the IRP and the IRP shall extend all cooperation
by the Corporate Debtor, its officers and employees in carrying out
the construction," said the 8-page NCLAT order.

ET relates that the National Company Law Appellate Tribunal further
said bank accounts of the Supertech Realtors "shall be operated
only with the joint signature of the IRP, only to carry out
construction".

The interim order came while hearing the appeal filed by Ram
Kishore Arora, director of the suspended board of Supertech
Realtors, challenging the order passed by the National Company Law
Tribunal (NCLT) last month.

A Delhi bench of NCLT had admitted the insolvency plea filed by the
Bank of Maharashtra over a default of Rs 168.04 crore and appointed
Anju Agarwal as interim resolution professional (IRP), suspending
the board of Supertech Realtors, a step-down subsidiary of
Supertech, ET notes.

According to ET, the appellate tribunal issued notices asking
lenders to file replies within three weeks and listed the matter
for further hearing on Aug. 8, 2024.

Supertech Realtors, a subsidiary of Supertech, is developing the
Supernova project at a cost of INR2,326.14 crore on a land
measuring 70,002 square metres at Sector 94, Noida.

Supertech is also facing a Corporate Insolvency Resolution Process
(CIRP).

As per the plans, the Supernova project will have 80 floors and
will be the tallest building in Delhi-NCR at a height of 300
metres, ET says.

During the proceedings of the NCLAT, the counsel appearing for
Supertech Realtors said he is not raising any dispute regarding the
debt and default to Bank of Maharashtra.

He said the realty firm has submitted a proposal to the Consortium
of Lenders for settlement of dues from the investor, namely Kotak
Advisors Ltd, via an ARC (asset reconstruction companies) sale.

The offer made by Supertech Realtors was 75 per cent of the running
ledger book balance of the consortium lenders and the lead bank
acknowledged the receipt of the revised proposal.

A meeting of lenders' was held on March 18, 2024, in which the Bank
of Maharashtra also participated. Union Bank of India, the lead
bank, after taking note of the proposal has principally agreed with
the proposal, Supertech Realtors' counsel submitted, adds ET.


TIRUPATI BASMATI: CRISIL Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------------
CRISIL Ratings said the ratings for the bank facilities of Tirupati
Basmati Exports Private Limited (TBEPL) continue to remain in the
'Issuer Not Cooperating' category.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Long Term Rating      -           CRISIL D (ISSUER NOT
                                     COOPERATING)

   Short Term Rating     -           CRISIL D (ISSUER NOT
                                     COOPERATING)

CRISIL Ratings has been consistently following up with TBEPL 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 TBEPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on TBEPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
TBEPL continues to be 'CRISIL D/CRISIL D Issuer Not Cooperating'.

Incorporated in 2009, TBEPL is a Karnal, Haryana based company
engaged in milling, processing, and sorting of PUSA 1121 basmati
rice. The company's operations are being looked after by Mr. Lalit
Kumar and his two brothers, Mr. Vijendra Kumar and Mr. Ravinder
Kumar.


V.R.K. ASSOCIATES: CARE Keeps D Debt Rating in Not Cooperating
--------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of V.R.K.
Associates Private Limited (VAPL) continues to remain in the
'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      12.00       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 May 10, 2023,
placed the rating(s) of VAPL under the 'issuer non-cooperating'
category as VAPL 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. VAPL continues to be
noncooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
March 25, 2024, April 4, 2024, April 14, 2024.

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

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

Uttar Pradesh based V.R.K. Associates Private limited is a private
limited company and was incorporated in February 2001 and managed
by Mr. Vijay Prakash, Mr. Vaibhav Gupta, Ms. Rashmi Kesarwani and
Ms. Shanti Devi. The company is involved in
various activities which include running a hotel in Sarnath, Uttar
Pradesh by the name of "Buddha Resort", Indane Gas Agency business
by the name "VRK Indane service" and a retail jewelry shop for the
Gitanjali Group by the name "VRK Jewells". In
November 2019, company has started a new hotel named Hotel Pinnacle
Gate.

VAAYU RENEWABLE: CRISIL Lowers Rating on INR116cr Loan to B+
------------------------------------------------------------
CRISIL Ratings has downgraded its rating on the long-term bank
facilities of Vaayu Renewable Energy (Tapti) Private Limited
(VRETPL) to 'CRISIL B+/Negative' from 'CRISIL BB/Negative'.

                      Amount
   Facilities      (INR Crore)    Ratings
   ----------      -----------    -------
   Long Term Loan       116       CRISIL B+/Negative (Downgraded
                                  from 'CRISIL BB/Negative')

The rating action reflects the weakening of the company's financial
risk profile, especially liquidity, on account of low debt service
coverage ratio (DSCR) and depletion of liquidity cushion. While
DSCR is expected to remain below 1 time over the medium, timely
realization from counterparty and existing fixed deposits
(including DSRA of one quarter) supported the company to meet its
debt service obligations. However, continued cashflow mismatch has
led to deterioration of liquidity profile with declining liquidity
cushion. Focused increase in cash flows to improve DSCR and
replenishment of liquidity cushion will remain a key monitorable.

The rating action reflects the deteriorating DSCR due to cashflow
mismatch, exposure to inherent risks associated with renewable
energy generation. These weaknesses are partially offset by steady
cash flows due to successful renewal of power purchase agreement
(PPA) with a strong counterparty i.e. SRF Ltd (Rated 'CRISIL
AA+/Stable/CRISIL A1+').

Key Rating Drivers & Detailed Description

Weaknesses:

* Subdued DSCR and risk of Debt Service Reserve Account (DSRA)
falling below the required threshold: VRETPL's DSCR stands at 0.6
times for the entire tenure of the loan. The same has dipped on
account of ballooning repayments, increased bank rate of interest
and lower cash flows on account of downside revision in tariff
rates last year. However, given the present available liquidity of
INR3.5 crores as on June 2024, it meets the requirement of
maintaining 1 quarter of principal and interest payment
obligations. However, presence of 3-month DSRA and escrow-backed
mechanism, should continue to support the timely servicing of its
term debt obligations over the medium term despite the risk of cash
flow mismatches owing to variability in power generation across the
year.

* Exposure to inherent risks associated with renewable energy
generation: PLF for wind power projects is entirely dependent on
wind patterns and generally varies as per climatic conditions.
Hence, VRETPL's cash flows are highly sensitive to the local wind
conditions and the technical performance of its wind assets. Any
prolonged reduction in yearly PLF levels leading to lower cash
accruals can hamper the debt servicing ability of VRETPL.

Strengths:

* Stable business profile driven by strong counterparty and healthy
PLF: VRETPL has renewed the PPF for another 10-year period with SRF
Ltd for power offtake and their track record of timely payments
leads to stable business profile. The company has historically
maintained healthy reported PLF of 23.53%, though its slightly
moderated to 22.53% in fiscal 2024 as compared to 24.85% last year,
overall PLF should remain in the range of 22-24% supported by
locational advantage.

Liquidity: Stretched

Liquidity is stretched with a dip in expected DSCR to less than 1
time. However, the company had fixed deposits of INR6.3 crores as
on March 31, 2024 which along with escrow cash flows were utilized
for debt repayment obligations. The company is expected to generate
cash accrual of less than 1.5 crores annually in fiscal 2025 and
fiscal 2026, against term debt obligations of INR7-8 crores,
respectively. Liquidity equivalent to one quarter of debt servicing
along (stood at INR3.5 crores of fixed deposits as on June 2024)
with ESCROW mechanism provides liquidity support in case of
exigency. The promoters support in order to fund the debt service
obligation will be required and remains a key factor.

Outlook: Negative

CRISIL Ratings believes that VRETPL' financial risk profile and
liquidity will remain pressured due to fall in DSCR below 1 time.

Rating Sensitivity factors

Upward factors

* Improvement in inflows or reduced debt repayment leading to DSCR
of more than 1.0 time
* Improved PLF levels of above 30% leading to higher net cash
accruals

Downward factors

* Significant degradation in PLF leading to DSCR of below 0.40
time
* Unanticipated delays in realization, leading to cash flow
mismatches

Vaayu Renewable Energy (Tapti) Private Limited (VRETPL) is a
special purpose vehicle incorporated on 20th July, 2011 with a
primary objective of setting up of wind power projects for
electricity generation in India. VRETPL has wind farms with
installed capacity of 22.40 MW in the state of Tamil Nadu.


VIRGINIA DEVELOPERS: CRISIL Keeps D Rating in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Virginia
Developers Private Limited (VDPL) continues to be 'CRISIL D Issuer
Not Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Lease Rental           220        CRISIL D (Issuer Not
   Discounting Loan                  Cooperating)

CRISIL Ratings has been consistently following up with VDPL 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 VDPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on VDPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
VDPL continues to be 'CRISIL D Issuer Not Cooperating'.

VDPL, promoted by Ms. Banu Ramaswamy owns and operates the Virginia
mall in Whitefield, Bengaluru. Operations are managed by the
promoters along with a professional team.




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

[*] JAPAN: Football Clubs Face Significant Risk of Bankruptcy
-------------------------------------------------------------
Phys.org reports that a new study has revealed that almost
two-thirds of football clubs in the top two divisions of Japan's
Professional Football League, also known as the J-League, could be
at risk of bankruptcy. The work is published in the Journal of
Applied Accounting Research.

Phys.org relates that the research, conducted by sports finance and
economics experts from the University of Portsmouth and Sheffield
Hallam University, found widespread financial issues across both
the J1 and J2 leagues, with approximately 50 to 75% of the clubs at
risk.

Clubs that have played predominantly in the J1 League were found to
be in poorer financial health compared to those that have played
predominantly in the J2 League.

Some of the clubs at high risk include Ventforet Kofu, Omiya
Ardija, Hokkaido-Consadole Sapporo and Shonan Bellmare, Phys.org
discloses.

This study, which is the first of its kind to investigate financial
distress in Asian professional football, brings to light the
pressing need for financial reforms in Japanese professional
football.

According to Phys.org, Sarthak Mondal, Lecturer in Sport Management
at the University of Portsmouth, and study co-author said, "Our
findings highlight the financial challenges facing Japanese
professional football clubs and the need for ongoing monitoring of
their financial health. There are no policies that exist at a
continental level in Asia to give early warning signs of financial
distress to prevent businesses from going bankrupt, despite such
policies being prevalent in Europe.

"The financial instability in Japanese professional football could
worsen still due to the economic impact of the COVID-19 pandemic."

According to Phys.org, the researchers used the Altman z-score, a
numerical measurement that is used to predict the chances of a
business becoming bankrupt in the next two years, to identify the
percentage of J1 League and J2 League clubs at risk of bankruptcy.
They collected data from financial figures over 10 seasons for 29
professional football clubs competing in the J1 League and J2
League between 2011 and 2020.

Their findings indicate widespread financial issues, with the
potential for financial distress looming for approximately 50 to
75% of the clubs. Of even greater concern is the dire financial
picture of clubs that have spent between 7 and 9 seasons in J1
League.

Phys.org says the study found there is clear evidence that these
clubs are spending beyond their means to stay and compete with
teams in the J1 League or get promoted to J1 League soon after
relegation, thereby risking financial stability, a trend similar to
football clubs in England.

Phys.org relates that Mr. Mondal said, "Notably, this occurs
despite the implementation of club licensing regulations that are
strictly set to ensure financial sustainability at these clubs.
Despite the presence of the club licensing criteria, the J-League
does not operate any version of Financial Fair Play or Financial
Sustainability rules that can be seen in Europe.

"As a result, there is a risk of a lack of monitoring in terms of
cumulative acceptable losses allowed by a football club over any
given period."

The study also highlights the crucial aspect of the ownership
structure of J-League clubs, which is a mixture of private and
public ownership, Phys.org relates. The research shows that clubs
in public ownership, such as city corporations, are at a greater
risk of financial distress as compared to clubs in private
ownership.

Mr. Mondal added, "To address these financial challenges, we
recommend that the J-League revisit its Club Licensing Criteria,
which were designed to bring financial sustainability among member
clubs, and consider implementing equitable cost-control measures.
These measures could include capping acceptable losses over a
specified period or restricting overall expenditures as a
percentage of the club's revenue.

"While there have been instances of more clubs conforming to the
Club Licensing Criteria, the overall picture of financial health
among clubs in the J1 League and J2 League paints a more negative
picture. Furthermore, clubs that get relegated from J1 League spend
beyond their means to achieve promotion to J2 League, thereby
risking further financial instability."

The research also suggests that examining financial conditions in
other Asian and European leagues could provide a comparative
understanding of whether such financial distress is widespread
across different countries and continents, adds Phys.org.


[*] JAPAN: Nursing Care Bankruptcies Up 50% in Jan.-June Period
---------------------------------------------------------------
Japan Today reports that the number of bankruptcies among nursing
care providers in Japan for the first six months of 2024 jumped 50
percent from a year earlier to reach a record 81, amid rising
prices and labor shortages, a survey by a credit research company
showed July 4.

The previous high for nursing care firm bankruptcies in the
January-June period was logged in 2020 at 58, when the number of
service users declined during the coronavirus pandemic, according
to Tokyo Shoko Research Ltd. Comparable data became available from
2000.

The rise in failures involving liabilities exceeding JPY10 million
($6,200) comes as competition to secure enough workers intensifies,
with more new entrants seeking to tap into the rising demand for
nursing care services due to Japan's rapidly aging population,
according to Tokyo Shoko Research, Japan Today relays.

Rising prices of gasoline, utility bills and nursing care products
have also weighed on businesses.

"Small and midsize companies with less strength will not be able to
survive the fierce competition," an official said.

According to Japan Today, companies joining the nursing care
business have included those from different industries, with Tokyo
Shoko Research citing as an example Nippon Life Insurance Co.'s
acquisition of Nichii Holdings Co., a holding company that includes
major nursing care firm Nichiigakkan Co.

By service, visiting nursing care providers logged the highest
number of bankruptcies at 40, followed by those in daycare and
short-term stays at 25 and paid nursing homes at nine, according to
data, Japan Today discloses.

By prefecture, Osaka recorded the highest figure at 11, followed by
Tokyo at 6 and Kanagawa at 5.




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

AV15 LIMITED: Creditors' Proofs of Debt Due on Aug. 10
------------------------------------------------------
Creditors of AV15 Limited are required to file their proofs of debt
by Aug. 10, 2024, to be included in the company's dividend
distribution.

The company commenced wind-up proceedings on June 25, 2024.

The company's liquidators are:

          Adam Botterill
          Damien Grant
          Waterstone Insolvency
          PO Box 352
          Auckland 1140


EASTERN STUDIOS: Court to Hear Wind-Up Petition on Aug. 2
---------------------------------------------------------
A petition to wind up the operations of Eastern Studios Limited
will be heard before the High Court at Auckland on Aug. 2, 2024, at
10:00 a.m.

The Commissioner of Inland Revenue filed the petition against the
company on June 4, 2024.

The Petitioner's solicitor is:

          Cloete van der Merwe
          Inland Revenue, Legal Services
          5 Osterley Way
          Manukau City
          Auckland 2104


ESTRELLA EVENTS: Creditors' Proofs of Debt Due on Aug. 5
--------------------------------------------------------
Creditors of Estrella Events Limited are required to file their
proofs of debt by Aug. 5, 2024, to be included in the company's
dividend distribution.

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

The company's liquidators are:

          Daran Nair
          Heiko Draht
          Nair Draht Limited
          97 Great South Road
          Greenlane
          Auckland 1051


FAST FIT: Creditors' Proofs of Debt Due on Aug. 1
-------------------------------------------------
Creditors of Fast Fit Fencing 2014 Limited are required to file
their proofs of debt by Aug. 1, 2024, to be included in the
company's dividend distribution.

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

The company's liquidator is:

          Brenton Hunt
          PO Box 13400
          City East
          Christchurch 8141


FLOWERING RATA: Creditors' Proofs of Debt Due on Aug. 7
-------------------------------------------------------
Creditors of Flowering Rata Limited (trading as Maria Lane Eatery &
Bar) are required to file their proofs of debt by Aug. 7, 2024, to
be included in the company's dividend distribution.

The company commenced wind-up proceedings on June 25, 2024.

The company's liquidators are:

          Thomas Lee Rodewald
          Rodewald Consulting Limited
          Level 1, The Hub
          525 Cameron Road
          PO Box 15543
          Tauranga 3144




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

ASTEC CUSTOM: Creditors' Proofs of Debt Due on Aug. 2
-----------------------------------------------------
Creditors of Astec Custom Power (Singapore) Pte Ltd are required to
file their proofs of debt by Aug. 2, 2024, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on June 28, 2024.

The company's liquidators are:

          Juay Sze Sin
          Shirley Lim Guat Hua
          c/o Complete Corporate Services
          10 Anson Road
          #29-07 International Plaza
          Singapore 079903


BROAD STREET: Commences Wind-Up Proceedings
-------------------------------------------
Members of Broad Street Investments (Singapore) Pte Ltd on June 25,
2024, passed a resolution to voluntarily wind up the company's
operations.

The company's liquidators are:

          Tan Wei Cheong
          Lim Loo Khoon
          6 Shenton Way
          OUE Downtown 2 #33-00
          Singapore 068809


CHALLENGER FUNDS: Creditors' Proofs of Debt Due on Aug. 5
---------------------------------------------------------
Creditors of Challenger Funds Management (Asia) Pte. Ltd. are
required to file their proofs of debt by Aug. 5, 2024, to be
included in the company's dividend distribution.

The company commenced wind-up proceedings on June 28, 2024.

The company's liquidator is:

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



DASIN RETAIL: Trustee-Manager Gets Letter of Demand for SGD214,000
------------------------------------------------------------------
The Business Times reports that the trustee-manager of Dasin Retail
Trust said on July 10 that it has received a letter of demand from
GSUM-Titanland Capital for SGD214,000, allegedly outstanding from a
financial consultancy agreement.

BT relates that the agreement between the trustee-manager and
GSUM-Titanland was inked when GSUM-Titanland became Dasin's
financial advisor for the restructuring of its syndicated loans
amounting to an estimated CNY4.5 billion (SGD910,000).

GSUM-Titanland is a corporate finance advisory firm and an
associate company of China-based GSUM Fund Management.

According to BT, the trustee-manager of Dasin Retail Trust was
previously served a letter of demand from GSUM-Titanland on Jul 10,
2023 for an outstanding sum of SGD856,000, in relation to this same
financial consultancy agreement dating back to Mar 19, 2022.

BT relates that the trustee-manager is seeking legal advice on this
latest letter of demand, and will make further announcements on the
Singapore Exchange Net if there are material developments.

                        About Dasin Retail

Dasin Retail Trust's principal investment mandate is to invest in,
own or develop land, uncompleted developments and income-producing
real estate in Greater China (comprising People's Republic of
China, Hong Kong and Macau), used primarily for retail purposes, as
well as real estate-related assets, with an initial focus on retail
malls. The portfolio of Dasin Retail Trust comprises seven retail
malls strategically located in Foshan, Zhuhai and Zhongshan Cities
in PRC. Dasin Retail Trust is managed by Dasin Retail Trust
Management Pte. Ltd. ("Trustee-Manager"). The Trustee-Manager's key
objectives are to provide Unitholders of Dasin Retail Trust with an
attractive rate of return on their investment through regular and
stable distributions to Unitholders and to achieve long-term
sustainable growth in DPU and net asset value per Unit, while
maintaining an appropriate capital structure for Dasin Retail
Trust.

As reported in the Troubled Company Reporter-Asia Pacific in early
September 2023, Dasin Retail Trust has received a notice declaring
that an event of default has occurred under its onshore syndicated
term loan facility of up to CNY400 million (SGD74.6 million).

Issued by the Bank of China's Zhongshan branch as the facility and
security agent of the onshore facility, the bank is claiming an
outstanding sum of CNY355.2 million plus interest after the term
loan matured on Dec. 31, 2022, according to the Business Times.

This interest shall go on accruing until full payment is made by
Dasin Retail Trust's subsidiary, Zhongshan Yuanxin Commercial
Property Management, noted the trustee-manager late on Sept. 4,
2023.

Notices of these facilities were dated Aug. 31, and issued to the
trust's subsidiaries, including Zhongshan Yuanxin.

According to BT, Dasin's trustee-manager said it is continuing to
explore available options for the restructuring exercise with
lenders under its various facilities.

BT added the announcement comes weeks after Dasin Retail Trust
received separate notices of default occurring under its Singapore
dollar and US dollar-denominated offshore syndicated term loan
facility of up to SGD430 million, as well as a Singapore dollar and
Hong Kong dollar-denominated offshore syndicated term loan facility
of up to SGD106.6 million.


HUE CONCEPT: Court Enters Wind-Up Order
---------------------------------------
The High Court of Singapore entered an order on June 28, 2024, to
wind up the operations of Hue Concept Interior Design Pte. Ltd.

Maybank Singapore Limited filed the petition against the company.

The companies' liquidators are:

         Leow Quek Shiong
         Gary Loh Weng Fatt
         Seah Roh Lin
         BDO Advisory
         600 North Bridge Road
         #23-01 Parkview Square
         Singapore 188778


KPK ENGINEERING: Court to Hear Wind-Up Petition on July 19
----------------------------------------------------------
A petition to wind up the operations of KPK Engineering Pte Ltd
will be heard before the High Court of Singapore on July 19, 2024,
at 10:00 a.m.

Maybank Singapore Limited filed the petition against the company on
June 27, 2024.

The Petitioner's solicitors are:

          M/s Advent Law Corporation
          111 North Bridge Road
          #25-03 Peninsula Plaza
          Singapore 179098


REGAL GLOBAL: Commences Wind-Up Proceedings
-------------------------------------------
Members of Regal Global Asset Holdings Pte. Ltd. on June 21, 2024,
passed a resolution to voluntarily wind up the company's
operations.

The company's liquidators are:

          Tan Wei Cheong
          Lim Loo Khoon
          6 Shenton Way
          OUE Downtown 2 #33-00
          Singapore 068809




=============
V I E T N A M
=============

VIETNAM: Fitch Affirms 'BB+' LongTerm IDR, Outlook Stable
---------------------------------------------------------
Fitch Ratings has affirmed Vietnam's Long-Term Foreign-Currency
Issuer Default Rating (IDR) at 'BB+' with a Stable Outlook.

KEY RATING DRIVERS

Favourable Growth Prospects: Vietnam's rating affirmation at 'BB+'
with a Stable Outlook reflects a strong medium-term growth outlook,
underpinned by sustained FDI inflows, sound public finances
reflected by low government debt levels, and a favourable external
debt profile. This is balanced against credit weaknesses from a
relatively underdeveloped policy framework, high leverage in the
economy, and lower per-capita GDP than peers. Near-term economic
pressures from a corruption crackdown and political reshuffle are
unlikely to affect medium-term economic prospects.

Sustained FDI Inflows: Fitch expects medium-term growth of 6% -7%
to be driven by strong FDI and favourable demographics. An educated
workforce, cost competitiveness and entry into numerous regional
and global trade agreements should support continued strong FDI
inflows, particularly amid the ongoing global supply-chain
diversification. Realised FDI in 2023 rose to USD23.2 billion (5.4%
of GDP), from USD22.4 billion in 2022, and was up 7.8% yoy in 5M24.
Its growth outlook also factors in an expanding service sector due
to increasing urbanisation.

Economy Stable Despite Political Reshuffle: Intensification of the
government's long-running anti-corruption drive has been
highlighted by the significant turnover in the ruling Communist
Party of Vietnam, including the resignation of the president and
several other senior leaders. There is limited spillover of the
ongoing political reshuffle on the broader macroeconomic and policy
outlook.

Government Debt Below Median: Fitch expects general government debt
to stabilise at 34% of GDP, below the 'BB' median of 53%.
Authorities' 2030 fiscal strategy entails keeping public debt
(government debt, government-guaranteed debt and sub-national debt)
at or below 60% of GDP by 2030. It also includes revenue-raising
measures, such as widening the value-added tax base, simplifying
import tariffs and providing digital services to taxpayers.
Contingent liability risks from a large state-owned sector is a
credit weakness. Authorities estimate explicitly guaranteed
government debt at 2.7% of GDP in 2023.

External Finances Improving: Foreign-exchange reserves have
improved slightly, reaching USD90 billion in January 2024. This
partly reflects some return of capital flows and a larger current
account surplus. Fitch foresees a recovery in exports to sustain a
large trade and current account surplus. This underpins a further
improvement in reserves, which Fitch forecasts to average about
three months of current external payment cover over 2024-2026. The
government's external debt is owed to bilateral and multilateral
agencies, leading to a lower external debt-servicing burden and
supports a high external liquidity ratio.

Banking Sector Stabilising: Fitch believes the real estate sector
is recovering from an earlier loss of confidence, but if weaknesses
are more protracted, they could put pressure on its forecast that
asset quality at banks will not deteriorate further. Many
private-sector banks have increased their exposure to real estate
developers significantly over the past year. A landmark corruption
case in a major bank confirmed the presence of financial
supervisory shortcomings in Vietnam but does not appear to present
new contagion risks to the banking system.

Fitch sees the State Bank of Vietnam's (SBV) action in providing
large-scale liquidity support to the affected bank as a
demonstration of the government's high propensity to provide
support to systemically significant institutions. Fitch expects the
profitability of leading Vietnamese banks to be sustained, with
higher credit costs balanced by steady margins as liquidity
pressures ease.

High Credit Reliance: Vietnam's reliance on elevated credit growth
targets to drive economic activity remains a persistent risk to
economic stability, notwithstanding its high growth and the
resilience of economic activity to shocks in recent years. Recent
stresses in the property sector highlight underlying limitations in
Vietnam's economic policy and regulatory framework, causing
challenges in effectively managing complexities in the economy and
the financial sector.

Inflation Contained: Core inflation is on a downward trajectory.
However, headline inflation in 5M24 averaged 4.1%, higher than the
3.6% a year earlier. Elevated food prices have exerted upward
pressure on headline inflation. The SBV has kept the refinance rate
unchanged to date at the end-2023 level of 4.5%. The SBV cut rates
in 2023 to support growth and ease credit market stresses
associated with the property sector. Fitch expects the SBV to keep
the policy rate unchanged in 2024, but, in the event of excess
volatility in the exchange rate, the SBV could shift to a
tightening monetary policy stance.

ESG - Governance: Vietnam has an ESG Relevance Score of '5' for
Political Stability and Rights as well as for Rule of Law,
Institutional and Regulatory Quality and Control of Corruption, as
is the case for all sovereigns. These scores reflect the high
weight that the World Bank Governance Indicators have in its
proprietary Sovereign Rating Model. Vietnam has a medium ranking in
the 41st percentile, reflecting a low level of rights for
participation in the political process, moderate institutional
capacity, rule of law and level of corruption.

RATING SENSITIVITIES

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

- Public Finances: Crystallisation of contingent liabilities on the
sovereign's balance sheet or a sustained period of higher fiscal
deficits, which would lead to a failure to stabilise government
debt over the medium term.

- External Finances: A sustained decline in foreign-exchange
reserves associated with pressure on the exchange rate that would
contribute to a weaker net external creditor position.

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

- Macroeconomic Policy and Performance: Sustained high growth,
without the creation of economic vulnerabilities, that reduces the
GDP per capita gap with rating peers, and improvements in the
economic policy framework to include enhanced transparency.

- Public Finances: Significant reduction in risks associated with
contingent liabilities, including through better accounting of such
risks and more clarity on government commitments to address them if
they materialise.

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

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

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

Macro: -1 notch to reflect an underdeveloped macroeconomic policy
framework that has delivered strong growth, but is overly reliant
on leverage and is not fully transparent in terms of
decision-making and could hamper effective management of emerging
complexities in the economy and financial sector

Public Finances: -1 notch to reflect structural weaknesses in the
banking sector (financial system assets of about 196% of GDP at
end-2023) related to low capitalisation and high contingent
liability risks from a large state-owned enterprise sector.

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

COUNTRY CEILING

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

Fitch's Country Ceiling Model produced a starting point uplift of
+1 notch above the IDR. Fitch's rating committee applied a
further/offsetting -1 qualitative adjustment to this, under the
near-term macro-financial stability risks and exchange-rate risks
pillar, reflecting Vietnam's vulnerability to capital outflows due
to some degree of dollarisation, which is not fully captured in the
model. Capital outflows are reflected, to an extent, in the high
net errors and omissions in the balance of payments.

ESG CONSIDERATIONS

Vietnam has an ESG Relevance Score of '5' for Political Stability
and Rights as World Bank Governance Indicators have the highest
weight in Fitch's SRM and are therefore highly relevant to the
rating and a key rating driver with a high weight. Vietnam has a
percentile rank below 50 for the World Bank Governance Indicator,
which has a negative impact on the credit profile.

Vietnam has an ESG Relevance Score of '5' for Rule of Law,
Institutional and Regulatory Quality and Control of Corruption, as
World Bank Governance Indicators have the highest weight in Fitch's
SRM and are therefore highly relevant to the rating and are a key
rating driver with a high weight. Vietnam has a percentile rank
below 50 for the World Bank Governance Indicator, which has a
negative impact on the credit profile.

Vietnam has an ESG Relevance Score of '4' for Human Rights and
Political Freedoms, as the Voice and Accountability pillar of the
World Bank Governance Indicators is relevant to the rating and a
rating driver. Vietnam has a percentile rank below 50 for the World
Bank Governance Indicators, which has a negative impact on the
credit profile.

Vietnam has an ESG Relevance Score of '4[+]' for Creditor Rights,
as willingness to service and repay debt is relevant to the rating
and is a rating driver for Vietnam, as for all sovereigns. Vietnam
has a record of more than 20 years without a restructuring of
public debt, which is captured in its SRM variable. This has a
positive impact on the credit profile.

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

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

   senior
   unsecured        LT              BB+ Affirmed   BB+

   senior
   secured          LT              BB+ Affirmed   BB+

   Senior
   Unsecured-Local
   currency         LT              BB+ Affirmed   BB+


                           *********


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.

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