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

                     A S I A   P A C I F I C

          Wednesday, July 10, 2024, Vol. 27, No. 138

                           Headlines



A U S T R A L I A

CUISINIER AUSTRALIS: First Creditors' Meeting Set for July 15
JOHNNY'S FURNITURE: All Staff Sacked in AUD16MM Company Collapse
JOHNSON & KENNEDY: First Creditors' Meeting Set for July 15
LIVETILES LIMITED: First Creditors' Meeting Set for July 12
REDS TRUST 2024-2: S&P Assigns Prelim BB (sf) Rating to E Notes

ROB'S EARTHMOVING: First Creditors' Meeting Set for July 15
UPALI'S BY NAWALOKA: Second Creditors' Meeting Set for July 12


C H I N A

CHINA GREAT WALL: Fitch Rates USD300MM Unsubordinated Debt 'BB+'
GUANGZHOU R&F: Faces Liquidation Petition in Hong Kong
RETO ECO-SOLUTIONS: Schedules Annual Meeting for August 5
ZW DATA: ARK Pro CPA & Co Raises Going Concern Doubt


H O N G   K O N G

CHEUNG KEI: Hong Kong Office Tower Put Up For New Round of Bidding


I N D I A

AASTHA SPINTEX: CRISIL Withdraws B Rating on INR45cr Term Loan
AGD BIO: Ind-Ra Gives BB+ Rating, Outlook Stable
AISHWARYA HEALTHCARE: Ind-Ra Moves BB+ Rating to NonCooperating
AISHWARYA LIFESCIENCES: Ind-Ra Moves BB+ Rating to NonCooperating
ARABIAN PETROLEUM: Ind-Ra Moves BB+ Rating to NonCooperating

AVISH AVIATION: CRISIL Withdraws B Rating on INR2cr Cash Loan
BHADRA INTERNATIONAL: ICRA Keeps D Ratings in Not Cooperating
BHAVYA FABRICS: CRISIL Reaffirms B+ Rating on INR18.5cr Cash Loan
CAPTAIN POLYPLAST: Ind-Ra Moves BB+ Loan Rating to NonCooperating
CELEBRITY BIOPHARMA: Ind-Ra Moves BB+ Rating to NonCooperating

CONTINENTAL ENGINES: CRISIL Withdraws B/A4 LT/ST Debt Ratings
CRAZY BAKERY: CRISIL Migrates Rating on INR5.54cr LT Loan to B+
CYGNUS SPLENDID: ICRA Keeps D Debt Ratings in Not Cooperating
D&H SECHERON: Ind-Ra Gives BB+ Bank Loan Rating, Outlook Stable
HINDUSTAN DISTRIBUTORS: Ind-Ra Cuts Bank Loan Rating to BB

JEEVAN JYOTI: CRISIL Withdraws B Rating on INR46.5cr LT Loan
JYOTIRMAYEE FOODS: CRISIL Cuts Rating on INR25cr Cash Loan to D
K.K. CONSTRUCTION: CRISIL Withdraws B Rating on INR50cr Loan
KUNNATH CONSTRUCTIONS: CRISIL Assigns B Rating to INR26.5cr Loan
MAHAVIR SPINFAB: CRISIL Withdraws B/A4 Long/Short Term Ratings

MAX INTERNATIONAL: Ind-Ra Cuts Bank Loan Rating to BB
MECHFAST ENGINEERING: CRISIL Moves B+ Rating from Not Cooperating
PATEL MOTORS: Ind-Ra Affirms BB+ Bank Loan Rating, Outlook Stable
PURBANCHAL LAMINATES: CRISIL Withdraws B+ INR6.75cr Loan Rating
PURBANCHAL LUMBERS: CRISIL Withdraws B+ Rating on INR25cr Loan

R.R. INDUSTRIES: ICRA Keeps B Debt Ratings in Not Cooperating
S A TRADING: ICRA Withdraws B+ Rating on INR9.50cr LT Loan
S. A. IRON: CRISIL Reaffirms B Rating on INR20cr Term Loan
SATYESHWAR HIMGHAR: CRISIL Lowers Rating on INR10cr Loan to D
SCR NIRMAN: ICRA Upgrades Rating on INR3cr LT Cash Credit to BB

SPICEJET LTD: Has Not Paid Employee's PF Since January 2022
SUNCO ENTERPRISES: CRISIL Reaffirms B+ Rating on INR7cr Loan
TRUSHNA EXIM: CRISIL Assigns B+ Rating to INR55cr Term Loan
YAMUNA GINNING: ICRA Keeps B+ Debt Ratings in Not Cooperating


N E W   Z E A L A N D

GSS LIMITED: Grant Bruce Reynolds Appointed as Liquidator
JADE LAND: Creditors' Proofs of Debt Due on July 29
SS CIVIL: Court to Hear Wind-Up Petition on July 12
TREE & FOREST: Court to Hear Wind-Up Petition on Aug. 23
WELLS FORESTRY: Court to Hear Wind-Up Petition on July 12



P H I L I P P I N E S

CHELSEA LOGISTICS: Dennis Uy Delays Annual Meeting For Third Time


S I N G A P O R E

BU SHEN: Court to Hear Wind-Up Petition on July 19
HFG TECHNOLOGIES: Court to Hear Wind-Up Petition on July 19
MULHACEN PTE: Creditors' Proofs of Debt Due on Aug. 5
PRELUDIO PRIVATE: Commences Wind-Up Proceedings
TERRAFORM LABS LIMITED: Case Summary & One Unsecured Creditor

VANDA 1: Creditors' Proofs of Debt Due on Aug. 5
YUUZOO NETWORKS: To be Delisted Starting July 12, SGX RegCo Says


S R I   L A N K A

SRI LANKA: To Wrap Up Bond Restructuring Talks Soon

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CUISINIER AUSTRALIS: First Creditors' Meeting Set for July 15
-------------------------------------------------------------
A first meeting of the creditors in the proceedings of Cuisinier
Australis Pty Ltd will be held on July 15, 2024 at 10:00 a.m. via
virtual meeting.

Mark Holland, Anthony Connelly, and Jamie Harris of McGrathNicol
were appointed as administrators of the company on July 3, 2024.



JOHNNY'S FURNITURE: All Staff Sacked in AUD16MM Company Collapse
----------------------------------------------------------------
News.com.au reports that a retailer with stores across the east
coast of Australia collapsed after racking up an incredible AUD16
million in debt with customers owed almost half of the money.

Johnny's Furniture had operated 14 stores across Queensland, New
South Wales and Victoria.

But shockingly the collapse led to alleged theft and verbal and
physical abuse of employees, according to a bombshell report to
creditors which was leaked to news.com.au.

When the company collapsed, there were approximately 84 employees
and the business continued to trade after administrators were
appointed on June 4 as they sought to sell it.

However, despite employing security guards, staff were subject to
"verbal abuse", "physical violence", customers unlawfully entering
stores and "customers stealing goods following expressing anger
over orders having not been fulfilled", according to the report.

"The above has understandably resulted in stress leave and
resignation submissions from employees," Ben Fletcher from Westburn
Advisory wrote in his report to creditors, news.com.au relays.

During that period, the administrators also managed to make a net
profit of AUD208,000 for the business despite the Commonwealth Bank
of Australia pulling facilities to take credit card and contactless
payments before a long weekend in NSW and Victoria in June.

But on June 26 the business was shut down permanently as no one
came forward to buy it and administrators increasingly faced
alarming issues, according to news.com.au.

News.com.au says the move left dozens of workers jobless and
customers out of pocket without their orders.

The report revealed customer claims had added up to a whopping
AUD7.9 million and trade creditors were out of pocket by AUD6.4
million.

Employees are also owed close to AUD2 million in unpaid
entitlements, the report, as cited by news.com.au, said.

Statutory creditors include the ATO, which has an outstanding bill
of AUD538,000, alongside NSW, Victoria and QLD state revenue
offices with combined debts of almost AUD100,000.

According to news.com.au, the administrators pointed to a number of
issues for slamming doors shut.

These included the threat of the Office of Fair Trading issuing a
public warning regarding trading with the company, "which would
have a further negative impact on the company's brand and
revenue".

"Following customers becoming aware that outstanding orders would
likely not be fulfilled, I expected an increase in verbal abuse and
physical violence towards security guards and/or employees from
customers and an increase in resignations and annual leave
submissions from employees," news.com.au quotes Mr. Fletcher as
saying.

Johnny's Furniture collapsed due to a number of reasons, according
to the report, including "poor cash flow and high cash use", "poor
management" and a "lack of sufficient working capital to service
debts".

"(A) significant increase in operating costs and decrease in
revenue due to Covid-related trade stoppages and consumer spending
habits resulting in trading losses," he said.

There was also the opening of new stores when the company was not
in a financial position to service the correlating increase in
costs, the report added.

News.com.au adds that Mr. Fletcher noted that in late 2023 the
company was in a poor financial position and it sought to
recapitalise the business through debt or equity financing, but it
incurred significant trading losses during the past financial year
up until June 2024.

"During January and February 2024, the company's trading results
worsened and attempts to seek debt finance to fund working capital
requirements, the purchase of new stock to meet existing customer
orders and purchase new stock, were unsuccessful," the report
explained.

Then in March 2024 in an effort to further reduce rent expenses,
the company exited its QLD based distribution centre, with stock
moved into the QLD based stores and the new NSW distribution
centre.


JOHNSON & KENNEDY: First Creditors' Meeting Set for July 15
-----------------------------------------------------------
A first meeting of the creditors in the proceedings of Johnson &
Kennedy Pty Ltd will be held on July 15, 2024 at 11:00 a.m. via
virtual meeting only.

Daniel Jon Quinn and Ian James Purchas of SVP were appointed as
administrators of the company on July 3, 2024.


LIVETILES LIMITED: First Creditors' Meeting Set for July 12
-----------------------------------------------------------
A first meeting of the creditors in the proceedings of Livetiles
Limited will be held on July 12, 2024 at 3:00 p.m. at the offices
of WLP Restructuring at Suite 19.02, Level 19, 1 Castlereagh Street
in Sydney and via virtual meeting technology.

Alan Walker and Glenn Livingstone of WLP Restructuring were
appointed as administrators of the company on July 2, 2024.


REDS TRUST 2024-2: S&P Assigns Prelim BB (sf) Rating to E Notes
---------------------------------------------------------------
S&P Global Ratings assigned its preliminary ratings to six of the
seven classes of prime residential mortgage-backed securities
(RMBS) to be issued by Perpetual Trustee Co. Ltd. as trustee for
Series 2024-2 REDS Trust. Series 2024-2 REDS Trust is a
securitization of prime residential mortgage loans originated by ME
Bank (a division of Bank of Queensland Ltd.).

The preliminary ratings reflect the following factors.

S&P views of the credit risk of the underlying collateral
portfolio, including the fact that this is a closed portfolio,
which means no further loans will be assigned to the trust after
the closing date.

The credit support is sufficient to withstand the stresses it
applies. Credit support for the rated notes is provided by
subordination and lenders’ mortgage insurance cover on 15.3% of
the loan portfolio.

The various mechanisms to support liquidity within the transaction,
including principal draw function and an amortizing liquidity
facility equal to 1.0% of the outstanding performing balance of the
receivables, are sufficient under S&P's stress assumptions to
ensure timely payment of interest on the rated notes.

A A$150,000 extraordinary expense reserve funded upfront by BOQ is
available to meet extraordinary expenses. The reserve will be
topped up with available excess spread if drawn.

National Australia Bank Ltd. will provide a standby fixed- to
floating-rate interest-rate swap to hedge the mismatch between
receipts from any fixed-rate mortgage loans and the variable-rate
RMBS.

  Preliminary Ratings Assigned

  Series 2024-2 REDS Trust

  Class A1, A$460.00 million: AAA (sf)
  Class A2, A$17.70 million: AAA (sf)
  Class B, A$8.00 million: AA (sf)
  Class C, A$4.95 million: A (sf)
  Class D, A$4.70 million: BBB (sf)
  Class E, A$1.95 million: BB (sf)
  Class F, A$2.70 million: Not rated


ROB'S EARTHMOVING: First Creditors' Meeting Set for July 15
-----------------------------------------------------------
A first meeting of the creditors in the proceedings of Rob's
Earthmoving Hire Pty Ltd will be held on July 15, 2024 at 2:00 p.m.
at Level 1, 15 Lake Street, Cairns in Queensland and via conference
telephone call.

Todd William Kelly of BDO was appointed as administrator of the
company on July 3, 2024.


UPALI'S BY NAWALOKA: Second Creditors' Meeting Set for July 12
--------------------------------------------------------------
A second meeting of creditors in the proceedings of Upali's By
Nawaloka Pty Ltd has been set for July 12, 2024 at 12:00 p.m. at
Level 5, Suite 6, 350 Collins Street in Melbourne and via virtual
meeting technology.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by July 11, 2024 at 4:00 p.m.

Simon Patrick Nelson of BPS Reconstruction and Recovery was
appointed as administrator of the company on June 17, 2024.




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C H I N A
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CHINA GREAT WALL: Fitch Rates USD300MM Unsubordinated Debt 'BB+'
----------------------------------------------------------------
Fitch Ratings has assigned China Great Wall AMC (International)
Holdings Company Limited's (GWAMCI, BBB-/Stable) senior unsecured
US dollar notes a final rating of 'BBB-' and unsubordinated
perpetual securities a final rating of 'BB+.

The securities include:

- USD200 million of senior unsecured 6.375% fixed-rate guaranteed
notes due on January 2, 2028

- USD300 million of unsubordinated perpetual securities with
distribution rate of 7.15% and first reset date on July 2, 2027

The senior notes and unsubordinated perpetual securities are issued
by China Great Wall International Holdings VI Limited, a wholly
owned subsidiary of GWAMCI, and are unconditionally and irrevocably
guaranteed by GWAMCI, a wholly owned subsidiary of China Great Wall
Asset Management Co., Ltd. (China Great Wall, BBB-/Stable).

Both securities are listed on the Stock Exchange of Hong Kong
Limited (HKSE) and the proceeds will be used for the repayment of
the medium and long-term foreign debt due in July 2024. The final
ratings on the US dollar notes and unsubordinated perpetual
securities are in line with the expected ratings assigned on 24
June 2024 and follow the receipt of documents conforming to
information previously received.

KEY RATING DRIVERS

The senior notes are rated at the same level as GWAMCI's Issuer
Default Rating (IDR) as they are guaranteed by GWAMCI and represent
its unsubordinated, unconditional, unsecured obligations and rank
at all times pari passu with all of its other present and future
obligations.

The unsubordinated perpetual securities are notched down once from
GWAMCI's rating. This bond is guaranteed by GWAMCI and ranks pari
passu with GWAMCI's other senior obligations, but the one-notch
difference reflects its higher non-performance risk due to the
cumulative coupon deferral feature. The distribution rate will be
reset to a rate equal to the sum of the US Treasury Benchmark Rate,
the initial spread of 2.68% and a margin of 5% on the first reset
date.

Fitch equalises the ratings on GWAMCI with those of China Great
Wall. The equalisation reflects its view that GWAMCI's business is
an extension of China Great Wall's distressed-asset management
business in the offshore market and it serves as the parent's
wholly owned and sole strategic overseas platform in Hong Kong to
access offshore capital markets and diversify funding channels.

RATING SENSITIVITIES

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

The ratings assigned to the debt are sensitive to changes in the
ratings of GWAMCI. A downgrade in GWAMCI's ratings would lead to
similar rating action on the debt.

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

An upgrade in GWAMCI's rating would lead to positive rating action
for the debt.

Date of Relevant Committee

20 June 2024

PUBLIC RATINGS WITH CREDIT LINKAGE TO OTHER RATINGS

The ratings on the notes are linked to GWAMCI's ratings, which are
linked to China Great Wall's ratings, underpinned by support from
the Chinese Sovereign (A+/Negative).

   Entity/Debt             Rating           Prior
   -----------             ------           -----
China Great Wall
International
Holdings VI Limited

   senior unsecured    LT BBB- New Rating   BBB-(EXP)

   senior unsecured    LT BB+  New Rating   BB+(EXP)


GUANGZHOU R&F: Faces Liquidation Petition in Hong Kong
------------------------------------------------------
Reuters reports that Guangzhou R&F Properties said on July 9 its
unit Trillion Glory had received a winding-up petition from a
Singapore-based private equity fund due to non-repayment of a
loan.

According to Reuters, the petition was filed on July 8 at a Hong
Kong Court by Seatown Private Credit Master Fund, which holds an
18% interest in the total outstanding loan amounting to $613.66
million.

Reuters relates that cash-strapped R&F is the latest Chinese
property developer facing a liquidation suit filed by creditors.
Last month, state-backed Sino-Ocean Group said it was facing a
winding up petition from The Bank of New York Mellon and China
Evergrande Group was ordered to liquidate earlier this year.

According to Reuters, R&F said in a filing that the petition would
not have any meaningful impact on its business.

It said the loan was pledged over a unit indirectly holding 68
hotels and one office building in China, and a secured creditor
could enforce the collateral instead of petitioning for winding-up,
which it said would be destructive in company value and diminish
recoveries for creditors.

R&F is one of the obligors of the loan and its other subsidiary,
R&F Properties (HK) Company Limited, is one of the guarantors.

The petition is scheduled to be heard before the High Court on
Sept. 25, Reuters discloses.

Earlier this year, R&F launched its second bonds exchange for its
$5.7 billion dollar notes in a deal that helped the company dodge a
loan default and cut debt size.

It last month also extended the repayments of its onshore bonds,
Reuters notes.

                         About Guangzhou R&F

Guangzhou R&F Properties Co., Ltd. operates real estate businesses.
The Company provides housing renovation, housing loans, real estate
brokerage, property management, and other services. Guangzhou R&F
Properties also operates hotel management.

As recently reported in the Troubled Company Reporter-Asia Pacific,
Fitch Ratings has affirmed the Long-Term Foreign-Currency Issuer
Default Ratings (IDR) on Guangzhou R&F Properties Co. Ltd. and its
subsidiary, R&F Properties (HK) Company Limited (RFHK), at 'RD'
(Restricted Default). It has also affirmed RFHK's senior unsecured
rating and the rating on the RFHK-guaranteed notes issued by Easy
Tactic Limited at 'C', with the Recovery Ratings of 'RR5'.

At the same time, Fitch has chosen to withdraw the ratings on
Guangzhou R&F and RFHK for commercial reasons.


RETO ECO-SOLUTIONS: Schedules Annual Meeting for August 5
---------------------------------------------------------
ReTo Eco-Solutions, Inc. has notified its shareholders that an
Annual General Meeting of Shareholders is scheduled to be held on
Aug. 5, 2024, at 9:30 a.m., Beijing Time (Aug. 4, 2024, at 9:30
p.m., Eastern Time).  The Annual Meeting will take place at the
Company's principal executive offices at X-702, 60 Anli Road,
Chaoyang District, Beijing, People's Republic of China 100101.

The matters to be acted upon at the Annual Meeting are described
below:

   1. The election of Tonglong Liu and Baoqing Sun as Class B
directors, each to serve a term expiring at the annual meeting of
shareholders in 2027 or until their successors are duly elected and
qualified;

  2. The ratification of the appointment of YCM CPA, Inc. as the
Company's independent registered public accounting firm for the
fiscal year ending Dec. 31, 2024;

  3. The approval of the amended and restated Memorandum and
Articles of Association, to, among other things, implement the
following changes:

     a. redesignate the existing common shares, par value US$0.10
        each, as Class A shares, par value US$0.10 each, with the
        same rights as the existing common shares; and

     b. create an additional 2,000,000 shares each to be
        designated as Class B shares, par value US$0.01 each, with

        each share to entitle the holder thereof to 1,000 votes
        but with transfer restrictions, pre-emption rights and no
        right to any dividend or distribution of the surplus
        assets on liquidation;

   4. The issuance of 1,000,000 Class B Shares to REIT
International Development (Group) Co., Limited at par value;

   5. To instruct the chairman of the Annual Meeting to adjourn the
Annual Meeting to a later date or dates, if necessary, to permit
further solicitation and vote of proxies if, based upon the
tabulated vote at the time of the Annual Meeting, there
are not sufficient votes to approve any other proposals; and

   6. The transaction of any other business properly coming before
the Annual Meeting.

Holders of record of the Company's common shares at the close of
business on June 20, 2024 will be entitled to notice of, and to
vote at, the Annual Meeting and any adjournment or postponement
thereof. Each common share entitles the holder thereof to one
vote.

                       About Reto Eco-Solutions

Reto Eco-Solutions, Inc., through its operating subsidiaries in
China, is engaged in the manufacture and distribution of
eco-friendly construction materials (aggregates, bricks, pavers and
tiles), made from mining waste (iron tailings), as well as
equipment used for the production of these eco-friendly
construction materials. In addition, the Company provides
consultation, design, project implementation and construction of
urban ecological protection projects through its operating
subsidiaries in China. The Company also provides parts, engineering
support, consulting, technical advice and service, and other
project-related solutions for its manufacturing equipment and
environmental protection projects.

Irvine, California-based YCM CPA, Inc., the Company's auditor since
2021, issued a "going concern" qualification in its report dated
May 15, 2024, citing that the Company records an accumulated
deficit as of Dec. 31, 2023, and the Company currently has net
working capital deficit, continued net losses and negative cash
flows from operations. These conditions raise substantial doubt
about the Company's ability to continue as a going concern.

ZW DATA: ARK Pro CPA & Co Raises Going Concern Doubt
----------------------------------------------------
ZW Data Action Technologies Inc. disclosed in a Form 10-K Report
filed with the U.S. Securities and Exchange Commission for the
fiscal year ended December 31, 2023, that its auditor expressed
substantial doubt about the Company's ability to continue as a
going concern.

Hong Kong, China-based ARK Pro CPA & Co, the Company's auditor
since 2023, issued a "going concern" qualification in its report
dated June 28, 2024, citing that the Company has accumulated
deficit from recurring net losses and significant net operating
cash outflow for the year ended December 31, 2023. All these
factors raise substantial doubt about its ability to continue as a
going concern.

For the years ended December 31, 2023 and 2022, the Company
incurred a loss from operations of US$6.01 million and US$11.12
million, respectively. Net operating cash outflow for the years
ended December 31, 2023 and 2022 was US$2.01 million and US$3.19
million, respectively. As of December 31, 2023, the Company had
cash and cash equivalents of US$0.82 million and working capital of
US$4.11 million.

The Company experienced increased revenues, incurred a gross loss,
and did not generate a positive net cash flow from its existing
core business, i.e., Internet advertising and related data service
business for the year ended December 31, 2023. The increase in
revenue was primarily attributable to the recovery of the general
economy from the lifting of COVID-19 related restrictions. This in
turn improved the advertising investment budgets and advertising
service demands of our SME clients when compared to 2022.

However, its business and results of operations are still
materially and adversely effected by the challenging macroeconomic
environment in the PRC which adversely affected the SMEs owners'
confidence to further expand their businesses, and thus adversely
affected the SMEs owners' demands on the Company's online
advertising and marketing services and our ability to negotiate
favorable operating margins. As a result, the Company has been
relying on proceeds generated from prior financing activities for
its liquidity in fiscal 2023. In 2024, the Chinese Government
implemented various stimulus programs to boost the Chinese economy
through improving industrial output, increasing consumer spending
and supporting the property sector. Although there remain
uncertainties as to the future macroeconomic environment in the
PRC, the Company anticipates a slow recovery of performance and
improvement of cash flow status of its core business beginning in
the second half of 2024.

In order to improve operation performance, the Company continues to
introduce its new SaaS services to customers. The Company's SaaS
services are provided based on technologies of its self-developed
Blockchain Integrated Framework platform. The subscriptions of the
Company's BIF platform would enable its clients to utilize the BIF
platform as an enterprise management software to record, share and
storage operating data on-chain, and/or to generate unique designed
Non-fungible Token for their IPs and certificates. Although the
economic downturn in the PRC adversely affected the Company's
promotion of the new SaaS services, and revenues from the new SaaS
services business and its profitability have not met the Company's
expectations, it is still expected to bring the Company positive
cash flow and help to improve liquidity, as these services are
provided based on technologies of the Company's self-developed
software platform, which does not need any further material cash
outflow to other third-party service providers.

In addition, to further improve its liquidity, the Company plans to
negotiate with its major suppliers for more favorable payment
terms, collect short-term loan principals provided to unrelated
parties and the related interest income, when they become due,
reduce its operating costs through optimizing the personnel
structure among different offices, and reduce its office leasing
spaces, if needed. The Company also intends to obtain revolving
credit facilities to supplement its short-term working capital, as
needed, from the commercial banks in the PRC. The Company has not
experienced any difficulties in obtaining such credit facility
before.

The Company believes that its current cash and cash equivalents,
its anticipated new cash flows from operations and from investing
and financing activities, and other liquidity improving measures
will ensure the Company has sufficient cash to meet its obligations
as they become due with the next 12 months.

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

  
https://www.sec.gov/ix?doc=/Archives/edgar/data/1376321/000117184324003699/cnet20231231_10k.htm

                 About ZW Data Action Technologies

Beijing, China-based ZW Data Action Technologies Inc., established
in 2003, is an ecological enterprise, which provides digital
services to sales and marketing channels through blockchain, big
data, and precision marketing. ZW Data Action is committed to
empowering SMEs to achieve more efficient and accurate operations
and management, resulting in additional value for clients.

As of December 31, 2023, the Company has US$11.2 million in total
assets, $5 million in total liabilities, and $6.3 million in total
equity.




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CHEUNG KEI: Hong Kong Office Tower Put Up For New Round of Bidding
------------------------------------------------------------------
South China Morning Post reports that Hong Kong commercial property
One HarbourGate East Tower in Hung Hom, among a series of assets
seized last year from Chinese tycoon Chen Hongtian, has been put on
sale for a second time amid weak office market sentiment.

The receivers have put the tower back on the market for a new round
of bidding, according to a statement released on July 4 by
international real estate firm Savills, which said it has been
appointed as the sole agent for the sale, the Post relays.

The prime harbourfront property was valued at around HK$7 billion
(US$896 million) in 2022, according to a Savills statement when it
was first put on the market in May 2023.

According to the Post, Chen's company, Cheung Kei Group, blamed a
"short-term cash-flow disruption" for losing control of three
properties, which also included a 9,200 sq ft house on The Peak
that he bought for HK$2.1 billion in 2016.

The One HarbourGate building, bought for HK$4.5 billion in 2016,
has about 279,000 sq ft of commercial space. Completed in 2016 by
Wheelock Properties, it comprises an office tower and a two-storey
retail space along the waterfront, with 155 car-parking spaces. It
serves as the headquarters for Sun Life Hong Kong.

The unit price will be between HK$10,500 and HK$12,000 per square
foot, according to Vincent Cheung, managing director of Vincorn
Consulting and Appraisal.

The deadline for offers is noon on August 20, the Post notes.

"As we venture into the latter half of 2024, the commercial
property market has undergone a period of adjustment, moving away
from its previous peaks and marked by several substantial
transactions," the report quotes Raymond Wan, chief senior director
of investment at Savills, as saying.

"This shift in market dynamics has cultivated an environment where
buyers are primarily focused on acquiring high-quality assets,
viewing the current climate as an opportune moment to secure these
highly coveted properties."

More office buildings are expected to come up for sale as financial
institutions are more cautious about financing commercial assets,
Cheung said.

"In case the owner cannot get the recurring loans from the
financial institutions, the assets would be foreclosed by the
receiver for sale," he said.

High vacancy rates and high pressure on commercial rentals are also
putting cash flow pressure on commercial asset owners, he added,
the Post relays.

"In the real estate landscape of 2024, distressed properties have
taken centre stage, with numerous transactions being executed at
remarkably enticing prices," BT quotes Godfrey Cheng, deputy senior
director of investment at the CEO office of Savills, as saying.

Cheung Kei Group Co. Ltd. operates as a real estate developer. The
Company mainly offers real estate development, property management,
and other services.




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

AASTHA SPINTEX: CRISIL Withdraws B Rating on INR45cr Term Loan
--------------------------------------------------------------
CRISIL Ratings has withdrawn its ratings on the bank facilities of
Aastha Spintex Private Limited (ASPL) on the request of the company
and receipt of a no objection certificate from its bank. The rating
action is in line with CRISIL Ratings' policy on withdrawal of its
ratings on bank loans.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit           13          CRISIL B/Stable/Issuer Not
                                     Cooperating (Withdrawn)

   Inland Guarantees      3.5        CRISIL A4/Issuer Not
                                     Cooperating (Withdrawn)

   Proposed Long Term    18.5        CRISIL B/Stable/Issuer Not
   Bank Loan Facility                Cooperating (Withdrawn)

   Term Loan             45          CRISIL B/Stable/Issuer Not
                                     Cooperating (Withdrawn)

CRISIL Ratings has been consistently following up with ASPL for
obtaining information through letters and emails dated February 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 ASPL. This restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on ASPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the rating on bank facilities of
ASPL continues to be 'CRISIL B/Stable/CRISIL A4 Issuer Not
Cooperating'.

ASPL was set up in 2014, by members of the Patel and Sitapara
families, based in Morbi (Gujarat). The company manufactures cotton
yarn used for knitting and weaving, with bulk production of combed
yarn of count 30. The manufacturing facility is at Halvad, Morbi.

Status of non cooperation with previous CRA:

ASPL has not cooperated with India Ratings And Research Private
Limited (IND), Acuite Ratings and Research Limited (ARRL) and
INFOMERICS Valuation and Rating Private Limited (IVRPL) which has
classified it as non-cooperative vide release dated
08-Decembner-2023, 24-September-2020, and 14-January-2022. The
reason provided by IND, ARRL and IVRPL is non-furnishing of
information for monitoring of ratings.


AGD BIO: Ind-Ra Gives BB+ Rating, Outlook Stable
------------------------------------------------
India Ratings and Research (Ind-Ra) has rated AGD Bio Medicals Pvt
Ltd.'s (AGDPL) bank facilities at 'IND BB+'.

The detailed rating actions are:

-- INR140 mil. Fund-based working capital limit assigned with IND

     BB+/Stable/IND A4+ rating;

-- INR13.5 mil. Proposed fund-/non-fund-based working capital
     limit assigned with IND BB+/Stable/IND A4+ rating; and

-- INR46.5 mil. Non-fund-based working capital limit* assigned
     with IND A4+ rating.

*Non-fund-based working capital limits interchangeable with cash
credit up to INR26.5 million

Analytical Approach

Ind-Ra has taken a standalone view of AGDPL to arrive at the
ratings.

Detailed Rationale of the Rating Action

The ratings are constrained by AGDPL's small scale of operations,
average EBITDA margins and stretched liquidity in FY24. However,
Ind-Ra expects the scale to grow over the medium term on the back
of the launch of new instruments and their reagents. The ratings
benefit from the company's comfortable credit metrics and its long
operational track record.

Detailed Description of Key Rating Drivers

Small Scale of Operations: AGDPL's scale of operations remained
small even as its revenue increased to INR634.2 million in FY24,
according to provisional financials, from INR577.62 million in FY23
(FY22: INR603.54 million), due to an increase in the sale of
indigenous diagnostic equipment and the launch of new reagents in
the market. The sale of imported instruments contributed 23.29% to
the total revenue in FY23 (FY22: 30.76%). Diagnostic instruments
accounted for 47.07% of the total revenue in FY23 (FY22: 53.92%),
followed by reagents sale at 46.29% (39.91%). Ind-Ra expects the
revenue and scale to grow further over the medium term on the back
of launch of new instruments and its reagents.

Average EBITDA Margins: AGDPL's EBITDA margin was 8.18% in FY23
(FY22: 13.18%) with a return on capital employed of 15% (34.6%).
However, according to the management, the margin dropped to 7.81%
in FY24 due to an increase in the administration and personnel
expenses. Nonetheless, Ind-Ra expects the margin to improve over
medium term due to expanding operations and an increased number of
export orders.

Stretched Liquidity:  AGDPL does not have any capital market
exposure and relies on banks and financial institutions to meet its
funding requirements. The cash flow from operations declined to
INR15.13 million in FY23 (FY22: INR25.42 million), mainly due to an
elongation of its working capital cycle to 224 days (138 days), on
the back of a longer inventory holding period of 210 days (133
days) and higher debtor days of 53 (38). The company generally
maintains a high level of inventory, especially in the
semi-conductor and other components segment, to avoid being
impacted by the discontinuance of such components. The free cash
flow turned negative at INR0.77 million in FY23 (FY22: INR7.83
million).

Comfortable Credit Metrics: AGDPL's credit metrics remained
comfortable even as its gross interest coverage (operating EBITDA/
gross interest expenses) dropped to 7.17x in FY23 (FY22: 21.04x)
and its net leverage (net debt/operating EBITDA) increased to 1.24x
(0.16x). The deterioration in the credit metrics was driven by an
increase in the debt levels to INR65.55 million in FY23 (FY22:
INR17.99 million), along with a decline in the EBITDA to INR47.26
million (INR79.53 million). A majority of the debt pertains to
short-term working capital facilities amid high inventory
requirements. Ind-Ra expects the credit metrics to improve over the
medium term on the back of increasing revenue and profitability.

Long Operational Track Record; Experienced Promoters: The promoters
have about three decades of experience in manufacturing, marketing
and designing of diagnostic equipment and their reagents, which has
helped the company establish strong relationships with customers as
well as suppliers.

Liquidity

Stretched: AGDPL's average maximum utilization of the fund-based
limits was 64.29% and that of the non-fund-based limits was 36.55%
during the 12 months ended April 2024. The cash and cash
equivalents stood at INR6.87 million at FYE23 (FYE22: INR5.50
million), against scheduled debt repayments of INR0.47 million in
FY25. The company does not have any debt repayment in FY26. AGDPL
does not have any capital market exposure and relies on banks and
financial institutions to meet its funding requirements.

Rating Sensitivities

Negative: A decline in the scale of operations, leading to
deterioration in the overall credit metrics and/or pressure on the
liquidity position could lead to a negative rating action.

Positive: A significant increase in the scale of operations, while
maintaining the overall credit metrics with the interest coverage
staying above 3.5x and the liquidity profile improving, all on a
sustained basis, could lead to a positive rating action.

About the Company

Incorporated in December,1996, AGDPL manufactures diagnostic
equipment and reagents at its three manufacturing facilities (two
in Maharashtra and one in Baddi, Himachal Pradesh). The company is
promoted by Ashish Anant Pradhan and the head office is in Mumbai,
Maharashtra.


AISHWARYA HEALTHCARE: Ind-Ra Moves BB+ Rating to NonCooperating
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Aishwarya
Healthcare's (AHC) bank facilities ratings to the non-cooperating
category. The issuer did not participate in the rating exercise
despite continuous requests and follow-ups by the agency through
emails and phone calls. Thus, the ratings are based on the best
available information. Therefore, investors and other users are
advised to take appropriate caution while using these ratings.

The detailed rating actions are:

-- INR310 mil. Cash credit migrated to non-cooperating category
     with IND BB+/Stable(ISSUER NOT COOPERATING)/IND A4+ (ISSUER
     NOT COOPERATING) rating; and

-- INR40 mil. Term loan due on March 2029 migrated to non-
     cooperating category with IND BB+/Stable (ISSUER NOT
     COOPERATING)

Note: ISSUER NOT COOPERATING: Issuer did not co-operate; based on
best available information

Detailed Rationale of the Rating Action

The ratings have been migrated to the non-cooperating category in
accordance with Ind-Ra's policy of Guidelines on What Constitutes
Non-Cooperation.

Non-Cooperation by the Issuer

Ind-Ra has not received adequate information and has not been able
to conduct management interaction with AHC while reviewing the
ratings. Ind-Ra had consistently followed up with AHC over emails
starting from April 23, 2024, apart from phone calls. However, AHC
has been submitting its monthly no default statement.

Limitations regarding Information Availability

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

About the Company

AHC, which was started in 2006 as a partnership firm, is involved
in the manufacturing of liquid medicines at its facilities in
Baddi, Himachal Pradesh and in Sikkim.

AISHWARYA LIFESCIENCES: Ind-Ra Moves BB+ Rating to NonCooperating
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Aishwarya
Lifesciences' bank facilities' (ALS) ratings to the non-cooperating
category. The issuer did not participate in the rating exercise
despite continuous requests and follow-ups by the agency through
emails and phone calls. Therefore, investors and other users are
advised to take appropriate caution while using these ratings. The
ratings will now appear as 'IND BB+/Stable (ISSUER NOT
COOPERATING)'/'IND A4+ (ISSUER NOT COOPERATING)' on the agency's
website.

The detailed rating actions are:

-- INR300 mil. Cash credit migrated to non-cooperating category
     with IND BB+/Stable (ISSUER NOT COOPERATING)/IND A4+ (ISSUER
     NOT COOPERATING) rating; and

-- INR50 mil. Term loan due on March 2027 migrated to non-
     cooperating category with IND BB+/Stable (ISSUER NOT
     COOPERATING) rating.

Note: ISSUER NOT COOPERATING: Issuer did not co-operate; based on
best available information

Detailed Rationale of the Rating Action

The ratings have been migrated to the non-cooperating category in
accordance with Ind-Ra's policy of 'Guidelines on what Constitutes
Non-Cooperation'.

Non-Cooperation by the Issuer

Ind-Ra has not received adequate information and has not been able
to conduct management interaction with ALS while reviewing the
ratings. Ind-Ra had consistently followed up with ALS over emails
starting from April 23, 2024, apart from phone calls. However, the
issuer has been submitting their monthly no default statement.

Limitations regarding Information Availability

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

About the Company

ALS is a partnership firm and was established in 2009. Its
pharmaceutical manufacturing facility is situated in Baddi,
Himachal Pradesh, and it is equipped with four Rommelag machines.

ARABIAN PETROLEUM: Ind-Ra Moves BB+ Rating to NonCooperating
------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Arabian Petroleum
Limited's bank facilities' (APL) ratings to the non-cooperating
category. The issuer did not participate in the rating exercise
despite continuous requests and follow-ups by the agency through
emails and phone calls. Therefore, investors and other users are
advised to take appropriate caution while using these ratings. The
ratings will now appear as 'IND BB+/Stable (ISSUER NOT
COOPERATING)/IND A4+ (ISSUER NOT COOPERATING)' on the agency's
website.

The detailed rating actions are:

-- INR170 mil. Fund-based limits migrated to non-cooperating
     category with IND BB+/Stable (ISSUER NOT COOPERATING)/IND A4+

     (ISSUER NOT COOPERATING) rating; and

-- INR39.30 mil. Term loan due on March 2029 migrated to non-
     cooperating category with IND BB+/Stable (ISSUER NOT
     COOPERATING) rating.

Note: ISSUER NOT COOPERATING: Issuer did not co-operate; based on
best available information

Detailed Rationale of the Rating Action

The ratings have been migrated to the non-cooperating category in
accordance with Ind-Ra's policy of 'Guidelines on what Constitutes
Non-Cooperation'.

Non-Cooperation by the Issuer

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

Limitations regarding Information Availability

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

About the Company

Incorporated in 2006, Maharashtra-based APL manufactures industrial
and automotive lubricants.


AVISH AVIATION: CRISIL Withdraws B Rating on INR2cr Cash Loan
-------------------------------------------------------------
CRISIL Ratings has withdrawn its ratings on the bank facilities of
Avish Aviation Equipment Private Limited (AAEPL) on the request of
the company and receipt of a no objection certificate from its
bank. The rating action is in line with CRISIL Ratings' policy on
withdrawal of its ratings on bank loans.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Bank Guarantee         4          CRISIL A4/Issuer Not
                                     Cooperating (Withdrawn)

   Cash Credit            2          CRISIL B/Stable/Issuer Not
                                     Cooperating (Withdrawn)

   Proposed Cash
   Credit Limit           1          CRISIL B/Stable/Issuer Not
                                     Cooperating (Withdrawn)

CRISIL Ratings has been consistently following up with AAEPL for
obtaining information through letters and emails dated March 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 AAEPL. This restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on AAEPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
AAEPL continues to be 'CRISIL B/Stable/CRISIL A4 Issuer Not
Cooperating'.

Incorporated in 1993, AAEPL manufactures GPUs for aircraft. It also
supplies spares and undertakes annual maintenance contracts for
GPUs. The company is promoted by Mr Avinash Sood and his son Mr
Aditya Sood, and its manufacturing facility is in Pune,
Maharashtra.


BHADRA INTERNATIONAL: ICRA Keeps D Ratings in Not Cooperating
-------------------------------------------------------------
ICRA has retained the ratings for the bank facilities of Bhadra
International (India) Private Limited (BIIPL) in the 'Issuer Not
Cooperating' category. The ratings are denoted as "[ICRA]D/[ICRA]D;
ISSUER NOT COOPERATING".

                    Amount
   Facilities    (INR crore)    Ratings
   ----------    -----------    -------
   Term loans       168.67      [ICRA]D; ISSUER NOT COOPERATING;
                                Rating continues to remain under
                                'ISSUER NOT COOPERATING' category

   Working capital   26.55      [ICRA]D; ISSUER NOT COOPERATING;
   facilities                   Rating continues to remain under
                                'ISSUER NOT COOPERATING' category

   Short-term-      38.00      [ICRA]D; ISSUER NOT COOPERATING;
   Non-fund based              Rating continues to remain under
                                'ISSUER NOT COOPERATING' category

As a part of its process and in accordance with its rating
agreement with BIIPL, ICRA has been trying to seek information from
the entity to monitor its performance. Further, ICRA has been
sending repeated reminders to the entity for payment of
surveillance fee that became due. Despite multiple requests by
ICRA, the entity's management has remained non-cooperative.

In the absence of requisite information and in line with "Policy in
respect of non-cooperation by a rated entity" available at
www.icra.in, the ratings continue to remain under "Issuer Not
Cooperating" category. The rating is based on the best available
information.

BIIPL is promoted by Mr. Prem Bajaj, who holds 62.5% of the
company's total equity, while the balance is held by GPC Mauritius
IX LLC. Incorporated in 2000, it is involved in providing ground
handling services, ramp services and allied services at airports
across India. The company had entered into a technical
collaboration with Novia International Consulting ApS (Denmark) in
2007 and was awarded concession from the Airport Authority of India
to provide comprehensive ground handling services at seven airports
including Chennai, Trichy, Coimbatore, Kolkata, Calicut, Trivandrum
and Mangalore.


BHAVYA FABRICS: CRISIL Reaffirms B+ Rating on INR18.5cr Cash Loan
-----------------------------------------------------------------
CRISIL Ratings has reaffirmed its 'CRISIL B+/Stable/CRISIL A4'
ratings on the bank loan facilities of Shree Bhavya Fabrics Ltd
(SBFL). Also, CRISIL Ratings has withdrawn its rating on the INR9.9
crore Proposed Long Term Bank Loan Facility on the request of the
company. This rating action is in line with the withdrawal policy
of CRISIL Ratings.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Cash Credit           15.5       CRISIL B+/Stable (Reaffirmed)

   Cash Credit           18.5       CRISIL B+/Stable (Reaffirmed)

   Inland/Import
   Letter of Credit       6.5       CRISIL A4 (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility     9.9       Withdrawn

   Working Capital
   Term Loan              0.6       CRISIL B+/Stable (Reaffirmed)

Operating income declined to INR170 crore in fiscal 2024 from
INR196 crore in fiscal 2023 due to deferment of orders in the
fourth quarter of fiscal 2024 following the government guidelines
of paying MSME (micro, small and medium enterprises) companies
within 45 days. Revenue is expected to improve on the back of
volumetric growth as cotton prices have stabilized. Operating
margin was 6.2% in fiscal 2024 and remains susceptible to
volatility in cotton prices. The margin is expected to be around 6%
in the near term due to softening of input prices and decline in
fuel cost.

The company has been meeting its debt obligation on time. Net cash
accrual is expected to improve to more than INR3.8 crore from
fiscal 2025, backed by growing business and better margin, thereby
resulting in higher cushion between cash accrual and debt
repayment.

The ratings continue to reflect the extensive experience of the
promoters in the textiles industry, established relationships with
suppliers and customers, and moderate scale of operations. These
strengths are partially offset by the below-average financial risk
profile and large working capital requirement.

Analytical Approach

Unsecured loans of INR4.6 crore (expected as on March 31, 2024)
have been treated as neither debt nor equity as these are expected
to remain in the business over the medium term.

Key Rating Drivers & Detailed Description

Weaknesses:

* Working capital-intensive operations: Gross current assets (GCA)
were estimated at 290-300 days as on March 31, 2024, due to large
inventory and stretched receivables of 160-170 days and 190-200
days, respectively. The GCAs are expected to remain high at 260-280
days over the medium term due to continued high receivables and
inventory levels of 180-190 days and 130-145 days, respectively.
The working capital requirement is met through the bank limit and
payables, which are expected at 70-85 days. Prudent working capital
management over the medium term will be closely monitored.

* Below-average financial risk profile: Gearing was estimated to be
moderate at 1.86 times as on March 31, 2024, but is expected to
improve marginally to 1.5-1.6 times over the medium term with no
plans to contract additional debt. High reliance on payables led to
weak total outside liabilities to tangible networth (TOLTNW) ratio
of 3.5-3.6 times as on March 31, 2024. Debt protection metrics were
also muted, with estimated interest coverage and net cash accrual
to total debt ratios of 1.4-1.6 times and around 0.05 times,
respectively, for fiscal 2024. The ratios are expected to improve
to 1.7-1.8 times and around 0.08 times, respectively, over the
medium term.

Networth was comfortable at around INR28.4 crore as on March 31,
2024, and is expected to improve further to INR31-32 crore over the
medium term, backed healthy accretion to reserves and no plans for
dividend payout.

Strengths:

* Extensive experience of the promoters: Presence of over three
decades in the textiles industry has enabled the promoters to gain
a sound understanding of market dynamics and establish healthy
relationships with suppliers and customers. These factors have
helped to sustain operating margin even during uncertainty and
industry slowdown.

* Moderate scale of operations: Revenue was INR170 crore in fiscal
2024. With expected stabilisation of cotton prices over the medium
term, demand is likely to improve, resulting in an increase in
volume sales.

Liquidity: Stretched

Bank limit utilisation averaged 91% over the 12 months through May
2024. Net cash accrual of INR2.87 crore was insufficient to meet
debt obligation of INR3.4 crore in fiscal 2024; the funding gap was
bridged through unsecured loans from the promoters. Accrual is
expected to be INR3.8-5 crore per annum against yearly debt
obligation of INR2-3 crore, over the medium term. The current ratio
was estimated to be around 1.43 times as on March 31, 2024.

Outlook: Stable

The company will continue to benefit from its established market
position in the textiles industry and strong relationships with
customers and suppliers.

Rating Sensitivity factors

Upward factors:

* Growth in revenue backed by steady rise in volumes, and
sustenance of operating margin above 5.5%, resulting in net cash
accrual over INR3.25 crore.
* Better working capital management and larger networth resulting
in improved TOLTNW ratio and debt protection metrics.

Downward factors:

* Sharp decline in operating margin below 4% or net cash accrual
under INR2.5 crore
* Further stretch in working capital cycle, or large, debt-funded
capital expenditure resulting in deterioration in TOLTNW ratio.

SBFL was set up as Anjani Dram Industries Ltd in 1988 by Mr
Purushottam R Agarwal, Mr Anjani R Agarwal and Mr Radheshyam
Agrawal. The company processes grey cloth and undertakes jobwork
contracts for fabrics received from third parties. It has an
established network for procurement of grey cloth and a strong
marketing set-up across India. The company is listed on the Bombay
Stock Exchange. Operations are managed by Mr Purushottam Agarwal,
who is the Chairman and Managing Director.


CAPTAIN POLYPLAST: Ind-Ra Moves BB+ Loan Rating to NonCooperating
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Captain Polyplast
Limited's (CPL) bank facilities' ratings to the non-cooperating
category and has simultaneously withdrawn the same as follows:

-- INR721 mil. Fund-based working capital limit* migrated to non-
     cooperating category and withdrawn;

-- INR196.42 mil. Term loan** due on March 31, 2028 migrated to
     non-cooperating category and withdrawn; and

-- INR265 mil. Non-fund-based working capital limit*** migrated
     to non-cooperating category and withdrawn.

Note: ISSUER NOT COOPERATING: Issuer did not co-operate; based on
best available information
WD - Rating Withdrawn

*Migrated to 'IND BB+/Negative (ISSUER NOT COOPERATING)'/'IND A4+
(ISSUER NOT COOPERATING)' before being withdrawn

**Migrated to 'IND BB+/Negative (ISSUER NOT COOPERATING)' before
being withdrawn

*** Migrated to 'IND A4+ (ISSUER NOT COOPERATING)' before being
withdrawn

Detailed Rationale of the Rating Action

The ratings have been migrated to the non-cooperating category
before being withdrawn because the issuer has not provided
information about sanctioned bank facilities and utilization,
business plans and projections for the next three years, and
management certificate. This is in accordance with Ind-Ra's policy
of 'Guidelines on what Constitutes Non-Cooperation'.

Ind-Ra is no longer required to maintain the ratings, as the agency
has received no-objection certificate from lender and a request for
withdrawal of ratings from the company. This is consistent with
Ind-Ra's Policy on Withdrawal of Ratings.

Non-Cooperation by the Issuer

Ind-Ra has not received adequate information and has not been able
to conduct management interaction with CPL while reviewing the
ratings. Ind-Ra had consistently followed up with CPL over emails
starting from April 19, 2024, apart from phone calls. The issuer
has not submitted the monthly no default statement since last three
months.

Limitations regarding Information Availability

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

About the Company

BSE-listed CPL manufactures and trades high-density polyethylene
pipes and irrigation systems. It has manufacturing facilities in
Rajkot and Kurnool.


CELEBRITY BIOPHARMA: Ind-Ra Moves BB+ Rating to NonCooperating
--------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Celebrity
Biopharma Ltd.'s (CBL) bank facilities' rating to the
non-cooperating category. The issuer did not participate in the
rating exercise despite continuous requests and follow-ups by the
agency through emails and phone calls. Therefore, investors and
other users are advised to take appropriate caution while using
these ratings. The ratings will now appear as 'IND
BB+/Stable(ISSUER NOT COOPERATING)'/'IND A4+ (ISSUER NOT
COOPERATING)' on the agency's website.

The detailed rating action is:

-- INR250 mil. Cash credit migrated to non-cooperating category
     with IND BB+/Stable (ISSUER NOT COOPERATING)/IND A4+ (ISSUER
     NOT COOPERATING) rating.

Note: ISSUER NOT COOPERATING: Issuer did not co-operate; based on
best available information

Detailed Rationale of the Rating Action

The ratings have been migrated to the non-cooperating category in
accordance with Ind-Ra's Guidelines on What Constitutes
Non-Cooperation.

Non-Cooperation by the Issuer

Ind-Ra has not received adequate information and has not been able
to conduct management interaction with CBL while reviewing the
rating. Ind-Ra had consistently followed up with CBL over emails
starting from April 23, 2024, apart from phone calls. Although, the
issuer has been submitting their monthly no default statement.

Limitations regarding Information Availability

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

About the Company

CBL was created with the acquisition of Celebrity Biopharma in
2013.  The plant is situated in Baddi, Himachal Pradesh, and
manufactures oral medicines. The company is promoted by Niraj Kumar
Nir.

CONTINENTAL ENGINES: CRISIL Withdraws B/A4 LT/ST Debt Ratings
-------------------------------------------------------------
CRISIL Ratings has withdrawn its ratings on the bank facilities of
Continental Engines Private Limited (CEPL) on the request of the
company and receipt of a no objection certificate from its bank.
The rating action is in line with CRISIL Ratings' policy on
withdrawal of its ratings on bank loans.

                        Amount
   Facilities        (INR Crore)      Ratings
   ----------        -----------      -------
   Long Term Rating      -            CRISIL B/Stable (ISSUER NOT
                                      COOPERATING, Rating
                                      Withdrawn)

   Short Term Rating     -            CRISIL A4 (ISSUER NOT
                                      COOPERATING; Rating
                                      Withdrawn)

CRISIL Ratings has been consistently following up with CEPL,
through emails and letters dated Feb. 8, 2020, September 11, 2023
among others, apart from telephonic communication, for obtaining
information. 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-cooperation by a rated entity may be a result of deterioration
in its credit risk profile. 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. This 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 rating on bank facilities of
CEPL continues to be 'CRISIL B/Stable/CRISIL A4 Issuer Not
Cooperating'.

CEPL, incorporated in 1996, manufactures aluminum die-casted auto
components such as cylinder (single and multi) heads and blocks,
transmission cases, crank cases, intake manifolds, and brake
discs'and three-wheelers under brand, Baxy. Operations are managed
by Mr Shiv Bakshi, son of the promoter ' Mr Amarjit Singh Bakshi.
The manufacturing facilities are in Bhiwadi (Rajasthan) and Rourkee
(Uttarakhand).


CRAZY BAKERY: CRISIL Migrates Rating on INR5.54cr LT Loan to B+
---------------------------------------------------------------
Due to inadequate information and in line with the Securities and
Exchange Board of India guidelines, CRISIL Ratings had migrated its
rating on the long-term bank facilities of Crazy Bakery Udyog
(CBUPL; part of the Crazy Snacks group) to 'CRISIL B/Stable Issuer
Not Cooperating'. However, the company's management has
subsequently started sharing the information necessary for a
comprehensive review of the rating. Consequently, CRISIL Ratings is
migrating the rating to 'CRISIL B+/Stable'.

                      Amount
   Facilities      (INR Crore)    Ratings
   ----------      -----------    -------
   Cash Credit          2         CRISIL B+/Stable (Migrated from
                                  'CRISIL B/Stable ISSUER NOT
                                  COOPERATING')

   Long Term Loan       1.26      CRISIL B+/Stable (Migrated from
                                  'CRISIL B/Stable ISSUER NOT
                                  COOPERATING')

   Long Term Loan       5.54      CRISIL B+/Stable (Migrated from
                                  'CRISIL B/Stable ISSUER NOT
                                  COOPERATING')

   Proposed Fund-       1.20      CRISIL B+/Stable (Migrated from
   Based Bank Limits              'CRISIL B/Stable ISSUER NOT
                                  COOPERATING')

The rating reflects the extensive experience of the promoters in
the packaged foods industry and the moderate financial risk profile
of the Crazy Snacks group. These strengths are partially offset by
its large working capital requirement and modest scale of
operations.

Analytical Approach

For arriving at the rating, CRISIL Ratings has combined the
business and financial risk profiles of CBUPL, Crazy Snacks Pvt Ltd
(CSPL) and Crazyfun Foods Pvt Ltd (CFPL) as their promoters belong
to the same family. The business of CFPL has been transferred to
CBUPL and CFPL is now non-operational. The companies, together
referred to as the Crazy Snacks group, have a common management and
significant operational and business synergies.

Unsecured loan of INR12.55 crore provided by the promoters as on
March 31, 2023, has been treated as 75% equity and 25% debt, as the
loan is interest-free and expected to remain in the business over
the medium term.

Key Rating Drivers & Detailed Description

Weakness:

* Large working capital requirement: Operations were working
capital intensive, resulting in high bank limit utilisation of 98%
on average at the group level in the 12 months through May 2024.
For CBUPL, the bank limit was overdrawn in a few months and
utilisation averaged 99% in the 12 months through May 2024. Gross
current assets are expected at 200-210 days driven by advances to
suppliers and increase in inventory. Management of the working
capital cycle will remain monitorable.

* Modest scale of operations: The revenue of CSPL was range-bound
at INR90-100 crore in the three years through fiscal 2024. However,
revenue rose 35% at the group level in fiscal 2024, with major
improvement in business operations of CBUPL (revenue of INR39 crore
in fiscal 2024, up from INR19 crore in fiscal 2023) and CSPL (Rs 88
crore in fiscal 2024 as against INR70 crore in fiscal 2023). CSPL
has expanded its installed capacity and revenue is expected to rise
to around INR150 crore from fiscal 2025. Growth in revenue will be
monitored over the medium term.

Strengths:

* Extensive experience of the promoters: The promoters' experience
of two decades in the bakery and snacks industry, their strong
understanding of the market dynamics, and healthy relationships
with suppliers and customers should continue to support the
business. However, given the intense competition in the packaged
foods industry, growth in revenue and sustenance of operating
margin will remain monitorable. With the partnership firm, Crazy
Bakery Udyog, reconstituted as a private limited company (CBUPL),
the growth at the group level will be monitorable.

* Moderate financial risk profile: The financial risk profile of
Crazy Snacks Groupwill remain moderate with networth estimated at
INR40-42 crore as on March 31, 2024, and low reliance on external
funds resulting in healthy gearing of below 1 time. The debt
protection metrics have been moderate and interest coverage is
expected at 3-4 times and net cash accrual to total debt (NCATD)
ratio at 0.25-0.30 time from fiscal 2025. However, the working
capital limit was utilised extensively. In the absence of any major
debt-funded capital expenditure (capex), the financial risk profile
is expected to remain comfortable over the medium term.

Liquidity: Poor

Bank limit utilisation was high at 98% on average for the 12 months
ending May 2024 of Crazy Snacks Group. Cash accrual is expected at
INR11-12 crore against term debt obligation of INR4.0-4.5 crore
over the medium term and will cushion liquidity. The current ratio
was moderate at 1.5 times on March 31, 2024. The promoters are
likely to extend support in the form of equity and unsecured loan
to meet working capital requirement and debt obligation.

Outlook: Stable

CRISIL Ratings believes the Crazy Snacks group will continue to
benefit from the promoters' extensive industry experience and
healthy relationships with clients.

Rating Sensitivity Factors

Upward factors

* Revenue growth of around 30% with sustainability of operating
profitability at 13-15%
* Efficient working capital management leading to bank limit
utilisation of 70-80%

Downward factors

* Decrease in revenue or fall in operating margin leading to net
cash accrual below INR5 crore
* Large, debt-funded capex or high reliance on working capital
limits weakening the financial risk profile

The Crazy Snacks group is currently managed by Ms Upma Agarwal and
Mr Navin K Agarwal. The group manufactures food products ranging
from bakery items to snacks.

CSPL was incorporated in 1995 and manufactures bakery products such
as bread, rusk, buns, cookies, layer cakes and cupcakes. The
company has capacity of 70-80 tonne of breads, rusks and buns per
day. Crazy Bakers Pvt Ltd and CFPL were established in 2007 and
2014, respectively

CBUPL was established as a partnership firm in fiscal 2017 and was
reconstituted as a private limited company in 2022. The management
has established an automatic plant for manufacturing snacks, potato
chips, rusk and started operations in November 2020.


CYGNUS SPLENDID: ICRA Keeps D Debt Ratings in Not Cooperating
-------------------------------------------------------------
ICRA has kept the long-term ratings of Cygnus Splendid Limited in
the 'Issuer Not Cooperating' category. The rating is denoted as
[ICRA]D; ISSUER NOT COOPERATING.

                     Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Long-term-         9.50       [ICRA]D; ISSUER NOT COOPERATING;
   Fund based                    Rating Continues to remain under

   Term Loan                     'Issuer Not Cooperating'  
                                 Category

   Long-term-         3.64       [ICRA]D; ISSUER NOT COOPERATING;
   Fund based                    Rating Continues to remain under

   Cash Credit                   'Issuer Not Cooperating'  
                                 Category

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

Cygnus Splendid Limited started its business as a partnership firm
under the name of Cygnus Splendid in 2011. It was later
incorporated as CSL in August 2012 and is a part of the Cygnus
Group. The company is promoted by Singhania family (Krishna Kumar
Singhania, Vijay Kumar Singhania, etc.) and is involved in
manufacturing of nonwoven fabric and trading of fabric. The
manufacturing facility is located at the KIE industrial area, New
Delhi, and has an installed capacity of 7200 metric tonnes per
annum (MTPA). The plant started operations in April 2013.


D&H SECHERON: Ind-Ra Gives BB+ Bank Loan Rating, Outlook Stable
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has rated D & H Secheron
Electrodes Private Limited's (DSEPL) bank facilities as follows:

-- INR200 mil. Fund-based working capital limit assigned with
     IND BB+/Stable/IND A4+ rating;

-- INR100 mil. Non-fund-based working capital limit assigned with

     IND A4+ rating; and

-- INR10 mil. Proposed fund-based/non-fund-based working capital
     limit assigned with IND BB+/Stable/IND A4+ rating.

Analytical Approach

Ind-Ra has taken a standalone view of DSEPL to arrive at the
ratings.

Detailed Rationale of the Rating Action

The ratings reflect DSEPL's modest EBITDA margins due to its
exposure to raw material price fluctuations and intense competition
in the industry. The ratings also consider the medium scale of
operations, and Ind-Ra's expectation of an increase in the revenue
in the near-to medium term on the back of the company's planned
capex in FY25. The ratings derive comfort from the promoters'
four-decade experience in the welding industry and its extensive
network of around 500 dealers across India.

Detailed Description of Key Rating Drivers

Modest EBITDA Margins: DSEPL's EBITDA margin remained modest but
improved to 4.14% in FY24 (FY23: 3.18%) due to a decline in the
cost of goods sold and direct costs, resulting from automation of
the manufacturing processes. The return on capital employed
increased to 9.1% in FY24 (FY23: 5.9%). In FY25, Ind-Ra expects
DSEPL's EBITDA margin to remain at FY24 levels on account of
similar level of operations. Its FY24 numbers are provisional in
nature.

Raw Material Price Volatility; Exposure to Competition in Industry:
The prices of DESPL's major raw material, mild steel/stainless
steel wires and sponge iron, are volatile in nature. Any sharp
movement in the prices could have an adverse impact on the
company's profitability and credit metrics. Furthermore, the
company faces high competition from a large number of organized and
unorganized players in the industry, restricting the company's
ability to pass on any increase in input costs to its customers.

Average Credit Metrics: DSEPL's credit metrics improved in FY24
because of an increase in the EBITDA to INR178.99 million (FY23:
INR119.32 million). The gross interest coverage (operating
EBITDA/gross interest expense) increased to 2.91x in FY24 (FY23:
1.91x) and the net leverage (adjusted net debt/operating EBITDA)
reduced to 2.95x (4.39x). Ind-Ra expects the credit metrics to
deteriorate marginally in FY25 due to the planned capex of INR200
million, which would be funded through a term loan of INR140
million and its internal accruals.

Stretched Liquidity: DSEPL does not have any capital market
exposure and relies on banks and financial institutions to meet its
funding requirements It has debt repayments of INR25.1 million in
FY25 and INR23.02 million in FY26. The average maximum utilization
of fund-based limits was 74.08% and that of the non-fund limits was
86.62% over the 12 months ended March 2024. In FY24, the net
working capital cycle stretched to 37 days (FY23: 28) due to a
decrease in the creditor days to 43 (56).

Medium Scale of Operations; Likely Improvement in Revenue over
Medium Term: DSEPL's revenue grew to INR4,328.41 million in FY24
(FY23: INR3,751.88 million), driven by an increase in the sales
volumes to 26,731 metric tons per annum (MTPA; 22,486MTPA). The
sales volumes increased because of an expansion in DSEPL's customer
base, led by a rise in the number of dealers. In FY24, the company
generated 95.65% of its revenue from the sales of manufactured
welding consumables (FY23: 95.44%), 3.3% from exports (3.24%), and
the balance 1.02% from trading and job works. Ind-Ra expects the
revenue to rise over the medium term, considering the company has
planned capex of INR200 million to increase the capacity to
55,200MTPA in FY25 from 46,800MTPA. The management expects the
project to become operational in two-to-three months. DSEPL plans
to fund the capex through a term loan of INR140 million and the
rest through its internal accruals.

Extensive Promoter Experience; Established Distribution Networks:
The promoters have about five decades of experience in the
manufacturing and marketing of welding consumables, leading to
well-established relationships with customers as well as suppliers.
Also, the company has developed a strong distribution network with
dealers over the past 40 years. Furthermore, the company has around
500 dealers across India, which contributes a major portion to the
revenues.

Liquidity

Stretched: The company had cash and equivalents of INR58.25 million
at end-March 2024 (FYE23: INR51.32 million). The average maximum
utilization of fund-based limits was 74.08% and that of the
non-fund limits was 86.62% over the 12 months ended March 2024. In
FY24, the net working capital cycle stretched to 37 days (FY23: 28)
due to a decrease in the creditor days to 43 (56).  The cash flow
from operations turned positive at INR27.13 million in FY24 (FY23:
negative INR21.67 million) due to the increase in the EBITDA.
Subsequently, the free cash flow also improved in FY24, though it
remained negative at INR51.52 million (FY23: negative INR139.42
million) due to the capex of INR101.28 million.

Rating Sensitivities

Negative: Any substantial decline in the scale of operations or
operating margins, leading to deterioration in the credit metrics,
with the net leverage exceeding 4.5x or deterioration in the
overall liquidity profile will be negative for the ratings.

Positive: Maintaining the scale of operations and the credit
metrics and an improvement in liquidity, on a sustained basis, will
be positive for the ratings.

About the Company

DSEPL, incorporated in 1965, manufactures welding consumables used
in various applications and industries such as railway, shipping,
cement and infrastructure. The company's registered office is in
Mumbai and it has three manufacturing units in Indore, Madhya
Pradesh.


HINDUSTAN DISTRIBUTORS: Ind-Ra Cuts Bank Loan Rating to BB
----------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded Hindustan
Distributors' (HD) bank facilities to 'IND BB' from 'IND BB+'. The
Outlook is Stable.

The detailed rating action is:

-- INR250 mil. Fund-based working capital limit downgraded with
     IND BB/Stable rating.

Analytical Approach

HD is a part of the Hans group of companies. To arrive at the
ratings, Ind-Ra continues to factor in the possibility of support
to be provided by other Hans group companies, which include Shakti
Agencies Private Limited (debt rated at 'IND BBB-'/Stable), Sai
Shakti Agencies (debt rated at 'IND BBB-'/Stable), Ramkrishna
Agencies (debt rated at 'IND BB'/Stable) and Max International
(debt rated at 'IND BB'/Stable). The promoters have informed the
agency that they/other group entities will provide financial
support to any of the group entities, if required. The group
companies are engaged in the trading and retailing of products such
as fast-moving consumer goods (FMCG), mobile phones, consumer
durables, and gems/jewelry.

Detailed Rationale of the Rating Action

The rating downgrade reflects HD's modest credit metrics, moderate
profitability margin and stretched liquidity position in FY23 and
in FY24. However, the rating is supported by the firm's experienced
management and medium scale of operations.

Detailed Description of Key Rating Drivers

Modest Credit Metrics:  The credit metrics remained modest even as
the interest coverage (operating EBITDA/gross interest expenses)
improved to 1.25x in FY23 (FY22: 0.75x, FY21: 1.27x) and the net
leverage (net debt/operating EBITDA) to 8.64x (13.7x, 9.0x) on the
back of low EBIDTA. Ind-Ra expects the credit metrics to improve
over the medium term because of a likely increase in the revenue
and profitability, as well as scheduled debt repayments.

Modest Profitability:  The ratings also factor in HD's average
EBITDA margin with a return on capital employed of 10% in FY23
(FY22: 5.7%, FY21: 10.1%). The EBITDA margins improved to 3.61% in
FY23 (FY22: 1.99%, FY21: 4.11%) on account of an increase in the
fixed costs. The margins increased further to 3.97%, according to
the provisional financials for FY24, due to an increase in the
commission and incentives received during the year. Ind-Ra expects
the margins to remain at similar levels in the near-to-medium term,
given the trading nature of business.

Stretched Liquidity: The average peak utilization of the fund-based
limits was around 97.5% during the 12 months ended April 2024. In
FY23, the cash flow from operations turned negative to INR19.05
million (FY22: INR2.72 million) due to un-favorable working capital
changes.

Experienced Promoters; Strong linkages with the group: The rating
remains supported by the company's experienced promoters. HD is
promoted by the Odisha-based Hans family, which has diversified
interests in various segments such as gems and jewelry, FMCG, and
electronics. The family has more than four decades of experience in
the trading of these products in Odisha, giving it an edge in
supply chain management as well as strong distribution
capabilities, which is critical in the trading business. As a
result, the group is a preferred supplier/distributor for large
multinationals that cater to the Odisha market.  

The firm belongs to the Hans Group, which includes five entities
engaged in the trading of consumer durables, mobile phones,
fast-moving consumer goods and jewelry among others. HD has
centralized financial control, common promoters, operational and
business linkages and fall under the same business jurisdiction.
Furthermore, the promoters have informed that the firm will get
financial benefit from the promoters or other group entities, if
required, which refers to the strong support within the Hans
Group.

Long Association with Reputed Brands: The ratings also benefit from
the Hans group's association with reputed brands such as Samsung
India Limited, Hindustan Unilever Limited, Britannia Industries
Limited, Tata Global Beverages Limited, Nestle India Limited, and
Tanishq (a brand of Titan Company Limited), among others. The group
has been associated with some of these brands for more than 30
years.

Medium Scale of Operations: The ratings reflect HD's continued
medium scale of operations as indicated by revenue of INR1,132
million in FY23 (FY22: INR1,159 million, FY21: INR847 million). The
revenue improved to INR1,212 million during FY24, due to an
increase in the trading sales. Ind-Ra expects the revenue to grow
further over the near-to-medium term with a likely improvement in
the performance of FMCG and modern trade segments.

Liquidity

Stretched: The average peak utilization of the fund-based limits
was around 97.5% during the 12 months ended April 2024. In FY23,
the cash flow from operations turned negative to INR19.05 million
(FY22: INR2.72 million) due to un-favorable working capital
changes. The net working capital cycle elongated to 125 days in
FY23 (FY22: 114 days) due to a decline in the creditors days while
the inventory holding period and debtor days remained at the same
level. HD had cash of INR16.64 million at FYE23 (FYE22: INR16.6
million). The company has debt repayment obligations of INR13.1
million in FY24 and INR11.3 million in FY25.

Rating Sensitivities

Negative: Deterioration in the scale of operation or operating
profitability or cash flow from operation, resulting in the
interest coverage staying below 1.5x and/or deterioration in the
liquidity position or a weakening of the linkages with Hans group,
all on a sustained basis, could result in a negative rating
action.

Positive: A substantial increase in the scale of operations and
operating profitability, along with an improvement in the liquidity
position and credit metrics, with the standalone interest coverage
increasing above 2x on a sustained basis, will be positive for the
ratings.

About the Company

HD is engaged in the distribution business in the modern trade
segment for companies such as Hindustan Unilever Limited,
Colgate-Palmolive (India) Limited and distributorship business of
Samsung Limited's (mobiles, laptops, tablets), LG and Llyod
products. The firm has been associated with brands such as Samsung,
Dabur, and Hindustan Unilever for 25-30 years.

JEEVAN JYOTI: CRISIL Withdraws B Rating on INR46.5cr LT Loan
------------------------------------------------------------
Due to inadequate information, CRISIL Ratings, in line with SEBI
guidelines, had migrated the rating of Jeevan Jyoti Health Care and
Research Centre Private Limited (Jeevan Jyoti) to 'CRISIL
B/Stable/Issuer not cooperating'. CRISIL Ratings has withdrawn its
rating on bank facility of Jeevan Jyoti following a request from
the company. Consequently, CRISIL Ratings is migrating the ratings
on bank facilities of Jeevan Jyoti to 'CRISIL B/Stable' from
'CRISIL B/Stable/Issuer Not Cooperating. The rating action is in
line with CRISIL Ratings' policy on withdrawal of bank loan
ratings.

                          Amount
   Facilities          (INR Crore)    Ratings
   ----------          -----------    -------
   Proposed Long Term      46.5       CRISIL B/Stable ISSUER
   Bank Loan Facility                 NOT COOPERATING (Withdrawn)

Jeevan Jyoti, incorporated in Dec. 2011 is currently implementing a
257 bedded Multi speciality hospital in Silchar District of Assam.
The hospital is expected to commence operations from April 2017
onwards. The aggregate cost of setting up the project is INR76.08
Crore and is being funded at a debt-equity ratio of 1.56 times. The
hospital is being promoted by Dr. Rajdeep Roy and associates.


JYOTIRMAYEE FOODS: CRISIL Cuts Rating on INR25cr Cash Loan to D
---------------------------------------------------------------
CRISIL Ratings has downgraded its rating on the long term bank
facilities of Jyotirmayee Foods Private Limited (JFPL) to 'CRISIL
D' from 'CRISIL BB-/Stable'.

                        Amount
   Facilities        (INR Crore)      Ratings
   ----------        -----------      -------
   Cash Credit            25          CRISIL D (Downgraded from
                                      'CRISIL BB-/Stable')

   Term Loan               5          CRISIL D (Downgraded from
                                      'CRISIL BB-/Stable')

The downgrade reflects delays in servicing term debt obligation.
The company has not disclosed these delays in the monthly reporting
to CRISIL Ratings through No default statement (NDS) with latest
NDS being shared for the month of May 2024.

The ratings also reflect exposure to intense competition and
working capital intensive operations. weak operating efficiency and
weak financial risk profile. These weaknesses are partially offset
by its established track record of operations and extensive
experience of management.

Key Rating Drivers & Detailed Description

Weaknesses:

* Delay in Debt servicing: There have been several instances of
delays in servicing repayment obligations on the term loans availed
from Union Bank of India through the last 12 months which was
cleared within 1-3 days and the same has been confirmed by the
lender as well during the banker feedback. Delays in the
realization of payments from the customers have resulted in a
stretch in the liquidity position which resulted in delays in debt
servicing. The submission of 'no default statement' by the issuer
(last shared for May 2024), however, does not indicate any delay in
repayment of any facilities.


* Exposure to intense competition: The edible oil industry has a
few big players and many small, unorganised players catering to
regional demand to save on transportation costs. About 60% of the
industry comprises the unorganised sector. The intense competition
has resulted in low operating margins for all players. Furthermore,
prices of edible oils are directly linked to the prices of crude
palm oil (CPO), which is highly volatile. Also, the domestic
vegetable oil market depends on availability of CPO and vegetable
oil substitutes in the international market.

* Working capital-intensive operations: Gross current assets were
at 110-175 days over the three years through fiscal 2023, and at
136 days as on March 31, 2023. The large working capital
requirement arises from sizeable receivables and inventory. The
company must provide extensive credit to customers and holds large
inventory.

Strengths:

* Extensive industry experience of the promoters: Experience of
over three decades in the rice milling industry has given the
promoters an understanding of the dynamics of the market and helped
establish relationships with suppliers and customers.

* Favourable location: JFPL's plant is on Surampalem Road at
Peddapuram in the East Godavari district of Andhra Pradesh,
ensuring access to raw materials such as rice bran from farmers and
rice mills, and saving on transportation cost.

Liquidity: Poor

Liquidity is poor as reflected in delays in debt servicing by the
JFPL. Bank limits are also fully utilized for past 12 months ended
May 2024.

Rating Sensitivity factors

Upward factors:

* Track record of timely debt servicing for at least 90 days.
* Improvement in working capital cycle and overall liquidity
profile of the company

Incorporated in 2007, JFPL manufactures rice bran crude oil and
de-oiled bran. JFPL sells rice bran crude oil to refineries in
Andhra Pradesh and Telangana, and de-oiled bran to aquafeed
manufacturers and aqua farmers. JFPL is promoted by Mr R H
Ramgopal, Mr Ravipati S V K Varun, and Mr Ravipati Sri Vijay
Maruthi Raghuram.


K.K. CONSTRUCTION: CRISIL Withdraws B Rating on INR50cr Loan
------------------------------------------------------------
CRISIL Ratings has withdrawn its ratings on the bank facilities of
K.K. Construction And Builders (KKC) on the request of the company
and receipt of a no objection certificate from its bank. The rating
action is in line with CRISIL Ratings' policy on withdrawal of its
ratings on bank loans.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Bank Guarantee         5.6        CRISIL A4/Issuer Not
                                     Cooperating (Withdrawn)

   Bank Guarantee        12.4        CRISIL A4/Issuer Not
                                     Cooperating (Withdrawn)

   Proposed Bank         50          CRISIL B/Stable/Issuer Not
   Guarantee                         Cooperating (Withdrawn)

   Secured Overdraft      2          CRISIL B/Stable/Issuer Not
   Facility                          Cooperating (Withdrawn)

   Secured Overdraft      0.4        CRISIL B/Stable/Issuer Not
   Facility                          Cooperating (Withdrawn)

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

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

Detailed Rationale

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

KKC was set up in 1993 at Gorakhpur, Uttar Pradesh, by Mr Jagdish
Anand. The firm undertakes civil construction works, mainly of
buildings, for government departments and private players.


KUNNATH CONSTRUCTIONS: CRISIL Assigns B Rating to INR26.5cr Loan
----------------------------------------------------------------
CRISIL Ratings has assigned its 'CRISIL B/Stable/CRISIL A4' ratings
to the bank loan facilities of Kunnath Constructions (KC).

                        Amount
   Facilities        (INR Crore)      Ratings
   ----------        -----------      -------
   Line of Credit        26.5         CRISIL B/Stable (Assigned)

   Proposed Fund-
   Based Bank Limits      3.5         CRISIL A4 (Assigned)

The rating reflects the susceptibility of KC to risks inherent in
tender-based operations, the firm's large working capital
requirement and highly leveraged capital structure. These
weaknesses are partially offset by the extensive experience of the
promoter in the civil construction industry.

Key rating drivers and detailed description

Weaknesses:

* Susceptibility to risks inherent in tender-based operations:
Revenue and profitability depend entirely on the ability to win
tenders. Also, intense competition necessitates aggressive bidding
to get contracts, which restricts the operating margin. Moreover,
given the cyclicality inherent in the construction industry, the
ability to maintain profitability through operating efficiency
becomes critical.

* Large working capital requirement: The working capital intensity
is reflected in gross current assets (GCAs) of 594.5 days as on
March 31, 2023, and estimated over 574 days as on March 31, 2024.
The large working capital requirement is because of sizeable
receivables and inventory as the firm has to extend long credit
period and hold large inventory for its business.

* Highly leveraged capital structure: KC has an average financial
risk profile marked by high total outside liabilities to adjusted
networth (TOLANW) ratio for the three fiscals ended March 31, 2023.
The gearing and TOLANW ratio are estimated at 9.78 times and 12.23
times, respectively, as on March 31, 2024.

Strength:

Extensive industry experience of the promoter: Experience of over
30 years in the civil construction industry has helped the promoter
develop an understanding of the market dynamics and establish
relationships with suppliers and customers.

Liquidity: Stretched

The firm has no working capital limits. Cash accrual is expected at
INR1.0-1.5 crore against term debt obligation of INR0.5 crore over
the medium term. Current ratio was low at 0.89 time on March 31,
2024.

Outlook: Stable

CRISIL Ratings believes KC will continue to benefit from the
extensive experience of its promoter and established relationships
with clients.

Rating sensitivity factors

Upward factors:

* Sustained revenue growth and stable operating margin, leading to
cash accrual of more than INR2 crore
* Improvement in the working capital cycle

Downward factors:

* Decline in revenue or profitability, leading to net cash accrual
lower than INR0.8 crore
* Large, debt-funded capital expenditure weakening the capital
structure or steep increase in working capital requirement
constraining the liquidity and financial risk profile

KC was established in 2009 and is located in Kochi, Kerala. The
firm is owned and managed by Ajayakumar Sreedharan. KC undertakes
civil construction works, such as construction of building, roads
and bridges, marine structures and allied works.


MAHAVIR SPINFAB: CRISIL Withdraws B/A4 Long/Short Term Ratings
--------------------------------------------------------------
Due to inadequate information, CRISIL Ratings, in line with SEBI
guidelines, had migrated the ratings of Mahavir Spinfab Private
Limited (MSPL) to 'CRISIL B/Stable/CRISIL A4/Issuer Not
Cooperating'. CRISIL Ratings has withdrawn its ratings on bank
facility of MSPL following a request from the company and on
receipt of a 'no dues certificate' from the banker. Consequently,
CRISIL Ratings is migrating the ratings on bank facilities of MSPL
from 'CRISIL B/Stable/CRISIL A4/Issuer Not Cooperating to 'CRISIL
B/Stable/CRISIL A4'. The rating action is in line with CRISIL
Ratings' policy on withdrawal of bank loan ratings.

                        Amount
   Facilities        (INR Crore)      Ratings
   ----------        -----------      -------
   Long Term Rating       -           CRISIL B/Stable ISSUER NOT
                                      COOPERATING (Withdrawn)

   Short Term Rating      -           CRISIL A4 ISSUER NOT
                                      COOPERATING (Withdrawn)

Set up by Mr. Rakesh Jain in 1995, MSPL manufactures work-wear
fabric and clothing, including technical textile fabric and
garments used in industries such as oil and gas, molten metal, and
healthcare. Corporate office is in Kanpur.


MAX INTERNATIONAL: Ind-Ra Cuts Bank Loan Rating to BB
-----------------------------------------------------
India Ratings and Research (Ind-Ra) has taken the following rating
actions on Max International's (MI) bank facilities:

-- INR275 mil. Fund-based working capital limit downgraded with
     IND BB/Stable rating; and

-- INR220 mil. Fund-based working capital limit assigned with IND

     BB/Stable rating.

Analytical Approach

MI is a part of the Hans group of companies. To arrive at the
ratings, Ind-Ra continues to factor in the possibility of support
to be provided by other Hans group companies, including Shakti
Agencies Private Limited (IND BBB-/Stable), Sai Shakti Agencies
(IND BBB-/Stable), Ramkrishna Agencies (IND BB/Stable) and
Hindustan Distributors (IND BB/Stable). The promoters stated that
they /other group entities will provide financial support to any of
the group entities, if required. The group companies are engaged in
the trading and retailing of products such as fast-moving consumer
goods, mobile phones, consumer durables, and gems/jewelry.

Detailed Rationale of the Rating Action

The downgrade reflects deterioration in MI's EBITDA margins during
FY24, as per the provisional numbers, due an increase in its fixed
costs, despite an improvement in the revenue. The ratings also
reflect the company's modest credit metrics and stretched liquidity
position. However, the ratings are supported by its experienced
management and its long association with reputed brands.

Detailed Description of Key Rating Drivers

Modest EBIDTA Margin: MI's EBITDA margins remained modest at 2.77%
in FY24 (FY23: 3.18%; FY22: 1.06%; FY21: 4.9%), on account of an
increase in its fixed costs. The return on capital employed stood
at 11.6% in FY23 (FY22: 3.9%; FY21: 24.2%). Ind-Ra expects the
margins to remain at the similar levels in the near- to medium term
given the trading nature of the business.

Modest Credit Metrices: MI's credit metrics remained modest despite
its gross interest coverage (operating EBITDA/ gross interest
expenses) remaining stable at 1.34x in in FY24 (FY23: 1.34x;  FY22:
0.52x, FY21: 1.27x) and net leverage (total net debt/operating
EBITDA) reducing to 6.75x (19.7x; 2.84x), on account of an increase
in absolute EBITDA and a decline in interest expense on the back of
reduced bank interest rates. Ind-Ra expects the credit metrics to
improve further over the medium term because of a likely increase
in the revenue and the profitability, as well as its scheduled debt
repayments.

Stretched Liquidity:  The company's average monthly utilization of
the fund-based limits was around 95% for the 12 months ended April
2024. The net working capital cycle stretched to 88 days in FY23
(FY22: 84 days), owing to a decline in the payable period to 98
(111). However, this was partially offset by a decline in the
collection period to 84 days in FY23 (FY22: 93 days) while the
inventory holding period remained unchanged at 102 days. MI had a
cash balance of INR4.96 million at FYE23 (FYE22: INR55.8 million).


Experienced Promoters; Strong linkages with the group: MI is
promoted by the Odisha-based Hans family, which has diversified
interests in various segments such as gems and jewelry, fast-moving
consumer goods, and electronics. The family has more than four
decades of experience in the trading of these products in Odisha,
giving it an edge in supply chain management as well as strong
distribution capabilities, which is critical in the trading
business. As a result, the group is a preferred
supplier/distributor for large multinationals that cater to the
Odisha market.

The firm belongs to the Hans Group which includes five entities
engaged in trading of consumer durables, mobile phones, fast-moving
consumer goods and jewelry among others. MI has centralized
financial control, common promoters, operational and business
linkages and fall under the same business jurisdiction. Further,
the promoters have informed that the firm will get financial
benefit from the promoters or other group entities, if required,
which refers to the strong support within the Hans Group.

Long Association with Reputed Brands: The ratings benefit from the
Hans group's association with reputed brands such as Samsung India
Limited, Hindustan Unilever Limited, Britannia Industries Limited,
Tata Global Beverages Limited, Nestle India Limited, and Tanishq (a
brand of Titan Company Limited), among others. The group has been
associated with some of these brands for more than 30 years.

Medium Scale of Operations: MI's revenue increased to INR3201.41
million in FY24 (FY23 INR2,561 million; FY22: INR2,068 million,
FY21: INR1,952 million), owing to a recovery in demand for consumer
durable products as well as increased demand for air-conditioners
amid soaring temperatures in the summer. However, MI's scale of
operations remained medium.  Ind-Ra expects the revenue to grow
further in the near- to medium term, owing to the reviving demand
in the fast-moving consumer goods and consumer durables sectors.

Liquidity

Stretched: The company's average utilization of the fund-based
limits was around 95% for the 12 months ended April 2024. The cash
flow from operations remained negative at INR144 million in FY23
(FY22: negative INR149 million) due to high working capital
requirements. The net working capital cycle stretched to 88 days in
FY23 (FY22: 84 days) owing to a decline in the payable period to 98
days (111). This was partially offset by a decline in the
collection period to 84 days in FY23 (FY22: 93) while remain the
inventory holding period unchanged at 102 days. MI had a cash
balance of INR4.96 million at FYE23 (FYE22: INR55.8 million). It
has debt repayment obligations of INR10.8 million in FY25 and
INR7.2 million in FY26.

Rating Sensitivities

Negative: Deterioration in the scale of operations or the operating
profitability or cash flow from operations, resulting in the
interest coverage falling below 1.5x and/or deterioration in the
liquidity position or a weakening of the linkages with the Hans
group, on a sustained basis, could result in a negative rating
action.

Positive: A substantial increase in the scale of operations and the
operating profitability, along with an improvement in the liquidity
position and the credit metrics, with the interest coverage
increasing above 2.0x, on a sustained basis, will be positive for
the ratings.

About the Company

MI is engaged in distribution of Samsung mobile phones and
electrical appliances. The company is one of the Samsung mobile
dealers of Ramkrishna Agencies for Bhubaneshwar and Rourkela,
Odisha. It also has dealership of Voltas Limited's refrigerators
and Whirlpool's washing machines, refrigerators, televisions, among
others. MI is also engaged in the trading of Titan watches, Fast
Track watches and sunglasses for Bhubaneshwar, Rourkela and other
regions.


MECHFAST ENGINEERING: CRISIL Moves B+ Rating from Not Cooperating
-----------------------------------------------------------------
Due to inadequate information and in line with the Securities and
Exchange Board of India guidelines, CRISIL Ratings had migrated its
rating on the bank facilities of Mechfast Engineering Pvt Ltd
(MEPL) to 'CRISIL BB+/Stable/CRISIL A4+ Issuer not cooperating'.
However, the management has subsequently started sharing requisite
information to carry out a comprehensive review of the rating.
Consequently, CRISIL Ratings has migrated the ratings on bank
facilities of MEPL to 'CRISIL B+/Stable/CRISIL A4' from 'CRISIL
BB+/Stable/CRISIL A4+ Issuer not cooperating'

                       Amount
   Facilities       (INR Crore)   Ratings
   ----------       -----------   -------
   Bank Guarantee        3        CRISIL A4 (Migrated from
                                  'CRISIL A4+ ISSUER NOT
                                  COOPERATING')

   Cash Credit           40       CRISIL B+/Stable (Migrated from
                                  'CRISIL BB+/Stable ISSUER NOT
                                  COOPERATING')

   Proposed Long Term     1       CRISIL B+/Stable (Migrated from
   Bank Loan Facility             'CRISIL BB+/Stable ISSUER NOT
                                  COOPERATING')

   Term Loan              1.36    CRISIL B+/Stable (Migrated from
                                  'CRISIL BB+/Stable ISSUER NOT
                                  COOPERATING')

   Working Capital        1.72    CRISIL B+/Stable (Migrated from
   Term Loan                      'CRISIL BB+/Stable ISSUER NOT
                                  COOPERATING')

The rating reflects the susceptibility of operating margin to
volatility in raw material prices and vulnerability to cyclicality
in the infrastructure and real estate sectors and average financial
risk profile. These weaknesses are partially offset by the
extensive experience of the promoters and comfortable working
capital management.

Key Rating Drivers & Detailed Description

Weaknesses:

* Susceptibility of operating margin to volatility in raw material
prices, and vulnerability to cyclicality in the infrastructure and
real estate sectors: Cost of production and profitability are
heavily dependent on raw material prices (billets). On account of
variation in raw material prices, operating profitability has also
been volatile with earnings before interest, depreciation,
amortisation and tax (EBITDA) margins being rangebound between 2-3%
over the years. As such, operating margins remain estimated at
around 1.40% for FY2024 basis decline in export orders fetching
higher operating margins as well as effect of volatile raw material
prices and intense competition. Furthermore, profitability is
linked to the fortunes of the inherently cyclical steel industry,
which has strong correlation with overall growth in gross domestic
product. Operating performance will remain susceptible to
volatility in raw material prices, and offtake by key user sectors
and remains a key monitorable.

* Average financial risk profile: Financial risk profile is average
marked by moderate networth estimated at INR28.89 crore as on March
31st, 2024 which is expected to improve over the medium term backed
by steady accretion to reserves. Capital structure remains levered
driven by extensive reliance on working capital (WC) debt,
unsecured loans from promoters and adequate credit from suppliers
with gearing and TOL/TNW estimated around 1.50-1.80 times and
2.20-2.50 times respectively going forward. With nil debt funded
capital expenditure (capex) plans and retiring term debt
obligations and steady accretion to reserves, capital structure is
expected to improve over the medium term. Debt protection metrics
remain average with interest coverage and NCA/AD expected around
1.45 times and 0.04 times respectively as on March 31st, 2024
driven by extensive debt as well as subdued profitability.
Improvement in the financial risk profile driven by improvement in
the capital structure backed by reduced reliance on working capital
debt as well as improvement in the debt protection metrics driven
by improved profitability shall remain a key monitorable.

Strengths:

* Extensive experience of the promoters: Industry presence of over
two decades has enabled the promoters to understand market dynamics
and establish strong relationships with suppliers and customers.
Their extensive experience has enabled the company to establish a
well-diversified geographical reach and maintain healthy
relationships with customers, thereby ensuring repeat orders. These
factors have enabled to largely sustain its scale of operations
over the past few fiscals through FY2024 despite intense
competition in the market and a subdued export market impacting
demand. MEPL recorded a turnover of INR325.87 crore in fiscal 2023
as against INR374.25 crore in fiscal 2022 on account of fall in
export demand despite healthy realisations. Turnover for fiscal
2024 stands estimated at INR357 crore on the back of fall in export
demand coupled with dip in realisations. Going forward, turnover is
expected to be steady on the back of healthy volumetric sales and
expectation of steady realisations.

* Comfortable working capital management: Gross current assets
(GCAs) remain estimated around 95 days as on March 31st, 2024
because of inventory and receivables of 45-50 days and 30 days,
respectively. The company maintains inventory of about 45-50 days
comprising raw materials and finished goods. Credit of around  30
days is provided to the customers keeping working capital cycle
under control backed by timely realization. Operations will
continue to remain efficient over the medium term. Any
unprecedented stretch in the working capital operations shall
remain a key sensitivity factor.

Liquidity: Stretched

Bank limit utilisation of the fund based limits was high at around
96% for the 12 months through March, 2024. Cash accrual is expected
to be around INR4-5 crore per annum against term debt repayment
obligation of INR0.50 crore per annum over the medium term.

Current ratio was moderate estimated around 1.40 times as on March
31st, 2024. Liquidity, however remains supported by need based
funding support from the promoters in the form of unsecured loans.
Any further stretch in the liquidity risk profile amidst
substantial decline in operating performance and/or any stretch in
the working capital cycle shall remain a key monitorable.

Outlook: Stable

The company will continue to benefit from the extensive experience
of its promoters.

Rating Sensitivity factors

Upward factors:

* Substantial increase in turnover driven by volumetric growth and
improvement in operating profitability with accruals over INR5
crore.
* Improvement in financial risk profile with interest coverage
above 1.50 times and total outside liabilities to tangible networth
(TOL/TNW) ratio below 2 times along with improvement in the
liquidity risk profile through reduced reliance on working capital
fund-based limits.

Downward factors:

* Substantial decline in turnover and profitability with Earnings
before interest, tax, depreciation and amoritsation (EBITDA)
margins below 1%
* Any large, debt-funded capital expenditure and/or any elongated
stretch in the working capital cycle weakening capital structure
and/or liquidity profile of the company.

MEPL, incorporated in 2011, manufactures structural steel products,
that is, mild steel (MS) strips. The manufacturing facility in
Jamuria, West Bengal and  has an installed capacity of 90,000 tonne
per annum. MEPL is currently managed by Mr. Deepak Sonthalia, Mrs.
Sonal Choudhary and Mr. Akash Agrawal who have an experience of
around two decades in the business.


PATEL MOTORS: Ind-Ra Affirms BB+ Bank Loan Rating, Outlook Stable
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Patel Motors
(Indore) Private Limited's (PMPL) bank facilities as follows:

-- INR400 mil. Fund-based working capital limit affirmed with
     IND BB+/Stable rating; and

-- INR10 mil. Proposed fund-based working capital limit affirmed
     with IND BB+/Stable rating.

Analytical Approach

Ind-Ra continues to assess the company on a standalone basis to
arrive at the ratings.

Detailed Rationale of the Rating Action

The affirmation reflects PMPL's multiple instances of
overutilization of the fund-based working capital limit for up to
two days during the 12 months ended March 2024 as well as the
geographical concentration risk faced by PMPL. However, the ratings
are supported by PMPL's large scale of operations, comfortable
credit metrics and healthy EBITDA margins.

Detailed Description of Key Rating Drivers

Stretched Liquidity: PMPL's average maximum utilization of the
fund-based limits was around 91.5% during the 12 months ended March
2024, with multiple instances of over-utilization up to two days.
The cash flow from operations turned positive at INR138.77 million
in FY23 (FY22: negative INR59.65 million) due to an increase in
EBITDA to INR314.68 million (INR203.14 million). Consequently, the
free cash flow turned positive at INR63.07 million in FY23 (FY22:
negative INR102.06 million). However, the cash flow from operations
are likely to have significantly deteriorated and possibly turned
negative in FY24, due to a significant increase in working capital
requirement during the year.

Geographical Concentration: PMPL's operations are concentrated in
Madhya Pradesh, making it vulnerable to any unfavorable changes in
demand within the state. Moreover, since FY24, PMPL no longer sells
tractors, which were under the dealership of Tractors and Farm
Equipment Limited, and the company is now an exclusive dealer of
Maruti Suzuki India Limited and VE Commercial Vehicles Ltd.  Hence,
its performance is directly linked to the performance of these two
companies. Although the sales of spares/accessories, aftersales
service and income from driving schools provide some
diversification, their contribution to the revenue is relatively
low.

Cyclical Nature of Industry; Intense Competition: The ratings also
factor in the cyclical nature of the auto industry and its
susceptibility to macro-economic factors. Furthermore, the
dealership business is intensely competitive.

Large Scale of Operations, Steady Growth Likely in FY25: PMPL's
revenue increased by 35.93% yoy to INR8,501.11 million in FY23,
backed by an overall increase of 18.5% in the total number of
vehicles sold during the year. Furthermore, the company's revenue
is likely to have increased to INR9,850.33 million in FY24
(provisional numbers), driven by  an overall increase of 7.4% yoy
in sales volumes.   Also, the company registered higher bookings
during March-April 2024, on account of the Vikram Vyapar Mela
(40-day shopping festival for automobiles and electronic goods) in
Madhya Pradesh. Ind-Ra expects the revenue to grow further in
FY25, supported by continued growth in the sales volumes.

Credit Metrics to Remain Comfortable: PMPL's credit metrics had
improved in FY23 owing to an increase in the absolute EBITDA to
INR314.68 million (FY22: INR203.14 million) and a reduction in the
total debt to INR544.78 million (INR602.51 million). The gross
interest coverage (operating EBITDA/ gross interest expense) was
4.77x in FY23 (FY22: 4.55x) and the net leverage (total adjusted
net debt/ operating EBITDA) was 1.49x (3.62x). However, the credit
metrics are likely to have deteriorated in FY24, due to increased
utilization of the fund-based limits during the year, leading to
higher interest expenses and debt position. Ind-Ra expects the
credit metrics to remain comfortable in the medium term, led by
sustained growth in the EBITDA.

Healthy Margins; Likely to be Stable during Medium Term: In FY23,
PMPL's margins remained healthy in FY23 and improved to 3.70%
(FY22: 3.25%) due to a decline in direct expenses and
administrative expenses. The ROCE was 24.9% in FY23 (FY22: 17.8%).
The agency expects the EBITDA margins to have remained healthy and
stable during FY24 and believes the margins would remain at similar
levels in the medium term, given the nature of the dealership
business.

Experienced Promoters: The promoters have more than three decades
of experience in the dealership business, with renowned original
equipment manufacturers such as Maruti Suzuki India and Eicher
Motors Limited, leading to well established relationships with
them.

Liquidity

Stretched: PMPL does not have any capital market exposure and
relies on banks and financial institutions to meet its funding
requirements. The company's net working capital cycle improved to
35 days in FY23 (FY22: 44 days) due to an improvement in debtor
days to 20 days(27 days). However, the working capital cycle is
likely to have elongated during FY24, as high inventory levels were
maintained during March 2024 on account of the Vikram Vyapar Mela
in Indore. The cash and cash equivalents stood at INR74.39 million
at FYE23 (FYE22: INR58.17 million). The scheduled debt repayments
for FY25 and FY26 are INR10.79 million and INR9.12 million,
respectively.

Rating Sensitivities

Negative: A significant decline in the scale of operations or
operating profitability, with the interest coverage reducing below
2.5x or further pressure on the liquidity position, could lead to a
negative rating action.

Positive: An improvement in the overall liquidity position while
maintaining the scale of operations and operating profitability,
with the interest coverage remaining above 3.0x, all on a sustained
basis, could lead to a positive rating action.

About the Company

PMPL was incorporated in 1985 as a partnership firm. In 1993, the
firm was reconstituted as a private limited company. The company
has a total of three showrooms and 33 outlets, which include
warehouses and other outlets for the sale of spares and accessories
in Madhya Pradesh, and runs two driving schools in Indore. It has
authorized dealership of VE Commercial Vehicles Ltd. for Eicher
trucks and buses, and commercial and passenger vehicles of Maruti
Suzuki India.



PURBANCHAL LAMINATES: CRISIL Withdraws B+ INR6.75cr Loan Rating
---------------------------------------------------------------
CRISIL Ratings has withdrawn its ratings on the bank facilities of
Purbanchal Laminates Private Limited (PLP; part of the Purbanchal
group) on the request of the company and receipt of a no objection
certificate from its bank. The rating action is in line with CRISIL
Ratings' policy on withdrawal of its ratings on bank loans.

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


   Letter of Credit      2.52        CRISIL A4/Issuer Not
                                     Cooperating (Withdrawn)

   Proposed Long Term    3.28        CRISIL B+/Stable/Issuer Not
   Bank Loan Facility                Cooperating (Withdrawn)

   Term Loan             1.4          CRISIL B+/Stable/Issuer Not
                                      Cooperating (Withdrawn)

CRISIL Ratings has been consistently following up with PLP for
obtaining information through letters and emails 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 PLP. This restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on BBPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the rating on bank facilities of
PLP continues to be 'CRISIL B+/Stable/CRISIL A4 Issuer Not
Cooperating'.

Analytical Approach

For arriving at its ratings, CRISIL Ratings has combined the
business and financial risk profiles of PLP, Purbanchal Lumbers
Private Limited (PLPL), Purbanchal Veneers (PV), Salasar Plywood
Pvt Ltd (SPPL), Landmark Veneers Pvt Ltd (LVPL) and Amul Boards Pvt
Ltd (ABPL). The six companies, together referred to as the
Purbanchal group (PG), are in the same line of business, and have
common promoters and management.

PG is promoted by Mr. Rakesh Agarwal, Mr. Mukesh Agarwal and Mr.
Omprakash Agarwal, The group is engaged across the value chain of
timber processing-i.e. trading to further manufacturing of
plywood/laminates at its facilities located at Gandhidham,
Gujarat.

Status of non cooperation with previous CRA:

PLP has not cooperated with ICRA Limited (ICRA) which has
classified it as non-cooperative vide release dated 22-Mar-2018.
The reason provided by ICRA is non-furnishing of information for
monitoring of ratings


PURBANCHAL LUMBERS: CRISIL Withdraws B+ Rating on INR25cr Loan
--------------------------------------------------------------
CRISIL Ratings has withdrawn its ratings on the bank facilities of
Purbanchal Lumbers Private Limited (PLPL; part of the Purbanchal
group) on the request of the company and receipt of a no objection
certificate from its bank. The rating action is in line with CRISIL
Ratings' policy on withdrawal of its ratings on bank loans.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit             3         CRISIL B+/Stable/Issuer Not
                                     Cooperating (Withdrawn)

   Letter of Credit       25         CRISIL A4/Issuer Not
                                     Cooperating (Withdrawn)

   Proposed Long Term     10.15      CRISIL B+/Stable/Issuer Not
   Bank Loan Facility                Cooperating (Withdrawn)

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

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

Detailed Rationale

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

Analytical Approach

For arriving at its ratings, CRISIL Ratings has combined the
business and financial risk profiles of PLP, Purbanchal Lumbers
Private Limited (PLPL), Purbanchal Veneers (PV), Salasar Plywood
Pvt Ltd (SPPL), Landmark Veneers Pvt Ltd (LVPL) and Amul Boards Pvt
Ltd (ABPL). The six companies, together referred to as the
Purbanchal group (PG), are in the same line of business, and have
common promoters and management.

PG is promoted by Mr. Rakesh Agarwal, Mr. Mukesh Agarwal and Mr.
Omprakash Agarwal, The group is engaged across the value chain of
timber processing-i.e. trading to further manufacturing of
plywood/laminates at its facilities located at Gandhidham,
Gujarat.


R.R. INDUSTRIES: ICRA Keeps B Debt Ratings in Not Cooperating
-------------------------------------------------------------
ICRA has kept the long-term and short-term rating of R.R.
Industries in the 'Issuer Not Cooperating' category. The ratings
are denoted as [ICRA]B(Stable)/[ICRA]A4; ISSUER NOT COOPERATING".

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long Term-          2.43        [ICRA]B (Stable) ISSUER NOT
   Fund Based/TL                   COOPERATING; Rating continues
                                   to remain under 'Issuer Not
                                   Cooperating' category

   Long Term-          5.00        [ICRA]B (Stable) ISSUER NOT
   Fund Based/CC                   COOPERATING; Rating continues
                                   to remain under 'Issuer Not
                                   Cooperating' category

   Short Term          0.03        [ICRA]A4; ISSUER NOT
   Non fund Based                  COOPERATING Rating Continues
   Others                          to remain under the 'Issuer
                                   Not Cooperating' category

   Short Term-        (0.32)       [ICRA]A4; ISSUER NOT
   Interchangeable                 COOPERATING; Rating continues
                                   to remain under the 'Issuer
                                   Not Cooperating' category

   Long Term/Short     1.54        [ICRA]B (Stable)/[ICRA]A4;
   Unallocated                     ISSUER NOT COOPERATING;
   Limits                          Rating continues to remain
                                   under the 'Issuer Not
                                   Cooperating' category

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

RRI was established as a partnership firm in 2009. The firm is
engaged in the milling of rice at its plant located in Kashipur,
Uttarakhand. Initially, the firm had an installed capacity of 4
Metric Tonnes Per Hour (MTPH), which was gradually increased to the
current level of 8 MTPH. The firm is owned and managed by the
Agarwal family, with the partners being Mr. Sachin Agarwal, Mr.
Anubhav Agarwal, Mr. Gaurav Agarwal and Mr. Ashok Agarwal.


S A TRADING: ICRA Withdraws B+ Rating on INR9.50cr LT Loan
----------------------------------------------------------
ICRA has withdrawn the ratings assigned to the bank facilities of S
A Trading Company, at the request of the company and based on the
No Objection Certificate/ Closure Certificate received from its
bankers. However, ICRA does not have information to suggest that
the credit risk has changed since the time the rating was last
reviewed. The Key Rating Drivers and their description, Liquidity
Position, Rating Sensitivities, Key Financial Indicators have not
been captured as the rated instruments are being withdrawn.  

                      Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long Term-          9.50       [ICRA]B+ (Stable) ISSUER NOT
   Fund Based-                    COOPERATING; Withdrawn
   Cash Credit                     

SA Trading Company (SATC) was incorporated in 2006 by Mr. Mohammad
Ashraf Beigh as a proprietorship firm. The firm is promoted by Mr.
Mohammad Ashraf Beigh and his family members. It manufactures a
wide range of handmade authentic woolen /silk/pashmina shawls,
scarfs, mufflers, and other related products. In the recent past,
it also started trading business of imported winter garments (sold
under the brand name OOSHIN) in the cold regions of India. SATC's
registered office and all manufacturing units are in Srinagar
(Jammu and Kashmir).


S. A. IRON: CRISIL Reaffirms B Rating on INR20cr Term Loan
----------------------------------------------------------
CRISIL Ratings has reaffirmed its rating on the long-term bank
facilities of S. A. Iron and Alloys Pvt Ltd (SAPL) at 'CRISIL
B/Stable'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit            19         CRISIL B/Stable (Reaffirmed)

   Proposed Term Loan      1         CRISIL B/Stable (Reaffirmed)

   Term Loan              20         CRISIL B/Stable (Reaffirmed)

The rating continues to reflect the large working capital
requirement and fluctuating operating margins. These weaknesses are
partially offset by the extensive experience of the promoters in
the iron and steel industry and moderate capital structure.

Key Rating Drivers & Detailed Description

Weaknesses:

* Large working capital requirement: Bank limit utilisation was
around 95% in the 6 months through May 2024. Gross current assets
were 79-80 days as on March 31, 2024, due to moderate receivables
and inventory of 25-30 days each. The company avails of ad hoc
limit during its peak season (December-March), resulting in high
bank limit utilisation of around 97% in December and January.
Improvement in the working capital cycle and the resultant
moderation in bank limit utilisation will remain monitorable.

* Fluctuating operating margins: Profitability is exposed to
fluctuations in raw material prices and changes in government
regulations. Prices of key inputs, sponge iron and iron ore, have
been volatile over the past few fiscals, resulting in a regular
decrease in operating margin from 8% to 4% in the four fiscals
ended March 31, 2024. Further operating margins are expected to
remain in the range of 4-5% from fiscal 2025 onwards owing to
installation of captive power plant for regular electricity, which
is expected to improve margin with low electricity expense.

Strengths:

* Extensive experience of the promoters: Presence of more than a
decade in the iron and steel industry has enabled the promoters to
understand market dynamics and establish healthy relationships with
suppliers and customers. Over the years, the promoters have also
weathered cyclicality inherent in the industry. Despite a decrease
in revenue to INR211 crore in fiscal 2024 against the previous
estimation of INR309 crore due to synchronization of additional
plant resulted regular disruption in production capacity. However,
from fiscal 2025 onwards increase in plant capacity will contribute
to revive the historical level of revenue which will remain the key
monitorable.

* Moderate capital structure: Gearing and total outside liabilities
to tangible networth ratio were 0.5 times and 1-1.5 times
respectively, as a result of healthy expected networth of around
INR53 crore from fiscal 2024 onwards. Debt protection metrics are
likely to be comfortable, with interest coverage and net cash
accrual to adjusted debt ratios of 3.3 times and 0.23 time
respectively as on 31st March 2024. Going forward in absence of any
major debt funded CAPEX fin risk profile is expected to sustain and
remain moderate from fiscal 2025 onwards.

Liquidity: Poor

Bank limit utilisation was around 89% for the 12 months through May
2024 (around 95% in the 6 months through May 2024). Cash accrual is
expected to be over INR11-12 crore against term debt obligation of
INR6-7 crore yearly, over the medium term. The current ratio was
moderate at 1.14 times as on March 31, 2024.

Outlook: Stable

The company will continue to benefit from the expensive experience
of its promoters.

Rating Sensitivity factors

Upward factors

* Improvement in liquidity with reduction in bank limit utilisation
below 85% on a sustained basis
* Sustenance of scale of operations with increased operating margin
resulting in higher cash accrual

Downward factors

* Large, debt-funded capital expenditure weakening financial risk
profile and liquidity
* Deterioration in scale of operations or profitability leading to
cash accrual below INR5 crore

Incorporated in 2003 and promoted by Mr Arun Jain and Mr Subhash
Chandra Aggarwal, SAPL manufactures sponge iron and ingots/billets,
and has also set up a captive power plant. Facility is in Ramnagar,
Uttar Pradesh.


SATYESHWAR HIMGHAR: CRISIL Lowers Rating on INR10cr Loan to D
-------------------------------------------------------------
CRISIL Ratings has downgraded the ratings on Satyeshwar Himghar Pvt
Ltd (SHPL) to 'CRISIL D Issuer Not Cooperating' from 'CRISIL
B+/Stable Issuer Not Cooperating'.

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

CRISIL Ratings has been consistently following up with SHPL for
obtaining information through letter and email dated March 15,
2024, July 3, 2024, among others, apart from telephonic
communication. However, the issuer has remained non-cooperative.

'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 has failed to receive any information on either the
financial performance or strategic intent of SHPL, which restricts
the ability of CRISIL Ratings to take a forward-looking view on the
entity's credit quality. CRISIL Ratings believes information
available on SHPL is consistent with 'Assessing Information
Adequacy Risk'.

Based on the publicly available information, CRISIL Rating
understands SHPL has been irregular in its account conduct. Hence,
CRISIL Ratings has downgraded the ratings to 'CRISIL D Issuer Not
Cooperating' from 'CRISIL B+/Stable Issuer Not Cooperating'.


Incorporated in 2014, SHPL is promoted by Mr Bhaskar Ghosh, Mr
Dipankar Ghosh, Mr Sasanka Ghosh, Mr Shankar Ghosh and Mr Kinkar
Prasad Ghosh (all brothers). The company provides cold storage
facility for potatoes. It has a storage unit in Chandrakona, West
Bengal, with capacity of 178,000 quintal per annum.

Status of non cooperation with previous CRA:

SHPL has not cooperated with Credit Analysis & Research Ltd. which
classified it as non-cooperative vide release dated Mar 17, 2022.
The reason provided is non-furnishing of information for monitoring
of ratings.

SHPL has not cooperated with ICRA Limited which classified it as
non-cooperative vide release dated Oct 10, 2017. The reason
provided is non-furnishing of information for monitoring of
ratings.


SCR NIRMAN: ICRA Upgrades Rating on INR3cr LT Cash Credit to BB
---------------------------------------------------------------
ICRA has revised the ratings on certain bank facilities of SCR
Nirman Private Limited (SCR), as:

                     Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Long-term–         3.00       [ICRA]BB (Stable); upgraded
from
   Fund-based–                   [ICRA] B+ (Stable); ISSUER NOT
   Cash credit                   COOPERATING and removed from
                                 Issuer Not Cooperating category

   Long-term/        24.00       [ICRA]BB (Stable)/[ICRA] A4;
   Short-term–                   Long-term rating upgraded from
   Non-fund based–               [ICRA] B+ (Stable); ISSUER NOT
   BG/LC                         COOPERATING, and removed from
                                 Issuer Not Cooperating category
                                 and Short-Term rating reaffirmed
                                 & removed from Issuer Not
                                 Cooperating Category; assigned
                                 for enhanced amount

   Long-term/         3.00       [ICRA]BB (Stable)/[ICRA] A4;
   Short-term–                   Long-term rating upgraded from
   Proposed non-                 [ICRA] B+ (Stable); ISSUER NOT
   fund based                    COOPERATING, and removed from
                                 Issuer Not Cooperating category
                                 and Short-Term rating reaffirmed
                                 & removed from Issuer Not
                                 Cooperating Category; assigned
                                 for enhanced amount

Rationale

The ratings have been removed from the Issuer Not Cooperating
category and the long-term rating has been upgraded and short-term
rating has been reaffirmed upon co-operation from the rated
entity.

The ratings factor in the established track record of SCR in
execution of railway works and moderate order book position of
INR120.3 crore as on June 26, 2024, translating to 1.6 times of
FY2024 revenues, which provides adequate medium-term revenue
visibility. The ratings note the satisfactory financial risk
profile with TOL/TNW of 0.4 times as on March 31, 2024 and interest
cover at 6.0 times in FY2024. ICRA expects the coverage metrics to
remain comfortable in the medium term. The ratings also consider
the reputed client profile including South Central Railway (SCR)
and Rail India Technical and Economic Service (RITES) resulting in
low counterparty credit risk.

The ratings are, however, constrained by SCR's small scale of
operations with an operating income of INR76.2 crore in FY2024,
which improved from INR58.5 crore in FY2023. The ratings are also
constrained by the moderate working capital intensity of 20.8% in
FY2024 on account of higher supplier advances and low creditor
days. The company has high customer concentration risk with top two
customers contributing to 100% of the order book and geographical
concentration risk with the entire order book confined to Andhra
Pradesh, Telangana and Orissa. ICRA also notes the significant
competition from other established players in the construction
industry, which restricts growth in revenues and profitability. SCR
also has sizeable contingent liabilities in the form of bank
guarantees (BG), mainly for contractual performance and raw
materials. Any penalty or invocation of BGs on projects could have
a bearing on its liquidity position. Nonetheless, ICRA draws
comfort from SCR's long presence in the industry, healthy execution
track record and the fact that no guarantees have been invoked in
the past.

The Stable outlook on SCR's rating reflects ICRA's opinion that the
company will benefit from healthy order book position and it will
maintain its execution momentum, along with timely receipt of
payments from its key customers.

Key rating drivers and their description

Credit strengths

* Experience of promoters in executing railway contract works: SCR
was incorporated in 2009. Prior to that, the company operated as a
proprietorship. It is promoted by Mr. Chenna Reddy, who has
experience of more than four decades in executing the railway
projects. The company mainly executes projects for SCR and RITES.
Moderate order book position providing medium-term revenue
visibility – The company's order book position stood at ~Rs.
120.0 crore as on June 26, 2024 with OB/OI of 1.6 times of FY2024
revenues. With expected healthy order addition, the order book
provides medium-term revenue visibility.

Credit challenges

* Small scale of operations: The company's scale of operations
remains small, marked by revenues of INR76.2 crore in FY2024, which
increased from INR58.5 crore in FY2023. Although SCR's revenues are
expected to rise in the medium term, the scale of operations is
likely to remain small. Moreover, the operating margins remained
modest at ~7%-9% during the last five years.

* Moderate working capital intensity: The working capital intensity
is moderate marked by NWC/OI of 20.8% in FY2024 owing to high
supplier advances and low creditor days. The company requires
non-fund based limits for providing performance guarantees. It has
INR24.0 crore of limits and has utilised INR14.7 crore as on March
31, 2024. Although SCR is billing and receiving the payments in a
timely manner, the ability to secure enhancement in its working
capital limits remains the key to support the expected increase in
scale of operations.

* High client and geographical concentration risks: The entire
order book is from SCR and RITES resulting in high client
concentration risk. The company derived 100% of revenues from
Andhra Pradesh, Telangana and Orissa in FY2024. Going forward, the
geographical concentration is expected to remain high in the near
term with all three states contributing 100% of the outstanding
order book as of May 2024.

Liquidity position: Adequate

SCR's liquidity position remains adequate with free cash and
balances of INR0.73 crore as on March 31, 2024 and cushion in
working capital limits. The company does not have any capex plans
in the medium term and minimal debt obligations in the near term
supporting its liquidity position.

Rating sensitivities

Positive factors – The ratings could be upgraded if SCR
demonstrates a significant improvement in revenues, aided by timely
execution of orders, along with improvement in operating margins
and working capital intensity resulting in improved liquidity
position.

Negative factors – Pressure on the ratings may arise if SCR's
scale of operations declines due to significant delays in execution
and/or decline in profitability margins and/or deterioration in the
working capital cycle, adversely impacting its liquidity position
and debt protection metrics.

SCR Nirman Private Limited (SCR) was incorporated in 2009 by Mr. S.
Chenna Reddy together with his family members. The company's
constitution was changed from proprietorship to private limited
entity in 2009. It is a recognised contractor for the Indian
Railways in the south zone and is involved in laying railway tracks
as well as performing other associated works like earthwork
formation, supplying ballast, constructing minor and major railway
bridges.


SPICEJET LTD: Has Not Paid Employee's PF Since January 2022
-----------------------------------------------------------
CNBC-TV18 reports that SpiceJet Ltd has not deposited Provident
Fund contributions for its employees for over two and a half years.
Responding to CNBC-TV18's RTI query, the EPFO confirmed that the
airline has not deposited PF dues since January 2022.

"The last deposition period of PF contribution by the establishment
is for the wage period January 2022 in respect of 11,581
employees," the EPFO said in its response to the RTI query.

CNBC-TV18 relates that the provident fund body also said that it
has issued notices along with summons under section 7A of the EPF
and MP Act 1952 against the establishment regarding the non-deposit
of PF contributions.

Not depositing mandatory statutory dues is a clear sign that the
airline is struggling for cash. CNBC-TV18 has been reporting on how
the airline has been defaulting on various payments. In response to
a query on May 28 about PF dues, SpiceJet had said it is regularly
clearing the dues with a lag of a few months.

The query was sent to the airline when CNBC-TV18 had learned that
SpiceJet hadn't cleared PF dues since December 2021.

In its response, SpiceJet had denied the information and said,
"This information is again wrong and misleading. We have cleared
the dues of our employees and are regularly depositing PF which has
a lag of a few months."

In March this year, the EPFO had warned companies of damages if
there is non-compliance in PF deposits, CNBC-TV18 recalls. The
employer will have to pay an interest of 25 percent for a default
of more than six months.

There are many instances of SpiceJet defaulting on payments. The
airline is also facing various litigations regarding non-payment to
lessors in different courts.

On June 7, CNBC-TV18, upon receiving confirmation from the Airports
Authority of India, reported that SpiceJet is operating on a
cash-and-carry mode at all its airports in India.

CNBC-TV18 has sent a query to SpiceJet on PF deposits and is
awaiting the airline's response.

                         About Spicejet

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

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

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

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

The plea of Aircastle is still pending.

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

In May, Engine Lease Finance BV filed the most recent insolvency
plea, claiming unpaid rental dues totalling more than $16.72
million, including interest, for eight leased engines, Livemint.com
says.

SUNCO ENTERPRISES: CRISIL Reaffirms B+ Rating on INR7cr Loan
------------------------------------------------------------
CRISIL Ratings has reaffirmed its rating on the long-term bank
facilities of Sunco Enterprises (SE) at 'CRISIL B+/Stable'.      

                       Amount
   Facilities       (INR Crore)    Ratings
   ----------       -----------    -------
   Fund-Based
   Facilities             7        CRISIL B+/Stable (Reaffirmed)

The ratings reflect the firm's moderate and working capital
intensive nature of operations, these weaknesses are partly offset
by the promoter's extensive experience in the auto components
industry and comfortable debt protection metrics.

Key Rating Drivers & Detailed Description

Weaknesses:

* Working Capital Intensive Nature of Operations: Firm's gross
current assets ranged from 194-340 days for the past three fiscals
through fiscal 2023. This large working capital requirement arises
primarily due to high debtors of 198 days as on 31st March 2024.
The firm relies on its creditors which were around 50 days around
March 31, 2024, and its bank lines to finance its working capital
requirements. Operations are expected to remain working capital
intensive over the medium term.

* Modest Scale of Operations: The scale of operations continues to
remain modest at INR22.81 Cr in fiscal 2024 as against INR26 Cr in
fiscal 2023. Firm is expanding into tires sales and securing direct
dealerships from other OEM players, which is expected to improve
its business risk profile.

Strengths:

* Extensive Experience of Promoters: With over four decades of
experience in the auto components industry, the partners have
developed a profound understanding of industry dynamics. This
expertise has facilitated the firm in establishing a strong
presence in the export market, resulting in repeat orders from
existing customers and the acquisition of new once.

* Comfortable Interest Coverage Ratio: The interest coverage ratio
of the firm was comfortable at above 1.54 times in fiscal 2024 as
against 1.57 times in fiscal 2023. It is expected to remain in the
same range over the medium term.

Liquidity: Stretched

Bank limit utilization is high, averaging at around 97 percent for
the past twelve months ended March 2024. Cash accruals are expected
to be INR0.31 crore, which is sufficient against term debt
obligations of INR0.17 Crore over the medium term.

Current ratio is healthy at 1.46 times on March 31, 2024.

Outlook: Stable

CRISIL Ratings believes SE will continue to benefit over the medium
term from the experience of its partners and long-standing
relationship with its customers and suppliers.

Rating Sensitivity factors

Upward Factors:

* Increase in revenue while maintaining operating margin resulting
in net cash accruals of above INR1.0 crore.
* Improvement in working capital cycle, leading to lower stretch on
liquidity of the firm.

Downward Factors:

* Stretch in working capital cycle resulting in gross current
assets to increase beyond 320 days.
* Larger-than-expected debt-funded capex or acquisition, or
more-than-expected dividend payouts, weakening the financial risk
profile, particularly liquidity.

SE is a Mumbai based company involved in trading of automobile
spare parts for 2 wheelers, 3 wheelers and 4 wheelers.


TRUSHNA EXIM: CRISIL Assigns B+ Rating to INR55cr Term Loan
-----------------------------------------------------------
CRISIL Ratings has assigned its 'CRISIL B+/Stable' rating to the
long-term bank facilities of Trushna Exim (TE).

                        Amount
   Facilities        (INR Crore)      Ratings
   ----------        -----------      -------
   Cash Credit            15          CRISIL B+/Stable (Assigned)

   Credit Exposure         1          CRISIL B+/Stable (Assigned)
   Limits/Loan
   Exposure Risk
   Limits                        

   Term Loan              55          CRISIL B+/Stable (Assigned)

The rating reflects the firm's modest financial risk profile, and
exposure to intense competition and volatility in diamond prices.
These weaknesses are partially offset by the extensive experience
of the partners in the gems and jewelry industry and moderate scale
of operations.

Analytical Approach

Unsecured loans of INR74 crore (as on March 31,2024 ) have been
treated as debt as these loans are from third parties

Key Rating Drivers & Detailed Description

Weaknesses:

* Exposure to intense competition, and susceptibility to volatility
in diamond prices: The diamond trading industry is highly
fragmented, leading to low pricing flexibility and constrained
profitability. As the company has a large inventory, volatility in
diamond prices impacts profitability substantially. In the absence
of a fixed hedging policy, profitability is also susceptible to
fluctuations in foreign exchange rates.



* Modest financial risk profile: The financial risk profile is
average, constrained by gearing and total outside liabilities to
adjusted networth ratio of 14.83 times and 20.33 times,
respectively, as on March 31, 2023.Debt protection metrics were
subdued owing to high gearing and low accrual, as reflected in
interest coverage and net cash accrual to total debt ratios of 4.07
times and negative 0.1 time, respectively, in fiscal 2023. The
capital structure is expected to remain modest over the medium term
with gearing and TOL/TNW expected to remain above 4 times and 5
times respectively in fiscal 24 and fiscal 25. The partners had
withdrawn around INR44 crore over the last few fiscals and infused
INR25 crores of in FY24.However, any additional capital withdrawal
by the partners weakening the financial risk profile will remain a
key rating sensitivity factor.

Strengths:

* Extensive experience of the partners: Presence of over 10 years
in the gems and jewellery industry has enabled the partners to
develop a strong understanding of market dynamics and establish
healthy relationships with suppliers and customers

* Moderate Scale of Operations: The company's scale of operations
have ramped up quickly over the last few fiscals in the range of
INR120-INR200 crores. The revenue is expected to be in the range of
INR200-INR210 crores in FY24 and in the range of INR230-INR250
crores for fiscal year 25. Going forward, the revenue is expected
to be moderate and will remain a key monitorable over the medium
term.

Liquidity: Stretched

Bank limit was almost fully utilised on average for the three
months through March 2024. Cash accrual, expected at over INR14
crore per annum, will tightly match yearly term debt obligation of
INR13-17 crore, over the medium term. However, rental/facility
utilisation income of INR8-9 crore from group company supports
liquidity and will remain monitorable over the medium term. Current
ratio was low at 0.98 time as on March 31, 2023. The partners will
extend equity and unsecured loans to meet working capital
requirement and debt obligation. They had withdrawn INR44 crore
during the three fiscal ended March 31, 2023, which decreased
networth.

Outlook: Stable

CRISIL Ratings believes TE will continue to benefit from the
extensive experience of the partners and their established
relationships with clients

Rating Sensitivity Factors

Upward factors

* Increase in revenue by 20% and rise in operating margin
* Improvement in the financial risk profile

Downward factors

* Net cash accrual below INR12 crore on account of decline in
revenue or operating profit
* Further capital withdrawal by the partners weakening the
financial risk profile

Set up in June 2020, TE manufactures lab-grown diamonds. Rajesh
Trivedi and Manishkumar Patel manage the operations. The firm is a
part of the Maitri group.


YAMUNA GINNING: ICRA Keeps B+ Debt Ratings in Not Cooperating
-------------------------------------------------------------
ICRA has kept the long-term ratings of Shree Yamuna Ginning and
Pressing Factory in the 'Issuer Not Cooperating' category. The
rating is denoted as [ICRA]B+(Stable); ISSUER NOT COOPERATING.

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Unallocated         1.40        [ICRA]B+ (Stable) ISSUER NOT
   Limits                          COOPERATING; Rating continues
                                   to remain under 'Issuer Not
                                   Cooperating' category

   Fund based-         5.00        [ICRA]B+ (Stable) ISSUER NOT
   Cash Credit                     COOPERATING; Rating continues
                                   to remain under 'Issuer Not
                                   Cooperating' category

As part of its process and in accordance with its rating agreement
with Shree Yamuna Ginning and Pressing Factory, 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 2012 as a partnership firm, Shree Yamuna Ginning and
Pressing Factory is involved in ginning and pressing of raw cotton
to produce cotton bales and cotton seeds. The firm is venturing
into crushing activities to manufacture cotton oiland cotton cake.
Its manufacturing facility, located in Jamnagar (Gujarat), is
equipped with 18 ginning machines and a pressing machine with a
capacity of 200 bales per day. The firm is managed by six partners,
who have extensive experience in the cotton industry. In FY2019,
the firm reported a net profit of INR0.36 crore on an OI of
INR37.64 crore compared to a net profit of INR0.30 crore on an OI
of INR44.65 crore in the previous year.




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

GSS LIMITED: Grant Bruce Reynolds Appointed as Liquidator
---------------------------------------------------------
Grant Bruce Reynolds of Reynolds & Associates on July 2, 2024, were
appointed as liquidators of GSS Limited and Crust Haven Limited.

The liquidator may be reached at:

          Reynolds & Associates Limited
          PO Box 259059
          Botany
          Auckland 2163


JADE LAND: Creditors' Proofs of Debt Due on July 29
---------------------------------------------------
Creditors of Jade Land (WP) Limited are required to file their
proofs of debt by July 29, 2024, to be included in the company's
dividend distribution.

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

The company's liquidators are:

          Steven Khov
          Kieran Jones
          Khov Jones Limited
          PO Box 302261
          North Harbour
          Auckland 0751


SS CIVIL: Court to Hear Wind-Up Petition on July 12
---------------------------------------------------
A petition to wind up the operations of SS Civil and Drainage
Limited will be heard before the High Court at Auckland on July 12,
2024, at 10:45 a.m.

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

The Petitioner's solicitor is:

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


TREE & FOREST: Court to Hear Wind-Up Petition on Aug. 23
--------------------------------------------------------
A petition to wind up the operations of Tree & Forest Limited will
be heard before the High Court at Christchurch on Aug. 23, 2024, at
10:00 a.m.

Fuel To Go Limited filed the petition against the company on June
4, 2024.

The Petitioner's solicitor is:

          Catherine Louise Waugh
          Credit Consultants Group NZ Limited
          Level 6, 15 Willeston Street
          Wellington Central
          Wellington 6011


WELLS FORESTRY: Court to Hear Wind-Up Petition on July 12
---------------------------------------------------------
A petition to wind up the operations of Wells Forestry Limited will
be heard before the High Court at Nelson on July 12, 2024, at 11:00
a.m.

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

The Petitioner's solicitor is:

          Tara Nicola Carr
          Inland Revenue, Legal Services
          5th Floor, Asteron Centre
          55 Featherston Street
          PO Box 895
          Wellington




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

CHELSEA LOGISTICS: Dennis Uy Delays Annual Meeting For Third Time
-----------------------------------------------------------------
Bilyonaryo.com reports that Duterte crony Dennis Uy has once again
postponed the annual stockholders' meeting of his loss-making and
debt-ridden company, Chelsea Logistics Holdings.

Despite Chelsea's directors approving the firm's 2023 audited
financial statements and first quarter 2024 financial statements
two months ago, the audit process is still dragging on,
Bilyonaryo.com says.

The Philippine Stock Exchange suspended trading of Chelsea, along
with Mr. Uy's Phoenix Petroleum, last May due to the failure to
submit its annual report, Bilyonaryo.com notes.

Punongbayan and Araullo Grant Thornton (P&A) has flagged Chelsea
for its expanding debt and mounting losses from 2020 to 2022,
raising concerns about the company's financial stability.

                      About Chelsea Logistics

Chelsea Logistics & Infrastructure Holdings Corp operates as a
holding company. The Company, through its subsidiaries, provides
marine shipping services. Chelsea Logistics & Infrastructure
Holdings transports passengers, cargos, petroleum, oil, chemicals,
and other bulk products. Chelsea Logistics & Infrastructure
Holdings serves customers in Philippines.

Chelsea has piled up PHP11.1 billion in losses from 2018 to 2022.
Its capital deficit has ballooned to PHP9.5 billion which is nearly
equivalent to its total bank loans of PHP10.32 billion,
Bilyonaryo.com discloses.




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

BU SHEN: Court to Hear Wind-Up Petition on July 19
--------------------------------------------------
A petition to wind up the operations of Bu Shen Xi (S) Pte Ltd will
be heard before the High Court of Singapore on July 19, 2024, at
10:00 a.m.

The Petitioner's solicitors are:

          Messrs Robert Wang & Woo LLP
          1 HarbourFront Place
          #03-11 HarbourFront Tower One
          Singapore 098633


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

Sensorik Pte. Ltd. filed the petition against the company on June
26, 2024.

The Petitioner's solicitors are:

          Lincoln’s Law LLC
          1 Raffles Place
          Tower 2 #19-42
          Singapore 048616


MULHACEN PTE: Creditors' Proofs of Debt Due on Aug. 5
-----------------------------------------------------
Creditors of Mulhacen 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 26, 2024.

The company's liquidators are:

          Lin Yueh Hung
          Goh Wee Teck
          c/o 8 Wilkie Rd, #03-08 Wilkie Edge
          Singapore 228095


PRELUDIO PRIVATE: Commences Wind-Up Proceedings
-----------------------------------------------
Members of Preludio Private Limited on June 28, 2024, passed a
resolution to voluntarily wind up the company's operations.

The company's liquidators are:

          Seah Chee Wei
          Liew Khee Soon
          60 Paya Lebar Road
          #04-23 Paya Lebar Square
          Singapore 409051


TERRAFORM LABS LIMITED: Case Summary & One Unsecured Creditor
-------------------------------------------------------------
Debtor: Terraform Labs Limited
        1 Wallich Street
        #37-01
        Guoco Tower Singapore 078881

Case No.: 24-11481

Business Description: Terraform Labs Limited's parent is
                      Terraform Labs Pte. Ltd., a software
                      development company.  Its Parent's primary
                      business purpose is to develop and support
                      (i) software used to create and run the
                      current Terra blockchain network, which was
                      started in May 2022, and (ii) an entire
                      suite of tools, protocols, and applications
                      that operate on the Terra Blockchain, making
                      transactions on the network easier, faster,
                      and more user-friendly.

Chapter 11 Petition Date: July 1, 2024

Court: United States Bankruptcy Court
       District of Delaware

Debtor's
Local Counsel:    Zachary I. Shapiro, Esq.
                  RICHARDS, LAYTON & FINGER, P.A.
                  One Rodney Square, 920 North King Street
                  Wilmington, Delaware 19801
                  Tel: (302) 651-7700
                  Email: shapiro@rlf.com

Debtor's
Attorneys:
                  Ronit Berkovich, Esq.
                  WEIL, GOTSHAL & MANGES LLP
                  767 Fifth Avenue
                  New York, New York 10153
                  Tel: (212) 310-8000
                  Email: ronit.berkovich@weil.com

Debtor's
Special
Litigation
Counsel:          DENTONS US LLP
                  1221 Sixth Ave, New York,
                  NY 10020

Debtor's
Special
Foreign
Counsel:          WONGPARTNERSHIP LLP
                  12 Marina Boulevard
                  Level 28 Marina Bay Financial Centre
                  Tower 3 Singapore 018982

Debtor's
Financial
Advisor:          ALVAREZ & MARSAL NORTH AMERICA, LLC
                  600 Madison Ave
                  New York, NY 10022

Debtor's
Claims
Agent:            EPIQ CORPORATE RESTRUCTURING, LLC
                  777 Third Avenue
                  New York, New York 10017

Estimated Assets: $100 million to $500 million

Estimated Liabilities: $0 to $50,000

The petition was signed by Chris Amani, Head of Company Operations
of Terraform Labs Pte. Ltd., Director of Terraform Labs Limited.

A full-text copy of the petition is available for free at
PacerMonitor.com at:

https://www.pacermonitor.com/view/DJAAMXI/Terraform_Labs_Limited__debke-24-11481__0001.0.pdf?mcid=tGE4TAMA

Debtor's Sole Unsecured Creditor:

Entity: Murphy, Paul
        67 Fort Street
        George Town
        Grand Cayman, KY 1-1007
        Cayman Islands

Nature of Claim: Directorship Fee

Claim Amount: $25,000


VANDA 1: Creditors' Proofs of Debt Due on Aug. 5
------------------------------------------------
Creditors of Vanda 1 Investments 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 liquidators are:

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


YUUZOO NETWORKS: To be Delisted Starting July 12, SGX RegCo Says
----------------------------------------------------------------
The Business Times reports that Singapore Exchange Regulation (SGX
RegCo) has directed the delisting of YuuZoo Networks Group, which
will take effect at 9:00 a.m. on July 12.

The company was previously known as YuuZoo Corporation.

Shares of YuuZoo have been suspended from trading since March 2018,
and the company has not released any financial report since Feb 14,
2019, SGX RegCo said in a bourse filing on July 8, BT relates.

"The company has not since then submitted any acceptable nor
satisfactory proposals to SGX RegCo for the purpose of trading
resumption," the frontline regulator added. "Based on public
records, the company is dissolved."

According to BT, former YuuZoo chief executive James Matthew
Somasundram was in June fined SGD35,000 for negligence in relation
to overstating revenue.

Warrants of arrest have been issued against four other individuals
allegedly involved in the matter. The quartet are currently out of
Singapore and have refused to return, the Singapore Police Force
said in February, BT recalls.

They are then-chief executive and chairman Thomas Zilliacus,
then-chief financial officer Michael Parker, as well as Anthony
Williams and Ozi Amanat, who were independent directors at the
time.

An Interpol Red Notice has also been issued against Mr. Zilliacus,
who made headlines last year when he entered into - and
subsequently withdrew from - the race to purchase English Premier
League football club Manchester United, BT adds.

YuuZoo Networks engages in social networking, e-commerce, payments,
and gaming businesses in Singapore and internationally. It operates
through Network Development and Franchise Sales; E-Commerce; and
Logistic segments. The Network Development and Franchise Sales
segment is primarily involved in building mobile-optimized device
agnostic that targets social e-commerce networks for businesses and
consumers. This segment also sells franchise and marketing rights.
The E-Commerce segment provides a range of services for online
mobile transactions, including payment processing, advertising,
mobile social games, and other online transactions.




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

SRI LANKA: To Wrap Up Bond Restructuring Talks Soon
---------------------------------------------------
Reuters reports that Sri Lanka will wrap up talks with
international bondholders on restructuring $12.5 billion in debt
within a few weeks, Foreign Minister Ali Sabry said on July 9, a
major step for the island nation to emerge from its worst financial
crisis in decades.

According to Reuters, Sri Lanka will also seek to balance its ties
with giant neighbour India and China to ensure that there is no
difference in dealing with the two, he said, as the rival Asian
giants are key creditors and investors but are also jostling for
geopolitical influence in the small Indian Ocean country.

"Hopefully within a couple of weeks," Sabry said in an interview at
the Reuters NEXT conference in Singapore, when asked when the
nation's bond restructuring efforts with creditors will be
finished.

"Towards the end of this month, officially, we are done and dusted
with the restructuring process, then of course, in line with that,
we need to start payment," he said.

According to Reuters, Sri Lanka secured a provisional agreement
with some of its bondholders to move forward on restructuring its
international bonds last week but now needs the other private
creditors and the International Monetary Fund (IMF) to also agree.

Reuters says the country, which has $37 billion in external debt in
total, clinched an agreement with its official creditors including
Japan, China and India in late June to restructure $10 billion in
debt.

In total, the debt rework is estimated to save Sri Lanka $8 billion
in write-offs and delay capital repayments by at least four years.

Sri Lanka will use this opportunity to restart about a dozen
stalled, foreign-funded development projects and promote economic
growth, Sabry said.

Sri Lanka needs to continue reforms including imposing property
taxes, revamp loss-making state-owned companies and improve dollar
reserves to put its economy fully on track, the IMF said in its
latest review, Reuters notes.

                          About Sri Lanka

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

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

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


                           *********


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

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

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

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding,
electronic re-mailing and photocopying) is strictly prohibited
without prior written permission of the publishers.
Information contained herein is obtained from sources believed
to be reliable, but is not guaranteed.

TCR-AP subscription rate is US$775 for 6 months delivered via e-
mail.  Additional e-mail subscriptions for members of the same
firm for the term of the initial subscription or balance
thereof are US$25 each.  For subscription information, contact
Peter Chapman at 215-945-7000.



                *** End of Transmission ***