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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 24, 2024, Vol. 27, No. 148

                           Headlines



A U S T R A L I A

COMPLETE CORE: First Creditors' Meeting Set for July 29
GOLFING PROPERTIES: First Creditors' Meeting Set for July 31
GTA HOLDINGS: Second Creditors' Meeting Set for July 26
MIGHTY CRAFT: Australian Brewer Falls Into Administration
NEW QUANTUM: First Creditors' Meeting Set for July 29

OOVVUU PTY: Owes AUD1.3MM to Creditors, Recent Report Shows
OU'S CATERING: First Creditors' Meeting Set for July 26


I N D I A

AMAR FARM: CRISIL Keeps B Debt Rating in Not Cooperating Category
ANDHRA PRADESH: CRISIL Keeps B- Debt Ratings in Not Cooperating
BABLI WAREHOUSE: CARE Keeps D Debt Rating in Not Cooperating
BALKRISHNA GINNING: CRISIL Keeps B+ Ratings in Not Cooperating
BHOOMI GINNING: CARE Keeps B- Debt Rating in Not Cooperating

BVSR HARDA: CRISIL Lowers Rating on INR52.19cr LT Loan to B
BYJU'S: Founder Faces Reckoning as Startup Implodes
BYJU'S: US Lawyers Blame Client in Bid to Quit US Bankruptcy Case
D D INTERNATIONAL: CRISIL Keeps B Debt Rating in Not Cooperating
DAKSHIN FOUNDRY: CRISIL Keeps B Debt Ratings in Not Cooperating

DBM GEOTECHNICS: CRISIL Keeps D Debt Ratings in Not Cooperating
DIGITAL VISION: CRISIL Keeps B Debt Rating in Not Cooperating
DINAKARA LIFE: CRISIL Keeps B+ Debt Ratings in Not Cooperating
DISTICHEMI PROCESS: CRISIL Keeps D Ratings in Not Cooperating
EASTERN AUTOMOTIVE: CARE Keeps C Debt Rating in Not Cooperating

ELEGANCE FOOD: CARE Keeps D Debt Ratings in Not Cooperating
GAURAV EXPORTRADES: CRISIL Keeps D Ratings in Not Cooperating
GLOBAL ENERGY: CARE Keeps D Debt Rating in Not Cooperating
GOVIND RUBBER: CRISIL Keeps D Debt Ratings in Not Cooperating
HERO FINCORP: S&P Affirms 'BB+/B' ICRs, Outlook Stable

JADWET RESORTS: CRISIL Keeps B Debt Rating in Not Cooperating
JRB STRIPS: CRISIL Keeps B Debt Rating in Not Cooperating
MANGALA ELECTRICALS: CARE Keeps D Debt Ratings in Not Cooperating
PALAMOOR PAPER: CRISIL Keeps D Debt Ratings in Not Cooperating
R. R. DEVELOPERS: CRISIL Keeps B+ Debt Ratings in Not Cooperating

RAM DEV: CRISIL Keeps D Debt Ratings in Not Cooperating Category
RELIANCE CAPITAL: NCLT Gives Hinduja Extension to Complete CIRP
RUDRA ENTERPRISES: CRISIL Keeps D Debt Rating in Not Cooperating
RYATAR SAHAKARI: CRISIL Keeps D Debt Ratings in Not Cooperating
RYTHU DAIRY: CRISIL Keeps B+ Debt Ratings in Not Cooperating

SA CASHEWS: CRISIL Keeps B Debt Rating in Not Cooperating
SAANVI ASSOCIATES: CARE Keeps D Debt Rating in Not Cooperating
SONAL FABRICATORS: CARE Keeps C Debt Rating in Not Cooperating
UI FABRICATORS: CARE Keeps D Debt Rating in Not Cooperating
VARDEEP PETRO: CARE Keeps D Debt Ratings in Not Cooperating



J A P A N

UNIVERSAL ENTERTAINMENT: S&P Rates USD Unsec. Notes Due 2029 'CCC+'


M A L A Y S I A

REACH ENERGY: Appoints Crowe Malaysia as Auditors


N E W   Z E A L A N D

CENTRAL BULK: Creditors' Proofs of Debt Due on Aug. 15
IZODOM HOMES: Creditors' Proofs of Debt Due on Aug. 14
LAYBUY: Laid Off Workers May Not Get Paid in Receivership
NIWOTTINI LIMITED: Court to Hear Wind-Up Petition on July 30
O. K. LANDSCAPING: Court to Hear Wind-Up Petition on July 26

URBAN HOMES: Creditors' Proofs of Debt Due on Aug. 12


S I N G A P O R E

ASLAN PHARMACEUTICALS: SG Unit Files for Voluntary Liquidation


S O U T H   K O R E A

HANJIN INTERNATIONAL: Moody's Withdraws 'Ba3' Corp. Family Rating


S R I   L A N K A

SRILANKAN AIRLINES: Sale Plans Paused as New Strategy Devised

                           - - - - -


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

COMPLETE CORE: First Creditors' Meeting Set for July 29
-------------------------------------------------------
A first meeting of the creditors in the proceedings of Complete
Core Australia Pty Ltd will be held on July 29, 2024 at 9:00 a.m.
via virtual meeting only.

Christopher Damien Darin of Worrells was appointed as administrator
of the company on July 17, 2024.


GOLFING PROPERTIES: First Creditors' Meeting Set for July 31
------------------------------------------------------------
A first meeting of the creditors in the proceedings of Golfing
Properties Victoria Pty. Ltd. will be held on July 31, 2024 at
10:00 a.m. via teleconference only.

Stephen Dixon of Hamilton Murphy Advisory was appointed as
administrator of the company on July 19, 2024.


GTA HOLDINGS: Second Creditors' Meeting Set for July 26
-------------------------------------------------------
A second meeting of creditors in the proceedings of GTA Holdings
Pty Ltd has been set for July 26, 2024 at 11:00 a.m. at the offices
of HoganSprowles at Level 9, 60 Pitt Street in Sydney and virtually
by Teams.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by July 25, 2024 at 4:00 p.m.

Michael Hogan of HoganSprowles was appointed as administrator of
the company on June 21, 2024.


MIGHTY CRAFT: Australian Brewer Falls Into Administration
---------------------------------------------------------
News.com.au reports that an Australian brewer and spirits
manufacturer, which was once worth AUD1.8 million, has collapsed
after it scrambled to pull itself out of financial difficulty.

According to news.com.au, Mighty Craft was listed on the ASX just
five years ago but in the past year it was been selling assets,
seeking a merger and slashed its board and management. It has also
seen its interest rates on a AUD20.9 million loan jump from 8.5 per
cent to 11.5 per cent.

But the moves to save it weren't enough with the brewer announcing
on the ASX that it had fallen into administration with insolvency
firm Ankura appointed, news.com.au says.

Mighty Craft (MCL) owns 33 per cent of fast-growing Better Beer,
which boasts high-profile comedians Jack Steele and Matt Ford from
The Inspired Unemployed as shareholders.

Despite a slump in the craft beer market, Better Beer has been
performing strongly with sales increasing by 32 per cent to AUD26.1
million in the six months to December 31, news.com.au discloses
citing accounts.

There had been a proposed merger between Mighty Craft and Better
Beer but this appears to have now fallen over.

"The company has been undergoing a divestment and restructuring
program to reduce the company's debt. Fundamental to this program
was a proposed merger between Better Beer

Holdings Pty Ltd and MCL, an arrangement that required the support
of MCL's senior lenders and the shareholders of Better Beer," the
company announced on a statement to the ASX, news.com.au relays.

"A capital raise to support this process was also contemplated. It
now appears unlikely that an agreement will be reached between
MCL's senior lenders, Better Beer and Mighty Craft that is
acceptable to all parties."

Mighty Craft Limited (ASX:MCL) -- https://www.mightycraft.com.au/
-- engages in the acquisition and operation of various breweries,
distilleries, bars, and restaurants in Australia. The company sells
its products under the Seven Seasons, Better Beer, Mismatch Brewing
Co, 78 Degrees, Hills Cider, Jetty Road Brewery, Ballistic Beer Co,
Kangaroo Island Spirits, Torquay Beverage Company, Slipstream,
Sparkke, Sauce Brewing Co, Brogan's Way, and Foghorn Brewery
brands. The company was formerly known as Founders First Limited
and changed its name to Mighty Craft Limited in November 2020.


NEW QUANTUM: First Creditors' Meeting Set for July 29
-----------------------------------------------------
A first meeting of the creditors in the proceedings of New Quantum
Holdings Ltd will be held on July 29, 2024 at 12:00 p.m. at Level
6,9 Barrack Street in Sydney.

Katherine Elizabeth Barnet and Damien Mark Hodgkinson of Olvera
Advisors were appointed as administrators of the company on July
18, 2024.


OOVVUU PTY: Owes AUD1.3MM to Creditors, Recent Report Shows
-----------------------------------------------------------
News.com.au reports that an Australian media start-up that had
AUD8.5 million worth of investment poured into it through multiple
funding rounds has collapsed.

And some of the world's most well known media brands have become
embroiled in the saga, after signing on as customers of the company
but now being left out of pocket.

In May, Oovvuu Pty Ltd plunged into liquidation, news.com.au
notes.

Headquartered in Melbourne, Oovvuu has been a registered business
since 2014 and previously made headlines for trying to disrupt
social media's grip on news media.

Oovvuu provided video content to more than 250 media publishers
around the globe and had also developed an AI system to pair the
most relevant videos for journalists to choose from to attach to
stories.

Some of its clients included international outfits like Reuters,
BBC and Bloomberg while it had also garnered interest in the local
market, from the ABC, Channel 7 and also News Corp, the owner of
news.com.au.

According to documents filed more recently with the corporate
regulator, and obtained by news.com.au, the business has just shy
of AUD1.3 million debts owed to creditors.

Some of its creditors include Aljazeera, AFP, Associated Press,
Euronews, Bloomberg and the Canadian Broadcasting Corporation.

Andrew Smith and Bob Jacobs of insolvency firm Auxilium Partners
were appointed as liquidators of Oovvuu, news.com.au discloses.  

Last month, its creditors voted in favour of early approval for
early destruction of books and records.

In total, there are 32 unsecured creditors.

As well as news outlets being left in the cold, employees are owed
a further AUD489,000 from unpaid entitlements.

Ricky Sutton, a former employee at Fairfax Media, Nine and News
Corp, co-founded Oovvuu and worked as its chief executive.

Mr. Sutton told news.com.au he has not been involved with the
business for the past year and was not its CEO at the time of its
collapse.


OU'S CATERING: First Creditors' Meeting Set for July 26
-------------------------------------------------------
A first meeting of the creditors in the proceedings of Ou's
Catering Management Pty Ltd will be held on July 26, 2024 at 12:00
p.m. at the offices of HoganSprowles at Level 9, 60 Pitt Street in
Sydney and via virtual meeting.

Michael Hogan of HoganSprowles was appointed as administrator of
the company on July 26, 2024.




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

AMAR FARM: CRISIL Keeps B Debt Rating in Not Cooperating Category
-----------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Amar Farm
Service (AFS) continues to be 'CRISIL B/Stable Issuer Not
Cooperating'.

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

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

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

Detailed Rationale

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

Set up in 1992, AFS is a sole proprietorship of Mr Shankarbhai
Chhaganbhai Patel. The firm is an authorised dealer for Tractors
and Farm Equipment Ltd and Massey Ferguson Ltd. Based in Patan,
Gujarat, it also sells farm implements.


ANDHRA PRADESH: CRISIL Keeps B- Debt Ratings in Not Cooperating
---------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Andhra
Pradesh Power Development Company Limited (APPDCL) continue to be
'CRISIL B-/Stable Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit           300         CRISIL B-/Stable (Issuer Not
                                     Cooperating)

   Cash Credit           200         CRISIL B-/Stable (Issuer Not
                                     Cooperating)

   Cash Credit           400         CRISIL B-/Stable (Issuer Not
                                     Cooperating)

   Cash Credit           600         CRISIL B-/Stable (Issuer Not
                                     Cooperating)

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

APPDCL is a special-purpose vehicle which was originally set up as
a 50:50 joint venture between Andhra Pradesh Power Generation
Corporation Ltd (APGenco) and Infrastructure Leasing & Financial
Services Ltd, to implement mega power projects. Subsequently, the
company was reconstituted, with APGenco holding 51 percent stake
and the balance 49 percent being held by the four discoms of
erstwhile Andhra Pradesh (together holding 45.04 percent) and the
Government of Andhra Pradesh (3.96 percent).

APPDCL runs a thermal power project, Sri Damodaram Sanjeevaiah
Thermal Power Station, in Krishnapatnam, Andhra Pradesh. The
project has three units of 800 MW each. While Unit I commenced
commercial operations on February 5, 2015, and Unit II on August
24, 2015, the construction of Unit III commence in the current
fiscal and is expected to become operational by June 2019.


BABLI WAREHOUSE: CARE Keeps D Debt Rating in Not Cooperating
------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Babli
Warehouse (BW) continues to remain in the 'Issuer Not Cooperating'
category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       5.57       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Rationale and key rating drivers

CARE Ratings Ltd. had, vide its press release dated June 1, 2023,
placed the rating(s) of BW under the 'issuer non-cooperating'
category as BW had failed to provide information for monitoring of
the rating and had not paid the surveillance fees for the rating
exercise as agreed to in its Rating Agreement. BW continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
April 16, 2024, April 26, 2024, May 6, 2024.

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

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

Babli Warehouse (BW) was established as a proprietorship firm on
June 7, 2015 to set up rural godown having 9 godowns with storage
capacity 14,887 metric tons (MT) under "Gramin Bhandaran Yojana"
(sub scheme of Agricultural Marketing Infrastructure) for the
scientific storage of agricultural produce. The primary objectives
of the scheme include creation of scientific storage capacity with
allied facilities in rural areas to meet the requirements of
farmers for storing farm produce, processed farm produce and
agricultural inputs; promotion of grading, standardization and
quality control of agricultural produce to improve their
marketability; prevention of distress sale immediately after
harvest by providing the facility of pledge financing and marketing
credit; strengthen agricultural marketing infrastructure in the
country by paving the way for the introduction of a national system
of warehouse receipts in respect of agricultural commodities stored
in such godowns and to reverse the declining trend of investment in
agriculture sector by encouraging private and cooperative sectors
to invest in the creation of storage infrastructure in the
country.


BALKRISHNA GINNING: CRISIL Keeps B+ Ratings in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Balkrishna
Ginning and Pressing Factory (BGPF) continue to be 'CRISIL
B+/Stable Issuer Not Cooperating'.

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

   Cash Credit            0.84       CRISIL B+/Stable (Issuer Not
                                     Cooperating)

   Cash Credit           13.5        CRISIL B+/Stable (Issuer Not
                                     Cooperating)

   Cash Credit            2.16       CRISIL B+/Stable (Issuer Not
                                     Cooperating)

   Proposed Long Term     1.00       CRISIL B+/Stable (Issuer Not
   Bank Loan Facility                Cooperating)

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

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

Detailed Rationale

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

BGPF was set up as a partnership firm in 1999 between Mr Arvind
Raichura and his family. The firm gins and presses raw cotton to
make cotton bales, and manufactures cotton seed wash oil, cotton
seed linter, and de-oiled cakes.


BHOOMI GINNING: CARE Keeps B- Debt Rating in Not Cooperating
------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Bhoomi
Ginning and Seeds Processing Plant (BGSPP) continue to remain in
the 'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       5.00       CARE B-; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category  

Rationale and key rating drivers

CARE Ratings Ltd. had, vide its press release dated June 9, 2023,
placed the rating(s) of BGSPP under the 'issuer non-cooperating'
category as BGSPP had failed to provide information for monitoring
of the rating and had not paid the surveillance fees for the rating
exercise as agreed to in its Rating Agreement. BGSPP continues to
be non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
April 24, 2024, May 4, 2024, May 14, 2024.

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

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

Established in 2006, Bhoomi Ginning and Seed Processing Plant
(BGSPP) is a partnership firm engaged in ginning and pressing of
raw cotton. BGSPP's manufacturing facility is located at Sankheda
in Vadodara District of Gujarat. BGSPP has an installed raw cotton
processing capacity of 36,000 Metric Tonne per Annum (MTPA) as on
March 31, 2018.


BVSR HARDA: CRISIL Lowers Rating on INR52.19cr LT Loan to B
-----------------------------------------------------------
CRISIL Ratings has revised the ratings on bank facilities of BVSR
Harda to 'CRISIL B/Stable Issuer Not Cooperating' from 'CRISIL
BB+/Stable Issuer Not Cooperating'.

                          Amount
   Facilities          (INR Crore)    Ratings
   ----------          -----------    -------
   Proposed Long Term     52.19       CRISIL B/Stable (ISSUER NOT
   Bank Loan Facility                 COOPERATING; Revised from
                                      'CRISIL BB+/Stable ISSUER
                                      NOT COOPERATING')

   Term Loan              15.27       CRISIL B/Stable (ISSUER NOT
                                      COOPERATING; Revised from
                                      'CRISIL BB+/Stable ISSUER
                                      NOT COOPERATING')

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

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

Detailed Rationale

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

BVSR Harda is a SPV promoted by BCPL, KCM Infratech Pvt Ltd and
NSPR Constructions Pvt Ltd. BVSR Harda has designed and
rehabilitated the 29.3-kilometre (km) Harda-Chippaner road and the
34.5-km Betul-Atner road in Madhya Pradesh. The company completed
the project in March 2014, and operates and maintains the roads.
MPRDCL awarded the BOT project to BVSR Harda on an annuity basis,
and the latter is scheduled to receive 26 semi-annual annuity
payments of INR8.17 crore each from September 2014. The project
concession period ends in March 2027.


BYJU'S: Founder Faces Reckoning as Startup Implodes
---------------------------------------------------
Reuters reports that Byju Raveendran, an Indian mathematics whiz
who soared from teacher to startup billionaire before his
education-technology company imploded this year, now faces his
biggest test.

According to Reuters, the future of Mr. Raveendran's eponymous
Byju's online coaching firm rests with India's courts after the
country's biggest startup, once loved by global investors who
valued it at $22 billion, crashed below $2 billion in valuation.
The 44-year-old founder last week lost control of the company as a
tribunal kick-started an insolvency process.

Accused of "financial mismanagement and compliance issues", the son
of a family of teachers from a small village in south India faces a
reckoning that will test the ingenuity that made him a poster child
for India's startups, Reuters relates.

His formerly high-flying company was eventually brought low when it
could not pay $19 million in sponsorship dues to India's cricket
federation, prompting a tribunal to suspend Byju's board and make
Mr. Raveendran report to a court-appointed restructuring expert.

An appeals tribunal was expected to hold a hearing on July 22 on
whether Byju's insolvency process should be quashed after the
former billionaire argued in court his company is solvent and that
insolvency could shut it down and cost the jobs of 27,000 staff,
including teachers. Insolvency also would not bode well for Byju's
backers, such as Dutch technology investor Prosus, Reuters says.

According to Reuters, Mr. Raveendran denies the allegations of
mismanagement and wrongdoing at his firm, which has in recent
months faced lawsuits over unpaid loans and boardroom battles with
foreign investors that went public.

Potential insolvency is a dramatic turn of events for an
entrepreneur described by one person who has worked with him as an
extremely passionate and goal-oriented person who might adopt "an
abrasive approach" in a crisis.

Mr. Raveendran presented a "suave, nice and polished" image,
appearing to heed advice, but "eventually there was a trust
deficit", said another executive who quit last year as a Byju's
senior vice president.

"He said things are improving, don't worry, we have the money,"
Reutes quotes the former executive as saying.

An engineer by training, he started Byju's in 2011 with physical
classes after friends urged him to go into teaching.

Mr. Raveendran, who aced a premier Indian management exam "with a
score of 100 percentile, not once but twice", according to the
company website, started what would become his empire with his wife
Divya Gokulnath, 38, a former student of his.

In education-obsessed India, Mr. Raveendran hit gold by offering
online teaching programs priced from $100 to $300, according to
Reuters. He got a mammoth boost when the COVID-19 pandemic sent
students indoors. At the height of his fame in 2021, he and his
wife had a net worth of $4 billion, Forbes reckoned.

Reuters relates that behind the reversal of Byju's meteoric
success, say executives and advisers who worked with Mr.
Raveendran, is that he overruled associates and expanded the
business through expensive acquisitions, splurging on marketing and
being slow to address problems such as sales agents adopting
aggressive tactics to mis-sell courses that damaged the company's
reputation.

With the backing of investors like General Atlantic, Prosus and
Facebook founder Mark Zuckerberg's philanthropy venture, Mr.
Raveendran spent millions on acquisitions, and the company said it
has 150 million students in over 100 countries.

"While growing fast, as I've accepted multiple times, we've made
our fair share of mistakes", Mr. Raveendran told an interviewer
last year at the World Economic Forum in Davos, Reuters recalls.

As he battled crises, the CEO also said decisions to lay off some
of its then-50,000 employees and slash branding expenses would help
strengthen loss-making Byju's and turn its cashflow positive.

"Every country needs a Byju's," he said.

                            About Byju's

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

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

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

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

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


BYJU'S: US Lawyers Blame Client in Bid to Quit US Bankruptcy Case
-----------------------------------------------------------------
Bloomberg News reports that US lawyers for units of the troubled
Indian tech firm Byju's want to quit defending their clients in a
bankruptcy dispute, blaming "an irreparable breakdown" with the
companies and a board member accused of lying in court to help hide
$533 million from disgruntled lenders.

In an unusual move, two law firms representing Riju Ravindran,
brother of Byju's founder, filed papers on July 19 in federal court
in Wilmington, Delaware, claiming their clients have failed to
cooperate in their own defense, according to Bloomberg. Lawyers
representing Byju's ally William C. Morton, the founder of a small
Florida hedge fund, also sought court permission to quit.

For months, lenders have been trying to find $533 million in cash
that Mr. Ravindran allegedly moved out of the US, Bloomberg says
citing court documents. US Bankruptcy Judge John Dorsey held Mr.
Ravindran in contempt of court for refusing to help track down the
money.

The missing money is at the heart of a dispute between lenders owed
$1.2 billion and the startup founded by entrepreneur Byju
Raveendran, Bloomberg relates. The education-tech company's
official name is Think & Learn Pvt.

The cash belongs to a bankrupt shell company, Byju's Alpha Inc.,
which is affiliated with Think & Learn and was taken over by the
lenders after their loan defaulted, the report notes.

                            About Byju's

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

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

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

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

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


D D INTERNATIONAL: CRISIL Keeps B Debt Rating in Not Cooperating
----------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of D D
International (DDI) continues to be 'CRISIL B/Stable Issuer Not
Cooperating'.

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

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

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

Detailed Rationale

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

Formed in 1990 as a proprietorship firm, DDI trades in dry fruits,
including almonds, cashews, apricots, dates, and others. The firm,
based in Mumbai, is promoted by Mr Darshan Kapadia.


DAKSHIN FOUNDRY: CRISIL Keeps B Debt Ratings in Not Cooperating
---------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Dakshin
Foundry Private Limited (DFPL) continue to be 'CRISIL B/Stable
Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit             8         CRISIL B/Stable (Issuer Not
                                     Cooperating)

   Proposed Working       14         CRISIL B/Stable (Issuer Not
   Capital Facility                  Cooperating)

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

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

Detailed Rationale

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

Based in Bengaluru, DFPL was set up by Mr. Alok Bhartia in 2004 to
manufacture specialised (including grey iron) and spheroidal
graphite iron castings. The company is a part of the Bhartia group
that has interests in the jute, engineering, and real estate
segments.


DBM GEOTECHNICS: CRISIL Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of DBM
Geotechnics and Constructions Private Limited (DBM) continues to be
'CRISIL D/CRISIL D Issuer Not Cooperating'.

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

   Short Term Rating       -         CRISIL D (ISSUER NOT
                                     COOPERATING)

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

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

Detailed Rationale

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

DBM, incorporated in 1990, specialises in offering geotechnical
services, foundation engineering services, and marine construction
activities. It is promoted by Mr. DB Mahajan, a geotechnical
engineer. DBM offers services such as geotechnical investigation
(land and marine), piling and micro piling, construction of
diaphragm wall, construction of berth/jetties, pre-stressed rock
anchoring, and topographic/hydrographic survey.


DIGITAL VISION: CRISIL Keeps B Debt Rating in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Digital Vision
(DV) continues to be 'CRISIL B/Stable Issuer Not Cooperating'.

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

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

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

Detailed Rationale

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

Established in 2009, DV, a partnership concern of Mr Konic Goyal,
Mr Manic Goyal and Mr Parshotam Goyal, manufactures pharmaceutical
drugs. Its facility is located at Kala Amb (Himachal Pradesh).


DINAKARA LIFE: CRISIL Keeps B+ Debt Ratings in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Dinakara Life
Sciences Private Limited (DLSPL) continue to be 'CRISIL B+/Stable
Issuer Not Cooperating'.

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

   Foreign Letter         1.75       CRISIL B+/Stable (Issuer Not
   of Credit                         Cooperating)

   Term Loan              4          CRISIL B+/Stable (Issuer Not
                                     Cooperating)

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

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

Detailed Rationale

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

Dinakara Life Scicences Private Limited (DLSPL) is incorporated in
2017 and in business of manufacturing Active Pharmaceutical
Ingredients with an installed capacity of 240 MTs per annum. The
company is located in Hyderabad, Telangana and the plant is located
in Jaggayyapet, Krishna District, and Andhra Pradesh.


DISTICHEMI PROCESS: CRISIL Keeps D Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Distichemi
Process Engineering Private Limited (DPEPL) continue to be 'CRISIL
D/CRISIL D Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Bank Guarantee        2.07        CRISIL D (Issuer Not
                                     Cooperating)

   Cash Credit           7           CRISIL D (Issuer Not
                                     Cooperating)

   Rupee Term Loan      33           CRISIL D (Issuer Not
                                     Cooperating)

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

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

Detailed Rationale

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

Incorporated in 2007, DPEPL undertakes engineering and designing of
turnkey projects for distilleries, and ethanol- and alcohol-based
chemical plants. The company is managed by Mr. Sunil Kansara.


EASTERN AUTOMOTIVE: CARE Keeps C Debt Rating in Not Cooperating
---------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Eastern
Automotive (EA) continues to remain in the 'Issuer Not Cooperating'
category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       8.00       CARE C; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category  

Rationale and key rating drivers

CARE Ratings Ltd. had, vide its press release dated May 11, 2023,
placed the rating(s) of EA under the 'issuer non-cooperating'
category as EA had failed to provide information for monitoring of
the rating and had not paid the surveillance fees for the rating
exercise as agreed to in its Rating Agreement. EA continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
March 26, 2024, April 5, 2024, April 15, 2024.

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

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

Eastern Automotive was established in March 2007. The objective of
the entity is to manufacture different types of automobile
components like beam, MS channel, MS sheet, axle, rim, suspension,
rim, hydraulic cylinder, fasteners etc. The manufacturing unit of
the entity is located at NH-33, Beliguma, Mango, Dist: East
Singhbhum, Jamshedpur-831018 with an installed capacity of 500
complete trailers per annum of various automobile components. The
entity is also involved in trading of automobile components. Mr.
Sanjay Dubey (Proprietor), who has 20 years of experience in the
similar line of business, looks after the day to day operation of
the entity. The entity is further supported by a team of
experienced professionals.


ELEGANCE FOOD: CARE Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Elegance
Food Processing and Impex Private Limited (EFPIPL) continues to
remain in the 'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       11.48      CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

   Short Term Bank       0.25      CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Rationale and key rating drivers

CARE Ratings Ltd. had, vide its press release dated May 2, 2023,
placed the rating(s) of EFPIPL under the 'issuer non-cooperating'
category as EFPIPL had failed to provide information for monitoring
of the rating and had not paid the surveillance fees for the rating
exercise as agreed to in its Rating Agreement. EFPIPL continues to
be non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
March 17, 2024, March 27, 2024, April 6, 2024.

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

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

Morbi (Gujarat) based EFPIPL was established in September 2015 as a
private limited company by five promoters namely Mr. Hasmukhbhai
Patel, Mr. Kishan Vidja, Mr. Jitendra Patel, Mr. Becharbhai Patel,
Mr. Bharatbhai Raiyani and Mr. Anil Patel for processing and
manufacturing of agro commodities. EFPIPL has set up a plant for
processing of groundnut seeds and manufacturing of mainda and other
flour with an installed capacity of 7420 MTPA and 12600 MTPA
(Metric Tonnes Per Annum) respectively as on March 31, 2019.
Commercial operations commenced from September 2017 for groundnut
processing and for Flour from April 2018.


GAURAV EXPORTRADES: CRISIL Keeps D Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Gaurav
Exportrades Private Limited (GEPL) continue to be 'CRISIL D/CRISIL
D Issuer Not Cooperating'.

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

   Foreign Letter         2          CRISIL D (Issuer Not
   of Credit                         Cooperating)

   Packing Credit        15          CRISIL D (Issuer Not
                                     Cooperating)

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

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

Detailed Rationale

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

GEPL was set up by Mr Mahesh Kumar Gupta in 1991.The company
manufactures and exports knitted garments, and has a facility at
Tirupur, Tamil Nadu.


GLOBAL ENERGY: CARE Keeps D Debt Rating in Not Cooperating
----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Global
Energy Private Limited (GEPL) continues to remain in the 'Issuer
Not Cooperating' category.

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

Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated May 22, 2023,
placed the rating(s) of GEPL under the 'issuer non-cooperating'
category as GEPL had failed to provide information for monitoring
of the rating and had not paid the surveillance fees for the rating
exercise as agreed to in its Rating Agreement. GEPL continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
April 6, 2024, April 16, 2024, April 26, 2024.

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

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

Global Energy Private Limited, an ISO 9001:2008 certified energy
company, was incorporated in 1994 to carry on the business of power
trading in India.


GOVIND RUBBER: CRISIL Keeps D Debt Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Govind Rubber
Limited (GRL) continue to be 'CRISIL D/CRISIL D Issuer Not
Cooperating'.

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

   Short Term Rating      -          CRISIL D (ISSUER NOT
                                     COOPERATING)

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

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

Detailed Rationale

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

GRL, incorporated in 1985, is engaged in manufacturing of tyres and
tubes. The company's business operations are overseen by Mr. Vinod
Poddar. GRL has its manufacturing facilities located at Ludhiana,
Punjab.


HERO FINCORP: S&P Affirms 'BB+/B' ICRs, Outlook Stable
------------------------------------------------------
S&P Global Ratings affirmed its 'BB+' long-term and 'B' short-term
issuer credit ratings on India-based Hero FinCorp Ltd. The outlook
on the long-term rating is stable.

S&P said, "We believe that Hero FinCorp's proposed IPO, if
successful, would provide the growth capital it needs. This is
particularly because strong credit growth and increased risk
weights on unsecured retail loans have led the company's regulatory
capital to risk weighted asset ratio to decline to 16.3% as of
March 31, 2024, from 20.6% a year earlier.

"We expect loan growth of 23%-25% for Hero FinCorp over the next
two fiscal years (ending March 2026), primarily driven by strong
growth momentum in the retail and small and midsized enterprise
lending segments."

The fresh capital raised from the IPO and conversion of the INR20
billion compulsorily convertible preference shares (CCPS) could
sustainably increase Hero FinCorp's risk-adjusted capital (RAC)
ratio above 10%, S&P's threshold for assessing capital and earnings
as strong. This could raise our assessment of the company's
stand-alone credit profile (SACP) to 'bb-' from 'b+'.

S&P said, "In our opinion, finance companies in India that are part
of larger, well-known corporate groups will benefit from better or
preferential access to funds. The market continues to factor in
support from Hero MotoCorp into the pricing of Hero FinCorp's debt.
The ongoing support gives Hero FinCorp a structurally better
funding profile than its similar-sized peers.

"In our view, if linkages between Hero FinCorp and Hero MotoCorp
diminish, such that our expectation of group support reduces, our
assessment of the company's funding profile and the SACP would be
negatively affected.

"We believe Hero FinCorp is a strategically important part of Hero
MotoCorp's strategy of improving financing penetration for
two-wheeler sales, particularly in tier-two and tier-three markets.
We expect Hero MotoCorp to maintain majority ownership and control
over Hero FinCorp over the next two years, despite potential
dilution in its share ownership from the IPO."

Hero FinCorp financed about 18% of Hero MotoCorp's total
two-wheeler sales in fiscal 2024, and about 40% of Hero FinCorp's
portfolio has linkages to the broader group's ecosystem.

The stable outlook reflects S&P's view that Hero FinCorp is likely
to remain strategically important to, and receive extraordinary
support in a stress scenario, from the Hero MotoCorp group over the
next 12-18 months.

S&P could lower the ratings on Hero FinCorp if the company's
linkages with the wider group diminish or if the group credit
profile weakens.

S&P's assessment of the group credit profile could weaken if the
group experiences a significant loss of market share in the
two-wheeler segment or a significant decline in earnings because of
economic headwinds.

The linkages could be set back by a continued decline in Hero
FinCorp's proportion of the group's two-wheeler financing or by a
further material reduction of the group's shareholding in the
company beyond that resulting from the current IPO plan.

If the linkages with the wider group diminish, Hero FinCorp could
face a multi-notch downgrade. This would occur due to the declining
extraordinary group support uplift, as well as a potential decline
in ongoing support. Such a decline could eliminate the advantage
that gives Hero FinCorp a structurally better funding profile than
its peers of similar size that lack a strong parent.

S&P believes an upgrade of Hero FinCorp is unlikely over the next
12 months.

S&P could revise upward its assessment of the SACP if Hero
FinCorp's RAC ratio improves and stays above 10%. This could happen
if the company's IPO plan materializes and the conversion of its
CCPS into common equity takes place.


JADWET RESORTS: CRISIL Keeps B Debt Rating in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Jadwet Resorts
and Leisure Private Limited (JRLPL) continues to be 'CRISIL
B/Stable Issuer Not Cooperating'.

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

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

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

Detailed Rationale

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

Incorporated in fiscal 2014, JRLPL is based in Port Blair (Union
Territory of Andaman & Nicobar Islands) and is promoted by Mr.
Mohamed Jadwet and Mr. Zakir Jadwet.

The company is undertaking a project for setting up a high-end spa
resort on 9200 square metres on Vijay Nagar Beach in Havelock
(Andaman and Nicobar Islands). The project plan includes a 30-room
resort, one all-year restaurant, bar and lounge, indoor
meeting/conference space, and spa and scuba centre. The project
outlay is around INR20 crore. The operations are expected to start
from September 2018.


JRB STRIPS: CRISIL Keeps B Debt Rating in Not Cooperating
---------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of JRB Strips
Private Limited (JRB) continues to be 'CRISIL B/Stable Issuer Not
Cooperating'.

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

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

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

Detailed Rationale

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

Incorporated in 1999, Ludhiana-based JRB manufactures electric
resistance welding pipes. Mr Surender Kumar and his family members
are the promoters.


MANGALA ELECTRICALS: CARE Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Mangala
Electricals (ME) continue to remain in the 'Issuer Not Cooperating'
category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       3.34       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

   Short Term Bank      5.23       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Rationale and key rating drivers

CARE Ratings Ltd. had, vide its press release dated May 29, 2023,
placed the rating(s) of ME under the 'issuer non-cooperating'
category as ME had failed to provide information for monitoring of
the rating and had not paid the surveillance fees for the rating
exercise as agreed to in its Rating Agreement. ME continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
April 13, 2024, April 23, 2024, May 3, 2024.

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

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

Mangalore based, Mangala Electricals (ME) was established in the
year 1980 as proprietor firm promoted by Mr. Gajanthodi Bhaskar
Bhat. ME is engaged in the work of electrical infrastructure for
supply, erection, and installation of sub-station transmission
network, maintenances and distribution substations on turnkey basis
with single and double circuit lines, based on the requirement of
customers. The firm has installed various types of transformers
with capacity up to 11KV to 400KV. ME procures work orders through
government majorly from MESCOM (Mangalore Electricity Supply
Company Limited), KPTCL (Karnataka Power Transmission Corporation),
UPCL (Udupi), Chaitanya Home Industries and Shree Polali Temple.
The firm has current order book of INR7.35 crore to be completed by
August 2019.


PALAMOOR PAPER: CRISIL Keeps D Debt Ratings in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Palamoor
Paper Products Limited (PPPL) continue to be 'CRISIL D Issuer Not
Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Long Term Loan         11         CRISIL D (Issuer Not
                                     Cooperating)

   Proposed Cash           4         CRISIL D (Issuer Not
   Credit Limit                      Cooperating)

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

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

Detailed Rationale

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

PPPL, incorporated in January, 2012, is setting up a facility for
manufacturing kraft paper. Based out of Hyderabad (Telangana), PPPL
is promoted by Mr Rajendra Prasad Uppalapati, Mr Chandra Shekhar,
Ms Prasanna Maipalli, and others.


R. R. DEVELOPERS: CRISIL Keeps B+ Debt Ratings in Not Cooperating
-----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of R. R.
Developers (RRD) continue to be 'CRISIL B+/Stable Issuer Not
Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Drop Line              8.3        CRISIL B+/Stable (Issuer Not
   Overdraft                         Cooperating)
   Facility     
                                     
   Drop Line              1.7        CRISIL B+/Stable (Issuer Not
   Overdraft                         Cooperating)
   Facility     

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

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

Detailed Rationale

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

Set up in 2002 and promoted by the Lucknow-based Agarwal family,
RRD is part of the RR group. The firm operates a budget hotel in
Lucknow. RRD follows a franchise model and operates under the Best
Western Plus Levana brand.


RAM DEV: CRISIL Keeps D Debt Ratings in Not Cooperating Category
----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Ram Dev
International Limited (RDIL) continue to be 'CRISIL D/CRISIL D
Issuer Not Cooperating'.

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

   Short Term Rating      -          CRISIL D (ISSUER NOT
                                     COOPERATING)

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

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

Detailed Rationale

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

RDIL was set up in 1999 by Mr. Naresh Singla and Mr. Suresh Singla.
The company mills and processes basmati rice, which it sells in
India and abroad. It has processing plants in Daha and Hemda, near
Karnal, Haryana.


RELIANCE CAPITAL: NCLT Gives Hinduja Extension to Complete CIRP
---------------------------------------------------------------
CNBC-TV18 reports that the National Company Law Tribunal (NCLT) has
granted the Hinduja Group an extended time until August 10 to
complete the Corporate Insolvency Resolution Process. The tribunal
has directed the Hinduja Group to deposit the equity component of
the bid in an escrow account by July 31.

CNBC-TV18 relates that NCLT stated that the Hindujas do not have to
pay interest on the delayed payments due to an extension of the
timeline. NCLT also said cash recovered from Reliance Capital
during the corporate insolvency period belongs to the Committee of
Creditors.

The banking sources have told CNBC-TV18 that the lenders had asked
Hinduja to deposit INR2,750 crore equity in an escrow account. This
amount is the equity portion of the offer made by Hinduja Group's
IndusInd International Holdings Limited for Reliance Capital. The
rest of the amount is proposed to be raised as debt by IIHL to
repay lenders. The lenders wanted Hindujas to pay 12% interest on
the bid amount for the period of delay, however, the NCLT has ruled
otherwise.

IIHL had bid INR9,650 crore to acquire Reliance Capital under IBC.
Lenders had approved the INR9,650 crores takeover bid for Reliance
Capital under the IBC with 99.6% majority in June 2023. The
National Company Law Tribunal subsequently approved the resolution
plan in February 2024.

                       About Reliance Capital

Headquartered in Mumbai, India, Reliance Capital Limited --
https://www.reliancecapital.co.in/ -- a non-banking financial
company, primarily engages in lending and investing activities in
India, Singapore, and Mauritius. The company operates through
Finance & Investment, General Insurance, Life Insurance, Commercial
Finance, Home Finance, and Others segments. It offers life, health,
and general insurance products; brokerage and distribution
services, including stock broking, wealth management, and third
party distribution; and commercial and home finance services, such
SME, retail, microfinance, renewable, affordable housing, and home
loans, as well as loans against property and construction finance.
The company also provides asset reconstruction, institutional
broking, and proprietary investments services, as well as other
financial and allied services. The company was formerly known as
Reliance Capital & Finance Trust Limited and changed its name to
Reliance Capital Limited in January 1995.

On Nov. 29, 2021, the Reserve Bank of India superseded Reliance
Capital's board following payment defaults and governance issues,
and appointed Nageswara Rao Y as the administrator for the
bankruptcy process, Financial Express said. The regulator also
filed an application for initiation of Corporate Insolvency
Resolution Process (CIRP) against the company before the National
Company Law Tribunal's (NCLT) Mumbai bench.

In an order dated Dec. 6, 2021 of the National Company Law
Tribunal, Mumbai (NCLT), corporate insolvency resolution process
has been initiated against Reliance Capital as per the provisions
of the Insolvency and Bankruptcy Code (IBC), 2016.

In February 2022, RBI appointed administrator invited EoIs for sale
of Reliance Capital assets and subsidiaries.

Reliance Capital had a debt of over INR40,000 crore, and four
applicants had initially bid with resolution plans. However, the
committee of creditors rejected all four plans for lower bid
values, and a challenge mechanism was initiated in which IIHL and
Torrent Investments participated, The Economic Times said.


RUDRA ENTERPRISES: CRISIL Keeps D Debt Rating in Not Cooperating
----------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Rudra
Enterprises (RER) continues to be 'CRISIL D Issuer Not
Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit            6.5        CRISIL D (Issuer Not
                                     Cooperating)

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

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

Detailed Rationale

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

Set up in 2000 as partnership firm, RER trades in home appliances
of the LG brand and in lubricant products for Castrol India Ltd.
Rudra Enterprises, based in Ranchi, is promoted by Mr. Varun Pratap
Singh, Mr. Rudra Pratap Singh, Mr. Abhay Pratap Singh, and Mr. Sheo
Prasad Singh, who have over a decade's experience in the industry.


RYATAR SAHAKARI: CRISIL Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Ryatar
Sahakari Sakkare Karkhane Niyamit (RSSKN) continue to be 'CRISIL D
Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit-Stock      20         CRISIL D (Issuer Not
                                     Cooperating)

   Long Term Bank         26         CRISIL D (Issuer Not
   Facility                          Cooperating)

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

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

Detailed Rationale

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

RSSKN, set up in 1999, is a co-operative society manufacturing
sugar. The society is based in Bagalkot (Karnataka). Its operations
are managed by Chairman Mr. R S Talewad who has more than three
decades' experience in the industry.


RYTHU DAIRY: CRISIL Keeps B+ Debt Ratings in Not Cooperating
------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Rythu Dairy
Products Private Limited (Rythu) continue to be 'CRISIL B+/Stable
Issuer Not Cooperating'.

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

   Long Term Loan         4.2        CRISIL B+/Stable (Issuer Not
                                     Cooperating)

   Proposed Long Term  
   Bank Loan Facility     2.8        CRISIL B+/Stable (Issuer Not
                                     Cooperating)

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

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

Detailed Rationale

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

Established in 2010 and based in Lakkavaram, West Godavari, Rythu
processes milk and milk products. The company is promoted by Mr.
Vijaya Kumar Mandava (Managing Director), Ms. Mandava Danalakshmi.
Ms. Mandava Pavani and Mr. Shanmukha Rao.


SA CASHEWS: CRISIL Keeps B Debt Rating in Not Cooperating
---------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of SA Cashews
(SAC) continues to be 'CRISIL B/Stable Issuer Not Cooperating'.

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

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

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

Detailed Rationale

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

Established in 2009 by Mr. S Sabbir, the present promoter, SAC is a
proprietorship firm engaged in processing of cashew nuts and sale
of cashew kernels.


SAANVI ASSOCIATES: CARE Keeps D Debt Rating in Not Cooperating
--------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Saanvi
Associates (SA) continues to remain in the 'Issuer Not Cooperating'
category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       8.04       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Rationale and key rating drivers

CARE Ratings Ltd. had, vide its press release dated May 29, 2023,
placed the rating(s) of SA under the 'issuer non-cooperating'
category as SA had failed to provide information for monitoring of
the rating and had not paid the surveillance fees for the rating
exercise as agreed to in its Rating Agreement. SA continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
April 13, 2024, April 23, 2024, May 3, 2024.

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

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

Saanvi Associates is a partnership firm established in the year
2016. The partners of the firm are Mr. Mallikarjunappa and his
brothers, Mr. B. Nageshappa and Mr. B. Umashankar. The firm
purchased an existing hotel named Green View Boutique as on 20
October 2016 for a consideration of Rs. 11 crore funded by INR10
crore of term loan and INR1 crore of partner's capital. The hotel
is a 4 storied building located near Shimoga city railway station.
Also, the firm has a long-term contract of 9 years with Clarks Inn
for maintaining the operations. The hotel offers South Indian and
North Indian vegetarian food. It has 30 rooms under different
categories namely superior rooms, executive suite and master suite.
It also has 1 Board room, 1 conference hall and 1 banquet hall. The
firm also undertakes outdoor catering of food.


SONAL FABRICATORS: CARE Keeps C Debt Rating in Not Cooperating
--------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Sonal
Fabricators Private Limited (SFPL) continue to remain in the
'Issuer Not Cooperating' category.

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

   Short Term Bank      2.52       CARE A4; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category
  
Rationale and key rating drivers

CARE Ratings Ltd. had, vide its press release dated May 23, 2023,
placed the rating(s) of SFPL under the 'issuer non-cooperating'
category as SFPL had failed to provide information for monitoring
of the rating and had not paid the surveillance fees for the rating
exercise as agreed to in its Rating Agreement. SFPL continues to be
noncooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
April 7, 2024, April 17, 2024, April 27, 2024.

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

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

Sonal Fabricators Private Limited (SFPL), an ISO 9001:2008
certified company, was incorporated in July, 1996 as a private
limited company and is currently being managed by Mr. Vikas Arya
and Mr Rohit Arya. SFP is engaged in manufacturing of
pressure vessels like Liquefied Petroleum Gas (LPG) gas tankers at
its manufacturing facility located in Rohtak, Haryana.


UI FABRICATORS: CARE Keeps D Debt Rating in Not Cooperating
-----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of UI
Fabricators Private Limited (UFPL) continues to remain in the
'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      12.00       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Rationale and key rating drivers

CARE Ratings Ltd. had, vide its press release dated May 16, 2023,
placed the rating(s) of UFPL under the 'issuer non-cooperating'
category as UFPL had failed to provide information for monitoring
of the rating and had not paid the surveillance fees for the rating
exercise as agreed to in its Rating Agreement. UFPL continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
March 31, 2024, April 10, 2024, April 20, 2024.

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

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

Incorporated in the July 2016, UI Fabricators Private Limited
(UIFPL) is engaged into business of manufacturing of LPG cylinders
(domestic as well as industrial cylinder). The company has
undertaken to manufacture LPG cylinders in September 2016 at its
plant located at Sitarganj district, Uttarakhand. The key raw
material i.e., steel is sourced from local suppliers (namely from
Tata Steel Limited) and orders are procured through tender-bidding
process (namely from Indian Oil, Hindustan Petroleum and Bharat
Petroleum).

VARDEEP PETRO: CARE Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Vardeep
Petro Chemical Pvt Ltd (VPCPL) continue to remain in the 'Issuer
Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       8.11       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

   Short Term Bank     14.17       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Rationale and key rating drivers

CARE Ratings Ltd. had, vide its press release dated May 19, 2023,
placed the rating(s) of VPCPL under the 'issuer non-cooperating'
category as VPCPL had failed to provide information for monitoring
of the rating and had not paid the surveillance fees for the rating
exercise as agreed to in its Rating Agreement. VPCPL continues to
be non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
April 3, 2024, April 13, 2024, April 23, 2024.

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

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

Vardeep Petro Chemical Pvt Ltd (VPCPL) was incorporated on July 23,
2003 in the name of Vardeep Trade Links Private Limited by Mr.
Deepu Babu Abraham who has a long-standing experience in trading of
bitumen and bitumen emulsion. On September 25, 2015 Vardeep Trade
Links Private Limited changed its name to VPCPL. The company is now
managed by Mr. Deepu Babu Abraham and Mrs. Shaly Deepu Abraham.
VPCPL trades bitumen in bulk and in barrels, with most of the sales
are concentrated in barrels using 43 outlets spanning across Tamil
Nadu, Karnataka, Assam and Orissa.




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

UNIVERSAL ENTERTAINMENT: S&P Rates USD Unsec. Notes Due 2029 'CCC+'
-------------------------------------------------------------------
S&P Global Ratings has assigned its 'CCC+' long-term issue credit
rating to Universal Entertainment Corp. (UE)'s U.S.
dollar-denominated unsecured notes due in 2029. S&P also placed the
ratings on CreditWatch with positive implications.

The notes are guaranteed by Tiger Resort Asia Ltd., a foreign
subsidiary that owns the operator of UE's core Philippine casino
resort business. UE (CCC+/Watch Pos/--) is a Japan-based gaming
machine and casino company.

The notes will be used to partially refinance $760 million
(approximately JYP120 billion) of existing U.S. dollar debt
maturing in December 2024.

S&P Said, "If refinancing of all existing debt with long-term funds
is completed as planned, we expect a significant improvement in the
liquidity assessment that has constrained our credit rating on the
company. This is because the amount of debt due before 2029 will be
only between JYP2 billion and JYP8 billion per year. We expect
EBITDA to remain firm at JYP40 billion-JYP50 billion for the next
one to two years, supported by a full recovery from the COVID-19
pandemic in the company's domestic pachinko and pachislot (gaming)
machine business and its Philippine casino resort business. As a
result, we expect UE's debt-to-EBITDA ratio, before considering its
cash on hand, to be slightly below 4x over the next one to two
years. It was 3.7x in fiscal 2023 (ended Dec. 31, 2023).

"Upon completion of the refinancing of all the existing bonds with
long-term funds, we will review our long-term issuer credit rating
on UE and resolve the CreditWatch placement. Specifically, we will
examine the company's cash flow, finances, governance, and capital
structure among other factors. At the same time, we will resolve
the CreditWatch placement of the issue rating on the notes after
examining the degree of subordination of the bonds to bank loans."




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

REACH ENERGY: Appoints Crowe Malaysia as Auditors
-------------------------------------------------
The Board of Directors of Reach Energy Berhad announced on July 23,
2024, that Crowe Malaysia PLT, having given their consent to act as
external auditors of the Company for the financial year ending Dec.
31 2024, be appointed as external auditors of the Company and shall
hold office until the conclusion of the next Annual General Meeting
of the Company.

PricewaterhouseCoopers PLT resigned as the Company's auditors on
June 4, 2024.

Headquartered in Kuala Lumpur, Malaysia, Reach Energy Berhad, an
investment holding company, engages in the exploration,
development, production, and sale of crude oil and other petroleum
products in the Republic of Kazakhstan, Malaysia, and
internationally. The company holds a 100% working interest in the
Emir-Oil concession block covering an area of approximately 850.3
square kilometers located in the Mangystau Oblast in the
southwestern region of the Republic of Kazakhstan. It also exports.


On April 3, 2024, Reach Energy Bhd fell into the Practice Note
(PN17) category.

The company has triggered Paragraph 2.1(e) of PN17 of the Bursa
Malaysia Securities Bhd in respect of the company's unaudited
financial statements for the financial year ended Dec. 31, 2022
(FY2022).

Additionally, the company's shareholders' equity on a consolidated
basis is 50% or less of its share capital as announced on Feb. 28,
2023.




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

CENTRAL BULK: Creditors' Proofs of Debt Due on Aug. 15
------------------------------------------------------
Creditors of Central Bulk Transport Limited are required to file
their proofs of debt by Aug. 15, 2024, to be included in the
company's dividend distribution.

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

The company's liquidator is:

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


IZODOM HOMES: Creditors' Proofs of Debt Due on Aug. 14
------------------------------------------------------
Creditors of Izodom Homes Limited are required to file their proofs
of debt by Aug. 14, 2024, to be included in the company's dividend
distribution.

The company commenced wind-up proceedings on July 17, 2024.

The company's liquidator is:
          
          John Marshall Scutter
          Fervor Limited
          Level 1, 17–19 Seaview Road
          Paraparaumu Beach


LAYBUY: Laid Off Workers May Not Get Paid in Receivership
---------------------------------------------------------
Juha Saarinen of interest.co.nz reports that employees of failed
BNPL lender Laybuy may miss out on money owed and holiday pay,
despite being preferential creditors.

This is due to the way employees were classified in the group of
companies that comprised the Laybuy concern, a source who spoke to
interest.co.nz on condition of anonymity said.

Furthermore, it appears Laybuy was unable to pay the Southern Cross
health insurance premiums for staff in April, two months before the
company was wound up, interest.co.nz cites.  This led to some staff
who had availed themselves of care under the employment benefit
being billed later on by Southern Cross in arrears, the source
said.

According to interest.co.nz, a spokesperson for Deloitte said the
receivers for Laybuy, David Webb and Rob Campbell, are aware of the
issues.  The receivers are currently working through the issues
with Laybuy employees, the spokesperson said.

Laybuy founder Gary Rohloff would not be drawn on whether staff
could end up unpaid, or the issue of Southern Cross health
insurance premiums going unpaid.

"The affairs of Laybuy are now in the hands of the receiver and I
am providing any support they (the receivers) request from me,"
Rohloff told interest.co.nz.

Following a failed attempt to sell Laybuy earlier this year,
understood to be to online Swedish finance company Klarna, the New
Zealand BNPL lender went into receivership on June 17,
interest.co.nz points out.

Laybuy Group Holdings Ltd, Laybuy Holdings Ltd and Laybuy Australia
are in receivership, with the latter entity's liquidation being
managed by receivers at Deloitte Australia.

Rohloff said in June that he was "absolutely heartbroken" by Laybuy
going into receivership, and that he would do everything he can to
support the BNPL lender's team as the company is being liquidated,
interest.co.nz cites.  Laybuy had around 70 employees when it
failed, but it is not clear which unit of the group of companies
had contracted them.

As of June 2024, Laybuy counted over 10,500 merchants and around
half a million users, interest.co.nz relays.  The BNPL lender, set
up in 2017 by Rohloff, had a $30 million Kiwibank loan facility
that matured in June, and $38.1 million from Britain's Partners for
Growth (Pfg).  How much of this will be repaid remains to be seen,
the news source points out.

The first official report from the receivers on Laybuy is expected
to be released mid-August, the Deloitte spokesperson said.

                        About Laybuy

Based in Auckland, New Zealand, Laybuy Group Holdings Limited
provides consumer financing services in New Zealand, Australia, and
the United Kingdom.  It offers a line of credit products to
customers in buy now, pay later model through an integrated payment
platform.

Gary Rohloff founded Laybuy in 2016.  On June 17, 2024, Laybuy
Group Holdings Ltd, Laybuy Holdings Ltd and Laybuy Australia were
placed in receivership.   Deloitte Australia has been named as
receivers for the companies.


NIWOTTINI LIMITED: Court to Hear Wind-Up Petition on July 30
------------------------------------------------------------
A petition to wind up the operations of Niwottini Limited will be
heard before the High Court at Wellington on July 30, 2024, at
10:00 a.m.

TotalEnergies Akashic Spe. NZ Limited filed the petition against
the company on May 21, 2024.

The Petitioner's solicitor is:

          Turner Hopkins
          Building A
          Level 1
          Farming House
          211 Market Street South
          Hastings 4122


O. K. LANDSCAPING: Court to Hear Wind-Up Petition on July 26
------------------------------------------------------------
A petition to wind up the operations of O. K. Landscaping Limited
will be heard before the High Court at Auckland on July 26, 2024,
at 10:45 a.m.

Mary Anne Power filed the petition against the company on May 23,
2024.

The Petitioner's solicitor is:

          Andrew Swan
          Level 3, 175 Queen Street
          Auckland


URBAN HOMES: Creditors' Proofs of Debt Due on Aug. 12
-----------------------------------------------------
Creditors of Urban Homes Limited, Construct Auckland Limited and
Construct Wellington Limited are required to file their proofs of
debt by Aug. 12, 2024, to be included in the company's dividend
distribution.

Urban Homes Limited commenced wind-up proceedings on July 10,
2024.
Construct Auckland Limited and Construct Wellington Limited
commenced wind-up proceedings on July 17, 2024.

The company's liquidator is:

          Heath Gair
          Palliser Insolvency
          PO Box 57124
          Mana
          Porirua 5247




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

ASLAN PHARMACEUTICALS: SG Unit Files for Voluntary Liquidation
--------------------------------------------------------------
ASLAN Pharmaceuticals, a clinical-stage, immunology-focused
biopharmaceutical company developing innovative treatments to
transform the lives of patients, on July 17, 2024, announced that
its Singapore-incorporated, sole operating subsidiary, ASLAN
Pharmaceuticals Pte Ltd, has filed for voluntary liquidation. The
decision follows a comprehensive review by the Board of the Company
of ASLAN SG's financial position and strategic alternatives.
Effective immediately, all employees of ASLAN SG and fellow
subsidiary ASLAN Pharmaceuticals (USA) Inc. have been terminated.

By a resolution in writing passed by the directors of ASLAN SG on
July 17, 2024, it was resolved that ASLAN SG cannot by reason of
its liabilities continue its business, and Mr. Luke Anthony Furler
and Mr. Tan Kim Han of Quantuma (Singapore) Pte Limited were
appointed as joint and several provisional liquidators of ASLAN SG.
The Provisional Liquidators will be responsible for the orderly
winding up of ASLAN SG's affairs, including seeking potential
strategic alternatives for its development programs and the
Company's primary assets, eblasakimab and farudodstat, settling
outstanding obligations, and distributing any remaining proceeds,
if any, to creditors and shareholders, including the Company, in
accordance with Singaporean law.

Following the resolution in writing of the directors of ASLAN SG,
the Board of the Company also resolved by a resolution in writing
that the Company cannot by reason of its liabilities continue its
business and that the Company will apply for liquidation under
Cayman law procedures.

As previously disclosed on July 15, 2024, the Company has received
a staff delisting determination from the Nasdaq Stock Market due to
its failure to meet continued listing requirements, and determined
not to request a hearing before the Nasdaq Hearings Panel. As such,
the Company expects its American Depository Shares ("ADSs") will be
suspended from trading in due course with trading moved to the
over-the-counter market.

Headquartered in Singapore, ASLAN Pharmaceuticals Limited, a
clinical-stage immunology focused biopharmaceutical company,
engages in developing various treatments to transform the lives of
patients. The company's clinical portfolio comprises eblasakimab
(ASLAN004), a monoclonal antibody that targets the IL-13 receptor
a1 subunit which is under Phase 2 developed for the treatment of
atopic dermatitis and other immunology indications; and farudodstat
(ASLAN003), an orally active, potent inhibitor of human
dihydroorotate dehydrogenase currently under Phase 2 clinical
trials for the treatment of autoimmune diseases. It has research
collaboration agreement with Zenyaku Kogyo Co., Ltd. for the
development and commercialization of eblasakimab in atopic
dermatitis and all other indications in Japan.




=====================
S O U T H   K O R E A
=====================

HANJIN INTERNATIONAL: Moody's Withdraws 'Ba3' Corp. Family Rating
-----------------------------------------------------------------
Moody's Ratings has withdrawn Hanjin International Corp.'s (HIC)
Ba3 corporate family rating.

Prior to the withdrawal, the rating outlook on HIC was positive.

RATINGS RATIONALE

Moody's has decided to withdraw the rating(s) following a review of
the issuer's request to withdraw its rating(s).

COMPANY PROFILE

Hanjin International Corp., a wholly-owned subsidiary of Korean Air
Lines Co., Ltd. (KAL), owns the Wilshire Grand Center (WGC), a
73-story Class A mixed-use building in Los Angeles in the US. KAL
is a leading airline company in Korea.




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

SRILANKAN AIRLINES: Sale Plans Paused as New Strategy Devised
-------------------------------------------------------------
ch-aviation reports that the Sri Lankan government has confirmed it
will abandon its current process to privatise SriLankan Airlines
(UL, Colombo International), with the Ministry of Finance, Economic
Stabilisation, and National Policies issuing an official note on
July 18 reflecting the change. However, the government still wants
to divest the airline, and ch-aviation has learned it intends to
announce a new strategy to do so next month.

"The Cabinet of Ministers at its meeting of July 9 has decided to
terminate the current bidding process with respect to the divesture
of SriLankan Airlines," the note reads. "Instead, the government of
Sri Lanka will now follow an alternative strategy to be decided on
shortly, to divest the airline based on a framework approved by the
Cabinet of Ministers."

According to ch-aviation, the plan to sell a 51% stake in SriLankan
Airlines had progressed as far as the government accepting
expressions of interest. But in June, ch-aviation reported that
Colombo was cooling on its privatisation plans, preferring instead
to restructure it, after the EOI campaign failed to attract the
interest of quality foreign investors and airlines. Instead, it
primarily garnered responses from smaller local entities with
limited or no aviation industry experience.

However, a Sri Lankan government source close to the matter told
ch-aviation the government still intends to sell the SriLankan
stake, albeit by taking a different approach. "We hope to make
another announcement around the first week of August," the source
said.

According to a July 21, 2024, Sunday Times report, there was
interest in SriLankan Airlines from India-based entities but no
real appetite to participate in the previous privatisation process,
ch-aviation relays. Another government source told that outlet that
those entities may now resume talks. "We need to take this asset
off the Treasury," the source said. "The future efforts will be for
that." The source also said once a buyer was found, the government
may move to list the airline on the Colombo Stock Exchange.

                      About SriLankan Airlines

SriLankan Airlines is the flag carrier of Sri Lanka and a member of
the Oneworld airline alliance. It is currently the largest airline
in Sri Lanka by number of aircraft and destinations and was
launched in 1979 as Air Lanka following the termination of
operations of the original Sri Lankan flag carrier Air Ceylon.

As reported in the Troubled Company Reporter-Asia Pacific on July
23, 2024, Fitch Ratings has affirmed the rating on SriLankan
Airlines Limited's (SLA) USD175 million government guaranteed 7%
unsecured bonds due June 25, 2024 at 'C', and withdrawn the rating.
The rating on the bonds was driven by the unconditional and
irrevocable guarantee of the government of Sri Lanka (Long-Term
Foreign-Currency Issuer Default Rating (IDR): RD).

Fitch has chosen to withdraw the rating for commercial reasons.
Therefore, Fitch will no longer provide ratings or analytical
coverage for SriLankan Airlines.



                           *********


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.



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