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

                     A S I A   P A C I F I C

          Monday, July 29, 2024, Vol. 27, No. 151

                           Headlines



A U S T R A L I A

ALLCAP GROUP: First Creditors' Meeting Set for Aug. 1
CASTLEMAINE STATE: Emerges From Voluntary Administration
COLLECT LAUNDRY: First Creditors' Meeting Set for Aug. 1
CSR LABOUR: First Creditors' Meeting Set for Aug. 1
JBMC GROUP: First Creditors' Meeting Set for Aug. 2

MKS FORESTRY: First Creditors' Meeting Set for Aug. 1
NOA BRIDAL: North Perth Wedding Store Goes Into Liquidation
PPS QLD: Collapses Into Liquidation; Owes AUD4.5 Million


C H I N A

JIANGSU DELONG: China Court Weighs Restructure Bid From Creditor


H O N G   K O N G

VALUE EXCHANGE: Grassi & Co. CPAs Raises Going Concern Doubt
VALUE EXCHANGE: Posts $374,430 Net Income in Q1 2024


I N D I A

A. P. FASHIONS: CARE Keeps D Debt Ratings in Not Cooperating
ALCHEMIST INFRA: Singapore Firm Gets NCLT Nod to Buy Company
ALMIGHTY ADVERTISING : Insolvency Resolution Process Case Summary
ALOKA EXPORTS: CRISIL Lowers Rating on INR3.47cr Loan to B-
AMBERTEX SEKHSARIA: CRISIL Hikes Rating on INR1.55cr Loan to B+

B S BUILDTECH: CARE Keeps B- Debt Rating in Not Cooperating
BALAJEE INGOT: Insolvency Resolution Process Case Summary
BLS INSTITUTE: CARE Keeps B- Debt Rating in Not Cooperating
BYJU'S: Appeal Before HC for Stay on Insolvency Proceedings
CEMA ELECTRIC: Insolvency Resolution Process Case Summary

COCHIN BRIDGE: ICRA Keeps D Debt Rating in Not Cooperating
DE'S TECHNICO: CRISIL Withdraws B+ Rating on INR2cr Cash Loan
DIASQUA INDIA: CRISIL Lowers Rating on INR16cr New Loan to B+
DUNZO DIGITAL: Invoice Discounters Files Insolvency Case
ECA ENGINEERING: Insolvency Resolution Process Case Summary

GOLDEN IMPORTERS: CRISIL Hikes Rating on INR6cr Cash Loan to B+
GREENTREE FRESH: CRISIL Assigns B- Rating to INR24cr Term Loan
HIMSHILA FERRO: CARE Keeps D Debt Rating in Not Cooperating
HONEST DERIVATIVES : Insolvency Resolution Process Case Summary
IREO PRIVATE: ICRA Keeps D Debt Ratings in Not Cooperating

JAI DURGA: ICRA Keeps B+ Debt Ratings in Not Cooperating Category
JAYOTI VIDYAPEETH: CARE Lowers Rating on INR19.17cr LT Loan to B
JOYOUS BLOCKS: CRISIL Reaffirms B+ Rating on INR6.1cr Cash Loan
LAKSHMI COTFAB: CARE Keeps D Debt Rating in Not Cooperating
LEADING BIRD: Voluntary Liquidation Process Case Summary

LEGEND ARTISTS: Liquidation Process Case Summary
LUCKY EXPORTS: ICRA Keeps D Debt Ratings in Not Cooperating
MANMAN MANUFACTURING: CRISIL Reaffirms B+ Rating on INR6cr Loan
MOHAN COLD: CARE B- Debt Rating in Not Cooperating Category
NAGARJUNA WAREHOUSING: ICRA Keeps B Ratings in Not Cooperating

NAYATI HEALTHCARE: Insolvency Resolution Process Case Summary
ORCHID HOUSINGINFRA: Insolvency Resolution Process Case Summary
PARVATI SOLVENT: ICRA Keeps D Debt Ratings in Not Cooperating
PLEX SYSTEMS: Voluntary Liquidation Process Case Summary
PMS-COM-PRO (INDIA): Insolvency Resolution Process Case Summary

POLYPLASTICS AUTOMOTIVE: ICRA Keeps D Ratings in Not Cooperating
POWERDEAL ENERGY: Insolvency Resolution Process Case Summary
SANKET ENTERPRISE: CARE Keeps B- Debt Rating in Not Cooperating
SHAHLON SILK: CRISIL Lowers LT/ST Rating on Bank Debts to D
SIMBHAOLI SUGARS: Insolvency Resolution Process Case Summary

SRINIVASA ENTERPRISES: ICRA Keeps B+ Ratings in Not Cooperating
SRINIVASAN CHARITABLE: ICRA Keeps D Rating in Not Cooperating
SRINIVASAN HEALTH: ICRA Keeps D Debt Rating in Not Cooperating
SWASTISH ENTERPRISES: Insolvency Resolution Process Case Summary
TETRADRIP PHARMA: CARE Keeps D Debt Rating in Not Cooperating



J A P A N

UNIVERSAL ENTERTAINMENT: Fitch Gives B-(EXP) on 2029 USD Notes


M A L A Y S I A

SINO GREEN: Appoints Audit Alliance as New Auditor


N E W   Z E A L A N D

2L LIMITED: Court to Hear Wind-Up Petition on Aug. 9
HARDIECRAFT BUILDING: Creditors' Proofs of Debt Due on Aug. 30
RPM FABRICATION: Creditors' Proofs of Debt Due on Sept. 18
SIMIAN PROPERTY: Court to Hear Wind-Up Petition on Sept. 10
STEELHEART COMPANY: Creditors' Proofs of Debt Due on Aug. 2



S I N G A P O R E

E-HARBOUR MARINE: Court Enters Wind-Up Order
EXCELLENCE HEALTHCARE: Creditors' Proofs of Debt Due on Aug. 26
HFG TECHNOLOGIES: Court Enters Wind-Up Order
LONG JEE: Creditors' Proofs of Debt Due on Aug. 26
PANTHER II: Creditors' Proofs of Debt Due on Aug. 26



S O U T H   K O R E A

QOO10: TMON Initiates Belated Refunds as Insolvency Woes Linger
SK INNOVATION: S&P Places 'BB+' LongTerm ICR on Watch Positive

                           - - - - -


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

ALLCAP GROUP: First Creditors' Meeting Set for Aug. 1
-----------------------------------------------------
A first meeting of the creditors in the proceedings of Allcap Group
Pty Ltd will be held on Aug. 1, 2024 at 10:00 a.m. via virtual
meeting only.

Vincent Pirina & Ian Niccol of Aston Chace Group were appointed as
administrators of the company on July 22, 2024.


CASTLEMAINE STATE: Emerges From Voluntary Administration
--------------------------------------------------------
Tarrangower Times reports that the Board of Castlemaine State
Festival announced in mid-July that it will commence planning for a
2026 festival and expects to appoint a new artistic director later
this year. In March, the board had stated that it was entering
voluntary administration and that specialists from Deloitte
Financial Advisory had been appointed to "assess the options
available to restructure the operations, preserve the legacy of the
festival and determine a path forward."

On July 19, the board issued a statement saying that the biennial
festival model will proceed, operating in a more modest way,
Tarrangower Times relates. The statement said that the festival has
been able to leave voluntary administration and continue operating
through agreements struck with creditors (under a Deed of Company
Arrangement) and with the State Government, giving the festival a
chance to rebuild. It stated that these agreements will help secure
the future of the Castlemaine State Festival and complete the AUD6
million redevelopment of the Goods Shed into a year-round venue.

The board's announcement said that the festival's new model will
include increased reliance on community volunteers and fewer
full-time staff. It will also involve direct patron and supporter
funding of arts content.

Tarrangower Times adds new festival Chair Chris Capper said in the
statement that the process of restructuring the festival through
voluntary administration had been tough, but necessary.


COLLECT LAUNDRY: First Creditors' Meeting Set for Aug. 1
--------------------------------------------------------
A first meeting of the creditors in the proceedings of Collect
Laundry (Aust) Pty. Ltd. and Collect Laundry Group Pty Ltd will be
held on Aug. 1, 2024 at 11:00 a.m. via Teams teleconference
facility.

Andrew Quinn and Mitchell Ball of Mackay Goodwin were appointed as
administrators of the company on July 22, 2024.


CSR LABOUR: First Creditors' Meeting Set for Aug. 1
---------------------------------------------------
A first meeting of the creditors in the proceedings of CSR Labour
Services Pty Ltd will be held on Aug. 1, 2024 at 11:00 a.m. via
virtual meeting.

Andrew Reginald Yeo and Lindsay Stephen Bainbridge of Pitcher
Partners were appointed as administrators of the company on July
24, 2024.


JBMC GROUP: First Creditors' Meeting Set for Aug. 2
---------------------------------------------------
A first meeting of the creditors in the proceedings of The JBMC
Group Pty Ltd will be held on Aug. 2, 2024 at 10:00 a.m. via
Teams.

Stuart Otway and Travis Olsen of SV Partners were appointed as
administrators of the company on July 23, 2024.


MKS FORESTRY: First Creditors' Meeting Set for Aug. 1
-----------------------------------------------------
A first meeting of the creditors in the proceedings of MKS Forestry
Contracting Pty Limited will be held on Aug. 1, 2024 at 3:00 p.m.
via video conference facility.

Nelson Huang and Domenic Calabretta of Mackay Goodwin were
appointed as administrators of the company on July 22, 2024.


NOA BRIDAL: North Perth Wedding Store Goes Into Liquidation
-----------------------------------------------------------
7NEWS reports that more than 40 Perth brides have been left in
limbo and likely thousands of dollars out of pocket after a popular
designer dress store went into liquidation.

NOA Bridal in North Perth has declared bankruptcy and
administrators said young couples are unlikely to get their money
back, 7NEWS relates.

7NEWS says the boutique's doors closed in April however brides who
had already paid deposits were told they would still receive their
dresses.

But that is no longer the case, with customers told on July 23 that
NOA Bridal "will not be able to fulfil its obligation" to deliver
their gowns.

Owner Elizabeth Lyndon-James said "If there were anything left to
give, I would" but "there are no further options or resources
available," 7NEWS relays.

Liquidators have fielded 40 calls from brides but told 7NEWS that
customers are unlikely to recover any money.

"The money that I spent on the wedding dress was kind of at my high
point so if I don't get the money back, or the dress, I'm not sure
of my other options," distraught bride-to-be Georgia Williams
said.

Ms. Williams is one of dozens of brides who have paid thousands of
dollars in deposits with nothing to show for it.

7NEWS adds that Melissa McPhail paid NOA in full but the designer
who has made her dress says they received nothing, meaning the
bride will have to pay up again.

"Obviously we're all very stressed, angry (and) upset," she said,
adding "We just want to get what we paid for - which are our
dresses".

Brands stocked at the boutique have rushed to reassure affected
brides they will do their best to help, the report adds.


PPS QLD: Collapses Into Liquidation; Owes AUD4.5 Million
--------------------------------------------------------
News.com.au reports that two construction companies have collapsed
owing AUD4.5 million, with the list of creditors tipped to rise.

Gold Coast companies Burleigh Heads-based PPS Qld and PPS
Commercial were placed into liquidation on July 22, leaving a
number of projects incomplete, news.com.au discloses.

It's the latest devastating run of construction companies falling
into liquidations across Australia.

According to news.com.au, PPS Qld is believed to owe creditors
AUD1.8 million, while PPS Commercial owes AUD2.7 million.

McLeods Accounting has been appointed as the liquidator.

Liquidator Nick Keramos told the Gold Coast Bulletin figures are
likely to change as more creditors come forward, news.com.au
relays.

"The majority of the creditors we are aware of at this juncture are
suppliers, subcontractors and employees," the report quotes Mr.
Keramos as saying.

"The main reason provided by the directors for both companies is
adverse trading conditions in the construction industry."

He said PPS stopped trading before being placed in liquidation, but
it had a number of incomplete projects.

He said most creditors were suppliers, subcontractors and
employees, news.com.au relays.




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

JIANGSU DELONG: China Court Weighs Restructure Bid From Creditor
----------------------------------------------------------------
Bloomberg News reports that a creditor of Jiangsu Delong Nickel
Industry Co., one of the world's largest stainless steel producers,
has told a Chinese court the business controlled by legendary
businessman Dai Guofang and his family needs to be restructured.

A local court in Xiangshui County, Jiangsu province, is studying
the application from the local state-owned builder, along with
another three cases targeting the company's affiliates, it said in
a statement dated July 24, Bloomberg relates. The court will decide
whether to accept and hear them, which involve a large number of
creditors and complicated legal relationships, it said.

According to Bloomberg, Jiangsu Delong is fighting to remain liquid
amid China's property-sector crisis and a supply glut that's
heavily impacted the metals industry. Dai's plants in China and
Indonesia are able to produce more than 10 million tons of
stainless steel and other metal products a year, and their demise
would send ripples through China's vast manufacturing sector and
the embattled global nickel market.

Bloomberg relates that the cases are also being closely watched by
hundreds of wholesalers, equipment suppliers and commodity traders
in and outside of China, due to Dai's huge business network.
Jiangsu Delong is one of the nation's most prominent private steel
producers and a bitter rival of Tsingshan Holding Group Co., owned
by nickel tycoon Xiang Guangda.

Bloomberg says the creditors filed for "bankruptcy restructuring"
of the four companies including Jiangsu Delong, which means they
were seeking to avoid liquidation of the firms and let its
factories operate normally. The Xiangshui court is recruiting a
judicial manager to run the process, the statement said.

Bloomberg relates that the court didn't publish the applications or
disclose the details of the claims but said the judicial manager
candidate must have handled a bankruptcy case with a claim of more
than CNY5 billion (US$690 million) and involving more than 2,000
employees.

The candidate will also need experience in mergers and
acquisitions, and be familiar with the practices on collecting
overseas assets of bankrupt companies, the statement said,
Bloomberg relays.

Jiangsu Delong Nickel Industry Co. Ltd. operates metal material
production businesses. The Company produces nickel alloys and other
products. Jiangsu Delong Nickel Industry conducts businesses in
China.




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

VALUE EXCHANGE: Grassi & Co. CPAs Raises Going Concern Doubt
------------------------------------------------------------
Value Exchange International, Inc. disclosed in a Form 10-K Report
filed with the U.S. Securities and Exchange Commission for the
fiscal year ended December 31, 2023, that its auditor expressed
substantial doubt about the Company's ability to continue as a
going concern.

Jericho, N.Y.-based Grassi & Co., CPAs, P.C., the Company's auditor
since 2023, issued a "going concern" qualification in its report
dated July 16, 2024, citing that the Company's significant
accumulated operating losses and working capital deficit raise
substantial doubt about its ability to continue as a going
concern.

According to the Company, it has an operating loss of $6,691,065
for the year ended December 31, 2023, has an accumulated deficit of
$5,859,193 and has only cash reserves of $886,467 as of December
31, 2023. Management has evaluated the significance of the
conditions in relation to the Company's ability to meet its
obligations and believes that its current cash balance along with
its current operations will not provide sufficient capital to
continue as a going concern. The Company's ability to continue as a
going concern is dependent upon achieving sales growth, management
of operating expenses and ability of the Company to obtain the
necessary financing to meet its obligations and pay its liabilities
arising from normal business operations when they come due, and
upon profitable operations.

The Company has relied on debt funding to pay for operating
expenses and business development efforts in 2023 that were not
covered by operating revenues. If the Company continues to incur
operating losses as incurred within twelve months of filing date
and does not significantly increase its cash reserves, and if the
Company does not also receive additional funding from existing
lenders or from other sources to provide the working capital needed
to cover those continuing operating losses, then the Company would
be forced to reduce its operating expenses and business development
efforts and the issue of the Company as a going concern may arise.
While the existing lenders of the Company and Company's majority
shareholder are affiliated, there can be no assurance of additional
debt or equity funding for the Company from the existing lenders or
the majority shareholder. In considering its forecast for the next
12 months and the current cash and working capital as of the filing
of the Form 10-K, such matters create a substantial doubt regarding
the Company's ability to meet their financial needs and continue as
a going concern.

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

                  https://tinyurl.com/3y2rastt

                About Value Exchange International

Kowloon, Hong Kong-based Value Exchange International, Inc. is a
provider of customer-centric technology solutions for the retail
industry in Hong Kong SAR and certain regions of China and
Philippines. The Company was incorporated in the State of Nevada on
June 26, 2007, and changed to its current corporate name, "Value
Exchange International, Inc.", on December 5, 2017.

As of December 31, 2023, the Company had $5,218,993 in total
assets, $8,548,823 in total liabilities, and $3,329,830 in total
deficit.

VALUE EXCHANGE: Posts $374,430 Net Income in Q1 2024
----------------------------------------------------
Value Exchange International, Inc. filed with the U.S. Securities
and Exchange Commission its Quarterly Report on Form 10-Q reporting
a net income of $374,430 on $3,370,009 of net revenues for the
three months ended March 31, 2024, as compared to net loss totaled
$453,849 on $2,884,549 of net revenues for the same period in
2023.

The Company has an operating loss of $286,541 for the three months
period ended March 31, 2024, has an accumulated deficit of
$5,469,928 and has only cash reserves of $515,113 as of March 31,
2024. Management has evaluated the significance of the conditions
in relation to the Company's ability to meet its obligations and
believes that its current cash balance along with its current
operations will not provide sufficient capital to continue as a
going concern. The Company's ability to continue as a going concern
is dependent upon achieving sales growth, management of operating
expenses and ability of the Company to obtain the necessary
financing to meet its obligations and pay its liabilities arising
from normal business operations when they come due, and upon
profitable operations.

As of March 31, 2024, the Company had total assets of $5,045,617,
total liabilities of $7,983,766, non-controlling interest of
$83,492, and $3,021,641 in total shareholders' deficit.

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

                  https://tinyurl.com/2hcazyy5

                About Value Exchange International

Kowloon, Hong Kong-based Value Exchange International, Inc. is a
provider of customer-centric technology solutions for the retail
industry in Hong Kong SAR and certain regions of China and
Philippines. The Company was incorporated in the State of Nevada on
June 26, 2007, and changed to its current corporate name, "Value
Exchange International, Inc.", on December 5, 2017.

As of December 31, 2023, the Company had $5,218,993 in total
assets, $8,548,823 in total liabilities, and $3,329,830 in total
deficit.

Jericho, N.Y.-based Grassi & Co., CPAs, P.C., the Company's auditor
since 2023, issued a "going concern" qualification in its report
dated July 16, 2024, citing that the Company's significant
accumulated operating losses and working capital deficit raise
substantial doubt about its ability to continue as a going concern.



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

A. P. FASHIONS: CARE Keeps D Debt Ratings in Not Cooperating
------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of A. P.
Fashions Private Limited (APFPL) continue to remain in the 'Issuer
Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       4.00       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

   Short Term Bank      9.24       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 APFPL under the 'issuer non-cooperating'
category as APFPL 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. APFPL 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).

A.P. Fashions Private Limited (APFPL) was incorporated in June,
1991 and it is currently being managed by Mr. Ashok Kumar
Jhunjhunwala and Mr. Amit Jhunjhunwala. Since its inception, the
company has been engaged in manufacturing of silk/cotton/polyester
fabrics, garments, scarves, home furnishing and other textile items
with an aggregate installed capacity of 5.75 lakh meters per annum.
Initially, the company has started with silk products; however, it
has diversified into various products like silk/cotton/polyester
fabrics, garments, scarves, home furnishing and other textile items
in last 25 years. The company mainly derives revenue from export
markets (around 80% of TOI in FY19) and rest from domestic market.
The major export destinations of the company are Europe, USA,
Australia, Japan, Taiwan, Hong Kong, Canada, South America,
Singapore, South Korea and U.A.E. The company has its own retail
store at Kolkata, West Bengal. APFPL enjoys the recognition as an
export house from the ministry of commerce, Government of India.

ALCHEMIST INFRA: Singapore Firm Gets NCLT Nod to Buy Company
------------------------------------------------------------
The Economic Times reports that the bankruptcy court in Delhi has
approved the acquisition of Alchemist Infra Realty by the
Singapore-based Vantage Point Asset Management. According to ET,
the company's resolution professional had received a claim of
INR1,293 crore and the successful bidder is paying about INR470
crore to acquire the company through the insolvency resolution
process. Before the approval of the NCLT, the lenders of the
Delhi-based real estate firm approved the revival plan of Vantage
Point Asset Management with 100% voting in its favour.

"The plan shall be binding on the corporate debtor (Alchemist Infra
Realty), its employees, members, creditors (including the central
and state government), guarantors and other stakeholders involved
in the resolution plan," said the division bench of judicial member
Ashok Kumar Bharadwaj and technical member Subrata Kumar Dash, ET
relays.

According to ET, the tribunal directed Vantage Point Asset
Management to furnish the updated bank guarantee, which should
remain valid till the implementation of the resolution plan.

The resolution professional had received claims of about INR1,293
crore and admitted claims of about INR947 crore.

Originally, the company's financial creditor, Technology Parks, had
approached the tribunal after Alchemist Infra Realty defaulted on
its dues of about INR401 crore. In March 2022, the company was
admitted under the corporate insolvency resolution process (CIRP)
and the tribunal appointed Gaurav Mishra as the resolution
professional of the company.


ALMIGHTY ADVERTISING : Insolvency Resolution Process Case Summary
-----------------------------------------------------------------
Debtor: Almighty Advertising Private Limited
2nd Floor, E-172, Masiid Moth, Greater Kailash I,
        South Delhi, New Delhi-110048

Insolvency Commencement Date: July 1, 2024
       However, the same was communicated on July 24, 2024.

Estimated date of closure of
insolvency resolution process: December 28, 2024

Court: National Company Law Tribunal, New Delhi Bench

Insolvency
Professional: Mansij Arya
              B-182, Suraimal Vihar, East Delhi,
              Near Sanatan Dharm Mandir, Delhi-110092
              Email: pcsmansij@gmail.com
              Email: cirpalmightyy@gmail.com

Last date for
submission of claims: July 26, 2024


ALOKA EXPORTS: CRISIL Lowers Rating on INR3.47cr Loan to B-
-----------------------------------------------------------
CRISIL Ratings has downgraded its rating on the long-term bank
facilities of Aloka Exports (Aloka) to 'CRISIL B-/Stable' from
'CRISIL B/Stable' and reaffirmed its 'CRISIL A4' rating on the
short-term bank facilities.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Bank Guarantee        0.03        CRISIL A4 (Reaffirmed)

   Export Post-          3.47        CRISIL B-/Stable (Downgraded
   Shipment Credit                   from 'CRISIL B/Stable')

The downgrade reflects weakening of the credit profile, with
decline in revenue to INR13.52 crore in fiscal 2024, from INR15.6
crore in fiscal 2023. It has reporting operating losses for past 4
years, which continued in fiscal 2024 also, leading to continued
cash losses at net level. Improvement in revenue and operating
margin will remain monitorable.

The ratings reflect the modest scale of operations amid intense
competition, large working capital requirement and weak debt
protection metrics. These weaknesses are partially offset by the
extensive experience of the promoters in the textile industry and
comfortable capital structure.

Key Rating Drivers & Detailed Description

Weaknesses:

* Modest scale of operations amidst intense competition: Revenue of
INR13.5 crore as on March 31, 2024, indicates the modest scale of
operations. Intense competition in the readymade garment industry,
which has several unorganised players, limits the pricing
flexibility and bargaining power of players. The firm has hence
reported operating losses for the past four years.

* Weak debt protection metrics: Networth (Rs 9.33 crore as on March
31, 2024) remains constrained by capital withdrawals in the past
and operational losses incurred by the firm. Debt protection
metrics are also weak given continued operating losses for fiscal
2024. Improvement in operating margin and hence debt protection
metrics remain monitorable.

* Large working capital requirement: Gross current assets (GCAs)
have been high and fluctuated between 145 days and 222 days for the
past three fiscals. GCAs stood at 222 days as on March 31, 2024,
driven by inventory of 87 days and receivables of 45 days. The
company has to extend long credit period to combat competitive
pressure and maintain high work-in-process and finished goods
inventory to meet business requirement.

Strengths:

* Extensive experience of the promoters: The four-decade-long
experience of the promoters in the manufacturing and exports of
readymade garments, their strong understanding of market dynamics
and healthy relationships with suppliers and customers, will
continue to support the business risk profile.

* Comfortable capital structure:  The capital structure should
remain supported by absence of any major debt funded capital
expenditure. Gearing and total outside liability to tangible net
worth are comfortable at 0.43 times and 0.67 times.

Liquidity: Poor

Cash accrual is likely to be negative due to expected losses, given
the modest scale and high fixed cost. Bank limit utilisation was
moderate, averaging around 27% for the 12 months through March
2024.  Current ratio was low at 1.59 times as on March 31, 2024.
Further, unsecured loans from the promoters will support
liquidity.

Outlook: Stable

CRISIL Ratings believes Aloka will continue to benefit from the
extensive experience of its promoters in the readymade garments
business and their established relationships with clients.

Rating Sensitivity Factors

Upward factors

* Significant growth in revenue and operating margin, leading to
cash accrual of more than Rs.1 crore
* Better working capital management

Downward factors

* Any large debt-funded capital expenditure, weakening the capital
structure
* Substantial increase in working capital requirement, with gross
current assets exceeding 300 days

Established in 1984, Aloka manufactures and exports high-fashion
accessories such as scarves, jacquards, beachware and sarongs, yarn
dyed wovens, capes and kimonos. These products are exported to
buyers across Europe, USA, Australia and Japan.


AMBERTEX SEKHSARIA: CRISIL Hikes Rating on INR1.55cr Loan to B+
---------------------------------------------------------------
CRISIL Ratings has upgraded its ratings on the bank loan facilities
of Ambertex Sekhsaria Exports (ASE) to 'CRISIL B+/Stable/CRISIL A4'
from 'CRISIL D/CRISIL D'.

                        Amount
   Facilities        (INR Crore)      Ratings
   ----------        -----------      -------
   Bill Discounting       5           CRISIL A4 (Upgraded from
   under Letter                       'CRISIL D')
   of Credit               
                                      
   Post Shipment          3.05        CRISIL A4 (Upgraded from
   Credit                             'CRISIL D')

   Pre Shipment           5.05        CRISIL A4 (Upgraded from
   Facility                           'CRISIL D')

   Proposed Long Term     1.55        CRISIL B+/Stable (Upgraded
   Bank Loan Facility                 from 'CRISIL D')

   Working Capital        0.85        CRISIL B+/Stable (Upgraded
   Term Loan                          from 'CRISIL D')

   Working Capital        0.35        CRISIL B+/Stable (Upgraded
   Term Loan                          from 'CRISIL D')

The upgrade reflects the firm's track record of timely repayment of
debt for over 90 days owing to improved liquidity.

The firm achieved estimated revenue of INR37.32 crore in fiscal
2024 compared with INR46.45 crore in fiscal 2023. The moderation in
revenue was because of muted demand in the overseas markets and the
shift of a few orders to a group company, which led to a 23%
reduction in sales volume in fiscal 2024. Till June 2024 in fiscal
2024, the firm had clocked revenue of INR8 crore and is likely to
achieve around INR40 crore for the full fiscal due to better demand
and orders of INR5 crore in hand to be executed in the next 1-2
months. The operating margin improved to an estimated 8.96% in
fiscal 2024 due to lower input costs.

The bank limit utilisation is moderate, but there are still
occasional overdrawings and cheque bounces. This may impact timely
debt servicing, which will remain a key rating sensitivity factor.

The ratings reflect the firm's modest scale of operations, weak
financial risk profile and large working capital requirement. These
weaknesses are partially offset by the extensive experience of the
proprietor in the readymade garments industry and the firm's
established customer base

Key Rating Drivers & Detailed Description

Weaknesses:

* Modest scale of operations: The intense competition in the
readymade garments industry constrains revenue and profitability.
The modest scale of ASE is reflected in operating income of
INR37.32 crore in fiscal 2024, down from INR46.45 crore in fiscal
2023 because of muted demand in overseas markets and shift of a few
orders to a group company. The revenue is expected around INR40
crore in fiscal 2024 due to better demand. The operating margin
improved in fiscal 2024 to an estimated 8.96% due to a drop in
input costs and is expected at a similar level over the medium
term.

* Weak financial risk profile: The capital structure was subdued as
indicated by high total outside liabilities to adjusted networth
(TOLANW) ratio of 3.78 times and gearing of 3.14 times as on March
31, 2024, on account of modest networth to INR3.9 crore. The
financial risk profile is expected to remain weak owing to the
modest capital structure and expected small accretion to reserve.

Strengths:

* Extensive industry experience of the proprietor: The
two-decade-long experience of the proprietor in the readymade
garments industry has helped the firm establish healthy
relationships with customers and suppliers, The extensive industry
experience of the proprietor will continue to support the business
risk profile over the medium term.

* Established customer base: ASE has an established customer base
in both domestic and overseas markets. The firm's major overseas
customers include Next, John Lewis, Morrisions, River Island (in
the United Kingdom), Bonobo, Okaidi, Kapora (in France), Landmark
Group (in Dubai) and Pepe Jeans, Spykar (in India).

Liquidity: Stretched

Bank limit utilisation was moderate at 39% on average in the 12
months through May 2024. Net cash accrual is expected at INR1.5-2.0
crore against debt obligation of INR50-60 lakh in fiscal 2025. The
net cash accrual was INR1.60 crore in fiscal 2024, sufficient to
meet debt obligation of INR1.25 crore. Need-based unsecured loan of
INR1 crore from the proprietor as of March 2024 is expected to
remain in the business over the medium term. The firm had a bank
balance of INR4.25 crore as on March 31, 2024.

Outlook: Stable

CRISIL Ratings believes ASE will benefit from the industry
experience and funding support of the proprietor, and its
established customer base.

Rating Sensitivity factors

Upward factors:

* Improvement in revenue or sustenance in operating margin leading
to net cash accrual to debt obligation ratio above 2.0 times
* Significant improvement in the financial risk profile and
liquidity
* Improvement in the working capital cycle

Downward factors:

* Lower-than-expected growth in revenue or subdued profitability
weakening the business risk profile
* Deterioration in the financial risk profile; especially interest
coverage of less than 1.0 time
* Further stretch in the working capital cycle, impacting
liquidity.

Set up in 1996 as a proprietorship firm by Mr Sunil Sekhsaria, ASE
manufactures and exports readymade garments, primarily shirts and
kids wear. Its manufacturing facility is in Valsad, Gujarat.


B S BUILDTECH: CARE Keeps B- Debt Rating in Not Cooperating
-----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of B S
Buildtech (BSB) continues to remain in the 'Issuer Not Cooperating'
category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      45.00       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 July 3, 2023,
placed the rating(s) of BSB under the 'issuer non-cooperating'
category as BSB 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. BSB continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
May 18, 2024, May 28, 2024, June 7, 2024.

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

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

M/s BS Buildtech, incorporated in 2011 is a joint venture between
Baibhaw Construction Pvt. Ltd (BCPL)-70% and M/s Seimens
Construction Tech Private Limited (SCTPL) -30%. M/s BS Buildtech is
constructing a Group Housing Residential Township real estate
project Vaibhav Heritage Height at Greater Noida (West). The
residential township project comprising of seven high rise towers
(B+22), spreading over 5 acres of land, involving 819 flats with
super built-up area of 11.85lsf is being developed at a total
project cost of INR280.40 crore. The project is expected to be
completed by Sept.2018. The project cost is being financed through
promoter contribution of INR29.16 crore, debt of INR45.00 crore and
customer advances of INR206.24 crore. Till March 31, 2016, the firm
has sold off around 420 flats (area – 5.16lsf) comprising around
43.55% of total saleable area for total consideration of INR154.35
crore. The firm has received INR79.98 crore as advances from
customers till March 2016 and has expended around INR149.60 crore
(~53% of the total project cost) on the project.

BALAJEE INGOT: Insolvency Resolution Process Case Summary
---------------------------------------------------------
Debtor: Balajee Ingot India Private Limited
        Registered Address:
        RO-2/7, Sarat Bose Road,
        6th Floor, Vasundhara Building,
        Kolkata, West Bengal, India 700020

Insolvency Commencement Date: June 25, 2024

Court: National Company Law Tribunal, Kolkata Bench

Estimated date of closure of
insolvency resolution process: December 21, 2024

Insolvency professional: Niraj Kumar Agrawal

Interim Resolution
Professional: Niraj Kumar Agrawal
              Swastik Apartment, 334/157,
              Jessore Road, Flat No.3H,
              Kolkata  700 089
              Email: nka_sa@hotmail.com

                    -- and --

              Lake View Apartment, P-887,
              Lake Town, Block-A, Ground Floor
              Kolkata - 700089
              Email: balajeeingot@gmail.com

Last date for
submission of claims: July 9, 2024


BLS INSTITUTE: CARE Keeps B- Debt Rating in Not Cooperating
-----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of BLS
Institute of Management (BIOM) continues to remain in the 'Issuer
Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       7.50       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 July 5, 2023,
placed the rating(s) of BIOM under the 'issuer non-cooperating'
category as BIOM 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. BIOM continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
May 20, 2024, May 30, 2024, June 9, 2024.

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

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

Mohan Nagar, Uttar Pradesh based BLS Institute of Management was
established in September, 1996 with an objective to provide
education services. The day-to-day management of the institute is
carried by Mr. Sushil Aggarwal, Mr. Vinod Aggarwal, Mr. Diwakar
Aggarwal and Mr. Madhukar Aggarwal.

BYJU'S: Appeal Before HC for Stay on Insolvency Proceedings
-----------------------------------------------------------
Business Standard reports that edtech firm Byju's moved the
Karnataka High Court on July 25 seeking a stay on the insolvency
proceedings triggered by the National Company Law Tribunal (NCLT)
in Bengaluru.

Byju's has urged the Court to stay the insolvency resolution
process as well as the formation of the Committee of Creditors
(CoC) until its appeal pending before the National Company Law
Appellate Tribunal (NCLAT) is heard and decided finally, Business
Standard relays citing the law platform Bar & Bench.

According to the report, Senior Counsel Abhishek Manu Singhvi
appeared on behalf of Byju's parent company, Think and Learn. He
told the Court that the NCLAT bench in Chennai had adjourned the
edtech firm's appeal to another date to decide on "whether one of
the judges will have to recuse from the plea," according to Bar &
Bench. He told the Court that if the Committee of Creditors (CoC)
is formed in the meanwhile, Byju's will be left remediless and it
will become irreversible.

On July 23, the NCLAT had adjourned the appeal filed by Think and
Learn to Monday, July 29.

According to Business Standard, Singhvi contended that if the NCLAT
adjourned the plea again today, July 29, on the recusal of a
member, the company faces the threat of the Committee of Creditors
(CoC) taking over it without having had the chance to argue its
appeal. He sought a stay on the formation of the Committee of
Creditors until the NCLAT hears the appeal and passes an order.

Earlier this month, NCLT admitted Byju's, officially known as Think
and Learn Pvt Ltd, into the Corporate Insolvency Resolution Process
(CIRP) based on a petition filed by the Board of Control for
Cricket in India (BCCI) due to unpaid dues amounting to INR158.90
crore.

Due to the NCLT's order, the company's founder, Byju Raveendran,
lost immediate control of the company, the report says. The
tribunal appointed a bankruptcy professional to oversee daily
operations during the proceedings. With the NCLT appointing Pankaj
Srivastava as the interim resolution professional (IRP), time is
running out for Byju's as the Committee of Creditors (CoC) is
getting formed.

                            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 in
mid-July 2024, Byju's will face insolvency proceedings for failure
to pay $19 million in dues to the country's cricket board. Reuters
said Byju's has suffered numerous setbacks in recent years,
including boardroom exits and a tussle with investors who accused
CEO Byju Raveendran of corporate governance lapses, job cuts and a
collapse in its valuation to less than $3 billion. Byju's has
denied any wrongdoing.

According to Reuters, a ruling by India's companies tribunal on
July 16, following a complaint by the Board of Control for Cricket
in India (BCCI), initiated insolvency proceedings. These will
include the appointment of an interim resolution professional,
Pankaj Srivastava, who will oversee the management of Byju's as the
company's board of directors is suspended as per law. CEO
Raveendran will report to the resolution professional and the
company's assets will remain frozen while the proceedings
continue.

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.


CEMA ELECTRIC: Insolvency Resolution Process Case Summary
---------------------------------------------------------
Debtor: CEMA Electric Lighting Products India Private Limited
        Registered Address:
        No. 5, Nehru Nagar Second Street
        Adyar, Chennai
        Chennai, Tamil Nadu
        India, 600020

Insolvency Commencement Date: July 9, 2024

Court: National Company Law Tribunal, Chennai Bench

Estimated date of closure of
insolvency resolution process: January 5, 2025

Insolvency professional: Sushil Kumar Singhal

Interim Resolution
Professional: Sushil Kumar Singhal
              C-10, LGF, Lajpat Nagar-III
              New Delhi- 110024
              E-mail: ip.sksinghal66@gmail.com
              E-mail: cema.cirp@gmail.com

Last date for
submission of claims: July 25, 2024


COCHIN BRIDGE: ICRA Keeps D Debt Rating in Not Cooperating
----------------------------------------------------------
ICRA has kept the Long-Term ratings of Cochin Bridge Infrastructure
Company Limited (CBICL) in the 'Issuer Not Cooperating' category.
The rating is denoted as "[ICRA]D; ISSUER NOT COOPERATING".

                     Amount
   Facilities     (INR crore)   Ratings
   ----------     -----------   -------
   Long-term-         9.11      [ICRA]D; ISSUER NOT COOPERATING;
   Fund based                   Rating Continues to remain under
   Term Loan                    'Issuer Not Cooperating'
                                Category

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

Cochin Bridge Infrastructure Company Limited (CBICL) is a Special
Purpose Vehicle (SPV) incorporated in October1999 to construct and
operate a new bridge over the Matancherry channel on BOT basis in
Kochi connecting Fort Kochi and Mattancherry with Willingdon
Island. CBICL is a 97.66% subsidiary of Gammon Infrastructure
Projects Limited (GIPL, the infrastructure holding company of the
Gammon group), with the balance held by Cochin Port Trust.
Construction of the bridge was completed ten months ahead of
schedule and the bridge has been operational since the past 12
years.


DE'S TECHNICO: CRISIL Withdraws B+ Rating on INR2cr Cash Loan
-------------------------------------------------------------
CRISIL Ratings has withdrawn its rating on the bank facilities of
De'S Technico Limited (DESTPL) on the request of the company and
after receiving no objection certificate from the bank. The rating
action is in-line with CRISIL Rating's policy on withdrawal of its
rating on bank loan facilities.

                        Amount
   Facilities        (INR Crore)      Ratings
   ----------        -----------      -------
   Bank Guarantee         5           CRISIL A4/Issuer Not
                                      Cooperating (Withdrawn)

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

   Letter of Credit       3           CRISIL A4/Issuer Not
                                      Cooperating (Withdrawn)

   Letter of Credit       5           CRISIL A4/Issuer Not
   Bill Discounting                   Cooperating (Withdrawn)

   Proposed Long Term     2.5         CRISIL B+/Stable/Issuer Not
   Bank Loan Facility                 Cooperating (Withdrawn)

   Short Term Loan        0.5         CRISIL A4/Issuer Not
                                      Cooperating (Withdrawn)

CRISIL Ratings has been consistently following up with DESTPL for
obtaining information through letter and email dated July 19, 2023
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 DESTPL. This restricts CRISIL
Ratings' ability to take a forward looking view on the credit
quality of the entity. CRISIL Ratings believes that rating action
on DESTPL is consistent with 'Assessing Information Adequacy Risk'.
Based on the last available information, CRISIL Ratings has
Continued the ratings on the bank facilities of DESTPL to CRISIL
B+/Stable/CRISIL A4 Issuer not cooperating'.

Established in 1976 as a partnership concern and later
reconstituted as a private limited company as DESTPL in 1988, the
company is promoted by Mr Pulak De, who is an eminent engineer from
IIT Kharagpur and an expert in fire detection and firefighting
industry. The company manufactures fire and gas detection and
protection systems, products, and services. It also work as lump
sum turnkey contractor (LSTK) for various industrial segments.
Their core competency is system integration, design, engineering,
procurement, manufacturing, installation and commissioning of high
hazard sector, installing automatic fire, gas and flame detection
and protection systems on a single window responsibility basis.


DIASQUA INDIA: CRISIL Lowers Rating on INR16cr New Loan to B+
-------------------------------------------------------------
CRISIL Ratings has downgraded its ratings on the bank loan
facilities of Diasqua India Private Limited (DIPL) to 'CRISIL
B+/Stable/CRISIL A4' from 'CRISIL BB-/Stable/CRISIL A4+'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Proposed Fund-         16         CRISIL B+/Stable (Downgraded
   Based Bank Limits                 from 'CRISIL BB-/Stable')

   Proposed Non           16         CRISIL A4 (Downgraded from
   Fund based limits                 'CRISIL A4+')

The rating action reflects the moderation in business of the
company owing to continued macro-economic headwinds. There was a
fall in price realization amid subdued demand in global markets and
significant price correction of rough diamond.

The company is estimated to report revenue of around INR81 crore in
fiscal 2024 as against INR172.7 crore in fiscal 2023 witnessing a
year-on-year dip of 53%. Decline in the scale of operations led to
lower absorption of fixed costs thereby resulting in to operating
losses. Despite operating losses, accruals are expected to be
moderate in the range of INR8-8.5 crore in fiscal 2024 on account
of non-operating income. The company has also paid of its short
term debt as on May 2024.

The rating continues to reflect working capital intensive nature of
operations and susceptibility of DIPL's operations due volatility
of diamond prices and increasing competition these weaknesses are
partially offset by extensive experience of the promoters in the
diamond industry and average financial risk profile.

Key Rating Drivers & Detailed Description

Weaknesses:

* Working Capital Intensive Nature of Operations: The operations of
the company continue to remain working capital intensive with Gross
Current Asset (GCA) of 183 days as on March 31, 2024 as against 121
GCA days as on March 31, 2023. The increase in GCA days was majorly
driven by higher inventory days from 4 days as on March 2023 to 88
days as on March 2024, majorly driven by higher purchases in the
month of March 2024. Debtor days of the company continue to remain
moderate in the range of 60-120 days over the last three fiscals
through fiscal year 2024.These working capital requirements are
financed through creditors.

* Susceptibility of operating performance to volatile diamond
prices amidst intense competition resulting in moderate operating
profit margins: The cut and polished diamond industry and diamond
jewellery manufacturing industry is highly fragmented with the
presence of many unorganized players as a result of low entry
barriers, capital and technological requirements.

DIPL is also vulnerable to volatility in the diamond industry,
impact of volatility in diamond prices amidst weaker demand will
remain a key monitorable factor.

Strengths:

* Extensive experience of promoters: The company has had a market
presence of over 3 decades and is supported by the extensive
experience of the partners and their understanding of industry
dynamics. DIPL enjoys an established market position in domestic
polished diamond and diamond jewellery markets.

The company is a family-run business and over the years the
promoters have maintained longstanding relations with customers
while successfully navigating through several business cycles.

* Moderate financial risk profile: DIPL has moderate capital
structure with net worth at INR28 Cr as on March 31, 2024. DIPL has
paid of its short-term debt and is financing its working capital
requirements through internal accruals and creditors.

Debt protections metrics of the company are also average with
interest coverage and net cash over 37 times fiscal 2024.
Sustenance of the moderate financial risk profile amidst moderation
in the business risk profile will remain critical.

Liquidity: Poor

The company is expected to generate modest cash accruals of INRXX
crore over the medium term. However, liquidity is supported by
absence of term debt obligations. Company had a cash and cash
equivalent balance of INR0.19 Cr as on March 2024.

The company had generated net cash accruals estimated at around
INR8.3 Cr for fiscal year 2024 on back of non-operating income.

Outlook: Stable

CRISIL Ratings believes DIPL will continue to benefit over the
medium term from the extensive experience of partners.

Rating Sensitivity factors

Upward Factors:

* Sustained improvement in revenue or sustenance of operating
margins over 1% leading to net cash accruals over INR1.5 Cr on a
sustained basis.
* Sustenance of improvement in the financial risk profile.

Downward Factors:

* Significant decline in revenue or drop in operating profit margin
resulting in cash accruals lower than INR0.5 Cr.
* Higher working capital requirements driven by higher debtor or
inventory levels leading to increase in the gearing levels.
* High debt funded capex impacting financial risk profile and
liquidity

DIPL was set up in 2006 by Mr Nimesh Mehta and his family members.
The company, based in Mumbai, trades in polished diamonds.


DUNZO DIGITAL: Invoice Discounters Files Insolvency Case
--------------------------------------------------------
CNBCTV18.com reports that another creditor of e-commerce delivery
firm Dunzo has filed for insolvency proceedings against the company
under the Insolvency and Bankruptcy Code (IBC).

This time it is Invoice Discounters, which provided services such
as asset management, hiring delivery staff, background checks, and
merchandise, as outlined in a platform subscription agreement and
master service agreement to Dunzo, CNBCTV18.com relates. The
creditor claims Dunzo failed to pay them in full for these
services, leading to the insolvency application.

This comes after Betterplace, another operational creditor of
Dunzo, filed a case against Dunzo in February, the report notes. In
May 2024, the NCLT granted Dunzo a two-week extension to settle its
pending dues with Betterplace Safety Solutions.

Before that, Velvin Group, another operational creditor of Dunzo,
filed an insolvency case against them, whose plea was admitted by
the Bengaluru bench of the NCLT, CNBCTV18.com relates.

According to CNBCTV18.com, the Invoice Discounters' case was
brought before the National Company Law Tribunal (NCLT), citing
that Dunzo has only partially repaid its dues. The exact amount
owed remains unclear.

Dunzo is currently negotiating a settlement, as per Livemint,
CNBCTV18.com relays. The company's counsel requested two weeks,
stating, "The parties are genuinely exploring settlement talks and
closing to finalise the settlement details."

If these talks fail, Dunzo plans to file a formal reply,
CNBCTV18.com states.

However, the creditor's counsel argued that Dunzo only paid half of
the amount due. The NCLT bench, led by justices K Biswal and Manoj
Kumar Dubey, has given both parties two days to file a joint
affidavit regarding any settlement proposal.

If unsuccessful, the matter will be heard again on August 6,
CNBCTV18.com states.

Dunzo provides delivery services in eight Indian cities -
Bengaluru, Delhi, Gurugram, Pune, Chennai, Jaipur, Mumbai and
Hyderabad - and is also dealing with internal challenges.


ECA ENGINEERING: Insolvency Resolution Process Case Summary
-----------------------------------------------------------
Debtor: ECA Engineering Private Limited
        Registered Address:
        G-9 Harsh Bhawan,
        64-65 Nehru Place,
        New Delhi, Delhi-1 10019, India

Insolvency Commencement Date: July 9, 2024

Court: National Company Law Tribunal, New Delhi Bench

Estimated date of closure of
insolvency resolution process: January 5, 2025

Insolvency professional: Sudhanshu Gupta

Interim Resolution
Professional: Sudhanshu Gupta
              311, Agarwal Chamber-2,
              Plot No. 30, 31, Veer Savarkar Block,
              Opp. Metro Pillar No. 58
              Shakarpur, East Delhi 110092
              Email: sg_1973@rediffmail.com
              Email: cirp.ecaengg@gmail.com

Last date for
submission of claims: July 23, 2024


GOLDEN IMPORTERS: CRISIL Hikes Rating on INR6cr Cash Loan to B+
---------------------------------------------------------------
CRISIL Ratings has upgraded its rating on the long-term bank
facilities of Golden Importers (GI) to 'CRISIL B+/Stable' from
'CRISIL B/Stable'.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Cash Credit            6         CRISIL B+/Stable (Upgraded
                                    from 'CRISIL B/Stable')

   Proposed Working       0.73      CRISIL B+/Stable (Upgraded
   Capital Facility                 from 'CRISIL B/Stable')

   Working Capital        0.77      CRISIL B+/Stable (Upgraded
   Term Loan                        from 'CRISIL B/Stable')

The upgrade follows improvement in the business and liquidity risk
profiles of GI, driven by significant increase in revenue from
INR11 crore in fiscal 2023 to over INR33 crore in fiscal 2024.
Revenue increase was supported by market demand and higher customer
acquisition with stable operating margin of around 5%. This has led
to increase in net cash accrual to INR74 lakh in fiscal 2024. The
business profile is expected to remain comfortable with revenue
growth and sustenance of earnings before interest, tax,
depreciation and amortisation (EBITDA) margin.

The rating reflects the firm's modest scale of operations, amid
intense competition, and average financial risk profile. This
weakness is partially offset by the extensive entrepreneurial
experience of the partners.

Key rating drivers and detailed description

Weaknesses:

* Average financial risk profile: The total outside liabilities to
tangible networth (TOLTNW) ratio is estimated at 1.69 times as on
March 31, 2024. Debt protection metrics are average, as indicated
by interest coverage ratio of 1.58 times in fiscal 2023.

* Modest scale of operation: Intense competition constrains
scalability, as reflected in estimated revenue of INR33.94 crore in
fiscal 2024 (Rs 11 crore in fiscal 2023), pricing power and
profitability. In the current fiscal, the firm has booked revenue
of over INR14 crore till June 2024 and sustained improvement in
revenue remains monitorable

* Strength:

Extensive entrepreneurial experience of the partners: The partners
have experience of over two decades in various businesses, such as
operating a supermarket, sawmill and restaurant. This experience
has given them a strong understanding of market dynamics and helped
to establish healthy relationships with suppliers and customers.

Liquidity: Stretched

Bank limit utilisation was low at 58.52% on average for the 12
months through April 2024. Cash accrual is expected to be INR0.70
crore against term debt obligation of INR0.30 crore over the medium
term.

The current ratio was healthy at 1.72 times as on March 31, 2023.
The promoters are likely to extend support in the form of equity
and unsecured loans to meet the working capital requirement and
debt obligation.

Outlook: Stable

CRISIL Ratings believes GI will continue to benefit from the
entrepreneurial experience of the partners.

Rating sensitivity factors

Upward factors:

* Increase in the scale of operations by 20% and stable operating
margin of 5% leading to higher net cash accrual
* Improvement in the financial risk profile

Downward factors:

* Decline in revenue or fall in operating margin to below 3%,
leading to lower net cash accrual which is insufficient for debt
repayment
* Large, debt-funded capital expenditure, weakening the capital
structure

GI was set up in 2018 and commenced operations in May 2019. The
firm imports pre-painted galvanized steel, which is used for
manufacturing galvanized roofing sheets. It is promoted by Mr Abdul
Rahiman and Ms Jahanara K A. It is located in Thrissur, Kerala.


GREENTREE FRESH: CRISIL Assigns B- Rating to INR24cr Term Loan
--------------------------------------------------------------
CRISIL Ratings has assigned its 'CRISIL B-/Stable' rating to the
long-term bank facilities of Greentree Fresh Produce Private
Limited (GFPPL).

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit            10         CRISIL B-/Stable (Assigned)
   Term Loan              24         CRISIL B-/Stable (Assigned)

The ratings reflect modest scale of operations and leveraged
capital structure of the company. These weaknesses are partially
offset by the extensive experience of the promoters in the cold
storage industry and trading of apples.

Analytical Approach

Unsecured loan (Rs. 5.80 crores as on March 31, 2024) extended by
the promoters has been treated as debt as the fund is expected to
be repaid over the medium term.

Key Rating Drivers & Detailed Description

Weaknesses:

* Modest scale of operations: The cold storage industry is highly
fragmented, and the consequent intense competition may continue to
constrain scalability, pricing power and profitability. Small scale
also limits operating flexibility. The revenue was modest at Rs. 36
crores in fiscal 2024 as against Rs. 34 crores in fiscal 2023.
Increase in scale, leading to higher cash accrual, will remain a
key rating sensitivity factor.

* Highly leveraged capital structure: The capital structure was
marked by high total outside liabilities to tangible networth
(TOL/TNW) ratio of 4.73 times as on March 31, 2024. The capital
structure is expected to improve going forward, with gradual
repayment of term loans and increase in networth supported by
steady accretion to reserves and the same will remain key
monitorable.

Strength:

* Extensive experience of the promoters: The promoters have more
than a decade of experience in the cold storage industry and in
trading of apples; their strong understanding of market dynamics
and healthy relationships with suppliers and customers should
continue to support the business.

Liquidity: Poor

Bank limit utilisation was high at 100% on average for the 15
months through June 2024; although there have been multiple
instances of overutilisation owing to interest charges, it was
always regularized on a timely basis. The limit has not been
overutilised from March 2024 to June 2024. Net cash accrual is
projected at Rs. 6-7 crores per annum, sufficient against yearly
debt obligation of Rs. 4-5 crores over the medium term. However,
CRISIL Ratings notes that the company has had delays in debt
repayment in the past, but there have been no delays over the last
3 months ended June-2024.The promoters are likely to extend
need-based funds (equity and unsecured loans) to support
operations. Timely repayment of debt obligations will remain a key
monitorable.

Outlook: Stable

CRISIL Ratings believes GFPPL will continue to benefit from the
extensive experience of the promoters in the cold storage industry
and trading of apples.


Rating Sensitivity factors

Upward factors:

* Improvement in the capital structure, with TOL/TNW ratio reducing
below 4 times
* Substantial increase in revenue and sustenance of operating
margins profitability, leading to higher-than-expected cash
accrual

Downward factors:

* Sizeable stretch in the working capital cycle, resulting in
consistent overutilisation of the bank limit
* Revenue dropping below INR30 crore, leading to
lower-than-expected net cash accrual against repayment obligation
* Any delays in repayment of debt obligations

GFPPL was incorporated in 2012 by Mr Mir Khuram Shafi and Ms Shafi
Qureshi. The company operates a cold storage facility with capacity
of 5,000 metric tonne in Srinagar (Jammu and Kashmir), to store
fruits, mainly apples. It is also engaged in apple trading, which
contributes to the larger bulk of the revenue.


HIMSHILA FERRO: CARE Keeps D Debt Rating in Not Cooperating
-----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Himshila
Ferro Alloys Private Limited (HFAPL) continues to remain in the
'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       6.53       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Rationale and key rating drivers

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

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

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

Incorporated in July 2009, Himshila Ferro Alloys Private Limited
(HFAPL) was promoted by Mr. Chinmoy Mondal and Mrs. Soma Ghosh for
setting up an iron castings unit in Burdwan, West Bengal. The
company has started its commercial operations from June 2017 at its
plant located at Dewandighi, Burdwan, West Bengal with an installed
capacity of 200 metric tons per month (MTPM). The company has been
engaged in manufacturing of high duty grey iron castings and
ductile iron castings.


HONEST DERIVATIVES : Insolvency Resolution Process Case Summary
---------------------------------------------------------------
Debtor: Honest Derivatives Private Limited
E-43, 2nd Floor, Sumel Business Park
        Near New Cloth Market
        Outside Raipur Gate
        Ahmedabad, Gujarat - 380002

Insolvency Commencement Date: July 3, 2024

Estimated date of closure of
insolvency resolution process: January 8, 2024

Court: National Company Law Tribunal, Pune Bench

Insolvency
Professional: CMA Harshad Shamkant Deshpande
       403, Kumar Millennium,
              Shivatirtha Nagar Kaman,
              Opp Krishna Hospital,
              Paud Road, Kothrud,
              Pune - 411038
              Email: harshad_de@hotmail.com
              Email: cirp.honestd@outlook.com

Last date for
submission of claims: July 26, 2024


IREO PRIVATE: ICRA Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------
ICRA has kept the Long-Term ratings of Ireo Private Limited (IPL)
in the 'Issuer Not Cooperating' category. The rating is denoted as
[ICRA]D; ISSUER NOT COOPERATING".

                     Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Long Term        399.31       [ICRA]D; ISSUER NOT COOPERATING;
   Unallocated                   Rating continues to remain under
                                 'Issuer Not Cooperating'
                                 Category

   Long-term-       420.69       [ICRA]D; ISSUER NOT COOPERATING;
   Fund based                    Rating Continues to remain under
   Term Loan                     'Issuer Not Cooperating'
                                 Category

   Long Term-       150.00       [ICRA]D; ISSUER NOT COOPERATING;
   Non Fund                      Rating continues to remain under
   Based-Others                  'Issuer Not Cooperating'
                                 Category

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

IPL was set up as a special purpose vehicle (SPV) to develop a
mixed-use township in Gurgaon. The company (erstwhile Orange Realty
Private Limited) is promoted by IREO Investment Holding III Ltd.,
which is registered in Mauritius. As on March 31, 2016, IREO –
directly and through its intermediate holding companies – had
funded the SPV to the tune of INR1,719 crore through a mix of
equity, fully convertible debentures and redeemable preference
shares. At present, IPL is developing around 7 million square feet
(mn sq ft) area across Sector 58, 59, 60 and 66 in Gurgaon. IREO is
a foreign private equity fund established to directly invest in the
Indian real estate sector. The IREO Group had raised over USD1.7
billion. It is involved in real-estate development in residential,
commercial and hospitality sectors. As a business strategy the IREO
Group focuses on Tier-1 cities. At present, it has over 14
investments in cities like Gurgaon, Delhi, Ludhiana, Goa (South
Maharashtra), Panchkula, Mohali, and Chennai.


JAI DURGA: ICRA Keeps B+ Debt Ratings in Not Cooperating Category
-----------------------------------------------------------------
ICRA has kept the Long-Term rating of Jai Durga Oil Extraction
Private Limited (JDOEPL) in the 'Issuer Not Cooperating' category.
The rating is denoted as "[ICRA]B+ (Stable); ISSUER NOT
COOPERATING".

                      Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long Term-         10.75       [ICRA]B+ (Stable) ISSUER NOT
   Fund Based-                    COOPERATING; Rating continues
   Cash Credit                    to remain under 'Issuer Not
                                  Cooperating' category

   Long Term-          3.57       [ICRA]B+ (Stable) ISSUER NOT
   Fund Based-                    COOPERATING; Rating continues
   Term Loan                      to remain under 'Issuer Not
                                  Cooperating' category

   Long Term-          0.68       [ICRA]B+ (Stable) ISSUER NOT
   Unallocated                    COOPERATING; Rating continues
                                  to remain under 'Issuer Not
                                  Cooperating' category

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

Jai Durga Oil Extraction Private Limited (JDOEPL) was incorporated
in 2004 and has its registered office at Bilaspur, Chhattisgarh.
The company is involved in extraction and refining of oil from rice
bran. The plant is located in 'Sirgitti ndustrial Area' in Bilaspur
district of Chhattisgarh. It started with an installed capacity of
45,000 MTPA and over the years, it expanded the capacity to 105,000
MTPA having two solvent-extraction plants and a refinery with an
installed capacity of 15,000 MTPA. The company has also set-up a
cattle-feed plant in FY2018, having an installed capacity of 45,000
MTPA.


JAYOTI VIDYAPEETH: CARE Lowers Rating on INR19.17cr LT Loan to B
----------------------------------------------------------------
CARE Ratings has revised the ratings on certain bank facilities of
Jayoti VIdyapeeth Women's University (JVWU), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      19.17       CARE B; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category and
                                   Revised from CARE B+; Stable

Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated June 05, 2023,
placed the rating(s) of JVWU under the 'issuer non-cooperating'
category as JVWU 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. JVWU continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
April 20, 2024, April 30, 2024, May 10, 2024.

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

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

The ratings assigned to the bank facilities of JVWU have been
revised on account of non-availability of requisite information.

Jaipur (Rajasthan) based Jyoti Vidyapeeth Trust (JVT) was
established in 2003 by Dr. Panckaj Garg to set up educational
institutions and impart quality education to women. JVT operates
Jayoti Vidyapeeth Women's University (JVWU), which is
India's first, women's private state university established and
incorporated under the Act 17 of 2008 passed by Rajasthan State
Legislature and notified by government of Rajasthan in 2008.


JOYOUS BLOCKS: CRISIL Reaffirms B+ Rating on INR6.1cr Cash Loan
---------------------------------------------------------------
CRISIL Ratings has reaffirmed its 'CRISIL B+/Stable' rating on the
long-term bank facilities of Joyous Blocks and Panels Pvt Ltd
(JBPPL) and reassigned its 'CRISIL A4' rating to the short-term
facilities.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Bank Guarantee         0.3       CRISIL A4 (Reassigned)

   Cash Credit            6.1       CRISIL B+/Stable (Reaffirmed)

   Long Term Loan         5.33      CRISIL B+/Stable (Reaffirmed)

   Overdraft Facility     1         CRISIL B+/Stable (Reaffirmed)

   Proposed Working
   Capital Facility       2.33      CRISIL B+/Stable (Reaffirmed)


The ratings reflect the company's modest financial risk profile and
susceptibility to cyclicality in the construction industry. These
weaknesses are partially offset by the extensive experience of the
promoters in the construction materials industry, the company's
increased operational profitability and improvement in working
capital management.

Analytical approach

Unsecured loans of INR3.48 crore infused by the promoters have been
treated as debt because these loans are repayable and carry a fixed
rate of interest.

Key rating drivers and detailed description

Weaknesses:

* Modest financial risk profile: Gearing is estimated to have
remained high around 5 times as on March 31, 2024, and interest
coverage weak at 2.77 times for fiscal 2024. The high bank limit
utilization and moderate profitability of the company impact its
financial risk profile. However, with steady accretion to reserve,
the financial risk profile is expected to improve over the medium
term.

* Susceptibility to cyclicality in the construction industry: Fly
ash based AAC (autoclaved aerated concrete) blocks are used in the
construction industry (mainly buildings), which is highly cyclical
and dependent on macroeconomic variables. Any slump in the end-user
industry will affect demand and realisation.

Strengths:

* Extensive experience of the promoters: Presence of around three
decades in the construction materials industry has helped the
promoters understand market dynamics and establish healthy business
relationships with suppliers and key clients.

* Increased scale of operations: Demand is steady because of a wide
clientele including reputed developers and government capital
expenditure (capex) on infrastructure development, resulting in
revenue growth over the past five fiscals. With fly ash based AAC
blocks being a key component in construction, the scale is expected
to increase steadily. However, the excess demand due to rapid
development in infrastructure projects post pandemic has now
moderated weighing on the realizations.

* Moderate working capital cycle: Gross current assets (GCAs) are
estimated at a sizeable 117 days as on March 31, 2024 as against
108 days a year earlier. The expansion in GCAs is due to increased
inventory and modest decline in operating revenue. GCAs are
expected around 122 days in fiscal 2025 as the company plans to
stock its products in warehouses near key markets.

Liquidity: Stretched

Bank limit utilization averaged a moderate 88.59% for the 15 months
ended June 2024. Expected cash accrual of over INR3 crore should
comfortably cover term debt obligation of INR1.75 crore over the
medium term. In addition, it will act as a cushion to the liquidity
of the company. The estimated current ratio is low below 1.0 time
on March 31, 2024. The promoters have extended support to the
liquidity of the company in the form of equity of INR1 crore in
fiscal 2023 and cumulative unsecured loans of INR3.48 crore in
fiscal 2024 to meet its working capital requirements and repayment
obligations.

Outlook: Stable

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

Rating sensitivity factors

Upward factors:

* Steady growth in revenue and sustenance of improved operating
margin leading to healthy accretion to reserve.
* Improvement in the financial risk profile of the company leading
to a reduction in gearing to below 2.2 times.

Downward factors:

* Significant decline in revenue and operating margin below 4%
impacting the overall cash accrual of the company.
* Stretch in working capital cycle leading to an increase in GCAs.

Incorporated in 2014 and promoted by Mr Ayush Agarwalla, Mr Rahul
Kedia and Mr Ashok Khandelwal, JBPPL manufactures fly ash based AAC
blocks for construction work including real estate and civil
construction. Its production unit in Barjora, West Bengal, has a
capacity of 16,500 cubic metre per month.


LAKSHMI COTFAB: CARE Keeps D Debt Rating in Not Cooperating
-----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Lakshmi
Cotfab Private Limited (LCPL) continues to remain in the 'Issuer
Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      13.10       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Rationale and key rating drivers

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

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

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

Rajkot (Gujarat) based Lakshmi Cot Fab Private Limited was
incorporated in September, 2013 by Mr Nimish Lotiya, Mr Vishal
Lotiya and Mr Harilal Khakhar. LCPL is engaged into cotton ginning,
cleaning and bailing process with an installed capacity of 350 Full
Pressed cotton bales per day (165 kg each) as on March 31, 2018.
The company procures raw cotton from farmers and sells its products
in domestic market to the states like Gujarat, Maharashtra,
Tamilnadu etc.


LEADING BIRD: Voluntary Liquidation Process Case Summary
--------------------------------------------------------
Debtor: Leading Bird Web Services Private Limited
R-188 Greater Kailash-1
        New Delhi India, 110048

Insolvency Commencement Date: June 11, 2024

Court: National Company Law Tribunal Bengaluru Bench

Liquidator: Mr. Vighneshwar Bhat
     No. 202, A. Block Sree Laxmi Nivas Apartments,
            Wilson Garden 13th Cross
            Near Wilson Manor Apartments
            Bangalore, Karnataka, 560027
            Email: bhatvignesh@gmail.com
            Tel No: +91 95902 52851

Last date for
submission of claims: August 10, 2024


LEGEND ARTISTS: Liquidation Process Case Summary
------------------------------------------------
Debtor: Legend Artists Private Limited
        603/11A 19th Main 3rd Sector HSR
        Layout, Bangalore - 560102

Liquidation Commencement Date: July 5, 2024

Court: National Company Law Tribunal, Mumbai Bench

Liquidator: Prasad Kamalakar Dharap
            47, Prasad
            Opp. Lendra Park
            New Ramdaspeth, Nagpur - 440 010
            Email: prasad.dharap65@gmail.com
            Email: cirp.lapl@gmail.com

Last date for
submission of claims: August 8, 2024


LUCKY EXPORTS: ICRA Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------
ICRA has kept the short-term ratings of Lucky Exports (LE) in the
'Issuer Not Cooperating' category. The rating is denoted as
"[ICRA]D; ISSUER NOT COOPERATING".

                      Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Short-term-       46.00       [ICRA]D; ISSUER NOT COOPERATING;
   Fund based                    Rating Continues to remain under
   Cash Credit                   'Issuer Not Cooperating'
                                 Category

   Non-fund         120.00       [ICRA]D ISSUER NOT COOPERATING;
   Based-                        Rating continues to remain under
   Limits                        'Issuer Not Cooperating'
                                 Category

   Short-term         4.00       [ICRA]D; ISSUER NOT COOPERATING;
   Unallocated                   Continues to remain under the
   Limites                       'Issuer Not Cooperating'
                                 Category

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

LE was established in 1990 with focus on export of agri & other
commodities to Russia & Commonwealth of Independent States. Over
the years, LE diversified its geographical presence into African
countries as well. Starting from 2004, it ventured into proje
management related activities in African countries, mostly under
the line of credit facility of the Indian Govt. or grants or aid
programme of other international developmental agencies.


MANMAN MANUFACTURING: CRISIL Reaffirms B+ Rating on INR6cr Loan
---------------------------------------------------------------
CRISIL Ratings has reaffirmed its 'CRISIL B+/Stable/CRISIL A4'
ratings on the bank loan facilities of Manman Manufacturing Company
Pvt Ltd (MMCPL).

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Bank Guarantee         0.2       CRISIL A4 (Reaffirmed)

   Cash Credit            6         CRISIL B+/Stable (Reaffirmed)

   Long Term Loan         3         CRISIL B+/Stable (Reaffirmed)

   Long Term Loan         2.25      CRISIL B+/Stable (Reaffirmed)

   Proposed Working
   Capital Facility      11.55      CRISIL A4 (Reaffirmed)

The ratings continue to reflect the company's modest scale of
operations amid intense competition, large working capital
requirement and average financial risk profile. These weaknesses
are partially offset by the extensive experience of the promoters
in the healthcare equipment industry and an established clientele.

Key Rating Drivers & Detailed Description

Weaknesses:

* Modest scale of operations amid intense competition: The
healthcare equipment industry is highly fragmented. Intense
competition constrains scalability, as reflected in estimated
revenue of INR28.40 crore in fiscal 2024 (INR26.2 crore in fiscal
2023), pricing power and profitability. Sustained improvement in
revenue remains monitorable.

* Large working capital requirement: Gross current assets were
sizeable at 231 days as on March 31, 2023, driven by large
receivables and inventory of 82 days and 122 days, respectively.
The working capital cycle will likely remain stretched over the
medium term and will be a key monitorable.

* Leveraged capital structure: Networth was small at INR5.83 crore
as on March 31, 2023, yielding gearing and total outside
liabilities to tangible networth ratio of 2.45 times and 3.53
times, respectively. However, interest coverage ratio was 2.09-2.17
times in the three fiscals through 2023.

Strength:

* Extensive experience of the promoters and established clientele:
The promoters have experience of four decades in the healthcare
equipment industry; their strong understanding of market dynamics
and healthy relationships with customers and suppliers will
continue to support the business. Clientele is robust, comprising
15,000 customers.

Liquidity: Stretched

Bank limit utilisation was high at 97.32% for the 12 months through
March 2024. Cash accrual, expected at INR1.5-2.5 crore per fiscal,
will sufficiently cover yearly term debt obligation of around INR1
crore over the medium term and surplus will cushion liquidity.
Current ratio was moderate at 1.24 times as on March 31, 2023.

The promoters will likely extend equity and unsecured loans to meet
working capital requirement and debt obligation.

Outlook: Stable

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

Rating Sensitivity Factors

Upward factors:

* Revenue growth of more than 50% and steady increase in
profitability leading to higher cash accrual
* Significant improvement in the working capital cycle and
liquidity

Downward factors:

* Decline in revenue and profitability resulting in cash accrual
less than INR1 crore
* Large, debt-funded capital expenditure or further stretch in the
working capital cycle
* Absence of funding support from the promoters

Incorporated in 2000, MMCPL manufactures surgical power tools used
in cardiac, neurological and orthopaedic surgeries. The products
are marketed under the brand Manman. Mr Madhukar Gokhale and his
family members are the promoters.


MOHAN COLD: CARE B- Debt Rating in Not Cooperating Category
-----------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Mohan Cold
Storage Private Limited (MCSPL) continue to remain in the 'Issuer
Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       9.00       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 May 15, 2023,
placed the rating(s) of MCSPL under the 'issuer non-cooperating'
category as MCSPL 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. MCSPL continues to
be noncooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
March 30, 2024, April 9, 2024, April 19, 2024.

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

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

Mohan Cold Storage Private Limited (MCSPL) was established as a
private limited company in 1965. MCSPL is owned by the Samastipur
(Bihar) based family having extensive experience of around five
decades in cold storage industry. Since its inception, the company
provides cold storage services for potatoes. The cold storage unit
of the company is located at N.H. – 28, Tajpur, Dist-Samastipur,
Bihar. Mr. Sushant Anil (aged about 33 years), and Mrs. Kajal Anil
(aged about 35 years) has experience of around a decade in cold
storage industry, looks after the overall management of the
company. They are supported by other director Mrs. Soni Kumari
(aged about 31 years) who also has around five years of experience
in this line of business. The promoters are supported by a team of
experienced professionals.


NAGARJUNA WAREHOUSING: ICRA Keeps B Ratings in Not Cooperating
--------------------------------------------------------------
ICRA has kept the Long-Term ratings of Nagarjuna Warehousing in the
'Issuer Not Cooperating' category. The rating is denoted as
"[ICRA]B (Stable) ISSUER NOT COOPERATING".

                      Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long Term-          7.78        [ICRA]B (Stable) ISSUER NOT
   Fund Based-                     COOPERATING; Rating continues
   Term Loan                       to remain under 'Issuer Not
                                   Cooperating' category

   Long Term-          0.22        [ICRA]B (Stable) ISSUER NOT
   Unallocated                     COOPERATING; Rating continues
                                   to remain under 'Issuer Not
                                   Cooperating' category

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

Nagarjuna Warehousing, a partnership concern established in 2015,
is engaged in the construction of go-downs and leasing out to
FCI/CCI. The firm is in the process of constructing 3 godowns with
aggregate capacity of 24,000 MT at Gajalpuram village, Thripuraram
Mandal of Nalgonda district, which are expected to commence
operations in September, 2017. The total cost of the project is
estimated at INR10.54 crore which is to be funded through INR7.78
crore of term loans and equity of INR2.76 crore.


NAYATI HEALTHCARE: Insolvency Resolution Process Case Summary
-------------------------------------------------------------
Debtor: Nayati Healthcare & Research NCR Pvt Ltd

        Registered Address:
        A-7, Khasra No. 882,
        Kharak Rewara Satbarivillage,
        South Delhi, lndia, 110074

        Books of accounts maintained at:
        Ground Floor, A-5 Sector-4
        Noida, Uttar Pradesh, India 201301

Insolvency Commencement Date: July 5, 2024

Court: National Company Law Tribunal, New Delhi Bench

Estimated date of closure of
insolvency resolution process: December 31, 2024

Insolvency professional: Navneet Arora

Interim Resolution
Professional: Navneet Arora
              Navneet K Arora & Co LLP
              Company Secretaries E-8/1, LGF,
              Near Geeta Bhawan Mandir
              Malviya Nagar New Delhi
              National Capital Territory of Delhi 110017
              Email: info@navneetaroracs.com
              Email: nayatihealthearener.cirp@gmail.com

Last date for
submission of claims: July 22, 2024


ORCHID HOUSINGINFRA: Insolvency Resolution Process Case Summary
---------------------------------------------------------------
Debtor: Orchid Housinginfra LLP
5, Floor - 1, Plot No. 7,
        Sharda Sadan,
        Swami Gyanjivandas Marg,
        Dadar Rly. Stn.
        Dadar, (East),
        Mumbai, Maharashtra,
        India, 400014

Insolvency Commencement Date: July 10, 2024

Estimated date of closure of
insolvency resolution process: January 5, 2025

Court: National Company Law Tribunal, Pune Bench

Insolvency
Professional: Mrs. Chetna P. Sutaria
       C-23, Satyam Shopping Centre
              M. G. Road, Ghatkopar (E)
              Mumbai - 400077
              Email: casutaria@gmail.com
              Email: cirporchidllp@gmail.com.
              Email: casutaria@gamilcom

Last date for
submission of claims: July 24, 2024


PARVATI SOLVENT: ICRA Keeps D Debt Ratings in Not Cooperating
-------------------------------------------------------------
ICRA has kept the long-term ratings for the bank facilities of
Parvati Solvent Extraction Private Limited (PSEPL) in the 'Issuer
Not Cooperating' category. The ratings are denoted as "[ICRA]D;
ISSUER NOT COOPERATING".

                    Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Long-term-         2.71       [ICRA]D; ISSUER NOT COOPERATING;
   Fund based                    Rating Continues to remain under
   Term Loan                     'Issuer Not Cooperating'
                                 Category

   Long-term-        10.00       [ICRA]D; ISSUER NOT COOPERATING;
   Fund based                    Rating Continues to remain under
   Cash Credit                   'Issuer Not Cooperating'
                                 Category

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

Incorporated in 2009, Parvati Solvent Extraction Private Limited
(PSEPL) is engaged in solvent extraction from soya seed into
soybean oil and soya de-oiled cake (DOC). The company commenced its
operations Aug 27, 2019 from July 2010 at its manufacturing unit
located in Jalna, Maharashtra with crushing capacity intake of 250
MT per day. The company normally undertakes the extraction
operation over a 9 month period (October to June) while, it remains
shut during July-September on account of soybean cropping season
during which the maintenance of machinery is undertaken. PSEPL has
facility of express fitter line (350KVA) in its factory unit for
continuous electricity supply.


PLEX SYSTEMS: Voluntary Liquidation Process Case Summary
--------------------------------------------------------
Debtor: Plex Systems Private Limited
        6th Floor, Pentagon P-2,
        Magarpatta City, Hadapsar,
        Pune - 411013, Maharashtra

Liquidation Commencement Date: July 8, 2024

Court: National Company Law Tribunal, Mumbai Bench

Liquidator: Sonu Gupta
            42/1201, 11th Floor, NRI Complex
            Seawood Estates, Nerul
            Navi Mumbai, Maharashtra 400 706
            E-mail: rpsonugupta@gmail.com
            Tel No: +91 93239 11177

Last date for
submission of claims: August 7, 2024


PMS-COM-PRO (INDIA): Insolvency Resolution Process Case Summary
---------------------------------------------------------------
Debtor: PMS-COM-PRO (India) Private Limited
        Registered Address:
        39, Second Floor Shahpurjat
        New Delhi, Delhi, India 110049

Insolvency Commencement Date: April 29, 2024

Court: National Company Law Tribunal, Indore Bench

Estimated date of closure of
insolvency resolution process: October 26, 2024

Insolvency professional: Mohd Nazim Khan

Interim Resolution
Professional: Mohd Nazim Khan
              MNK House, 9A/9-10
              Basement, East Patel Nagar
              New Delhi 110008, India
              Email: nazim@mnkassociates.com
              Email: cirp.pms@gmail.com

Last date for
submission of claims: May 25, 2024


POLYPLASTICS AUTOMOTIVE: ICRA Keeps D Ratings in Not Cooperating
----------------------------------------------------------------
ICRA has kept the Long-Term ratings and Short-Term ratings of
Polyplastics Automotive India Private Limited (PAIPL) in the
'Issuer Not Cooperating' category. The rating is denoted as
"[ICRA]D;/[ICRA]D; ISSUER NOT COOPERATING".

                     Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Long-term-         8.00       [ICRA]D; ISSUER NOT COOPERATING;
   Fund based                    Rating Continues to remain under
   Cash Credit                   'Issuer Not Cooperating'
                                 Category

   Long-term/         5.80       [ICRA]D/[ICRA]D; ISSUER NOT
   Short Term                    COOPERATING; Rating Continues to
   Unallocated                   remain under 'Issuer Not
                                 Cooperating' Category

   Long-term/         1.20      [ICRA]D/[ICRA]D; ISSUER NOT
   Short Term                    COOPERATING; Rating Continues to
   Fund Based/                   remain under 'Issuer Not
   Cash Credit                   Cooperating' Category

   Short-term         0.25       [ICRA]D; ISSUER NOT COOPERATING;
   Non-fund based                Continues to remain under the
   Others                        'Issuer Not Cooperating'
                                 Category

   Long-term-         9.75       [ICRA]D; ISSUER NOT COOPERATING;
   Fund based                    Rating Continues to remain under
   Term Loan                     'Issuer Not Cooperating'
                                 Category

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

PAIPL is a manufacturer of injection molded plastic auto components
for the automobile (four-wheeler passenger vehicles and two
wheelers) industry. The company manufactures auto components such
as wheel covers, wheel caps, radiator grills (for passenger
vehicles) and garnish cowl, rear cowl centre, gear speedo meter,
side cover, handle cover, wheel cap, throttle lever, inner door
handle, fuse box and cover, etc (for two wheelers) at its
manufacturing facility located at Industrial Growth Centre in Bawal
(Rewari, Haryana). The unit has 20 injection moulding machines and
painting facilities, which include body colour paint shop,
automatic wheel cover paint shop and conventional paint shops. The
company's client list includes Maruti Suzuki India Limited, Honda
Motorcycle & Scooter India Pvt. Ltd. and Hero Motocorp Ltd., apart
from other OEMs and Tier-1 suppliers.


POWERDEAL ENERGY: Insolvency Resolution Process Case Summary
------------------------------------------------------------
Debtor: Powerdeal Energy Systems (India) Private Limited
        Registered Address:
        F-29 MIDC Satpur, Nasik
        Maharashtra, India 422007

Insolvency Commencement Date: July 7, 2024

Court: National Company Law Tribunal, Ahmedabad Bench

Estimated date of closure of
insolvency resolution process: January 7, 2025

Insolvency professional: Dhaval Jitendrakumar Mistry

Interim Resolution
Professional: Dhaval Jitendrakumar Mistry
              9/B, Vardan Complex
              Near Vimal House
              Lakhudi Circle, Mavrangpura,
              Ahmedabad 380014
              Email: cadhavalmistry@yahoo.com
              Email: cirp.powerdeal@gmail.com

Last date for
submission of claims: July 25, 2024


SANKET ENTERPRISE: CARE Keeps B- Debt Rating in Not Cooperating
---------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Sanket
Enterprise (SE) continue to remain in the 'Issuer Not Cooperating'
category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      39.20       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 14, 2023,
placed the rating(s) of SE under the 'issuer non-cooperating'
category as SE 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. SE continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
April 29, 2024, May 9, 2024, May 19, 2024.

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

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

The ratings assigned to the bank facilities of SE have been revised
on account of non-availability of requisite information.

Formed in 2014, M/s. Sanket Enterprise (SE) is a partnership firm
led by Mr Dineshchandra Patel. The firm is into retailing of
Electronics like TV, home appliances, Audios devices, fridges,
kitchen appliances, personal appliances and other white goods. The
firm has 9 retail electronic chains across Gujarat including a
large sized Electronic Mall at Anand (the only owned premise).
All the retail chain stores operate under the name of 'Sanket
India'. The firm also retails its home electronic brand 'Teknas'
under which it currently sells LEDs TVs and is planning to venture
into home appliances under the said brand. SE also sells its
products via online e-commerce platforms such as Amazon, Flipkart
and Snapdeal and also has its own e-commerce website for selling of
electronic products. Recently, the firm has built a 1.00 lakh sq.
ft. mall at Anand which commenced operations from September 2017.


SHAHLON SILK: CRISIL Lowers LT/ST Rating on Bank Debts to D
-----------------------------------------------------------
Due to inadequate information and in line with the Securities and
Exchange Board of India guidelines, CRISIL Ratings had migrated its
ratings on the bank facilities of Shahlon Silk Industries Ltd
(SSIL) to 'CRISIL BB-/Stable/CRISIL A4+ Issuer Not Cooperating'.
However, the management has subsequently started sharing requisite
information for carrying out a comprehensive review of the ratings.
Consequently, CRISIL Ratings has downgraded its ratings on the bank
facilities of SSIL to 'CRISIL D/CRISIL D'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Long Term Rating        -         CRISIL D (Downgraded from
                                     'CRISIL BB-/Stable ISSUER
                                     NOT COOPERATING')

   Short Term Rating       -         CRISIL D (Downgraded from
                                     'CRISIL A4+ ISSUER NOT
                                     COOPERATING')

The downgrade in ratings factors the continuous over utilisation in
the channel financing limit for more than 30 days. The ratings also
consider stretched liquidity owing to high bank limit utilisation
(97.46% on average during the 12 months through May 2024).

The ratings continue to reflect the exposure to volatility in raw
material prices and large working capital requirement. These
weaknesses are partially offset by the extensive experience of the
promoters in the textile industry.

Analytical Approach

CRISIL Ratings has considered the standalone business and financial
risk profiles of SSIL. `

Key Rating Drivers & Detailed Description

Weaknesses:

* Exposure to volatility in raw material price: Since cost of
procuring the raw materials (synthetic yarn, fabric, texturised,
twisted and sized yarn) accounts for 70-75% of the operating
income, even a slight variation in price can drastically impact the
operating margin. Further, the company has limited ability to pass
any price hike to customers in a timely manner. Steady improvement
in profitability will remain monitorable.

* Large working capital requirement: Gross current assets were
sizeable at 272 days as on March 31, 2024, driven by high debtors
of 179 days and huge inventory of 103 days. The working capital is,
however, partly supported by payables of 82 days. Improvement in
the working capital cycle will remain a key rating sensitivity
factor over the medium term.

Strengths:

* Extensive experience of the promoters: The promoters have more
than three decades of experience in the textile industry; their
strong understanding of market dynamics and healthy relationships
with customers and suppliers will continue to support the business.
Revenue - estimated at INR309.65 crore in fiscal 2024 – may
further grow, driven by customer addition, steady order flow and
offtake from the capacity enhancement. Low customer concentration
and adequate diversification in the domestic and export profiles
should boost the business risk profile

Liquidity: Poor

Bank limit utilisation was high at 97.28% during the 12 months
through May 2024. Cash accrual is projected at more than 15 crore
per annum, against yearly debt obligation of INR7-10 crore over the
medium term. The current ratio stood at 1.44 times on March 31,
2024. The promoters are likely to extend need-based funds (equity
and unsecured loans) to support operations.

Rating Sensitivity Factors

Upward Factors

* Timely servicing of debt obligation for at least 90 days
* Improvement in the working capital cycle

SSIL, incorporated in 2008, manufactures texturised, twisted and
sized yarn and grey fabric; it is based in Surat, Gujarat, The
company also trades in partially oriented and fully drawn yarn and
is a del credere agent for Reliance Industries Ltd. The company is
owned and managed by Mr Dhiraj R Shah, Mr Jayanti R Shah, Mr Arvind
R Shah, Mr Nitin R Shah and Mr Mahendra R Shah.


SIMBHAOLI SUGARS: Insolvency Resolution Process Case Summary
------------------------------------------------------------
Debtor: Simbhaoli Sugars Limited

        Corporate Office:
        A-112, Noida, Sector 63
        Uttar Pradesh - 201307

        Registered Office:
        Sugar Mill Complex
        Simbhaoli, Hapur, UP - 245207

        Other Units at:

        Chilwaria, District Bahiraich
        UP - 271 801

        Brijnathpur, District Hapur
        UP - 245101
        
Insolvency Commencement Date: July 11, 2024

Court: National Company Law Tribunal, New Delhi Bench

Estimated date of closure of
insolvency resolution process: January 7, 2025

Insolvency professional: Anurag Goel

Interim Resolution
Professional: Anurag Goel
              Plot No 6, First Floor
              State Bank Nagar
              Outer Ring Road
              Paschim Vihar
              New Delhi - 110063
              E-Mail: agoel@caanurag.com
              E-Mail: cirp.simbhaoli@gmail.com

Last date for
submission of claims: July 25, 2024


SRINIVASA ENTERPRISES: ICRA Keeps B+ Ratings in Not Cooperating
---------------------------------------------------------------
ICRA has kept the Long-Term and Short-Term ratings of Srinivasa
Enterprises, N. Rambabu in the 'Issuer Not Cooperating' category.
The rating is denoted as [ICRA]B+(Stable)/[ICRA]A4; ISSUER NOT
COOPERATING".

                      Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long Term-          9.00       [ICRA]B+ (Stable) ISSUER NOT
   Fund Based-                    COOPERATING; Rating continues
   Cash Credit                    to remain under 'Issuer Not
                                  Cooperating' category

   Long Term/          1.00       [ICRA]B+ (Stable)/[ICRA]A4;
   Short Term-                    ISSUER NOT COOPERATING;
   Non-Fund Based-                Rating continues to remain
   Bank Guarantee                 under 'Issuer Not Cooperating'
                                  category

As part of its process and in accordance with its rating agreement
with Srinivasa Enterprises, N. Rambabu, ICRA has been trying to
seek information from the entity so as to monitor its performance
Further, ICRA has been sending repeated reminders to the entity for
payment of surveillance fee that became due. Despite multiple
requests by ICRA, the entity's management has remained
non-cooperative. In the absence of requisite information and in
line with the aforesaid policy of ICRA, the rating has been
continued to the "Issuer Not Cooperating" category. The rating is
based on the best available information.
  
Srinivasa Enterprises was founded in 2001 as a partnership firm by
Mr. N. Rambabu & Mr. B. Jeevan Kishore. However, in June 2012, Mr.
N. Rambabu retired from the firm and started his new firm with the
same name "Srinivasa Enterprises". The firm specializes in carrying
out civil construction works on sub-contract basis for companies
such as KMV Projects Limited (CARE A/A2+), BSR Infratech India
Limited (ICRA A-/A2+), Sai Pavani Constructions Pvt Ltd etc. SE is
managed by Mr. N Rambabu and is supported by qualified and
experienced team of more than 20 employees.


SRINIVASAN CHARITABLE: ICRA Keeps D Rating in Not Cooperating
-------------------------------------------------------------
ICRA has kept the Long-Term rating of Srinivasan Charitable And
Educational Trust in the 'Issuer Not Cooperating' category. The
rating is denoted as "[ICRA]D ISSUER NOT COOPERATING".

                     Amount
   Facilities     (INR crore)   Ratings
   ----------     -----------   -------
   Long-term-        175.00     [ICRA]D; ISSUER NOT COOPERATING;
   Fund based                   Rating Continues to remain under
   Term Loan                    'Issuer Not Cooperating'
                                Category

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

DS Group was established in 1994 by Mr. Srinivasan, with an
objective to run charitable institutions, educational institutions
and hospitals. DS group of trusts (including a private limited
company) operate engineering colleges, medical college, hospital,
polytechnic college and hotel in which location. The group runs
three trusts and a private limited company which encompasses 23
colleges (6 - Engineering, 1 - Agricultural, 2 - Pharmacy, 3 - Arts
& Science, 2 - Polytechnic, 3 - Nursing, 4 - Educational, 2 -
Medical), 2 hospitals, 3 schools and 1 hotel. The institutes are
present in 3 locations in Tamil Nadu (Perambalur, Chennai &
Trichy).


SRINIVASAN HEALTH: ICRA Keeps D Debt Rating in Not Cooperating
--------------------------------------------------------------
ICRA has kept the Long-Term rating of Srinivasan Health And
Educational Trust in the 'Issuer Not Cooperating' category. The
rating is denoted as "[ICRA]D ISSUER NOT COOPERATING".

                     Amount
   Facilities     (INR crore)   Ratings
   ----------     -----------   -------
   Long-term-        181.00     [ICRA]D; ISSUER NOT COOPERATING;
   Fund based                   Rating Continues to remain under
   Term Loan                    'Issuer Not Cooperating'
                                Category

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

DS Group was established in 1994 by Mr. Srinivasan, with an
objective to run charitable institutions, educational institutions
and hospitals. DS group of trusts (including a private limited
company) operate engineering colleges, medical college, hospital,
polytechnic college and hotel in which location. The group runs
three trusts and a private limited company which encompasses 23
colleges (6 - Engineering, 1 - Agricultural, 2 - Pharmacy, 3 - Arts
& Science, 2 - Polytechnic, 3 - Nursing, 4 - Educational, 2 -
Medical), 2 hospitals, 3 schools and 1 hotel. The institutes are
present in 3 locations in Tamil Nadu (Perambalur, Chennai &
Trichy).


SWASTISH ENTERPRISES: Insolvency Resolution Process Case Summary
----------------------------------------------------------------
Debtor: Swastish Enterprises Limited
        Registered Address:
        8, Vijaykiran Apartment
        Tidke Colony
        Nashik - 422002 (MH)

Insolvency Commencement Date: July 4, 2024

Court: National Company Law Tribunal, Mumbai Bench

Estimated date of closure of
insolvency resolution process: January 5, 2025

Insolvency professional: Harshad Shamkant Deshpande

Interim Resolution
Professional: Harshad Shamkant Deshpande
              403, Kumar Millennium
              Shivatirtha Nagar Kaman
              Opp Krishna Hospital
              Paud Road, Kothrud
              Pune - 411038
              Email: harshad_de@hotmail.com
              Email: cirp.swastish@gmail.com

Last date for
submission of claims: July 23, 2024


TETRADRIP PHARMA: CARE Keeps D Debt Rating in Not Cooperating
-------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Tetradrip
Pharma Private Limited (TPPL) continues to remain in the 'Issuer
Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       6.93       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 26, 2023,
placed the rating(s) of TPPL under the 'issuer non-cooperating'
category as TPPL 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. TPPL continues to be
noncooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
April 10, 2024, April 20, 2024, April 30, 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).

Tetradrip Pharma Private Limited (TPPL) was incorporated on April
17, 2013 with an objective to enter into the manufacturing of
pharmaceutical and medical products. The company has established a
manufacturing unit of dialysis material and dry powder injection at
Burdwan in west Bengal. The company has started commercial
operation of dialysis division from June 2017. The day-to-day
operations of the company are looked after by Mr. Arvind Khaitan
along with the help of other directors and a team of experienced
personnel who are having significant experience in the similar line
of business. The benefit derived from the experience directors and
healthy relation with customers and suppliers are continuing to
support the company.




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

UNIVERSAL ENTERTAINMENT: Fitch Gives B-(EXP) on 2029 USD Notes
--------------------------------------------------------------
Fitch Ratings has assigned Universal Entertainment Corporation's
(UE) proposed US-dollar senior notes maturing in 2029 an expected
rating of 'B-(EXP)' with a Recovery Rating of 'RR4'.

The proceeds of the notes, along with a concurrent bank loan to be
raised by its Philippines operating subsidiary, are to be used
primarily for refinancing of UE's existing notes due December 2024.
The final rating is contingent upon the receipt of final documents
conforming to the information already received, and verification
that the total amount of new funds raised is sufficient to redeem
the notes maturing in December 2024 in full.

UE's Long-Term Foreign-Currency Issuer Default Rating of 'B-' is on
Rating Watch Negative (RWN) because the maturity of the USD760
million notes due December 2024, which constitute the bulk of the
company's debt, is drawing closer. While the company is in advanced
stages of executing a refinancing plan, legally binding commitments
to refinance are not in place. Fitch will resolve the RWN, and
affirm the rating at its current level, once the refinance plan is
completed at the terms communicated.

KEY RATING DRIVERS

Imminent Maturity: UE's debt maturity is concentrated in December
2024. The USD760 million of outstanding US dollar senior secured
notes are substantial relative to its liquidity and cash flow
profile. UE has demonstrated to Fitch that it is in advanced stages
of securing sufficient funding for its refinancing requirements
through the proposed issuance of US dollar senior notes and a bank
loan from local banks in the Philippines to UE's operating
subsidiary. Its plans appear reasonable, particularly given the
company's quality assets and improved cashflows. However, execution
risks still persist.

IR Growth to Soften: Following a strong 2023 performance, Fitch
forecasts UE's revenue growth to flatten in 2024 before rising from
2025, albeit at a moderate rate. However, Fitch has revised down
its forecast for revenue from the company's integrated resort (IR)
in the Philippines, although Fitch believes prospects for the IR
remain positive, underpinned by the Philippines' healthy economic
growth and continued recovery in visitations. UE's IR revenue fell
qoq in 4Q23 and 1Q24 due to weaker performance in its VIP segment.
Its non-VIP segment remained resilient and recorded consistent
earnings during 1Q24.

Mature Amusement Equipment Segment: UE's earnings from its mature
amusement equipment (AE) business in Japan remain consistent,
despite uncertainties about end-market demand. UE's sales volume of
pachinko/pachislot machines continued to rise in recent years due
in part to emerging replacement demand and its ability to develop
machines that are in demand and comply with regulations in a timely
manner. Fitch forecasts near-term performance of the AE segment to
remain steady, though downside could arise from players' changing
preferences.

Limited Operating Scale: UE's credit profile remains constrained by
its limited operating scale. UE's 2023 revenue of JPY179 billion
remains significantly smaller than the reported revenues of rated
gaming peers. Over half of UE's EBITDA is from its IR operation,
comprising a single casino asset in the Philippines, which presents
heightened concentration risk. Furthermore, UE's business profile
is weighed down by bleak long-term growth prospects in the domestic
pachinko/pachislot market.

Positive FCF Generation: Fitch expects UE to sustain positive free
cash flow (FCF) generation in the near term, driven by steady
earnings, reduced capex requirements and the absence of material
definitive investment plans. With the major construction work at
Okada Manila completed, UE's capex on the IR is likely to remain
modest. Fitch also believes UE's shareholder remuneration
activities should continue to be prudently controlled in accordance
with business performance as well as debt covenants.

DERIVATION SUMMARY

US regional gaming operator, Bally's Corporation (B/Negative) is
comparable with UE in terms of revenue and profitability, but
Bally's has a more diversified business as it owns and operates 14
properties in 10 different states.

Macau-based gaming operator SJM Holdings Limited (SJMH, BB-/Stable)
and UE are geographically concentrated, but SJMH is rated at a
higher level as it is much larger in terms of revenue.

KEY ASSUMPTIONS

Fitch's Key Assumptions within Its Rating Case for the Issuer

- Revenue growth to moderate to CAGR of 3.3% over 2024-2027

- EBITDA margin of 24.2% on average

- Annual capex of JPY7 billion-8 billion in 2024-2027

- Cash dividend of up to JPY3 billion annually

RECOVERY ANALYSIS

Fitch assumes the issuer would be restructured as a going concern
(GC) with 10% administrative expenses.

Its GC EBITDA of JPY37 billion reflects a 15% discount to its
projected EBITDA of JPY44 billion under its base case scenario.
Fitch assumes earnings would weaken upon bankruptcy due to
reputational damage that will lead to lower visitation.

Fitch continues to believe an enterprise value (EV) multiple of
5.25x, which is applied to GC EBITDA to derive a
post-reorganization EV, is appropriate for Universal Entertainment.
This reflects UE's positive cash flow prospects, strategic location
of its IR business and relatively higher entry barriers for both
the IR and AE sectors.

While its analysis suggests that all the debt instruments would be
fully recovered, Fitch notes that a significant amount of UE's EV
is tied to assets located in the Philippines (BBB/Stable).
Therefore, the country cap for the Philippines will be applied,
which limits the Recovery Rating to 'RR4' as per Fitch's Country
Specific Treatment of Recovery Ratings Criteria.

RATING SENSITIVITIES

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

Fitch will resolve the RWN once the refinance plan is completed at
the terms communicated.

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

- Sustained cash burn from aggressive expansion plan.

- Failure to secure funding needed for refinancing by July 2024

LIQUIDITY AND DEBT STRUCTURE

Liquidity Under Pressure: UE's liquidity is under pressure due to
the upcoming maturity of the USD760 million of secured notes, which
represent the majority of its debt. While the company says it is on
track for timely refinancing, there is still no conclusion to the
refinancing transaction despite declining time to maturity.

ISSUER PROFILE

UE is a Japanese gaming equipment manufacturer listed on the Tokyo
Stock Exchange. The company operates in two segments:

1) the AE segment engaged in the development, manufacturing and
sale of pachislot and pachinko machines

2.) the IR segment engaged in the operation of Manila Okada, a
casino resort in Entertainment City in Manila, the Philippines.

MACROECONOMIC ASSUMPTIONS AND SECTOR FORECASTS

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

ESG CONSIDERATIONS

UE has an ESG Relevance Score of '4' for Governance Structure due
to ownership being concentrated in the hands of the founding family
and disputes with its founder and former chairman Kazuo Okada.
These have a negative impact on the credit profile, and is relevant
to the rating in conjunction with other factors.

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

   Entity/Debt              Rating                  Recovery   
   -----------              ------                  --------   
Universal Entertainment
Corporation

   senior secured        LT B-(EXP) Expected Rating   RR4




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

SINO GREEN: Appoints Audit Alliance as New Auditor
--------------------------------------------------
Sino Green Land Corp. disclosed in a Form 8-K Report filed with the
U.S. Securities and Exchange Commission that on July 19, 2024, the
Company dismissed Weinberg & Company, P.A. as the Company's
independent registered public accounting firm effective July 19.
The decision to dismiss Weinberg was approved by the Company's
Board of Directors.

The reports of Weinberg on the Company's financial statements as of
and for the six-month transition period ended June 30, 2023, and
the fiscal year ended December 31, 2022, did not contain an adverse
opinion or a disclaimer of opinion and were not qualified or
modified as to uncertainty, audit scope or accounting principles,
except for an explanatory paragraph regarding the existence of
substantial doubt about the Company's ability to remain a going
concern.

During the six-month transition period ended June 30, 2023, and the
fiscal year ended December 31, 2022, and through the date of this
Current Report on Form 8-K, there were no: (1) disagreements
between the Company and Weinberg on any matter of accounting
principles or practices, financial statement disclosure, or
auditing scope or procedures, which disagreements if not resolved
to Weinberg's satisfaction would have caused them to make reference
in connection with their opinion to the subject matter of the
disagreement, or (2) reportable events.

Following Weinberg's dismissal, the Board of Directors appointed
AUDIT ALLIANCE LLP as the Company's independent registered public
accounting firm, to audit our financial statements for the year
ended June 30, 2024. During its two most recent fiscal years and
the subsequent interim periods preceding their appointment as
independent accountants, neither the Company nor anyone on its
behalf consulted AA regarding either the application of accounting
principles to a specified transaction, either completed or
proposed, or the type of audit opinion that might be rendered of
its financial statements, nor has AA provided to the Company with a
written report or oral advice regarding such principles or audit
opinion.

                   About Sino Green Land Corp.

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

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

Sino Green cautioned that for the quarterly period ended March 31,
2024, substantial doubt exists about its ability to continue as a
going concern within the next 12 months. According to the Company,
for the six months ended March 31, 2024, the Company incurred a net
loss of $943,686 and used cash in operating activities of
$557,193.

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



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

2L LIMITED: Court to Hear Wind-Up Petition on Aug. 9
----------------------------------------------------
A petition to wind up the operations of 2L Limited will be heard
before the High Court at Auckland on Aug. 9, 2024, at 10:45 a.m.

St John’s College Trust Board filed the petition against the
company on June 18, 2024.

The Petitioner's solicitor is:

          C. N. Lord
          Craig Griffin & Lord
          187 Mt Eden Road
          Mt Eden
          Auckland


HARDIECRAFT BUILDING: Creditors' Proofs of Debt Due on Aug. 30
--------------------------------------------------------------
Creditors of Hardiecraft Building Limited are required to file
their proofs of debt by Aug. 30, 2024, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on July 19, 2024.

The company's liquidators are:

          Iain Bruce Shephard
          Jessica Jane Kellow
          BDO Wellington
          Level 1, 50 Customhouse Quay
          Wellington 6011


RPM FABRICATION: Creditors' Proofs of Debt Due on Sept. 18
----------------------------------------------------------
Creditors of RPM Fabrication Limited are required to file their
proofs of debt by Sept. 18, 2024, to be included in the company's
dividend distribution.

The High Court at Auckland appointed Lynda Smart and Derek Ah Sam
of Rodgers Reidy as liquidators of the company on July 19, 2024.


SIMIAN PROPERTY: Court to Hear Wind-Up Petition on Sept. 10
-----------------------------------------------------------
A petition to wind up the operations of Simian Property Investments
Limited will be heard before the High Court at Rotorua on Sept. 10,
2024, at 10:45 a.m.

Body Corporate 331068 filed the petition against the company on
July 4, 2024.

The Petitioner's solicitor is:

          Rhonda Margot Graham
          c/o Morgan Coakle Solicitors
          Level 9, 41 Shortland Street
          Auckland


STEELHEART COMPANY: Creditors' Proofs of Debt Due on Aug. 2
-----------------------------------------------------------
Creditors of Steelheart Company Limited are required to file their
proofs of debt by Aug. 2, 2024, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on July 5, 2024.

The company's liquidators are:

          Mohammed Tazleen Nasib Jan
          Liquidation Management Limited
          PO Box 50683
          Porirua 5240




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

E-HARBOUR MARINE: Court Enters Wind-Up Order
--------------------------------------------
The High Court of Singapore entered an order on July 19, 2024, to
wind up the operations of E-Harbour Marine Services (S) Pte. Ltd.

RHB Bank Berhad filed the petition against the company.

The company's liquidators are:

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


EXCELLENCE HEALTHCARE: Creditors' Proofs of Debt Due on Aug. 26
---------------------------------------------------------------
Creditors of Excellence Healthcare Holding Pte. Ltd. are required
to file their proofs of debt by Aug. 26, 2024, to be included in
the company's dividend distribution.

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

The company's liquidators are:

         Goh Wee Teck
         Ng Kian Kiat
         c/o 8 Wilkie Rd
         #03-08 Wilkie Edge
         Singapore 228095


HFG TECHNOLOGIES: Court Enters Wind-Up Order
--------------------------------------------
The High Court of Singapore entered an order on July 19, 2024, to
wind up the operations of HFG Technologies (Singapore) Pte. Ltd.

Sensorik Pte Ltd filed the petition against the company.

The company's liquidators are:

         Ng Hoe Kiat Keith
         c/o Reliance 3P Advisory  
         7500A Beach Road
         #05-303 The Plaza
         Singapore 199591


LONG JEE: Creditors' Proofs of Debt Due on Aug. 26
--------------------------------------------------
Creditors of Long Jee Holding (S) Pte. Ltd. are required to file
their proofs of debt by Aug. 26, 2024, to be included in the
company's dividend distribution.

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

The company's liquidators are:

         Mr. Chian Yeow Hang
         Abacus Insolvency Solutions
         238A Thomson Road
         #25-07 Novena Square
         Singapore 307684


PANTHER II: Creditors' Proofs of Debt Due on Aug. 26
----------------------------------------------------
Creditors of Panther II Pte. Ltd. are required to file their proofs
of debt by Aug. 26, 2024, to be included in the company's dividend
distribution.

The company commenced wind-up proceedings on July 19, 2024.

The company's liquidators are:

         Victor Goh
         Khor Boon Hong
         Marie Lee
         C/o Baker Tilly
         600 North Bridge Road
         #05-01 Parkview Square
         Singapore 188778




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

QOO10: TMON Initiates Belated Refunds as Insolvency Woes Linger
---------------------------------------------------------------
The Korea Times reports that TMON started offering belated refunds
to customers, on July 26, after more than a thousand enraged
consumers flocked to the headquarters of the cash-strapped
e-commerce platform.

This came shortly after WeMakePrice, another online shopping
platform mired in a similar liquidity crisis, initiated refunds the
day before, the Korea Times says. Early last week, concerns about
the potential insolvency of both firms emerged when their sellers
abandoned the platforms due to delayed payments.

Customers, particularly those who had purchased travel package
products, demanded immediate refunds amid growing fears of a
possible twin collapse of the two firms, according to the report.

In response, government authorities took measures to minimize
potential aftershocks from the latest fiasco - triggered by
ill-financial management from Qoo10, the Singapore-based operator
of the two online shopping platforms, the Korea Times relates.

According to the Korea Times, the presidential office said it has
ordered the Ministry of SMEs and Startups to provide an emergency
fund to support the self-employed or small business owners hit by
the delayed payment from TMON and WeMakePrice.

"We let the ministry prepare for the emergency management stability
fund, so it can be of help to the sellers suffering from the
debacle," the Korea Times quotes an official from the presidential
office as saying.

The office also asked relevant authorities to review
countermeasures to minimize damage to sellers and customers.

According to the Korea Times, the Fair Trade Commission teamed up
with the Financial Supervisory Service (FSS) to calculate the exact
volume of damage from the incident. Both authorities sent officials
and inspectors to the headquarters of the two firms to determine if
they are taking prompt actions for refunds.

A senior executive at TMON apologized for the inconvenience caused
to customers, assuring them that the company will continue
processing refunds individually, even if it takes some time, the
report says.

"It looks tough for us to give refunds immediately to all customers
due to our poor financial circumstances," the report quotes Kwon
Do-wan, head of TMON's operations division, as saying.

"Because it's peak travel season, we are focusing on offering
refunds, particularly on travel products that were sold."

The Korea Times says TMON was initially set to handle refund
requests through its website, but began processing them at its
headquarters in Seoul due to intense customer complaints.

According to an overnight briefing by the FSS, the two troubled
firms failed to pay sellers KRW170 billion ($123 million), which
sparked concerns that they may end up becoming insolvent, the Korea
Times relays.

A note - presumed to have been written by an employee from TMON -
was also found at the firm's headquarters. It said the e-commerce
firm is considering undergoing corporate rehabilitation procedures
amid the lack of a control tower.

All eyes are now on the whereabouts of Qoo10 founder and CEO Ku
Young-bae, the report states. Even after four days after the
incident started making headlines, he has not made any public
appearances. It remains unclear whether he is currently in Korea.

The Korea Consumer Agency also started initiating its collective
dispute mediation on July 26, the report adds. According to the
agency, 4,137 telephone complaints were reported during the four
days from July 23, when the scandal erupted.

Qoo10 retails e-commerce products. The Company offers personal
care, sports apparel, consumer electronics, home furnishing, food,
toys, and other consumer products. Qoo10 serves customers
worldwide. Qoo10 owns online marketplaces TMON and WeMakePrice.


SK INNOVATION: S&P Places 'BB+' LongTerm ICR on Watch Positive
--------------------------------------------------------------
S&P Global Ratings placed its 'BB+' long-term issuer credit ratings
on SK Innovation Co. Ltd. (SKI) and SK Geo Centric Co. Ltd. (SKGC)
on CreditWatch with positive implications. At the same time, S&P
placed its 'BBB-' long-term issuer credit rating on SK E&S on
CreditWatch with negative implications.

S&P expects to resolve the CreditWatch once the transaction is
final, after evaluating the creditworthiness of the merged entity
and the group's influence on the entity.

The proposed merger between SKI and SK E&S will not materially
alter the leverage profile of SKI. S&P's base case assumes elevated
leverage for SKI and SK E&S in 2024, with an adjusted
debt-to-EBITDA ratio of 5.2x for SKI and 4.7x for SK E&S. Because
SK E&S has slightly lower leverage than SKI, our preliminary
pro-forma leverage estimates show modest improvements in the ratio
of the merged SKI, from its base case.

The addition of SK E&S could help SKI over time. The merger will
add scale and diversity and reduce SKI's cash flow volatility.
Additionally, SK E&S will generate steady free operating cash flow,
which could part-fund the significant investment needs of SKI.

SK Inc. will increase its stake in SKI to 55.9% from 36.2%. S&P
said, "We view the proposed merger as part of the group's efforts
to support the high investments and leverage of SKI and SK On Co.
Ltd. (SK On). The latter is the group's subsidiary which makes
electric vehicle (EV) batteries. Based on the group's majority
interest after the merger, we may need to consider potential group
support from SK Inc."

Separately, SK On has announced its merger with SK Trading
International Co. Ltd. and SK Enterm Co. Ltd. This merger will
likely have a limited impact on the rating of SKI, given it is a
merger among 90%-100% owned subsidiaries of SKI. The transaction
aims to improve the scale and profitability of SK On by adding
profit-generating businesses to the loss-making entity, in S&P's
view.

S&P said, "We will monitor developments in the merger process,
post-merger dividend policies, and EV battery recovery prospects.
Completion of the merger is subject to several conditions. SKI will
first need to gain shareholders' approval in its shareholders'
meeting in August 2024. Dissenting shareholders' appraisal rights
exercises are another hurdle. The results of negotiations with a
number of stakeholders, including creditors and the holders of SK
E&S' redeemable convertible preferred shares, could also affect the
merger process."

After the merger, the entity's dividend and financial policy could
affect its financial metrics. Also, visibility of a recovery in the
EV battery market in the second half of 2024 remains low. A more
prolonged or severe slowdown in the EV battery market could be
another risk to the financial performance of the merged entity.

S&P said, "We placed our ratings on SKI and SKGC on CreditWatch
with positive implications, and our rating on SK E&S on CreditWatch
with negative implications. Subject to our review of the
post-merger group structure, we may factor in the group's support
into our ratings on SKI and SKGC. We will equalize the rating on
SKGC, a core subsidiary of SKI, with that on SKI. We view limited
upside for SK E&S arising from the proposed merger and will
withdraw our rating upon merger completion."

CreditWatch

S&P said, "We expect to resolve the CreditWatch status after the
appraisal rights exercise or the creditor objection period ends at
end-September 2024. We will assess the creditworthiness of the SKI-
SK E&S merged entity as well as the group's structure and potential
support from SK Inc.

"Key drivers for our CreditWatch resolution will be our assessment
of the merged entity's group status, and updated financial
forecasts, especially around the improvement of the EV battery
business. We may raise the rating on SKI if we assess the merger
and shareholding structure as indicative of stronger ties with SK
Inc., such that they lead to a higher likelihood of parent support
during financial distress.

"We will continue to equalize the ratings on SKGC with the ratings
on SKI. We will withdraw the rating on SK E&S upon completion of
the merger, given that SKI will absorb the entity."



                           *********


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
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