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

                     A S I A   P A C I F I C

          Wednesday, July 31, 2024, Vol. 27, No. 153

                           Headlines



A U S T R A L I A

AJ RECRUITMENT: Second Creditors' Meeting Set for Aug. 5
CARL'S JR: Goes Into Administration in Australia
LAHEY CONSTRUCTIONS: Second Creditors' Meeting Set for Aug. 5
REGIONAL EXPRESS: Australia on Alert to Support Struggling Carrier
ROB'S EARTHMOVING: Second Creditors' Meeting Set for Aug. 8

TPN INSULATIONS: Second Creditors' Meeting Set for Aug. 5
YOUR PARADISE: First Creditors' Meeting Set for Aug. 7


C H I N A

COUNTRY GARDEN: Liquidation Hearing Moved to January Next Year
ZHEJIANG AKCOME: Unit Declares Bankruptcy Amid Plunging Prices


H O N G   K O N G

TAHOE LIFE: Goes Into Provisional Liquidation in Bermuda


I N D I A

AMBIKA SUGARS: ICRA Keeps D Debt Ratings in Not Cooperating
APRAJITA MICROFINANCE: ICRA Cuts Rating on INR3.0cr LT Loan to D
ASKAR MICRONS: CARE Keeps D Debt Ratings in Not Cooperating
BAFNA MOTORS: CARE Lowers Rating on INR25.99cr LT Loan to D
BHANWAR SINGH: CARE Keeps C Debt Rating in Not Cooperating

BLUE CROSS: CARE Keeps D Debt Ratings in Not Cooperating Category
DANEM HEAVY: CARE Lowers Rating on INR30.00cr LT Loan to C
DIVINE MISSION: CARE Lowers Rating on INR11.81cr LT Loan to D
GAMMON INDIA: CARE Keeps D Debt Ratings in Not Cooperating
GEHLOT ENTERPRISE: CARE Keeps D Debt Rating in Not Cooperating

GEMINI DEVELOPERS: ICRA Keeps B+ Debt Rating in Not Cooperating
GUINEA MOTORS: CARE Keeps D Debt Rating in Not Cooperating
IL&FS WIND: ICRA Keeps D Debt Rating in Not Cooperating Category
INDIA: PNB Expects to Recover INR3,000cr from NCLT Cases in FY25
KAMACHI INDUSTRIES: Acquired by Jaicorp Vice Chairman for INR487cr

KHANDAKA SONS: CARE Keeps D Debt Rating in Not Cooperating
LATHA RICE: CARE Keeps D Debt Ratings in Not Cooperating Category
LAXMI TRADERS: CARE Keeps D Debt Rating in Not Cooperating
MANGALORE CASHEW: ICRA Keeps D Debt Ratings in Not Cooperating
MEHADIA AND SONS C: CARE Keeps C Debt Rating in Not Cooperating

MEHADIA AND SONS: CARE Keeps C Debt Rating in Not Cooperating
MIRAJ METALS: CARE Keeps D Debt Ratings in Not Cooperating
NIZAMPET MUNICIPAL: ICRA Keeps B+ LT Rating in Not Cooperating
PACIFIC EDUCATION: CARE Keeps D Debt Rating in Not Cooperating
QUADSEL SYSTEMS: CARE Keeps D Debt Ratings in Not Cooperating

R. J. TRADELINKS: CARE Keeps C Debt Rating in Not Cooperating
RAMESHWAR INDUSTRIES: ICRA Keeps D Ratings in Not Cooperating
SARVA MANGALAM: CARE Keeps D Debt Ratings in Not Cooperating
SHIVAM PIPE: CARE Keeps D Debt Ratings in Not Cooperating Category
SRK GROUP: CARE Keeps D Debt Rating in Not Cooperating Category

VINAYAK INTERNATIONAL: CARE Keeps D Debt Rating in Not Cooperating
VIVIMED LABS: CARE Keeps D Debt Ratings in Not Cooperating


N E W   Z E A L A N D

AUCKLAND COLLISION: Creditors' Proofs of Debt Due on Sept. 6
D & A LOGGING: Creditors' Proofs of Debt Due on Aug. 22
MAUNGATUA LOGGING: Creditors' Proofs of Debt Due on Aug. 21
NEW ZEALAND CITY: Court to Hear Wind-Up Petition on Aug. 16
STRIPE MEDIA: Court to Hear Wind-Up Petition on Aug. 23



S I N G A P O R E

FIBER REACH: Creditors' Meetings Set for August 5
FRANKLIN MEDICI: Court to Hear Wind-Up Petition on Aug. 16
GUAVA HOLDINGS: Final Meeting Set for Aug. 29
ORCHARD CAR: Creditors' Proofs of Debt Due on Aug. 12
SUPERPARK SINGAPORE: Final Meeting Set for Aug. 30



S O U T H   K O R E A

QOO10 GROUP: Aiming to Raise US$50MM as Liquidity Woes Persist

                           - - - - -


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

AJ RECRUITMENT: Second Creditors' Meeting Set for Aug. 5
--------------------------------------------------------
A second meeting of creditors in the proceedings of AJ Recruitment
Pty Ltd has been set for Aug. 5, 2024 at 4:00 p.m. via Microsoft
Teams videoconferencing facility.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by Aug. 2, 2024 at 4:00 p.m.

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


CARL'S JR: Goes Into Administration in Australia
------------------------------------------------
News.com.au reports that popular US burger chain Carl's Jr has
placed its Australian stores into voluntary administration,
affecting 24 stores.

Many stores across the country were closed on July 29 as KPMG
announced David Hardy, George Georges and Emily Seeckts as
administrators, news.com.au relates.

According to news.com.au, hundreds of jobs are expected to be
affected as the entire Australian franchise, which is mostly in
regional areas in NSW, Queensland and Victoria.

The CJ's Group independently owns and operates 24 restaurants,
while it is a master licensee to the remaining 25 locations, which
are owned and operated by third-party sub-licensees.

In a statement, KPMG Australia's restructuring services partner
David Hardy said the initial focus will be "stabilising" operations
of the group, news.com.au relays.

"We will be conducting an immediate sale process of the existing
store network and operations," news.com.au quotes Mr. Hardy as
saying.  "We will be working with all stakeholders, including
employees, suppliers and landlords, to maximise the outcome for all
parties."

Stakeholders are expected to be contacted within days, while a
creditors meeting has been scheduled for August 7, news.com.au
discloses.

Just four stores are expected to remain open under the CJ's Group,
while 20 will immediately close, the report adds.

News.com.au says the appointment of administrators excludes the 25
restaurants independently owned and operated by third party
sub-licensees.

These restaurants will be transitioned to a direct licensed
relationship with CKE Restaurants Holdings, Inc. (CKE) and will
face minimal change.

The administration of the Australian stores will not affect
locations overseas, news.com.au notes.


LAHEY CONSTRUCTIONS: Second Creditors' Meeting Set for Aug. 5
-------------------------------------------------------------
A second meeting of creditors in the proceedings of Lahey
Constructions Pty Ltd has been set for Aug. 5, 2024 at 11:30 a.m.
by teleconference.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by Aug. 2, 2024 at 4:00 p.m.

David Kennedy, Morgan Kelly and Martie Tziotis of Ernst & Young
were appointed as administrators of the company on July 1, 2024.


REGIONAL EXPRESS: Australia on Alert to Support Struggling Carrier
------------------------------------------------------------------
Reuters reports that the Australian government said on July 30 it
was standing ready to assist airline Regional Express Holdings,
which mainly serves rural towns, after it stopped selling tickets
and a newspaper reported it would hire external administrators.

According to Reuters, Transport Minister Catherine King said the
government had contingency plans to ensure airline services
continue in rural areas but she did not promise any bailout
packages for Rex.

"Rex is a pretty important part of the Australian aviation industry
and (we) stand ready to work with them to see whether there's any
assistance or anything the government needs to do," Ms. King told
ABC television.

No tickets were available for major routes on the company's website
on Tuesday afternoon [July 30].

Bloomberg News, citing unidentified sources, on July 30 reported
Rex was set to appoint Ernst & Young as administrators, and could
announce it as soon as today, July 31, Reuters relays.

An airlines union said about 2,000 jobs were at risk if Rex
collapsed, according to Reuters.

Regional Express Pty. Ltd., trading as Rex Airlines (and as
Regional Express Airlines on regional routes), is an Australian
airline based in Mascot, New South Wales. It operates scheduled
regional and domestic services. It is Australia's largest regional
airline outside the Qantas group of companies and serves all 6
states across Australia. It is the primary subsidiary of Regional
Express Holdings.


ROB'S EARTHMOVING: Second Creditors' Meeting Set for Aug. 8
-----------------------------------------------------------
A second meeting of creditors in the proceedings of Rob's
Earthmoving Hire Pty Ltd has been set for Aug. 8, 2024 at 3:00 p.m.
at Level 1, 15 Lake Street, Cairns in Queensland and via virtual
meeting technology.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by Aug. 7, 2024 at 4:00 p.m.

Todd William Kelly and Benjamin Schierhuber of BDO were appointed
as administrators of the company on July 3, 2024.


TPN INSULATIONS: Second Creditors' Meeting Set for Aug. 5
---------------------------------------------------------
A second meeting of creditors in the proceedings of TPN Insulations
Pty Ltd has been set for Aug. 5, 2024 at 10:30 a.m. via electronic
means (Microsoft Teams).

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by Aug. 2, 2024 at 4:00 p.m.

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


YOUR PARADISE: First Creditors' Meeting Set for Aug. 7
------------------------------------------------------
A first meeting of the creditors in the proceedings of Your
Paradise Events Holdings Pty Ltd will be held on Aug. 7, 2024 at
11:00 a.m. at Level 19, 144 Edward Steet in Brisbane.

Travis Pullen of B&T Advisory were appointed as administrators of
the company on July 26, 2024.




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

COUNTRY GARDEN: Liquidation Hearing Moved to January Next Year
--------------------------------------------------------------
Reuters reports that a Hong Kong court on July 29 adjourned a
hearing into a petition seeking liquidation of Country Garden until
Jan. 20, 2025, giving a breather to the embattled Chinese developer
which is trying to finalise an offshore debt revamp plan.

Ever Credit Limited, a unit of Hong Kong-listed Kingboard Holdings,
filed the liquidation petition against Country Garden in February
for non-payment of a $205 million loan.

The developer defaulted on its $11 billion worth of offshore bonds
last year.

A lawyer for Country Garden told the court on July 29 that the
developer expected to publish offshore debt restructuring term
sheets to creditors in September, and that it planned to seek
approval from the court on that arrangement early next year,
according to Reuters.

Reuters says the hearing into Country Garden's liquidation petition
comes against the backdrop of Chinese authorities stepping up
efforts to revive the property sector after it slipped into an
unprecedented debt crisis in mid-2021.

Over the last couple of years, a growing list of developers have
defaulted on their offshore debt repayment obligations.

Many are facing liquidation lawsuits filed by creditors, with the
latest being state-backed Sino-Ocean Group. A handful, including
sector giant China Evergrande Group have been ordered to be
liquidated so far, the report says.

In the hearing on July 29, Country Garden's lawyer, Jose-Antonio
Maurellet, said the company's offshore debt restructuring is a
complicated and large-scale exercise but it is making "substantial
progress" with weekly and by-weekly meetings between the company
and advisors to creditors, Reuters says.

Reuters relates that a bank lender group and a bondholder group
also supported Country Garden's application for an adjournment of
the hearing to allow the company to carry out the expected
restructuring timeline.

If Country Garden is able to present a debt restructuring proposal
to its offshore creditors and get their approval for implementing
it, the developer could then push back against the liquidation
petition.

                   About Country Garden Holdings

Country Garden Holdings Company Limited (HKEX:2007), an investment
holding company, invests, develops, and constructs real estate
properties primarily in Mainland China. The company operates in two
segments, Property Development and Construction. It develops
residential projects, such as townhouses and condominiums; and car
parks and retail shops. The company also develops, operates, and
manages hotels. In addition, it researches and develops robots;
sells electronic hardware and food; and provides interior
decoration, agriculture, landscape design, investment and
management consulting, cultural activity planning, and real estate
consulting services.

As reported in the Troubled Company Reporter-Asia Pacific in late
February 2024, Kingboard Holdings-backed money lender Ever Credit
on Feb. 27, 2024, filed a winding-up petition against Country
Garden to the Hong Kong High Court for non-payment of a US$205
million loan.

The TCR-AP reported in late March 2024 that Country Garden has
hired Kroll to carry out a liquidation analysis. Kroll, the New
York-headquartered financial advisory firm, is expected to conduct
an independent business review of Country Garden before projecting
a recovery rate for the developer's creditors under a liquidation
scenario, according to Reuters.

The developer defaulted on US$11 billion of offshore bonds last
year and is in the process of an offshore debt restructuring.


ZHEJIANG AKCOME: Unit Declares Bankruptcy Amid Plunging Prices
--------------------------------------------------------------
Reuters reports that Chinese solar module producer Zhejiang Akcome
New Energy Technology has filed for bankruptcy at one of its
subsidiaries, citing an inability to repay its debts, according to
a Monday filing.

Zhejiang Akcome Photoelectricity Technology's petition to enter
bankruptcy restructuring was submitted by the parent company and
was accepted by Changxing county court in eastern Zhejiang
province, Reuters relates citing filing with the Shenzhen stock
exchange.

As of April 30, Zhejiang Akcome Photoelectricity Technology's
assets totalled CNY2.513 billion ($346.4 million) and debts stood
at CNY1.562 billion, according to the filing.

The decision follows news of financial troubles at parent company
Zhejiang Akcome New Energy Technology, Reuters says.

Trading of Akcome's shares was suspended from June 19 after the
share price closed below CNY1 ($0.14) for 20 consecutive days and
on June 22 the Shenzhen stock exchange said it would terminate the
listing, according to Reuters.

On June 14, the company, which was listed in Bloomberg New Energy
Finance's list of tier one global PV manufacturers for the second
quarter of 2024, said it would suspend production of some modules
because of issues with its sales and supply chain.

Reuters adds that Akcome also cancelled its plans last minute to
field an exhibition at the largest yearly industry conference. It
said in a WeChat post on June 8 it was pulling out of the
International Photovoltaic Power Generation and Smart Energy
Conference and Exhibition, which started on June 13, due to
"internal reasons".

Zhejiang Akcome New Energy Technology Co., Ltd., manufactures and
distributes solar accessories. The Company produces solar panel,
solar mounting bracket, and solar cell border. Zhejiang Akcome New
Energy Technology also provides investment consulting, solar
station detection, and electricity sales services for solar
industry.




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

TAHOE LIFE: Goes Into Provisional Liquidation in Bermuda
--------------------------------------------------------
OffshoreAlert reports that Hong Kong-based life insurer Tahoe Life
Insurance Company Ltd. has gone into provisional liquidation in
Bermuda, where it is domiciled, following a winding up petition by
the local regulator, the Bermuda Monetary Authority.

"By Order of the Supreme Court dated July 26, 2024, Mr Marcin
Czarnocki of Deloitte Financial Advisory Ltd., Mr Derek Lai and Mr
Forrest Kam of Deloitte Touche Tohmatsu, and Mr Oliver Cheng of
Deloitte Advisory (Hong Kong) Limited have been appointed as the
joint provisional liquidators (JPLs) of the Company," stated the
BMA in a public notice issued last week, OffshoreAlert relays. "The
appointment of JPLs serves to protect policyholders and preserve
assets of the Company rather than to wind up the Company at this
time."

"The Company is also authorized by the Hong Kong Insurance
Authority (IA) under the Insurance Ordinance in Hong Kong to write
direct life and annuity business to customers in Hong Kong," added
the BMA. "The appointment of JPLs is further to the appointment of
Managers by the IA on 26 July 2024 to take full control of the
affairs and property of the Company. This coordinated supervisory
action with the IA is to ensure policy holder interests are
protected."

Research by OffshoreAlert at Bermuda's Registrar of Companies
showed that Tahoe Life Insurance Company Limited was incorporated
in Bermuda on November 1, 1989 and its directors are Jerry Zhang,
of Hong Kong; Virginia Wong, of Hong Kong; David Peng, of
Guangdong, China; Michael Moriarty, of Bermuda, who was only
appointed on June 26, 2024, one month before the company went into
provisional liquidation; Yong Ge, of Beijing, China, and Heping
Feng, of Beijing, China. Former directors include Garth Turner, of
Bermuda, who ceased being a director on March 29, 2023 (just 28
days after being appointed); Man Kwong Cheng, of Hong Kong, who
ceased being a director on February 28, 2023; Kong Sang Lie, of
Hong Kong, who ceased being a director on February 28, 2023;
Christopher Garrod, of Bermuda, who ceased being a director on
November 22, 2022, and Kin Nam Yu, of Hong Kong, who ceased being a
director on October 8, 2022.




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

AMBIKA SUGARS: ICRA Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------
ICRA has kept the Long-Term rating for the Bank facilities of Shree
Ambika Sugars Limited in the 'Issuer Not Cooperating' category. The
rating is denoted as "[ICRA]D;ISSUER NOT COOPERATING".

                    Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Long-term         527.67      [ICRA]D; ISSUER NOT COOPERATING;
   Non-fund based                Rating continues to remain under
   Others                        'Issuer Not Cooperating'
                                 Category

   Long-term-        34.63       [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 Shree Ambika Sugars Limited, ICRA has been trying to seek
information from the entity so as to monitor its performance.
Further, ICRA has been sending repeated reminders to the entity for
payment of surveillance fee that became due. Despite multiple
requests by ICRA, the entity's management has remained
non-cooperative. In the absence of requisite information and in
line with the aforesaid policy of ICRA, the rating has been
continued to the "Issuer Not Cooperating" category. The rating is
based on the best available information.

Shree Ambika Sugars Limited, is a part of the Thiru Arooran Group,
and was incorporated in 1988. Its sugar plants are based in
Cuddalore and Thanjavur districts of Tamil Nadu. It has 11,500 TCD
of cane crushing capacity, 56 MW cogeneration unit and 60 KLPD
distillery. It also has 750 TPD sugar refinery.


APRAJITA MICROFINANCE: ICRA Cuts Rating on INR3.0cr LT Loan to D
----------------------------------------------------------------
ICRA has downgraded the ratings on certain bank facilities of
Aprajita Microfinance Association (AMA), as:

                    Amount
   Facilities     (INR crore)   Ratings
   ----------     -----------   -------
   Long Term-         3.00      [ICRA]D; ISSUER NOT COOPERATING;
   Unallocated                  Rating downgraded from [ICRA]B
                                (Stable) and continues to remain
                                in the 'Issuer Not Cooperating'
                                category

Rationale

The rating downgrade reflects the irregularities related to the
servicing of one of the loan account(s) of AMA.

Impact of material event
On July 18, 2024, ICRA was informed of the irregularities related
to the servicing of one of the loan accounts of AMA. ICRA observed
insufficient balance in the cash credit account, which was used for
the repayment of the scheduled instalments of the above-mentioned
term loan, indicating stressed liquidity. This resulted in delays
in servicing in April 2024 and delayed payments were observed in
May 2024 and June 2024 as well. Consequently, the rating has been
downgraded to [ICRA]D, in line with ICRA's Policy on Default
Recognition. It is to be noted that ICRA has been receiving monthly
No Default Statements from the company, stating timely and regular
servicing of debt obligations in April 2024, May 2024 and June
2024.

The rating was moved to the 'Issuer Not Cooperating' category
earlier in July 2024 and the rating is based on limited information
on the company's performance since the time it was last rated on
March 19, 2024. Lenders, investors and other market participants
are thus advised to exercise appropriate caution while using this
rating as it may not adequately reflect AMA's credit risk profile
despite the downgrade.

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

Aprajita Microfinance Association is an unlisted private company
incorporated in November 2015. It was started by Mr. Nand Kishor
Paswan along with his brother – Mr. Vivek Kumar. At present,
Aprajita operates from Bihar's Aurangabad district and is involved
in the microfinance business.


ASKAR MICRONS: CARE Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Askar
Microns Private Limited (AMPL) continue to remain in the 'Issuer
Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       8.35       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

   Short Term Bank      5.20       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 15, 2023,
placed the rating(s) of AMPL under the 'issuer non-cooperating'
category as AMPL 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. AMPL continues to be
non-cooperative 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).

Incorporated in 1994, Karnataka-based Askar Microns Private Limited
(AMPL) is an ISO 9001:2008 certified company. AMPL was promoted by
Mr. K. S. Raju and Ms. Anita. The company is engaged in
manufacturing of Computer Numerical Control (CNC) Machines, CNC
lathe, vertical machining center and CNC special purpose machine of
various sizes among others.


BAFNA MOTORS: CARE Lowers Rating on INR25.99cr LT Loan to D
-----------------------------------------------------------
CARE Ratings has revised the ratings on certain bank facilities of
Bafna Motors (India) Pvt Ltd (BMIPL), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       25.99      CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category and Revised from
                                   CARE B-; Stable

   Short Term Bank       1.00      CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   Under ISSUER NOT COOPERATING
                                   Category and Revised from
                                   CARE A4

Rationale and key rating drivers

CARE Ratings Ltd. had, vide its press release dated June 15, 2023,
placed the rating(s) of BMIPL under the 'issuer non-cooperating'
category as BMIPL had failed to provide information for monitoring
of the rating as agreed to in its Rating Agreement. BMIPL continues
to be non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
April 30, 2024, May 10, 2024, May 20, 2024 and July 22, 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 bank facilities of BMIPL have been revised on
account of non–availability of requisite information. The rating
also considers delays in debt servicing as recognized from publicly
available information i.e., CIBIL filings as well as FY23 audit
report available from ROC Filings.

Incorporated in 2015, Bafna Motors (India) Pvt Ltd (BMIPL) is a
part of the Bafna Group (BG) founded by Late Shri Mishrilal Bafna
is currently being managed by his sons viz. Mr. Sumatiprasad Bafna
and Mr. Sanjeev Bafna. The Group is engaged in the
sales and service dealership business for passenger vehicles (PV),
light and heavy commercial vehicles (CV) and the two wheelers for
India's top Original Equipment Manufacturers (OEMs).

BHANWAR SINGH: CARE Keeps C Debt Rating in Not Cooperating
----------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Bhanwar
Singh Rathore (BSR) continue to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       0.50       CARE C; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category  

   Short Term          14.50       CARE A4; ISSUER NOT
   Bank Facilities                 COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category

Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated June 9, 2023,
placed the rating(s) of BSR under the 'issuer non-cooperating'
category as BSR had failed to provide information for monitoring of
the rating as agreed to in its Rating Agreement. BSR continues to
be non-cooperative despite repeated requests for submission of
information through emails, phone calls and a letter/email dated
April 24, 2024, May 4, 2024, May 14, 2024.

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

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

Rajasthan based BSR was formed as a proprietorship concern by Mr
Bhanwar Singh Rathore. The firm is engaged in the business of toll
tax collection and also engaged in the business of the retailing of
petroleum products of Indian Oil Corporation Limited. The firm has
a retail outlet located at Village Goyla, Near Sarwar, District
Ajmer (Rajasthan). The toll tax collection points was located at
Nasirabad-Kekri-Deoli Road (SH-26), Jaipur-Jobner-Kuchaman-Nagaur
Road (SH-90), PaliNadol-Gomati ka Chouraha Road.


BLUE CROSS: CARE Keeps D Debt Ratings in Not Cooperating Category
-----------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Blue Cross
Commodities Private Limited (BCCPL) continue to remain in the
'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      32.00       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

   Short Term Bank      0.75       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 BCCPL under the 'issuer non-cooperating'
category as BCCPL had failed to provide information for monitoring
of the rating. BCCPL 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).

Incorporated in November 2009, Blue Cross Commodities Private
Limited (BCCPL), promoted by Mr. Prakash Bihani and his son Mr.
Siddharth Bihani (MD), is engaged in the manufacturing & trading of
bitumen & bitumen related products like cold bitumen,
emulsion, etc.


DANEM HEAVY: CARE Lowers Rating on INR30.00cr LT Loan to C
----------------------------------------------------------
CARE Ratings has revised the ratings on certain bank facilities of
Danem Heavy Industries Private Limited (DHIPL), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      30.00       CARE C; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category and
                                   Revised from CARE B-; Stable

Rationale and key rating drivers

CARE Ratings Ltd. had, vide its press release dated May 15, 2023,
placed the rating(s) of DHIPL under the 'issuer non-cooperating'
category as DHIPL 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. DHIPL 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).

The ratings assigned to the bank facilities of DHIPL have been
revised on account of non-availability of requisite information.
The revision also factored continued losses during FY23.

M/s. Danem Heavy Industries Private Limited (DHIPL) was
incorporated on 1st March 2016, registered under companies' act
2013. The company is having its registered office at Ernakulum,
Kerala. The company proposes to engage in fabrication of
Windmill Tower, Pressure Vessels & Tanks, Structural Steel,
Material Handling equipments, Gas Turbine Auxiliaries and Supply
Auto Auxiliaries. DHIPL belongs to Danem Group, headquartered in
UAE. The promoters are Mr. Parayil Daniel Mathew and Ms. Susan
Mathew, who are also the directors of other associate companies
under Danem Group. The current project is yet to be executed.


DIVINE MISSION: CARE Lowers Rating on INR11.81cr LT Loan to D
-------------------------------------------------------------
CARE Ratings has revised the ratings on certain bank facilities of
Divine Mission Educational Trust (DMET), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      11.81       CARE D; ISSUER NOT COOPERATING
   Facilities                      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 14, 2023,
placed the rating(s) of DMET under the 'issuer non-cooperating'
category as DMET 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. DMET 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 and July 18, 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 have been revised on account of non-availability of
requisite information. Further it also considers delay in debt
servicing as recognized from publicly available information i.e.,
e-auction notice issued by the lender.

Divine Mission Educational Trust (DMET) got registered as a trust
on June 13, 2012. The trust was established by Mr. Jag Pal Hayer
with an objective to provide school education services and is
running a school under the name of “Divine International
Public School” (DIP) at Fatehabad, Haryana. DIP is Central Board
of Secondary Education (CBSE) affiliated, currently offering
classes from nursery up to senior secondary level including all
four courses viz. non-medical, medical, commerce and
humanities.

GAMMON INDIA: CARE Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Gammon
India Limited (GIL) continues to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      949.05      CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

   Long Term/        9,092.78      CARE D/CARE D; ISSUER NOT
   Short Term                      COOPERATING; Rating continues
   Bank Facilities                 to remain under ISSUER NOT
                                   COOPERATING category

   Non-Convertible     324.00      CARE D; ISSUER NOT COOPERATING
   Debentures                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Rationale and key rating drivers

CARE had, vide its press release dated July 24, 2023, reaffirmed
the rating(s) of GIL under 'issuer noncooperating' category as GIL
had failed to provide information for monitoring of the rating. GIL
continues to be noncooperative despite repeated requests for
submission of information through e-mails, phone calls dated June
8, 2024, to July 11, 2024, among others.

In line with the extant SEBI guidelines, CARE has reviewed the
rating on the basis of the best available information which
however, in CARE'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 reaffirmation in the ratings assigned to the bank facilities of
GIL is due to continued delays in the company's ability to meet
debt obligations due to cash flow mismatches and poor liquidity.

Analytical approach: Standalone

Detailed description of the key rating drivers:

At the time of last rating on July 24, 2023, the following were the
rating strengths and weaknesses (updated for the information
available from Registrar of Companies).

Key weaknesses

* Delay in Debt servicing and poor liquidity: There are delays in
servicing of debt obligations owing to delayed execution of
projects, delays in recoveries from customers and heavy debt burden
leading to strained liquidity.

Established in 1922, GIL serves as the flagship entity of the
Gammon group and provides a comprehensive range of civil and
construction services. Their expertise encompasses the construction
of various projects such as roads, bridges, flyovers, power plants,
chimneys, cooling towers, cross-country pipelines, hydro-electric
power structures, buildings, and factories. Additionally, GIL has
been involved in infrastructure project development since 2001,
facilitated by its subsidiary, Gammon Infrastructure Projects
Limited (GIPL), which holds a significant 74.98% stake. GIPL
focuses on executing public-private partnership projects in the
road, port, and power sectors through dedicated special purpose
vehicles.

GEHLOT ENTERPRISE: CARE Keeps D Debt Rating in Not Cooperating
--------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Gehlot
Enterprise (GE) continues to remain in the 'Issuer Not Cooperating'
category.

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

Rationale and key rating drivers

CARE Ratings Ltd. had, vide its press release dated June 15, 2023,
placed the rating(s) of GE under the 'issuer non-cooperating'
category as GE 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. GE continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
April 30, 2024, May 10, 2024, May 20, 2024.

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

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

Surat (Gujarat) based, GE was established as a proprietorship firm
on August, 2015. GE is currently executing a residential project
named 'Shree Umang Laxmi Residency (The firm has applied for RERA
Registration) with 287 units (72 flats and 215 row houses) at
Ankleshwar consisting total area under development of 24,382 square
meters. The implementation of Shree Umang Laxmi Residency commenced
since August 2015 and till December 1, 2017, GE has incurred the
total cost of INR12.29 crore (65% of total project cost) out of the
total cost of INR18.73 crore and rest will be incurred by end of
June 2018. Till December 20, 2017, out of total units 15 Row houses
have been booked and 1 row house has been sold and 14 flats have
been booked and 8 flats have been sold.


GEMINI DEVELOPERS: ICRA Keeps B+ Debt Rating in Not Cooperating
---------------------------------------------------------------
ICRA has kept the Long-term ratings for the bank facilities of
Gemini Developers in the 'Issuer Not Cooperating' category. The
rating is denoted as "[ICRA]B+(Stable); ISSUER NOT COOPERATING".

                      Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long Term-          9.50       [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 Gemini Developers, 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.

Set up in April 2008, Gemini Developers (GDX) is a partnership firm
involved in the construction of a housing complex having 352 flats
and commercial complex of 25000 sq ft. The firm was reconstituted
at the beginning of April 2012 when M/s Bal Krishna Saraf (HUF)
expressed their inability and unwillingness to continue in the
partnership. At the time of M/s Bal Krishna Saraf (HUF)'s
retirement, a new partner was inducted in the firm, M/s Lime Lite
Tradecom (P) Limited. Further, the firm was reconstituted when
other members who were partners in the capacity of their HUF became
partners in their individual capacity. The same happened w.e.f
April 1, 2013.


GUINEA MOTORS: CARE Keeps D Debt Rating in Not Cooperating
----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Guinea
Motors Private Limited (GMPL) continues to remain in the 'Issuer
Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      17.00       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Rationale and key rating drivers

CARE Ratings Ltd. had, vide its press release dated May 31, 2023,
placed the rating(s) of GMPL under the 'issuer non-cooperating'
category as GMPL had failed to provide information for monitoring
of the rating. GMPL continues to be non-cooperative despite
repeated requests for submission of information through e-mails,
phone calls and a letter/email dated April 15, 2024, April 25,
2024, May 5, 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).

Guinea Motors Pvt. Ltd. (GMPL) was incorporated in February, 2000
by Mr. Arjun Kumar Gupta, Mr. R. K. Singh and Mr. Anand Gupta of
Patna, Bihar. The company commenced operation from January, 2001 as
an authorized dealer of Tata Motors Ltd (TML) for its passenger
cars, spares & accessories for nine districts of Bihar. At present,
GMPL offers passenger vehicles of Tata Motors Limited through its
two showrooms (self-owned) equipped with 3-S facilities (Sales,
Service and Spare-parts) at Pat na. Apart from this, the company
also purchases and sells pre-owned cars. It has one stock-yards
(rented), having a capacity to store around 150 passenger cars
each. The company also has the two workshops at Patna. Mr. Arjun
Kumar Gupta (Director), along with other directors Mr. R. K. Singh
and Mr. Anand Gupta who have significant experience in the
dealership business loo k after the day to day operation of the
company. They are further supported by a team of experienced
professionals.


IL&FS WIND: ICRA Keeps D Debt Rating in Not Cooperating Category
----------------------------------------------------------------
ICRA has kept the Non-Convertible Debenture of IL&FS Wind Energy
Limited in the 'Issuer Not Cooperating' category. The rating is
denoted as [ICRA]D; ISSUER NOT COOPERATING".

                     Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Bonds/NCD/LTD     200.00      [ICRA]D; ISSUER NOT COOPERATING;
                                 Rating continues to remain under
                                 'Issuer Not Cooperating'
                                 Category

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

In the absence of requisite information and in line with the
aforesaid policy of ICRA, the rating has been continued to the
"Issuer Not Cooperating" category. The rating is based on the best
available information.

IWEL is a 100% subsidiary of IL&FS Energy Development Company
Limited (IEDCL). It owned 51% controlling stake in seven operating
wind SPVs namely Khandke Wind Energy Private Limited, Ratedi Wind
Power Pvt. Ltd., Tadas Wind Energy Pvt. Ltd., Lalpur Wind Energy
Pvt. Ltd., Wind Urja India Private Limited, Etesian Urja Limited
and Kaze Energy Limited. The remaining 49% stake in operating wind
SPVs was held by Orix Corporation, Japan. On October 15,2020, Orix
Corporation, acquired the entire 100% stake in these 7 entities.


INDIA: PNB Expects to Recover INR3,000cr from NCLT Cases in FY25
----------------------------------------------------------------
Moneycontrol reports that public-sector lender Punjab National Bank
is expecting a recovery of INR3000 crore from its cases in the
National Company Law Tribunal (NCLT), the bank's managing director
and chief executive officer (MD and CEO) Atul Goel said.

"We recovered INR200 crore from NCLT in Q1. We are expecting to
recover INR1210 crore in Q2, INR990 crore in Q3 and INR590 crore in
Q4. Overall, we are expecting to recover INR3000 crore,"
Moneycontrol quotes Goel as saying at a post-results press
conference.

In addition to this, Goel said that the bank has 224 cases in
process under the insolvency route for recovery, Moneycontrol
relates. Some of the cases under the insolvency route for the bank
include that of listed free zone developer and operator Arshiya
Ltd, Study Industries, Vadraj Cement, etc, Moneycontrol discloses.


KAMACHI INDUSTRIES: Acquired by Jaicorp Vice Chairman for INR487cr
------------------------------------------------------------------
The New Indian Express reports that Chennai-based Kamachi
Industries has been acquired by Jaicorp's vice chairman Virendra
Jain, along with his son Ankit Jain for INR487 crore through a
corporate insolvency resolution process.

In a press release issued on July 27, Kamachi Industries has said
the strategic acquisition ensures the continuation of the company's
operations, thereby preserving its value and paving the way for
future growth, New Indian Express relays.

According to New Indian Express, the bid of INR487 crore was made
under a National Company Law Tribunal (NCLT) monitored process
initiated by State Bank of India. This transaction encompasses all
movable and immovable assets along with lease hold rights, but
excludes the liquidation bank account of Kamachi Industries
Limited.

With the completion of the balance payment of INR365 crore,
Virendra Jain and Ankit Jain have gained full management control of
the unit, the report says.

Emerging as the highest bidders in the liquidation process, they
have demonstrated their commitment to maintaining seamless
operations of Kamachi Industries Limited.

New Indian Express notes that the acquisition marks a pivotal
moment in resolving the insolvency proceedings of Kamachi
Industries Limited and secures its future growth, heralding a new
chapter of long-term stability and development. Kamachi industries
has an integrated steel plant with a Sponge iron division.

Kamachi Industries makes thermo-mechanically-treated (TMT) bars
used in the construction industry.  The company has a sponge iron
division, a rolling mill division and a steel melting division,
making it a fully integrated facility. It also has a captive power
plant.


KHANDAKA SONS: CARE Keeps D Debt Rating in Not Cooperating
----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Khandaka
Sons Jewellers (KSJ) continues to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       6.00       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Rationale and key rating drivers

CARE Ratings Ltd. had, vide its press release dated July 11, 2023,
placed the rating(s) of KSJ under the 'issuer non-cooperating'
category as KSJ had failed to provide information for monitoring of
the rating as agreed to in its Rating Agreement. KSJ continues to
be non-cooperative despite repeated requests for submission of
information through emails, phone calls and a letter/email dated
May 26, 2024, June 5, 2024, June 15, 2024.

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

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

Jaipur-based (Rajasthan) Khandaka Sons Jewellers (KSJ) was formed
in April, 2015 by Mr. Kuber Kumar Khandaka and Mrs. Alka Khandaka
as a partnership firm to share profit or loss in equal ratio. KSJ
is engaged in the business of manufacturing and retailing of gold,
diamond and platinum hallmark jewellery.

LATHA RICE: CARE Keeps D Debt Ratings in Not Cooperating Category
-----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Latha Rice
Industries (LRI) continues to remain in the 'Issuer Not
Cooperating' category.

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

Rationale and key rating drivers

CARE Ratings Ltd. had, vide its press release dated July 11, 2023,
placed the rating(s) of LRI under the 'issuer non-cooperating'
category as LRI had failed to provide information for monitoring of
the rating as agreed to in its Rating Agreement. LRI continues to
be non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
May 26, 2024, June 5, 2024, June 15, 2024.

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

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

Latha Rice Industries (LRI) was established as a partnership firm
in the October 2015 by Mr. Mahendra Muppavarappu and Mr. Nagayya
Muppavarappu. The processing facilities are located at Nagpur,
Maharashtra with rice milling capacity of 48000 tonnes per annum
(TPA). The finished product of LRI is sold under the brand name
Bahubali.


LAXMI TRADERS: CARE Keeps D Debt Rating in Not Cooperating
----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Laxmi
Traders (LT) continues to remain in the 'Issuer Not Cooperating'
category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      10.00       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Rationale and key rating drivers

CARE Ratings Ltd. had, vide its press release dated July 11, 2023,
placed the rating(s) of LT under the 'issuer non-cooperating'
category as LT had failed to provide information for monitoring of
the rating as agreed to in its Rating Agreement. LT continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
May 26, 2024, June 5, 2024, June 15, 2024.

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

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

Laxmi Traders (LT) based out of Nagpur, Maharashtra is a
proprietorship concern promoted by Mr. Ramanarao Bholla and
commenced operation in January, 2013. Since inception, the firm has
been engaged in the trading of food grains i.e. rice, dal,
chana, wheat etc.


MANGALORE CASHEW: ICRA Keeps D Debt Ratings in Not Cooperating
--------------------------------------------------------------
ICRA has kept the Long-Term rating for the Bank facilities of
Mangalore Cashew Industries in the 'Issuer Not Cooperating'
category. The rating is denoted as "[ICRA]D;ISSUER NOT
COOPERATING".

                    Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Long-term-         4.00       [ICRA]D; ISSUER NOT COOPERATING;
   Fund based                    Rating Continues to remain under
   Cash Credit                   'Issuer Not Cooperating'
                                 Category

   Long-term-        16.00       [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 Mangalore Cashew Industries, ICRA has been trying to seek
information from the entity so as to monitor its performance.
Further, ICRA has been sending repeated reminders to the entity for
payment of surveillance fee that became due. Despite multiple
requests by ICRA, the entity's management has remained
non-cooperative. In the absence of requisite information and in
line with the aforesaid policy of ICRA, the rating has been
continued to the "Issuer Not Cooperating" category. The rating is
based on the best available information.

Established in 1977, MCI is involved in the processing of RCNs into
cashew kernels and trading of RCNs and processed cashew. The firm
procures majority of its raw material via imports from Benin,
Tanzania, and Indonesia. The RCNs are processed at the firm's
manufacturing facilities in Siddhapura and Hosanagara. Besides own
processing, the firm outsources a part of its processing on job
work basis to its sister concern, Sapthami Cashew Industries, and
also procures processed kernels from another sister concern,
Mahamaya Cashew Industries. The processed cashew kernels are packed
and sold to domestic and foreign wholesalers.


MEHADIA AND SONS C: CARE Keeps C Debt Rating in Not Cooperating
---------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Mehadia
and Sons C and F Division (MSCFD) continue to remain in the 'Issuer
Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       7.80       CARE C; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category  

   Short Term Bank      0.20       CARE A4; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category

Rationale and key rating drivers

CARE Ratings Ltd. had, vide its press release dated July 11, 2023,
placed the rating(s) of MSCFD under the 'issuer non-cooperating'
category as MSCFD had failed to provide information for monitoring
of the rating as agreed to in its Rating Agreement. MSCFD continues
to be non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
May 26, 2024, June 5, 2024, June 15, 2024.

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

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

Established in the year 1981, MCF, is a partnership firm promoted
by Mrs. Sharda Ramshankar Mehadia, Mrs. Nisha Pradeep Mehadia, Mrs.
Sunita Kamal Agarwal and Mrs. Sarita Vimal Agarwal. The firm is
engaged in diverse trading business namely trading of
pharmaceuticals medicines and fabrics. The firm also acts as
clearing and forwarding agent for 'Peter England'.

MEHADIA AND SONS: CARE Keeps C Debt Rating in Not Cooperating
-------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Mehadia and
Sons (MS) continues to remain in the 'Issuer Not Cooperating'
category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       6.50       CARE C; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category  

Rationale and key rating drivers

CARE Ratings Ltd. had, vide its press release dated July 11, 2023,
placed the rating(s) of MS under the 'issuer non-cooperating'
category as MS had failed to provide information for monitoring of
the rating as agreed to in its Rating Agreement. MS continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
May 26, 2024, June 5, 2024, June 15, 2024.

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

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

Established in the year 1999, Mehadia and Sons (MS) is a
partnership firm based in Nagpur, Maharashtra and promoted by Mr.
Ramshankar Mehadia, Mr. Pradeep Mehadia, Mr. Kamal Motilal Agrawal,
Mr. Vimal Motilal Agrawal and Mrs Kalawati Motilal
Agrawal. The entity is engaged in diverse trading business (trading
of pharmaceutical items and fabrics).


MIRAJ METALS: CARE Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Miraj
Metals (MM) continue to remain in the 'Issuer Not Cooperating'
category.

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

   Long Term/          42.00       CARE D/CARE D; ISSUER NOT
   Short Term                      COOPERATING; Rating continues
   Bank Facilities                 to remain under ISSUER NOT
                                   COOPERATING category

Rationale and key rating drivers

CARE Ratings Ltd. had, vide its press release dated June 16, 2023,
placed the rating(s) of MM under the 'issuer non-cooperating'
category as MM 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. MM continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
May 1, 2024, May 11, 2024, May 21, 2024.

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

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

Established in 2010 by Mr. Hiten Mehta, Miraj Metals is a supplier
of non-ferrous metals scrap in India, which it imports entirely
from the Middle East countries.


NIZAMPET MUNICIPAL: ICRA Keeps B+ LT Rating in Not Cooperating
--------------------------------------------------------------
ICRA has kept the Long-Term rating of Nizampet Municipal
Corporation in the 'Issuer Not Cooperating' category. The rating is
denoted as "[ICRA]B+(Stable); ISSUER NOT COOPERATING".

As part of its process and in accordance with its rating agreement
with Nizampet Municipal Corporation, 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.

Nizampet Municipal Corporation (NMC), an urban local body (ULB) was
recently constituted in 2019 by merging three grampanchayats namely
Pragati Nagar, Nizampet and Bachupally. The ULB provides urban
infrastructure services to the city of Nizampet and is governed by
the Telangana Municipalities Act 2019 (Act). The NMC covers an area
of 23.44 sq. km. and serves a population of 3.70 lakh (Projected as
on date). Its main functions include solid waste management and
construction, repair and maintenance of roads and streetlights. The
ULB is divided into 33 municipal wards and is governed by an
elected body (Council) headed by a mayor, while the Commissioner
acts as the chief executive overseeing its everyday functioning.


PACIFIC EDUCATION: CARE Keeps D Debt Rating in Not Cooperating
--------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Pacific
Education Trust (PET) continues to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long term Bank       3.19       CARE D; ISSUER NOT COOPERATING;
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated June 13, 2023,
placed the rating(s) of PET under the 'issuer non-cooperating'
category as PET had failed to provide information for monitoring of
the rating as agreed to in its Rating Agreement. PET continues to
be non-cooperative despite repeated requests for submission of
information through emails, phone calls and a letter/email dated
April 28, 2024, May 8, 2024, May 18, 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).

Ahmedabad based Pacific Education Trust (PET) was set up by the
Pacific Group of Udaipur (Rajasthan) on July 22, 2010 to impart
education in the field of engineering. The trust is managed by Mrs
Leela Devi Agarwal (Chairman) and Mr Rahul Agarwal (Vice-chairman)
having experience of more than a decade in managing various
educational institutions. PET provides education in the field of
engineering through 'Pacific School of Engineering, Surat (PSE)
from the Academic Year (AY) 2012-13. PSE offers degree courses in
Civil, Mechanical, Electrical, Chemical and Computer Science while
it also offers diploma course in Mechanical, Civil and Electrical
engineering.

QUADSEL SYSTEMS: CARE Keeps D Debt Ratings in Not Cooperating
-------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Quadsel
Systems Private Limited (QSPL) continues to remain in the 'Issuer
Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      10.35       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

   Short Term Bank      3.00       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Rationale and key rating drivers

CARE Ratings Ltd. had, vide its press release dated May 11, 2023,
placed the rating(s) of QSPL under the 'issuer non-cooperating'
category as QSPL had failed to provide information for monitoring
of the rating. QSPL continues to be non-cooperative despite
repeated requests for submission of information through e-mails,
phone calls and a letter/email dated March 26, 2024, April 5, 2024,
April 15, 2024.

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

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

Quadsel Systems Private Limited (QSPL) is a Chennai based company
which was incorporated in the year 1995 by Mr. Girish Madhavan
(Managing Director) and other 3 directors. Later in the year 1998,
the constitution of QSPL changed and the current directors are Mr.
Girish Madhavan and Mrs. Dhanamani Madhavan. The registered office
of QSPL is located at Chennai, whereas the company has branches in
Hyderabad, Kerala and Bengaluru. QSPL is engaged in the business of
IT Infrastructure i.e., software development and various IT
services such cloud management, network management, printing
services, DBMS, ERP's etc., providing end to end solutions and
products and services to various organizations. DSPL is an ISO
9001:2015 Certification and ISO 27001:2013 Certification certified
company. QSPL is a dealer and channel partner of HewlettPackard,
Microsoft, and DELL etc.


R. J. TRADELINKS: CARE Keeps C Debt Rating in Not Cooperating
-------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of R. J.
Tradelinks (RJT) continues to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       8.40       CARE C; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category  

   Short Term Bank      0.10       CARE A4; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category

Rationale and key rating drivers

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

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

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

Established in the year 1999, RJT is a partnership firm promoted by
Mr. Ramshankar Mehadia, Mr. Pradeep Mehadia, Mr. Kamal Motilal
Agrawal, Mr. Vimal Motilal Agrawal and Mrs Kalawati Motilal
Agrawal. RJT belongs to Mehadia Group, which has three entities
including R.J Tradelinks, Mehadia and Sons (MS, established in
1997) and Mehadia and Sons C and F Division (MCF, established in
1981). The entity is engaged in diverse trading business
(distributor for Madura garments and traders for pharmaceutical
medicines and fabrics) whereby it serves wholesalers and dealers
based in Maharashtra. RJT is distributor for Madura Garments, and
trades the garments of brand name “Peter England” from Aditya
Birla Nuvo Limited and supplies it to various retailers in and
around Nagpur.


RAMESHWAR INDUSTRIES: ICRA Keeps D Ratings in Not Cooperating
-------------------------------------------------------------
ICRA has kept the Long-term rating for the bank facilities of
Rameshwar Industries in the 'Issuer Not Cooperating' category. The
rating is denoted as "[ICRA]D; ISSUER NOT COOPERATING".

                     Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Long-term-         7.00       [ICRA]D; ISSUER NOT COOPERATING;
   Fund based                    Rating Continues to remain under
   Cash Credit                   'Issuer Not Cooperating'
                                 Category

   Long-term-         0.67       [ICRA]D; ISSUER NOT COOPERATING;
   Fund based                    Rating Continues to remain under
   Term Loan                     'Issuer Not Cooperating'
                                 Category

   Long Term-         1.08       [ICRA]D; ISSUER NOT COOPERATING;
   Unallocated                   Rating Continues to remain under
                                 'Issuer Not Cooperating'
                                 Category

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

Established in May 2013 as a partnership firm, Rameshwar Industries
is in the business of ginning and pressing of raw cotton and cotton
seed crushing. The firm commenced its commercial operations in
January 2014. Its manufacturing facility is located at Tankara in
Rajkot, Gujarat and is equipped with 24 ginning machines, 1
pressing machine and 5 crushing machines with processing capacity
of ~17,740 Metric Tonnes Per Annum (MTPA) of cotton bales and
~13,140 MTPA of cotton seed oil. The promoters of the firm have
extensive experience in the cotton industry.



SARVA MANGALAM: CARE Keeps D Debt Ratings in Not Cooperating
------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Sarva
Mangalam Gajanan Steel Private Limited (SMGSPL) continue to remain
in the 'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      19.82       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

   Short Term Bank      0.20       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 12, 2023,
placed the rating(s) of SMGSPL under the 'issuer non-cooperating'
category as SMGSPL had failed to provide information for monitoring
of the rating. SMGSPL continues to be non-cooperative despite
repeated requests for submission of information through e-mails,
phone calls and a letter/email dated March 27, 2024, April 6, 2024,
April 16, 2024.

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

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

Sarva Mangalam Gajanan Steel Private Limited (SMGSPL) incorporated
in 2004 was promoted by the Kedia family of Asansol, West Bengal.
SMGSPL is engaged in manufacturing of steel angles, flats, bars,
rounds and channels with its sole manufacturing facility located at
Kalipahari (Asansol) with an installed capacity of 36,000 metric
ton per annum (MTPA). The company procures raw materials (Ingot and
scrap) from open market through local players and sales its product
in the states of West Bengal, Assam and Tripura.


SHIVAM PIPE: CARE Keeps D Debt Ratings in Not Cooperating Category
------------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Shivam
Pipe Industries (SPI) continue to remain in the 'Issuer Not
Cooperating' category.

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

   Short Term Bank      2.00       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Rationale and key rating drivers

CARE Ratings Ltd. had, vide its press release dated May 25, 2023,
placed the rating(s) of SPI under the 'issuer non-cooperating'
category as SPI 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. SPI continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
April 9, 2024, April 19, 2024, April
29, 2024.

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

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

Guwahati based Shivam Pipe Industries (SPI) was established as a
partnership firm in 2009. However, it has commenced its operation
from April 2012. The firm has been engaged in manufacturing of ERW
pipes and steel tubular pole (MS & GI) with a production capacity
of 12,000 MTPA and 5,000 MTPA respectively at its plant located at
Kamalpur in Guwahati.


SRK GROUP: CARE Keeps D Debt Rating in Not Cooperating Category
---------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of SRK Group
(SG) continues to remain in the 'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      41.09       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Rationale and key rating drivers

CARE Ratings Ltd. had, vide its press release dated June 21, 2023,
placed the rating(s) of SG under the 'issuer non-cooperating'
category as SG had failed to provide information for monitoring of
the rating. SG continues to be noncooperative despite repeated
requests for submission of information through e-mails, phone calls
and a letter/email dated May 6, 2024, May 16, 2024, May 26, 2024.

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

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

SRK Group (SG) is a partnership firm constituted in September 2012
to develop a residential cum commercial project 'Mansarovar' near
Kamrej in Surat – Gujarat. It is a partnership amongst three
partners sharing equal profits to jointly develop the project. The
project is envisaged to be developed on 7.94 Lakh square feet
(lsft) land owned by SG and have total estimated saleable area of
around 13.88 lsft.


VINAYAK INTERNATIONAL: CARE Keeps D Debt Rating in Not Cooperating
------------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Vinayak
International - Jaipur (VI) continues to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       20.00      CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Rationale and key rating drivers

CARE Ratings Ltd. had, vide its press release dated June 9, 2023,
placed the rating(s) of VIJ under the 'issuer non-cooperating'
category as VIJ 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. VIJ continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
April 24, 2024, May 4, 2024, May 14, 2024.

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

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

Jaipur (Rajasthan) based, Vinayak International (VIJ) was formed as
a proprietorship concern by Mr. Vikas Agarwal. The firm was earlier
engaged in the business of trading of Hot rolled (HR) coil, cold
rolled (CR) coil, galvanized Plain (GP) sheet, G-3 sheets and
Pre-painted galvanized iron roofing sheet (PPGI). However, from
2011, VIJ got engaged in de-coiling of HR and CR coils and further
manufacturing of GP sheet, G-3 sheets and PPGI roofing sheets. The
firm also has windmills having production capacity of 600 Kilowatt
(KW).

VIVIMED LABS: CARE Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Vivimed
Labs Limited (VLL) continue to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      266.93      CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

   Short Term Bank     109.50      CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Rationale and key rating drivers

CARE had, vide its press release dated June 19, 2023, placed the
rating(s) of VLL under the 'issuer noncooperating' category as VLL
had failed to provide information for monitoring of the rating. VLL
continues to be non-cooperative despite repeated requests for
submission of information through e-mails, phone calls and an email
dated May 4, 2024 to May 24, 2024.

In line with the extant SEBI guidelines, CARE has reviewed the
rating based on the best available information which however, in
CARE Rating'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 reaffirmation in the ratings assigned to the bank facilities of
Vivimed Labs Limited (VLL) is primarily due to continued delays in
the company's ability to meet debt obligations due to cash flow
mismatches and deterioration in the liquidity profile.

Analytical approach: Consolidated; CARE has considered the
consolidated financials and business profile of VLL and its
subsidiaries.

Outlook: Not Applicable

Detailed description of the key rating drivers:

At the time of last rating on June 19, 2023 the following were the
rating strengths and weaknesses.

Key weaknesses

* Cash flow mismatches and stretched liquidity resulting in ongoing
delays in debt servicing: The liquidity profile of VLL deteriorated
on account of cash flow mismatches. The same has resulted in delays
with respect to debt servicing of the
company.

* Decline in financial performance: The company's revenue declined
to INR187.10 crore in FY23 (consolidated) from INR237.29 crore in
FY22. Further, the loss reported reduced from INR-67.65 in FY22 to
INR-328.53 crore in FY23(A).

Key strengths

* Experienced & qualified promoters and management team: The
promoters of VLL have over two decades of experience in the
pharmaceutical and chemical business. Mr. Santosh Varalwar
(Managing Director), a management graduate, is primarily
responsible for developing new markets for the company's products.
VLL's board is ably supported by a team of professionals in the
areas of finance, marketing, quality control, R&D, material and
production.

* Long-track record of operations with a unique diversified product
portfolio backed by marquee clientele: VLL, established in 1988, is
a global player engaged in manufacturing of speciality chemicals
and pharmaceutical products. The company has 12 manufacturing
facilities and 6 R&D facilities spread across the globe.

Liquidity: Not Applicable

Vivimed Labs Limited (VLL) incorporated in 1988 is a
Hyderabad-based listed company engaged in manufacturing of
pharmaceuticals (APIs and formulations for various therapeutic
segments), personal care and colour chemistry industrial products.
VLL has manufacturing facilities in India and Overseas (under
subsidiaries). Within the FDF business, it provides contract
manufacturing services to some of its marquee clients in the
pharmaceuticals space, namely Novartis International AG, Glenmark
Pharmaceuticals, Lupin, GlaxoSmithKline Pharmaceuticals Ltd. (GSK
Pharmaceuticals), Dr. Reddy's Laboratories, Cipla, Abbott
Laboratories, Merck Serono, Wockhardt, and so on. VLL has 12
manufacturing facilities, 6 R&D centres and global support offices
in India, China, Europe and the US which adhere to the highest
levels of compliance and manufacture high-quality products.




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

AUCKLAND COLLISION: Creditors' Proofs of Debt Due on Sept. 6
------------------------------------------------------------
Creditors of Auckland Collision Repairs Limited are required to
file their proofs of debt by Sept. 6, 2024, to be included in the
company's dividend distribution.

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

The company's liquidator is:

          Craig Young
          PO Box 87340
          Auckland


D & A LOGGING: Creditors' Proofs of Debt Due on Aug. 22
-------------------------------------------------------
Creditors of D & A Logging Limited are required to file their
proofs of debt by Aug. 22, 2024, to be included in the company's
dividend distribution.

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

The company's liquidators are:

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


MAUNGATUA LOGGING: Creditors' Proofs of Debt Due on Aug. 21
-----------------------------------------------------------
Creditors of Maungatua Logging Limited are required to file their
proofs of debt by Aug. 21, 2024, to be included in the company's
dividend distribution.

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

The company's liquidators are:

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


NEW ZEALAND CITY: Court to Hear Wind-Up Petition on Aug. 16
-----------------------------------------------------------
A petition to wind up the operations of New Zealand City Transport
Limited will be heard before the High Court at Auckland on Aug. 16,
2024, at 10:00 a.m.

New Zealand Transport Agency filed the petition against the company
on June 19, 2024.

The Petitioner's solicitor is:

          Michael David Arthur
          Level 5 AMP Building
          29 Customs Street West
          Auckland 1010


STRIPE MEDIA: Court to Hear Wind-Up Petition on Aug. 23
-------------------------------------------------------
A petition to wind up the operations of Stripe Media Limited,
Stripe Media (Reunited Show) Limited, and Stripe Studios (Hoff)
Limited will be heard before the High Court at Auckland on Aug. 23,
2024, at 10:45 a.m.

New Zealand Transport Agency filed the petition against the company
on May 16, 2024.

The Petitioner's solicitor is:

          Hosanna Tanielu
          Inland Revenue, Legal Services
          5 Osterley Way
          Manukau City
          Auckland 2104




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

FIBER REACH: Creditors' Meetings Set for August 5
-------------------------------------------------
Fiber Reach Pte Ltd will hold a meeting for its creditors on Aug.
5, 2024, at 10:00 a.m. at 137 Cecil Street, Cecil Building, #04-01,
in Singapore.

Agenda of the meeting includes:

   a. to  nominate liquidator(s) or confirm member’s nomination
of
      liquidator(s).

   b. to receive a statement of the Company's affairs together
      with a list of creditors and the estimated amounts of their
      claims;

   c. to appoint a Committee of Inspection if deemed necessary;
      and

   d. Any other business.


FRANKLIN MEDICI: Court to Hear Wind-Up Petition on Aug. 16
----------------------------------------------------------
A petition to wind up the operations of Franklin Medici Fund
Management Pte Ltd will be heard before the High Court of Singapore
on Aug. 16, 2024, at 10:00 a.m.

Ma Ji filed the petition against the company on July 19, 2024.

The Petitioner's solicitors are:

          TSMP Law Corporation
          6 Battery Road
          Level 5
          Singapore 049909


GUAVA HOLDINGS: Final Meeting Set for Aug. 29
---------------------------------------------
Members and creditors of Guava Holdings Pte. Ltd. will hold their
final meeting on Aug. 29, 2024, at 10:00 a.m. via video
conference.

At the meeting, Lim Soh Yen and Tan Suah Pin, the company's
liquidators, will give a report on the company's wind-up
proceedings and property disposal.


ORCHARD CAR: Creditors' Proofs of Debt Due on Aug. 12
-----------------------------------------------------
Creditors of Orchard Car Rental Private Limited are required to
file their proofs of debt by Aug. 12, 2024, to be included in the
company's dividend distribution.

The company's liquidator is:

          Farooq Ahmad Mann
          Mann & Associates PAC
          3 Shenton Way
          #03-06C Shenton House
          Singapore 068805


SUPERPARK SINGAPORE: Final Meeting Set for Aug. 30
--------------------------------------------------
Members and creditors of Superpark Singapore SC Pte Ltd, in
creditors’ voluntary liquidation, will hold their final meeting
on Aug. 30, 2024, at 4:00 p.m. at 7500A Beach Road, #05-303/304 The
Plaza, in Singapore.

At the meeting, Tan Eng Soon, the company's liquidator, will give a
report on the company's wind-up proceedings and property disposal.




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

QOO10 GROUP: Aiming to Raise US$50MM as Liquidity Woes Persist
--------------------------------------------------------------
Yonhap News Agency reports that the Singapore-based e-commerce
platform Qoo10 Group, which owns the local online marketplaces TMON
and WeMakePrice, is said to be seeking to raise $50 million to
address delays in payments by the two platforms, according to
sources familiar with the matter on July 28.

Yonhap says TMON and WeMakePrice have failed to pay money earned by
sellers in May, after Qoo10 Group was reportedly tipped into a
tight cash situation over aggressive merger deals. Sellers on the
online marketplaces have expressed frustration over the payment
delays.

According to the report, sources said Qoo10 told Korean financial
authorities that it would raise $50 million in August to address
concerns over the payment delays.

However, a senior official at the Korean financial authorities said
the proposed measure was insufficient.

On July 25, the financial and antitrust regulators launched joint
on-site inspections into TMON and WeMakePrice over their delays in
payments to sellers.

Their payment delays sparked concerns about industrywide impacts
and potential damage to customers, and most of their 60,000 sellers
were small merchants and the self-employed, who are relatively
vulnerable to such risks, Yonhap relates.

Lee Se-hoon, vice governor of the Financial Supervisory Service,
told reporters that the value of payment delays by TMON and
WeMakePrice was between KRW160 billion and KRW170 billion ($115
million-$122 million), the report relays.

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 South Korean e-commerce firms TMON and
WeMakePrice.



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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-
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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.

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