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

                     A S I A   P A C I F I C

          Monday, August 5, 2024, Vol. 27, No. 156

                           Headlines



A U S T R A L I A

CONSTRUCTION LABOUR: First Creditors' Meeting Set for Aug. 8
ELECTRICAL ENERGY: First Creditors' Meeting Set for Aug 8
EPOCHA: Popular Restaurant to Close in September
MAISONNETS PTY: First Creditors' Meeting Set for Aug. 8
NIVA INVESTMENT: First Creditors' Meeting Set for Aug. 12

OZ HELP: First Creditors' Meeting Set for Aug. 12
PEPPER RESIDENTIAL 40: Moody's Assigns (P)B2 Rating to Cl. F Notes
REX AIRLINES: PM Albanese Lays Blame on Rex Amid Finger Pointing
REX AIRLINES: Potential Buyers Show Interest Despite Old Fleet
SPECTRE RETAIL 2024-1: Fitch Assigns 'Bsf' Rating on Class F Notes



I N D I A

ALFA TRANSFORMERS: CRISIL Keeps C Debt Ratings in Not Cooperating
BALAJI RICE: CRISIL Keeps D Debt Rating in Not Cooperating
BYJU'S: Avoids Insolvency as NCLAT OKs Settlement with BCCI
CRAFTED SOLUTIONS: CRISIL Withdraws B+ Rating on INR20.52cr Loan
DIVINE MISSION: CRISIL Lowers LT/ST Rating on Bank Debts to D

ELECTROMEC ENGINEERING: CRISIL Cuts LT/ST Rating on Debts to D
GAYATHRI NATURE: CRISIL Keeps D Debt Rating in Not Cooperating
GOYAL FURNACE: CRISIL Withdraws B+ Rating on INR5cr Cash Loan
HINDUSTAN CONSTRUCTION: CRISIL Withdraws B Rating on LT Loan
KSS PETRON: CRISIL Keeps D Debt Ratings in Not Cooperating

MEGHA PLAST: CRISIL Keeps D Debt Ratings in Not Cooperating
MISBAH REAL: CRISIL Withdraws B Rating on INR10cr LT Loan
MITTAL LUMBER: CRISIL Keeps D Debt Ratings in Not Cooperating
ORACLE HOME: CRISIL Keeps D Debt Ratings in Not Cooperating
PARAMESU BIOTECH: CRISIL Withdraws B- Rating on INR33.4cr Loan

PARANTHAMAN TEXTILES: CRISIL Keeps D Rating in Not Cooperating
RADHADEVI INDUSTRIES: CRISIL Keeps D Ratings in Not Cooperating
SARAVANA ENGINEERING: CRISIL Withdraws B Rating on INR10cr Loan
SEW LSY: CRISIL Keeps D Debt Rating in Not Cooperating Category
SIR SHADI: CRISIL Keeps C Debt Ratings in Not Cooperating

SUPREME COATED: CRISIL Keeps D Debt Rating in Not Cooperating
TARA EDUCATIONAL: CRISIL Keeps D Debt Ratings in Not Cooperating
UNITED ELECTRICAL: CRISIL Keeps C Debt Ratings in Not Cooperating
VEERANARAYANA METAL: CRISIL Keeps D Ratings in Not Cooperating
VICEROY EXPORTS: CRISIL Keeps D Debt Ratings in Not Cooperating

VIMAL INDUSTRIES: CRISIL Keeps D Debt Ratings in Not Cooperating
ZAMBAD INFRASTRUCTURE: CRISIL Keeps D Rating in Not Cooperating


N E W   Z E A L A N D

BAY CARPENTRY: Creditors' Proofs of Debt Due on Aug. 19
EAST IMPERIAL: Enters Liquidation, Looks to Drop Stock Listing
GRE3N SUPERFOOD: Put Some Cos. Into Liquidation Over Unpaid Bills
SPRUCE UP: Court to Hear Wind-Up Petition on Aug. 8
STAR LAWN: Court to Hear Wind-Up Petition on Aug. 16

TRADE CENTRAL: Creditors' Proofs of Debt Due on Sept. 3
W PROJECTS: Creditors' Proofs of Debt Due on Aug. 23


P A K I S T A N

PAKISTAN: Fitch Hikes LongTerm Foreign Currency IDR to 'CCC+'
PAKISTAN: Inflation Slows as Weak Demand Offsets Energy Cost


S I N G A P O R E

IN-EXPAT CONSULTANT: Court to Hear Wind-Up Petition on Aug. 16
LIAN HUAT: Family Feud Leads to Court Order to Wind Up Parent Co.
MAJU CLINIC: Court Enters Wind-Up Order
ROFIN-BAASEL SINGAPORE: Creditors' Proofs of Debt Due on Sept. 3
SEMBAWANG MART: Court Enters Wind-Up Order

ZEETROPE PRODUCTIONS: Court Enters Wind-Up Order

                           - - - - -


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

CONSTRUCTION LABOUR: First Creditors' Meeting Set for Aug. 8
------------------------------------------------------------
A first meeting of the creditors in the proceedings of Construction
Labour Force Pty Ltd, Falcon Force Pty Limited, and Precise
Formwork Pty Ltd will be held on Aug. 8, 2024 at 10:00 a.m. via
virtual meeting.

Bruce Gleeson of Jones Partners Insolvency & Restructuring was
appointed as administrator of the company on July 29, 2024.


ELECTRICAL ENERGY: First Creditors' Meeting Set for Aug 8
---------------------------------------------------------
A first meeting of the creditors in the proceedings of Electrical
Energy Group Pty Ltd will be held on Aug. 8, 2024 at 10:00 a.m. via
Zoom videoconferencing.

Bradd William Morelli and Stewart William Free of Jirsch Sutherland
were appointed as administrators of the company on July 29, 2024.


EPOCHA: Popular Restaurant to Close in September
------------------------------------------------
News.com.au reports that a popular Melbourne restaurant has
announced its doors are closing permanently with ownership blaming
the difficult economic climate.

Epocha, based in Carlton, revealed it would run its last service in
September after 12 years of operating, news.com.au says.

It comes at a time where the hospitality industry is struggling
with a warning issued just a few months ago that one in 13
hospitality businesses across Australia are facing going bust as
the industry grapples with the crippling cost of living crisis.

But Epocha's owners also said it had no choice but to shut down as
the restaurant premises were also recently sold, news.com.au
relays.

That's an issue that has also plagued other restaurants with Sydney
based Bistrot 916 revealing in May it was being forced to close due
to an impending "wrecking ball" - with its site set to be
demolished.

According to news.com.au, Epocha said the decision to close was
made with a "mix of heavy hearts and deep gratitude".

"Epocha will be closing its doors after 12 remarkable years of
service. Our last day of service will be September 14," the owners
announced.

"Since opening in 2012, Epocha has been more than just a
restaurant. It has been a place where we've seen all the things
humans go through.

"We're shared countless celebrations, milestones and every day
moments with you. We've served, loved, hugged and laughed. We've
celebrated lives, birthdays and cried with at the loss of loved
ones."


MAISONNETS PTY: First Creditors' Meeting Set for Aug. 8
-------------------------------------------------------
A first meeting of the creditors in the proceedings of Maisonnets
Pty Ltd will be held on Aug. 8, 2024 at 2:30 p.m. via telephone
conference facilities.

Jason Walter Bettles of Worrells Solvency & Forensic Accountants
was appointed as administrator of the company on July 29, 2024.


NIVA INVESTMENT: First Creditors' Meeting Set for Aug. 12
---------------------------------------------------------
A first meeting of the creditors in the proceedings of Niva
Investment Holdings Pty Ltd will be held on Aug. 12, 2024 at 11:00
a.m.

Matthew Charles Hudson and Fabian Micheletto of SV Partners were
appointed as administrators of the company on July 31, 2024.


OZ HELP: First Creditors' Meeting Set for Aug. 12
-------------------------------------------------
A first meeting of the creditors in the proceedings of Oz Help
Foundation Ltd will be held on Aug. 12, 2024 at 2:00 p.m. at
Equinox Building 4, Level 2/70 Kent Street in Deakin.

Jonathon Kingsley Colbran and Adam Cormack of RSM Australia
Partners were appointed as administrators of the company on July
31, 2024.


PEPPER RESIDENTIAL 40: Moody's Assigns (P)B2 Rating to Cl. F Notes
------------------------------------------------------------------
Moody's Ratings has assigned the following provisional ratings to
notes to be issued by Permanent Custodians Limited as trustee of
Pepper Residential Securities Trust No. 40.

Issuer: Permanent Custodians Limited as trustee of Pepper
Residential Securities Trust No. 40

AUD160.00 million Class A1-s Notes, Assigned (P)Aaa (sf)

AUD440.00 million Class A1-a Notes, Assigned (P)Aaa (sf)

AUD87.00 million Class A2 Notes, Assigned (P)Aaa (sf)

AUD27.00 million Class B Notes, Assigned (P)Aa2 (sf)

AUD6.75 million Class C Notes, Assigned (P)A2 (sf)

AUD8.25 million Class D Notes, Assigned (P)Baa2 (sf)

AUD6.00 million Class E Notes, Assigned (P)Ba2 (sf)

AUD9.00 million Class F Notes, Assigned (P)B2 (sf)

The AUD6.00 million Class G Notes are not rated by Moody's.

The transaction is a securitisation of residential mortgage loans
originated by Pepper Homeloans Pty Limited (Pepper Homeloans,
unrated) and serviced by Pepper Money Limited (Pepper, unrated).
Pepper is an Australian non-bank lender, traditionally specializing
in non-conforming residential lending, with a broad geographical
presence and a national distribution network.

RATINGS RATIONALE

The provisional ratings take into account, among other factors:

-- Evaluation of the underlying receivables and their expected
performance;

-- Evaluation of the capital structure and credit enhancement
provided to the notes;

-- The availability of excess spread over the life of the
transaction;

-- The liquidity facility in the amount of 1.5% of the notes
balance with a floor of AUD1,125,000;

-- The experience of Pepper as the servicer; and

-- The presence of BNY Trust Company of Australia Ltd (BNY,
unrated) as the back-up servicer in this transaction.

According to Moody's analysis, the transaction benefits from credit
strengths such as relatively high subordination to the Class A1-s
and Class A1-a Notes, and turbo repayment of the junior notes,
starting from the Class F Notes. However, Moody's note that the
transaction features some credit weaknesses such as a portion of
the portfolio extended to borrowers with prior credit impairment
(15.5%), loans granted to self-employed borrowers (47.2%) and loans
underwritten on an alternative documentation basis (37.8%).

Moody's Individual Loan Analysis (MILAN) Stressed Loss for the
collateral pool — representing the loss that Moody's expect the
portfolio to suffer in the event of a severe recession scenario —
is 6.5%. Moody's median expected loss for this transaction is 1.3%,
which represents a stressed, through-the-cycle loss relative to
Australian historical data.

The key transactional features are as follows:

-- Principal collections will be firstly used to repay the Class
A1-s Notes in full, and then Class A1-a and Class A2 Notes on a
pari passu basis. Starting from the second anniversary from
closing, and provided subordination to the Class A2 notes has at
least doubled since closing, all notes may participate in
proportional principal collections distribution. While any of the
other notes are outstanding, the Class G Notes' share of principal
will be allocated in reverse sequential order starting from the
Class F Notes. If step-down criteria are breached, principal
allocation will revert to sequential, although Class A1-a and A2
will continue to receive principal collections on a pari-passu
basis until the call date. The step-down criteria include, among
others, no charge-offs that remain unreimbursed on any of the notes
and no outstanding principal draw.

-- Class A2 and Class A1-a Notes rank pari passu in relation to
principal payments, based on their stated amounts, before the call
option date, although Class A2 are subordinate to the Class A1-s
and Class A1-a Notes in relation to charge-offs. This feature
reduces the absolute amount of credit enhancement available to the
Class A1-a Notes.

-- In accordance with the retention amount mechanism, on each
payment date until the call option date, excess spread of up to
0.20% per annum of the outstanding principal balance of the
portfolio will be used to repay junior notes, starting from the
Class F notes. The subordination to the senior notes will be
preserved by maintaining  a ledger equivalent to the excess spread
used towards the retention amount.

-- A yield enhancement reserve account will be funded by trapping
excess spread at a rate of 0.3% per annum of the outstanding
principal balance of the portfolio, subject to a maximum balance of
AUD1.5 million. While the Class A (Class A1-s, Class A1-a and Class
A2 notes) and Class B Notes are outstanding, the reserve is
available to meet the required payments. Once Class A and Class B
Notes are repaid in full, the yield enhancement reserve will be
used to pay the junior notes, starting from the Class F notes.

The key portfolio characteristics are as follows:

-- The portfolio has a weighted average scheduled loan-to-value
(LTV) ratio of 67.3%, and a relatively high proportion of loans
(17.5%) with scheduled LTV above 80%.

-- The portfolio has a weighted average seasoning of 22.8 months.

-- Based on Moody's classification, investment loans represent
31.9% of the portfolio, which includes 3.8% of loans to SMSF.

-- Loans with an interest only term of up to 5 years represent
12.8% of the portfolio.

Methodology Underlying the Rating Action:

The principal methodology used in these ratings was "Residential
Mortgage-Backed Securitizations" published in May 2024.

This methodology relates to Australian transactions.

Factors that would lead to an upgrade or downgrade of the ratings:

Levels of credit protection that are greater than necessary to
protect investors against current expectations of loss could lead
to an upgrade of the ratings. Moody's current expectations of loss
could be better than its original expectations because of fewer
defaults by underlying obligors or higher recoveries on defaulted
loans. The Australian job and the housing markets are primary
drivers of performance.

A factor that could lead to a downgrade of the notes is
worse-than-expected collateral performance. The Australian jobs
market and housing market are major drivers of performance. Other
reasons for worse performance than Moody's expect include poor
servicing, error on the part of transaction parties, deterioration
in credit quality of transaction counterparties, fraud and lack of
transactional governance.


REX AIRLINES: PM Albanese Lays Blame on Rex Amid Finger Pointing
----------------------------------------------------------------
The Sydney Morning Herald reports that Prime Minister Anthony
Albanese has blamed Regional Express' (Rex) expansion into capital
city services as the reason behind its fall into administration, as
pressure on the government to help fund its regional services
intensifies.

According to SMH, Mr. Albanese said the regional connectivity Rex
provides must continue, but its decision to fly on the Golden
Triangle between Sydney, Brisbane and Melbourne had been misguided.
His comments have ramped up the blame game between political
parties, aviation experts and industry leaders as to why two
Australian airlines have hit financial woes in less than three
months.

"It is a tough industry, aviation," Mr. Albanese told reporters on
Aug. 1.

"There are a range of issues relating to Rex. One is that a
regional airline made decisions to invest in routes that they
hadn't previously gone in."

Rex fell into voluntary administration on July 30, less than three
months after the liquidation of budget carrier Bonza. It has ceased
flying to major cities, and administrator Ernst & Young said on
July 31 up to 600 jobs are at risk.

Since then, some aviation experts and industry leaders have said
Australia's population is not big enough to sustain three domestic
airline businesses.

"It's unquestionable that's the case, so why the government doesn't
change the policy levels to bring that about I really don't
understand," SMH quotes Professor Rod Sims, Australia's former
competition tsar, as saying.

"All evidence from around the world is when you get routes that
have this amount of traffic on them, you can sustain three players.
The biggest problem is our slot allocation system."

Although Rex has plenty of regional slots at Sydney Airport, it
only managed to gain seven during the daily morning peak for
domestic jet services, compared to Qantas and Jetstar's combined
103 and Virgin's 57 slots.

However, about 40 per cent of Rex's domestic flights are out of
Sydney, a similar percentage to its bigger rivals Virgin and
Qantas, and it holds a similar peak and non-peak split when
accounting for its regional slots, SMH states.

Analysis from the Australian Airports Association reveals Rex's
market share on the Golden Triangle increased by 16 per cent over
the past year, and it operated more than one in five intrastate
flights out of Sydney Airport over the past year.

SMH adds the association's head of policy Natalie Heazlewood said
the airline's troubles were alarming and worsens competition.

"Rex was spurring much-needed rivalry against the major airlines on
key intercity routes, and its exit will hurt the buying power of
passengers," she said.

                         About Rex Airlines

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.

Samuel Freeman, Justin Walsh, and Adam Nikitins of Ernst & Young
Australia (EY Australia) have been appointed Joint and Several
Voluntary Administrators by the Rex Group's respective Boards of
Directors. The companies in administration are:

     * Regional Express Holdings Limited;
     * Regional Express Pty Limited;
     * Rex Airlines Pty Ltd;
     * Rex Investment Holdings Pty Limited; and
     * Air Partners Pty Ltd.


REX AIRLINES: Potential Buyers Show Interest Despite Old Fleet
--------------------------------------------------------------
Brisbane Times reports that administrators for Regional Express
said "numerous" potential buyers have expressed interest in the
struggling airline despite questions surrounding the state of its
books as preparations begin for the sales process as early as this
week.

Rex appointed EY as voluntary administrators on July 30 and stopped
all capital city flights after the consulting firm conducted a
business review of the ASX-listed company in May.

According to Brisbane Times, EY partner Sam Freeman said he had
been contacted by a "large number" of parties interested in a
potential acquisition of Rex's business via a deed of company
arrangement. The voluntary administration period is expected to be
five weeks.

Rex has traditionally been a regional airline, but expanded into
flying between capital cities in 2021 after receiving $150 million
from investment firm PAG Asia Capital. It also owns a fly-in,
fly-out charter service, National Jet Express, two pilot schools
and holds a number of emergency services contracts.

"We have received a large number of expressions of interest to be
involved in the sales process . . . We have confidence there's
going to be a lot of people participating," the report quotes Mr.
Freeman as saying.

Mr. Freeman would not confirm the identities of potential parties
and said the administrators were not yet in a position to talk
about Rex's debt or the number of possible creditors, Brisbane
Times relays.

Brisbane Times says PAG has injected more money into Rex so it can
continue its regional operations during administration.

According to Brisbane Times, Virgin has agreed to take over the
lease of three of Rex's Boeing 737-800s. There is also speculation
around whether the Bain Capital-owned airline is interested in
acquiring all or some of Rex's other assets. Outgoing Virgin boss
Jayne Hrdlicka has rejected this idea, saying the airline has
learnt from its own 2020 stint in administration to "stick to its
knitting," Brisbane Times says.

Rex has been criticised for expanding into major domestic routes
instead of investing in its regional fleet renewal and has
struggled with profitability since. The average age of Rex's fleet
is 30 years. Analysts estimate any buyer looking at about $300
million in capital expenditure to renew its ageing fleet of Saab
340s.

The airline has been crippled by a shortage of spare parts since
flying resumed after the COVID-19 pandemic. As it stands, 25 of its
57 Saabs are grounded across the country's airports.

Brisbane Times relates that Mr. Freeman dismissed this criticism
and argued that Rex's fleet had enough depth to wear operational
issues, and pointed to the carrier's strong on-time performance and
low cancellation levels.

"To run the existing network you need about 31 planes. At any given
time, Rex has about 11 planes sitting at various ports to be
interchangeable when necessary and about five going through
ordinary maintenance. There's considerable redundancy back-up and
that's what drives its strong performance," Mr. Freeman said.

Rex was forced to suspend some flights on seven of its regional
routes from Sydney Airport to destinations including Albury, Coffs
Harbour and Orange last September due to the ongoing issues with
its fleet, the report adds.

                         About Rex Airlines

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.

Samuel Freeman, Justin Walsh, and Adam Nikitins of Ernst & Young
Australia (EY Australia) have been appointed Joint and Several
Voluntary Administrators by the Rex Group's respective Boards of
Directors. The companies in administration are:

     * Regional Express Holdings Limited;
     * Regional Express Pty Limited;
     * Rex Airlines Pty Ltd;
     * Rex Investment Holdings Pty Limited; and
     * Air Partners Pty Ltd.


SPECTRE RETAIL 2024-1: Fitch Assigns 'Bsf' Rating on Class F Notes
------------------------------------------------------------------
Fitch Ratings has assigned ratings to Spectre Retail Warehouse
Trust 2024-1's pass-through floating-rate notes. The warehouse
transaction consists of notes backed by a pool of first-ranking
Australian automotive lease and loan receivables originated by
Angle Auto Finance Pty Ltd (AAF). The notes were issued by
Perpetual Corporate Trust Limited as trustee for Spectre Retail
Warehouse Trust 2024-1. This is a separate and distinct series
created under a master trust deed.

   Entity/Debt            Rating           
   -----------            ------           
Spectre Retail
Warehouse
Trust 2024-1

   A AU3FN0089595     LT AAAsf  New Rating
   B AU3FN0089603     LT AAsf   New Rating
   C AU3FN0089611     LT Asf    New Rating
   Commission Note    LT AAAsf  New Rating
   D AU3FN0089629     LT BBBsf  New Rating
   E AU3FN0089637     LT BBsf   New Rating
   F AU3FN0089645     LT Bsf    New Rating
   Junior             LT NRsf   New Rating

KEY RATING DRIVERS

Stress Commensurate with Ratings: Fitch derived product-specific
default base-case expectations for novated leases, consumer loans
and commercial loans. Its default assumptions (and 'AAAsf' default
multiples) are 1.00% (7.75x), 3.50% (5.50x) and 3.25% (5.75x) for
each sub-pool, respectively. The recovery base case is 35.0%, with
an 'AAAsf' recovery haircut of 50.0%, across all sub-pools.

Portfolio Parameters Drive Losses: The transaction's portfolio
parameters shaped the proxy portfolio used to drive the asset
analysis. The proxy portfolio reflects the assumption that the
portfolio's characteristics may migrate towards the limits during
the availability period. The pool parameters floor novated leases
at 37%; with no parameter flooring consumer or commercial loans,
Fitch assumed the remaining 63% was all consumer loans. The
weighted-average (WA) base-case default assumption was 2.6% and the
'AAAsf' default multiple was 5.8x.

Tight Labour Market Supports Outlook: Portfolio performance is
supported by Australia's continued economic growth and tight labour
market, despite rapid interest-rate hikes in 2022-2023. GDP growth
for the year ending March 2024 was 1.1% and unemployment was 4.1%
in June 2024. Fitch forecasts that economic conditions will
stabilise in 2024, projecting GDP growth of 1.2% and unemployment
of 4.2%. This reflects Fitch's anticipated effects of restrictive
monetary policy and persistent inflation continuing to hinder
domestic demand.

Excess Spread Limited by Commission Note Repayment: The transaction
includes a commission note to fund the purchase-price component
related to the unamortised commission paid to introducers for the
origination of the receivables. The note will not be
collateralised, and will amortise in line with an amortisation
schedule. Its repayment limits the availability of excess spread to
cover losses, as it ranks senior in the interest waterfall, above
all other notes.

Counterparty Risks Addressed: Counterparty risk is mitigated by
documented structural mechanisms that ensure remedial action takes
place should the ratings of the swap provider or transaction
account bank fall below a certain level.

Structural Features Support Ratings: The transaction features an
availability period ending in July 2025 with the ability to extend.
It is bound by stop purchase and amortisation triggers to mitigate
risk from potential losses. These include a stop purchase trigger
that ensures the availability of sufficient excess spread.

The class A, B, C, D, E and F notes also have documented minimum
credit enhancement percentages of 15.5%, 12.8%, 9.5%, 6.5%, 4.2%
and 2.7%, respectively, during the availability period. Principal
is paid sequentially during amortisation, from class A to junior
notes. When the stepdown criteria are satisfied, principal paydown
will switch to a pro-rata basis between class A to F notes until
each class is repaid in full and then to the junior notes.

Structural Risks Addressed: Fitch's cash flow analysis incorporates
the transaction's structural features and tests each note's
robustness by stressing default and recovery rates, prepayments
(base case 15%), interest-rate movements and default timing. All
notes have passed relevant rating stresses.

Low Operational and Servicing Risk: All receivables were originated
by AAF, which demonstrated adequate capability as originator,
underwriter and servicer. Servicer disruption risk is mitigated by
backup servicing arrangements. The nominated backup servicer is
Perpetual Corporate Trust Limited. Fitch undertook an operational
review and found that the operations of the originator and servicer
were comparable with those of other auto lenders.

Residual Value Risk: Residual value (RV) losses of 0.3% of the
total portfolio balance are applied under the 'AAAsf' scenario.
Fitch assumed 1.0% of the proxy portfolio were loans under which
borrowers have the option to return the vehicle to discharge the
final balloon instalment, which constitutes the RV. There is no
historical performance of AAF sale proceeds, but Fitch calibrated
the RV loss assuming car sale proceeds of 80% of the final balloon
instalments in a base-case scenario, and rating stresses were
derived by applying upper haircuts.

RATING SENSITIVITIES

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

Transaction performance may be affected by changes in market
conditions and the economic environment. Weakening asset
performance is strongly correlated with increasing levels of
delinquencies and defaults that could reduce credit enhancement
available to the notes.

Downgrade Sensitivities

Unanticipated increases in the frequency of defaults and decreased
recoveries on defaulted receivables could produce loss levels
higher than Fitch's base case, and are likely to result in a
decline in credit enhancement and remaining loss-coverage levels
available to the notes. Decreased credit enhancement may make
certain note ratings susceptible to negative rating action,
depending on the extent of the coverage decline. Hence, Fitch
conducts sensitivity analysis by stressing a transaction's initial
base-case assumptions; these include increasing WA defaults and
decreasing the WA recovery rate.

The rating sensitivity section provides insight into the
model-implied sensitivities the transaction faces when assumptions
- defaults or recoveries - are modified, while holding others
equal. The modelling process uses the modification of default and
loss assumptions to reflect asset performance in up and down
environments. The results should only be considered as one
potential outcome, as the transaction is exposed to multiple
dynamic risk factors.

Notes: Commission Note / A / B / C / D / E / F

Rating: AAAsf / AAAsf / AAsf / Asf / BBBsf / BBsf / Bsf

10% defaults increase: AAAsf / AA+sf / AA-sf / Asf / BBBsf / BBsf /
Bsf

25% defaults increase: AAAsf / AAsf / A+sf / A-sf / BBB-sf / B+sf /
less than Bsf

50% defaults increase: AAAsf / A+sf / Asf / BBBsf / BBsf / Bsf /
less than Bsf

10% recoveries decrease: AAAsf / AA+sf / AAsf / Asf / BBBsf / BBsf
/ Bsf

25% recoveries decrease: AAAsf / AA+sf / AAsf / Asf / BBBsf / BBsf
/ Bsf

50% recoveries decrease: AAAsf / AA+sf / AA-sf / A-sf / BBB-sf /
BB-sf / less than Bsf

10% defaults increase / 10% recoveries decrease: AAAsf / AA+sf /
AA-sf / A-sf / BBB-sf / BB-sf / less than Bsf

25% defaults increase / 25% recoveries decrease: AAAsf / AA-sf /
A+sf / BBB+sf / BB+sf / B+sf / less than Bsf

50% defaults increase / 50% recoveries decrease: AAAsf / Asf /
BBB+sf / BBB-sf / BB-sf / less than Bsf / less than Bsf

Reduce sale proceeds by 10%: AAAsf / AAAsf / AAsf / Asf / BBBsf /
BBsf / Bsf

Reduce sale proceeds by 25%: AAAsf / AAAsf / AAsf / Asf / BBBsf /
BBsf / Bsf

Reduce sale proceeds by 50%: AAAsf / AAAsf / AAsf / Asf / BBBsf /
BBsf / Bsf

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

Economic conditions, loan performance and credit losses that are
better than Fitch's baseline scenario or sufficient build-up of
credit enhancement that would fully compensate for credit losses
and cash flow stresses commensurate with higher rating scenarios,
all else being equal.

Notes: Commission Note / A / B / C / D / E / F

Rating: AAAsf / AAAsf / AAsf / Asf / BBBsf / BBsf / Bsf

10% defaults decrease / 10% recoveries increase: AAAsf / AAAsf /
AA+sf / AA-sf / BBB+sf / BB+sf / B+sf

USE OF THIRD PARTY DUE DILIGENCE PURSUANT TO SEC RULE 17G -10

Form ABS Due Diligence-15E was not provided to, or reviewed by,
Fitch in relation to this rating action.

DATA ADEQUACY

Fitch reviewed the results of a third-party assessment conducted on
the asset portfolio information, and concluded that there were no
findings that affected the rating analysis.

Overall, Fitch's assessment of the information relied upon for the
agency's rating analysis, according to its applicable rating
methodologies, indicates that it is adequately reliable.

ESG Considerations

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




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

ALFA TRANSFORMERS: CRISIL Keeps C Debt Ratings in Not Cooperating
-----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Alfa
Transformers Limited (ATL) continue to be 'CRISIL C/CRISIL A4
Issuer Not Cooperating'.

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

   Bank Guarantee         4.46       CRISIL A4 (Issuer Not
                                     Cooperating)

   Cash Credit            3.54       CRISIL C (Issuer Not
                                     Cooperating)

   Cash Credit            6.5        CRISIL C (Issuer Not
                                     Cooperating)

   Foreign Exchange       0.13       CRISIL A4 (Issuer Not
   Forward                           Cooperating)

   Letter of Credit       4.25       CRISIL A4 (Issuer Not
                                     Cooperating)

   Letter of Credit       1          CRISIL A4 (Issuer Not
                                     Cooperating)

   Proposed Long Term     0.62       CRISIL C (Issuer Not
   Bank Loan Facility                Cooperating)

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

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

Detailed Rationale

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

Set up by Mr D K Das in 1982, ATL manufactures small distribution
transformers and offers related technical assistance and services,
including repair work. Units are in Bhubaneswar and Vadodara.


BALAJI RICE: CRISIL Keeps D Debt Rating in Not Cooperating
----------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Sri Balaji
Rice Industries (SBRI) continues to be 'CRISIL D Issuer Not
Cooperating'.

                        Amount
   Facilities        (INR Crore)      Ratings
   ----------        -----------      -------
   Cash Credit            10          CRISIL D (Issuer Not
                                      Cooperating)

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

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

Detailed Rationale

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

Set up in 2005, BRI is engaged in milling and processing of paddy
into rice, rice bran, broken rice and husk. It has an installed
paddy milling capacity of 10 tonnes per hour (tph). Its rice mill
is located in Anumula near Miriyalaguda in Nalgonda disBRIct in
Andhra Pradesh. The firm is promoted by Mr.C.Venkateswarulu and his
family members.


BYJU'S: Avoids Insolvency as NCLAT OKs Settlement with BCCI
-----------------------------------------------------------
Firstpost reports that the National Company Law Appellate Tribunal
(NCLAT) on Aug. 2 accepted the settlement between Byju Raveendran
and the Board of Control for Cricket in India (BCCI), thus removing
Byju's parent Think and Learn from the insolvency resolution
process.

"In view of the undertaking given and affidavit filed, the
settlement is approved, the appeal succeeds and the impugned order
is set aside. However, with the caveat that in case there is a
breach in the undertaking given, the insolvency order shall be
revived," said NCLAT.

According to Firstpost, the appellate tribunal noted that the
settlement is being arrived before the Committee of Creditors (CoC)
could have been constituted and considering that the source of the
money (for settlement) is not in dispute, it did not have any
reason to keep the company in the insolvency process.

Control of the company will now revert to Byju Raveendran, as the
NCLAT suspended the National Company Law Tribunal's order admitting
the company to insolvency resolution, Firstpost notes.

Firstpost says the appellate tribunal dismissed an application by
US-based lenders alleging the settlement was 'tainted'. Byju
Raveendran agreed to pay INR158 crore to BCCI, which he claimed was
from personal funds generated by selling Think and Learn shares
between 2015 and 2022.

The Insolvency and Bankruptcy Code (IBC) stipulates that control of
a company is transferred from the existing board when admitted to
insolvency resolution.

Think and Learn was admitted to insolvency resolution on July 16,
with Pankaj Srivastava appointed as the interim resolution
professional. The NCLT had dismissed Byju's request for
arbitration, citing a default payment of INR158 crore to BCCI.

                            About Byju's

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

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

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

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

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


CRAFTED SOLUTIONS: CRISIL Withdraws B+ Rating on INR20.52cr Loan
----------------------------------------------------------------
CRISIL Ratings has withdrawn its rating on the bank facilities of
Crafted Solutions (CS) on the request of the company and receipt of
a no objection certificate from its bank. The rating action is in
line with CRISIL Ratings' policy on withdrawal of its ratings on
bank loans.

                        Amount
   Facilities        (INR Crore)      Ratings
   ----------        -----------      -------
   Cash Credit             2          CRISIL B+/Stable/Issuer Not
                                      Cooperating (Withdrawn)

   Proposed Long Term      0.48       CRISIL B+/Stable/Issuer Not
   Bank Loan Facility                 Cooperating (Withdrawn)

   Term Loan              20.52       CRISIL B+/Stable/Issuer Not
                                      Cooperating (Withdrawn)

CRISIL Ratings has been consistently following up with CS for
obtaining information through letters and emails dated February 15,
2024, among others, apart from telephonic communication. However,
the issuer has remained non cooperative.

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

Detailed Rationale

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

Incorporated in 2018, CS, a partnership firm of Mr. Darshan
Khivansara and Mr. Kishore Khivansara, is currently setting up a
plant to manufacture corrugated boxes with proposed installed
capacity of 3500 tons/month.  Commercial operations are scheduled
to commence from September 2019.


DIVINE MISSION: CRISIL Lowers LT/ST Rating on Bank Debts to D
-------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Divine
Mission Educational Trust (DMET) have been downgraded to 'CRISIL
D/CRISIL D Issuer Not Cooperating' from 'CRISIL B/Stable/CRISIL A4
Issuer Not Cooperating'.

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

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

CRISIL Ratings has been consistently following up with DMET for
obtaining information through letters and emails dated July 26,
2024, apart from telephonic communication. However, the issuer has
remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward-looking component.'

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of DMET, which restricts CRISIL
Ratings' ability to take a forward-looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on DMET
is consistent with 'Assessing Information Adequacy Risk'.

Based on the publicly available information, CRISIL Ratings
understands that the trust had irregularity in its account conduct.
Hence, the ratings on bank facilities of DMET have been downgraded
to 'CRISIL D/CRISIL D Issuer Not Cooperating' from 'CRISIL
B/Stable/CRISIL A4 Issuer Not Cooperating'.

DMET is a Haryana-based educational trust that was registered in
2012. It runs the Divine International Public School at Fatehabad.
It is affiliated to the CBSE board and provides education from
nursery to senior secondary level. Mr. JP Hayer is the promoter of
the trust.

Status of non cooperation with previous CRA

DMET did not cooperate with Credit Analysis & Research Limited,
which classified it as 'Issuer not cooperative' vide release dated
February 19, 2020. The reason provided by Credit Analysis &
Research Limited is non-furnishing of information for monitoring of
ratings.


ELECTROMEC ENGINEERING: CRISIL Cuts LT/ST Rating on Debts to D
--------------------------------------------------------------
CRISIL Ratings said the ratings for the bank facilities of
Electromec Engineering Enterprises (EME) continue to remain in the
'Issuer Not Cooperating' category.

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

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

CRISIL Ratings has been consistently following up with EME for
obtaining information through letters and emails dated July 26,
2024, apart from telephonic communication. However, the issuer has
remained non cooperative.

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of EME, which restricts CRISIL
Ratings' ability to take a forward-looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on EME
is consistent with 'Assessing Information Adequacy Risk'.

Based on the publicly available information, CRISIL Ratings
understands that the trust had irregularity in its account conduct.
Hence, the ratings on bank facilities of EME have been downgraded
to 'CRISIL D/CRISIL D Issuer Not Cooperating' from 'CRISIL
B/Stable/CRISIL A4 Issuer Not Cooperating'.

EMENGE was established in 1988 by Mr Sulabh Raj Gupta, Mr Nirmal
Goyal, and Mr Suhaas Gupta. It manufactures and services power and
distribution transformers and related components.

Status of non cooperation with previous CRA

EME has not cooperated with Brickwork Ratings India Private Limited
which has classified the company as non-cooperative through a
release dated January 18, 2023. The reason provided by Brickwork
Ratings India Private Limited is non-furnishing of information for
monitoring of ratings.

EME has not cooperated with India Ratings And Research Private
Limited which has classified the company as non-cooperative through
a release dated May 18, 2018. The reason provided by India Ratings
And Research Private Limited is non-furnishing of information for
monitoring of ratings.


GAYATHRI NATURE: CRISIL Keeps D Debt Rating in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Sri Gayathri
Nature Cure Hospital (SGNCH) continues to be 'CRISIL D Issuer Not
Cooperating'.

                          Amount
   Facilities          (INR Crore)     Ratings
   ----------          -----------     -------
   Proposed Long Term        5         CRISIL D (Issuer Not
   Bank Loan Facility                  Cooperating)

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

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

Detailed Rationale

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

Set up in March 2017, SGN is a partnership firm setting up a
holistic Ayurvedic healthcare and massage centre in the outskirts
of Coimbatore. The firm is promoted by the partners, Ms.
Motchapriya and Ms Sindujaa.


GOYAL FURNACE: CRISIL Withdraws B+ Rating on INR5cr Cash Loan
-------------------------------------------------------------
CRISIL Ratings has withdrawn its ratings on the bank facilities of
Goyal Furnace Private Limited (GFPL) on the request of the company
and receipt of a no objection certificate from its bank. The rating
action is in line with CRISIL Ratings' policy on withdrawal of its
ratings on bank loans.

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

   Proposed Long Term      4         CRISIL B+/Stable/Issuer Not
   Bank Loan Facility                Cooperating (Withdrawn)

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

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

Detailed Rationale

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

Incorporated in 2004, GFPL manufactures ingots, mild steel bars and
channels. Current promoters have acquired the business in June
2018. The manufacturing facility is in Kangra, Himachal Pradesh. Mr
Vikas Kumar and Mr Ilahi Noor Mohammed are the promoters of the
company.


HINDUSTAN CONSTRUCTION: CRISIL Withdraws B Rating on LT Loan
------------------------------------------------------------
CRISIL Ratings has withdrawn its rating on the bank facilities of
Hindustan Construction - Kaiserganj (HC) on the request of the
company and after receiving no objection certificate from the bank.
The rating action is in-line with CRISIL Rating's policy on
withdrawal of its rating on bank loan facilities.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Long Term Rating       -         CRISIL B/Stable (ISSUER NOT
                                    COOPERATING; Rating continues
                                    at the same level and
                                    Withdrawn)

   Short Term Rating      -         CRISIL A4 (ISSUER NOT
                                    COOPERATING; Rating continues
                                    at the same level and
                                    Withdrawn)

CRISIL Ratings has been consistently following up with HC for
obtaining information through letter and email dated July 19, 2023
among others, apart from telephonic communication. However, the
issuer has remained non cooperative.

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

Detailed Rationale

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

HC was established in 2011, it is located in Kaiserganj, Bahraich
(U.P). HC is owned & managed by Mr. Baqaullah. HC is engaged in
civil construction works mainly tender based road construction for
NHAI (The National Highways Authority of India).


KSS PETRON: CRISIL Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of KSS Petron
Private Limited (KSSPPL) continue to be 'CRISIL D/CRISIL D Issuer
Not Cooperating'.

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

   Short Term Rating       -         CRISIL D (ISSUER NOT
                                     COOPERATING)

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

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

Detailed Rationale

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

Incorporated in July 2007, KSSPPL is a wholly owned subsidiary of
KSS, one of the largest engineering, procurement, and construction
companies in Kazakhstan. KSSPPL undertakes projects to lay
pipelines, and also executes turnkey projects.


MEGHA PLAST: CRISIL Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Megha Plast
Private Limited (MPPL) continue to be 'CRISIL D/CRISIL D Issuer Not
Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit            7          CRISIL D (Issuer Not
                                     Cooperating)

   Letter of Credit       3          CRISIL D (Issuer Not
                                     Cooperating)

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

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

Detailed Rationale

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

Incorporated in 2002, Meghalaya-based MPPL commenced operations in
November 2005. Mr Trilokchand Agrawal, Mr Suresh Agrawal, and Mr
Ayush Agrawal are the promoters, while Mr Sohan Gupta (the
director) manages the operations. The company manufactures PP/HDPE
bags for cement companies in northeast India.


MISBAH REAL: CRISIL Withdraws B Rating on INR10cr LT Loan
---------------------------------------------------------
Due to inadequate information, CRISIL Ratings, in line with SEBI
guidelines, had migrated the rating of Misbah Real Estates Private
Limited (MREPL) to 'CRISIL B/Stable/Issuer not cooperating'. CRISIL
Ratings has withdrawn its rating on bank facility of MREPL
following a request from the company and on receipt of a 'no dues
certificate' from the banker. Consequently, CRISIL Ratings is
migrating the rating on bank facilities of MREPL to 'CRISIL
B/Stable' from 'CRISIL B/Stable/Issuer Not Cooperating'. The rating
action is in line with CRISIL Ratings' policy on withdrawal of bank
loan ratings.

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

Incorporated in 2002, MREPL is setting up a food court and banquet
hall, which is expected to commence operations in August 2021. The
company is promoted by Mr Shabbir Khan, Ms Sultana Begum, Mr S A
Sayeed, and Mr Shakeel Khan. Fiscal 2022 will be the first year of
operations for the company.


MITTAL LUMBER: CRISIL Keeps D Debt Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Mittal Lumber
Private Limited (MLPL) continue to be 'CRISIL D/CRISIL D Issuer Not
Cooperating'.

                        Amount
   Facilities        (INR Crore)      Ratings
   ----------        -----------      -------
   Cash Credit           2.25         CRISIL D (Issuer Not
                                      Cooperating)

   Letter of Credit      4.4          CRISIL D (Issuer Not
                                      Cooperating)

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

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

Detailed Rationale

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

MLPL, incorporated in 1991, processes timber, especially pine wood
and softwood, and trades in plywood. The company is promoted by Mr.
Pradeep Kumar Jain and Ms. Poonam Jain.


ORACLE HOME: CRISIL Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Oracle Home
Textile Limited (Oracle) continue to be 'CRISIL D/CRISIL D Issuer
Not Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Bill Purchase-        3.75        CRISIL D (Issuer Not
   Discounting                       Cooperating)  
   Facility              
                                     
   Cash Credit           2           CRISIL D (Issuer Not
                                     Cooperating)

   Letter of Credit      4           CRISIL D (Issuer Not
                                     Cooperating)

   Packing Credit       14.25        CRISIL D (Issuer Not
                                     Cooperating)

   Packing Credit        6.65        CRISIL D (Issuer Not
                                     Cooperating)

   Packing Credit        1.55        CRISIL D (Issuer Not
                                     Cooperating)

   Post Shipment         4.75        CRISIL D (Issuer Not
   Credit                            Cooperating)

   Post Shipment         2.35        CRISIL D (Issuer Not
   Credit                            Cooperating)

   Standby Export        1.38        CRISIL D (Issuer Not  
   Packing Credit                    Cooperating)

   Standby Export        0.72        CRISIL D (Issuer Not
   Packing Credit                    Cooperating)

   Standby Export        4.6         CRISIL D (Issuer Not
   Packing Credit                    Cooperating)

   Term Loan             3.7         CRISIL D (Issuer Not
                                     Cooperating)

   Term Loan            21.46        CRISIL D (Issuer Not
                                     Cooperating)

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

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

Detailed Rationale

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

Oracle was originally set up in 1992 by Mr. Sanjay Dave and Ms.
Shilpa Dave as a partnership firm, Oracle Exports; this firm was
reconstituted as a closely held public limited company under the
current name in August 2011. The company exports 75 per cent of its
output of terry towels and home textiles to makers of leading
global brands such as Esprit, Hollister, Kmart, and Tommy Hilfiger;
the balance 25 per cent is sold in the domestic market. Oracle has
a diverse customer base across different geographies, including the
US, Europe, Australia, the Middle East, and Africa. The company is
among the leading manufacturers of terry towels in the jacquard
segment in India. It has vertically integrated operations,
comprising weaving, yarn and fabric dyeing, and finishing
facilities.


PARAMESU BIOTECH: CRISIL Withdraws B- Rating on INR33.4cr Loan
--------------------------------------------------------------
CRISIL Ratings has withdrawn its rating on the bank facilities of
Paramesu Biotech Private Limited (PBPL) on the request of the
company and after receiving no objection certificate from the bank.
The rating action is in-line with CRISIL Rating's policy on
withdrawal of its rating on bank loan facilities.

                        Amount
   Facilities        (INR Crore)      Ratings
   ----------        -----------      -------
   Bank Guarantee         0.5         CRISIL A4/Issuer Not
                                      Cooperating (Withdrawn)

   Long Term Loan         3           CRISIL B-/Stable/Issuer Not
                                      Cooperating (Withdrawn)

   Long Term Loan        33.4         CRISIL B-/Stable/Issuer Not
                                      Cooperating (Withdrawn)

   Open Cash Credit      17           CRISIL B-/Stable/Issuer Not
                                      Cooperating (Withdrawn)

   Proposed Cash          7.5         CRISIL B-/Stable/Issuer Not
   Credit Limit                       Cooperating (Withdrawn)

CRISIL Ratings has been consistently following up with PBPL for
obtaining information through letter and email dated June 15, 2023
among others, apart from telephonic communication. However, the
issuer has remained non cooperative.

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

Detailed Rationale

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

PBPL, incorporated in September 2011, has a corn wet milling unit
with crushing capacity of 200 tonne per day at Devarapalli in West
Godavari, Andhra Pradesh. The operations are managed by Mr. Ananda
Swaroop Adavani.

PARANTHAMAN TEXTILES: CRISIL Keeps D Rating in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Sri
Paranthaman Textiles Private Limited (SPTPL) continues to be
'CRISIL D Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Secured Overdraft      5.5       CRISIL D (Issuer Not
   Facility                         Cooperating)

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

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

Detailed Rationale

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

SPTPL, was incorporated in 2000 in Chennai (Tamil Nadu) and is
engaged in the manufacture of cotton yarn, primarily 60s and 80s
count.  The day to day operations are overseen by Mrs Prema
Paranthaman and Mr Pramod Paranthaman.


RADHADEVI INDUSTRIES: CRISIL Keeps D Ratings in Not Cooperating
---------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Radhadevi
Industries (RDI) continue to be 'CRISIL D Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit            4.5        CRISIL D (Issuer Not
                                     Cooperating)

   Long Term Loan         1.2        CRISIL D (Issuer Not
                                     Cooperating)

   Proposed Long Term     6.3        CRISIL D (Issuer Not
   Bank Loan Facility                Cooperating)

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

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

Detailed Rationale

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

RDI was set up in 2005 by Mr. Bosukunda Radhakrishna and his family
members. The firm manufactures forged components for the automobile
industry. It is based in Kakinada, Andhra Pradesh.


SARAVANA ENGINEERING: CRISIL Withdraws B Rating on INR10cr Loan
---------------------------------------------------------------
CRISIL Ratings has withdrawn its rating on the bank facilities of
Saravana Engineering Works (SEW) on the request of the company and
receipt of a no objection certificate from its bank. The rating
action is in line with CRISIL Ratings' policy on withdrawal of its
ratings on bank loans.

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

CRISIL Ratings has been consistently following up with SEW for
obtaining information through letters and emails dated January 5,
2024 among others, apart from telephonic communication. However,
the issuer has remained non cooperative.

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

Detailed Rationale

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

Established in 2010, SEW, based in Dindigul (Tamil Nadu), is
engaged in the fabrication of various types of steel/metal
structures. Mr S Lakshmanan is the proprietor.


SEW LSY: CRISIL Keeps D Debt Rating in Not Cooperating Category
---------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of SEW LSY
Highways Limited (SLHL) continue to be 'CRISIL D Issuer Not
Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Term Loan              90         CRISIL D (Issuer Not
                                     Cooperating)

   Term Loan             300         CRISIL D (Issuer Not
                                     Cooperating)

   Term Loan              90         CRISIL D (Issuer Not
                                     Cooperating)

   Term Loan              70         CRISIL D (Issuer Not
                                     Cooperating)

   Term Loan              70         CRISIL D (Issuer Not
                                     Cooperating)

   Term Loan              45         CRISIL D (Issuer Not
                                     Cooperating)

   Term Loan              45         CRISIL D (Issuer Not
                                     Cooperating)

   Term Loan              45         CRISIL D (Issuer Not
                                     Cooperating)

   Term Loan              90         CRISIL D (Issuer Not
                                     Cooperating)

   Term Loan              90         CRISIL D (Issuer Not
                                     Cooperating)

   Term Loan             270         CRISIL D (Issuer Not
                                     Cooperating)

   Term Loan             240         CRISIL D (Issuer Not
                                     Cooperating)

   Term Loan             140         CRISIL D (Issuer Not
                                     Cooperating)

   Term Loan             115         CRISIL D (Issuer Not
                                     Cooperating)

CRISIL Ratings has been consistently following up with SLHL for
obtaining information through letter and email dated June 19, 2024
among others, apart from telephonic communication. However, the
issuer has remained non cooperative.

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

Detailed Rationale

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

Incorporated in July 2011, SLHL is a SPV promoted by SEW
Infrastructure Ltd and Prasad And Company Project Works Ltd (rated
'CRISIL B+/Stable/CRISIL A4'), which own 83% and 17% stakes,
respectively. SLHL was awarded a contract by UPSHA for converting
the current two lanes of the 206-kilometre (km) stretch into four
lanes, from 10.91 km to 217.00 km on the Delhi-Saharanpur-Yamunotri
section of state highway 57 in Uttar Pradesh, up to the Uttarakhand
border. The contract was on a design, build, finance, operate, and
transfer toll basis.


SIR SHADI: CRISIL Keeps C Debt Ratings in Not Cooperating
---------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Sir Shadi Lal
Enterprises Limited (SSLEL) continue to be 'CRISIL C Issuer Not
Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit            41         CRISIL C (Issuer Not
                                     Cooperating)

   Cash Credit            30         CRISIL C (Issuer Not
                                     Cooperating)

   Proposed Long Term      9         CRISIL C (Issuer Not
   Bank Loan Facility                Cooperating)

   Proposed Long Term      5         CRISIL C (Issuer Not
   Bank Loan Facility                Cooperating)

   Proposed Long Term      1.45      CRISIL C (Issuer Not
   Bank Loan Facility                Cooperating)

   Proposed Long Term     25         CRISIL C (Issuer Not
   Bank Loan Facility                Cooperating)

   SEFASU Loan             3.97      CRISIL C (Issuer Not
                                     Cooperating)

   SEFASU Loan            14.58      CRISIL C (Issuer Not
                                     Cooperating)

   Working Capital        70         CRISIL C (Issuer Not
   Term Loan                         Cooperating)

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

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

Detailed Rationale

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

SSLEL was established in 1933 by Mr. Shadi Lal. The company
manufactures sugar and alcohol at its facilities in Shamli, Uttar
Pradesh. It is listed on the Bombay Stock Exchange.


SUPREME COATED: CRISIL Keeps D Debt Rating in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Supreme Coated
Board Mills Private Limited (SCBM) continues to be 'CRISIL D Issuer
Not Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Term Loan              24         CRISIL D (Issuer Not
                                     Cooperating)

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

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

Detailed Rationale

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

SCBM was set up in 2003, by Ms M Tangeswari and her family.
Commercial operations began in 2005. The Sivakasi-based company
manufactures white-coated boards, used in the matchstick, firework,
notebook, and packaging industries.


TARA EDUCATIONAL: CRISIL Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------------
CRISIL Ratings the ratings on bank facilities of TET continues to
be 'CRISIL D/CRISIL D Issuer Not Cooperating'.

                         Amount
   Facilities         (INR Crore)      Ratings
   ----------         -----------      -------
   Overdraft Facility      6           CRISIL D (Issuer Not
                                       Cooperating)

   Proposed Fund-          0.5         CRISIL D (Issuer Not
   Based Bank Limits                   Cooperating)

   Term Loan               1.5         CRISIL D (Issuer Not
                                       Cooperating)

CRISIL Ratings has been consistently following up with TET for
obtaining information through letter and email dated June 11, 2024
among others, apart from telephonic communication. However, the
issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'

Detailed Rationale

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

Set up in 1998 as Pioneer Public School Management Committee by Mr
Jaswant Singh, the trust got renamed as TET in 2010. It runs three
schools -- Pioneer Public School, Pioneer Convent School and Tara
Convent School -- and one college -- Tara Vivek College -- in
Sangrur, Punjab.


UNITED ELECTRICAL: CRISIL Keeps C Debt Ratings in Not Cooperating
-----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of United
Electrical Industries Limited (UEIL) continue to be 'CRISIL
C/CRISIL A4 Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Bank Guarantee         3          CRISIL A4 (Issuer Not
                                     Cooperating)

   Cash Credit            4          CRISIL C (Issuer Not
                                     Cooperating)

   Proposed Cash          6          CRISIL C (Issuer Not
   Credit Limit                      Cooperating)

   Proposed Short Term    7          CRISIL A4 (Issuer Not
   Bank Loan Facility                Cooperating)

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

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

Detailed Rationale

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

Set up in 1950, UEIL manufactures energy meters. GoK holds an
equity stake of 97.2 per cent in the company. UEIL sells its
products under the Unilec brand, with Kerala State Electricity
Board as its biggest customer.


VEERANARAYANA METAL: CRISIL Keeps D Ratings in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Veeranarayana
Metal Alloys Private Limited (VMAPL) continue to be 'CRISIL
D/CRISIL D Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)      Ratings
   ----------        -----------      -------
   Bank Guarantee         0.3         CRISIL D (Issuer Not
                                      Cooperating)

   Overdraft Facility    14.7         CRISIL D (Issuer Not
                                      Cooperating)

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

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

Detailed Rationale

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

Established in 1990, VMAPL manufactures pure lead and lead alloys
for sale to battery manufacturers.


VICEROY EXPORTS: CRISIL Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Viceroy
Exports India Private Limited (VEIPL) continue to be 'CRISIL
D/CRISIL D Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Discounting Bill        5         CRISIL D (Issuer Not
   Purchase                          Cooperating)

   Foreign Discounting     5         CRISIL D (Issuer Not
   Bill Purchase                    Cooperating)

   Packing Credit         10         CRISIL D (Issuer Not
                                     Cooperating)

   Proposed Long Term      5         CRISIL D (Issuer Not
   Bank Loan Facility                Cooperating)

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

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

Detailed Rationale

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

Incorporated in 2011 by Mr. Roy J Vayalat, Ernakulam (Kerala)-based
VEIPL processes exports marine products, which mainly include the
cephalopods category comprising cuttle fish, squid, octopus, and
tuna.


VIMAL INDUSTRIES: CRISIL Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Vimal
Industries (VI) continue to be 'CRISIL D Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit             4         CRISIL D (Issuer Not
                                     Cooperating)

   Proposed Long Term      1.27      CRISIL D (Issuer Not
   Bank Loan Facility                Cooperating)

   Term Loan               2.73      CRISIL D (Issuer Not
                                     Cooperating)

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



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

Detailed Rationale

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

VI is a proprietary concern established by Mr. R Manilachelvan in
1994. The firm manufactures sheet metal and pressed components and
undertakes fabrication works for the electrical and automotive
industries.


ZAMBAD INFRASTRUCTURE: CRISIL Keeps D Rating in Not Cooperating
---------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Zambad
Infrastructure Limited (ZIL) continues to be 'CRISIL D Issuer Not
Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Long Term Loan         15         CRISIL D (Issuer Not
                                     Cooperating)

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

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

Detailed Rationale

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

Promoted by Mr. Subhash Zambad, ZIL started construction activity
in 1982. The company is undertaking a commercial real estate
project in Aurangabad (Maharashtra).




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

BAY CARPENTRY: Creditors' Proofs of Debt Due on Aug. 19
-------------------------------------------------------
Creditors of Bay Carpentry Limited are required to file their
proofs of debt by Aug. 19, 2024, to be included in the company's
dividend distribution.

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

The company's liquidator is:

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


EAST IMPERIAL: Enters Liquidation, Looks to Drop Stock Listing
--------------------------------------------------------------
Just Drinks reports that New Zealand tonic and mixer producer East
Imperial has wound up operations for good and intends to cancel its
listing on the London stock exchange as it enters liquidation.

In a stock exchange filing on July 31, East Imperial said it had
been notified that an entity called INL Investment Limited "has
proceeded to appoint a liquidator to the company’s New Zealand
subsidiary, East Imperial Limited, having first exercised its
security over the subsidiary’s intermediate holding company."

According to Just Drinks, East Imperial confirmed that its board of
directors had also proceeded to cancel the company’s stock market
listing, following a suspension of shares in April.

Just Drinks relates that the London-listed company added that the
"board has looked at a number of possible routes to seek repayment
for creditors and potentially retain value to shareholders."

However, it noted that while these discussions have been ongoing to
the present date (31 July), INL Investment had voted to appoint a
liquidator.

In April, the New Zealand-based company said it was "unable to
meet" a GBP2.2 million ($2.8 million) redemption notice from INL
Investment.

An East Imperial corporate update indicated that INL Investment had
backed East Imperial in August 2023 through the issue of
convertible loan notes. It also indicated that a deed of share
charge had been issued to the mixers business in October.

As it was unable to meet this redemption liability at the time, the
group said that its board had entered discussions with professional
advisors to assess its strategic options, Just Drinks relates.

Founded in New Zealand and Singapore in 2012, East Imperial
produces mixers for sale across APAC, the US and EMEA. The company
sells in more than 20 countries. The group’s range, which
includes Mombasa ginger beer and grapefruit tonic, is available in
both the US on-trade and off-trade markets. Some of its clients
include Peninsula Hotels, a luxury hotel chain present in Beverly
Hills, Chicago and Miami. Its US distribution is handled by
Republic National Distributing Co. (RNDC).


GRE3N SUPERFOOD: Put Some Cos. Into Liquidation Over Unpaid Bills
-----------------------------------------------------------------
The Press reports that business owners who closed two South Island
cafes during the Covid pandemic have put some of their companies
into liquidation over unpaid bills.

Julienne Petherbridge and Carlos Moa closed their Gre3n superfood
and juice bar cafes at Barrington Mall in Christchurch in 2022, and
in Nelson in 2020, The Press recalls.

They still own and operate Gre3n cafes in The Colombo mall in
Sydenham and The Crossing shopping centre in central Christchurch.
Both businesses remain open.

According to the Press, the first liquidator's report on the three
liquidated companies, two of which owned the businesses and one of
which owned a commercial property, shows about NZD70,000 in unpaid
bills remain.

The Press relates that the report said the Covid 19 restrictions
had a major effect on the businesses, with sales low while wages
and operational costs were rising. The owners closed them and sold
the assets to concentrate of their more profitable businesses, it
said.

Outstanding creditors include Inland Revenue, ACC, and BNZ bank.


SPRUCE UP: Court to Hear Wind-Up Petition on Aug. 8
---------------------------------------------------
A petition to wind up the operations of Spruce Up Decorating
Limited will be heard before the High Court at Christchurch on Aug.
8, 2024, at 10:00 a.m.

The Commissioner of Inland Revenue filed the petition against the
company on June 5, 2024.

The Petitioner's solicitor is:

          Nanette Cunningham
          Inland Revenue, Legal Services
          PO Box 1782
          Christchurch 8140


STAR LAWN: Court to Hear Wind-Up Petition on Aug. 16
----------------------------------------------------
A petition to wind up the operations of Star Lawn Mowers Limited
will be heard before the High Court at Auckland on Aug. 16, 2024,
at 10:00 a.m.

The Commissioner of Inland Revenue filed the petition against the
company on June 19, 2024.

The Petitioner's solicitor is:

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


TRADE CENTRAL: Creditors' Proofs of Debt Due on Sept. 3
-------------------------------------------------------
Creditors of Trade Central NZ Limited are required to file their
proofs of debt by Sept. 3, 2024, to be included in the company's
dividend distribution.

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

The company's liquidator is:

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


W PROJECTS: Creditors' Proofs of Debt Due on Aug. 23
----------------------------------------------------
Creditors of W Projects Limited are required to file their proofs
of debt by Aug. 23, 2024, to be included in the company's dividend
distribution.

The company commenced wind-up proceedings on July 26, 2024.

The company's liquidators are:

          Gareth Russel Hoole
          Raymond Paul Cox
          Ecovis KGA Limited, Chartered Accountants
          PO Box 37223
          Parnell
          Auckland




===============
P A K I S T A N
===============

PAKISTAN: Fitch Hikes LongTerm Foreign Currency IDR to 'CCC+'
-------------------------------------------------------------
Fitch Ratings has upgraded Pakistan's Long-Term Foreign-Currency
Issuer Default Rating (IDR) to 'CCC+' from 'CCC'. Fitch typically
does not assign Outlooks to sovereigns with a rating of 'CCC+' or
below.

Key Rating Drivers

Easing External Funding Risks: The upgrade reflects greater
certainty over continued availability of external funding, in the
context of Pakistan's staff-level agreement (SLA) with the IMF on a
new 37-month USD7 billion Extended Fund Facility (EFF). Strong
performance on the previous, more temporary IMF arrangement helped
the country narrow fiscal deficits and rebuild foreign exchange
(FX) reserves, and further improvements are likely. Nevertheless,
Pakistan's large funding needs leave it vulnerable if it fails to
implement challenging reforms, which could undermine programme
performance and funding.

New IMF Programme: Pakistan and the IMF reached the SLA on 12 July.
Before IMF Board approval, which Fitch assumes by end-August, the
government will have to obtain new funding assurances from
bilateral partners, chiefly Saudi Arabia, the UAE and China,
totalling about USD4 billion-5 billion over the duration of the
EFF. Fitch believes this will be achievable, given the strong past
record of support and significant policy measures in the recent
budget for the fiscal year ending June 2025 (FY25).

Ambitious Reforms: The government aims under the new EFF to tackle
longstanding structural weaknesses in Pakistan's tax system, energy
sector and state-owned enterprises, alongside a commitment to
exchange rate flexibility and improvements in the monetary policy
framework. It targets a 3pp increase in tax revenues/GDP, from
under 9% in FY24, including through higher taxes on the country's
influential agricultural sector, which will have to be legislated
at the provincial level.

Strong Recent Policy Record: Pakistan successfully completed its
nine-month Stand-by Arrangement with the IMF in April. Over the
past year, the government raised taxes, cut spending and raised
electricity, gas and petrol prices. The government also all but
eliminated the gap between the interbank and parallel market
exchange rates through a crackdown on the black market and
regulation of exchange houses.

Narrower External Deficit: Fitch forecasts the current account
deficit (CAD) to stay relatively contained at about USD4 billion
(about 1% of GDP) in FY25, after about USD700 million in FY24,
given tight financing conditions and subdued domestic demand.
Contractionary economic and fiscal policies, lower commodity prices
and rupee depreciation have driven the sharp narrowing of the CAD
from over USD17 billion in FY22. FX shortages have eased with the
return of remittances to the official banking system, reversing
their decline in 2H22.

Funding Needs Still Large: Besides CADs, the authorities face over
USD22 billion in external public debt maturities in FY25. Of the
total maturities, USD13 billion is in the form bilateral deposits
and loans that are regularly rolled over, including nearly USD4
billion in liabilities of the State Bank of Pakistan (SBP).
Maturing debt also includes nearly USD4 billion from Chinese
commercial banks, and USD4 billion from multilateral creditors.
Pakistan's next international bond maturity is in September 2025.

The government says it has identified over USD24 billion in gross
external financing, mostly from bilateral and multilateral sources,
not including potential bond issuance or the renewal of the oil
facility with Saudi Arabia, but including a potential Panda bond
issuance. FDI and non-resident portfolio inflows and
climate-related finance pose other upsides to the funding plan.

Reserves Have Recovered; Still Low: The SBP is rebuilding FX
reserves amid inflows of new funding and limited CADs. Fitch
estimates official gross reserves, including gold, rose to over
USD15 billion at June 2024 (about three months of imports), from
nearly USD10 billion at end-June 2023, and Fitch expects them to
rise to nearly USD22 billion by FYE26, close their 2021 peak.

The SBP's narrower measure of net liquid FX reserves (excluding
gold and FX reserve deposits of banks) recovered to over USD9
billion at June 2024. The SBP has reduced its forward liabilities
to local banks and is approaching a balanced net foreign
asset/liability position.

Fiscal Consolidation: Half of the revenue effort under the EFF is
frontloaded in the FY25 budget, which was prepared together with
IMF staff and projects a headline deficit of 5.9% of GDP and a 2.0%
primary surplus (FY24 estimate: 7.4% and 0.4%, respectively). Its
forecasts assume partial implementation of this and project a
primary surplus of 0.8% of GDP and an overall fiscal deficit of
6.9% of GDP in FY25, improving to 1.3% of GDP and 6% of GDP,
respectively, in FY26. Besides tax measures, the budget assumes a
doubling of SBP dividends to 2% of GDP, and a doubling of
provincial surpluses to 1% of GDP.

The 'CCC+' Long-Term Foreign-Currency IDR also reflects the
following factors:

Challenging Politics: The close outcome of the February elections
delivered a weaker-than-expected mandate for Prime Minister Shehbaz
Sharif's PMLN party. PMLN and its allies command only a slim
majority in the National Assembly after a recent Supreme Court
ruling re-allocating reserved seats in favour of independents
linked with former prime minister Imran Khan's PTI party. Mr Khan
has been in prison since May 2023, but remains popular.

Implementation Risks: Before the recent SBA, governments from
across the political spectrum in Pakistan have had a mixed record
of IMF programme performance, often failing to implement or
reversing the required reforms. The current apparent consensus
within Pakistan on the need for reform could weaken once economic
and external conditions improve, although Pakistan now has fewer
financing options than in the past.

High, Stable Debt Level: Fitch estimates government debt fell to
68% of GDP by FYE24, from 75% at FYE23, due to high inflation and
deflator effects, offsetting soaring domestic interest costs. This
is broadly in line with the B/C/D median. Fitch expects inflation
and interest costs to decline in tandem, with economic growth and
primary surpluses driving government debt/GDP gradually lower.
Debt/revenue (over 500% in FY24) and interest/revenue (over 60%)
ratios are far worse than that those of peers, largely due to very
low revenue/GDP, although high interest rates also benefit tax
revenue and SBP profits.

ESG - Governance: Pakistan has an ESG Relevance Score (RS) of '5'
for both political stability and rights and for the rule of law,
institutional and regulatory quality and control of corruption, as
is the case for all sovereigns. These scores reflect the high
weight that the World Bank Governance Indicators (WBGI) have in its
proprietary Sovereign Rating Model (SRM). Pakistan has a WBGI
ranking at the 22nd percentile.

RATING SENSITIVITIES

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

- Public Finances: Renewed deterioration in external liquidity
conditions that could result from delays in IMF programme reviews,
or indications that the authorities are considering debt
restructuring.

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

- External Finances: Sustained recovery in foreign-currency
reserves and further significant easing of external financing
risks

- Public Finances: Implementation of fiscal consolidation plans in
line with IMF programme commitments, leading to increased
confidence in a downward trajectory for government debt.

Sovereign Rating Model (SRM) and Qualitative Overlay (QO)
Fitch's proprietary SRM assigns Pakistan a score equivalent to a
rating of 'CCC+' on the Long-Term Foreign-Currency IDR scale.
However, in accordance with its rating criteria, Fitch's sovereign
rating committee has not utilized the SRM and QO to explain the
ratings in this instance. Ratings of 'CCC+' and below are instead
guided by the rating definitions.

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

Country Ceiling

The Country Ceiling for Pakistan is 'B-'. For sovereigns rated
'CCC+' or below, Fitch assumes a starting point of 'CCC+' for
determining the Country Ceiling. Fitch's Country Ceiling Model
produced a starting point uplift of 0 notches. Fitch's rating
committee applied a +1 notch qualitative adjustment to this, under
the Balance of Payments Restrictions pillar, reflecting that the
private sector has not been prevented or significantly impeded from
converting local currency into foreign currency and transferring
the proceeds to non-resident creditors to service debt payments.
Fitch does not assign Country Ceilings below 'CCC+', and only
assigns a Country Ceiling of 'CCC+' in the event that transfer and
convertibility risk has materialised and is impacting the vast
majority of economic sectors and asset classes.

ESG Considerations

Pakistan has an ESG Relevance Score of '5' for political stability
and rights, as WBGIs have the highest weight in Fitch's SRM and are
therefore highly relevant to the rating and a key rating driver
with a high weight. As Pakistan has a percentile rank below 50 for
the respective governance indicator, this has a negative impact on
the credit profile.

Pakistan has an ESG Relevance Score of '5' for rule of law,
institutional & regulatory quality and control of corruption, as
WBGIs have the highest weight in Fitch's SRM and are therefore
highly relevant to the rating and are a key rating driver with a
high weight. As Pakistan has a percentile rank below 50 for the
respective governance indicators, this has a negative impact on the
credit profile.

Pakistan has an ESG Relevance Score of '4' for human rights and
political freedoms, as the voice and accountability pillar of the
WBGIs is relevant to the rating and a rating driver. As Pakistan
has a percentile rank below 50 for the respective governance
indicator, this has a negative impact on the credit profile.

Pakistan has an ESG Relevance Score of '4' for creditor rights, as
willingness to service and repay debt is relevant to the rating and
is a rating driver for Pakistan, as for all sovereigns. As Pakistan
participated in the Debt Service Suspension Initiative in 2020,
this has a negative impact on the credit profile.

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

   Entity/Debt                     Rating           Prior
   -----------                     ------           -----
Pakistan            LT IDR          CCC+ Upgrade    CCC
                    ST IDR          C    Affirmed   C
                    LC LT IDR       CCC+ Upgrade    CCC
                    LC ST IDR       C    Affirmed   C
                    Country Ceiling B-   Affirmed   B-

   senior
   unsecured        LT              CCC+ Upgrade    CCC

The Pakistan
Global Sukuk
Programme Company
Limited

   senior
   unsecured        LT              CCC+ Upgrade    CCC


PAKISTAN: Inflation Slows as Weak Demand Offsets Energy Cost
------------------------------------------------------------
Bloomberg News reports that Pakistan’s inflation pace slowed to
the lowest in more than two and a half years in July as the impact
of slowing consumer demand offset hikes in energy prices.

Consumer prices rose 11.09% in July from a year ago, according
Pakistan Bureau of Statistics’ data released on Aug. 1. That
compares with a median estimate for a 10.6% gain in a Bloomberg
survey and a 12.57% increase in June.

According to Bloomberg, the latest reading signals that the State
Bank of Pakistan needs to walk a fine balance between keeping
consumer prices lower and jump-starting the economy. Inflation is
well below the record 38% in May 2023, giving the central bank some
room in slashing the policy rate for the first time in four years
by a cumulative 250 basis points in June and July.

Bringing down living costs is the biggest challenge for Prime
Minister Shehbaz Sharif’s administration after it hiked taxes and
raised energy prices from July to meet the International Monetary
Fund’s conditions for a new loan, Bloomberg says. Sharif provided
a subsidy of PKR50 billion ($180 million) from its development
budget to pause the increase in electricity prices for the smallest
electricity users for three months until October.

The latest inflation data released on Aug. 1 showed housing and
energy costs increased by 25.3% from a year ago. Food costs rose by
1.56% and transport prices climbed 12.8%, Bloomberg discloses.

Bloomberg says the government faces growing public discontent and
scattered protests though the possibility of social unrest remains
limited with former premier and opposition leader Imran Khan behind
bars while the next election due in early 2029.

The government expects the IMF’s executive board to approve a $7
billion loan program this month after Pakistan secures funding
assurances from China, Saudi Arabia and the United Arab Emirates.

Bloomberg notes that the financial aid is supposed to shore up the
country’s foreign exchange reserves, which stands at $9 billion -
equivalent to about two months of imports, and give policymakers
space to revive the economy. However, volatile price gains will be
a concern with the central bank this week estimating inflation to
average 11.5% to 13.5% in the current fiscal year ending June
2025.

                           About Pakistan

Pakistan is a country located in South Asia. It has a coastline
along the Arabia Sea and the Gulf of Oman and is bordered by
Afghanistan, China, India, and Iran. Pakistan's capital is
Islamabad.

As reported in the Troubled Company Reporter-Asia Pacific in early
August 2024, S&P Global Ratings, on July 30, 2024, affirmed its
'CCC+' long-term sovereign credit rating and 'C' short-term rating
on Pakistan. The outlook on the long-term rating is stable. S&P's
transfer & convertibility assessment remains at 'CCC+'.




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

IN-EXPAT CONSULTANT: Court to Hear Wind-Up Petition on Aug. 16
--------------------------------------------------------------
A petition to wind up the operations of In-Expat Consultant Pte Ltd
will be heard before the High Court of Singapore on Aug. 16, 2024,
at 10:00 a.m.

N S Trading Pte Ltd filed the petition against the company on July
17, 2024.

The Petitioner's solicitors are:

          M/s David Ong & Co
          151 Chin Swee Road
          #08-14 Manhattan House
          Singapore 169876


LIAN HUAT: Family Feud Leads to Court Order to Wind Up Parent Co.
-----------------------------------------------------------------
The Business Times reports that embroiled in a family feud, the
parent company of property developer Lian Huat Group faces a court
order to be wound up in 30 days unless its management team can
reach a resolution.

According to BT, Kho Choon Keng (CK), executive chairman of Lian
Huat Group and claimant of the case, had made a court application
to wind up Lian Keng Enterprise (LKE), the ultimate holding company
in the group.

BT says the two non-parties opposing this action are his
step-siblings: group managing director Patrick Kho and
non-executive director Patricia Kho.

BT relates that High Court judge Hri Kumar Nair, in a written
judgment delivered on July 26, said he found it just and equitable
to wind up LKE after examining the circumstances leading up to the
application.

LKE is the ultimate holding company of 59 other companies in the
Lian Huat group of companies with investments and development
projects in Singapore, Australia and China.

However, since the group remains viable and the liquidation of LKE
would likely adversely affect its subsidiaries, Justice Nair said
he will give the parties time to reach a compromise before the
winding up order takes effect, the report relays.

"It is usually the case that (family-run) enterprises fail, not
because of financial circumstances, but the deterioration of
relationships of the family members who run them," he noted.

LKE was incorporated in August 1980 by the parties' father, the
late Kho Beng Kang, who had built his wealth trading nutmeg and
later through real estate investments.

CK, who is also president of the Singapore Chinese Chamber of
Commerce & Industry, is the firstborn son of Kho's second wife Yap
Kim Chee. Patrick and Patricia, a medical oncologist, were born to
his third wife Saw Gek Hua.


MAJU CLINIC: Court Enters Wind-Up Order
---------------------------------------
The High Court of Singapore entered an order on July 26, 2024, to
wind up the operations of Maju Clinic By Silkroutes Medihealth Pte.
Ltd.

DBS Bank Ltd filed the petition against the company on July 1,
2024.

The company's liquidators are:

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


ROFIN-BAASEL SINGAPORE: Creditors' Proofs of Debt Due on Sept. 3
----------------------------------------------------------------
Creditors of Rofin-Baasel Singapore Pte. Ltd. are required to file
their proofs of debt by Sept. 3, 2024, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on July 26, 2024.

The company's liquidator is:

          Chek Khai Juat
          c/o Tricor Singapore  
          9 Raffles Place
          #26-01 Republic Plaza
          Singapore 048619


SEMBAWANG MART: Court Enters Wind-Up Order
------------------------------------------
The High Court of Singapore entered an order on July 19, 2024, to
wind up the operations of Sembawang Mart Medical Centre Pte. Ltd.

DBS Bank Ltd filed the petition against the company on June 28,
2024.

The company's liquidators are:

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


ZEETROPE PRODUCTIONS: Court Enters Wind-Up Order
------------------------------------------------
The High Court of Singapore entered an order on July 19, 2024, to
wind up the operations of Zeetrope Productions Pte. Ltd.

DBS Bank Ltd filed the petition against the company on June 25,
2024.

The company's liquidators are:

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



                           *********


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

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

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

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

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



                *** End of Transmission ***