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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 12, 2024, Vol. 27, No. 161

                           Headlines



A U S T R A L I A

ECO COTTAGES: First Creditors' Meeting Set for Aug. 16
FORM CRETE: First Creditors' Meeting Set for Aug. 16
GREENSPEC PLUMBING: First Creditors' Meeting Set for Aug. 16
MOSAIC BRANDS: Seeks Refinance Advice From Deloitte
NORTH QUEENSLAND EXPORT: Fitch Affirms 'BB+' Secured Debt Rating

NUHEARA LIMITED: First Creditors' Meeting Set for Aug. 19
TRUE AMPLE: Second Creditors' Meeting Set for Aug. 14


C H I N A

CHINA EVERGRANDE: Liquidators Ask Investors to Join Restructuring
CHINA EVERGRANDE: Unit Faces Liquidation Petition Over Unpaid Sum
HUMAN HORIZONS: EV Maker Files for Bankruptcy
KAISA GROUP: Faces Key Court Test to Avoid Liquidation


I N D I A

AMAR BIO: CARE Keeps B- Debt Rating in Not Cooperating Category
APEX TUBES: CARE Keeps D Debt Ratings in Not Cooperating Category
APPOLLO DISTILLERIES: ICRA Keeps D Rating in Not Cooperating
AVADH COTTON: ICRA Keeps B Debt Ratings in Not Cooperating
BHASKAR INTERNATIONAL: CARE Keeps D Debt Rating in Not Cooperating

BOSS COTTON: ICRA Keeps B- Debt Ratings in Not Cooperating
BYDESIGN INDIA: ICRA Keeps B+ Debt Ratings in Not Cooperating
BYJU'S: US Judge Rejects Effort to Stop Payment to India Cricket
DHURIA RICE: ICRA Keeps B Debt Rating in Not Cooperating Category
ENVYRONS INFRA: CARE Keeps B- Debt Rating in Not Cooperating

EVERLAST ROOFING: ICRA Keeps B+ Debt Ratings in Not Cooperating
GREEN POLYTUBES: ICRA Keeps B Debt Ratings in Not Cooperating
ISHIKA PACKAGING: CARE Keeps B- Debt Rating in Not Cooperating
JP SORTEX: ICRA Keeps B+/A4 Debt Ratings in Not Cooperating
K. P. INDUSTRIES: CARE Keeps D Debt Rating in Not Cooperating

KAMALA BOARD: ICRA Keeps B+ Debt Ratings in Not Cooperating
KRISHNA CONSTRUCTION: ICRA Keeps B+ Ratings in Not Cooperating
M/S. PARTHAS: CARE Keeps B- Debt Rating in Not Cooperating
MA SARADA: ICRA Keeps D Debt Ratings in Not Cooperating Category
MARUTI NOUVEAUKNITS: ICRA Keeps D Debt Ratings in Not Cooperating

MATRIX CERAMIC: ICRA Keeps B+ Debt Rating in Not Cooperating
MKM DIAMONDS: CARE Lowers Rating on INR120cr LT/ST Loan to D
NAIR COAL: CARE Keeps C Debt Rating in Not Cooperating Category
OMSAI UDYOG: CARE Keeps D Debt Ratings in Not Cooperating Category
SHYAMALI COLD: CARE Keeps D Debt Ratings in Not Cooperating

TRINAYANI CEMENT: CARE Keeps B Debt Rating in Not Cooperating
WEISSHORN REALTY: ICRA Reaffirms B Rating on INR340cr NCDs


J A P A N

UNIVERSAL ENTERTAINMENT: Fitch Affirms 'B-' LT Foreign Currency IDR


N E W   Z E A L A N D

COUNTRY LIFESTYLES: Court to Hear Wind-Up Petition on Aug. 16
DIXON HAULAGE: Court to Hear Wind-Up Petition on Aug. 15
FERROUS HOLDINGS: Simon Dalton Appointed as Liquidator
SEYAVASH CAFE: Grant Bruce Reynolds Appointed as Liquidator
SPARK BUSINESS: Up to 100 Job Losses Proposed at CCL

SPIRIT INTERNATIONAL: Creditors' Proofs of Debt Due on Sept. 12


P A K I S T A N

PAKISTAN WATER: Fitch Hikes LongTerm Foreign Currency IDR to 'CCC+'


S I N G A P O R E

ACME (MALAYSIA): Creditors' Proofs of Debt Due on Sept. 9
EARTHLY CUISINE: Creditors' Meetings Set for Aug. 29
MILTON WALKERS: Creditors' Proofs of Debt Due on Sept. 9
PINGSAFE PTE: Creditors' Proofs of Debt Due on Sept. 9
VUULR PTE: Court to Hear Wind-Up Petition on Aug. 16



S O U T H   K O R E A

QOO10: Seeks Merger of Troubled E-commerce Units TMON, WeMakePrice

                           - - - - -


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

ECO COTTAGES: First Creditors' Meeting Set for Aug. 16
------------------------------------------------------
A first meeting of the creditors in the proceedings of Eco Cottages
Pty Ltd will be held on Aug. 16, 2024 at 11:00 a.m. at the offices
of Bentleys at Level 9, 123 Albert Street in Brisbane and via
virtual meeting technology.

Tracy Lee Knight of Bentleys was appointed as administrator of the
company on Aug. 6, 2024.


FORM CRETE: First Creditors' Meeting Set for Aug. 16
----------------------------------------------------
A first meeting of the creditors in the proceedings of Form Crete
Aust Pty Ltd will be held on Aug. 16, 2024 at 11:30 a.m. via
teleconference from the offices of KPT Restructuring at Suite 1,
Level 20, 20 Bond Street in Sydney.

Ozem Kassem and Jason Tang of KPT Restructuring were appointed as
administrators of the company on Aug. 6, 2024.


GREENSPEC PLUMBING: First Creditors' Meeting Set for Aug. 16
------------------------------------------------------------
A first meeting of the creditors in the proceedings of Greenspec
Plumbing & Drainage Pty Ltd will be held on Aug. 16, 2024 at 11:00
a.m. at the offices of Loebenstein Insolvency Services Pty Ltd at
Suite 6, 115 Hawthorn Road in Caulfield North.

Joseph Loebenstein and Andrew Cameron of Loebenstein Insolvency
Services were appointed as administrators of the company on Aug. 6,
2024.


MOSAIC BRANDS: Seeks Refinance Advice From Deloitte
---------------------------------------------------
Daily Mail Australia reports that a major Aussie retailer is
seeking re-financing advice from a Big Four accounting firm,
sparking fears for its future.

According to Daily Mail Australia, the company's share price
nosedived 13% in the wake of the decision, as it revealed it had
appointed Deloitte to advise on 'refinancing considerations'.

Last year, the parent company closed hundreds of stores but its
troubles appear to be worsening, Daily Mail Australia says.

It also faces complaints from overseas clothing suppliers, some of
whom claim they have not been paid in two years. The claims are
subject to an investigation by the Australian Competition and
Consumer Commission.

Daily Mail Australia relates that the board of directors said in a
statement that the company had 'suffered from operational issues in
recent months that have adversely impacted trade'.

These are being worked through by the directors, management and its
advisors, and the Group anticipates a recovery in its trading
performance through the course of H1 FY25 once these operational
issues are resolved,' it said.

The statement added: 'The Group confirms that during this time,
Deloitte has been advising the company on refinancing
considerations that have previously been announced to the market.'

Daily Mail Australia adds Professor Gary Mortimer, Queensland
University of Technology Business School retail expert, said Mosaic
Brands made the mistake of 'essentially creating multiple brands to
market to the exact same audience - middle aged, middle class
woman'.

'These women all shop at the same stores so you are cannibalising
your own market,' Professor Mortimer told news.com.au.

'If you walk into a shopping centre, you will find at least two, if
not three, of those brands all competing for the same customer and
that just duplicates and triplicates the cost of doing business.'

Professor Mortimer likened the approach to the problem Kmart and
Target faced several years ago when they were competing with two
other Wesfarmers-owned discount stores.

Mosaic Brands, which owns budget clothing brands Millers, Katies,
Noni B and Rockmans, announced a temporary pause in trading on the
ASX on Aug. 7.

It reportedly employs 4,000 staff and has approximately 700 stores
around Australia.


NORTH QUEENSLAND EXPORT: Fitch Affirms 'BB+' Secured Debt Rating
----------------------------------------------------------------
Fitch Ratings has affirmed North Queensland Export Terminal Pty
Ltd's (NQXT) senior secured debt rating at 'BB+'. The Outlook is
Stable.

RATING RATIONALE

The affirmation reflects the successful completion of NQXT's
refinancing activities in 2024. NQXT also plans to refinance its
AUD329 million facility due June 2025 with an amortising debt
structure. Implementing a largely amortising debt structure will
reduce refinancing needs and associated risks, further supporting
the rating, if it proceeds as planned. The issuer also benefits
from a stable cash flow profile, bolstered by take-or-pay contracts
with CPI indexation and its ability to access the external credit
market. Furthermore, NQXT's globally cost-competitive source mines
support its steadily rising throughput volume since 2012.

Fitch believes the risk of constrained funding access and higher
issuance costs stemming from the investigation into allegations of
governance issues at Adani group have eased since the Indian
Supreme Court's January 2024 judgement. The court said the case
does not warrant a transfer of investigation from the regulator,
the Securities and Exchange Board of India, and has found no
regulatory failure attributable to the regulator. The group has
also demonstrated sound access to the domestic and international
debt market in the last seven months and Fitch also expects NQXT's
noteholders to benefit from a legal ringfencing structure, cash
flow waterfall mechanism and covenants that restrict cash
upstreaming to shareholders and limit indebtedness.

KEY RATING DRIVERS

Mainly Low-Cost Users: Volume Risk - Midrange

Fitch regards NQXT as a secondary port, as it handles solely coal.
Port users provide some diversity in product and sources, but NQXT
is highly concentrated, with about 55% of throughput in
metallurgical coal and 45% in thermal coal. The senior secured
rating takes into account the stable cash flow from the medium-term
take-or-pay contracts with users. Contracted capacity is below
nominal capacity of 50 million tonnes per annum (mtpa), but captive
mines, at around 63% of contracted users, and a fully contracted
competing port provide adequate downside protection over the medium
term.

Medium-Term Ship-or-Pay Contracts: Price Risk - Midrange

NQXT benefits from a weighted-average life greater than five years
for its ship-or-pay contracts, which total around 40mtpa of
capacity. The issuer is not regulated, although users pay a
terminal infrastructure charge (TIC) that allows NQXT to earn a
market return on its depreciated asset value. Fixed and variable
operational and maintenance costs are passed through to users.
Payment is on a ship-or-pay basis and there is no force majeure
waiver.

NQXT resets the TIC every five years based on an updated return
calculation and capex forecast to be incurred during the period.
Users can refer the calculation to arbitration to contest the
price. The TIC is increased for remaining users at the next price
reset if any user does not renew or defaults. This maintains NQXT's
return. Fitch believes that in practice, the TIC is a negotiated
outcome between NQXT and its users, resulting in the charge
generally rising with inflation.

Well-Funded Maintenance: Infrastructure Development and Renewal -
Midrange

The port is fully operational. Fitch forecasts annual maintenance
capex at around AUD25 million under its rating case, which should
be covered by cash flow from operation. NQXT also maintains a
six-month capex reserve account.

Refinancing Risk: Debt Structure - Midrange

The partially amortising-debt structure creates refinancing risk,
which is compounded by NQXT's exposure to the coal market and
lenders' rising environmental concerns about coal assets. However,
creditors benefit from a solid security package, including step-in
rights under a tripartite agreement with the government lessor, in
addition to a six-month debt-service reserve account.

The cash flow coverage ratio covenants include distribution lock-up
at 1.40x and default at 1.10x. A volume-weighted average mine life
of NQXT's users of below 16 years would trigger a 75% cash sweep to
a senior debt redemption account. The cash sweep will increase up
to 100% if NQXT deems it necessary.

Financial Profile

Fitch assesses NQXT's financial profile using the five-year average
of net debt/EBITDA. Its base case assumes an average contracted
capacity over the next five years of 40 million tonnes, resulting a
maximum net debt/EBITDA of 3.4x in 2025. The rating case assumes
average contracted capacity of 39 million tonnes over the next five
years, with an average net debt/EBITDA of 2.9x.

Projected leverage under the rating case starts at around 3.5x in
2025 and falls to 2.4x by 2029 due to NQXT's partially amortising
debt structure.

PEER GROUP

NQXT's closest peer is Queensland-based Dalrymple Bay Finance Pty
Ltd (senior secured notes: BBB-/Stable), the financing vehicle for
the operator of the Dalrymple Bay Terminal (DBT). DBT is similar to
NQXT, as it is a single-purpose coal export terminal, but with a
higher capacity of 85mtpa. DBT's users also have ship-or-pay
contracts with a higher proportion of coking coal in the cargo mix.
In addition, DBT benefits from its proximity to the Central Bowen
Basin, where most of Queensland's coal projects are located, and
its proven access to diversified capital markets in comparison with
NQXT.

Newcastle Coal Infrastructure Group Pty Ltd (NCIG, senior secured
notes: BBB/Stable), a New South Wales -based coal export terminal,
is also a close peer. NCIG has a stronger contractual structure,
with rolling 10-year terms, although both terminals have
ship-or-pay contracts and termination by an NCIG user essentially
requires a payout of the user's pro rata share of the capital cost
of the terminal. NCIG's rating benefits from its proven access to
diversified capital markets, ability to immediately adjust tariffs
when required and accelerated debt amortisation plan.

RATING SENSITIVITIES

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

- Failure to complete debt refinancing in advance of scheduled
maturities.

- A decline in contracted capacity due to customer defaults or
non-renewal of contracts.

- A projected five-year average net debt/EBITDA above 7x in Fitch's
rating case.

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

- An upgrade is unlikely due to the uncertainty around the debt
refinancing in the near term.

TRANSACTION SUMMARY

NQXT owns and operates a 50mtpa coal export terminal under a
long-term lease from the State of Queensland (AA+/Stable) that
extends to 2110. The terminal is located 25km north of Bowen in
northern Queensland, Australia.

ESG Considerations

NQXT has an ESG Relevance Score of '4' for Governance Structure,
due to the complexity of its group structure at the shareholder
level. This has a negative impact on the credit profile and is
relevant to the rating in conjunction with other factors.

NQXT has an ESG Relevance Score of '4' for Group Structure, due to
the concentration of ownership, with a large majority stake
indirectly held by Adani Group. This has a negative impact on the
credit profile and is relevant to the rating in conjunction with
other factors.

NQXT has an ESG Relevance Score of '4' for Management Strategy, as
its bullet debt structure compounds the risk of limited refinancing
options. This has a negative impact on the credit profile and is
relevant to the rating in conjunction with other factors.

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

   Entity/Debt                    Rating           Prior
   -----------                    ------           -----
North Queensland
Export Terminal
Pty Ltd

   North Queensland
   Export Terminal
   Pty Ltd/Port Revenues
   - First Lien/1 LT          LT BB+  Affirmed     BB+


NUHEARA LIMITED: First Creditors' Meeting Set for Aug. 19
---------------------------------------------------------
A first meeting of the creditors in the proceedings of Nuheara
Limited, Nuheara IP Pty Ltd, and Terrace Gold Pty Ltd will be held
on Aug. 19, 2024 at 11:00 a.m. at the offices of KPMG at Level 8,
235 St Georges Terrace in Perth and via virtual meeting
technology.

Martin Bruce Jones, Matthew David Woods and Clint Peter Joseph of
KPMG were appointed as administrators of the company on Aug. 7,
2024.


TRUE AMPLE: Second Creditors' Meeting Set for Aug. 14
-----------------------------------------------------
A second meeting of creditors in the proceedings of True Ample
(Australia) has been set for Aug. 14, 2024 at 11:00 a.m. via
Microsoft Teams video conference facilities.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by Aug. 13, 2024 at 4:00 p.m.

Daniel Peter Juratowitch and Sam Kaso of Cor Cordis were appointed
as administrators of the company on April 30, 2024.




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C H I N A
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CHINA EVERGRANDE: Liquidators Ask Investors to Join Restructuring
-----------------------------------------------------------------
Reuters reports that China Evergrande's liquidators have invited
investors interested in restructuring the heavily indebted property
developer or any of its parts, it said in a filing on Aug. 9.

Reuters relates that the move comes as the liquidators do not
currently see a path to restructuring that would allow Evergrande
to resume trading of its shares due to its high debt and business
challenges, the company said.

According to Reuters, the liquidation process is the result of a
Hong Kong court order after the company that was once China's
largest property developer failed to restructure $23 billion in
offshore debt. Its total liabilities stood at more than $300
billion.

Consultancy firm Alvarez & Marsal, which is managing the company's
affairs as liquidators of Evergrande, has been trying to salvage
value for creditors, while seeing little chance for restructuring
without new investment, the company said.

"The Liquidators would welcome any potential investors interested
in pursuing a restructuring of the company, or any of its
constituent parts," Evergrande said and shared an email address for
potential investors to contact, Reuters relays.

Since the Chinese property sector plunged into a debt crisis in
2021, numerous high profile developers such as Shimao and Country
Garden have been hit with liquidation lawsuits from creditors,
Reuters notes.

A Hong Kong court on Aug. 8 adjourned a liquidation petition
against Shimao for the third time, buying the embattled developer
more time to work with creditors on a revised restructuring plan.

                       About China Evergrande

China Evergrande Group is an integrated residential property
developer. The Company, through its subsidiaries, operates in
property development, investment, management, finance, internet,
health, culture, and tourism markets.

China Evergrande Group, the second largest real estate developer in
China, and certain of its affiliates sought creditor protection in
the United States under Chapter 15 of the Bankruptcy Code (Bankr.
S.D.N.Y. Lead Case No. 23-11332) on Aug. 17, 2023.

Evergrande, widely known as the most leveraged company in the
world, and its affiliates are asking the U.S. Bankruptcy Court for
the Southern District of New York for recognition of foreign
proceedings as "foreign main" proceeding under Chapter 15.

Evergrande is in the midst of a highly complex restructuring of
around $20 billion in offshore debt.  In total, the Company has
more than $300 billion in liabilities.

Evergrande is incorporated in the Cayman Islands as an exempted
company with limited liability, with its principal place of
business located at 15th Floor, YF Life Centre, 38 Gloucester Road,
Wanchai, Hong Kong.  It is subject to a restructuring proceeding
entitled In the Matter of China Evergrande Group, concerning a
scheme of arrangement between Evergrande and certain Scheme
Creditors pursuant to the relevant provisions of the Hong Kong
Companies Ordinance (Chapter 622 of the Laws of Hong Kong),
currently pending before the High Court of Hong Kong (Case Number
HCMP 1091/2023.

Affiliate Tianji Holding Limited is incorporated in Hong Kong as a
limited liability company, with its principal place of business
located at 17th Floor, One Island East, Taikoo Place, 18 Westlands
Road, Quarry Bay, Hong Kong. Tianji is subject to a restructuring
proceeding entitled In the Matter of Tianji Holding Limited,
concerning a scheme of arrangement between Tianji and certain
Scheme Creditors, pursuant to the relevant provisions of the Hong
Kong Companies Ordinance and currently pending before the Hong Kong
Court (Case Number HCMP 1090/2023).

Affiliate Scenery Journey Limited is incorporated in the British
Virgin Islands as a limited liability company, with its principal
place of business located at 2nd Floor Water's Edge Building,
Wickham's Cay II, Road Town, Tortola, BVI. Scenery Journey is
subject to a restructuring proceeding entitled In the Matter of
Scenery Journey Limited, concerning a scheme of arrangement between
Scenery Journey and certain Scheme Creditors, pursuant to section
179A of the BVI Business Companies Act, 2004, and currently pending
before the High Court of the Eastern Caribbean Supreme Court (Case
Number BVIHCOM 2023/0076).

U.S. Bankruptcy Judge Michael E Wiles presides over the Chapter 15
proceedings.

Sidley Austin is the Hong Kong Counsel to Evergrande and Tianji.
Maples BVI is the British Virgin Island Counsel to Scenery
Journey.

On Jan. 29, 2024, a Hong Kong court ordered the liquidation of
China Evergrande Group.


CHINA EVERGRANDE: Unit Faces Liquidation Petition Over Unpaid Sum
-----------------------------------------------------------------
Bloomberg News reports that a China Evergrande Group unit has
become the target of a liquidation petition over an unpaid
investment of CNY200 million and related interest.

The petition was filed by Guangdong Vanward New Electric on Aug. 5
to a court in mainland China, according to a Shenzhen stock
exchange filing on Aug. 7, Bloomberg relays.

According to Bloomberg, the Evergrande unit, Guangzhou Kailong Real
Estate, was ordered by an arbitration court to pay Vanward the
investment sum and an annual interest of 10 per cent, as well as an
arbitration fee of more than CNY1.4 million. The unit was unable to
make the payment, according to the filing.

Kailong has a 60% stake in Hengda Real Estate, Evergrande's main
property unit, data compiled by Bloomberg show.

Bloomberg says the petition came after liquidators of Hong
Kong-listed Evergrande sought to recover US$6 billion in dividends
and remuneration from seven defendants including the group's
founder Hui Ka Yan and his ex-wife Ding Yumei.

                       About China Evergrande

China Evergrande Group is an integrated residential property
developer. The Company, through its subsidiaries, operates in
property development, investment, management, finance, internet,
health, culture, and tourism markets.

China Evergrande Group, the second largest real estate developer in
China, and certain of its affiliates sought creditor protection in
the United States under Chapter 15 of the Bankruptcy Code (Bankr.
S.D.N.Y. Lead Case No. 23-11332) on Aug. 17, 2023.

Evergrande, widely known as the most leveraged company in the
world, and its affiliates are asking the U.S. Bankruptcy Court for
the Southern District of New York for recognition of foreign
proceedings as "foreign main" proceeding under Chapter 15.

Evergrande is in the midst of a highly complex restructuring of
around $20 billion in offshore debt.  In total, the Company has
more than $300 billion in liabilities.

Evergrande is incorporated in the Cayman Islands as an exempted
company with limited liability, with its principal place of
business located at 15th Floor, YF Life Centre, 38 Gloucester Road,
Wanchai, Hong Kong.  It is subject to a restructuring proceeding
entitled In the Matter of China Evergrande Group, concerning a
scheme of arrangement between Evergrande and certain Scheme
Creditors pursuant to the relevant provisions of the Hong Kong
Companies Ordinance (Chapter 622 of the Laws of Hong Kong),
currently pending before the High Court of Hong Kong (Case Number
HCMP 1091/2023.

Affiliate Tianji Holding Limited is incorporated in Hong Kong as a
limited liability company, with its principal place of business
located at 17th Floor, One Island East, Taikoo Place, 18 Westlands
Road, Quarry Bay, Hong Kong. Tianji is subject to a restructuring
proceeding entitled In the Matter of Tianji Holding Limited,
concerning a scheme of arrangement between Tianji and certain
Scheme Creditors, pursuant to the relevant provisions of the Hong
Kong Companies Ordinance and currently pending before the Hong Kong
Court (Case Number HCMP 1090/2023).

Affiliate Scenery Journey Limited is incorporated in the British
Virgin Islands as a limited liability company, with its principal
place of business located at 2nd Floor Water's Edge Building,
Wickham's Cay II, Road Town, Tortola, BVI. Scenery Journey is
subject to a restructuring proceeding entitled In the Matter of
Scenery Journey Limited, concerning a scheme of arrangement between
Scenery Journey and certain Scheme Creditors, pursuant to section
179A of the BVI Business Companies Act, 2004, and currently pending
before the High Court of the Eastern Caribbean Supreme Court (Case
Number BVIHCOM 2023/0076).

U.S. Bankruptcy Judge Michael E Wiles presides over the Chapter 15
proceedings.

Sidley Austin is the Hong Kong Counsel to Evergrande and Tianji.
Maples BVI is the British Virgin Island Counsel to Scenery
Journey.

On Jan. 29, 2024, a Hong Kong court ordered the liquidation of
China Evergrande Group.


HUMAN HORIZONS: EV Maker Files for Bankruptcy
---------------------------------------------
Car News China reports that Human Horizons, the parent company of
luxury EV brand HiPhi, has entered the pre-reorganization phase
after filing for bankruptcy, marking a critical moment in China's
new energy vehicle (NEV) sector. The company, struggling
financially, halted production nearly six months ago.

According to the report, the Yancheng Economic and Technological
Development Zone People's Court accepted the pre-reorganization
application on Aug. 8, 2024. The court's decision, which cited
Human Horizons' inability to cover its debts exceeding its assets
as of April 30, 2024, acknowledged the company's insolvency but
noted its potential for restructuring, Car News China relates.

During the six-month pre-reorganization period, which can be
extended by three months if necessary, Human Horizons must
cooperate with administrators to safeguard assets, manage
operations prudently, and attract strategic investors, Car News
China says. This period is seen as a last-ditch effort to avoid
complete bankruptcy through a new court-supervised rescue
mechanism, which aims to reduce restructuring costs and revive
valuable but troubled enterprises.

HiPhi had suspended operations in February 2024, promising to pay
employees' salaries up to February 18. However, by mid-March, only
basic wages were being disbursed, Car News China notes. Despite
these efforts, the company has struggled to recover, signaling
potential turbulence in the domestic NEV market.

In May 2024, iAuto Group signed a strategic cooperation agreement
with Human Horizons, committing 1 billion USD in funding to rebuild
the team and resume production, Car News China recalls. However,
concerns have arisen over iAuto's financial stability and whether
the promised funds will materialize. Similar uncertainties have
plagued previous potential investments, such as those from Saudi
Arabia.

Founded in 2017, Human Horizons quickly positioned HiPhi as a
luxury EV brand, with its first model, HiPhi X, launched in 2020.
Despite this, the brand has struggled with sales and operational
challenges. Introducing the more affordable HiPhi Y in 2023
temporarily boosted sales but needed more to stabilize the
company.

Rumors of Changan Automobile and FAW Group acquisitions have
surfaced, with FAW reportedly conducting due diligence on HiPhi.
However, the future of HiPhi remains uncertain as it navigates this
critical restructuring phase, Car News China adds.


KAISA GROUP: Faces Key Court Test to Avoid Liquidation
------------------------------------------------------
Bloomberg News reports that Kaisa Group Holdings Ltd. will square
off with creditors in a crucial hearing today, Aug. 12, over its
fate, facing a court that may be open to winding up one of the
largest Chinese developers.

Sued by its creditors to liquidate after a 2021 bond default, Kaisa
has been fighting against their efforts for about a year without
publicly presenting a restructuring plan, Bloomberg says.

The lack of progress drove Judge Peter Ng of Hong Kong's High Court
to warn the Shenzhen-based company in June that today's hearing
might be its last chance to avoid being put into involuntary
liquidation, Bloomberg relates.

                         About Kaisa Group

Kaisa Group Holdings Limited is an integrated real estate company.
The Group focuses on urban development and operation. Kaisa Group's
real estate business covers the planning, development and operation
of large-scale residential properties and integrated commercial
properties.

As reported in the Troubled Company Reporter-Asia Pacific in July
2023, Kaisa Group said on July 10 a winding-up petition has been
filed against it in a Hong Kong court in relation to CNY170 million
(US$23.50 million) non-payments on onshore bonds.

According to Reuters, Kaisa said the petition was filed by Broad
Peak Investment Pte Advisers Ltd at the Hong Kong High Court on
July 6, and the issuer of the yuan bonds is its wholly-owned
subsidiary, Kaisa Group (Shenzhen) Co Ltd.

Kaisa has been working on a debt restructuring for two years after
defaulting its $12 billion of offshore debt in late 2021, Reuters
said.




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I N D I A
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AMAR BIO: CARE Keeps B- Debt Rating in Not Cooperating Category
---------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Amar Bio
Tech Private Limited (ABTPL) continues to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       7.50       CARE B-; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category  

Rationale and key rating drivers

CARE Ratings Ltd. had, vide its press release dated June 7, 2023,
placed the rating(s) of ABTPL under the 'issuer non-cooperating'
category as ABTPL had failed to provide information for monitoring
of the rating. ABTPL continues to be non-cooperative despite
repeated requests for submission of information through e-mails,
phone calls and a letter/email dated April 22, 2024, May 2, 2024,
May 12, 2024.

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

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

Telangana based, Amar Bio-Tech Limited (ABTL) is company which was
incorporated in 2000 as Amar Bio-Tech Private Limited (ABTPL). In
the year 2007, ABTPL reconstituted into current nomenclature i.e
Amar Bio-Tech Limited and it was promoted by Mr. Krishnaiah. B
(Director), Ms. Thanu.P (Director) and others. The company is
engaged in production & processing of agricultural products like
Hybrid Cotton Seed. ABTL's unit is located at Khairtabad, Hyderabad
District. The company has reputed client base located in various
parts of India. The company has changed its name to Amar Bio Tech
Private Limited since August 10, 2020.

APEX TUBES: CARE Keeps D Debt Ratings in Not Cooperating Category
-----------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Apex Tubes
Private Limited (ATPL) continue to remain in the 'Issuer Not
Cooperating' category.

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

   Short Term Bank     17.50       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated June 27, 2023,
placed the rating(s) of ATPL under the 'issuer non-cooperating'
category as ATPL had failed to provide information for monitoring
of the rating as agreed to in its Rating Agreement. ATPL continues
to be non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
May 12, 2024, May 22, 2024 and June 1, 2024.

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

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

ATPL incorporated in 1992, is promoted by Mr M. P. Mudgal. ATPL is
engaged in the manufacturing of diverse range of stainless tubes
and pipes (SS tubes) like condenser heater tubes, welded pipes,
electric fusion welded pipes (EFW) and seamless pipes and other
tubes. The manufacturing facility of the company is located at
Behror, Rajasthan.

APPOLLO DISTILLERIES: ICRA Keeps D Rating in Not Cooperating
------------------------------------------------------------
ICRA has kept the long-term rating of Appollo Distilleries Private
Limited (ADPL) in the 'Issuer Not Cooperating' category. The rating
is denoted as [ICRA]D; ISSUER NOT COOPERATING.

                      Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Long-term          75.00      [ICRA]D; ISSUER NOT COOPERATING;
   Fund based                    Rating Continues to remain under
   Term Loan                     'Issuer Not Cooperating'
                                 Category

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

Appollo Distilleries Private Limited (ADPL) was incorporated in
1995 and is a subsidiary of Empee Distilleries Limited. It is
commissioning a 50,000 klpa Greenfield brewery at Billakuppam
village in Tiruvallore district of Tamilnadu. The project work
started in August 2010 and the plant was expected to be
commissioned by Q3-FY2012.


AVADH COTTON: ICRA Keeps B Debt Ratings in Not Cooperating
----------------------------------------------------------
ICRA has kept the Long-Term of Avadh Cotton Industries - Jamnagar
(ACI) in the 'Issuer Not Cooperating' category. The ratings are
denoted as "[ICRA]B (Stable); ISSUER NOT COOPERATING; ISSUER NOT
COOPERATING".

                      Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long Term-          1.43       [ICRA]B (Stable) ISSUER NOT
   Fund Based-                    COOPERATING; Rating continues
   Term Loan                      to remain under 'Issuer Not
                                  Cooperating' category

   Long Term-          4.5        [ICRA]B (Stable) ISSUER NOT
   Fund Based-                    COOPERATING; Rating continues
   Cash Credit                    to remain under 'Issuer Not
                                  Cooperating' category

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

Avadh Cotton Industries - Jamnagar (ACI) was established as
partnership firm in January 2014. It engaged in the business of
ginning and pressing of raw cotton. Three partner namely Mr.
Shaileshbhai Chikani, Mr. Rashikbhai Vaishnav and Mr. Rohitbhai
Sitapara. In FY 2016, Mr. Vallabhabhai Jivani has resigned from the
partnership firm as partner.


BHASKAR INTERNATIONAL: CARE Keeps D Debt Rating in Not Cooperating
------------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Bhaskar
International Private Limited (BIPL) continues to remain in the
'Issuer Not Cooperating' category.

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

Rationale and key rating drivers

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

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

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

Haryana based, Bhaskar International Private Limited (BIPL) was
incorporated on June 5, 1997. BIPL is primarily engaged in the
trading of gunny bags & Poly Propylene woven fabric bags and also
in manufacturing of Poly Propylene woven fabric bags
mainly used in packaging by rice, food grains and sugar
manufacturers and traders.


BOSS COTTON: ICRA Keeps B- Debt Ratings in Not Cooperating
----------------------------------------------------------
ICRA has kept the Long-Term ratings of Boss Cotton And Oil
Industries (BCOI) in the 'Issuer Not Cooperating' category. The
rating is denoted as "[ICRA]B-(Stable) ISSUER NOT COOPERATING".

                      Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long Term-          5.00       [ICRA]B- (Stable) ISSUER NOT
   Fund Based-                    COOPERATING; Rating continues
   Cash Credit                    to remain under 'Issuer Not
                                  Cooperating' category

   Long Term-          1.95       [ICRA]B- (Stable) ISSUER NOT
   Fund Based-                    COOPERATING; Rating continues
   Term Loan                      to remain under 'Issuer Not
                                  Cooperating' category

   Long Term-          1.55       [ICRA]B- (Stable) ISSUER NOT
   Unallocated                    COOPERATING; Rating continues
                                  to remain under 'Issuer Not
                                  Cooperating' category

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

Established in 2014 as a partnership firm, Boss Cotton and Oil
Industries (BCOI) is involved in cotton ginning and cotton seed
crushing operations to produce cotton bales, cotton seeds, cotton
seed oil and cotton seed oil cake. The manufacturing facility of
the firm is located at Rajkot, Gujarat and is equipped with 40
ginning machines, 1 pressing machine and 10 crushing machines.


BYDESIGN INDIA: ICRA Keeps B+ Debt Ratings in Not Cooperating
-------------------------------------------------------------
ICRA has kept the Long-Term ratings of Bydesign India Private
Limited in the 'Issuer Not Cooperating' category. The ratings are
denoted as "[ICRA]B+(Stable); ISSUER NOT COOPERATING".

                      Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long Term-          0.75       [ICRA]B+ (Stable) ISSUER NOT
   Fund Based-                    COOPERATING; Rating continues
   Cash Credit                    to remain under 'Issuer Not
                                  Cooperating' category

   Long Term-         20.00       [ICRA]B+ (Stable) ISSUER NOT
   Non Fund Based                 COOPERATING; Rating continues
   Others                         to remain under 'Issuer Not
                                  Cooperating' category

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

Bydesign was incorporated in 2001 as a part of the Velankani Group,
which has diverse business interests including software services,
construction, real estate, and special economic zone (SEZ)
development. The company is promoted by Mr. Kiron D Shah. Bydesign
has three business divisions – facility management services (FMS)
division that provides maintenance services in Velankani Tech Park
(owned by a Group company); the IPTV division that produces certain
hardware products like internet servers, remotes and adapters etc.;
and the ICAS division that is developing the ICAS software.

The company has entered into an agreement with MeitY to develop and
market the ICAS for digital TV networks. The project was awarded in
November 2014 for the duration of four years and expected
completion date in November 2018. The company has successfully
completed the development of the software and the implementation
phase is going on.


BYJU'S: US Judge Rejects Effort to Stop Payment to India Cricket
----------------------------------------------------------------
Bloomberg News reports that a US judge refused to block a debt
payment designed to free Byju's from an insolvency case in India,
telling American lenders to take their complaints about the
transaction to a court in the home country of the educational tech
firm.

According to Bloomberg, US Bankruptcy Judge Brendan Shannon
rejected a lender request to block Riju Ravindran, brother of
Byju's founder, from paying more than $19 million to India's
governing board for cricket. A deal to clear the debt enabled
Byju's to win dismissal of an insolvency case in front of a
judicial tribunal in India.

"I am deeply concerned that I am being asked for relief that would
frustrate proceedings in another country," Bloomberg quotes Judge
Shannnon as saying, referring to ongoing court fights in India
between lenders and Byju's.

GLAS Trust Company, the trustee for lenders owed $1.2 billion, had
argued that any money Ravindran uses to pay Byju's debts should go
to them instead, Bloomberg relates.

The lenders were trying to convince Shannon to overrule an India
court, which had already heard several days of arguments about the
payment dispute, said Sheron Korpus, a lawyer for Ravindran,
according to Bloomberg.

Giving lenders what they want "would be an unimaginable insult to
the system in India," Korpus told Shannon during a court hearing
held by video. What the lenders were really trying to do was keep
alive a bankruptcy case in India started by the cricket board, he
said.

Bloomberg says the lenders are on the cusp of winning a judgment in
a US court against Ravindran, who has been accused of helping hide
$533 million while he was a director of a Byju's unit incorporated
in Delaware. US Bankruptcy Judge John Dorsey has already ruled
against Ravindran on a number of issues and concluded the Byju's
manager was either "untruthful" or "the most incompetent officer or
director of a company in Delaware's history."

GLAS recently tried unsuccessfully to convince the National Company
Law Appellate Tribunal in India to block Ravindran from paying off
the cricket board, according to Bloomberg.

The appeals tribunal in India sided with Ravindran and quashed an
insolvency order issued by a lower court, Bloomberg relates.

According to Bloomberg, Ravindran has been at the center of a
nearly two-year-old fight over the $533 million, which lenders say
should be returned to them after the company defaulted. Ravindran
hinted in court filings that the money was spent, but has failed to
provide enough documentation to verify the claim.

The missing money is at the heart of a dispute between lenders owed
$1.2 billion and the startup founded by entrepreneur Byju
Raveendran, Bloomberg says. The cash belongs to a bankrupt shell
company, Byju's Alpha Inc., which is affiliated with Think & Learn
and was taken over by the lenders after their loan defaulted.

                            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.

The TCR-AP on Aug. 5, 2024, reported that the National Company Law
Appellate Tribunal (NCLAT) on Aug. 2, 2024, 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.

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.


DHURIA RICE: ICRA Keeps B Debt Rating in Not Cooperating Category
-----------------------------------------------------------------
ICRA has kept the long-term rating of Dhuria Rice Mills (DRM) in
the 'Issuer Not Cooperating' category. The rating is denoted as
[ICRA]B (Stable); ISSUER NOT COOPERATING.

                      Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long Term-          7.50       [ICRA]B (Stable) ISSUER NOT
   Fund Based-                    COOPERATING; Rating continues
   Cash Credit                    to remain under 'Issuer Not
                                  Cooperating' category

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

DRM was established in the year 1978 as a partnership firm with
Ashok Kumar, Krishna Devi and Surinder Kumar as partners. In the
year 2007 partnership was re constituted with Mr. Arun Kumar, Mr.
Ashok Kumar and Krishna Devi as partners. In 2012 the partnership
firm was reconstituted again with Mr. Ashok Kumarand Mr. Arun Kumar
as partners in equal ratios. All the partners are actively engaged
in the management of the company. DRM is engaged in processing and
trading of non-basmati rice in the domestic markets and to
exporters in India. Head office as well as the manufacturing plant
of the company is located at Fazilka, Punjab. The plant has a
milling capacity of 2 tonnes per hour of paddy.


ENVYRONS INFRA: CARE Keeps B- Debt Rating in Not Cooperating
------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Envyrons
Infrastructure Private Limited (EIPL) continues to remain in the
'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      40.00       CARE B-; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category  

Rationale and key rating drivers

CARE Ratings Ltd. had, vide its press release dated July 12, 2023,
placed the rating(s) of EIPL under the 'issuer non-cooperating'
category as EIPL had failed to provide information for monitoring
of the rating as agreed to in its Rating Agreement. EIPL continues
to be non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
May 27, 2024, June 6, 2024 and June 16, 2024.

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

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

Incorporated on July 21, 2011, EIPL is a real estate developer
based out of Delhi & is promoted by Dr. Navrang Kumar. EIPL is a
part of Reinfotech Group. Other companies of the group, Reinfo
-Tecs Eastates Private Limited & Reinfo Builders & Promoters
Private Limited are also engaged in the business of real estate
development. In the past, the gr oup has completed two real estate
projects; Rock Valley Apartments (1.40 lsf) & Rock Valley Residency
(1.55 lsf), both located in Dehradun, Uttarakhand


EVERLAST ROOFING: ICRA Keeps B+ Debt Ratings in Not Cooperating
---------------------------------------------------------------
ICRA has kept the Long-Term and Short-Term ratings of Everlast
Roofing in the 'Issuer Not Cooperating' category. The ratings are
denoted as "[ICRA]B+(Stable) ISSUER NOT COOPERATING/[ICRA]A4 ISSUER
NOT COOPERATING".

                      Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long Term-          4.00       [ICRA]B+ (Stable) ISSUER NOT
   Fund Based-                    COOPERATING; Rating continues
   Cash Credit                    to remain under 'Issuer Not
                                  Cooperating' category

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

   Short Term-         4.00       [ICRA]A4 ISSUER NOT
   Non Fund Based                 COOPERATING; Rating continues
   Others                         to remain under 'Issuer Not
                                  Cooperating' category

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

Everlast Roofing (Everlast), a partnership firm formed by Mr. Kumar
and Mr. Mathivanan in 2013, manufactures corrugated colour-coated
steel roofing sheets for factories, warehouses, parking sheds, etc.
The firm manufactures three kinds of roofing sheets namely
Flexi-profile, Hi-rib profile and Tile profile from its
manufacturing facilities located in Chennai and Madurai (Tamil
Nadu). The firm's current partners are Mr. Mathivanan and his son
Mr. Thinakaraj.


GREEN POLYTUBES: ICRA Keeps B Debt Ratings in Not Cooperating
-------------------------------------------------------------
ICRA has kept the Long-Term and Short-Term ratings of Green
Polytubes Pvt Ltd in the 'Issuer Not Cooperating' category. The
ratings are denoted as "[ICRA]B (Stable); ISSUER NOT
COOPERATING/[ICRA]A4; ISSUER NOT COOPERATING".

                      Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long Term-          1.80       [ICRA]B (Stable) ISSUER NOT
   Fund Based-                    COOPERATING; Rating continues
   Term Loan                      to remain under 'Issuer Not
                                  Cooperating' category

   Long Term-          4.60       [ICRA]B (Stable) ISSUER NOT
   Fund Based-                    COOPERATING; Rating continues
   Cash Credit                    to remain under 'Issuer Not
                                  Cooperating' category

   Short Term-         0.40       [ICRA]A4 ISSUER NOT
   Non Fund Based                 COOPERATING; Rating continues
   Others                         to remain under 'Issuer Not
                                  Cooperating' category

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

Incorporated in 1998, Green Polytubes Pvt Ltd is engaged in the
manufacturing of PVC & UPVC Pipes with present installed capacity
of 3,000 MTPA. GPPL's production facility is set-up in Hazipur,
Bihar. GPPL sells its product under the registered brand name of
'Green'.


ISHIKA PACKAGING: CARE Keeps B- Debt Rating in Not Cooperating
--------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Ishika
Packaging Private Limited (IPPL) continues to remain in the 'Issuer
Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       8.46       CARE B-; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category  

Rationale and key rating drivers

CARE Ratings Ltd. had, vide its press release dated June 7, 2023,
placed the rating(s) of IPPL under the 'issuer non-cooperating'
category as IPPL had failed to provide information for monitoring
of the rating. IPPL continues to be non-cooperative despite
repeated requests for submission of information through e-mails,
phone calls and a letter/email dated April 22, 2024, May 2, 2024,
May 12, 2024.

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

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

Incorporated on November 27, 2015, Ishika Packaging Private Limited
(IPPL) was promoted by Mr. Amit Kumar Sanei and Mrs. Payal Sanei
based out of West Bengal for setting up a manufacturing unit for
packaging materials. The company started its commercial operations
from November 2016 onwards. The company is engaged in manufacturing
of corrugated paper boxes at its plant located in Burdwan district
of West Bengal.

JP SORTEX: ICRA Keeps B+/A4 Debt Ratings in Not Cooperating
-----------------------------------------------------------
ICRA has kept the long-term and Short-Term ratings of JP Sortex
Private Limited (JPSPL) in the 'Issuer Not Cooperating' category.
The rating is denoted as [ICRA]B+(Stable)/[ICRA]A4; ISSUER NOT
COOPERATING.

                      Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long Term/          3.00        [ICRA]B+ (Stable)/[ICRA]A4;
   Short Term-                     ISSUER NOT COOPERATING;
   Unallocated                     Rating Continues to remain
                                   under issuer not cooperating
                                   category

   Long Term/         37 .00       [ICRA]B+(Stable)/[ICRA]A4;
   Short Term-                     ISSUER NOT COOPERATING;
   Fund Based                      Rating Continues to remain
   Cash Credit                     under issuer not cooperating
                                   category

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

JP Sortex Private Limited (JPSPL) is a private Limited company
established in 2001. The company is primarily engaged in milling of
basmati rice. JPSPL's milling unit is based out of Firozpur,
Punjab, in close proximity to the local grain market. CEFPL,
established in 2009 by Mr. Raman Garg, commenced operations in
February 2014; 2014-15 (refers to financial year, April 1 to March
31) was the company's first full year of operations. The company
mills and sorts basmati as well non-basmati rice which it sells in
the domestic and export markets. It is based in Firozpur (Punjab).
JP Sortex group sells rice under its five registered brands in the
domestic market – Rice-o-Punjab, Rice-o-India, 5 horses, 65 and
JPA. The company derives around 75% of its sales from export
markets like Dubai, Iran etc.


K. P. INDUSTRIES: CARE Keeps D Debt Rating in Not Cooperating
-------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of K. P.
Industries (KPI) continues to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       9.69       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Rationale and key rating drivers

CARE Ratings Ltd. had, vide its press release dated July 5, 2023,
placed the rating(s) of KPI under the 'issuer non-cooperating'
category as KPI had failed to provide information for monitoring of
the rating. KPI continues to be noncooperative despite repeated
requests for submission of information through e-mails, phone calls
and a letter/email dated May 20, 2024, May 30, 2024, June 9, 2024.

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

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

Established in the year 2009, Ahmedabad -based K.P. Industries
(KPI) is a partnership firm engaged in the processing of nonbasmati
rice. Key partners include Mr. Dhaval Prajapati and Mr. Atul
Prajapati who manage the day to day operations. As on
March 31, 2016, it had a total installed capacity of 69,120 Metric
Tonnes per annum and operates thr ough its sole manufacturing unit
at Kheda.

KAMALA BOARD: ICRA Keeps B+ Debt Ratings in Not Cooperating
-----------------------------------------------------------
ICRA has kept the long-term rating of Kamala Board Box Pvt. Ltd.
(KBBPL) in the 'Issuer Not Cooperating' category. The rating is
denoted as [ICRA]B+(Stable); ISSUER NOT COOPERATING.

                      Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long Term-         1.15        [ICRA]B+ (Stable) ISSUER NOT
   Fund Based-                    COOPERATING; Rating continues
   Term Loan                      to remain under 'Issuer Not
                                  Cooperating' category

   Long Term-          6.85       [ICRA]B+ (Stable) ISSUER NOT
   Fund Based-                    COOPERATING; Rating continues
   Cash Credit                    to remain under 'Issuer Not
                                  Cooperating' category

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

KBBPL is engaged in the manufacturing of corrugated boxes and
offset printed duplex board cartons. The company currently operates
a plant in Barasat, West Bengal with an installed capacity of
12,000 MTPA, which was enhanced from 10,000 MTPA during FY14. The
capacity utilisation at KBBPL's plant remains low, recorded at 44%
during FY2016 and 43% in 8M FY2017. The primary raw material –
kraft paper is purchased from various traders of Kolkata. The
client profile of KBBPL's clients include reputed customers present
across diverse industries such as beverage, FMCG, pharmaceutical,
etc.


KRISHNA CONSTRUCTION: ICRA Keeps B+ Ratings in Not Cooperating
--------------------------------------------------------------
ICRA has kept the Long-Term and Short-Term ratings of Krishna
Construction Co. (KCC) in the 'Issuer Not Cooperating' category.
The ratings are denoted as "[ICRA]B+(Stable) ISSUER NOT
COOPERATING/[ICRA]A4 ISSUER NOT COOPERATING".

                      Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long Term-          3.00       [ICRA]B+ (Stable) ISSUER NOT
   Fund Based-                    COOPERATING; Rating continues
   Cash Credit                    to remain under 'Issuer Not
                                  Cooperating' category

   Long Term/          0.10       [ICRA]B+(Stable)/[ICRA]A4;
   Short Term-                    ISSUER NOT COOPERATING;
   Unallocated                    Rating Continues to remain
                                  under issuer not cooperating
                                  category

   Short Term-        20.00       [ICRA]A4 ISSUER NOT
   Non Fund Based                 COOPERATING; Rating continues
   Others                         to remain under 'Issuer Not
                                  Cooperating' category

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

Krishna Construction Company (KCC) was established in 1983 as a
proprietorship firm by Mr. Sumabhai Patel and Mr. Purshotam Patel.
Subsequently in the year 1988, it was taken over by the current
partners Mr. Bharat Patel, Mr. Jeetendra Patel and Mrs. Shardaben
Patel. KCC is engaged in civil & construction engineering and
contracting services. KCC has the following registrations with the
Government of Gujarat: Registration as approved contractor in 'AA'
class (Roads & Buildings Department, Government of Gujarat) - This
allows KCC to bid for projects of any size issued by the concerned
authority. The firm is based out of Mehsana, Gujarat and has, since
inception, executed projects for semi-government agencies/local
authorities involving civil construction in the water supply
segment in Gujarat. KCC is primarily engaged in performing civil
construction work for the water supply development projects in
Gujarat floated by Gujarat Water Supply & Sewerage Board (GWSSB).
The firm mostly bids for the contracts on its own wherever it is
able to meet the qualifying criteria and it also enters into joint
venture.


M/S. PARTHAS: CARE Keeps B- Debt Rating in Not Cooperating
----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of M/s.
Parthas (PS) continues to remain in the 'Issuer Not Cooperating'
category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      18.54       CARE B-; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category  

Rationale and key rating drivers

CARE Ratings Ltd. had, vide its press release dated June 26, 2023,
placed the rating(s) of Parthas under the 'issuer noncooperating'
category as Parthas had failed to provide information for
monitoring of the rating. Pasthas continues to be noncooperative
despite repeated requests for submission of information through
e-mails, phone calls and a letter/email dated May 11, 2024, May 21,
2024, May 31, 2024.

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

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

M/s. Parthas (PS) is a partnership firm engaged in retailing of
branded garments, home textiles, cosmetics, furniture and
upholstery through its retail showroom having an area of about
50,000 sq. ft. located at the center of Trivandrum city in Kerala.
The firm is part of the Parthas Group, engaged in retailing of
textiles primarily in the Kerala market.


MA SARADA: ICRA Keeps D Debt Ratings in Not Cooperating Category
----------------------------------------------------------------
ICRA has kept the long-term rating of Ma Sarada Cold Storage
Private Limited in the 'Issuer Not Cooperating' category. The
rating is denoted as [ICRA]D; ISSUER NOT COOPERATING.

                     Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Long-term-         4.01       [ICRA]D; ISSUER NOT COOPERATING;
   Fund based                    Rating Continues to remain under
   Cash Credit                   'Issuer Not Cooperating'
                                 Category

   Long-term-         1.55       [ICRA]D; ISSUER NOT COOPERATING;
   Fund based                    Rating Continues to remain under
   Term Loan                     'Issuer Not Cooperating'
                                 Category

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

Incorporated in 1987, Ma Sarada Cold Storage Private Limited is
engaged in providing cold storage facility to potato farmers and
traders on a rental basis. The facility of the company is located
in Bankura district of West Bengal having an annual storage
capacity of 21,052 metric tonnes.


MARUTI NOUVEAUKNITS: ICRA Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------------
ICRA has kept the long-term and Short-Term rating of Maruti
Nouveauknits Private Limited in the 'Issuer Not Cooperating'
category. The ratings are denoted as [ICRA]D/[ICRA]D; ISSUER NOT
COOPERATING".

                     Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Long-term-         3.50       [ICRA]D; ISSUER NOT COOPERATING;
   Fund based                    Rating Continues to remain under
   Term Loan                     'Issuer Not Cooperating'
                                 Category

   Long-term-         4.50       [ICRA]D; ISSUER NOT COOPERATING;
   Fund based                    Rating Continues to remain under
   Cash Credit                   'Issuer Not Cooperating'
                                 Category

   Short-term         0.35       [ICRA]D; ISSUER NOT COOPERATING;
   Non-fund based                Rating continues to remain under
   Others                        'Issuer Not Cooperating'
                                 Category

   Long Term/         3.37       [ICRA]D/[ICRA]D; ISSUER NOT
   Short Term-                   COOPERATING; Rating Continues to
   Unallocated                   remain under issuer not
                                 Cooperating category

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

Gujarat Hiflow Yarn Limited ('GHYL') was incorporated in 1993 by
the Aggarwal group and was engaged in texturing of yarn. On May
2009 the company was acquired by Mr. Anil Chaudhary and Mr. Keshari
Chand Chhajer. The entire business was revamped and GHYL started
manufacturing metallic films, hot stamping foil and sequin foil.
The name of the company was changed to Maruti Holostic Limited and
subsequently to Maruti Holostic Private Limited in April 2015 to
align its name with the line of business. The company started
manufacturing holographic items from February 2016; the products
manufactured included holographic labels, films, and stickers. The
company was also involved in trading of solar panels and finished
fabrics from FY2016. The finished fabrics comprised sarees and
dress materials which were procured from Surat and sold in
different parts of India.


MATRIX CERAMIC: ICRA Keeps B+ Debt Rating in Not Cooperating
------------------------------------------------------------
ICRA has kept the Long-Term and Short-Term ratings of Matrix
Ceramic in the 'Issuer Not Cooperating' category. The ratings are
denoted as "[ICRA]B+(Stable) ISSUER NOT COOPERATING/[ICRA]A4 ISSUER
NOT COOPERATING".

                      Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long Term-          4.50       [ICRA]B+ (Stable) ISSUER NOT
   Fund Based-                    COOPERATING; Rating continues
   Cash Credit                    to remain under 'Issuer Not
                                  Cooperating' category

   Long Term-          1.12       [ICRA]B+ (Stable) ISSUER NOT
   Fund Based-                    COOPERATING; Rating continues
   Term Loan                      to remain under 'Issuer Not

   Short Term-         1.50       [ICRA]A4 ISSUER NOT
   Non Fund Based                 COOPERATING; Rating continues
   Others                         to remain under 'Issuer Not
                                  Cooperating' category

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

Matrix Ceramic commenced commercial production of ceramic floor
tiles of size 12"x12" in September 2007 with a production capacity
of 6,500 boxes per day. Its plant is located at Morbi in Rajkot
district of Gujarat. In September 2013, the firm changed its
operations to manufacturing of ceramic wall tiles of size 8"X12"
with a production capacity of 5500 boxes per day. In December 2014,
it recommenced manufacturing of floor tiles of size 12"x12" with
its current product profile comprising of both wall tiles of size
8"X12" and floor tiles of size 12"X12". In December 2014 the firm
installed a roller kiln which enabled it to increase its installed
capacity to manufacture 9,000 boxes of wall tiles or 8000 boxes of
floor tiles per day. The firm has established 'Matrix' brand for
selling its product in the market. Further, the founder promoter is
having an experience in ceramic industry by virtue of his
association with another ceramic product-oriented firm.


MKM DIAMONDS: CARE Lowers Rating on INR120cr LT/ST Loan to D
------------------------------------------------------------
CARE Ratings has revised the ratings on certain bank facilities of
MKM Diamonds Private Limited (MDPL), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term/          120.00      CARE D/CARE D; ISSUER NOT
   Short Term                      COOPERATING; Rating continues
   Bank Facilities                 to remain under ISSUER NOT
                                   COOPERATING category and
                                   Revised from CARE B+; Stable/
                                   CARE A4

Rationale and key rating drivers

CARE Ratings Ltd. had, vide its press release dated July 6, 2023,
placed the rating(s) of MDPL under the 'issuer non-cooperating'
category as MDPL had failed to provide information for monitoring
of the rating as agreed to in its Rating Agreement. MDPL continues
to be non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
May 21, 2024, May 31, 2024, June 10, 2024 and August 2, 2024.

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

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

The rating assigned to the bank facilities of MDPL has been revised
on account of non-availability of requisite information. The
ratings also take into the admission of the company for corporate
insolvency resolution process as recognized from publicly available
information i.e. NCLT order.

With effect from 5th April 2019, Eurostar Diamonds India Private
Limited (EDIPL) changed the company name to M/s MKM Diamonds Pvt
Ltd (MDPL) and became a wholly owned subsidiary of Paresh K Mehta
Investment Pvt Ltd. The company focuses on business of trading and
manufacturing of rough and polished diamonds and jewellery.


NAIR COAL: CARE Keeps C Debt Rating in Not Cooperating Category
---------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Nair Coal
Services Private Limited (NCSPL) continue to remain in the 'Issuer
Not Cooperating' category.

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

   Short Term Bank      9.00       CARE A4; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category

Rationale and key rating drivers

CARE Ratings Ltd. had, vide its press release dated June 22, 2023,
placed the rating(s) of NCSPL under the 'issuer non-cooperating'
category as NCSPL had failed to provide information for monitoring
of the rating as agreed to in its Rating Agreement. NCSPL continues
to be non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
May 7, 2024, May 17, 2024 and May 27, 2024.

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

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

Nair Coal Services Private Limited (NCSPL), incorporated in 1984,
is a Nagpur-based company, was promoted by Mr. Suresh Nair and Mr.
Susheel Nair. The company is a liasioning and supervising agent for
logistics of coal and caters to various electricity and steel
companies.


OMSAI UDYOG: CARE Keeps D Debt Ratings in Not Cooperating Category
------------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Omsai
Udyog India Private Limited (OUIPL) continue to remain in the
'Issuer Not Cooperating' category.

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

   Short Term Bank     10.00       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated June 26, 2023,
placed the rating(s) of OUIPL under the 'issuer non-cooperating'
category as OUIPL had failed to provide information for monitoring
of the rating as agreed to in its Rating Agreement. OUIPL continues
to be non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
May 11, 2024, May 21, 2024 and May 31, 2024.

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

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

New Dew based Omsai Udyog India Private Limited (OUIPL) was
incorporated in December, 2010 and started its commercial from
November, 2013. The company is managed by Mr. Archit Sharma and Mr
Ankit Sharma. The company is engaged in manufacturing of Paper
Insulated Copper Conductors, Bare Copper Conductor and Over Head
Electrification. It procures its main raw material copper rods from
Hindalco industries Limited, Vedanta Limited and Carlo Colombo Spa,
Italy.


SHYAMALI COLD: CARE Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Shyamali
Cold Storage Private Limited (SCSPL) continue to remain in the
'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       4.71       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

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

Rationale and key rating drivers

CARE Ratings Ltd. had, vide its press release dated June 6, 2023,
placed the rating(s) of SCSPL under the 'issuer non-cooperating'
category as SCSPL had failed to provide information for monitoring
of the rating. SCSPL continues to be non-cooperative despite
repeated requests for submission of information through e-mails,
phone calls and a letter/email dated April 21, 2024, May 1, 2024
and May 11, 2024.

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

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

Shyamali Cold Storage Private Limited (SCSPL) was incorporated on
March 3, 2004 by Mr. Ratan Rudra, Mr. Sukhendu Rudra, Mr. Suvendu
Rudra and Mrs. Shyamali Rudra. SCSPL is engaged in the business of
providing cold storage facility primarily for potatoes to local
farmers and traders on rental basis. The cold storage facility is
located at Burdwan, West Bengal. Besides providing cold storage
facility, the company also provides interest bearing advances to
farmers for their agricultural activities against the bonds
receipts of potato stored. The day to day operations of the company
are being managed by Mr. Ratan Rudra with appropriate support from
other co-directors.


TRINAYANI CEMENT: CARE Keeps B Debt Rating in Not Cooperating
-------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Trinayani
Cement Private Limited (TCPL) continues to remain in the 'Issuer
Not Cooperating' category.

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

Rationale and key rating drivers

CARE Ratings Ltd. had, vide its press release dated July 12, 2023,
placed the rating(s) of TCPL under the 'issuer non-cooperating'
category as TCPL had failed to provide information for monitoring
of the rating as agreed to in its Rating Agreement. TCPL continues
to be non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
May 27, 2024, June 6, 2024 and June 16, 2024.

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

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

Trinayani Cement Private Limited (TCPL) was incorporated in 1995
and is currently being managed by Mr. Sujit Kumar Agarwal and Mr.
Manish Sarogi. TCPL is primarily engaged in the manufacturing of
cement and trading of clinker.


WEISSHORN REALTY: ICRA Reaffirms B Rating on INR340cr NCDs
----------------------------------------------------------
ICRA has reaffirmed ratings on certain bank facilities of Weisshorn
Realty Private Limited (WRPL), as:

                        Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Non-convertible      195.00      [ICRA]B(Stable); reaffirmed
   debentures (NCDs)

   Proposed             340.00      [ICRA]B(Stable); reaffirmed
   non-convertible
   debentures (NCDs)

Rationale

The rating factors in the favorable location of the ongoing and
proposed residential/commercial projects of WRPL in prime suburbs
like Bandra, Kalina and Santacruz, with proximity to key commercial
areas in Mumbai. The rating is, however, constrained by WRPL's
exposure to high execution and market risks for its ongoing
residential project in Santacruz where construction work is yet to
begin. The cost of this project (excluding interest cost) is
INR179.1 crore. It is proposed to be funded by NCDs of INR129 crore
(72%), which are subscribed by the parent company and customer
advances of INR50.1 crore (28%). In addition, the company is in the
process of starting a greenfield residential project in Bandra,
Mumbai with a project cost of INR95.2 crore and is also acquiring a
ready-to-lease commercial property in Kalina, Mumbai, with a total
cost of INR229 crore (inclusive of building upgradation cost of
INR29 crore). The Bandra and Kalina projects are proposed to be
entirely funded through proposed NCDs of INR340 crore, which are
expected to be subscribed by the parent company. The existing and
proposed NCDs carry a coupon of 18% per annum and the entire
principal and interest obligations are payable on
Feb. 24, 2028, exposing the company to refinancing risks. The
projects faces high market risk as the sales are yet to be launched
and the commercial property is yet to be acquired and leased.
Besides, the rating is constrained by the high geographical risk
inherent in single location companies and the cyclicality in the
real estate industry, which could impact WRPL's sales as well as
profitability.

The Stable outlook on the long-term rating reflects ICRA's
expectation that the company will be able to achieve adequate
progress on the construction and sales for the residential
projects, and tie-up leases for the commercial project in a timely
manner, given their favourable locations.

Key rating drivers and their description

Credit strengths

* Favourable location of projects: The ongoing/proposed residential
projects are located in Bandra and Santacruz, which are prime
suburbs in Mumbai for residential projects and shares proximity to
key commercial areas in Mumbai. The ready-to-lease commercial
property is located in Kalina, Mumbai, which is a commercial hub.

Credit challenges

* Exposure to project execution and market risks: The residential
project in Santacruz is at a nascent stage with only land acquired
as on date, exposing it to significant execution risks with respect
to time and cost overrun. With the project yet to be launched
commercially, the market risk remains high. Timely inflow of
advances remains important for successful completion of the
project.

The proposed greenfield residential project in Bandra, Mumbai is at
a preliminary stage with land yet to be acquired and approvals yet
to be received, exposing it to significant execution risk. Given
the project is yet to be launched commercially, the market risk
remains high and timely inflow of advances remains important for
future debt repayments. The company also faces market risk for the
ready-to-lease commercial property at Kalina, proposed to be
acquired by it, as there are no lease tie-ups for this project.

* Refinancing risk at maturity for the existing and proposed NCDs:
The project cost for the residential project in Santacruz
(excluding interest cost) is INR179.1 crore. It is proposed to be
funded by NCDs of INR129 crore (72%) that are subscribed by the
parent company and customer advances of INR50.1 crore (28%). The
Bandra and Kalina projects are proposed to be entirely funded
through proposed NCDs of INR340 crore, which are expected to be
subscribed by the parent company. The existing and proposed NCDs
carry a coupon of 18% per annum and the entire principal and
interest obligations are payable on February 24, 2028, exposing the
company to refinancing risk.

* Exposure to risks and cyclicality in India's real estate sector:
The real estate sector is cyclical and marked by volatile prices
and a highly fragmented market structure because of many regional
players. In addition, being a cyclical industry, the real estate
sector is highly dependent on macro-economic factors, which exposes
the company's sales to any downturn in demand and competition
within the region from various established developers.

Liquidity position: Stretched

WRPL's liquidity position remains stretched with dependence on
customer advances for completion of the residential project at
Santacruz, Mumbai. The company has free cash balance of INR31.4
crore as on March 31, 2024, which were infused by promoters. The
proposed NCDs for developing the Bandra and Kalina projects are yet
to be raised. The projects are yet to be launched, given which
there have not been any bookings and collections of customer
advances as on date.

Rating sensitivities

Positive factors - Healthy bookings and collections from the
projects leading to improved cash flows and debt coverage
indicators could lead to a rating upgrade.

Negative factors - Any cost overrun or unforeseen delay in
completing the projects could exert pressure on the company's
rating. Considerable delays in bookings leading to subdued
collections may also warrant a rating downgrade.

Weisshorn Realty Private Limited (WRPL) was set up in 2019 for
undertaking/supervising construction activities within the real
estate sector in India. It is a 100% subsidiary of Luxembourg REO
Company SARL (Luxembourg REO), which is a Luxembourg-based real
estate investment company. Luxembourg REO was incorporated in 2018
with the objective of making investments in real estate assets
across the globe with WRPL being the first investment venture. WRPL
has its registered office in Delhi.




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

UNIVERSAL ENTERTAINMENT: Fitch Affirms 'B-' LT Foreign Currency IDR
-------------------------------------------------------------------
Fitch Ratings has affirmed Universal Entertainment Corporation's
(UE) Long-Term Foreign-Currency Issuer Default Rating (IDR) and its
outstanding US dollar senior secured notes at 'B-', and removed the
ratings from Rating Watch Negative (RWN). The Outlook is Stable.
Fitch has also assigned a 'B-' final rating to UE's USD400 million
9.875% senior secured notes due August 2029, with a Recovery Rating
of 'RR4'. The final rating is in line with the expected rating
assigned on 19 July 2024. The notes are issued by UE and guaranteed
by its subsidiary, Tiger Resort Asia Limited.

The removal of the RWN and assignment of the final rating follow
the receipt of final documentation conforming to previously
communicated information. The total proceeds from the notes
issuance, along with a concurrently raised USD400 million term loan
by UE's Philippine operating subsidiary Tiger Resort Entertainment
and Leisure Inc., are sufficient to repay its existing USD760
million notes due December 2024. UE expects the refinancing to be
completed in full on 4 September 2024.

The Stable Outlook balances the removal of refinancing risks with
the softer-than-expected operating performance of its integrated
resort (IR) business. It also takes into consideration the
uncertainty over future cash flow and financial profile should UE
pursue alternative inorganic growth opportunities beyond the
cancelled Emerald Bay Resort project. The rating also factors in
UE's limited scale, with a single casino operation representing
half of its EBITDA.

Key Rating Drivers

Refinancing Risk Addressed: UE has secured a total of USD800
million in new funds through the issuance of senior notes and a
bank loan from China Banking Corporation. The amount, combined with
its cash on hand, is sufficient to repay its USD760 million
existing senior notes and cover the notes' redemption premium and
existing term loans. UE has informed Fitch that a redemption notice
was sent to holders of the existing notes on 5 August 2024.

IR Growth to Soften: Fitch has further revised down its financial
forecast for the company's IR operations in the Philippines after a
review of UE's preliminary results for its IR business. Its VIP
segment showed a slight improvement in 2Q24 but remains at a low
level, while the performance of the non-VIP segment flattened out.
Fitch expects earnings growth in its IR operations may experience
additional setbacks amid the evolving competitive landscape in the
casino sector in the Philippines following the opening of a new
integrated casino resort in Manila.

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

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

Growth Appetite: UE is likely to maintain positive free cash flow
(FCF) generation in the near term in the absence of concrete
investment plans, albeit at a lower rate than previously envisaged.
With major construction work at OKADA MANILA completed, its capex
requirements should stay modest.

Fitch also believes UE will manage shareholder returns in
accordance with its business performance and debt covenants.
However, Fitch thinks its acquisition appetite in the pursuit of
business expansion remains unchanged despite the cancellation of
the Emerald Bay Resort project. Any significant acquisition plans
that are funded through a mix of debt and cash are likely to affect
its financial profile.

Derivation Summary

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

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

Key Assumptions

- Revenue to fall by 9% in FY24 and resume growth at low single
digits thereafter

- EBITDA margin of 24.1% on average

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

- Cash dividends of up to JPY3 billion annually

- Outstanding USD760 million existing notes to be repaid in full in
September 2024 with the USD800 million of new financing secured

Recovery Analysis

Fitch believes it is more appropriate to derive the recovery rating
for UE's newly issued senior notes based on the post-restructuring
cash flow from its Japan-based operations only. This is due to the
challenges offshore bondholders may face in accessing the residual
value of UE's Philippines casino assets in the event of bankruptcy,
when local banks hold senior claims. The approach also accounts for
the Philippines' classification as a Cat D country in Fitch's
Country-Specific Treatment of Recovery Ratings Criteria and that
the security for noteholders is merely a pledge related to UE's
interest in an HK-based intermediary holding company, rather than
tangible assets of the Philippines casino business.

Under this approach, Fitch assumes the issuer would be restructured
as a going concern (GC) with 10% administrative expenses. Its
conservative estimate of GC EBITDA for UE's Japanese operations is
JPY9 billion, incorporating a substantial discount to its pro forma
EBITDA (excluding IR operations) under its base case scenario due
to regulatory risks and transient consumer preferences driving
product demand.

Fitch believes an enterprise value (EV) multiple of 3x, applied to
GC EBITDA to derive a post-reorganisation EV, is appropriate for
UE, reflecting the weak long-term growth prospects of the
pachinko/pachislot markets.

These assumptions result in a recovery rate within the 'RR4' range
for the new senior secured notes.

RATING SENSITIVITIES

Factors that could, individually or collectively, lead to positive
rating action/upgrade:

- Evidence of sustainable revenue and profit growth without
undermining financial stability

Factors that could, individually or collectively, lead to negative
rating action/downgrade:

- Sustained cash burn from an aggressive expansion plan

Liquidity and Debt Structure

Improved Liquidity: The USD800 million of new financing through its
senior notes issuance and the bank loan by its Philippines
operating subsidiary is sufficient to cover UE's outstanding USD760
million senior notes due in December 2024. Fitch expects the
existing notes to be redeemed in full in September 2024. Liquidity
should improve upon completion of the refinancing, given the ample
cash holdings and positive FCF generation Fitch envisages over the
rating horizon.

Issuer Profile

UE is a Japanese gaming equipment manufacturer listed on the Tokyo
Stock Exchange. The company operates in two segments: AE, engaged
in the development, manufacturing and sale of pachislot and
pachinko machines; and IR, engaged in the operation of OKADA
MANILA, a casino resort in Entertainment City in Manila, the
Philippines.

ESG Considerations

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

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

   Entity/Debt                  Rating         Recovery   Prior
   -----------                  ------         --------   -----
Universal Entertainment
Corporation               LT IDR B- Affirmed              B-

   senior secured         LT     B- Affirmed     RR4      B-

   senior secured         LT     B- New Rating   RR4      B-(EXP)




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

COUNTRY LIFESTYLES: Court to Hear Wind-Up Petition on Aug. 16
-------------------------------------------------------------
A petition to wind up the operations of Country Lifestyles Limited
will be heard before the High Court at Auckland on Aug. 16, 2024,
at 10:00 a.m.

Auckland Council filed the petition against the company on June 20,
2024.

The Petitioner's solicitor is:

          Kelly Edward Cotter
          135 Albert Street
          Auckland


DIXON HAULAGE: Court to Hear Wind-Up Petition on Aug. 15
--------------------------------------------------------
A petition to wind up the operations of Dixon Haulage Limited will
be heard before the High Court at Invercargill on Aug. 15, 2024, at
11:45 a.m.

The Commissioner of Inland Revenue, filed the petition against the
company on June 4, 2024.

The Petitioner's solicitor is:

          Gabrielle McGillivray
          Inland Revenue, Legal Services
          PO Box 1782
          Christchurch 8140


FERROUS HOLDINGS: Simon Dalton Appointed as Liquidator
------------------------------------------------------
Simon Dalton of Gerry Rea Partners on July 29, 2024, was appointed
as liquidator of Ferrous Holdings Limited.

The liquidator may be reached at:

          Gerry Rea Partners
          PO Box 3015
          Auckland


SEYAVASH CAFE: Grant Bruce Reynolds Appointed as Liquidator
-----------------------------------------------------------
Grant Bruce Reynolds of Reynolds & Associates on Aug. 1, 2024, was
appointed as liquidator of Seyavash Cafe Limited.

The liquidator may be reached at:

          Reynolds & Associates Limited
          PO Box 259059
          Botany
          Auckland 2163


SPARK BUSINESS: Up to 100 Job Losses Proposed at CCL
----------------------------------------------------
Stuff.co.nz reports that up to 100 jobs are expected to lost and
more than 90% of staff need to reapply for their jobs at technology
company CCL.

CCL, part of Spark Business Group, provides support to clients such
as Government departments, local Government and District Health
Boards, with IT management, cloud platforms and business
technology.

Stuff understands as part of the proposal for restructure it was
estimated there would be 40-60% job losses per department and more
than 90% of staff would have to reapply for their job. More than
100 high paying jobs would be disestablished.

In a PDF provided to Stuff, the company said its FY24 performance
was "below the ambition" it had set for itself and in the market
and in some areas of the business performance was "particularly
challenging".

It expected the market headwinds to continue into FY25 and the
company needed to look for efficiencies to survive.

It included reorganising how it operates, implementing automation,
AI, and Generative AI to remove lower value work or repetitive
tasks and removing duplication or fragmentation to deliver lower
cost.

A Spark spokesperson said the business had experienced tough
economic conditions during the last year, Stuff relays.

"In response to this, and to ensure we continue to deliver great
outcomes for our customers in the future, we have been exploring
changes to our operating model at Spark.

"As part of this work, we are currently consulting with our people
in our Enterprise and Government division on how we can bring our
subsidiary businesses (including CCL) closer together, to remove
duplication, improve efficiency, and ultimately deliver better
experiences for our customers.

"Our focus is on consulting with our people on the proposed change,
and so we won't be providing any further comment at this time."

Stuff adds that the restructure comes as unemployment has continued
to creep up with Stats NZ data released on Aug. 7, 2024, showing
the annual unemployment rate rose to 4.6% in the three months ended
June, up from 4.4% in the previous quarter.


SPIRIT INTERNATIONAL: Creditors' Proofs of Debt Due on Sept. 12
---------------------------------------------------------------
Creditors of Spirit International Trading Limited are required to
file their proofs of debt by Sept. 12, 2024, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on Sept. 12, 2024.

The company's liquidator is:

          Craig Young
          PO Box 87340
          Auckland




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

PAKISTAN WATER: Fitch Hikes LongTerm Foreign Currency IDR to 'CCC+'
-------------------------------------------------------------------
Fitch Ratings has upgraded Pakistan Water and Power Development
Authority's (WAPDA) Long-Term Foreign-Currency Issuer Default
Rating (IDR) to 'CCC+', from 'CCC'. Fitch typically does not assign
Outlooks to issuers with a rating of 'CCC+' or below due to the
high volatility of these ratings.

The entity's IDR reflects Fitch's rating definition of a low margin
for safety, given its reliance on government funding.

Key Rating Drivers

The upgrade follows the upgrade of the Pakistan sovereign on 29
July 2024, as WAPDA's ratings are equalised with those of the
sovereign and are sensitive to any rating action on the sovereign.
For details on the sovereign rating, see Fitch Upgrades Pakistan to
'CCC+'

For details on its assessment of the government's responsibility
and incentive to support the company, see Fitch Affirms Pakistan
Water and Power Development Authority at 'CCC'

Derivation Summary

Fitch believes extraordinary support from Pakistan to WAPDA would
be 'Virtually Certain' in case of need, reflecting a maximum
support score of 60 under its Government-Related Entities (GRE)
Rating Criteria, even though the government's capacity to support
the entity is likely to be impaired amid its high funding
requirements as well as the government's weak credit quality.
Hence, Fitch derives the entity's ratings based on its rating
definitions in addition to the support factors under its GRE
criteria.

The senior unsecured bond rating is equalised with the entity's
IDR.

RATING SENSITIVITIES

Factors that could, individually or collectively, lead to positive
rating action/upgrade:

An upgrade of the sovereign may trigger positive rating action on
WAPDA.

Factors that could, individually or collectively, lead to negative
rating action/downgrade:

A sovereign downgrade or a lower government responsibility or
incentive to provide support may lead to negative rating action.

Rating action on WAPDA's IDR would lead to similar rating action on
its senior unsecured notes.

Issuer Profile

WAPDA is a hydroelectric power generation company that is wholly
owned by the state. It was set up to integrate the development of
Pakistan's water and power resources. It made up 88% of the
nation's hydroelectric power capacity and 20% of installed capacity
in 2023.

Public Ratings with Credit Linkage to other ratings

WAPDA's ratings are linked to those of the Pakistan sovereign.

ESG Considerations

Fitch does not provide ESG relevance scores for WAPDA, as the
ratings and ESG profile are derived from the parent, Pakistan. ESG
relevance scores and commentary for Pakistan can be found at
Pakistan

   Entity/Debt                 Rating            Prior
   -----------                 ------            -----
Pakistan Water and
Power Development
Authority             LT IDR    CCC+  Upgrade    CCC

                      LC LT IDR CCC+  Upgrade    CCC

   senior unsecured   LT        CCC+  Upgrade    CCC




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

ACME (MALAYSIA): Creditors' Proofs of Debt Due on Sept. 9
---------------------------------------------------------
Creditors of Acme (Malaysia) Holding Pte. Ltd. are required to file
their proofs of debt by Sept. 9, 2024, to be included in the
company's dividend distribution.

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

The company's liquidator is:

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


EARTHLY CUISINE: Creditors' Meetings Set for Aug. 29
----------------------------------------------------
Earthly Cuisine Pte. Ltd. and Art & Food Singapore Pte. Ltd. will
hold a meeting for its creditors on Aug. 29, 2024, at 2:30 p.m. and
4:30 p.m., respectively.

Agenda of the meeting includes:

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

   b. to appoint Liquidators;

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

   d. Any other business.

Mr. Abuthahir Abdul Gafoor and Ms. Yessica Budiman of AAG Corporate
Advisory on Aug. 2, 2024, were appointed as Provisional Liquidators
of Earthly Cuisine and Art & Food Singapore on Aug. 2, 2024.


MILTON WALKERS: Creditors' Proofs of Debt Due on Sept. 9
--------------------------------------------------------
Creditors of Milton Walkers Pte. Ltd. are required to file their
proofs of debt by Sept. 9, 2024, to be included in the company's
dividend distribution.

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

The company's liquidator is:

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


PINGSAFE PTE: Creditors' Proofs of Debt Due on Sept. 9
------------------------------------------------------
Creditors of Pingsafe Pte. Ltd. are required to file their proofs
of debt by Sept. 9, 2024, to be included in the company's dividend
distribution.

The company commenced wind-up proceedings on July 31, 2024.

The company's liquidators are:

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


VUULR PTE: Court to Hear Wind-Up Petition on Aug. 16
----------------------------------------------------
A petition to wind up the operations of Vuulr Pte Ltd will be heard
before the High Court of Singapore on Aug. 16, 2024, at 10:00 a.m.


HF Holding AG filed the petition against the company on July 18,
2024.

The Petitioner's solicitors are:

          Shook Lin & Bok LLP
          1 Robinson Road
          #18-00 AIA Tower
          Singapore 048542




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

QOO10: Seeks Merger of Troubled E-commerce Units TMON, WeMakePrice
------------------------------------------------------------------
Yonhap News Agency reports that the chief of Qoo10, the
Singapore-based parent firm of TMON and WeMakePrice, said Aug. 9 it
has begun a process to merge the two e-commerce platforms to help
resolve the liquidity crisis facing the companies.

On Aug. 8, Qoo10 applied for the establishment of a new business
entity named K-Commerce Center for World (KCCW) with an initial
capital of KRW1 billion ($730,000) to proceed with the merger plan,
the company said in a statement.

The merger between TMON and WeMakePrice requires approval from the
Seoul Bankruptcy Court, Yonhap relates.

Yonhap notes that the two open-market platforms filed for corporate
rehabilitation with the court late last month after failing to make
payments to their vendors and provide refunds to customers due to
liquidity issues caused by the parent firm's aggressive merger
deals.

The financial authorities suspect there are more than KRW1 trillion
of unpaid bills and other liquidity issues regarding the incident.

Yonhap relates that through the merger proposal, Ku Young-bae, the
South Korean founder and CEO of Qoo10, said Qoo10 will cut its
entire stakes in TMON and WeMakePrice, and he will place his entire
38% stake in Qoo10 under the control of KCCW, the statement said.

Founded in 2010, Qoo10 retails e-commerce products. The Company
offers personal care, sports apparel, consumer electronics, home
furnishing, food, toys, and other consumer products. Qoo10 serves
customers worldwide. Qoo10 owns online marketplaces TMON and
WeMakePrice.



                           *********


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

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

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

This material is copyrighted and any commercial use, resale or
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Information contained herein is obtained from sources believed
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                *** End of Transmission ***