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

                     A S I A   P A C I F I C

          Wednesday, August 28, 2024, Vol. 27, No. 173

                           Headlines



A U S T R A L I A

ALL NATURAL: First Creditors' Meeting Set for Aug. 30
BEST DEAL: First Creditors' Meeting Set for Sept. 2
CALYPSO DESTINATIONS: Owes More Than AUD3MM, Report Shows
KAVINCI MOTORS: First Creditors' Meeting Set for Sept. 3
KAWANA SIGNS: First Creditors' Meeting Set for Sept. 2

KESTER BLACK: Investors Informed of Administration Weeks After
LIGHT TRUST 2021-1: S&P Affirms BB+(sf) Rating on Class E Notes
MORETON BALWYN: Second Creditors' Meeting Set for Sept. 2
REDZED TRUST 2024-2: Fitch Assigns 'B+sf' Rating on Class F Notes
RESIMAC BASTILLE 2024-2NC: Moody's Assigns B2 Rating to F Notes

RUBY BOND 2024-1: S&P Affirms B(sf) Rating on Class F Debt


C H I N A

CHENGDU AEROTROPOLIS: Fitch Affirms 'BB+' IDR, Outlook Stable
CHENGDU AIRPORT: Fitch Affirms 'BB+' LongTerm IDRs, Outlook Stable
CHINA EVERGRANDE: Unit Warns of Bigger First-Half Loss
COUNTRY GARDEN: Mulls Further Delays to Yuan Bond Payments
WEIFANG URBAN: Fitch Rates New USD Unsecured Bonds 'BB+'



I N D I A

AMIT ENTERPRISES: ICRA Keeps D Debt Rating in Not Cooperating
B.V.L. EXPORTS: ICRA Keeps D Debt Ratings in Not Cooperating
BYJU'S: General Atlantic, Prosus ask High Court to Hear Concerns
DHARESHWAR COTTON: ICRA Keeps B Debt Ratings in Not Cooperating
GARGO MOTORS: CRISIL Keeps B+ Debt Ratings in Not Cooperating

GREENCARE AGROVET: CRISIL Keeps D Debt Ratings in Not Cooperating
J G AGRO: CRISIL Keeps D Debt Rating in Not Cooperating Category
JABALPUR ENTERTAINMENT: ICRA Keeps B+ Ratings in Not Cooperating
JALARAM JUTE: CRISIL Keeps D Debt Ratings in Not Cooperating
JAYPEE INFRATECH: Suraksha Group Puts INR250cr in Company

JBR IMPEX: CRISIL Keeps D Debt Rating in Not Cooperating Category
KARTHIK ROOFINGS: ICRA Keeps D Debt Ratings in Not Cooperating
KRIPA AGRO: CRISIL Keeps D Debt Ratings in Not Cooperating
KRISHNA ABODES: CRISIL Keeps D Debt Rating in Not Cooperating
MAHABIR TECHNO: CRISIL Keeps D Debt Ratings in Not Cooperating

S.K. HITECH: CRISIL Keeps D Debt Rating in Not Cooperating
SAISHA ENTERPRISES: CRISIL Keeps D Ratings in Not Cooperating
SAJ ROOFING: CRISIL Keeps D Debt Ratings in Not Cooperating
SHANTDEEP METALS: CRISIL Keeps D Debt Ratings in Not Cooperating
SHIV LAL: CRISIL Keeps B Debt Ratings in Not Cooperating Category

SIRI SMELTERS: CRISIL Keeps D Debt Ratings in Not Cooperating
SKOPOS DREDGING: CRISIL Keeps D Debt Ratings in Not Cooperating
SNEHA MARKETING: CRISIL Keeps D Debt Ratings in Not Cooperating
SOLACE HEALTHCARE: CRISIL Keeps D Debt Rating in Not Cooperating
SOWBHAGYALAKSHMI RAW: CRISIL Keeps D Ratings in Not Cooperating

ST. NICHOLAS: CRISIL Keeps D Debt Ratings in Not Cooperating
VARAD BUILDERS: CRISIL Reaffirms B+ Rating on INR5cr LT Loan


I N D O N E S I A

ABM INVESTAMA: Fitch Affirms 'B+' LongTerm IDR, Outlook Stable
JAPFA COMFEED: Fitch Affirms 'B+' LongTerm IDR, Outlook Stable


M O N G O L I A

MONGOLIAN MINING: Moody's Affirms 'B3' CFR, Outlook Remains Stable


N E W   Z E A L A N D

ALL SAFE: Creditors' Proofs of Debt Due on Sept. 24
HARVEST NORTHLAND: Court to Hear Wind-Up Petition on Sept. 2
LATA PAINTING: Court to Hear Wind-Up Petition on Sept. 6
TIME2BUY LIMITED: Creditors' Proofs of Debt Due on Sept. 27
VAPEMAN NZ: Court to Hear Wind-Up Petition on Sept. 27



P A K I S T A N

PAKISTAN: Eyes US$4BB from Middle East Banks to Plug Financing Gap


S I N G A P O R E

BIG M: Court to Hear Wind-Up Petition on Sept. 6
IMAX SG: Court to Hear Wind-Up Petition on Sept. 13
J FOODGROUP: Court to Hear Wind-Up Petition on Sept. 13
NEW SOON: Court Enters Wind-Up Order
VOODOO COMMUNICATIONS: Court to Hear Wind-Up Petition on Sept. 6


                           - - - - -


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

ALL NATURAL: First Creditors' Meeting Set for Aug. 30
-----------------------------------------------------
A first meeting of the creditors in the proceedings of All Natural
Stone Pty Ltd will be held on Aug. 30, 2024 at 11:00 a.m. at Level
35, One International Towers, 100 Barangaroo Avenue in Sydney.

Nicarson Natkunarajah of Roger and Carson was appointed as
administrator of the company on Aug. 20, 2024.


BEST DEAL: First Creditors' Meeting Set for Sept. 2
---------------------------------------------------
A first meeting of the creditors in the proceedings of Best Deal
Courier Pty Ltd will be held on Sept. 2, 2024 at 11:00 a.m. online
via Microsoft Teams.

Joshua Philip Taylor of Taylor Insolvency was appointed as
administrator of the company on Aug. 21, 2024.


CALYPSO DESTINATIONS: Owes More Than AUD3MM, Report Shows
---------------------------------------------------------
News.com.au reports that an Australian tour operator collapsed
owing more than AUD3 million and investigations found just AUD616
left in the bank, according to a liquidator's report.

The Sydney-based company called Calypso Destinations was placed
into liquidation in April.

Westburn Advisory liquidator Shumit Banerjee was appointed to
oversee the liquidation, news.com.au notes.

His report revealed that unsecured creditors were owed AUD2.8
million, while there was almost AUD74,000 outstanding to one
employee and secured creditors had debts of AUD224,000, news.com.au
discloses citing a report to creditors filed with ASIC.

Calypso Destinations had operated as a sports travel agency and
tour booking service provider before it ceased trading in mid April
this year. This included organising sports tours for junior players
and their coaches, some of which had represented NSW or Australia.

According to news.com.au, the company told Mr. Banerjee that it had
first encountered financial difficulties following the government
imposed Covid-19 travel restrictions.

News.com.au relates that Mr. Banerjee's report outlined 14 reasons
from the company on how these restrictions impacted its operation.

This included airlines and hotels failing to pay full refunds due
to unexpected border closures and "high interest short term loans
were required to support trading losses due to historical border
closures, trip cancellations and variations".

A federal government loan from the pandemic scheme taken out to
ease cashflow resulted in the company taking on significant debt,
the report outlined, while a "substantial increase in operating
costs associated with the post Covid-19 travel industry were not
passed on to clients in an attempt to regain loyalty," news.com.au
relays.

The company also blamed increased labour costs and difficulties in
collecting outstanding debts prior to the due dates, while in some
cases final payment were only being received the day before
travel.

Meanwhile, the report stated that personal loans and funds from
relatives were advanced to the company to reduce pressure from
lenders, but they ultimately ended, according to news.com.au.

Then the cancellation of three tours in February 2024 forced the
company to seek investment but this fell through in March and April
this year, the report said.

According to news.com.au, Mr. Banerjee said his investigations had
uncovered a number of potential reasons for the business failure.

"My preliminary investigations indicate that the following factors
may have also contributed to the company's failure:
undercapitalisation, poor strategic management of the business,
poor cashflow and insufficient working capital, poor management of
accounts receivable and engagement in potential
uncommercial/unreasonable director-related transactions," he wrote
in the report filed with ASIC.

Mr. Banerjee warned that at this stage creditors were unlikely to
see any money paid, despite some potentially unfair preference
transactions identified in the report, adds news.com.au.

Calypso Destinations organised international tours for sports
players and their coaches but as it faced increasing difficulties a
number of tours were cancelled earlier this year, the report
revealed. This included a USA baseball tour and junior cricket
tours to the Barbados and India.


KAVINCI MOTORS: First Creditors' Meeting Set for Sept. 3
--------------------------------------------------------
A first meeting of the creditors in the proceedings of Kavinci
Motors Pty Ltdq will be held on Sept. 3, 2024 at 2:30 p.m. at the
offices of Romanis Cant at 2nd Floor, 106 Hardware Street in
Melbourne.

Manuel Hanna of Romanis Cant was appointed as administrator of the
company on Aug. 22, 2024.


KAWANA SIGNS: First Creditors' Meeting Set for Sept. 2
------------------------------------------------------
A first meeting of the creditors in the proceedings of Kawana Signs
Sunshine Coast Pty Ltd will be held on Sept. 2, 2024 at 11:00 a.m.
virtually by video conference.

Stephen Earel of Cor Cordis was appointed as administrator of the
company on Aug. 21, 2024.


KESTER BLACK: Investors Informed of Administration Weeks After
--------------------------------------------------------------
SmartCompany reports that investors in cosmetics brand Kester Black
said they were only told of the company's financial hardships weeks
after it entered voluntary administration, surprising those who
contributed to its AUD2.1 million equity crowdfunding raise three
years ago.

According to SmartCompany, the ethical beauty label secured AUD2.16
million from nearly 1,700 Birchal investors in October 2021, at a
valuation of AUD22 million.

But the company behind Kester Black entered voluntary
administration on July 9, in a process that evaporated its share
value.

SmartCompany says the administration was not publicised, with the
brand's online store and social media channels continuing to offer
products as per usual.

The Kester Black business and assets were sold to a related entity
on August 1, and creditors accepted a Deed of Company Arrangement
on August 13.

Hamilton Murphy, the firm handling the administration, informed
shareholders of the administration via email six days later, on
August 19.

SmartCompany has spoken to several Kester Black investors, who say
that the email, which advised them of a shareholders' meeting on
Thursday, August 22, was the first they heard of Kester Black's
financial troubles.

On social media, others said they were informed of the
administration via email on August 12.

Launched in Melbourne in 2014, Kester Black offers vegan and
cruelty-free nail polishes, lipsticks and skincare products.

On July 9, Kester Black appointed Stephen Dixon of Hamilton Murphy
Advisory as voluntary administrator.

Documents listed by the Australian Securities and Investments
Commission (ASIC) show creditors voted in favour of a Deed of
Company Arrangement (DOCA) on August 13, ensuring Kester Black will
remain a going concern, according to SmartCompany.


LIGHT TRUST 2021-1: S&P Affirms BB+(sf) Rating on Class E Notes
---------------------------------------------------------------
S&P Global Ratings affirmed its ratings on 32 classes of Australian
prime residential mortgage-backed securities (RMBS) transactions
sponsored by Heritage and People's Choice Ltd. (HPC). At the same
time, S&P removed 13 of the ratings from under criteria observation
(UCO).

The rating actions follow its review of these HPC-sponsored RMBS
transactions when applying S&P's updated methodology and
assumptions for assessing pools of Australian residential loans.

The transactions have adequate credit support and cash flows at the
respective rating levels, after applying the updated criteria,
which include a revised method of assessing loan to value, the
application of changing house price values in determining default
frequency and loss severity, and an estimate of house price
overvaluation (OUV) of 22%. The OUV measure is intended to reflect
how much a market is above or below a longer-term measure of price
to income.

Some ratings are constrained below the level that cash flows alone
support due to other risk considerations, such as sensitivities to
the outlook for yield, arrears, and absolute size of credit
support.

  Ratings Affirmed And Removed From UCO

  HBS Trust 2017-1

   Class B: AA+ (sf)
   Class C: AA- (sf)

  Light Trust 2017-1

   Class C: A+ (sf)

  Light Trust 2018-1

   Class C: A+ (sf)

  Light Trust 2021-1

   Class B: AA+ (sf)
   Class C: AA- (sf)
   Class D: A- (sf)
   Class E: BB+ (sf)

  Light Trust 2023-1

   Class B: AA (sf)
   Class C: A (sf)
   Class D: BBB (sf)
   Class E: BB (sf)

  Light Trust No.6

   Class C: A+ (sf)

Ratings Affirmed

  HBS Trust 2017-1

   Class A1: AAA (sf)
   Class A2: AAA (sf)
   Class AB: AAA (sf)

  Light Trust 2017-1

   Class A1: AAA (sf)
   Class A2: AAA (sf)
   Class AB: AAA (sf)
   Class B: AAA (sf)

  Light Trust 2018-1

   Class A1: AAA (sf)
   Class A2: AAA (sf)
   Class AB: AAA (sf)
   Class B: AAA (sf)

  Light Trust 2021-1

   Class A: AAA (sf)
   Class AB: AAA (sf)

  Light Trust 2023-1

   Class A: AAA (sf)
   Class AB: AAA (sf)
  
  Light Trust No. 6

   Class A1: AAA (sf)
   Class A2: AAA (sf)
   Class AB: AAA (sf)
   Class B: AAA (sf)


MORETON BALWYN: Second Creditors' Meeting Set for Sept. 2
---------------------------------------------------------
A second meeting of creditors in the proceedings of Moreton Balwyn
Pty Ltd has been set for Sept. 2, 2024 at 10:00 a.m. via virtual
meeting.

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. 30, 2024 at 5:00 p.m.

(Melissa) Poh Bee Lau and Malcolm Kimbal Howell of Jirsch
Sutherland were appointed as administrators of the company on July
29, 2024.


REDZED TRUST 2024-2: Fitch Assigns 'B+sf' Rating on Class F Notes
-----------------------------------------------------------------
Fitch Ratings has assigned final ratings to RedZed Trust Series
2024-2's mortgage-backed pass-through floating-rate bonds. The
issuance consists of notes backed by a pool of first-ranking
Australian conforming and non-conforming residential full- and
low-documentation mortgage loans originated by RedZed Lending
Solutions Pty Limited.

The notes were issued by Perpetual Trustee Company Limited in its
capacity as trustee of RedZed Trust Series 2024-2. This is a
separate and distinct series created under a master trust deed.

   Entity/Debt          Rating            Prior
   -----------          ------            -----
RedZed Trust
Series 2024-2

   A AU3FN0090296   LT AAAsf New Rating   AAA(EXP)sf
   B AU3FN0090304   LT AAsf  New Rating   AA(EXP)sf
   C AU3FN0090312   LT Asf   New Rating   A(EXP)sf
   D AU3FN0090320   LT BBBsf New Rating   BBB(EXP)sf
   E AU3FN0090338   LT BBsf  New Rating   BB(EXP)sf
   F AU3FN0090346   LT B+sf  New Rating   B+(EXP)sf
   G1               LT NRsf  New Rating   NR(EXP)sf
   G2               LT NRsf  New Rating   NR(EXP)sf

KEY RATING DRIVERS

Sufficient Credit Enhancement: The 'AAAsf' weighted-average
foreclosure frequency (WAFF) of 18.6% is driven by the
weighted-average (WA) unindexed loan/value ratio (LVR) of 66.5%,
low documentation loans of 92.5% and, under Fitch's methodology,
non-conforming, self-employed and investment loans of 11.8%, 96.4%
and 44.1%, respectively.

The 'AAAsf' WA recovery rate (WARR) of 56.1% is driven by the
portfolio's WA indexed scheduled LVR of 64.5%. The 'AAAsf'
portfolio loss of 8.1% is higher than the previous 100% residential
transaction, RedZed Trust Series 2023-3, due primarily to a higher
WA 'AAAsf' market value decline and more loans with a current LVR
greater than or equal to 80%.

The class A, B, C, D, E and F notes benefit from credit enhancement
of 8.5%, 5.8%, 3.6%, 2.2%, 1.4% and 0.3%, respectively. The notes
also benefit from excess spread, which forms part of the credit
enhancement available to each note. The transaction has structural
features that include retention and amortisation amounts that
redirect available excess income not used to reimburse losses to
repay note principal balances.

Limited Liquidity Risk: The transaction benefits from a liquidity
facility sized at 1.5% of the invested note balance (excluding
class G), with a floor of AUD600,000; this is sufficient to
mitigate payment interruption risk.

Low Operational and Servicing Risk: RedZed, established in 2006, is
an experienced specialist lender for self-employed borrowers. Fitch
undertook an operational review and found that the operations of
the originator and servicer were comparable with market standards.

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

RATING SENSITIVITIES

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

A deterioration in economic fundamentals and consumers' financial
positions in Australia beyond Fitch's expectations, where available
credit enhancement cannot compensate for the higher credit losses
and cash flow stresses, all else being equal.

Downgrade Sensitivities:

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

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

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

Rating: AAAsf / AAsf / Asf / BBBsf / BBsf / B+sf

Increase defaults by 15%: AA+sf / A+sf / A-sf / BBBsf / BBsf /
B+sf

Increase defaults by 30%: AAsf / A+sf / A-sf / BBBsf / BBsf / B+sf

Reduce recoveries by 15%: AAAsf / AA-sf / Asf / BBBsf / BBsf /
B+sf

Reduce recoveries by 30%: AAAsf / AA-sf / Asf / BBBsf / BBsf /
B+sf

Increase defaults by 15% and reduce recoveries by 15%: AA+sf / A+sf
/ A-sf / BBBsf / BBsf / B+sf

Increase defaults by 30% and reduce recoveries by 30%: AAsf / A+sf
/ A-sf / BBBsf / BBsf / B+sf

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

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

Upgrade Sensitivities

The class A notes are at 'AAAsf', which is the highest level on
Fitch's scale. The ratings cannot be upgraded and upgrade
sensitivity scenarios are not relevant. The ratings of the class D,
E and F notes are constrained at their current ratings by the large
obligor concentration test. Prepayments to the loans with the
largest obligor exposure, which result in the notes passing Fitch's
concentration test, could lead to positive rating action for the
notes, all else being equal.

Sensitivity stress results for the remaining rated notes are as
follows:

Notes: B / C / D / E / F

Rating: AAsf / Asf / BBBsf / BBsf / B+sf

Reduce defaults by 15% and increase recoveries by 15%: AA+sf / A+sf
/ BBBsf / BBsf / B+sf

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

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

DATA ADEQUACY

Fitch sought to receive a third-party assessment conducted on the
asset portfolio information, but none was made available to Fitch
for this transaction.

As part of its ongoing monitoring, Fitch reviewed a small targeted
sample of the originator's origination files and found the
information contained in the reviewed files to be adequately
consistent with the originator's policies and practices and the
other information provided to the agency about the asset
portfolio.

Overall, and together with any assumptions referred to above,
Fitch's assessment of the information relied upon for the agency's
rating analysis, according to its applicable rating methodologies,
indicates that it is adequately reliable.

ESG Considerations

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


RESIMAC BASTILLE 2024-2NC: Moody's Assigns B2 Rating to F Notes
---------------------------------------------------------------
Moody's Ratings has assigned the following definitive ratings to
the notes issued by Perpetual Trustee Company Limited as trustee of
the RESIMAC Bastille Trust in respect of the RESIMAC Series
2024-2NC.

Issuer: Perpetual Trustee Company Limited as trustee of the RESIMAC
Bastille Trust in respect of the RESIMAC Series 2024-2NC

GBP130.0 million Class A1 Notes, Assigned Aaa (sf)

AUD545.0 million Class A2 Notes, Assigned Aaa (sf)

AUD110.0 million Class AB Notes, Assigned Aaa (sf)

AUD40.00 million Class B Notes, Assigned Aa2 (sf)

AUD18.00 million Class C Notes, Assigned A2 (sf)

AUD7.00 million Class D Notes, Assigned Baa2 (sf)

AUD11.00 million Class E Notes, Assigned Ba2 (sf)

AUD7.00 million Class F Notes, Assigned B2 (sf)

The AUD7.00 million Class G Notes are not rated by us.

The transaction is a securitisation of first-ranking mortgage loans
secured over residential properties located in Australia. The loans
were originated and are serviced by Resimac Limited (Resimac,
unrated).

Resimac is an Australian non-bank lender, specialising in
non-conforming and prime residential mortgage lending. In 2020,
Resimac expanded its lending into asset finance, providing auto and
equipment loans to commercial and consumer obligors. As of June
2024, Resimac's Australian mortgage portfolio was around AUD13.9
billion.

RATINGS RATIONALE

The definitive ratings take into account, among other factors, an
evaluation of the underlying receivables and their expected
performance, evaluation of the capital structure and credit
enhancement provided to the notes, availability of excess spread
over the life of the transaction, the liquidity facility in the
amount of 1.5% of the rated notes' balance, the legal structure,
the experience of Resimac as servicer and the presence of Perpetual
Trustee Company Limited as the backup servicer.

Moody's MILAN Stressed Loss — representing the loss that Moody's
expect the portfolio to suffer in the event of a severe recession
scenario — is 6.6%. Moody's expected loss for this transaction is
1.1%.

According to Moody's analysis, the Class A1 and Class A2 (together
the Class A Notes) benefit from 20.0% subordination, compared with
the 6.6% MILAN Stressed Loss. The transaction challenges include a
relatively high proportion of loans to self-employed borrowers (at
least 69.8%) and further 9.4% of loans to company borrowers.

The transaction features a scheduled amortization Class A1 Notes,
which is a credit challenge:

The Class A1 Notes are due to be repaid over four years in
accordance with a principal amortisation schedule, set assuming a
certain level of constant prepayment (CPR).

--Non-payment of principal amounts due under the amortisation
schedule will cause an event of default under the transaction
documents and may lead to a declaration of the secured moneys due
and payable.

--The underlying mortgages typically have scheduled principal
amortisation periods over 25 to 30 years. If the prepayment rate on
the underlying mortgages is below that assumed for the repayment of
the Class A1 Notes, then the principal received from the underlying
assets will not be sufficient to cover the Class A1 scheduled
payments. In this case, and other cases where principal proceeds
might be insufficient, the scheduled repayment of the Class A1
Notes will be supported by the available scheduled amortisation
amount (SAA) facility provided by National Australia Bank Limited
(NAB, Aa2/P-1/Aa1(cr)/P-1(cr)). The facility has a maximum limit of
AUD145.4 million, representing around 57% of the AUD equivalent of
the Class A1 Notes as at closing.

--Based on Moody's analysis, the SAA facility, together with the
ability to divert Class A2 principal allocation towards repayment
of the Class A1 Notes, materially mitigate the risk of default on
the Class A1 Notes in low prepayment scenarios. Moody's note that
in the case of a very low single-digit CPR over the entire
four-year period, there is a high risk of default on the Class A1
Notes. However, Moody's view the likelihood of such scenario
occurring as consistent with the Class A1 ratings.

Other transactional features are as follows:

-- Initially, principal payments will be made sequentially,
starting with the Class A1 Notes. All classes of notes, excluding
Class G and Class Z Notes, will receive their pro-rata share of
principal payments provided the principal step-down test is met.
The principal step-down test provisions include, among others, if
it is 24 months post-closing date and before the first call option
date, there is no Class A1 Note principal allocation shortfall on
that date, and no unreimbursed charge-offs. Principal payments will
revert to sequential on and after the call option date, occurring
on or after the payment date in August 2028.

-- Under the retention mechanism, prior to the call date, a
certain proportion of excess spread remaining after reimbursing
losses, carry-over charge-offs, and interest on Class G Notes, will
be used to repay principal on the junior Notes, starting with the
Class F Notes, thereby limiting their exposure to losses. Issuance
of an equivalent amount of subordinated Class Z Notes at the same
time will preserve the level of credit enhancement available to the
more senior ranking notes.

-- The servicer is required to maintain the weighted average
interest rates on the mortgage loans at a level sufficient for the
trust to meet the required payments when due, plus 0.25%.

Key pool features are as follows:

-- The pool has a weighted average scheduled LTV of 68.0%.

-- The pool has a weighted average seasoning of 20.4 months.

-- Alternative documentation loans make up around 90.7% of the
pool.

-- The pool has a relatively high exposure to Gold Coast,
Queensland (5.7%).

Methodology Underlying the Rating Action:

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

This methodology relates to Australian transactions.

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

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

A factor that could lead to a downgrade of the notes is
worse-than-expected collateral performance. Other reasons that
could lead to a downgrade include poor servicing, error on the part
of transaction parties, a deterioration in the credit quality of
transaction counterparties, or lack of transactional governance,
and fraud.


RUBY BOND 2024-1: S&P Affirms B(sf) Rating on Class F Debt
----------------------------------------------------------
S&P Global Ratings raised its ratings on 12 classes and affirmed
its ratings on 49 classes of Australian residential mortgage-backed
securities (RMBS) transactions sponsored by three Australian
originators. At the same time, S&P removed 48 of these ratings from
under criteria observation (UCO).

The rating actions follow S&P's review of these RMBS transactions
when applying its updated methodology and assumptions for assessing
pools of Australian residential loans.

Portfolios in these RMBS transactions have exposure ranging from
21% to 100% to borrowers with foreign income as their primary
income source, either because they are non-Australian residents or
citizens. In addition, certain portfolios are also meaningfully
exposed to self-managed superannuation fund (SMSF) borrowers
ranging from 15% to 44%.

S&P said, "Our credit and cash flow analysis conclusion for each
rated class of notes indicates that the credit enhancement
available is commensurate with each respective rating. With
adequate credit support and considering the structural mechanisms
available, the rated classes of notes are able to meet the relevant
cash flow stresses we apply. We therefore affirmed our ratings on
49 classes of notes. Of the transactions reviewed, certain classes
of rated notes have shown to be comparatively more robust when
subjected to our cash flow stresses at higher rating levels; we
therefore raised our ratings on 12 classes of notes.

"Of the transactions we reviewed, ratings on certain classes of
rated notes are constrained below the level that our credit and
cash flow analysis would suggest due to other risk considerations
such as pool concentrations and sensitivities to the outlook for
yield. With meaningful concentration to nonresidents, the
portfolios are exposed to macroeconomic events and policies that
affect both Australia and the borrowers' countries of residence or
income source. The degree of concentration exposes the transactions
to potential disruptions in cash flows due to events or policies
affecting the flow of funds between countries. In our cash flow
analysis, we applied additional compressed default curves to
simulate a possible concentrated disruption in cash flows to the
trust. With most portfolios, however, we do not expect such
concentration to meaningfully reduce over the life of the
transaction and instead may increase further, as any loans to
residents in the portfolios would have better refinancing
opportunities compared with loans to nonresidents. The impact
however can vary between transactions since the extent of
concentration ranges from 21% to 100%.

"Furthermore, certain portfolios are also concentrated to SMSF
borrowers. Although as a subsector the performance of SMSF loans
has been strong, we apply additional adjustment in our credit
support calculation to reflect the more significant consequences of
noncompliance in an ever-changing regulatory landscape, elevated
risk profile of SMSF lending, limited data history of performance
in more stressful economic periods, and its more nuanced
underwriting complexity. Due to the nature of the product, we
expect such loans to have lower prepayment rates compared to
typical prime residential loans and therefore expect SMSF
concentration to increase in these portfolios."

From a cash flow yield and liquidity perspective, because of the
concentrations, the portfolios generally benefit from higher
interest rates compared to typical prime loans. This, however,
meant greater sensitivity to changes in a competitive mortgage
market environment, and when combined with our higher than typical
foreclosure frequency expectations for nonresident portfolios, the
transactions are susceptible to liquidity stress at various rating
levels. S&P further notes of the RMBS transactions reviewed, five
are on sequential pay only, which strongly benefit senior notes
while exposing other mezzanine or subordinated notes to longer
periods of credit and cash flow risks.

S&P said, "Except for three transactions that closed in 2024, which
have low arrears, arrears of all other portfolios we reviewed are
approximately near the Standard & Poor's Performance Index (SPIN)
for Australian prime mortgages. We further note the transactions
reviewed have to date performed with no losses or charge-offs, and
none have required drawing on their respective liquidity
supports."


  Ratings Affirmed

  Crimson Bond Trust 2022-1P

  Class A1-AU: AAA (sf)

  Ruby Bond Trust 2021-1

  Class A1-AU: AAA (sf)

  Ruby Bond Trust 2022-1

  Class A1-AU-G: AAA (sf)

  Ruby Bond Trust 2024-1

  Class A1-MM: AAA (sf)
  Class A1-AU: AAA (sf)
  Class A2: AAA (sf)
  Class B: AA (sf)
  Class C: A (sf)
  Class D: BBB (sf)
  Class E: BB (sf)
  Class F: B (sf)

  Solaris Trust 2022-1

  Class A-L: AAA (sf)

  Vermilion Bond Trust 2023 Series 1

  Class A1-AU: AAA (sf)

  Ratings Affirmed And Removed From Under Criteria Observation

  Crimson Bond Trust 2022-1P

  Class A2: AAA (sf)
  Class D: BBB (sf)
  Class E: BB (sf)
  Class F: B (sf)

  Crimson Bond Trust 2022-2P

  Class A1-AU: AAA (sf)
  Class A2: AAA (sf)
  Class D: BBB (sf)
  Class E: BB (sf)
  Class F: B (sf)

  Ruby Bond Trust 2021-1

  Class D: BBB (sf)
  Class E: BB (sf)
  Class F: B (sf)

  Ruby Bond Trust 2022-1

  Class D: BBB (sf)
  Class E: BB (sf)
  Class F: B (sf)

  Solaris Trust 2022-1

  Class D: BBB (sf)
  Class E: BB- (sf)

  Solaris Trust 2024-1

  Class A-S: AAA (sf)
  Class A-L: AAA (sf)
  Class A-2: AAA (sf)
  Class B: AA (sf)
  Class C: A (sf)
  Class D: BBB (sf)

  Vermilion Bond Trust 2021 Series 1

  Class D: BBB (sf)
  Class E: BB (sf)
  Class F: B (sf)

  Vermilion Bond Trust 2023 Series 1

  Class A2: AAA (sf)
  Class B: AA (sf)
  Class C: A+ (sf)
  Class D: BBB (sf)

  Vermilion Bond Trust 2024 Series 1

  Class A1-MM: AAA (sf)
  Class A1-AU: AAA (sf)
  Class A2: AAA (sf)
  Class B: AA (sf)
  Class C: A (sf)
  Class D: BBB+ (sf)

  Ratings Raised And Removed From Under Criteria Observation

  Crimson Bond Trust 2022-1P

  Class B: to AA+ (sf) from AA (sf)
  Class C: to AA (sf) from A (sf)

  Crimson Bond Trust 2022-2P

  Class B: to AA+ (sf) from AA (sf)
  Class C: to AA (sf) from A (sf)

  Ruby Bond Trust 2021-1

  Class B: to AA+ (sf) from AA (sf)
  Class C: to A+ (sf) from A (sf)

  Ruby Bond Trust 2022-1

  Class B-G: to AA+ (sf) from AA (sf)
  Class C-G: to A+ (sf) from A (sf)

  Solaris Trust 2022-1

  Class B: to AA+ (sf) from AA (sf)
  Class C: to A+ (sf) from A (sf)

  Vermilion Bond Trust 2021 Series 1

  Class B: to AA+ (sf) from AA (sf)
  Class C: to A+ (sf) from A (sf)




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

CHENGDU AEROTROPOLIS: Fitch Affirms 'BB+' IDR, Outlook Stable
-------------------------------------------------------------
Fitch Ratings has affirmed Chengdu Aerotropolis City Development
Group Co., Ltd.'s (ACDG) Long-Term Foreign- and Local-Currency
Issuer Default Ratings (IDRs) at 'BB+'. The Outlook is Stable.

Fitch regards ACDG as a government-related entity (GRE) of
Shuangliu district, a part of Chengdu municipality. The rating
approach reflects its expectation that ACDG will receive
extraordinary support from the district government, if needed.

KEY RATING DRIVERS

Support Score Assessment 'Virtually certain'

Fitch considers that extraordinary support from the Shuangliu
district government to ACDG would be 'Virtually Certain', if
needed. This reflects a support score of 45 out of a maximum 60
under its Government-Related Entities Rating Criteria, based on its
assessment of the government's responsibility and incentive to
provide support.

Responsibility to Support

Decision Making and Oversight 'Very Strong'

The Shuangliu district government is ACDG's main decision maker and
exerts control through the Chengdu Shuangliu District State-owned
Assets Supervision, Administration and Financial Bureau, which owns
90% of ACDG. The Department of Finance of Sichuan Province holds a
10% stake, but Fitch expects its involvement in the company to be
limited. The government appoints all of ACDG's board members,
except the employee representative, as well as senior management.
It also approves the company's major investment and financing plans
and closely monitoring its operating and financial performance.

Precedents of Support 'Strong'

Shuangliu district provides continued financial support to ACDG.
The company received an average of CNY370 million in annual
subsidies during 2019-2023, which was equivalent to nearly all of
its Fitch-calculated EBITDA. It has also received large cash and
asset injections to compensate for policy projects with low
profitability and to strengthen its balance sheet. The level of
support provided is material relative to the company's balance
sheet and allows it to meet contractual obligations.

Incentives to Support

Preservation of Government Policy Role 'Strong'

ACDG's policy role to improve the district's transport links is
strategically important, due to the high traffic at the
international airport. The company is also mandated by the city and
district governments to promote transportation-oriented development
related to the Shuangliu metro network and Chengdu international
airport business district, which is a priority for the district's
economic development. The human-resource services ACDG provides to
the local government's departments also increases the potential
socio-political impact should ACDG default.

Contagion Risk 'Very Strong'

ACDG is among the district's highest profile entities, with strong
visibility in borrowing. Its policy intensity allows it to maintain
solid funding access to major banks. ACDG had total credit lines of
about CNY35 billion from Chinese banks, including about 50% from
policy and state banks rated in the 'A' category. The company also
has established access to the domestic and offshore bond markets.

Issued debt accounts for about 40% of total debt. Most of its debt
was raised to finance policy projects that serve the public. Fitch
believes its default would severely damage the government's
reputation and constrain the financing capability of local GREs.

Standalone Credit Profile

Its Standalone Credit Profile (SCP) assessment is derived from a
'Midrange' risk profile and 'b' financial profile. Fitch positions
ACDG's SCP at 'b', factoring in its leverage and liquidity profile
relative to peers.

Risk Profile: 'Midrange'

Fitch assesses ACDG's risk profile at 'Midrange', reflecting the
combination of the following assessments:

Revenue Risk: 'Midrange'

Its revenue risk assessment reflects the continued increase in
demand for ACDG's services, due to the district's economic growth
prospects. ACDG has diversified revenue sources, with some
geographic and customer concentration. It also receives regular
fiscal funding to compensate it its policy business.

Expenditure Risk: 'Midrange'

Its expenditure risk assessment is driven by the company's
well-identified cost drivers with moderate volatility. Capex is
mostly to develop the district's commercial zone. The company paces
investment in line with government support.

Liabilities and Liquidity Risk: 'Midrange'

Its liability and liquidity risk assessment is based on the
company's adequate liquidity profile, supported by its strong
relationships with state-owned and policy banks and ample undrawn
credit facilities. The company had a weighted-average debt life of
2.8 years as of end-2023, on par with historical levels. Foreign
exchange risk is manageable, as its US-dollar bond accounted for
about 8% of total debt.

Financial Profile 'b'

Fitch expects net leverage, measured by net debt/Fitch-calculated
EBITDA, to remain high at 95x-100x till end-2028, given the
company's investment plans. This results in a 'b' financial
profile. That said, financing risk associated with the high
leverage should be mitigated by ACDG's solid financing access,
which underpins its 'b' SCP.

Derivation Summary

Fitch derives ACDG's rating from its assessment of the four key
rating factors under its Government-Related Entities Rating
Criteria, combined with the 'b' SCP under its Public Policy
Revenue-Supported Entities Rating Criteria.

Issuer Profile

ACDG is a core GRE in Shuangliu district. It is responsible for
transportation infrastructure development and public transportation
in the district.

Key Assumptions

Its rating case is a "through-the-cycle" scenario that incorporates
a combination of revenue, cost and financial risk stresses. It is
based on 2019-2023 historical figures and 2024-2028 scenario
assumptions:

- average operating revenue growth of about 5% a year in 2024-2028,
driven by sustained demand for public services;

- average operating expenditure growth of about 5% a year in
2024-2028, based on a steady increase in recurring expenditure and
variable costs fluctuating with revenue growth;

- average debt growth of about 5%, given the company's debt
management plan.

Rating Sensitivities

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

- A lowering of its credit view of Shuangliu district's ability to
provide subsidies, grants or other legitimate resources allowed
under China's policies and regulations.

- A deterioration in its perception of the government's
responsibility to provide support, including a weakening in the
government's decision-making, oversight or precedents of support.

- A deterioration in its perception of the government's incentive
to provide support, including a weakening in the preservation of
ACDG's government policy role or weaker implications of contagion
risk.

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

- An upward revision in its credit view of Shuangliu district's
ability to provide subsidies, grants or other legitimate resources
allowed under China's policies and regulations.

ESG Considerations

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

   Entity/Debt                  Rating           Prior
   -----------                  ------           -----
Chengdu Aerotropolis
City Development
Group Co., Ltd.        LT IDR    BB+  Affirmed   BB+
                       LC LT IDR BB+  Affirmed   BB+


CHENGDU AIRPORT: Fitch Affirms 'BB+' LongTerm IDRs, Outlook Stable
------------------------------------------------------------------
Fitch Ratings has affirmed Chengdu Airport Xingcheng Investment
Group Co., Ltd.'s (CAXIG) Long-Term Foreign- and Local-Currency
Issuer Default Ratings (IDRs) at 'BB+'. The Outlook is Stable.

Fitch regards CAXIG as a government-related entity (GRE) of the
Chengdu Shuangliu district, a part of Chengdu municipality. The
rating approach reflects its expectation that CAXIG will receive
extraordinary support from the district government, if needed.

KEY RATING DRIVERS

Support Score Assessment 'Virtually certain'

Fitch believes extraordinary support from the Shuangliu district
government to CAXIG would be virtually certain in case of need,
reflecting a support score of 45 (out of a maximum 60) under
Fitch's Government-Related Entities Rating Criteria. This reflects
a combination of responsibility to support and incentive to support
factor assessments.

Responsibility to Support

Decision Making and Oversight 'Very Strong'

The district government is effectively the main decision-maker for
CAXIG and exerts control through the Chengdu Shuangliu District
State-owned Assets Supervision, Administration and Financial Bureau
(SASAFB), which owns 90% of CAXIG. The Department of Finance of
Sichuan province holds the remaining 10% stake in CAXIG, but Fitch
expects its involvement in the company to be limited.

The government tightly controls CAXIG by appointing senior
management, approving major investment and financing plans, and
closely monitoring the company's operating and financial
performance. All of the board members, except for the employee
representative, are appointed by the government.

Precedents of Support 'Strong'

The district government has granted continuous financial support to
CAXIG. The company received annual government subsidies of CNY260
million, which made up 20%-30% of EBITDA in the past five years.

It has also received sizeable cash and asset injections from the
government to compensate for policy projects with low profitability
and to strengthen its balance sheet. The fiscal support totalled
about CNY8.3 billion in 2023, enhancing its capital base to CNY66
billion from CNY57 billion at end-2022. The support provided is
material relative to the company's balance sheet.

Incentives to Support

Preservation of Government Policy Role 'Strong'

CAXIG's role in the district ranges from urban development and
industrial investment to the promotion local economic development.
The large population inflow to the district means the public
services CAXIG provides to improve local households' living
standards as well as the region's economic and employment prospects
have been strategically important. The Shuangliu district has
become one of the most populous in Chengdu with 1.5 million
residents at end-2023, increasing from 0.8 million at end-2017.

Contagion Risk 'Very Strong'

CAXIG is among the highest profile entities in the district with
strong visibility in borrowing. Chinese banks provide substantial
debt financing, with policy and state banks rated in the 'A'
category contributing about 40% of the credit facilities. CAXIG is
also a regular bond issuer in domestic and offshore markets. Most
of its debt is raised to finance local urban-infrastructure
projects that serve the public. Fitch believes a default would
severely damage the district government's reputation and constrain
other regional GREs' financing capability.

Standalone Credit Profile

Its Standalone Credit Profile (SCP) assessment is derived from a
'Midrange' risk profile and 'b' financial profile. Fitch positions
CAXIG's SCP in the middle of the 'b' category, factoring in its
leverage and liquidity profile relative to peers.

Risk Profile: 'Midrange'

Fitch assesses CAXIG's risk profile at 'Midrange', reflecting the
combination of its assessment of its revenue, expenditure, and
liability and liquidity risks.

Revenue Risk: 'Midrange'

Revenue risk is assessed as 'Midrange' as Fitch expects sustained
demand for urban development in Shuangliu, given the district's
solid economic prospects and strong population inflow. This is
counterbalanced by CAXIG's geographic and customer concentration,
resulting in its 'Midrange' assessment.

Expenditure Risk: 'Midrange'

The 'Midrange' expenditure risk reflects CAXIG's well-identified
cost drivers with moderate volatility. The company formulates its
investment plans in accordance with the district government's
approval and fiscal support, mitigating execution risk.

Liabilities and Liquidity Risk: 'Midrange'

The liabilities and liquidity risk assessed as 'Midrange', which
reflects its adequate liquidity profile. CAXIG has good access to
capital markets for financing, and sufficient liquidity available
for debt servicing given its good relationships with major Chinese
banks. Its weighted-average life of debt was around 3.7 years as of
end-2023, in line with the 'Midrange' assessment. Foreign-currency
risk is manageable as its US dollar bond accounted for only about
5% of total debt.

Financial Profile 'b'

Fitch expects the company's net leverage, measured by net
debt/Fitch-calculated EBITDA, to remain high at 50x-60x by end-2028
in light of the company's investment plan. This results in the 'b'
financial profile. Its adequate liquidity profile mitigates the
financing risk associated with the high leverage, underpinning the
'b' SCP.

Derivation Summary

CAXIG's rating is derived from its assessment of the four key
rating factors under Fitch's Government-Related Entities Rating
Criteria, combined with the SCP assessment of 'b' under its Public
Policy Revenue-Supported Entities Rating Criteria.

Issuer Profile

CAXIG is a key urban developer in the Chengdu Shuangliu district,
with total assets of CNY141 billion as of end-2023. The district is
part of Chengdu, the capital of Sichuan province, in southwest
China.

Key Assumptions

Fitch's rating case is a "through-the-cycle" scenario, which
incorporates a combination of revenue, cost and financial risk
stresses. It is based on 2019-2023 historical figures and 2024-2028
scenario assumptions:

- average operating revenue growth of about 5% a year in 2024-2028,
driven by sustained demand for public services;

- average operating expenditure growth of about 5% a year in
2024-2028, based on a steady increase in recurring expenditure and
variable costs fluctuating with revenue growth;

- average net debt growth of about 5%, given the company's debt
management plan.

Rating Sensitivities

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

- A lowering of Fitch's credit view of the Chengdu Shuangliu
district's ability to provide subsidies, grants or other legitimate
resources allowed under China's policies and regulations;

- A deterioration in its perception of the government's
responsibility to provide support, including a weakening in the
government's decision-making, oversight or precedents of support;

- A deterioration in its perception of the government's incentive
to provide support, including a weakening in CAXIG's preservation
of the government's policy role or weaker implications of contagion
risk.

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

An upward revision in Fitch's credit view of the Chengdu Shuangliu
district's ability to provide subsidies, grants or other legitimate
resources allowed under China's policies and regulations may lead
to positive rating action.

ESG Considerations

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

   Entity/Debt                  Rating           Prior
   -----------                  ------           -----
Chengdu Airport
Xingcheng Investment
Group Co., Ltd.        LT IDR    BB+  Affirmed   BB+
                       LC LT IDR BB+  Affirmed   BB+


CHINA EVERGRANDE: Unit Warns of Bigger First-Half Loss
------------------------------------------------------
Reuters reports that the electric vehicle unit of China Evergrande
said on Aug. 27 it expected to report a bigger loss for the first
half of 2024, reflecting an increase in provision for impairments.

China Evergrande New Energy Vehicle estimated a consolidated net
loss of about CNY20.25 billion for the six months ended June 30,
compared with CNY6.87 billion in the same period a year earlier,
Reuters discloses.

Reuters relates that the EV unit, which is in talks with a
potential buyer to take a stake in the company, signalled an
impairment provision of around CNY16.74 billion for the half year.

"The company has increased the provision for impairment loss on
receivables from the subsidiaries, associates, and joint ventures
of China Evergrande," the electric vehicle maker said.

A Hong Kong court in January had ordered the liquidation of
property giant China Evergrande Group.

China Evergrande New Energy is scheduled to report its half-year
earnings on Aug. 30, Reuters notes.

The EV maker had produced only 1,700 of its Hengchi EVs as of the
end of 2023. Its Tianjin factory has suspended production since the
start of this year.

                       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.


COUNTRY GARDEN: Mulls Further Delays to Yuan Bond Payments
----------------------------------------------------------
Bloomberg News reports that Country Garden Holdings Co told some
investors that it is considering further extending payments on some
of its yuan bonds, according to people familiar with the matter, as
a prolonged sales slump adds to the Chinese developer's financial
stress.

In an effort to gain more time to map out a debt overhaul, Country
Garden's main onshore unit may push back payments on several yuan
bonds due in September by six months, the people said, citing
private conversations, Bloomberg relays. That would include 10% of
the principal on its 4.38% notes due in September 2026, the people
added.

Bondholders' approval would be needed for the delays, Bloomberg
notes.

According to Bloomberg, some of these payments due next month were
already pushed back to April after the builder first extended the
notes last year.

The potential payment delays would be a fresh setback for onshore
bondholders, who are waiting to recoup part of their losses. It
also underscores the liquidity stress that some of China's biggest
builders still face as the nation's property crisis drags into its
fourth year.

Reuters relates that Country Garden said that it would make
arrangements on principal and interest payments according to its
funding situation and would make a disclosure in September.

Like many of its peers, Country Garden's sales continue to slide.
Contracted sales for July dropped 72% from a year earlier to
CNY3.41 billion, following a 73% decline in June, Bloomberg
discloses.

Country Garden got a six-month respite for its offshore
restructuring talks last month after its liquidation hearing in
Hong Kong was adjourned until late January. The company said at the
time that it expected key creditor groups to agree on a debt term
sheet by the end of September.

                   About Country Garden Holdings

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

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

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

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


WEIFANG URBAN: Fitch Rates New USD Unsecured Bonds 'BB+'
--------------------------------------------------------
Fitch Ratings has assigned Weifang Urban Construction and
Development Investment Group Co., Ltd.'s (WUCDI, BB+/Stable)
proposed US dollar senior unsecured bonds a rating of 'BB+'.

Key Rating Drivers

The proposed bond is rated at the same level as WUCDI's Issuer
Default Rating (IDR), as it will represent its unsubordinated and
unsecured obligations and ranks at least pari passu with all of its
other unsecured debt. The proceeds will be used to refinance its
existing offshore debt.

Derivation Summary

Fitch rates WUCDI under its Government-Related Entities Rating
Criteria. The rating reflects its assessment that the Weifang
government is 'Extremely likely' to step in and provide support
should WUCDI default. The rating also takes into consideration the
'b' Standalone Credit Profile under its Public Policy
Revenue-Supported Entities Rating Criteria.

RATING SENSITIVITIES

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

- An upgrade of WUCDI's IDR would result in positive rating action
on the proposed bonds.

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

- A downgrade of WUCDI's IDR would lead to negative rating action
on the proposed bonds.

Issuer Profile

WUCDI, established in 2016, is a major government-related entity in
Weifang, a city in Shandong province. Its businesses include urban
infrastructure development, land sales, trading, heat and water
supply.

Date of Relevant Committee

11 April 2024

MACROECONOMIC ASSUMPTIONS AND SECTOR FORECASTS

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

ESG Considerations

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           
   -----------              ------           
Weifang Urban
Construction and
Development
Investment Group
Co., Ltd.

   senior unsecured     LT BB+ New Rating




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

AMIT ENTERPRISES: ICRA Keeps D Debt Rating in Not Cooperating
-------------------------------------------------------------
ICRA has kept the Long-Term rating for the Bank facilities of Amit
Enterprises Housing Limited 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 Amit Enterprises Housing 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.

Amit Enterprises Housing Limited (AEHL), incorporated in 2008, is
involved in the development and sale of real estate projects and is
a part of the Pune-based Amit Enterprises Group. At present, the
firm is executing five residential and one commercial projects. Out
of the five residential projects, three projects are in Ambegaon,
Pune, while the other two are located in Undri, Pune. The
commercial project Astonia Classic is located at Undri, Pune, and
is in very nascent stages of development. All the necessary
approvals required for the projects such as land approvals,
environmental clearance, and commencement certificate, have been
obtained.


B.V.L. EXPORTS: ICRA Keeps D Debt Ratings in Not Cooperating
------------------------------------------------------------
ICRA has kept the Long-Term rating for the Bank facilities of
B.V.L. Exports 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         125.00      [ICRA]D; ISSUER NOT COOPERATING;
   Fund based                    Rating Continues to remain under
   Cash Credit                   'Issuer Not Cooperating'
                                 Category

As part of its process and in accordance with its rating agreement
with B.V.L. Exports 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.

B.V.L. Exports Private Limited was incorporated in 2000 and is
involved in trading of tobacco. The company has a godown in Ongole
District which it has rented out to ITC Limited for tobacco
storage. It continued to operate as a tobacco exporter till 2004
when it transferred its entire tobacco export business to Indian
Tobacco Traders. The company then ventured into granite mining by
acquiring granite quarry in Ongole District of Andhra Pradesh. The
company mines black galaxy variety of granite. However, the company
restarted its tobacco trading business from December 24th, 2014.


BYJU'S: General Atlantic, Prosus ask High Court to Hear Concerns
----------------------------------------------------------------
Reuters reports that foreign investors in Byju's, including General
Atlantic, have urged India's Supreme Court to hear their concerns
as judges decide on the future of the insolvent education tech
firm, a legal filing showed.

Valued at $22 billion in 2022, Byju's became popular by offering
online training courses during the COVID-19 pandemic, but is now
locked in a dispute with U.S. lenders seeking $1 billion in unpaid
dues - a case that has triggered its insolvency.

According to Reuters, the latest move by Byju's investors could
potentially complicate efforts by founder and CEO Byju Raveendran
to fight the insolvency move and regain control of the company.

In the Aug. 25 filing, which is not public but was seen by Reuters,
General Atlantic, Prosus, Peak XV (previously known as Sequoia
Capital) and Sofina told the court they "wish to present grounds
pertaining to the issues" under consideration.

The four are the biggest foreign shareholders in Byju's with a
combined stake of nearly 17%. They said they share concerns about
mismanagement at the company, just like U.S. lenders, the filing
showed.

The Supreme Court will hear Byju's insolvency case on Aug. 30.
The investors are not supporting insolvency but want to brief the
Supreme Court judges about alleged mismanagement at Byju's, a
source with direct knowledge of the filing told Reuters.

Reuters says Raveendran has repeatedly denied any wrongdoing, and
some of the investors had previously also called for his ouster but
weren't successful. Under the insolvency process Byju's is being
run by a court-appointed official.

In June, Dutch technology investor Prosus became the first investor
to fully write-off its investment in Byju's citing "the significant
decrease in value for equity investors".

Reuters notes that Raveendran has warned that insolvency will lead
to a total shutdown of the company which has 27,000 employees.

Byju's employees and parents of students plan to campaign to
recover unpaid salaries and dues, Reuters interviews with dozens of
Byju's employees and parents of students showed.

                            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.


DHARESHWAR COTTON: ICRA Keeps B Debt Ratings in Not Cooperating
---------------------------------------------------------------
ICRA has kept the Long-Term ratings of Dhareshwar Cotton Private
Limited in the 'Issuer Not Cooperating' category. The rating is
denoted as "[ICRA]B (Stable) ISSUER NOT COOPERATING".

                      Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long Term-          7.00       [ICRA]B (Stable) ISSUER NOT
   Fund Based-                    COOPERATING; Rating continues
   Cash Credit                    to remain under 'Issuer Not
                                  Cooperating' category

   Long Term-          0.02       [ICRA]B (Stable) ISSUER NOT
   Fund Based-                    COOPERATING; Rating continues
   Term Loan                      to remain under 'Issuer Not
                                  Cooperating' category

   Long Term-          1.88       [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 Dhareshwar Cotton 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.

Dhareshwar Cotton Pvt Ltd. (DCPL) was incorporated in 2011, and is
currently engage in cotton ginning, pressing and seed crushing
business. It has started its commercial production from December
2011. The company has 28 ginning machines with an intake capacity
of around 120 MTPD of raw cotton to produce cotton bales and cotton
seeds. For seed crushing, the company has installed 4 expellers
with an intake capacity of around 35 MTPD of cotton seeds to
produce oil and oil cakes.



GARGO MOTORS: CRISIL Keeps B+ Debt Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Gargo Motors
Limited (GML) continue to be 'CRISIL B+/Stable Issuer Not
Cooperating'.

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

   Channel Financing       5         CRISIL B+/Stable (Issuer Not
                                     Cooperating)

   Proposed Long Term      2         CRISIL B+/Stable (Issuer Not
   Bank Loan Facility                Cooperating)

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

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

Detailed Rationale

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

Incorporated in 1996, GML is a closely held public-limited entity
promoted by Mr Kamakhya Borthakur; it commenced operations in 2006.
The company is an authorised dealer for passenger cars of TML in
Assam. Mr Borthakur has also promoted Gargo Motors, which is an
authorised dealer of TML's commercial vehicles. GML has five
showrooms in Assam: at Tinsukia, Duliajan, Jorhat, Sibsagar, and
Dibrugarh. It also has stockyards and workshops at Guwahati,
Tinsukia, Dibrugarh, and Duliajan.


GREENCARE AGROVET: CRISIL Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Greencare
Agrovet (GA) continue to be 'CRISIL D Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit           6           CRISIL D (Issuer Not
                                     Cooperating)

   Term Loan             8.35        CRISIL D (Issuer Not
                                     Cooperating)

   Working Capital       1.1         CRISIL D (Issuer Not
   Demand Loan                       Cooperating)

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

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

Detailed Rationale

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

Established in 2013, Lucknow (Uttar Pradesh)-based GA, a
proprietorship firm of Ms Rinkie Singh, is engaged in the trading
of poultry feed and in poultry business i.e. produces eggs from
layer chicken. Its farm has a layer bird capacity of 50,000 slayer
birds.


J G AGRO: CRISIL Keeps D Debt Rating in Not Cooperating Category
----------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of J G Agro
Industries (JGAI) continues to be 'CRISIL D Issuer Not
Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit             9         CRISIL D (Issuer Not
                                     Cooperating)

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

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

Detailed Rationale

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

JGAI was established in 2008 as a partnership firm by the Jindal
family in Patiala (Punjab). The firm was reconstituted as a
proprietorship concern with Mr. Tejinder Mohan Jindal as proprietor
in 2012-13. JGAI is mainly engaged in shelling of basmati and
non-basmati rice.



JABALPUR ENTERTAINMENT: ICRA Keeps B+ Ratings in Not Cooperating
----------------------------------------------------------------
ICRA has kept the Long-Term rating of Jabalpur Entertainment
Complexes 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-          6.85        [ICRA]B+ (Stable) ISSUER NOT
   Fund Based-                     COOPERATING; Rating continues
   Term Loan                       to remain under 'Issuer Not
                                   Cooperating' category

   Long Term-          7.15        [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 Jabalpur Entertainment Complexes 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.

JECPL is promoted by Mr. Vishwa Mohan, who comes from the
well-known family of Raja Gokuldas of Jabalpur. The family has
contributed greatly to the development of the city of Jabalpur, the
freedom movement, literature, legislatures and the Indian
parliament. The family is influential and enjoys a good reputation
in the state. JECPL is managed by qualified professionals under a
regular monthly monitoring by the board of directors. Board of
directors comprises of Mr. Vishwa Mohan and Mr. Rajesh Maheshwari.
Mr. Rajesh Maheshwari has extensive administrative and managerial
experience and is President of Jabalpur Chamber of Commerce &
Industries. He has also served as adviser to Perfect Refractories
Ltd, Vallabh Refractories & Ceramic Product Ltd, and Narmada
Ceramics Ltd, Jabalpur. Further, Mr. Rajesh Maheshwari has held
several distinguished posts and has been awarded for his
administrative and leadership qualities. The board of JECPL is also
advised by experience professionals, sharing over 40 years of
combined experience in project management and auditing.


JALARAM JUTE: CRISIL Keeps D Debt Ratings in Not Cooperating
------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Sri Jalaram
Jute and Polymers (SJP) continue to be 'CRISIL D Issuer Not
Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit            6          CRISIL D (Issuer Not       
                                     Cooperating)

   Proposed Cash          7          CRISIL D (Issuer Not
   Credit Limit                      Cooperating)

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

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

Detailed Rationale

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

SJP was set up in 2010 Mr. Chandrakanth Thakker, Mr. Bharath
Thakker, Mr. Hasmuk Thakker, and their family members. The firm
manufactures polypropylene woven sacks used for packaging in
various industries such as cement, fertiliser, and rice. Its
manufacturing unit is in the Nizamabad district of Telangana.


JAYPEE INFRATECH: Suraksha Group Puts INR250cr in Company
---------------------------------------------------------
The Economic Times reports that Suraksha Group has infused INR250
crore in Jaypee Infratech after acquiring it through insolvency
process and has also arranged a INR3,000 crore loan facility, as it
gears up to complete around 20,000 unfinished flats in Delhi NCR.
Around INR1,000 crore cash is lying in the balance sheet of the
Jaypee Infratech Ltd, which the bankrupt company has accumulated
from real estate business and toll income of Yamuna Expressway that
connects Greater Noida and Agra.

According to ET, sources said Suraksha Group has infused INR250
crore in Jaypee Infratech Ltd (JIL) as equity and debt after taking
control of the latter in early June.

JIL currently has INR1,250 crore fund, including INR1,000 crore
internal cash and INR250 crore infusion from Suraksha group.

That apart, Suraksha Group has also arranged a credit line of
INR3,000 crore to ensure that there is no paucity of funds for
completion of all stalled projects, they added.

ET relates that sources said the Suraksha Group will require
INR6,500-7,000 crore investment to complete nearly 160 residential
towers across various projects.

Out of these towers, the construction work was going on in only 62
towers before the takeover of Suraksha Group, while activities on
the remaining 97 towers were completely stalled.

ET adds sources said the Suraksha Group has accelerated the pace of
construction in the 62 towers and is also applying for completion
certificates for the completed buildings.

Out of the 97 completely stalled towers, the Group has already
awarded contracts for 41 towers to many construction companies and
will soon give work orders for the remaining 56 towers.

Sources said construction activities are expected to be in full
swing by October, ET relays.

On June 4, Suraksha Group took control of JIL following the
insolvency appellate tribunal NCLAT decision on May 24, upholding
its bid to acquire JIL.

Sources said construction activities are expected to be in full
swing by October, ET adds.

                        About Jaypee Infratech

Jaypee Infratech Limited (JIL) is engaged in the real estate
development. The Company's business segments include Yamuna
Expressway Project and Healthcare.  The Company's Yamuna Expressway
Project is an integrated project, which inter alia includes
construction of 165 kilometers long six lane access controlled
expressway from Noida to Agra with provision for expansion to eight
lane with service roads and associated structures on build, own,
operate and transfer basis.  The Company provides operation and
maintenance of Yamuna Expressway for over 36 years, collection of
toll and the rights for development of approximately 25 million
square meters of land for residential, commercial, institutional,
amusement and industrial purposes at over five land parcels along
the expressway.  The Healthcare business segment includes
hospitals.  The Company has commenced development of its Land
Parcel-1 at Noida, Land Parcel-3 at Mirzapur and Land Parcel-5 at
Agra.

JIL features in the Reserve Bank of India's first list of
non-performing assets accounts and had debt exposure of over
INR9,783 crore as of September 2017.  The parent company,
Jaiprakash Associates Ltd. (JAL), owes more than INR29,000 crore to
various banks.

On Aug. 8, 2017, the National Company Law Tribunal (NCLT),
Allahabad bench accepted lender IDBI Bank's plea and classified JIL
as an insolvent company.  With this, the board of directors of the
company remains suspended.

Anuj Jain was appointed as Interim Resolution Professional (IRP) to
manage the company's business.  The IRP had invited bids from
investors interested in acquiring JIL and completing the stuck real
estate projects in Noida and Greater Noida.

In June 2021, the Committee of Creditors (CoC), which is made up of
banks and homebuyers, gave the Suraksha group authorization to
acquire JIL.

In March 2023, the National Company Law Tribunal (NCLT) authorised
the group's bid to acquire JIL and complete construction about
20,000 flats across various projects in the national capital
region.


JBR IMPEX: CRISIL Keeps D Debt Rating in Not Cooperating Category
-----------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of JBR Impex
India Private Limited (JBR) continues to be 'CRISIL D Issuer Not
Cooperating'.

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

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

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

Detailed Rationale

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

JBR, incorporated in April 2017, is based in Delhi and promoted and
managed by Mr Nitin Gaur. The company has set up a dal processing
unit in Mayapuri, Delhi, with a capacity of 14,400 tonne per annum.
Currently, it trades in dal.


KARTHIK ROOFINGS: ICRA Keeps D Debt Ratings in Not Cooperating
--------------------------------------------------------------
ICRA has kept the Long-Term rating and Short-Term rating of Karthik
Roofings in the 'Issuer Not Cooperating' category. The ratings are
denoted as "[ICRA]D; ISSUER NOT COOPERATING/[ICRA]D; ISSUER NOT
COOPERATING".

                      Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Long-term-         5.50       [ICRA]D; ISSUER NOT COOPERATING;
   Fund based                    Rating Continues to remain under
   Cash Credit                   'Issuer Not Cooperating'
                                 Category

   Long-term-         1.73       [ICRA]D; ISSUER NOT COOPERATING;
   Fund based                    Rating Continues to remain under
   Term Loan                     'Issuer Not Cooperating'
                                 Category

   Short-term         2.77       [ICRA]D; ISSUER NOT COOPERATING;
   Non-fund based                Rating continues to remain under
   Others                        'Issuer Not Cooperating'
                                 Category

As part of its process and in accordance with its rating agreement
with Karthik Roofings, 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.

Karthik Roofings(KR) was established in the year of 2001 as a
manufacturer of wide range of various roofing and cladding steel
products with a State of art manufacturing facility in Bangalore,
promoted by Ms. Srinivas Leelavathi. The key products of KR
includes trapezoid steel sheets and accessories, tile profiled
steel sheets, metal decking sheets, polycarbonate sheets, Z&C
Section and turbo ventilators like PUF panels and EDS panels. In
2013, the company has forward integrated to manufacture
preengineered building systems (PEB), Truss-less roofing system,
Glass-wool insulated roofing system under Karthik Roofings and
Structurals Pvt Ltd.


KRIPA AGRO: CRISIL Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Shree Kripa
Agro (SKA; part of the Metalore group) continue to be 'CRISIL
D/CRISIL D Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit             5         CRISIL D (Issuer Not
                                     Cooperating)

   Foreign Documentary     5         CRISIL D (Issuer Not
   Bills Purchase                    Cooperating)

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

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

Detailed Rationale

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

For arriving at the ratings, CRISIL Ratings has combined the
business and financial risk profiles of SKA, Metalore Overseas Pvt
Ltd (MOPL) and KS Impex Ltd (KSIL). This is because the three
entities, together referred to as the Metalore group, are in the
same line of business, have operational and financial linkages, and
are under the same promoter group and management.

The Metalore group, set up in 2001, exports steel utensils,
polyester yarn, cosmetics and standard toiletries, and agricultural
commodities, mainly to the UAE. The group also trades in these
commodities in the domestic market. Recently, it started processing
and selling edible oil (mustard and soya bean) in the domestic
market.


KRISHNA ABODES: CRISIL Keeps D Debt Rating in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Shree Krishna
Abodes Private Limited (SKAPL) continues to be 'CRISIL D Issuer Not
Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit             5         CRISIL D (Issuer Not
                                     Cooperating)

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

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

Detailed Rationale

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

Incorporated in 2005 and promoted by Mr Jitendra Singh Shekhawat
and Mr Rajendra Singh Shekhawat, SKAPL undertakes residential and
commercial real estate projects.


MAHABIR TECHNO: CRISIL Keeps D Debt Ratings in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Mahabir
Techno Limited (MTL) continue to be 'CRISIL D Issuer Not
Cooperating'.

                       Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit            8         CRISIL D (Issuer Not
                                    Cooperating)

   Cash Credit           25         CRISIL D (Issuer Not
                                    Cooperating)

   Proposed Long Term     1         CRISIL D (Issuer Not
   Bank Loan Facility               Cooperating)

   Term Loan              1         CRISIL D (Issuer Not
                                    Cooperating)

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

Detailed Rationale

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

Set up by members of the Khurana family of Kurukshetra (Haryana),
MTL refines rice bran oil, palm oil, sunflower oil, and other
edible oils. The refining operations commenced in a partnership
firm, Mahabir Techno, in 1996, which was acquired by MTL in 2003.


S.K. HITECH: CRISIL Keeps D Debt Rating in Not Cooperating
----------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of S.K. Hitech
Industries (SKHI) continues to be 'CRISIL D Issuer Not
Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Term Loan         7.98       CRISIL D (Issuer Not
                                     Cooperating)

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

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

Detailed Rationale

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

Established in 2015, Davanagere (Karnataka) based SKHI is set to
processes paddy to produce rice, broken rice, bran and husk. The
firm has an installed processing capacity of 14 tonne per hour of
paddy. The commercial operations are expected to start from end of
September 2016. Managing partner, Mrs. Syyed Rehana and her family
manage operations.


SAISHA ENTERPRISES: CRISIL Keeps D Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings the ratings on bank facilities of Saisha Enterprises
Private Limited (SEPL) continue to be 'CRISIL D Issuer Not
Cooperating'.

                          Amount
   Facilities          (INR Crore)     Ratings
   ----------          -----------     -------
   Proposed Long Term      6.08        CRISIL D (Issuer Not
   Bank Loan Facility                  Cooperating)

   Term Loan               6.42        CRISIL D (Issuer Not
                                       Cooperating)

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

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

Detailed Rationale

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

Incorporated in 2010, SEPL derives parking income from its parking
space located in Shirdi (Maharashtra). The company has constructed
its commercial complex including 13 shops, 40-room hotel and a
restaurant having total rental area of 1.5 lakh square feet. SEPL
is promoted by Mr. Navnath Gondkar and has its registered office in
Ahmednagar (Maharashtra).


SAJ ROOFING: CRISIL Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Saj Roofing
Solutions Private Limited (SRS) continue to be 'CRISIL D Issuer Not
Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit            3.2        CRISIL D (Issuer Not
                                     Cooperating)

   Cash Term Loan         4.0        CRISIL D (Issuer Not
                                     Cooperating)

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

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

Detailed Rationale

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

SRS was established in 2016 by Mr Sebastien Cletus in Coimbatore,
Tamil Nadu. The company manufactures roofing sheets for industrial
use.


SHANTDEEP METALS: CRISIL Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Shantdeep
Metals Private Limited (SMPL) continue to be 'CRISIL D Issuer Not
Cooperating'.

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

   Proposed Long Term      1         CRISIL D (Issuer Not
   Bank Loan Facility                Cooperating)

   Term Loan              10         CRISIL D (Issuer Not
                                     Cooperating)

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

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

Detailed Rationale

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

SMPL, incorporated in 2009, is promoted by Mr Pradeep Chaudhary, Ms
Sanjot Chaudhary, and Mr Prashant Rahane. The company provides heat
treatment services for automotive components on a job-work basis.
In 2013, it started manufacturing gears for two-wheelers at its
facility in Aurangabad, Maharashtra.


SHIV LAL: CRISIL Keeps B Debt Ratings in Not Cooperating Category
-----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Shiv Lal
Trading Co (SLTC) continue to be 'CRISIL B/Stable Issuer Not
Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit             1.4       CRISIL B/Stable (Issuer Not
                                     Cooperating)

   Warehouse Receipts      8.0       CRISIL B/Stable (Issuer Not
                                     Cooperating)

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

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

Detailed Rationale

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

SLTC, a proprietorship concern established in 1990, trades in wheat
and paddy in the domestic market and is based in Delhi. The firm is
managed by Mr. Subhash Chand.


SIRI SMELTERS: CRISIL Keeps D Debt Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Siri Smelters
and Energy Private Limited (SSEPL) continue to be 'CRISIL D Issuer
Not Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit           6.45        CRISIL D (Issuer Not
                                     Cooperating)

   Term Loan             8.55        CRISIL D (Issuer Not
                                     Cooperating)

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

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

Detailed Rationale

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

SSEPL was incorporated in 2011 and its day-to-day activities are
managed by its managing director, Mr. Mohan Sajja. The company
manufactured ferro alloys, and has temporarily closed down its
manufacturing activities at its plant in Bobbili (Andhra Pradesh).


SKOPOS DREDGING: CRISIL Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Skopos
Dredging And De-Silting Private Limited (SDDPL) continue to be
'CRISIL D Issuer Not Cooperating'.

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

   Term Loan              15         CRISIL D (Issuer Not       
                                     Cooperating)

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

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

Detailed Rationale

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

Based in Mumbai (Maharashtra), SDDPL is involved in manufacturing
and distribution of sand, aggregate and fly ash bricks used in the
construction sector. The company operates a plant with a capacity
of about 60,000 tonnes per month (tpm), which is currently being
utilised at about 400 tpm. SDDPL has also setup and fly ash brick
plant which commenced its operations in April 2015.


SNEHA MARKETING: CRISIL Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Sneha
Marketing (SM) continue to be 'CRISIL D Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit           3.95        CRISIL D (Issuer Not
                                     Cooperating)

   Foreign Letter        6           CRISIL D (Issuer Not
   of Credit                         Cooperating)

   Proposed Long Term    0.05        CRISIL D (Issuer Not
   Bank Loan Facility                Cooperating)

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

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

Detailed Rationale

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

SM, established in 2000, trades in polystyrene granules and other
polymers. It is an authorised distributor of highimpact polystyrene
(HIPS) and general-purpose polystyrene (GPPS) products of LG
Polymers India Pvt Ltd (LGPI) in Silvassa and Maharashtra.


SOLACE HEALTHCARE: CRISIL Keeps D Debt Rating in Not Cooperating
----------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Solace
Healthcare Private Limited (SHPL) continues to be 'CRISIL D Issuer
Not Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Term Loan             18.7        CRISIL D (Issuer Not
                                     Cooperating)

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

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

Detailed Rationale

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

Established in 2011, SHPL has set up a 125-bed super speciality
hospital in Vadodara (Gujarat). The company has started its
operations in April 2015.


SOWBHAGYALAKSHMI RAW: CRISIL Keeps D Ratings in Not Cooperating
---------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of
Sowbhagyalakshmi Raw and Boiled Rice Mill (SRBRM) continue to be
'CRISIL D Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit            23         CRISIL D (Issuer Not
                                     Cooperating)

   Cash Credit             3         CRISIL D (Issuer Not
                                     Cooperating)

   Proposed Long Term      1         CRISIL D (Issuer Not
   Bank Loan Facility                Cooperating)

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

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

Detailed Rationale

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

For arriving at the rating, CRISIL Ratings has combined the
business and financial risk profiles of SRB, Sri Bhagavan Venkaiah
Swamy Rice Mill (SBV), and Sri Sowbhagya Lakshmi Paddy Boiling
Industries (SLPB). That's because these entities, together referred
to as the Sowbhagya group, have common promoters, are in the same
line of business, and have operational linkages and fungible cash
flows.

The Sowbhagya group's first firm, SRB, was set up in 1988 by Mr V
Gopal Naidu and his family. In 1997, SLPB was set up and in 2000,
SBV. All these entities mill and process paddy into rice; they also
generate by-products such as broken rice, bran, and husk. Their
rice mills are in Nellore, Andhra Pradesh.


ST. NICHOLAS: CRISIL Keeps D Debt Ratings in Not Cooperating
------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of St. Nicholas
Cashew Exports (SNCE) continue to be 'CRISIL D/CRISIL D Issuer Not
Cooperating'.

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

   Packing Credit         2          CRISIL D (Issuer Not
                                     Cooperating)

   Proposed Long Term     2          CRISIL D (Issuer Not
   Bank Loan Facility                Cooperating)

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

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

Detailed Rationale

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

Set up as a proprietorship concern by Mrs Neethu Rajan, the firm
processes raw cashew nuts and is based in Kollam, Kerala.


VARAD BUILDERS: CRISIL Reaffirms B+ Rating on INR5cr LT Loan
------------------------------------------------------------
CRISIL Ratings has reaffirmed its 'CRISIL B+/Stable' rating on the
long term bank facilities of Varad Builders (VB).

                         Amount
   Facilities         (INR Crore)   Ratings
   ----------         -----------   -------
   Proposed Long Term      5        CRISIL B+/Stable (Reaffirmed)
   Bank Loan Facility      

   Term Loan               5        CRISIL B+/Stable (Reaffirmed)

The rating continues to reflect the exposure to project related
risk, susceptibility of the firm to the inherent risks and
cyclicality of the real estate sector in India and exposure to
geographical concentration in revenue. These weaknesses are
partially offset by the extensive experience of the partners in the
real estate sector.

Key Rating Drivers & Detailed Description

Weaknesses:

* Exposure to project related risk: The firm is exposed to project
risk as it its undertaking one project having 5 towers, i.e, A to
E. The construction of Tower A is almost  complete while that of
Tower B is 25% complete. Other towers are yet to start
construction. Out of the launched towers, 50% is booked. The firm
is highly dependent on customer advances for remaining project
cost. 94% of the units have been booked till June 2024 in Tower A
whereas for B only 4% of the units have been booked till June 2024.
Any significant delays in the project execution are likely to
result in cost overruns and remains a key monitorable.

* Vulnerability to risks and cyclicality inherent in the real
estate sector in India and exposure to geographical concentration
in revenue: The real estate sector in India is cyclical, and marked
by volatile prices, opaque transactions, and a highly- fragmented
market structure because of the presence of several regional
players. As the firm is undertaking single project in Mumbai, any
slowdown in the real estate market is likely to affect demand.

Strength:

* Extensive experience in residential real estate construction: The
partners have over two decades of experience and have completed
several projects in Mumbai, leading to an established presence and
brand value in the region. Benefits from the partners' expertise
and their strong understanding of local market dynamics should
continue to support the business

Liquidity: Poor

Liquidity is poor marked by expected flow of customer advances of
INR3-4.5 crore in fiscals 2025 and 2026, in comparison with pending
project cost of INR9 crores. Currently the company does not have
any debt, however in discussion stage with the bank to avail term
loan of INR5 crore for the construction of Tower B. Liquidity is
supported by promoter and customer advances. Moreover, need-based
funding support from the partners is expected to continue.

Outlook: Stable

CRISIL Ratings believes that VB will benefit from the extensive
experience of its partners in the real estate industry.

Rating Sensitivity factors

Upward factors:

* 50% units booked (both towers within phase one)- its already that
along with healthy receipts of customer advances
* Faster than expected completion of the project with lower debt
levels

Downward factors:

* Cash buffer ratio deteriorating below 1 time
* Delay or cost overrun in execution of the project

VB is presently developing a project, Prajatitk in Badlapur
(Mumbai). The project comprises of 5 apartment buildings. The firm
was incorporated in 2019 as a partnership by Mr Chetan Apte and his
family members.




=================
I N D O N E S I A
=================

ABM INVESTAMA: Fitch Affirms 'B+' LongTerm IDR, Outlook Stable
--------------------------------------------------------------
Fitch Ratings has affirmed Indonesia-based PT ABM Investama Tbk's
Long-Term Foreign-Currency Issuer Default Rating (IDR) at 'B+'. The
Outlook is Stable. Fitch has also affirmed ABM's outstanding senior
unsecured US dollar notes at 'B+' with a Recovery Rating of 'RR4'.

The Stable Outlook reflects its expectation that ABM's EBITDA net
leverage and overall financial profile will remain consistent with
its rating, despite the leverage increasing to 2.8x by 2025 (2024E:
2.3x). Nonetheless, its forecasts imply that ABM has limited rating
headroom.

ABM's leverage forecast incorporates its expectation of lower
EBITDA during 2024-2025 due to weaker margins for the contract
mining segment on lower coal prices, and the loss of coal mining
volume. Fitch also assumes ABM will spend almost USD300 million on
coal asset acquisitions and other growth-related projects to invest
in its coal mining business.

ABM's ratings are constrained by its high exposure to thermal coal
and smaller scale than peers in Indonesia.

Key Rating Drivers

Leverage to Rise: Fitch forecasts ABM's EBITDA net leverage to
worsen by 1.3x to 2.8x in 2024-2025 on lower EBITDA and sustained
growth-related spending. Fitch expects spending to be well above
annual maintenance capex of around USD100 million, driven by ABM's
focus on coal mining business growth. Capex in 2023 was higher than
Fitch expected, as ABM invested in its contract mining business,
which reported a 36% jump in overburden (OB) volume. Contract
mining's capex will drop during 2024-2025 as management targets
profitability over growth.

Risk of Covenant Breach: Its leverage forecast implies that ABM may
breach its bank loan covenant of debt/EBITDA of 3.0x in 2025.
However, Fitch expects ABM will be able to obtain covenant waivers
or refinance ahead of a potential covenant breach. Inability to do
so may lead to a negative rating action. ABM's management expects
to comply with the covenant in 2025.

Declining EBITDA: Fitch forecasts ABM's average 2024-2025 EBITDA
will decline by around 40%, relative to 2023. Fitch forecasts unit
EBITDA margin for the contract mining segment to be lower at USD0.7
per billion cubic metre (bcm) in 2024-2025 after rising steadily
during 2021-2023 to USD0.8/bcm. Fitch expects ABM's OB volume to
rise by 4% on average in 2024 and 2025 after doubling over
2021-2023. ABM's contracts are linked to coal prices, but Fitch
thinks the company has the ability to manage costs and negotiate
with customers to support its margin.

Growth in 2024 will be hampered by a weak 1H24, as coal mining
operations in Indonesia were affected by heavy rainfall. Fitch
incorporates dividends from PT Golden Energy Mines Tbk (GEMS,
BB-/Stable), in which ABM has a 30% stake, in its leverage
estimate.

Coal M&A Likely: ABM is likely to acquire one or more thermal coal
assets within the next six-12 months to offset the loss of coal
mining volume. ABM deconsolidated a 50%-owned mining subsidiary at
end-2023, and PT Tunas Inti Abadi reached the end of its life in
2024. ABM estimates that the acquisitions could cost up to USD200
million, which Fitch has incorporated in its forecast. Fitch
assumes additional EBITDA from acquisitions of USD40 million in
2026, sharply lower than ABM's mining EBITDA over 2021-2023, but in
line with its view that coal prices will be much weaker.

Coal Concentration: ABM's IDR is constrained by its large exposure
to thermal coal, which faces weak demand growth prospects, and
smaller scale than domestic peers. Over 80% of ABM's 2023 revenue
was from coal-related contracting and mining businesses, and Fitch
expects the share to remain above 75% in the next three-four
years.

Smaller Scale than Peers: ABM is the fourth-largest coal mining
contractor in Indonesia in terms of OB volume. Its larger peers
benefit from better customer credit profiles and diversification.
Nonetheless, ABM's business is underpinned by a lengthy operating
record and robust customer relationships, which allow it to
mitigate the impact of volatile coal prices by managing volume and
costs.

Rated on Standalone Basis: Fitch rates ABM on a standalone basis
under its Parent and Subsidiary Linkage Rating Criteria. ABM's 54%
parent, PT Tiara Marga Trakindo (TMT), is a private company for
which Fitch does not have financial information. It owns diverse
businesses, including PT Trakindo Utama (Trakindo), a leading
mining equipment distributor in Indonesia. Trakindo is ABM's
primary mining equipment provider, which allows ABM to benefit from
better credit terms and robust technical support from Trakindo. TMT
is owned ultimately by the Hamami family.

Fitch believes TMT's access to ABM's cash is limited to its
shareholder return policy, as 21% of ABM shares are held by public
shareholders. Material related-party transactions with the parent
require approval from independent shareholders and must be reported
to Indonesia's Financial Services Authority. Fitch assumes that ABM
will pay an average annual dividend of around USD60 million over
2024-2026 (2023: USD75 million), higher than its guidance of paying
around USD50 million annually.

Bond Rated Same as IDR: Fitch rates ABM's outstanding USD160
million senior unsecured notes at the same level as the IDR,
despite a majority of its debt being secured. This is based on its
bespoke recovery analysis, which suggests adequate recoveries for
bondholders in the case of a default.

Derivation Summary

ABM's closest peer is PT Bukit Makmur Mandiri Utama (BUMA,
BB-/Stable). BUMA has a stronger business profile than ABM,
supported by its higher market share, better customer profiles, and
greater geographic and commodity diversification.

BUMA is Indonesia's second-largest mining contractor, well ahead of
ABM in terms of OB volume. Scale is an important consideration in
the industry, as larger companies typically have a better ability
to sustain operations through market downturns. BUMA's customers in
Indonesia are leading coal miners such as Berau Coal, PT Adaro
Indonesia (BBB-/Stable) and Bayan Resources. BUMA has lower
exposure to Indonesia and thermal coal than ABM, with operations in
Australia and the US in metallurgical coal and ultra-high-grade
anthracite coal. BUMA derived almost 20% of its revenue from
non-thermal coal mining in 2023, and aims to increase the ratio to
above 50% by 2028.

ABM's rating can also be compared with that of Emeco Holdings
Limited (BB-/Stable). Emeco is one of the leading earthmoving
equipment rental companies listed in Australia, with operations in
all key mining regions of the country and a diversified commodity
exposure across gold, coal, copper, bauxite and iron ore. These
business profile strengths are offset by the company's focus on
equipment hire and related services, which makes it more vulnerable
than peers such as ABM that provide integrated offerings. However,
Emeco also has a better financial profile, based on leverage and
coverage metrics, which underpins its higher rating.

Key Assumptions

Fitch's Key Assumptions Within Its Rating Case for the Issuer are:

- OB removal volume of 285 million bcm (mbcm) in 2024 and 300mbcm
from 2025 (2023: 277mbcm);

- EBITDA margin for contract mining business declining to
USD0.6/bcm by 2026 (2023: USD0.8/bcm), based on Fitch's expectation
of weaker thermal coal prices;

- EBITDA from other businesses of USD20 million in 2024 (2023:
USD173 million), increasing to around USD80 million by 2026;

- Average annual dividends from associates of around USD120 million
over 2024-2026;

- Total capex and acquisition-related outflow of around USD700
million during 2024-2026;

- Average annual dividends of around USD60 million over 2024-2026.

Recovery Analysis

- The recovery analysis assumes that ABM would be re-organised as a
going concern in bankruptcy rather than liquidated. Fitch assumes a
10% administrative claim.

- ABM's going-concern valuation is based on an EBITDA assumption of
USD200 million, which is more than 20% below its average EBITDA
forecast over 2024-2027 to reflect risk from loss of some OB
removal volume.

- An enterprise value/EBITDA multiple of 3.0x is applied to the
going-concern EBITDA to calculate a post-reorganisation enterprise
value. The multiple is at the lower end of Fitch's multiple range
for companies outside of the US, reflecting the weak long-term
prospects for thermal coal mining.

- Fitch assumes additional value from ABM's 30% stake in GEMS,
based on a 40% discount to GEMS's current market capitalisation
after adjusting for ABM's stake. Fitch also deducts outstanding
debt at GEMS as of end-2023.

- For the distribution waterfall, Fitch treats the outstanding bank
term loans within the ABM group as having priority over the
unsecured US dollar notes and other working-capital debt. ABM's
term loans of USD694 million as of end-2023 are secured. The amount
includes debt assumed for acquisition of the 30% stake in GEMS,
which is backed by a pledge on GEMS's shares. The total unsecured
debt, including US dollar notes, was USD230 million at end-2023.

- The assumptions result in a recovery rate corresponding to a
Recovery Rating of 'RR3'. However, ABM operates in Indonesia, which
Fitch classifies as under Group D of jurisdictions, which means the
Recovery Rating for ABM's senior debt is capped at 'RR4'.

RATING SENSITIVITIES

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

- An improvement in ABM's business profile due to factors such as a
significantly larger scale or reduced exposure to thermal coal.

- Evidence of access to diversified funding sources on a
sustainable basis.

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

- EBITDA net leverage likely to be sustained above 3.0x,
potentially due to higher-than-expected payments for acquisitions
and dividends.

- EBITDA interest coverage likely to remain below 3.0x (2023:
5.6x).

- Evidence of weakened access to bank funding access.

Liquidity and Debt Structure

Domestic Bank Access Supports Liquidity: ABM had short-term
working-capital debt of USD69 million as of end-2023 and current
maturities of long-term bank loans of USD187 million. Its cash of
USD189 million as of end-2023 was insufficient to meet the 2024
debt maturities of USD256 million. ABM also has around USD200
million in bank loans due in 2025 and over USD300 million in debt
repayable in 2026, including the USD160 million unsecured notes
maturing in August 2026.

Fitch forecasts negative free cash flow for ABM over 2024-2026, but
Fitch thinks the group will be able to manage its debt maturities
due to its robust relationships with multiple domestic banks, which
are likely to provide financing. ABM secured a IDR1.6 trillion loan
from PT Bank Mandiri (Persero) Tbk (BBB/Stable) in December 2023
and IDR1.0 trillion in debt facilities from PT Bank Central Asia
Tbk (BBB/Stable) in March 2024, which highlights its healthy access
to domestic banks. ABM's short-term debt for working capital is
likely to be rolled over. It also has the option to cut its
growth-related spending and dividends to boost liquidity.
Therefore, Fitch thinks that ABM's liquidity is adequate.

Issuer Profile

ABM is an Indonesian company with business interests in contracting
for thermal coal miners, coal mining, logistics, engineering and
fuel services. It generated an EBITDA of around USD400 million in
2023, of which roughly 60% was from contracting and around 30% from
mining.

REFERENCES FOR SUBSTANTIALLY MATERIAL SOURCE CITED AS KEY DRIVER OF
RATING

ABM's 54% parent, PT Tiara Marga Trakindo (TMT), is a private
company for which Fitch does not have financial information. It
owns diverse businesses, including PT Trakindo Utama (Trakindo), a
leading mining equipment distributor in Indonesia. Trakindo is
ABM's primary mining equipment provider, which allows ABM to
benefit from better credit terms and robust technical support from
Trakindo. TMT is owned ultimately by the Hamami family.

Fitch rates ABM on a standalone basis based on Fitch's Parent and
Subsidiary Linkage Criteria. Fitch believes TMT's access to ABM's
cash is limited to its shareholder return policy, as 21% of ABM
shares are held by public shareholders. Material related-party
transactions with the parent require approval from independent
shareholders and must be reported to Indonesia's Financial Services
Authority.

Fitch assumes that ABM will pay an average annual dividend of
around USD60 million over 2024-2026 (2023: USD75 million), higher
than its guidance of paying around USD50 million annually.

Overall, Fitch believes its assumptions on shareholder returns
adequately incorporate the risk of the parent extracting cash from
ABM, despite the limited information on TMT.

MACROECONOMIC ASSUMPTIONS AND SECTOR FORECASTS

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

ESG Considerations

ABM has an ESG Relevance Score of '4' for GHG Emissions & Air
Quality due to its revenue dependence on thermal coal. Thermal coal
has weak demand growth prospects due to its heavy carbon footprint,
which increases uncertainty regarding ABM's long-term business
strategy and diminishes the company's access to international
funding. This has a negative impact on ABM's credit profile and is
relevant to the rating in conjunction with other factors.

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

   Entity/Debt                Rating         Recovery   Prior
   -----------                ------         --------   -----
PT ABM Investama Tbk    LT IDR B+  Affirmed             B+

   senior unsecured     LT     B+  Affirmed    RR4      B+


JAPFA COMFEED: Fitch Affirms 'B+' LongTerm IDR, Outlook Stable
--------------------------------------------------------------
Fitch Ratings has affirmed PT Japfa Comfeed Indonesia Tbk's
Long-Term Issuer Default Rating (IDR) at 'B+'. The Outlook is
Stable. Fitch has also affirmed the rating on Japfa's USD350
million senior unsecured notes due 2026 at 'B+', with a Recovery
Rating of 'RR4'. Concurrently, Fitch Ratings Indonesia has affirmed
Japfa's National Long-Term Rating at 'A(idn)' with a Stable
Outlook.

The affirmation reflects its expectation that EBITDA net leverage,
after proportionately consolidating some subsidiaries, will remain
below 3.0x in the medium term, based on favourable raw material
prices and poultry demand. Net leverage improved to 2.0x in 1H24
(2023: 3.6x) on lower raw material costs, while selling prices
remained stable or fell only slightly amid strong demand.

The improved operating performance of Japfa Ltd. (JL), Japfa's
55.4% stakeholder, has alleviated downward rating pressure on
Japfa. JL turned profitable in 1H24, excluding Japfa, after two
years of losses. JL inventory was largely resilient from the recent
African swine fever (ASF) outbreak in Vietnam, which dampened local
pork supply, due to its superior biosecurity standards.

'A' National Ratings denote expectations of a low level of default
risk relative to other issuers or obligations in the same country
or monetary union.

At the same time, Fitch has withdrawn Japfa's senior unsecured
class rating because it is no longer relevant to the agency's
coverage.

Key Rating Drivers

Lower Costs Lift Margin: Fitch expects the EBITDA margin to remain
at around 8.0% or above (1H24: 11.5%, 2023: 6.4%), as prices fall
for key raw materials, including corn and soybean meal, and poultry
demand improves. Local corn prices fell in 1H24 from higher
domestic production and government imports to counter the rising
prices in 2023. Meanwhile, prices for soybean meal, which Japfa
imports, eased on increased global soybean production.

Supportive Demand: Fitch expects demand for poultry products,
Indonesia's preferred animal protein, to rise over the medium term
on economic growth and slowing inflation. Animal feed sales volume
rose by 9% yoy in 1H24, while day-old-chick and live bird sales
rose by 21% and 8% yoy, respectively. Demand could soften in 2H24,
as first-half sales had been boosted by a general election in
February and the Lebaran holiday in April, but Japfa may adjust
selling prices as per market conditions to support sales.

Average selling prices for most of the products have stayed above
2023 levels in 1H24, but Fitch expects prices to soften as the
lower raw material costs will be partly passed on to consumers.
Selling prices for day-old chicks and live birds will face pressure
from ongoing oversupply. The government maintains oversight to
support the poultry industry; in 2023, it mandated multiple rounds
of culling to support selling prices amid rising costs. No culls
have been mandated so far in 2024 due to the favourable industry
conditions and voluntary culling by industry participants.

Improved Leverage: Fitch estimates EBITDA net leverage, after
proportionately consolidating some subsidiaries, to stay below
3.0x, based on rising average EBITDA of above IDR4.4 trillion
(1H24: IDR3.0 trillion; 2023: IDR3.2 trillion). This includes its
expectation that Japfa will maintain a dividend payout ratio of
around 40%, although the dividend outlay could be increased to
support JL's other businesses, if needed. Japfa has declared
dividends even during its weak year of 2022, which could have been
due to JL's operations, excluding Japfa, recording operating
losses.

Flexible Capex: Fitch expects average annual capex of around IDR2.2
trillion, including maintenance capex of IDR500 billion-700
billion. Expansion capex focuses on modernising farms and
facilities and building new breeding farm and corn drying
facilities. Japfa can defer some expansion capex if market
conditions are unfavourable to manage leverage. It can also boost
production without additional capex, given its peak utilisation
rate is at around 80%.

Stronger Subsidiary, Weaker Parent: Japfa can be rated up to two
notches above the consolidated credit profile of its weaker parent,
JL, due to 'Porous' access and control as well as 'Porous'
ringfencing, in line with its Parent and Subsidiary Linkage Rating
Criteria.

Japfa's US dollar debt, at around 40% of total debt at end-June
2024, has some restrictions on dividend payments and affiliate
transactions. This, coupled with Japfa's listing on the Jakarta
stock exchange, provides a degree of ringfencing, in Fitch's view.
Japfa also raises non-equity funding independently of JL. The
parent has also shown its intention to keep its other animal
protein operations separate from its Indonesian business, which,
along with a significant non-controlling presence, supports the
'Porous' access and control assessment.

Vertically Integrated Operation: Japfa's upstream operation
provides stability to profitability, as the company has the ability
to partially pass on cost increases to animal feed prices. In 2023,
the poultry feed operating profit margin remained steady at 8.2%,
while margins for breeding and commercial farms dropped due to
oversupply. Downstream margins are also likely to be more stable
than midstream, although the segment's contribution to
profitability is low relative to the upstream operation.

Derivation Summary

Japfa's IDR is comparable with that of Minerva S.A. (BB/Stable) and
Frigorifico Concepcion S.A. (B/Rating Watch Negative).

Minerva is one of South America's largest beef exporters, with
export sales accounting for about 55% of revenue. Its profitability
has been resilient, despite high input costs, helped by its export
orientation. Japfa's operation, on the other hand, is concentrated
in Indonesia, which makes it vulnerable to policy changes and the
supply-demand balance in the domestic poultry industry. Minerva's
scale is twice as large as Japfa's and Fitch expects its EBITDA to
cross USD600 million in 2024. These factors results in a higher
rating for Minerva.

Frigorifico is less vertically integrated than Japfa and is
dependent on cattle supply from a third party. However, it has
better geographical diversification, with its exports accounting
for more than 60% of revenue. Frigorifico also has a slightly
better leverage profile, but this is balanced by limited financial
flexibility, as its access to financial markets is restricted and
it has a high amount of short-term debt, which it uses to cover
working capital needs and capex. Fitch downgraded Frigorifico by
one notch in May 2024 to reflect its lack of financial transparency
and weakened governance. The potential credit risks are reflected
through the Rating Watch Negative on its rating.

Japfa's National Long-Term Rating is comparable with that of PT
Samator Indo Gas Tbk (A(idn)/Stable) and PT Bali Towerindo Sentra
Tbk (A-(idn)/Stable).

Samator Indo Gas is smaller than Japfa, with EBITDA of less than
USD100 million, but is the industry market leader, commanding 44%
of Indonesia's industrial and 75%-80% of its medical gas market.
This boosts Samator Indo Gas's customer bargaining position. The
company's contracted sales also account for a large proportion of
revenue, providing medium term visibility. This is in contrast with
Japfa, which is highly exposed to volatile supply-demand dynamics
in the domestic poultry market and raw material prices. These
factors lead to the same rating for both entities.

Japfa is rated higher than Bali Tower, reflecting its stronger
market position and larger business scale. Bali Tower is a small
tower company relative to local telecommunication tower peers, with
an EBITDA of less than USD50 million. Fitch forecasts Japfa's
EBITDA to cross USD300 million in 2024 as Indonesia's
second-largest poultry company.

Key Assumptions

Fitch's Key Assumptions Within Its Rating Case for the Issuer:

- Average annual revenue growth of about 3% from 2025, after strong
above 6% growth in 2024

- EBITDA margin to improve and stay above 8%

- Average annual capex of around IDR2.2 trillion

- Dividend payout ratio of 40% as a percentage of the previous
year's net income

Recovery Analysis

The recovery analysis assumes that Japfa would be reorganised as a
going concern in bankruptcy rather than liquidated. Fitch assumes a
10% administrative claim.

Its going-concern EBITDA assumption of IDR3.9 trillion is 15% lower
than its average expected EBITDA over the next three years. This
reflects more sustainable EBITDA generation by Japfa through a
commodity price cycle.

Fitch uses a multiple of 5x that reflects sector dynamics and the
company's strong market position. Fitch believes Japfa has strong
growth prospects, as chicken is the main protein source for the
majority of Indonesians, supported by the country's expanding
middle-class population.

The going-concern enterprise value corresponds to a 'RR3' Recovery
Rating for the senior unsecured notes, after adjusting for
administrative claims. Nevertheless, Fitch rates the notes at 'B+'
and 'RR4', because Japfa's operating assets are located in
Indonesia. Under its Country-Specific Treatment of Recovery Ratings
Criteria, Indonesia is classified under the Group D of countries in
terms of creditor friendliness and Recovery Ratings are subject to
a cap at 'RR4'.

RATING SENSITIVITIES

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

- EBITDA net leverage, after proportionately consolidating minority
stakes in a number of subsidiaries, of below 2.5x on a sustained
basis.

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

- Leverage above 3.5x for a sustained period.

- EBITDA interest coverage below 3.0x for a sustained period.

- Sustained deterioration in JL's consolidated credit profile.

- Revision of legal or access and control assessments to 'Open'
under its Parent and Subsidiary Linkage Rating Criteria.

Liquidity and Debt Structure

Adequate Liquidity: Japfa's had a cash balance of around IDR1.4
trillion at end-June 2024, against a short-term outstanding loan
balance of IDR4.7 trillion, which Fitch expects will partially be
rolled over. It also had IDR439 billion of long-term debt due in
2H24. Liquidity is supported by Japfa's large committed revolving
facility, with an undrawn balance of USD1.9 trillion maturing after
12 months at end-June 2024, and IDR323 billion available under its
term loan. Fitch does not expect any significant hindrance in
renewing the short-term loan due to the company's adequate
financial metrics and longstanding relationship with many major
local banks.

Issuer Profile

Japfa is Indonesia's second-largest and vertically integrated
poultry company, according to the company's estimate, with a market
share of around 20% in the poultry-feed business and around 25% in
the day-old-chick market in 2023. Its operations also include
aquaculture.

Summary of Financial Adjustments

Fitch calculates the ratio for rating sensitivities by
proportionately consolidating Japfa's subsidiaries - PT Bumiasri
Lestari, PT Iroha Sidat Indonesia, PT Sentra Satwatama Indonesia
and PT Indojaya Agrinusa - to reflect their significant minority
interests.

REFERENCES FOR SUBSTANTIALLY MATERIAL SOURCE CITED AS KEY DRIVER OF
RATING

Public Ratings with Credit Linkage to other ratings
Japfa's ratings are aligned with the credit profile of JL under its
Parent and Subsidiary Linkage Rating Criteria.

MACROECONOMIC ASSUMPTIONS AND SECTOR FORECASTS

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

ESG Considerations

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
   -----------               ------          --------   -----
PT Japfa Comfeed
Indonesia Tbk         LT IDR  B+    Affirmed            B+
                      Natl LT A(idn)Affirmed            A(idn)

   senior unsecured   LT      B+    Affirmed   RR4      B+

   senior unsecured   LT      WD    Withdrawn           B+




===============
M O N G O L I A
===============

MONGOLIAN MINING: Moody's Affirms 'B3' CFR, Outlook Remains Stable
------------------------------------------------------------------
Moody's Ratings has affirmed the B3 corporate family rating of
Mongolian Mining Corporation (MMC) and maintained the stable
outlook. Moody's have also affirmed the B3 senior unsecured rating
of the senior notes issued by MMC and its subsidiary Energy
Resources LLC, and guaranteed by other key subsidiaries.

"The rating affirmation with a stable outlook reflects Moody's
expectation that the company will maintain its stable operations,
low leverage and good liquidity over the next 12-18 months," says
Shawn Xiong, a Moody's Ratings Vice President and Senior Analyst.

RATINGS RATIONALE

MMC's B3 CFR is underpinned by the company's integrated coking coal
operations with long reserve lives, competitive cost position,
improving operations and debt leverage, as well as its good
liquidity.

At the same time, MMC's rating is constrained by its small scale
with high concentration, emerging market risks and its exposure to
carbon transition risks.  

Moody's forecast MMC's revenue will decline by around 10% for 2024
based on Moody's assumption of lower coking coal prices. However,
Moody's expect the company's adjusted EBITDA margins to decline
slightly but remain solid at around 45% for 2024, supported by its
competitive cost position and improving operations. As a result,
Moody's forecast MMC's financial leverage, measured by
Moody's-adjusted debt to EBITDA, will remain below 1.0x for 2024.
MMC's financial leverage is low for its rating level and will
provide a buffer to withstand price and operational volatility.  

MMC's liquidity is good. The company had a cash balance of $176
million as of the end of 2023, an estimated annual operating cash
flow of around $240 million and proceeds of $88 million from the
sale of a 20% stake in a subsidiary. These liquidity sources will
be sufficient to cover its projected capital spending of around
$160 million and if it decides to call its $143 million perpetual
notes over the next 12 months.

ENVIRONMENTAL, SOCIAL AND GOVERNANCE (ESG) CONSIDERATIONS

MMC's rating also reflects the company's exposure to environmental
and social risks stemming from its coal mining operations.  MMC's
governance risk assessment reflects its financial policy that has
led to historically high leverage and volatile credit metrics. On
the other hand, it has recently been focusing on cash flow
generation and debt reduction. As a public company, MMC also
provides regular and timely financial disclosures.

FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS

The stable rating outlook reflects Moody's expectation that the
company's coking coal production will remain stable and its credit
metrics will stay solid over the next 12-18 months. In addition,
Moody's expect the company to adhere to prudent financial
management and maintain adequate liquidity.

Upgrade pressure is unlikely in the medium term, given the
company's small scale, high concentration of assets and operations
in Mongolia, and historically aggressive financial policy.

However, Moody's could upgrade MMC's rating over time if the
company maintains strong liquidity through the cycle, enhances its
business scale and diversification, improves its financial profile
over a sustained period and demonstrates a track record of prudent
financial management.

Conversely, Moody's could downgrade MMC's rating if the company's
liquidity weakens, or its mining production deteriorates, leading
to a weakening in its financial profile, and/or it fails to adhere
to a conservative financial strategy.

Given all of MMC's mining operations are in Mongolia, any downgrade
of the rating of the Government of Mongolia (B3 stable) could also
pressure MMC's rating.

The principal methodology used in these ratings was Mining
published in October 2021.

With its operations commencing since 2009, Mongolian Mining
Corporation is the largest producer and exporter of high-quality
washed hard coking coal in Mongolia (B3 stable). It has fully
integrated coking coal operations, comprising mining, processing,
transportation, and sales and marketing of coking coal and other
coal products. In the first half of 2024, the company's total
run-of-mine coal production was 8.36 million tonnes.

Listed on the Stock Exchange of Hong Kong (HKEX) in 2010, MMC owns
and operates two open-pit coking coal mines in the Gobi Desert –
the main Ukhaa Khudag mine and the Baruun Naran mine. All of the
company's coal operations are located in Mongolia, while most of
its coal products are sold to industrial end-users in China. MMC is
also developing the Bayan Khundii ("BKH") gold mine located in
Mongolia, with expected commencement of production in 2025.




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

ALL SAFE: Creditors' Proofs of Debt Due on Sept. 24
---------------------------------------------------
Creditors of All Safe Scaffold Limited are required to file their
proofs of debt by Sept. 24, 2024, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on Aug. 21, 2024.

The company's liquidator is:

          Digby John Noyce
          RES Corporate Services Limited
          PO Box 301890
          Albany
          Auckland 0752


HARVEST NORTHLAND: Court to Hear Wind-Up Petition on Sept. 2
------------------------------------------------------------
A petition to wind up the operations of Harvest Northland Limited
will be heard before the High Court at Whangarie on Sept. 2, 2024,
at 10:00 a.m.

The Commissioner of Inland Revenue filed the petition against the
company on June 11, 2024.

The Petitioner's solicitor is:

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


LATA PAINTING: Court to Hear Wind-Up Petition on Sept. 6
--------------------------------------------------------
A petition to wind up the operations of Lata Painting Limited will
be heard before the High Court at Auckland on Sept. 6, 2024, at
10:45 a.m.

The Commissioner of Inland Revenue filed the petition against the
company on July 18, 2024.

The Petitioner's solicitor is:

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


TIME2BUY LIMITED: Creditors' Proofs of Debt Due on Sept. 27
-----------------------------------------------------------
Creditors of Time2buy Limited are required to file their proofs of
debt by Sept. 27, 2024, to be included in the company's dividend
distribution.

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

The company's liquidator is:

          Hamish John Pryde
          CS Insolvency
          C/- Coombe Smith (PN) Limited
          168 Broadway Avenue
          PO Box 788
          Palmerston North


VAPEMAN NZ: Court to Hear Wind-Up Petition on Sept. 27
------------------------------------------------------
A petition to wind up the operations of Vapeman NZ Limited will be
heard before the High Court at Auckland on Sept. 27, 2024, at 10:00
a.m.

Vec Limited filed the petition against the company on July 30,
2024.

The Petitioner's solicitor is:

          Michael Wolff
          JB Morrison Lawyers
          Floor 7, 126 Lambton Quay
          Wellington Central
          Wellington




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

PAKISTAN: Eyes US$4BB from Middle East Banks to Plug Financing Gap
------------------------------------------------------------------
Reuters reports that Pakistan aims to raise up to $4 billion from
Middle Eastern commercial banks by the next fiscal year, the
country's central bank chief told Reuters on Aug. 27, as the
country looks to plug its external financing gap.

In a wide-ranging interview, his first with any media organisation
since taking office in 2022, State Bank of Pakistan Governor Jameel
Ahmad said Pakistan was also in the "advanced stages" of securing
$2 billion in additional external financing required for
International Monetary Fund approval of a $7 billion bailout
program, Reuters relates.

Pakistan and the IMF reached an agreement on the loan program in
July, subject to approval from the IMF's executive board and it
obtaining "timely confirmation of necessary financing assurances
from Pakistan's development and bilateral partners".

According to Reuters, Ahmad said he expected the country's gross
financing needs would be smoothly met - both over the next fiscal
year and in the medium term.

In the past, Pakistan has relied on long-time allies such as China,
Saudi Arabia and United Arab Emirates to 'rollover' debt rather
than force a repayment crunch. Ahmad said he expected similar
assurances would be given for the next three years, giving the
government more time to get its finances in order, Reuters relays.

In addition, Ahmad said the central bank reckoned Pakistan's gross
financing needs for the coming years would be lower than the 5.5%
of gross domestic product projected by the IMF in its latest
country report in May.

"Pakistan's external gross financing needs have been declining in
the past few years," Reuters quotes Ahmad as saying.

"Since (the IMF's) assessment was based on a higher current account
deficit than realized in fiscal 2024 and now projected for the next
few years, we assess the ratio of gross financing needs to GDP to
be lower than the 5.5% level."

Asked about monetary policy, Ahmad said recent interest rate cuts
in Pakistan have had the desired effect, with inflation continuing
to slow and the current account remaining under control, despite
the cuts, Reuters relays.

Pakistan's annual consumer price index inflation was 11.1% in July,
having fallen from highs of over 30% in 2023, Reuters discloses.

"The Monetary Policy Committee will review all these developments,"
Ahmad said, adding that future rate decisions could not be
pre-determined.

Pakistan's central bank cut rates for two straight meetings from a
historic high of 22% to 19.5%, and will meet again to review
monetary policy on September 12, Reuters notes.

There have been some concerns in markets that the government might
take advantage of lower interest rates to borrow more, but the
central bank chief said this was not his expectation.

"We understand that the government will continue on the path of
fiscal consolidation, notwithstanding the reduction in interest
rates," said Ahmad.

                           About Pakistan

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

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

The TCR-AP also reported in early August that Fitch Ratings has
upgraded Pakistan's Long-Term Foreign-Currency Issuer Default
Rating (IDR) to 'CCC+' from 'CCC'. Fitch typically does not assign
Outlooks to sovereigns with a rating of 'CCC+' or below.




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

BIG M: Court to Hear Wind-Up Petition on Sept. 6
------------------------------------------------
A petition to wind up the operations of Big M Marine Pte Ltd will
be heard before the High Court of Singapore on Sept. 6, 2024, at
10:00 a.m.

Maybank Singapore Limited filed the petition against the company on
Aug. 16, 2024.

The Petitioner's solicitors are:

          Adsan Law LLC
          300 Beach Road
          #26-00 The Concourse
          Singapore 199555


IMAX SG: Court to Hear Wind-Up Petition on Sept. 13
---------------------------------------------------
A petition to wind up the operations of Imax SG Pte Ltd will be
heard before the High Court of Singapore on Sept. 13, 2024, at
10:00 a.m.

RHB Bank Berhad filed the petition against the company on Aug. 20,
2024.

The Petitioner's solicitors are:

          Rajah & Tann Singapore LLP
          9 Straits View
          #06-07 Marina One West Tower
          Singapore 018937


J FOODGROUP: Court to Hear Wind-Up Petition on Sept. 13
-------------------------------------------------------
A petition to wind up the operations of J Foodgroup Pte Ltd will be
heard before the High Court of Singapore on Sept. 13, 2024, at
10:00 a.m.

Maybank Singapore Limited filed the petition against the company on
Aug. 19, 2024.

The Petitioner's solicitors are:

          M/s Advent Law Corporation
          111 North Bridge Road
          #25-03 Peninsula Plaza
          Singapore 179098


NEW SOON: Court Enters Wind-Up Order
------------------------------------
The High Court of Singapore entered an order on July 26, 2024, to
wind up the operations of New Soon Huat Pte. Ltd.

DBS Bank Ltd filed the petition against the company.

The company's liquidator is:

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


VOODOO COMMUNICATIONS: Court to Hear Wind-Up Petition on Sept. 6
----------------------------------------------------------------
A petition to wind up the operations of Voodoo Communications Pte
Ltd will be heard before the High Court of Singapore on Sept. 6,
2024, at 10:00 a.m.

Digital Blowfish Pte. Ltd. filed the petition against the company
on Aug. 12, 2024.

The Petitioner's solicitors are:

          Helmsman LLC
          21A Duxton Hill
          Singapore 089604



                           *********


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

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

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

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

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mail.  Additional e-mail subscriptions for members of the same
firm for the term of the initial subscription or balance
thereof are US$25 each.  For subscription information, contact
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