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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

          Thursday, August 29, 2024, Vol. 27, No. 174

                           Headlines



A U S T R A L I A

LORRAINE LEA: First Creditors' Meeting Set for Sept. 4
MERCEDES CONSTRUCTION: Second Creditors' Meeting Set for Sept. 3
PRAGYA PTY: First Creditors' Meeting Set for Sept. 5
ROSIE RECRUITMENT: Second Creditors' Meeting Set for Sept. 3
SPARRK LOGISTICS: Victoria Director Banned for Maximum 5 Years

WAX CONVERTERS: First Creditors' Meeting Set for Sept. 4
WAX CONVERTERS: Up for Sale After Filing Voluntary Administration


C H I N A

HARMONY AUTO: To Cut Staff Pay as Car Price War Hits Bottom Line
MOFANG APARTMENT: Flats Face Power Cuts Due to Unpaid Rents


I N D I A

A.P. INTERNATIONAL: CARE Keeps B- Debt Rating in Not Cooperating
ARVIND MOTORS: CRISIL Hikes Rating on INR24.5cr Cash Loan to B+
DHARESHWAR COTTON: ICRA Keeps B Debt Ratings in Not Cooperating
GODAAVARI LABS: CARE Lowers Rating on INR155.50cr LT Loan to D
GOODLUCK MEDICAL: CRISIL Withdraws B+ Rating on INR34cr Loan

HAWARE PROPERTIES: CARE Keeps B- Debt Rating in Not Cooperating
HULE CONSTRUCTIONS: CRISIL Withdraws B Rating on INR5cr Loan
IMP POWERS: CARE Keeps D Debt Ratings in Not Cooperating Category
IMPERIAL READYMADE: CRISIL Keeps B Ratings in Not Cooperating
JABALPUR ENTERTAINMENT: ICRA Keeps B+ Ratings in Not Cooperating

JALALABAD SOLVEX: CARE Keeps B- Debt Rating in Not Cooperating
JANKI NEWSPRINT: CRISIL Withdraws B Rating on INR17.75cr Loan
JITENDRA SINGH: CRISIL Withdraws B Rating on INR58cr Bank Loan
KAMAKHYA TRADERS: CARE Keeps B- Debt Rating in Not Cooperating
KRISHNA TRADERS: CRISIL Withdraws B Rating on INR9.85cr Loan

KTC FOODS: ICRA Keeps D Debt Ratings in Not Cooperating Category
KUMARAN AAGRO: CARE Keeps B- Debt Rating in Not Cooperating
MAHANAGAR TELEPHONE: CARE Reaffirms D Rating on INR5,335.10cr Loan
MICRONS INDIA: CRISIL Withdraws B Rating on INR5.25cr Cash Loan
NATIONAL RICE: CARE Keeps D Debt Rating in Not Cooperating

RADHEYA MACHINING: ICRA Lowers Rating on INR38.87cr LT Loan to B+
RIDDHI AGRO: ICRA Lowers Rating on INR18cr LT Loan to D
S.B. CARS: ICRA Keeps B+ Debt Ratings in Not Cooperating Category
SHL AGRO: ICRA Keeps B+ Debt Ratings in Not Cooperating Category
SHREEJI SALES: CARE Keeps D Debt Rating in Not Cooperating

SK OVERSEAS: CARE Keeps B- Debt Rating in Not Cooperating Category
SS INNOVATIONS: Revises Financials Following Auditor Change
SUMA FOODS: ICRA Keeps D Debt Ratings in Not Cooperating Category
TECPRO SYSTEMS: CRISIL Keeps D Debt Ratings in Not Cooperating
THREE BROTHERS: CARE Keeps B- Debt Rating in Not Cooperating

TICEL BIO: CARE Keeps D Debt Rating in Not Cooperating Category


M O N G O L I A

ALUKERQIN BANNER: Inner Mongolia Region Warns of Credit Defaults


N E W   Z E A L A N D

AANYA PARUSOMULA: Waipukurau Subway Franchisee Enters Liquidation
CLOUGH TRANSPORT: Placed In Liquidation After Contract Loss
CORE ELECTRONICS: Grant Bruce Reynolds Appointed as Liquidator
GRASSLAND FARM: Court to Hear Wind-Up Petition on Sept. 5
KOTUKU CAPITAL: Court to Hear Wind-Up Petition on Sept. 5

SUSTAINABLE FOODS: First Creditors' Meeting Set for Sept. 4
TKG NURSERY: Creditors' Proofs of Debt Due on Oct. 2


S I N G A P O R E

CEL-YISHUN (COMMERCIAL): Final Meeting Set for Sept. 26
DASIN RETAIL: Court to Hear Wind-Up Petition on Sept. 6
HALCYON AGRI: To Be Delisted From SGX RegCo
KNOCK2LIVE PTE: Court to Hear Wind-Up Petition on Sept. 13
MIDAS INTERNATIONAL: Court Enters Wind-Up Order

PREMIER FOODS: Court Enters Wind-Up Order
WING TAI: Net Loss Widens to SGD99.2MM for Year Ended June 30

                           - - - - -


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

LORRAINE LEA: First Creditors' Meeting Set for Sept. 4
------------------------------------------------------
A first meeting of the creditors in the proceedings of Lorraine Lea
Linen Pty Ltd will be held on Sept. 4, 2024 at 2:30 p.m. via
virtual meeting.

Andrew Reginald Yeo and Timothy James Bradd of Pitcher Partners
were appointed as administrators of the company on Sept. 4, 2024.


MERCEDES CONSTRUCTION: Second Creditors' Meeting Set for Sept. 3
----------------------------------------------------------------
A second meeting of creditors in the proceedings of Mercedes
Construction Pty Ltd has been set for Sept. 3, 2024 at 11:00 a.m.
at 278 Barker Road via Subiaco and by Zoom.

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 Sept. 2, 2024 at 5:00 p.m.

Ross Stephen Thomson of Bankruptcy Advisory Centre was appointed as
administrator of the company on Aug. 26, 2024.


PRAGYA PTY: First Creditors' Meeting Set for Sept. 5
----------------------------------------------------
A first meeting of the creditors in the proceedings of Pragya Pty
Limited will be held on Sept. 5, 2024 at 10:00 a.m. at the offices
of JLA Insolvency & Advisory at Level 13, 50 Margaret Street in
Sydney.

Jamieson Louttit of JLA Insolvency & Advisory was appointed as
administrator of the company on Aug. 26, 2024.


ROSIE RECRUITMENT: Second Creditors' Meeting Set for Sept. 3
------------------------------------------------------------
A second meeting of creditors in the proceedings of Rosie
Recruitment Pty Ltd has been set for Sept. 3, 2024 at 4:30 p.m. via
Teams teleconference.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by Sept. 2, 2024 at 5:00 p.m.

Andrew Quinn and Mitchell Ball of Mackay Goodwin were appointed as
administrators of the company on July 30, 2024.


SPARRK LOGISTICS: Victoria Director Banned for Maximum 5 Years
--------------------------------------------------------------
The Australian Securities & Investments Commission (ASIC) has
disqualified Richard Andrew Sparreboom of Chirnside Park, Victoria,
from managing corporations for the maximum period of five years due
to serious misconduct.

Between March 2019 and March 2022, Mr. Sparreboom was the director
of two companies that entered liquidation:

   - Sparrk Logistics Pty Ltd
   - Hedgehog Logistics Solutions Pty Ltd

Mr. Sparreboom's conduct in relation to the failure of Hedgehog
Group Holdings Pty Ltd was also considered in ASIC's decision in
whether the disqualification was justified.

All three companies were involved in the business of transport,
postal and warehousing.

ASIC found that Mr. Sparreboom acted improperly and failed to meet
his obligations as a director when he:

   * failed to lodge activity statements and income tax returns
     for Sparrk Logistics with the Australian Taxation Office
(ATO),
     deleted books and records and produced false records of
Sparrk
     Logistics,

   * failed to prevent Sparrk Logistics from breaching an EarlyPay

     agreement,

   * authorised Hedgehog Group and Sparrk Logistics to make
payments
     that were not in the best interests of the companies,
including
     unfair preferential payments when Hedgehog Group was
insolvent,
     and

   * allowed Hedgehog Group and Sparrk Logistics to continue to
trade
     for significant periods of time after there were numerous
     indicators that the companies were insolvent.

At the time of the ASIC decision, the three companies owed
AUD9,809,880 to 178 unsecured creditors and AUD1,201,740 to former
employees for unpaid wages, superannuation, and leave
entitlements.

In disqualifying Mr. Sparreboom, ASIC relied on supplementary
reports lodged by liquidators, Anne Meagher of SV Partners and
Suelen McCallum of DVT Group.

Ms. McCallum assisted in preparing the report after ASIC approved
funding from the Assetless Administration Fund.

Mr. Sparreboom is disqualified from managing corporations until
Aug. 11, 2029.

Mr. Sparreboom has the right to seek a review of ASIC's decision by
the Administrative Appeals Tribunal.

Section 206F of the Act allows ASIC to disqualify a person from
managing corporations for a maximum period of five years if, within
the seven-year period prior to ASIC taking action, the person was
an officer of two or more companies, and those companies were wound
up and a liquidator provides a report to ASIC about each of the
company's inability to pay its debts.

ASIC maintains a banned and disqualified persons register that
provides information about people who have been disqualified from:

   * involvement in the management of a corporation,

   * auditing self-managed superannuation funds (SMSFs), or

   * practising in the financial services or credit industry.

Glenn Anthony Crisp and Andrew Mattinson of Jirsch Sutherland were
appointed as administrators of Sparrk Logistics on Feb. 21, 2022.


WAX CONVERTERS: First Creditors' Meeting Set for Sept. 4
--------------------------------------------------------
A first meeting of the creditors in the proceedings of Wax
Converters Textiles Pty Limited will be held on Sept. 4, 2024 at
10:30 a.m. virtually via Microsoft Teams.

Sule Arnautovic of Salea Advisory was appointed as administrator of
the company on Aug. 23, 2024.


WAX CONVERTERS: Up for Sale After Filing Voluntary Administration
-----------------------------------------------------------------
Sprinter reports that a 33-year-old Hunter Valley family-owned
company specialising in textiles, fabrics, canvas and PVC products
with 65 staff members is now for sale after entering voluntary
administration.

Late last week, Sule Arnautovic from Salea Advisory was appointed
voluntary administrator of Rutherford-based Wax Converters
Textiles, Sprinter discloses.

According to Sprinter, the company experienced a sharp fall in
revenue from AUD18 million in the 12 months to July 1, 2023,
falling 22 per cent to AUD14 million in the 12 months to July 1,
2024.

Sprinter relates that the directors of the company have advised
that the reasons for the administration of the company can largely
be attributable to reduced product ordering from its key customers
and resultant trading losses given the critical staffing capacity
required by the company to maintain its ongoing trading
operations.

The business was started by Jim Kelman in December 1991 and the
current CEO and director James Kelman has been working in the
business for almost 30 years. In this video published in the months
leading up to the COVID pandemic, Jim and James discuss the
challenges with the manufacturing of textiles in the local market.

All of the assets, business and undertakings of the company are now
under the control of the administrator and an urgent assessment of
the company's financial affairs is underway.

At this time and until further notice, the administrator is
continuing to trade the company's business in the ordinary course
during the administration period with a view to exploring a
restructuring/recapitalisation of the company via a Deed of Company
Arrangement (DOCA) and/or implementing a Going Concern Sale of
Business.

Any parties interested in purchasing the business as well as all
written queries from creditors of the company should be directed to
the offices of Salea Advisory via email at admin@salea.com.au.

An initial meeting of creditors is due to be held on Sept. 4,
2024.

Sprinter relates that the future of the company will be decided at
a second meeting of creditors to be held in approximately four to
six weeks, that is, unless the Voluntary Administration period is
extended.

At this stage, it is too early to advise if there will be any
dividend or distribution paid to the ordinary unsecured creditors
of the company. The administrator will issue further reports to
creditors in this regard.

Wax Converters provides textiles to a wide variety of companies
including key combat clothing and related accessories to the
Australian Defence Force. Products in the company's portfolio
include defence and camouflage fabrics, awning and sun blind
fabrics, horse rug fabrics, architectural fabrics, transport PVC,
caravan annexe fabrics and artistic canvases.




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

HARMONY AUTO: To Cut Staff Pay as Car Price War Hits Bottom Line
----------------------------------------------------------------
Yicai Global reports that Harmony Auto Holding, a Chinese dealer of
luxury vehicles, said that as an emergency measure it will
implement across-the-board salary cuts as its losses mount as a
result of the severe price competition in the country's car
market.

"Cutting the salary of all employees is a proactive and temporary
measure to adapt to the market environment and enhance our ability
to withstand future risks," the Zhengzhou-based company told Yicai
on Aug. 27.

Yicai relates that Harmony Auto and its units will trim salaries
from this month until the end of the year, according to an internal
company letter circulating online. The chairman and vice chairman's
renumeration will be halved, while that of the president, vice
presidents, and other senior managers will fall by 35 percent.
Middle managers and other staff will see cuts of 25 percent and 15
percent, respectively.

Harmony Auto faces unprecedented operational pressures, the letter
noted. Once the operational situation improves and the firm returns
to profitability, it will immediately reinstall the original salary
levels, it added, Yicai relays.

The price war raging in China's auto market, the world's biggest,
has resulted in almost 51 percent of dealers reporting losses for
the six months ended June 30, up from almost 44 percent a year
earlier, Yicai notes citing to a new report by the China Automobile
Dealers Association.

Harmony Auto told Yicai that the company is "confident that through
various initiatives it will be able to conclude this special phase
as soon as possible."

Harmony Auto, which went public in Hong Kong in 2013, operates
dealerships for 14 luxury car brands in China, including BMW,
Ferrari, and Lexus. According to its annual financial report,
Chairman and founder Feng Changge earns CNY2.3 million (USD322,800)
a year.

Harmony Auto's sales climbed 8.4 percent to 38,475 units last year
from the previous one, but it ended in the red for the second
straight year due to falling vehicle prices, the report, as cited
by Yicai, showed. Its net loss was CNY252 million (USD35.4
million), while revenue rose 1.6 percent to CNY16.6 billion (USD2.3
billion).


MOFANG APARTMENT: Flats Face Power Cuts Due to Unpaid Rents
-----------------------------------------------------------
Yicai Global reports that several tenants leasing flats from Mofang
Apartment in China's southern Shenzhen said their electricity was
cut off after the rental company failed to pay the rent due to
landlords for many months.

An apartment in Longgang district experienced multiple power cuts
since last month because Mofang owes the landlord six months of
rent, the tenant told Yicai. One of the firm's V Ke Youth flats in
Bao'an district was left in the dark several times this month due
to five months of unpaid rent to the property owner, its tenant
said.

At least four Mofang and V Ke Youth apartments in Shenzhen have
rent arrears with landlords, Yicai learned. Some property owners
have cut ties with the company and taken back their flats due to
months of unpaid rent.

Some apartments have contractual disputes with the landlords, which
is why payments have not been made as agreed, a Mofang employee
said to Yicai.

Mofang is one of the earliest rental property operators in China to
establish a presence in the long-term lease market.

In September 2022, Mofang filed for an initial public offering in
Hong Kong, becoming the third such Chinese firm to apply for
listing, Yicai recalls. After its initial application expired, the
Shanghai-based company tried filing again in April last year, but
to the same result.

Mofang reported a net loss of CNY230 million (USD32.3 million) in
2020 and a net profit of CNY302 million in 2021 before swinging
back into the red with a net loss of CNY247 million in 2022, mainly
due to the impact of the Covid-19 pandemic, Yicai discloses.

Mofang managed 76,000 units in 25 Chinese cities as of the end of
2022, including around 36,000 in Beijing and Shanghai and 14,000 in
Guangzhou and Shenzhen, according to its latest prospectus. It also
handled 388 stores.




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

A.P. INTERNATIONAL: CARE Keeps B- Debt Rating in Not Cooperating
----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of A.P.
International (AI) continues to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       5.91       CARE B-; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category  

Rationale and key rating drivers

CARE Ratings Ltd. had, vide its press release dated August 3, 2023,
placed the rating(s) of AI under the 'issuer non-cooperating'
category as AI had failed to provide information for monitoring of
the rating as agreed to in its Rating Agreement. AI continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
June 18, 2024, June 28, 2024 and July 8, 2024.

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

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

A.P. International (AI) was established in May 2015 as a
partnership firm with Mr. Sunny Arora, Mr. Bal Krishna Ramdev, Mr.
Harjinder Singh and Mrs. Mandeep Kaur as its partners sharing
profit and loss equally. AI is engaged in the manufacturing of
home furnishing products such as bed sheets, blankets and curtains
at its manufacturing facility located in Panipat, Haryana.


ARVIND MOTORS: CRISIL Hikes Rating on INR24.5cr Cash Loan to B+
---------------------------------------------------------------
CRISIL Ratings has upgraded its rating on the long-term bank
facilities of Arvind Motors Pvt Ltd (AMPL) to 'CRISIL B+/Stable'
from 'CRISIL D'.

                        Amount
   Facilities        (INR Crore)      Ratings
   ----------        -----------      -------
   Cash Credit            24.5        CRISIL B+/Stable (Upgraded
                                      from 'CRISIL D')

   Cash Credit            10          CRISIL B+/Stable (Upgraded
                                      from 'CRISIL D')

   Channel Financing      20          CRISIL B+/Stable (Upgraded
                                      from 'CRISIL D')

   Channel Financing      30          CRISIL B+/Stable (Upgraded
                                      from 'CRISIL D')

   Channel Financing      20          CRISIL B+/Stable (Upgraded
                                      from 'CRISIL D')

   Channel Financing      15          CRISIL B+/Stable (Upgraded
                                      from 'CRISIL D')

   Proposed Long Term      5.5        CRISIL B+/Stable (Upgraded
   Bank Loan Facility                 from 'CRISIL D')

The rating upgrade reflects the company's timely servicing of debt
for over 90 days ending August 15, 2024, driven by timely
realisation of receivables against sales made over the past three
months.

During the first quarter of fiscal 2025, AMPL reported modest
revenue growth of ~1% on-year to INR198 crore (Rs 196 crore in the
first quarter of fiscal 2024). The company saw volume grow ~16% and
realisation drop ~15% in the first quarter of fiscal 2025. The
realisation declined mainly due to a change in the sales mix as the
company sold a higher percentage of light commercial vehicles which
have low realisation compared with heavy commercial vehicles.
During fiscal 2024, the company's overall revenue grew ~5% to
INR875 crore from INR835 crore in the previous fiscal, while
revenue from sale of vehicles (which forms ~83% of total sales)
grew just ~2% to INR729 crore from INR713 crore. The revenue is
expected to grow 4-6% in fiscal 2025, driven by higher volume
growth and improvement in realisation.

The financial risk profile, though improving, remains below average
because of modest capital structure and moderate debt protection
metrics. The gearing remained weak, at 5.53 times, owing to small
networth of INR26 crore (excluding revaluation reserves of INR12
crore) as against total debt of ~Rs 144 crore, as on March 31,
2024. With accretion to profit, the gearing is expected to improve
to 5.01 times as on March 31, 2025. The debt protection metrics
will improve, too, with progressive debt repayment and an increase
in revenue and profitability, contributing to an increase in
absolute earnings before interest, tax, depreciation and
amortisation (Ebitda). The interest coverage is expected to improve
to 2.11 times in fiscal 2025 from 2.06 times in fiscal 2024.

The rating reflects AMPL's exposure to intense competition in the
automotive (auto) dealership business, susceptibility to cyclicity
in the auto industry and below-average financial risk profile.
These weaknesses are partially offset by the promoters' extensive
industry experience and longstanding relationship with the
principal supplier, Tata Motors Ltd (TML).

Analytical Approach

For arriving at the rating, CRISIL Ratings has considered AMPL's
standalone financial and business risk profiles.

Unsecured loan from the promoters (Rs 2.32 crore as on March 31,
2024) is treated as debt.

Key Rating Drivers & Detailed Description

Weaknesses:

* Exposure to intense competition: The auto sector is intensely
competitive, with several players operating in the mini, compact,
mid-sized, executive, premium, and luxury passenger car segments.
AMPL also faces intense competition from dealers of other leading
players, along with the unorganised used-car market. Original
equipment manufacturers also encourage more dealerships to improve
penetration and sales, which increases competition among dealers.

* Susceptibility to cyclicality in the auto industry: AMPL's
business prospects are linked to the cyclicality inherent in the
auto industry, and ability to sustain market share. The business is
also susceptible to high financing costs, sharp contraction in
credit, and macroeconomic slowdown. The company's revenue had
declined in fiscal 2021 amid the Covid-19 pandemic wherein the
commercial vehicle segment had underperformed. However, with
improved demand and rising economic activity, the performance of
the auto industry is expected to improve over the medium term.

* Below-average financial risk profile: The financial risk profile,
though improving, remains below average because of modest capital
structure and moderate debt protection metrics. As on March 31,
2024, the gearing was weak, over 5 times, owing to small networth
of INR26 crore (excluding revaluation reserves of INR12 crore)
against total debt of ~INR144 crore. With accretion to profit, the
gearing is expected to improve to below 5 times over the medium
term. Around 90% of the debt comprises working capital borrowings
(majorly inventory funding) and the balance is long term. Adjusted
interest coverage improved to ~2.06 times in fiscal 2024 and is
expected to improve to over 2.1 times over the medium term.

Strengths:

* Extensive industry experience of the promoters: The promoters
have experience of more than three decades in the auto
distributorship business. They took up dealership of TML's
commercial vehicles, spares and lubricants in 1954 when AMPL
started operations. One of the promoters, Mr Ashok Rao, has been
engaged in the dealership of Maruti Suzuki India Ltd ('CRISIL
AAA/Stable/CRISIL A1+') through Mandovi Motors and of Bajaj Auto
Ltd ('CRISIL AAA/Stable/CRISIL A1+') through Supreme Auto Dealers
Pvt Ltd and Supreme Motors.

* Longstanding relationship with the principal supplier, TML: AMPL
has been an authorised dealer of TML's commercial vehicles (both
new and used) in Karnataka since 1954 and was one of the earliest
distributors for TML.

Liquidity: Stretched

Expected annual accrual of INR12-16 crore will be sufficient to
meet debt obligation of INR3-4 crore and annual capex requirement
of INR3-5 crore over the medium term. Fund-based bank limits were
utilised 87% on average over the seven months through July 2024.
Furthermore, the company has a liquid surplus of around INR7
crore.

Outlook: Stable

AMPL will continue to benefit from its promoters' experience and
strong relationship with the principal supplier.

Rating Sensitivity factors

Upward factors:

* Sustained growth in revenue and improvement in operating
profitability leading to higher cash accrual
* Improvement in debt protection metrics with interest coverage
rising over 2 times on a sustained basis
* Improvement in the capital structure

Downward factors:

* Decline in revenue or operating profitability falling below 1.5%,
impacting cash generation
* Deterioration in the financial risk profile due to continued
losses or stretch in the working capital cycle; interest coverage
falling below 1.5 times

AMPL was established as a partnership firm in 1954 and
reconstituted as a private limited company in 1999. Mr Aroor Kishor
Rao is the managing director of the company and has more than three
decades of experience in the auto dealership business. The company
is an authorised dealer of TML's commercial vehicles, spares and
lubricants and has been associated with TML since 1954. AMPL offers
the entire range of TML's commercial vehicles (light, medium and
heavy). The company has 15 showrooms, 20 outlets, 3 stock yards and
4 container workshops. Its registered office is in Mangaluru,
Karnataka.


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.


GODAAVARI LABS: CARE Lowers Rating on INR155.50cr LT Loan to D
--------------------------------------------------------------
CARE Ratings has revised the ratings on certain bank facilities of
Godaavari Labs Private Limited (GLPL), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      155.50      CARE D Revised from CARE BB-;
   Facilities                      Stable

Rationale and key rating drivers

The Revision in rating assigned to the bank facilities of GLPL is
on account of delays in interest servicing towards term loans that
are rated by CARE.

Rating sensitivities: Factors likely to lead to rating actions

Positive factors
Company's ability to meet the curing period guidelines as
stipulated by SEBI by demonstrating a delay free track record.

Analytical approach: Standalone

Outlook: NA

Detailed description of the key rating drivers:

Key weaknesses

* Delays in Debt Servicing Obligations: Company is a project stage
entity, COD was expected in Q1FY25, however there has been delay in
commencement of commercial operations as the project is yet to
complete. This has resulted in cash flow mismatch and lenders have
informed that, the company is unable to timely service interest
obligation towards its term loans.

Liquidity: Poor

Liquidity is poor marked by no cashflow generation as of now as the
company is yet to commence commertial operations.

Godaavari Labs Private Limited (GLPL) was incorporated in the year
2013 and has proposed to set up a unit in Andhra Pradesh to
manufacture Active Pharmaceuticals Ingredients (API) and
intermediates for different therapeutic segment. The total project
cost is estimated at INR232 crore proposed to be funded through
bank debt of INR130 crore and remaining through promoters
contribution.


GOODLUCK MEDICAL: CRISIL Withdraws B+ Rating on INR34cr Loan
------------------------------------------------------------
CRISIL Ratings has withdrawn its ratings on the bank facilities of
Goodluck Medical and Research Centre Private Limited (GMRCPL) on
the request of the company and receipt of a no objection
certificate from its bank. The rating action is in line with CRISIL
Ratings' policy on withdrawal of its ratings on bank loans.

                        Amount
   Facilities        (INR Crore)      Ratings
   ----------        -----------      -------
   Term Loan              34          CRISIL B+/Stable/Issuer Not
                                      Cooperating (Withdrawn)

CRISIL Ratings has been consistently following up with GMRCPL for
obtaining information through letters and emails dated May 14,
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 GMRCPL. This restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on
GMRCPL is consistent with 'Assessing Information Adequacy Risk'.
Based on the last available information, the rating on bank
facilities of GMRCPL continues to be 'CRISIL B+/Stable Issuer Not
Cooperating'.

Incorporated in 2004, GMRCPL is currently setting up a new 150 bed
hospital at Greater Noida under the name of Mahanand
Superspeciality Hospitals. The hospital is expected to commence
commercial operations from October 2023. Dr Ramesh Chandra Mishra
and his daughter Dr Aditi Mishra are the promoters.



HAWARE PROPERTIES: CARE Keeps B- Debt Rating in Not Cooperating
---------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Haware
Properties (HP) continues to remain in the 'Issuer Not Cooperating'
category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      23.00       CARE B-; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category  

Rationale and key rating drivers

CARE Ratings Ltd. had, vide its press release dated August 4, 2023,
placed the rating(s) of HP under the 'issuer non-cooperating'
category as HP had failed to provide information for monitoring of
the rating agreed to in its Rating Agreement. HP continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
June 19, 2024, June 29, 2024 and July 9, 2024.

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

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

Established in 2012, Haware Properties (HP) is into developing of
real estate properties. Haware properties is a part of Haware group
and has group associates, namely Haware Engineers & Builders Pvt
Ltd, Haware Housing, Haware Construction Private Limited and Haware
Infrastructure Private Limited etc.



HULE CONSTRUCTIONS: CRISIL Withdraws B Rating on INR5cr Loan
------------------------------------------------------------
CRISIL Ratings has withdrawn its ratings on the bank facilities of
Hule Constructions Private Limited (HCPL) on the request of the
company and receipt of a no objection certificate from its bank.
The rating action is in line with CRISIL Ratings' policy on
withdrawal of its ratings on bank loans.

                        Amount
   Facilities        (INR Crore)      Ratings
   ----------        -----------      -------
   Bank Guarantee          20         CRISIL A4/Issuer Not
                                      Cooperating (Withdrawn)

   Cash Credit              5         CRISIL B/Stable/Issuer Not
                                      Cooperating (Withdrawn)

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

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

Detailed Rationale

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

HCPL was started by Mr Vishwanath D Hule Patil as a partnership
firm in 1987 and it was reconstituted as a private limited company
in 2007. HCPL is currently a class I (A) contractor engaged in
construction of roads, dams, canals, tunnels and bridges.


IMP POWERS: CARE Keeps D Debt Ratings in Not Cooperating Category
-----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of IMP Powers
Limited (IPL) continues to remain in the 'Issuer Not Cooperating'
category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      284.76      CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

   Short Term Bank      98.30      CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated June 20, 2023,
placed the rating(s) of IPL under the 'issuer non-cooperating'
category as IPL had failed to provide information for monitoring of
the rating as agreed to in its Rating Agreement. IPL continues to
be non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
May 5, 2024, May 15, 2024 and May 25, 2024.

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

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

Incorporated in 1961 and promoted by Mr. Ramnivas R. Dhoot, IMP
Powers Ltd. (IPL) (ISIN: INE065B01013) is engaged in the
manufacturing of an entire range of transformers. The company has
its manufacturing facility at Silvassa, for manufacturing of
transformers ranging from 1 MVA to 315 MVA, up to 400 kV Class with
an installed capacity of 16,000 MVA (Mega Volt-Ampere) as on March
31, 2020. IPL incorporated a subsidiary company 'IMP Energy
Limited' (IEL) in August 2012. IEL is engaged in complete EPC work
of small hydro power (SHP) business. The Company sets up small
hydro power plants of up to 5 MW capacity and does the entire EPC
work.


IMPERIAL READYMADE: CRISIL Keeps B Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Imperial
Readymade Garments Factory India Private Limited (IRMG) continue to
be 'CRISIL B/Stable/CRISIL A4 Issuer Not Cooperating'.

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

   Export Packing          5.5        CRISIL B/Stable (Issuer Not
   Credit                             Cooperating)

   Letter of Credit        3.5        CRISIL A4 (Issuer Not
                                      Cooperating)

CRISIL Ratings has been consistently following up with IRMG for
obtaining information through letters and emails dated May 14,
2024, June 11, 2024 and June 12, 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 COOPRATING' 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 IRMG, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on IRMG
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
IRMG continues to be 'CRISIL B/Stable/CRISIL A4 Issuer Not
Cooperating'.

IRMG was set up in 2006 by Mr Ali George in Tamil Nadu. The company
manufactures readymade garments for women and men, and caters to
both domestic and export markets.

Status of non cooperation with previous CRA

IRMG has not cooperated with India Ratings And Research Private
Limited which has classified the company as non-cooperative through
a release dated August 08, 2017. The reason provided by India
Ratings And Research Private Limited is non-furnishing of
information for monitoring of ratings.


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.


JALALABAD SOLVEX: CARE Keeps B- Debt Rating in Not Cooperating
--------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Jalalabad
Solvex Private Limited (JSPL) continues to remain in the 'Issuer
Not Cooperating' category.

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

Rationale & Key Rating Drivers

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

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

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

Jalalabad Solvex Private Limited (JSPL) was incorporated in 2000 as
a private limited company and is currently being managed by Mr.
Raman Sidana, Mr. Ashwani Sidana, Mr. Ashok Aneja, Mr. Ram Lal
Aneja, Mr. Brij Mohan, Mrs. Shashi Bala Aneja, Mrs. Vandana Sidana
and Mrs. Ranju Sidana as its directors. The company is engaged in
the extraction of rice bran oil from rice bran at its processing
facility located in Fazilka, Punjab.

JANKI NEWSPRINT: CRISIL Withdraws B Rating on INR17.75cr Loan
-------------------------------------------------------------
CRISIL Ratings has withdrawn its ratings on the bank facilities of
Janki Newsprint Private Limited (JNPL) on the request of the
company and receipt of a no objection certificate from its bank.
The rating action is in line with CRISIL Ratings' policy on
withdrawal of its ratings on bank loans.

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

   Long Term Loan         17.75       CRISIL B/Stable/Issuer Not
                                      Cooperating (Withdrawn)

   Proposed Long Term      0.75       CRISIL B/Stable/Issuer Not
   Bank Loan Facility                 Cooperating (Withdrawn)

CRISIL Ratings has been consistently following up with JNPL for
obtaining information through letters and emails dated April 19,
2024, among others, apart from telephonic communication. However,
the issuer has remained non cooperative.

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

Detailed Rationale

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

Incorporated as Sumit Agro Products Ltd in 2000 and reconstituted
as a closely held public limited company with the current name in
2010, JNPL manufactures kraft paper at its facility in Meerut,
Uttar Pradesh. Operations are managed by Mr Amit Garg, Mr Sumit
Garg and Mr Anand Prakash.


JITENDRA SINGH: CRISIL Withdraws B Rating on INR58cr Bank Loan
--------------------------------------------------------------
CRISIL Ratings has withdrawn its ratings on the bank facilities of
Jitendra Singh (JS; part of the JS group) on the request of the
company and receipt of a no objection certificate from its bank.
The rating action is in line with CRISIL Ratings' policy on
withdrawal of its ratings on bank loans.

                        Amount
   Facilities        (INR Crore)      Ratings
   ----------        -----------      -------
   Bank Guarantee         58          CRISIL A4/Issuer Not
                                      Cooperating (Withdrawn)

   Cash Credit/            5          CRISIL B/Stable/Issuer Not
   Overdraft facility                 Cooperating (Withdrawn)

   Proposed Bank          32          CRISIL B/Stable/Issuer Not
   Guarantee                          Cooperating (Withdrawn)

   Proposed Working        5          CRISIL B/Stable/Issuer Not
   Capital Facility                   Cooperating (Withdrawn)

CRISIL Ratings has been consistently following up with JS for
obtaining information through letters and emails dated April 19,
2024, among others, apart from telephonic communication. However,
the issuer has remained non cooperative.

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

Detailed Rationale

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

Analytical Approach

CRISIL Ratings is consolidating the financials of JS and
Jitendrasingh Infrastructure Pvt Ltd (JSIPL), as both these
entities are under a common management, have business linkages and
use common assets for construction of roads and allied activities.
The group is expected to wind up operations of JS in the near term
and will be conducting its entire business through JSIPL. CRISIL
Ratings has moderately consolidated the SPVs - Jitendrasingh
Devgadkaladgi Highway Pvt Ltd (JHPL) and Tillari Gargoti Highways
Pvt Ltd (TGHPL), as the group is likely to extend support to the
extent of equity investments, cost overruns and support in the
initial stage of operations.

Unsecured loans of INR48.73 crore, extended by the proprietor and
his affiliates, are treated as neither debt nor equity as the funds
will be maintained in business over the medium term.

                          About the Group

JS was formed as a proprietorship of Mr Jitendra Singh in 1976. The
firm undertakes civil construction projects, primarily roads,
highways and bridges in Maharashtra, Madhya Pradesh and Odisha. The
controlling office is at Pune (Maharashtra), with site offices at
various locations.


KAMAKHYA TRADERS: CARE Keeps B- Debt Rating in Not Cooperating
--------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Kamakhya
Traders (KT) continues to remain in the 'Issuer Not Cooperating'
category.

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

Rationale and key rating drivers

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

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

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

Gorakhpur (Uttar Pradesh) based Kamakhya Traders (KT) was formed in
2001 as a partnership concern by Mr. Rajesh Kumar Singh, Ms Arti
Chand, Mr Arun Chand and Mr. C.P. Chand. KT is mainly engaged in
the business of trading of coking coal, however, it is also
involved in trading of steel and cement.

KRISHNA TRADERS: CRISIL Withdraws B Rating on INR9.85cr Loan
------------------------------------------------------------
CRISIL Ratings has withdrawn its ratings on the bank facilities of
Krishna Traders (Sheet Division) - Sangli (KTS) on the request of
the company and receipt of a no objection certificate from its
bank. The rating action is in line with CRISIL Ratings' policy on
withdrawal of its ratings on bank loans.

                        Amount
   Facilities        (INR Crore)      Ratings
   ----------        -----------      -------
   Cash Credit            8           CRISIL B/Stable/Issuer Not
                                      Cooperating (Withdrawn)

   Channel Financing      9.85        CRISIL B/Stable/Issuer Not
                                      Cooperating (Withdrawn)

   Long Term Loan         3.00        CRISIL B/Stable/Issuer Not
                                      Cooperating (Withdrawn)

   Proposed Working
   Capital Facility       4.15        CRISIL B/Stable/Issuer Not
                                      Cooperating (Withdrawn)

CRISIL Ratings has been consistently following up with KTS for
obtaining information through letters and emails 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 KTS. This restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on KTS
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the rating on bank facilities of
KTS continues to be 'CRISIL B/Stable Issuer Not Cooperating'.

KTS, is a Sangli based firm, involved in trading of Steel Products.
Firm is promoted by Dol family members of Sangli (Maharashtra).


KTC FOODS: ICRA Keeps D Debt Ratings in Not Cooperating Category
----------------------------------------------------------------
ICRA has kept the Long-Term rating for the Bank facilities of KTC
Foods 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        110.00       [ICRA]D; ISSUER NOT COOPERATING;
   Fund based                    Rating Continues to remain under
   Cash Credit                   'Issuer Not Cooperating'
                                 Category

   Long-term          9.01       [ICRA]D; ISSUER NOT COOPERATING;
   Fund based                    Rating Continues to remain under
   Term Loan                     'Issuer Not Cooperating'
                                 Category

   Long-term          5.00       [ICRA]D; ISSUER NOT COOPERATING;
   Non-fund based                Rating continues to remain under
   Others                        'Issuer Not Cooperating'
                                 Category


   Long Term-         0.99       [ICRA]D; ISSUER NOT COOPERATING;
   Unallocated                   Rating Continues to remain under
                                 'Issuer Not Cooperating'
                                 Category

As part of its process and in accordance with its rating agreement
with KTC Foods 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.

Established in 2010, KTC is primarily involved in the rice -milling
business. The company has an installed production capacity of 24
tons per hour. It sells rice in Punjab, Haryana, Uttar Pradesh,
Rajasthan, Delhi, and many southern and eastern states. KTC sells
broken rice under the brand name, 'Barfi', in the southern states.


KUMARAN AAGRO: CARE Keeps B- Debt Rating in Not Cooperating
-----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Kumaran
Aagro Foods (KAF) continues to remain in the 'Issuer Not
Cooperating' category.

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

Rationale and key rating drivers

CARE Ratings Ltd. had, vide its press release dated August 2, 2023,
placed the rating(s) of KAF under the 'issuer non-cooperating'
category as KAF had failed to provide information for monitoring of
the rating. KAF continues to be non-cooperative despite repeated
requests for submission of information through e-mails, phone calls
and a letter/email dated June 17, 2024, June 27, 2024, July 7,
2024.

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

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

Mr. S.N. Dhanushkodi Nadar established a proprietorship concern in
the year 1952, which was renamed Kumar Traders in 1969. Later in
1985 it was converted into a partnership concern among his sons and
wife. After family partition, in 2009 the concern was renamed as
Kumaran Aagro Foods (KAF) and the concern was reconstituted among
Mr. S.N.D. Raja Shekaran, Ms. Usha Raja Shekaran and Mr. S.N.D.R.
Raj Dhanush with equal profit-sharing ratio. KAF is engaged in
processing (dehulling) and Marketing of black gram and pigeon pea.
After processing, the lentil is sold for consumption and the skin
is sold as cattle feed. The firm purchases pulses from suppliers
located in Madhya Pradesh, Uttar Pradesh and Andhra Pradesh and
after processing markets to the wholesalers and retailers located
in Chennai, Tamil Nadu.


MAHANAGAR TELEPHONE: CARE Reaffirms D Rating on INR5,335.10cr Loan
------------------------------------------------------------------
CARE Ratings has reaffirmed ratings on certain bank facilities of
Mahanagar Telephone Nigam Limited (MTNL), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Bonds@             3,768.97     CARE AAA (CE) (RWN) Placed on
                                   Rating Watch with Negative
                                   Implications

   Bonds@             6,500.00     CARE AAA (CE) (RWN) Placed on
                                   Rating Watch with Negative
                                   Implications

   Bonds@            10,910.00     CARE AAA (CE) (RWN) Placed on
                                   Rating Watch with Negative
                                   Implications

   Bonds@             6,661.00     CARE AAA (CE) (RWN) Placed on
                                   Rating Watch with Negative
                                   Implications

   Long-term
   bank facilities    2,803.81      CARE D Reaffirmed

   Long-term/
   Short-term
   Bank facilities    3,500.00      CARE D/CARE D Reaffirmed

   Short-term
   bank facilities    5,335.10      CARE D Reaffirmed


@Backed by credit enhancement in the form of an unconditional and
irrevocable guarantee from the Government of India, through the
Department of Telecommunications, Ministry of Communications

Rationale and key rating drivers for credit enhanced debt

Ratings assigned to long term debt instruments [bonds issue] of
Mahanagar Telephone Nigam Limited (MTNL) principally rely on credit
enhancement (CE) in the form of an unconditional and irrevocable
guarantee from the Government of India (GoI), through
the Department of Telecommunications (DoT), Ministry of
Communications (MoC). Ratings have been placed on rating watch with
negative implications following non-adherence of trustee
administrated structured payment mechanism (SPM) in funding the
designated escrow account for ISINs INE153A08139 and INE153A08162.
Additionally, CARE Ratings Limited (CARE Ratings), shall monitor
the pattern of adherence to structured payment mechanism on entire
bond issuances of MTNL besides the above
mentioned ISINs.

Semi-annual interest payments for ISINs INE153A08139 and
INE153A08162 are due on August 24, 2024. In accordance with
structured payment mechanism (SPM) recorded in tri-partite
agreement executed among MTNL, Department of Telecommunications
(DoT) and Debenture Trustee (DT, Beacon Trusteeship Limited), MTNL
is required to fund semi-annual interest and/or principal
obligation in the designated escrow account with adequate amount 10
calendar days (T-10th) before the due date (August 14, 2024). Since
MTNL is in breach of stipulated condition, which is construed as an
event of default, DT informed MTNL and DoT, vide letter dated
August 14, 2024, to arrange adequate funds in escrow account on or
before August 16, 2024 (T-8 th, in accordance with Debenture Trust
Deed [DTD]). Subsequently, on August 16, 2024, Debenture Trustee
(DT), adhering to specified timelines outlined in SPM, issued a
'Notice of Invocation of Guarantee' to GoI. Per SPM, GoI was
required to fund designated escrow account with the necessary
amount by August 21, 2024, which is three days (T-3 rd) before the
due date. However, on August 22, 2024, per the communication from
DT to CARE Ratings, DT neither received confirmation from MTNL nor
DoT, GoI for the deposit of required amounts in the escrow account
in designated time. Subsequently, on August 23, 2024, in its
communication to CARE Ratings, DT confirmed the receipt of adequate
funds in the designated account. Similar confirmation was also
released by MTNL in the form of a stock exchange disclosure on
August 23, 2024.

In the past, upon such invocation of guarantee by DT, the
designated account had been funded within required timelines thus
ensuring adherence to the structure. Currently, there has been an
occurrence of non-adherence to SPM, which is critically viewed from
credit perspective. CARE Ratings will continue to monitor the
adherence of SPM for outstanding bonds over the near-tomedium term.
RWN will be resolved based on the sustained compliance to the
structured payment mechanism.

Rationale and key rating drivers of MTNL
Reaffirmation of ratings assigned to bank facilities of MTNL
factors ongoing delays in debt servicing obligations towards bank
borrowings due to paucity of funds at the company's end.
Additionally, ratings factor slow progress in the revival package
plan related to asset monetisation, heavy interest burden, high
human resource costs amidst a highly competitive industry.
Ratings continue to factor in majority ownership of GoI (56.25% as
on March 31, 2024) and presence of nominee directors appointed by
GoI on MTNL's board.

Rating sensitivities: Factors likely to lead to rating actions

For credit enhanced debt

Positive factors

Not applicable

Negative factors

* Non-adherence to trustee-administered SPM by CE provider in the
transaction, triggering adverse action/event of default.
* Delayed funding of the requisite payment account.
* Dilution in support philosophy by GoI towards MTNL.
For standalone ratings

Positive factors

* Sustained improvement in financial and business performance of
the company.
* Track record of timely debt servicing for a continuous period of
at least three months.

Negative factors
Not applicable

Analytical approach:

Credit enhanced ratings: CE in the form of an unconditional and
irrevocable guarantee from GoI, through DoT, MoC, operating
through a trustee-administered structured payment mechanism for
timely transfer of required funds for repayment of principal
and interest to a designated account.

Unsupported/Standalone ratings: Standalone

Outlook for credit enhanced rating: Not applicable

Outlook for standalone rating: Not applicable

Detailed description of key rating drivers:

Key strengths

* Majority ownership of GoI: MTNL is one of the two state-owned
telecom service providers in India, alongside Bharat Sanchar Nigam
Limited [BSNL, rated 'CARE AAA (CE); Stable']. GoI holds majority
stake in MTNL (56.25% as on March 31, 2024), and the balance is
held by the public. The company enjoys a 'Navratna Status' that
gives greater autonomy to central public sector enterprises (CPSEs)
in their investment and capital expenditure (capex) decisions. Such
a status also aims at facilitating expansion of its operations in
domestic and global markets.

* Sovereign guarantee on debt instruments with a
trustee-administered structured payment mechanism: The company's
debt instruments are backed by unconditional and irrevocable
guarantee for the servicing of entire issue (principal amount and
accrued interest), throughout the tenure of instruments, from GoI
through DoT, MoC. Trustee-administered structured payment mechanism
is in place to ensure timely payment of interest and principal
obligations of bond/NCD issues through a tripartite agreement
between MTNL, trustee, and GoI, through DoT, MoC. Trustee will
facilitate timely servicing of MTNL's obligations by DoT, in case
MTNL does not have sufficient funds to do so.

* Support from GoI, notwithstanding slow progress on asset
monetization: In October 2019, keeping in mind MTNL's legacy and
strategic importance, GoI announced revival plan for MTNL and BSNL
and continued to support the company's funding requirements through
issuance of LoC. To make public sector units (PSUs) financially
viable, the Union Cabinet approved second revival plan for BSNL and
MTNL (the telcos) amounting to ₹1.64 lakh crore on July 27, 2022.
Revival plan is aimed at upgrading services, rolling out 4G
services, augmenting the telecom network, and de-stressing balance
sheets.

Following schemes are approved by the Union Cabinet for telcos:

* Allotment of spectrum administratively: Telcos will be allotted a
spectrum administratively in the 900/1,800 MHz band (renewal of
spectrum for 20 years) amounting to ₹44,993 crore through equity
infusion. However, there have been delays in the rollout of 4G
services due to 4G import restrictions (per GoI's 'Atmanirbhar'
scheme).

* Financial support for capex: To meet projected capex for the next
four years of deploying Atmanirbhar 4G technology stack, GoI will
fund a capex of INR22,471 crore. This will be infused through
equity into BSNL and includes projected capex
requirements of INR1,851 crore for MTNL as well.

* Viability gap funding (VGF): A consideration of INR13,789 crore
for commercially unviable rural wire-line operations done in FY14
to FY20 was provided by GoI in three tranches in FY23. Proceeds
were utilised for prepayment of high-cost debt.

* Debt structuring: Sovereign guarantee is to be provided for
raising long-term bonds amounting to INR40,399 crore, which will be
utilised for restructuring high-cost debt.

* Financial support for AGR dues: AGR dues amounting to INR33,404
crore to be settled by conversion into equity.

As BSNL is handling MTNL's operations, fund infusion per revival
package has taken place in BSNL, which is managing combined capex
for the telcos. Progress on monetisation of MTNL's certain
identified land assets has also been slow, which has since been
transferred from the Department of Investment and Public Asset
Management (DIPAM) to the Department of Public Enterprise (DPE).

Key weaknesses

* Non-adherence to structured payment mechanism: Semi-annual
interest payments for ISINs INE153A08139 and INE153A08162 are due
on August 24, 2024. In accordance with structured payment mechanism
(SPM) recorded in tri-partite agreement executed among MTNL,
Department of Telecommunications (DoT) and Debenture Trustee (DT),
MTNL is required to fund semi-annual interest and/or principal
obligation in the designated escrow account with adequate amount 10
calendar days (T-10th) before the due date (August 14, 2024).
Subsequently, on August 16, 2024, Debenture Trustee (DT), adhering
to specified timelines outlined in SPM, issued a 'Notice of
Invocation of Guarantee' to the Government of India (GoI). Per SPM,
GoI was required to fund designated escrow account with necessary
amount by August 21, 2024, which is three days (T-3 rd) before the
due date. However, on August 22, 2024, per the communication from
DT to CARE Ratings, DT had neither received confirmation from MTNL
nor DoT, GoI for the deposit of
required amounts in the escrow account.

Subsequently, on August 23, 2024, per the communication from DT to
CARE Ratings, DT has confirmed the receipt of adequate funds in the
designated account. Confirmation has been issued by DT based on the
stock exchange disclosure dated August 23,
2024 made by MTNL confirming the above. In the past, upon such
invocation of guarantee by DT, the designated account had been
funded under the required timeline which ensured adherence to the
structure. While the necessary funds have been arranged for debt
servicing, CARE Ratings notes, there has been an occurrence of
non-adherence to SPM, which is critically viewed from credit
perspective.

* Ongoing delays in debt servicing: There are ongoing delays by
MTNL in servicing its debt obligations for bank loan facilities
which are not covered under guaranteed debt by GoI. Delay is
primarily due to paucity of funds considering insufficient cash
generation from operations and delay in timely support from GoI to
address existing poor liquidity position.

* Higher-than-industry average human resource cost: MTNL has a
large employee base, and staff costs absorb a high percentage of
the company's revenue. MTNL's staff cost was about INR570 crore in
FY24 (PY: INR545 crore), which is ~78% of its revenue from
operations in FY24 (~63% in FY23). Although there has been a
significant decrease in employee costs post the successful
implementation of VRS, it continues to remain over 5x the industry
average. Overstaffing is a major risk faced by the company and this
cost in case of other operators is ~5%-7% of the total operating
income (TOI). This is due to legacy issues, which are likely to
remain going forward.

* Competitive Industry: The outlook of Indian telecom sector is
expected to be stable, supported by an increasing rural
penetration, growth in broadband subscribers and roll-out of 5G
services, which will lead to improvement in average revenue per
user (ARPU). The government has also taken major reforms to address
structural, process reforms, and liquidity issues of the telecom
industry, which will provide requisite cashflows to support growth.
In September 2021, GoI announced major reforms for the telecom
sector to address liquidity of telecom service providers (TSPs),
encourage investment, and promote healthy competition in the
industry. Other structural and procedural reforms announced by GoI
related to no requirement of bank guarantees (BGs) for spectrum
bidding has also improved telco companies' liquidity position.

Liquidity: Poor

As on July 2024, the company's liquidity profile remains poor due
to almost full utilisation of sanctioned overdraft limits and
insufficient cash flow generation from operations to meet debt
obligations.

The company has policies in place, complying with prudent
governance practices; however, the company's auditors have provided
a qualified opinion on its internal financial control, which is of
significance for credit assessment. The company also publishes a
Business Responsibility Report (BRR) in compliance with SEBI (LODR)
Regulation, 2015, Regulation 34 (2). MTNL's wireless services (WS)
complies with relevant guidelines regarding electromagnetic
radiation from base transceiver station (BTS) towers issued by DoT,
GoI, and TRAI. The company also carries out energy auditing of its
buildings, which resulted in reduction of energy consumption
considerably.

Bonds and NCDs are backed by CE in the form of an unconditional and
irrevocable guarantee from GoI, through DoT, and MoC.

About CE provider: Government of India has extended the absolute,
unconditional, and irrevocable pre-default guarantee for timely
servicing of the rated bonds.

About the company and industry

MTNL was incorporated by GoI in 1986 to upgrade the quality of
telecom services, expanding telecom network, and introducing new
services for India's key metros, Delhi and Mumbai. MTNL was given
the 'Navratna' status in 1997 and was listed on the New York Stock
Exchange in 2001. MTNL provides a host of telecom services that
include fixed telephone service, GSM, Internet, Broadband, ISDN,
and leased line services. MTNL has been the first to launch some of
the latest telecom technologies such as ADSL2+ and VDSL2 in
broadband, IPTV on MPEG4 technology, VOIP and 3G mobile service in
the country. MTNL also provides telecommunication services beyond
Indian boundaries through its joint ventures (JV) and subsidiaries.
MTNL is present in Nepal through its JV, United Telecom Limited
(UTL), and in Mauritius through its 100% subsidiary, Mahanagar
Telephone Mauritius Limited (MTML). However, after obtaining
unified license for all 22 circles in India, MTNL's business
operations are being handled by BSNL as its outsourced agency,
since September 1, 2021.


MICRONS INDIA: CRISIL Withdraws B Rating on INR5.25cr Cash Loan
---------------------------------------------------------------
Due to inadequate information, CRISIL Ratings, in line with SEBI
guidelines, had migrated the rating of Microns India (MI) to
'CRISIL B/Stable/Issuer Not Cooperating'. CRISIL Ratings has
withdrawn its rating on bank facility of MI following a request
from the company and on receipt of a 'no dues certificate' from the
banker. Consequently, CRISIL Ratings is migrating the ratings on
bank facilities of MI to 'CRISIL B/Stable' from 'CRISIL
B/Stable/Issuer Not Cooperating. The rating action is in line with
CRISIL Ratings' policy on withdrawal of bank loan ratings.

                        Amount
   Facilities        (INR Crore)      Ratings
   ----------        -----------      -------
   Cash Credit            5.25        CRISIL B/Stable ISSUER NOT
                                      COOPERATING (Withdrawn)

MI, setup in 2004-05, is a partnership firm engaged in
manufacturing & assembly of machined components. The firm is
promoted by Mr. Surendra Batra, Mr. Vineet Thukral, Mr. Ashok
Mendiratta and Mr. Chander Prakash Taneja. Its manufacturing
facilities are in Faridabad, Haryana.


NATIONAL RICE: CARE Keeps D Debt Rating in Not Cooperating
----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of National
Rice Mill (NRM) continues to remain in the 'Issuer Not Cooperating'
category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       7.00       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Rationale and key rating drivers

CARE Ratings Ltd. had, vide its press release dated July 17, 2023,
placed the rating(s) of NRM under the 'issuer non-cooperating'
category as NRM had failed to provide information for monitoring of
the rating. NRM continues to be non-cooperative despite repeated
requests for submission of information through e-mails, phone calls
and a letter/email dated June 1, 2024, June 11, 2024, June 21,
2024.

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

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

Established in January 2009, National Rice Mill (NRM) is engaged in
the rice milling and processing activities at its plant located at
Hooghly, West Bengal with aggregate installed capacity of 16,800
MTPA. Mr. Bansi Badan Dey, having around two decades of experience
in the rice milling industry, looks after the day to day operations
of the entity. He is supported by other partner Mrs. Lekha Dey and
a team of experienced professionals.

RADHEYA MACHINING: ICRA Lowers Rating on INR38.87cr LT Loan to B+
-----------------------------------------------------------------
ICRA has revised the ratings on certain bank facilities of Radheya
Machining Limited (RML), as:

                      Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long Term-         11.13       [ICRA]B+ (Stable) ISSUER NOT
   Fund Based-                    COOPERATING; Rating downgraded
   Term Loan                      from [ICRA]BB- (Stable) and
                                  moved to the 'Issuer Not
                                  Cooperating' category

   Long Term-         38.87       [ICRA]B+ (Stable) ISSUER NOT
   Unallocated                    COOPERATING; Rating downgraded
                                  from [ICRA]BB- (Stable) and
                                  moved to the 'Issuer Not
                                  Cooperating' category

Rationale

The rating downgrade is because of lack of adequate information
regarding Radheya Machining Limited performance and hence the
uncertainty around its credit risk. ICRA assesses whether the
information available about the entity is commensurate with its
rating and reviews the same as per its "Policy in respect of
non-cooperation by a rated entity" available at www.icra.in. The
lenders, investors and other market participants are thus advised
to exercise appropriate caution while using this rating as the
rating may not adequately reflect the credit risk profile of the
entity, despite the downgrade.

As part of its process and in accordance with its rating agreement
with Radheya Machining Limited, ICRA has been trying to seek
information from the entity so as to monitor its performance, but
despite repeated 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, a rating view has
been taken on the entity based on the best available information.

For arriving at the ratings, ICRA has consolidated the financials
of Radheya Machining Limited (RML) and Yashwant Forging Private
Limited (YFPL), given the corporate guarantee provided by RML for
the debt taken by YFPL, as well as the operational and financial
linkages between them, coupled with their common management.


RIDDHI AGRO: ICRA Lowers Rating on INR18cr LT Loan to D
-------------------------------------------------------
ICRA has revised the ratings on certain bank facilities of Riddhi
Agro Industries (RAI), as:

                    Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Long-term–        18.00       [ICRA]D; ISSUER NOT
COOPERATING;
   Fund based                    Rating downgraded from
   Cash Credit                   [ICRA]B+ (Stable) and continues
                                 to remain under 'Issuer Not
                                 Cooperating' category

   Long Term/         0.94       [ICRA]D/[ICRA]D; ISSUER NOT  
   Short Term-                   COOPERATING; Rating downgraded
   Unallocated                   from [ICRA]B+ (Stable)/[ICRA]A4
                                 and continues to remain under
                                 'Issuer Not Cooperating'
                                 Category

Rationale

Material event
The rating of Riddhi Agro Industries is downgrade reflects Delay in
Debt Repayment as mentioned in the Publicly available sources.

Impact of material event
The rating is based on limited information on the entity's
performance since the time it was last rated June ,2023. The
lenders, investors and other market participants are thus advised
to exercise appropriate caution while using this rating as the
rating may not adequately reflect the credit risk profile of the
entity, despite the downgrade.

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

Established in August 2006, Riddhi Agro Industries (RAI) processes
bengal gram (chana dal), yellow peas (matar dal), and pigeon pea
(tuar dal) with an annual production capacity of 21,000 metric
tonnes (MT). The firm also processes red lentil (masoor dal) with
an annual production capacity of 7,200 MT. The plants are located
at Raipur in Chhattisgarh. RAI is promoted by the Raipur-based Jain
family who have a long experience in the pulses-processing
industry.


S.B. CARS: ICRA Keeps B+ Debt Ratings in Not Cooperating Category
-----------------------------------------------------------------
ICRA has kept the Long-Term rating of S.B. Cars 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-         26.25       [ICRA]B+ (Stable) ISSUER NOT
   Fund Based-                    COOPERATING; Rating continues
   Cash Credit                    to remain under 'Issuer Not
                                  Cooperating' category

   Long Term-          3.75       [ICRA]B+ (Stable) ISSUER NOT
   Fund Based-                    COOPERATING; Rating continues
   Term Loan                      to remain under 'Issuer Not
                                  Cooperating' category

As part of its process and in accordance with its rating agreement
with S.B. Cars 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.

S.B. Cars Private Limited was incorporated in March 2008 and had
been operating as an authorized dealer for vehicles of Maruti
Suzuki India Limited (MSIL) in Kanpur, Unnao, Orai and Kalyanpur.
The company is promoted by Oberoi family namely Mr. Hari Kishan
Oberoi and his wife Mrs. Sanjana Oberoi. The day-to-day management
of the company is take care by Mr. Hari Kishan Oberoi along with
support from other directors.


SHL AGRO: ICRA Keeps B+ Debt Ratings in Not Cooperating Category
----------------------------------------------------------------
ICRA has kept the Long-Term rating of SHL Agro Foods Inc in the
'Issuer Not Cooperating' category. The rating is denoted as
"[ICRA]B+ (Stable); ISSUER NOT COOPERATING".

                      Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long Term-          6.50        [ICRA]B+ (Stable) ISSUER NOT
   Fund Based-                     COOPERATING; Rating continues
   Cash Credit                     to remain under 'Issuer Not
                                   Cooperating' category

   Long Term-          7.19        [ICRA]B+ (Stable) ISSUER NOT
   Fund Based-                     COOPERATING; Rating continues
   Term Loan                       to remain under 'Issuer Not
                                   Cooperating' category


As part of its process and in accordance with its rating agreement
with SHL Agro Foods Inc, 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.

SHL Agro Foods Inc is a partnership firm located in Chandigarh. It
was established in 2013 by Mr. Surjit Singh Kohli. The firm is into
poultry processing and supplies fresh and frozen raw-ready to cook
chicken products packaging material.


SHREEJI SALES: CARE Keeps D Debt Rating in Not Cooperating
----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Shreeji
Sales Corporation (SSC) continues to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       5.49       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Rationale and key rating drivers

CARE Ratings Ltd. had, vide its press release dated July 28, 2023,
placed the rating(s) of SSC under the 'issuer non-cooperating'
category as SSC had failed to provide information for monitoring of
the rating. SSC continues to be non-cooperative despite repeated
requests for submission of information through e-mails, phone calls
and a letter/email dated June 12, 2024, June 22, 2024, July 2,
2024.

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

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

SSC was established as proprietorship firm in 2012 by Mr Bharat
Shah. SSC was established for trading of di-calcium phosphate and
mono-calcium phosphate. SSC is recently completed project of
manufacturing di-calcium phosphate and mono-calcium phosphate from
raw phosphate instead of trading with total project cost of Rs.
4.64 crore. The plant will be located at Vadodara (Gujarat) with
area of 1 lakh sq. ft. with proposed installed capacity of 300
tonnes per month.


SK OVERSEAS: CARE Keeps B- Debt Rating in Not Cooperating Category
------------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of SK Overseas
(SO) continues to remain in the 'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       9.56       CARE B-; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category  

Rationale and key rating drivers

CARE Ratings Ltd. had, vide its press release dated August 4, 2023,
placed the rating(s) of SO under the 'issuer non-cooperating'
category as SO had failed to provide information for monitoring of
the rating as agreed to in its Rating Agreement. SO continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
June 19, 2024, June 29, 2024 and July 9, 2024.

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

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

SK Overseas (SO) was established as a partnership firm in 2013 by
Mr Krishan Chand, Ms Santosh Kumari and Ms Poonam Bansal. The firm
is engaged in milling, processing and trading of basmati and
non-basmati rice. The processing unit of the firm is located in
Karnal, Haryana.


SS INNOVATIONS: Revises Financials Following Auditor Change
-----------------------------------------------------------
As previously disclosed, on May 3, 2024, the Securities and
Exchange Commission entered an order barring BF Borgers CPA PC, the
Company's then independent registered public accounting firm, from
appearing or practicing before the SEC as an accountant. As a
result, Borgers could no longer act as the Company's independent
registered public accounting firm and effective May 13, 2024, the
Company dismissed Borgers as its independent registered public
accounting firm and reported the dismissal in a Current Report on
Form 8-K filed with the SEC on May 13, 2024.

Effective May 29, 2024, the Company engaged BDO India LLP as the
Company's new independent registered public accounting firm and
reported the engagement in a Current Report on Form 8-K filed with
the SEC on May 31, 2024.

Given the circumstances giving rise to Borgers' dismissal, the
Company asked BDO to re-audit SSi's financial statements as of and
for the years ended December 31, 2023 and December 31, 2022, which
were included in the Company's Annual Report on Form 10-K for the
year ended December 31, 2023. Contemporaneously with the reaudit,
the Company also undertook an internal review of certain accounting
policies and internal controls and procedures.

In the course of this internal review and while BDO is performing
the reaudit, the following matters relating to the prior audited
financial statements included in the 2023 Form 10-K and the
unaudited interim financial statements for the quarters ended March
31, 2023, June 30, 2023, September 30, 2023 and March 31, 2024,
included in the Quarterly Reports on Form10-Q for those periods
(the "Subject Forms 10-Q") were considered to be material: (a)
accounting for the acquisition by merger transaction that was
consummated in April 2023; (b) functional reclassification of
certain expenses; (c) recognition of revenue in case of deferred
payment sales; and (d) recognition of right of use of certain
assets and liabilities. As a result, the Company determined that in
order to reflect the foregoing, SSi's financial statements for the
years ended December 31, 2023 and December 31, 2022 and the
quarterly periods included in the Subject Forms 10-Q would need to
be restated.

Subsequent thereto, the board of directors of the Company, after
discussion with management and BDO of the matters described above,
concluded that the Company's (i) audited financial statements as of
and for the years ended December 31, 2023 and December 31, 2022, as
previously included in the 2023 Form 10-K; and (ii) interim
unaudited financial statements included in the Subject Forms 10-Q,
should no longer be relied upon due to the reasons stated above.

As promptly as possible following completion of the audit of the
Company's restated financial statements as of and for the years
ended December 31, 2023 and December 31, 2022, SSi will file
amendments to the 2023 Form 10-K and the Subject Forms 10-Q in
order to give effect to the restated financial statements. In
addition, these matters referred to above may represent a material
weakness in the Company's internal controls, which may be reported
in the amendments to the reports, together with the Company's
planned remediation efforts.

SSi anticipates delaying the filing of its Quarterly Report on Form
10-Q for the quarterly period ended June 30, 2024. At this time,
the Company is unable to estimate the amount and effect of any
required restatements of the financial statements for the periods
indicated. The Company continues to work expeditiously to conclude
its analysis and complete any required restatement of its financial
statements for the periods indicated as soon as practicable.

                About SS Innovations International

Gurugram, Haryana, India-based SS Innovations International, Inc.
(OTC: SSII) is a developer of innovative surgical robotic
technologies with a vision to make the benefits of robotic surgery
affordable and accessible to a larger part of the global
population. SSII's product range includes its proprietary "SSi
Mantra" surgical robotic system, and "SSi Mudra", its wide range of
surgical instruments capable of supporting a variety of surgical
procedures including robotic cardiac surgery. SSII's business
operations are headquartered in India, and SSII has plans to expand
the presence of its technologically advanced, user-friendly, and
cost-effective surgical robotic solutions globally.

As of December 31, 2023, the Company had $25.48 million in total
assets, $11.18 million in total liabilities, and $14.3 million in
total stockholders' equity.

Lakewood, Colo.-based BF Borgers CPA PC, the Company's former
auditor, issued a "going concern" qualification in its report dated
March 22, 2024, citing that the Company has suffered recurring
losses from operations that raise substantial doubt about its
ability to continue as a going concern.

On May 13, 2024, the Company dismissed BF Borgers CPA PC as its
independent registered public accounting firm, after the firm and
its owner, Benjamin F. Borgers, were charged by the Securities and
Exchange Commission with deliberate and systemic failures to comply
with Public Company Accounting Oversight Board (PCAOB) standards in
its audits and reviews incorporated in more than 1,500 SEC filings
from January 2021 through June 2023; falsely representing to their
clients that the firm's work would comply with PCAOB standards;
fabricating audit documentation to make it appear that the firm's
work did comply with PCAOB standards; and falsely stating in audit
reports included in more than 500 public company SEC filings that
the firm's audits complied with PCAOB standards. Borgers agreed to
pay a $14 million civil penalty and agreed to permanent suspensions
from appearing and practicing before the Commission as accountants,
effective immediately.

On May 29, 2024, the Company engaged BDO India LLP as its new
independent registered public accounting firm. The engagement was
approved by the Company's board of directors by unanimous written
consent in lieu of a meeting dated May 23, 2024.

SUMA FOODS: ICRA Keeps D Debt Ratings in Not Cooperating Category
-----------------------------------------------------------------
ICRA has kept the Long-Term rating for the Bank facilities of Suma
Foods 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-          8.21      [ICRA]D; ISSUER NOT COOPERATING;
   Unallocated                   Rating Continues to remain under
                                 'Issuer Not Cooperating'
                                 Category

   Long-term-          8.00      [ICRA]D; ISSUER NOT COOPERATING;
   Fund based                    Rating Continues to remain under
   Cash Credit                   'Issuer Not Cooperating'
                                 Category

   Long-term-          7.79      [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 Suma Foods 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.

SFPL was established in July 2015. The company is primarily
involved in the milling of paddy rice with an installed capacity of
16 tone per hour. It has a sortex machine with the capacity of 16
tone per hour. The milling unit is based out of Nissing (Karnal).
The company sells rice to states like Punjab, Haryana, UP, Delhi.


TECPRO SYSTEMS: CRISIL Keeps D Debt Ratings in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings has continued its ratings on the bank facilities and
the commercial paper of Tecpro Systems Ltd (TSL) at 'CRISIL
D/CRISIL D Issuer Not Cooperating'.

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

   Short Term Rating      -           CRISIL D (ISSUER NOT
                                      COOPERATING)

   Commercial Paper      150          CRISIL D (ISSUER NOT
                                      COOPERATING)

CRISIL Ratings has been consistently following up with TSL for
obtaining information through letters and emails dated, June 19,
2024, apart from telephonic communication. However, the issuer has
remained non-cooperative.

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of TSL, which restricts CRISIL
Ratings' ability to take a forward-looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on TSL
is consistent with 'Assessing Information Adequacy Risk'.
Furthermore, the company is under liquidation as per NCLT (National
Company Law Tribunal) order dated January 16, 2020. Therefore, on
account of inadequate information and lack of management
cooperation, CRISIL Ratings has continues its ratings on the bank
facilities and the commercial paper of TSL at 'CRISIL D/CRISIL D
Issuer Not Cooperating'.

TSL, incorporated in 1990, provides material handling (MH)
solutions on a turnkey basis for power, cement, coal storage, steel
and other metallurgical plants. Its projects involve designing,
engineering, manufacturing, supplying, erection and commissioning
of MH systems.


THREE BROTHERS: CARE Keeps B- Debt Rating in Not Cooperating
------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Three
Brothers Flour and General Mills (TBFGM) continues to remain in the
'Issuer Not Cooperating' category.

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

Rationale and key rating drivers

CARE Ratings Ltd. had, vide its press release dated July 28, 2023,
placed the rating(s) of TBFGM under the 'issuer non-cooperating'
category as TBFGM had failed to provide information for monitoring
of the rating as agreed to in its Rating Agreement. TBFGM continues
to be non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
June 12, 2024, June 22, 2024 and July 2, 2024.

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

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

Three Brothers Flour and General Mills (TBFGM) was established as a
partnership firm in June 1985, by Mr Balbir Singh, Mr Ajaib Singh
along with three other family members as partners. The firm started
its commercial operations in 1987. Currently, the overall
operations of the firm are being managed by Mr Ajaib Singh. TBFGM
is engaged in the processing of food grains mainly wheat with
manufacturing of products, viz, wheat flour, maida, sooji, etc.


TICEL BIO: CARE Keeps D Debt Rating in Not Cooperating Category
---------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of TICEL Bio
Park Limited (TBPL) continues to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      61.32       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Rationale and key rating drivers

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

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

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

TICEL was set up in 2004 by Govt. of Tamil Nadu with financial
support from Govt. of India. Tamil Nadu Industrial Development
Corporation Limited (TIDCO, A Govt. of Tamil Nadu enterprise),
TIDEL Park Limited (TIDEL, jointly promoted by TIDCO and
Electronics Corporation of Tamil Nadu Limited, another Govt. of
Tamil Nadu enterprise), Indian Bank, Karur Vysya Bank and Indian
Overseas Bank are the shareholders of the company as on March 31,
2020. TICEL is engaged in development and maintenance of commercial
real estate spaces with specific infrastructure and facilities
required for biotech companies.




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

ALUKERQIN BANNER: Inner Mongolia Region Warns of Credit Defaults
----------------------------------------------------------------
Caixin Global reports that facing mounting debt, the Alukerqin
Banner government in China's Inner Mongolia has warned of impending
credit defaults, saying it can barely pay for basic public
services, staff salaries and operational expenses this year.

Caixin relates that the Alukerqin Banner's fiscal budget report for
the first half of 2024 reveals that its hidden debt consists
entirely of bank loans and various funds, with extremely limited
revenue sources and no financing channels other than bonds. It is
in significant risk of a credit default if additional money is not
secured.




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

AANYA PARUSOMULA: Waipukurau Subway Franchisee Enters Liquidation
-----------------------------------------------------------------
New Zealand Herald reports that the franchisee that ran Waipukurau
Subway has been placed into liquidation, with the eatery closed
until further notice.

The company, Aanya Parusomula Limited, was placed in liquidation on
the application of Inland Revenue Christchurch at Auckland High
Court on August 15, NZ Herald discloses.

An official assignee was appointed liquidator of the 10-year-old
company.

According to NZ Herald, MBIE insolvency and trustee service
national manager Russell Fildes said the official assignee was
still in the early stages of the administration.

"This liquidation has not yet established who the creditors of the
company are or the amounts they are owed."

"The first report is due on or before Sept. 19, 2024, which will
include more details about the liquidation."

Creditors who are owed money by Aanya Parusomula Limited can make a
claim in the liquidation by going to www.insolvency.govt.nz.


CLOUGH TRANSPORT: Placed In Liquidation After Contract Loss
-----------------------------------------------------------
Otago Daily Times reports that a Mosgiel-based freight transport
business has been put in liquidation, by shareholder resolution,
after the loss of a "significant" contract at short notice.

Trevor and Emma Laing, of Laing Insolvency Specialists, have been
appointed joint liquidators of Clough Transport Ltd, whose sole
director and shareholder is Malcolm Clough.

In their initial report, the liquidators said the reasons cited
included the contract loss, a lack of work and difficulties getting
drivers. They were aware a creditor of the company had begun
proceedings in the High Court and they were making further
inquiries as to the status of those proceedings.

The company was incorporated in October 2018 and provided freight
services on a contract basis. The director advised the loss of a
contract with one month notice had a significant impact on the
company's financial situation.

It had operated in a reduced capacity since that time and ceased
trading completely at the date of liquidation. Initial inquiries
indicated company assets consisted of several truck and trailer
units which had been used as security; it was not clear if there
was any equity available in those vehicles.

Company records showed an amount due to the company relating to a
lease-to-buy agreement and the liquidators would investigate the
collectability of that amount.

There were five registrations recorded on the Personal Property and
Securities Register, the liquidators had been advised the company
had Inland Revenue Department liabilities, and they were aware of
14 unsecured creditors.

A further report or final report would be prepared and distributed
in the next six months.


CORE ELECTRONICS: Grant Bruce Reynolds Appointed as Liquidator
--------------------------------------------------------------
Grant Bruce Reynolds of Reynolds & Associates on Aug. 23, 2024, was
appointed as liquidator of The Core Electronics Limited.

The liquidators may be reached at:

          Reynolds & Associates Limited
          PO Box 259059
          Botany
          Auckland 2163


GRASSLAND FARM: Court to Hear Wind-Up Petition on Sept. 5
---------------------------------------------------------
A petition to wind up the operations of Grassland Farm Limited will
be heard before the High Court at Christchurch on Sept. 5, 2024, at
10:00 a.m.

The Commissioner of Inland Revenue filed the petition against the
company on June 25, 2024.

The Petitioner's solicitor is:

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


KOTUKU CAPITAL: Court to Hear Wind-Up Petition on Sept. 5
---------------------------------------------------------
A petition to wind up the operations of Kotuku Capital Limited will
be heard before the High Court at Christchurch on Sept. 5, 2024, at
10:00 a.m.

The Commissioner of Inland Revenue filed the petition against the
company on June 25, 2024.

The Petitioner's solicitor is:

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


SUSTAINABLE FOODS: First Creditors' Meeting Set for Sept. 4
-----------------------------------------------------------
A first meeting of the creditors in the proceedings of Sustainable
Foods Limited will be held on Sept. 4, 2024 at 11:00 a.m. at the
offices of PwC Canterbury at Level 4, 60 Cashel St in Christchurch
and at offices of PwC Auckland at Level 27, PwC Tower, 15 Customs
Street West in Auckland 1010.

Malcolm Hollis and Richard Nacey of PwC were appointed as
administrators of the company on Aug. 23, 2024.


TKG NURSERY: Creditors' Proofs of Debt Due on Oct. 2
----------------------------------------------------
Creditors of TKG Nursery Limited are required to file their proofs
of debt by Oct. 2, 2024, to be included in the company's dividend
distribution.

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

The company's liquidators are:

          Tony Leonard Maginness
          Jared Waiata Booth
          Baker Tilly Staples Rodway Auckland Limited
          PO Box 3899
          Auckland 1140




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

CEL-YISHUN (COMMERCIAL): Final Meeting Set for Sept. 26
-------------------------------------------------------
Members and creditors of Cel-Yishun (Commercial) Pte. Ltd. will
hold their final meeting on Sept. 26, 2024, at 11:00 a.m., at 9
Temasek Boulevard #35-02, Suntec Tower Two, in Singapore 038989.

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


DASIN RETAIL: Court to Hear Wind-Up Petition on Sept. 6
-------------------------------------------------------
A petition to wind up the operations of Dasin Retail Trust
Management Pte Ltd will be heard before the High Court of Singapore
on Sept. 6, 2024, at 10:00 a.m.

Zhang Zhencheng filed the petition against the company on May 22,
2024.

The Petitioner's solicitors are:

          LVM Law Chambers LLC
          160 Robinson Road
          #13-02 SBF Center
          Singapore 068914


HALCYON AGRI: To Be Delisted From SGX RegCo
-------------------------------------------
The Business Times reports that the Singapore Exchange Regulation
(SGX RegCo) has directed rubber manufacturer Halcyon Agri to
delist, after it failed to restore the free-float requirement, the
company said in a bourse filing on Aug. 26.

According to BT, the directive from SGX RegCo said that sufficient
time had been given to Halcyon Agri to ensure that at least 10 per
cent of its issued shares are held by the public – a listing rule
set by the exchange – but it still has not been able to do so.

BT says the company's shares have not been trading since April 2023
because its public float has fallen below the 10 per cent
requirement.

SGX had given Halcyon Agri until August this year to restore its
free float but the company said that potential investors were
unenthusiastic in buying compliance placement or new shares. The
company's board felt that it would continue to be very challenging
to take any more action to restore the public float and decided not
to apply for additional time extensions.

Following the directive, Halcyon Agri is required to make an exit
offer to shareholders in line with listing rules.

The exit offer must be fair and reasonable, as assessed by the
deal's independent financial adviser, and include a cash
alternative as the default alternative, according to the
regulator's notice to the company.

SGX RegCo has also requested the company to provide a proposal on
its exit offer in one month.

BT adds Halcyon Agri said it is considering the necessary actions
and will keep shareholders informed of any developments.

                         About Halcyon Agri

Headquartered in Singapore, Halcyon Agri owns and operates
significant assets along the natural rubber value chain, and
distributes a range of natural rubber grades, latex and specialized
rubber for the tyre and non-tyre industries. It has 37 processing
factories in most major rubber producing origins with production
capacity of 1.4 million mT per annum, and is one of the largest
owners of commercially operated rubber plantation globally.

Halcyon Agri reported three consecutive annual net losses of
US$16.45 million, US$54.82 million, and US$82.51 million for the
years ended Dec. 31 2021, 2022 and 2023, respectively.


KNOCK2LIVE PTE: Court to Hear Wind-Up Petition on Sept. 13
----------------------------------------------------------
A petition to wind up the operations of Knock2live Pte Ltd will be
heard before the High Court of Singapore on Sept. 13, 2024, at
10:00 a.m.

DBS Bank Ltd filed the petition against the company on Aug. 20,
2024.

The Petitioner's solicitors are:

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


MIDAS INTERNATIONAL: Court Enters Wind-Up Order
-----------------------------------------------
The High Court of Singapore entered an order on Aug. 16, 2024, to
wind up the operations of Midas International Pte. Ltd.

Maybank Singapore Limited 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


PREMIER FOODS: Court Enters Wind-Up Order
-----------------------------------------
The High Court of Singapore entered an order on Aug. 16, 2024, to
wind up the operations of Premier Foods Asia Pte. Ltd.

United Overseas Bank Limited filed the petition against the
company.

The company's liquidator is:

          Ms. Oon Su Sun
          Finova Advisory Pte Ltd
          182 Cecil Street
          #30-01 Frasers Tower
          Singapore 069547


WING TAI: Net Loss Widens to SGD99.2MM for Year Ended June 30
-------------------------------------------------------------
The Business Times reports that Wing Tai Holdings widened its net
loss in the second half of its 2024 fiscal year ended June 30 to
SGD99.2 million, nearly doubling its losses from SGD50 million a
year ago.

Its revenue also fell by 67 per cent to SGD71.5 million over the
same period, mainly due to lower contributions from its development
properties, the company said on Aug. 27, BT discloses. Among them
is a condominium project called The M, which is experiencing lower
progressive sales.

Loss per share for H2 came in at SGD0.1338 per share, compared with
SGD0.0701 in the same period a year ago.

According to BT, the biggest hit to the company's bottom line came
from the performance of its associated and joint venture companies,
which netted a loss of SGD90.9 million for the half year - more
than double the loss of SGD43.8 million in H2 FY2023.

One of these companies is Wing Tai Properties, a developer of
residential and commercial projects in Hong Kong, where property
prices have been depressed for some time.

Wing Tai Holdings' share of loss arising from its Hong Kong
associate came in at SGD108 million for the full fiscal year. This
was largely attributable to the provision for impairment losses on
its development properties and the fair value losses on its
investment properties in Hong Kong.

Wing Tai Holdings owns 33 per cent of Wing Tai Properties, based on
its latest annual report. The group issued a profit warning
regarding its Hong Kong associate two weeks ago, and on Aug 6, it
announced it was likely to report a loss for FY2024 due to fair
value changes and impairments for overseas properties.

For the full year, Wing Tai Holdings reported a net loss of SGD78.7
million, a reversal from a net profit of SGD13.3 million in FY2023,
BT discloses.

Revenue came in at SGD169.2 million, a 64 per cent drop over the
same period.

Wing Tai Holdings Limited -- https://www.wingtaiasia.com.sg/ -- an
investment holding company, engages in the property investment and
development business in Singapore, Malaysia, Australia, Japan,
China, and Hong Kong. The company operates through Development
Properties, Investment Properties, Retail, and other segments. The
company develops and sells residential and commercial properties;
and manages hotels and serviced residences under the Lanson Place
name, as well as boutique hotel in Hong Kong. It is also involved
in the retail of garments; provision of consultancy and advisory
services; and project management and property maintenance
activities.



                           *********


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

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

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

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

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