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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

          Friday, August 30, 2024, Vol. 27, No. 175

                           Headlines



A U S T R A L I A

COVENTRY BOND 2023-1: S&P Affirms B(sf) Rating on Class F Notes
FELMERI HOMES: SA Homes Finally Close to Completion
HARVEY TRUST 2023-1: S&P Assigns Prelim. 'BB' Rating on E-R Notes
MIGHTY CRAFT: Creditors Approves DOCA for Pure Asset Takeover


C H I N A

AIXIN LIFE: Delays 10-Q Filing Due to Financial Statement Review
QINGDAO HAIFA: Fitch Affirms & Withdraws Then 'BB+' LongTerm IDR
SENMIAO TECHNOLOGY: Inks Acquisition Deal With Jiangsu
SENMIAO TECHNOLOGY: Posts $762,818 Net Loss in Q2 2024
YUEXIU REAL: Moody's Lowers CFR to Ba3, Outlook Remains Negative



I N D I A

AAHIL PRODUCTS: CARE Keeps B- Debt Rating in Not Cooperating
ANANDA BAG: CARE Keeps B- Debt Rating in Not Cooperating Category
ANKUR CLOTHING: CARE Keeps B- Debt Rating in Not Cooperating
ASIAN AEROSOL: CARE Keeps B- Debt Rating in Not Cooperating
BHAGAWATI ESTATE WAREHOUSE: CARE Keeps B- Rating in Not Coop.

BHAGAWATI ESTATE: CARE Keeps B- Debt Ratings in Not Cooperating
GO FIRST: Bankers Hire Burford Capital for Litigation Versus P&W
HARAGOURI HIMGHAR: CARE Lowers Rating on INR7.27cr LT Loan to D
INANI SECURITIES: CARE Keeps B- Debt Rating in Not Cooperating
JAYATMA INDUSTRIES: CARE Keeps B Debt Ratings in Not Cooperating

JSW INFRASTRUCTURE: Fitch Affirms 'BB+' IDR, Outlook Positive
LIDCO PROJECTS: CARE Keeps B- Debt Rating in Not Cooperating
MACKINTOSH BURN: ICRA Lowers Rating on INR40cr LT Loan to B+
MAHADEV PROFILES: CARE Keeps B- Debt Rating in Not Cooperating
MCNALLY BHARAT: Corporate Insolvency Plan Hits Roadblock

NURSINGSAHAY MUDUNGOPAL: CARE Keeps C Rating in Not Cooperating
PERFECT DYNAMICS: CARE Keeps D Debt Rating in Not Cooperating
PRAKASH STEEL: ICRA Keeps D Debt Ratings in Not Cooperating
R. K. TRANSPORT: CARE Keeps B- Debt Rating in Not Cooperating
RAGHURAM HUME: CARE Reaffirmed B+ Rating on INR23.15cr LT Loan

RAIL ONE: CARE Keeps C Debt Rating in Not Cooperating Category
RAJAM ENGINEERING: ICRA Keeps B+ Debt Ratings in Not Cooperating
RAMDEV COT: CARE Lowers Rating on INR17.50cr LT Loan to B-
SALIM'S PAPER: CARE Keeps D Debt Rating in Not Cooperating
SHAKTI CABLES: ICRA Keeps B- Ratings in Not Cooperating Category

SHIVANSHU SINTERED: CARE Keeps B- Debt Rating in Not Cooperating
SRIYA FARM: CARE Keeps B- Debt Rating in Not Cooperating Category
SUDARSHAN STEEL: CARE Keeps B- Debt Rating in Not Cooperating
VENKATESHWARA POLYMERS: ICRA Keeps B Ratings in Not Cooperating
VINAYAK CARS: CARE Keeps D Debt Rating in Not Cooperating Category

VIRTUE MARKETING: CARE Keeps D Debt Ratings in Not Cooperating
WATERLINE HOTELS: ICRA Keeps B- Debt Rating in Not Cooperating
WHEEL FLEXIBLE: ICRA Keeps B+ Debt Ratings in Not Cooperating


N E W   Z E A L A N D

CBL CORP: High Court Slaps Former Director With NZD1.4MM Fine
DU VAL GROUP: Placed Under Statutory Management
PIER TWO: Placed in Liquidation Owing More Than NZD300K
SUGARWOODS LIMITED: Two Wellington Bars Placed in Liquidation


S I N G A P O R E

ILLUMIA MEDICAL: Creditors' Meetings Set for Sept. 4
PRADEO PTE: Court to Hear Wind-Up Petition on Sept. 13
SUNRIGHT LIMITED: Finalizes Liquidation of Subsidiary
TROUBLE BREWING: Creditors' Meetings Set for Sept. 20
VUULR PTE: Court Enters Wind-Up Order


                           - - - - -


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

COVENTRY BOND 2023-1: S&P Affirms B(sf) Rating on Class F Notes
---------------------------------------------------------------
S&P Global Ratings raised its ratings on 10 classes of Australian
residential mortgage-backed securities (RMBS) transactions
sponsored by three Australian nonbank originators. At the same
time, S&P affirmed 49 ratings and removed 39 ratings from under
criteria observation (UCO).

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

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

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

  Ratings Raised And Removed From UCO

  Blackwattle Series RMBS Trust 2021-2

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

  Orion Trust 2022-1

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

  Orion Trust 2023-1

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

  Ratings Affirmed And Removed From UCO

  Blackwattle Series RMBS Trust 2021-1

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

  Blackwattle Series RMBS Trust 2021-2

  Class E: BB+ (sf)
  Class F: B+ (sf)

  Blackwattle Series RMBS Trust No.3

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

  Blackwattle Series RMBS Trust No.4

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

  Coventry Bond Trust 2023-1

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

  Coventry Bond Trust 2023-2

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

  Blackwattle Series RMBS Trust 2021-1

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

  Blackwattle Series RMBS Trust 2021-2

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

  Blackwattle Series RMBS Trust No.3

  Class A1-L: AAA (sf)
  Class A2: AAA (sf)
  
  Coventry Bond Trust 2023-1

  Class A1-4.5Y: AAA (sf)
  Class A1-AU: AAA (sf)
  Class A2: AAA (sf)
  Class AB: AAA (sf)

  Coventry Bond Trust 2023-2

  Class A1-4.5Y: AAA (sf)
  Class A1-AU: AAA (sf)
  Class A1-MM: AAA (sf)
  Class A2: AAA (sf)

  Orion Trust 2022-1

  Class A-L: AAA (sf)
  Class A2: AAA (sf)

  Orion Trust 2023-1

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


FELMERI HOMES: SA Homes Finally Close to Completion
---------------------------------------------------
ABC News reports that home owners in Adelaide's south are moving
into their properties, a year after builder Felmeri Homes went into
liquidation.

Homebuyer Edward Gilmore hoped to be living in his new home in
Adelaide's south by the time his first-born child was ready to take
his first steps.

Almost four years have passed since he signed his contract to
build, and with an extra child now in tow, his family are finally
moving into their O'Halloran Hill property, ABC News says.

Mr. Gilmore was one of about 20 home buyers in the development left
with unfinished properties after the builder entered liquidation in
July last year.

"It has been relatively traumatic, especially for those who have
been financially impacted pretty heavily, have moved back in with
family and watched interest rates go up and up during the
construction loan, unable to lock it down," Mr. Gilmore told ABC
News.

The South Australian government stepped in to complete critical
infrastructure at the site at a final cost of over AUD4 million,
allowing new builders to access the homes, ABC News notes.

According to ABC News, South Australian Infrastructure Minister Tom
Koutsantonis said it was "gratifying to see some residents" moving
into their homes.

"The level of service work required on this project was
significantly higher than could have been expected, given the
condition the project was left in, with some essential services
poorly installed or not installed at all," Mr. Koutsantonis said.

Mr. Koutsantonis also said the state government continues to
"actively work through options to recoup all taxpayer money spent"
to fund the incomplete infrastructure.

An investigation into Felmeri by Consumer and Business Services,
which began in early 2023, remains ongoing, ABC News adds.


HARVEY TRUST 2023-1: S&P Assigns Prelim. 'BB' Rating on E-R Notes
-----------------------------------------------------------------
S&P Global Ratings assigned its preliminary ratings to the class
AB-R, class B-R, class C-R, class D-R, and class E-R residential
mortgage-backed securities (RMBS) to be issued by Perpetual Trustee
Co. Ltd. as trustee for Series 2023-1 Harvey Trust. Series 2023-1
Harvey Trust is a securitization of prime residential mortgage
loans originated by Great Southern Bank (GSB; a business name of
Credit Union Australia Ltd.).

S&P assigned the preliminary ratings in anticipation of the
refinancing of the existing class AB, class B, class C, class D,
and class E notes with class AB-R, class B-R, class C-R, class D-R,
and class E-R notes, respectively.

The assigned preliminary ratings reflect:

-- S&P's view of the credit risk of the underlying collateral
portfolio. As of July 31, 2024, the pool has a balance of about
A$496.2 million and a pool factor of about 66%. The pool's weighted
average effective loan-to-value ratio is 64.1% and the weighted
average seasoning is 56.1 months. Loans more than 30 days in
arrears make up 0.28% of the current pool balance, of which 0.06%
are more than 90 days in arrears. There have been no losses to date
for this portfolio.

-- S&P's view that the credit support provided to the class AB-R,
class B-R, class C-R, class D-R, and class E-R notes is sufficient
to withstand the stresses we apply. The credit support for the
rated notes comprises note subordination and lenders' mortgage
insurance on 19.6% of the portfolio. The transaction is currently
repaying principal on a sequential payment basis, which means that
credit support will continue to build up for the rated notes until
the serial paydown conditions are met.

-- S&P's expectation that the various mechanisms to support
liquidity within the transaction, including an excess revenue
reserve funded by available excess spread, principal draws, and a
liquidity facility equal to 1.0% of the aggregate invested amount
of the notes are sufficient under our stress assumptions to ensure
timely payment of interest. As of July 31, 2024, the excess revenue
reserve has a balance of A$750,000.

-- The benefit of a fixed- to floating-rate interest-rate swap
provided by GSB to hedge the mismatch between receipts from any
fixed-rate mortgage loans and the floating-rate notes. National
Australia Bank Ltd. acts as standby swap provider.

  Preliminary Ratings Assigned

  Series 2023-1 Harvey Trust

  Class AB-R, A$30.000 million: AAA (sf)
  Class B-R, A$12.750 million: AA (sf)
  Class C-R, A$8.625 million: A (sf)
  Class D-R, A$3.525 million: BBB (sf)
  Class E-R, A$2.475 million: BB (sf)


MIGHTY CRAFT: Creditors Approves DOCA for Pure Asset Takeover
-------------------------------------------------------------
Business News Australia reports that creditors to embattled craft
brewing group Mighty Craft have voted to accept a deed of company
arrangement (DOCA) that will see the business taken over by
Bangalow-based funds manager and senior lender Pure Asset
Management.

Following the second meeting of creditors, creditors have agreed to
accept the terms of the DOCA put forward by the Pure Asset
Management which will see Mighty Craft swallowed by the funds
manager – leaving shareholders of the listed company out of
pocket, according to BNA.

"The DOCA for the company proposes a compromise of the liabilities
of the company to its creditors," said a joint statement by
administrators Quentin Olde and Liam Healey, of restructuring
specialist Ankura.

"The DOCA includes a condition precedent that requires all of the
issued share capital in the company be transferred by the
administrators (in their capacity as administrators of the DOCA) to
the proponent for a nil consideration to the existing shareholders
in accordance with section 444GA of the Corporations Act 2001."

The administrators have provided no further information on the DOCA
proposal.

Business News Australia has sought comment from Pure Asset
Management on its plans for the Mighty Craft business once it
assumes control.

According to BNA, the directors of Mighty Craft appointed voluntary
administrators to the company on July 22, 2024 after failing to
secure a merger agreement with Better Beer – a fast-growing craft
brewing company in which Mighty Craft has a 33 per cent stake.

Better Beer accounts for most of Mighty Craft's revenue after a
string of business divestments over the past year aimed at paying
down debt.

The Melbourne-based Mighty Craft revealed in April that it was in
breach of its loan covenants and that it was negotiating with Pure
Asset Management to "pursue a path to material debt reduction" in
the short to medium term, BNA relays.

A merger with Better Beer - which was founded by Nick Cogger, Jack
Steele and Matt Ford - was seen as the best option for Mighty
Craft's survival when it was announced earlier this year. However,
a deal failed to eventuate.

Prior to its collapse, Mighty Craft had a market capitalisation of
AUD1.8 million with its shares last trading at 0.05c prior to their
suspension from the ASX on Aug. 22, 2024, BNA notes. The company
listed on the ASX in 2019 for an initial public offering price of
50c per share.




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

AIXIN LIFE: Delays 10-Q Filing Due to Financial Statement Review
----------------------------------------------------------------
AiXin Life International, Inc. disclosed via Form 12b-25 filed with
the U.S. Securities and Exchange Commission that it is unable to
timely file its Quarterly Report on Form 10-Q for the period ended
June 30, 2024, due to a delay in completing the financial
statements required to be included therein, and the review
procedures related thereto, which delay could not be eliminated by
the Company without unreasonable effort and expense.

                  About AiXin Life International

Sichuan Province, China-based AiXin Life International, Inc. is a
Colorado holding company and conducts substantially all of its
operations through its operating companies established in the
People's Republic of China, or the PRC. The Company focuses on
providing health and wellness products to the growing middle class
in China. It currently develops, manufactures, markets, and sells
premium-quality healthcare, nutritional products, and wellness
supplements, including herbs and greens, traditional Chinese
remedies, functional products such as weight management products,
probiotics, foods, and drinks. The Company also provides
advertising and marketing services to clients which engage us to
market and distribute their products.

Diamond Bar, California-based KCCW Accountancy Corp., the Company's
auditor since 2019, issued a "going concern" qualification in its
report dated April 5, 2024, citing that the Company incurred
recurring losses from operations and has an accumulated deficit,
which raises substantial doubt about its ability to continue as a
going concern.

AiXin Life has suffered net losses of $2,090,694 and $6,369,245 for
the years ended December 31, 2023 and 2022, respectively. As of
December 31, 2023, the Company had $4,842,358 in total assets,
$6,753,939 in total liabilities, and $1,911,581 in total
stockholders' deficit.

QINGDAO HAIFA: Fitch Affirms & Withdraws Then 'BB+' LongTerm IDR
----------------------------------------------------------------
Fitch Ratings has affirmed China-based Qingdao Haifa State-owned
Capital Investment And Operation Group Co., Ltd's (Haifa Group)
Long-Term Foreign- and Local-Currency Issuer Default Ratings (IDRs)
at 'BB+'. The Outlook is Stable. At the same time, Fitch has
withdrawn all the ratings on Haifa Group.

The affirmation reflects Haifa Group's steady business profile and
that key rating factors remain unchanged.

Fitch has chosen to withdraw the ratings for commercial reasons.

KEY RATING DRIVERS

Support Score Assessment 'Strong expectations'

Fitch has 'Strong Expectations' that the Qingdao government would
extend extraordinary support to Haifa Group, if needed. This
reflects the support score of 25 out of a maximum of 60 under its
Government-Related Entities (GRE) Rating Criteria. The score is
based on its assessment of the government's responsibility and
incentive to provide support.

Responsibility to Support

Decision Making and Oversight 'Very Strong'

Haifa Group is 100% held by Qingdao State-owned Assets Supervision
and Administration Commission (SASAC). The Qingdao municipal
government is the key decision-maker for Haifa Group, including in
board appointments, approval of major events such as M&A,
disposals, strategic development, long-term plans, annual budgets,
major capex and funding plans. The company needs to report its
financial performance, maturing debt, repayment plans and
investment progress to the government on a regular basis.

Precedents of Support 'Strong'

The Qingdao government has provided meaningful financial support to
the company in the past, mainly via regular financial grants and
project payments, as well as large, albeit less regular, capital
injections and equity endowments. The company received subsidies of
CNY109 million in 2021, CNY173 million in 2022 and CNY330 million
in 2023, equivalent to 16%, 32% and 42%, respectively, of its
profit after tax. In addition, it received proceeds from the
government's special bonds to support its public-driven
investment.

Incentives to Support

Preservation of Government Policy Role 'N/A'

Haifa Group is mandated to provide public services in Qingdao's
West Coast New Area, including infrastructure construction, social
housing and primary land development. However, a default by the
company is less likely to impair the continued provision of public
services in the long term, as its public services are concentrated
in the new area, and there are other GREs in the same area that can
step in as substitutes to continue providing the services, if
needed.

Contagion Risk 'Strong'

The public perceives Haifa Group as a high-profile GRE under
Qingdao municipality, due to the company's functional status and
its status as one of the largest GREs by assets supervised by
Qingdao SASAC. Haifa Group is a frequent issuer in the onshore bond
market, with bonds accounting for 32% of total debt at end-2023.
Fitch believes a default by Haifa Group would impair the
credibility of the Qingdao government and disrupt access to
financing for the city's other GREs.

Standalone Credit Profile

Fitch assesses the Standalone Credit Profile (SCP) of Haifa Group
as 'b', with a 'Midrange' risk profile, a 'b' financial profile and
middle positioning among peers with the same SCP.

Risk Profile: 'Midrange'

Its risk profile assessment reflects a 'Midrange' assessment for
revenue risk, expenditure risk, and liabilities and liquidity
risk.

Revenue Risk: 'Midrange'

The company's core policy business is to promote urban and economic
development in West Coast New Area, where demand for its public
services is likely to mirror Qingdao's economic activity. Its
trading business, which accounts for most of its revenue, has low
customer concentration because it is carried out nationwide.
However, the trading business may fluctuate along with wider
economic trends. The company's gross profit margin was around 4% in
the past three years, and its EBITDA increased to CNY2,471 million
in 2023 from CNY297 million in 2018.

Expenditure Risk: 'Midrange'

Haifa Group has well-identified cost drivers. Over 90% of its
operating expenditure comprises goods, services and maintenance
costs. It is able to either pass on costs to end-buyers in its
commercially driven business, or receive subsidies to cover
operational loss on public mandates. Haifa Group delivers public
infrastructure and services with a positive record of obtaining
adequate supplies of labour and raw materials. In addition, the
company maintains long-term relationships with a number of banks
and has access to different sources of funding to support its
business development.

Liabilities and Liquidity Risk: 'Midrange'

The company has adequate access to bond markets and sound
relationships with banks. It had total unused credit lines of CNY40
billion and non-restricted cash of CNY9.6 billion at end-March
2024, which can fully cover debt maturing within one year. There is
negligible exposure to foreign-exchange risk, as all debt is
denominated in yuan. The majority of its debt bears fixed interest
rates, limiting exposure to interest-rate changes. Fitch considers
its exposure to off-balance-sheet risks to be manageable, as the
guarantee amount was equivalent to 1.2% of its equity at end-2023.

Financial Profile

The financial profile assessment reflects Haifa Group's high
leverage (net debt/Fitch-calculated EBITDA) of around 29x in 2028
in Fitch's rating case, which is positioned in the middle among
peers with a 'b' SCP.

Derivation Summary

Haifa Group is rated under Fitch's GRE criteria, reflecting its
assessments of the Qingdao municipal government's decision-making,
oversight and support precedents to the company as well as the
government's incentives to support. Fitch has strong expectations
that the Qingdao government will step in to support Haifa Group, if
needed. The ratings also take into consideration the SCP assessment
of 'b' under its Public Policy Revenue-Supported Entities Rating
Criteria.

Issuer Profile

Haifa Group is responsible for urban and rural construction,
industry-city integration development, modern industrial park
investment, and operation, equity investment and capital operation
in Qingdao, in eastern Shandong province. It is one of the city's
state-owned asset investment and operation companies.

Key Assumptions

- Revenue from Haifa Group's core business to increase by 5% a year
during 2024-2028, with growth driven mainly by the delivery and
completion schedule of infrastructure projects, and the increase in
trading business.

- Average operating expenditure growth of 5% a year in 2024-2028.

- Average net capex in 2024-2028 of around CNY3 billion, consistent
with 2023.

- Debt is raised to bridge the funding gap for project expenditure,
which will increase by an average of 5% a year during 2024-2028.

Rating Sensitivities

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

Not applicable, as the ratings have been withdrawn.

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

Not applicable, as the ratings have been withdrawn.

ESG Considerations

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

   Entity/Debt                 Rating           Prior
   -----------                 ------           -----
Qingdao Haifa
State-owned Capital
Investment And
Operation Group
Co., Ltd              LT IDR    BB+ Affirmed    BB+
                      LT IDR    WD  Withdrawn   BB+
                      LC LT IDR BB+ Affirmed    BB+
                      LC LT IDR WD  Withdrawn   BB+


SENMIAO TECHNOLOGY: Inks Acquisition Deal With Jiangsu
------------------------------------------------------
Senmiao Technology Limited disclosed in a Form 8-K Report filed
with the U.S. Securities and Exchange Commission that Sichuan
Senmiao Zecheng Business Consulting Co., Ltd.(the "Transferor"), a
wholly-owned subsidiary of the Company, entered into a certain
Acquisition Agreement with Debt Assumption Takeover with Jiangsu
Yuelaiyuexing Technology Co., Ltd. (the "Purchaser"), and other
parties thereto, in connection with the acquisition by the
Purchaser of 100% of the Transferor's equity interest in Hunan
Xixingtianxia Technology Co., Ltd. (the "Target"), a wholly-owned
subsidiary of the Transferor.

Pursuant to the Acquisition Agreement, the Transferor will pay off
substantially all of the Target's outstanding obligations with
respect to employee compensation before October 15, 2024; while the
Purchaser will assume all external third party debts and
obligations of the Target (where the creditors are not the Company
and/or its consolidated subsidiaries) upon the closing in
consideration for its Acquisition of the Target. Specifically, as
part of the Debt Assumption, the Purchaser has agreed to transfer a
certain amount of cash to the Target prior to the Closing to repay
the Target's bank loans. The Debt Assumption is subject to
customary provisions, including regarding third-party guarantors of
the Target's obligations. The Acquisition does not involve a cash
consideration in addition to the Debt Assumption. Closing is
subject to customary conditions. Upon Closing, the Purchaser will
receive 100% equity interest in the Target. The Acquisition
Agreement also includes certain post-Closing obligations for the
Transferor and the Purchaser, regarding the Target's operations and
obligations. The Acquisition is expected to close in September
2024. Despite of the foregoing, there is no assurance that the
Closing will occur which could be a result of various factors
including but not limited to the circumstance under which the
Acquisition Party fails to make payments as per the closing
conditions.

                 About Senmiao Technology Limited

Senmiao is not a Chinese operating company but a U.S. holding
company incorporated in the State of Nevada on June 8, 2017. As a
holding company with no material operations of its own, Senmiao
conducts a substantial majority of its operations through its
operating entities established in the PRC, including its
subsidiaries and the equity investee company. Since November 2018,
the Company has been providing automobile transaction and related
services focusing on the online ride-hailing industry in the
People's Republic of China through its wholly owned subsidiaries,
Yicheng and Corenel, its majority owned subsidiaries, Jiekai and
Hunan Ruixi, and its equity investee company, Jinkailong. Since
October 2020, the Company has been operating an online ride-hailing
platform through XXTX, which is a wholly owned subsidiary of
Senmiao Consulting. XXTX's platform enables qualified ride-hailing
drivers to provide transportation services mainly in Chengdu,
Changsha, and other 20 cities in China as of the date of this
Report. The Company's business includes Automobile Transaction and
Related Services and Online Ride-hailing Platform Services, which
constituted a series of services.

New York, New York-based Marcum Asia CPAs LLP, the Company's
auditor since 2018, issued a "going concern" qualification in its
report dated June 27, 2024, citing that the Company has a
significant working capital deficiency, has incurred significant
losses, and needs to raise additional funds to meet its obligations
and sustain its operations. These conditions raise substantial
doubt about the Company's ability to continue as a going concern.

Senmiao reported a net loss of $4.23 million for the year ended
March 31, 2024, compared to a net loss of $3.79 million for the
year ended March 31, 2023.

SENMIAO TECHNOLOGY: Posts $762,818 Net Loss in Q2 2024
------------------------------------------------------
Senmiao Technology Limited filed with the U.S. Securities and
Exchange Commission its Quarterly Report on Form 10-Q reporting a
net loss of $762,818 on $1.1 million of revenue for the three
months ended June 30, 2024, compared to a net loss of $421,347 on
$2.09 million of revenue for the three months ended June 30, 2023.

The Company had cash and cash equivalents of $748,869 as of June
30, 2024 as compared to $792,299 as of March 31, 2024, accumulated
deficit of approximately $42.1 million as of June 30, 2024, and
working capital deficit of approximately $3.3 million.

As of June 30, 2024, the Company had $9.21 million in total assets,
$5.71 million in total liabilities, $234,364 in mezzanine equity,
and $3.26 million in total equity.

A full-text copy of the Company's Form 10-Q is available at:

                   https://tinyurl.com/36trpuxh

                 About Senmiao Technology Limited

Senmiao is not a Chinese operating company but a U.S. holding
company incorporated in the State of Nevada on June 8, 2017. As a
holding company with no material operations of its own, Senmiao
conducts a substantial majority of its operations through its
operating entities established in the PRC, including its
subsidiaries and the equity investee company. Since November 2018,
the Company has been providing automobile transaction and related
services focusing on the online ride-hailing industry in the
People's Republic of China through its wholly owned subsidiaries,
Yicheng and Corenel, its majority owned subsidiaries, Jiekai and
Hunan Ruixi, and its equity investee company, Jinkailong. Since
October 2020, the Company has been operating an online ride-hailing
platform through XXTX, which is a wholly owned subsidiary of
Senmiao Consulting. XXTX's platform enables qualified ride-hailing
drivers to provide transportation services mainly in Chengdu,
Changsha, and other 20 cities in China as of the date of this
Report. The Company's business includes Automobile Transaction and
Related Services and Online Ride-hailing Platform Services, which
constituted a series of services.

New York, New York-based Marcum Asia CPAs LLP, the Company's
auditor since 2018, issued a "going concern" qualification in its
report dated June 27, 2024, citing that the Company has a
significant working capital deficiency, has incurred significant
losses, and needs to raise additional funds to meet its obligations
and sustain its operations. These conditions raise substantial
doubt about the Company's ability to continue as a going concern.

Senmiao reported a net loss of $4.23 million for the year ended
March 31, 2024, compared to a net loss of $3.79 million for the
year ended March 31, 2023.

YUEXIU REAL: Moody's Lowers CFR to Ba3, Outlook Remains Negative
----------------------------------------------------------------
Moody's Ratings has downgraded the corporate family rating (of
Yuexiu Real Estate Investment Trust (REIT) to Ba3 from Ba2.

At the same time, Moody's have downgraded to (P)Ba3 from (P)Ba2 the
backed senior unsecured rating on Yuexiu REIT MTN Company Limited's
medium-term note (MTN) program, and to Ba3 from Ba2 the backed
senior unsecured rating on the notes issued under the MTN program.

Moody's have maintained the negative outlook for all entities.  

"The downgrade reflects Moody's expectation that Yuexiu REIT's
financial metrics will stay weak over the next 12-18 months at
levels that will not support its previous rating level, driven by
the subdued performance of its office segment and persistently high
debt level," says Daniel Zhou, a Moody's Ratings Assistant Vice
President and Analyst.

"The negative outlook continues to reflect uncertainties over
Yuexiu REIT's ability to improve its operations and to deleverage
amid the challenging operating environment," adds Zhou.

RATINGS RATIONALE

Yuexiu REIT's Ba3 CFR reflects the trust's portfolio of
good-quality assets in key tier 1 and tier 2 cities in China (A1
negative), as well as good funding access given its close links
with a state-owned sponsor, Yuexiu Property Company Limited (Ba1
negative).

On the other hand, the rating is constrained by Yuexiu REIT's weak
credit metrics, driven by its high debt level, and its geographic
concentration in Guangzhou. Moody's expect Yuexiu REIT's financial
metrics to stay weak over the next 12-18 months due to the weakness
in the company's office segment, which accounts for more than half
of its revenue.

Declining demand amid China's economic slowdown and increasing
supply in the country's office rental market will continue to
pressure Yuexiu REIT's occupancy and rental rates, and consequently
its revenue and EBITDA, despite the stable performance of its
non-office segments.

Moody's expect Yuexiu REIT's debt level to remain high in the
absence of asset disposals, which entail high execution
uncertainties amid the prevailing difficult market conditions.

As a result, Yuexiu REIT's debt leverage, as measured by net
debt/EBITDA, will remain elevated at 14x-15x over the next 12-18
months, compared with around 14x for the last 12 months ending June
30, 2024. Its interest servicing ability, as measured by EBITDA
interest coverage, will also remain weak at around 1.5x over the
next 12-18 months, versus 1.4x for the last 12 months ended June
30, 2024.

Yuexiu REIT's liquidity is inadequate because it has to pay out
most of its distributable income as dividends and to meet its
ongoing refinancing needs. While the REIT will need to maintain its
funding access to address refinancing needs, its refinancing risk
is partly tempered by its strong banking relationships considering
its government-owned background, and track record of refinancing
maturing debt over the past few years.

In terms of environmental, social and governance factors, Moody's
have considered Yuexiu REIT's financial policy that favors
debt-funded acquisitions to support its growth over the past few
years, as reflected by its high debt leverage. Moody's have also
considered Yuexiu REIT's concentrated ownership and related party
transactions with its state-owned sponsor.

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

Given the negative outlook, an upgrade of Yuexiu REIT's ratings is
unlikely.

However, Moody's could revise Yuexiu REIT's outlook to stable if it
strengthens its credit metrics with an improvement in operations
that lead to profit increase or debt reduction.

Credit metrics for the rating outlook returning to stable include
adjusted net debt/EBITDA trending towards 12x and EBITDA/interest
coverage trending towards 1.75x.

On the other hand, Moody's could downgrade the ratings if (1)
Yuexiu REIT's leverage further rises meaningfully due to a
weaker-than-expected operating performance or debt-funded business
expansion, or (2) its access to funding weakens.

A reduction in financial flexibility because of significantly
higher secured debt would also pressure the ratings.

Moody's could also downgrade the senior unsecured ratings if Yuexiu
REIT substantially increases secured borrowing to refinance
unsecured offshore debt, and significantly weakens the recovery
rates of senior unsecured creditors.

The principal methodology used in these ratings was REITs and Other
Commercial Real Estate Firms published in February 2024.

Yuexiu REIT is a listed REIT in Hong Kong SAR, China with a
property portfolio located entirely in China.




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

AAHIL PRODUCTS: CARE Keeps B- Debt Rating in Not Cooperating
------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Aahil
Products Company Private Limited (APCPL) continues to remain in the
'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       7.91       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 July 14, 2023,
placed the rating(s) of APCPL under the 'issuer non-cooperating'
category as APCPL had failed to provide information for monitoring
of the rating as agreed to in its Rating Agreement. APCPL continues
to be non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
May 29, 2024, June 8, 2024 and June 18, 2024.

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

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

Aahil Products Company Private Limited (APCPL), was incorporated in
2013, by Mr. Ashpak S. Loga de and Mrs. Mahrunnisa A. Logade. APCPL
is engaged in manufacturing of diverse range of steel fencing
systems like palisade fence system, chain link fence, fencing
posts, barbed wires, razor wire, gabions, weld mesh system,
scaffoldings, cylinder rings etc. The manufacturing facility is
located at Khalapur, Raigad, Maharashtra.

ANANDA BAG: CARE Keeps B- Debt Rating in Not Cooperating Category
-----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of The Ananda
Bag Tea Company Limited (TABTCL) continues to remain in the 'Issuer
Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       8.20       CARE B-; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category  

   Short Term Bank      6.80       CARE A4; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category

Rationale and key rating drivers

CARE Ratings Ltd. had, vide its press release dated February 16,
2024, placed the rating(s) of TABTCL under the 'issuer
non-cooperating' category as TABTCL had failed to provide
information for monitoring of the rating. TABTCL continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
August 23, 2024, August 24, 2024 and August 26, 2024.

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

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

TABTCL (ISIN Number: INE448E01015) was incorporated during 1920 by
one Chokhani family in Kolkata for setting up a black tea
manufacturing and trading business. The company has a tea garden in
Tinsukia, Assam, namely Ananda Bag Tea Estate which spread over 300
hectors of land and a tea manufacturing unit with installed
capacity of 10,00,000 kgs per annum. Furthermore, the company has a
blending and packaging unit near Kolkata. The company manufactures
CTC tea and Orthodox tea and markets its products under various
brand names like Top Tee Gold, Golden Sipp, Top Tee Premium etc.
This apart, the company exports tea to the countries like Chaina,
Sri Lanka, Jordon, European Countries and Middle East Countries.


ANKUR CLOTHING: CARE Keeps B- Debt Rating in Not Cooperating
------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Ankur
Clothing Private Limited (ACPL) continues to remain in the 'Issuer
Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       2.00       CARE B-; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category  

   Short Term Bank      6.00       CARE A4; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category

Rationale and key rating drivers

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

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

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

Incorporated in October 2016, ACPL is promoted and managed Mr
Santosh Baid along with other family members based out of
Ahmedabad. ACPL is engaged into trading of denim and suiting
fabric. The promoters of the company are having an experience
of around two decades in the textile trading industry. They were
previously associated with various partnership firms having similar
business operations.


ASIAN AEROSOL: CARE Keeps B- Debt Rating in Not Cooperating
-----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Asian
Aerosol OAN Private Limited (AAOPL) continues to remain in the
'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       3.30       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 20, 2023,
placed the rating(s) of AAOPL under the 'issuer non-cooperating'
category as AAOPL had failed to provide information for monitoring
of the rating as agreed to in its Rating Agreement. AAOPL continues
to be non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
June 4, 2024, June 14, 2024 and June 24, 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 2011, Asian Aerosol OAN Private Limited (AAOPL) was
promoted by Mr Bhogilal Patel, is engaged in the manufacturing of
aerosol-based products (viz, producing aerosol containers and
filling of aerosol products like shaving creams, gels, after shave
products, deodorants and antiperspirant) for the fast-moving
consumer goods (FMGC) companies. The company has commenced
commercial operations from July 2014 at Valsad (Gujarat).


BHAGAWATI ESTATE WAREHOUSE: CARE Keeps B- Rating in Not Coop.
-------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Bhagawati
Estate Warehouse (Ashoknagar) (BEW) continue to remain in the
'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       3.27       CARE B-; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category  

   Short Term Bank      2.10       CARE A4; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category

Rationale and key rating drivers

CARE Ratings Ltd. had, vide its press release dated July 24, 2023,
placed the rating(s) of BEW under the 'issuer non-cooperating'
category as BEW had failed to provide information for monitoring of
the rating. BEW continues to be non-cooperative despite repeated
requests for submission of information through e-mails, phone calls
and a letter/email dated June 8, 2024, June 18, 2024, June 28,
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).

Bhagawati Estate Warehouse (Ashoknagar) (BEW) was formed as a
proprietorship firm in May 2011 by M r. Vikram Singh to undertake
the business of warehousing and trading of agro-commodities like
potatoes and wheat. The firm has two warehouses having an aggregate
storage capacity of 10,000 Metric Tonnes (MT) at Ashok Nagar in
Gwalior district of Madhya Pradesh. BEW(A) commenced its operation
from December 2012.

BHAGAWATI ESTATE: CARE Keeps B- Debt Ratings in Not Cooperating
---------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Bhagawati
Estate Warehouse (Kolaras) (BEW) continues to remain in the 'Issuer
Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       0.77       CARE B-; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category

   Long Term/Short      4.00       CARE B-; Stable/CARE A4;
   Term Bank                       ISSUER NOT COOPERATING;
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

   Short Term Bank      2.45       CARE A4; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category
  
Rationale and key rating drivers

CARE Ratings Ltd. had, vide its press release dated July 24, 2023,
placed the rating(s) of BEW under the 'issuer non-cooperating'
category as BEW had failed to provide information for monitoring of
the rating. BEW continues to be non-cooperative despite repeated
requests for submission of information through e-mails, phone calls
and a letter/email dated June 8, 2024, June 18, 2024, June 28,
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).

Bhagawati Estate Warehouse (Kolaras) (BEW) was formed as a
proprietorship firm in January 2009 by Mrs. Lata Singh to undertake
business of warehousing and trading of agro-commodities like
potatoes, wheat, pea, chickpea and lentil. BEW has two associate
concerns namely Bhagawati Development Services Private Limited and
Bhagawati Cools Private Limited which are engaged in similar line
of business and also have distributorship of Indo Farm tractors and
Mahindra and Mahindra (M&M) tractors respectively in Madhya
Pradesh.


GO FIRST: Bankers Hire Burford Capital for Litigation Versus P&W
----------------------------------------------------------------
The Economic Times reports that lenders to the bankrupt airline Go
First have appointed Burford Capital, a US-based litigation finance
firm, to support their arbitration case against engine manufacturer
Pratt & Whitney.

According to ET, people aware of the development said the creditors
committee has approved the arrangement under which Burford will pay
US$20 million in the first tranche.

Go First is claiming $1.5 billion in compensation at the Singapore
Court of Arbitration, attributing its bankruptcy to Pratt &
Whitney's engine failures, ET notes. Although litigation finance is
common in parts of the world, it remains relatively unknown in
India.

Go First owes around INR4,000 crore to major banks, while also
holding a valuable land parcel as collateral, ET adds.

                          About Go First

Go First, formerly known as GoAir, was an Indian ultra-low-cost
airline based in Mumbai, Maharashtra.  Go First was incorporated in
April 2004 as GoAir and commenced flight operations in November the
following year. Its inaugural flight was from Mumbai to Ahmedabad.
The airline is owned by the Wadia Group.

Go First filed an application for voluntary insolvency resolution
proceedings before National Company Law Tribunal (NCLT) on May 2,
2023.

The company said the filing with the NCLT comes after Pratt &
Whitney, the exclusive engine supplier for the airline's Airbus
A320neo aircraft fleet, refused to comply with an order to release
engines to the airline that would have allowed it return to full
operations.

Go First owes INR6,521 crore to its financial creditors, Bank of
Baroda, IDBI Bank, and Deutsche Bank. The airline has a total
liability of about INR11,463 crore to banks, other creditors,
vendors, and others.

On May 10, 2023, the NCLT accepted Go First's voluntary insolvency
petition.  The NCLT bench appointed Abhilash Lal as the interim
resolution professional to look after the affairs of Go First and
also suspended its board as part of the insolvency resolution
process.

As reported in the Troubled Company Reporter-Asia Pacific in early
August, Go First lenders have decided to liquidate the company's
assets after rejecting bids by interested suitors to revive the
bankrupt airline, two banking sources told Reuters.  Go First had
received two financial bids under the bankruptcy process.

HARAGOURI HIMGHAR: CARE Lowers Rating on INR7.27cr LT Loan to D
---------------------------------------------------------------
CARE Ratings has revised the ratings on certain bank facilities of
Haragouri Himghar Private Limited (HHPL), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       7.27       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category and Revised from
                                   CARE B-; Stable

Rationale and key rating drivers

CARE Ratings Ltd. had, vide its press release dated July 12, 2023,
placed the rating(s) of HHPL under the 'issuer non-cooperating'
category as HHPL had failed to provide information for monitoring
of the rating as agreed to in its Rating Agreement. HHPL 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, June 16, 2024 and August 23, 2024.

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

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

The ratings have been revised on account of ongoing delays in debt
servicing as recognized from publicly available information i.e.
Audit report of FY23, available from registrar of companies.

Haragouri Himghar Private Ltd. (HHPL), incorporated on September
19, 2012, was initially established as a partnership firm named M/s
Hara Gouri Himghar in 2008 by Shri Haradhan Samanta and Smt. Tapasi
Samanta of Hooghly, West Bengal. The partnership firm was converted
to Private Limited Company on September 19, 2012. HHPL is currently
engaged in the business of providing cold storage facility at
Mukhtarpur village of Hooghly, West Bengal, primarily for potatoes
and is operating with a storage capacity of 1,43,470 quintals per
annum. Besides providing cold storage facility the unit also works
as a mediator between the farmers and marketers of potato to
facilitate sale of potatoes stored and it also provides interest
bearing advances to farmers for farming of potatoes. Further, HHPL
is also engaged in trading of potatoes. Shri Haradhan Samanta is
the main promoter and he looks after the day to day operations of
the company.


INANI SECURITIES: CARE Keeps B- Debt Rating in Not Cooperating
--------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Inani
Securities Limited (ISL) continues to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       0.25       CARE B-; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category  

   Short Term Bank      6.25       CARE A4; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category

Rationale and key rating drivers

CARE Ratings Ltd. had, vide its press release dated June 6, 2023,
placed the rating(s) of ISL under the 'issuer non-cooperating'
category as ISL had failed to provide information for monitoring of
the rating. ISL 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).

Hyderabad based, Inani Securities Private limited (ISPL) (ISIN:
INE224C01014) was incorporated on May 19th, 1994. Later on, the
said company was converted into Inani securities Limited (ISL) on
April 26, 1995, and listed in BSE. ISL was promoted by Inani family
members i.e., Mr. Venu Gopal Inani, Mr. Ramakanth Inani and Mr.
Lakshmikanth Inani. ISL is one of the old integrated capital
intermediaries in the financial sector. Currently, ISL offers
customized, end to end wealth management services and research
services to its clients.


JAYATMA INDUSTRIES: CARE Keeps B Debt Ratings in Not Cooperating
----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Jayatma
Industries Limited (JIL) continues to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      15.00       CARE B; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category  

   Long Term/Short     14.50       CARE B; Stable/CARE A4;
   Term Bank                       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 September 5,
2023, placed the rating(s) of JIL under the 'issuer
non-cooperating' category as JIL had failed to provide information
for monitoring of the rating. JIL continues to be non-cooperative
despite repeated requests for submission of information through
e-mails, phone calls and a letter/email dated July 21, 2024, July
31, 2024, August 10, 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).

JIL (ISIN: INE250D01017) was incorporated in September 1983, as a
private limited company and subsequently got converted into public
limited company in December 1994. JIL is engaged in cotton ginning
and pressing with an installed capacity of 300 metric tonne per day
(MTPD) along with the trading of raw cotton, ginned cotton bales,
cotton yarn and cotton seeds. JIL has also set up an oil mill with
11 oil expellers having a combined installed capacity of 10 MTPD
for manufacturing wash oil (raw oil) and de-oiled cakes (DOC). The
manufacturing facilities of the company are located at Kadi,
Gujarat. JIL has also installed a wind turbine generator of 0.80
Mega Watt at Jamnagar.


JSW INFRASTRUCTURE: Fitch Affirms 'BB+' IDR, Outlook Positive
-------------------------------------------------------------
Fitch Ratings has affirmed India-based port operator JSW
Infrastructure Limited's (JSWIL) Long-Term Foreign-Currency Issuer
Default Rating (IDR) at 'BB+'. The Outlook is Positive.

Fitch has also affirmed JSWIL's USD400 million senior unsecured
notes due 2029 at 'BB+' with a Positive Outlook. The bondholders
benefit from equity pledges and guarantees from key operating
subsidiaries.

RATING RATIONALE

The Positive Outlook reflects its expectation that JSWIL's leverage
(gross debt/EBITDA) will mostly remain below its upgrade
sensitivity, despite the company's increased investment plan.

After its successful IPO, JSWIL has announced its plan to increase
its capacity to 400 million tonnes per annum by the financial year
ending March 2030 (FY30), from 170 million tonnes per annum
currently. Consequently, Fitch now forecasts capex, including
potential acquisition costs, at around INR130 billion from FY25 to
FY27, up from INR45 billion in its last review. Nevertheless, Fitch
still expects leverage to remain under 3.5x over the next two years
(FY24: 2.0x), supporting the Positive Outlook. That said, capex
that exceeds its expectations could pressure leverage in the next
two to three years and narrow JSWIL's rating headroom in the
absence of equity issuance. This could result in the Outlook being
revised to Stable.

JSWIL says the discretionary nature of certain projects should
provide it with flexibility to maintain a strong financial profile.
Fitch factors in only committed capex in its forecasts and do not
include certain greenfield projects, which JSWIL says are subject
to additional equity raising plans. JSWIL plans to raise fresh
equity, which is excluded from its forecast, to fulfill the
Securities and Exchange Board of India's listing requirements of
25% by October 2026.

The Positive Outlook is also supported by its expectation that
JSWIL will maintain its third-party cargo mix at the current 40%
level over the medium term. India's robust internal demand and
export activities will continue to bolster the ramp-up of
third-party cargo at JSWIL's port assets. In addition, the
acquisition of Navkar Corporation Limited, a logistics solution
provider, will boost JSWIL's third-party cash flow over the medium
term, while expanding the company's presence across the logistic
value chain.

The rating reflects JSWIL's geographically diversified port
locations, reasonable tariffs and long-term take-or-pay contracts,
which account for about 30% of total revenue. The rating is
moderated by its cargo's high exposure to two commodities, coal and
iron ore, as well as customer concentration risk. JSW Steel Limited
(BB/Stable) contributes more than half of JSWIL's cargo volume, but
JSWIL's credit assessment is not linked to that of JSW Steel.

Customer concentration risk is partially offset by limited
infrastructural constraints at the ports, which are linked to
national highways. Hence, the group can serve third-party customers
at existing ports, if required. Its analysis shows that cash flow
available from third parties and existing credit facilities will be
adequate to service and repay debt over the weighted-average life
of the concessions.

Throughput from JSW Group has been resilient to commodity and steel
price fluctuations. This cargo is unlikely to be diverted to other
ports, due to the close proximity of JSWIL's captive ports to the
respective industries and the ports' access to multimodal
connectivity. In addition, healthy economic growth and power demand
in India, and the government's infrastructure drive, will continue
to support local demand for steel and coal.

KEY RATING DRIVERS

Portfolio of Geographically Diverse, Strategic Ports - Revenue Risk
(Volume): Midrange

JSWIL is a large commercial port operator and developer in India.
It holds concessions for 12 ports and terminal facilities that are
well-diversified along India's eastern and western coasts. These
ports are strategically located to meet the cargo-handling
requirements of the JSW group, and support the group's entire value
chain, from sourcing to logistics to manufacturing and export of
finished steel. JSWIL provides operational efficiency and cost
savings to the JSW group. JSWIL also owns one liquid storage
terminal and operates two dry bulk terminals in Fujairah Port in
the UAE.

Mix of Unregulated and Regulated Tariffs - Revenue Risk (Price):
Midrange

JSWIL's JSW Jaigarh Port Ltd and JSW Dharamtar Port account for
over 50% of its EBITDA. The tariffs for the two ports are
unregulated and based on market pricing. The JSW group accounts for
the majority of volume at these ports. The pricing for group
companies is also kept at arm's length, management said. The rest
of the portfolio has limited flexibility to fix tariffs, sharing
about 21%-31% of revenue with port authorities, except the newly
acquired terminals, Ennore Coal (53%) and Ennore Bulk (36%). Still,
tariffs remain broadly competitive as regulations allow port
operators a return on capital of about 16%.

Discretionary Capex Plan - Infrastructure Development and Renewal:
Stronger

JSWIL has considerable experience and expertise in delivering on
its port portfolio investment. The majority of its ports and
terminals are operational. However, JSWIL recently obtained
concessions to develop several greenfield ports, which will keep
planned capex high in the medium term. Moreover, some of JSWIL's
ports are close to the optimal operating level of 70%, and may
require expansion to meet additional demand. JSWIL also plans to
increase the contribution of third-party cargo to diversify its
cargo mix.

Most of its development is discretionary, and JSWIL has complete
flexibility in roll-out plans without a major impact on operations.
Fitch expects additional capex to be funded via equity funding,
operating cash flow and borrowings. The group's weighted-average
life of concession is about 23 years.

No Structural Subordination, Restrictive Covenants - Debt
Structure: Midrange

US-dollar bonds formed about 75% of JSWIL's consolidated debt as of
FY24, with the rest, largely US-dollar loans, are mainly held at
the newly acquired UAE entity, where revenue is denominated in US
dollars. The bonds' structural subordination is mitigated by more
than 90% of EBITDA being available outside of the UAE entity - most
of these entities are fully owned by JSWIL - and senior unsecured
guarantees provided by the group's five key subsidiaries, which
account for over 75% of group EBITDA. Bondholders also benefit from
equity pledges by the five subsidiaries.

The bonds' indenture has protective features, including against
additional debt and on restricted payments, which are allowed only
if gross debt/tangible net worth is below 3.0x, and certain
carve-outs. Restricted payments are allowed only if total
restricted payments are below 50% of cumulative accrued net income,
with certain exceptions. The bonds do not benefit from reserve
accounts. JSWIL relies on only natural hedging, but a fifth of its
revenue is in US dollars, which is likely to be enough to cover
US-dollar debt servicing. Ample liquidity and solid access to
capital markets mitigate refinancing risk.

Financial Profile

Its base case assumes increased throughput, in line with JSWIL's
estimates, which project about 10% annual growth from FY25 to FY27.
This will be supported by contributions from newly acquired ports,
which are largely operational - PNP Port and UAE Oil Terminal - or
under construction - Jawaharlal Nehru Port Liquid Berths, VOC Bulk
Terminal - and due to start operations gradually from FY25.

JSWIL forecasts overall utilisation of around 70% over the next
five years, up from actual utilisation of 63% in FY24. This
increase is supported by the continued volume ramp-up of newly
operational assets, such as Paradip East Quay Terminal and New
Mangalore Container Terminal (NMCT). Fitch expects throughput
growth to accelerate to about 40% in FY28, as JSWIL's greenfield
captive projects and the connecting slurry pipeline commence
operations.

JSWIL expects a tariff growth rate of about 2%-5% over FY25-FY29,
which is below its CPI growth forecast for India. The average
EBITDA margin in JSWIL's case is about 52%.

JSWIL expects its capex and acquisition expenditure to remain high,
at about INR140 billion over the next three years. The company
plans to start several major developments, including brownfield
capacity expansion at Jaigarh, Dharamtar, South West and NMCT and
the LPG terminal at Jaigarh, newly obtained concessions under the
private-public partnership model, including liquid berths at
Jawaharlal Nehru Port and the bulk terminal at Tuticorin Port, and
greenfield developments (Jatadhar Port, including the slurry
pipeline project in Odisha).

JSWIL assumes growth capex will be partially funded by equity
issuance. Its forecast do not consider development capex for Murbe
Port, a greenfield port on India's west coast that is pending award
of development rights.

Fitch has not considered any additional equity issuance in its base
or rating case in the absence of firm plans. Its forecasts also
exclude development capex for Murbe Port and projects earmarked to
be equity funded. The base case assumes dividend distributions over
FY25-FY29.

Fitch expects the debt/operating EBITDA ratio in its base case to
peak at about 3.1x in FY27, then drop to about 2.0x in FY28, as
Jatadhar Port and the connecting slurry pipeline start contributing
to revenue. Its rating case assumes a haircut of 5%-6% from the
base-case throughput estimates. Fitch also applies a 2%-4% haircut
to tariff assumptions. The rating case includes a 2pp-3pp stress on
the EBITDA margin and a 5%-10% stress on capex relative to the base
case, with similar dividend distribution assumptions. The rating
case projects debt/operating EBITDA at a high 4.2x in FY27, before
falling to below 3.0x in FY28.

PEER GROUP

JSWIL is most comparable to Adani Ports and Special Economic Zone
Limited (APSEZ, BBB-/Stable), in Fitch's view. Both JSWIL and APSEZ
have diverse portfolios and debt profiles with limited protective
features. However, APSEZ benefits from a more diverse cargo and
counterparty mix, larger scale of operations, and larger portion of
cargo throughput having long-term cargo contracts than JSWIL. Fitch
therefore rates APSEZ higher than JSWIL, despite JSWIL's stronger
financial profile.

JSWIL can also be compared with Port of Newcastle Investments
(Financing) Pty Ltd (BBB-/Stable), the financing entity of Port of
Newcastle (PON) in Australia. Both JSWIL and PON are significantly
dependent on specific cargo. JSWIL is dependent on coal and iron
ore, while PON is reliant on coal exports. However, PON's high coal
exposure is mitigated by increasing demand for high-quality coal
from Asia over the medium term and stable thermal and metallurgical
coal supply in Australia's Hunter Valley.

JSWIL's customer concentration risk in combination with its high
commodity exposure weighs on its volume risk assessment, resulting
in a 'Midrange' assessment compared with 'High Midrange' for PON.
PON has a stronger price risk assessment, benefiting from its
landlord operation model, where 76% of contracted revenue is under
long-term, fixed price agreements, with the majority providing
inflation protection. These qualitative attributes justify rating
JSWIL a notch lower than PON, despite JSWIL's lower leverage.

RATING SENSITIVITIES

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

Leverage under its rating case sustained above 3.5x, or third-party
contribution remaining below 40% of JSWIL's total cargo and revenue
in its forecast, will result in the Outlook being revised to
Stable.

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

Leverage under its rating case sustained below 3.5x, in tandem with
the third-party contribution increasing sustainably above 40% of
total cargo and revenue in its forecast, will result in an
upgrade.

CREDIT UPDATE

Throughput increased by 16% in FY24, while utilisation rose to 63%
in FY24, from 57% in FY23. This improvement was due to the ramp-up
in volume at terminals that started operating at end-FY22,
specifically the Paradip East Quay Coal Terminal and Mangalore
Container Terminal. The company also acquired an oil terminal in
Fujairah and PNP Port in Maharashtra, India, in 3QFY24. Both
terminals were operational at the time of acquisition, so their
volumes were consolidated in 4QFY24. Third-party cargo contribution
was around 40% in FY24.

Revenue increased by about 18% in FY24, slightly outpacing
throughput growth due to higher operating and maintenance revenue
from contracts signed with two dry bulk terminals in UAE - Fujairah
and Dibba Port. Dibba Port was commissioned in 4QFY24 and the
company took over operation and maintenance in March 2024.

ESG Considerations

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

   Entity/Debt                 Rating           Prior
   -----------                 ------           -----
JSW Infrastructure
Limited                  LT IDR BB+  Affirmed   BB+

   JSW Infrastructure
   Limited/Unsecured
   Debt/1 LT             LT     BB+  Affirmed   BB+


LIDCO PROJECTS: CARE Keeps B- Debt Rating in Not Cooperating
------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Lidco
Projects (India) Private Limited (LPPL) continues to remain in the
'Issuer Not Cooperating' category.

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

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

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

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

Bangalore (Karnataka), based Lidco Projects (India) Private Limited
(LPPL) was incorporated in 2009 as Vajram Resorts (India) Private
Limited and was not engaged in any commercial activity till FY12.
Later in 2012, the name was changed into Lidco
Projects (India) Private Limited and is engaged in the construction
of residential buildings. LPPL is a part of Vajram Group and under
takes the construction activities for residential projects of the
group company Vajram Estates Private Limited (VEPL).


MACKINTOSH BURN: ICRA Lowers Rating on INR40cr LT Loan to B+
------------------------------------------------------------
ICRA has moved the ratings for the bank facilities of Mackintosh
Burn Limited to the Issuer Not Cooperating category and the
long-term rating is downgraded to [ICRA]B+ (Stable) from [ICRA]BB
(Stable). The ratings are denoted as "[ICRA]B+(Stable) ISSUER NOT
COOPERATING/[ICRA]A4 ISSUER NOT COOPERATING".

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long Term-          40.00       [ICRA]B+ (Stable) ISSUER NOT
   Fund-based-                     COOPERATING; Rating downgraded
   Cash Credit                     from [ICRA]BB (Stable)and
                                   moved to the Issuer Not
                                   Cooperating

   Short Term-        100.00       [ICRA]A4 ISSUER NOT
   Non Fund Based                  COOPERATING; Rating moved to
                                   the Issuer Not Cooperating
                                   category

   Long Term/          24.45       [ICRA]B+ (Stable)/[ICRA]A4;
   Short Term-                     ISSUER NOT COOPERATING;
   Unallocated                     Long-term rating downgraded
   Limits                          from [ICRA]BB (Stable) and
                                   moved to Issuer Not
                                   Cooperating category and
                                   short-term rating moved to
                                   Issuer Not Cooperating
                                   category Total

The rating downgrade is because of lack of adequate information
regarding Mackintosh Burn Limited 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 Mackintosh Burn 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.

Mackintosh Burn Limited (MBL) was originally set up as a
partnership firm in Kolkata in 1834. It was converted to a private
limited company in 1913 and subsequently to a deemed public limited
company in 1956. It was converted into a public limited company in
2002 and as on date, the GoWB holds a 51% stake in the company. MBL
is one of the oldest construction companies in the country and has
been constructing primarily buildings, roads and bridges, for over
180 years. It has constructed some landmark buildings in Kolkata,
including St. Paul's Cathedral, Nakhoda Masjid, Dakshineswar
Temple, National Library, Scottish Church College, Metro Cinema,
Statesman House and the Reserve Bank of India building.


MAHADEV PROFILES: CARE Keeps B- Debt Rating in Not Cooperating
--------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Mahadev
Profiles Private Limited (MPPL) continues to remain in the 'Issuer
Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       8.43       CARE B-; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category  

   Short Term Bank      5.15       CARE A4; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category

Rationale and key rating drivers

CARE Ratings Ltd. had, vide its press release dated June 6, 2023,
placed the rating(s) of MPPL under the 'issuer non-cooperating'
category as MPPL had failed to provide information for monitoring
of the rating. MPPL 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).

The ratings assigned to the bank facilities of MPPL have been
revised on account of non-availability of requisite information.

Mahadev Profiles Private Limited (MPPL) is an ISO 9001:2008
certified company incorporated in 2007, promoted by Mr. G. Mahadeva
Naidu along with his family members. MPPL manufactures complete
range of steel structures including design, engineering and
manufacturing. MPPL also manufactures and sells metal buildings
components like roof and wall cladding, Z sections, louvers, ridge
vents, flashings and turbo ventilators. Apart, MPPL also integrates
customer specified mezzanines and canopies in the building design.
The company mainly provides manufacturing services to its customers
located in the state of Telangana and Andhra Pradesh. The company
procures raw material such as steel coils, HR coils, zinc, and
chemicals from Telangana. The installed capacity of the plant is
25,000 MT per annum.


MCNALLY BHARAT: Corporate Insolvency Plan Hits Roadblock
--------------------------------------------------------
The Telegraph India reports that the corporate insolvency process
of McNally Bharat Engineering Co Ltd has run into trouble after the
successful bidder stumbled in implementing the approved resolution
plan within the prescribed time.

BTL EPC Ltd, a Shrachi group entity, had emerged as the successful
resolution applicant trumping Naveen Jindal-led Nalwa Steel & Power
in a keenly contested bidding for McNally in December 2023, the
report recalls.

After BTL could not implement the plan, the committee of creditors
of McNally has filed an application before the Calcutta bench of
National Company Law Tribunal to seek appropriate directions and
recourse with respect to the approved resolution plan and the
corporate insolvency resolution process (CIRP) of McNally Bharat,
according to the Telegraph India.

The Telegraph India relates that sources said BTL is litigating
that there would be a major tax hit if it acquires the loss-making
McNally Bharat by implementing the resolution plan and in effect,
it would not be a financially viable proposition. The applicant has
also approached the NCLT seeking appropriate direction in this
matter and offered to submit a tax report prepared by top
consultancy firm Deloitte.

According to the plan approved by the NCLT in December, BTL offered
to stump up INR441.11 crore to the creditors of engineering,
procurement and construction (EPC) company McNally, which formerly
belonged to B.M. Khaitan family-led Williamson Magor Group.

The Telegraph India says the plan translated to 12.05 per cent
recovery for the secured financial creditors who had an admitted
claim of INR3,514.65 crore on McNally.

In contrast, the unsecured financial creditors were getting only
INR3.46 crore, which translates to 0.15 per cent recovery of
INR1,282.59 crore of the admitted claim. McNally was admitted for
CIRP in 2020.

According to the timeline proposed by BTL in the resolution plan,
the applicant was to infuse INR155 crore towards admitted claims
and contingent claims.

The first milestone payment of INR61.18 crore was to be made in 60
days and the others within 150 days and 240 days, the report notes.
A large part of the approved resolution plan was in the form of a
bank guarantee of INR251 crore.

While the applications filed by CoC and BTL EPC are being heard
before the tribunal, there were signs as early as March that the
implementation of the resolution plan is not as per timeline, the
report says.

The record date was fixed on March 26 to write down the equity
shares of listed McNally but the plan was cancelled on March 22.

According to the plan, the entire shareholding (32.79 per cent) of
erstwhile promoters shall stand extinguished, while the public
shareholders will see their holding reduced to 5 per cent from
62.21 per cent after the issue of fresh shares to BTL, The
Telegraph India notes.

Apart from raising questions on tax incidence, the BTL management
appeared to be worried about the drain of quality manpower from
McNally, the report says. Srinivash Singh, the MD and a veteran of
McNally, left the company on October 30, citing personal grounds.

When the Calcutta bench approved the resolution plan in December,
BTL boss Ravi Todi had told The Telegraph India that turning around
McNally, which is engaged in material handling business focusing on
the coal and power sector and complementing BTL, would not be an
easy task. With the new legal twists, it looks like the revival of
McNally could still be some time away, The Telegraph India states.

McNally Bharat Engineering Co Ltd engages in engineering turnkey
project execution. It belongs to the B. M. Khaitan group.

McNally Bharat commenced insolvency resolution process on May 4,
2022.


NURSINGSAHAY MUDUNGOPAL: CARE Keeps C Rating in Not Cooperating
---------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Shree
Nursingsahay Mudungopal(engineers) Private Limited (SNMPL)
continues to remain in the 'Issuer Not Cooperating' category.

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

   Short Term Bank      3.00       CARE A4; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category

Rationale and key rating drivers

CARE Ratings Ltd. had, vide its press release dated July 18, 2023,
placed the rating(s) of SNMPL under the 'issuer non-cooperating'
category as SNMPL had failed to provide information for monitoring
of the rating as agreed to in its Rating Agreement. SNMPL continues
to be non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
June 2, 2024, June 12, 2024 and June 22, 2024.

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

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

Delhi based, Shree Nursingsahay Mudungopal Engineers Private
Limited was incorporated on January 26, 1949. The company is
currently being managed by Mr. Anand Das Mundra and Shyam Das. The
company is engaged in trading of electrical goods such as
generators, wires & cables, transformers, circuit breakers,
luminaries, etc.

PERFECT DYNAMICS: CARE Keeps D Debt Rating in Not Cooperating
-------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Perfect
Dynamics Auto Private Limited (PDAPL) continues to remain in the
'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      27.70       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 10, 2023,
placed the rating(s) of PDAPL under the 'issuer non-cooperating'
category as PDAPL had failed to provide information for monitoring
of the rating as agreed to in its Rating Agreement. PDAPL continues
to be non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
May 25, 2024, June 4, 2024 and June 14, 2024.

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

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

Incorporated in September 2010, Perfect Dynamics Auto Private
Limited (PDAPL) is promoted by Mr. Anil Kumar Srivastava & Mrs.
Archana Srivastava. PDAPL is engaged in the manufacturing of
automobile components which include spare parts and accessories for
2 wheelers, 3 wheelers and 4 wheelers, includes Sari Guard, Leg
Guard, Chain Adjuster, Step Pillion, Bracket sensor, Center Shaft
Stand, Frames, Fuel Tanks etc. It also provides Job Work service
such as Wheel Assembly for all types of vehicles. The company
operates through four units of which two units are located in
Aurangabad (Maharashtra) and other two units are at Pantnagar
(Uttarakhand). The company employs around 1000 works out of which
683 are skilled employees [280 on payroll basis and 403 on
contractual basis].

PRAKASH STEEL: ICRA Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------
ICRA has kept the Long-term and Short-term ratings for the bank
facilities of Prakash Steel Corporation in the 'Issuer Not
Cooperating' category. The rating is denoted as "[ICRA]D/[ICRA]D;
ISSUER NOT COOPERATING".

                      Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Long-term-        15.00       [ICRA]D; ISSUER NOT COOPERATING;
   Fund based                    Rating Continues to remain under
   Cash Credit                   'Issuer Not Cooperating'
                                 Category

   Long Term-        (4.00)      [ICRA]D; ISSUER NOT COOPERATING;
   Interchangeable               Rating Continues to remain under
                                 'Issuer Not Cooperating'
                                 Category

   Long-term/         1.00       [ICRA]D/[ICRA]D; ISSUER NOT
   Short Term                    COOPERATING; Rating Continues to
   Unallocated                   remain under 'Issuer Not
                                 Cooperating' Category
  
As part of its process and in accordance with its rating agreement
with Prakash Steel Corporation, ICRA has been trying to seek
information from the entity so as to monitor its performance.
Further, ICRA has been sending repeated reminders to the entity for
payment of surveillance fee that became due. Despite multiple
requests by ICRA, the entity's management has remained
non-cooperative. In the absence of requisite information and in
line with the aforesaid policy of ICRA, the rating has been
continued to the "Issuer Not Cooperating" category. The rating is
based on the best available information.

Prakash Steel Corporation (PSC) is a part of the Mukta Group of
Industries and was established as a proprietorship concern by Mr.
Babulal Shah in 1975 in Ahmedabad. The firm is owned and managed by
Mr. Pankaj Shah. The firm manufactures bright bars for different
grades of stainless steel, alloy steel and carbon steel of
different diameters, ranging between 7 mm and 70 mm, which goes up
to 150 mm in certain cases. The firm also trades other steel
products such as plates of different alloy grades, flate steel and
commercial grade round steel bars. The product range finds
application in automobile, engineering, capital goods and other
allied industries. The Mukta Group of Industries consists of other
entities namely Mukta Industries Private Limited (MIPL), Vastupal
Bearing Races Limited (VBRL), Mukta Automation Private Limited
(MAPL) and Vastupal Sales & Services LLP (VSSL). While MIPL trades
alloys steel bars and rods, billets, channels, wire rods and plates
of different grades, VBRL manufactures forged and machined bearing
used in ball bearing, roller bearings, taper bearings and auto
ancillary industry. MAPL manufactures machined items as per
customer's specifications and VSSL provides financial services.

In FY2019, on a provisional basis, the firm reported a net profit
of INR0.35 crore on an operating income of INR24.97 crore, as
compared to a net profit of INR0.37 crore on an operating income of
INR62.06 crore in the previous fiscal.


R. K. TRANSPORT: CARE Keeps B- Debt Rating in Not Cooperating
-------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of R. K.
Transport Company (RKTC) continue to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       7.83       CARE B-; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category  

   Short Term Bank      0.30       CARE A4; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category

Rationale and key rating drivers

CARE Ratings Ltd. had, vide its press release dated July 17, 2023,
placed the rating(s) of RKTC under the 'issuer non-cooperating'
category as RKTC had failed to provide information for monitoring
of the rating. RKTC 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).

Howrah (West Bengal) based, R.K. Transport Company (RKTC) was
constituted as a partnership firm on June 10, 2011. The firm is an
associate concern of Gujral Group of companies. The group is
promoted by Mr. Bhupinder Singh Gujral and engaged in
transportation of LPG tankers for the major oil companies such as
Bharat Petroleum Corpo ration Limited (BPCL), Indian Oil
Corporation Limited (IOCL) and Hindustan Petroleum Corporation
Limited (HPCL) and hotel and restaurant business. The group
is having 975 LPG tankers and the loading point is Haldia, West
Bengal.


RAGHURAM HUME: CARE Reaffirmed B+ Rating on INR23.15cr LT Loan
--------------------------------------------------------------
CARE Ratings has reaffirmed ratings on certain bank facilities of
Raghuram Hume Pipes Private Limited (RHPPL), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       23.15      CARE B+; Stable; Reaffirmed
   Facilities                      

   Short Term Bank
   Facilities           15.40      CARE A4 Reaffirmed

Rationale and key rating drivers

The reaffirmation in the ratings assigned to the bank facilities of
RHPPL continue to remain constrained by small scale of operations,
working capital intensive nature of operations, leveraged capital
structure, tender based nature of business, and presence in a
highly competitive and fragmented industry. The ratings are,
however, underpinned by vast experience and established presence of
the promoters in the industry, moderate orderbook position,
satisfactory profitability, and stable industry outlook.

Rating sensitivities: Factors likely to lead to rating actions

Positive factors

* Improvement of gearing to below 1.5x.
* Significant shortening of collection period resulting in
improvement in operating cycle and cash flows.

Negative factors

* Any significant decline in revenue and profits, going forward.
* The working capital cycle elongating beyond 260 days thereby
impacting the liquidity position of the company.

Analytical approach: Standalone

Outlook: Stable

CARE Ratings Limited (CARE Ratings) believes that the entity will
continue to benefit from the extensive experience of the promoters
in the industry.

Detailed description of the key rating drivers:

Key weaknesses

* Leveraged capital structure: The company's overall gearing
remains leveraged, standing at 1.85x as on March 31, 2024,
primarily due to working capital intensive nature of the business.
Debt coverage indicators also stand moderate, with the interest
coverage ratio at 1.46x in FY24, improving marginally from 1.37x in
FY23. Furthermore, the Total debt to gross cash accruals ratio
stood weak at 23.26x in FY24, on account of increase in total debt
of the company and stable cash accruals.

* Small scale of operations: Raghuram Humes Pipes was incorporated
in 1999, and its scale of operations has remained below INR50 crore
for the past five years. The company continues to operate on a
small scale, reporting revenues of INR45.02 crore in FY24. Despite
long presence in the industry the company remains a small sized
entity with a net worth base at INR19.82 crore. Ability of the
company to improve its scale remains a key monitorable.

* Working capital intensive nature of operations: The company
primarily operates in the construction industry, which is
inherently capital-intensive due to an extended collection period,
as most of its orders are from the government. The operating cycle
of the company improved slightly but remained elongated at 240 days
in FY24 (PY: 247 days). This was due to high inventory and
collection periods of 136 days and 235 days in FY24, respectively,
compared to 163 days and 253 days in FY23. Nevertheless, the
company is strengthening its business by diversifying its
operations and focusing on other states as well.

* Tender based nature of operations and operating in highly
fragmented industry: The company receives 100% of its work orders
from government organizations. All of these orders are
tender-based, and the company's revenues depend on its ability to
successfully bid for these tenders. Profitability margins are under
pressure due to the competitive nature of the industry. However,
the company's ability to secure repeat orders from existing
clients, based on its past track record, partially mitigates this
risk. Nevertheless, numerous fragmented and unorganized players
operate in this segment, making the construction space highly
competitive.

Key strengths

* Experienced promoters and long track record of operations: The
company has nearly two decades of experience in the construction
industry, primarily through the execution of projects awarded by
government organizations. It was jointly founded by Mr. V. Rama Rao
and Mr. V. Lakshmana Rao, the Managing Director of RHPPL. The
promoters bring over 25 years of experience in contract work
related to drinking water and irrigation. Mr. V. Rama Rao
specializes in executing filtration plants, sewage treatment
plants, and gallery works. He plays a crucial role in securing work
orders and various projects for the company and is instrumental in
introducing the company to new clients and competitors in the
field. Additionally, Mr. V. Lakshmana Rao has extensive experience
in the manufacturing of prestressed concrete (PSC) pipes. On
Account of promoters' long-standing experience, they have
established strong relationships with the irrigation and water
departments of the government, which has facilitated business
development and the acquisition of new orders. The promoters are
resourceful and have been infusing funds in the form of
interest-free unsecured loans to support the operations. As on
March 31, 2024, the promoters infused INR10.47 crore as unsecured
loans.

* Moderate orderbook position: The company has an outstanding order
book valued at Rs. 186.48 crore as of June 30, 2024. This order
book offers revenue visibility over the medium term, forming around
4 times the revenue of FY24. Nearly all orders are executed by the
company with limited reliance on subcontracting. The order book
includes contracts from government entities such as APSIDC Kadapa,
APSIDC Guntur, APSIDC Vishakapatnam, TSIDC Hyderabad, and
PWD-Ladakh, among others.

* Stable profitability margins: The company generates the majority
of its revenue from the execution of works contracts, with a
smaller portion coming from the sale of its manufactured PSC and
other pipes. The pipes produced are primarily intended for internal
use. The company's profitability has remained stable in absolute
terms, increasing from INR5.90 crore in FY23 to INR5.92 crore in
FY24, although profit margins have declined. The company is
actively working to improve margins by producing its own PSC pipes.
Furthermore, nearly all contracts include escalation clauses
related to cement and steel prices, which provide some protection
against price increases for these materials. The company's PBILDT
margins have been constrained by higher subcontracting expenses and
rising construction material costs. Additionally, the PBILDT margin
for FY24 was 13.15%, down from 14.73% in FY23 and 17.01% in FY22.
The PAT margin in FY24 showed a slight improvement to 2.62%,
compared to 2.56% in FY23 and 2.32% in FY22.

* Stable industry outlook: The size of the Indian construction
market is approximately USD 639 billion in the current year and is
projected to register a compound annual growth rate (CAGR) of over
6% during the forecast period. The increasing population is
creating a demand for more housing, particularly in tier 1 cities.
To meet this demand, construction activities have been ramped up by
both government entities and private sector companies.
Additionally, the Indian government is placing a strong emphasis on
the development of rural areas. The Indian construction sector is
highly competitive, with a significant presence of both local and
international players. However, there are also opportunities for
small and medium-sized enterprises due to rising government
investments in the sector. The Indian construction market offers
substantial growth potential during the forecast period, which is
expected to further intensify market competition. Major players are
vying for a larger share of the Indian construction market.

Liquidity: Stretched

Liquidity remains stretched, characterized by tightly matched
accruals to meet term debt obligations and extensive utilization of
working capital limits (more than 95% for the past 12 months).
However, the company has a free cash and bank balance of INR3.72
crore as of March 31, 2024. Also, the promoters are resourceful and
may infuse need based funds in the business.

Raghuram Hume Pipes Private Limited (RHPPL), based in Andhra
Pradesh, was incorporated in 1999 by Mr. Lakshmana Rao and Mr. M.
Venkateswara Rao. The company is a special class contractor
registered in the civil contract category for water supply,
irrigation, drinking water projects, and road projects in Andhra
Pradesh and Telangana. Additionally, RHPPL is subcontracted for
specialized works, including galleries, infiltration wells,
connecting mains, collection well cum pump houses, and gallery
mains.  The company is certified ISO 9001:2008 for the
manufacturing of Prestressed Concrete pipes (PSC), Mild Steel pipes
(MS), Bar Wrapped Steel Cylinder pipes (BWSC), and Reinforced
Cement Concrete pipes (RCC), as well as for the execution of water
supply schemes.


RAIL ONE: CARE Keeps C Debt Rating in Not Cooperating Category
--------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Rail One
USA Corp (ROUC) continues to remain in the 'Issuer Not Cooperating'
category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      89.38       CARE C; 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 21, 2023,
placed the rating(s) of ROUC under the 'issuer non-cooperating'
category as ROUC had failed to provide information for monitoring
of the rating. ROUC continues to be non-cooperative despite
repeated requests for submission of information through e-mails,
phone calls and a letter/email dated June 5, 2024, June 15, 2024,
June 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).

ROUC is a wholly owned subsidiary of PCM Rail.One AG (Germany),
incorporated in 2013 in USA for setting up of facility for
manufacturing of Concrete Sleepers in the USA. ROUC has entered
into a 10-year contract with Union Pacific, for supply of sleepers
with minimum off take of 2 Lakh sleepers per year. The facility
with installed capacity of 4 lakh sleepers commenced operation in
April 2014. ROUC belongs to the PCM group having presence in
various sectors such as manufacturing of concrete sleepers, real
estate, tea, steel, etc. The group is headed by Mr. Kamal Kumar
Mittal, having over three decades of experience in various
industries.


RAJAM ENGINEERING: ICRA Keeps B+ Debt Ratings in Not Cooperating
----------------------------------------------------------------
ICRA has kept the long-term and Short-Term rating of Rajam
Engineering Contractors (REC) in the 'Issuer Not Cooperating'
category. The ratings are denoted as [ICRA]B+(Stable)/[ICRA]A4;
ISSUER NOT COOPERATING".

                      Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long Term-           2.00       [ICRA]B+ (Stable) ISSUER NOT
   Fund Based-                     COOPERATING; Rating Moved to
   Overdraft                       the 'Issuer Not Cooperating'
                                   Category

   Short Term-          4.50       [ICRA]A4 ISSUER NOT
   Non Fund Based                  COOPERATING; Rating continues
   Others                          to remain under 'Issuer Not
                                   Cooperating' category

   Long Term/           0.50       [ICRA]B+ (Stable)/[ICRA]A4;
   Short Term-                     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 REC, 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.

Rajam Engineering Contractors (REC) was incorporated as a
partnership firm in 1993 by Mr. K. Jeeva and Mrs. J. Rajam (wife of
Mr. Jeeva) as equal partners. The firm is in Salem, Tamil Nadu. It
undertakes civil construction activities such as road and building
constructions, among others. The firm's key clientele includes
Public Works Department, Tamil Nadu Electricity Board and SIPCOT,
among others. Mr. Jeeva has an experience of nearly three decades
in the construction sector. The firm also has two sister concerns -
Rajam Stores (a proprietorship firm run by Mr. K Jeeva) and R K
Cements (a proprietorship firm run by Ms. Karthika, Mr. Jeeva's
daughter). Both the entities are involved in trading of cement.


RAMDEV COT: CARE Lowers Rating on INR17.50cr LT Loan to B-
----------------------------------------------------------
CARE Ratings has revised the ratings on certain bank facilities of
Shri Ramdev Cot Yarn Private Limited (SRCYPL), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      17.50       CARE B-; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category and
                                   Revised from CARE B; Stable

Rationale and key rating drivers

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

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

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

The ratings have been revised on account of non-availability of
requisite information. Further, the revision considers the decline
in scale of operations and profitability in FY23 as compared to
FY22.

SRCPL is Akola based company incorporated in August 25, 2017. The
company is expected to be engaged in the business of cotton ginning
and pressing at its manufacturing facility located at Akola,
Maharashtra.


SALIM'S PAPER: CARE Keeps D Debt Rating in Not Cooperating
----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Salim's
Paper Private Limited (SPPL) continues to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      12.08       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 10, 2023,
placed the rating(s) of SPPL under the 'issuer non-cooperating'
category as SPPL had failed to provide information for monitoring
of the rating as agreed to in its Rating Agreement. SPPL continues
to be non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
May 25, 2024, June 4, 2024 and June 14, 2024.

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

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

Jaipur (Rajasthan)-based Salims Paper Private Limited (SPPL) was
formed in May 2011 as a private limited company by Jaipur based
Kagji family with an objective to set up greenfield project for the
manufacturing of tissue papers.


SHAKTI CABLES: ICRA Keeps B- Ratings in Not Cooperating Category
----------------------------------------------------------------
ICRA has kept the long-term and Short-term ratings of Shakti Cables
Private Limited (SCPL) in the 'Issuer Not Cooperating' category.
The rating is denoted as [ICRA]B-(Stable)/[ICRA]A4; ISSUER NOT
COOPERATING.

                      Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Short Term-         1.50        [ICRA]A4 ISSUER NOT
   Non Fund Based                  COOPERATING; Rating continues
   Others                          to remain under 'Issuer Not
                                   Cooperating' category

   Long Term/          3.75        [ICRA]B- (Stable)/[ICRA]A4;
   Short Term-                     ISSUER NOT COOPERATING;
   Unallocated                     Rating Continues to remain
                                   under issuer not cooperating
                                   category

   Long Term-          1.75        [ICRA]B- (Stable) ISSUER NOT
   Fund Based-                     COOPERATING; Rating continues
   Cash Credit                     to remain under 'Issuer Not
                                   Cooperating' category

   Long Term-          3.00        [ICRA]B- (Stable) ISSUER NOT
   Non Fund Based                  COOPERATING; Rating continues
   Others                          to remain under 'Issuer Not
                                   Cooperating' category

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

Shakti Cables Pvt. Ltd. (SCPL) was in corporated in 1984 by Mr.
Anil Parikh to manufacture cables and conductors. The company is
engaged in the manufacturing of Low Tension (LT) power cables,
control cables, and instrumentation cables for supply to Andhra
Pradesh and Telangana Transmission and Distribution companies.
SCPL's plant is in Patancheru, Hyderabad having manufacturing
capacity of 150 tons per month.


SHIVANSHU SINTERED: CARE Keeps B- Debt Rating in Not Cooperating
----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Shivanshu
Sintered Products Private Limited (SSPPL) continues to remain in
the 'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      14.00       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 17, 2023,
placed the rating(s) of SSPPL under the 'issuer non-cooperating'
category as SSPPL had failed to provide information for monitoring
of the rating as agreed to in its Rating Agreement. SSPPL 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 and 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).

Delhi-based SSPPL is a private limited company incorporated in
2001. The company is engaged in manufacturing of neembased
pesticide, oil and fertilizers. The company has its manufacturing
facility located in Faridabad, Haryana.


SRIYA FARM: CARE Keeps B- Debt Rating in Not Cooperating Category
-----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Sriya Farm
(SF) continues to remain in the 'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      21.00       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 10, 2023,
placed the rating(s) of SF under the 'issuer noncooperating'
category as SF had failed to provide information for monitoring of
the rating. SF continues to be non-cooperative despite repeated
requests for submission of information through e-mails, phone calls
and a letter/email dated May 25, 2024, June 4, 2024, June 14,
2024.

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

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

Bangalore based M/s Sriya Farm (SF), established in 2003 as a
Proprietorship Firm by Dr. M.L. Suresh Babu, and is engaged in
poultry integration business, where a contract is given to the
framers for production of broiler chicken. SF produces small chicks
and keeps them in their hatchery for 21 days after which it is sent
to the farmers for further hatching process in their respective
local areas. The firm has a capacity of 200 lakhs per annum
hatchery eggs production of their own and 130 lakhs broiler birds
per annum under contract with local farmers. The firm purchases
poultry feeds from its associate concern Sriya Farm and Feed
Private Limited which manufacture poultry feed and sole supplier
for SF. The firm sells broiler chicken majorly in Karnataka and
Andhra Pradesh.


SUDARSHAN STEEL: CARE Keeps B- Debt Rating in Not Cooperating
-------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Shree
Sudarshan Steel (SSS) continues to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       6.21       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 13, 2023,
placed the rating(s) of SSS under the 'issuer non-cooperating'
category as SSS had failed to provide information for monitoring of
the rating. SSS continues to be noncooperative despite repeated
requests for submission of information through e-mails, phone calls
and a letter/email dated May 28, 2024, June 7, 2024, June 17,
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).

Shree Sudarshan Steel (SSS) was incorporated during the year 2012
to initiate an iron and steel products manufacturing unit. The firm
installed a manufacturing unit at Urla Industrial Area in Raipur
with an installed capacity of 5,000 MTPA. The firm manufactures
iron and steel products like MS Angle, channel, round etc. The day
-to-day affairs of the firm are looked after by Mr. Naresh Agrawal,
Proprietor, along with a team of experienced personnel.

VENKATESHWARA POLYMERS: ICRA Keeps B Ratings in Not Cooperating
---------------------------------------------------------------
ICRA has kept the long-term ratings of Sri Venkateshwara Polymers
in the 'Issuer Not Cooperating' category. The rating is denoted as
[ICRA]B (Stable); ISSUER NOT COOPERATING.

                      Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long Term-          6.25        [ICRA]B (Stable) ISSUER NOT
   Fund Based-                     COOPERATING; Rating continues
   Cash Credit                     to remain under 'Issuer Not
                                   Cooperating' category

   Long Term-          6.00        [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 Sri Venkateshwara Polymers, 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.

Sri Venkateswara Polymers is a partnership firm involved in the
manufacture of High Density Poly Ethelene (HDPE) / Poly Propylene
(PP) sacks of various grades used in various industries. The firm
was established in December 2013 by Mr. Kasi Reddy, Mr. Masthan
Reddy and Mr. Raghurami Reddy. The plant is situated in Nandyal in
Kurnool district in Andhra Pradesh with an installed capacity of
3600 MT/an.


VINAYAK CARS: CARE Keeps D Debt Rating in Not Cooperating Category
------------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Vinayak
Cars Private Limited (VCPL) continues to remain in the 'Issuer Not
Cooperating' category.

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

Rationale and key rating drivers

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

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

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

Vinayak cars Private Limited (VCPL) was incorporated in 2007 and is
headed by Mr. Suresh Kumar Bafna. The company is engaged in the
business of auto-dealership for Skoda and bike dealership of Yamaha
and Benelli. The company has 4 showrooms (2 showrooms for Skoda and
one each for Yamaha & Benelli) and 2 workshops for Skoda cars, all
located in Bengaluru.

VIRTUE MARKETING: CARE Keeps D Debt Ratings in Not Cooperating
--------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Virtue
Marketing Private Limited (VMPL) continues to remain in the 'Issuer
Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       15.00      CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

   Short Term Bank      20.00      CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Rationale and key rating drivers

CARE Ratings Ltd. had, vide its press release dated June 6, 2023,
placed the rating(s) of VMPL under the 'issuer non-cooperating'
category as VMPL had failed to provide information for monitoring
of the rating. VMPL 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).

Incorporated in 2013, Virtue Marketing Private Limited (VMPL) is
promoted by Mr. Ramesh Jain and Mr. Hitesh Jain. VMPL is currently
engaged in the trading of Aluminium Plates, Aluminium Coils,
Aluminium Foils, Aluminium Wires, Aluminium Ingots, Aluminium
Conductors, Aluminium Extrusions, steel products and scraps. The
product range finds application in transport, machinery, defense,
healthcare, automobile, engineering etc. The other company of the
promoters, R.E Cables & Conductors Private Limited is into
designing, manufacturing and marketing all types of aluminum
products and scraps. These cables and conductors find its use in
power generating and distributing companies. The company markets
the cables and conductors under 'RECC' brand.


WATERLINE HOTELS: ICRA Keeps B- Debt Rating in Not Cooperating
--------------------------------------------------------------
ICRA has kept the Long-term rating of Waterline Hotels 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-         27.00        [ICRA]B- (Stable) ISSUER NOT
   Fund Based-                     COOPERATING; Rating continues
   Cash Credit                     to remain under 'Issuer Not
                                   Cooperating' category

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

Incorporated on 28th March, 2008, Waterline Hotels Private Limited
(WHPL) owns a 122-room 5 star hotel under the name Holiday Inn &
Suits. The hotel located at Whitefiled, an IT hub in Bangalore, has
been operational since August, 2011. Besides, Holiday Inn & Suits,
the company has also developed a residential project "Miraya Rose"
located in Whitefield, Bangalore. The project was completed in
December 2017. The total project cost was around INR156 crore which
was funded through a debt of INR62.0 crore and a promoter
contribution of INR6.0 crore while the rest was funded through
customer advances. According to the management, WHPL remains the
flagship company of the Group for hospitality projects and going
forward all the new hospitality projects of the Group would also be
undertaken in WHPL.


WHEEL FLEXIBLE: ICRA Keeps B+ Debt Ratings in Not Cooperating
-------------------------------------------------------------
ICRA has kept the long-term ratings of Wheel Flexible Packaging in
the 'Issuer Not Cooperating' category. The rating is denoted as
[ICRA]B+(Stable); ISSUER NOT COOPERATING.

                      Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Fund based-         3.38        [ICRA]B+ (Stable) ISSUER NOT
   Term Loan                       COOPERATING; Rating continues
                                   to remain under 'Issuer Not
                                   Cooperating' category

   Fund based-        11.00        [ICRA]B+ (Stable) ISSUER NOT
   Cash Credit                     COOPERATING; Rating continues
                                   to remain under 'Issuer Not
                                   Cooperating' category

As part of its process and in accordance with its rating agreement
with Wheel Flexible Packaging, 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.

Wheel Flexible Packaging was established in the year 1999 as a
partnership firm by Mr. A.C.B Nambiar and three other partners.
Currently Mr. A.C.B Nambiar, Mr. P.A. Mohammed Abdulrehaman, Ms.
Vidya Pathak, Mr. Zaidalibabu Mohammed Kutty and Mr. Abhilash
Nambiar are looking after the management of the firm. The firm is
located in zero tax industrial area of Dadra. The firm is engaged
into manufacturing of plastic packaging material i.e. printed,
non-printed, laminated rolls and pouches. Design of packing
material is provided by the client. The plant is currently
operating with an input capacity of processing 6000 MTPA. Also the
capacity has increased to 7500 MTPA in FY 2017.




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

CBL CORP: High Court Slaps Former Director With NZD1.4MM Fine
-------------------------------------------------------------
The High Court has ordered Peter Harris, the former CBL Corporation
Limited (CBLC) managing director, to pay a penalty of NZD1.4
million for continuous disclosure and misleading conduct breaches
following proceedings brought by the Financial Markets Authority
(FMA) – Te Mana Tātai Hokohoko – under the Financial Markets
Conduct Act 2013 (FMCA) (the Continuous Disclosure Proceeding).

The Continuous Disclosure Proceeding relates to CBLC, a listed
entity, failing to disclose material information to the market
during 2017 and 2018. The FMA alleged that:

- CBLC failed to comply with its continuous disclosure
obligations
   in relation to:

    * the need for its primary operating subsidiary, CBL Insurance

      Limited (In Liquidation), to strengthen its reserves;

    * the existence and impact of a large amount of aged
      receivables (insurance premiums owed but not paid) in
      respect of business originated by Securities and Financial
      Solutions Europe SA, a French insurance business; and

    * directions issued to and conditions imposed on CBLC's
      subsidiary in Ireland, CBL Insurance Europe dac, by the
      Central Bank of Ireland; and

- CBLC engaged in misleading and deceptive conduct in respect of
   its market announcement on Aug. 24, 2017.

In March 2024, the FMA and Mr. Harris entered into an in-court
settlement to resolve the Continuous Disclosure Proceeding on terms
acceptable to both parties. That included Mr Harris making
admissions to seven contraventions of the FMCA, and jointly
agreeing to support the penalty that the Court has now approved. A
penalty hearing for Mr Harris was held on June 10, 2024.

In his decision, released last week, Justice Gault declared Mr.
Harris breached the fair dealing and continuous disclosure
provisions under sections 22 and 270 of the FMCA and imposed the
pecuniary penalty.

In doing so, Justice Gault said: "[t]he present case is the epitome
of what the fair dealing provisions and continuous disclosure
regime are designed to prevent. Such breaches undermine market
integrity and transparency. They are unfair to investors, and
jeopardise confidence in the integrity and transparency of New
Zealand's financial markets. Any penalty must bear in mind such
harmful effects. The contraventions denied investors access to
accurate and timely information, and are inconsistent with the
promotion of transparent financial markets. Investors were provided
with misleading information in August 2017 and no further
information was made available to them about the multiple material
issues impacting CBLC's business until 5 February 2018, after the
trading halt. The conduct was completely inconsistent with
promoting the confident and informed participation of business,
investors and consumers in New Zealand's financial markets."

Justice Gault added: "More generally, as Managing Director, Mr.
Harris was integral to the overall direction and management of the
CBL Group, and had a detailed knowledge and understanding of the
matters that are the subject of the contraventions," and that he
"was not only Managing Director but also a member of the Disclosure
Committee tasked with determining information required to be
disclosed to the market."

FMA Head of Enforcement, Margot Gatland, said: "The level of
penalty reflects the seriousness of the breaches that occurred in
this case and Mr. Harris's roles and responsibilities as CEO and
Managing Director entrusted with the governance of a listed
company. As the Court states, disclosure is a fundamental
obligation which ensures New Zealand's listed capital markets are
efficient, transparent and fair, and that there is equality of
information in the market. Mr. Harris's actions fell well below the
requirements of the FMCA."

As part of his settlement with FMA in March 2024, Mr. Harris also
offered, and the FMA agreed, to an Enforceable Undertaking that he
will not hold any management or directorship positions with any
listed issuer or licenced insurer in New Zealand and will not
participate in any regulated offer in New Zealand. The duration of
this undertaking is until the final determination by the courts of
the relief sought by the FMA in its separate proceeding alleging
failures in disclosure during CBLC's initial public offering in
2015 (the IPO Proceeding) (including any appeals).

The FMA filed two proceedings in 2019 alleging breaches of the
FMCA, namely the Continuous Disclosure Proceeding and the IPO
Proceeding.

In December 2023, the Court made pecuniary penalty orders against
CBLC and its four former independent directors in the Continuous
Disclosure Proceeding after they admitted continuous disclosure and
misleading conduct breaches. The hearing of the Continuous
Disclosure Proceeding against former CBLC chief financial officer
Carden Mulholland, commenced in late June 2024 and concluded at the
beginning of this month. The parties await the decision of the
Court.

The IPO Proceeding was brought against CBLC, Mr. Harris, Mr.
Mulholland and the estate of former non-executive director Alistair
Hutchison. The hearing of the IPO Proceeding is set down for April
2026.

The defendants have settled separate civil proceedings brought by
shareholders and liquidators for a sum of NZD72.5 million, which
includes a personal contribution by Mr. Harris. Approximately 53%
of that settlement sum has been or will be paid to CBLC
shareholders who participated in those proceedings. The settlement
was entered into without any admission of liability by the
defendants and the sum is payable on behalf of CBLC and all of
CBLC's directors.

CBLC was listed on the NZX Main Board in 2015. It had a market
capitalisation of NZD747 million, and a share price of NZD3.17,
when trading of its shares was halted and then suspended in
February 2018. The company was put into voluntary administration in
February 2018, and then placed in liquidation in May 2019.

Mr. Hutchison died in December 2021, but the claims in the IPO
Proceeding continue against his estate. The FMA discontinued the
claims against Mr. Hutchison in the CD Proceeding.


DU VAL GROUP: Placed Under Statutory Management
-----------------------------------------------
The Financial Markets Authority - Te Mana Tātai Hokohoko - on Aug.
21, 2024, confirmed that the Governor-General, on the advice of the
Minister of Commerce and Consumer Affairs given in accordance with
a recommendation from the FMA, declared a number of entities within
the Du Val group be placed in statutory management under the terms
of the Corporations (Investigation and Management) Act 1989 (the
Corporations Act).

Statutory management for these entities was announced by the
Minister on Aug. 21, effective immediately. John Fisk, Stephen
White and Lara Bennett of PwC New Zealand, who were appointed as
interim receivers on Aug. 2, 2024, have been appointed as the
Statutory Managers.

The Corporations Act provides remedies to deal with complex
corporate failures and is most appropriate where a company has, or
may have been operating fraudulently or recklessly or,
alternatively, where the ordinary law is inadequate to deal with an
orderly wind up of the companies. In this case, the FMA considers
both provisions apply.

The FMA's recommendation was based both on its own investigations
and a report from the Court-appointed interim receivers, PwC New
Zealand (Report). The Report is currently subject to Court orders
restricting its publication.

The FMA considers that the conditions under the Corporations Act
have been met, and is satisfied that statutory management is the
most appropriate available option for each of the Du Val group
corporations to which it has been applied, for the purpose of:

   * limiting or preventing the risk of further deterioration of
     the financial affairs of those corporations;

   * limiting or preventing the carrying out, or the effects of,
     any fraudulent act or activity;

   * preserving the interests of their creditors or beneficiaries
     or the public interest; and

   * enabling the affairs of the Du Val group corporations to be
     managed in a more orderly way.

The FMA has ongoing investigations into the Du Val group.

Du Val investors and creditors with questions on the statutory
management process should contact PwC New Zealand.


PIER TWO: Placed in Liquidation Owing More Than NZD300K
-------------------------------------------------------
Stuff.co.nz reports that a Marlborough company that owes more than
NZD300,000 has been put into liquidation.

The jetty and wharf construction company, Pier Two, owes a total of
NZD305,660, the High Court heard at Blenheim on Aug. 23, Stuff
discloses.

According to Stuff, Findlater Construction, which was owed
NZD67,141, and industrial gas supplier BOC Limited, which was owed
NZD9310, made the application to have the company put into
liquidation through their lawyer Deeanne Phillips.

Pier Two also owed NZD229,209 to Inland Revenue.

Pier Two's sole director and shareholder Michael Gregg did not
appear, and the hearing went ahead in his absence. No opposition to
the application for liquidation had been filed, Mr. Phillips said.

Stuff relates that Associate Judge Andrew Skelton, presiding by
audiovisual link, put Pier Two into liquidation and appointed
liquidators Lynda Smart and Derek Ah Sam of Rogers Reidy.


SUGARWOODS LIMITED: Two Wellington Bars Placed in Liquidation
-------------------------------------------------------------
The New Zealand Herald reports that two Wellington bars prominently
located on the capital's party strip have been forced to close
their doors, with the owner blaming opposition to liquor licensing
as the "nail in the coffin".

SugarWoods Limited, which operated Rubix Bar and SugarWoods Bar in
Courtenay Place, was placed into liquidation this month, the Herald
discloses.

Operator Jose Ubiaga told the Herald the bars simply weren't making
any money, and said while the struggling economy and dire state of
Courtenay Place didn't help, he believes local authorities
contesting alcohol licence applications are responsible.

SugarWoods was at the former site of The Establishment bar, which
closed in early 2022 after a failed bid to renew its licence. At
the time it was labelled one of the highest-risk licensed premises
in the city.

The Herald says Mr. Ubiaga purchased the infamous venue to develop
it into SugarWoods in an attempt to clean up its reputation.

SugarWoods opened in December, with the upstairs section and
balcony opened in only January, but Mr. Ubiaga said a restriction
meaning he had to close at "peak times" made it unprofitable.

Getting the licence approved took nine months due to opposition
from police, Wellington City Council licensing inspectors, and the
Medical Officer of Health. There was no public opposition to the
licence at the time, the Herald notes.

The Herald adds Mr. Ubiaga said fighting the opposition at the
District Licensing Committee (DLC) cost NZD30,000 in legal fees,
adding to his debt to renovate the premises.

"They would have rather seen a derelict building than someone come
in and invest NZD1 million to revitalise that corner," the Herald
quotes Mr. Ubiaga as saying.

He believes police are "working really hard to kill Courtenay
Place" by opposing licences in an effort to curb alcohol-related
harm.

Although eventually approved, Mr. Ubiaga said the committee imposed
a "ludicrous" restriction of having to close at 2:00 a.m. on Friday
and Saturday night that he feels was only implemented to give
opposing agencies a "small win" at the hearing, but ended up being
the "nail in the coffin" for the business.

"If I had a 4am licence I probably would've been able to struggle
through", Mr. Ubiaga said, claiming it would've increased revenue
by NZD3,000 to NZD10,000 a week.

"I feel that the agencies have an agenda to try and close Courtenay
Place down to 2:00 a.m., they won't admit that, but they are
working really hard to force a lot of bars to close at 2:00 a.m. or
even close them down altogether," he said.




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

ILLUMIA MEDICAL: Creditors' Meetings Set for Sept. 4
----------------------------------------------------
Illumia Medical East Pte Ltd will hold a meeting for its creditors
on Sept. 4, 2024, at 2:00 p.m. via electronic means.

Agenda of the meeting includes:

   a. to present a Statement of the Company's affairs showing in
      respect of assets the method and manner in which the
      valuation of the assets was arrived at, together with a list

      of the creditors and the estimated amount of the claims;

   b. to consider the nomination of the Liquidator for the Company

      and on the appointment of Mr. Lam Zi Yang as the Liquidator
      of the Company pursuant to Section 167(1) of the Insolvency,

      Restructuring and Dissolution Act 2018 (Act 40 of 2018);

   c. to consider the appointment of a Committee of Inspection
      pursuant to Section 169(1) of the Insolvency, Restructuring
      and Dissolution Act 2018 (Act 40 of 2018); and

   d. to consider any other matter which may properly be brought
      before the meeting.


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

RHB Bank Berhad filed the petition against the company on Aug. 22,
2024.

The Petitioner's solicitors are:

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


SUNRIGHT LIMITED: Finalizes Liquidation of Subsidiary
-----------------------------------------------------
TipRanks reports that Sunright Limited has completed the
liquidation of its wholly-owned subsidiary, KES Systems & Service
(Shanghai) Co., Ltd., with the subsidiary's business license
revoked in March and the process finalized in August 2024.

TipRanks says the company assures stakeholders that this move will
not materially affect its net tangible assets or earnings per share
for the fiscal year ending in July 2025.

Sunright Limited, an investment holding company, engages in the
provision of semiconductor test and burn-in services to
semiconductor and electronics manufacturing industries in
Singapore, Malaysia, Mainland China, Taiwan, the Philippines,
Thailand, Vietnam, Korea, and the United States, and
internationally.


TROUBLE BREWING: Creditors' Meetings Set for Sept. 20
-----------------------------------------------------
Trouble Brewing Pte Ltd will hold a meeting for its creditors on
Sept. 20, 2024, at 10:00 a.m. via virtual conference.

Agenda of the meeting includes:

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

   b. to appoint or confirm the Members' appointment of Joint and
      Several Liquidators of the Company;

   c. to appoint resolve that the Joint and Several Liquidators be
      at liberty to open, maintain and operate any bank account or
      an account for monies received by them as Joint and Several
      Liquidators of the Company, with such bank as the Joint and
      Several Liquidators see fit; and

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

   d. Any other business.

Messrs. Luke Anthony Furler and Tan Kim Han of Quantuma (Singapore)
were appointed as provisional liquidators of the company on Aug.
22, 2024.


VUULR PTE: Court Enters Wind-Up Order
-------------------------------------
The High Court of Singapore entered an order on Aug. 16, 2024, to
wind up the operations of Vuulr Pte. Ltd.

HF Holding AG filed the petition against the company.

The company's liquidators are:

          Cameron Lindsay Duncan
          David Dong-Won Kim
          c/o KordaMentha  
          16 Collyer Quay
          #30-01
          Singapore 049318



                           *********


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