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

                     A S I A   P A C I F I C

          Wednesday, September 11, 2024, Vol. 27, No. 183

                           Headlines



A U S T R A L I A

D & B BACKBONE: First Creditors' Meeting Set for Sept. 16
LA TROBE 2024-3: S&P Assigns B(sf) Rating on Class F Notes
MARKIT PROJECTS: First Creditors' Meeting Set for Sept. 18
MCSKIMMING PLANT: First Creditors' Meeting Set for Sept. 16
PEPPER ASSET NO.1: Fitch Assigns BB-sf Final Rating on Cl. F Notes

RALAN GROUP: Sydney Family Win AUD7.4MM vs. 'Unscrupulous' Agent
SA SUPERMART: First Creditors' Meeting Set for Sept. 16
SPRAYPACK PTY: First Creditors' Meeting Set for Sept. 16
ZIP MASTER 2024-2: S&P Assigns BB(sf) Rating on Class E Notes
[*] S&P Raises Ratings on 60 Classes of Australian RMBS Deals



C H I N A

CHINA VANKE: S&P Cuts ICR to 'BB-' on Weakening Sales and Margins
COUNTRY GARDEN: Home Sales Tank 57% as Liquidity Stress Worsens
ORIGIN AGRITECH: Inks $2.96 Million Securities Purchase Agreement
SHINECO INC: Expects $8.24 Million Proceeds From Stock Offering
[*] CHINA: Ejects Troubled Developers From Stock Connect Links



I N D I A

ANILINE PROPERTIES: CARE Reaffirms D Rating on INR115cr NCD
B. PATEL: CRISIL Hikes Rating on INR3.19cr Cash Loan to B+
BELL TELESERVICES: CARE Lowers Rating on INR4.50cr LT Loan to B+
BYJU'S: Auditor BDO Resigns After Start of Bankruptcy Proceedings
CHOTTA SHIMLA: CRISIL Moves D Debt Ratings from Not Cooperating

DIVYA SHREE: CARE Keeps B- Debt Rating in Not Cooperating Category
ESSAR OIL: NCLT Admits Insolvency Resolution Plea vs Company
GBR METALS: CARE Keeps B+/A4 Debt Rating in Not Cooperating
GEE EMM: CARE Keeps B- Debt Rating in Not Cooperating Category
GOYAL RICE: CARE Keeps B- Debt Rating in Not Cooperating Category

GUPTA SONS: CARE Keeps B- Debt Rating in Not Cooperating Category
HARA GOURI: CRISIL Downgrades LT/ST Rating on Bank Debts to D
HARI RAM: CARE Keeps B- Debt Rating in Not Cooperating Category
HONEY JEWELLERY: CARE Keeps B- Debt Rating in Not Cooperating
INTERJEWEL DESIGNS: CARE Keeps D Debt Ratings in Not Cooperating

JEEVAN UTTHAN: CRISIL Withdraws B+ Rating on INR25cr LT Loan
JOSEPH LESLIE: CRISIL Hikes Rating on INR17.45cr Loan to B-
JOY BHARAT: CRISIL Reaffirms B+ Rating on INR8.9cr Cash Loan
KESHAV HOLIDAY: CRISIL Reaffirms B+ Rating on Long Term Debt
KHURANA COAL: CARE Keeps B- Debt Rating in Not Cooperating

KUBER INDUSTRIES: CARE Keeps B- Debt Rating in Not Cooperating
KUNAL TRANSPORT: CARE Assigns B+ Rating to INR49.21cr LT Loan
MILLENIUM STEEL: CARE Keeps B- Debt Rating in Not Cooperating
PATEL KISMATRAI: CARE Keeps B- Debt Rating in Not Cooperating
PRISM ENTERPRISE: CARE Keeps C/A4 Debt Rating in Not Cooperating

PROMAX TECHNOLOGIES: CARE Keeps B- Debt Rating in Not Cooperating
R AND T BUSINESS: CARE Keeps B- Debt Rating in Not Cooperating
RAIN CARBON: S&P Affirms 'B+' ICR & Alters Outlook to Negative
RATNA COTTEX: CARE Keeps D Debt Rating in Not Cooperating Category
SATVIK ENTERPRISES: CRISIL Withdraws B Rating on INR26cr Loan

TARA SHAKTI: CARE Keeps B- Debt Rating in Not Cooperating Category
TIRUPATI TRADING: CARE Keeps B- Debt Rating in Not Cooperating
VISHWAKARMA COLD: CRISIL Keeps D Debt Rating in Not Cooperating


N E W   Z E A L A N D

AUCKLAND VEHICLES: Creditors' Proofs of Debt Due on Oct. 1
BUILDNATION CONSTRUCTION: Court to Hear Wind-Up Petition on Oct. 4
FISH NETS: Grant Bruce Reynolds Appointed as Liquidator
KIWI GROUP: Court to Hear Wind-Up Petition on Sept. 20
SYME PRODUCTS: Creditors' Proofs of Debt Due on Sept. 27



P A K I S T A N

INDUSTRIAL DEVELOPMENT: Cancels Banking License of Insolvent Bank


S I N G A P O R E

DASIN RETAIL: Unitholders Fail to Pass Resolutions at EGM
KLEIO ONE-SOLUTION: Creditors' Meetings Set for Sept. 19
LIVESTOCK CARRIER: Commences Wind-Up Proceedings
OFFSHORE SUPPORT: Commences Wind-Up Proceedings
S.A VALET: Court Enters Wind-Up Order

SOON LI: Court Enters Wind-Up Order
TERRAFORM LABS: Faces Key Chapter 11 Hearing on Sept. 19
TERRAFORM LABS: Updates Unsecured Claims Pay; Files Amended Plan
VROON OFFSHORE: Commences Wind-Up Proceedings


S O U T H   K O R E A

QOO10: Court OKs Rehabilitation Process for TMON and WeMakePrice

                           - - - - -


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

D & B BACKBONE: First Creditors' Meeting Set for Sept. 16
---------------------------------------------------------
A first meeting of the creditors in the proceedings of D & B
Backbone Limited will be held on Sept. 16, 2024 at 12:00 p.m. at
the offices of Cor Cordis at Level 29, 360 Collins Street in
Melbourne and via virtual meeting technology.

Sam Kaso and Shaun Matthews of Cor Cordis were appointed as
administrators of the company on Sept. 4, 2024.


LA TROBE 2024-3: S&P Assigns B(sf) Rating on Class F Notes
----------------------------------------------------------
S&P Global Ratings assigned its ratings to eight of the 10 classes
of residential mortgage-backed securities (RMBS) issued by
Perpetual Corporate Trust Ltd. as trustee for La Trobe Financial
Capital Markets Trust 2024-3. La Trobe Financial Capital Markets
Trust 2024-3 is a securitization of nonconforming and prime
residential mortgage loans originated by La Trobe Financial
Services Pty Ltd. (La Trobe Financial).

The ratings reflect the following factors.

The credit risk of the underlying collateral portfolio and the
credit support provided to each class of notes are commensurate
with the ratings assigned. Credit support is provided by
subordination and excess spread. S&P's assessment of credit risk
takes into account La Trobe Financial's underwriting standards and
approval process, and La Trobe Financial's servicing quality.

The transaction's cash flows can meet timely payment of interest
and ultimate repayment of principal to the noteholders under the
rating stresses. Key factors are the level of subordination
provided, an amortizing liquidity facility sized at 1.5% of the
note balance, the principal draw function, the yield reserve, the
retention amount built from excess spread before the call date, the
amortization amount built from excess spread after the call date or
upon a servicer default, and the provision of an extraordinary
expense reserve. All rating stresses are made on the basis that the
trust does not call the notes at or beyond the call date, and that
all rated notes must be fully redeemed via the principal waterfall
mechanism under the transaction documents.

S&P said, "We also have factored into our ratings the legal
structure of the trust, which has been established as a
special-purpose entity and meets our criteria for insolvency
remoteness.

"Our ratings also reflect the counterparty support provided by
Commonwealth Bank of Australia as liquidity facility provider and
bank account provider. The transaction documents for the liquidity
facility and bank accounts include downgrade language consistent
with our "Counterparty Risk Framework: Methodology And Assumptions"
criteria, published on March 8, 2019, that requires the replacement
of the counterparty or other remedy, should our rating fall below
the applicable level."

  Ratings Assigned

  La Trobe Financial Capital Markets Trust 2024-3

  Class A1S, A$375.00 million: AAA (sf)
  Class A1L, A$625.00 million: AAA (sf)
  Class A2, A$137.50 million: AAA (sf)
  Class B, A$50.11 million: AA (sf)
  Class C, A$32.89 million: A (sf)
  Class D, A$15.00 million: BBB (sf)
  Class E, A$7.00 million: BB (sf)
  Class F, A$3.00 million: B (sf)
  Equity 1, A$2.625 million: Not rated
  Equity 2, A$1.875 million: Not rated


MARKIT PROJECTS: First Creditors' Meeting Set for Sept. 18
----------------------------------------------------------
A first meeting of the creditors in the proceedings of Markit
Projects Pty Ltd will be held on Sept. 18, 2024 at 10:00 a.m. via
teleconference facilities.

Stephen Dixon of Hamilton Murphy Advisory was appointed as
administrator of the company on Sept. 6, 2024.


MCSKIMMING PLANT: First Creditors' Meeting Set for Sept. 16
-----------------------------------------------------------
A first meeting of the creditors in the proceedings of McSkimming
Plant & Communications Pty Ltd will be held on Sept. 16, 2024 at
10:30 a.m. via videoconference only.

Roberto Crispino and Richard Albarran of Hall Chadwick were
appointed as administrators of the company on Sept. 4, 2024.


PEPPER ASSET NO.1: Fitch Assigns BB-sf Final Rating on Cl. F Notes
------------------------------------------------------------------
Fitch Ratings has assigned final ratings to Pepper Asset Finance
Novated Lease Warehouse Trust No.1's pass-through floating-rate
notes. The notes are backed by a pool of first-ranking Australian
automotive loan receivables originated by Pepper Asset Finance Pty
Limited, a subsidiary of Pepper Money Limited (Pepper).

The notes were issued by Pepper Finance Corporation Limited as
trustee for Pepper Asset Finance Novated Lease Warehouse Trust
No.1. This is a warehouse transaction featuring an initial 12-month
availability period with an extension option.

   Entity/Debt              Rating           
   -----------              ------           
Pepper Asset Finance
Novated Lease
Warehouse Trust No.1

   A1-a                 LT   AAAsf  New Rating
   A1-x                 LT   AAAsf  New Rating
   B                    LT   AAsf   New Rating
   C                    LT   Asf    New Rating
   D                    LT   BBBsf  New Rating
   E                    LT   BBsf   New Rating
   F                    LT   BB-sf  New Rating
   G                    LT   NRsf   New Rating

KEY RATING DRIVERS

Stress Commensurate with Ratings: Fitch has assigned base-case
default expectations of 1.10% and 'AAAsf' default multiples of 8.0x
for both novated electric vehicles (EV) and non-EVs. The recovery
base case is 24.0%, with a 'AAAsf' recovery haircut of 60.0%, for
EVs and 35.0%, with a 'AAAsf' recovery haircut of 50.0%, for
non-EVs.

The eligibility criteria and portfolio parameters shape the proxy
portfolio used to drive the asset analysis. The proxy portfolio
reflects the assumption that portfolio characteristics may migrate
towards the limits during the availability period, including on
products, risk tiers, asset type, obligor size and concentration.
There is no portfolio parameter limiting EV shares; Fitch assumes
all loans were collateralised by EVs.

Tight Labour Market Supports Outlook: Portfolio performance is
supported by Australia's continued economic growth and tight labour
market, despite rapid interest rate hikes in 2022-2023. GDP growth
was 1.0% for the year ending June 2024 and unemployment was 4.2% in
July 2024. Fitch projects GDP growth of 1.2% and unemployment of
4.2% in 2024. This reflects Fitch's expectation that the effects of
restrictive monetary policy and persistent inflation will continue
to hinder domestic demand.

Excess Spread Limited by Commission Note Repayment: The transaction
includes a class A1-x note to fund the purchase-price component
related to the unamortised commission paid to introducers for the
origination of the receivables. The note will not be
collateralised, but will amortise in line with an amortisation
schedule. The note's repayment limits the availability of excess
spread to cover losses, as it ranks senior in the interest
waterfall; above the class B to F notes. However, the rated
subordinated notes still pass at their respective stress rating
levels.

The step-up margin of the class A1-a1 and A1-x1 notes is
subordinated below losses if a stop origination event is subsisting
and is excluded from the notes' rating assessment. Non-payment of
the step-up margin will not constitute an event of default, as
outlined in the transaction documents.

Structural Risk Addressed: The transaction features a one-year
availability period with the ability to extend. It is bound by stop
origination triggers to mitigate risk from potential losses.
Included, among other triggers, is a pool parameter trigger that
ensures the availability of sufficient asset yield.

During amortisation, principal is initially paid sequentially from
class A to G notes. Class A to F notes will receive principal
repayments pro rata upon satisfaction of the step-down criteria.
The percentage of credit enhancement provided by the G note will
increase as the A to F notes amortise. Fitch's cash flow analysis
incorporates the transaction's structural features and tests each
note's robustness by stressing default and recovery rates,
prepayments, interest-rate movements and default timing.

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

Low Operational and Servicing Risk: All receivables were originated
by Pepper Asset Finance, which demonstrates adequate capability as
originator, underwriter and servicer. Pepper is not rated by Fitch.
Servicer disruption risk is mitigated by back-up servicing
arrangements. The nominated backup servicer is BNY Trust Company of
Australia Limited. Fitch undertook an operational and file review
and found that the operations of the originator and servicer were
comparable with those of other auto and equipment lenders.

No Residual Value Risk: There is no residual value exposure in this
transaction. However, 100% of the portfolio by loan count has
balloon amounts payable at maturity. Balloon risk has been factored
into the analysis through the default multiples.

RATING SENSITIVITIES

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

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

Downgrade Sensitivities

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

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

Notes: A1-a / A1-x / B / C / D / E / F

Rating: AAAsf / AAAsf / AAsf / Asf / BBBsf / BBsf / BB-sf

10% defaults increase: AA+sf / AA+sf / AA-sf / BBB+sf / BBB-sf /
BBsf / B+sf

25% defaults increase: AAsf / AAsf / A+sf / BBB+sf / BB+sf / BB-sf
/ B+sf

50% defaults increase: A+sf / AA-sf / A-sf / BBB-sf / BBsf / B+sf /
Bsf

10% recoveries decrease: AA+sf / AAAsf / AAsf / A-sf / BBBsf / BBsf
/ BB-sf

25% recoveries decrease: AA+sf / AAAsf / AA-sf / A-sf / BBB-sf /
BBsf / BB-sf

50% recoveries decrease: AA+sf / AA+sf / AA-sf / A-sf / BBB-sf /
BBsf / B+sf

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

25% defaults increase/25% recoveries decrease: AA-sf / AAsf / Asf /
BBBsf / BB+sf / BB-sf / Bsf

50% defaults increase/50% recoveries decrease: Asf / A+sf / BBB+sf
/ BB+sf / BB-sf / B+sf / B-sf

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

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

Upgrade Sensitivities

Notes: A1-a / A1-x / B / C / D / E / F

Rating: AAAsf / AAAsf / AAsf / Asf / BBBsf / BBsf / BB-sf

10% defaults decrease/10% recoveries increase: AAAsf / AAAsf /
AA+sf / Asf / BBBsf / BB+sf / BBsf

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

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

DATA ADEQUACY

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

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

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

ESG Considerations

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


RALAN GROUP: Sydney Family Win AUD7.4MM vs. 'Unscrupulous' Agent
----------------------------------------------------------------
News.com.au reports that a "thoroughly unscrupulous" real estate
agent has been ordered to personally pay back AUD7.4 million to a
family for encouraging their involvement in a property investment
opportunity that turned out to be one of Australia's biggest Ponzi
schemes.

On Sept. 6, the NSW Supreme Court found that Koon Tung 'Gary' Chu,
a realtor based in Sydney's north shore, had made "misleading"
representations to a wealthy family from the same area and that he
had to pay them the sum total of their losses, news.com.au
relates.

According to news.com.au, Mr. Chu worked for the Ralan Group, one
of the country's biggest private developers, specialising in
high-rise apartments in Sydney and the Gold Coast.

In 2019, the developer sensationally collapsed into liquidation
with debts of AUD561 million, placing into jeopardy its AUD2
billion development pipeline of more than 3,000 residential
off-the-plan units.

It later emerged that the entire Ralan business was a Ponzi scheme
of sorts and had been insolvent years before it finally went bust,
eventually landing the company's director, William O'Dwyer, in jail
for fraud.

News.com.au says a Sydney family who lost AUD7.4 million in the
wake of the collapse have been fighting for their money back for
half a decade and have finally had a win in court.

News.com.au relates that the judge from last week's hearing found
that the family's real estate agent, Mr. Gary Chu, had been aware
of Ralan Group's "dishonest practices" but continued to sell his
clients apartments, while pocketing a commission in the process,
among other things.

According to the report, the court heard that the Chen family had
amassed a fortune in Taiwan through running successful businesses
and some of the family had moved to Australia and wanted to invest
in property.

The family matriarch and patriarch, who are elderly, stayed in
Taiwan, while their daughter and grandson made various investments
in Sydney and the Gold Coast from 2015.

News.com.au says the Chens first approached Mr. Chu in his capacity
as a real estate agent and he helped them buy a place in Lindfield,
in Sydney's north, which they planned to live in and could afford
outright.

But Mr. Chu then "induced" the family to buy more properties from
the Ralan Group, coming in at a grand total of 28 off-the-plan
apartments worth over AUD7 million over a period of years,
according to Justice David Hammerschlag in his judgment handed down
on Sept. 6.

News.com.au relates that Mr. Chu was able to prod the family to
make these purchases in a number of ways, the court heard,
including by telling them they would have "guaranteed returns" on
their investments and that he himself was "rich" from buying
property through the Ralan Group.

He also told them they did not need legal advice and that getting a
lawyer would be a waste of time and money.

                         About Ralan Group

The Ralan Group specialized in the development, marketing and
management of residential and commercial property.

The companies in the Ralan Group entered voluntary administration
in July 2019, and were placed in liquidation by March 6, 2020.

In November 2019, the liquidator of the companies, Said Jahani at
Grant Thornton, estimated that the Ralan Group owed unsecured
creditors AUD323 million.



SA SUPERMART: First Creditors' Meeting Set for Sept. 16
-------------------------------------------------------
A first meeting of the creditors in the proceedings of SA Supermart
Whyalla Stuart Pty Ltd will be held on Sept. 16, 2024 at 10:00 a.m.
via Teams.

Stuart Otway and Matthew Ormsby of SV Partners were appointed as
administrators of the company on Sept. 4, 2024.


SPRAYPACK PTY: First Creditors' Meeting Set for Sept. 16
--------------------------------------------------------
A first meeting of the creditors in the proceedings of Spraypack
Pty. Ltd. will be held on Sept. 16, 2024 at 10:30 a.m. via
teleconference facilities.

Graeme Beattie of Worrells was appointed as administrator of the
company on Sept. 4, 2024.


ZIP MASTER 2024-2: S&P Assigns BB(sf) Rating on Class E Notes
-------------------------------------------------------------
S&P Global Ratings assigned its ratings to five classes of notes
issued by Perpetual Corporate Trust Ltd. as trustee of Zip Master
Trust – Series 2024-2. Zip Master Trust – Series 2024-2 is a
securitization of a buy now, pay later line of credit receivables
to consumers originated by zipMoney Payments Pty Ltd. (Zip).

The ratings reflect the following factors:

-- S&P's view of the credit risk of the underlying collateral
portfolio, including the fact that the portfolio has an initial
revolving period, which means further receivables may be assigned
to the series after the closing date.

-- S&P's view that the credit support provided to each class of
rated notes is commensurate with the ratings assigned. Credit
support is provided by subordination and excess spread, if any.

-- S&P's expectation that the various mechanisms to support
liquidity within the series, including a series-specific liquidity
facility, mitigates disruption risks to senior fees and ensures
timely payment of interest on the rated notes.

-- The transaction documents include downgrade language consistent
with S&P's counterparty criteria that requires the replacement of
the bank account provider and liquidity facility provider should
its rating on the providers fall below the applicable rating.

-- The legal structure of the master trust is established as a
special-purpose entity and meets our criteria for insolvency
remoteness.

  Ratings Assigned

  Zip Master Trust – Series 2024-2

  Class A, A$231,000,000: AAA (sf)
  Class B, A$31,150,000: AA (sf)
  Class C, A$20,300,000: A (sf)
  Class D, A$34,650,000: BBB (sf)
  Class E, A$15,400,000: BB (sf)
  Class G, A$17,500,000: Not rated


[*] S&P Raises Ratings on 60 Classes of Australian RMBS Deals
-------------------------------------------------------------
Global Ratings raised its ratings on 60 classes of Australian prime
residential mortgage-backed securities (RMBS) transactions. At the
same time, S&P affirmed its ratings on 129 classes of notes. S&P
also removed 117 of the ratings from under criteria observation
(UCO).

The rating actions follow S&P's review of these RMBS transactions
sponsored by five Australian nonbank originators when applying its
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 arrears, pool concentrations, and the absolute size
of credit support.

  Ratings Raised And Removed From UCO

  AFG 2021-1 Trust in respect of Series 2021-1

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

  AFG 2021-2 Trust in respect of Series 2021-2

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

  AFG 2022-2 Trust in respect of Series 2022-2

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

  Mortgage House Capital Mortgage Trust No. 1 –
  Mortgage House RMBS Osmium Series 2024-1

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

  Mortgage House Capital Mortgage Trust No. 1 –
  Mortgage House RMBS Prime Series 2024-1

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

  Mortgage House Capital Mortgage Trust No. 1 in respect of the
  Mortgage House RMBS Series 2021-1P

  Class F: to B+ (sf) from B (sf)

  Mortgage House Capital Mortgage Trust No. 1 in respect of the
  Mortgage House RMBS Series 2021-2

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

  Mortgage House Capital Mortgage Trust No.1 –
  Mortgage House RMBS Osmium Series 2023-1

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

  Mortgage House Capital Mortgage Trust No.1 –
  Mortgage House RMBS Series 2022-2

  Class B: to AA+ (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)
  Class F: to BB- (sf) from B (sf)

  Olympus 2022-1 Trust

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

  Triton Bond Trust 2020 Series 1

  Class D: to AA- (sf) from A+ (sf)

  Triton Bond Trust 2021-1 Series 1

  Class D: to A+ (sf) from A (sf)
  Class E: to BBB+ (sf) from BB+ (sf)
  Class F: to BBB (sf) from B+ (sf)

  Triton Bond Trust 2021-2 Series 1

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

  Triton Bond Trust 2022-1 Series 1

  Class D: to A+ (sf) from A (sf)
  Class E: to BBB (sf) from BBB- (sf)
  Class F: to BB (sf) from BB- (sf)

  Triton Bond Trust 2022-3 Series 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)
  Class F: to BB (sf) from B (sf)

  Triton Bond Trust 2022-4 Series 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 BB+ (sf) from BB (sf)

  Triton Bond Trust 2023-1 Series 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 BB+ (sf) from BB (sf)
  Class F: to B+ (sf) from B (sf)

  Triton Bond Trust 2023-2 Series 1

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

  Triton Trust No. 8 Bond Series 2019-3

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

  Ratings Affirmed And Removed From UCO

  AFG 2022-1 Trust in respect of Series 2022-1

  Class C: AA (sf)
  Class D: A (sf)
  Class E: BBB- (sf)

  AFG 2022-2 Trust in respect of Series 2022-2

  Class B: AA (sf)

  AIMS 2004-1 Trust

  Class B: B (sf)

  AIMS 2005-1 Trust

  Class B: B (sf)

  AIMS 2007-1 Trust

  Class B: B (sf)

  Mortgage House Capital Mortgage Trust No. 1 –
  Mortgage House RMBS Osmium Series 2024-1

  Class A1-S: AAA (sf)
  Class A1-L: AAA (sf)
  Class A2: AAA (sf)
  Class B: AA (sf)
  Class F: B (sf)

  Mortgage House Capital Mortgage Trust No. 1 –
  Mortgage House RMBS Prime Series 2024-1

  Class A1-S: AAA (sf)
  Class A1-L: AAA (sf)
  Class A2: AAA (sf)
  Class AB: AAA (sf)
  Class B: AA (sf)
  Class F: B (sf)

  Mortgage House Capital Mortgage Trust No. 1 in respect of the
  Mortgage House RMBS Series 2021-1P

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

  Mortgage House Capital Mortgage Trust No. 1 in respect of the
  Mortgage House RMBS Series 2021-2

  Class D: A (sf)

  Mortgage House Capital Mortgage Trust No.1 –
  Mortgage House RMBS Osmium Series 2023-1

  Class A2: AAA (sf)

  Mortgage House Capital Mortgage Trust No.1 –
  Mortgage House RMBS Series 2022-1

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

  Mortgage House Capital Mortgage Trust No.1 –
  Mortgage House RMBS Series 2022-2

  Class AB: AAA (sf)

  Olympus 2022-1 Trust

  Class E: BB+ (sf)

  Olympus 2024-1 Trust

  Class A1: 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)

  Triton Bond Trust 2020 Series 1

  Class C: AA+ (sf)

  Triton Bond Trust 2021-1 Series 1

  Class C: AA (sf)

  Triton Bond Trust 2022-1 Series 1

  Class C: AA (sf)

  Triton Bond Trust 2022-2 Series 1

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

  Triton Bond Trust 2022-4 Series 1

  Class F: B (sf)

  Triton Bond Trust 2023-2 Series 1

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

  Triton Bond Trust 2024-1 Series 1

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

  Ratings Affirmed

  AFG 2021-1 Trust in respect of Series 2021-1

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

  AFG 2021-2 Trust in respect of Series 2021-2

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

  AFG 2022-1 Trust in respect of Series 2022-1

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

  AFG 2022-2 Trust in respect of Series 2022-2

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

  AFG 2023-1 Trust in respect of Series 2023-1

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

  Mortgage House Capital Mortgage Trust No. 1 in respect of the
  Mortgage House RMBS Series 2021-1P

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

  Mortgage House Capital Mortgage Trust No. 1 in respect of the   
  Mortgage House RMBS Series 2021-2

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

  Mortgage House Capital Mortgage Trust No.1 –
  Mortgage House RMBS Osmium Series 2023-1

  Class A1-L: AAA (sf)

  Mortgage House Capital Mortgage Trust No.1 –
  Mortgage House RMBS Series 2022-1

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

  Mortgage House Capital Mortgage Trust No.1 –
  Mortgage House RMBS Series 2022-2

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

  Olympus 2022-1 Trust

  Class A1L: AAA (sf)
  Class A2: AAA (sf)

  Triton Bond Trust 2020 Series 1

  Class A1-AU: AAA (sf)
  Class A1-5Y: AAA (sf)
  Class A2: AAA (sf)
  Class AB: AAA (sf)
  Class B: AAA (sf)

  Triton Bond Trust 2021-1 Series 1

  Class A1-AU: AAA (sf)
  Class A1-5Y: AAA (sf)
  Class A2: AAA (sf)
  Class AB: AAA (sf)
  Class B: AAA (sf)

  Triton Bond Trust 2021-2 Series 1

  Class A1-AU: AAA (sf)
  Class A1-5Y: AAA (sf)
  Class A2: AAA (sf)
  Class AB: AAA (sf)
  Class B: AAA (sf)

   Triton Bond Trust 2022-1 Series 1

  Class A1-AU: AAA (sf)
  Class A1-5Y: AAA (sf)
  Class A2: AAA (sf)
  Class AB: AAA (sf)
  Class B: AAA (sf)

  Triton Bond Trust 2022-2 Series 1

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

  Triton Bond Trust 2022-3 Series 1

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

  Triton Bond Trust 2022-4 Series 1

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

  Triton Bond Trust 2023-1 Series 1

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

  Triton Bond Trust 2023-2 Series 1

  Class A1-AU: AAA (sf)
  Class A1-AU-G: AAA (sf)
  Class A2: AAA (sf)
  Class AB: AAA (sf)

  Triton Trust No. 8 Bond Series 2019-3

  Class A1-AU: AAA (sf)
  Class A1-5Y: AAA (sf)
  Class A2: AAA (sf)
  Class AB: AAA (sf)
  Class B: AAA (sf)




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

CHINA VANKE: S&P Cuts ICR to 'BB-' on Weakening Sales and Margins
-----------------------------------------------------------------
S&P Global Ratings lowered its long-term issuer credit rating on
China Vanke Co. Ltd. to 'BB-' from 'BB+', and its long-term issuer
credit rating on China Vanke subsidiary Vanke Real Estate (Hong
Kong) Co. Ltd. (Vanke HK) to 'B+' from 'BB'. S&P also lowered the
issue rating on Vanke HK's senior unsecured notes to 'B+' from
'BB'.

The negative outlook on China Vanke reflects S&P's expectation that
the company's contracted sales could decline further over the next
12 months and its liquidity could weaken if it fails to execute
asset disposals and debt refinancing via asset-pledged bank
borrowing.

China Vanke's contracted sales are likely to further weaken in
2024-2025. S&P expects the company's contracted sales to decline by
35% to Chinese renminbi (RMB) 245 billion in 2024, and a further
18% to RMB201 billion in 2025. In the first eight months of 2024,
China Vanke's contracted sales declined by 34% to RMB164 billion
according to China Real Estate Information Corp. This was slightly
better than the 38.5% average decline for the contracted sales of
the top 100 developers.

In S&P's view, the weak sales performance is mainly due to still
weak homebuyer sentiment in China, despite the relaxation of
demand-side policies such as lowering downpayment ratios and
removing a mortgage-rate floor in May 2024.

China Vanke's restrained land acquisitions will also undermine its
sales performance and market position in the next one to two years,
in S&P's view. In the first seven months of 2024, China Vanke has
only acquired seven projects with attributable land premiums of
RMB2.8 billion. In 2023, the company acquired 40 projects
throughout the year with attributable land premiums of RMB53
billion.

Margins will remain compressed in 2024 before improving mildly in
2025-2026. S&P expects China Vanke's overall gross margin to weaken
to 9.8% in 2024 from 15.2% in 2023, and mildly recover to 11.5% in
2025 and 12.5% in 2026. The company's gross margin of 8.12% in the
first half of 2024 was much lower than its previous estimate.

The company's margins are likely to remain compressed in the next
two to three years as it recognizes high-cost projects acquired
before 2022, and also as a result of the company's pricing
strategies to prioritize cash inflow. The company's average selling
price dropped to about RMB13,500 per square meter (sqm), from
RMB15,000-RMB16,000 per sqm in 2022-2023.

Financial metrics will therefore deteriorate due to dropping
EBITDA. Coupled with weakening contracted sales, China Vanke's
leverage (measured by adjusted debt to EBITDA) and EBITDA interest
coverage will likely both deteriorate in 2024-2026. We expect the
company's leverage to surge to 8.5x-9.2x in 2024-2026 from 4.2x in
2023, and EBITDA interest coverage weaken to 2.3x-2.4x for the same
period from 4.6x in 2023, leading to a highly leveraged financial
risk profile.

Falling FFO will undermine China Vanke's liquidity. S&P said, "We
assess China Vanke's liquidity to be less than adequate. This is
mainly due to our expectation of a weakening in contracted sales in
2024-2025 and an increase in the company's short-term debt
maturities." China Vanke's reported short-term debt surged to
RMB101.95 billion as of June 30, 2024, from RMB62 billion as of
end-2023.

That said, S&P expects the company could address its short-term
debt maturities over the 12 months ending June 30, 2025. In its
view, it is essential for the company to maintain its banking
relationships to obtain more bank loans for debt refinancing.

China Vanke's total bank loan exposure increased by RMB27 billion
in the first half of 2024 versus end-2023, even amid a
transformation of its financing model from a company
headquarter-to-bank headquarter credit financing model toward a
more project-based financing model with asset pledges. As of
end-August 2024, S&P estimates the company has undrawn committed
bank lines of RMB34 billion, and close to RMB100 billion in
unencumbered investment property assets that could be used to
obtain new asset-pledged borrowing.

Asset disposal is another key source of liquidity. S&P said, "We
expect the company still has about RMB23 billion of proceeds to be
received within a year from contracted asset disposals (including
return of land to the government). In our view, China Vanke will
need to continue to execute noncore asset disposal plans to
replenish liquidity."

S&P said, "We also expect China Vanke to strive to achieve positive
operating cash flow in the next 12 months. We estimate the
company's construction scale in the second half of 2024 will be 40%
lower than the same period in 2023. Furthermore, we expect the
company to adopt cost-cutting measures. In the second quarter of
2024, China Vanke's operating cash flow has turned positive
compared with net cash outflow in the first quarter.

"The negative outlook on China Vanke reflects our view that the
company's contracted sales could drop further over the next 12
months amid a prolonged property market downturn in China. China
Vanke's liquidity could also weaken if the company fails to execute
its asset disposal plans and debt refinancing via asset-pledged
bank borrowing."

The rating and outlook on Vanke HK reflect those on its parent,
China Vanke. In S&P's view, Vanke HK will remain a highly strategic
subsidiary of China Vanke for the next 12-24 months.

S&P may lower the rating on China Vanke if its liquidity further
deteriorates. This could happen if:

-- The company's contracted sales and operating cash inflow are
weaker than S&P expects;

-- Its access to bank financing weakens; or

-- The company fails to execute its asset disposal plans.

-- S&P could lower the rating on Vanke HK if it downgrades China
Vanke. In addition, S&P may lower the rating on Vanke HK if:

-- S&P believes that the company's importance to China Vanke has
weakened; or

-- China Vanke's control over, and supervision of, Vanke HK
weaken.

S&P said, "We may revise the outlook to stable if China Vanke's
contracted sales stabilize. At the same time, we would expect the
company to achieve adequate liquidity via successfully executing
its asset disposal plans while obtaining sufficient funds from
asset-pledged bank loans.

"We could revise the outlook on Vanke HK to stable if we take the
same action on China Vanke.

"Environmental factors are a negative consideration in our credit
rating analysis of China Vanke. The company's environmental risks
in property development are comparable to those of its peer
property developers. The company has a stable and experienced
management team. It also has a long record of prudent financial
management while meeting its strategic and operational goals."


COUNTRY GARDEN: Home Sales Tank 57% as Liquidity Stress Worsens
---------------------------------------------------------------
Bloomberg News reports that Country Garden Holdings' sales slump
dragged on in August, exacerbating the Chinese developer's
liquidity woes as it battles a wind-up petition.

Contracted sales for August declined 57 per cent from a year
earlier to CNY3.43 billion, following a 72 per cent drop in July,
according to an exchange filing on Sept. 5, Bloomberg discloses.

Bloomberg relates that the poor sales underscore the challenges
facing the distressed real estate giant, which is counting on a
turnaround in revenue to appease debt holders and fight off
liquidation. Country Garden said on Sept. 5 it is considering a
fresh holistic restructuring plan for yuan bonds after struggling
to raise cash for delayed debt repayments.

Offshore, the Foshan-based firm said in July that it plans to make
the restructuring support agreement publicly available to all
creditors by October. Its wind-up hearing in Hong Kong has been
adjourned to late January.

Country Garden's August sales decline compares with the 26.8 per
cent slide at the 100 biggest real estate companies tracked by
China Real Estate Information Corp. In the first seven months, its
sales slump more than doubled the average decline seen at the top
hundred builders.

Country Garden has seen sharper slowdown than its peers due to its
focus on projects in smaller cities. As impact of the latest rescue
package wanes, new-home sales in so-called tier-3 cities shrank
faster, according to a China Index Holdings note.

"With near 80 per cent of land bank in low-tier cities, Country
Garden could struggle to boost its contracted sales," Bloomberg
Intelligence analyst Kristy Hung and Monica Si wrote in a note last
month.

Trading of Country Garden's stocks in Hong Kong remain suspended
after it further delayed reporting financial results, citing
industry volatility and its ongoing debt restructuring, Bloomberg
notes.

                   About Country Garden Holdings

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

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

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

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


ORIGIN AGRITECH: Inks $2.96 Million Securities Purchase Agreement
-----------------------------------------------------------------
Origin Agritech Limited disclosed in a Form 6-K filed with the
Securities and Exchange Commission that on Aug. 21, 2024, the
Company entered into a securities purchase agreement with two
investors for the sale of 1,250,000 ordinary shares at $2.37 per
share, for gross proceeds of $2,962,500.  The shares to be sold
under the terms of the SPA will represent 19.73% of the issued and
outstanding shares of the Company as of immediately prior to the
date of the SPA.  The share price was calculated on the average of
the closing price of an ordinary shares for the five days
immediately before the signing of the SPA.

The sale of the ordinary shares will be three tranches.  The first
tranche, representing 50% of the shares to be sold, will be on the
signing and consummation of the initial closing requirements of the
SPA.  The second tranche, representing 20% of the shares to be
sold, will be shortly after the filing of a registration statement
with the SEC providing for the resale of all the shares under the
SPA. The third tranche, representing 30% of the shares to be sold,
will be shortly after the SEC has declared effective the
registration statement providing for the resale of the shares sold
pursuant to the SPA.

The SPA provides for basic representations and warranties by the
Company to the purchasers, certain obligations to be fulfilled by
the parties, including the registration of the shares sold and
listing of the additional shares on Nasdaq, and indemnification of
the purchasers.

The proceeds will be used for working capital of the Company,
increasing the registered capital of its Hainan variable interest
entity, and pursuing a nutritional business to be founded in Hong
Kong.

                        About Origin Agritech

Headquartered in Beijing, China, Origin Agritech Limited, along
with its subsidiaries, is focused on agricultural biotechnology,
operating in the PRC. The Company's seed research and development
activities specialize in crop seed breeding and genetic
improvement. Origin believes that it has built a solid capacity for
seed breeding technologies, including marker-assisted breeding and
doubled haploids technologies, which it believes, along with its
rich germplasm resources, will allow it to become a significant
seed technology company in China.

Lakewood, Colorado-bsaed B F Borgers CPA PC, the Company's auditor
since 2020, issued a "going concern" qualification in its report
dated Feb. 15, 2024, citing that the Company incurred recurring
losses from operations, has net current liabilities and an
accumulated deficit that raise substantial doubt about its ability
to continue as a going concern.


SHINECO INC: Expects $8.24 Million Proceeds From Stock Offering
---------------------------------------------------------------
Shineco, Inc. disclosed in a Form 8-K filed with the Securities and
Exchange Commission that on Aug. 22, 2024, it entered into a
securities purchase agreement with 22 purchasers, each an unrelated
third party to the Company.  Pursuant to the SPA, the Purchasers
agree to purchase, and the Company agreed to issue and sell to the
Purchasers, an aggregate of 14,985,000 shares of the Company's
common stock, par value $0.001 per share, at a purchase price of
$0.55 per share, and for an aggregate purchase price of
$8,241,750.

The Shares were offered under the Company's registration statement
on Form S-3 (File No. 333-261229), initially filed with the SEC on
Nov. 19, 2021, as amended on May 11, 2022, and on June 3, 2022, and
was declared effective on June 10, 2022.  A prospectus supplement
to the Registration Statement in connection with this Offering is
expected to be filed with the SEC on or about Sept. 6, 2024.  The
SPA, the transactions contemplated thereby, and the issuance of the
Shares have been approved by the Company's board of directors.

The Company expects to receive gross proceeds, before deducting the
offering expenses payable by the Company, of approximately
$8,241,750 from the issuance and sale of the Shares and expects the
settlement thereof to occur in accordance with the terms of the
SPA. Subject to the satisfaction of the closing conditions, the
Offering is expected to close on or about Sept. 10, 2024, in
accordance with Rule 15c6-1 promulgated under the Securities
Exchange Act of 1934, as amended.

                           About Shineco

Headquartered in Beijing, People's Republic of China, Shineco, Inc.
aims to 'care for a healthy life and improve the quality of life',
by providing health and medical products and services to society.
Shineco, operating through subsidiaries, has researched and
developed 33 vitro diagnostic reagents and related medical devices
to date, and the Company also produces and sells healthy and
nutritious foods.

Singapore-based AssentSure PAC, the Company's auditor since 2021,
issued a "going concern" qualification in its report dated Sept.
28, 2023, citing that the Company had net losses of US$13,956,031
and US$27,067,139, and cash outflow of US$5,390,594 and
US$5,712,562 from operating activities for the years ended June 30,
2023 and 2022, respectively.  The auditor also draws attention to
Note 19 of the financial statements, which describes the
uncertainty related to the outcome of the lawsuits filed against
the Company.  These conditions raise substantial doubt about the
Company's ability to continue as a going concern.

"As disclosed in the Company's unaudited condensed consolidated
financial statements, the Company had recurring net losses of
US$12.9 million and US$6.9 million, and continuing cash outflow of
US$2.9 million and US$2.5 million from operating activities from
continuing operations for the nine months ended March 31, 2024 and
2023, respectively. As of March 31, 2024, the Company had negative
working capital of US$20.9 million.  Management believes these
factors raise substantial doubt about the Company's ability to
continue as a going concern for the next twelve months.  In
assessing the Company's going concern, management monitors and
analyzes the Company's cash on-hand and its ability to generate
sufficient revenue sources in the future to support its operating
and capital expenditure commitments. The Company's liquidity needs
are to meet its working capital requirements, operating expenses
and capital expenditure obligations. Direct offering and debt
financing have been utilized to finance the working capital
requirements of the Company," said Shineco in its Quarterly Report
on Form 10-Q for the period ended March 31, 2024.


[*] CHINA: Ejects Troubled Developers From Stock Connect Links
--------------------------------------------------------------
South China Morning Post reports that China's decision to dismiss a
clutch of distressed Chinese property developers from the Stock
Connect scheme has fanned another round of sell-offs, erasing about
HK$1.76 billion (US$225.7 million) of value and pressuring the
onshore market, which is already struggling near an eight-month
low.

According to the Post, Shimao Group Holdings, CIFI Holdings, and
Sino-Ocean Group plunged by 14 to 23 per cent in Hong Kong on Sept.
10, after the Shanghai and Shenzhen stock exchanges removed them
from the Stock Connect scheme with immediate effect. E-commerce
leader Alibaba Group Holding was among new additions to the
scheme.

The Post relates that the developers, along with peers Agile Group,
Powerlong Real Estate and China South City Holdings, were among 33
companies ejected from the southbound channel of the cross-border
investment links, according to exchange statements. In total, the
sell-off erased almost HK$1.76 billion of market value from the six
developers.

Under the Stock Connect rules, the exchanges can remove any stock
from the programme if its average month-end market value falls
below HK$4 billion for 12 consecutive months preceding the
exclusion date, the Post says.

The setback also infected other home builders, the Post notes. The
Hang Seng Mainland Properties Index, which tracks 10 other mainland
home builders, tumbled 3.5 per cent to a record low, snowballing
the losses this year to 28 per cent. All of the gains made from
Beijing's rescue package in May have since evaporated, the Post
states.

In that move, China unveiled a 300-billion-yuan relending fund to
give local governments cash to buy unsold homes from developers,
indirectly boosting their cash flows, according to the Post. Still,
confidence remains shaky because of the slow progress in executing
the purchases.

Contracted sales generated by the top 100 Chinese developers
declined 10 per cent in August from July, or 27 per cent from a
year earlier, to CNY251.2 billion, the Post discloses citing China
Real Estate Information Corporation.

To be sure, many investors have already shunned troubled Chinese
developers over the past four years, as China's crackdown on
excessive leverage pushed many of them into a liquidity crisis. As
a result, home sales have plunged, triggering wider losses and
burning offshore bondholders, the Post adds.




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

ANILINE PROPERTIES: CARE Reaffirms D Rating on INR115cr NCD
-----------------------------------------------------------
CARE Ratings has reaffirmed ratings on certain bank facilities of
Aniline Properties Private Limited (APPL), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Non Convertible
   Debentures          115.00      CARE D Reaffirmed

Rationale and key rating drivers

The reaffirmation of rating assigned to the Non-Convertible
Debenture (NCD) issue of APPL factors in delay in servicing of its
repayment obligations, wherein the instalment for the June quarter
was paid with a delay of 10 days. Care Ratings Limited (CARE)
observed insufficient funds in the escrow account on the due date
(June 30, 2024), on account of slower than expected collections
resulting in cash flow mismatch. However, as confirmed by the
debenture trustee (DT) and documents provided by the company, there
was liquidity available in the form of Debt Service Reserve Account
(DSRA) on due date, which was not utilized by the investor despite
instructions from APPL resulting in delay in its repayment
obligations. The part instalment was paid on July 10, 2024, by
raising additional equity.

Rating sensitivities: Factors likely to lead to rating actions

Positive factors

* Timely servicing of debt obligations (i.e., principal and
interest) for minimum 3 consecutive months

Analytical approach: Standalone

Outlook: Not applicable

Detailed description of the key rating drivers:

Key weaknesses

* Delays in debt servicing: As per information provided by APPL, DT
and the investor via email, there was a delay in servicing of
repayment obligations on NCD issued by APPL. The interest amount of
INR4.74 crore had been fully serviced, out of which INR4.02 crore
was paid by June 29, 2024 and remaining amount was paid on July 1,
2024. The principal obligation of INR4.00 crore out of total
INR11.50 crore was paid on July 10, 2024, by raising additional
equity, reflecting a delay of 10 days.

* Project status: As on May 31, 2024, the company has sold 570
units out of total 604 units available for booking from the towers
already launched for sale. However, the collection from these sold
units has been slower than expected. Furthermore, the launch of
‘Tower D' has been postponed for the time being, adversely
impacting APPL's cash flows.

Liquidity: Poor

The company's liquidity profile has weakened due to significant
delays in realizing collections resulting in stress on cash flows.

Incorporated in February 2021, APPL is a part of the Dynamix group,
promoted by Mr. Jayvardhan Goenka, who has experience of more than
a decade in the industry. APPL is engaged in development of
residential and commercial projects in Mumbai,
Maharashtra. APPL has undertaken a residential project named
"Avanya" (Prior to December 2021, the project was under Aniline
Construction Company Private Limited (ACCPL) which is also a part
of Dynamix group however for obtaining funding from lender, the
project was transferred to APPL to provide NCLT compliant
structure). The project is spread over total built up area of 6.70
lsf at Dahisar, Mumbai.


B. PATEL: CRISIL Hikes Rating on INR3.19cr Cash Loan to B+
----------------------------------------------------------
CRISIL Ratings has upgraded its rating on the long-term bank
facilities of B. Patel Infrastructure Pvt Ltd (BPIPL) to 'CRISIL
B+/Stable' from 'CRISIL B/Stable' while reaffirming its rating on
the short term bank facilities at 'CRISIL A4'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Bank Guarantee        34.81       CRISIL A4 (Reaffirmed)

   Bank Guarantee         6          CRISIL A4 (Reaffirmed)

   Cash Credit            3.19       CRISIL B+/Stable (Upgraded
                                     from 'CRISIL B/Stable')

   Cash Credit            0.50       CRISIL B+/Stable (Upgraded
                                     from 'CRISIL B/Stable')

The rating upgrade reflects the improvement in the financial risk
profile of the company with the improvement in the capital
structure of the company with gearing and TOL/TNW of the company
improving to 0.39 times and 1.20 times respectively. The rating
also reflects the improvement in the scale of operations of the
company.

CRISIL Ratings believes that execution of the outstanding order
book of INR340 crores and liquidity to manage the working capital
requirements will remain a key monitorable factor over the medium
term. These weaknesses are partially offset by the experience of
promoters in the civil construction industry.

Analytical Approach

The unsecured loans of INR5.26 crores from the promoters have been
treated as 75 percent equity and 25 percent debt as these loans are
expected to remain in the business over the medium term.

Key Rating Drivers & Detailed Description

Weaknesses:

* Modest scale of operations and susceptibility of operating margin
to volatility in raw material prices, labour prices: Exposure to
intense competition and limited capacity constrain scalability, as
reflected in revenue of INR70.59 crore in fiscal 2024.The company
has booked a revenue of INR26 crores in the current fiscal and the
revenue is expected to be in the range of INR90-INR100 crores for
FY25.CRISIL Ratings believe that timely execution of the order book
with the increase in scale of operations will remain a key rating
sensitivity factor over the medium term.

* Large working capital requirement: Gross current assets are at
272 days as on March 31, 2024, because of the high receivables of
107 days as on March 31, 2024. Though support from payables
relieves some of the pressure on working capital, the working
capital cycle is expected to remain stretched in the near term.
CRISIL Ratings believe that improvement in the working capital
cycle with timely realization of revenue will remain a key rating
sensitivity factor over the medium term.

Strengths:

* Extensive Industry experience of the promoters: The promoters
have been in the civil construction industry for more than three
decades. BPIPL has been enlisted as a Class I contractor with the
Government of Gujarat for the construction of roads, buildings and
bridges, and canals; and as a Class AA contractor for the
construction of dams.

* Moderate Order Book: The company has a moderate outstanding order
book of around INR340 crores (including orders with the JVs) to be
executed in the next 15-20 months giving revenue visibility over
the medium term. CRISIL Ratings believe that an increase in the
order book and timely execution of the same will remain a key
rating sensitivity factor over the medium term.

Liquidity: Stretched

Bank limit utilization is moderate at 85 percent for the past
twelve months ending July 2024. Cash accruals are expected to be
over INR6 crores, which is sufficient against term debt obligation
of INR1.5-INR2 crores over the medium term.

The current ratio is moderate at 1.35 times on March 31, 2024.

Outlook: Stable

CRISIL Ratings believes the company will continue to benefit from
the experience of its promoters.

Rating Sensitivity Factors

Upward factors:

* Sustained increase in revenue and/or operating margins leading to
net cash accrual above INR7 crores.
* Improvement in working capital cycle with GCA days coming below
200 days.

Downward factors:

* Decline in revenue or operating margin leading to net cash
accrual below INR3.5 crores.
* Large, debt funded capital expenditure weakening the financial
risk profile.

BPIPL was set up in 1965 in Ahmedabad, Gujarat, as a partnership
firm and reconstituted as a private limited company in year 1998.
The company constructs earthen dams, canals and roads. Mr Priyank
Patel is the current promoter.


BELL TELESERVICES: CARE Lowers Rating on INR4.50cr LT Loan to B+
----------------------------------------------------------------
CARE Ratings has revised the ratings on certain bank facilities of
Bell TeleServices India Private Limited (BTIPL), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       4.50       CARE B+; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category and
                                   Revised from CARE BB-; Stable

   Short Term Bank      3.50       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 10, 2023,
placed the rating(s) of BTIPL under the ‘issuer non-cooperating'
category as BTIPL had failed to provide information for monitoring
of the rating. BTIPL 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).

The ratings assigned to the bank facilities of BTIPL have been
revised on account of non-availability of requisite information.
The revision further considers decline in operating income and
overall profitability during FY23 over FY22.

Bangalore based Bell Teleservices India Private Limited (BTIPL) was
incorporated on March 15, 2007. Mr N M Giri (Managing Director), Mr
Sanjay M G and Ms Roopa G. are the Directors of the company. BTIPL
provides vario us services to its customers
like internet bandwidth services, city CCTV surveillance, IT
Infrastructure, Adaptive Traffic signal Operations in Karnataka.

BYJU'S: Auditor BDO Resigns After Start of Bankruptcy Proceedings
-----------------------------------------------------------------
Reuters reports that Byju said its auditor BDO Global has resigned
after the startup did not provide documents requested following the
start of insolvency proceedings.

Byju's is fighting several battles including the insolvency
proceedings and a $1 billion claim from U.S.-based Glas Trust.

According to Reuters, BDO was appointed auditor earlier this year
after Byju's' former auditor, Deloitte, left the company, citing
several issues with the company's financial reporting.

Reuters relates that the auditor said in a letter to the company
dated Sept. 3 that despite "inordinate" delays in filing its
financials for the year ended March 2023, management had provided
inadequate support to complete the audit.

"We have reasons to believe that the management of the company
lacks transparency with respect to providing full information to
the auditor for their consideration and evaluation," BDO wrote in
the letter, seen by Reuters.

Byju's defended its inability to provide the documents, saying in a
statement that BDO had requested the materials from the firm's
board, which has been suspended due to the insolvency proceedings,
according to Reuters.

The letter should have been addressed to the insolvency
professional in control of the firm at the time, the edtech firm
said.

BDO in its email to the board said it had sought a detailed
forensic review of transactions involving a Dubai-based
subsidiary.

The auditor, in a statement to Reuters, said that it performed
auditing procedures in accordance with the applicable standards and
legal requirements, adding that its resignation letter is
self-explanatory.

In its statement, Byju's called for a forensic audit of BDO's
resignation by the insolvency professional, who was appointed by an
Indian court, Reuters relays.

Backed by General Atlantic, Byju's was valued at $22 billion in
2022, but it has seen its fortunes plummet due to many regulatory
issues and more recently a dispute with U.S. banks demanding $1
billion in unpaid dues, triggering the company's insolvency, which
led to an assets freeze, Reuters notes.

                            About Byju's

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

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

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

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

The TCR-AP relayed that the National Company Law Appellate Tribunal
(NCLAT) on Aug. 2, 2024, accepted the settlement between Byju
Raveendran and the Board of Control for Cricket in India (BCCI),
thus removing Byju's parent Think and Learn from the insolvency
resolution process.

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


CHOTTA SHIMLA: CRISIL Moves D Debt Ratings from Not Cooperating
---------------------------------------------------------------
Due to inadequate information and in line with the Securities and
Exchange Board of India guidelines, CRISIL Ratings had migrated its
ratings on the bank facilities of Chotta Shimla Projects Pvt Ltd
(CSPPL) to 'CRISIL D/CRISIL D Issuer not cooperating'. However, the
company's management has subsequently started sharing the
information necessary for a comprehensive review of the ratings.
Consequently, CRISIL Ratings has migrated its ratings on the bank
facilities of CSPPL to 'CRISIL D/CRISIL D'.

                        Amount
   Facilities        (INR Crore)      Ratings
   ----------        -----------      -------
   Bank Guarantee        0.75         CRISIL D (Migrated from
                                      'CRISIL D ISSUER NOT
                                      COOPERATING')

   Term Loan            15.00         CRISIL D (Migrated from
                                      'CRISIL D ISSUER NOT
                                      COOPERATING')

   Working Capital
   Term Loan             1.25         CRISIL D (Migrated from
                                      'CRISIL D ISSUER NOT
                                      COOPERATING')

The ratings reflect the instances of delay by CSPPL in meeting the
interest obligation on its term loans for more than 30 days, owing
to weak liquidity.

Moreover, the company's scale of operations remains modest.
However, CSPPL benefits from the extensive experience of its
promoters in the construction industry.

Analytical Approach

The unsecured loan of INR6.86 crore as on March 31, 2024, has been
treated as 75% equity and 25% debt as it is expected to remain in
the business.

Key Rating Drivers & Detailed Description

Weaknesses:

* Instances of delay in meeting interest obligations: The company
has not been able to meet the interest obligation on its term loan
in a timely manner due to weak liquidity - the most recent instance
of delay was observed in the interest obligation due in July 2024.
The delays have been for more than 30 days. A total of INR55 lakh
is currently overdue. Timely payment of interest as well as
repayment of principal will remain a key rating sensitivity
factor.

* Small scale of operations: The project construction was
completed, and majority of the spaces were rented out in fiscal
2021. Although the company is receiving rent from tenants
regularly, the rent collection is low. Continuation of tenancy and
regular rental income leading to improvement in scale will remain
monitorable.

Strength:

* Extensive experience of the promoters: The promoters have
presence of over three decades in the construction industry in and
around Himachal Pradesh through group entity, PK Construction Co.
This has enabled the promoters to establish healthy relationships
with suppliers and government authorities.

Liquidity: Poor

Accrual remained insufficient to meet yearly debt obligation of
INR2.0-2.5 crore in fiscal 2024. This has led to delays in meeting
interest obligations. The cash flow will depend on the company's
ability to rent out the remaining space and on timely realisation
of rent.

Rating sensitivity factors

Upward factors

* Track record of timely debt servicing and absence of any
irregularity for at least 90 days
* Increased occupancy leading to higher cash accrual

CSPPL was incorporated in 2010 as a special purpose vehicle to
undertake a multi-level parking and commercial project near the
Chotta Shimla area of Shimla on design, build, operate and transfer
basis. The company is promoted by Mr Parmod Sood and Mr Kanwaljeet
Singh.


DIVYA SHREE: CARE Keeps B- Debt Rating in Not Cooperating Category
------------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Divya Shree
Industries (DSI) continues to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      11.50       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 July 31, 2023,
placed the rating(s) of DSI under the ‘issuer non-cooperating'
category as DSI had failed to provide information for monitoring of
the rating. DSI continues to be noncooperative despite repeated
requests for submission of information through e-mails, phone calls
and a letter/email dated June 15, 2024, June 25, 2024, July 5,
2024.

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

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

Divya Shree Industries, established in February 2012, was promoted
by Agarwal family of Raipur to set up an aluminum profile and
billets manufacturing business. The manufacturing facility is
located at industrial area Rawabhata, Raipur. Since its inception,
Divya Shree Industries has been engaged in manufacturing of
aluminum profiles & billets. The commercial operation has been
started from March 2014. Further, the firm have undertaken a
project expansion of 6900 MTPA which have stated operation from
June, 2018. The day to day affairs of the firm are looked after by
Mr. Mukesh Agarwal, with adequate support from other partners and a
team of experienced personnel.

ESSAR OIL: NCLT Admits Insolvency Resolution Plea vs Company
------------------------------------------------------------
The Economic Times reports that the National Company Law Tribunal
(NCLT) admitted the company following an application filed by the
company's operational creditor Greka Green Solutions (India) Ltd,
after the Essar Group entity defaulted on its dues of about
INR24.38 crore.

"Essar would like to inform that the matter is currently subjudice
as we have appealed the matter to the higher court," said Essar
Group spokesperson. "We would like to highlight that the case was
settled and all payments were cleared and currently there is no
pending claim." said Essar Group spokesperson," he added further.

The tribunal has appointed Mohit B. Adatiya, director of NPV
Insolvency Professionals Private Limited (NPV IPE), as the interim
resolution professional (IRP) for the company, ET discloses.

"As the operational creditor has proved that there is a debt and
despite the service of notice under Section 8, same was not paid by
the respondent (Essar Oil and Gas Exploration & Production)," a
division bench of judicial member Chitra Hankare and technical
member VG Venkata Chalapathy said in its order of September 6, ET
relays.

"Accordingly, the application filed under Section 9 of the
Insolvency & Bankruptcy Code (IBC) for initiation of insolvency
resolution process against the respondent deserves to be
admitted."

Before the tribunal's order, Vishal Raval, counsel for Greka Green
Solutions argued that the company had agreed with Essar Oil and Gas
Exploration & Production to provide certain turnkey services by
contract to enable the Essar Group entity to undertake a contract
with the Government of India, according to ET.

The operational creditor also argued through its advocate that both
parties reached a settlement agreement twice.

However, countering this, Essar Oil and Gas Exploration &
Production, through its counsel, denied the debt due and payable
under Section 9 of the IBC, arguing that it was not an operational
debt and hence not maintainable, according to ET.

"The settlement agreement did not provide for any claim of interest
on the principal amount due and payable and an unimaginable claim
of $1.73 million has been made towards the interest as it ignores
the settlement agreement which was unilaterally terminated by the
applicant and hence, the application is barred by the limitation,"
argued the counsel for the Essar Group entity.

However, admitting the company under the resolution process, the
tribunal observed that there was no dispute on the contract
executed and that the applicant had been waiting for a long time to
realise his amount, had compromised and rescheduled his debt and
hence deserved to proceed against the respondent (Essar Oil and Gas
Exploration & Production), ET adds.

                          About Essar Oil

India-based Essar Oil Limited -- http://www.essar.com/-- is
engaged in the exploration, production and marketing of oil and
gas.  The company?s principal activities range from oil exploration
to the downstream sectors of marketing oil products and
petrochemicals.  It is organized into three divisions:
exploration and production, refinery and marketing.  EOL has two
onshore blocks in Rajasthan and one in the Mumbai offshore region,
where it has completed the first phase and started test drilling.
The company also has a block each in the Cambay basin (Gujarat) and
Cachar (Assam).  It also has the Ratna and R-series oilfields for
development and production, in partnership with Oil and Natural Gas
Commission.  EOL has won a coal bed methane (CBM) block in West
Bengal.  The company is implementing a 10.5-million
metric-ton-per-annum oil refinery at Vadinar, Gujarat. EOL had a
retail network of 1178 as at March 31, 2007. Vadinar Power Company
Limited is a wholly owned subsidiary of the company.


GBR METALS: CARE Keeps B+/A4 Debt Rating in Not Cooperating
-----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of GBR Metals
Private Limited (GMPL) continues to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term/Short     45.00       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 July 11, 2023,
placed the rating(s) of GMPL under the ‘issuer non-cooperating'
category as GMPL had failed to provide information for monitoring
of the rating. GMPL continues to be non-cooperative despite
repeated requests for submission of information through e-mails,
phone calls and a letter/email dated May 26, 2024, June 5, 2024,
June 15, 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).

GBR Metals Private Limited (GMPL), established in 2006, is engaged
in the manufacturing and trading Thermo Me chanical Treatment (TMT)
bars and Mild Steel Billets (MS Billets). Mr Bansilal Rathi, the
first-generation entrepreneur of the Rathi family, has been engaged
in the trading TMT bars since 1978. GMPL is a closely -held company
with the entire stake held by the family and friends of the
promoters. During the year 2006, the promoters acquired an existing
iron and steel rolling plant at Peravallur near Chennai in order to
venture into manufacturing of steel products. The company has since
then revamped the plant continuously, along with increase in
production capacity. Mr. Venkatesh Rathi, represents the third
generation of the Rathi family and is currently the director of
GBR.

GEE EMM: CARE Keeps B- Debt Rating in Not Cooperating Category
--------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Gee Emm
Overseas (GEO) continues to remain in the 'Issuer Not Cooperating'
category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       9.25       CARE B-; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category  

Rationale and key rating drivers

CARE Ratings Ltd. had, vide its press release dated August 21,
2023, placed the rating(s) of GEO under the 'issuer
non-cooperating' category as GEO had failed to provide information
for monitoring of the rating as agreed to in its Rating Agreement.
GEO continues to be non-cooperative despite repeated requests for
submission of information through emails, phone calls and a
letter/email dated July 06, 2024, July 16, 2024 and July 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).

Gee Emm Overseas (GEO) started its operations in 2010 with Mr.
Nitin Gupta, Mr. Vikas Gupta and Mr. Archit Goyal as its partners.
The firm is engaged in the processing of paddy to rice and also
sells its by-products like bardana, bran, husk, etc. at its sole
facility in Moga, Punjab.


GOYAL RICE: CARE Keeps B- Debt Rating in Not Cooperating Category
-----------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Goyal Rice
Mills (GRM) continue to remain in the 'Issuer Not Cooperating'
category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       5.70       CARE B-; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category  

   Short Term Bank      8.00       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 August 4, 2023,
placed the rating(s) of GRM under the 'issuer non-cooperating'
category as GRM had failed to provide information for monitoring of
the rating as agreed to in its Rating Agreement. GRM continues to
be non-cooperative despite repeated requests for submission of
information through emails, phone calls and a letter/email dated
June 19, 2024, June 29, 2024 and July 9, 2024.

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

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

Goyal Rice Mills (GRM) was established as a partnership firm in
1997 and it is currently being managed by Mr. Rajesh Kumar, Mr.
Rakesh Kumar, Mr. Suresh Kumar and Mr. Raj Kumar sharing profits
and losses equally the firm is engaged in processing of paddy at
its manufacturing facility located in Moonak, Sangrur.


GUPTA SONS: CARE Keeps B- Debt Rating in Not Cooperating Category
-----------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Gupta Sons
(GS) continue to remain in the 'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      12.80       CARE B-; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category  

   Short Term Bank      8.00       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 August 18,
2023, placed the rating(s) of GS under the 'issuer non-cooperating'
category as GS had failed to provide information for monitoring of
the rating. GS continues to be non-cooperative despite repeated
requests for submission of information through e-mails, phone calls
and a letter/email dated July 3, 2024, July 13, 2024, July 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).

Bhopal (Madhya Pradesh) based, Gupta Sons is promoted by Mr. Rakesh
Gupta, Mr. Mayank Gupta, Ms. Manju Gupta and Ms. Archana Gupta. It
was established in 2003 and is engaged in trading of gold and
diamond jewellery as a franchisee of Tanishq.
Gupta Sons has two retail showrooms located in Bhopal. Gupta Sons
has also commissioned 0.5 MW and 1.25 MW solar projects in March
2012 and March 2013 which is situated in the district of Rajgarh in
Madhya Pradesh.


HARA GOURI: CRISIL Downgrades LT/ST Rating on Bank Debts to D
-------------------------------------------------------------
CRISIL Ratings has downgraded its ratings on the bank loan
facilities of Hara Gouri Himghar Private Limited (HGHPL) to 'CRISIL
D/CRISIL D Issuer Not Cooperating' from 'CRISIL B/Stable/CRISIL A4
Issuer Not Cooperating'.

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

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

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

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

Detailed Rationale

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

Based on the publicly available information, CRISIL Rating
understands HGHPL has been irregular in its account conduct. Hence,
CRISIL Ratings has downgraded its ratings on the bank loan
facilities of HGHPL to 'CRISIL D/CRISIL D Issuer Not Cooperating'
from 'CRISIL B/Stable/CRISIL A4 Issuer Not Cooperating'.

HGHPL was incorporated in 2012, promoted by Mr Haradhan Samanta and
Ms Tapasi Samanta. The company operates a cold storage unit for
potatoes, with capacity of 1,45,000 quintal, in Hooghly, West
Bengal. It occasionally trades in potatoes to ensure optimum
capacity utilisation, and also finances farmers' potato storage,
which is refinanced by banks.

Status of non cooperation with previous CRA

HGHPL has not cooperated with Credit Analysis & Research Ltd, which
has classified the company as non-cooperative through its release
dated Feb 17, 2020. The reason provided by Credit Analysis &
Research Ltd is non-furnishing of information for monitoring the
rating.


HARI RAM: CARE Keeps B- Debt Rating in Not Cooperating Category
---------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Hari Ram
Godara (HRG) continue to remain in the 'Issuer Not Cooperating'
category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       0.10       CARE B-; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category  

   Short Term Bank      8.90       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 August 11,
2023, placed the rating(s) of HRG under the 'issuer
non-cooperating' category as HRG had failed to provide information
for monitoring of the rating as agreed to in its Rating Agreement.
HRG continues to be non-cooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated June 26, 2024, July 6, 2024 and July 16, 2024.

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

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

Nagaur-based (Rajasthan) Hari Ram Godara (HRG) was formed in year
2000 by Mr. Hari Ram Godara as a proprietorship concern. HRG is
engaged in road construction and is registered as "AA" class
approved contractor (Highest in the scale of AA to E) with Public
Works Department (PWD), Rajasthan.


HONEY JEWELLERY: CARE Keeps B- Debt Rating in Not Cooperating
-------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Honey
Jewellery (HJ) continues to remain in the 'Issuer Not Cooperating'
category.

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

Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated August 1, 2023,
placed the rating(s) of HJ under the 'issuer non-cooperating'
category as HJ had failed to provide information for monitoring of
the rating as agreed to in its Rating Agreement. HJ continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
June 16, 2024, June 26, 2024 and July 6, 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).

Varanasi, Uttar Pradesh based Honey Jewellery (HJ) was established
in April, 2007 as a proprietorship firm and is currently being
managed by Mr. Sumit Verma. The firm is engaged in the retail
trading of silver and gold jewellery (anklets, toe rings, utensils,
necklaces, earrings, rings, and bangles). The firm operates through
its two showrooms located at Varanasi and
Gorakhpur, Uttar Pradesh.

INTERJEWEL DESIGNS: CARE Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Interjewel
Designs (ID) continue to remain in the 'Issuer Not Cooperating'
category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term/          36.50       CARE D/CARE D; ISSUER NOT
   Short Term                      COOPERATING; Rating continues
   Bank Facilities                 to remain under ISSUER NOT
                                   COOPERATING category

Rationale and key rating drivers

CARE Ratings Ltd. had, vide its press release dated August 14,
2023, placed the rating(s) of ID under the 'issuer non-cooperating'
category as ID had failed to provide information for monitoring of
the rating as agreed to in its Rating Agreement. ID continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
June 29, 2024, July 9, 2024 and July 19, 2024.

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

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

M/s Interjewel Designs (ID) was established as a partnership firm
in September 2009 by Mr. Rupen Kothari and Mr. Shrenik Choksi and
is engaged in the business of manufacturing and export of studded
gold, silver and platinum jewellery. The firm is based within
SEEPZ, Mumbai.


JEEVAN UTTHAN: CRISIL Withdraws B+ Rating on INR25cr LT Loan
------------------------------------------------------------
CRISIL Ratings has withdrawn its rating on the long term bank
facilities of Jeevan Utthan Financial Services Private Limited
(JUFSPL), on request from the company. The rating action is in line
with the policy of CRISIL Ratings on withdrawal of its ratings on
bank loans

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Long Term Rating       25         CRISIL B+/Stable (Withdrawn)

JUFSPL, incorporated in March 2021, is a West Bengal based NBFC,
promoted by Mr Aniket Poddar. The company was formed by acquiring
private limited company (Chandak Felt Works Private Limited).
Furthermore, the company has applied for NBFC-MFI license. As on
March 31, 2023 the company operates in 3 district of West Bengal
and has been able to disburse loans of around INR28.17 crore.



JOSEPH LESLIE: CRISIL Hikes Rating on INR17.45cr Loan to B-
-----------------------------------------------------------
CRISIL Ratings has upgraded its ratings on the bank facilities of
Joseph Leslie Dynamiks Manufacturing Pvt Ltd (JLDMPL) to 'CRISIL
B-/Stable/CRISIL A4' from 'CRISIL D/CRISIL D'.

                        Amount
   Facilities        (INR Crore)      Ratings
   ----------        -----------      -------
   Bank Guarantee        7.50         CRISIL A4 (Upgraded from
                                      'CRISIL D')

   Cash Credit           7.25         CRISIL B-/Stable (Upgraded
                                      from 'CRISIL D')

   Proposed Working     17.45         CRISIL B-/Stable (Upgraded
   Capital Facility                   from 'CRISIL D')

   Term Loan             3            CRISIL B-/Stable (Upgraded
                                      from 'CRISIL D')

The ratings upgrade reflects track record of timely repayment of
debt obligations for more than 90 days owing to improved liquidity.
Further the revenues of the company are expected to improve in
fiscal 2025 due to order book in hand.

The ratings reflect the modest scale of operations, working capital
intensive operations and volatile operating margins. These
weaknesses are partially offset by the extensive experience of the
promoters.

Analytical Approach

Unsecured loans from the promoters of INR3.88 crore as on March 31,
2024 have been treated as debt.

Key Rating Drivers & Detailed Description

Weaknesses:

* Modest scale of operations: Revenues of the company have remained
subdued in the range of INR 40-45 crore for the past few fiscals.
This is due to limited demand in the industry. Though the company
has added new products in the portfolio and order book of INR35
crores in hand which is expected to lead to increase in revenues,
the scale would continue to remain modest. Subdued scale is
reflected in revenue of INR41 crores in fiscal 2024.

* Volatile operating margins:  Operating margins have remained
volatile in the range of 9.5-19.5% for the past four fiscals ending
march 2024. This is due to varied product mix having different
margins. However, moving forward they are expected to remain
volatile.

* Working capital-intensive operations: Gross current assets are
sizeable at 312 days as on March 31, 2024, driven by high debtors
of 191 days. The company extends a significant credit period and
has witnessed delays in receiving payments and hence debtor days
are large. The inventory days are around 68 days. Operations are
expected to remain working capital intensive over the medium term.

* Below average debt protection metrics: JLDMPL's debt protection
metrics continues to remain below average as indicated by the
interest cover and net cash accrual to adjusted debt (NCAAD) of
1.57 and 0.10 times respectively as on March 31, 2024. The debt
protection is expected to improve with the increase in scale of
operations and profitability over the medium term.

Strength:

* Extensive experience of the promoters: Presence in the personal
protection equipment industry since 1956 and healthy relationships
with customers should continue to support the business. Its long
track record of supplying safety equipment and gas detection
products has helped it to participate and win tenders floated by
customers in the public sector entities. It earns around 70-80% of
the revenues from the public sector companies.

Liquidity: Poor

The liquidity is driven expected net cash accruals of INR2-2.5
rores in fiscal 2025 and fiscal 2026 against the repayment
obligation of INR0.70 crores annually. The bank limits are utilized
at 92% on an average for the past 12 months ending April 2024.
Current ratio remains at 2.37 times and cash and bank balance is
2.23 crores as on March 2024

Outlook: Stable

CRISIL Ratings believes JLDMPL will benefit from the extensive
experience of the promoters in the personal safety equipment
dealership business.

Rating sensitivity factors

Upward factors

* Improvement in debt protection metrics with interest coverage
above 1.5 times
* Improvement in the working capital cycle, leading to better
liquidity

Downward factors

* Further stretch in working capital cycle leading to gross current
assets higher than 350 days
* Large debt funded capex weakening the financial risk profile

JLDMPL was incorporated in 1987 as Joseph Leslie Drager
Manufacturing Pvt Ltd by Mumbai-based Leslie family and Dragerwerk,
AG, Germany (Drager). The name was changed to JLDMPL post
disassociation with Drager in fiscal 2013. JLDMPL trades and
manufactures equipment and paraphernalia used in gas detection,
respiratory protection, search and rescue, and disaster management.
Its manufacturing unit is in Vasai, Maharashtra.

The company is owned and managed by Wendy Leslie Parera and Carol
Leslie Roy.


JOY BHARAT: CRISIL Reaffirms B+ Rating on INR8.9cr Cash Loan
------------------------------------------------------------
CRISIL Ratings has reaffirmed its 'CRISIL B+/Stable'/CRISIL A4'
ratings on the bank facilities of Joy Bharat Oil Mills (JBOM).

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Cash Credit            8.9       CRISIL B+/Stable (Reaffirmed)
   Standby Line
   of Credit              0.1       CRISIL A4 (Reaffirmed)

The ratings continue to reflect the exposure to intense
competition, and small scale of operations. These weaknesses are
partially offset by the extensive experience of the partners in the
edible oil industry.

Key Rating Drivers & Detailed Description

Weaknesses:

* Exposure to intense competition: The edible oil industry is
highly fragmented with a few large players and several small,
unorganised players. Servicing around 60% of the industry, the
unorganised players cater to regional demand to save transportation
cost. Intense competition restricts the operating margin of players
such as JBOM.

* Modest scale of operations: Intense competition constrains
scalability, as reflected in muted revenue of around INR21.7 crore
in fiscal 2024 (against INR23.78 crore in fiscal 2023), and
restricted operating flexibility.

Strength:

* Extensive experience of the partners: The partners have
experience of over two decades in the edible oil industry. This has
helped them to develop strong understanding of market dynamics and
establish healthy relationships with suppliers and customers, which
will continue to support the business risk profile.

Liquidity: Stretched

Bank limit utilisation is moderate at around 41% percent for the
past twelve months ended July 2024.Cash accrual are expected to be
over INR 1 crore which are sufficient against term no debt
obligation over the medium term.

Current ratio is healthy at 1.52 times on March 31, 2024.

Outlook: Stable

CRISIL Ratings believes JBOM is likely to continue to benefit from
the extensive experience of its partners and established
relationships with clients.

Rating sensitivity factors

Upward factors

* Increase in revenue by 20% and sustenance of operating margin
leading to higher cash accrual
* Better financial risk profile with comfortable capital structure

Downward factors

* Operating margin falling below 4% over the medium term, leading
to lower cash accrual
* Large, debt-funded capital expenditure or stretched working
capital cycle weakening the financial risk profile

It is engaged in manufacturing and processing of mustard oil and
mustard oil cake. Firm has processing unit located in Birbhum- West
Bengal and owned by Mr. Ashok Kumar Choudhury and Ms. Mina Devi
Choudhury.


KESHAV HOLIDAY: CRISIL Reaffirms B+ Rating on Long Term Debt
------------------------------------------------------------
CRISIL Ratings has reaffirmed its 'CRISIL B+/Stable' rating on the
long-term bank facilities of Keshav Holiday Resort Pvt Ltd
(KHRPL).

                       Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Long Term Rating       -         CRISIL B+/Stable (Reaffirmed)

The rating continues to reflect geographic concentration in
revenue, vulnerability to cyclicality in the hospitality industry
and modest debt protection metrics. These weaknesses are partially
offset by the extensive experience of the key promoter and the
longstanding presence of the company in the water park and
hospitality industry and a moderate capital structure.

Key Rating Drivers & Detailed Description

Weaknesses:

* Geographic concentration in revenue: The company's revenue comes
from a water park and resort, thereby resulting in geographic
concentration in revenue. Any location-specific demand constraint
or increase in competition will affect its business risk profile.

* Vulnerability to cyclicality in the hospitality industry: The
hospitality industry is vulnerable to changes in domestic and
international economy. Moreover, the company has high financial
leverage and hence is vulnerable to cyclicality due to its fixed
financial commitments.

* Modest debt protection metrics: The debt protection metrics were
subdued owing to high gearing and low cash accrual. Interest
coverage and net cash accrual to total debt ratios were 2.16 times
and 0.10 time, respectively, in fiscal 2024, because of operating
profitability of 3.73%. Improvement in the debt protection metrics
will remain a key monitorable over the medium term.

Strengths:

* Extensive experience of the promoters and established market
position: The key promoter, Mr Shankar K Chaudhary, has experience
of around three decades in operating a water park and hospitality
industry. The water park has healthy footfall with 1,500-2,000
visitors per day. The company benefits from its established
presence through Shankus Water Park & Resort, which was the first
water park in the country. KHRPL also benefits from its diversified
revenue streams of resort, water park, restaurant and natural
health center.

* Moderate capital structure: Gearing and total outside liabilities
to adjusted networth ratio improved to 2.31 times and 2.42 times,
respectively, as on March 31, 2024, from 2.61 times and 2.74 times,
respectively, in fiscal 2023.

Liquidity: Stretched

Bank limit utilisation was moderate at 40% on average for the 12
months through July 2024. Cash accrual, expected at INR15-18 crore
per annum, will sufficiently cover yearly term debt obligation of
INR13.90 crore over the medium term. In addition, surplus will
cushion the liquidity.

Current ratio was low at 0.41 time as on March 31, 2024. The
promoters will likely extend equity and unsecured loans to meet
working capital requirement and debt obligation.

Outlook: Stable

CRISIL Ratings believes KHRPL will continue to benefit from its
established presence and the extensive experience of the
promoters.

Rating sensitivity factors

Upward factors

* Sustenance of scale of operations and operating margin above
35%.
* Improvement in the capital structure

Downward factors

* Decline in net cash accrual below INR12 crore on account of fall
in revenue or operating profit
* Large, debt-funded capital expenditure weakening the capital
structure
* Stretched working capital cycle constraining the liquidity and
financial risk profile

Incorporated in 1992, KHRPL owns and operates a water park called
Shankus Water Park & Resort in Mehsana, Gujarat. The company also
operates a 3-star resort, The Retreat; a natural health center,
Shankus Natural Health Centre; and a fun and food highway
restaurant.

KHRPL is part of the Shankus group and is promoted by Mr Shankar K
Chaudhary and his family members.


KHURANA COAL: CARE Keeps B- Debt Rating in Not Cooperating
----------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Khurana
Coal Sales (KCS) continue to remain in the 'Issuer Not Cooperating'
category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       4.70       CARE B-; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category  

   Short Term Bank      1.10       CARE A4; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category

Rationale & Key Rating Drivers

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

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

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

Amroha, Uttar Pradesh based KCS is a partnership firm established
in 1992. The firm is currently being managed by Mr. Dheeraj Khurana
and Ms. Savitri Khurana. KCS is engaged in the trading of
industrial coal (grade D and E) which finds its application in the
manufacturing of fire bricks and used as fuel in boilers, etc.

KUBER INDUSTRIES: CARE Keeps B- Debt Rating in Not Cooperating
--------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Shri Kuber
Industries (SKI) continues to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      16.01       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 SKI under the 'issuer non-cooperating'
category as SKI had failed to provide information for monitoring of
the rating. SKI continues to be noncooperative despite repeated
requests for submission of information through e-mails, phone calls
and a letter/email dated June 4, 2024, June 14, 2024, 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).

Shri Kuber Industries (SKI) was established as a partnership firm
in January 2015 by Mr. Shyam Lal Garg, Mr. Pawan Kumar Garg and Mr.
Pawan Tantia for setting up a manufacturing unit of MS wire, tubes
& pipes. Currently, the firm has installed a
manufacturing plant at Raipur, Chhattisgarh with an installed
capacity of 18000 metric tonnes per annum for MS wire and 82,000
metric tonnes per annum for MS tubes & pipes. The unit has started
its commercial operation from June 2018. Mr. Shyam Lal Garg (aged,
51 years), has around two decades of experience in the same line of
business. He will look after the day to day operations of the
entity supported by other partners. SKI has two associate concerns
which are engaged in same line of business.


KUNAL TRANSPORT: CARE Assigns B+ Rating to INR49.21cr LT Loan
-------------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of Kunal
Transport Proprietor Om Prakash Gupta (KT), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long-term bank
   facilities           49.21      CARE B+; Stable Assigned

   Short-term bank
   facilities            5.26      CARE A4 Assigned

Rationale and key rating drivers

The ratings assigned to the bank facilities of KT remained
constrained by its leveraged capital structure in FY24 (refers to
the period April 1 to March 31), constitution as a partnership
entity having the risk of withdrawal of capital, asset intensive
business model and highly competitive nature of transportation and
logistics business.

The ratings also take into consideration the debt-funded capital
expenditure being undertaken by the proprietor for providing buses
on a rental basis (charges as per the distance (KM) travelled) to
the Odisha State Road Transport Corporation (OSRTC)
under the Location Accessible Multi-modal Initiative (LAccMI)
scheme. The total expenditure is estimated at around INR87 crore
which is expected to be fully funded by term loan.

The aforesaid constraints are partially offset by its experienced
promoter, growing scale of operation albeit moderation in
profitability margin during FY24 and diversified revenue stream.

Rating sensitivities: Factors likely to lead to rating actions

Positive factors

* Increasing scale of operations with total operating income (TOI)
above INR200 crore along with PBILDT margin above 10%
on a sustained basis.

* Improvement in capital structure with overall gearing below 7.00x
on a sustained basis.

* Change in constitution from proprietorship to private limited
company.

Negative factors

* Decline in scale of operations, with TOI going below INR125 crore
on a sustained basis.

* Any further deterioration in capital structure with overall
gearing more than 22x on a sustained basis.

* Moderation in profitability margin leading to stretched
liquidity.

Analytical approach: Standalone

Outlook: Stable

CARE Ratings believes that the entity shall sustain its moderate
financial risk profile over the medium term.

Detailed description of the key rating drivers:

Key weaknesses

* Constitution as a proprietorship entity with risk of withdrawal
of capital: Proprietorship nature of business has an inherent risk
of withdrawal of capital by the proprietor at the time of his
personal contingency resulting in reduction of capital base,
leading to adverse effect on capital structure. In KT also, the
proprietor has withdrawn capital over the years leading to low net
worth position of INR3.96 crore as on March 31, 2024 (prov.).

* Asset intensive business model: The entity possesses a fleet of
around 400 owned vehicles. This comprises various types of around
300 buses including both school bus and State bus, and around 84
tippers and trailers for transportation of coal and some oil
tankers.

* Leveraged capital structure: The capital structure of the entity
has remained highly leveraged marked by overall gearing of 19.04x
as on March 31, 2024, on account of vehicle loans availed to ramp
up its scale of operation vis-à-vis low net worth of INR3.96 crore
as on March 31, 2024. Interest coverage ratio has remained stable
at 9.30x in FY24 (PY: 9.05x). TDGCA though improved to 5.42x as on
March 31, 2024 as against 10x as on March 31, 2020, however,
continued to remain high.

* Debt funded capex under implementation: The firm has entered into
agreement with OSRTC to rent buses against which the government
pays charges as per the distance (KM) travelled by the bus under
the LAccMI Project. The LAccMI project is expected to have a cost
of around INR87 crore. Out of INR87 crore, the company has availed
INR65 crore of loan from multiple banks and had purchased small
size buses of 9-meters. The remaining INR 22 crore will be availed
by the firm once approval is received from the new Government in
Odisha, post which, the same will be utilised for purchasing 35 big
size buses (12-meter).

* Highly competitive nature of transportation and logistics
business: KT's transport business is highly competitive in nature
on account of presence of large number of small players having
limited fleet size, both in organized and unorganized sectors. It
results in lower bargaining power of small operators, higher
storage and handling losses and ineffective utilisation of
available resources.

Key strengths

* Experienced promoter: Mr Om Prakash Gupta have more than three
decades of experience in providing logistic services, which has
helped it establish and maintain strong relationships with a
diversified and reputed customer base and has ensured repeat
business.

* Growing scale of operation albeit moderation in profitability
margin: TOI of the firm has increased from INR2.91 crore in FY20 to
INR156.98 crore in FY24 on account of long-term association with
its existing clients as well as building of new clientele in
different segments. However, the operating margin has moderated
over the years from 30.93% in FY20 to 9.90% in FY24. With the
entity gradually scaling up its new venture of providing buses on
rental to OSRTC, the revenue is expected to improve going forward.
However, profitability margin is expected to remain at similar
levels.

* Diversified revenue stream: KT leases school buses to District
Mineral foundation (DMF) while the LACCMI division leases out buses
to OSRTC under the LAccMI scheme. Also, KT provides coal logistics
for major players like Adhunik Metaliks Limited, Hindalco
Industries Limited, Vedanta Limited, JSW energy mining etc.
Furthermore, the proprietor also runs a petrol pump and has three
diesel tanker which is used for supplying of POL (Petroleum,
Oil and Lubricants).

Liquidity: Stretched

Liquidity of the entity has been marked stretched on account of
high debt repayment obligations with closely matched accruals.

In FY25, the entity is expected to generate sufficient cash
accruals vis-à-vis debt repayment obligation of around INR11
crore. The proprietor has stated that in case of any shortfall,
fund support would flow in.

KT is a proprietorship firm promoted by Mr Om Prakash Gupta in the
year 1997. The firm is engaged in providing multiple services like
coal logistics services, providing school bus services, and lending
of buses to Odisha state govt. Furthermore, the promoter is also
engaged in providing transport service to OMC's for transporting of
petroleum and diesel for refilling. The proprietor has other
business interest such as a petrol pump as well as tanker business,
premium wine shop etc.

MILLENIUM STEEL: CARE Keeps B- Debt Rating in Not Cooperating
-------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Millenium
Steel India Private Limited (MSIPL) continue to remain in the
'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       4.25       CARE B-; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category  

   Short Term Bank     21.00       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 11, 2023,
placed the rating(s) of MSIPL under the 'issuer non-cooperating'
category as MSIPL had failed to provide information for monitoring
of the rating. MSIPL continues to be non-cooperative despite
repeated requests for submission of information through e-mails,
phone calls and a letter/email dated May 26, 2024, June 5, 2024,
June 15, 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).

Millenium Steel India Private Limited (MSIPL) incorporated on
February 9, 2005, is promoted by Mr D. Hari Prasad Reddy. The
company is engaged in trading of Thermo Mechanical Treatment (TMT)
bars and other steel products, Steam coal and cement bags.
Initially, the company started with trading of iron and steel
products. MSIPL mainly trades from their five trading offices
situated in Chennai, Kochi, Nellore, Bengaluru and Muthyalapadu.
The day to day operations of the company are managed by Mr Hari
Prasad Reddy and his wife Mrs Jyothi.

PATEL KISMATRAI: CARE Keeps B- Debt Rating in Not Cooperating
-------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Patel
Kismatrai Chunilal (PKC) continue to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       3.25       CARE B-; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category  

   Short Term Bank      5.65       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 August 11,
2023, placed the rating(s) of PKC under the 'issuer
non-cooperating' category as PKC had failed to provide information
for monitoring of the rating as agreed to in its Rating Agreement.
PKC continues to be non-cooperative despite repeated requests for
submission of information through emails, phone calls and a
letter/email dated June 26, 2024, July 6, 2024 and July 16, 2024.

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

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

Bhavnagar-Gujarat based PKC is a partnership firm established in
the year 1989 by Mr. Kismatrai Patel and currently it is managed by
three partners named Mr. Paresh Patel, Mrs. Manjula Patel and Mr.
Harmesh N Patel. PKC is registered as 'AA' class approved
contractor by Government of Gujarat and works for civil
construction activity generally on construction of buildings,
bridges and gabion for Government of Gujarat.

PRISM ENTERPRISE: CARE Keeps C/A4 Debt Rating in Not Cooperating
----------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Prism
Enterprise (PE) continue to remain in the 'Issuer Not Cooperating'
category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term/Short      7.00       CARE C; 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 August 11,
2023, placed the rating(s) of PE under the 'issuer non-cooperating'
category as PE had failed to provide information for monitoring of
the rating as agreed to in its Rating Agreement. PE continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
June 26, 2024, July 6, 2024 and July 16, 2024.

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

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

Rajkot-based (Gujarat), Prism Enterprise (PE) is a proprietorship
firm established in 2016 by Ms. Kiran Ghanva with a main objective
of sizing and warping of cotton yarn. Manufacturing plant is
located at Rajkot.


PROMAX TECHNOLOGIES: CARE Keeps B- Debt Rating in Not Cooperating
-----------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Promax
Technologies (PT) continue to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term/Short      4.50       CARE B-; Stable/CARE A4;
   Term Bank                       ISSUER NOT COOPERATING;
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

   Short Term Bank      1.25       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 August 4, 2023,
placed the rating(s) of PT under the 'issuer non-cooperating'
category as PT had failed to provide information for monitoring of
the rating as agreed to in its Rating Agreement. PT continues to be
non-cooperative despite repeated requests for submission of
information through emails, phone calls and a letter/email dated
June 19, 2024, June 29, 2024 and July 9, 2024.

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

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

Promax Technologies (PT) was established in 2006 as a
proprietorship firm by Mr. Vishal Bhardwaj. The firm is a
Registered Electrical Contractor in the State of Haryana, Punjab,
Himachal Pradesh, West Bengal & Bihar and is engaged in providing
services in the electrical sector. The firm provides EPC services
and undertakes contracts for laying of power transmission lines,
erection, testing and commissioning of electrification works.


R AND T BUSINESS: CARE Keeps B- Debt Rating in Not Cooperating
--------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of R And T
Business Syndicate (RTBS) continue to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       1.50       CARE B-; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category  

   Short Term Bank      3.50       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 August 16,
2023, placed the rating(s) of RTBS under the 'issuer
non-cooperating' category as RTBS had failed to provide information
for monitoring of the rating as agreed to in its Rating Agreement.
RTBS continues to be non-cooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated July 1, 2024, July 11, 2024 and July 21, 2024.

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

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

Established in 2015, R & T Business Syndicate (RTBS) is engaged in
trading of LED Lights, Base Paper and Glass. The company's main
promoter Mr Rajeshkumar Gothi has around 20 years of experience and
Mr Trilokkumar Gothi has done MBA (Marketing) and has around 8
years of experience.


RAIN CARBON: S&P Affirms 'B+' ICR & Alters Outlook to Negative
--------------------------------------------------------------
S&P Global Ratings revised its rating outlook to negative from
stable and affirmed its 'B+' long-term issuer credit rating on Rain
Carbon Inc. S&P also affirmed its 'B' issue rating on the company's
second-lien senior secured notes and 'BB' rating on its first-lien
senior secured term loan B.

The negative outlook reflects Rain Carbon's weak financial standing
for the current rating, and the heightened risk of a downgrade over
the next six to 12 months should earnings fail to improve in line
with our base-case assumptions.

Rain Carbon's credit metrics will remain under pressure in 2024 on
the back of continued soft demand in the carbon segment. Aluminum
smelters in the U.S. and Europe, which are key markets for the
company's carbon segment, are facing headwinds due to cost
inflation and recessionary pressures. This has resulted in smelter
closures in these regions, ultimately hitting Rain Carbon's
volumes.

S&P said, "We believe Rain Carbon's earnings will remain subdued
for a second consecutive year in 2024, with adjusted EBITDA of
Indian rupee (INR) 17 billion-INR18 billion at the level of its
parent company, Rain Industries Ltd. This is significantly lower
than our earlier estimate of INR22 billion-INR23 billion.

"We forecast Rain Industries' ratio of FFO to debt at 7% in 2024,
against our previous expectation of 14%-15%. This compares with
about 8% in 2023. The ratio will also be lower than our downgrade
trigger of 12%. While we expect the ratio to improve in 2025 to
around 13%, the rating buffer will be thin, and a prolonged
weakness in industry conditions could result in a downgrade of Rain
Carbon in the next six to 12 months.

"We now expect a recovery in credit metrics in 2025, supported by
higher volumes in India. Rain Carbon's Indian facilities have been
operating at suboptimal levels since the introduction of import
restrictions in 2018. The restrictions were eased in July 2024.
While we had expected a ramp-up in production in the second half of
2024, this will now happen by January 2025 once the heating of the
company's vertical shaft kilns is completed. Once fully ramped up,
this could increase total output of carbon products by about 0.3
million tons, or about 15%."

Until the first half of 2024, Rain Carbon's EBITDA per ton remained
under pressure because the prices of finished goods dropped more
rapidly than that of the raw materials. However, this trend is
changing, with the prices now moving in tandem. This, coupled with
higher volumes, should result in a recovery in the company's credit
metrics. After two consecutive years of underperformance against
its downside trigger, Rain Industries' EBITDA should grow 25% to
INR21 billion, and thus drive up the FFO-to-debt ratio to about 13%
in 2025.

Rain Carbon's adequate liquidity offers some cushion against
earnings volatility. S&P expects the company to maintain adequate
liquidity over the next 12 months. It has long-dated debt
maturities, and a US$260 million revolver facility, which matures
in January 2027.

Rain Carbon's euro term loan and the U.S. dollar-denominated bond,
which account for more than 80% of total debt, will mature in 2028
and 2029, respectively. As such, we do not foresee any material
external funding needs over the next 12 months, which otherwise
could exert immediate downward rating pressure.

The negative outlook reflects Rain Carbon's weak financial standing
for the current rating, and the heightened risk of a downgrade over
the next six to 12 months should earnings fail to improve in line
with our base case.

S&P said, "We may lower our rating on Rain Carbon if profitability
and cash flows deteriorate beyond our expectations such that the
FFO-to-debt ratio fails to recover to above 12% at the parent level
on a sustained basis. This could happen in case of a delay in
capacity ramp-up in India or a subdued demand from the aluminum
sector results in lower calcined petroleum coke (CPC) prices.

"We will likely revise the rating outlook on Rain Carbon to stable
if the FFO-to-debt ratio recovers to more than 12% at the parent
level on a sustainable basis. Timely ramp-up in capacity in India
could result in such an improvement."


RATNA COTTEX: CARE Keeps D Debt Rating in Not Cooperating Category
------------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Ratna
Cottex (RC) continues to remain in the 'Issuer Not Cooperating'
category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       5.60       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 August 18,
2023, placed the rating(s) of RC under the 'issuer non-cooperating'
category as RC had failed to provide information for monitoring of
the rating. RC continues to be non-cooperative
despite repeated requests for submission of information through
e-mails, phone calls and a letter/email dated July 3, 2024, July
13, 2024, July 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).

Morbi based Ratna Cottex (RC) was established in May, 2015 as a
partnership firm owned and managed by Mr. Harshad Jasmatbhai
Ghodasara, Mr. Danjuma Jasmatbhai Ghodasara and Mr. Jasmatbhai
Valjibhai Ghodasara. The firm is currently engaged in cotton
ginning and pressing for BT variety of cotton with short and medium
staple fibre, having sole manufacturing facility located in Morbi,
with an annual installed capacity of 5,488.56 Metric Tons of cotton
bales and 10977.12 Metric Tons of cotton seeds as on March 31,
2017. RC commenced its operations from December, 2015 with 24
ginning machines.


SATVIK ENTERPRISES: CRISIL Withdraws B Rating on INR26cr Loan
-------------------------------------------------------------
CRISIL Ratings has withdrawn its rating on the bank facilities of
Satvik Enterprises Limited (SEL) on the request of the company and
after receiving no objection certificate from the banks. The rating
action is in-line with CRISIL Rating's policy on withdrawal of its
rating on bank loans.

                        Amount
   Facilities        (INR Crore)      Ratings
   ----------        -----------      -------
   Bank Guarantee          1          CRISIL A4/Issuer Not
                                      Cooperating (Withdrawn)

   Export Packing         26          CRISIL B/Stable/Issuer Not
   Credit                             Cooperating (Withdrawn)

   Foreign Bill            6          CRISIL A4/Issuer Not
   Discounting                        Cooperating (Withdrawn)

   Letter of Credit       40          CRISIL A4/Issuer Not
                                      Cooperating (Withdrawn)

CRISIL Ratings has been consistently following up with SEL for
obtaining information through letters and email dated July 11,
2024, April 19, 2024 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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

SEL was established in the year 1997 by Mr. Vikash Agarwal and his
family. Initially the company was engaged into trading of HRC,
Re-bar and structural steel in the domestic market. From FY 2007
onwards, as a part of expansion initiative SEL entered into trading
business of ferro alloys and derivatives. Currently the company is
recognized as a star export house and is an ISO 9001:2008 certified
company.


TARA SHAKTI: CARE Keeps B- Debt Rating in Not Cooperating Category
------------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Tara
Shakti Rice Mill (TSRM) continue to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       5.60       CARE B-; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category  

   Short Term Bank      0.48       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 28, 2023,
placed the rating(s) of TSRM under the 'issuer non-cooperating'
category as TSRM had failed to provide information for monitoring
of the rating. TSRM continues to be non-cooperative despite
repeated requests for submission of information through e-mails,
phone calls and a letter/email dated June 12, 2024, June 22, 2024,
July 2, 2024.

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

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

M/s Tara Shakti Rice Mill was established in January 2011 with an
objective to enter into the rice milling and processing business.
The manufacturing unit of the entity is located at Paraj, Galsi,
Burdwan, West Bengal. The entity is procuring raw paddy from the
local farmers. The day -to-day affairs of the firm are looked after
by Mr. Pallab Mukherjee, Partner, along with other seven partners
and a team of experienced personnel.

TIRUPATI TRADING: CARE Keeps B- Debt Rating in Not Cooperating
--------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Tirupati
Trading Corporation (TTC) continues to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       8.00       CARE B-; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category  

Rationale & Key Rating Drivers

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

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

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

Delhi based Tirupati Trading Corporation (TTC) was established in
October, 2004 as a partnership firm and is currently managed by Mr.
Vivek Bansal and Mrs. Parul Bansal sharing profit and losses
equally. The firm is engaged in the wholesale trading of food
grains like rice, pulses, maize, etc. to exporting companies
directly and through commission agents.


VISHWAKARMA COLD: CRISIL Keeps D Debt Rating in Not Cooperating
---------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Shree
Vishwakarma Cold Storage (SVCS) continues to be 'CRISIL D Issuer
Not Cooperating'.

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

Rationale and key rating drivers

CARE Ratings Ltd. had, vide its press release dated August 17,
2023, placed the rating(s) of SVCS under the 'issuer
non-cooperating' category as SVCS had failed to provide information
for monitoring of the rating. SVCS continues to be non-cooperative
despite repeated requests for submission of information through
e-mails, phone calls and a letter/email dated July 2, 2024, July
12, 2024, July 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).

SVCS was established in 1998 by Mr. Chamanlal Gajjar, Veljibhai
Suthar, Mr. Thannaji Suthar and Mr.Chunilal Chaudhary. However, Mr.
Veljibhai Suthar retired from SVCS from October 2016. SVCS was set
up to provide cold storage facilities at Deesa (Gujarat). The main
objective of setting up SVCS is to preserve potatoes for longer
duration. The plant will be located at Deesa (Gujarat) which is one
of the major Potatoes growing area region in Gujarat.




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

AUCKLAND VEHICLES: Creditors' Proofs of Debt Due on Oct. 1
----------------------------------------------------------
Creditors of Auckland Vehicles Limited are required to file their
proofs of debt by Oct. 1, 2024, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on Sept. 3, 2024.

The company's liquidators are:

          Steven Khov
          Kieran Jones
          Khov Jones Limited
          PO Box 302261
          North Harbour
          Auckland 0751


BUILDNATION CONSTRUCTION: Court to Hear Wind-Up Petition on Oct. 4
------------------------------------------------------------------
A petition to wind up the operations of Buildnation Construction
Limited will be heard before the High Court at Auckland on Oct. 4,
2024, at 10:45 a.m.

Carters Building Supplies Limited filed the petition against the
company on Aug. 6, 2024.

The Petitioner's solicitor is:

          Philip John Morris
          Stace Hammond Lawyers
          KPMG Building
          Level 7, 85 Alexandra Street
          Hamilton 3240


FISH NETS: Grant Bruce Reynolds Appointed as Liquidator
-------------------------------------------------------
Grant Bruce Reynolds of Reynolds & Associates on Sept. 2, 2024, was
appointed as liquidator of Fish Nets Warkworth Limited.

The liquidator may be reached at:

          Reynolds & Associates Limited
          PO Box 259059
          Botany
          Auckland 2163


KIWI GROUP: Court to Hear Wind-Up Petition on Sept. 20
------------------------------------------------------
A petition to wind up the operations of Kiwi Group of Company NZ
Limited will be heard before the High Court at Auckland on Sept.
20, 2024, at 10:00 a.m.

Z Energy Limited filed the petition against the company on Aug. 8,
2024.

The Petitioner's solicitor is:

          Catherine Louise Waugh
          c/- Credit Consultants Group NZ Limited
          Level 6, 15 Willeston Street
          Wellington Central
          Wellington 6011


SYME PRODUCTS: Creditors' Proofs of Debt Due on Sept. 27
--------------------------------------------------------
Creditors of Syme Products Limited, New Zealand Fire Inspection
Services Limited and HFI Limited are required to file their proofs
of debt by Sept. 27, 2024, to be included in the company's dividend
distribution.

Syme Products Limited commenced wind-up proceedings on Aug. 29,
2024.

New Zealand Fire Inspection Services Limited and HFI Limited
commenced wind-up proceedings on Sept. 2, 2024.

The company's liquidator is:

          Heath Gair
          Palliser Insolvency
          PO Box 57124
          Mana
          Porirua 5247




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

INDUSTRIAL DEVELOPMENT: Cancels Banking License of Insolvent Bank
-----------------------------------------------------------------
ProPakistani reports that the State Bank of Pakistan (SBP) on Sept.
6, 2024, cancelled the banking license of Industrial Development
Bank Limited (IDBL) and directed its de-scheduling as it has gone
into liquidation.

ProPakistani relates that a notification issued by Banking Policy
and Regulations Department of the central bank reads: "In exercise
of powers conferred upon State Bank of Pakistan by Section 27 (4)
of Banking Companies Ordinance, 1962 the banking license issued to
Industrial Development Bank Limited (license No. BL02-2012 dated 29
November 2012) hereby stands cancelled with effect from February
02, 2024 as it has gone into liquidation."

The SBP, through a separate BPRD notification, also directed "the
de-scheduling of IDBL in terms of Section 37(2)(d) of State Bank of
Pakistan Act, 1956 with effect from February 2, 2024," due to
bank's insolvency, ProPakistani relays.




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

DASIN RETAIL: Unitholders Fail to Pass Resolutions at EGM
---------------------------------------------------------
The Business Times reports that unitholders of Dasin Retail Trust
failed to pass a resolution seeking the removal of the manager of
the trust at an extraordinary general meeting (EGM) convened by
requisitionists on Sept. 9.

A second resolution seeking to internalise the trustee-manager
function of Dasin Retail Trust was also not carried as it was
conditional upon the approval of the first resolution, BT relates.
The resolution also sought to form a committee of the
requisitioning shareholders claiming to own more than half the
trust to identify and appoint a new board of directors.

According to BT, the first resolution failed to garner at least 75
per cent of the total number of votes cast by unitholders at the
EGM, which is the requirement to pass the resolution.

It sought to amend the trust deed such that unitholders can approve
either by ordinary or extraordinary resolution several matters,
including the removal of the trustee-manager, the appointment or
removal of any director of a special-purpose vehicle, as well as
the appointment or removal of any external party whose fees are
expected to exceed SGD50,000, BT relates.

About 67 per cent of unitholders voted for the first resolution,
while 33 per cent voted against, said the manager of Dasin Retail
Trust in a bourse update on Sept. 9.

The EGM was convened by a group of unitholders owning more than 10
per cent of the trust, BT says. They include Aqua Wealth Holdings,
Feng Guomin, Michael Chui and Zhang Shenming.

                         About Dasin Retail

Dasin Retail Trust's principal investment mandate is to invest in,
own or develop land, uncompleted developments and income-producing
real estate in Greater China (comprising People's Republic of
China, Hong Kong and Macau), used primarily for retail purposes, as
well as real estate-related assets, with an initial focus on retail
malls. The portfolio of Dasin Retail Trust comprises seven retail
malls strategically located in Foshan, Zhuhai and Zhongshan Cities
in PRC. Dasin Retail Trust is managed by Dasin Retail Trust
Management Pte. Ltd. ("Trustee-Manager"). The Trustee-Manager's key
objectives are to provide Unitholders of Dasin Retail Trust with an
attractive rate of return on their investment through regular and
stable distributions to Unitholders and to achieve long-term
sustainable growth in DPU and net asset value per Unit, while
maintaining an appropriate capital structure for Dasin Retail
Trust.

As reported in the Troubled Company Reporter-Asia Pacific in early
September 2023, Dasin Retail Trust has received a notice declaring
that an event of default has occurred under its onshore syndicated
term loan facility of up to CNY400 million (SGD74.6 million).

Issued by the Bank of China's Zhongshan branch as the facility and
security agent of the onshore facility, the bank is claiming an
outstanding sum of CNY355.2 million plus interest after the term
loan matured on Dec. 31, 2022, according to the Business Times.

This interest shall go on accruing until full payment is made by
Dasin Retail Trust's subsidiary, Zhongshan Yuanxin Commercial
Property Management, noted the trustee-manager late on Sept. 4,
2023.

Notices of these facilities were dated Aug. 31, and issued to the
trust's subsidiaries, including Zhongshan Yuanxin.

According to BT, Dasin's trustee-manager said it is continuing to
explore available options for the restructuring exercise with
lenders under its various facilities.

BT added the announcement comes weeks after Dasin Retail Trust
received separate notices of default occurring under its Singapore
dollar and US dollar-denominated offshore syndicated term loan
facility of up to SGD430 million, as well as a Singapore dollar and
Hong Kong dollar-denominated offshore syndicated term loan facility
of up to SGD106.6 million.


KLEIO ONE-SOLUTION: Creditors' Meetings Set for Sept. 19
--------------------------------------------------------
Kleio One-Solution Pte Ltd will hold a meeting for its creditors on
Sept. 19, 2024, at 3:00 p.m. via audio-visual conference (via
Zoom).

Agenda of the meeting includes:

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

   b. to appoint Liquidators;

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

   d. Any other business.


LIVESTOCK CARRIER: Commences Wind-Up Proceedings
------------------------------------------------
Members of Livestock Carrier 3 Pte. Limited, Livestock Carrier 4
Pte. Limited, Livestock Carrier 5 Pte. Limited, Livestock Carrier 6
Pte. Limited, Livestock Carrier 7 Pte. Limited, Livestock Carrier 8
Pte. Limited and Livestock Carrier 9 Pte. Limited, on Aug. 29,
2024, passed a resolution to voluntarily wind up the company's
operations.

The company's liquidator is:

          Dr. Knut Unger
          Luther LLP
          4 Battery Road
          #25-01 Bank of China Building
          049908 Singapore


OFFSHORE SUPPORT: Commences Wind-Up Proceedings
-----------------------------------------------
Members of Offshore Support Vessels 10 Pte Ltd, Offshore Support
Vessels 12 Pte Ltd, Offshore Support Vessels 14 Pte Ltd, and
Offshore Support Vessels 15 Pte Ltd, on Aug. 29, 2024, passed a
resolution to voluntarily wind up the company's operations.

The company's liquidator is:

          Dr. Knut Unger
          Luther LLP
          4 Battery Road
          #25-01 Bank of China Building
          049908 Singapore


S.A VALET: Court Enters Wind-Up Order
-------------------------------------
The High Court of Singapore entered an order on Aug. 30, 2024, to
wind up the operations of S.A Valet Pte. Ltd.

Maybank Singapore Limited filed the petition against the company on
Aug. 6, 2024.

The company's liquidators are:

          BDO Advisory Pte Ltd
          600 North Bridge Road
          #23-01 Parkview Square
          Singapore 188778


SOON LI: Court Enters Wind-Up Order
-----------------------------------
The High Court of Singapore entered an order on Aug. 30, 2024, to
wind up the operations of Soon Li Stainless Steel Works Pte. Ltd.

United Overseas Bank Limited filed the petition against the company
on Aug. 6 2024.

The company's liquidators are:


          BDO Advisory Pte Ltd
          600 North Bridge Road
          #23-01 Parkview Square
          Singapore 188778


TERRAFORM LABS: Faces Key Chapter 11 Hearing on Sept. 19
--------------------------------------------------------
Bena Ilyas and Julia Sakovich of Coinspeaker report bankrupt crypto
firm Terraform Labs is approaching a pivotal moment as its Chapter
11 bankruptcy reorganization hearing is set for September 19 in
Beijing. The outcome of this court date will decide whether the
company can rise from the ashes or face complete liquidation.

Terraform Labs' troubles began in May 2022 with the de-pegging of
its algorithmic stablecoin UST from the US dollar. The crisis
triggered a domino effect that wiped out billions in investor funds
and sent shockwaves through the crypto ecosystem.

The collapse not only eroded investor confidence but also attracted
the scrutiny of regulators. In February 2023, the US Securities and
Exchange Commission (SEC) filed a lawsuit against Terraform Labs,
alleging securities violations.

            Terraform Labs Faces $4.5B Settlement

January 2024 marked a turning point for Terraform Labs as they
filed for Chapter 11 bankruptcy in Delaware. This initiated a
complex legal process to determine the company's future. Do Kwon,
the co-founder and former CEO, was embroiled in the controversy and
faced legal repercussions.

In July 2024, a significant development emerged as Terraform Labs
and Kwon settled with the SEC for a hefty $4.5 billion. This
settlement, one of the largest in crypto history, included
penalties, disgorgement of funds, and interest. Additionally, it
effectively barred both Kwon and Terraform Labs from the crypto
industry, signifying a definitive end for the once-influential
firm.

As part of the bankruptcy proceedings, Terraform Labs is currently
trying to sell key assets to meet its financial obligations under
the SEC settlement. The company owns the key assets including
platforms like Pulsar Finance (portfolio tracking), Station (crypto
wallet), Enterprise (no-code DAO management), and Warp (smart
contract automation).

Terraform Labs is offloading these assets, once seen as valuable in
their ecosystem, to raise necessary funds. This strategic move
shows the company's desperate financial situation.

              SEC Settlement's Heavy Toll on Crypto

The hefty $4.5 billion SEC settlement serves as a stark reminder of
the consequences associated with misconduct in the crypto industry.
It underscores the importance of responsible innovation and
adherence to regulatory guidelines.

However, the court-authorized reopening of the Shuttle Bridge, a
key component in Terraform Labs' blockchain ecosystem, and the
destruction of a substantial amount of LUNA tokens offer a glimmer
of hope for potential restructuring.

September 19's hearing will be a critical event for Terraform Labs,
which will decide whether the company can successfully navigate
this legal gauntlet and emerge from bankruptcy, albeit in a
much-diminished form.

                     About Terraform Labs

Terraform Labs Pte. Ltd. -- https://www.terra.money -- is a startup
that created Terra, a blockchain protocol and payment platform used
for algorithmic stablecoins. It was co-founded by Do Kwon and
Daniel Shin in 2018 in Seoul, South Korea.

Terraform Labs introduced its first cryptocurrency token, TerraUSD,
in 2019. Investment firms like Arrington Capital, Coinbase
Ventures, Galaxy Digital, and Lightspeed Venture Partners helped
Terraform Labs raise more than $200 million.

The collapse of the stablecoins TerraUSD (UST) and Luna in May 2022
caused the temporary suspension of the Terra network, wiping out
over $45 billion in market capitalization in a single week.

Both of Terra Form Labs' founders have encountered legal problems
as a result of the devaluation of the company's currency. In
September 2022, South Korean prosecutors filed a warrant for Do
Kwon's arrest. He was also added to Interpol's Red Notice list,
which urges other law enforcement to find and detain him.

Terraform Labs Pte. Ltd. sought relief under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. D. Del. Case No. 24-10070) on Jan. 22,
2024. In the petition filed by Chris Amani, as chief executive
officer, the Debtor estimated assets and liabilities between $100
million and $500 million each.

The Debtor is represented by:

     Zachary I Shapiro, Esq.
     Richards, Layton & Finger, P.A.
     1 Wallich Street
     #37-01
     Guoco Tower 078881


TERRAFORM LABS: Updates Unsecured Claims Pay; Files Amended Plan
----------------------------------------------------------------
Terraform Labs Pte. Ltd. ("TFL") and Terraform Labs Limited ("TLL")
submitted a Disclosure Statement for Amended Plan of Liquidation
dated August 6, 2024.

The Plan is a result of the SEC Settlement, as well as the Debtors'
and their advisors' collaborative work with the SEC and the
Creditors' Committee and its advisors to negotiate the terms of a
chapter 11 plan of liquidation and wind down of the Debtors'
estates.

The Plan provides for an orderly liquidation of all of the Debtors'
assets and the distribution of value to the Debtors' creditors in
accordance with the priorities under the Bankruptcy Code and the
SEC Settlement.

On the Effective Date, the Debtors' assets and liabilities will be
transferred to and vest in the Wind Down Trust which will be a STAR
Trust under the laws of the Cayman Islands (the "Wind Down Trust").
The Wind Down Trust will assume sole and exclusive responsibility
and liability for all claims against the Debtors, as well as the
Debtors' operating expenses, and such claims shall be liquidated,
resolved, or paid by the Wind Down Trust.

In addition, the Wind Down Trust will hold a supermajority equity
interest in TFL, such that it may assert shareholder control and
commence the winding up of TFL and TLL upon completion of the wind
down. Under the Plan, creditors do not receive a beneficial
interest in the Wind Down Trust. Rather, the Wind Down Trust is
purely an objects trust, without beneficiaries, for the purpose of
effectuating the wind down and distributions to creditors.

Class 4 consists of General Unsecured Claims ("GUC"). Holders of
Allowed General Unsecured Claims will receive their Pro Rata share
of the GUC Pool up to the full allowed amount of such Claim.
Holders of Allowed General Unsecured Claims are required to file
proofs of claim pursuant to the General Bar Date Order.

On the Effective Date, the Debtors will establish the following
pools of funds for wind-down costs and distributions to claimants:

     * Wind Down Reserve: Funded with Cash sufficient to fund (i)
the wind down process until the Wind Down Completion Date,8 taking
into account funds that are not yet in the Debtors' estates, but
are likely to be available after the Effective Date, as provided in
the Wind Down Budget, and (ii) the D&O Indemnification Obligations.
The Wind Down Budget will be included in the Plan Supplement.

     * Senior Claim Pool: Funded on the Effective Date with Cash
estimated to be necessary to pay holders of secured and/or priority
claims (i.e., Administrative Expense, Priority Tax, Priority
NonTax, and Other Secured Claims) ("Senior Claims") a 100%
recovery, plus any amounts estimated to be necessary to pay holders
of Disputed Senior Claims.

     * Fee Escrow Account: Funded with Cash for the payment of
professional fees and costs ("Fee Claims"), based on estimates
provided in advance of the Effective Date.

     * GUC Pool (for the payment of Allowed General Unsecured
Claims): Funded (i) on the Effective Date, with Effective Date
Available Cash (i.e., available cash that is not otherwise reserved
for another fund/pool) and (ii) after the Effective Date, with (a)
Post-Effective Date Cash, (b) Surplus Reserved Cash, and (c)
Surplus Senior Claim Pool Cash, in each case in accordance with the
Waterfall.

     * Crypto Loss Claims Pool: (for the payment of Crypto Loss
Claims): Funded initially with (i) the funds in the SEC Settlement
Fund and (ii) thereafter, with any remaining Cash in the GUC Pool
upon the time at which all Allowed General Unsecured Claims are
indefeasibly paid in full in Cash and there are no Disputed General
Unsecured Claims (the "General Unsecured Claim Payment
Completion").

     * SEC Settlement Fund: Funded with amounts transferred to the
Debtors by Mr. Kwon and LFG under the SEC Settlement, which shall
be converted to Cash after the Effective Date and reserved for
distribution solely to harmed investors holding Crypto Loss Claims
pursuant to the SEC Settlement.

A full-text copy of the Disclosure Statement dated August 6, 2024
is available at https://urlcurt.com/u?l=CFVszG from
PacerMonitor.com at no charge.

Attorneys for the Debtors:    

                  Zachary I. Shapiro, Esq.
                  RICHARDS, LAYTON & FINGER, P.A.
                  One Rodney Square, 920 North King Street
                  Wilmington, Delaware 19801
                  Tel: (302) 651-7700
                  Email: shapiro@rlf.com

                  Ronit Berkovich, Esq.
                  WEIL, GOTSHAL & MANGES LLP
                  767 Fifth Avenue
                  New York, New York 10153
                  Tel: (212) 310-8000
                  Email: ronit.berkovich@weil.com

                      About Terraform Labs

Terraform Labs Limited's parent is Terraform Labs Pte. Ltd., a
software development company. Its Parent's primary business purpose
is to develop and support (i) software used to create and run the
current Terra blockchain network, which was started in May 2022,
and (ii) an entire suite of tools, protocols, and applications that
operate on the Terra Blockchain, making transactions on the network
easier, faster, and more user friendly.

The Debtor sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr.  D. Del. Case No. 24-11481) on July 1,
2024, with $100 million to $500 million in assets and $0 to $50,000
in liabilities. Chris Amani, Head of Company Operations of
Terraform Labs Pte. Ltd., Director of Terraform Labs Limited,
signed the petition.

The Debtor tapped Richards, Layton & Finger, P.A. as local counsel;
Weil, Gotshal & Manges LLP as attorney; Dentons US LLP as special
litigation counsel; WongPartnership LLP as special foreign counsel;
and Alvarez & Marsal North America, LLC as financial advisor.


VROON OFFSHORE: Commences Wind-Up Proceedings
---------------------------------------------
Members of Vroon Offshore Asia Pte Ltd, Vroon Ship Holding Pte.
Limited and Vroon Shipping Asia Pte. Ltd. on on Aug. 29, 2024,
passed a resolution to voluntarily wind up the company's
operations.

The company's liquidator is:

          Dr. Knut Unger
          Luther LLP
          4 Battery Road
          #25-01 Bank of China Building
          049908 Singapore




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

QOO10: Court OKs Rehabilitation Process for TMON and WeMakePrice
----------------------------------------------------------------
Yonhap News Agency reports that the Seoul Bankruptcy Court on Sept.
10 granted a rehabilitation process for liquidity crisis-hit
e-commerce platforms TMON and WeMakePrice, allowing them to
restructure their debts to creditors under the supervision of
court-appointed custodians.

According to Yonhap, the decision came more than a month after TMON
and WeMakePrice filed for court-supervised rehabilitation,
following overdue payments to vendors operating on their platforms
that reached nearly KRW1 trillion (US$744 million).

The liquidity crisis was reportedly caused by aggressive merger
deals by their owner, Singapore-based Qoo10.

Following the approval of the rehabilitation process, the court
will appoint custodians, who will list the companies' creditors and
debts and draft rehabilitation plans, Yonhap says.

Once the plans are drawn, the court will review them for final
approval.

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



                           *********


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

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

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

This material is copyrighted and any commercial use, resale or
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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thereof are US$25 each.  For subscription information, contact
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                *** End of Transmission ***