---

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

                     A S I A   P A C I F I C

          Thursday, September 12, 2024, Vol. 27, No. 184

                           Headlines



A U S T R A L I A

BASSI EARTHWORKS: Second Creditors' Meeting Set for Sept. 17
DIVERSIFIED RAIL: First Creditors' Meeting Set for Sept. 17
GEELONG BUILDING: Goes Into Liquidation Owing Almost AUD1 Million
HARVEY TECHNOLOGY: Successfully Completes Sale of Business
JUST FOODS: First Creditors' Meeting Set for Sept. 16

LATITUDE AUSTRALIA 2024-2: Fitch Gives BB(EXP) Rating on E Notes
MA MONEY 2024-1: Moody's Assigns (P)B2 Rating to AUD3.50MM F Notes
MIGHTY CRAFT: ATO Labels Proposed Payout a 'Token'
MINERAL RESOURCES: Fitch Alters Outlook 'BB' IDR to Negative
OLRITZ FINANCIAL: ASIC Suspends AFS Licence Until March 5

PLENTI PL 2023-1: Moody's Upgrades Rating on Class F Notes to Ba1
SCP DEVELOPMENTS: Second Creditors' Meeting Set for Sept. 17
SELINA OPERATION: Second Creditors' Meeting Set for Sept. 17
ZIP MASTER 2023-1: S&P Affirms B(sf) Rating on Class F Notes


C H I N A

CHINA EVERGRANDE: Founder's Ex-Wife Gets $26K/Mo Amid Asset Freeze
CHINA RENAISSANCE: Shares Plummet After 17-Month Suspension
ELECT GLOBAL: Moody's Cuts Rating on Perpetual Securities to Ba1
GUANGZHOU R&F: Faces Restructuring & Receivership
HO WAN KWOK: Trustee Seeks to Hire Compass as Broker

JINGBO TECHNOLOGY: Board Adopts Amended & Restated Bylaws
QUZHOU DEVELOPMENT: Fitch Puts CCC+ LongTerm IDR on Watch Negative
ZHONGZHI ENTERPRISE: Risky Practices Preceded Company's Collapse
ZK International: Fortune CPA Raises Going Concern Doubt


H O N G   K O N G

VALUE EXCHANGE: Posts $333,410 Net Loss in Fiscal Q2


I N D I A

ADYA DAIRY: ICRA Lowers Rating on INR6.95cr LT Loan to B+
AKAL PIPE: ICRA Keeps D Debt Ratings in Not Cooperating Category
ARCHANA FLOUR: CARE Keeps B- Debt Rating in Not Cooperating
BALAJI OVERSEAS: ICRA Keeps B Debt Ratings in Not Cooperating
BETUL BIOFUEL: ICRA Lowers Rating on INR90cr Term Loan to B+

BHADOHI CARPETS: ICRA Keeps B+ Debt Rating in Not Cooperating
BMB FOAM: CARE Keeps B- Debt Rating in Not Cooperating Category
DEEKAY TREXIM: ICRA Keeps B+ Debt Rating in Not Cooperating
DOON TOWER: CARE Keeps B- Debt Rating in Not Cooperating Category
DYNAMIC TRANSMISSION: ICRA Keeps B+ Ratings in Not Cooperating

ESSAR OIL: NCLAT Halts Insolvency Proceedings
FOUR WHEELS: ICRA Keeps B+ Debt Ratings in Not Cooperating
GOEL INDUSTRIES: CARE Keeps B- Debt Rating in Not Cooperating
GURU GORAKH: CARE Keeps B- Debt Rating in Not Cooperating Category
L.G. AGRO: CARE Keeps B- Debt Rating in Not Cooperating Category

MATRIX ENCLAVES: ICRA Lowers Rating on INR50cr Term Loan to B+
MUKARBA CHOWK-PANIPAT: CARE Keeps D Debt Rating in Not Cooperating
MULJI DEVSHI: CARE Keeps D Debt Rating in Not Cooperating Category
NARWAL HATCHERIES: CARE Keeps B- Debt Rating in Not Cooperating
RADHE COTTON: CARE Keeps D Debt Rating in Not Cooperating Category

RAJ OVERSEAS: CARE Keeps C Debt Rating in Not Cooperating Category
RAJVIR AND COMPANY: CARE Keeps B- Debt Rating in Not Cooperating
RANA CONSTRUCTIONS: CARE Assigns B+ Rating to INR35cr LT Loan
RMG DEVELOPERS: CARE Keeps D Debt Rating in Not Cooperating
SHARWIN COTTEX: CARE Keeps D Debt Rating in Not Cooperating

SHIV GRAMOUDYOG: CARE Keeps B- Debt Rating in Not Cooperating
SHIVRATNA CONSTRUCTION: CARE Keeps B- Rating in Not Cooperating
UNITED BLUE: CARE Lowers Rating on INR10.60cr LT Loan to B-
VARIDHI COTSPIN: CARE Lowers Rating on INR48.50cr Loan to D
VSN LABORATORIES: CARE Keeps B- Debt Rating in Not Cooperating

WINTOP VITRIFIED: ICRA Keeps B Debt Ratings in Not Cooperating


I N D O N E S I A

MEDCO ENERGI: Moody's Affirms 'B1' CFR & Alters Outlook to Positive


N E W   Z E A L A N D

AIRPORT HARBOUR: Court to Hear Wind-Up Petition on Sept. 20
DOGGY DEN: Grant Bruce Reynolds Appointed as Liquidator
DU VAL GROUP: Founder Speaks Out After Co. Placed in Receivership
DUKES DIGGER: Creditors' Proofs of Debt Due on Oct. 18
ESSENTIAL CONNECTIONS: Court to Hear Wind-Up Petition on Oct. 22

SPEEDY REMOVALS: Grant Bruce Reynolds Appointed as Liquidator
WAITONUI GROUP: Enters Liquidation, Baker Tilly Named Liquidator


S I N G A P O R E

CASHWAGON PTE: Creditors' Meeting Scheduled for Sept. 24
FUND SINGAPORE: Creditors' Meetings Set for Sept. 23
FUTABA DENSHI: Creditors' Proofs of Debt Due on Oct. 9
VANDA MARINE: Creditors' Meetings Set for Sept. 20


S R I   L A N K A

UB FINANCE: Fitch Alters Outlook on 'BB(lka)' Rating to Negative


V I E T N A M

ORIENT COMMERCIAL: Moody's Affirms 'Ba3' Deposit & Issuer Ratings
VIETNAM INT'L: Moody's Affirms Ba3 Deposit & Issuer Ratings

                           - - - - -


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

BASSI EARTHWORKS: Second Creditors' Meeting Set for Sept. 17
------------------------------------------------------------
A second meeting of creditors in the proceedings of Bassi
Earthworks Pty Ltd has been set for Sept. 17, 2024 at 2:00 p.m. at
Level 5, Suite 6, 350 Collins Street, Melbourne and via virtual
meeting technology.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by Sept. 16, 2024 at 4:00 p.m.

Simon Patrick Nelson of BPS Reconstruction and Recovery was
appointed as administrator of the company on Aug. 13, 2024.


DIVERSIFIED RAIL: First Creditors' Meeting Set for Sept. 17
-----------------------------------------------------------
A first meeting of the creditors in the proceedings of Diversified
Rail Services Pty Ltd will be held on Sept. 17, 2024 at 10:00 a.m.
via virtual meeting only.

Bradd William Morelli and Christopher John Baskerville of Jirsch
Sutherland were appointed as administrators of the company on Sept.
5, 2024.


GEELONG BUILDING: Goes Into Liquidation Owing Almost AUD1 Million
-----------------------------------------------------------------
News.com.au reports that a builder has managed to get all his
clients into their homes before he went bust owing creditors about
AUD880,000 as Australia's housing crisis continues to worsen.

According to news.com.au, the Victorian company miraculously
finished building the last of its client's residential homes but
had no new builds on its books to cover loan repayments.

The company, Geelong Building Solutions, appointed liquidator
Worrells to settle its outstanding debts on August 21, news.com.au
discloses.

The Victorian residential builder owes hundreds of thousands of
dollars to Shift Financial (AUD300,000), National Australia Bank
(AUD250,000) and Prospa Advance (AUD143,000).

Geelong Building Solutions director Aaron Anstis told News Corp the
business started experiencing financial difficulties during the
pandemic, news.com.au relays.

"Around the end of 2020 and into 2021 with Covid and the fixed
price contracts and costs skyrocketing, we got into some financial
difficulty and then borrowed money to try and get us through that
period of time," the report quotes Mr. Anstis as saying.

"It just got to the point where with the economic downturn and not
as much construction happening, we just didn't have the new builds
to continue with cash flow and an income to repay the debts for the
banks."

He said the company had managed to get the last of its clients'
homes completed but had no new builds to cover loan repayments.

"There was a very minimal amount that was outstanding to suppliers
and no money outstanding to trades at the end," he said.

"It was really only in the last four to six weeks, that's when I
had to look at liquidation or administration.

"I do take some pride in the fact that I was able to get all of my
clients into their homes even though that's been a detriment to my
own personal wealth."


HARVEY TECHNOLOGY: Successfully Completes Sale of Business
----------------------------------------------------------
Cor Cordis, appointed as voluntary administrators for Harvey
Technology Pty Ltd and Outback HQ Pty Ltd trading as TRACK Trailer,
said it has successfully completed the restructure and sale of the
business. The sale, completed on Sept. 6, 2024, after submitting a
report to creditors on Sept. 5, marks a significant milestone in
the administration process.

"We are pleased to announce the successful sale of the TRACK
Trailer business," said Barry Wight, Partner at Cor Cordis. "This
achievement highlights our commitment to securing the best possible
outcome for creditors."

The sale has safeguarded the ongoing employment and represents a
positive outcome for employees, including a substantial return to
the first-ranking secured creditor.

"This successful outcome not only preserves jobs but also secures
the future of a longstanding family business," added Barry Wight.
"We are grateful for the cooperation of all parties involved, which
was instrumental in achieving this result."

Specific details regarding the sale cannot be disclosed due to
confidentiality obligations under the Business Sale Agreement
(BSA).

Barry Wight and Rachel Burdett of Cor Cordis were appointed
Voluntary Administrators of Harvey Technology Pty Ltd and Outback
HQ Pty Ltd, trading as Track Trailer, on June 6, 2024.


JUST FOODS: First Creditors' Meeting Set for Sept. 16
-----------------------------------------------------
A first meeting of the creditors in the proceedings of Just Foods
International Pty Ltd will be held on Sept. 18, 2024 at 3:30 p.m.
via teleconference only.

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


LATITUDE AUSTRALIA 2024-2: Fitch Gives BB(EXP) Rating on E Notes
----------------------------------------------------------------
Fitch Ratings has assigned expected ratings to Latitude Australia
Credit Card Loan Note Trust Series 2024-2's floating-rate notes.
The issuance consists of notes backed by a pool of Australian
consumer sales finance and credit card receivables originated by
Latitude Finance Australia. The notes will be issued by Perpetual
Corporate Trust Limited in its capacity as trustee of Latitude
Australia Credit Card Master Trust. This is the seventh issuance
from Latitude Australia Credit Card Master Trust.

   Entity/Debt            Rating           
   -----------            ------           
Latitude Australia
Credit Card Master
Trust

   2024-2 Class A1    LT AAA(EXP)sf  Expected Rating
   2024-2 Class A2    LT AAA(EXP)sf  Expected Rating
   2024-2 Class B     LT AA(EXP)sf   Expected Rating
   2024-2 Class C     LT A(EXP)sf    Expected Rating
   2024-2 Class D     LT BBB(EXP)sf  Expected Rating
   2024-2 Class E     LT BB(EXP)sf   Expected Rating

KEY RATING DRIVERS

Stable Receivables Performance: Portfolio performance is stable,
with gross charge-offs averaging 4.6%, yield averaging 16.7% and a
monthly payment rate (MPR) averaging 17.5% in the financial year
ending-June 2024 (FY24). Yield and MPR exclude merchant service
fees and recoveries. Fitch assigned a recovery base case of 20%, as
Latitude has demonstrated a substantial, consistent and steady
recovery history. This led us to adjust the yield steady state to
exclude recoveries, reducing it to 11.5%, from 13.0%. Fitch retains
steady states of 5.25% for gross charge-offs and 12.5% for MPR.

The Stable Outlook on the note ratings is supported by Australia's
continued economic growth and tight labour market, despite rapid
interest rate hikes during 2022-2023. GDP growth for the year
ending March 2024 was 1.1%, with unemployment of 4.2% in July 2024.
Fitch projects GDP growth of 1.2% and unemployment of 4.2% for
2024. This reflects its expectation that a restrictive monetary
policy and persistent inflation will hinder domestic demand.

A summary of the steady states and rating stress applied in its
cash flow modelling is shown below:

Steady State:

Gross charge-offs: 5.25%

Recoveries: 20%

MPR: 12.5%

Gross yield: 11.5%

Purchase rate: 100%

Rating Stress:

Ratings: AAAsf / AAsf / Asf / BBBsf / BBsf

Charge-offs (increase): 4.50x / 3.75x / 3.00x / 2.25x / 1.75x

Recoveries (% haircut): 60% / 48% / 36% / 27% / 18%

MPR (% decrease): 40% / 35% / 30% / 25% / 15%

Gross yield (% decrease): 35% / 30% / 25% / 20% / 15%

Purchase rate (% decrease): 90% / 85% / 75% / 65% / 55%

Originator and Servicer Risk Mitigated: Latitude is a publicly
listed company with more than a decade of experience in managing
large consumer receivable portfolios in Australia and New Zealand.
Latitude is not rated by Fitch. Servicer risk is mitigated through
back-up arrangements. Fitch undertook an operational review and
found that the operations of the originator and servicer were
comparable with other non-bank credit card providers.

Added Flexibility: The structure employs an originator variable
funding note (VFN) purchased and held by Latitude to add funding
flexibility that is typical and necessary for credit card trusts.
It provides credit enhancement to the rated notes, adds protection
against dilution and is used to meet risk-retention requirements. A
separate VFN provides funding flexibility for the trust.

Mitigated Counterparty Risk: Latitude acts in several capacities,
most prominently as originator, servicer and trust manager. The
degree of reliance is mitigated by the transferability of
operations, a nominated back-up servicer and a series-specific
liquidity reserve.

Mitigated Interest-Rate Risk: Interest-rate risk is mitigated by
available credit enhancement.

RATING SENSITIVITIES

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

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

This section provides insight into the model-implied sensitivities
the transaction faces when one assumption is modified, while
holding others equal. The modelling process uses the modification
of these variables to reflect asset performance in up and down
environments. The results below should only be considered as one
potential outcome, as the transaction is exposed to multiple
dynamic risk factors. It should not be used as an indicator of
possible future performance.

Notes: Class A1 / A2 / B / C / D / E

Expected rating: AAAsf / AAAsf / AAsf / Asf / BBBsf / BBsf

Increase charge-off steady state by 25%: AAAsf / AA+sf / AA-sf /
Asf / BBB-sf / BBsf

Increase charge-off steady state by 50%: AAAsf / AA+sf / A+sf /
A-sf / BB+sf / BBsf

Increase charge-off steady state by 75%: AAAsf / AAsf / Asf /
BBB+sf / BB+sf / BB-sf

Reduce MPR steady state by 15%: AAAsf / AA+sf / AA-sf / Asf / BBBsf
/ BBsf

Reduce MPR steady state by 25%: AAAsf / AA+sf / A+sf / A-sf /
BBB-sf / BBsf

Reduce MPR steady state by 35%: AAAsf / AA-sf / Asf / BBB+sf /
BB+sf / BBsf

Reduced purchase rate by 50%: AAAsf / AAAsf / AAsf / Asf / BBBsf /
BBsf

Reduced purchase rate by 75%: AAAsf / AAAsf / AA-sf / Asf / BBB-sf
/ BBsf

Reduced purchase rate by 100%: AAAsf / AA+sf / AA-sf / A-sf / BB+sf
/ BBsf

Reduced yield steady state by 15%: AAAsf / AAAsf / AAsf / Asf /
BBBsf / BBsf

Reduced yield steady state by 25%: AAAsf / AAAsf / AAsf / Asf /
BBB-sf / BBsf

Reduced yield steady state by 35%: AAAsf / AAAsf / AAsf / Asf /
BBB-sf / BBsf

Rating sensitivity to increased charge-off rate and reduced MPR:

Increased charge-off rate by 25% and reduced MPR by 15%: AAAsf /
AA+sf / A+sf / BBB+sf / BB+sf / BBsf

Increased charge-off rate by 50% and reduced MPR by 25%: AA+sf /
A+sf / A-sf / BBB-sf / BBsf / B+sf

Increased charge-off rate by 75% and reduced MPR by 35%: AA-sf /
A-sf / BBBsf / BB+sf / B+sf / Bsf

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

Reduce charge-off steady state by 25%: AAAsf / AAAsf / AA+sf /
AA-sf / A-sf / BBBsf

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 has checked the consistency and plausibility of the
information it has received about the performance of the asset pool
and the transaction.

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

Overall, and together with any assumptions referred to above,
Fitch's assessment of the asset pool 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.


MA MONEY 2024-1: Moody's Assigns (P)B2 Rating to AUD3.50MM F Notes
------------------------------------------------------------------
Moody's Ratings has assigned the following provisional ratings to
the notes to be issued by Perpetual Corporate Trust Limited as
trustee of MA Money Residential Securitisation Trust 2024-1.

Issuer: MA Money Residential Securitisation Trust 2024-1

AUD145.00 million Class A1S Notes, Assigned (P)Aaa (sf)

AUD230.00 million Class A1L Notes, Assigned (P)Aaa (sf)

AUD51.50 million Class A2 Notes, Assigned (P)Aaa (sf)

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

AUD6.00 million  Class C Notes, Assigned (P)A2 (sf)

AUD9.50 million  Class D Notes, Assigned (P)Baa2 (sf)

AUD7.00 million  Class E Notes, Assigned (P)Ba2 (sf)

AUD3.50 million  Class F Notes, Assigned (P)B2 (sf)

The AUD4.50 million Class G1 Notes and AUD3.00 million Class G2
Notes are not rated by us.

The transaction is a securitisation of mortgage loans secured over
residential properties located in Australia. The loans were
originated and are serviced by MA Money Financial Services Pty Ltd
(MA Money, unrated).

MA Money is a wholly owned subsidiary of MA Financial Group, a
global alternative asset manager with AUD9.7 billion in assets
under management as of June 30, 2024. In 2022, MA Financial Group
acquired 100% of MKM Capital, a small non-bank mortgage lender
founded in 2004. Since January 2023, MKM Capital launched and
rebranded to MA Money and has approximately AUD1.5 billion of
Australian mortgage loans assets as of July 31, 2024.

RATINGS RATIONALE

The provisional ratings take into account, among other factors,
evaluation of the underlying receivables and their expected
performance; evaluation of the capital structure and credit
enhancement provided to the notes; the availability of excess
spread over the life of the transaction; the liquidity facility in
the amount of 1.50% of the notes balance subject to a floor of
AUD750,000; the legal structure; and the presence of AMAL Asset
Management Limited as the standby servicer.

According to Moody's analysis, credit strengths of the transaction
include 25.0% subordination available to the Class A1S and Class
A1L (together, the Class A1) Notes, compared with 12.4% MILAN
Stressed Loss; and turbo amortisation of junior notes using excess
spread. However, Moody's note that the transaction features some
credit weaknesses such as a portion of the portfolio underwritten
on an alternative documentation (alt doc) basis (47.2%), loans
granted to self-employed borrowers (63.4%), corporation borrowers
(16.9%), and borrowers who have credit impairment history (8.5%)
based on Moody's classifications.

Moody's Individual Loan Analysis (MILAN) stressed loss for the
collateral pool — representing the loss that Moody's expect the
portfolio to suffer in the event of a severe recession scenario —
is 12.4%. Moody's expected loss for this transaction is 1.4%, which
represents a stressed, through-the-cycle loss relative to
Australian historical data.

The key transactional features are as follows:

-- While the Class A2 Notes are subordinate to the Class A1S and
Class A1L Notes in relation to charge-offs, Class A2 and Class A1L
Notes rank pari passu in relation to principal payments, based on
their stated amounts, before the call option date. This feature
reduces the absolute amount of credit enhancement available to the
Class A1L Notes.

-- Principal collections will be distributed on a sequential basis
at first, with allocation to the Class A1L and Class A2 Notes
ranking pari passu in relation to principal payments before the
call option date.

-- Starting from the second anniversary from closing, and subject
to the step down criteria being satisfied, all notes will
participate in proportional principal distribution. However, the
Class G1 and Class G2 Notes' share of principal will be paid in
reverse sequential order starting from the Class F Notes. The step
down criteria include, among others, full repayment to the Class
A1S Notes, no unreimbursed charge-offs on any of the notes and
Class A2 note subordination of at least 29.4%.

The key pool features are as follows:

-- The pool has a weighted-average scheduled LTV ratio of 70.7%.

-- The portfolio has a weighted average seasoning of 7.8 months,
with 46.0% of loans originated in the last six months.

-- Around 47.2% of the loans were extended on an alternative
documentation basis.

-- 63.4% of loans are to self-employed borrowers.

-- 16.9% of loans are to corporation borrowers.

-- Investment and interest-only (IO) loans represent 40.0% and
22.4% of the pool, respectively.

-- Based on Moody's classifications, around 8.5% of borrowers have
credit impairment history.

Methodology Underlying the Rating Action:

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

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

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

A factor that could lead to a downgrade of the notes is
worse-than-expected collateral performance. The Australian jobs
market and housing market are major drivers of performance. Other
reasons for worse performance than Moody's expect include poor
servicing, error on the part of transaction parties, deterioration
in credit quality of transaction counterparties, fraud and
insufficient transactional governance.


MIGHTY CRAFT: ATO Labels Proposed Payout a 'Token'
--------------------------------------------------
The Australian Financial Review reports that the Australian
Taxation Office labelled a proposed payout of less than 1 cent in
the dollar following the collapse of beer group Mighty Craft as a
"token" amount and tried unsuccessfully to adjourn the meeting to
extract a better deal.

The ATO is owed about AUD9 million in the collapse of Mighty Craft,
which was placed into administration in July, with debts of AUD40
million, AFR discloses.

Mighty Craft's most valuable asset is a 25.5 per cent stake in the
zero carb brand Better Beer, which it helped expand and which is 46
per cent owned by comedians Matt Ford and Jack Steele, better known
as The Inspired Unemployed. Mighty Craft listed on the ASX in 2019
and its shares traded as high as 42 cent in late 2020.

According to AFR, minutes of a creditors meeting for Mighty Craft
and several of its entities lodged late last week with the
corporate regulator show that Drew Hodgetts, on behalf of the ATO,
objected to a deal proposed by Mighty Craft's main funder, Pure
Asset Management.

Under the deed of company arrangement proposed by Pure, which
allows administrators Ankura Consulting to keep operating parts of
Mighty Craft, unsecured creditors would likely receive between 0.5
cent to 0.9 cent in the dollar. Pure is owed AUD23 million but is a
secured creditor.

The ATO was unhappy with such a low amount, AFR says. The minutes
of the meeting outline that Mr. Hodgetts acknowledged that a DOCA
would enable a better return to creditors in some circumstances.

"However, in these circumstances where the amount offered to
unsecured creditors appears to be more of a token amount equating
to less than 1 cent/$" it was not something the ATO could support.
AFR relates that Mr. Hodgetts said the ATO's preference was for an
adjournment of the meeting, to enable a better deal to be pursued,
with an increased offer to all unsecured creditors.

But that was rejected, with the ATO the only unsecured creditor to
vote against the Pure proposal.

Ankura's Quentin Olde, who chaired the meeting on August 26, told
creditors there were several main factors which led to the collapse
of Mighty Craft, according to AFR.

They included "continuing net losses" despite many acquisitions and
investments, high levels of debt, external economic pressures
because of lower consumer spending, and "mounting taxation debts".

Those mounting taxation debts had occurred in part because of the
group's divestment processes before it collapsed, as it offloaded
assets to try and stay afloat, AFR adds.

Mighty Craft Limited (ASX:MCL) -- https://www.mightycraft.com.au/
-- engages in the acquisition and operation of various breweries,
distilleries, bars, and restaurants in Australia. The company sells
its products under the Seven Seasons, Better Beer, Mismatch Brewing
Co, 78 Degrees, Hills Cider, Jetty Road Brewery, Ballistic Beer Co,
Kangaroo Island Spirits, Torquay Beverage Company, Slipstream,
Sparkke, Sauce Brewing Co, Brogan's Way, and Foghorn Brewery
brands. The company was formerly known as Founders First Limited
and changed its name to Mighty Craft Limited in November 2020.

On July 22, 2024, Liam Healey and Quentin Olde of Ankura were
appointed as Joint and Several Administrators of the Company and
its wholly owned subsidiaries.

On Aug. 26, 2024, creditors of the Company resolved that the
Company execute a Deed of Company Arrangement (DOCA) proposed by
Pure Asset Management.  The DOCA for the Company proposes a
compromise of the liabilities of the Company to its creditors.

The DOCA includes a condition precedent that requires all of the
issued share capital in the Company be transferred by the
Administrators to the Proponent, for a nil consideration to the
existing shareholders.


MINERAL RESOURCES: Fitch Alters Outlook 'BB' IDR to Negative
------------------------------------------------------------
Fitch Ratings has revised the Outlook on Australia-based Mineral
Resources Limited's (MinRes) Issuer Default Rating (IDR) to
Negative, from Stable, and has affirmed the IDR, as well as the
rating on MinRes's senior unsecured US-dollar notes, at 'BB'.

The Outlook revision reflects a surge in leverage following a
period of significant capex alongside falling lithium prices.
EBITDA net leverage reached 4.9x in the financial year ended June
2024 (FY24), above its 2.2x forecast. Fitch expects leverage to
stay high in FY25, with the company guiding AUD1.9 billion in capex
for project completion and ongoing weakness in lithium prices.
Fitch expects MinRes to delever from FY26 through capex discipline,
cost improvements and rising cash generation at its Onslow iron ore
project, but the Negative Outlook reflects the associated execution
risks.

The affirmation reflects the company's record of maintaining a
prudent approach to funding growth projects and managing its
balance sheet strength amid periods of elevated leverage, including
the monetisation of assets to accelerate deleveraging.

Key Rating Drivers

Capex, Lithium Increase Leverage: Fitch-calculated EBITDA net
leverage reached 4.9x in FY24, from 0.9x in FY23. This was caused
by elevated capex as MinRes nears the completion of its AUD3.3
billion Onslow project and lower EBITDA driven by large falls in
lithium prices. MinRes forecasts capex to remain elevated in FY25
as it completes the Onslow project and invests in new external
mining services contracts. As a result, Fitch expects leverage to
remain above the 3.0x rating downgrade sensitivity in FY25, at
4.8x.

Deleveraging Initiatives: MinRes is taking action to address its
elevated leverage. The company aims to cut growth capex to AUD1.3
billion in FY25, from AUD 2.5 billion in FY24, including AUD0.8
billion for the Onslow project. It also intends to postpone other
growth projects, which should further reduce capex intensity as its
elevated leverage is addressed. Other initiatives include the
cancellation of MinRes's FY24 final dividend and adjusting its
mining plans to reflect softer market conditions. The company
expects that the ramp up of the Onslow project will also support
its deleveraging.

Fitch forecasts that these measures will allow MinRes to improve
its EBITDA net leverage towards 3.0x by FY26. However, the Negative
Outlook reflects the execution risks that may keep leverage above
its expectations, which could lead to negative rating action.

Demonstrated Ability to Monetise Investments: MinRes has a
long-term EBITDA leverage target of 2.0x. It has demonstrated its
ability to monetise investments to support its balance sheet and
fund an extensive capex pipeline over the past few years. The
company sold a 49% stake in its Onslow haul road for AUD1.3 billion
in FY24, with net proceeds of AUD1.1 billion to be received in
FY25. It also restructured its MARBL joint venture with Albemarle
Corporation (BBB-/Stable), netting cash proceeds of USD384 million
(AUD588 million) in FY24.

Sound Liquidity Eases Near-Term Pressure: Fitch believes MinRes's
strong liquidity and lack of near-term debt maturities provide the
company with the flexibility to address the soft lithium market and
its elevated leverage. MinRes's next maturity is its USD700 million
bond due in May 2027, with well-spread maturities across the
remainder of its debt. The company also had AUD1.7 billion in
available liquidity at FYE24 and expects to receive AUD1.1 billion
in proceeds for the sell down of its Onslow haul road in FY25.

Increasing Earnings Diversification: Fitch expects the ramp-up of
Onslow, which achieved its first ore delivery in FY24, to boost
MinRes's earnings diversification. Fitch forecasts Onslow to
deliver incremental EBITDA of AUD0.9 billion as it ramps up
production to 35 million tonnes (mt) in FY26 and FY27, with a
significant portion of EBITDA derived from mining services, which
has less exposure to commodity price fluctuations.

MinRes is already one of the world's largest spodumene concentrate
producers and a joint-venture partner to the world's largest
lithium battery chemical supplier. It has guided that its Mt Marion
and Wodgina mines will produce between 480,000t-545,000t of SC6
equivalent in FY25, with the ability to increase production to
around 600,000t of SC6 equivalent. Fitch believes the company is
well-positioned to respond to a recovery in global demand for
lithium over the medium term.

Change in Lithium Strategy: MinRes has exited all of its
arrangements to convert spodumene concentrate into more marginal
battery chemicals and intends to focus on spodumene concentrate
production. This follows the fall in MinRes's realised average
lithium battery chemical price to around USD17,000/t over the last
year, from around USD51,000/t. The company ceased conversion at
Wodgina in 4QFY24, following the MARBL joint venture restructure
with Albemarle. This is in addition to the termination of the Mt
Marion tolling agreement with Ganfeng Lithium Co., Ltd. effective
June 2023.

Unique Model: MinRes's strength lies in the provision of
pit-to-ship, life-of-mine services to mines. The company funds a
mine's design and construction in return for equity, before
securing a life-of-mine contract that charges based on units of
production, with no direct exposure to commodity prices. It is a
volume-driven business, with the company earning a margin on
volume. Current investments and developments tie the company's cash
flow to the lithium and iron ore markets through its vertical
integration options.

Prepayment Treated as Debt: MinRes entered into an agreement where
it presold a certain amount of iron ore for USD400 million (around
AUD600 million). Under the agreement, the iron ore will be
delivered over FY25 to FY28 and the company includes the prepayment
as non-debt in its financial statements. However, Fitch treats the
prepayment as debt, as Fitch believes the agreement creates an
obligation for MinRes. There are costs under the agreement that are
akin to interest payments and the arrangement is an alternative
source of funding for the company.

Derivation Summary

MinRes's rating reflects its strong position in upstream lithium,
rising production of iron ore and its integrated mining services,
which support cash flow through the cycle. However, the Negative
Outlook reflects the company's elevated leverage from high capex
and exposure to the soft lithium market. Its business profile is
similar to the integrated model of PT Adaro Indonesia (AI,
BBB-/Stable). However, AI has a better position on the cost curve
and placement within the value chain through the power-generation
business of its parent, PT Adaro Energy Indonesia Tbk.

PT Indika Energy Tbk (BB-/Stable) is also similar to MinRes in
terms of its high capital intensity in growth projects. However,
MinRes's business profile is somewhat stronger because of better
commodity diversification, along with an integrated mining services
business, while PT Indika's largest asset is a thermal coal mine.

Key Assumptions

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

- Iron ore prices in line with the Fitch price deck, adjusted for
impurity discounts

- Spodumene concentrate price of around USD1,060/t in 2025,
USD990/t in 2026 and then a gradual increase to USD1,415/t by 2028

- Gradual ramp-up in MinRes's share in export volume of Onslow to
21mt by FY27

- Spodumene concentrate sales at Mt Marion, Wodgina and Bald Hill
of 626,000t in FY25, rising to 950,000t by FY28.

- No commercial production of lithium hydroxide over FY25-FY28

- Dividend payments resumed in FY27 at a payout ratio of 35% of
underlying net profit after tax

- Capex forecast includes the postponement of growth projects until
FY27

RATING SENSITIVITIES

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

Fitch may revise the Outlook to Stable if EBITDA net leverage falls
to below 3.0x for a sustained period. This could be through a
reduction in capex and improved financial performance following the
completion of growth projects or other initiatives, including asset
sales.

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

- EBITDA net leverage rising above 3.0x for a sustained period.

- Material loss of mining-service contracts.

Liquidity and Debt Structure

Adequate Liquidity: MinRes had AUD908 million in cash as of FYE24
and AUD800 million in undrawn revolving facilities expiring in
2027. The company will also receive AUD1.1 billion in proceeds in
FY25 from the partial sale of its Onslow haul road project. This
will cancel the USD750 million bridge facility, which is excluded
from its calculation of available liquidity. The company's debt is
largely represented by bonds, with the nearest maturity in May 2027
of USD700 million (AUD1.1 billion). It has well-spread maturities
across the remainder of its debt. The repayment of the AUD600
million advance payment will be achieved using delivery of iron
ore; Fitch expects AUD400 million to be effectively repaid in FY26
and FY27.

Issuer Profile

MinRes is a mining and mining services company based in Australia.
The mining segment operates iron ore and lithium mines located in
Western Australia. The company also holds an interest in gas
exploration and production assets in the Perth and Carnarvon
Basins.

Summary of Financial Adjustments

Fitch has reclassified MinRes's prepayment of USD400 million
(around AUD600 million) as debt. Further details are provided in
the Key Rating Drivers.

MACROECONOMIC ASSUMPTIONS AND SECTOR FORECASTS

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

ESG Considerations

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

   Entity/Debt               Rating           Prior
   -----------               ------           -----
Mineral Resources
Limited               LT IDR  BB   Affirmed    BB

   senior unsecured   LT      BB   Affirmed    BB


OLRITZ FINANCIAL: ASIC Suspends AFS Licence Until March 5
---------------------------------------------------------
The Australian Securities & Investments Commission (ASIC) has
suspended the Australian financial services (AFS) licence of Olritz
Financial Group Pty Ltd until March 5, 2025.

ASIC suspended the licence because Olritz has not carried on a
financial services business since May 2023.

The licence suspension means that Olritz cannot provide any
financial services.

Olritz may apply to the Administrative Appeals Tribunal for a
review of ASIC's decision.

Olrtiz held AFS licence number 244539 since Feb. 27, 2004. The
licence authorises Olritz to deal in financial products, provide
financial advice and custodial or depository services to wholesale
clients.


PLENTI PL 2023-1: Moody's Upgrades Rating on Class F Notes to Ba1
-----------------------------------------------------------------
Moody's Ratings has upgraded ratings on four classes of notes
issued by Plenti PL & Green ABS Trust 2023-1.

The affected ratings are as follows:

Issuer: Plenti PL & Green ABS Trust 2023-1

Class C Notes, Upgraded to Aa2 (sf); previously on Dec 11, 2023
Upgraded to Aa3 (sf)

Class D Notes, Upgraded to A1 (sf); previously on Dec 11, 2023
Upgraded to A3 (sf)

Class E Notes, Upgraded to Baa1 (sf); previously on Dec 11, 2023
Upgraded to Baa3 (sf)

Class F Notes, Upgraded to Ba1 (sf); previously on Dec 11, 2023
Upgraded to Ba3 (sf)

A comprehensive review of all credit ratings for the transaction
has been conducted during a rating committee.

RATINGS RATIONALE

The upgrades were prompted by an increase in credit enhancement
available to the affected notes.

No action was taken on the remaining rated classes in the deal as
credit enhancements remain commensurate with the current ratings
for the respective notes.

Following the August 2024 payment date, the credit enhancement
available for the Class C, Class D, Class E and Class F Notes has
increased to 21.2%, 17.3%, 13.0%, and 8.0%, respectively, from
17.8%, 14.2%, 10.2% and 5.5% at the time of last rating action for
these notes in December 2023.

Principal collections have been distributed on a pro-rata basis
among the rated notes since the January 2024 payment date. Current
outstanding notes as a percentage of the total closing balance is
47.4%.

As of end-July 2024, 4.6% of the outstanding pool was 30-plus day
delinquent, and 1.6% was 90-plus day delinquent. The deal has
incurred of 2.6% of gross losses to date.

Based on the observed performance to date and loan attributes,
Moody's have increased Moody's expected default assumption to 5.2%
of the original pool balance (equivalent to 5.5% of the outstanding
pool balance) from 5.0% of the original pool balance at the time of
last rating action.

Moody's have also increased the Aaa portfolio credit enhancement to
26.0% from 25.5%.

Moody's analysis has also considered various scenarios involving
different mean default rates, recovery rates and default timing to
evaluate the resiliency of the note ratings.

The transaction is a cash securitisation of personal loans,
renewable energy loans and renewable energy buy-now-pay-later
(BNPL) receivables originated by Plenti Finance Pty Limited.

The principal methodology used in these ratings was "Moody's
Approach to Rating Consumer Loan-Backed ABS" published in July
2024.

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

Factors that could lead to an upgrade of the ratings include (1)
performance of the underlying collateral that is better than
Moody's expectations, and (2) an increase in the notes' available
credit enhancement.

Factors that could lead to a downgrade of the ratings include (1)
performance of the underlying collateral that is worse than Moody's
expectations, (2) a decrease in the notes' available credit
enhancement, and (3) a deterioration in the credit quality of the
transaction counterparties.


SCP DEVELOPMENTS: Second Creditors' Meeting Set for Sept. 17
------------------------------------------------------------
A second meeting of creditors in the proceedings of SCP
Developments Pty Ltd has been set for Sept. 17, 2024 at 10:00 a.m.
at the offices of Mcleods Accounting at Level 9, 300 Adelaide
Street in Brisbane and via virtual meeting technology.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by Sept. 16, 2024 at 4:00 p.m.

Bill Karageozis of Mcleods Accounting was appointed as
administrator of the company on Aug. 12, 2024.


SELINA OPERATION: Second Creditors' Meeting Set for Sept. 17
------------------------------------------------------------
A second meeting of creditors in the proceedings of Selina
Operation Magnetic Island Pty Ltd has been set for Sept. 17, 2024
at 11:00 a.m. via Microsoft Teams only.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by Sept. 16, 2024 at 4:00 p.m.

Andrew McCabe and Christopher Johnson of Wexted Advisors were
appointed as administrators of the company on Aug. 13, 2024.


ZIP MASTER 2023-1: S&P Affirms B(sf) Rating on Class F Notes
------------------------------------------------------------
S&P Global Ratings affirmed its ratings on 20 classes of notes
issued by Perpetual Corporate Trust Ltd. as trustee of Zip Master
Trust - Series 2023-1, Series 2023-2, and Series 2024-1. At the
same time, S&P withdrew its ratings on the Series 2021-2 notes
following their redemption.

S&P said, "The rating actions reflect our uspdated view of the
performance of the underlying pool of receivables held by Zip
Master Trust and the credit support and various liquidity support
mechanisms available to each rated class of notes.

"Following our review of the latest available historical payment,
purchase, charge-off, yield, and dilution rates of Zip Master
Trust, we updated our base-case assumptions in line with our global
credit card criteria, taking into consideration macroeconomic
conditions and industry trends. The revision reflects our view that
Zip Master Trust has experienced an increasing adjusted yield and
decreased loss volatility.

"Series 2023-1, Series 2023-2, and Series 2024-1 remain in a
revolving period. Using our revised base-case assumptions, we
performed a cash-flow analysis, assuming series rapid amortization.
Because there are no documented limits on the proportion of Zip
Pay/Zip Plus and Zip Money in the overall portfolio securitized, we
performed further cash-flow analysis, assuming a shift in the
portfolio product composition. Under such scenarios, the available
credit enhancement for the rated classes of notes from each series
is sufficient to support the various stresses commensurate with our
respective current ratings. Both transactions' cash flows and
various mechanisms support the timely payment of interest and
ultimate payment of principal to the rated classes of notes from
each series under our rating stress assumptions."

S&P's analysis also incorporates the following base-case
assumptions:

-- Portfolio composition comprises 50% Zip Money and 50% Zip
Pay/Zip Plus.

-- Adjusted yield rate raised to 12.00% from 10.75%.

-- Charge-off rate lowered to 4.75% from 5.00%.

-- Payment rate remains at 15.25%.

-- Dilutions rate remains at 0.55%.

  Ratings Affirmed

  Zip Master Trust - Series 2023-1

  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)

  Zip Master Trust - Series 2023-2

  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)

  Zip Master Trust - Series 2024-1

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

  Ratings Withdrawn

  Zip Master Trust - Series 2021-2

  Class A: to Not rated from AAA (sf)
  Class B: to Not rated from AA (sf)
  Class C: to Not rated from A (sf)
  Class D: to Not rated from BBB (sf)
  Class E: to Not rated from BB (sf)
  Class F: to Not rated from B (sf)




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

CHINA EVERGRANDE: Founder's Ex-Wife Gets $26K/Mo Amid Asset Freeze
------------------------------------------------------------------
Bloomberg News reports that a UK court allowed the ex-wife of China
Evergrande Group founder Hui Ka Yan to spend as much as GBP20,000
($26,187) a month after freezing her assets in a case brought by
the developer's liquidators.

Bloomberg relates that the move is part of efforts aimed at
recovering about HK$2.8 billion (US$359 million). The money was
paid to Ding Yu Mei through two of her wholly-owned corporate
vehicles as dividends between 2018 and 2020. Ding was allowed the
monthly living expenses and to pay legal fees of as much as
GBP350,000 in August, according to court documents.

She held a 5.99% stake in Evergrande, according to filings last
year. Ding has over $4 million in her UK bank account, according to
a court document dated Aug. 29, and lives in a luxury London
apartment that's part of Thames City, a project developed by CC
Land Holdings Ltd., chaired by Hui's long-timed friend Cheung Chung
Kiu, Bloomberg relays.

According to Bloomberg, the lawsuit is part of wider efforts to
recover $6 billion in dividends and remuneration from the founder,
his ex-wife, former chief executive officer Xia Haijun and former
chief financial officer Pan Darong. A Hong Kong court earlier this
year ordered Evergrande's winding-up, kickstarting one of China's
biggest liquidation cases.

Hui, once Asia's second-richest person with a $42 billion net
worth, lost most of his fortune as Evergrande slid into financial
distress, Bloomberg notes.

The liquidators have obtained injunctions restraining Hui, Ding and
Xia from dealing with, disposing of or diminishing the value of -
up to prescribed limits - their assets around the world, according
to an earlier Hong Kong filing, adds Bloomberg.

                        About China Evergrande

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

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

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

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

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

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

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

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

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

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


CHINA RENAISSANCE: Shares Plummet After 17-Month Suspension
-----------------------------------------------------------
South China Morning Post reports that shares of China Renaissance
Holdings, whose founder Bao Fan has been involved in a probe by
Beijing for more than a year, plummeted in Hong Kong as they
resumed trading after 17 months of suspensions.

The stock tumbled by as much as 73 per cent on Sept. 9, before
paring the loss to 66 per cent, to close at HK$2.45, the Post
discloses. The Hang Seng Index was down 1.4 per cent. The company's
shares last traded on March 31, 2023.

According to the Post, the investment bank said in a statement to
the Hong Kong exchange that the company has fulfilled all the
requirements for a trading resumption after publishing overdue
financial results for 2022 and 2023 while confirming that its
business operations remain normal in China and Hong Kong.

"Given the board considers that the company has fulfilled all
requirements prescribed under the Resumption Guidance, an
application has been made by the company to the stock exchange",
the statement said. "Shareholders and potential investors are
advised to exercise caution when dealing in the shares of the
company."

The Post says China Renaissance has been in the spotlight for more
than a year. Its founder, Bao Fan, has been involved in an
unspecified investigation by the Chinese government since February
2023 and the company has not been able to contact him since. The
financier resigned as chairman and CEO of the company in February
of this year, citing "health reasons" as well as the desire to
"spend more time with the family".

To audit its 2022 and 2023 results, the company hired AOGB CPA, the
Post notes.

The years-long slump for Hong Kong and Chinese stocks has weighed
on China Renaissance's business, as a reduced number of stock
offerings and deals involving mergers and acquisitions have sapped
a critical source of revenue.

The company's first-half loss narrowed to CNY73.8 million  (US$10.4
million) from a year-earlier loss of CNY180.1 million, the Post
discloses citing the company's interim report published last week.
China Renaissance posted a loss of CNY471.9 million for 2023, wider
than a year-earlier loss of CNY429.9 million, according to separate
annual results that were published last week.

"The volume and number of private equity transactions across the
market declined significantly, and the private placement advisory
market mirrored the subdued trends in investment and financing
markets", China Renaissance said in its 2023 annual report. "The
overall market turbulence and the general downturn throughout the
year posed significant challenges to all business segments, both
domestically and internationally."

China Renaissance named Hui Yin Ching, Bao's wife, as its
non-executive director, according to a separate exchange statement,
the Post relays. The couple owns 48.7 per cent of the company, it
said.

Bao, who will turn 54 next month, took China Renaissance public in
2018, the Post recalls. The investment bank was involved in a
number of the most high-profile capital-market deals involving
Chinese technology companies, including the merger of Didi and
Kuaidi to create Didi-Chuxing; the combination of Meituan and
Dianping; Ctrip's takeover of Qunar to create Trip.com; and the
merger of 58.com and Ganji.com.

China Renaissance provides a full range of trusted services,
including investment management, private placement, M&A advisory,
equity underwriting, sales & trading, research and wealth
management.


ELECT GLOBAL: Moody's Cuts Rating on Perpetual Securities to Ba1
----------------------------------------------------------------
Moody's Ratings has downgraded the ratings of Hysan Development
Co., Ltd. (Hysan) and its subsidiaries.

Specifically, Moody's have downgraded:

-- Hysan's issuer rating to Baa2 from Baa1;

-- The backed senior unsecured rating on Hysan (MTN)
    Limited's medium-term note (MTN) program to (P)Baa2
    from (P)Baa1;

-- The backed senior unsecured ratings on the notes
    issued under the Hysan (MTN) Limited's MTN program
    and the backed senior unsecured ratings on Elect
    Global Investments Limited to Baa2 from Baa1; and

-- The backed preference stock rating on Elect Global
    Investments Limited's subordinated perpetual capital
    securities to Ba1 from Baa3.

The securities and MTN program of the above subsidiaries are
unconditionally and irrevocably guaranteed by Hysan.

Concurrently, Moody's have changed the outlook to stable from
negative.

"The downgrade of Hysan's ratings mainly reflects Moody's
expectation that the company's credit metrics will remain elevated
over the next two years because it will continue to increase its
debt to fund its construction and maintenance capital spending,"
says Stephanie Lau, a Moody's Ratings Vice President and Senior
Credit Officer.

"The outlook change to stable acknowledges Hysan's ability to
achieve moderate rental growth and high occupancy rates amid Hong
Kong's challenging operating environment, as well as the company's
excellent liquidity, which will support its upcoming debt
maturities," adds Lau.

RATINGS RATIONALE

Moody's project Hysan's adjusted net debt (after the pro rata
consolidation of its attributable share of borrowings related to
Caroline Hill) will increase to HKD29 billion by the end of 2025
from HKD27 billion at the end of June 2024 because of sizable
capital spending related to its existing Lee Garden portfolio and
Caroline Hill project. The company's continued high capital
spending will offset its projected 5%-6% annual adjusted EBITDA
improvement to HKD3.0 billion-HKD3.1 billion in 2024-25 from HKD2.8
billion in 2023.

Consequently, Moody's forecast Hysan's adjusted net debt/EBITDA
(after the pro-rata consolidation of its joint venture projects)
will remain elevated at 9.4x-9.5x for 2024-25, similar to the 9.5x
in the 12 months that ended June 2024. At the same time, its
adjusted EBITDA/interest coverage will remain weak at 2.2x-2.3x,
compared to 2.1x for the 12 months ended June 2024. These financial
metrics position the company more appropriately at the low end of
the Baa2 range.

Hysan's credit metrics would stretch further if it decides to
refinance its outstanding $750 million subordinated perpetual
capital securities with senior debt in 2025.

Nevertheless, the company has the flexibility to strengthen its
balance sheet through asset recycling. Moody's also estimate the
company's adjusted net debt/EBITDA will improve to around 9.0x or
lower after its capex cycle peaks and once it begins to generate
rental income from the Caroline Hill project.

Hysan's adjusted net debt/EBITDA increased to 9.5x in the 12 months
that ended June 2024 from 9.2x in 2023, driven by an increase in
adjusted net debt. The higher net debt was mainly because of the
company's high capital spending as well as a $100 million
repurchase of its subordinated perpetual capital securities.

Hysan's Baa2 issuer rating continues to reflect the company's
excellent liquidity and high-quality portfolio, which generated
generally stable recurring income through the economic cycles.
Other key credit factors include the company's geographic
concentration and elevated leverage.

Environmental, social and governance (ESG) considerations have a
limited impact on Hysan's credit rating, with the potential for
greater negative impact over time. The ratings incorporate the
company's exposure to physical climate and carbon transition risks,
as well as the risks related to changing demographic and social
trends. The ratings also consider Hysan's high leverage and
concentrated ownership, which are balanced by its strong management
capability through the business cycles.

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

An upgrade of the ratings is unlikely in the near term.
Nevertheless, upward rating pressure could emerge over time if
Hysan (1) reduces its debt leverage, (2) continues to improve its
earnings, scale and geographic diversification, and (3) improves
its adjusted net debt/EBITDA and EBITDA/interest expense (after the
pro-rata consolidation of its joint venture projects) to below 8.5x
and above 3.0x, respectively, over a sustained period.

On the other hand, Moody's could downgrade Hysan's ratings if its
operating performance deteriorates beyond Moody's expectations
because of a weakening in its asset quality, occupancy levels or
earnings, while its debt remains high. An inability to improve its
financial metrics could also lead to a downgrade, including its
adjusted net debt/EBITDA (after pro-rata consolidation of its joint
venture projects) staying above 9.5x and EBITDA/interest expense
remaining below 2.25x-2.50x, even after the Caroline Hill project
is completed. A downgrade is also likely if the company's liquidity
becomes inadequate.

In addition, any significant change to Hysan's business profile
driven by accelerated expansion could constrain its ratings.

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

Hysan Development Co., Ltd. invests in commercial and residential
properties in Hong Kong SAR, China. It is one of the largest
commercial landlords in the city's Causeway Bay. As of June 30,
2024, the company was 42% owned by Lee Hysan Company Limited, which
is controlled by the founding Lee family.


GUANGZHOU R&F: Faces Restructuring & Receivership
-------------------------------------------------
TipRanks HongKong reports that Guangzhou R&F Properties is
undergoing restructuring and receivership.

Guangzhou R&F Properties Co. has announced the appointment of
receivers for the assets of certain subsidiaries following
winding-up petitions related to unpaid loans, the report relays.

According to TipRanks Hongkong, the affected assets are crucial to
the company's operations and include 68 hotels and one office
building in China. The company is currently developing a
restructuring plan to ensure its long-term viability and advises
shareholders and investors to exercise caution when trading its
shares.

         About Guangzhou R&F Properties Co.

Guangzhou R&F Properties Co., Ltd. operates real estate businesses.
The Company provides housing renovation, housing loans, real estate
brokerage, property management, and other services. Guangzhou R&F
Properties also operates hotel management.


HO WAN KWOK: Trustee Seeks to Hire Compass as Broker
----------------------------------------------------
Luc A. Despins, Chapter 11 trustee for Ho Wan Kwok and Genever
Holdings LLC, seeks approval from the U.S. Bankruptcy Court for the
District of Connecticut to hire Compass, Inc. as broker with
respect to the marketing and sales of properties in Greenwich,
Connecticut.

The firm's services include:

     a. preparing (i) a marketing plan and (ii) a comprehensive
        inventory listing all items in the Greenwich Property
        and house that are included in the sale and the items
        excluded from the sale;

     b. promoting the Greenwich Property by various means,
        including via a virtual staging of the property;

     c. managing the sale process for the Greenwich Property
        by, among other things, (i) fielding all offers until
        negotiations lead to an agreed price and terms, upon
        which an offer to purchase document will be prepared
        for the buyer to sign and whose deposit will be held
        in escrow subject to closing, and (ii) managing the
        administration and closing process.

The broker will be compensated with a fee of 4.5 percent of the
sale price of the Greenwich Property. In addition, the Trustee has
agreed to assume the payment of $11,000 directly to the staging
company for the virtual staging of the Greenwich Property.

As disclosed in court filings, Compass does not have connections
with the Debtor, creditors and other parties in interest, and is a
"disinterested person" as such term is defined in section 101(14)
of the Bankruptcy Code.

The firm can be reached through:

     Julie Grace Burke
     Compass, Inc.
     200 Greenwich Ave 3rd Floor
     Greenwich, CT 06830
     Mobile: (203) 253-0648
     Email: jgb@compass.com

                  About Ho Wan Kwok

Ho Wan Kwok sought protection under Chapter 11 of the Bankruptcy
Code (Bankr. D. Conn. Case No. 22-50073) on Feb. 15, 2022. Judge
Julie A. Manning oversees the case. Dylan Kletter, Esq., is the
Debtor's legal counsel.

Ho Wan Kwok aka Guo Wengui is an exiled Chinese businessman.
According to Reuters, Guo was a former real estate magnate who fled
China for the U.S. in 2014 ahead of corruption charges. Guo  filed
for bankruptcy after a New York court ordered him to pay lender
Pacific Alliance Asia Opportunity Fund $254 million stemming from a
contract dispute. PAX had initially loaned two of Guo's companies
$100 million in 2008 for a construction project in Beijing and sued
Guo when he failed to pay off the loan.

An Official Committee of Unsecured Creditors has been appointed in
the case and is represented by Pullman & Comley, LLC.

Luc A. Despins was appointed Chapter 11 Trustee in the case.


JINGBO TECHNOLOGY: Board Adopts Amended & Restated Bylaws
---------------------------------------------------------
Jingbo Technology, Inc., disclosed in a Form 8-K filed with the
Securities and Exchange Commission that on Sept. 3, 2024, the board
of directors of the Company approved and adopted the Amended and
Restated Bylaws, which became effectively immediately.  The Amended
Bylaws (i) revised the principal business location of the Company
and (ii) lowered the minimum votes required for actions taken by
written consent of stockholders to the majority of the issued and
outstanding shares of the Company.  A copy of the Company's Amended
Bylaws is available for free at:

   
https://www.sec.gov/Archives/edgar/data/1647822/000149315224034842/ex3-1.htm

                            About Jingbo

Headquartered in Shoujiang Town, Fuyang District, China., Jingbo
Technology, Inc., initially was in the business platform of
providing application software to a global vendor platform to
connect people to businesses and provide a new shopping experience.
The Company's wholly owned subsidiary, Intellegence Parking Group
Limited, is a multinational technology company, with a smart
parking application software and platform business ecosytem as its
main business venture. Intellegence operates facilities at Xiaoshan
Airport Remote Parking Lot, Tianjin Xinhua International
University, Fuyang People's Hospital, Qilu University Hospital,
Shanghai Tesco Supermarket, Hubei Huanggang Central Hospital.  It
also currently has eight urban parking projects.

Guangzhou, Guangdong, China-based GGF CPA LTD, the Company's
auditor since 2024, issued a "going concern" qualification in its
report dated July 3, 2024, citing that the Company had incurred
substantial losses during the years and negative working capital,
which raises substantial doubt about its ability to continue as a
going concern.


QUZHOU DEVELOPMENT: Fitch Puts CCC+ LongTerm IDR on Watch Negative
------------------------------------------------------------------
Fitch Ratings has placed Chinese homebuilder Quzhou Xin'an
Development Co., Ltd.'s (Quzhou Development, previously known as
Xinhu Zhongbao Co., Ltd.) Long-Term Foreign-Currency Issuer Default
Rating of 'CCC+' on Rating Watch Negative (RWN).

The RWN reflects the execution risk the issuer faces over the
timely refinancing of its offshore USD323 million bonds due 28
September 2024 due to the tight deadline. Fitch believes timely
refinancing is probable, as the issuer has communicated to the
agency it is making progress on a concrete refinancing plan with
support from existing bondholders and its new controlling
shareholder. However, execution risk remains over the timely
completion of the administrative procedure and settlement of
funds.

Key Rating Drivers

Execution Risk in Refinancing Plan: Quzhou Development has not
completed the refinancing for the company's USD323 million
outstanding bonds, despite having made progress, according to its
communication with Fitch. Fitch believes the existing bondholders
are likely to remain supportive of the company, helped by the new
controlling shareholder's state-owned enterprise background, to
enable successful refinancing of the bonds, but it still faces
execution risk as the due date draws closer.

Weak Liquidity: Quzhou Development reported unrestricted cash of
CNY3.4 billion at end-June 2024, but Fitch believes most of the
cash is at the project-company level. If the refinancing of the
bonds does not come through in time, the repayment will depend on
the company's ability to upstream cash from project companies to
the holding company for debt repayment, which may also be subject
to execution risk.

Shanghai Projects May Support Refinancing: Quzhou Development
launched two redevelopment projects for sale in May and August,
respectively, in prime locations in Shanghai. The company reported
total contracted sales jumped 146% yoy to CNY4.3 billion and
attributable sales surged 142% yoy to CNY2.8 billion in 1H24.
Shanghai projects contributed nearly 50% of the contracted sales in
1H24. Fitch believes the sales prospects of the Shanghai projects
may support the company's refinancing plan.

Controlling Shareholder Change: Quzhou Industrial Holding Group Co.
Ltd., a state-owned enterprise based in Quzhou, Zhejiang province,
became the controlling shareholder of the company with a 28.9%
stake in August 2024 after it obtained control of the company's
board on 17 July 2024. Fitch believes the shareholder change is
supportive of the company's bank access, as it signed a strategic
co-operative agreement with a few financial institutions and
obtained a total of CNY9.5 billion in credit facilities in July
2024.

However, Fitch believes it is uncertain whether the company can
obtain funding from these facilities to refinance its US dollar
bonds, as these facilities are uncommitted, and most of the credit
facilities are intended to fund the development of new businesses.

Derivation Summary

Quzhou Development's rating is significantly lower than that of
rated peers and is driven by its weak business profile and
liquidity. The company is undergoing a business transformation, and
Fitch believes there is uncertainty over the progress of its new
businesses. Liquidity is tight as the company's cash at the
holding-company level may not be sufficient to repay its offshore
bond maturity in September 2024.

The RWN reflects the heightened refinancing risk of the September
offshore bonds as it has not yet executed its plan amid the tight
deadline.

Key Assumptions

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

- Consolidated contracted sales of around CNY7 billion per annum in
2024-2026.

- Construction outflow of about CNY3 billion per year in
2024-2026.

- Development gross profit margin of around 40% in 2024-2026.

RATING SENSITIVITIES

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

- Fitch may resolve the RWN when the issuer completes the
refinancing of the offshore bonds due September 2024.

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

- Inability to address imminent capital-market debt maturities.

Liquidity and Debt Structure

Weak Liquidity: As of end-June 2024, Quzhou Development had
unrestricted cash of CNY3.4 billion, while its short-term debt
amounted to CNY18.9 billion, including CNY3.7 billion in bonds
maturing in a year. The company has redeemed CNY800 million in
onshore bonds, which matured in August 2024. Fitch expects the
company to be able to refinance its bank loans, which are secured
by assets, while the timely completion of the refinancing of the
unsecured US dollar bonds due September 2024 is subject to
execution risk.

In accordance with Fitch's policies, the issuer appealed and
provided additional information to Fitch that resulted in a rating
action that is different than the original rating committee
outcome.

Issuer Profile

Quzhou Development has been listed on the Shanghai Stock Exchange
since 1999. It focuses on property development in the Yangtze River
Delta, with a few redevelopment projects around the Shanghai Inner
Ring Road. It also has substantial non-property equity investments.
The company changed its name from Xinhu Zhongbao Co., Ltd. in
August 2024.

MACROECONOMIC ASSUMPTIONS AND SECTOR FORECASTS

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

ESG Considerations

Quzhou Development has an ESG Relevance Score of '4' for Financial
Transparency due to a warning notice from the China Securities
Regulatory Commission in 2022, revealing its non-proper disclosure
of related-party transactions, which has a negative impact on the
credit profile, and is relevant to the ratings in conjunction with
other factors.

Quzhou Development has an ESG Relevance Score of '4' for Governance
Structure due to the transfer of shares in Xiangcai Co. Ltd. to
repay the amount due from the associated company instead of
repayment with cash in 2023, which has a negative impact on the
credit profile, and is relevant to the ratings in conjunction with
other factors.

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

   Entity/Debt                Rating                   Prior
   -----------                ------                   -----
Quzhou Xin'an
Development Co.,Ltd.   LT IDR  CCC+   Rating Watch On   CCC+

ZHONGZHI ENTERPRISE: Risky Practices Preceded Company's Collapse
----------------------------------------------------------------
Reuters reports that Zhongzhi Enterprise Group, a former leader of
China's shadow banking sector that declared insolvency last year,
used aggressive and potentially illegal sales practices to sustain
its operations as it lurched toward collapse, according to records
reviewed by Reuters and eight people with direct knowledge of the
matter.

According to Reuters, China's years-long property boom had
propelled Beijing-headquartered Zhongzhi to the top of the
country's $18 trillion asset-management industry and made it a key
player in a shadow banking sector the size of the French economy.
Asset managers such as Zhongzhi sell wealth-management products to
investors. The proceeds are then channeled by licensed trust firms
like its Zhongrong unit to developers and other companies that
cannot tap bank funding directly because of poor creditworthiness
or other reasons.

Previously unreported details show that about a year before its
financial troubles burst into the open, Zhongzhi units were paying
returns to existing investors in wealth-management products by
using funds from new investors, and promising individual investors
lucrative returns that belied the group's exposure to a deepening
property crisis, Reuters relates.

China's trust firms are known as shadow banks because they operate
outside many of the rules that govern commercial lenders. But
China's top banking regulator in 2018 specified that financial
institutions including shadow banks and asset managers should not
set up capital pools, to prevent them from using money from new
sales to cover returns on existing wealth-management products, nor
should they guarantee returns on wealth-management products.

Zhongzhi appears to have violated both those requirements, two
lawyers said after reviewing Reuters' findings at the request of
the news agency. The lawyers added that such wrongdoing can result
in fines and prison sentences of up to 10 years.

"The core of its suspected illegal action is raising money from
investors through its licensed financial institutions to fund the
group's business operations and expansion," Reuters quotes Zhang
Guanghui, an attorney at Guangdong Suijia Law Firm, as saying.

Zhongzhi and its units identified in this story did not respond to
detailed requests for comment about the practices outlined by
Reuters.

Chinese officials were similarly tight-lipped, Reuters says.
China's ministries of public security and justice, which oversee
the Beijing police and prosecutors, respectively, did not respond
to queries about the cases against people connected to the shadow
bank. China's National Financial Regulatory Administration and
central bank also did not respond to requests for comment about
Zhongzhi units' practices.

The liquidity crisis at Zhongzhi became public when trust unit
Zhongrong missed payments on dozens of products in the third
quarter of 2023, fueling investor protests and worries that China's
property meltdown was spilling over into its $66 trillion financial
industry, according to Reuters.

Eventually, Zhongzhi told investors in November 2023 that it was
insolvent with up to $64 billion in liabilities. The group filed
for bankruptcy liquidation in January, while Beijing police probed
its business practices. In March, Beijing police said on WeChat
that wealth-management firms under Zhongzhi should cooperate with
police and return any illegal income.

In August, Beijing prosecutors said they had charged 49 suspects
related to Zhongzhi on suspicion of illegally absorbing public
deposits, without providing details.

Public deposits flowed into Zhongzhi's shadow bank operation via
the funds the investors placed in the wealth-management products
that Zhongzhi's licensed financial units were selling. Reuters
couldn't determine the specific deposits or units to which the
prosecutors were referring.

Interviews with current and former Zhongzhi group staff and
investors, as well as records reviewed by Reuters, shed new light
on how its units' possibly illegal practices exposed middle-class
savers to damaging consequences of China's property bust, despite
regulators' efforts to rein in the shadow banking sector's
excesses.

The eight sources spoke to Reuters on the condition of anonymity,
citing fear of official retribution.

                     About Zhongzhi Enterprise

Zhongzhi Enterprise Group Co. Ltd. operates as a diversified real
estate developer. The Company develops residential and commercial
areas. Zhongzhi Enterprise Group also provides trust investment,
highway operation, land reserve, and reservoirs treatment
services.

As reported in the Troubled Company Reporter-Asia Pacific on Jan.
8, 2024, Zhongzhi Enterprise Group has filed for bankruptcy
liquidation after failing to repay debt, as the firm grapples with
a deepening property market downturn.

Zhongzhi applied for bankruptcy on the grounds it could not pay its
due debts and its assets were insufficient to pay all its debts, a
court in China's capital Beijing said in a statement on Jan. 5.

Reuters reported that the court said it accepted Zhongzhi's
bankruptcy liquidation application in accordance with China's
enterprise bankruptcy law.


ZK International: Fortune CPA Raises Going Concern Doubt
--------------------------------------------------------
ZK International Group Co., Ltd. disclosed in a Form 20-F Report
filed with the U.S. Securities and Exchange Commission for the
fiscal year ended September 30, 2023, that its auditor has
expressed substantial doubt about the Company's ability to continue
as a going concern.

Orange, Calif.-based Fortune CPA, Inc. the Company's auditor since
2024, issued a 'going concern' qualification in its report dated
August 12, 2024, citing that the Company as negative cash flow from
operating activities, and accumulated deficit that raise
substantial doubt about its ability to continue as a going
concern.

As reflected in the consolidated financial statements, the Company
has incurred net losses of $61,507,395, $6,054,266 and $3,802,271
for the years ended September 30, 2023, 2022 and 2021,
respectively. The Company had accumulated deficits amounted to
$47,881,492 as of September 30, 2023. Net cash used in operating
activities was $2,122,917 for the year ended September 30, 2023.
These conditions raised substantial doubts about the Company's
ability to continue as a going concern.

The Company meets its day-to-day working capital requirements
through its bank facilities. Most of the bank borrowings as of
September 30, 2023, that are repayable within the next 12 months,
are subject to renewal, and the management is confident that these
borrowings can be renewed upon expiration based on the Company's
past experience and credit history. In addition, the Company had a
positive working capital of $18,376,141 as of September 30, 2023.

In order to strengthen the Company's liquidity in the foreseeable
future, the Company has taken the following measures:

     (i) Negotiating with banks in advance for renewal and
obtaining new banking facilities;
    (ii) Taking various cost control measures to tighten the costs
of operations; and
   (iii) Implementing various strategies to enhance sales and
profitability.

However, there can be no assurance that these plans and
arrangements will be sufficient to fund the Company's ongoing
capital expenditure, working capital, and other requirements.

A full-text copy of the Company's Form 20-F is available at:

                   https://tinyurl.com/yc57k5zf

                      About ZK International

ZK International Group Co., Ltd. is a China-based designer,
engineer, manufacturer, and supplier of patented high-performance
stainless steel and carbon steel pipe products that require
sophisticated water or gas pipeline systems.

As of September 30, 2023, the Company had $58,668,977 in total
assets, $33,430,186 in total liabilities, and $25,238,792 in total
equity.



=================
H O N G   K O N G
=================

VALUE EXCHANGE: Posts $333,410 Net Loss in Fiscal Q2
----------------------------------------------------
Value Exchange International, Inc. filed with the U.S. Securities
and Exchange Commission its Quarterly Report on Form 10-Q reporting
a net loss of $333,410 for the three months ended June 30, 2024,
compared to a net loss of $340,915 for the three months ended June
30, 2023.

For the six months ended June 30, 2024, the Company reported a net
income of $41,020, compared to a net loss of $794,764 for the same
period in 2023.

The Company has an operating loss of $414,610 for the six months
period ended June 30, 2024, has an accumulated deficit of
$5,803,764 and has only cash reserves of $589,629 as of June 30,
2024. Management has evaluated the significance of the conditions
in relation to the Company's ability to meet its obligations and
believes that its current cash balance along with its current
operations will not provide sufficient capital to continue as a
going concern. The Company's ability to continue as a going concern
is dependent upon achieving sales growth, management of operating
expenses and ability of the Company to obtain the necessary
financing to meet its obligations and pay its liabilities arising
from normal business operations when they come due, and upon
profitable operations.

The Company has relied on debt funding to pay for operating
expenses and business development efforts in 2024 that were not
covered by operating revenues. If the Company continues to incur
operating losses as incurred within twelve months of filing date
and does not significantly increase its cash reserves, and if the
Company does not also receive additional funding from existing
lenders or from other sources to provide the working capital needed
to cover those continuing operating losses, then the Company would
be forced to reduce its operating expenses and business development
efforts and the issue of the Company as a going concern may arise.
While the existing lenders of the Company and the Company's
majority shareholder are affiliated, there can be no assurance of
additional debt or equity funding for the Company from the existing
lenders or the majority shareholder.

As of June 30, 2024, the Company had $5,888,975 in total assets,
$9,197,069 in total liabilities, $83,190 in non-controlling
interest, and $3,391,284 in total shareholders' deficit.

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

                   https://tinyurl.com/3krpm4uw

                About Value Exchange International

Kowloon, Hong Kong-based Value Exchange International, Inc. is a
provider of customer-centric technology solutions for the retail
industry in Hong Kong SAR and certain regions of China and the
Philippines. The Company was incorporated in the State of Nevada on
June 26, 2007, and changed to its current corporate name, "Value
Exchange International, Inc.", on December 5, 2017.

Jericho, N.Y.-based Grassi & Co., CPAs, P.C., the Company's auditor
since 2023, issued a "going concern" qualification in its report
dated July 16, 2024, citing that the Company's significant
accumulated operating losses and working capital deficit raise
substantial doubt about its ability to continue as a going concern.



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

ADYA DAIRY: ICRA Lowers Rating on INR6.95cr LT Loan to B+
---------------------------------------------------------
ICRA has downgraded and moved the ratings for the bank facilities
of Adya Dairy Products Private Limited (ADPPL) to the 'Issuer Not
Cooperating' category. The rating is denoted "[ICRA]B+(Stable)/
[ICRA]A4; ISSUER NOT COOPERATING".

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long Term-          1.05        [ICRA]B+ (Stable) ISSUER NOT
   Fund Based-                     COOPERATING; rating downgraded
   TL                              from [ICRA]BB+ (Stable) and
                                   moved to "ISSUER NOT
                                   COOPERATING" category

   Long-term/         12.00        [ICRA]B+ (Stable)/[ICRA]A4;
   Short-term                      ISSUER NOT COOPERATING;
   Fund based–                     Ratings downgraded from
   WC Limits                       [ICRA]BB+ (Stable)/[ICRA]A4+
                                   and moved to "ISSUER NOT
                                   COOPERATING" category

   Long Term-          6.95        [ICRA]B+ (Stable) ISSUER NOT
   Unallocated                     COOPERATING; rating downgraded
                                   from [ICRA]BB+ (Stable) and
                                   moved to "ISSUER NOT
                                   COOPERATING" category

Rationale

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

As part of its process and in accordance with its rating agreement
with Adya Dairy Products Private Limited, ICRA has been trying to
seek information from the entity so as to monitor its performance,
but despite multiple requests by ICRA, the entity's management has
remained non-cooperative. In the absence of requisite information
and in line with the aforesaid policy of ICRA, the rating has been
downgraded and moved to the "Issuer Not Cooperating" category. The
rating is based on the best available information.

The ratings assigned to ADPPL factors in the likelihood of the
Shalimar Group extending managerial and financial support to it.
ADPPL holds high strategic importance for the Shalimar Group's
dairy segment operations. ICRA expects the Shalimar Group to be
willing to extend financial support to ADPPL to protect its
reputation from the consequences of a Group entity's distress.

ADPPL, incorporated in 2012, is a part of the Kolkata-based
Shalimar Group, which has presence across soya extraction and
refining, poultry and aqua-feed manufacturing, breeder farming,
hatching, broiler farming, chicken processing and layer farming.
The Group forayed into the dairy sector through ADPPL. The company
is involved in the processing of milk, with an integrated dairy
plant capable of handling over 1,50,000 litres of milk per day. The
milk collected through the chilling centres across villages is
processed and packed at the dairy plant, which is in Howrah, West
Bengal. At present, its product portfolio includes pasteurised
liquid milk in different varieties like toned, double toned, cow
and standardised. Other products include VADPs like paneer, ghee,
dahi, lassi and skimmed milk powder. It distributes its products in
and around West Bengal. The products are sold under the brand name
Adya. The company is also planning to launch bakery items under the
same brand name, with support of third-party manufacturers. ADPPL
also acts as a contract manufacturer of VADPs for ITC Limited.


AKAL PIPE: ICRA Keeps D Debt Ratings in Not Cooperating Category
----------------------------------------------------------------
ICRA has kept the long-term rating of Akal Pipe Industries (API) in
the 'Issuer Not Cooperating' category. The rating is denoted as
[ICRA]D; ISSUER NOT COOPERATING.

                    Amount
   Facilities     (INR crore)   Ratings
   ----------     -----------   -------
   Long-term-         6.90      [ICRA]D; ISSUER NOT COOPERATING;
   Fund based                   Rating Continues to remain under
   Term Loan                    'Issuer Not Cooperating'
                                Category

   Long-term-         2.50      [ICRA]D; ISSUER NOT COOPERATING;
   Fund based                   Rating Continues to remain under
   Cash Credit                  'Issuer Not Cooperating'
                                Category

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

API was established in March 2012 as a partnership firm of Mr.
Harbant Singh, Mr. Gurnam Singh, Mr. Harpreet Singh, Mr. Yadvinder
Singh and Mr. Nazam Singh sharing profits and losses in the ratio
of 51%, 14%, 13%, 13% and 9%, respectively. The entity is engaged
in the manufacturing of RCC (Reinforced cement concrete) pipes and
manholes.


ARCHANA FLOUR: CARE Keeps B- Debt Rating in Not Cooperating
-----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Archana
Flour Mill (AFM) continues to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      19.30       CARE B-; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category  

Rationale and key rating drivers

CARE Ratings Ltd. had, vide its press release dated August 17,
2023, placed the rating(s) of AFM under the 'issuer
non-cooperating' category as AFM had failed to provide information
for monitoring of the rating as agreed to in its Rating Agreement.
AFM 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 and 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).

AFM was established as a proprietorship concern on June 11, 2015 by
Mr. Shri Pradeep Bhimashankar Pedde. The firm is engaged in
processing of wheat at its processing facility located at Latur,
Maharashtra. The product profile of AFM includes atta, maida, suji,
rawa and other by products.


BALAJI OVERSEAS: ICRA Keeps B Debt Ratings in Not Cooperating
-------------------------------------------------------------
ICRA has kept the long-term and Short-Term ratings of Balaji
Overseas in the 'Issuer Not Cooperating' category. The rating is
denoted as [ICRA]B(Stable)/[ICRA]A4; ISSUER NOT COOPERATING.

                      Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Short Term-         24.00      [ICRA]A4 ISSUER NOT
   Fund Based-                    COOPERATING; Rating continues
   Cash Credit                    to remain under 'Issuer Not
                                  Cooperating' category

   Short Term-          0.12      [ICRA]A4 ISSUER NOT
   Non Fund Based                 COOPERATING; Rating continues
   Others                         to remain under 'Issuer Not
                                  Cooperating' category

   Long Term-           0.03      [ICRA]B (Stable) ISSUER NOT
   Unallocated                    COOPERATING; Rating continues
                                  to remain under 'Issuer Not
                                  Cooperating' category

   Long Term-           5.85      [ICRA]B (Stable) ISSUER NOT
   Fund Based-                    COOPERATING; Rating continues
   Cash Credit                    to remain under 'Issuer Not
                                  Cooperating' category

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

Balaji Overseas was established in 1989 as a proprietorship firm
with Mr. Kailash Chander as the proprietor. Balaji Overseas is
engaged in the processing and trading of rice in the domestic
market as well as exporting to countries like Saudi Arabia, Dubai,
Kuwait and USA. The firm sells its product under the brand name
'Sargam'. The firm's manufacturing unit is located in Pehowa,
Haryana.


BETUL BIOFUEL: ICRA Lowers Rating on INR90cr Term Loan to B+
------------------------------------------------------------
ICRA has downgraded and moved the ratings for the bank facilities
of Betul Biofuel Private Limited (BBPL) to the 'Issuer Not
Cooperating' category. The rating is denoted as "[ICRA]B+ (Stable);
ISSUER NOT COOPERATING".

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long Term-         90.00        [ICRA]B+ (Stable) ISSUER NOT
   Fund Based-                     COOPERATING; rating downgraded
   Term loan                       from [ICRA]BB- (Stable) and
                                   moved to "ISSUER NOT
                                   COOPERATING" category

The rating is based on no updated information on the BBPL's
performance since the time it was last rated in June-2023. The
lenders, investors and other market participants are thus advised
to exercise appropriate caution while using this rating as the
rating does not adequately reflect the credit risk profile of the
entity. The entity's credit profile may have changed since the time
it was last reviewed by ICRA; however, in the absence of requisite
information, ICRA is unable to take a definitive rating action.

As part of its process and in accordance with its rating agreement
with BBPL, ICRA has been trying to seek information from the entity
so as to monitor its performance. Despite repeated requests by
ICRA, the entity's management has remained non-cooperative. In the
absence of requisite information and in line with the aforesaid
policy of ICRA, the rating has been moved to the "Issuer Not
Cooperating" category. The rating is based on the best available
information.

Betul Biofuel Private Limited (BBPL) is a private limited company,
incorporated on May 28, 2021. It has its registered office in the
Betul district of Madhya Pradesh and will be involved in the
manufacturing and sales of ethanol, biofuels and related products.
The company is setting up a 100-kilo-litres-per-day (KLD)
grain-based ethanol distillery, mainly using maize as the basic raw
material, in the Betul district. The unit will also be setting up a
2.5-MW captive power generation plant at the site.


BHADOHI CARPETS: ICRA Keeps B+ Debt Rating in Not Cooperating
-------------------------------------------------------------
ICRA has kept the long-term rating of Bhadohi Carpets in the
'Issuer Not Cooperating' category. The rating is denoted as
[ICRA]B+(Stable); ISSUER NOT COOPERATING.

                      Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long Term-         11.50       [ICRA]B+ (Stable) ISSUER NOT
   Fund Based-                    COOPERATING; Rating continues
   Cash Credit                    to remain under 'Issuer Not
                                  Cooperating' category

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

Bhadohi Carpets, a partnership firm promoted by Mr. Pankaj Kumar
Baranwal, Ms. Madhu Baranwal and Mr. Priyam Baranwal, was
established in March 2012 after the partition of Rupesh Kumar &
Brothers into the firms Bhadohi Carpets and Rupesh Kumar & Sons.
The firm is engaged in the manufacturing and export of carpets and
druggets. It has a production capacity of around 90,000 square
meters across several production centers in the Bhadohi-Mirzapur
belt in Uttar Pradesh. The firm sells its products to retail stores
or chains in the international markets.


BMB FOAM: CARE Keeps B- Debt Rating in Not Cooperating Category
---------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of BMB Foam
Products Industry (BFPI) continues to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       8.42       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 BFPI under the 'issuer non-cooperating'
category as BFPI had failed to provide information for monitoring
of the rating. BFPI continues to be non-cooperative despite
repeated requests for submission of information through e-mails,
phone calls and a letter/email dated June 15, 2024, June 25, 2024,
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).

BMB Foam Products Industry (BFPI), established on July 30, 2018,
was promoted by Mr. Navin Birmiwal a nd Mrs. Megha Birmiwal for
setting up a manufacturing plant for expanded polypropylene (EXP)
foam and sheets in Dibrugarh, Assam.

Latest financials: Not available as it is project stage entity at
the time of initial ratings.

DEEKAY TREXIM: ICRA Keeps B+ Debt Rating in Not Cooperating
-----------------------------------------------------------
ICRA has kept the long-term and Short-Term ratings of Deekay Trexim
India Private Limited (DTPL) in the 'Issuer Not Cooperating'
category. The rating is denoted as [ICRA]B+(Stable)/[ICRA]A4;
ISSUER NOT COOPERATING.

                      Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Short Term-         0.86       [ICRA]A4 ISSUER NOT
   Non Fund Based                 COOPERATING; Rating continues
   Others                         to remain under 'Issuer Not
                                  Cooperating' category

   Long Term-          9.50       [ICRA]B+ (Stable) ISSUER NOT
   Fund Based-                    COOPERATING; Rating continues
   Cash Credit                    to remain under 'Issuer Not
                                  Cooperating' category

As part of its process and in accordance with its rating agreement
with DTPL, ICRA has been trying to seek information from the entity
so as to monitor its performance. Further, ICRA has been sending
repeated reminders to the entity for payment of surveillance fee
that became due. Despite multiple requests by ICRA, the entity's
management has remained non-cooperative.

In the absence of requisite Information and in line with the
aforesaid policy of ICRA, the rating has been continued to the
"Issuer Not Cooperating" category. The rating is based on the best
available information.

Incorporated in 2002, and promoted by Mr. Ashok Khairajani, DTPL
manufactures and sells synthetic fabrics in the Bhilwara market in
Rajasthan. The promoters of the company were involved in trading of
fabrics under a sole proprietorship for a decade, and then decided
to enter manufacturing as well. DTPL started operations with
financial assistance from Rajasthan State Industrial Development
and Investment Corporation (RIICO). The company has an installed
capacity of 75 looms.


DOON TOWER: CARE Keeps B- Debt Rating in Not Cooperating Category
-----------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Doon Tower
(DT) continue to remain in the 'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       6.34       CARE B-; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category  

   Long Term/Short      0.86       CARE B-; Stable/CARE A4;
   Term Bank                       ISSUER NOT COOPERATING;
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

   Short Term Bank      1.80       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 4, 2023,
placed the rating(s) of DT under the 'issuer non-cooperating'
category as DT had failed to provide information for monitoring of
the rating as agreed to in its Rating Agreement. DT continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
June 19, 2024, June 29, 2024 and July 9, 2024.

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

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

Dehradun based, Doon Towers (DT) was established in 2014 as a
partnership firm by Mr. Jaswant Singh Rawat, Mrs. Hemal Rawat, Mr.
Prashil Rawat, Mr. Tarun Singh Rawat, Mr. Vijay Kumar Singh, Ms.
Beena Rawat. The firm operates a hotel under the brand-name of 'JSR
Continental' which has 42 rooms and suites. The services from hotel
include 4 banquet halls, 24-hour cafe and a multi-cuisine
restaurant. The same are used for all kind of functions including
wedding receptions, corporate functions, etc. The hotel also has an
in-house gym to work out and swimming pool to relax.


DYNAMIC TRANSMISSION: ICRA Keeps B+ Ratings in Not Cooperating
--------------------------------------------------------------
ICRA has kept the long-term rating of Dynamic Transmission Limited
(DTL) in the 'Issuer Not Cooperating' category. The rating is
denoted as [ICRA]B+(Stable); ISSUER NOT COOPERATING.

                      Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long Term-          1.91       [ICRA]B+ (Stable) ISSUER NOT
   Unallocated                    COOPERATING; Rating continues
                                  to remain under 'Issuer Not
                                  Cooperating' category

   Long Term-          0.55       [ICRA]B+ (Stable) ISSUER NOT
   Fund Based-                    COOPERATING; Rating continues
   Term Loan                      to remain under 'Issuer Not
                                  Cooperating' category

   Long Term-          5.54       [ICRA]B+ (Stable) ISSUER NOT
   Fund Based-                    COOPERATING; Rating continues
   Cash Credit                    to remain under 'Issuer Not
                                  Cooperating' category

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

DTL was incorporated in April 1988. It manufactures and supplies
high precision automotive and engineering components to OEMs. The
company's day-to-day operations are managed by Mr Anshul Kumar,
with the support from other directors. DTL manufactures engine and
transmission gears, precision machined auto parts, cold forged
studs and hot-machined components for the automobile industry,
covering four-wheelers, two wheelers, commercial heavy vehicles,
industrial product manufacturers and consumer durable
manufacturers. DTL currently has manufacturing facilities in
Manesar (Haryana), Rohtak (Haryana), Uddham Singh Nagar
(Uttarakhand) and Aurangabad (Maharashtra).


ESSAR OIL: NCLAT Halts Insolvency Proceedings
---------------------------------------------
Livemint.com reports that the National Company Law Appellate
Tribunal (NCLAT) on Sept. 10 stayed the insolvency proceedings
against Essar Oil and Gas Exploration and Production Ltd., a
subsidiary of Essar Group. The proceedings had been initiated
following an NCLT order based on a petition from Greka Green
Solutions (India) Ltd, which claimed an unpaid amount of INR24.38
crore (about $2.96 million).

Livemint.com relates that the appellate tribunal stayed the order
of the NCLT's Ahmedabad bench and issued a notice to Greka Green on
a petition filed by Pankaj Kalra, the suspended director of Essar
Oil and Gas Exploration. The next hearing has been scheduled for
November 6.

During the hearing, Kalra's counsel argued that a settlement
agreement specifying a final installment payment had been made
before the insolvency petition was filed, and contended that the
insolvency petition overlooked this settlement, the report relays.
He said that Essar Oil and Gas Exploration, with a turnover of INR8
billion and 425 employees, should not have had its insolvency
petition admitted without considering the settlement agreement.

According to Livemint.com, the NCLAT noted the submissions and
stayed the tribunal order.

Mohit B Adatiya, director at NPV Insolvency Professionals Pvt Ltd,
has been appointed as the interim resolution professional (IRP) in
the case. He said, "As an interim resolution professional, we have
taken over the control of the assets of the company at Mehsana and
Raniganj and are complying with the law. All the processes required
under the IBC (insolvency and bankruptcy code) have been complied
with."

"We are getting full cooperation from the erstwhile directors and
the management of the company. Their appeal has been heard by
NCLAT, a notice has been issued and in we are awaiting the written
order," he added, Livemint.com relays.

Livemint.com adds that Essar Group said in a statement, "We welcome
the NCLAT's decision of suspending the [insolvency proceedings]
against Essar Oil and Gas Exploration and Production Ltd. Our
commitment to honouring our financial mandates remains steadfast."

"We are a profitable company with revenues of INR870 crore and an
operating profit of INR625 crore. The suspension will allow us to
maintain our focus on our core operations and ensure that our
business activities continue without disruption," the company
added.

The Ahmedabad bench of NCLT had initiated insolvency proceedings
against Essar Oil and Gas Exploration on September 6. It appointed
Mohit Bipinchandra Adatiya as the interim resolution professional
(IRP) to manage the company's affairs until a committee of
creditors (CoC) was formed.

Livemint.com says the tribunal upheld the claim, saying the debt
was valid, exceeded the threshold for insolvency applications, and
arose from operational expenses acknowledged by Essar. Previous
judgments supported the admission of insolvency proceedings in
cases where settlement agreements were breached.

The dispute dates back to a contract signed on Dec. 2, 2013 by
Essar Oil Limited (EOL) and Greka Green Solutions for drilling
services. EOL transferred its contract obligations to Essar Oil &
Gas Exploration and Production Ltd on June 19, 2017.

Although a settlement agreement was reached in 2019, with payments
scheduled across nine installments, Essar failed to comply. A
revised payment plan in February 2020 also came to nothing, leading
to a demand notice in October 2022 and the subsequent insolvency
petition.

                          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.  


FOUR WHEELS: ICRA Keeps B+ Debt Ratings in Not Cooperating
----------------------------------------------------------
ICRA has kept the long-term rating of Four Wheels Auto Private
Limited (FWAPL) in the 'Issuer Not Cooperating' category. The
rating is denoted as [ICRA]B+(Stable); ISSUER NOT COOPERATING.

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

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

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

FWAPL, incorporated in FY2012, is an authorised dealer for the
retail sales and distribution of Audi India Private Limited.
Earlier, the company had two showrooms — one each in Kanpur and
Lucknow. However, the company discontinued the operations of its
Kanpur facility. It started its operations in FY2013 and is managed
by Mr. Gauram Garg. It is among the two Audi dealerships operating
in Uttar Pradesh.


GOEL INDUSTRIES: CARE Keeps B- Debt Rating in Not Cooperating
-------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Goel
Industries (GI) continue to remain in the 'Issuer Not Cooperating'
category.

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

   Short Term Bank      1.60       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 31, 2023,
placed the rating(s) of GI under the 'issuer non-cooperating'
category as GI had failed to provide information for monitoring of
the rating. GI continues to be non-cooperative despite repeated
requests for submission of information through e-mails, phone calls
and a letter/email dated June 15, 2024, June 25, 2024, 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).

Goel Industries (GI) was established as a proprietorship firm in
1975 by Mr. Parmanand Agarwal and later it converted to partnership
firm in 1997. Currently the firm is managed by four partners namely
Mr. Anand Agarwal, Mr. Pyare Lal Agarwal, Mrs. Archana Agarwal and
Mrs. Sulochana Agarwal. The firm is engaged in manufacturing and
fabricating of various types of mechanical spares parts used in
power plant, steel plant, mining and atomic energy as per drawings
and specifications provided by its customers. The manufacturing
facility of the firm is located at Gamharia, Jamshedpur.


GURU GORAKH: CARE Keeps B- Debt Rating in Not Cooperating Category
------------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Shri Guru
Gorakh Nath Rice Mill (SGGNRM) continues to remain in the 'Issuer
Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      20.00       CARE B-; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category  

Rationale and key rating drivers

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

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

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

Shri Guru Gorakh Nath Rice Mill (SGGNRM) was established in 1990 as
a partnership firm with three partners Ms. Pushpa Devi, Mr. Brijesh
Kumar and Mr. Bankey Lal with profit and loss sharing ratio of
1:2:2. The firm is primarily engaged in milling and processing of
basmati rice at its sole processing facility situated at Dadri,
Uttar.


L.G. AGRO: CARE Keeps B- Debt Rating in Not Cooperating Category
----------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of L.G. Agro
Impex (LI) continue to remain in the 'Issuer Not Cooperating'
category.

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

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

Rationale and key rating drivers

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

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

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

Haryana based L.G Agro Impex (LGAI) was established as a
partnership firm in 2003 and started its commercial production from
April 1, 2003 by Shri Naresh Chander and Mr. Lalit Bhushan sharing
profit and losses equally. The firm is engaged in
trading of paddy and basmati and non-basmati rice of various brands
such as Sougaad Basmati Rice and Pick India Basmati Rice.


MATRIX ENCLAVES: ICRA Lowers Rating on INR50cr Term Loan to B+
--------------------------------------------------------------
ICRA has downgraded and moved the ratings for the bank facilities
of Matrix Enclaves Projects Developments Private Limited (MEPDPL)
to the 'Issuer Not Cooperating' category. The rating is denoted as
"[ICRA]B+(Stable); ISSUER NOT COOPERATING".

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long Term-         50.00        [ICRA]B+ (Stable) ISSUER NOT
   Fund Based-                     COOPERATING; rating downgraded
   Term loan                       from [ICRA]BB(Stable) and
                                   moved to "ISSUER NOT
                                   COOPERATING" category

The rating downgrade is because of lack of updated information on
the MEPDPL's performance since the time it was last rated in
June-2023 and non-receipt of NDS for the past 3 consecutive months
of June 2024, July 2024 and August 2024. The lenders, investors and
other market participants are thus advised to exercise appropriate
caution while using this rating as the rating does not adequately
reflect the credit risk profile of the entity. The entity's credit
profile may have changed since the time it was last reviewed by
ICRA; however, in the absence of requisite information, ICRA is
unable to take a definitive rating action.

As part of its process and in accordance with its rating agreement
with MEPDPL, ICRA has been trying to seek information from the
entity so as to monitor its performance. Despite repeated requests
by ICRA, the entity's management has remained non-cooperative. In
the absence of requisite information and in line with the aforesaid
policy of ICRA, the rating has been moved to the "Issuer Not
Cooperating" category. The rating is based on the best available
information.

Matrix Enclaves Projects Developments Private Limited (MEPDPL) was
incorporated in 2007. The promoters, the MMR-based Marathon Group,
Mr. Mayur Ramniklal Shah and his nephew Mr. Kaivalya Chetan Shah,
hold a 50% stake each in MEPDPL. The company owns ~100 acres of
land in Dombivali (E), where a mega township (Marathon Nexworld) is
being developed. Till date, the Marathon Group has launched three
towers in the township, of which two are being developed by
MEPDPL.


MUKARBA CHOWK-PANIPAT: CARE Keeps D Debt Rating in Not Cooperating
------------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Mukarba
ChowK-Panipat Toll Roads Limited (MCTRL) continues to remain in the
'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank     1,375.00     CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Rationale & Key Rating Drivers

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

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

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

MCPTRL is a special purpose vehicle (SPV) incorporated in August
2015 and a wholly owned by Essel Infraprojects Limited (EIL). EIL
had been awarded the project for carrying out eight laning from
existing 6/8 lane of Mukarba Chowk to Panipat section of NH 1 in
the state of Haryana under National Highways Development Project
(NHDP) phase IV by National Highways Authority of India under
design, build, finance, operate and transfer (DBFOT) – toll basis
covering a length of approximately 70 kilometres (km). Due to the
inability of EIL to deliver the project within the stipulated
timeline, Welspun Infrafacility Limited acquired the project vide
'harmonious substitution' in 2020 which was recommended by the
project lenders and subsequently approved by National Highways
Authority of India (NHAI) post termination of work given to EIL.

MULJI DEVSHI: CARE Keeps D Debt Rating in Not Cooperating Category
------------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Mulji
Devshi and Company (MDC) continues to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Short Term Bank     19.75       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated June 19, 2023,
placed the rating(s) of MDC under the 'issuer non-cooperating'
category as MDC had failed to provide information for monitoring of
the rating as agreed to in its Rating Agreement. MDC continues to
be non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
May 04, 2024, May 14, 2024 and May 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).

Established in 1915, Mulji Devshi & Company (MDC), is a
Mumbai-based partnership firm managed by Mr. Kaushal P. Chheda,
Mrs. Vasanti P. Chheda and Ms. Girisha N. Vira. MDC is engaged in
processing, trading and export of agro commodities mainly
sesame seeds and other oilseeds, oils, meals, spices & grain. The
company has its branch office located at Valsad, Gujarat and
registered office located at Vidyavihar, Mumbai.

NARWAL HATCHERIES: CARE Keeps B- Debt Rating in Not Cooperating
---------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Narwal
Hatcheries (NH) continues to remain in the 'Issuer Not Cooperating'
category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       6.45       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 23,
2023, placed the rating(s) of NH under the 'issuer non-cooperating'
category as NH had failed to provide information for monitoring of
the rating as agreed to in its Rating Agreement. NH continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
July 8, 2024, July 18, 2024 and July 28, 2024.

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

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

Narwal Hatcheries (NWH) was established in April 2004 as a
partnership firm and is currently being managed by Mr. Surjeet
Singh, Mr. Kuldeep Singh, Mr. Kulbir Singh, Mr. Satpal Singh, Mr.
Lehna Singh, Mrs. Ratni Devi and Mr. Gaurav Narwal as its
partners. The firm is engaged in the hatchery business at its farm
located in Karnal, Haryana.


RADHE COTTON: CARE Keeps D Debt Rating in Not Cooperating Category
------------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Radhe
Cotton Company (RCC) continues to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       5.58       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 22,
2023, placed the rating(s) of RCC under the 'issuer
non-cooperating' category as RCC had failed to provide information
for monitoring of the rating. RCC continues to be non-cooperative
despite repeated requests for submission of information through
e-mails, phone calls and a letter/email dated July 7, 2024, July
17, 2024, July 27, 2024.

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

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

Gokhalana, Jasdan (Rajkot) – based RCC was incorporated as a
partnership firm in 2012 by six partners. The partners of RCC
include mainly Mr Rameshbhai Khakhriya, Manubhai Khakhriya and
Dhirajbhai Jivabhai Khakhriya. The firm is engaged into the
activity of cotton ginning, bailing and cleaning of cotton. The
products of RCC include cotton seeds, cottonseeds oil cake and
cotton wash oil.


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

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       7.20       CARE C; 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 8, 2023,
placed the rating(s) of RO under the 'issuer non-cooperating'
category as RO had failed to provide information for monitoring of
the rating as agreed to in its Rating Agreement. RO continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
June 23, 2024, July 3, 2024 and July 13, 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).

Agra, Uttar Pradesh based Raj Overseas (RO) was established in
October, 2010 by Mr. Kaustubh Raj Yadav and Mrs. Rekha Yadav.
However, it is currently being managed by Mr. Kaustubh Raj Yadav
and Mr. Rajveer Singh Yadav sharing profit and losses equally. The
firm is engaged in manufacturing of footwear products like shoes,
slippers, sandals etc. The manufacturing facility of the company is
located at Agra in Uttar Pradesh.

RAJVIR AND COMPANY: CARE Keeps B- Debt Rating in Not Cooperating
----------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Rajvir and
Company (RC) continue to remain in the 'Issuer Not Cooperating'
category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       1.00       CARE B-; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category  

   Short Term Bank      7.00       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 14,
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 as agreed to in its Rating Agreement. RC 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).

Bhiwadi- Rajasthan based Rajvir and Company (RAC) was established
in 1993 as a proprietorship firm by Mr. Rajvir Singh which is
engaged into road construction services. Subsequently on April,
2016, with entry of new partner Mr. Ravi Kumar, the firm converted
to a partnership firm.

RANA CONSTRUCTIONS: CARE Assigns B+ Rating to INR35cr LT Loan
-------------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of Rana
Constructions and Engineers Private Limited (RCEPL), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       35.00      CARE B+; Stable; Assigned
   Facilities                      

Rationale and key rating drivers

The rating assigned to bank facilities of RCEPL constrained by past
track record of delay in debt servicing, small scale of operation
with low profitability margin, moderate orderbook position, working
capital intensive nature of operation, risk associated with
participating in tenders, intense competition in industry and
profitability susceptible to volatility in input prices.

However, rating derives comfort from experienced promoters and
satisfactory capital structure and debt coverage indicators.

Rating sensitivities: Factors likely to lead to rating actions

Positive factors

* Improvement in scale of operation beyond INR100 crores while
maintaining profitability margin on a sustained basis.

Negative factors

* Scale of operation below INR30 crore and PBILDT margin below 3%
on sustained basis.

* Any debt funded capex leading to moderation in overall gearing
ratio above 1.00x on sustained basis.

Analytical approach: Standalone

Outlook: Stable

Stable outlook is on account of existing orders in hand which gives
revenue visibility in near term while maintaining satisfactory
capital structure.

Detailed description of the key rating drivers:

Key weaknesses

* Past record of delay in debt servicing: The company had defaulted
in repayment of equipment loan from in FY23 which was also
highlighted by auditor in annual report of FY23. However, the said
loan is fully repaid on September 2, 2023 (original repayment date
was June 1, 2023). There is no o/s term debt as on date.

* Small scale of operation with low profitability margin: The total
operating income (TOI) of company moderated from INR34.56 crore in
FY22 to INR23.03 crores in FY23 due to slower execution of order
book, the same has improved in FY24 with TOI of Rs.52.42 crore.
PBIDT margin has declined from 8.62% in FY23 to 4.91% in FY24 on
account of aggressive bidding for obtaining work contracts.

* Moderate orderbook position: The o/s order book in hand as on
July 1, 2024, stood at INR36.39 crore being 0.69x of total
operating income in FY24. This gives moderate revenue visibility to
the company since majority of orders range between 12 to 18 months.
Contracts with tenure more than 12 months have escalation clause.
Furthermore, the company has entered into a JV named as RCE-BASANTA
KAKATI(JV) through which they have bidded for an order of INR102
crores (NH department of state government of Assam) and
bidded for another Rs.48 crore PWD-NH work on its own. Receipt of
these orders remain key rating monitorable.

* Working capital intensive nature of operation: The work executed
by the firm is tender based, the operations are mostly working
capital intensive in nature. The firm needs to furnish earnest
money deposits (EMD) @2% of the bid value during the bidding
process which leads to funds getting blocked even before the
project is awarded. Post award of the contract the firm needs to
furnish the performance bank guarantee @ 3% of the contract value
(including the earnest money deposit). Moreover, a part of the
sales proceeds approximately 6% are also withheld in the form of
retention money from April 1, 2024, post 2 year relaxation given
during post Covid period. Entire retention money is released after
project completion and handing over the project. Performance BG is
released post defect liability period (DLP) of around 5 years. The
company receive payment from the department within 15-30 days post
raising the invoice.

* Risk associated with participating in tenders and intense
competition in industry: RCEPL operates in a highly competitive
construction industry wherein it faces direct competition from
various organized and unorganized players in the market given the
low barriers to entry. There are number of small and regional
players catering to the same market which has limited the
bargaining power of the company and has exerted pressure on its
margins. The firm receives all of its majority of work orders from
government undertakings. The risk arises from the fact that any
changes in geo-political environment and policy matters would
affect all the projects at large. Furthermore, any changes in the
government policy or government spending on projects are likely to
affect the revenues of the company. Further, the firm majorly
undertakes government projects which are awarded through the
tender-based system. This exposes the firm towards risk associated
with the tender-based business, which is characterized by intense
competition. The growth of the business depends on its ability to
successfully bid for the tenders and emerge as the lowest bidder.

* Profitability susceptible to volatility in input prices: The
major input materials for the entity are boulder, stone chip, stone
dust, bricks, sand, cement, steel, bitumen, etc. the prices of
which are volatile. Further the orders executed by the entity does
not contain price escalation clause for project having tenure
of less than one year. This apart, any increase in labour prices
will also impact its profitability being present in a highly labour
intensive industry.

Key strengths

* Experienced promoters: Mr. Rana Saidur Zaman started its business
from the year 2006 and thus has long track record of operations. He
looks after the day-to-day operations of the entity along with
other technical and non-technical professionals who are having long
experience in this industry. He has more than 15 years of
experience in civil construction industry.

* Satisfactory capital structure and debt coverage indicator: The
capital structure of the company remains satisfactory marked by
overall gearing of 0.21x in FY24 vis-à-vis 0.41x in FY23, the
slight improvement in overall gearing is on account of repayment of
term loan and accumulation of profit into reserve. Furthermore,
TDGCA and interest coverage ratio stood at 1.78x and 3.57x
respectively which is 3.40x and 1.90x in FY23.

Liquidity: Stretched

The company has INR3.75 crore sanctioned CC limits. The firm's
liquidity position remains stretched with 76% average utilization
for last 12 months and few instances of overdrawals whereas last
instances happened on October 2023 when interest is debited on last
day of the month and the same get regularized within 15 days i.e.
on Nov 17, 2024. The company has gross cash accrual of INR1.72
crore in FY24 against nil debt repayment obligation. Apart from the
same, the company has Rs.5.05 crore BG limits which is around 85%
utilized.

Rana Construction and Engineers Pvt Ltd (RCEPL) was established in
the year 2006 with its office located at Guwahati, Assam. Since its
inception, the entity has been engaged in civil construction
business in the segment like bridges and roads. Further, the entity
is also classified as Class 'A' contractor. The company bags
contract from Guwahati Municipal Corporation (GMC), Public Works
(Road) Department and Public Works Department (PWD) of state
government of Assam. Mr. Rana Saidur Zaman looks after the
day-to-day operations of the entity along with other technical and
non-technical professionals who are having long experience in this
industry. He has more than 15 years of experience in civil
construction industry.

RMG DEVELOPERS: CARE Keeps D Debt Rating in Not Cooperating
-----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of RMG
Developers Private Limited (RDPL) continues to remain in the
'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Non-Convertible      50.00      CARE D; ISSUER NOT COOPERATING;
   Debentures                      Rating continues to remain
                                   Under ISSUER NOT COOPERATING
                                   Category

Rationale and key rating drivers

CARE Ratings Limited had, vide its press release dated January 30,
2020, placed the rating of RDPL under the 'Issuer not cooperating'
category, as RDPL had failed to provide information for monitoring
of the rating. RDPL continues to be non-cooperative despite
repeated requests for submission of information through e-mails
dated July 24, 2024, August 3, 2024, and August 30, 2024.

In line with the extant Securities and Exchange Board of India
(SEBI) guidelines, CARE Ratings has reviewed the rating on the
basis of the best available information, which, however, in CARE
Ratings' 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).

Detailed description of the key rating drivers:

At the time of the last rating on September 8, 2023, the rating
strengths and weaknesses were as below.

Key weaknesses

* Delay in servicing of debt obligation: There have been delays in
the servicing of interest obligation by the company due on
September 30, 2020, as informed by the debenture trustee.

RDPL, incorporated in June 2006, is a real estate developer. It is
part of the Ninex group, which is engaged in diverse sectors such
as real estate, hospitality, manufacturing, and education. The
group has successfully executed a number of projects, including
residential buildings, malls, office complexes, hotels, etc, in
Delhi-NCR with a total saleable area of 27.82 lakh sq ft (lsf). The
ongoing projects of the group include four residential and two
commercial projects and three hotels with a total saleable area of
26.91 lsf. RMG was developing an affordable housing residential
project "RMG Residency" located in Sector 37C, Gurgaon with a total
salable area of 4.09 lsf.


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

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      14.50       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Rationale and key rating drivers

CARE Ratings Ltd. had, vide its press release dated August 18,
2023, placed the rating(s) of SC under the 'issuer non-cooperating'
category as SC had failed to provide information for monitoring of
the rating. SC 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).

Ahmedabad (Gujarat)-based, SC was formed in February, 2016 by Mr.
Sukhdev Prajapati, Mrs. Manisha Purohit and Mr. Soham Purohit. The
firm had been setting up a greenfield plant for cotton ginning and
pressing near Mehsana district in the area of 19425 square meters,
with 36 double roller jumbo gin machines of 54" size for ginning
and 5 cotton stripper machines for pressing. Total installed
capacity for ginning was proposed to be 45619.20 MTPA for raw
cotton. For oil extraction process, 12 extruders of 33*6" were
expected to be installed with a capacity will be of 24192 MTPA of
cotton seeds.

SHIV GRAMOUDYOG: CARE Keeps B- Debt Rating in Not Cooperating
-------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Shiv
Gramoudyog Sansthan (SGS) continues to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      11.00       CARE B-; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category  

Rationale and key rating drivers

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

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

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

Uttar Pradesh based Shiv Gramoudyog Sansthan (SGS) is a cooperative
society established in 1987 and registered under the Societies
Registration Act. It was founded by Mr. Rajesh Kumar Rohra and his
family members. The society is engaged in the manufacturing of
detergent powder, detergent cake & laundry soap (oil based) and all
the products manufactured are sold under the brand name "Moar" or
"More". SGS has two manufacturing units located in Chaubepur Kalan,
Kanpur.


SHIVRATNA CONSTRUCTION: CARE Keeps B- Rating in Not Cooperating
---------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Shivratna
Construction and Earthmovers (SCE) continue to remain in the
'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       4.00       CARE B-; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category  

   Short Term Bank      1.50       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 14,
2023, placed the rating(s) of SCE under the 'issuer
non-cooperating' category as SCE had failed to provide information
for monitoring of the rating as agreed to in its Rating Agreement.
SCE 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).

SCAE was established as a partnership firm on July 21, 2007, by
Mrs. Uma Janugade and Mrs. Smita Patil. SCAE is engaged in the
business of civil construction services primarily construction of
water supply channels and sewage underground drainage system
through bidding process.

UNITED BLUE: CARE Lowers Rating on INR10.60cr LT Loan to B-
-----------------------------------------------------------
CARE Ratings has revised the ratings on certain bank facilities of
United Blue Metals (UBM), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      10.60       CARE B-; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category and
                                   Revised from CARE B; Stable

Rationale and key rating drivers

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

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

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

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

United Blue Metals (UBM) is a partnership firm which was
established in the year 2018 by Mr. A.Ajeesh, Mr. Venkatesh Prasad,
Mr. Akhil Saji and Mr. Biju Thomas. The firm operates from two
locations. The retail division in the name 'UBM Tiles and Granites'
located at Kollam, Kerala is in to trading of tiles, wall
claddings, ceramic, sanitary, plumbing and electrical home need
products. The firm also has a crusher unit with crushing capacity
of 4000 tons of sand per day in its quarry (14 acres) located at
Rajapalayam, Tamil Nadu. The firm produces different types of
construction sands like 6mm/20mm/40mm jelly stone aggregates,
m-sand, rubble etc.

VARIDHI COTSPIN: CARE Lowers Rating on INR48.50cr Loan to D
-----------------------------------------------------------
CARE Ratings has revised the ratings on certain bank facilities of
Varidhi Cotspin Private Limited (VCPL), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      48.50       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category and Revised from
                                   CARE B; Stable

   Long Term/           7.50       CARE D/CARE D; ISSUER NOT
   Short Term                      COOPERATING; Rating continues
   Bank Facilities                 to remain under ISSUER NOT
                                   COOPERATING category and
                                   Revised from CARE B; Stable/
                                   CARE A4

   Short Term Bank      3.50       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category and Revised from
                                   CARE A4

Rationale and key rating drivers

CARE Ratings Ltd. had, vide its press release dated January 30,
2024, placed the rating(s) of VCPL under the 'issuer
non-cooperating' category as VCPL had failed to provide information
for monitoring of the rating. VCPL continues to be non-cooperative
despite repeated requests for submission of information through
e-mails, phone calls and a letter/email dated September 3, 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 VCPL have been
revised on account of ongoing delays in debt servicing recognized
from lender's feedback.

Incorporated in October 2014, VCPL is engaged in manufacturing of
cotton yarn with count range of 30s to 60s. Mr. Ankit Ajitsaria and
his family members are the key promoters of VCPL, who possess
longstanding experience in textile value chain. In FY17, VCPL
commenced establishment of a green-field project for setting up
cotton yarn spinning unit with 29,184 spindles translating into
production capacity of manufacturing 4,442.25 metric tonnes per
annum (MTPA) of cotton yarn. VCPL commenced commercial production
in December 2017.


VSN LABORATORIES: CARE Keeps B- Debt Rating in Not Cooperating
--------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of VSN
Laboratories Private Limited (VLPL) continues to remain in the
'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      16.30       CARE B-; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category  

Rationale and key rating drivers

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

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

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

VSN Laboratories Private Limited (VLPL) was incorporated on June 1,
2009 by Mr.V.Nageswara Rao along with his wife Mrs. V. Padmavathi
for manufacturing of Active Pharmaceutical Ingredients (APIs). In
FY18 four new promoters, Mrs. K. Indira, Mr. K. Madhusudhan Rao.
Bhuviteja Enterprises (India) Private Limited and Ms. K. Tejaswini,
joined the company. The company was originally registered as Lucid
Life Sciences Private Limited and subsequently the name of the
company was changed to the current nomenclature i.e. VSN on
December 18, 2009. The company started with its trial runs in the
month of February 2016; however, the commercial production was
commenced on May 2, 2016 with a total installed capacity of 240
kilolitres per annum at its manufacturing unit located in Krishna
District of Andhra Pradesh. The company has expanded its
manufacturing unit and increased the installed capacity to 72KL per
month from June 2018. The facilities of VSN are incorporated as per
Current Good Manufacturing Practices (CGMP) standards. VSN is
manufacturing APIs with drugs portfolio like pantaprazole, triazole
alcohol and omeprazole and others. These are used for the treatment
of gastroesophageal reflux diseases, seasonal allergies, nausea,
cholesterol, hypertension, etc. The company sources raw materials
required for manufacturing of APIs from vendors based in Hyderabad
and Mumbai. VSN is supplying APIs to variety of domestic
formulators (mainly private pharmaceutical companies). VSN also has
an on-site well-equipped Research and Development (R&D) Centre
which is continuously involved in process development, trouble
shooting and process optimisation of the drugs.


WINTOP VITRIFIED: ICRA Keeps B Debt Ratings in Not Cooperating
--------------------------------------------------------------
ICRA has kept the Long-Term and Short-Term ratings of Wintop
Vitrified Private Limited (WVPL) in the 'Issuer Not Cooperating'
category. The ratings are denoted as "[ICRA]B(Stable); ISSUER NOT
COOPERATING/[ICRA]A4; ISSUER NOT COOPERATING".

                      Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long Term-         12.00       [ICRA]B (Stable) ISSUER NOT
   Fund Based-                    COOPERATING; Rating continues
   Cash Credit                    to remain under 'Issuer Not
                                  Cooperating' category

   Long Term-          6.07       [ICRA]B (Stable) ISSUER NOT
   Fund Based-                    COOPERATING; Rating continues
   Term Loan                      to remain under 'Issuer Not
                                  Cooperating' category

   Long Term/          7.63       [ICRA]B(Stable)/[ICRA]A4;
   Short Term-                    ISSUER NOT COOPERATING;
   Unallocated                    Rating Continues to remain
                                  under issuer not cooperating
                                  category

   Short Term-         3.00       [ICRA]A4 ISSUER NOT
   Non Fund Based                 COOPERATING; Rating continues
   Others                         to remain under 'Issuer Not
                                  Cooperating' category

   Short Term          (1.00)     [ICRA]A4; ISSUER NOT
   Interchangeable                COOPERATING; Rating Continues
   Others                         to remain under issuer not
                                  cooperating category

As part of its process and in accordance with its rating agreement
with WVPL, ICRA has been trying to seek information from the entity
so as to monitor its performance. Further, ICRA has been sending
repeated reminders to the entity for payment of surveillance fee
that became due. Despite multiple requests by ICRA, the entity's
management has remained non-cooperative.

In the absence of requisite information and in line with the
aforesaid policy of ICRA, the rating has been continued to the
"Issuer Not Cooperating" category. The rating is based on the best
available information.

Wintop Vitrified Private Limited (WVPL) was incorporated in January
2011 as private limited Company promoted by Mr. Kamleshbhai Panara.
The company is involved in the business of manufacturing vitrified
tiles consisting of GVT and Nano polished tiles. The manufacturing
unit of the company is located at Morbi with an installed capacity
of producing 56575 MT of vitrified tiles per annum. The company
commenced commercial production of 600X600 mm vitrified tiles in
March 2012.




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

MEDCO ENERGI: Moody's Affirms 'B1' CFR & Alters Outlook to Positive
-------------------------------------------------------------------
Moody's Ratings has affirmed the B1 corporate family rating of
Medco Energi Internasional Tbk (P.T.) and changed the outlook to
positive from stable.

Moody's have also affirmed the B1 ratings on the outstanding backed
senior unsecured bonds issued by Medco's wholly-owned subsidiaries
and changed the outlooks to positive from stable. These bonds are
unconditionally and irrevocably guaranteed by Medco.

"The outlook change to positive reflects Moody's expectation that
Medco's credit metrics will remain strong over the next 12-18
months. Moody's forecast its adjusted debt/ EBITDA will be around
3.0x and its interest coverage will stay at 3.5x-4.0x over the same
period," says Rachel Chua, a Moody's Ratings Vice President and
Senior Analyst.

"At the same time, the rating affirmation continues to reflect
revenue visibility from the company's fixed-price natural gas sales
agreement, which accounts for around 60% its production volume; its
moderate production scale and very good liquidity. These strengths
are balanced by the company's inorganic growth strategy," adds
Chua, who is also the lead analyst for Medco.

RATINGS RATIONALE

Moody's project Medco will generate an annual EBITDA of around $1.0
billion-$1.2 billion over the next two years, based on Moody's
medium-term oil price assumption of $55-$75 per barrel. Given that
fixed-price gas accounts for around 60% of Medco's production, oil
price volatility will not affect Medco to the same degree as it
will for its peers.

Moody's ratings are based on Medco's consolidated financials which
include its 100%-owned power subsidiary, Medco Power Indonesia
(P.T.) (MPI). MPI has a growing importance in Medco's energy
transition plan and is one of the pillars within the group.

The positive outlook takes into account the successful renewal of
Medco's gas sales agreement with Perusahaan Gas Negara (P.T.) (PGN,
Baa2 stable) for gas volumes accounting for around 30% of its total
gas production.

The company's proactive liability management over the past year has
also helped to support its credit metrics. Since 2022, Medco has
bought back around $1.1 billion of US dollar bonds through a tender
offer and subsequent secondary market repurchases, using a mixture
of cash and bank borrowings.

These strengths are counterbalanced by the company's growth
appetite through acquisitions and capital investments, limited
reserve life and exposure to cyclical commodity prices.

The company has spent around $2.8 billion over the last five years
on acquisitions. This includes the acquisition of Corridor block in
South Sumatra, Indonesia, in 2022; and Blocks 48 and 60 in Oman in
2023. Moody's note that despite these acquisitions, the company has
a track record of acquiring oil and gas fields that are immediately
EBITDA accretive.

The company has oil and gas reserve life of around 6.5 years as of
June 2024. Moody's expect it will likely continue to spend on
acquisitions and investments. Moody's expect future acquisitions to
be at a reasonable scale in line with historical transactions and
for the funding structure to be a mix of cash and borrowings.
Moody's also expect future acquisitions will be on producing or
near-producing oil and gas fields, which will not require
significant developmental cost.

The positive outlook reflects Moody's view that Medco's credit
metrics will remain strong over the next 12 months. Moody's also
expect Medco to maintain very good liquidity and financial
discipline even as it pursues growth.

Medco's liquidity is very good over the next 12-18 months. As of
June 30, 2024, the company had cash and cash equivalents of around
$584 million, cash in escrow for debt and interest repayment of $62
million and undrawn credit facilities of $980 million. Medco does
not have any near-term liquidity issues and will likely generate
sufficient operating cash flow to address its spending
requirements.

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

Moody's could upgrade Medco's rating if (1) the company maintains
its strong credit metrics and very good liquidity profile; and (2)
provides greater clarity on the scale and pace of its longer-term
growth plans.

Credit metrics supportive of an upgrade include adjusted
debt/EBITDA below 3.0x-3.5x, adjusted EBITDA/interest expense above
3.5x-4.0x, and retained cash flow/net debt above 25%.
Given the positive outlook, a downgrade is unlikely. However,
Moody's could return the company's outlook to stable if its credit
metrics weaken on the back of a sustained reduction in commodity
prices or if its liquidity deteriorates. Debt-funded acquisitions
could also result in downward pressure on the company's rating.

Quantitative metrics indicative of such downward pressure include
adjusted debt/EBITDA rising above 3.0x-3.5x, adjusted
EBITDA/interest expense falling below 3.5x-4.0x, or retained cash
flow/net debt below 25%

LIST OF AFFECTED RATINGS

Issuer: Medco Energi Internasional Tbk (P.T.)

Affirmation:

LT Corporate Family Rating, Affirmed B1

Outlook Action:

Outlook, Changed To Positive From Stable

Issuer: Medco Bell Pte. Ltd.

Affirmation:

Backed Senior Unsecured (Foreign Currency), Affirmed B1

Outlook Action:

Outlook, Changed To Positive From Stable

Issuer: Medco Laurel Tree Pte. Ltd.

Affirmation:

Backed Senior Unsecured (Foreign Currency), Affirmed B1

Outlook Action:

Outlook, Changed To Positive From Stable

Issuer: Medco Maple Tree Pte. Ltd.

Affirmation:

Backed Senior Unsecured (Foreign Currency), Affirmed B1

Outlook Action:

Outlook, Changed To Positive From Stable

Issuer: Medco Oak Tree Pte. Ltd.

Affirmation:

Backed Senior Unsecured (Foreign Currency), Affirmed B1

Outlook Action:

Outlook, Changed To Positive From Stable

The principal methodology used in these ratings was Independent
Exploration and Production published in December 2022.

Established in 1980, Medco Energi Internasional Tbk (P.T.) is a
Southeast Asian integrated energy and natural resource company that
is headquartered in Jakarta. It is listed in Indonesia with three
key business segments -- oil and gas, power and mining.




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

AIRPORT HARBOUR: Court to Hear Wind-Up Petition on Sept. 20
-----------------------------------------------------------
A petition to wind up the operations of Airport Harbour View Motel
Limited will be heard before the High Court at Auckland on Sept.
20, 2024, at 10:45 a.m.

Jujnovich Trustee Company Commercial Limited filed the petition
against the company on July 29, 2024.

The Petitioner's solicitor is:

          Clinton Baker
          Collette Robinson
          c/- Price Baker Berridge
          Level 2, 87 Central Park Drive
          Henderson
          Auckland 0618


DOGGY DEN: Grant Bruce Reynolds Appointed as Liquidator
-------------------------------------------------------
Grant Bruce Reynolds of Reynolds & Associates on Sept. 5, 2024, was
appointed as liquidator of The Doggy Den Limited.

The liquidator may be reached at:

          Reynolds & Associates Limited
          PO Box 259059
          Botany
          Auckland 2163


DU VAL GROUP: Founder Speaks Out After Co. Placed in Receivership
------------------------------------------------------------------
The New Zealand Herald reports that Kenyon Clarke, founder of Du
Val Property Group, has spoken out for the first time since the
Auckland property developer was placed into interim receivership in
August 2024.

The report relays that on August 2, 2024, police conducted a raid
on the Remuera home of Clarke and his wife, Charlotte, coinciding
with the High Court's decision to place several Du Val entities
into interim receivership at the request of the Financial Markets
Authority (FMA).

Three weeks after the raid, the report cites, the government placed
the Du Val Group under statutory supervision due to enormous
financial obligations.

Although Kenyon and Charlotte are prohibited from discussing the
investigation with the media, Kenyon has shared some details about
the events that have unfolded since August 2, The New Zealand
Herald cites.

"I can say that our accountants have supplied information to the
shareholders, where we believe we're a solvent and good business
that has $5.1 million in its corporate bank accounts and we have
the support of its lenders," Kenyon told Stuff.

In a letter to Commerce and Consumer Affairs Minister Andrew Bayly,
Du Val Property Group minority shareholders appealed to the
government to remove the business from statutory management to
avoid further financial damage to the company and alleviate the
mental strain on shareholders.

                     About Du Val Group

Du Val Group -- https://duval.co.nz/ -- is a developer of
large-scale residential projects in New Zealand, renowned for their
innovative design.


DUKES DIGGER: Creditors' Proofs of Debt Due on Oct. 18
------------------------------------------------------
Creditors of Dukes Digger & Earthworks Limited are required to file
their proofs of debt by Oct. 18, 2024, to be included in the
company's dividend distribution.

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

The company's liquidator is:

          Bryan Edward Williams
          c/o BWA Insolvency Limited
          PO Box 609
          Kumeu 0841


ESSENTIAL CONNECTIONS: Court to Hear Wind-Up Petition on Oct. 22
----------------------------------------------------------------
A petition to wind up the operations of Essential Connections
Limited will be heard before the High Court at Rotorua on Oct. 22,
2024, at 10:00 a.m.

Steve Long Automotive Limited filed the petition against the
company on Aug. 19, 2024.

The Petitioner's solicitor is:

          Jeffrey Gray Ussher
          Level 19, 191 Queen Street
          Auckland


SPEEDY REMOVALS: Grant Bruce Reynolds Appointed as Liquidator
-------------------------------------------------------------
Grant Bruce Reynolds of Reynolds & Associates on Sept. 5, 2024, was
appointed as liquidator of Speedy Removals Limited.

The liquidator may be reached at:

          Reynolds & Associates Limited
          PO Box 259059
          Botany
          Auckland 2163


WAITONUI GROUP: Enters Liquidation, Baker Tilly Named Liquidator
----------------------------------------------------------------
Farmers Weekly reports that the Waitonui Group has entered
liquidation and Jared Waiata of Baker Tilly Staples Rodway has been
appointed as its liquidator.

Waitonui Group is a large dairy enterprise that manages three farms
in Taupo and North Otago.

The Waitonui Group comprises of (1) Waitonui Milltrust Agricultural
Holdings Limited Partnership, (2) Waitonui Milltrust Agricultural
Holdings Farm Management Limited Partnership, (3) Waitonui
Milltrust Agricultural Holdings General Partner Limited, and (4)
Farm Management General Partner Limited.

The Group was previously placed into receivership on April 15,
2024, with Andrew Grenfell and Kare Johnstone from McGrathNicol
appointed as receivers by the Bank of New Zealand.

The first receivership report, released in June 2024, indicated
that the Waitonui Group had $35 million in debt.  It highlighted
that significant inflation in farm costs had severely impacted the
group's cash flow before entering receivership.  Additionally, its
productivity suffered due to insufficient investment in farm
infrastructure, Farmers Weekly recounts.

Farm Weekly further recounts that in October 2022, the Waitonui
Group participated in farm debt mediation but subsequently violated
the mediation agreement's terms.  These infractions, together with
non-compliance with other banking agreements, resulted in the Group
being placed in receivership.




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

CASHWAGON PTE: Creditors' Meeting Scheduled for Sept. 24
--------------------------------------------------------
Cashwagon Pte Ltd will hold a meeting for its creditors on Sept.
24, 2024, at 4:00 p.m. via video conferencing (Microsoft Teams or
Zoom).

Agenda of the meeting includes:

   a. to receive and consider a status update of the liquidation
      administration including the ongoing legal suits;

   b. to update the creditors on the status of liquidation;

   c. to approve Liquidators’ fees and disbursements; and

   d. Any other business.

The company's liquidator is:

          Mr. Chan Yee Hong
          CLA Global TS Risk Advisory
          80 Robinson Road #25-00
          Singapore 068898


FUND SINGAPORE: Creditors' Meetings Set for Sept. 23
----------------------------------------------------
Fund Singapore (Sopa) Ltd will hold a meeting for its creditors on
Sept. 23, 2024, at 2:30 p.m. at 10 Collyer Quay #05-04/05 Ocean
Financial Centre, in Singapore.

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 confirmed the appointment of Liquidator nominated by the
      Company;

   c. to appoint a Committee of Inspection of not more than
      5 members, if thought fit; and

   d. any other business.


FUTABA DENSHI: Creditors' Proofs of Debt Due on Oct. 9
------------------------------------------------------
Creditors of Futaba Denshi Corp. (S) Pte Ltd are required to file
their proofs of debt by Oct. 9, 2024, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on Sept. 4, 2024.

The company's liquidators are:

          Lau Chin Huat
          Yeo Boon Keong
          c/o Technic Inter-Asia  
          50 Havelock Road #02-767
          Singapore 160050


VANDA MARINE: Creditors' Meetings Set for Sept. 20
--------------------------------------------------
Vanda Marine Services Pte Ltd will hold a meeting for its creditors
on Sept. 20, 2024, at 3:00 p.m. at 60 Paya Lebar Road, #05-40 Paya
Lebar Square, in Singapore.

Agenda of the meeting includes:

   a. to receive a statement of the assets and liabilities of the
      Company; and

   b. to consider appointing a person to be the liquidator in
      place of the liquidator appointed by the Company.




=================
S R I   L A N K A
=================

UB FINANCE: Fitch Alters Outlook on 'BB(lka)' Rating to Negative
----------------------------------------------------------------
Fitch Ratings has revised the Outlook on Sri Lanka-based UB Finance
PLC (UBF) to Negative from Stable and affirmed its National
Long-Term Rating at 'BB(lka)'.

Key Rating Drivers

Outlook Revision Driven by Parent: The revision in UBF 's Outlook
stems from similar action on its parent, Union Bank of Colombo PLC
(UB; BBB-(lka)/Negative), on 29 August 2024. For details, see its
commentary, Fitch Revises Outlook on Union Bank to Negative;
Affirms National Rating at 'BBB-(lka)'.

Shareholder Support Drives Rating: The rating continues to factor
in its expectation of shareholder support for UBF, as UB remains
the largest shareholder (89.9%), UB's record of support, including
a capital infusion in June 2024, UB's involvement in UBF 's
strategic decisions through board representation, as well as common
branding.

Limited Importance to Group: Fitch rates UBF two notches below its
parent's rating given its limited importance to the UB group. UBF's
main products, leasing and gold lending, accounted for 5.4% of the
group's gross loans while UBF's entire loan portfolio was just 10%
of group gross loans at end-June 2024. Furthermore, synergies are
limited between the bank and UBF, given minimal overlap between
UB's and UBF's target customer profiles. UBF's weak and
inconsistent profitability record also limits its importance to the
group.

Materially Weak Standalone Profile: Fitch believes UBF's intrinsic
financial strength is weaker than its support-driven rating. UBF
has a small franchise, with market share of less than 1% by assets
as of end-2023. Fitch views UBF's risk appetite as high while its
financial profile is weak, characterised by poor asset quality,
weak earnings, thin capital buffers and significant deposit
concentration.

RATING SENSITIVITIES

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

UBF's rating is sensitive to changes in UB's credit profile, as
reflected in UB's National Long-Term Rating as well as Fitch's
opinion of UB's ability and propensity to extend timely
extraordinary support. These could include:

- a downgrade of UB's National Long-Term Rating;

- a material increase in UBF's size relative to the parent that
makes extraordinary support more onerous for the parent;

- a meaningful reduction in the parent's ownership, control or
influence that could weaken its propensity to support UBF;

- prolonged weak performance of UBF that Fitch believes will weaken
the parent's propensity to support the subsidiary;

- a notable decline in UBF's capital buffers, indicating reduced
timeliness in financial support for growth or to meet regulatory
norms;

- insufficient or delayed support from UB relative to UBF's needs,
which hinders UBF's ability to meet its obligations in a timely
manner.

These developments could significantly reduce shareholder support
prospects and, if severe, may lead to a multi-notch downgrade.

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

There is limited scope for upward rating action, given the Negative
Outlook. Fitch is likely to revise the Outlook to Stable if the
parent bank's Outlook is revised to Stable.

An upgrade would most likely result from a positive rating action
on UB's National Long-Term Rating, which would reflect its
strengthened ability to support UBF.

A significant increase in UBF's strategic importance to UB and
closer integration with UB across broader functional areas may lead
to positive rating action. However, Fitch does not expect such a
change in the near term.

Public Ratings with Credit Linkage to other ratings

UBF's rating is driven by UB's National Long-Term Rating.

   Entity/Debt             Rating               Prior
   -----------             ------               -----
UB Finance PLC      Natl LT BB(lka)  Affirmed   BB(lka)




=============
V I E T N A M
=============

ORIENT COMMERCIAL: Moody's Affirms 'Ba3' Deposit & Issuer Ratings
-----------------------------------------------------------------
Moody's Ratings has affirmed Orient Commercial Joint Stock Bank's
(OCB) Ba3 local currency (LC) and foreign currency (FC) long-term
(LT) bank deposit and issuer ratings, as well as its b1 Baseline
Credit Assessment (BCA) and Adjusted BCA.

At the same time, Moody's have affirmed OCB's Ba3 LT FC and LC
Counterparty Risk Ratings (CRRs) and Ba3(cr) LT Counterparty Risk
(CR) Assessment, NP short-term (ST) FC and LC CRRs, ST FC and LC
bank deposit ratings, ST FC and LC issuer ratings and NP(cr) ST CR
Assessment.

Moody's have changed the outlook where applicable to stable from
negative.

RATINGS RATIONALE

The affirmation of OCB's BCA and ratings with a stable outlook is
driven by Moody's expectation that the bank's above peer-average
capitalization will mitigate its asset quality risks. The Ba3
ratings also consider the bank's high reliance on market funds and
modest liquidity buffers.

OCB's asset quality weakened in the first half of 2024, driven by
higher delinquencies from retail borrowers. Its gross nonperforming
loan (NPL) ratio increased to 3.1% at the end of June 2024 from
2.7% at the end of 2023. Its loan loss coverage declined to 55%
from 64% over the same period, providing modest buffers against
future losses.

Nonetheless, Moody's expect delinquencies from retail borrowers
have peaked and will gradually decline over the next 12–18
months, helped by Vietnam's strong economic momentum and a
moderation in loan growth in the segment in the past year. OCB's
high exposure to the real estate and construction sectors will pose
asset quality risks, although the rollout of key amendments to
Vietnam's real estate laws will support the sector's gradual
recovery.

OCB's tangible common equity (TCE) as a percentage of adjusted
risk-weighted assets (RWA) increased to 12.3% at the end of June
2024 from 11.2% at the end of 2022, supported by its issuance of
stock dividends and a moderation in loan growth. Although the
bank's capital consumption will likely outpace its internal capital
generation over the next 12-18 months, its TCE/RWA will remain
above the average of similarly rated peers and continue to be a key
credit strength.

OCB's annualized return on tangible assets (ROTA) declined to 1.4%
in the first half of 2024 from 1.9% a year earlier. Its
profitability will likely remain lower than historical levels over
the next 12-18 months due to narrowing net interest margins and
elevated credit costs. In addition, its non-interest income will
also moderate, driven by a normalization of one-off gains from its
trading of foreign currencies and investment securities.

The bank's reliance on market funding is higher than most of its
rated peers in Vietnam, with its market funds as a percentage of
tangible assets at 29% at the end of June 2024. At the same time,
its high-quality liquid assets such as cash, balances with the
central bank and government securities accounted for around 7% of
its total assets over the same period, reflecting its limited
buffers in times of need.

OCB's Ba3 deposit ratings benefit from one notch of government
support uplift from its BCA, reflecting Moody's assumption of a
moderate probability of support from the Government of Vietnam (Ba2
stable) in times of need, considering the bank's modest market
share of 0.8% in system deposits as of June 2024 and the central
bank's track record of providing support to banks in the form of
liquidity and regulatory forbearance.

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

Moody's could upgrade OCB's ratings if the bank strengthens its
TCE/RWA ratio to more than 15% and maintains its high-quality
liquid assets as a percentage of tangible banking assets above 15%
on a sustained basis. An improvement in its asset quality and
profitability will also be positive for the ratings.

On the other hand, Moody's would downgrade OCB's ratings if its
asset quality materially deteriorates, leading to a sustained
weakening of its capital and profitability, such that its TCE/RWA
ratio falls below 10% and ROTA decreases to less than 1%. A
significant deterioration in the bank's funding and liquidity would
also be negative for the BCA.

A downgrade of OCB's deposit and issuer ratings is also likely if
Moody's assess that government support for the bank has weakened.

The principal methodology used in these ratings was Banks
Methodology published in March 2024.

Orient Commercial Joint Stock Bank is headquartered in Ho Chi Minh
City and reported total assets of VND238 trillion as of the end of
June 2024.


VIETNAM INT'L: Moody's Affirms Ba3 Deposit & Issuer Ratings
-----------------------------------------------------------
Moody's Ratings has affirmed Vietnam International Commercial Joint
Stock Bank's (VIB) Ba3 long-term (LT) foreign currency (FC) and
local currency (LC) bank deposit and issuer ratings. Moody's have
also affirmed the bank's b1 Baseline Credit Assessment (BCA) and
Adjusted BCA.

At the same time, Moody's have affirmed VIB's Ba3 LT FC and LC
Counterparty Risk Ratings (CRR) and its Ba3(cr) LT Counterparty
Risk (CR) Assessment, and affirmed its Not Prime (NP) short-term
(ST) FC and LC CRRs, ST FC and LC bank deposit ratings, ST FC and
LC issuer ratings and NP(cr) ST CR Assessment.

Moody's have maintained the negative outlook on ratings where
applicable.

RATINGS RATIONALE

The affirmation of the VIB's long-term ratings with a negative
outlook reflects Moody's view that the bank's weakened
profitability and strong loan growth over the next 12 to 18 months
could strain its capitalization and negatively impact its credit
profile.

As of June 2024, VIB's nonperforming loan (NPL) ratio increased to
3.7% from 3.2% a year earlier, driven by further deterioration in
the its retail book. Asset risks will remain high as the bank will
likely take some time to resolve the problem loans. Its low loan
loss coverage, representing 48% of NPLs as of June 2024, provides
modest buffers against future losses.

Meanwhile, VIB's annualized return on tangible assets (ROTA)
declined to 1.7% in the first half of 2024 from 2.4% a year
earlier. Over the next 12 to 18 months, its profitability will
likely remain broadly at current levels due to tightened net
interest margins and elevated credit costs. In addition, its
non-interest income will moderate due to a normalization of net
gains from its trading of foreign currencies and slower
bancassurance sales. Nonetheless, a recovery from written-off loans
can offset some strain on its profitability.

VIB's capitalization will likely come under pressure over the next
12 to 18 months due to weaker internal capital generation and
strong loan growth. Its loans grew 15% in 2022 and 2023 and Moody's
project loan growth to remain robust between 15% to 20% over the
next 12-18 months.

The bank's capitalization, as measured by tangible common equity
(TCE) as a percentage of risk-weighted assets (RWA), declined to
10.6% as of June 2024 from 11.1% as of December 2022. The bank's
capital could come under further strain if it decides to buy back
shares from Commonwealth Bank of Australia (CBA, Aa2 stable, a1).
In June 2024, VIB passed a shareholders' resolution to reduce the
foreign ownership limit to 4.99% of the bank's charter capital from
20.5%. CBA owns about 20% of VIB's charter capital.

VIB has a high reliance on market funds. As of December 2023, its
market funds as a percentage of tangible banking assets was 29.9%.
Meanwhile, the bank's liquidity is modest.

VIB's Ba3 LT deposit and issuer ratings are one notch above its b1
BCA, reflecting Moody's assessment of a moderate probability of
support from the Government of Vietnam (Ba2 stable), considering
the bank's modest market share of 1.5% of system deposits as of
June 2024, and the central bank's track record of providing support
to banks in the form of liquidity and regulatory forbearance.

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

Given the negative outlook, an upgrade of VIB's ratings in the near
term is unlikely. However, Moody's could revise the outlook to
stable if the bank's TCE/RWA remains above 10% and its ROTA stays
above 2% while asset quality stabilizes.

Moody's would downgrade VIB's ratings if its asset quality
continues to deteriorate, leading to higher credit costs and a
decrease in its return on tangible assets to below 1.5%; or if the
bank's TCE/RWA declines below 9.5% on a sustained basis. A
weakening in VIB's funding and liquidity levels will also be
negative for the BCA and ratings.

A downgrade of VIB's deposit and issuer ratings is also likely if
Moody's assess that government support for the bank has weakened.

The principal methodology used in these ratings was Banks
Methodology published in March 2024.

Vietnam International Commercial Joint Stock Bank (VIB) is
headquartered in Ho Chi Minh City and reported total assets of
VND430 trillion as of June 30, 2024.



                           *********


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

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

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

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

TCR-AP subscription rate is US$775 for 6 months delivered via e-
mail.  Additional e-mail subscriptions for members of the same
firm for the term of the initial subscription or balance
thereof are US$25 each.  For subscription information, contact
Peter Chapman at 215-945-7000.



                *** End of Transmission ***