---

       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

          Monday, September 16, 2024, Vol. 27, No. 186

                           Headlines



A U S T R A L I A

EAKIN MCCAFFERY: First Creditors' Meeting Set for Sept. 19
ELAYOUBI PTY: First Creditors' Meeting Set for Sept. 19
ETERNUS GROUP: First Creditors' Meeting Set for Sept. 20
FIRSTMAC MORTGAGE 2024-4: S&P Assigns Prelim 'B' Rating on F Notes
FONUA CONSTRUCTIONS: First Creditors' Meeting Set for Sept. 19

KAHAJAR PTY: First Creditors' Meeting Set for Sept. 19
PEPPER PRIME 2022-2: S&P Raises Class F Notes Rating to BB (sf)
PEPPER RESIDENTIAL NO. 34: S&P Affirms B+(sf) Rating on Cl F Notes


C H I N A

CHINA EVERGRANDE: Chairman Put in Special Shenzhen Detention Cntr.
CHINA EVERGRANDE: China Bans PwC Unit for 6 Months Over Audit
VIVIC CORP: Posts $425,222 Net Income in Fiscal Q2
[*] HUAWEI:  Sept 24 Auction of CNEX's Rights to Legal Claims Set


I N D I A

BHAGYALAKSHMI COTEX: CRISIL Keeps B+ Ratings in Not Cooperating
CALTECH POLYMERS: CRISIL Keeps B+ Debt Ratings in Not Cooperating
CHALAPATHI EDUCATIONAL: CRISIL Keeps B+ Debt Ratings in Not Coop.
CHANDRA MOTORS: CRISIL Keeps B+ Debt Rating in Not Cooperating
ESSEL INFRAPROJECTS: Placed Under Insolvency Resolution Process

G M COT: CRISIL Keeps B+ Debt Ratings in Not Cooperating Category
GANGAJALI EDUCATION: CRISIL Keeps B Ratings in Not Cooperating
GLORIA ENGINEERING: CRISIL Keeps B+ Ratings in Not Cooperating
GODAVARI STEELS: CRISIL Keeps B Debt Rating in Not Cooperating
GOLD RANGE: CRISIL Keeps B+ Debt Ratings in Not Cooperating

GORAYA INDUSTRIES: CRISIL Keeps B Debt Ratings in Not Cooperating
GOVINDKRUPA COTTON: CRISIL Keeps B Ratings in Not Cooperating
GRAND HYUNDAI: CRISIL Keeps B+ Debt Ratings in Not Cooperating
GREEN CITY: CRISIL Keeps B+ Debt Rating in Not Cooperating
KARUNYA EDUCATIONAL: CRISIL Keeps B Ratings in Not Cooperating

KRISHNA RICE: CRISIL Keeps B+ Debt Ratings in Not Cooperating
KUMAR COLD: CRISIL Keeps B Debt Ratings in Not Cooperating
LAKSHMI POULTRY: CRISIL Keeps B Debt Ratings in Not Cooperating
LEOFORTUNE INFRA: CRISIL Keeps D Debt Rating in Not Cooperating
P. C. INDUSTRIES: CRISIL Keeps B Debt Ratings in Not Cooperating

PADMAVATHI AGRO: CRISIL Keeps B+ Debt Ratings in Not Cooperating
PARAMESHWAR WEAVES: CRISIL Keeps B Ratings in Not Cooperating
PARAMESWARA AGENCIES: CRISIL Keeps B+ Rating in Not Cooperating
PARAS AGRO: CRISIL Keeps B Debt Ratings in Not Cooperating
PEARL MINERAL: CRISIL Keeps B+ Debt Ratings in Not Cooperating

RADIUS ESTATES: NCLT Approves Bridgeport Realtors' Acquisition Bid
RELIANCE CAPITAL: Lenders Seek Interest on Payment from IIHL
SB LIFESPACES: CRISIL Keeps B+ Debt Ratings in Not Cooperating
SHEWDANMAL GAJANAND: CRISIL Keeps B Rating in Not Cooperating
SIDDHIVINAYAK POLYTEX: CRISIL Keeps B Ratings in Not Cooperating



N E W   Z E A L A N D

COLORADO INTRINSICS: Court to Hear Wind-Up Petition on Sept. 20
ELITE GROUP: Court to Hear Wind-Up Petition on Sept. 23
INTERSTAR NZ 2004-A: S&P Affirms B- (sf) Rating on Tranche 3 Notes
R & D COURIERS: BDO Tauranga Appointed as Liquidators
TANE CREW: Court to Hear Wind-Up Petition on Sept. 20

VERED LIMITED: Creditors' Proofs of Debt Due Oct. 2


P A K I S T A N

PAKISTAN: Cuts Rates to Revive Economy as Inflation Cools
PAKISTAN: Meets All of the IMF's Conditions to Secure New $7BB Loan


S I N G A P O R E

BIGV PTE: Court to Hear Wind-Up Petition on Sept. 27
CAEG SPECIALIST: Court to Hear Wind-Up Petition on Sept. 27
LAKSHMI VINAYAGAR: Court to Hear Wind-Up Petition on Sept. 27
M STUDIO: Court to Hear Wind-Up Petition on Oct. 4
QOO10: Under Police Probe as Vendors Report Delays in Payments

SCOPE ELECTRICAL: Court to Hear Wind-Up Petition on Sept. 27

                           - - - - -


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

EAKIN MCCAFFERY: First Creditors' Meeting Set for Sept. 19
----------------------------------------------------------
A first meeting of the creditors in the proceedings of Eakin
McCaffery Cox (Services) Pty Limited ATF Eakin McCaffery Cox
Service Trust will be held on Sept. 19, 2024, at 11:00 a.m. at the
offices of Rodgers Reidy, Level 12, The University Centre, 210
Clarence Street, in Sydney, NSW  and also virtually by way of Zoom
Application.

Andrew James Barnden and Sichu Wang of Rodgers Reidy were appointed
as administrators of the company on Sept. 10, 2024.


ELAYOUBI PTY: First Creditors' Meeting Set for Sept. 19
-------------------------------------------------------
A first meeting of the creditors in the proceedings of Elayoubi Pty
Ltd will be held on Sept. 19, 2024, at 2:00 p.m. via virtual
meeting only.

Ernie Chou and Trent McMillen of MaC Insolvency were appointed as
administrators of the company on Sept. 9, 2024.


ETERNUS GROUP: First Creditors' Meeting Set for Sept. 20
--------------------------------------------------------
A first meeting of the creditors in the proceedings of Eternus
Group Pty Ltd, Eternus Management Services Pty Ltd and Eternus
Operations Pty Ltd will be held on Sept. 20, 2024, at 10:30 a.m.
via virtual meeting technology only.

Anthony Norman Connelly, William James Harris and Mark Alfred
Holland of McGrathNicol were appointed as administrators of the
company on Sept. 10, 2024.


FIRSTMAC MORTGAGE 2024-4: S&P Assigns Prelim 'B' Rating on F Notes
------------------------------------------------------------------
S&P Global Ratings assigned its preliminary ratings to eight of the
nine classes of prime residential mortgage-backed securities (RMBS)
to be issued by Firstmac Fiduciary Services Pty Ltd. as trustee for
Firstmac Mortgage Funding Trust No.4 Series 2024-4.

The preliminary ratings assigned to the prime floating-rate RMBS
reflect the following factors.

The credit risk of the underlying collateral portfolio and the
credit support provided to each class of notes are commensurate
with the ratings assigned. Credit support for the rated notes is
provided by subordination, excess spread, and lenders' mortgage
insurance (LMI). The credit support provided to the rated notes is
sufficient to cover the assumed losses at the applicable rating
stress. S&P's assessment of credit risk considers Firstmac Ltd.'s
(Firstmac) underwriting standards and approval processes, which are
consistent with industry-wide practices, and the strong servicing
quality of Firstmac, and the support provided by the LMI policies
on 10.4% of the loan portfolio.

The rated notes can meet timely payment of interest--excluding the
residual interest (if applicable) due on the class B, class C,
class D, class E, and class F notes--and ultimate repayment of
principal under the rating stresses. Key rating factors are the
level of subordination provided, the LMI cover, the liquidity
reserve, the principal draw function, the interest-rate swap, and
the provision of an extraordinary expense reserve. Our analysis is
on the basis that the notes are fully redeemed by their legal final
maturity date, and we do not assume the notes are called at or
beyond the call date.

S&P's ratings also take into account the counterparty exposure to
Westpac Banking Corp. as bank account provider and National
Australia Bank Ltd. as interest-rate swap provider. The transaction
documents for the facilities include downgrade language consistent
with our counterparty criteria.

S&P also has factored into its ratings the legal structure of the
trust, which is established as a special-purpose entity and meets
its criteria for insolvency remoteness.

  Preliminary Ratings Assigned

  Firstmac Mortgage Funding Trust No.4 Series 2024-4

  Class A1, A$675.00 million: AAA (sf)
  Class A2, A$30.00 million: AAA (sf)
  Class AB, A$15.00 million: AAA (sf)
  Class B, A$12.00 million: AA (sf)
  Class C, A$8.00 million: A (sf)
  Class D, A$4.00 million: BBB (sf)
  Class E, A$3.00 million: BB (sf)
  Class F, A$1.00 million: B (sf)
  Class G, A$2.00 million: Not rated


FONUA CONSTRUCTIONS: First Creditors' Meeting Set for Sept. 19
--------------------------------------------------------------
A first meeting of the creditors in the proceedings of Fonua
Constructions Pty Ltd will be held on Sept. 19, 2024, at 3:00 p.m.
at the offices of Cor Cordis, Level 29, 360 Collins Street, in
Melbourne, Victoria and via virtual meeting technology.

Shaun Matthews and Daniel Juratowitch of Cor Cordis were appointed
as administrators of the company on Sept. 9, 2024.


KAHAJAR PTY: First Creditors' Meeting Set for Sept. 19
------------------------------------------------------
A first meeting of the creditors in the proceedings of Kahajar Pty
Ltd, trading as Great Country Pies, will be held on Sept. 19, 2024,
at 10:30 a.m. at the offices of Worrells, WOTSO, 123 Margaret
Street, in Toowoomba, QLD, and via virtual meeting facilities.

Adam Francis Ward of Worrells was appointed as administrator of the
company on Sept. 9, 2024.


PEPPER PRIME 2022-2: S&P Raises Class F Notes Rating to BB (sf)
---------------------------------------------------------------
S&P Global Ratings raised its ratings on 17 classes of Australian
prime residential mortgage-backed securities (RMBS) transactions
sponsored by two Australian nonbank originators. At the same time,
S&P affirmed its ratings on 26 classes of notes. S&P also removed
26 of these ratings from under criteria observation (UCO).

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

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

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

  Ratings Raised And Removed From UCO

  Bluestone Prime 2022-1 Trust

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

  Pepper I-Prime 2021-1 Trust

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

  Pepper I-Prime 2021-2 Trust

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

  Pepper Prime 2022-1 Trust

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

  Pepper Prime 2022-2 Trust

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


  Ratings Affirmed And Removed From UCO

  Pepper I-Prime 2021-1 Trust

  Class D: AA (sf)

  Pepper I-Prime 2021-2 Trust

  Class D: AA (sf)

  Pepper Prime 2023-1 Trust

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

  Ratings Affirmed

  Bluestone Prime 2022-1 Trust

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

  Pepper I-Prime 2021-1 Trust

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

  Pepper I-Prime 2021-2 Trust

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

  Pepper Prime 2022-1 Trust

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

  Pepper Prime 2022-2 Trust

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


PEPPER RESIDENTIAL NO. 34: S&P Affirms B+(sf) Rating on Cl F Notes
------------------------------------------------------------------
S&P Global Ratings raised its ratings on 37 classes of Australian
nonconforming and prime residential mortgage-backed securities
(RMBS) transactions sponsored by Pepper HomeLoans Pty Ltd. At the
same time, S&P affirmed its ratings on 59 classes of notes. S&P
also removed 60 of these ratings from under criteria observation
(UCO).

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

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

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

  Ratings Raised And Removed From UCO

  Pepper Residential Securities Trust No. 25

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

  Pepper Residential Securities Trust No. 26

  Class D: to AA+ (sf) from AA- (sf)

  Pepper Residential Securities Trust No. 27

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

  Pepper Residential Securities Trust No. 28

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

  Pepper Residential Securities Trust No. 29

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

  Pepper Residential Securities Trust No. 30

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

  Pepper Residential Securities Trust No. 31

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

  Pepper Residential Securities Trust No. 32

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

  Pepper Residential Securities Trust No. 33

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

  Pepper Residential Securities Trust No. 35

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

  Pepper Social Trust No.1

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


  Ratings Affirmed And Removed From UCO

  Pepper Residential Securities Trust No. 32

  Class C: AA (sf)

  Pepper Residential Securities Trust No. 33

  Class B: AA (sf)

  Pepper Residential Securities Trust No. 34

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

  Pepper Residential Securities Trust No. 35

  Class E: BBB+ (sf)
  Class F: BBB- (sf)

  Pepper Residential Securities Trust No. 36 Private Placement

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

  Pepper Residential Securities Trust No. 37

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

  Pepper Residential Securities Trust No. 39

  Class A1-a: AAA (sf)
  Class A1-s: AAA (sf)
  Class A2: AAA (sf)

  Pepper Social Trust No.1

  Class C: A (sf)

  Ratings Affirmed

  Pepper Residential Securities Trust No. 25

  Class A1-GE: AAA (sf)
  Class A1-a: AAA (sf)
  Class A2: AAA (sf)
  Class B: AAA (sf)

  Pepper Residential Securities Trust No. 26

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

  Pepper Residential Securities Trust No. 27

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

  Pepper Residential Securities Trust No. 28

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

  Pepper Residential Securities Trust No. 29

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

  Pepper Residential Securities Trust No. 30

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

  Pepper Residential Securities Trust No. 31

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

  Pepper Residential Securities Trust No. 32

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

  Pepper Residential Securities Trust No. 33

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

  Pepper Residential Securities Trust No. 34

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

  Pepper Residential Securities Trust No. 35

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

  Pepper Residential Securities Trust No. 36 Private Placement

  Class A: AAA (sf)

  Pepper Residential Securities Trust No. 37

  Class A: AAA (sf)
  
  Pepper Residential Securities Trust No. 38

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

  Pepper Social Trust No.1

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




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

CHINA EVERGRANDE: Chairman Put in Special Shenzhen Detention Cntr.
------------------------------------------------------------------
Reuters reports that Hui Ka Yan, the chairman of China Evergrande
Group - the company at the centre of the country's property sector
crisis - has been moved to a special detention centre in Shenzhen,
two sources with knowledge of the matter said.

Hui, 65, has not been seen in public since he was taken away by
Chinese authorities a year ago and his current whereabouts have not
been previously reported.

After China's securities regulator found Evergrande's flagship unit
had inflated earnings and committed securities fraud, Hui was fined
$6.6 million in March and barred from the securities market for
life. Evergrande was ordered into liquidation in January.

Reuters says Hui, who was once China's richest man, is not known to
have been formally charged with any crimes and it is unclear how
long he will remain in detention or whether he will be tried or set
free.

Chinese authorities have detained many former high-flying business
executives and some have remained in detention for years with
little or no information about their fate.

The property tycoon was initially under house surveillance in
Beijing after his arrest, according to one of the sources.

He was transferred to Shenzhen a few months ago to allow him to
more easily communicate with top Evergrande executives, said the
second source, Reuters relates. Evergrande is headquartered in the
neighbouring southern city of Guangzhou and its wealth management
unit is based in Shenzhen.

China's Ministry of Public Security and the Shenzhen municipal
government did not respond to Reuters requests for comment, nor did
Hengda Real Estate, Evergrande's main unit. Evergrande's
liquidators, who have been appointed by a Hong Kong court, declined
to comment to Reuters.

                       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 EVERGRANDE: China Bans PwC Unit for 6 Months Over Audit
-------------------------------------------------------------
The Associated Press reports that Chinese authorities have banned
the accounting firm PwC for six months and fined it over CNY400
million ($56.4 million) over its involvement in the audit of
collapsed property developer China Evergrande.

The AP says the punishment is the heaviest yet for international
accounting firms operating in China. PwC will be banned from
signing off on any financial results in the country for six months.
Already, it has been losing clients.

According to the AP, China's Ministry of Finance said in a
statement on Sept. 13 that it was imposing CNY116 million ($16.35
million) in fines and confiscation of illegal gains on PwC Zhong
Tian, also known as PwC China, as well as a six-month business
suspension, revocation of PwC's Guangzhou branch and an
administrative warning.

A separate regulator, the China Securities Regulatory Commission,
also imposed fines and confiscations totaling CNY325 million ($45.8
million) on PwC for allegedly failing to perform due diligence in
the audit of Evergrande, the AP relays.

The AP relates that China's finance ministry said PwC issued "false
audit reports" of Evergrande and that the audit procedures had
"serious defects" in design and implementation, leading to many
false conclusions. It also accused PwC of not maintaining
"professional skepticism" and failing to point out errors and a
lack of information disclosure by Evergrande during the audits.

The securities regulator said 88% of the records kept by PwC
regarding the real estate projects were inconsistent with the
actual implementation and were "seriously unreliable." When on-site
investigations were carried out, some projects were still "a piece
of vacant land" despite being considered to have met the delivery
conditions, the regulator, as cited by the AP, said.

"The work performed by PwC Zhong Tian's Hengda audit team fell well
below our high expectations and was completely unacceptable,"
Mohamed Kande, global chair of PwC, said in a statement on its
website, notes the report. Hengda is the principal subsidiary of
China Evergrande Group.

"It is not representative of what we stand for as a network and
there is no room for this at PwC," he said, the report relates.

The statement said PwC Zhong Tian has cooperated fully with
regulators, respects their decisions and will fully comply with the
administrative penalties, the AP relays.

PwC China has fired six partners and five staff directly involved
in the Hengda audit, it said. The firm is also in the process of
issuing financial penalties for current and former firm leaders who
were responsible for the business, the statement said.

The AP notes that PwC came under Beijing's scrutiny after the
January collapse of Evergrande, the world's most indebted developer
and a symbol of China's ongoing property crisis.

China's securities regulator said in March that Evergrande had
inflated its mainland China revenues by almost $80 billion in 2019
and 2020. In May, authorities fined the company $577 million.

PwC had audited Evergrande's accounts for 14 years until 2023 and
gave it a clean bill of health, the AP states.

The AP notes that PwC has been the largest of the "big four"
accounting firms operating in China, taking in nearly CNY8 billion
($1.1 billion) in revenues in 2022, above competitors Deloitte,
KPMG and EY, according to the Chinese Institute of Certified Public
Accountants.

China has been cracking down on excessive borrowing by developers
during a prolonged property market slump that has hit many other
parts of the economy, including construction, building materials
and home appliances.

                       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.

VIVIC CORP: Posts $425,222 Net Income in Fiscal Q2
--------------------------------------------------
Vivic Corp. filed with the U.S. Securities and Exchange Commission
its Quarterly Report on Form 10-Q reporting a net income of
$425,222 for the three months ended June 30, 2024, compared to a
net income of $31,039 for the three months ended June 30, 2023.
Revenue was $2,574,818 for the three months ended June 30, 2024.  

For the six months ended June 30, 2024, the Company reported net
income of $1,035,387, compared to a net loss of $301,188 for the
six months ended June 30, 2023. Revenue was $4,412,260 for the six
months ended June 30, 2024. The Company did not generate any
revenues from continuing operations in the three and six months
ended June 30, 2023.

The Company had $310,859 of cash and cash equivalents and working
capital of approximately $3.2 million as of June 30, 2024, which
included a receivable from a related party in the amount of $2.8
million, and the Company generated net income of $1.04 million
during the six months ended June 30, 2024. However, the Company had
an accumulated deficit of approximately $2.3 million as of June 30,
2024.

The continuation of the Company as a going concern through the
one-year anniversary of the date of this filing is dependent upon
the continued financial support from its related parties and loans
or investments from third parties. The Company is actively pursuing
additional financing for its operations through loans and the sale
of equity. However, there is no assurance that the Company will be
successful in securing sufficient funds to sustain its operations.

Management has determined that the above conditions indicate that
it may be probable that the Company would not be able to meet its
obligations within 12 months after August 14, 2024, the date of
issuance of the Company's Form 10-Q report. These and other factors
raise substantial doubt about the Company's ability to continue as
a going concern.

As of June 30, 2024, the Company had $4.9 million in total assets,
$2.3 million in total liabilities, and $2.6 million in total
stockholders' equity.

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

                   https://tinyurl.com/36wm8td8

                           About Vivic

Vivic Corp. was established under the corporate laws of the State
of Nevada on February 16, 2017. Beginning with a change in
management resulting from a change in control of the Company at the
end of 2018, the Company has explored and initiated operations in
various business areas related to the pleasure boat industry. These
included yacht sales, marine tourism, development of
electric-powered yachts, development and operation of yacht marinas
in Asia, and development of a yacht rental and timeshare service.
The Company's headquarters are maintained at its branch in the
Republic of China, Vivic Corp. It is mainly engaged in yacht
procurement, sales, and leasing services in Taiwan and other
countries.


[*] HUAWEI:  Sept 24 Auction of CNEX's Rights to Legal Claims Set
-----------------------------------------------------------------
Point Financial, Inc. will hold a public auction on Sept. 24, 2024,
at 11:00 A.M. PST via Zoom to sell the rights to legal claims of
CNEX Labs, Inc.  These claims are related to a Superseding
Indictment against Huawei Technologies Co., Ltd. and affiliates in
Case No. 1:18-cr-00457-AMD.

The potential damages for CNEX Labs could range from $19 million to
$250 million, with a possibility for treble damages under the
Racketeer Influenced and Corrupt Organizations Act.

The rights to the claims will be sold "as is, where is, with all
faults," with no representations or warranties of any kind by Point
Financial, Inc., express or implied.

Bidders must register by Sept. 17, 2024.

The auction will be hosted by Jaburg & Wilk, P.C.

Interested parties may inspect relevant documents and obtain
additional information by contacting:

          Eric Koontz
          Point Financial, Inc.
          Phone: 480-707-9234
          Email: admin@pointfin.com

Huawei Technologies Co. Ltd. -- https://www.huawei.com/ -- provides
networking products and telecommunication solutions. The Company
researches and develops internet access, transmission network,
servers, storage, security, and other networking products. Huawei
Technologies also offers business consulting, network integration,
assurance, managed, learning, and global delivery services.




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

BHAGYALAKSHMI COTEX: CRISIL Keeps B+ Ratings in Not Cooperating
---------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Sri
Bhagyalakshmi Cotex Private Limited (Sri Bhagyalakshmi) continue to
be 'CRISIL B+/Stable Issuer Not Cooperating'.

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

   Proposed Long Term      5         CRISIL B+/Stable (Issuer Not
   Bank Loan Facility                Cooperating)

CRISIL Ratings has been consistently following up with Sri
Bhagyalakshmi for obtaining information through letter and email
dated August 12, 2024 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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

Sri Bhagyalakshmi, set up in 2010 and promoted by Mr. Revuri
Somaiah, Mr. Revuri Venkanna and Mrs. D. Sumana, gins and presses
cotton. The firm is based in Warrangal, Telangana.


CALTECH POLYMERS: CRISIL Keeps B+ Debt Ratings in Not Cooperating
-----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Caltech
Polymers Private Limited (CPPL) continue to be 'CRISIL B+/Stable
Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit            4          CRISIL B+/Stable (Issuer Not
                                     Cooperating)

   Cash Term Loan         2          CRISIL B+/Stable (Issuer Not
                                     Cooperating)

CRISIL Ratings has been consistently following up with CPPL for
obtaining information through letter and email dated August 12,
2024 among others, apart from telephonic communication. However,
the issuer has remained non cooperative.

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

Detailed Rationale

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

The VKC group (constituting 21 entities) was set up in 1984 by Mr
VKC Mammed Koya. The group manufactures footwear under the brand,
VKC. The group's Division I, consisting of eight entities is headed
by Mr Noushad, while Division II with 13 entities, and is headed by
Mr Abdul Razzak

Set up in 1994, CPPL is part of Division II, and manufactures
footwear for sale under VKC brands, such as VKC Pride and VKC
Skalino. The manufacturing facility is in Malappuram and the
products are sold primarily in Kerala, Tamil Nadu and Karnataka.


CHALAPATHI EDUCATIONAL: CRISIL Keeps B+ Debt Ratings in Not Coop.
-----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Chalapathi
Educational Society (CES) continue to be 'CRISIL B+/Stable Issuer
Not Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Long Term Loan        2.16        CRISIL B+/Stable (Issuer Not
                                     Cooperating)

   Long Term Loan       12.16        CRISIL B+/Stable (Issuer Not
                                     Cooperating)

   Proposed Long Term    3.14        CRISIL B+/Stable (Issuer Not
   Bank Loan Facility                Cooperating)

   Secured Overdraft     2.54        CRISIL B+/Stable (Issuer Not
   Facility                          Cooperating)

CRISIL Ratings has been consistently following up with CES for
obtaining information through letter and email dated August 12,
2024 among others, apart from telephonic communication. However,
the issuer has remained non cooperative.

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

Detailed Rationale

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

CES was established in 1996 by Mr. Y V Anjaneyulu in Guntur, Andhra
Pradesh. CES offers undergraduate and post graduate courses in
engineering, business management and pharmacy streams.


CHANDRA MOTORS: CRISIL Keeps B+ Debt Rating in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Chandra Motors
(CM) continues to be 'CRISIL B+/Stable Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit            5.5        CRISIL B+/Stable (Issuer Not
                                     Cooperating)

CRISIL Ratings has been consistently following up with CM for
obtaining information through letter and email dated August 12,
2024 among others, apart from telephonic communication. However,
the issuer has remained non cooperative.

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

Detailed Rationale

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

CM is an authorized dealer and service center for HMCL in Adilabad,
Telangana and has been established in 1999.


ESSEL INFRAPROJECTS: Placed Under Insolvency Resolution Process
---------------------------------------------------------------
The Economic Times reports that a bankruptcy court on Sept. 11
admitted Jammu and Kashmir Bank's application to initiate
insolvency proceedings against Essel Infraprojects Ltd, a company
promoted by media baron Subhash Chandra, over what the lender
claimed was an 'established case' of default.

ET relates that the Mumbai bench of the National Company Law
Tribunal (NCLT), while admitting the company, has also appointed
Hemant J. Mehta as interim resolution professional (IRP).

The lender claims an established case of default on dues amounting
to INR87.43 crore, ET discloses.

Essel Infraprojects Ltd (EIL) was incorporated in July 1987 in the
name 'Essel's Amusement Parks (India) Limited' which was
subsequently changed to 'Essel Infraprojects Limited' in February
2007. Promoted by Mr. Subhash Chandra, EIL is infrastructure arm of
Essel Group with interest in road projects, urban infrastructure,
power, water management and solid waste management.


G M COT: CRISIL Keeps B+ Debt Ratings in Not Cooperating Category
-----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of G M Cot
Fibers (GMCF) continue to be 'CRISIL B+/Stable Issuer Not
Cooperating'.

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

   Cash Credit             2         CRISIL B+/Stable (Issuer Not
                                     Cooperating)

   Proposed Long Term      0.2       CRISIL B+/Stable (Issuer Not
   Bank Loan Facility                Cooperating)

   Term Loan               2.8       CRISIL B+/Stable (Issuer Not
                                     Cooperating)

CRISIL Ratings has been consistently following up with GMCF for
obtaining information through letter and email dated August 12,
2024 among others, apart from telephonic communication. However,
the issuer has remained non cooperative.

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

Detailed Rationale

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

GMCF was set up in 2014 as a partnership firm by Mr. Govind Agarwal
and his nephews, Mr. Pratish Agarwal and Mr. Ashish Agarwal. The
firm is setting up a cotton ginning unit in Sendhwa (Madhya
Pradesh).


GANGAJALI EDUCATION: CRISIL Keeps B Ratings in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Shri
Gangajali Education Society (SGES) continue to be 'CRISIL B/Stable
Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Loan Against           25         CRISIL B/Stable (Issuer Not
   Property                          Cooperating)
   
   Term Loan              33         CRISIL B/Stable (Issuer Not
                                     Cooperating)

CRISIL Ratings has been consistently following up with SGES for
obtaining information through letter and email dated August 12,
2024 among others, apart from telephonic communication. However,
the issuer has remained non cooperative.

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

Detailed Rationale

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

SGES, Bhilai, was constituted under the provision of statute 28
framed under MP Vishwavidhyalaya Adhinium 1973 and the AICTE Act.
Formed by founder Mr IP Mishra, the society currently operates 13
institutes that offer engineering, computer application, nursing,
pharmacy, medical, arts, commerce and science, management, and
teacher training courses.


GLORIA ENGINEERING: CRISIL Keeps B+ Ratings in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Gloria
Engineering Company (GEC) continue to be 'CRISIL B+/Stable Issuer
Not Cooperating'.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Term Loan             4.50       CRISIL B+/Stable (Issuer Not
                                    Cooperating)

   Term Loan             2.25       CRISIL B+/Stable (Issuer Not
                                    Cooperating)

CRISIL Ratings has been consistently following up with GEC for
obtaining information through letter and email dated August 12,
2024 among others, apart from telephonic communication. However,
the issuer has remained non cooperative.

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

Detailed Rationale

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

Set up in 1981 as a proprietorship firm, GEC was reconstituted as a
partnership firm in 1996. It manufactures sheet-metal-pressed
components for the commercial vehicle segment. GEC has three
manufacturing units in Pune (Maharashtra) and two units in Lucknow
(Uttar Pradesh).


GODAVARI STEELS: CRISIL Keeps B Debt Rating in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Godavari
Steels (GS) continues to be 'CRISIL B/Stable Issuer Not
Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Electronic Dealer       7         CRISIL B/Stable (Issuer Not
   Financing Scheme                  Cooperating)
   (e-DFS)                 

CRISIL Ratings has been consistently following up with GS for
obtaining information through letter and email dated August 12,
2024 among others, apart from telephonic communication. However,
the issuer has remained non cooperative.

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

Detailed Rationale

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

GS was set up in 1990 by the proprietor, Mr Pawan Kumar Agarwal.
This Hyderabad-based firm trades in steel sheets and plates, and
iron plates.


GOLD RANGE: CRISIL Keeps B+ Debt Ratings in Not Cooperating
-----------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Gold Range
Castings Private Limited (GRCPL) continue to be 'CRISIL B+/Stable
Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit           3.20        CRISIL B+/Stable (Issuer Not
                                     Cooperating)

   Long Term Loan        2.25        CRISIL B+/Stable (Issuer Not
                                     Cooperating)

CRISIL Ratings has been consistently following up with GRCPL for
obtaining information through letter and email dated August 12,
2024 among others, apart from telephonic communication. However,
the issuer has remained non cooperative.

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

Detailed Rationale

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

Incorporated in 1994, GRCPL is owned and managed by Mr Bipan Gupta,
Mrs Poonam Gupta and Mr Abhilkshya. GRCPL is engaged in
manufacturing a wide range of scaffolding couplers, bolts and nuts,
cup lock system and tension insulators. Its manufacturing facility
is located in Jalandhar (Punjab) and has an installed capacity of
750 tonnes per annum.


GORAYA INDUSTRIES: CRISIL Keeps B Debt Ratings in Not Cooperating
-----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Goraya
Industries - Jalalabad (GIJ) continue to be 'CRISIL B/Stable Issuer
Not Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit           8.75        CRISIL B/Stable (Issuer Not
                                     Cooperating)

   Term Loan             2           CRISIL B/Stable (Issuer Not
                                     Cooperating)

   Warehouse Receipts    1.25        CRISIL B/Stable (Issuer Not
                                     Cooperating)

CRISIL Ratings has been consistently following up with GIJ for
obtaining information through letter and email dated August 12,
2024 among others, apart from telephonic communication. However,
the issuer has remained non cooperative.

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

Detailed Rationale

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

GIJ was established in 2010 as a partnership firm by Mr. Inderjit
Singh and his brothers, Mr. Balwinder Singh and Mr. Joginder Singh,
in Jalalabad (Punjab). The firm mills and undertakes indirect
export of rice, mainly basmati, under its brands, Kashmir ki Rani
and Goraya Gold. The firm is managed by three brothers.


GOVINDKRUPA COTTON: CRISIL Keeps B Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Shri
Govindkrupa Cotton Processing Private Limited (SGCPPL) continue to
be 'CRISIL B/Stable Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)      Ratings
   ----------        -----------      -------
   Cash Credit            7.5         CRISIL B/Stable (Issuer Not
                                      Cooperating)

   Term Loan              5.5         CRISIL B/Stable (Issuer Not
                                      Cooperating)

CRISIL Ratings has been consistently following up with SGCPPL for
obtaining information through letter and email dated August 12,
2024 among others, apart from telephonic communication. However,
the issuer has remained non cooperative.

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

Detailed Rationale

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

SGCPPL was incorporated in 2008, promoted by Mr Pravesh Bagadia, Mr
Sharad Bagadia, Mr Anil Aggarwal, and Mr Sandeep Aggarwal. The
company manufactures edible oils at its facility in Nagpur,
Maharashtra.


GRAND HYUNDAI: CRISIL Keeps B+ Debt Ratings in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Grand Hyundai
(GH) continue to be 'CRISIL B+/Stable Issuer Not Cooperating'.

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

   Inventory Funding       9.2       CRISIL B+/Stable (Issuer Not
   Facility                          Cooperating)

   Inventory Funding       1.72      CRISIL B+/Stable (Issuer Not
   Facility                          Cooperating)

   Term Loan               0.8       CRISIL B+/Stable (Issuer Not
                                     Cooperating)

CRISIL Ratings has been consistently following up with GH for
obtaining information through letter and email dated August 12,
2024 among others, apart from telephonic communication. However,
the issuer has remained non cooperative.

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

Detailed Rationale

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

Set up in April 2012, GH is mainly engaged in HMIL's dealership for
sale of cars, spares and service of vehicles in Kerala. The firm
has seven showrooms and three service centers. The day to day
operations are managed by Mr. Mohammed Iqbal.


GREEN CITY: CRISIL Keeps B+ Debt Rating in Not Cooperating
----------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Green City
Constructions Private Limited (GCCPL) continues to be 'CRISIL
B+/Stable Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Term Loan              14         CRISIL B+/Stable (Issuer Not
                                     Cooperating)

CRISIL Ratings has been consistently following up with GCCPL for
obtaining information through letter and email dated August 12,
2024 among others, apart from telephonic communication. However,
the issuer has remained non cooperative.

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

Detailed Rationale

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

Club & other facilities over 3 acres of land area at BTM Layout
(near Jayanagar) in Bengaluru (Karnataka).

GCCPL is was incorporated in 2008 by Mr VP Kiran Reddy.  The land
for the project has been taken from Puttamma and family through
joint development agreement, under which GCCPL will develop the 184
flats and retain 50 percent of these for marketing to the public
while the remaining will be handed over to Puttamma and family.


KARUNYA EDUCATIONAL: CRISIL Keeps B Ratings in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Karunya
Educational and Research Trust (KITS) continue to be 'CRISIL
B/Stable Issuer Not Cooperating'.

                          Amount
   Facilities          (INR Crore)    Ratings
   ----------          -----------    -------
   Proposed Long Term      6.15       CRISIL B/Stable (Issuer Not
   Bank Loan Facility                 Cooperating)

   Term Loan               8.50       CRISIL B/Stable (Issuer Not
                                      Cooperating)

   Term Loan              26.35       CRISIL B/Stable (Issuer Not
                                      Cooperating)

CRISIL Ratings has been consistently following up with KITS for
obtaining information through letter and email dated August 12,
2024 among others, apart from telephonic communication. However,
the issuer has remained non cooperative.

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

Detailed Rationale

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

KITS was set up by Dr D G S Dhinakaran in 1986 in Coimbatore. It
manages institutes, including schools, and offers graduate and
post-graduate courses in diverse streams such as engineering and
management.


KRISHNA RICE: CRISIL Keeps B+ Debt Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Shree Krishna
Rice Mill - Kolkata (SKRM) continue to be 'CRISIL B+/Stable Issuer
Not Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit            2.0        CRISIL B+/Stable (Issuer Not
                                     Cooperating)

   Proposed Fund-         0.6        CRISIL B+/Stable (Issuer Not
   Based Bank Limits                 Cooperating)

   Working Capital        0.4        CRISIL B+/Stable (Issuer Not
   Term Loan                         Cooperating)

CRISIL Ratings has been consistently following up with SKRM for
obtaining information through letter and email dated August 12,
2024 among others, apart from telephonic communication. However,
the issuer has remained non cooperative.

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

Detailed Rationale

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

Incorporated in 1966, SKRM is owned and managed by Mr Partha
Sarathi Ghosh. The firm, based in Birbhum, West Bengal, produces
various types of parboiled rice with an installed capacity of
around 4 tonne per hour.


KUMAR COLD: CRISIL Keeps B Debt Ratings in Not Cooperating
----------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Kumar Cold
Storage (KCS) continue to be 'CRISIL B/Stable Issuer Not
Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Long Term Loan        5.25        CRISIL B/Stable (Issuer Not
                                     Cooperating)

   Proposed Fund-        2.00        CRISIL B/Stable (Issuer Not
   Based Bank Limits                 Cooperating)

CRISIL Ratings has been consistently following up with KCS for
obtaining information through letter and email dated August 12,
2024 among others, apart from telephonic communication. However,
the issuer has remained non cooperative.

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

Detailed Rationale

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

KCS, a proprietorship concern of Mr Subhash Saha, is setting up a
cold storage unit with 10000 metric tonne capacity for storage of
potato/fruits. Commercial operations are set to commence from March
2019.


LAKSHMI POULTRY: CRISIL Keeps B Debt Ratings in Not Cooperating
---------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Lakshmi
Poultry Farm - Vijayawada (LPF) continue to be 'CRISIL B/Stable
Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit           2.10        CRISIL B/Stable (Issuer Not
                                     Cooperating)

   Proposed Long Term    3.05        CRISIL B/Stable (Issuer Not
   Bank Loan Facility                Cooperating)

   Term Loan             1.85        CRISIL B/Stable (Issuer Not
                                     Cooperating)

CRISIL Ratings has been consistently following up with LPF for
obtaining information through letter and email dated August 12,
2024 among others, apart from telephonic communication. However,
the issuer has remained non cooperative.

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

Detailed Rationale

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

LPF was set up in year 2015. LPF is engaged in poultry and hatchery
business. LPF is owned & managed by Mrs. Vallabhaneni Usha Rani.


LEOFORTUNE INFRA: CRISIL Keeps D Debt Rating in Not Cooperating
---------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Leofortune
Infrabuildcon Private Limited (LIPL) continues to be 'CRISIL D
Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)      Ratings
   ----------        -----------      -------
   Term Loan              15          CRISIL D (Issuer Not
                                      Cooperating)

CRISIL Ratings has been consistently following up with LIPL for
obtaining information through letter and email dated August 12,
2024 among others, apart from telephonic communication. However,
the issuer has remained non cooperative.

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

Detailed Rationale

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

LIPL was incorporated in 2009 by Mr. Pradeep K Swami, Mr. Sitapathy
Chavali, Mr. Dhiren Savla, Mr. Prasad K Swami and Mr. Vasant D
Bhambhaniya. The company is engaged in real estate development in
Navi Mumbai. The company currently has three ongoing projects -
Fortune Symphony, Fortune Calypso and Fortune Oriana.



P. C. INDUSTRIES: CRISIL Keeps B Debt Ratings in Not Cooperating
----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of P. C.
Industries (PCI) continue to be 'CRISIL B/Stable Issuer Not
Cooperating'.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Cash Credit           5.50       CRISIL B/Stable (Issuer Not
                                    Cooperating)

   Term Loan             1.99       CRISIL B/Stable (Issuer Not
                                    Cooperating)

CRISIL Ratings has been consistently following up with PCI for
obtaining information through letter and email dated August 12,
2024 among others, apart from telephonic communication. However,
the issuer has remained non cooperative.

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

Detailed Rationale

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

Established in 1996, Ahmedabad, Gujarat-based PCI, a proprietorship
concern of Mr Mayur Shah, manufactures electrical utilities such as
switch gear, fuse gear, re-wireable kit-kat fuses, fuse links,
bases, fittings and pullers; link disconnectors, bus bar support,
cut-outs, and distribution box assemblies. These are used in power
transmission and distribution infrastructure, industrial, and other
applications. Mr Shah and his sons, Mr Falun Shah, and Mr Honey
Shah manage the operations.


PADMAVATHI AGRO: CRISIL Keeps B+ Debt Ratings in Not Cooperating
----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Padmavathi
Agro Industries (PAI) continue to be 'CRISIL B+/Stable Issuer Not
Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit             4         CRISIL B+/Stable (Issuer Not
                                     Cooperating)

   Proposed Long Term      1.97      CRISIL B+/Stable (Issuer Not
   Bank Loan Facility                Cooperating)

   Standby Fund-           0.4       CRISIL B+/Stable (Issuer Not
   Based Limits                      Cooperating)

   Term Loan               0.63      CRISIL B+/Stable (Issuer Not
                                     Cooperating)

CRISIL Ratings has been consistently following up with PAI for
obtaining information through letter and email dated August 12,
2024 among others, apart from telephonic communication. However,
the issuer has remained non cooperative.

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

Detailed Rationale

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

Established in 1990, PAI is promoted by L Gangaprasad & L Vijaya
Laxmi. The firm is engaged into processing of non-basmati rice the
facility is located in Nizamabad, Andhra Pradesh with an installed
capacity of 3 ton per hour.


PARAMESHWAR WEAVES: CRISIL Keeps B Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Parameshwar
Weaves (PW) continue to be 'CRISIL B/Stable Issuer Not
Cooperating'.

                        Amount
   Facilities        (INR Crore)      Ratings
   ----------        -----------      -------
   Loan Against           10          CRISIL B/Stable (Issuer Not
   Property                           Cooperating)

   Loan Against            3         CRISIL B/Stable (Issuer Not
   Property                          Cooperating)

   Proposed Long Term      5         CRISIL B/Stable (Issuer Not
   Bank Loan Facility                Cooperating)

CRISIL Ratings has been consistently following up with PW for
obtaining information through letter and email dated August 12,
2024 among others, apart from telephonic communication. However,
the issuer has remained non cooperative.

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

Detailed Rationale

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

PW, a partnership firm, set up in 2002, by Mr Kirti Patel, Mr.
Arvind Patel and Mr Mohan Patel, manufactures polyester fabric. The
firm has an installed capacity of around 22000 metres per day in
Surat (Gujarat).


PARAMESWARA AGENCIES: CRISIL Keeps B+ Rating in Not Cooperating
---------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Parameswara
Agencies (Parameswara) continues to be 'CRISIL B+/Stable Issuer Not
Cooperating'.

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

CRISIL Ratings has been consistently following up with Parameswara
for obtaining information through letter and email dated August 12,
2024 among others, apart from telephonic communication. However,
the issuer has remained non cooperative.

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

Detailed Rationale

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

Parameswara, set up in 1941 by Mr K Nageswara Rao, trades in cotton
lint and processes waste paper. The firm is based in Guntur, Andhra
Pradesh.


PARAS AGRO: CRISIL Keeps B Debt Ratings in Not Cooperating
----------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Paras Agro
Industries (PAI) continue to be 'CRISIL B/Stable Issuer Not
Cooperating'.

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

   Proposed Term Loan      5          CRISIL B/Stable (Issuer Not
                                      Cooperating)

CRISIL Ratings has been consistently following up with PAI for
obtaining information through letter and email dated August 12,
2024 among others, apart from telephonic communication. However,
the issuer has remained non cooperative.

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

Detailed Rationale

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

PAI is a partnership firm established in January 2018; the partners
are Mr Vinay Shukla, Mr Vinod Shukla, Mr Rajesh Shukla, and Mr
Akash Shukla. The firm is setting up a plant for processing of
selha rice and steamed rice with an installed capacity of 16 tonne
per hour at Kanpur. Commercial operations are expected to start
from October 2018.


PEARL MINERAL: CRISIL Keeps B+ Debt Ratings in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Pearl Mineral
And Mines Private Limited (PMMPL) continue to be 'CRISIL B+/Stable
Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit            8.5        CRISIL B+/Stable (Issuer Not
                                     Cooperating)

   Proposed Long Term
   Bank Loan Facility      1.5       CRISIL B+/Stable (Issuer Not
                                     Cooperating)

CRISIL Ratings has been consistently following up with PMMPL for
obtaining information through letter and email dated August 12,
2024 among others, apart from telephonic communication. However,
the issuer has remained non cooperative.

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

Detailed Rationale

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

Incorporated in 2010 and based out of Prakasam district, Andhra
Pradesh, PMMPL is engaged in mining and export of granites,
particularly black galaxy granites. The company is promoted by Mr.
Ch. Venkata Nagaraja and his family.


RADIUS ESTATES: NCLT Approves Bridgeport Realtors' Acquisition Bid
------------------------------------------------------------------
The Economic Times reports that the National Company Law Tribunal
(NCLT) has approved the acquisition of Radius Estates and
Developers by Bridgeport Realtors, a subsidiary of Adani Group
entity Adani Goodhomes, through a scheme of amalgamation.

According to ET, this decision is a key step in implementing the
resolution plan for Radius Estates, which has been under the
corporate insolvency resolution process (CIRP) since April 2021.
The scheme, sanctioned by the NCLT, is an integral part of a
resolution plan that aims to merge Radius Estates into Bridgeport
Realtors. This plan was previously approved by the NCLT in January
2023, as part of a broader strategy to revive and consolidate the
operations of Radius Estates. The resolution plan was proposed by
Adani Goodhomes and the same had also been validated by the
National Company Law Appellate Tribunal (NCLAT) in May 2024.

ET relates that NCLT Mumbai bench's order highlights the strategic
intent behind the merger, which includes revitalising a significant
real estate project and optimising the asset value of Radius
Estates.

ET says the amalgamation is expected to simplify the corporate
structure and enable specialised management to focus on real estate
development more effectively. The rationale provided underscores
several benefits, including enhanced financial strength, greater
efficiency in cash management and improved service quality through
operational synergies.

As per the tribunal, the approval process involved dispensing with
the need for separate meetings of equity shareholders for Radius
Estates, as their consent was deemed granted due to the inclusion
of the scheme in the approved plan.

For Bridgeport Realtors, the majority shareholder Adani Goodhomes,
had given its formal consent, thus obviating the need for a
separate meeting, ET says. In terms of creditor approvals, Radius
Estates' creditors had already agreed to the scheme as part of the
committee of creditors' approval. Since Bridgeport Realtors has no
creditors, no additional consent was required, said the NCLT order
on September 5, ET adds.

                        About Radius Estates

Radius Estates and Developers Private Limited operates as a real
estate company. The Company offers construction of residential,
commercial, and infrastructure projects. Radius Estates and
Developers serves customers in India, Dubai, Singapore, Hong Kong,
and the United States and United Kingdom.

In April 2021, the National Company Law Tribunal (NCLT) agreed to
initiate insolvency and bankruptcy proceedings against Radius
Estates and Developers.


RELIANCE CAPITAL: Lenders Seek Interest on Payment from IIHL
------------------------------------------------------------
The Economic Times reports that the National Company Law Appellate
Tribunal (NCLAT) on Sept. 13 issued a notice to IndusInd
International Holdings Ltd (IIHL) over a plea filed by lenders of
Reliance Capital (RCap) seeking interest on payment for the
extended period for the upfront payment by the Hinduja group firm
and forfeiture of INR2,750 crore in case of default.  A
three-member bench led by Chairperson Justice Ashok Bhushan
directed the Hinduja Group firm, IIHL to file a reply within two
weeks and directed to list the matter on September 30 for the next
hearing.

According to ET, the NCLAT direction came while hearing a petition
from the Committee of Creditors (CoC) of RCap, currently going
through the Corporate Insolvency Resolution Process (CIRP).

ET relates that the lenders are seeking modificiation of the order
passed by the Mumbai bench of the National Company Law Tribunal,
which had on July 23, extended the period for implementation of the
resolution till Aug. 8, 2024.

In their petition, the lenders have requested NCLAT to modify the
order of NCLT and "allow interest on the upfront cash amount till
August 8, 2024" by IIHL and also to "allow interest on debt
component of upfront cash amount from August 8, 2024, till transfer
date which is the date of payment of upfront cash amount" of
INR9,660 crore.

The lenders have also sought permission for "forfeiture of monies
lying in CoC designated account (INR2,750 crore) upon the
occurrence of an event of default," ET relays.

Mauritius-based IIHL emerged as the successful bidder for the
acquisition of RCap, ET notes. NCLT-Mumbai on Feb. 27, 2024,
approved IIHL's INR9,861-crore resolution plan for the debt-ridden
financial firm.

As per the deadline, IIHL was to pay INR2,750 crore in two escrow
accounts by July 31 as per the approved plan, ET says. However,
IIHL sought extension in the deadline, which was allowed by NCLT by
modification. It directed to deposit the amount by August 10.

During the proceedings of NCLAT, counsel appearing for lenders
submitted that modification in terms and conditions was like
"unwinding of transaction," ET relays.

The NCLT should not have granted an extension of time to IIHL for
the implementation of the resolution plan, without adequately
compensating the lenders.

They further said "CoC is spending INR125 crore to INR130 crore per
month on interest cost on certain bonds of RCap," and delay in
payment would amount to a "loss of INR400 crore".

According to ET, the lenders are looking for early closure of the
transaction and for that, it has to pay LIC, which is one of the
largest lenders in CoC and other lenders.

"This can not be taken unless there is certainty of funds," they
added.

However, IIHL's counsel submitted they have deposited the amount as
per the orders of the NCLT. The last phase will be implemented as
per and the resolution plan.

On August 8, NCLT directed IIHL to transfer INR2,750 crore into the
accounts of RCap's lenders within 48 hours, ET notes.

In the petition, lenders had submitted that the amount payable
under the resolution plan, which is below the liquidation value of
RCap, was locked in more than a year ago when the plan was put to
vote before the CoC. This is the only amount that is payable in the
resolution process of the corporate debtor.

Moreover, RCap has been run as a going concern along with its
subsidiaries, which have a significant value.

"Therefore, any increase in the value of the Corporate Debtor
(RCap) and its subsidiaries is solely for the benefit of IIHL,
being a successful RA who will be an equity holder pursuant to the
implementation of the resolution plan," it said.

Even though the NCLAT order allows that cash and cash equivalents
of RCap will go to CoC, but since it is not an operating company
but a holding company, the cash and cash equivalents are not much
and do not constitute adequate compensation for the stakeholders,
it added, ET relays.

"Currently the cost of extension to IIHL is nil while the CoC is
suffering losses," it said.

ET adds that the lenders also submitted that a significant amount
of public money is involved in this case as a huge amount of debt
is owed to pension funds, retail bondholders, insurers including
LIC, EPFO and army welfare fund etc.

                       About Reliance Capital

Headquartered in Mumbai, India, Reliance Capital Limited --
https://www.reliancecapital.co.in/ -- a non-banking financial
company, primarily engages in lending and investing activities in
India, Singapore, and Mauritius. The company operates through
Finance & Investment, General Insurance, Life Insurance, Commercial
Finance, Home Finance, and Others segments. It offers life, health,
and general insurance products; brokerage and distribution
services, including stock broking, wealth management, and third
party distribution; and commercial and home finance services, such
SME, retail, microfinance, renewable, affordable housing, and home
loans, as well as loans against property and construction finance.
The company also provides asset reconstruction, institutional
broking, and proprietary investments services, as well as other
financial and allied services. The company was formerly known as
Reliance Capital & Finance Trust Limited and changed its name to
Reliance Capital Limited in January 1995.

On Nov. 29, 2021, the Reserve Bank of India superseded Reliance
Capital's board following payment defaults and governance issues,
and appointed Nageswara Rao Y as the administrator for the
bankruptcy process, Financial Express said. The regulator also
filed an application for initiation of Corporate Insolvency
Resolution Process (CIRP) against the company before the National
Company Law Tribunal's (NCLT) Mumbai bench.

In an order dated Dec. 6, 2021 of the National Company Law
Tribunal, Mumbai (NCLT), corporate insolvency resolution process
has been initiated against Reliance Capital as per the provisions
of the Insolvency and Bankruptcy Code (IBC), 2016.

In February 2022, RBI appointed administrator invited EoIs for sale
of Reliance Capital assets and subsidiaries.

Reliance Capital had a debt of over INR40,000 crore, and four
applicants had initially bid with resolution plans. However, the
committee of creditors rejected all four plans for lower bid
values, and a challenge mechanism was initiated in which IIHL and
Torrent Investments participated, The Economic Times said.


SB LIFESPACES: CRISIL Keeps B+ Debt Ratings in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of SB Lifespaces
Private Limited (SBLPL) continue to be 'CRISIL B+/Stable Issuer Not
Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Term Loan              18         CRISIL B+/Stable (Issuer Not
                                     Cooperating)

   Term Loan              12         CRISIL B+/Stable (Issuer Not
                                     Cooperating)

CRISIL Ratings has been consistently following up with SBLPL for
obtaining information through letter and email dated August 12,
2024 among others, apart from telephonic communication. However,
the issuer has remained non cooperative.

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

Detailed Rationale

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

SBLPL, incorporated in August 2011 by Mumbai-based Mr Kirit
Wadhwana and family, is developing a residential-cum-commercial
real estate project, Sandeep Heights, at Nallasopara in Thane
(Maharashtra).


SHEWDANMAL GAJANAND: CRISIL Keeps B Rating in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Shewdanmal
Gajanand (SG) continues to be 'CRISIL B/Stable Issuer Not
Cooperating'.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Cash Credit           9.8        CRISIL B/Stable (Issuer Not
                                    Cooperating)

CRISIL Ratings has been consistently following up with SG for
obtaining information through letter and email dated August 12,
2024 among others, apart from telephonic communication. However,
the issuer has remained non cooperative.

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

Detailed Rationale

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

SG was established in 1990 as partnership firm by Mr Shatilal
Dhudhoria and Mrs Shanti Devi Dhudhoria in Guwahati, Assam. The
firm trades in pulses, rice, sugar, and other grocery items.


SIDDHIVINAYAK POLYTEX: CRISIL Keeps B Ratings in Not Cooperating
----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Siddhivinayak
Polytex Private Limited (SPPL) continue to be 'CRISIL B/Stable
Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit            7.6        CRISIL B/Stable (Issuer Not
                                     Cooperating)

   Term Loan              6.5        CRISIL B/Stable (Issuer Not
                                     Cooperating)

CRISIL Ratings has been consistently following up with SPPL for
obtaining information through letter and email dated August 12,
2024 among others, apart from telephonic communication. However,
the issuer has remained non cooperative.

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

Detailed Rationale

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

Incorporated in 2012 and promoted by Mr Sunil Agarwal, SPPL
manufactures PP fabric and bags, and aluminium extrusion products.




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

COLORADO INTRINSICS: Court to Hear Wind-Up Petition on Sept. 20
---------------------------------------------------------------
A petition to wind up the operations of Colorado Intrinsics No.9
Limited will be heard before the High Court at Auckland on Sept.
20, 2024, at 10:45 a.m.

Sayfa Systems Pty Limited filed the petition against the company on
July 26, 2024.

The Petitioner's solicitor is:

          B. J. Ward
          Bell Gully
          Level 5
          Deloitte Centre
          1 Queen Street
          Auckland 1010


ELITE GROUP: Court to Hear Wind-Up Petition on Sept. 23
-------------------------------------------------------
A petition to wind up the operations of Elite Group Private Limited
(trading as Eastern Superette) will be heard before the High Court
at Tauranga on Sept. 23, 2024, at 10:00 a.m.

Kiwi Catering Supplies Limited filed the petition against the
company on July 22, 2024.

The Petitioner's solicitor is:

          Brett Leeson Martelli
          1 St Georges Bay Road
          Parnell, Auckland


INTERSTAR NZ 2004-A: S&P Affirms B- (sf) Rating on Tranche 3 Notes
------------------------------------------------------------------
S&P Global Ratings affirmed its ratings on 23 classes of New
Zealand prime and nonconforming residential mortgage-backed
securities (RMBS) transactions sponsored by five originators. At
the same time, S&P removed 16 of these ratings from under criteria
observation (UCO).

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

The transactions have adequate credit support and cash flows at the
respective rating levels, after applying the updated criteria,
which include a revised method of assessing loan-to-value, the
application of changing house price values in determining default
frequency and loss severity, and an estimate of house price
overvaluation (OUV) of 25%. The OUV measure is intended to reflect
how much a market is above or below a longer-term measure of price
to income.

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

S&P said, "Our 'B-' (sf) rating on the Tranche 3 notes issued by
Interstar NZ Millennium Series 2004-A Trust reflects that timely
payment of interest and ultimate principal repayment is not only
reliant on excess spread and lenders' mortgage insurance, but also
on the successful repayment of the loans that are in long-dated
arrears. We believe the latter is highly uncertain, so Tranche 3
has limited ability to withstand anything more than mild economic
stress."


  Ratings Affirmed And Removed From UCO

  Interstar NZ Millennium Series 2004-A Trust

  Class Tranche 3: B- (sf)

  Pepper Mortgage Nevada Trust 2023-1

  Class A: AAA (sf)
  Class C: AAA (sf)
  Class D: A (sf)
  Class E: BBB (sf)

  RESIMAC Prime Trust - RESIMAC Prime Trust Series 2021-1

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

  RESIMAC Versailles Trust- RESIMAC Versailles Trust Series 2022-1

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

  RESIMAC Versailles Trust- RESIMAC Versailles Trust Series 2023-1

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

  SBS Oreti Trust No 2

  Class 1: AAA (sf)

  The Co-Operative Bank RMBS Trust Series 2021-1

  Class A: AAA (sf)

  Ratings Affirmed

  RESIMAC Prime Trust - RESIMAC Prime Trust Series 2021-1

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

  RESIMAC Versailles Trust- RESIMAC Versailles Trust Series 2022-1

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

  RESIMAC Versailles Trust- RESIMAC Versailles Trust Series 2023-1

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


R & D COURIERS: BDO Tauranga Appointed as Liquidators
-----------------------------------------------------
Paul Thomas Manning and Thomas Lee Rodewald of BDO Tauranga on
Sept. 5, 2024, were appointed as liquidators of R & D Couriers
Limited on Sept. 5, 2024.

The liquidators may be reached at:

          BDO Tauranga Limited
          Level 1, The Hub
          525 Cameron Road
          PO Box 15660
          Tauranga


TANE CREW: Court to Hear Wind-Up Petition on Sept. 20
-----------------------------------------------------
A petition to wind up the operations of Tane Crew Limited will be
heard before the High Court at Auckland on Sept. 20, 2024, at 10:00
a.m.

The Commissioner of Inland Revenue filed the petition against the
company on July 22, 2024.

The Petitioner's solicitor is:

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


VERED LIMITED: Creditors' Proofs of Debt Due Oct. 2
---------------------------------------------------
Creditors of Vered Limited, WVM Limited and Premium Wholesale
Solutions Limited are required to file their proofs of debt by Oct.
2, 2024, to be included in the company's dividend distribution.

Vered Limited commenced wind-up proceedings on Sept. 2, 2024, by
resolution of the shareholders.

WVM Limited commenced wind-up proceedings on Sept. 5, 2024, also by
resolution of the shareholders.

Premium Wholesale Solutions commenced wind-up proceedings on Sept.
5, 2024. This was a High Court appointment upon petition by a
creditor.

The companies' liquidator is:

          Pritesh Patel
          PO Box 23296
          Manukau 2241
          Email: pritesh@patelandco.co.nz




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

PAKISTAN: Cuts Rates to Revive Economy as Inflation Cools
---------------------------------------------------------
Bloomberg News reports that Pakistan cut its benchmark interest
rate for a third consecutive meeting as slowing inflation gave
policymakers space to revive economic growth.

The State Bank of Pakistan lowered the target rate by 200 basis
points to 17.5%, according to a statement. The move was predicted
by four out of 48 analysts in a Bloomberg survey.

"The MPC assessed the real interest rate to still be adequately
positive to bring inflation down to the medium-term target of
5%–7% and help ensure macroeconomic stability," the central bank
said, notes the report.

Cooling inflation has helped the monetary authority to lower
borrowing cost by 450 basis points since June and support economic
growth, Bloomberg says. Price gains eased to the lowest in almost
three years last month and the central bank expects average
inflation to fall below its earlier forecast range of 11.5%-13.5%.

According to Bloomberg, Pakistan suffered one of Asia's worst
economic crisis, with the nation teetering on the brink of a
default last year. Prime Minister Shehbaz Sharif's government
forecasts the economy to expand 3.6% in the year through June 2025
compared to a growth of 2.4% last year.

Easing inflationary pressures and the unfolding impact of recent
policy rate cuts will support growth prospects in the industry and
services sectors, the central bank said, Bloomberg relays.

"If inflation stays in single digits there is room to cut interest
rates by another 300-400 basis points in the next few quarters,"
Bloomberg quotes Ruchir Desai, a fund manager at Asia Frontier
Capital Ltd, as saying.

According to Bloomberg, Sharif's government has taken unpopular
steps including record-high taxes and higher energy prices to
secure the International Monetary Fund's final approval for a new
loan of $7 billion.

Bloomberg relates that the IMF's executive board is expected to
meet and discuss Pakistan's loan later this month, said Jameel
Ahmad, governor at the State Bank of Pakistan, in an analyst
briefing after announcing the policy rate. Authorities are also
closing in on additional external financing to manage mounting
debt.

Pakistan has debt payments of about $26 billion this year with $16
billion of that to be rolled over, Bloomberg discloses. The South
Asian nation has repaid $4 billion.

                           About Pakistan

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

As reported in the Troubled Company Reporter-Asia Pacific in early
September 2024, Moody's Ratings has upgraded the Government of
Pakistan's local and foreign currency issuer and senior unsecured
debt ratings to Caa2 from Caa3. Moody's have also upgraded the
rating for the senior unsecured MTN programme to (P)Caa2 from
(P)Caa3. Concurrently, the outlook for Government of Pakistan is
changed to positive from stable.

The TCR-AP reported that S&P Global Ratings, on July 30, 2024,
affirmed its 'CCC+' long-term sovereign credit rating and 'C'
short-term rating on Pakistan. The outlook on the long-term rating
is stable. S&P's transfer & convertibility assessment remains at
'CCC+'.

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


PAKISTAN: Meets All of the IMF's Conditions to Secure New $7BB Loan
-------------------------------------------------------------------
The Associated Press reports that Pakistan's Prime Minister Shehbaz
Sharif said on Sept. 12 that his country has met all the conditions
set by the International Monetary Fund to qualify for a new $7
billion loan to help prop up its economy.

During a Cabinet meeting, Sharif praised his finance team and other
advisers for complying with the requirements set by the IMF, which
is expected to sign a formal approval to the loan on Sept. 25, when
the global lender's board of executive directors is scheduled to
meet, the AP relates.

Sharif specially thanked China for helping Pakistan to secure the
bailout, but declined to provide further details.

The AP says the IMF had asked Pakistan to broaden the country's tax
base and eliminate energy subsidies, a demand Sharif's government
has already implemented, raising concerns among Pakistanis who say
they are unable to pay high energy bills.

According to the AP, Pakistan's Finance Ministry said Sept. 12 in a
statement that all the matters with the IMF have been finalized
"amicably."

The announcement comes two months after the IMF said it had reached
a staff-level agreement with Pakistan for the new $7 billion loan
deal.

Pakistan is currently facing one of its worst economic crises and
Sharif has expressed hope that the country would be able to reduce
its reliance on foreign loans in the years to come, the AP notes.

The new loan deal, if approved by the IMF's board of executive
directors, would last for 37 months, adds the AP.

                           About Pakistan

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

As reported in the Troubled Company Reporter-Asia Pacific in early
September 2024, Moody's Ratings has upgraded the Government of
Pakistan's local and foreign currency issuer and senior unsecured
debt ratings to Caa2 from Caa3. Moody's have also upgraded the
rating for the senior unsecured MTN programme to (P)Caa2 from
(P)Caa3. Concurrently, the outlook for Government of Pakistan is
changed to positive from stable.

The TCR-AP reported that S&P Global Ratings, on July 30, 2024,
affirmed its 'CCC+' long-term sovereign credit rating and 'C'
short-term rating on Pakistan. The outlook on the long-term rating
is stable. S&P's transfer & convertibility assessment remains at
'CCC+'.

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




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

BIGV PTE: Court to Hear Wind-Up Petition on Sept. 27
----------------------------------------------------
A petition to wind up the operations of Bigv Pte Ltd will be heard
before the High Court of Singapore on Sept. 27, 2024, at 10:00 a.m.


Maybank Singapore Limited filed the petition against the company on
Sept. 3, 2024.

The Petitioner's solicitors are:

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


CAEG SPECIALIST: Court to Hear Wind-Up Petition on Sept. 27
-----------------------------------------------------------
A petition to wind up the operations of Caeg Specialist Pte Ltd
will be heard before the High Court of Singapore on Sept. 27, 2024,
at 10:00 a.m.

Maybank Singapore Limited filed the petition against the company on
Sept. 5, 2024.

The Petitioner's solicitors are:

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


LAKSHMI VINAYAGAR: Court to Hear Wind-Up Petition on Sept. 27
-------------------------------------------------------------
A petition to wind up the operations of Sri Lakshmi Vinayagar
Flowers and Trading Pte Ltd will be heard before the High Court of
Singapore on Sept. 27, 2024, at 10:00 a.m.

Maybank Singapore Limited filed the petition against the company on
Sept. 5, 2024.

The Petitioner's solicitors are:

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


M STUDIO: Court to Hear Wind-Up Petition on Oct. 4
--------------------------------------------------
A petition to wind up the operations of M Studio Interior Design
Pte Ltd will be heard before the High Court of Singapore on Oct. 4,
2024, at 10:00 a.m.

Maybank Singapore Limited filed the petition against the company on
Sept. 9, 2024.

The Petitioner's solicitors are:

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


QOO10: Under Police Probe as Vendors Report Delays in Payments
--------------------------------------------------------------
The Straits Times reports that Singapore-headquartered e-commerce
platform Qoo10 and its logistics subsidiary Qxpress are under
police investigations, following complaints by vendors about
delayed payments of thousands of dollars each and disruptions to
deliveries by Qxpress.

In response to queries from The Straits Times, the Singapore Police
Force said on Sept. 12 that reports were lodged against Qoo10 and
Qxpress and that they are investigating.

Vendors told ST that Qoo10, which also has operations in Malaysia,
Indonesia, Japan and Hong Kong, has failed to pay them on time.

According to ST, a spokesperson for a haircare retailer, which
declined to be named, said that Qoo10 owes the company nearly
SGD32,000. He added that the retailer removed its listings from the
platform on Sept. 12. "Previously, we were still able to receive
payment from Qoo10, albeit with slight delays," he added. "We
requested to withdraw money in June, but we still have not received
our payment, and we have been chasing Qoo10 since then but they
just kept telling us to wait."

Wang, the founder of infant products store Baby Gallery, who asked
to be identified only by her surname, told ST on Sept. 12 that the
platform owes her company more than a year's worth of payments,
amounting to over SGD11,000. She also noted that while her vendor
dashboard shows the payments as settled, she has yet to receive the
funds, which is why the issue remained undetected for some time.

"I will be making a police report as it's a huge amount," said
Wang, who also removed her company's listing from Qoo10 on Sept.
12.

She also noted that prior to Qoo10's recent troubles, the platform
typically released payments to Baby Gallery within seven days.
However, since 2023, the time taken for the platform to release the
payment has steadily lengthened, ST relays.

A spokesperson for Annabella Patisserie, who wanted to be known
only as "Andy", said that Qoo10 currently owes the bakery over
SGD25,000, or about 1.5 months of payments. "We've decided to write
off the owed amount . . . and have kindly asked our customers to
place future orders through other channels," he noted, although the
bakery's products remain listed on Qoo10 for now.

Another vendor, Chun Cheng Fishery, said that Qoo10 only recently
paid the company for its July settlement. A company salesperson
said that an account manager at Qoo10 indicated all pending
payments would be released by mid-September, but added that the
manager is unsure if this will actually materialise.

According to ST, Richard Siaw, managing director of law firm R.S.
Solomon, said that he is representing five businesses that are owed
hundreds of thousands of dollars each in delayed payments from
Qoo10 and plan to start action against the e-commerce platform. He
added: "My clients had waited for four to six months to see if the
full amounts they are owed will be settled. They had a good
relationship with Qoo10 for many years, so they were trying to work
things out with them. But it has become untenable and that is why
they are now planning to take legal action."

Meanwhile, vendors using Qxpress to ship their goods in and out of
Singapore have been hit by delays since July, based on documents
seen by ST.

ST notes that reports of Qoo10's woes first emerged in July, when
it was revealed that TMON and WeMakePrice, two South Korean
e-commerce platforms owned by Qoo10, had failed to pay their
vendors, prompting an investigation by South Korean authorities.

WeMakePrice reportedly had outstanding debts to nearly 500 vendors
amounting to KRW36.9 billion (SGD36 million), according to South
Korean financial watchdog Financial Supervisory Service. The
platform claimed then that the issue was due to a payment system
glitch which impacted the vendors.

In August, it was reported that Qoo10 had shed around 80 per cent
of its staff in Singapore. The Ministry of Manpower said then that
the Taskforce for Responsible Retrenchment and Employment
Facilitation is monitoring the company's retrenchment exercise.

"Workforce Singapore and NTUC's e2i (Employment and Employability
Institute) are providing career advisory and employment
facilitation services to Singaporeans and permanent residents
affected by the retrenchments," it had noted.

Consumers Association of Singapore (Case) president Melvin Yong
said in response to queries from ST that the consumer watchdog has
received nine complaints against Qoo10 since Sept. 9.

"Consumers generally complained of delayed or undelivered orders,
inability to obtain refunds, and the inability to utilise credits
in their accounts," ST quotes Mr. Yong as saying. "Case has
contacted Qoo10 to resolve promptly the consumer complaints."

In response to a parliamentary question on Sept. 10, Deputy Prime
Minister and Minister for Trade and Industry Gan Kim Yong said that
the government had received feedback from several Singapore-based
merchants regarding payment delays from Qoo10.

"We have brought these cases to Qoo10's attention and requested
that they take prompt action to resolve the delays with the
affected merchants," he said, notes the report. "The government is
also closely monitoring developments in South Korea regarding
Qoo10's subsidiaries and is in touch with Qoo10 to assess whether
and how this may affect its operations in Singapore."  

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


SCOPE ELECTRICAL: Court to Hear Wind-Up Petition on Sept. 27
------------------------------------------------------------
A petition to wind up the operations of Scope Electrical Services &
Management Consultancy Pte Ltd will be heard before the High Court
of Singapore on Sept. 27, 2024, at 10:00 a.m.

Maybank Singapore Limited filed the petition against the company on
Sept. 5, 2024.

The Petitioner's solicitors are:

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



                           *********


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 ***