---

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

                     A S I A   P A C I F I C

          Friday, September 20, 2024, Vol. 27, No. 190

                           Headlines



A U S T R A L I A

ALAMMC DEVELOPMENTS: ASIC Probes Directors Over Gambling Activities
ALL NATURAL: Second Creditors' Meeting Set for Sept. 23
BLACK LAB: First Creditors' Meeting Set for Sept. 26
CALIDUS RESOURCES: Second Creditors' Meeting Set for Sept. 27
CHRISTBEN PTY: First Creditors' Meeting Set for Sept. 27

COVALER PTY: First Creditors' Meeting Set for Sept. 25
PARNEET PTY: First Creditors' Meeting Set for Sept. 24


C H I N A

FINGERMOTION INC: Appoints CT International as New Auditor
SRE GROUP: Court Orders Developer to Sell Majority Stake in JV
YUZHOU GROUP: Debt Restructuring Plans Gain Creditor Support
YUZHOU GROUP: Oct. 2 Chapter 15 Recognition Hearing Set


I N D I A

BYJU'S: Glas Trust Moves SC to Challenge Removal from CoC
E C BOSE: CRISIL Keeps D Debt Ratings in Not Cooperating Category
H. R. INTERNATIONAL: CRISIL Keeps D Ratings in Not Cooperating
HI-TECH PHARMA: CRISIL Keeps B Debt Ratings in Not Cooperating
HINDUSTAN HATCHERIES: CRISIL Keeps B Ratings in Not Cooperating

HLM INDIA: CRISIL Keeps D Debt Ratings in Not Cooperating
HOSHIARPUR ROLLER: CRISIL Keeps D Debt Ratings in Not Cooperating
INDIAN FOODTECH: CRISIL Keeps D Debt Ratings in Not Cooperating
IWORLD BUSINESS: CRISIL Keeps D Debt Ratings in Not Cooperating
JAI HANUMAN: CRISIL Keeps D Debt Ratings in Not Cooperating

K. LEKSHMANAN: CRISIL Keeps D Debt Ratings in Not Cooperating
K.S. GRANITES: CRISIL Keeps D Debt Rating in Not Cooperating
KAPADIA TEXTILE: CRISIL Keeps D Debt Ratings in Not Cooperating
KD INFRAENGICON: CRISIL Keeps D Debt Ratings in Not Cooperating
KELTECH INFRA: CRISIL Keeps D Debt Rating in Not Cooperating

KND ENGINEERING: CRISIL Keeps D Debt Ratings in Not Cooperating
MOHAN GEMS: CRISIL Keeps D Debt Ratings in Not Cooperating
MOHTA PLYWOOD: CRISIL Keeps D Debt Ratings in Not Cooperating
NANDANAM TILES: Liquidation Process Case Summary
NRU SPINNING: CRISIL Keeps D Debt Ratings in Not Cooperating

ORIGIN CORPORATION: CRISIL Keeps D Ratings in Not Cooperating
RWL HEALTHWORLD: Ind-Ra Keeps D Loan Rating in NonCooperating
SAI KALYAN: CRISIL Keeps D Debt Ratings in Not Cooperating
SENATOR MOTORS: CRISIL Keeps D Debt Ratings in Not Cooperating
SILVERSTREAM PLASTICS: CRISIL Keeps D Ratings in Not Cooperating

SONI TRACTORS: CRISIL Keeps D Debt Ratings in Not Cooperating
SUBHLAXMI FOODS: CRISIL Keeps D Debt Ratings in Not Cooperating
SUPREME PANVEL: Insolvency Resolution Process Case Summary
TRIDENT SUGARS: CRISIL Keeps D Debt Ratings in Not Cooperating
VINIT KNITTINGS: CRISIL Keeps D Debt Ratings in Not Cooperating



I N D O N E S I A

GAJAH TUNGGAL: S&P Affirms 'B-' ICR, Outlook Stable
LIPPO MALLS: Moody's Withdraws 'B3' Corporate Family Rating


M A L A Y S I A

PHARMANIAGA: Sees Bursa Approval for Regularisation Plan by Oct.


N E W   Z E A L A N D

COOKE AND HENRY: Three Auckland Hospitality Cos. in Liquidation
HANGA MOEMOEA: BDO Tauranga Appointed as Liquidators
KERSHAW CONSTRUCTION: Creditors' Proofs of Debt Due on Oct. 16
LAKEFRONT INVESTMENTS: Calibre Partners Appointed as Receivers
NZ CARPENTRY: Director Has Been in Contact w/ Liquidators

ROTORUA WELL-DRILLING: Blacklock Rose Appointed as Receivers
STRACCI PASTA: Creditors' Proofs of Debt Due on Nov. 13


S I N G A P O R E

FORTUNE CAPITAL: Commences Wind-Up Proceedings
MTN CONSULTANTS: Court Enters Wind-Up Order
PRIME STRUCTURES HOLDINGS: Commences Wind-Up Proceedings
PRIME STRUCTURES: Court to Hear Wind-Up Petition on Sept. 27
TANK BUILT: Creditors' Meeting Set for Sept. 30


                           - - - - -


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

ALAMMC DEVELOPMENTS: ASIC Probes Directors Over Gambling Activities
-------------------------------------------------------------------
The Australian Securities & Investments Commission (ASIC) has begun
urgent civil proceedings against company director David McWilliams
and several of his companies that offered investment opportunities
for purpose-built, NDIS-compatible property development schemes
across Australia.

On Sept. 11, 2024, the Federal Court made orders preserving the
assets of ALAMMC Developments Pty Ltd, SDAMF Pty Ltd, Harvey
Madison Capital Pty Ltd and Coral Coast Mutual Pty Ltd, and other
related entities.

Orders were also made preserving the assets of Mr McWilliams and
his partner, Laura Fullarton, and restraining Mr McWilliams from
leaving Australia.

ASIC is investigating the businesses conducted by Mr McWilliams and
his companies in relation to the provision of financial services
and use of investor funds from Jan. 1, 2021.

ASIC opened its investigation after receiving information in
relation to Mr. McWilliams' gambling activities.

On Sept. 16, 2024, the Federal Court extended the asset
preservation and travel restraint orders made on Sept. 11, 2024.
The matter is next listed for hearing on Sept. 27, 2024.

Any person who is an investor in ALAMMC Developments Pty Ltd, SDAMF
Pty Ltd, Harvey Madison Capital Pty Ltd and Coral Coast Mutual Pty
Ltd or the other related entities and has concerns can contact ASIC
at ALAMMC.Enquiries@asic.gov.au.

The companies that are subject to the court orders are:

     * ALAMMC Developments Pty Ltd
     * ALAMMC Developments 2 Pty Ltd
     * ALAMMC Developments 3 Pty Ltd
     * ALAMMC Developments 4 Pty Ltd
     * ALAMMC Developments 5 Pty Ltd
     * ALAMMC Developments 6 Pty Ltd
     * ALAMMC Developments 7 Pty Ltd
     * SDAMF 2 Pty Ltd
     * SDAMF 3 Pty Ltd
     * SDAMF 4 Pty Ltd
     * Mortgage Mutual Fund Pty Ltd
     * Harvey Madison Capital Pty Ltd and
     * Coral Coast Mutual Fund Pty Ltd.


ALL NATURAL: Second Creditors' Meeting Set for Sept. 23
-------------------------------------------------------
A second meeting of creditors in the proceedings of All Natural
Stone Pty Ltd has been set for Sept. 23, 2024 at 12:00 p.m. at One
International Towers, Level 35, 100 Barrangaroo Avenue in Sydney.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by Sept. 20, 2024 at 4:00 p.m.

Nicarson Natkunarajah of Roger and Carson was appointed as
administrator of the company on Aug. 20, 2024.


BLACK LAB: First Creditors' Meeting Set for Sept. 26
----------------------------------------------------
A first meeting of the creditors in the proceedings of The Black
Lab Coffee Co. Pty Ltd will be held on Sept. 26, 2024 at 10:00 a.m.
at the offices of Rodgers Reidy at Level 2A, 181 Elizabeth Street
in Brisbane and via virtual meeting technology.

Kaily Lyn Chua of Rodgers Reidy was appointed as administrator of
the company on Sept. 16, 2024.


CALIDUS RESOURCES: Second Creditors' Meeting Set for Sept. 27
-------------------------------------------------------------
TipRanks reports that Calidus Resources Limited, currently under
voluntary administration, has scheduled a concurrent second meeting
of creditors for Sept. 27, 2024, to decide the company's fate.
TipRanks says the administrators recommend creditors accept a Deed
of Company Arrangement (DOCA) proposal from West Coast group, a
related party of the secured lender, as it presents a better return
than immediate liquidation. No alternative DOCA proposals have
emerged that warrant consideration for delaying this meeting.

Hayden Leigh White and Daniel Hillston Woodhouse of FTI Consulting
were appointed administrators of Calidus Resources Limited, Keras
(Gold) Australia Pty Ltd, Millennium Minerals Pty Ltd, Calidus
Otways Pty Ltd, Keras (Pilbara) Gold Pty Ltd and Calidus Blue Spec
Pty Ltd on June 28, 2024.

Calidus Resources Limited (ASX:CAI) -- https://www.calidus.com.au/
-- engages in the exploration and exploitation of gold minerals in
Australia. It holds interests in the Warrawoona gold project
covering an area of approximately 662 square kilometers located in
the East Pilbara district of the Pilbara Goldfield in Western
Australia; and the Blue Spec project situated in the Pilbara
Goldfield in Western Australia. The company also holds interest in
Spear Hill project located in Pilbara, Western Australia.  


CHRISTBEN PTY: First Creditors' Meeting Set for Sept. 27
--------------------------------------------------------
A first meeting of the creditors in the proceedings of Christben
Pty Ltd will be held on Sept. 27, 2024 at 10:00 a.m. at the offices
of Westburn Advisory at Level 5, 115 Pitt Street in Sydney.

Shumit Banerjee of Westburn Advisory was appointed as administrator
of the company on Sept. 27, 2024.


COVALER PTY: First Creditors' Meeting Set for Sept. 25
------------------------------------------------------
A first meeting of the creditors in the proceedings of Covaler Pty
Ltd will be held on Sept. 25, 2024 at 10:30 a.m. via electronic
means.

Jason Glenn Stone and Paul Anthony Allen of PKF Melbourne were
appointed as administrators of the company on Sept. 13, 2024.


PARNEET PTY: First Creditors' Meeting Set for Sept. 24
------------------------------------------------------
A first meeting of the creditors in the proceedings of Parneet Pty
Ltd will be held on Sept. 24, 2024 at 11:00 a.m. via virtual
meeting.

Jeremy Robert Abeyratne of APL Insolvency was appointed as
administrator of the company on Sept. 16, 2024.





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

FINGERMOTION INC: Appoints CT International as New Auditor
----------------------------------------------------------
FingerMotion, Inc. disclosed in a Form 8-K Report filed with the
U.S. Securities and Exchange Commission that on September 10, 2024,
the Board of Directors as well as the Audit Committee of the
Company approved and authorized the termination of Centurion ZD CPA
& Co., as its independent registered public accounting firm. On the
same date, the Board of Directors as well as the Audit Committee
approved and authorized the engagement of the accounting firm of CT
International LLP, as the Company's new independent registered
public accounting firm.

Centurion's report on its financial statements dated May 29, 2024,
for the two most recent fiscal years ended February 29, 2024 and
February 28, 2023, did not contain an adverse opinion or disclaimer
of opinion, or qualification or modification as to uncertainty,
audit scope, or accounting principles.

In connection with the audit of the Company's financial statements
for the two most recent fiscal years ended February 29, 2024 and
February 28, 2023, and in the subsequent interim period through the
effective date of termination of Centurion on September 10, 2024,
there were no disagreements, resolved or not, with Centurion on any
matters of accounting principles or practices, financial statement
disclosure or auditing scope or procedures, which disagreements, if
not resolved to the satisfaction of Centurion, would have caused
Centurion to make reference to the subject matter of the
disagreements in connection with its report on the financial
statements for such years.

During the Company's two most recent fiscal years ended February
29, 2024 and February 28, 2023 and in the subsequent interim period
through the effective date of termination of Centurion on September
10, 2024, there were no reportable events as described in Item
304(a)(1)(v) of Regulation S-K.

During the two most recent fiscal years ended February 29, 2024 and
February 28, 2023 and the subsequent interim period through the
effective date of appointment of CT International on September 10,
2024, the Company had not, nor had any person on its behalf,
consulted with CT International regarding either the application of
accounting principles to a specified transaction, either completed
or proposed, or the type of audit opinion that might be rendered on
its financial statements, nor had CT International provided to us a
written report or oral advice regarding such principles or audit
opinion on any matter that was the subject of a disagreement as set
forth in Item 304(a)(1)(iv) of Regulation S-K or a reportable event
as set forth in Item 304(a)(1)(v) of Regulation S-K with its former
independent registered public accounting firm.

                    About FingerMotion Inc.

FingerMotion is an evolving technology Company with a core
competency in mobile payment and recharge platform solutions in
China.

As of February 29, 2024, the Company had $18,814,814 in total
assets, $6,753,915 in total liabilities, and total shareholders'
equity of $12,060,899.

Hong Kong-based Centurion ZD CPA & Co., the Company's auditor since
2017, issued a "going concern" qualification in its report dated
May 29, 2024, citing that the Company has suffered recurring losses
from operations that raise substantial doubt about its ability to
continue as a going concern.

SRE GROUP: Court Orders Developer to Sell Majority Stake in JV
--------------------------------------------------------------
South China Morning Post reports that a Shanghai court has ordered
SRE Group to sell its majority interest in a joint-venture company
after SRE failed to pay CNY4.45 billion (US$627 million) in debts,
the company said in a filing with the Hong Kong stock exchange.

The Post relates that SRE, a unit of embattled conglomerate China
Minsheng Investment Group, said four units that collectively held
51 per cent of Shanghai Jinxin were unable to fulfil their
obligations under a court order to pay principal and interest on
the debts, plus legal costs, amounting to about CNY4.52 million.

The Shanghai Financial Court action is the latest judicial
intervention as creditors seek to force distressed Chinese
developers to pay their debts.

SRE is "currently liaising and negotiating with the lenders and
seeking legal advice in order to [minimise] any legal implications
and/or consequences", it said in its disclosure on Sept. 19.

According to the Post, Shanghai Jinxin's main business is the
development of the Shanghai Daxing Road project in the city's
Huangpu district. The plan for the parcel, which covers 37,129
square metres (about 400,000 sq ft), includes luxury flats and
commercial properties. Pre-sale approval for the project was
expected in 2026, SRE said in a filing in April.

SRE has projects in more than 10 cities across mainland China,
including Shenyang, Dalian, Chengdu, Changsha, Jiaxing, Wuxi and
Haikou, in addition to Shanghai.

Its shares in Hong Kong have been suspended since April 2023
because of the late filing of its 2022 earnings report, the Post
notes.

SRE reported a loss of CNY268 million in 2022, a reversal from a
CNY38 million profit in 2021, as revenue fell by about 65 per cent
to CNY276 million. Its total liabilities rose by 0.6 per cent to
CNY9.65 billion, while assets declined by 1.06 per cent to CNY13.93
billion, the Post discloses.

SRE Group Limited, through its subsidiaries, develops and invests
in residential real estate in the People's Republic of China. The
Company also constructs and operates telecommunications broadband
networks as well as researches, develops, manufactures and sells
photo electronic products, computer hardware, and computer
software.


YUZHOU GROUP: Debt Restructuring Plans Gain Creditor Support
------------------------------------------------------------
TipRanks reports that Yuzhou Group Holdings Co., Ltd. has
successfully garnered approval from the requisite majority of
Scheme Creditors for both its Hong Kong and Cayman Islands debt
restructuring schemes. The endorsed proposals received overwhelming
support, with nearly 99.28% and 100% of the voting Scheme Claims in
favor, from Class A and Class B creditors, respectively, TipRanks
relates. The restructuring plans are now pending final approval
from courts in Hong Kong and the Cayman Islands.

                         About Yuzhou Group  

Yuzhou Group Holdings Co. (HKG:1628) --
https://www.yuzhou-group.com/ -- engages in the property
development and investment business in the People's Republic of
China and Hong Kong.

The Chinese builder failed to pay $2.9 billion of dollar notes with
interest as of the end of 2023 and is undergoing restructuring in
Hong Kong and Cayman Islands, Bloomberg reports.

Yuzhou Group sought relief under Chapter 15 of the U.S. Bankruptcy
Code (Bankr. S.D.N.Y. Case No. 4-11441) on Aug. 22, 2024.  The
Honorable Bankruptcy Judge Lisa G Beckerman oversees the case.

Yuzhou Group filed for Chapter 15 bankruptcy to seek U.S. court
recognition for debt restructuring in Hong Kong and ward off
litigation.

YUZHOU GROUP: Oct. 2 Chapter 15 Recognition Hearing Set
-------------------------------------------------------
The U.S. Bankruptcy Court for the Southern District of New York
scheduled a hearing on Oct. 2, 2024, at 10:00 a.m. (Eastern Time),
in Room 623 of the United States Bankruptcy Court, One Bowling
Green, New York, New York 10004, to approve the Chapter 15 petition
for recognition of a foreign proceeding for Yuzhou Group Holdings
Company.  Objections to the approval, if any, must be filed no
later than 4:00 p.m. (Eastern Time) on Sept. 25, 2024.

                About Yuzhou Group Holdings Co.

Yuzhou Group Holdings Co. (HKG:1628) --
https://www.yuzhou-group.com/ -- engages in the property
development and investment business in the People's Republic of
China and Hong Kong.

The Chinese builder failed to pay $2.9 billion of dollar notes with
interest as of the end of 2023 and is undergoing restructuring in
Hong Kong and Cayman Islands, Bloomberg reports.

Yuzhou Group sought relief under Chapter 15 of the U.S. Bankruptcy
Code (Bankr. S.D.N.Y. Case No. 4-11441) on Aug. 22, 2024.  The
Honorable Bankruptcy Judge Lisa G Beckerman oversees the case.

Yuzhou Group filed for Chapter 15 bankruptcy to seek U.S. court
recognition for debt restructuring in Hong Kong and ward off
litigation.



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

BYJU'S: Glas Trust Moves SC to Challenge Removal from CoC
---------------------------------------------------------
The Economic Times reports that Glas Trust, the trustee for lenders
to which Byju's owes $1.2 billion, on Sept. 17 moved the Supreme
Court challenging its removal by the interim resolution
professional from the committee of creditors (CoC) of the
debt-ridden Think & Learn Pvt Ltd, the parent of online educational
services company. The US lender has also sought removal of Pankaj
Srivastava, the IRP of Think & Learn.

ET relates that senior counsel Kapil Sibal, appearing for Glas
Trust, which have claims of around INR11,500 crore, told a Bench
led by Chief Justice DY Chandrachud that the US lender party was a
financial creditor and had over 99% vote share. However, the IRP
disqualified and removed it as some documents had not been provided
to it. "My (Glas Trust) removal from the list of creditors has
brought down its voting share in the CoC from 99.41% to zero," he
argued.

"The actions of IRP clearly amount to adjudicating on claims, which
is impermissible and beyond the scope of his duties and powers as
IRP of the corporate debtor," the US lender said in its appeal, ET
relays.

On September 3, Srivastava had removed Glas Trust after noting that
it did not represent the minimum 51% of lenders in the consortium
that provided a $1.2 billion term loan to the company. This was
challenged by the US lender in NCLT, Bengaluru bench, ET notes.

According to ET, Glas Trust said that the NCLT instead of passing
necessary urgent directions merely renotified the matter on the
ground that the issue is pending before the SC. Further, the NCLT
directed that The Board of Control for Cricket in India (BCCI), in
its capacity as an operational creditor, be impleaded as a party in
its plea seeking removal of IRP. "The NCLT has completely
overlooked the settled position of law that an operational creditor
has no role in the appointment of the Resolution Professional once
the CIRP is initiated," Glass Trust said in its appeal.

Apart from re-classifying the Glas Trust's claim as contingent in
the list of creditors on August 30, the claim of Aditya Birla
Finance also a financial creditor having a voting share of 0.41% in
the CoC) was re-classified as an operational debt, leaving InCred
Financial Services Ltd (being the financial creditor who had sought
postponement of the first CoC meeting and had a voting share of
0.18% on August 19) as the sole financial creditor of the corporate
debtor, the US lender alleged.

The SC will hear the case next on Sept. 25, ET discloses.

                            About Byju's

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

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

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

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

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

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

E C BOSE: CRISIL Keeps D Debt Ratings in Not Cooperating Category
-----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of E C Bose and
Co Private Limited (ECBPL) continue to be 'CRISIL D/CRISIL D Issuer
Not Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Bank Guarantee         1          CRISIL D (Issuer Not
                                     Cooperating)

   Cash Credit            5.5        CRISIL D (Issuer Not
                                     Cooperating)

CRISIL Ratings has been consistently following up with ECBPL 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 ECBPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on ECBPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
ECBPL continues to be 'CRISIL D/CRISIL D Issuer Not Cooperating'.

ECBPL was incorporated in 1851, promoted by the late Mr. Eshan
Chandra Bose, and is currently managed by his family. The company
offers stevedoring and forwarding services, besides other allied
services such as comprehensive shipping and logistical services,
customs clearance, shipping, chartering and freight forwarding, and
warehousing.


H. R. INTERNATIONAL: CRISIL Keeps D Ratings in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of H. R.
International Limited (HRIL) continue to be 'CRISIL D/CRISIL D
Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Bank Guarantee         2.5        CRISIL D (Issuer Not
                                     Cooperating)

   Cash Credit           12          CRISIL D (Issuer Not
                                     Cooperating)

   Foreign Documentary   10          CRISIL D (Issuer Not
   Bills Purchase                    Cooperating)

   Letter of Credit       3          CRISIL D (Issuer Not
                                     Cooperating)

   Letter of Credit       7          CRISIL D (Issuer Not
                                     Cooperating)

   Packing Credit         8          CRISIL D (Issuer Not
                                     Cooperating)

   Proposed Long Term     6.06       CRISIL D (Issuer Not
   Bank Loan Facility                Cooperating)

   Term Loan              0.94       CRISIL D (Issuer Not
                                     Cooperating)

CRISIL Ratings has been consistently following up with HRIL 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 HRIL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on HRIL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
HRIL continues to be 'CRISIL D/CRISIL D Issuer Not Cooperating'.

HRIL, part of the Mall group of Kolkata, trades in jute and
jute-based products. The company commissioned a jute-bag
manufacturing unit in December 2011 with total capacity of 63,000
bags per annum. The Mall family has a track record of over 100
years in the jute business (including trading and manufacturing).
The business was started by Mr. Harkisandas Ramkishendas Mall and
is currently being managed by the family's fourth generation.


HI-TECH PHARMA: CRISIL Keeps B Debt Ratings in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Hi-Tech
Pharma (HTP) continue to be 'CRISIL B/Stable Issuer Not
Cooperating'.

                         Amount
   Facilities         (INR Crore)     Ratings
   ----------         -----------     -------
   Proposed Long Term     3.24        CRISIL B/Stable (Issuer Not
   Bank Loan Facility                 Cooperating)

   Secured Overdraft      5.25        CRISIL B/Stable (Issuer Not
   Facility                           Cooperating)

   Term Loan              1.51        CRISIL B/Stable (Issuer Not
                                      Cooperating)

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

Established in the year 1999 as a partnership firm and is owned and
managed by Mr. Venkata Ramana Reddy N and N Sailaja. They are in
the business of the production of a wide range of Premixes and
Probiotics and has focus on the three areas which are Nutrition,
Environment and Health management for Aquatic and Poultry animals.

HINDUSTAN HATCHERIES: CRISIL Keeps B Ratings in Not Cooperating
---------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Hindustan
Hatcheries Private Limited (HHPL) continue to be 'CRISIL B/Stable
Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit             2         CRISIL B/Stable (Issuer Not
                                     Cooperating)

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

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

Incorporated in 2009 and promoted by Mr Shiv Charan Das, Mr Satish
Kumar, and Mr Manoj Kumar, AFPL manufactures feed at its unit in
Jind, Haryana.

HHPL, incorporated in 2011, breeds poultry.


HLM INDIA: CRISIL Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of HLM India
Private Limited (HIPL) continue to be 'CRISIL D Issuer Not
Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit            2.5        CRISIL D (Issuer Not
                                     Cooperating)

   Proposed Long Term    10.85       CRISIL D (Issuer Not
   Bank Loan Facility                Cooperating)

   Term Loan              2.65       CRISIL D (Issuer Not
                                     Cooperating)

CRISIL Ratings has been consistently following up with HIPL 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 HIPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on HIPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
HIPL continues to be 'CRISIL D Issuer Not Cooperating'.

For arriving at its rating, CRISIL Ratings has combined the
business and financial risk profiles of HIPL, Lohr India Automotive
Pvt Ltd (LIAPL), and Transport Solutions India Pvt Ltd (TSIPL).
This is because the three companies, together referred to as the
TSI group, are in similar lines of business and have significant
intercompany transactions. Also, TSIPL has extended corporate
guarantee for bank loan facilities of LIAPL and HIPL.

                          About the Group

The TSI group was established in 2006 and manufactures carriers
used in logistic services. It manufactures tippers and trailers
under TSIPL, car and truck carriers under LIAPL, and refrigerated
carriers under HIPL. Its promoters have industry experience of over
four decades.


HOSHIARPUR ROLLER: CRISIL Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Hoshiarpur
Roller Flour Mills Private Limited (HRFPL) continue to be 'CRISIL
D/CRISIL D Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit             8.5       CRISIL D (Issuer Not
                                     Cooperating)

   Overdraft Facility      1         CRISIL D (Issuer Not
                                     Cooperating)

   Overdraft Facility      2         CRISIL D (Issuer Not
                                     Cooperating)

   Proposed Long Term      0.26      CRISIL D (Issuer Not
   Bank Loan Facility                Cooperating)

   Proposed Long Term      0.04      CRISIL D (Issuer Not
   Bank Loan Facility                Cooperating)

CRISIL Ratings has been consistently following up with HRFPL 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 HRFPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on HRFPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
HRFPL continues to be 'CRISIL D/CRISIL D Issuer Not Cooperating'.

Set up in 1981 by Mr Anil Kumar Gupta and his family members, HRFPL
manufactures fine and coarse flour at its facilities in Hoshiarpur
(Punjab).


INDIAN FOODTECH: CRISIL Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Indian
Foodtech Limited (IFL) continue to be 'CRISIL D Issuer Not
Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit           7.5         CRISIL D (Issuer Not
                                     Cooperating)

   Term Loan             2.5         CRISIL D (Issuer Not
                                     Cooperating)

CRISIL Ratings has been consistently following up with IFL 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 IFL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on IFL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
IFL continues to be 'CRISIL D Issuer Not Cooperating'.

IFL is a closely held public-limited company incorporated in 2010.
It processes and packages ready-to-eat, ready-to-cook,
ready-to-serve food and frozen peas under its own brand, Ruhils,
and for other brands also. The company is managed by Mr. Ashok
Ruhil. It has its processing plant in Bajpur (Uttarakhand) and
started full scale of operations in 2012-13 (refers to financial
year, April 1 to March 31).


IWORLD BUSINESS: CRISIL Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Iworld
Business Solutions Private Limited (IBS) continue to be 'CRISIL
D/CRISIL D Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Bank Guarantee          10        CRISIL D (Issuer Not
                                     Cooperating)

   Bank Guarantee           5        CRISIL D (Issuer Not
                                     Cooperating)

   Cash Credit             50        CRISIL D (Issuer Not
                                     Cooperating)

   Cash Credit             20        CRISIL D (Issuer Not
                                     Cooperating)

   Cash Credit              5        CRISIL D (Issuer Not
                                     Cooperating)

   Drop Line               10        CRISIL D (Issuer Not
   Overdraft Facility                Cooperating)

CRISIL Ratings has been consistently following up with IBS 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 IBS, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on IBS
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
IBS continues to be 'CRISIL D/CRISIL D Issuer Not Cooperating'.

Incorporated in 2005 and promoted by Mr Tript Singh, IBS is an
authorised dealer for Apple products, including iPhone and iPod,
laptops, desktops, accessories, and software products. It also
trades in hardware (speakers, microphones, and accessories) of Bose
Corporation and JBL. The company sells the products through its
eight Iworld retail showrooms in NCR, and two in Ludhiana.

IDS, incorporated in 2014, is also an authorised dealer for Apple
products.


JAI HANUMAN: CRISIL Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Jai Hanuman
Rice & General Mills (JHCGM) continue to be 'CRISIL D Issuer Not
Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit            4.00       CRISIL D (Issuer Not
                                     Cooperating)

   Term Loan              7.37       CRISIL D (Issuer Not
                                     Cooperating)

CRISIL Ratings has been consistently following up with JHCGM 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 JHCGM, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on JHCGM
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
JHCGM continues to be 'CRISIL D Issuer Not Cooperating'.

JHRGM was established as a partnership firm in 2008 by Mr Surinder
Kumar and Mr Hari Krishan. The firm mills and processes basmati and
non-basmati rice. Its facilities are at Gharaunda in Karnal,
Haryana.


K. LEKSHMANAN: CRISIL Keeps D Debt Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of K. Lekshmanan
and Co. (KLC) continue to be 'CRISIL D/CRISIL D Issuer Not
Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Bank Guarantee        0.35        CRISIL D (Issuer Not
                                     Cooperating)

   Cash Credit           4.6         CRISIL D (Issuer Not
                                     Cooperating)

   Term Loan             1.55        CRISIL D (Issuer Not
                                     Cooperating)

CRISIL Ratings has been consistently following up with KLC 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 KLC, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on KLC
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
KLC continues to be 'CRISIL D/CRISIL D Issuer Not Cooperating'.

KLC was set up as a proprietorship firm in 1991, and reconstituted
as a partnership firm in 2007. Mr L Sathek, Mr Sajil Sathek and Mrs
Jaya Sathek are currently, the partners. The firm, which undertakes
civil construction contracts for the Government of Kerala, started
manufacturing RMC in fiscal 2015.


K.S. GRANITES: CRISIL Keeps D Debt Rating in Not Cooperating
------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of K.S. Granites
(KS) continues to be 'CRISIL D Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit             20        CRISIL D (Issuer Not
                                     Cooperating)

CRISIL Ratings has been consistently following up with KS 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 KS, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on KS is
consistent with 'Assessing Information Adequacy Risk'. Based on the
last available information, the ratings on bank facilities of KS
continues to be 'CRISIL D Issuer Not Cooperating'.

KS was set up as a partnership firm in 2009 by Mr. Mohammed Ali and
Mr. Mohammed Ismail. The firm undertakes quarrying and sale of
rough granite. It commenced commercial operations in December
2013.


KAPADIA TEXTILE: CRISIL Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Kapadia
Textile (KT; part of the Kohinoor group) continue to be 'CRISIL D
Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit            7          CRISIL D (Issuer Not
                                     Cooperating)

   Proposed Cash          7          CRISIL D (Issuer Not
   Credit Limit                      Cooperating)

CRISIL Ratings has been consistently following up with KT 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 KT, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on KT is
consistent with 'Assessing Information Adequacy Risk'. Based on the
last available information, the ratings on bank facilities of KT
continues to be 'CRISIL D Issuer Not Cooperating'.

For arriving at the ratings, CRISIL Ratings has consolidated the
business and financial risk profiles of KT, Energetic Globetex Pvt
Ltd (EGPL), Enigma Ventures Pvt Ltd (EVPL) and Kohinoor Eximtex Pvt
Ltd (KEPL), collectively referred to as the Kohinoor group, as
these entities are engaged in similar line of business and have
operational linkages.

                          About the Group

Registered in 2012, KT manufactures sarees and ladies' dress
material. The firm is based in Surat. Its partners are Mr. Sanjay
Juneja and Mr. Hiren Kapadia.

EGPL, incorporated in 2015, manufactures sarees and ladies' dress
material in Surat and is promoted by Mr Juneja and Mr Nikunj
Kapadia.

Incorporated in 2012, KEPL manufactures fabrics and readymade
garments in Surat. Mr Sanjay Juneja and Mr Hiren Kapadia are the
promoters.

Incorporated in 2010, EVPL manufactures sarees and dress materials.
The manufacturing facility in Surat is managed by Mr Sanjay Juneja
and Mr Jitendra Shukla.


KD INFRAENGICON: CRISIL Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of KD
Infraengicon Private Limited (QKEPL) continue to be 'CRISIL
D/CRISIL D Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Bank Guarantee        2.53        CRISIL D (Issuer Not
                                     Cooperating)

   Bank Guarantee        4           CRISIL D (Issuer Not
                                     Cooperating)

   Cash Credit           8.4         CRISIL D (Issuer Not
                                     Cooperating)

   Proposed Fund-        1.57        CRISIL D (Issuer Not
   Based Bank Limits                 Cooperating)

CRISIL Ratings has been consistently following up with QKEPL 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 QKEPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on QKEPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
QKEPL continues to be 'CRISIL D/CRISIL D Issuer Not Cooperating'.

QKEPL, promoted in August 2010 by Ranchi-based Mr. Manzar Imam Khan
and his family members, undertakes civil construction, primarily
construction of roads, in Jharkhand and Bihar.


KELTECH INFRA: CRISIL Keeps D Debt Rating in Not Cooperating
------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Keltech
Infrastructure Limited (KIL) continues to be 'CRISIL D Issuer Not
Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Term Loan               10        CRISIL D (Issuer Not
                                     Cooperating)

CRISIL Ratings has been consistently following up with KIL 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 KIL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on KIL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
KIL continues to be 'CRISIL D Issuer Not Cooperating'.

Set up by Mr. Narendra Kumar in 2010, KIL is part of the Kumar
group. The company undertakes real estate construction and
development, mainly in and around Ghaziabad (Uttar Pradesh). It has
two on-going projects in Ghaziabad: Golf Vista in Crossing Republic
Township on National Highway 24, and Kumar Imperial Greens in
Greater Noida West Township. A third project, Keltech Rize, is also
on the drawing board.


KND ENGINEERING: CRISIL Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of KND
Engineering Technologies Limited (KND) continue to be 'CRISIL
D/CRISIL D Issuer Not Cooperating'.

                       Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Bank Guarantee        35         CRISIL D (Issuer Not
                                    Cooperating)

   Cash Credit           15         CRISIL D (Issuer Not
                                    Cooperating)

   Proposed Bank         20         CRISIL D (Issuer Not
   Guarantee                        Cooperating)

CRISIL Ratings has been consistently following up with KND 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 KND, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on KND
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
KND continues to be 'CRISIL D/CRISIL D Issuer Not Cooperating'.

KND, based in Kolkata, was incorporated in 1982, by Late Mr. K N
Dadina; it became a public limited company in 1991. The company
provides services such as soil investigation, geotechnical studies
and also undertakes foundation/piling works. It recently forayed
into civil construction segment. The Dadina family manages the
daily operations.


MOHAN GEMS: CRISIL Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Mohan Gems
and Jewels Private Limited (MGJPL) continue to be 'CRISIL D Issuer
Not Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit           42.77       CRISIL D (Issuer Not
                                     Cooperating)

   Cash Credit           27.69       CRISIL D (Issuer Not
                                     Cooperating)

   Cash Credit           14.15       CRISIL D (Issuer Not
                                     Cooperating)

   Cash Credit           15.39       CRISIL D (Issuer Not
                                     Cooperating)

   Funded Interest       25          CRISIL D (Issuer Not
   Term Loan                         Cooperating)

   Working Capital       96.23       CRISIL D (Issuer Not  
   Term Loan                         Cooperating)

   Working Capital       62.30       CRISIL D (Issuer Not
   Term Loan                         Cooperating)

   Working Capital       34.63       CRISIL D (Issuer Not
   Term Loan                         Cooperating)

   Working Capital       31.84       CRISIL D (Issuer Not
   Term Loan                         Cooperating)

CRISIL Ratings has been consistently following up with MGJPL 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 MGJPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on MGJPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
MGJPL continues to be 'CRISIL D Issuer Not Cooperating'.

MGJPL, promoted by Mr. Murari Lal Soni, is a private limited
company incorporated in 2006. It manufactures gold jewellery
ranging from 18 to 24 carats. The company also has a retail
showroom in the Karol Bagh area of Delhi.


MOHTA PLYWOOD: CRISIL Keeps D Debt Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Mohta Plywood
Industries Private Limited (MPIPL) continue to be 'CRISIL D/CRISIL
D Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Bill Discounting       13         CRISIL D (Issuer Not
                                     Cooperating)

   Cash Credit             0.5       CRISIL D (Issuer Not
                                     Cooperating)

   Letter of Credit        4         CRISIL D (Issuer Not
                                     Cooperating)

   Packing Credit          6         CRISIL D (Issuer Not
                                     Cooperating)

CRISIL Ratings has been consistently following up with MPIPL 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 MPIPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on MPIPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
MPIPL continues to be 'CRISIL D/CRISIL D Issuer Not Cooperating'.

Incorporated in 1981 and promoted by Mr. Pawandeep Sachdeva and
family, MPIPL is engaged in manufacturing and exports of the
ready-made garments. Company is also engaged in manufacturing and
trading of plywood.


NANDANAM TILES: Liquidation Process Case Summary
------------------------------------------------
Debtor: Nandanam Tiles and Sanitaries Private Limited
D. No.7/469, 471, 472, Sree Dharma Sastha Building,
        Kunnamkulam Road, Near Sobha City,
        Puzhakkal Thrissur, Kerala,
        India, 680553

Liquidation Commencement Date: August 14, 2024

Court: National Company Law Tribunal, Kochi Bench

Liquidator: CA Rajmohan R
     Rajbhavan, Krishnapuram St. No. 6
            HS 175a & 514-12/1,
            Ollukkara (PO) Thirssur-680655
            Email: rajmohanip@gmail.com
            Email: nandanamcirp2024@gmail.com

Last date for
submission of claims: September 13, 2024


NRU SPINNING: CRISIL Keeps D Debt Ratings in Not Cooperating
------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of NRU Spinning
Mills Limited (NRU) continue to be 'CRISIL D/CRISIL D Issuer Not
Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit           4.85        CRISIL D (Issuer Not
                                     Cooperating)

   Letter of Credit      0.85        CRISIL D (Issuer Not
                                     Cooperating)

   Long Term Loan        3.69        CRISIL D (Issuer Not
                                     Cooperating)

   Proposed Long Term    0.19        CRISIL D (Issuer Not
   Bank Loan Facility                Cooperating)

CRISIL Ratings has been consistently following up with NRU 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 NRU, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on NRU
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
NRU continues to be 'CRISIL D/CRISIL D Issuer Not Cooperating'.

Set up in 1995 by Mr. Devadass and family, NRU manufactures cotton
yarn.


ORIGIN CORPORATION: CRISIL Keeps D Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Origin
Corporation (OC) continue to be 'CRISIL D Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit           6.15        CRISIL D (Issuer Not
                                     Cooperating)

   Proposed Long Term    0.67        CRISIL D (Issuer Not
   Bank Loan Facility                Cooperating)

   Term Loan             0.68        CRISIL D (Issuer Not
                                     Cooperating)

CRISIL Ratings has been consistently following up with OC 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 OC, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on OC is
consistent with 'Assessing Information Adequacy Risk'. Based on the
last available information, the ratings on bank facilities of OC
continues to be 'CRISIL D Issuer Not Cooperating'.

OC was set up in 2006 in Indore (Madhya Pradesh) by Mr. Tapash Roy,
Mrs. Ajanta Roy, and Mr. Animesh Roy. It was initially involved in
trading in polyester yarn. However, in 2008, the firm started
processing polyester yarn in the count range of 20s to 80s.
Gradually, it also started manufacturing sewing threads.


RWL HEALTHWORLD: Ind-Ra Keeps D Loan Rating in NonCooperating
-------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained RWL Healthworld
Limited's instrument(s) rating in the non-cooperating category. The
issuer did not participate in the surveillance exercise, despite
continuous requests and follow-ups by the agency through emails and
phone calls. Therefore, investors and other users are advised to
take appropriate caution while using the rating. The rating will
continue to appear as 'IND D (ISSUER NOT COOPERATING)' on the
agency's website.

The detailed rating actions are follows:

-- INR1,287.5 bil. Term loan de on June 30, 2021 maintained in
     non-cooperating category with IND D (ISSUER NOT COOPERATING)
     rating; and

-- INR250 mil. Working Capital Demand Loan maintained in non-
     cooperating category rating with IND D (ISSUER NOT
     COOPERATING) rating.

Note: ISSUER NOT COOPERATING: Issuer did not cooperate; based on
the best available information

Detailed Rationale of the Rating Action

The ratings are maintained in the non-cooperating category in
accordance with Ind-Ra's policy of Issuer Non-Cooperation.

Non-Cooperation by the Issuer

Ind-Ra has not received adequate information and has not been able
to conduct management interaction with RWL Healthworld Limited
while reviewing the rating. Ind-Ra had consistently followed up
with RWL Healthworld Limited over emails, apart from phone calls..

Limitations regarding Information Availability

Ind-Ra has reviewed the credit ratings of RWL Healthworld Limited
on the basis of best available information and is unable to provide
a forward-looking credit view. Hence, the current outstanding
rating might not reflect RWL Healthworld Limited's credit strength.
If an issuer does not provide timely business and financial updates
to the agency, it indicates weak governance, particularly in
'Transparency of Financial Information'. The agency may also
consider this as symptomatic of a possible disruption/distress in
the issuer's credit profile. Therefore, investors and other users
are advised to take appropriate caution while using these ratings.

About the Company

RWL Healthworld is engaged in retailing of pharmaceutical and
wellness products.

SAI KALYAN: CRISIL Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Sai Kalyan
Builders And Developers Private Limited (SKBDPL) continue to be
'CRISIL D Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Proposed Term Loan     48         CRISIL D (Issuer Not
                                     Cooperating)

   Term Loan              27         CRISIL D (Issuer Not
                                     Cooperating)

CRISIL Ratings has been consistently following up with SKBDPL 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 SKBDPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on
SKBDPL is consistent with 'Assessing Information Adequacy Risk'.
Based on the last available information, the ratings on bank
facilities of SKBDPL continues to be 'CRISIL D Issuer Not
Cooperating'.

SKBDPL is developing residential real estate in Bengaluru. The
company is promoted by Mr Yerraguntla Venkatesulu Choudary and his
family members.


SENATOR MOTORS: CRISIL Keeps D Debt Ratings in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Senator
Motors Private Limited (SMPL) continue to be 'CRISIL D/CRISIL D
Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Bank Guarantee        1.25        CRISIL D (Issuer Not
                                     Cooperating)

   Cash Credit          22           CRISIL D (Issuer Not
                                     Cooperating)

   Term Loan             9.24        CRISIL D (Issuer Not
                                     Cooperating)

CRISIL Ratings has been consistently following up with SMPL 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 SMPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on SMPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
SMPL continues to be 'CRISIL D/CRISIL D Issuer Not Cooperating'.

SMPL, based in Mumbai and incorporated in October 2011, is promoted
by Mr. Puneet Lalit Kumar. The company started operations in
November 2011 as an authorised dealer of Skoda's entire range of
cars, spare parts, and accessories at Goregaon in Mumbai.


SILVERSTREAM PLASTICS: CRISIL Keeps D Ratings in Not Cooperating
----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of SPC continue
to be 'CRISIL D/CRISIL D Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit            6.4        CRISIL D (Issuer Not
                                     Cooperating)
   
   Letter Of Guarantee    3.6        CRISIL D (Issuer Not
                                     Cooperating)

CRISIL Ratings has been consistently following up with SPC 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 SPC, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on SPC
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
SPC continues to be 'CRISIL D/CRISIL D Issuer Not Cooperating'.

The firm is engaged in manufacturing of PVC pipes and markets it
under the brand name 'Hycount'. The firm is based out of Ernakulam,
Kerala.


SONI TRACTORS: CRISIL Keeps D Debt Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Soni Tractors
(ST) continue to be 'CRISIL D/CRISIL D Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Bank Guarantee         1          CRISIL D (Issuer Not
                                     Cooperating)

   Cash Credit            2          CRISIL D (Issuer Not
                                     Cooperating)

   Cash Credit            0.9        CRISIL D (Issuer Not
                                     Cooperating)

   Long Term Loan         3.9        CRISIL D (Issuer Not
                                     Cooperating)

   Proposed Working       2.2        CRISIL D (Issuer Not
   Capital Facility                  Cooperating)

CRISIL Ratings has been consistently following up with ST 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 ST, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on ST is
consistent with 'Assessing Information Adequacy Risk'. Based on the
last available information, the ratings on bank facilities of ST
continues to be 'CRISIL D/CRISIL D Issuer Not Cooperating'.

ST, a partnership firm set up in 1981, is an authorised dealer of
Mahindra and Mahindra Ltd in Lakhimpur Kheri, Uttar Pradesh. The
firm has also ventured into hospitality business in 2019, however,
majority of the revenue is derived from the dealership segment.


SUBHLAXMI FOODS: CRISIL Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Shree
Subhlaxmi Foods Limited (SSFL) continue to be 'CRISIL D/CRISIL D
Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit           3.4         CRISIL D (Issuer Not
                                     Cooperating)

   Foreign Letter        0.84        CRISIL D (Issuer Not
   of Credit                         Cooperating)

   Long Term Loan        3.15        CRISIL D (Issuer Not
                                     Cooperating)

   Proposed Fund-        1.61        CRISIL D (Issuer Not
   Based Bank Limits                 Cooperating)

CRISIL Ratings has been consistently following up with SSFL 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 SSFL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on SSFL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
SSFL continues to be 'CRISIL D/CRISIL D Issuer Not Cooperating'.

SSFL was incorporated in 2014, promoted by the Mainpuri (Uttar
Pradesh)-based Maheshwari family. The company mills and processes
basmati rice. Its unit at Sirsaganj Road in Mainpuri has an
installed capacity of 14,080 tonnes per annum


SUPREME PANVEL: Insolvency Resolution Process Case Summary
----------------------------------------------------------
Debtor: Supreme Panvel Indapur Tollways Private Limited
510, 5th Floor, Abw Tower,
        Iffco Chock Mg Road, Gurgaon,
        Gurgaon, Haryana, India, 122002

Insolvency Commencement Date: August 30, 2024

Estimated date of closure of
insolvency resolution process: February 28, 2025

Court: National Company Law Tribunal, New Delhi Bench

Insolvency
Professional: Manish Agarwal
              307, Prakash Deep Building, Tolstoy Marg,
              Connaught Place, New Delhi-110001
              Email: cirp.spitpl24@gmail.com
  
Last date for
submission of claims: September 20, 2024


TRIDENT SUGARS: CRISIL Keeps D Debt Ratings in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of TSL continue
to be 'CRISIL D/CRISIL D Issuer Not Cooperating'.

                          Amount
   Facilities          (INR Crore)     Ratings
   ----------          -----------     -------
   Proposed Long Term      36.6        CRISIL D (Issuer Not
   Bank Loan Facility                  Cooperating)

   Proposed Short Term      2.0        CRISIL D (Issuer Not  
   Bank Loan Facility                  Cooperating)

   Rupee Term Loan          6.2        CRISIL D (Issuer Not
                                       Cooperating)

   Rupee Term Loan          5.2        CRISIL D (Issuer Not
                                       Cooperating)

CRISIL Ratings has been consistently following up with TSL 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 TSL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on TSL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
TSL continues to be 'CRISIL D/CRISIL D Issuer Not Cooperating'.

Based in Zaheerabad (Telanagana), TSL was incorporated in 2002 is
into manufacturing of sugar and has a crushing capacity of 5000 TCD
(tonnes of cane per day).


VINIT KNITTINGS: CRISIL Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Vinit
Knittings Private Limited (VKPL) continue to be 'CRISIL D Issuer
Not Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit             7         CRISIL D (Issuer Not
                                     Cooperating)

   Proposed Long Term      0.21      CRISIL D (Issuer Not
   Bank Loan Facility                Cooperating)

CRISIL Ratings has been consistently following up with VKPL 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 VKPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on VKPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
VKPL continues to be 'CRISIL D Issuer Not Cooperating'.

Incorporated in 2004 and promoted by Mr. Sudama Arora, Mr. Vaneet
Arora, Mr. Manoj Arora, and Ms. Rachna Arora, VKP manufactures
industrial cloth at its unit in Sameypur Extensive Industrial Area
in New Delhi, which has installed capacity of 8 tonne per day.




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

GAJAH TUNGGAL: S&P Affirms 'B-' ICR, Outlook Stable
---------------------------------------------------
On Sept. 18, 2024, S&P Global Ratings affirmed its 'B-' long-term
issuer credit rating on Gajah Tunggal Tbk. PT, along with the 'B-'
issue rating on its senior secured notes.

The stable rating outlook over the next 12 months reflects S&P's
view that the company will maintain its profitability and manage
its upcoming bond maturity by mid-2025.

S&P said, "Gajah Tunggal's earnings and leverage could ease from
their peaks. Rubber prices, which we estimate have increased by
over 10% since the start of 2024, could lead to a gradual softening
of the company's EBITDA margins from peaks of over 18% in the 12
months ended June 30, 2024. This is because most raw material price
contracts have an average lock-in period of three months, and the
lagged impact on margins takes about three to six months. As such,
we believe the hit to the company's margins could become more
apparent from the second half of 2024.

"Margins may also narrow due to a likely downward repricing of
products amid weaker demand. We estimate Gajah Tunggal's average
blended selling prices increased by 18% over 2022 and 2023 in
response to inflationary pressure, which is now easing."

The company could face more price competition in its export
offtakes and domestic original equipment manufacturing products,
both of which have quarterly repricing mechanisms and variability
components. This could normalize margins toward the historical
average of 12%-13% through 2026.

S&P said, "That said, the overarching cost environment looks to be
more benign than it was in 2021 and 2022, given our expectation of
relatively stable Brent oil prices of about US$80 per barrel in
2025 and 2026, compared with US$85 per barrel in 2024. As such, we
expect the company's margins to remain within our rating tolerance,
despite a likely moderation compared with the past few quarters."

Capital expenditure (capex) could step up to Indonesian rupiah
(IDR) 1 trillion-IDR1.2 trillion over the next few years, from
IDR0.9 trillion in 2023, amid Gajah Tunggal's plans to expand its
truck and bus radial capacity.

As such, leverage could increase due to the higher capex along with
our projection of the company's annual EBITDA narrowing toward IDR2
trillion through 2026, compared with IDR2.9 trillion in 2023. S&P
forecasts Gajah Tunggal's ratio of funds from operations (FFO) to
debt will decline toward 25% over the same period, compared with
32% in 2023.

Having said that, any sudden escalation in geopolitical tensions,
further deterioration in macroeconomic conditions, and the company
spending beyond S&P's base-case forecasts could lead to a faster
correction of Gajah Tunggal's margins and leverage.

S&P said, "Our rating affirmation reflects prospects of impending
refinancing needs as Gajah Tunggal's bond maturity draws near. The
company will soon need to address the maturity on its US$175
million bond, due in June 2026. Since the bond represents a sizable
60% of the company's debt structure, liquidity could significantly
deteriorate by June 2025, unless adequate refinancing is in place.

"Gajah Tunggal has a track record of tapping the international bond
market, with additional support from domestic banks, although
uncertain market conditions could delay the refinancing process.
While we expect liquidity over the 12 months to June 2025 to be
sufficient, Gajah Tunggal's liquidity over the 12 months to June
2026 tells a different story, with liquidity sources likely to
cover its uses only by 0.5x, unless refinancing is successful.

"We anticipate Gajah Tunggal will kickstart the refinancing process
within the next six months, with completion before June 2025.
However, any delay firming up refinancing plans, possibly due to
unfavorable market conditions or uncertainty in policy rates, could
pose downside risks to the rating.

"Our rating also captures Gajah Tunggal's overreliance on
short-term banking facilities for its liquidity needs. On an annual
basis, we estimate that the company relies upon IDR2 trillion-IDR3
trillion of short-term bank lines to service its liquidity uses.
Total available short-term revolving banking facilities as of June
2024 stood at about IDR3.1 trillion from a mixture of domestic and
international banks.

"While Gajah Tunggal has demonstrated an ability to maintain access
to these facilities in the past, the need to obtain renewal
approvals yearly poses risks, in our view, given that these are
subject to the sentiments of the banks.

"Absent Gajah Tunggal's short-term bank lines, we estimate the
company's historical quarterly average liquidity sources since 2021
would have covered less than 0.7x of its liquidity needs. This
ratio weakened sharply toward the end of 2022 due to weak margins,
and through the first half of 2023 amid high capex and working
capital outflows."

In October 2021, Gajah Tunggal obtained a five-year investment
credit facility of IDR150 billion, and upsized it to IDR450 billion
under a second tranche in April 2023. While this facility provides
the company with additional longer-term sources of funding, the
amount is still small compared with the size of its short-term
facilities.

S&P said, "The stable outlook over the next 12 months reflects our
view that Gajah Tunggal will maintain its profitability buffer and
manage its upcoming bond maturity by mid-2025.

"We may downgrade Gajah Tunggal if the company's liquidity position
weakens because of a significant deterioration in earnings,
substantial working capital outflows, or if refinancing risks
mount. Downside pressure could also arise if its cash flow turns
substantially negative or if its covenant headroom were to
tighten.

"We may raise the rating if Gajah Tunggal establishes a track
record of managing working capital and capex prudently. This would
avert a significant build-up in short-term debt and liquidity
needs. We could also upgrade Gajah Tunggal on better transparency
of related-party transactions, or if the company's ratio of FFO to
debt approaches 20% sustainably.

"We revised upward our assessment of Gajah Tunggal's governance
factors to moderately negative from negative. This reflects our
view of the company's improved management of refinancing, and
capital structure. For instance, a refinancing exercise in June
2021 was more than a year ahead of the bond maturity, and the
company also benefitted from supportive lending relationships,
albeit largely limited to domestic banks. The company's debt has
also gradually declined over the years.

"Still, our assessment considers Gajah Tunggal's related-party
exposure and family-ownership, with limited transparency, and
lengthy payment terms. In addition, we take into account the
company's previous asset acquisitions from related parties, which
had reversed the company's positive discretionary cash flow amid
rising short-term debt in 2020. We also note the company's history
of default and distressed exchanges more than a decade ago."

Environmental credit factors are an overall neutral consideration.
While tire production produces carbon dioxide emissions that are
higher than in other parts of car manufacturing, current regulation
has not yet introduced costs that have a significant detrimental
impact to credit metrics or the rating.

Furthermore, over 80% of the company's tires are sold in the
replacement market and S&P views tires as a necessary component of
the vehicle, regardless of the type of engine propelling the
vehicle.

Social factors also have no material influence on S&P's credit
analysis of Gajah Tunggal.


LIPPO MALLS: Moody's Withdraws 'B3' Corporate Family Rating
-----------------------------------------------------------
Moody's Ratings has withdrawn Lippo Malls Indonesia Retail Trust's
(LMIRT) B3 corporate family rating.

At the same time, Moody's have withdrawn the Caa1 backed senior
unsecured rating on the US dollar notes issued by LMIRT Capital
Pte. Ltd., a wholly-owned subsidiary of LMIRT. The bonds are
guaranteed by the trustee of LMIRT.

Prior to the withdrawal, the outlook on all ratings was stable.    
           

RATINGS RATIONALE

Moody's has decided to withdraw the ratings following a review of
the issuer's request to withdraw its ratings.

Lippo Malls Indonesia Retail Trust (LMIRT) is a real estate
investment trust that has been listed on the Singapore Stock
Exchange since November 2007. As of June 30, 2024, it had a
portfolio of 22 retail malls and seven retail spaces across major
cities in Indonesia, with a total appraised value of around SGD1.5
billion.



===============
M A L A Y S I A
===============

PHARMANIAGA: Sees Bursa Approval for Regularisation Plan by Oct.
----------------------------------------------------------------
The Edge Malaysia reports that Pharmaniaga Bhd now expects to
secure the approval from Bursa Malaysia for its regularisation plan
by next month, according to managing director Zulkifli Jafar.

At a press conference following the launch of Pharmaniaga's new
biopharmaceutical plant, Zulkifli said the regularisation plan is
crucial to lift the company out of its Practice Note 17 (PN17)
status, the Edge relates.

Pharmaniaga submitted its regularisation plan, which sought to
raise MYR654.6 million in equity and reduce accumulated loss by
MYR180 million via capital reduction, back in February, the Edge
notes. It had been hopeful of securing the necessary approvals by
July.

"We are awaiting Bursa's approval for the regularisation plan (RP).
We expect this to happen either this month, or at the latest, next
month," Zulkifli told reporters on Sept. 19.

"Once the RP is approved, then we have to complete the whole
exercise . . . It takes about three to four months . . . So we are
looking at the whole exercise (to be completed) in February or
first quarter of 2025," he added.

The Edge says the regularisation plan involves a proposed
renounceable rights issue with warrants to raise up to MYR354.6
million, and a proposed private placement for potentially another
MYR300 million.

Pharmaniaga is seeking strategic partners within the pharmaceutical
sector, Zulkifli reportedly said in an earlier interview.

The Edge adds that the regularisation plan was still pending
Bursa's consideration as at Sept. 2, according to a filing by
Pharmaniaga.

                         About Pharmaniaga

Pharmaniaga Berhad is an investment holding company. The Company is
principally engaged in the research and development, manufacturing
of generic drugs and medical devices, logistics and distribution,
sales, and marketing, as well as community pharmacy.

It was reported on Feb. 28, 2023, that Pharmaniaga had been
classified as an affected listed issuer under PN17. The
pharmaceutical company said it had triggered the PN17 criteria
pursuant to its audited consolidated financial statements for the
period ended Dec. 31, 2022.




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

COOKE AND HENRY: Three Auckland Hospitality Cos. in Liquidation
---------------------------------------------------------------
Stuff.co.nz reports that three Auckland hospitality businesses have
gone into liquidation with the former directors citing a variety of
reasons for the collapses.

Those businesses were Cooke and Henry Co Ltd, which trades as
Grangers Taphouse at Half Moon Bay Marina in Auckland, and Italian
Stallion Ltd, which traded as the Mexican bar and restaurant Marina
Cantina, operating from the same location as the adjoining
taphouse, Stuff discloses.

The third business in liquidation was The Franklin Ltd, which
traded as The Franklin Taphouse and Kitchen, at Beachlands. All
three went into liquidation last week, Stuff relates.

According to Stuff, the first liquidator's report for Cooke and
Henry, which like the other businesses featured Richard Cooke and
Gina Henry as directors, noted the pair gave several reasons for
the company's insolvency.

That included the company experiencing cashflow issues, including
historical cash problems as a result of Covid-19, and the
increasing cost of ingredients and beverages.

The cost of living crisis also resulted in fewer sales, while the
increase in minimum wage led to a rise in employee costs, the
report said.

The directors also cited an issue with the landlord, who had given
the lease to another operator, with the company selling the
business to the new lessee "on advantageous terms".

That meant the company ceased trading when it sold its business,
but the proceeds from the sale did not allow for creditors to be
repaid in full, the report said.

The statement of affairs from the company showed preferential
claims to Inland Revenue totalled NZD259,720.

The change in ownership of Granger led to a flurry of comments from
concerned locals on the business' Facebook page, with some noting
the building was earmarked for future development.

That led to the new owners responding with a post thanking staff
and the patrons, while noting: "We have some exciting new plans for
the future and look forward to sharing them with you all".

Meanwhile, the Marina Cantina, which had the same directors and
same trading issues as Grangers Taphouse, owed $69,628 to Inland
Revenue.

The same directors were behind the Franklin Taphouse and Kitchen,
with that business also impacted by cashflow issues.

In that case, the company ceased trading when it sold its business
to a third party.

The first liquidator's report here said monies owed to Inland
Revenue, a preferential creditor, was NZD211,938.

The Franklin Taphouse and Kitchen was trading under new owners and
was "renowned for one of East Auckland's best casual dining and bar
hot spots", according to its website. "It is a landmark venue for
the Beachlands locals and families alike, as well as large
celebrations and epic parties it is a must go to destination for
all to visit."

In July, Stuff reported on 10 hospitality and retail venues which
had closed in Auckland so far this year, with some highlighting the
lasting impacts of the Covid-19 lock downs.


HANGA MOEMOEA: BDO Tauranga Appointed as Liquidators
----------------------------------------------------
Paul Thomas Manning and Thomas Lee Rodewald of BDO Tauranga on
Sept. 4, 2024, were appointed as liquidators of Hanga Moemoea
Limited.

The liquidators may be reached at:

          C/- BDO Tauranga Limited
          Level 1, The Hub
          525 Cameron Road
          PO Box 15660
          Tauranga 3144


KERSHAW CONSTRUCTION: Creditors' Proofs of Debt Due on Oct. 16
--------------------------------------------------------------
Creditors of Kershaw Construction & Maintenance Limited and Native
Voice Limited are required to file their proofs of debt by Oct. 16,
2024, to be included in the company's dividend distribution.

Kershaw Construction & Maintenance Limited commenced wind-up
proceedings on Sept. 10, 2024. Native Voice Limited commenced
wind-up proceedings on Sept. 6, 2024.


The company's liquidators are:

          Iain Bruce Shephard
          Jessica Jane Kellow
          BDO Wellington
          Level 1, 50 Customhouse Quay
          Wellington 6011


LAKEFRONT INVESTMENTS: Calibre Partners Appointed as Receivers
--------------------------------------------------------------
Brendon James Gibson and Daniel Stoneman of Calibre Partners on
Sept. 16, 2024, were appointed as receivers and managers of
Lakefront Investments Limited.

The receivers and managers may be reached at:

          Calibre Partners
          Level 21
          88 Shortland Street
          Auckland


NZ CARPENTRY: Director Has Been in Contact w/ Liquidators
---------------------------------------------------------
The Timaru Herald reports that the owner of New Zealand Carpentry,
a Timaru-based building company put into liquidation in February
after failing to pay money owed to a company which owns three Mitre
10 Mega stores, has been in contact with liquidators.

In their second report to creditors and shareholders, uploaded to
the company's office on September 3, liquidators Iain Shephard and
Jessica Kellow of BDO Wellington confirmed they had spoken to New
Zealand Carpentry director Joshua Drummond, The Timaru Herald
relays.

"After a thorough investigation of the company's books and a video
call with the director, the liquidators understand that there were
no realisable assets of the company at the date of liquidation."

The Timaru Herald relates that Mr. Drummond, who is the sole
director and 90% shareholder of the company, is understood to have
moved abroad several years prior to the liquidation.

"We understand that the sole director of the company moved to the
United States several years ago. Although it appears that trading
ceased upon the director's relocation, outstanding debt remained
unpaid by the company," the liquidators' report said.

In the first report, released in April, the liquidator said Mr.
Drummond had not responded to attempts to contact him.

At the time, the known amount owed to creditors was just over
NZD48,000, with NZD42,000 of that owed to unsecured creditors.

According the the latest report, liquidators have received four
unsecured claims for a total of NZD56,559 and a preferential claim
for NZD5,679 from the petitioning creditor for costs incurred in
applying to the High Court to place the company into liquidation,
The Timaru Herald relays.

W. H. Collins, which trades as Mitre 10 Mega in Timaru, Oamaru and
Ashburton, applied to have New Zealand Carpentry Limited placed
into liquidation following non-payment of bills.

No funds had been remitted during the liquidation, The Timaru
Herald notes.

The liquidators gave an estimated timeframe of three months for
completion of the liquidation.

New Zealand Carpentry was placed into liquidation in March 2024.


ROTORUA WELL-DRILLING: Blacklock Rose Appointed as Receivers
------------------------------------------------------------
Garry Whimp and Benjamin Francis of Blacklock Rose on Sept. 12,
2024, were appointed as receivers and managers of Rotorua
Well-Drilling Co Limited, Tristan Macdonald and Hannah Macdonald.

The receivers and managers may be reached at:

          Blacklock Rose Limited
          PO Box 6709
          Auckland 1142


STRACCI PASTA: Creditors' Proofs of Debt Due on Nov. 13
-------------------------------------------------------
Creditors of Stracci Pasta Limited are required to file their
proofs of debt by Nov. 13, 2024, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on Sept. 13, 2024.

The company's liquidators are:

          Christopher Carey McCullagh
          Stephen Mark Lawrence
          PKF Corporate Recovery & Insolvency (Auckland) Limited
          PO Box 3678
          Auckland 1140




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

FORTUNE CAPITAL: Commences Wind-Up Proceedings
----------------------------------------------
Members of Fortune Capital Resources Pte. Ltd. and Sun Yang
Corporation Pte. Ltd. on Sept. 11, 2024, passed a resolution to
voluntarily wind up the company's operations.

The company's liquidator is:

          Ms. Chia Lee Cheng
          150 Cecil Street #14-01
          Singapore 069543


MTN CONSULTANTS: Court Enters Wind-Up Order
-------------------------------------------
The High Court of Singapore entered an order on Sept. 6, 2024, to
wind up the operations of MTN Consultants and Building Management
Pte. Ltd.

Cradle Wealth Solutions Pte. Ltd. filed the petition against the
company.

The company's liquidators are:

          Don Ho Mun-Tuke
          Ho Chjuen Meng
          David Donald
          DHA+ pac
          63 Market Street
          #05-01A Bank of Singapore Centre
          Singapore 048942


PRIME STRUCTURES HOLDINGS: Commences Wind-Up Proceedings
--------------------------------------------------------
Members of Prime Structures Holdings Pte Ltd on Sept. 16, 2024,
passed a resolution to voluntarily wind up the company's
operations.

The company's liquidator is:

          Mr. Chian Yeow Hang
          c/o Abacus Insolvency
          238A Thomson Road
          #25-07 Novena Square
          Singapore 307684


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

DBS Bank Ltd filed the petition against the company on Sept. 5,
2024.

The Petitioner's solicitors are:

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


TANK BUILT: Creditors' Meeting Set for Sept. 30
-----------------------------------------------
Tank Built Pte Ltd, which is in compulsory liquidation, will hold a
meeting for its creditors on Sept. 30, 2024, at 10:00 a.m. by way
of video conference via Zoom.

Agenda of the meeting includes:

   a. to receive a status update from the joint and several
      liquidators;

   b. to appoint a Committee of Inspection; and

   c. discuss other business.

The liquidators may be reached at:

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



                           *********


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
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Information contained herein is obtained from sources believed
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