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

                     A S I A   P A C I F I C

          Monday, September 23, 2024, Vol. 27, No. 191

                           Headlines



A U S T R A L I A

BOOSTED FIRE: First Creditors' Meeting Set for Sept. 30
BP MASONRY: First Creditors' Meeting Set for Sept. 27
CONQUEST 2024-1: S&P Assigns Prelim BB(sf) Rating to Class E Notes
FLEX PRECAST: First Creditors' Meeting Set for Sept. 25
HARTLEY HEALTH: Ceases Operations After Deal Falls Through

KESW EL: First Creditors' Meeting Set for Sept. 26
NP HAULAGE: First Creditors' Meeting Set for Sept. 26
PANORAMA AUTO 2024-3: Fitch Assigns 'BBsf' Rating to Class E Notes


C H I N A

GAC FIAT: Fails to Sell Changsa Plant at Auction for Third Time
UXIN LTD: Signs MOU With Pintu (Beijing) for Proposed Investment


I N D I A

APEETEX FABRICS: CARE Keeps D Debt Rating in Not Cooperating
ASHWANI GOYAL: CARE Keeps D Rating in Not Cooperating Category
ASIAN IMPEX: CARE Keeps D Debt Rating in Not Cooperating Category
BEEPEE HOSPITALITY: CARE Keeps D Debt Rating in Not Cooperating
BLUE BLEND: CARE Keeps D Debt Rating in Not Cooperating Category

BONCON TRADE: CARE Keeps B- Debt Rating in Not Cooperating
FSD BUILDING: CARE Keeps D Debt Ratings in Not Cooperating
GANPAT RAI: CARE Keeps B- Debt Rating in Not Cooperating Category
HOTEL MEGHNA: CARE Keeps B- Debt Rating in Not Cooperating
INFINITY INFRATECH: CARE Keeps C Debt Rating in Not Cooperating

INNOVARE LABS: CARE Lower Rating on INR165.47cr LT Loan to D
J P SORTEX: CARE Keeps B- Debt Rating in Not Cooperating Category
JAYAMM MILK: CARE Assigns B+ Rating to INR25cr LT Loan
LIBAS CONSUMER: CARE Keeps C Debt Rating in Not Cooperating
NARSINGH SINGH: CARE Keeps C Debt Rating in Not Cooperating

NIGAM INDUSTRIES: CARE Keeps B- Debt Rating in Not Cooperating
PIVOTAL INFRA: CARE Keeps B Debt Rating in Not Cooperating
RAJIVA EXPORTS: CARE Keeps C Debt Rating in Not Cooperating
RASHI DALL: CARE Keeps C Debt Rating in Not Cooperating Category
RISHI BUILDERS: CARE Keeps B- Debt Rating in Not Cooperating

SAMBHAV EXIM: CARE Keeps D Debt Ratings in Not Cooperating
SH TECH: CARE Keeps C Debt Rating in Not Cooperating Category
SHIVSWATI ENTERPRISES: CARE Keeps D Debt Rating in Not Cooperating
SHUBH MANGAL: CARE Lowers Rating on INR10cr LT Loan to D
SICO INDIA: CARE Keeps D Debt Ratings in Not Cooperating Category

SOUTHERN ELECTRIC: CARE Keeps B- Debt Rating in Not Cooperating
TIRUPATI FIBERS: CARE Keeps B- Debt Rating in Not Cooperating


I N D O N E S I A

ALAM SUTERA: Fitch Affirms 'B-' LT IDR, Alters Outlook to Stable


M O N G O L I A

DEVELOPMENT BANK: Fitch Hikes LongTerm IDR to 'B+', Outlook Stable
MONGOLIA: Fitch Hikes LongTerm IDR to 'B+', Outlook Stable


N E W   Z E A L A N D

BUILDING LABOUR: Placed in Receivership
RYCAM AG: Court to Hear Wind-Up Petition on Oct. 6
SAMA GROOMING: Court to Hear Wind-Up Petition on Oct. 11
TIGGER TRUST: Thomas Lee Rodewald Appointed as Receiver
TWENTY TWO: Court to Hear Wind-Up Petition on Oct. 7



P H I L I P P I N E S

DITO CME: Gets PSE Nod to Launch PHP4.2BB Following-on Offering
STOTSENBERG HEALTHCARE: Placed Under Conservatorship


S I N G A P O R E

AN ZHONG: Creditors' Meeting Set for Oct. 4
AUG ENERGY: Court Enters Wind-Up Order
MAXDIN 3: Commences Wind-Up Proceedings
ONE STOP: Court Enters Wind-Up Order
TOWN CORP: Court to Hear Wind-Up Petition on Oct. 4



S O U T H   K O R E A

TERRAFORM LABS: Approved for Wind-Down After US SEC Settlement


S R I   L A N K A

SRI LANKA: Creditors Win Option to Ditch New York Law in Bonds
SRI LANKA: Reaches Restructuring Deal with Bondholders

                           - - - - -


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

BOOSTED FIRE: First Creditors' Meeting Set for Sept. 30
-------------------------------------------------------
A first meeting of the creditors in the proceedings of Boosted Fire
Pty Ltd will be held on Sept. 30, 2024 at 10:30 a.m. via Microsoft
Teams.

Stephen Earel and Shaun Matthews of Cor Cordis were appointed as
administrators of the company on Sept. 18, 2024.


BP MASONRY: First Creditors' Meeting Set for Sept. 27
-----------------------------------------------------
A first meeting of the creditors in the proceedings of BP Masonry
Pty Ltd will be held on Sept. 27, 2024 at 4:00 p.m. via Microsoft
Teams.

Richard Albarran and Glenn Shannon of Hall Chadwick were appointed
as administrators of the company on Sept. 17, 2024.


CONQUEST 2024-1: S&P Assigns Prelim BB(sf) Rating to Class E Notes
------------------------------------------------------------------
S&P Global Ratings assigned its preliminary ratings to six classes
of prime residential mortgage-backed securities (RMBS) to be issued
by Perpetual Trustee Co. Ltd. as trustee of ConQuest 2024-1 Trust.
ConQuest 2024-1 Trust is a securitization of prime residential
mortgage loans originated by MyState Bank Ltd.

The preliminary ratings reflect the following factors.

S&P has assessed the credit risk of the underlying collateral
portfolio, including the fact that this is a closed portfolio,
which means no further loans will be assigned to the trust after
the closing date.

The credit support is sufficient to withstand the stresses S&P
applies. This credit support comprises note subordination for all
rated notes, excess spread, and mortgage insurance covering 14.0%
of the portfolio.

The various mechanisms to support liquidity within the transaction,
including an excess revenue reserve, principal draws mechanism, and
an amortizing liquidity facility equal to 1.00% of the invested
amount of all notes are sufficient under S&P's stress assumptions
to ensure timely payment of interest.

There is an extraordinary expense reserve of A$150,000, funded from
day one by MyState Bank, available to meet extraordinary expenses.
The reserve will be topped up via excess spread, to the extent
available, if drawn.

A fixed- to floating-rate interest-rate swap is provided by ING
Bank N.V. to hedge the mismatch between receipts from any
fixed-rate mortgage loans and the variable-rate RMBS.

  Preliminary Ratings Assigned

  ConQuest 2024-1 Trust

  Class A1, A$460.00 million: AAA (sf)
  Class AB, A$19.25 million: AAA (sf)
  Class B, A$7.75 million: AA (sf)
  Class C, A$5.75 million: A (sf)
  Class D, A$2.75 million: BBB (sf)
  Class E, A$2.00 million: BB (sf)
  Class F, A$2.50 million: Not rated


FLEX PRECAST: First Creditors' Meeting Set for Sept. 25
-------------------------------------------------------
A first meeting of the creditors in the proceedings of Flex Precast
Pty Ltd will be held on Sept. 25, 2024 at 10:30 a.m. at the offices
of Magnetic Insolvency at 50/41-49 Norcal Road, Nunawading in
Victoria and via virtual meeting technology.

Peter Goodin of Magnetic Insolvency was appointed as administrators
of the company on Sept. 16, 2024.


HARTLEY HEALTH: Ceases Operations After Deal Falls Through
----------------------------------------------------------
News.com.au reports that a meal delivery service in Sydney and
Newcastle has collapsed, with the owner revealing the tough
economic climate has become too much to bear.

News.com.au relates that Hartley Health owner Jordan Hartley took
to Instagram on Sept. 19 to tell customers the business would cease
operating immediately after "a deal fell through" that morning,
which was intended to help with rising costs.

"With increasing costs in the food industry and the toll it has
taken on my mental health, I have made the difficult decision to
prioritise my wellbeing," news.com.au quotes Ms. Hartley as saying.


"Unfortunately, I do not have the mental capacity to continue
raising funds and creating working capital.

"After six wonderful years, this is a devastating moment for our
clients, our team, and myself."

The mother-of-one is known for sharing her mental health struggles
with her more the 20,000 followers on her personal Instagram page.
The Hartley Health account has about 14,000 followers.

ASIC records show the company was placed into liquidation on
September 19, news.com.au discloses.

Chad Rapsey from Rapsey Griffiths Turnaround + Advisory was
appointed as the liquidator.

Ms. Hartley started by making just 50 meals a week in her share
house kitchen for a small number of clients and then grew the
business to a point where she could lease her own kitchen,
according to the website.

The business is promoted as creating chef-made meals cooked to
order "without preservatives, additives, seed oil or gas mapping"
and delivered fresh within 48 hours.


KESW EL: First Creditors' Meeting Set for Sept. 26
--------------------------------------------------
A first meeting of the creditors in the proceedings of KESW EL Pty
Ltd will be held on Sept. 26, 2024 at 10:00 a.m. at the offices of
SV Partners at Level 6/La Balsa, 45 Brisbane Road in Mooloolaba.

Anne Meagher and Adam Kersey of SV Partners were appointed as
administrators of the company on Sept. 16, 2024.


NP HAULAGE: First Creditors' Meeting Set for Sept. 26
-----------------------------------------------------
A first meeting of the creditors in the proceedings of NP Haulage
Pty Ltd will be held on Sept. 26, 2024 at 11:00 a.m. at the offices
of Nicols + Brien at Level 2, 350 Kent Street in Sydney.

Steven Nicols of Nicols + Brien was appointed as administrator of
the company on Sept. 17, 2024.


PANORAMA AUTO 2024-3: Fitch Assigns 'BBsf' Rating to Class E Notes
------------------------------------------------------------------
Fitch Ratings has assigned final ratings to Panorama Auto Trust
2024-3's pass-through floating-rate notes. The notes are backed by
a pool of first-ranking Australian automotive lease and loan
receivables originated by Angle Auto Finance Pty Ltd. The notes
were issued by Perpetual Corporate Trust Limited as trustee for
Panorama Auto Trust 2024-3.

Angle Auto Finance was formed in 2021 through a joint venture
between Cerberus Capital Management, L.P. (80%) and Deutsche Bank
AG, Sydney Branch (20%). Angle Auto Finance acquired Westpac
Banking Corporation's (AA-/Stable/F1+) motor-vehicle dealer finance
and novated leasing business in 2022. The acquisition included
relationships with dealer groups and novated leasing introducers,
as well as the majority of employees in sales, distribution,
credit, underwriting and risk.

   Entity/Debt             Rating             Prior
   -----------             ------             -----
Panorama Auto
Trust 2024-3

   Commission Note
   AU3FN0091138        LT AAAsf  New Rating   AAA(EXP)sf

   A AU3FN0091146      LT AAAsf  New Rating   AAA(EXP)sf

   B AU3FN0091153      LT AAsf   New Rating   AA(EXP)sf

   C AU3FN0091161      LT Asf    New Rating   A(EXP)sf

   D AU3FN0091179      LT BBBsf  New Rating   BBB(EXP)sf

   E AU3FN0091187      LT BBsf   New Rating   BB(EXP)sf

   G                   LT NRsf   New Rating   NR(EXP)sf

Transaction Summary

The total collateral pool at the cut-off date was AUD1.25 billion,
and increase from AUD750 million at transaction launch. The pool
consisted of 29,946 receivables with weighted-average (WA)
seasoning of 6.1 months, WA remaining maturity of 52.7 months and
an average contract balance of AUD41,742.

KEY RATING DRIVERS

Stress Commensurate with Ratings: Fitch assigned base-case default
expectations and 'AAAsf' default multiples for the sub-pools of
novated leases, consumer loans and commercial loans. Its base-case
gross-loss expectations and 'AAAsf' default multiples are as
follows:

Novated leases: 1.00% (7.5x)

Consumer loans: 3.50% (5.25x)

Commercial loans: 3.25% (5.5x)

The recovery base case is 35.0%, with a 'AAAsf' recovery haircut of
50.0% across all sub-pools. The WA base-case default assumption is
2.3% and the 'AAAsf' default multiple is 5.8x.

Portfolio performance is supported by Australia's continued
economic growth and tight labour market, despite rapid interest
rate hikes during 2022-2023. GDP growth for the year ended June
2024 was 1.0% and unemployment was 4.2% in July 2024. Fitch
forecasts GDP growth of 1.1% for the full year and unemployment of
4.1%. This reflects its expectation that the restrictive monetary
policy and persistent inflation will continue to hinder domestic
demand.

Excess Spread Limited by Commission Note Repayment: The transaction
includes a commission note to fund the purchase-price component of
the unamortised commission paid to introducers for the origination
of receivables. The note will not be collateralised and will
amortise in line with an amortisation schedule. Its repayment
reduces the availability of excess spread to cover losses, as it
ranks senior in the interest waterfall, above the class B to E
notes.

Structural Risks Addressed: Counterparty risk is mitigated by
documented structural mechanisms that ensure remedial action takes
place should the ratings of the swap providers or transaction
account bank fall below a certain level. The class A to E notes
will receive principal repayments pro rata upon satisfaction of
stepdown criteria. The percentage of credit enhancement provided by
the G notes will increase as the A to E notes amortise.

Its cash flow analysis incorporates the transaction's structural
features and tests each note's robustness by stressing default and
recovery rates, prepayments, interest-rate movements and default
timing. All notes have passed their relevant rating stresses.

Low Operational and Servicing Risk: All receivables were originated
by Angle Auto Finance, which demonstrated adequate capability as
originator, underwriter and servicer. Servicer disruption risk is
mitigated by back-up servicing arrangements. The nominated back-up
servicer is Perpetual Corporate Trust. Fitch undertook an
operational review and found that the operations of the originator
and servicer were comparable with those of other auto lenders.

No Residual Value Risk: There is no residual value exposure in this
transaction. However, 52.9% of the portfolio by receivable value
has balloon amounts payable at maturity.

RATING SENSITIVITIES

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

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

Downgrade Sensitivities

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

Note: Commission / A / B / C / D / E

Current Ratings: AAAsf / AAAsf / AAsf / Asf / BBBsf / BBsf

Rating Sensitivity to Increased Default Rates

Increase defaults by 10%: AAAsf / AAAsf / AA-sf / A-sf / BBBsf /
BBsf

Increase defaults by 25%: AAAsf / AA+sf / A+sf / BBB+sf / BBB-sf /
BB-sf

Increase defaults by 50%: AAAsf / AAsf / A-sf / BBBsf / BB+sf /
Bsf

Rating Sensitivity to Reduced Recovery Rates

Recoveries decrease 10%: AAAsf / AAAsf / AAsf / Asf / BBBsf / BBsf

Recoveries decrease 25%: AAAsf / AAAsf / AA-sf / Asf / BBBsf /
BBsf

Recoveries decrease 50%: AAAsf / AAAsf / AA-sf / A-sf / BBB-sf /
BB-sf

Rating Sensitivity to Increased Defaults and Reduced Recovery
Rates

Defaults increase 10%/recoveries decrease 10%: AAAsf / AAAsf /
AA-sf / A-sf / BBBsf / BBsf

Defaults increase 25%/recoveries decrease 25%: AAAsf / AA+sf / Asf
/ BBB+sf / BB+sf / B+sf

Defaults increase 50%/recoveries decrease 50%: AAAsf / A+sf /
BBB+sf / BBB-sf / BB-sf / below Bsf

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

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

Upgrade Sensitivities

The commission and class A notes are at the highest level on
Fitch's scale and cannot be upgraded.

Note: B / C / D / E

Current Rating: AAsf / Asf / BBBsf / BBsf

Reduce defaults by 10% and increase recoveries by 10%: AA+sf / A+sf
/ BBB+sf / BB+sf

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

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

DATA ADEQUACY

Fitch reviewed the results of a third-party assessment conducted on
the asset portfolio information, and concluded that there were no
findings that affected the rating analysis.

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

Date of Relevant Committee

28 August 2024

ESG Considerations

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



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

GAC FIAT: Fails to Sell Changsa Plant at Auction for Third Time
---------------------------------------------------------------
Yicai Global reports that the administrator for GAC Fiat Chrysler
Automobiles, a bankrupt joint venture carmaker in China, has failed
to auction off its plant in Changsha for the third time, despite
having lowered the starting price.

According to Yicai, the latest public auction started earlier this
month, with a starting price of CNY1.2 billion (USD170.3 million).
That was 20 percent lower than at the second auction in August and
36 percent down on the first auction in July.

GAC FCA was set up in 2010 as a 50:50 enterprise between
Gaungzhou-based GAC Group and Fiat Chrysler Automobiles. It has
production bases in Guangzhou and Changsha, with the latter
receiving CNY10 billion (USD1.4 billion) of investment. The plant
has stamping, welding, spraying, and assembly lines.

Fiat Chrysler is now part of Stellantis, and in July 2022, the
Netherlands-based auto giant announced that because of a lack of
progress in its efforts to acquire a majority stake in GAC FCA, it
would end its role in the joint venture, Yicai recalls.

GAC FCA subsequently entered bankruptcy proceedings, after which
its Guangzhou plant was taken over by GAC and converted to produce
Aion vehicles, GAC's new energy brand, Yicai relates. The Changsha
plant was taken over by Beijing Yingke Law Firm, a local
court-appointed bankruptcy administrator, and the proceeds from the
liquidation of its assets were to be used to repay creditors.

Yicai notes that analysts put the failure to auction off the plant
down to China's auto industry being mired in a price war since last
year. With profits under pressure, potential buyers are paying more
attention to cost control.

Another problem is that the plant's production line is mainly for
fuel-powered cars, which are being left behind in the shift to new
energy vehicles, according to the analysts. Converting it to turn
out NEVs would require major investment, making it less appealing
to buyers.


UXIN LTD: Signs MOU With Pintu (Beijing) for Proposed Investment
----------------------------------------------------------------
Uxin Limited announced Sept. 13, 2024, that it has entered into a
memorandum of understanding ("MOU") with Pintu (Beijing)
Information Technology Co., Ltd., an indirect wholly-owned
subsidiary of Dida Inc. (HKEX: 2559), on Sept. 12, 2024, with
respect to a proposed investment in the Company by the Investor.

Pursuant to the MOU, the Investor intends to subscribe for
1,543,845,204 Class A ordinary shares of the Company for an
aggregate subscription amount of US$7.5 million, based on a
subscription price of US$0.004858 per share (or US$1.4575 per ADS).
The Proposed Investment is subject to the parties' execution of
definitive agreements and closing conditions to be stipulated
therein.

In connection with the Proposed Investment, the Investor and the
Youxin (Anhui) Industrial Investment Co., Ltd. have entered into a
Loan Agreement pursuant to which the Investor agrees to extend a
loan in a principal amount of RMB equivalent of US$7.5 million to
Youxin Anhui.  Youxin Anhui is a wholly-owned subsidiary of the
Company.

                          About Uxin

Uxin is a China-based used car retailer, pioneering industry
transformation with advanced production, new retail experiences,
and digital empowerment. The Company offers vehicles through a
reliable, one-stop, and hassle-free transaction experience. Under
its omni-channel strategy, the Company is able to leverage its
pioneering online platform to serve customers nationwide and
establish market leadership in selected regions through offline
inspection and reconditioning centers.

Shanghai, the People's Republic of China-based
PricewaterhouseCoopers Zhong Tian LLP, the Company's auditor since
2017, issued a "going concern" qualification in its report dated
July 31, 2024, citing that the Company has incurred net losses
since inception and, as of March 31, 2024, had an accumulated
deficit and net current liability and the Company incurred
operating cash outflow during the fiscal year ended March 31, 2024.
These events and conditions raise substantial doubt about its
ability to continue as a going concern.




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

APEETEX FABRICS: CARE Keeps D Debt Rating in Not Cooperating
------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Apeetex
Fabrics Private Limited (AFPL) continues to remain in the 'Issuer
Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       6.21       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Rationale and key rating drivers

CARE Ratings Ltd. had, vide its press release dated July 25, 2023,
placed the rating(s) of AFPL under the 'issuer non-cooperating'
category as AFPL had failed to provide information for monitoring
of the rating as agreed to in its Rating Agreement. AFPL continues
to be non-cooperative despite repeated requests for submission of
information through e-mails dated June 9, 2024, June 19, 2024 and
June 29, 2024 among others.

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

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

Apeetex Fabrics Private Limited (AFPL) was incorporated in the year
1997 by the Pareek family and it is engaged in manufacturing of
grey fabric. The manufacturing unit is situated at Bhiwandi, Thane.


ASHWANI GOYAL: CARE Keeps D Rating in Not Cooperating Category
--------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Ashwani
Goyal (AG) continues to remain in the 'Issuer Not Cooperating'
category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       9.38       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated August 30,
2023, placed the rating(s) of AG under the 'issuer non-cooperating'
category as AG had failed to provide information for monitoring of
the rating as agreed to in its Rating Agreement. AG continues to be
non-cooperative despite repeated requests for submission of
information through e-mails dated July 15, 2024, July 25, 2024 and
August 4, 2024 among others.

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

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

AG is a proprietorship firm established by Mr Ashwani Goyal in
2004. However, the firm commenced the development of 4 Star hotel
project in 2013 with total capacity of 75 rooms and other
facilities such as bar restaurant, banquet, gymnasium and health
zone.


ASIAN IMPEX: CARE Keeps D Debt Rating in Not Cooperating Category
-----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Asian Impex
(AI) continues to remain in the 'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       7.50       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Rationale and key rating drivers

CARE Ratings Ltd. had, vide its press release dated August 9, 2023,
placed the rating(s) of AI under the 'issuer non-cooperating'
category as AI had failed to provide information for monitoring of
the rating as agreed to in its Rating Agreement. AI continues to be
non-cooperative despite repeated requests for submission of
information through e-mails dated June 24, 2024, July 4, 2024, July
14, 2024 among others.

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

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

Asian Impex (AI), incorporated in 2010, is promoted by Mr Haron
Haji Panja, Mr Altaf Chhel, Mr. Ashif Harun Panja, Mr. Kashif Harun
Panja, Ms. Halima Safi Panja and Mr. Aaysa Harun Panja. AI is
engaged in processing of sea foods and exports the same to Europe,
Gulf countries, Africa and China. AI has a processing cum storage
facility located at Veraval (Gujarat) with total installed capacity
of 50 MTPD (metric ton per day) for processing of Sea Foods and
1,000 metric tons storage capacity as on March 31, 2016.

BEEPEE HOSPITALITY: CARE Keeps D Debt Rating in Not Cooperating
---------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Beepee
Hospitality LLP (BHL) continues to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      10.23       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Rationale and key rating drivers

CARE Ratings Ltd. had, vide its press release dated July 26, 2023,
placed the rating(s) of BHL under the 'issuer non-cooperating'
category as BHL had failed to provide information for monitoring of
the rating as agreed to in its Rating Agreement. BHL continues to
be non-cooperative despite repeated requests for submission of
information through emails dated June 10, 2024, June 20, 2024 and
June 30, 2024 among others.

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

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

Beepee Hospitality LLP (BHL) is established on November 4, 2011 as
a Limited Liability Partnership. BHL is promoted by Mr. Anup Poddar
and Mr. Anil Poddar. The company is engaged in the business of
processing of fabrics (viz. Polyester and cotton) i.e. spinning,
combing, cleaning, weaving and dyeing on job work basis as well as
through own production. The product finds its application in
hospitality industry (hotels, hospital and airlines).

BLUE BLEND: CARE Keeps D Debt Rating in Not Cooperating Category
----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Blue Blend
(India) Ltd. (BBIL) continues to remain in the 'Issuer Not
Cooperating' category.

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

Rationale and key rating drivers

CARE had, vide its press release dated June 19, 2018, placed the
rating of BBIL under the 'Issuer noncooperating' category as BBIL
had failed to provide information for monitoring as agreed in its
Rating Agreement. BBIL continues to be non-cooperative despite
repeated requests for submission of information through e-mail
dated September 6, 2024.

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

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

The rating assigned to BBIL factors in non-payment of dividend on
preference shares rated by CARE. The rated instrument is dividend
bearing in nature with dividend rate of 1% p.a.

Analytical approach: Standalone

Outlook: Not applicable

Detailed description of the key rating drivers:

Key Rating Weaknesses

* Non-payment of dividend on preference shares: Due to accumulated
losses of past several years, BBIL did not declare any dividend on
equity shares. Preference shares rated by CARE are non-cumulative,
non-convertible and bearing dividend rate of 1% p.a. The company
has not paid dividend on this instrument due to poor liquidity
position.

Liquidity: Poor

The liquidity of the company is poor which is evident by its
inability to pay dividends and continuous losses.

Incorporated in 1981 as a private limited company, Blue Blends
(India) Ltd (BBIL) is engaged in the manufacturing of denim
fabrics. BBIL was later reconstituted as public limited company in
1983 and is listed on the Bombay Stock Exchange (BSE). The company
is promoted and managed by the Arya family, led by Mr. Anand Arya,
who has over 3.5 decades of experience in the textile industry.
BBIL has its administrative office in Mumbai and a manufacturing
plant located at Ahmedabad, with an installed capacity of 18
million metric tonnes/annum (utilized about 80% in FY17). BBIL
sells its product through its wide network of dealers and
distributors all over India.

BONCON TRADE: CARE Keeps B- Debt Rating in Not Cooperating
----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Boncon
Trade Private Limited (BTPL) continues to remain in the 'Issuer Not
Cooperating' category.

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

Rationale and key rating drivers

CARE Ratings Ltd. had, vide its press release dated July 24, 2023,
placed the rating(s) of BTPL under the 'issuer non-cooperating'
category as BTPL had failed to provide information for monitoring
of the rating as agreed to in its Rating Agreement. BTPL continues
to be non-cooperative despite repeated requests for submission of
information through e-mails dated June 8, 2024, June 18, 2024 and
June 28, 2024 among others.

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

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

Incorporated in the year 2013, BTPL is a part of Calyx Group based
out of Pune, Maharashtra and is currently engaged in wholesale
trading of mobile handsets for Lenovo, Gionee and Samsung (no
contract). The company is registered with Amazon India, Flipkart
and Snapdeal for online selling.

FSD BUILDING: CARE Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of FSD
Building Materials Private Limited (FSD) continues to remain in the
'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term/Short      27.00      CARE D/CARE D; ISSUER NOT
   Term Bank                       COOPERATING; Rating continues
   Facilities                      to remain under ISSUER NOT
                                   COOPERATING category

Rationale and key rating drivers

CARE Ratings Ltd. had, vide its press release dated July 27, 2023,
placed the rating(s) of FBMPL under the 'issuer non-cooperating'
category as FBMPL had failed to provide information for monitoring
of the rating as agreed to in its Rating Agreement. FBMPL continues
to be non-cooperative despite repeated requests for submission of
information through e-mails dated June 11, 2024, June 21, 2024 and
July 1, 2024 among others.

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

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

FSD Building Materials Private Limited was incorporated as a
private limited company in 2010, however the commercial operations
started in 2014. The company is engaged in trading of wood logs,
plywood, sawn timber and veneer. Plywood is sold under its brand
name 'Kingdom Plywood'. Further, w.e.f from April 1, 2018, FSDBMPL
has commenced manufacturing of plywood through backward integration
at the manufacturing plant of Kanhaiya Wood Products, located at
Rampur and taken on lease (engaged in manufacturing of plywood).


GANPAT RAI: CARE Keeps B- Debt Rating in Not Cooperating Category
-----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Ganpat Rai
Kewal Ram Trading Co. Private Limited (GRKRTCPL) continues to
remain in the 'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      14.00       CARE B-; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category  

Rationale and key rating drivers

CARE Ratings Ltd. had, vide its press release dated July 24, 2023,
placed the rating(s) of GRKRTCPL under the 'issuer non-cooperating'
category as GRKRTCPL had failed to provide information for
monitoring of the rating as agreed to in its Rating Agreement.
GRKRTCPL continues to be non-cooperative despite repeated requests
for submission of information through e-mails dated June 8, 2024,
June 18, 2024 and June 28, 2024 among others.

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

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

Ganpat Rai Kewal Ram Trading Company Private Limited (GRKRTCPL) was
incorporated in 2007. The company is currently being managed by Mr
Nitin Mittal, Ms Adesh Rani Mittal, Ms Chhaya Rungta and Ms Beena
Singh. GRK is engaged in trading of coal.

Status of non-cooperation with previous CRA: Brickwork has
continued the rating assigned to the bank facilities of
GRKRTCPL into Issuer Not Cooperating category vide press release
dated July 30, 2024 on account of its inability to carry out a
review in the absence of requisite information.


HOTEL MEGHNA: CARE Keeps B- Debt Rating in Not Cooperating
----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Hotel
Meghna (HM) continues to remain in the 'Issuer Not Cooperating'
category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      11.96       CARE B-; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category  

Rationale and key rating drivers

CARE Ratings Ltd. had, vide its press release dated August 31,
2023, placed the rating(s) of HM under the 'issuer non-cooperating'
category as HM had failed to provide information for monitoring of
the rating as agreed to in its Rating Agreement. HM continues to be
non-cooperative despite repeated requests for submission of
information through e-mails dated July 16, 2024, July 26, 2024,
August 5, 2024 among others.

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

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

HM was formed as a proprietorship concern in year 2012 by Mr. Itesh
Bordoloi. The hotel started commercial operations from March 2017.
It is a four-star hotel located at Chapanguri, Assam with a total
built-up area of 7200 sq.mt. The firm has a tie-up with "Cygnett
Hotels and Resorts". The hotel is currently operating with 50 rooms
(which include 42 superior rooms, 6 club rooms and 2 suit rooms).
The hotel also has other amenities like conference and banquet
hall, multicuisine restaurant, bar, health club, spa, saloon and a
swimming pool.

Status of non-cooperation with previous CRA: Brickwork has
continued the rating assigned to the bank facilities of HM into
ISSUER NOT COOPERATING category vide press release dated September
4, 2024 on account of its inability to carry out a review in the
absence of requisite information from the firm.


INFINITY INFRATECH: CARE Keeps C Debt Rating in Not Cooperating
---------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Infinity
Infratech (II) continue to remain in the 'Issuer Not Cooperating'
category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       4.91       CARE C; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

   Short Term Bank      0.60       CARE A4; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category

Rationale and key rating drivers

CARE Ratings Ltd. had, vide its press release dated September 4,
2023, placed the rating(s) of II under the 'issuer non-cooperating'
category as II had failed to provide information for monitoring of
the rating as agreed to in its Rating Agreement. II continues to be
non-cooperative despite repeated requests for submission of
information through e-mails dated July 20, 2024, July 30, 2024,
August 9, 2024 among others.

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

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

Vapi-based (Gujarat), II was established by the proprietor, Mr
Pratik Desai in 2010. The firm is engaged mainly in stone crushing
activity and manufacturing of RCC (Reinforced Cement Concrete) Hume
pipes and service tenders of government in civil projects. The
proprietor owns a quarry from which stone is extracted and then
extracted material is crushed and transformed in the form of
various stones and artificial crushed sand. II owns two plants for
stone crushing in Karajgam, located near Vapi (Gujarat). The major
customers of II are located in Gujarat, Maharashtra and Dadra &
Nagar Haveli.


INNOVARE LABS: CARE Lower Rating on INR165.47cr LT Loan to D
------------------------------------------------------------
CARE Ratings has revised the ratings on certain bank facilities of
Innovare Labs Private Limited (ILPL), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      165.47      CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category and Revised from
                                   CARE BB+; Stable

   Short Term Bank      21.00      CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   Under ISSUER NOT COOPERATING
                                   Category and Revised from
                                   CARE A4

Rationale and key rating drivers

CARE Ratings Ltd. had, vide its press release dated February 6,
2024, placed the ratings of ILPL under the 'issuer non-cooperating'
category as the company had failed to provide information for
monitoring of the rating. Innovare Labs Private Limited continues
to be non-cooperative despite repeated requests for submission of
information through e-mails, phone calls dated October 3, 2023, to
January 8, 2024.

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

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

The ratings have been revised on account of ongoing delays in debt
servicing of Principal and interest repayment of term loans availed
from Exim Bank, Federal Bank and Punjab National Bank and instances
of overdrawals in Cash Credit (CC) account with Punjab National
Bank ranging from 15 to 40 days as of September 12, 2024.

Analytical approach: Standalone

Outlook: Not applicable

Detailed description of key rating drivers:

At the time of last rating on February 6, 2024, the following were
the rating strengths and weaknesses (updated for the information
available based on lender feedback).

Key weaknesses

* Ongoing delay in debt servicing: There are on-going delays in
debt servicing of interest and principal repayment of the term loan
availed from Exim bank with account overdue since July 1, 2024, as
confirmed by banker interaction dated September 12, 2024, owing to
poor liquidity position. Further, account conduct of term loans and
cash credit with other banks continued to be irregular with delay
in repayment ranging from 15 to 40 days with other bankers.

* Significant decline in financial performance during FY23: In
FY23, total operating income (TOI) of the company declined by
19.26% i.e., to INR82.87 crores from INR102.64 crores in FY22. In
line with declined TOI, operating and net losses further increased
to INR22.71 crores (PY: 14.57 crores) and INR35.63 crores (INR24.66
crores) respectively.

* Leverage capital structure with weak debt coverage indicators:
The capital structure marked by the overall gearing of the company
deteriorated and remain leveraged at 5.66x as on March 31, 2023
against 2.40x as on March 31, 2022 on account of increase in term
loans and deteriorated net worth w.r.t loss recognized in current
year. Total debt includes term loans, GECL loans, working capital
borrowings and unsecured loans. In FY23, equity and unsecured loans
amounting to INR23.26 crores to support the liquidity position and
working capital requirements.

* Elongated operating cycle: Operating cycle of the company
marginally improved but remained elongated to 169 days in FY23 from
171 days in FY22 majorly on account of increase in inventory
holding period with respect to purchase of raw material in bulk
quantities to enjoy discounts from suppliers. Due to slow movement
of stock with declined turnover, inventory holding period increased
to 247 days (PY: 201 days). Despite improvement in collection
period to 75 days (PY:108 days) and stretch in creditor turnover
days to 153 days (PY:138 days), operating cycle of the company
remained elongated in FY23.

* Exposure to regulatory risk: The company is exposed to regulatory
risk as the pharmaceutical industry is highly regulated in many
other countries and requires various approvals, licenses,
registrations and permissions for business activities. The approval
process for a new product registration is complex, lengthy and
expensive. Apart from above the ability of the company to continue
to observe the regulatory and WHO GMP standards without receiving
any critical observations from regulatory authorities are viewed
critically from business and credit risk point of view. ILPL has
received USFDA approval on December 15, 2022.

* Foreign exchange fluctuation risk: The company is exposed to
foreign exchange fluctuation risk in view of transactions of export
and import (INR17.57 crore of exports and INR7.09 crores of raw
material import in FY23), a phenomenon common to the players in the
industry, there is natural hedging that the company enjoys to some
extent.

Key strengths

* Experienced management team in the Pharmaceutical Industry: Dr
Sunil Kumar I.V., CEO, is one of the key promoters of the company.
He has been associated with pharma industry for more than two
decades and holds about 90 patents from past experience. Mr. Anil
Kumar (CFO) has more than 27 years of experience. Further, other
directors of the company, Mr. Ravi Tadiknoda, Mr. Sunkary Venu
Gopal and Mr. Venkata Ramana Reddy have overall experience of more
than 2 decades in the pharmaceutical industry.

* Continuous support from promoters by way infusion of equity and
unsecured loans: The promoters and directors of the company have
been infusing the funds since initial stages of project
implementation as and when required. During FY23, the promoters
have infused equity/unsecured loans of about INR23.26 crores.

* Receipt of USFDA approval and contract agreements in place with
reputed pharma companies: ILPL received USFDA approval on December
15, 2022. ILPL entered into contract agreements with two reputed
pharma manufacturers for supply of three APIs each. This apart,
ILPL also is in advanced stages of signing an agreement for supply
of API; Rosuvastatin and its intermediate for a global tie-up.

* Established R&D facility with healthy product portfolio: The
company manufactures Key Starting Material (KSM), Active
Pharmaceutical Ingredients (APIs) and bulk drugs catering to
various therapeutic segments, which Indian pharma companies are
majorly relying on China. The company has an R&D division in
Hyderabad (Telangana) with about 95 scientists and it has
successfully commercialized sales of 16 API's and 11 intermediates
till Nov 2022. This apart, the company has 12 API's which are
in various stages of development. The company is continuously
spending towards R&D to broaden their product mix. During FY23, the
company spent about INR10.10 crores towards R&D (PY: INR15.09
crores) which is about 12.24% of total operating
income (TOI).

* Reputed clientele: By virtue of promoters and directors of the
ILPL being associated with the pharma industry for more than
two decades who has strong network with reputed pharma players has
enabled them to secure orders. The company has established
relationship with reputed customers like Glenmark Life Sciences
Ltd, Dr Reddy's Laboratories Ltd, Mylan Laboratories Ltd, Hetero
Healthcare Limited, Laurus Labs Limited, Divis Laboratories
Limited, Galenicum Health India Private Limited and many others.

Favourable location of the plant: The plant is located at
Atchutapuram, Rambilli Mandal, Visakhapatnam District, Andhra
Pradesh with an extent area of 2,206 hectors in Atchutapuram, in
Visakhapatnam. Being in Visakhapatnam wherein majority of
the pharma units are located in the proximity and also the unit is
in proximity from the Visakhapatnam airport and from Gangavaram sea
port making the unit easily accessible and facilitating smooth
transportation of raw material and finished goods. During FY23,
ILPL received United States Food and Drug Administration (USFDA)
approval for the manufacturing facility.

* Reducing dependency on imports through backward integration: The
company is reducing the dependency of procuring raw materials from
China through backward integration on key molecules. The company
has done backward integration and started manufacturing the Key
Starting Materials (KSMs) of certain registered APIs which were
earlier sourced from China to inhouse manufacturing from Q1FY22
onwards. The in-house manufacturing of KSM is expected to reduce
the cost of procurement there by increasing the gross margins.

Liquidity: Poor

The liquidity position of the company remained poor with ongoing
delays in debt servicing.

Innovare Labs Private Limited (ILPL) was established as a private
limited company on August 02, 2012 and promoted by Dr. Sunil Kumar
I.V. (CEO), who has 24 years of pharma experience and was
associated with various pharma companies such as Laurus Labs,
Mylan, VERA Laboratories Limited, SOL Pharmaceuticals Limited and
holds 90 patents (in his individual capacity) from the past 120
products worked on. The company is engaged in manufacturing of Key
starting Materials (KSM's), APIs, pharmaceutical intermediaries and
Contract Research and Management Services (CRAMS). The company has
successfully commenced operations and has dispatched validation
batches from December 2018 at its manufacturing plant located in
Vishakhapatnam. Installed capacity expanded from 40 reactors (138KL
reactor capacity) to 51 reactors (178KL reactor capacity). The
company successfully commercialized sales for 16 API's and 11
Intermediates till Nov. 30, 2022.


J P SORTEX: CARE Keeps B- Debt Rating in Not Cooperating Category
-----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of J P Sortex
Private Limited (JPSPL) continues to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      37.00       CARE B-; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category  


Rationale and key rating drivers

CARE Ratings Ltd. had, vide its press release dated July 21, 2023,
placed the rating(s) of JPSPL under the 'issuer non-cooperating'
category as JPSPL had failed to provide information for monitoring
of the rating as agreed to in its Rating Agreement. JPSPL continues
to be non-cooperative despite repeated requests for submission of
information through e-mails dated June 5, 2024, June 15, 2024 and
June 25, 2024 among others.

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

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

JP Sortex Private Limited (JPSPL) started its operations in 1999 is
managed by Mr. Raman Garg and Mr. Rahul Garg. The company is
engaged in the processing of paddy to rice and also sells its by
products like bardana, bran, husk, etc. at its sole
facility in Ferozepur, Punjab.

Status of non-cooperation with previous CRA: Infomerics has
continued the rating assigned to the bank facilities of JPSPL under
Issuer Not Cooperating category vide press release dated Jan. 5,
2024 on account of its inability to carry out a
review in the absence of the requisite information from the
company.

ICRA has continued the rating assigned to the bank facilities of
JPSPL under Issuer Not Cooperating category vide press release
dated August 2, 2024 on account of its inability to carry out a
review in the absence of the requisite information from the
company.

JAYAMM MILK: CARE Assigns B+ Rating to INR25cr LT Loan
------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of Jayamm
Milk Products Private Limited (JMPL), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       25.00      CARE B+; Stable; Assigned
   Facilities                       

Rationale and key rating drivers

The rating assigned to the bank facility of JMPL is constrained by
nascent stage of operations, presence in highly fragmented and
competitive industry, high customer concentration. The Rating also
factors in the high debt funded capex plan of the company and
expected moderation in the leverage profile. However, the ratings
draw strength from the experience of promoters in the milk
processing industry, locational advantage of the plant being in the
high milk producing belt and improvement in scale of operations.

Rating sensitivities: Factors likely to lead to rating actions

Positive factors

* Sustained improvement in scale of operations above INR300 crores
with a profit before interest, lease rentals, depreciation and
taxation (PBILDT) margin above 3%.

* Improvement in capital structure with overall gearing below
1.5x.

Negative factors

* Deterioration of the capital structure with an overall gearing
above 3.5x.

* Any sharp deterioration in the scale of operations and consequent
impact on overall return indicators.

Analytical approach: Standalone

Outlook: Stable

CARE Ratings Limited (CARE Ratings) believes that the operations of
the company will continue to remain stable in the medium
term, deriving benefits from the experience of promoters in the
milk processing industry.

Detailed description of key rating drivers:

Key weaknesses

* Nascent stage of operations: JMPL, incorporated in July 2022 and
commenced operations in September 2022. FY24 marks their first full
year of operations of the business. Initially, company focused on
B2B sales of SMP through wholesale dealers and institutional
customers. In FY24, JMPL entered the retail market under the brand
name Swastika. Company sells liquid milk and value-added products
through agents, with around 200 distributors in Tamil Nadu and
Andhra Pradesh.

* Leveraged capital structure with further moderation envisaged:
Capital structure of the company remained at moderate level with
overall gearing of 1.09x as on March 31,2024 (PY: 2.06x). Company
is planning to acquire the milk processing unit which is currently
being operated on lease basis. With the proposed capex plans and
envisaged increase in working capital borrowing, leverage position
is expected to deteriorate during the forthcoming period.

* Exposure of change in government regulations, environmental
condition and industry competition: The dairy industry is highly
regulated and vulnerable to changes in government policies. The
supply and pricing of milk are subject to various external factors,
such as, cattle diseases, and yield fluctuations, which JMPL cannot
directly control. Consequently, any changes in milk prices can
negatively impact profitability margins. Additionally, JMPL faces
strong competition from well established national and regional
brands. This competition, from both organized and unorganized
sectors, along with limited bargaining power with customers and
suppliers, puts pressure on the company's operating margins.

Key strengths

* Locational advantage of plant being in high milk producing belt:
JMPL's plant is located in Chittoor district, Andhra Pradesh,
offers a significant advantage as it is one of the high milks
producing belt in the state. The company is operating out of a
leased unit located in Chittoor district with capacity of 1.25LLPD
for processing of milk. The plant does not have a Skimmed Milk
Powder (SMP) capacity and company outsource the processing of SMP
as per the market demand. The company has an established
procurement network, sourcing milk from over 6,200 farmers across
four districts. JMPL operates two chilling centres in Tamil Nadu,
each with a 10,000-litre capacity, one in Andhra Pradesh with a
10,000-litre capacity, and five bulk cooling centres, each with a
5,000-litre capacity.

* Diversified product portfolio with improvement in scale of
operations: The company offers a diverse range of dairy products
through four main trade channels: B2B, Modern Trade, General Trade,
and Fresh Category, with around 43 different SKUs. JMPL's product
lineup includes ghee, butter, paneer, skimmed milk powder (SMP)
flavoured milk, curd, sweets, and other dairy products. In FY24,
SMP was the highest revenue contributor (40%), followed by
butter (34%) and liquid milk (23%). With the increased focus on B2C
segment company is expected to achieve higher contribution
from Milk and other value-added products during the forthcoming
period.

* Experience of the promoters in the milk processing industry: The
company, founded by Srinivasan Balaji in July 2022, benefits from
the extensive experience of over 15 years of promoter being in the
Aqua and FMCG sectors and more than 5 years in the milk industry.

Liquidity: Stretched

Liquidity of the company is stretched marked by high working
capital utilization. Working capital utilization remains high at
96.88% for the 12-month period ended in June 2024. The company has
gross cash accruals of INR4.31 crores in FY24 as against the
scheduled debt repayment of INR1.42 crores in FY25. Cash & bank
balance as on March 31, 2024, stood at INR1.31 crores.

Jayamm Milk Products Private Limited (JMPL) was incorporated in
July 12,2022 and commenced operations in September 2022. The
company is engaged in the processing of milk and curd and other
value-added products like ghee, butter, panner under the brand name
'Swastika'. The processing unit is located at Pathikonda, Chittor,
Andhra Pradesh with a capacity of 1.25 Lakh Liters per day. JMPL is
promoted by Srinivasan Balaji, who has around 15 years of
experience in Dairy, aqua and FMCG sectors.


LIBAS CONSUMER: CARE Keeps C Debt Rating in Not Cooperating
-----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Libas
Consumer Products Limited (Formerlly Libas Designs Limited) (LCPL)
continues to remain in the 'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      13.01       CARE C; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Rationale & Key Rating Drivers

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

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

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

Libas Consumer Products Limited (formerly Libas Designs Limited)
(LCPL) (ISIN: INE908V01012) was established in 2004 as a private
limited company by Mr. Nishant Mahimtura & Mr. Riyaz Ganji. LCPL
got listed on NSE on January 9, 2017 and raised INR13.60 crores.
LCPL is a Mumbai based company engaged in manufacturing customized
designer garments and has its plant situated in Kurla (West),
Mumbai measuring 11,900 sq. feet and employs around 57 workers.
LCPL sells its products under the brand name of LIBAS, LIBAS RIYAZ
GANJI, LIBAS RESHMA GANJI and KNG Riyaz Ganji. The company
specializes in contemporary and ethnic men's and women's wear and
its offering includes made to orders Sherwanis, light range of Indo
- Westerns Kurtas, designer wedding suits, fine men's business
suits, formal shirts and trousers.


NARSINGH SINGH: CARE Keeps C Debt Rating in Not Cooperating
-----------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Narsingh
Singh (NS) continue to remain in the 'Issuer Not Cooperating'
category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       3.00       CARE C; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category  

   Short Term Bank      4.00       CARE A4; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category

Rationale and key rating drivers

CARE Ratings Ltd. had, vide its press release dated July 20, 2023,
placed the rating(s) of NS under the 'issuer non-cooperating'
category as NS had failed to provide information for monitoring of
the rating as agreed to in its Rating Agreement. NS continues to be
non-cooperative despite repeated requests for submission of
information through e-mails dated June 4, 2024, June 14, 2024, June
24, 2024 among others.

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

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

Narsingh Singh was established in April 2005 by Mr. Narsingh Singh
with an objective to enter into infrastructure and civil
construction business. Since its inception, the entity has been
engaged in civil construction business in the segment like roads
and bridges projects. Further, the entity is also classified as
class 'A' contractor in civil under the department of RWD
Government of Bihar. Class 'A' contractor can bid for all types and
higher value of contracts of Rural Works Department (RWD) in Bihar.


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

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       6.40       CARE B-; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category  

Rationale and key rating drivers

CARE Ratings Ltd. had, vide its press release dated August 11,
2023, placed the rating(s) of NI under the 'issuer non-cooperating'
category as NI had failed to provide information for monitoring of
the rating as agreed to in its Rating Agreement. NI continues to be
non-cooperative despite repeated requests for submission of
information through e-mails dated June 26, 2024, July 6, 2024, July
16, 2024 among others.

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

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

NI based in Ankleshwar (Gujarat), was established in 1989 by three
partners Mr. Rameshwar Yadav, Mr. Kameshwar Yadav and Mr. Ravindra
Yadav. NI is engaged into processing and trading of chemicals which
find application in various industries such as pharmaceutical,
agriculture, fertilizer etc. on job work basis.

Status of non-cooperation with previous CRA: Brickwork has
continued the ratings assigned to the bank facilities of NI to
'Issuer Not Cooperating' category vide press release dated October
31, 2023 on account of its inability to carry out a review in the
absence of the requisite information from the firm.


PIVOTAL INFRA: CARE Keeps B Debt Rating in Not Cooperating
----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Pivotal
Infrastructure Private Limited (PIPL) continues to remain in the
'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      22.35       CARE B; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category  

Rationale and key rating drivers

CARE Ratings Ltd. had, vide its press release dated July 24, 2023,
placed the rating(s) of PIPL under the 'issuer non-cooperating'
category as PIPL had failed to provide information for monitoring
of the rating as agreed to in its Rating Agreement. PIPL continues
to be non-cooperative despite repeated requests for submission of
information through e-mails dated June 8, 2024, June 18, 2024, June
28, 2024 among others.

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

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

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

PIPL was incorporated on June 7, 2006 to carry on real estate
development and ancillary services (maintenance of buildings,
rental services, etc.) business in the areas of Gurgaon, Faridabad,
etc.

Status of non-cooperation with previous CRA: Brickwork has
continued the rating assigned to the bank facilities of PIPL into
Issuer Not Cooperating category vide press release dated July 15,
2024 on account of its inability to carry out a review in the
absence of requisite information.


RAJIVA EXPORTS: CARE Keeps C Debt Rating in Not Cooperating
-----------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Rajiva
Exports (RE) continue to remain in the 'Issuer Not Cooperating'
category.

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

   Short Term Bank      4.00       CARE A4; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category

Rationale and key rating drivers

CARE Ratings Ltd. had, vide its press release dated September 7,
2023, placed the rating(s) of RE under the 'issuer non-cooperating'
category as RE had failed to provide information for monitoring of
the rating as agreed to in its Rating Agreement. RE continues to be
non-cooperative despite repeated requests for submission of
information through e-mails dated July 23, 2024, August 2, 2024 and
August 12, 2024 among others.

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

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

Delhi based Rajiva Exports (RE) was established in 1993 as a
proprietorship concern by Mr. Rajiva Maheshwari. The firm is
engaged in trading of iron and steel scrap, pulses and cashew
nuts.


RASHI DALL: CARE Keeps C Debt Rating in Not Cooperating Category
----------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Rashi Dall
Mills (RDM) continue to remain in the 'Issuer Not Cooperating'
category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       7.64       CARE C; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category  

Rationale and key rating drivers

CARE Ratings Ltd. had, vide its press release dated September 5,
2023, placed the rating(s) of RDM under the 'issuer
non-cooperating' category as RDM had failed to provide information
for monitoring of the rating as agreed to in its Rating Agreement.
RDM continues to be non-cooperative despite repeated requests for
submission of information through e-mails dated July 21, 2024, July
31, 2024, August 10, 2024 among others.

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

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

Ranchi (Jharkhand) based, RDM was established as a partnership firm
in 2006 by Mr. Hari Shankar Agarwal and Mr. Rajesh Kumar Kanodia
for setting up a processing unit for pulses. The firm started its
commercial operation from October 2010. Since its
inception, the firm has been engaged in milling and processing of
pulses.

RISHI BUILDERS: CARE Keeps B- Debt Rating in Not Cooperating
------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Rishi
Builders and Developers (RBD) continues to remain in the 'Issuer
Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      12.95       CARE B-; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category  

Rationale and key rating drivers

CARE Ratings Ltd. had, vide its press release dated August 10,
2023, placed the rating(s) of RBD under the 'issuer
non-cooperating' category as RBD had failed to provide information
for monitoring of the rating as agreed to in its Rating Agreement.
RBD continues to be non-cooperative despite repeated requests for
submission of information through emails dated June 25, 2024, July
5, 2024, July 15, 2024, among others.

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

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

Rishi Builders & Developers (RBD) was established as a partnership
firm in October 2003 by Mr. Rishi Dev Batra, Mrs. Saroj Kumari and
Mr. Jai Batra based out of Bhubaneswar, Odisha. Since its inception
the firm has been engaged in real estate activities of leasing out
commercial properties. The firm has entered into long term lease
out agreement with Sarvejana Healthcare Private Limited (SHPL) for
a period of 9 years starting from May 05, 2014 and ending on March
04, 2024 with a monthly lease rental of Rs.0.25 crore with
escalation in rent at 5% after every 12 months. The repayment of
the term loan facility is backed by an escrow arrangement and
exclusive charge of the lender on the same. As per the escrow
mechanism, the lessee directly deposits the lease rentals in the
bank on monthly basis based on the pay-in dates as per the lease
agreement. Despite the limited available cushion between pay-in
(rentals to be deposited by 12th of month) and pay-out due dates
(by 19th of the month), the risk is mitigated to some extent by the
moderate credit profiles of lessees.


SAMBHAV EXIM: CARE Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Sambhav
Exim (SE) continue to remain in the 'Issuer Not Cooperating'
category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       8.97       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

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

Rationale and key rating drivers

CARE Ratings Ltd. had, vide its press release dated August 8, 2023,
placed the rating(s) of SE under the 'issuer non-cooperating'
category as SE had failed to provide information for monitoring of
the rating. SE continues to be noncooperative despite repeated
requests for submission of information through e-mails dated June
23, 2024, July 3, 2024, July 13, 2024.

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

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

Established in September, 2015, Ahmedabad (Gujarat) based Sambhav
Exim (SE) is a partnership firm managed by two partners viz. Mr.
Vijaykumar P. Shah and Mr. AnkitKumar P. Shah. SE is setting up a
plant in Ularia, Ahmedabad to manufacture woven sack bags, BOPP
woven bags and flexible pouches with a proposed manufacturing
capacity of 3,600 metric tons of packaging material per annum as on
March 31, 2017. The products manufactured by SE are used in various
industries such as agriculture, chemical, fertilizers, food etc.
Both the partners have over a decade of experience in packaging
industry.


SH TECH: CARE Keeps C Debt Rating in Not Cooperating Category
-------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of SH TECH
PARK Developers Private Limited (SHTP) continues to remain in the
'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      72.59       CARE C; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category  

Rationale and key rating drivers

CARE Ratings Ltd. had, vide its press release dated July 07, 2023,
placed the rating(s) of SHTP under the 'issuer non-cooperating'
category as SHTP had failed to provide information for monitoring
of the rating as agreed to in its Rating Agreement. SHTP continues
to be non-cooperative despite repeated requests for submission of
information through e-mails dated July 9, 2024, July 15, 2024 and
August 1, 2024 among others.

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

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

SH TECH PARK Developers Private Limited (SHTP) was incorporated in
2007 and is engaged in real estate activities of leasing out space
primarily to companies on medium to long term commercial leasing
arrangements. SHTP is a group concern of Vatika Limited. The
company is promoted by Mr. Anil Bhalla, Mr. Gautam Bhalla and Mr.
Gaurav Bhalla, who has rich experience in real estate project
development, hotel division, facility management, business centers
and restaurants. SHTP has already developed a commercial complex
namely, "Vatika Business Park" which is situated in Gurgaon with
total area of 870000 sq ft.


SHIVSWATI ENTERPRISES: CARE Keeps D Debt Rating in Not Cooperating
------------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Shivswati
Enterprises Private Limited (SEPL) continues to remain in the
'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       5.85       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Rationale & Key Rating Drivers

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

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

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

Incorporated with the name Shiv Swati Enterprises Private Limited
on August 29, 1988 which was later merged on June 30, 2016 with
Pragati Industries (Proprietorship firm) as private Limited Company
and named as Shivswati Enterprises Private Limited (SEPL). The
company is engaged in trading & manufacturing of Chandelier Lights
and Metal Components and the product find its application in
electrical and defence industry. The manufacturing facility of the
company is located at Greater Noida and Sahibabad and registered
office located at Delhi.


SHUBH MANGAL: CARE Lowers Rating on INR10cr LT Loan to D
--------------------------------------------------------
CARE Ratings has revised the ratings on certain bank facilities of
Shubh Mangal Textile Industries LLP (SMTIL), as:

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

Rationale and key rating drivers

CARE Ratings Ltd. had, vide its press release dated July 14, 2023,
placed the rating(s) of SMTIL under the 'issuer non-cooperating'
category as SMTIL had failed to provide information for monitoring
of the rating as agreed to in its Rating Agreement. SMTIL continues
to be non-cooperative despite repeated requests for submission of
information through e-mails dated May 29, 2024, June 8, 2024, June
18, 2024 and September 13, 2024 among others.

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

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

The ratings have been revised on account of non-availability of
requisite information. The revision further considers the ongoing
delays in debt servicing as recognized from publicly available
information i.e., CIBIL filings.

Shubh Mangal Textile Industries LLP (SMTIL) was established in 2013
as limited liability partnership firm by Mr. Anuj Mahesh Gupta and
Mrs. Lata Gupta. The firm is engaged in manufacturing and trading
of polyester viscose (PV) fabrics.

Status of non-cooperation with previous CRA: CRISIL has continued
the rating assigned to the bank facilities of SMTIL into Issuer Not
Cooperating category vide press release dated October 20, 2023 on
account of its inability to carry out a review in the absence of
requisite information.


SICO INDIA: CARE Keeps D Debt Ratings in Not Cooperating Category
-----------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Sico India
(SI) continue to remain in the 'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       2.50       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

   Short Term Bank      2.50       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Rationale and key rating drivers

CARE Ratings Ltd. had, vide its press release dated September 7,
2023, placed the rating(s) of SI under the 'issuer non-cooperating'
category as SI had failed to provide information for monitoring of
the rating as agreed to in its Rating Agreement. SI continues to be
non-cooperative despite repeated requests for submission of
information through e-mails dated July 23, 2024, August 02, 2024
and August 12, 2024 among others.

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

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

Delhi based, SICO India (SI) was established in 1982 as a
proprietorship firm and is currently being managed by Mr. Savir
Madan. The firm is engaged in trading of ball-bearings from its
office located in Rajouri Garden, Delhi.

SOUTHERN ELECTRIC: CARE Keeps B- Debt Rating in Not Cooperating
---------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Southern
Electric Company (SEC) continues to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       7.60       CARE B-; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category  

Rationale and key rating drivers

CARE Ratings Ltd. had, vide its press release dated July 25, 2023,
placed the rating(s) of SEC under the 'issuer non-cooperating'
category as SEC had failed to provide information for monitoring of
the rating as agreed to in its Rating Agreement. SEC continues to
be non-cooperative despite repeated requests for submission of
information through e-mails dated June 9, 2024, June 19, 2024, June
29, 2024 among others.

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

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

Karnataka based, Southern Electric Company (SEC) is a certified
CLASS I Electrical Contractors established in the year 2005 as
partnership firm and promoted by Mr. Madiwalayya G. Math (Managing
partner) and his wife Mrs. Neelamma Math (Partner). SEC's head
office is located in Bangalore; whereas it has its branches spread
all over India in the states of Tamil Nadu, Gujarat, Assam,
Maharashtra and Haryana. SEC is engaged in electrical works such as
supply, erection, and installation of sub-station transmission
network and distribution substations on turnkey basis with single
and double circuit lines.


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

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

Rationale and key rating drivers

CARE Ratings Ltd. had, vide its press release dated August 11,
2023, placed the rating(s) of TF under the 'issuer non-cooperating'
category as TF had failed to provide information for monitoring of
the rating as agreed to in its rating agreement. TF continues to be
non-cooperative despite repeated requests for submission of
information through e-mails dated June 26, 2024, July 6, 2024, July
16, 2024 among others.

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

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

TF was formed as a partnership concern in 2003 by Mr Vijay Om
Prakash Goyal, Mrs Neha Vijay Goyal and Mrs Radha Govind Goyal and
share profit & loss equally. TF is engaged in the business of
cotton ginning and pressing. The manufacturing unit of
the firm is located at Jalna (Maharashtra). It procures raw cotton
directly from farmers and local mandis.

Status of non-cooperation with previous CRA: Brickwork has
continued the ratings assigned to the bank facilities of TF to
'Issuer Not Cooperating' category vide press release dated June 6,
2024 on account of its inability to carry out a review in the
absence of the requisite information from the firm.




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

ALAM SUTERA: Fitch Affirms 'B-' LT IDR, Alters Outlook to Stable
----------------------------------------------------------------
Fitch Ratings has affirmed PT Alam Sutera Realty Tbk's (ASRI)
Long-Term Issuer Default Rating (IDR) at 'B-' and revised the
Outlook to Stable from Negative. At the same time, Fitch has
withdrawn all the ratings.

The Outlook revision reflects its expectation that ASRI's annual
presales will improve and stay above IDR2 trillion, which is
commensurate with a 'B-' rating. The company's presales of land
lots and properties increased by 20% yoy to IDR1.2 trillion in
1H24. ASRI also has significantly reduced refinancing pressure for
next 12-18 months by repaying USD237.2 million of its outstanding
US dollar notes with a new long-dated bank loan.

Fitch has chosen to withdraw the ratings on ASRI for commercial
reasons.

Key Rating Drivers

Notes Redeemed; Debt Maturity Extended: ASRI raised a IDR3.9
trillion secured loan from PT Bank Central Asia Tbk (BBB/Stable) to
retire all its US dollar notes at 100.78% of par value for a total
of USD244.6 million, including accrued interest of USD5.6 million,
in July 2024. The notes were redeemed well ahead of the maturity in
November 2025. The new bank loan has extended ASRI's debt maturity
profile, as it is a 10-year amortising loan. The US dollar note was
ASRI's main debt maturity in the near term. Its other debt
maturities are well-spread.

Reduced Financial Expenses: The company's financial expenses will
decline with the lower interest rate of 8% on the new loan,
compared to 12% on its 2025 US dollar note. ASRI should also save
on hedging cost (2023: IDR23 billion) associated with its US dollar
notes. ASRI will also benefit from reducing the foreign-currency
debt in its debt mix, as most of its US dollar note principal was
unhedged, exposing it to weakening in the rupiah against the US
dollar. Prior to repayment, the US dollar note made up around 60%
of ASRI's total debt at end-June 2024.

Presales to Improve: Fitch expects ASRI's presales, excluding land
sales, to improve and remain above IDR2 trillion annually, after
sliding to IDR1.8 trillion in 2023 (2022: IDR3.2 trillion), which
was due to fewer projects launched and sluggish demand in
2022-2023. Fitch expects the company's presales to improve from new
launches and increased marketing efforts.

The two new projects launched in 1Q24 and uptick in sales of
shophouses drove the increase in presales in 1H24. The residential
segment remains the key contributor, accounting for 84% of total
presales. The company targets IDR2.8 trillion in presales in 2024.

VAT Rebate Extension to Support Demand: Fitch believes presales in
the near term could benefit from extension of the VAT rebate that
was first announced in November 2023. The government extended the
rebate, which offers a 11% discount on the first IDR2 billion of
the value of completed homes, to end-2024 from June 2024. Fitch
expects ASRI to benefit from the extension, similar to other
Fitch-rated Indonesian homebuilders. ASRI held around IDR600
billion in eligible inventory as of end-2023.

Financial Profile to Improve: Fitch expects ASRI's free cash flows
(FCF) to turn neutral-to-positive from 2025 onwards, after being
FCF deficit in 2023 and 2024. This will be driven by a reduction in
the average cost of borrowing after it repaid the US dollar note
using a cheaper rupiah bank loan and its expectation for improved
presales. This should also raise funds from operations interest
coverage to above 2x in next three to four years, (2023: 1.9x),
which Fitch previously expected to dive below 1x in 2024 before
recovering to above 1x thereafter.

Derivation Summary

ASRI's IDR compares well with that of its close peer, PT Kawasan
Industri Jababeka Tbk (KIJA, B-/Stable).

KIJA and ASRI have similar business and financial risk profiles,
and are therefore rated at the same level. KIJA's business profile
is similar to that of ASRI, as its smaller presale scale - mostly
from cyclical industrial land sales - is compensated by steady cash
flow from non-development sources that more than covers its
interest expense. ASRI's residential products have more stable
demand, given its established residential townships and product
diversity, and support its higher presales scale of above IDR2
trillion compared to less than IDR1 trillion for KIJA. Both KIJA
and ASRI have similar liquidity positions, as both have manageable
loan amortisation over the next three years.

Key Assumptions

Key Assumptions within Its Rating Case for the Issuer:

- Annual presales of above IDR2 trillion from 2024

- No bulk land sales to developers in the medium term

- EBITDA margin of around 41% (2023: 45%)

- Land banking cash outflow of IDR250 billion a year for next three
years

RATING SENSITIVITIES

No longer relevant as the ratings have been withdrawn.

Liquidity and Debt Structure

Adequate Liquidity: ASRI had IDR760.8 billion of cash against
IDR4.2 trillion of debt maturing within one year at end-June 2024.
The debt maturities included IDR3.9 trillion of the US dollar notes
that ASRI repaid in July 2024 and IDR373 billion for amortisation
of various bank loans. Fitch believes the company's improving cash
flow will be sufficient to cover the annual debt maturities of less
than IDR500 billion for next three to four years, excluding the
recent BCA loan raised to repay the US dollar notes.

Ftch does not have information on the amortisation schedule of the
new BCA loan, but Fitch believes ASRI should be able to address the
loan's amortisation with its improving internal cash flows and
strong local funding access.

Issuer Profile

ASRI is a small Indonesian homebuilder that develops and manages
two townships, Alam Sutera and Suvarna Sutera. The residential
segment contributes around 75%-85% of total attributable (ex-bulk)
presales, with the commercial segment (shophouses and office tower
units) making up the balance.

MACROECONOMIC ASSUMPTIONS AND SECTOR FORECASTS

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

ESG Considerations

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

   Entity/Debt          Rating           Prior
   -----------          ------           -----
PT Alam Sutera
Realty Tbk        LT IDR B-  Affirmed    B-
                  LT IDR WD  Withdrawn   B-



===============
M O N G O L I A
===============

DEVELOPMENT BANK: Fitch Hikes LongTerm IDR to 'B+', Outlook Stable
------------------------------------------------------------------
Fitch Ratings has upgraded Development Bank of Mongolia LLC's (DBM)
Long-Term Issuer Default Ratings (IDRs) to 'B+', from 'B', and
Government Support Rating (GSR) to 'b+', from 'b'. The Outlook on
the IDRs is Stable.

The rating action reflects its view of the state's improved ability
to support banks in the system, as indicated by the September 2024
upgrade of the Mongolia sovereign rating to 'B+', from 'B'.

Key Rating Drivers

Full State Ownership: DBM's IDRs and GSR are equalised with the
IDRs of the Mongolian sovereign, reflecting its belief that the
sovereign has a high propensity to support DBM, given its full
state ownership and status as a policy bank. Fitch believes the
state will remain the majority owner of DBM.

Strengthening Policy Role: Fitch expects DBM to improve his policy
lending execution through enhancements to its governance framework
and statutory authority, as proposed in the March 2024 draft
amendment of the DBM law. The proposal will also expand DBM's
financing function to support Mongolia's exports and imports. This
expansion reinforces the bank's policy role and increases the
likelihood of state support. Fitch expects the law to be ratified
by the newly formed parliament.

Fitch expects DBM to participate in more development projects in
the medium term, in line with Mongolia's economic growth, once it
resolves its legacy asset-quality issues.

Rating Sensitivities

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

A significant dilution of the state's ownership would lead us to
reassess the propensity of the government to provide necessary
support to DBM. This may result in a downgrade of the GSR and, in
turn, the IDRs. The ratings would also be downgraded if Fitch
believes DBM's policy role and importance to the state have
diminished materially.

DBM's ratings will also be downgraded if the sovereign rating was
downgraded.

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

Positive rating action on the sovereign rating is likely to lead to
similar action on DBM's ratings, assuming no changes in the
sovereign's propensity to provide support.

Public Ratings with Credit Linkage to other ratings

The bank's IDRs are driven by its view of the likelihood of support
from the Mongolian sovereign.

ESG Considerations

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

   Entity/Debt                        Rating           Prior
   -----------                        ------           -----
Development Bank of
Mongolia LLC         LT IDR             B+ Upgrade     B
                     ST IDR             B  Affirmed    B
                     LC LT IDR          B+ Upgrade     B
                     Government Support b+ Upgrade     b

MONGOLIA: Fitch Hikes LongTerm IDR to 'B+', Outlook Stable
----------------------------------------------------------
Fitch Ratings has upgraded Mongolia's Long-Term Foreign-Currency
Issuer Default Rating (IDR) to 'B+' from 'B'. The Outlook is
Stable.

Key Rating Drivers

Buffers Rebuilt Amid Mining Boom: The upgrade to 'B+' and Stable
Outlook reflect reductions in Mongolia's public and external debt
burdens, driven by continued strong performance of the country's
mining sector, both well in excess of Fitch' s previous forecasts.
Larger foreign exchange reserves, lower debt and more manageable
external debt maturities have strengthened Mongolia's ability to
withstand shocks, such as a correction in commodity markets,
although the country remains highly vulnerable to external
conditions, in Fitch's view. Policy uncertainty has declined after
the June elections.

Mining-Led Growth: Fitch forecasts real GDP growth to average about
6% in 2024-2026, above the projected 'B' category median of about
4%, driven by continued expansion of coal and copper mining, as
well as solid non-mining activity. Strong coal exports reflect
regional demand from China, supported by improving transport links.
The strategic Oyu Tolgoi copper mine's underground phase, which
started production in March 2023, is set to see higher volumes from
2025. Expansionary policies are bolstering domestic demand. Other
mining and infrastructure projects could support medium-term
growth.

Modest Fiscal Deficits: Fitch forecasts a balanced government
budget in 2024, and a fiscal deficit of 3% of GDP in 2025-2026,
from a surplus of nearly 3% of GDP in 2023, as government spending
catches up with strong mining revenue. The 2025-2026 deficits will
be broadly in line with the projected 'B' category median. In
August, parliament passed a budget amendment for 2024 (projecting a
balanced budget) and the government submitted a draft budget for
2025 (projecting a 1% of GDP surplus).

Rapid Budget Expansion: For 2024, the government expects 26% growth
in revenue and a 36% rise in spending, compared with 2023 outturns.
For 2025, it anticipates revenue to increase by 20% and spending by
17%, compared to the amended 2024 budget. In its view, the budget
assumptions for revenue are optimistic, and its assumptions are
lower, but planned increases in capital spending could also prove
ambitious. Nevertheless, there is still a possibility that the
government could meet its fiscal projections. Monthly data point to
an annualised fiscal surplus of about 3% of GDP in 8M24.

Stable Debt; Maturities Contained: Fitch forecasts government debt
to stabilise at about 44% of GDP from 2024 (projected 'B' median:
over 50% of GDP), after sharp declines in the past few years.
Mongolia's debt ceiling of 60% of GDP is now specified in nominal
instead of present value terms. New rules prioritise concessional
funding and mandate the use of surpluses to repay 2% of GDP in debt
per year (this still permits positive net borrowing). Just over
USD400 million (less than 2% of GDP) in government debt matures in
2025 and about USD1 billion in 2026.

Deposit Buildup: The government has over 10% of GDP in deposits,
including about 5% of GDP in the Future Heritage Fund (FHF) and 2%
of GDP in the Fiscal Stabilization Fund. Both funds receive a
portion of mineral-related revenues, are held at the Bank of
Mongolia (BOM) and are partly reflected in its reserves. The
government intends to invest the FHF abroad. Under a new sovereign
wealth fund law, a portion of transfers previously going into the
FHF will, going forward, be channeled into the new Development Fund
to finance local projects, but it could take years for it to become
operational.

Manageable Current Account Deficit: Fitch expects acceleration of
domestic demand to push the current account deficit (CAD) to 6% of
GDP (about USD1.3 billion) in 2024 and 7% of GDP in 2025-2026, from
a surplus of less than 1% of GDP in 2023 and a deficit of over 13%
of GDP in 2022. This is worse than the projected 'B' median CAD of
less than 3% of GDP but will mostly be covered by FDI. The CAD was
just over USD600 million in 7M24.

Stronger Reserves: BOM used the CA surplus in 2023 to rebuild its
foreign exchange reserves, which stood at USD4.8 billion as of
August 2024 (just over three months of external payments), down
from USD5.2 billion in April, but still well above the August 2022
trough of USD2.8 billion. BOM has also been repaying swap
liabilities to the People's Bank of China (PBOC), improving its net
foreign assets faster, to USD3.7 billion in July 2024, from USD500
million in August 2022. The PBOC swap was renewed in August 2023
for another three years and a maximum size of RMB15 billion (over
USD2 billion).

External Vulnerabilities Remain: Net external debt, at about 130%
of GDP at end-2023, is nearly 6x the 'B' median, although over 30%
of this is FDI, and over 20% is concessional loans, both of which
Fitch expects will continue to be stable sources of funding.
Foreign reserve coverage ratios, albeit improved, are low given
Mongolia's narrow economic base. Mongolia is among the world's most
commodity-dependent sovereigns, with mineral exports (almost
entirely to China) accounting for 90% of external receipts and 30%
of government revenue.

Expansionary, Pro-Cyclical Policy Tendencies: Fitch expects the
non-mineral primary fiscal deficit to widen to 16% of non-mining
gross value added in 2024 and over 20% in 2025, from 11% in 2023.
The BOM cut its policy rate by 100bp to 10% in September, despite a
recent uptick in inflation (6.4% yoy in August 2024), the
government's inflationary budget, and rapid real private credit
growth (over 20% yoy as of July 2024). Nevertheless, Fitch notes
the BOM also tightened reserve requirements and macroprudential
measures, and Fitch still expects inflation to stay within the 8%
upper bound of the BOM's inflation target.

Strong Structural Indicators: Mongolia scores well on World Bank
Governance Indicators (WBGIs), and development of the mining sector
has resulted in high and rising per capita income relative to 'B'
category peers. The government led by the Mongolian People's Party,
which won a majority in the June elections but still formed a
coalition with the Democratic Party, is likely to deliver broad
policy continuity.

ESG - Governance: Mongolia has an ESG Relevance Score of '5[+]' for
Political Stability and Rights and '5' for the Rule of Law,
Institutional and Regulatory Quality and Control of Corruption.
These scores reflect the high weight that the WBGIs have in its
proprietary Sovereign Rating Model. Mongolia has a medium WBGI
ranking at the 46th percentile.

RATING SENSITIVITIES

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

- External Finances: Materialisation of significant external
stress, potentially undermining external financing flows and
leading to a decline in foreign reserves, for example as a result
of a commodity shock amid expansionary domestic economic policies.

- Public Finances: Significant increase in the government debt/GDP
ratio, for example from sustained budget deficits.

- Structural Features: Political instability and/or major policy
shifts sufficient to significantly disrupt strategic mining
projects or FDI inflows.

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

- External Finances: Further reduction in external financing risks,
for example through significant accumulation of foreign-currency
reserves and reductions in net external debt, accompanied by
prudent external debt management.

- Macroeconomic and Structural: Sustained strong economic growth
without the emergence of imbalances, supported by a business
environment conducive to robust FDI inflows.

- Public Finances: Implementation of prudent fiscal policies
consistent with reductions in the government debt/GDP ratio.

Sovereign Rating Model (SRM) and Qualitative Overlay (QO)
Fitch's proprietary SRM assigns Mongolia a score equivalent to a
rating of 'BB-' on the Long-Term Foreign-Currency (LT FC) IDR
scale.

Fitch's sovereign rating committee adjusted the output from the SRM
score to arrive at the final LT FC IDR by applying its QO, relative
to SRM data and output, as follows:

- External Finances: -1 notch, to reflect Mongolia's vulnerability
to external shocks, given its dependence on commodity exports to
China, particularly coal, as well its high external financing needs
and debt in the context of modest FX reserves.

The removal of the -1 notch on Structural Features reflects Fitch's
assessment that risks stemming from political volatility around
national resource policies have lessened in recent years.

The removal of the +1 notch on Macro reflects Fitch's assessment
that Mongolia's strong medium-term growth prospects are now
adequately captured in the SRM, amid ongoing expansion of the
mining sector.

Fitch's SRM is the agency's proprietary multiple regression rating
model that employs 18 variables based on three-year centred
averages, including one year of forecasts, to produce a score
equivalent to a LT FC IDR. Fitch's QO is a forward-looking
qualitative framework designed to allow for adjustment to the SRM
output to assign the final rating, reflecting factors within its
criteria that are not fully quantifiable and/or not fully reflected
in the SRM.

Country Ceiling

The Country Ceiling for Mongolia is 'BB-', one notch above the LT
FC IDR. This reflects moderate constraints and incentives, relative
to the IDR, against capital or exchange controls being imposed that
would prevent or significantly impede the private sector from
converting local currency into foreign currency and transferring
the proceeds to non-resident creditors to service debt payments.

Fitch's Country Ceiling Model produced a starting point uplift of
+1 notch above the IDR. Fitch's rating committee did not apply a
qualitative adjustment to the model result.

ESG Considerations

Mongolia has an ESG Relevance Score of '5[+]' for Political
Stability and Rights, as WBGIs have the highest weight in Fitch's
SRM and are therefore highly relevant to the rating and a key
rating driver with a high weight. As Mongolia has a percentile rank
above 50 for the governance indicator, this has a positive impact
on the credit profile.

Mongolia has an ESG Relevance Score of '5' for Rule of Law,
Institutional & Regulatory Quality and Control of Corruption, as
WBGIs have the highest weight in Fitch's SRM and are therefore
highly relevant to the rating and are a key rating driver with a
high weight. As Mongolia has a percentile rank below 50 for the
respective governance indicators, this has a negative impact on the
credit profile.

Mongolia has an ESG Relevance Score of '4[+]' for Human Rights and
Political Freedoms, as the Voice and Accountability pillar of the
WBGIs is relevant to the rating and a rating driver. As Mongolia
has a percentile rank above 50 for the governance indicator, this
has a positive impact on the credit profile.

Mongolia has an ESG Relevance Score of '4[+]' for Creditor Rights,
as willingness to service and repay debt is relevant to the rating
and is a rating driver for Mongolia, as for all sovereigns. As
Mongolia has a record of more than 20 years without a restructuring
of public debt and captured in its SRM variable, this has a
positive impact on the credit profile.

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

   Entity/Debt                  Rating          Prior
   -----------                  ------          -----
Mongolia         LT IDR          B+  Upgrade    B
                 ST IDR          B   Affirmed   B
                 LC LT IDR       B+  Upgrade    B
                 LC ST IDR       B   Affirmed   B
                 Country Ceiling BB- Upgrade    B+

   senior
   unsecured     LT              B+  Upgrade    B



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

BUILDING LABOUR: Placed in Receivership
---------------------------------------
Steven Khov and Kieran Jones of Khov Jones on Sept. 13, 2024, were
appointed as receivers of Building Labour Solutions Limited.

The receivers may be reached at:

          Khov Jones Limited
          PO Box 302261
          North Harbour
          Auckland 0751


RYCAM AG: Court to Hear Wind-Up Petition on Oct. 6
--------------------------------------------------
A petition to wind up the operations of Rycam AG Limited will be
heard before the High Court at Hamilton on Oct. 6, 2024, at 10:45
a.m.

The Commissioner of Inland Revenue filed the petition against the
company on Aug. 13, 2024.

The Petitioner's solicitor is:

          Christina Anne Hunt
          Inland Revenue, Legal Services
          21 Home Straight
          PO Box 432
          Hamilton


SAMA GROOMING: Court to Hear Wind-Up Petition on Oct. 11
--------------------------------------------------------
A petition to wind up the operations of Sama Grooming Limited will
be heard before the High Court at Auckland on Oct. 11, 2024, at
10:00 a.m.

The Commissioner of Inland Revenue filed the petition against the
company on Aug. 5, 2024.

The Petitioner's solicitor is:

          Cloete Van Der Merwe
          Inland Revenue, Legal Services
          5 Osterley Way
          Manukau City
          Auckland 2104


TIGGER TRUST: Thomas Lee Rodewald Appointed as Receiver
-------------------------------------------------------
Thomas Lee Rodewald of Rodewald Consulting on Sept. 17, 2024, was
appointed as receiver and manager of Tigger Trust.

The receiver and manager may be reached at:

          C/- Rodewald Consulting Limited
          Level 1, The Hub
          525 Cameron Road
          PO Box 15543
          Tauranga 3144


TWENTY TWO: Court to Hear Wind-Up Petition on Oct. 7
----------------------------------------------------
A petition to wind up the operations of Twenty Two Investments
Limited will be heard before the High Court at Hamilton on Oct. 7,
2024, at 10:45 a.m.

The Commissioner of Inland Revenue, filed the petition against the
company on Aug. 6, 2024.

The Petitioner's solicitor is:

          Christina Anne Hunt
          Inland Revenue, Legal Services
          21 Home Straight
          PO Box 432
          Hamilton




=====================
P H I L I P P I N E S
=====================

DITO CME: Gets PSE Nod to Launch PHP4.2BB Following-on Offering
---------------------------------------------------------------
Bilyonaryo.com reports that DITO CME Holdings Corp., led by
businessman Dennis Uy, has received approval from the Philippine
Stock Exchange to proceed with its follow-on offering, aiming to
raise up to PHP4.2 billion.

Bilyonaryo.com, citing the company's registration statement,
relates that DITO will offer up to 1.95 billion common shares
priced between PHP1 and PHP2.15 per share.

At the top end of the price range, DITO expects to generate PHP4.12
billion from the offering.

According to Bilyonaryo.com, the proceeds will be allocated to fund
the commercial rollout of the company's network expansion and for
general corporate purposes.

The offering is scheduled to run from September 26 to October 2,
with the shares expected to be listed on October 10, based on the
latest timeline submitted to regulators, the report says.

BDO Capital & Investment Corporation will serve as the sole
underwriter for the offering.

                          About DITO CME

Headquartered in Taguig, Philippines, DITO CME Holdings Corp.
engages in the provision of telecommunications, multimedia, and
information technology services.

DITO CME Holdings, which owns 44% of DITO Telecommunity, reported
losses of PHP19.6 billion in 2023, which bring its total red ink to
PHP68 billion since 2020.


STOTSENBERG HEALTHCARE: Placed Under Conservatorship
----------------------------------------------------
The Philippine Star reports that the Insurance Commission (IC) has
placed health maintenance organization (HMO) Stotsenberg Healthcare
Systems Inc. (SHSI) under conservatorship amid its inability to
address requirements from the government.

In a notice, IC commissioner Reynaldo Regalado informed the public
that SHSI is being placed under conservatorship, a status that will
allow the regulator to be involved in the management until the
viability of the HMO is restored, the Philippine Star relates.

According to the report, the IC said SHSI is unable to comply with
the requirements and orders under the minimum capitalization and
financial capacity requirement of HMOs.

As such, SHSI is ordered to cease and desist from taking HMO
business of any kind.

The IC, however, did not specify which financial capacity
requirement SHSI has failed to address.

Under the law, the IC may put an HMO under conservatorship if it
finds that it is in a state of continuing inability or
unwillingness to comply with its obligations to policyholders.

The latest available IC data on SHSI is as of end-June 2023.

SHSI's assets stood at PHP11.76 million and its capital stock was
at PHP10 million, which is the minimum requirement, the Philippine
Star discloses.

However, it did not provide any data on revenues, expenses, health
care benefits and claims and net income.




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

AN ZHONG: Creditors' Meeting Set for Oct. 4
-------------------------------------------
An Zhong Shipping Pte Ltd will hold a meeting for its creditors on
Oct. 4, 2024, at 10:30 a.m., at 144 Robinson Road, #14-02 Robinson
Square, in Singapore.

Agenda of the meeting includes:

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

   b. to appoint Liquidators;

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

   d. Any other business.


AUG ENERGY: Court Enters Wind-Up Order
--------------------------------------
The High Court of Singapore entered an order on Sept. 13, 2024, to
wind up the operations of AUG Energy Pte. Ltd.

Maybank Singapore Limited filed the petition against the company.

The company's liquidator is:

          Gary Loh Weng Fatt
          c/o 600 North Bridge Road
          #23-01 Parkview Square
          Singapore 188778


MAXDIN 3: Commences Wind-Up Proceedings
---------------------------------------
Members of Maxdin 3 Pte Ltd on Sept. 13, 2024, passed a resolution
to voluntarily wind up the company's operations.

The company's liquidator is:

         Chan Kheng Tek
         Sam Kok Weng
         PricewaterhouseCoopers
         7 Straits View
         Marina One, East Tower, Level 12
         Singapore 018936


ONE STOP: Court Enters Wind-Up Order
------------------------------------
The High Court of Singapore entered an order on Sept. 13, 2024, to
wind up the operations of One Stop Id Gallery Pte. Ltd.

Maybank Singapore Limited filed the petition against the company.

The company's liquidators are:

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


TOWN CORP: Court to Hear Wind-Up Petition on Oct. 4
---------------------------------------------------
A petition to wind up the operations of Town Corp Pte Ltd will be
heard before the High Court of Singapore on Oct. 4, 2024, at 10:00
a.m.

The Hongkong and Shanghai Banking Corporation Limited filed the
petition against the company on Sept. 13, 2024.

The Petitioner's solicitors are:

          Shook Lin & Bok LLP
          1 Robinson Road
          #18-00 AIA Tower
          Singapore 048542




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

TERRAFORM LABS: Approved for Wind-Down After US SEC Settlement
--------------------------------------------------------------
Reuters reports that Terraform Labs received court approval on
Sept. 19 to wind down its operations in bankruptcy after agreeing
to settle a US Securities and Exchange Commission (SEC) lawsuit
accusing the company of defrauding cryptocurrency investors who
lost an estimated US$40 billion when the TerraUSD and Luna tokens
collapsed in 2022.

According to Reuters, US bankruptcy judge Brendan Shannon approved
Terraform's bankruptcy plan at a hearing in Wilmington, Delaware,
calling it a "welcome alternative" to further litigation over the
investor losses.

Terraform, which filed for bankruptcy in January, agreed to a
US$4.47 billion SEC settlement after a jury in Manhattan found the
company liable in April for defrauding investors.

Reuters relates that the SEC will collect little, if anything, on
that settlement amount because it agreed to be paid only after
Terraform satisfies crypto loss claims as part of its bankruptcy
wind-down. The company said it is currently "impossible to
estimate" the total value of crypto losses that will be eligible to
be paid during the liquidation.

Terraform estimated that it will be able to pay between US$184.5
million and US$442.2 million to crypto purchasers and other
stakeholders as part of its bankruptcy liquidation, Reuters
relays.

According to Reuters, the SEC had accused Terraform and founder Do
Kwon of deceiving investors about the stability of TerraUSD, a
stablecoin he designed to maintain a constant US$1 price, and
falsely claiming that Terraform's blockchain was used in a popular
Korean mobile payment app.

Reuters says a jury found Kwon and Terraform Labs liable on civil
fraud charges at trial, and Kwon and Terraform decided to settle
with the SEC before a second phase of the trial that would have
determined the amount of damages.

Kwon faces related criminal charges both in the United States and
his native country South Korea, Reuters notes. He has denied
wrongdoing.

TerraUSD and the closely linked Luna, a more traditional token that
Kwon also designed, collapsed in May 2022 when TerraUSD was unable
to maintain its peg to the US dollar. The collapse of the two
cryptocurrencies caused a market crash that triggered a wave of
bankruptcies in the crypto industry.  

                       About Terraform Labs

Terraform Labs Limited's parent is Terraform Labs Pte. Ltd., a
software development company. Terraform Labs Pte. Ltd. was a
startup that created Terra, a blockchain protocol and payment
platform used for algorithmic stablecoins. It was co-founded by Do
Kwon and Daniel Shin in 2018 in Seoul, South Korea.

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

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

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

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

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



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

SRI LANKA: Creditors Win Option to Ditch New York Law in Bonds
--------------------------------------------------------------
Bloomberg News reports that a legal change in the bonds that will
emerge from a debt restructuring in the South Asian island of Sri
Lanka could set a precedent for sovereign debt contracts.

The country's officials and its international bondholders have
agreed to keep New York as the governing law of new notes to be
issued under a $12.6 billion rework, but are introducing a
mechanism that allows creditors to request a change to English or
Delaware law, according to a government statement on Sept. 19.

According to Bloomberg, the change was triggered by the Sovereign
Debt Stability Act, legislation proposed in New York that would
limit investors' recoveries after a debt restructuring. Even though
the bills have failed to pass the legislature, with the latest
attempt earlier this year, supporters and state politicians have
vowed to renew their push in 2025.

About half of all hard-currency debt from developing nations -
around $800 billion outstanding - is governed by New York law,
making the state the most important jurisdiction for those bond
issuers, Bloomberg notes. But tension has been brewing between Wall
Street and New York state lawmakers in the past two years over
bills meant to overhaul the process of renegotiating defaulted
government debt.

In Sri Lanka, the change of governing law would require a
three-step mechanism, according to people familiar with the matter,
and it would mark the first time that a request to change the
governing law in sovereign bonds can be kicked off by the
creditors, Bloomberg says.

The government would have no veto power if all conditions are met,
the people added, asking not to be named because the details
haven't been made public.

"If creditors think they're going to scare New York legislators
with a hypothetical future contract change, they're in for a
surprise," Bloomberg quotes Ben Grossman-Cohen, director of
campaigns at Oxfam America, a nonprofit organization and one of the
sponsors of the Sovereign Debt Stability Act, as saying. "Changing
venues would not impact New York in any material way, and
legislators won't take this spectacle seriously."

The government and bondholders agreed on terms of a restructuring
including a 27% haircut on the nominal amount of existing bonds,
shortly before Sri Lanka's presidential election on Sept. 21.

Bloomberg notes that bondholders of at least 20% of any of a
country's dollar notes would need first to notify the government
that they would like to change the governing law. If the percentage
is met, the government then launches a consent solicitation for the
holders of that bond to vote on a change, the people said. The
governing law would change in the contract if a super-majority of
creditors votes in favor.

Bloomberg says the super-majority percentage is still under
discussion, one of the people said, adding that it's not yet clear
if the contract will also include a mechanism to alter the
governing law of all series of bonds. More talks between the two
sides are set to resume after an agreement in principal for the
restructuring is confirmed following Sept. 21's presidential vote.

                          About Sri Lanka

Sri Lanka, formerly known as Ceylon and officially the Democratic
Socialist Republic of Sri Lanka, is an island country in South
Asia. It lies in the Indian Ocean, southwest of the Bay of Bengal,
and southeast of the Arabian Sea; it is separated from the Indian
subcontinent by the Gulf of Mannar and the Palk Strait. Sri Lanka
shares a maritime border with India and the Maldives. Sri
Jayawardenepura Kotte is its legislative capital, and Colombo is
its largest city and financial centre.

The island nation defaulted on its foreign debt for the first time
in its history in April 2022 as the worst financial crisis since
independence from Britain in 1948 crushed its economy.

As reported in the Troubled Company Reporter-Asia Pacific in early
October 2023, Fitch Ratings upgraded Sri Lanka's Long-Term
Local-Currency Issuer Default Rating (IDR) to 'CCC-' from 'RD'
(Restricted Default). Fitch typically does not assign Outlooks to
sovereigns with a rating of 'CCC+' or below. The Long-Term
Foreign-Currency IDR has been affirmed at 'RD' and the Country
Ceiling at 'B-'.  The Short-Term Local-Currency IDR has been
downgraded to 'RD' from 'C' following the exchange of treasury
bills held by the central bank and subsequently upgraded to 'C' in
line with the Sovereign Rating Criteria, as Fitch believes the
local-currency debt exchange has now been completed.

SRI LANKA: Reaches Restructuring Deal with Bondholders
------------------------------------------------------
Bloomberg News reports that Sri Lanka said it's reached an
agreement in principle with bondholders to restructure about $12.6
billion in bonds, just two days before the country heads to
elections that have rattled investors.

The government and bondholders agreed on terms including a "27%
haircut on the nominal amount of existing bonds," according to a
statement released Sept. 19 at the conclusion of a third round of
talks, Bloomberg relates. A previous statement in July referred to
a 28% haircut.

Bloomberg says the latest deal retains a plan to issue notes whose
payouts are linked to economic growth, known as macro-linked
securities. The revised bond treatment also introduces
"governance-linked bond features," referring to clauses that would
cut Sri Lanka's repayments if it meets certain governance and
anti-corruption-related targets.

The island nation had also agreed to restructure debts with a group
of local holders of international bonds. In a separate statement,
the Finance Ministry said that the accords would provide a combined
$3.2 billion debt relief, which could increase to $4.6 billion in
case of an economic downturn, or decrease to a minimum of $2
billion if the country's economy exceeds expectations, Bloomberg
relays.

According to Bloomberg, the latest deal bolstered Sri Lanka's
dollar bonds, which have lagged emerging-market peers this year
after outperforming in 2023, as investors turned wary over
presidential elections scheduled for Sept. 21 and their impact on
the nation's $3 billion International Monetary Fund bailout
program. Some of the candidates in Saturday's vote have said they
would seek to renegotiate the IMF loan.

The country's international bond maturing in March 2029 traded 1.3
cents higher at 53.80 cents to the dollar after the announcement,
the highest in a month, according to data compiled by Bloomberg.

"The issue is the implementation after the election," Bloomberg
quotes Thys Louw, a portfolio manager at Ninety One UK Ltd, as
saying. "The macro framework under which the deal was agreed can
change after this weekend."

Bloomberg adds that the government said that it still expects a
formal IMF acknowledgement that the agreement with bondholders is
consistent with its program with the fund, after "having received
informal confirmation from IMF staff." Sri Lanka added that it will
continue talks with official creditors, such as France, to ensure
that the deal is comparable to a restructuring previously agreed
with them.

The country also secured an agreement in principle with commercial
lender China Development Bank for around $3.3 billion.

                          About Sri Lanka

Sri Lanka, formerly known as Ceylon and officially the Democratic
Socialist Republic of Sri Lanka, is an island country in South
Asia. It lies in the Indian Ocean, southwest of the Bay of Bengal,
and southeast of the Arabian Sea; it is separated from the Indian
subcontinent by the Gulf of Mannar and the Palk Strait. Sri Lanka
shares a maritime border with India and the Maldives. Sri
Jayawardenepura Kotte is its legislative capital, and Colombo is
its largest city and financial centre.

The island nation defaulted on its foreign debt for the first time
in its history in April 2022 as the worst financial crisis since
independence from Britain in 1948 crushed its economy.

As reported in the Troubled Company Reporter-Asia Pacific in early
October 2023, Fitch Ratings upgraded Sri Lanka's Long-Term
Local-Currency Issuer Default Rating (IDR) to 'CCC-' from 'RD'
(Restricted Default). Fitch typically does not assign Outlooks to
sovereigns with a rating of 'CCC+' or below. The Long-Term
Foreign-Currency IDR has been affirmed at 'RD' and the Country
Ceiling at 'B-'.  The Short-Term Local-Currency IDR has been
downgraded to 'RD' from 'C' following the exchange of treasury
bills held by the central bank and subsequently upgraded to 'C' in
line with the Sovereign Rating Criteria, as Fitch believes the
local-currency debt exchange has now been completed.



                           *********


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

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

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

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding,
electronic re-mailing and photocopying) is strictly prohibited
without prior written permission of the publishers.
Information contained herein is obtained from sources believed
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mail.  Additional e-mail subscriptions for members of the same
firm for the term of the initial subscription or balance
thereof are US$25 each.  For subscription information, contact
Peter Chapman at 215-945-7000.



                *** End of Transmission ***