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

                     A S I A   P A C I F I C

          Wednesday, September 25, 2024, Vol. 27, No. 193

                           Headlines



A U S T R A L I A

AULICH CIVIL: First Creditors' Meeting Set for Oct. 1
CASE STATEWIDE: First Creditors' Meeting Set for Sept. 30
CORONADO GLOBAL: S&P Rates New US$400MM Senior Secured Notes 'BB-'
FIRSTMAC MORTGAGE 3PP: S&P Raises Class E Notes Rating to BB+(sf)
PERRY O'BRIEN: Second Creditors' Meeting Set for Oct. 2

SLICED BREAD: First Creditors' Meeting Set for Sept. 30


C H I N A

CHINA AOYUAN: UAE Investor Becomes Builder's Top Shareholder
JRSIS HEALTH: Posts $119,755 Net Loss in Fiscal Q2
TAOPING INC: Posts $588,744 Net Income in H1 2024
[*] CHINA: Steel Industry Facing a Wave of Bankruptcies, BI Says


I N D I A

ABHISHEK SOLVENT: CRISIL Keeps B+ Debt Rating in Not Cooperating
AGARWAL RUBBER: Ind-Ra Keeps BB- Loan Rating in NonCooperating
AKIRA PROPERTIES: Ind-Ra Moves B- Loan Rating to NonCooperating
AMBEY VAISHNO: Liquidation Process Case Summary
AMBICA DALL: CRISIL Assigns B+ Rating to INR8.95cr LT Loan

BAASSFX: CRISIL Moves B+ Debt Ratings to Not Cooperating Category
BIOCON BIOLOGICS: S&P Assigns Preliminary 'BB' ICR, Outlook Stable
BYJU'S: EY Steps Down as Adviser to Company's IRP
CARLOO TEXTILE: Ind-Ra Keeps BB- Loan Rating in NonCooperating
CMR LIFESCIENCES: Insolvency Resolution Process Case Summary

CREATIVE TECHNOLOGIES: Ind-Ra Cuts Bank Loan Rating to BB
DHARITRIMAA URJA: Liquidation Process Case Summary
DURGA PARAMESHWARI: CRISIL Moves B Ratings to Not Cooperating
ENMAX ENGINEERING: Ind-Ra Keeps BB- Loan Rating in NonCooperating
ESMARIO EXPORT: Ind-Ra Keeps B+ Loan Rating in NonCooperating

FAMOUS KNIT: Ind-Ra Assigns BB+ Bank Loan Rating, Outlook Stable
FUTURE GROUP: NCLT Admits Affiliate Under Insolvency Process
GHODAWAT REALTY: Ind-Ra Cuts Bank Loan Rating to BB-
GODOLO AND GODOLO: CRISIL Keeps D Debt Ratings in Not Cooperating
GUJARAT SHARES: Voluntary Liquidation Process Case Summary

GVR BEHARI: Ind-Ra Keeps D Term Loan Rating in NonCooperating
GVR PANNA: Ind-Ra Keeps D Loan Rating in NonCooperating
IDT CLOTHING: CRISIL Keeps D Debt Ratings in Not Cooperating
IL&FS GROUP: NCLAT Orders Interim Payment to BKEL Lenders
KADAMBRI HEALTHCARE: CRISIL Withdraws D Rating on INR13.05cr Loan

KOHINOOR EXIMTEX: CRISIL Keeps D Debt Ratings in Not Cooperating
KONNECTING INDIA: CRISIL Keeps D Debt Rating in Not Cooperating
KRITIKA ENTERPRISES: CRISIL Keeps D Ratings in Not Cooperating
L.G. CHAUDHARY: CRISIL Withdraws D Rating on INR16cr Bank Loan
LAKSHMI STEEL: Ind-Ra Moves BB+ Loan Rating to NonCooperating

MAPS GRANITO: Ind-Ra Keeps B+ Loan Rating in NonCooperating
MAROLI NH: Ind-Ra Affirms BB+ Term Rating, Outlook Stable
NAGMATI PAPERS: CRISIL Lowers Rating on INR14cr Cash Loan to C
NEELKANTH TOWN: CRISIL Keeps B Debt Ratings in Not Cooperating
NEXG SPACE: Ind-Ra Assigns BB Term Loan Rating, Outlook Stable

OCEAN MOTORS: CRISIL Keeps B+ Debt Ratings in Not Cooperating
OYSTER EXIM: Ind-Ra Keeps BB- Term Loan Rating in NonCooperating
OZONE GRANITES: CRISIL Keeps B+ Debt Ratings in Not Cooperating
PALA DIOCESAN: Ind-Ra Hikes Bank Loan Rating to BB, Outlook Stable
PANCHDEO FLOUR: CRISIL Keeps B+ Debt Ratings in Not Cooperating

PARAMESWARA COTTON: CRISIL Keeps B+ Ratings in Not Cooperating
PARI AGRI: CRISIL Keeps B+ Debt Ratings in Not Cooperating
PATNA BAKHTIYARPUR: Ind-Ra Keeps D Loan Rating in NonCooperating
PN STEEL: Liquidation Process Case Summary
POGGENAMP NAGARSHETH: Ind-Ra Keeps D Rating in NonCooperating

PRAYOSHA HEALTHCARE: CRISIL Keeps B Ratings in Not Cooperating
PURNA FISHERIES: CRISIL Keeps B Debt Ratings in Not Cooperating
PURUSHOTTAM JAIRAM: CRISIL Keeps B- Ratings in Not Cooperating
QUALITY HYBRID: CRISIL Keeps B Debt Ratings in Not Cooperating
QULUX TILES: CRISIL Keeps D Debt Ratings in Not Cooperating

R.N. DWIVEDI: CRISIL Keeps D Debt Rating in Not Cooperating
RAIPUR MOTOR: CRISIL Keeps B Debt Rating in Not Cooperating
RAJ TRADERS: CRISIL Keeps B Debt Ratings in Not Cooperating
RAJARATHNAM CONSTRUCTION: CRISIL Withdraws D Rating on LT Loan
RAM TRADERS: CRISIL Keeps D Debt Ratings in Not Cooperating

RAMGARH SPONGE: Ind-Ra Withdraws B+ Term Rating
RAVISUM PROCESSING: CRISIL Keeps B- Ratings in Not Cooperating
RELIANCE COMM: NCLAT Rejects Tax Claim After Start of Insolvency
RENATA PRECISION: Ind-Ra Cuts Bank Loan Rating to BB
SHREEDHAR SPINNERS: Ind-Ra Affirms BB+ Term Loan Rating

SVS MOOKAMBIKA: Ind-Ra Keeps D Loan Rating in NonCooperating
VIGHNAHAR SAHAKARI: Ind-Ra Moves BB+ Loan Rating to NonCooperating
VINOD TEXWORLD: CRISIL Withdraws D Rating on INR10.32cr LT Loan


M O N G O L I A

KHAN BANK: Fitch Hikes LongTerm IDR to 'B+', Outlook Stable
XACBANK JSC: Fitch Hikes LongTerm IDR to B+, Outlook Stable


N E W   Z E A L A N D

ALL ROOF: Creditors' Proofs of Debt Due on Oct. 10
JVC AUTO: Gerry Rea Partners Appointed as Receivers
MASTA MAINTENANCE: Court to Hear Wind-Up Petition on Oct. 1
MICNOR PLANT: Creditors' Proofs of Debt Due Oct. 25
POWER COOL: Court to Hear Wind-Up Petition on Oct. 10

WELLINGTON COMBINED: Goes Into Voluntary Administration


P H I L I P P I N E S

DITO CME: Uy Shrugs Off PHP45BB Deficit as Mere 'Paper Losses'


S I N G A P O R E

HAI KEE BROTHERS: Court Enters Wind-Up Order
KHONG GUAN: Creditors' Proofs of Debt Due on Oct. 21
MAXEON SOLAR: Announces Second Quarter 2024 Financial Results
QOO10 PTE: Ordered to Stop Covered Payment Services in Singapore
RE.PAK PTE: Commences Wind-Up Proceedings

SAH UK: Commences Wind-Up Proceedings
WILDFIRE HOLDINGS: Commences Wind-Up Proceedings

                           - - - - -


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

AULICH CIVIL: First Creditors' Meeting Set for Oct. 1
-----------------------------------------------------
A first meeting of the creditors in the proceedings of Aulich Civil
Law Pty Ltd will be held on Oct. 1, 2024 at 11:00 a.m. via
Microsoft Teams.

Michael Slaven of Slaven Torline was appointed as administrator of
the company on Sept. 19, 2024.


CASE STATEWIDE: First Creditors' Meeting Set for Sept. 30
---------------------------------------------------------
A first meeting of the creditors in the proceedings of Case
Statewide Solar Pty Ltd will be held on Sept. 30, 2024 at 2:00 p.m.
via Microsoft Teams.

Andrew Blundell and Simon Cathro of Cathro Partners were appointed
as administrators of the company on Sept. 18, 2024.


CORONADO GLOBAL: S&P Rates New US$400MM Senior Secured Notes 'BB-'
------------------------------------------------------------------
S&P Global Ratings assigned its 'BB-' long-term issue rating to the
US$400 million senior secured notes that Coronado Finance Pty Ltd.
(CRN) proposes to issue. Coronado Global Resources Inc. (Coronado)
will guarantee the notes, which will be due 2029.

S&P rates the notes one notch higher than the 'B+' long-term issuer
credit rating on Coronado (B+/Stable/--). This is because the
recovery rating on the proposed notes is '2', reflecting
substantial recovery prospects (rounded estimate: 75%) for
noteholders in the case of payment default.

S&P assesses the issuance to be neutral for Coronado's credit
profile. The Australia-based mining company plans to use the
proceeds to fully repay the remainder of its existing US$242.3
million senior secured notes, which it originally issued at US$350
million. It will retain the residual proceeds for liquidity and
general corporate purposes.

Coronado will retain its existing US$150 million asset-backed
facility, of which it had drawn US$21.7 million as of June 30,
2024.

Issue Ratings--Recovery Analysis

Key analytical factors:

-- Coronado is seeking to issue guaranteed senior secured notes
due 2029 of up to US$400 million. After the transaction, S&P
expects the company's capital structure to also include its
existing US$150 million asset-based facility maturing in 2026.

-- S&P's 'BB-' long-term issue rating and '2' recovery rating on
the proposed notes indicate its expectation of a substantial
recovery (70%-90%; rounded estimate: 75%) for noteholders in the
case of payment default.

-- S&P's simulated default scenario contemplates a decline in
international metallurgical coal prices due to oversupply in the
market or a significant decrease in demand for the product. As a
result, the company would idle certain operations and continue to
fulfil its fixed obligations. This would lead to deteriorating
liquidity and a default in 2028.

-- S&P assesses recovery prospects based on a going-concern value
of about US$430 million. This reflects US$86 million of emergence
EBITDA and a 5x multiple, consistent with industry peers.

-- At the time of default, S&P assumes Coronado has drawn 60% of
its asset-based facility.

Simulated default assumptions:

-- Year of default: 2028
-- Emergence EBITDA: US$86 million
-- Valuation multiple: 5x
-- Gross enterprise value: US$430 million

Simplified waterfall

-- Net enterprise value (gross enterprise value less 5%
administrative costs): US$408 million

-- Priority claims (asset-based loan): US$92 million

-- Remaining enterprise value: US$315 million

-- Total senior secured claims at default: US$420 million

-- Recovery expectation: 70%-90% (rounded estimate: 75%)

Note: All debt amounts include six months of accrued but unpaid
interest at default.


FIRSTMAC MORTGAGE 3PP: S&P Raises Class E Notes Rating to BB+(sf)
-----------------------------------------------------------------
S&P Global Ratings raised its ratings on 15 classes of prime
residential mortgage-backed securities (RMBS) transactions
sponsored by Firstmac Ltd. (Firstmac). At the same time, S&P
affirmed 151 ratings and removed 90 from under criteria observation
(UCO).

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

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

Some ratings are constrained below the level that cash flows alone
support due to other risk considerations such as sensitivities to
the outlook for yield and arrears.

  Ratings Raised And Removed From UCO

  Firstmac Mortgage Funding Trust No. 4 Series 2020-3

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

  Firstmac Mortgage Funding Trust No. 4 Series 2022-2PP

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

  Firstmac Mortgage Funding Trust No. 4 Series 2-2018

  Class C: to AA- (sf) from A+ (sf)

  Firstmac Mortgage Funding Trust No. 4 Series 2-2020

  Class D: to A+ (sf) from A (sf)

  Firstmac Mortgage Funding Trust No. 4 Series Eagle No. 2

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

  Firstmac Mortgage Funding Trust No.4 Series 3-2016

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

  Firstmac Mortgage Funding Trust No.4 Series Eagle No.3PP

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

  Ratings Affirmed And Removed From UCO

  Firstmac Mortgage Funding Trust No.4 Series 1-2017

  Class B: AA+ (sf)
  Class C: AA (sf)

  Firstmac Mortgage Funding Trust No. 4 Series 1-2020

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

  Firstmac Mortgage Funding Trust No. 4 Series 2021-3PP

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

  Firstmac Mortgage Funding Trust No. 4 Series 2021-4

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

  Firstmac Mortgage Funding Trust No. 4 Series 2022-2PP

  Class C: AA (sf)

  Firstmac Mortgage Funding Trust No. 4 Series 2022-4

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

  Firstmac Mortgage Funding Trust No. 4 Series 2-2018

  Class B: AA (sf)

  Firstmac Mortgage Funding Trust No. 4 Series 2-2020

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

  Firstmac Mortgage Funding Trust No. 4 Series 3-2018

  Class B: AA+ (sf)
  Class C: AA- (sf)

  Firstmac Mortgage Funding Trust No. 4 Series 3PP-2019

  Class C: AA- (sf)

  Firstmac Mortgage Funding Trust No. 4 Series 4-2019

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

  Firstmac Mortgage Funding Trust No. 4 Series Eagle No. 1

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

  Firstmac Mortgage Funding Trust No. 4 Series Eagle No. 2

  Class B: AA+ (sf)

  Firstmac Mortgage Funding Trust No.4 Series 2021-1PP

  Class D: A+ (sf)
  Class E: BBB+ (sf)
  
  Firstmac Mortgage Funding Trust No.4 Series 2021-2

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

  Firstmac Mortgage Funding Trust No.4 Series 2022-1

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

  Firstmac Mortgage Funding Trust No.4 Series 2022-3

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

  Firstmac Mortgage Funding Trust No.4 Series 2023-1

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

  Firstmac Mortgage Funding Trust No.4 Series 2024-1

  Class A-1: AAA (sf)
  Class A-2: AAA (sf)
  Class AB: AAA (sf)
  Class B: AA (sf)
  Class C: A (sf)
  Class D: BBB (sf)
  Class E: BB (sf)
  Class F: B (sf)

  Firstmac Mortgage Funding Trust No.4 Series 2024-2PP

  Class A1a: AAA (sf)
  Class A1b: AAA (sf)
  Class A2: AAA (sf)
  Class B: AA (sf)
  Class C: A (sf)
  Class D: BBB (sf)
  Class E: BB (sf)
  Class F: B (sf)

  Firstmac Mortgage Funding Trust No.4 Series 2-2017

  Class B: AA+ (sf)
  Class C: AA- (sf)

  Firstmac Mortgage Funding Trust No.4 Series 2-2019

  Class B: AA (sf)
  Class C: A+ (sf)

  Firstmac Mortgage Funding Trust No.4 Series 3-2017

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

  Firstmac Mortgage Funding Trust No.4 Series Eagle No.4

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

  Ratings Affirmed

  Firstmac Mortgage Funding Trust No. 4 Series 1-2017

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

  Firstmac Mortgage Funding Trust No. 4 Series 1-2020

  Class A-1: AAA (sf)
  Class A-2: AAA (sf)
  Class AB: AAA (sf)
  Class B: AAA (sf)

  Firstmac Mortgage Funding Trust No. 4 Series 2020-3

  Class A-1a: AAA (sf)
  Class A-2: AAA (sf)
  Class AB: AAA (sf)

  Firstmac Mortgage Funding Trust No. 4 Series 2021-3PP

  Class A-1: AAA (sf)
  Class A-2: AAA (sf)

  Firstmac Mortgage Funding Trust No. 4 Series 2021-4

  Class A-1: AAA (sf)
  Class A-2: AAA (sf)
  Class A-3: AAA (sf)

  Firstmac Mortgage Funding Trust No. 4 Series 2022-2PP

  Class A-1: AAA (sf)
  Class A-2: AAA (sf)
  Class B: AAA (sf)

  Firstmac Mortgage Funding Trust No. 4 Series 2022-4

  Class A-1: AAA (sf)
  Class A-2: AAA (sf)
  Class A-3: AAA (sf)

  Firstmac Mortgage Funding Trust No. 4 Series 2-2018

  Class A-1: AAA (sf)
  Class A-2: AAA (sf)
  Class AB: AAA (sf)

  Firstmac Mortgage Funding Trust No. 4 Series 2-2020

  Class A-1R: AAA (sf)
  Class A-2: AAA (sf)
  Class A-3: AAA (sf)
  Class B: AAA (sf)

  Firstmac Mortgage Funding Trust No. 4 Series 3-2018

  Class A-1: AAA (sf)
  Class A-2: AAA (sf)
  Class AB: AAA (sf)

  Firstmac Mortgage Funding Trust No. 4 Series 3PP-2019

  Class A-1c: AAA (sf)
  Class A-2: AAA (sf)
  Class AB: AAA (sf)
  Class B: AAA (sf)

  Firstmac Mortgage Funding Trust No. 4 Series 4-2019

  Class A-1: AAA (sf)
  Class A-2: AAA (sf)
  Class AB: AAA (sf)

  Firstmac Mortgage Funding Trust No. 4 Series Eagle No. 1

  Class A-1: AAA (sf)
  Class A-2: AAA (sf)
  Class B: AAA (sf)

  Firstmac Mortgage Funding Trust No. 4 Series Eagle No. 2

  Class A-1: AAA (sf)
  Class A-2: AAA (sf)

  Firstmac Mortgage Funding Trust No.4 Series 2021-1PP

  Class A-1: AAA (sf)
  Class A-2: AAA (sf)
  Class B: AAA (sf)
  Class C: AAA (sf)

  Firstmac Mortgage Funding Trust No.4 Series 2021-2

  Class A-1: AAA (sf)
  Class A-2: AAA (sf)
  Class A-3: AAA (sf)

  Firstmac Mortgage Funding Trust No.4 Series 2022-1

  Class A-1: AAA (sf)
  Class A-2: AAA (sf)
  Class B: AAA (sf)

  Firstmac Mortgage Funding Trust No.4 Series 2022-3

  Class A-1: AAA (sf)
  Class A-2: AAA (sf)
  Class B: AAA (sf)

  Firstmac Mortgage Funding Trust No.4 Series 2023-1

  Class A-1: AAA (sf)
  Class A-2: AAA (sf)
  Class AB: AAA (sf)

  Firstmac Mortgage Funding Trust No.4 Series 2-2017

  Class A-1: AAA (sf)
  Class A-2: AAA (sf)
  Class AB: AAA (sf)

  Firstmac Mortgage Funding Trust No.4 Series 2-2019

  Class A-1: AAA (sf)
  Class A-2: AAA (sf)
  Class AB: AAA (sf)

  Firstmac Mortgage Funding Trust No.4 Series 3-2016

  Class A-1: AAA (sf)
  Class A-2: AAA (sf)
  Class B: AAA (sf)

  Firstmac Mortgage Funding Trust No.4 Series 3-2017

  Class A-1: AAA (sf)
  Class A-2: AAA (sf)
  Class A-3: AAA (sf)
  Class B: AAA (sf)

  Firstmac Mortgage Funding Trust No.4 Series Eagle No.3PP

  Class A-1: AAA (sf)
  Class A-2: AAA (sf)

  Firstmac Mortgage Funding Trust No.4 Series Eagle No.4

  Class A-1: AAA (sf)
  Class A-2: AAA (sf)


PERRY O'BRIEN: Second Creditors' Meeting Set for Oct. 2
-------------------------------------------------------
A second meeting of creditors in the proceedings of Perry O'Brien
Engineering Pty Ltd has been set for Oct. 2, 2024 at 11:00 a.m. at
the offices of Worrells at Suite 2, 63 The Esplanade in
Maroochydore.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by Oct. 2, 2024 at 5:00 p.m.

Dane Hammond of Worrells was appointed as administrator of the
company on Aug. 28, 2024.


SLICED BREAD: First Creditors' Meeting Set for Sept. 30
-------------------------------------------------------
A first meeting of the creditors in the proceedings of Sliced Bread
Company Pty Ltd will be held on Sept. 30, 2024 at 11:00 a.m. at the
offices of Dissolve Pty Ltd in Level 8, 80 Clarence St in Sydney.

Clifford John Sanderson of Restructuring Works was appointed as
administrator of the company on Sept. 18, 2024.




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

CHINA AOYUAN: UAE Investor Becomes Builder's Top Shareholder
------------------------------------------------------------
Yicai Global reports that China Aoyuan said UAE-based investment
firm Multi Gold Group has become its main shareholder, marking a
major change in ownership as the builder seeks financial stability
after years of debt struggles.

Yicai relates that Multi Gold agreed to buy about 621.7 million
Aoyuan shares from Ace Rise on Sept. 20, giving it a 16.5 percent
stake in the firm, the Guangzhou-based developer announced on Sept.
23.

The move "represents a long-term strategic investment by Multi Gold
and demonstrates Multi Gold's confidence about the future of
China," Aoyuan said. "Multi Gold is likely to develop a material
strategic relationship with Aoyuan in connection with and related
to its present or future business," it added.

Like other builders, Aoyuan has struggled with big debts and slow
sales amid the protracted slump in China's real estate market,
according to Yicai. Sales hit CNY133 billion (USD18.9 billion) in
2020, but by early 2022 Aoyuan said that it would not pay or redeem
its large US dollar-denominated debts. Earlier this year, the firm
restructured about USD6.1 billion of overseas debt.

After the deal closes, Ace Rise's stake in Aoyuan will fall to 13.3
percent, Yicai notes. Aoyuan's founder Guo Ziwen, who owns Ace
Rise, will then have a total stake of 16.4 percent.

As part of the deal, Guo stepped down from all his key positions in
Aoyuan and Multi Gold Director Mohamed Obaid Ghulam Badakkan
Alobeidli became its new chairman and non-executive director.
Alobeidli, 45, has over 20 years of experience in technology, real
estate, and strategic consulting.

In the first half of the year, Aoyuan's revenue fell 57 percent to
CNY4.6 billion (USD652.6 million) from a year earlier. But the
company turned a net loss of CNY2.9 billion into a net profit of
CNY22.3 billion (USD3.2 billion) in the period, Yicai discloses.

Multi Gold is a specialized investment firm that focuses on
sustainability and social responsibility projects in the Middle
East and North Africa.

                         About China Aoyuan

China Aoyuan Group Limited, formerly China Aoyuan Property Group
Limited, is an investment holding company principally engaged in
the sales of properties. The Company operates its business through
three segments. The Property Development segment is engaged in the
development and sale of properties. The Property Investment segment
is engaged in the leasing of investment properties. The Others
segment is engaged in hotel operation, the provision of consulting
and management services. Through its subsidiaries, the Company is
also engaged in construction business.

China Aoyuan Group Limited and affiliate Add Hero Holdings Limited
sought creditor protection in the United States under Chapter 15 of
the Bankruptcy Code (Bankr. S.D.N.Y. Lead Case No. 23-12030) on
Dec. 20, 2023.

U.S. Bankruptcy Judge John P. Mastando III presides over the
Chapter 15 proceedings.


JRSIS HEALTH: Posts $119,755 Net Loss in Fiscal Q2
--------------------------------------------------
JRSIS Health Care Corporation filed with the U.S. Securities and
Exchange Commission its Quarterly Report on Form 10-Q reporting a
net loss of $119,755 on $597,396 of revenues for the three months
ended June 30, 2024, compared to a net loss of $123,957 on $337,395
of revenues for the three months ended June 30, 2023.

For the six months ended June 30, 2024 and 2023, the Company
incurred a significant net loss of $289,703 and $70,822, the
recurring operating loss resulted in an accumulated deficit of
$3,690,689 as of June 30, 2024. The Company generated cash outflow
from its operation of $473,795 and cash inflow of $510,997 for the
six months ended June 30, 2024 and 2023, the fluctuation of cash
flows resulted in a working capital deficit of $286,118 and
$458,552 as of June 30, 2024 and 2023.

The continuation of the Company as a going concern through the next
12 months is dependent upon (1) the continued financial support
from its external financing, including bank loans and issuance of
its shares to potential shareholders. Management believes that it
can obtain additional bank loans and the issuance of common shares
of the Company is available if the Company decides to do so, and
(2) further implement management's business plan to extend its
operations and generate sufficient revenue and cash flows to meet
its obligations. The Company's operations are on the upward trend,
and management believes that the Company's operation can generate
enough revenue and cash to meet its obligation in the normal course
of business. While the Company believes in the viability of its
strategy to increase sales volume and in its ability to raise
additional funds, there can be neither any assurances to that
effect, nor any assurance that the Company will be successful in
securing sufficient funds to sustain the operations.

These conditions raise substantial doubt about the Company's
ability to continue as a going concern. The Company is working to
devote more efforts to improve its operation and generate more
profits and cash flow. Management believes that the actions
presently being taken to obtain additional funding and implement
its strategic plan provide the opportunity for the Company to
continue as a going concern.

As of June 30, 2024, the Company had $2,113,910 in total assets,
$2,125,899 in total liabilities, and $11,989 in total stockholders'
deficit.

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

                   https://tinyurl.com/yp3ajdmr

                      About JRSIS Health Care

JRSIS Health Care Corporation provides medical services. The
Company offers both Western and Chinese medical practices,
including pediatrics, dermatology, traditional Chinese medicine,
internal medicine dentistry, general surgery, rehabilitation
science, and gynecology. JRSIS Health Care serves patients in
China.

As of December 31, 2023, the Company has $2,144,525 in total
assets, $2,305,177 in total liabilities, and $160,652 in total
deficit.

New York-based HHC, the Company's auditor since 2021, issued a
"going concern" qualification in its report dated April 26, 2024,
citing that the Company has suffered recurring significant losses
which resulted significant accumulated deficiency in stockholders'
equity and has a net capital deficiency. These factors raise
substantial doubt about the Company's ability to continue as a
going concern

TAOPING INC: Posts $588,744 Net Income in H1 2024
-------------------------------------------------
Taoping Inc. filed with the U.S. Securities and Exchange Commission
its Report for the six months ended June 30, 2024 and 2023 on Form
6-K disclosing a net income of $588,744 on $18.1 million of total
revenues for the six months ended June 30, 2024, compared to a net
loss of $1.8 million on $14.1 million of total revenues for the
same period in 2023.

The Company reported negative cash flows from operations of
approximately $2.5 million for the six months ended June 30, 2024,
compared to negative cash flows of $0.7 million from operations for
the same period of 2023. The negative operating cash flow was
primarily attributable to the increase in inventories and advances
to suppliers. As of June 30, 2024, the Company had a working
capital surplus of approximately $9.2 million, compared to a
working capital surplus of $5.2 million as of December 31, 2023.

The Company will continue to focus its efforts on the digital
advertising and other cloud-based and AI-related products and
applications. Furthermore, its two core competencies, the Taoping
national sales network and the highly scalable and compatible cloud
platform, and its strong software development capability, make it a
valued partner by many other smart-community customers and solution
providers. In addition to seeking strategic acquisition to expand
its digital advertising business, the Company continues to explore
business opportunities in the smart community and new energy
sectors. Starting from April 2023, the Company has entered into a
series of long-term strategic cooperation agreements with various
customers to provide Taoping's cloud-based intelligent product
solutions, including smart large screen, and the newly-launch
Al-powered smart display terminal, which are expected to generate
revenue and operating cashflow for the Company for years going
forward.

If the Company's execution of business strategies is not successful
in addressing its current financial concerns, additional capital
raise from issuing equity security or debt instrument or additional
loan facility may occur to support required cash flows. The
Company's existing $8.0 million revolving bank loan, which was
collateralized with the Company's office property, provides
important capital support for its operation. In addition, the
Company has renewed bank facilities valued at approximately $1.8
million in July 2024, and is in the process of renewing the other
bank facility line. In addition, on July 17, 2023, the Company
entered into both a public standby equity purchase agreement and a
private standby equity purchase agreement with an investor.
Pursuant to the agreements, the Company has the right, but not the
obligation, to sell to the investor up to $1,000,000 and
$10,000,000, respectively, of its ordinary shares, within 24 months
and 36 months, respectively, from the date of the agreements. As of
August 31, 2024, the Company had received a total of approximately
$5 million in gross proceeds under these two equity line
financings. In conclusion, the Company believes that it has the
ability to raise needed capital to fund its operations and business
growth, and is able to operate as a going concern.

However, the Company can make no assurances that financing will be
available for the amounts it needs, or on terms commercially
acceptable to it, if at all. If one or all of these events do not
occur or subsequent capital raise was insufficient to bridge
financial and liquidity shortfall, substantial doubt exists about
the Company's ability to continue as a going concern.

As of June 30, 2024, the Company had $34.1 million in total assets,
$18.2 million in total liabilities, and $15.8 million in total
equity.

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

                   https://tinyurl.com/8du2uzj5

                           About Taoping

Taoping Inc. (f/k/a China Information Technology, Inc.), together
with its subsidiaries, is a provider of cloud-app technologies for
Smart City IoT platforms, digital advertising delivery, and other
internet-based information distribution systems in China. Its
Internet ecosystem enables all participants of the new media
community to efficiently promote branding, disseminate information,
and exchange resources. In addition, the Company provides a broad
portfolio of software and hardware with fully integrated solutions,
including Information Technology infrastructure, Internet-enabled
display technologies, and IoT platforms to customers in government,
education, residential community management, media, transportation,
and other private sectors.

London, United Kingdom-based PKF Littlejohn LLP, the Company's
auditor since 2021, issued a "going concern" qualification in its
report dated April 25, 2024, citing that the Company's short-term
bank loans of $8.5 million which are repayable within one year and
the uncertainty about the availability of future financing raise
substantial doubt about the Company's ability to continue as a
going concern.

[*] CHINA: Steel Industry Facing a Wave of Bankruptcies, BI Says
----------------------------------------------------------------
Bloomberg News reports that China's steel crisis is setting the
stage for a wave of bankruptcies and speeding a much-needed
consolidation of the industry, according to Bloomberg
Intelligence.

Almost three-quarters of the country's steelmakers suffered losses
in the first half and bankruptcy is likely for many of them,
Michelle Leung, a senior analyst at BI, said in a note. Xinjiang Ba
Yi Iron & Steel Co., Gansu Jiu Steel Group and Anyang Iron & Steel
Group Co. face the highest risk, and could be potential acquisition
targets, she said, Bloomberg relays.

According to Bloomberg, BI said the wave of consolidation will help
Beijing encourage more concentration in its steel industry.
Bloomberg relates that the government wants the top five companies
to control 40% of the market by 2025 and the top 10 to account for
60%. These targets look "achievable," although China will still be
well behind South Korea and Japan in this respect, Leung said.

Bloomberg notes that China's persistent property crisis and
flagging economic growth are reshaping the country's massive steel
industry, with the head of its biggest producer, China Baowu Steel
Group Corp., warning last month of a crisis worse than in 2008 and
2015. A slump in domestic demand has meant mills have increased
exports, spurring a trade backlash from countries who say the metal
is being dumped at below cost.

However, China's steel exports aren't likely to decline until the
end of 2026, as total production falls and more trading partners
step up restrictions, according to BI.

China's housing rescue package offers the best path for putting the
country on track to expand around 5%, in the view of most
economists, assuming it's deployed to maximum effect in the face of
a real estate crisis expected to last as long as five more years,
Bloomberg states.

China's banks may carry out a new around of mortgage rate cuts this
year to help shore up flagging consumption, the Securities Daily
report, citing analysts.

Citigroup Inc.'s expansion plan in China has hit a roadblock with
US regulators after the Federal Reserve imposed a penalty on the
bank for its data management and risk controls, according to people
familiar with the matter, adds Bloomberg.




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

ABHISHEK SOLVENT: CRISIL Keeps B+ Debt Rating in Not Cooperating
----------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Abhishek
Solvent Extractions Private Limited (ASEPL) continues to be 'CRISIL
B+/Stable Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit             8         CRISIL B+/Stable (Issuer Not
                                     Cooperating)

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

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

Detailed Rationale

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

ASEPL was set up in 1992 in Challakere (Karnataka) by Mr. R
Thippeswami, his son Mr. N T Prakash, and daugher-in-law Ms.
Nirmala Prakash. The company processes sunflower DOC and solvents.
Primary product DOC is used to produce animal and poultry feed,
while by-product sunflower solvent extract is used in the refining
industry to produce edible oil.


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

The detailed rating actions are:

-- INR450 mil. Fund Based Working Capital Limit maintained in
     non-cooperating category with IND BB-/Negative (ISSUER NOT
     COOPERATING)/IND A4+ (ISSUER NOT COOPERATING) rating;

-- INR280 mil. Non-Fund Based Working Capital Limit maintained in

     non-cooperating category with IND A4+ (ISSUER NOT
     COOPERATING) rating; and

-- INR99 mil. Term loan due on April 30, 2025 maintained in non-
     cooperating category with IND BB-/Negative (ISSUER NOT
     COOPERATING) rating.

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

Detailed Rationale of the Rating Action

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

Non-Cooperation by the Issuer

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

Limitations regarding Information Availability

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

About the Company

Incorporated in 1983, Agarwal Rubber manufactures and sells tires
and tubes. Its manufacturing unit is in Patancheru, Medak District,
near Hyderabad. The company sells its products under the brand
names ARL and Maruti.

AKIRA PROPERTIES: Ind-Ra Moves B- Loan Rating to NonCooperating
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Akira Properties
Private Limited's (APPL) bank facilities' ratings to the
non-cooperating category. The issuer did not participate in the
rating exercise despite continuous requests and follow-ups by the
agency. Thus, the rating is based on the best available
information. Therefore, investors and other users are advised to
take appropriate caution while using the rating. The rating will
now appear as 'IND B-/Negative (ISSUER NOT COOPERATING)' on the
agency's website.

The detailed rating action is:

-- INR2.0 bil. Non-convertible debentures* migrated to non-
     cooperating category with IND B-/Negative (ISSUER NOT
     COOPERATING) rating.

Note: Issuer did not cooperate; based on best available
information

*Details in Annexure

Detailed Rationale of the Rating Action

The ratings have been migrated to the non-cooperating category in
accordance with Ind-Ra's policy of Guidelines on What Constitutes
Non-Cooperation.

Non-Cooperation by the Issuer

Ind-Ra has not received adequate information and has not been able
to conduct management interaction with APPL while reviewing the
ratings. Ind-Ra had consistently followed up with APPL over emails
starting from June 15, 2024, apart from phone calls. Although, the
issuer has been submitting their monthly no default statement.

Further, as per the issuer, the rating is no longer required as per
the terms agreed with the debenture holders, and hence, the details
required for rating are not shared by the issuer.

Limitations regarding Information Availability

Ind-Ra has reviewed the credit ratings of APPL on the basis of best
available information and is unable to provide a forward-looking
credit view. Hence, the current outstanding rating might not
reflect APPL's credit strength. If an issuer does not provide
timely no default statement, it indicates weak governance,
particularly in 'Timely debt servicing'. The agency may also
consider this as symptomatic of a possible disruption / distress in
the issuer's credit profile. Therefore, investors and other users
are advised to take appropriate caution while using these ratings.

About the Company

Incorporated in FY19, APPL is a special purpose vehicle equally
owned by Prashant Singh and Tushar Kumar, former promoters of
Medlife International Private Limited. It is an investment holding
company of the promoter group.

AMBEY VAISHNO: Liquidation Process Case Summary
-----------------------------------------------
Debtor: Ambey Vaishno Steels Private Limited
505-A, Dempo Trade Centre Patto Plaza,
        Panaji, Goa, India, 403001

Liquidation Commencement Date: September 5, 2024

Court: National Company Law Tribunal, Mumbai Bench

Liquidator: Harish Kant Kaushik
     1904, Sapphire Regency Towers,
            Kavesar, Ghodbundar Road, Thane (W),
            Thane, Maharashtra, 400615
            Email: harishkant2007@gmail.com

            -- and --

            106, 1st Floor, Kanakia Atrium 2,
            Cross Road 'A', Chakala MIDC,
            Andheri (East), Mumbai 400093
            Email: liq.avspl@aegisipe.com


Last date for
submission of claims: October 5, 2024


AMBICA DALL: CRISIL Assigns B+ Rating to INR8.95cr LT Loan
----------------------------------------------------------
CRISIL Ratings has assigned its 'CRISIL B+/Stable' rating to the
long-term bank facility of Shree Ambica Dall and Besan Products
Private Limited (SADABPL).

                         Amount
   Facilities         (INR Crore)     Ratings
   ----------         -----------     -------
   Proposed Long Term     8.95        CRISIL B+/Stable (Assigned)
   Bank Loan Facility     

The rating reflects exposure to risks related to the ongoing
project and those inherent in renewable assets. These weaknesses
are partially offset by the revenue visibility provided by the
power purchase agreement (PPA) and the diversified entrepreneurial
experience of the partners.

Key Rating Drivers & Detailed Description

Weaknesses:

* Exposure to risks related to the ongoing project: SADABPL is
setting up a solar power generation unit which is scheduled to
commence operations from January 2025. Timely completion and
successful stabilisation of operations at the new unit remains a
key rating sensitivity factor.                                     
                                                                   
                                      

* Exposure to risks inherent in renewable assets: Cash flow of
solar power projects remains sensitive to the plant load factor,
which depends on the irradiation level and annual degradation of
the solar panels. Such uncertainty may impact the debt-servicing
capability of the firm.

Strengths:

* Revenue visibility through PPA: The 25-year PPA, signed for the
entire capacity with Paschim Gujarat Vij Company Ltd (PGVCL),
minimizes offtake risk and assures long-term revenue visibility.

* Diversified entrepreneurial experience of partners: The partners
have been engaged in real estate development in Gujarat for three
decades. Driven by   the government   initiative   and current
demand for solar power, SADABPL has diversified into the renewable
energy sector (by setting up solar power generation units).

Liquidity: Stretched

Average debt service coverage (DSCR) ratio is expected to be modest
at 1.01 times over the residual tenure of the loan with minimum
DSCR of 0.68 times.

Outlook: Stable

CRISIL Ratings believes SADABPL will maintain its stable DSCR over
the medium term, backed by revenue visibility through the PPA.

Rating sensitivity factors

Upward factors:

* Timely commencement and stabilization of operations at the
proposed power generating unit, with significant revenue and
profitability.

* Expected DSCR of 1.2 times, with improvement in inflow at
higher-than-anticipated rates, once operational

Downward factors:

* Considerable delay in commencement of operations impacting
liquidity
* Significant degradation in PLF leading to DSCR below 1.0 time
* Inability to achieve anticipated rates or weak operating
performance impacting profitability adversely

It is currently setting up a 2.5 MW solar power generation unit at
Amarnagar, Gujarat. The plants are expected to be commissioned in
April 2025.


BAASSFX: CRISIL Moves B+ Debt Ratings to Not Cooperating Category
-----------------------------------------------------------------
CRISIL Ratings has migrated the rating on bank facilities of
Baassfx to 'CRISIL B+/Stable Issuer not cooperating'.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Cash Credit/           1.0       CRISIL B+/Stable (ISSUER NOT
   Overdraft facility               COOPERATING; Rating Migrated)

   Proposed Long Term     3.9       CRISIL B+/Stable (ISSUER NOT
   Bank Loan Facility               COOPERATING; Rating Migrated)

   Rupee Term Loan        0.1       CRISIL B+/Stable (ISSUER NOT
                                    COOPERATING; Rating Migrated)

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

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of Baassfx, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on
Baassfx is consistent with 'Assessing Information Adequacy Risk'.
Therefore, on account of inadequate information and lack of
management cooperation, CRISIL Ratings has migrated the rating on
bank facilities of Baassfx to 'CRISIL B+/Stable Issuer not
cooperating'.

Baassfx was incorporated in 2007 by Mr Ranajit Patil. The firm
manufactures and designs sound application products such as audio
systems for cars, professional audio systems and enclosures. The
manufacturing facility is located in Maharashtra, while assembly
takes place in Goa.


BIOCON BIOLOGICS: S&P Assigns Preliminary 'BB' ICR, Outlook Stable
------------------------------------------------------------------
On Sept. 23, 2024, S&P Global Ratings assigned its preliminary 'BB'
long-term issuer credit rating to Biocon Biologics Ltd. (BBL). S&P
also assigned its preliminary 'BB' long-term issue rating to the
proposed senior secured notes that Biocon Biologics Global PLC (BB
Global) will issue.

The stable outlook on the issuer credit rating reflects S&P's view
that Biocon's healthy earnings and commitment to deleveraging will
keep its EBITDA interest coverage well above 2x over the next 24
months.

S&P said, "The preliminary rating on BBL reflects our view of the
credit standing of the consolidated Biocon group. We view BBL is an
integral part of the group. The company is an 88.7% owned
subsidiary of Biocon, the largest biopharmaceutical company in
India. We view BBL as a core and inseparable part of the group,
accounting for a significant part of its earnings and cash flow.
Therefore, the assessment of BBL's credit profile reflects our view
of Biocon group's credit standing.

"We expect BBL to remain the major earnings contributor to the
group and account for about 60% of the group's revenue through
fiscal 2027 (year ending March 31, 2027)." BBL's share in the
group's revenue has risen from 42% in fiscal 2022 following its
acquisition of Viatris Inc.'s biosimilars portfolio in November
2022.

Biocon group will likely provide long-term extraordinary support to
BBL under any foreseeable circumstances. This is given BBL's
strategic importance to the group's growth and investment strategy
in the fast-growing biosimilars industry. BBL benefits from
management oversight of its parent, and has common board members.
Biocon also provided more than US$600 million in support to BBL for
its Viatris deal.

The preliminary rating on BBL is subject to the successful issuance
of the senior secured notes, securing of term loans, and the
creation of an appropriate security charge for the issuance. The
issuance will ease Biocon's liquidity and ensure it has adequate
liquidity.

Favorable trends in the biosimilars industry will support Biocon's
earnings. We expect the global biosimilars industry to see a
five-year compounded annualized growth rate (CAGR) of 8.8%,
expanding to US$18.3 billion by 2028 from US$12 billion in 2023.
Proposed regulatory changes such as the elimination of the need for
interchangeability studies are likely to accelerate biosimilars
adoption rates in the U.S.; the country has been lagging its
counterparts in the EU.

Biosimilars are the "generic" versions of biologic drugs and
typically have significantly larger and more complex molecules than
generics. The biosimilars segment has higher barriers to entry,
less competition, and significant opportunities for revenue growth.
S&P believes BBL is well positioned to benefit from these industry
trends and as biologics lose their exclusivity over the next three
years.

Biocon's good market share and product pipeline of biosimilars
underpin its business position. BBL currently has eight
commercialized biosimilars. The company has a high single digit to
low double digit share in the U.S. and European markets. Its key
products also have a strong double-digit market share in emerging
markets. This has contributed to Biocon's strong adjusted revenue
and EBITDA of Indian rupee (INR) 147.6 billion and INR37.8 billion,
respectively, in fiscal 2024. BBL's top three products contributed
about 70% of its total revenue in fiscal 2024.

BBL's focus on immunology, diabetes, and oncology bolsters its
earnings growth potential. These segments tend to have sticky
demand with low seasonality. Sales are also likely to expand with
improving diagnostics and longer lifespans globally, in S&P's
view.

The company's product pipeline is fairly robust, with 12
biosimilars in the pipeline. Of these, three are in the clinical
trial phase III, and nine are in the early stage of development.
Earlier in 2024, BBL also received approval to launch its
biosimilar, Aflibercept, in the U.S., U.K., Canada, and Europe
markets. S&P anticipates Aflibercept, along with two new product
launches over the next three years, will account for 8%-10% of
Biocon's revenue by fiscal 2027. Launches in advanced markets for
existing products will also contribute to earnings growth.

Biocon's diversification across pharmaceutical segments adds
resilience to earnings. The group's contract research development
and manufacturing organization (CRDMO) has high margins and
provides long-term revenue visibility. It typically has long-dated
contracts from a reputable client base comprising other
pharmaceutical majors. S&P expects the CRDMO to contribute 20%-25%
to Biocon's revenue through fiscal 2027, similar to the 23.3% in
fiscal 2024.

For the generic formulations business, Biocon's presence in chronic
illness segments (such as diabetes) supports healthy margins. In
S&P's view, these segments have high growth potential and are
exposed to lower pricing pressure than other segments. For
instance, Biocon's Liraglutide product is well positioned to
benefit from steady and growing demand for GLP-1 (glucagon-like
peptide-1) based medical treatments. Biocon's backward integration
into manufacturing of active pharmaceutical ingredients (APIs) also
supports its EBITDA margins.

S&P expects Biocon to maintain EBITDA margins of 22%-25% over the
next two years, in line with the industry average. In comparison,
peers such as Sandoz Group AG (BBB/Stable/--) and Glenmark
Pharmaceuticals Ltd. (BB+/Stable/--) have sub-20% margins. Biocon
also has a fair record of compliance with applicable regulatory
standards.

Biocon's small revenue scale, and product and asset concentration
constrain its business position. S&P forecasts the group's revenue
will grow 7%-9% to about US$2 billion in fiscal 2025, and about
US$2.5 billion by fiscal 2027. This is smaller than that of peers
such as Sandoz (US$10 billion) and Hikma Pharmaceuticals PLC
(BBB-/Stable/--; US$2.9 billion). Sandoz and Hikma also benefit
from a strong market share and leadership in the antibiotics and
generic injectables segments in the European and U.S. markets
respectively.

Biocon's product portfolio and manufacturing footprint is also
smaller than its peers'. The group has more than 60 generic
formulation products and 50 APIs in its portfolio. This is in
addition to its eight commercialized biosimilars and 13 (including
one approved) in the pipeline. In comparison, Hikma has more than
760 commercialized products across injectables, branded generics,
and generic formulations. Sandoz also has 11 commercialized
biosimilars and 25 in the pipeline. Biocon has seven manufacturing
sites (six in India and one in Malaysia) while Hikma has 29
manufacturing plants in 11 countries.

Rising earnings should help Biocon to deleverage over the next 24
months. S&P expects Biocon's EBITDA to have a three-year CAGR of 8%
between fiscal 2025 and fiscal 2027 as its biosimilars revenue
expands. The company's funds from operations (FFO) should therefore
rise to about INR30 billion by fiscal 2027 from INR21.6 billion in
fiscal 2024. This, along with the proposed notes issuance and fresh
term loans, should provide adequate near-term liquidity support to
the group.

Biocon's annual capital expenditure (capex) will likely remain
stable at INR15 billion-INR20 billion, resulting in positive
discretionary cash flow starting from fiscal 2026 and through
fiscal 2027. S&P also expects the group's adjusted debt to
gradually decline to about INR255 billion by fiscal 2027 from
INR264 billion in fiscal 2024. Adjusted debt includes compulsorily
convertible preference shares (CCPS), put options, and deferred
consideration in relation to the acquisition of Viatris'
biosimilars business.

S&P said, "We therefore forecast Biocon's FFO-to-debt ratio will
improve to about 12% by fiscal 2027 from 8.2% in fiscal 2024. We
estimate the group's EBITDA interest coverage to also improve to
more than 3x during this period."

The Viatris deal weighs on Biocon's financial profile. In November
2022, BBL acquired Viatris' biosimilar business for US$3.3 billion.
The transaction pushed up the group's debt-to-EBITDA ratio to about
7x in fiscal 2024 from about 2x in fiscal 2022. The group's
FFO-to-debt ratio also fell to 8.2% in fiscal 2024, from 34.3% in
fiscal 2022. Of the total consideration, Biocon paid US$2 billion
in cash, and issued CCPS worth US$1 billion to Viatris. Biocon has
so far paid US$175 million of the US$335 million deferred
consideration in the first quarter of fiscal 2025.

S&P said, "We treat the CCPS as debt-like in our financial ratios
because of the lack of permanence. That said, we view the economic
incentive for investors to exit as limited. Notably, the CCPS
carries a minimal interest rate of 0.001% annually, indicating the
economic alignment between Viatris and Biocon group.

"We believe Biocon's debt servicing requirements are less than the
group's S&P Global Ratings adjusted total debt. Therefore, we
believe the group's EBITDA interest coverage is a better reflection
of its financial profile." The group's EBITDA interest coverage
remained above 2.5x in fiscal 2024 even as its FFO-to-debt ratio
materially weakened. This is because the debt-like instruments in
Biocon's capital structure carry negligible coupons or have coupons
payable at redemption or exit.

Biocon is committed to deleveraging and fostering a more
conservative financial policy. S&P said, "We believe the
management's commitment, coupled with various fund-raising options,
could lead to faster deleveraging than our base case. Biocon
operated with an FFO-to-debt ratio of 34% in fiscal 2022 and even
higher in earlier periods."

Biocon can deleverage its balance sheet in line with the
management's stated intention, over the next three years. S&P said,
"Among the options available to the group, we believe a public
listing of BBL is the most probable. Other than the CCPS, Biocon
has other debt-like instruments (put option liabilities) that will
convert to equity in the event of an IPO. As of March 31, 2024,
such instruments totaled INR102 billion and accounted for 39% of
the group's adjusted debt. In a scenario that BBL is listed and all
debt-like instruments are converted to equity, we expect the
group's FFO-to-debt ratio to improve toward 20% by fiscal 2027,
versus our base case scenario of about 12%."

Any fresh share issuance through the public listing could further
accelerate debt reduction. The group could also raise funds through
a private equity placement at the Biocon level or offload some
stake in CRDMO subsidiary Syngene International Ltd. (while
retaining majority control) to deleverage over the next 24 months.

S&P said, "The stable rating outlook reflects our view that BBL
will remain an integral part of the Biocon group. The rating will
continue to reflect the credit profile of the group. We expect the
group's healthy earnings momentum and commitment to deleveraging to
help it maintain its EBITDA interest coverage well above 2x over
the next 12-18 months.

"We could lower the ratings on BBL if the group's operating
performance is weaker than our expectation. This could happen if
competition in the group's generics and biosimilars business
increases, resulting in downward price pressures, or if new
launches perform below our expectations." Downside triggers include
the following:

-- The group is unable to maintain an EBITDA interest coverage
ratio of at least 2x, or

-- Its liquidity position weakens.

S&P may also lower the ratings if it believes the group's
commitment to deleveraging has diminished.

S&P said, "We could also lower the ratings on BBL should its
importance and linkage to the group diminish. We view such a
scenario to be remote.

"We could upgrade BBL if the group's operating performance and
leverage improve materially. Such a scenario would envisage the
group's FFO-to-debt ratio sustainably nearing 25%. A reduction in
debt and debt-like instruments through a public listing of BBL or
use of alternate equity fund raising channels over the next 18
months could quicken the path to a lower leverage.

"Governance factors are a neutral consideration in our credit
rating analysis of Biocon. Founder, Mrs. Kiran Mazumdar Shaw, and
family own about a 60% stake in Biocon individually and through
promoter owned entities. Despite the entrepreneurial ownership, we
have not seen evidence of any negative influence from the owners on
the company's financial policies."

Effective oversight by six independent directors on Biocon's
10-member board mitigates the risk of promoter interest being
prioritized over that of other stakeholders. The company also
maintains sound standards on reporting, transparency, and internal
controls.

Regulatory risks inherent to the generic pharmaceutical industry
also apply to Biocon. The company has received 10 observations on
regulatory compliance from U.S. Food and Drug Administration for
its facilities in India. However, these are process related with no
concerns raised on data integrity or quality. Recurring issues and
failure to satisfactorily remediate observations could result in
stringent actions from the regulators, affecting Biocon's market
position and ability to launch new products in a timely manner.

Environmental and social factors are neutral considerations in
S&P's analysis.


BYJU'S: EY Steps Down as Adviser to Company's IRP
-------------------------------------------------
The Times of India reports that in a surprising turn of events, EY
Restructuring has stepped down from its role as an advisor to
Pankaj Srivastava, the NCLT-appointed internal resolution
professional at troubled edtech firm Byju's, according to sources
who spoke to TOI.

TOI has reviewed a document containing the minutes of the first
Committee of Creditors (CoC) meeting, which mentions this
unexpected development.

Srivastava is currently responsible for inviting lenders,
employees, vendors, and gov't. to claim unpaid dues.
Representatives from the IRP, EY, and Byju's did not respond to
TOI's queries till the time of going to press.

TOI says the news comes on the heels of BDO's resignation as Byju's
auditor. MSKA Associates - a BDO International affiliate and Byju's
audit firm - resigned as auditors earlier this month. This marks
the second consecutive auditor resignation from the company since
June 2023, when Deloitte departed, citing governance concerns.

                           About Byju's

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

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

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

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

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

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

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

The detailed rating actions are:

-- INR85 mil. Cash Credit maintained in non-cooperating category

     with IND BB-/Negative (ISSUER NOT COOPERATING) rating;

-- INR295 mil. Fund Based Working Capital Limit maintained in
     non-cooperating category with IND BB-/Negative (ISSUER NOT
     COOPERATING)/IND A4+ (ISSUER NOT COOPERATING) rating; and

-- INR49 mil. Term loan due on July 31, 2024 maintained in non-
     cooperating category with IND BB-/Negative (ISSUER NOT
     COOPERATING) rating.

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

Detailed Rationale of the Rating Action

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

Non-Cooperation by the Issuer

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

Limitations regarding Information Availability

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

About the Company

Tirupur, Tamil Nadu-based CT is a proprietorship concern
established 2008 by Muthu Kumar. The company manufactures and
exports knitted garments. Its manufacturing units are in Tirupur
with an installed capacity of 140,000 pieces/day.

CMR LIFESCIENCES: Insolvency Resolution Process Case Summary
------------------------------------------------------------
Debtor: CMR Lifesciences Private Limited
505 Matrix Tower, Corporate Road,
        Nr. Vodafone House
        B/H Divya Bhaskar Office, S.G. Highway,
        Ahmedabad-380015, Gujarat, India

Insolvency Commencement Date: September 9, 2024

Estimated date of closure of
insolvency resolution process: March 8, 2025

Court: National Company Law Tribunal, Ahmedabad Bench

Insolvency
Professional: CA. Sunil Kumar Kabra
              3rd floor, Reegus Business Centre,
              New Citylight Road,
              Above Mercedes Benz Showroom,
              Bharthana-Vesu, Surat-395007
              Email: jlnusco@gmail.com
              Email: ip.cmrlife@gmail.com
  
Last date for
submission of claims: September 23, 2024


CREATIVE TECHNOLOGIES: Ind-Ra Cuts Bank Loan Rating to BB
---------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn Creative
Technologies'  bank facilities'  ratings as follows:

-- The 'IND BB/Negative (ISSUER NOT COOPERATING)/IND A4+ (ISSUER
     NOT COOPERATING)' rating on the INR50 mil. Fund-based working

     capital limits is withdrawn; and

-- The 'IND BB/Negative (ISSUER NOT COOPERATING)' rating on the
     INR750 mil. Term loan due on December 31, 2029 is withdrawn.

Detailed Rationale of the Rating Action

Ind-Ra is no longer required to maintain the rating, as the agency
has received a no-dues certificate from the lenders and withdrawal
request from the issuer. This is consistent with Ind-Ra's Policy on
Withdrawal of Ratings. Ind-Ra will no longer provide analytical and
rating coverage for the company.

About the Company

Incorporated in January 2015, Creative Technologies, is a
registered partnership firm. It is engaged in the business of
trading, manufacturing and export of lab grown diamonds.

DHARITRIMAA URJA: Liquidation Process Case Summary
--------------------------------------------------
Debtor: Dharitrimaa Urja Private Limited
F-35/4, Ground Floor, Okhla Industrial Area,
        Phase-II New Delhi South Delhi, Delhi-110020

Liquidation Commencement Date: August 27, 2024

Court: National Company Law Tribunal, New Delhi Bench-III

Liquidator: Sanjiv Kumar Arora
            D-3/3465, Vasant Kunj, New Delhi, South West
            National Capital Territory of Delhi, 110070
            Email: meask4@yahoo.co.in

            -- and --

            Flat no. 573, Pocket 1, Sector 22
            Dwarka, New Delhi - 110075
            Email: liquidation.dharitrimaaurja@gmail.com

Last date for
submission of claims: September 26, 2024


DURGA PARAMESHWARI: CRISIL Moves B Ratings to Not Cooperating
-------------------------------------------------------------
CRISIL Ratings has migrated the rating on bank facilities of Shree
Durga Parameshwari Motors Private Limited (SDPMPL) to 'CRISIL
B/Stable Issuer not cooperating'.

                       Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit           7.5        CRISIL B/Stable (ISSUER NOT
                                    COOPERATING; Rating Migrated)

   Long Term Loan        1.5        CRISIL B/Stable (ISSUER NOT
                                    COOPERATING; Rating Migrated)

   Proposed Long Term    1.0        CRISIL B/Stable (Issuer Not
   Bank Loan Facility               COOPERATING; Rating Migrated)

CRISIL Ratings has been consistently following up with SDPMPL for
obtaining information through letter and email dated August 9, 2024
among others, apart from telephonic communication. However, the
issuer has remained non cooperative.

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of SDPMPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on
SDPMPL is consistent with 'Assessing Information Adequacy Risk'.
Therefore, on account of inadequate information and lack of
management cooperation, CRISIL Ratings has migrated the rating on
bank facilities of SDPMPL to 'CRISIL B/Stable Issuer not
cooperating'.

SDPMPL was incorporated in 2012 by Mr Belman Purushottam
Raghavendra Rao and his family members. The company is an
authorized dealer for two-wheelers of HMSI in Hyderabad.


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

The detailed rating actions are:

-- INR70 mil. Fund Based Working Capital Limit maintained in non-
     cooperating category with IND BB-/Negative (ISSUER NOT
     COOPERATING) rating;

-- INR90 mil. Non-Fund Based Working Capital Limit maintained in
     non-cooperating category with IND A4+ (ISSUER NOT
     COOPERATING) rating; and

-- INR40 mil. Term loan due on June 30, 2027 maintained in non-
     cooperating category with IND BB-/Negative (ISSUER NOT
     COOPERATING) rating.

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

Detailed Rationale of the Rating Action

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

Non-Cooperation by the Issuer

Ind-Ra has not received adequate information and has not been able
to conduct management interaction with ENMAX ENGINEERING (INDIA)
PRIVATE LIMITED while reviewing the rating. Ind-Ra had consistently
followed up with ENMAX ENGINEERING (INDIA) PRIVATE LIMITED over
emails, apart from phone calls.

Limitations regarding Information Availability

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

About the Company

Incorporated in 2007, Enmax Engineering (India) supplies waste heat
recovery systems and its components. The company, which is managed
by VVS Narayana Reddy and the family, has its registered office in
Hyderabad.

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

The detailed rating actions are:

-- INR100 mil. Fund Based Working Capital Limit maintained in
     non-cooperating category with IND B+/Negative (ISSUER NOT
     COOPERATING)/IND A4 (ISSUER NOT COOPERATING) rating; and

-- INR75 mil. Non-Fund Based Working Capital Limit maintained in
     non-cooperating category with IND A4 (ISSUER NOT COOPERATING)

     rating.

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

Detailed Rationale of the Rating Action

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

Non-Cooperation by the Issuer

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

Limitations regarding Information Availability

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

About the Company

EEEPL was incorporated in 1968 by George Joseph Fernandez. In 2010,
it was taken over by M/s. Esmario Export Enterprises Pvt Ltd.in the
company trades boats, boat engines and spares. It also processes
and exports frozen sea foods.

FAMOUS KNIT: Ind-Ra Assigns BB+ Bank Loan Rating, Outlook Stable
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has rated Famous Knit's bank
facilities as follows:

-- INR250 mil. Fund-based working capital limit assigned with IND

     BB+/Stable/IND A4+ rating;

-- INR2.30 mil. Proposed fund-based working capital limit
     assigned with IND BB+/Stable/IND A4+ rating; and

-- INR97.70 mil. Term loan December 8, 2028 assigned with IND
     BB+/Stable rating.

Detailed Rationale of the Rating Action

The ratings reflect Famous Knit's small scale of operations,
average credit metrics and stretched liquidity. Ind-Ra expects the
scale of operations to improve, in the medium term, due to an
increase in the production capacity along with an increase in
demand. Ind-Ra expects the credit metrics to slightly deteriorate
in the medium term, as the company has incurred debt-funded capex
towards the installation of a new manufacturing and printing
division. However, the ratings are supported by Famous Knit's
healthy EBITDA margin and experienced promoters.

Detailed Description of Key Rating Drivers

Small Scale of Operations: The ratings reflect Famous Knit's small
scale of operations as indicated by revenue of INR1,149.70 million
in FY24 (FY23: INR1,013.66 million) and EBITDA of INR100.62 million
(INR78.65 million). The revenue increased in FY24, owing to an
increase in the flow of orders due to the addition of customers
mainly from France, UAE, Finland and Sweden. Famous Knit's sales
are 100% exports. It derives majority revenue from Poland (30.43%),
France (29.34%), Germany (11.22%), UK (8.1%) and remaining from
other countries. Famous Knit has an outstanding order of INR232.06
million in hand, which will be executed by February 2025. Ind-Ra
expects the revenue to improve in FY25, due to an increase in
product demand along with the set up a new printing division, which
will be operational by October 2024.

Average Credit metrics: The ratings also reflect FN's average
credit metrics, as reflected by the interest coverage (operating
EBITDA/gross interest expenses) of 3.12x in FY24 (FY23: 3.59x) and
the net leverage (total adjusted net debt/operating EBITDAR) of
4.11x (4.18x). In FY24, the interest coverage slightly declined due
to an increase in the interest expenses and the net leverage
improved slightly due to the increase in EBITDA.  In the medium
term, Ind-Ra expects the credit metrics to deteriorate slightly
from the FY24 levels, as the company has incurred capex of INR61.84
million which was funded through a term loan of  INR50 million and
internal accruals and unsecured loans.

Stretched Liquidity: The average maximum utilization of the
fund-based working capital limits was around 99.57% over the 12
months ended July 2024. In FY24, the cash flow from operations
stood at negative INR9.11 million (FY23: negative INR113.55
million), mainly on favorable changes in working capital coupled
with an increase in the funds flow from operations. Moreover, the
free cash flow stood at negative INR85.94 million in FY24 (FY23:
negative INR187.38 million).

Healthy EBITDA Margins: The ratings also factor in Famous Knit's
healthy EBITDA margin of 8.75% in FY24 (FY23: 7.76%) with a return
on capital employed of 15.6% (19.4%). The EBITDA margin marginally
increased in FY24, due to a decrease in the prices of raw materials
coupled with an increase in the other operating income including a
drawback received and forex gains. In the medium term, Ind-Ra
expects the EBITDA margin to remain at the FY24 level due to the
same nature of orders in hand.

Long Operational Track Record; Experienced Promoters: The ratings
are supported by the  promoters' nearly 23 years  of experience in
manufacturing garments. This has facilitated the company to
establish strong relationships with customers as well as
suppliers.

Liquidity

The networking cycle of the company slightly deteriorated to 142
days in FY24 (FY23: 134 days), mainly on account of an increase in
the inventory days to 134 (123) coupled with an increase in the
account receivable days to 49  (31). The cash and cash equivalents
stood at INR0.45 million in FY24 (FY23: INR10.17 million). Famous
Knit has a debt repayment obligation of INR29.8 million and INR42.9
million in FY25 and FY26, respectively. It does not have any
capital market exposure and relies on a single bank and financial
institutions to meet its funding requirements.

Rating Sensitivities

Negative: A decline in the scale of operations, leading to
deterioration in the overall credit metrics and/or further pressure
on the liquidity position, all on a sustained basis, could lead to
negative rating action.

Positive: A significant increase in the scale of operations, along
with an improvement in the overall credit metrics with net leverage
below 3.5x, and an improvement in the liquidity profile, all on a
sustained basis, could lead to a positive rating action.

About the Company

Incorporated in 2000, Famous knit is a partnership firm engaged in
manufacturing knitted garments. The company exports 100% of its
produce to various countries such as the UK, the US , Dubai and
other European countries. Famous Knit's factories are located in
Tirupur, Tamil Nadu. It has their own dyeing unit, printing unit,
with proper effluent system.

FUTURE GROUP: NCLT Admits Affiliate Under Insolvency Process
------------------------------------------------------------
The Economic Times reports that the bankruptcy court on Sept. 23
admitted Future Group's affiliate Acute Retail Infra Pvt Ltd for
Corporate Insolvency Resolution Process (CIRP) in an application
filed by Avendus Finance Pvt Ltd after the company defaulted on its
dues of over INR65 crore.

ET relates that the Mumbai bench of the National Company Law
Tribunal (NCLT) while admitting the company has also appointed
Ramesh M. Shetty as interim resolution professional (IRP) of the
company.

Future Group operates multi-branded retail outlets. The company's
retail chains include department stores, outlet stores, sportswear,
home improvement and consumer durables, supermarket, and
convenience stores as well as food parks.

As reported in the Troubled Company Reporter-Asia Pacific on July
25, 2022, an Indian court agreed to send Future Retail Ltd. into
bankruptcy, allowing the creditors to find a new owner for the
beleaguered retailer that once operated the largest chain of
department stores across the country and was the prized trophy for
two retail sector giants. According to Bloomberg News, the National
Company Law Tribunal on July 20, 2022, gave its verdict on a
petition by Bank of India to start the bankruptcy-resolution
process for the cash-strapped retailer. It dismissed allegations
from the local unit of Amazon.com Inc. that Future Retail's lenders
were colluding with its founders to push the firm into insolvency.

The court also appointed an administrator to take over the
management at Future Retail.


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

The detailed rating action is:

-- INR809.70 mil. Term loan due on December 31, 2035 downgraded
     with IND BB-/Negative (ISSUER NOT COOPERATING) rating.

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

Non-Cooperation by the Issuer

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

Limitations regarding Information Availability

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

About the Company

GRPL generates and sells wind power and leases out commercial
properties, while its parent company, Ghodawat Energy Private
Limited operates in the wind energy generation segment. The
Ghodawat group as a whole has business interests in agriculture,
fast moving consumer goods, wind energy, mining, textiles,
chemicals, education, aviation, labelling and real estate.

GODOLO AND GODOLO: CRISIL Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Godolo and
Godolo Exports Private Limited (GGEPL) continue to be 'CRISIL D
Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit            5.3        CRISIL D (Issuer Not
                                     Cooperating)

   Proposed Long Term     0.2        CRISIL D (Issuer Not
   Bank Loan Facility                Cooperating)

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

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

Detailed Rationale

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

Incorporated in 1995, GGEPL trades in fabrics, such as non-woven
interlinings, suit and shirt interlinings, and cloth accessories,
such as polyurethane tape, water soluble backings, embroidery
felts, and marking products. Mr Ved Pal Kapur, the promoter,
manages operations along with Mr Sandeep Kapur and Mr Vishal
Kapur.


GUJARAT SHARES: Voluntary Liquidation Process Case Summary
----------------------------------------------------------
Debtor: Gujarat Shares and Securities Limited

Registered Address:
        B-35, Swaminarayan Nagar
        No. 2 Mira Char Rasta, Harni Road, Vadadora,
        Ahmedabad, Vadadora
        Gujarat, India, 390022

        Corporate Address:
        Commonwealth Building, 82,
        Nagindas Master Road,
        1st Floor, Fort, Mumbai,
        Maharashtra, India, 400001

Liquidation Commencement Date: September 3, 2024

Court: National Company Law Tribunal, Ahmedabad Bench

Liquidator: Ms. Nayana Premji Savala
     101-A, Vishal Susheel CHS,
            Nariman Road, Vile Parle East,
            Mumbai 400 057 Maharashtra, India
            Email: nalinisavala@gmail.com
            Tel.: 9082605500/9869043453

Last date for
submission of claims: October 2, 2024

GVR BEHARI: Ind-Ra Keeps D Term Loan Rating in NonCooperating
-------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained GVR Behari
Hanumana Tollway Private Limited's (GBHTPL) term loan rating in the
non-cooperating category. The issuer did not participate in the
rating exercise despite continuous requests and follow-ups by the
agency. Therefore, investors and other users are advised to take
appropriate caution while using these ratings. The rating will
continue to appear as 'IND D (ISSUER NOT COOPERATING)' on the
agency's website.

The detailed rating action is:

-- INR1,086.9 bil. Term loan (Long-term) due on October 2025
     maintained in non-cooperating category with IND D (ISSUER NOT

     COOPERATING) rating.

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

Detailed Rationale of the Rating Action

The rating is maintained in the non-cooperating category in
accordance with Ind-Ra's policy, Guidelines on What Constitutes
Non-Cooperation.

Non-Cooperation by the Issuer

Ind-Ra has not received adequate information and has not been able
to conduct management interaction with GBHTPL while reviewing the
rating. Ind-Ra had consistently followed up with GBHTPL. The issuer
has also not been submitting the no default statement since
September 2023.

Limitations regarding Information Availability

Ind-Ra is unable to provide an updated forward-looking view on the
credit rating of GBHTPL, as the agency does not have adequate
information to review the rating. If an issuer does not provide
timely business and financial updates to the agency, it indicates
weak governance, particularly in 'Transparency of Financial
Information'. The agency may also consider this as symptomatic of a
possible disruption / distress in the issuer's credit profile.
Therefore, investors and other users are advised to take
appropriate caution while using these rating.

About the Company

GVR Behari Hanumana Tollway, which is wholly owned by GVR Infra
Projects Ltd, has been granted a 15-year
design-build-fund-operate-transfer concession by Madhya Pradesh
Road Development Corporation for the two-laning of the
Behari-Hanumana section from 110km of National Highway-75(E) to
243km of National Highway-7.

GVR PANNA: Ind-Ra Keeps D Loan Rating in NonCooperating
-------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained GVR Panna
Amanganj Tollway Private Limited's (GATPL) debt ratings in the
non-cooperating category. The issuer did not participate in the
rating exercise despite continuous requests and follow-ups by the
agency. Therefore, investors and other users are advised to take
appropriate caution while using these ratings. The rating will
continue to appear as 'IND D (ISSUER NOT COOPERATING)' on the
agency's website.

The detailed rating action is:

-- INR870.7 mil. Term loan (Long-term) due on November2025   
     maintained in non-cooperating category with IND D (ISSUER NOT

     COOPERATING) rating.

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

Detailed Rationale of the Rating Action

The ratings are maintained in the non-cooperating category in
accordance with Ind-Ra's policy, Guidelines on What Constitutes
Non-Cooperation.

Non-Cooperation by the Issuer

Ind-Ra has not received adequate information and has not been able
to conduct management interaction with GATPL while reviewing the
rating. Ind-Ra had consistently followed up with GATPL. The issuer
has also not been submitting the no default statement.

Limitations regarding Information Availability

Ind-Ra is unable to provide an updated forward-looking view on the
credit rating of GATPL, as the agency does not have adequate
information to review the rating. If an issuer does not provide
timely business and financial updates to the agency, it indicates
weak governance, particularly in 'Transparency of Financial
Information'. The agency may also consider this as symptomatic of a
possible disruption/distress in the issuer's credit profile.
Therefore, investors and other users are advised to take
appropriate caution while using these ratings.

About the Company

GATPL has been granted a 15-year design-build-fund-operate-transfer
concession by Madhya Pradesh Road Development Corporation Limited
for the expansion of a 58.18km part of the Panna-Amanganj section
of State Highway-47 into two lanes.

IDT CLOTHING: CRISIL Keeps D Debt Ratings in Not Cooperating
------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of IDT Clothing
Private Limited (IDT) continue to be 'CRISIL D Issuer Not
Cooperating'.

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

   Export Packing        9.0          CRISIL D (Issuer Not
   Credit                             Cooperating)

   Proposed Long Term    1.5          CRISIL D (Issuer Not
   Bank Loan Facility                 Cooperating)

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

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

Detailed Rationale

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

Established as a partnership firm in 2002 by Mr. Suraj Gupta and
his brother, Mr. Amar Gupta, IDT was reconstituted as a private
limited company in 2006. The company manufactures and exports
ready-made garments for men.


IL&FS GROUP: NCLAT Orders Interim Payment to BKEL Lenders
---------------------------------------------------------
Business Standard reports that the National Company Law Appellate
Tribunal (NCLAT) has ordered an interim payment of 75 per cent of
the total amount deposited in an escrow account to lenders of
Baleshwar Kharagpur Expressway Limited (BKEL), promoted by IL&FS
Transportation Networks Ltd (ITNL).

Passing an order over the plea filed by the State Bank of India,
NCLAT said it failed to see any reasonable grounds for not taking
any decision by the Board for an interim distribution, as per the
Concession Agreement and the Escrow Agreement, Business Standard
relates.

"Interim distribution shall be made to the lenders of 75 per cent
of the amount lying in the escrow account as per the Escrow
Agreement," said NCLAT in its order.

Business Standard says the balance amount is to be used for
operations, maintenance and other payments.

However, it added: "Lenders shall also give an undertaking for a
refund of the amount received, in the event ultimately, it is found
that they were not entitled to the extent of the amount received by
them."

According to Business Standard, SBI had requested the NCLAT to
allow the interim distribution of INR175 crore to the secured
lenders out of funds lying in the escrow account of BKEL.

Business Standard says BKEL did not service its loan after January
31, 2020, and INR236.82 crore was lying in the company's escrow
account as of September 14, 2023.

In the consortium meeting, the lead bank as well as other banks
requested for an interim distribution of cash available with the
company.

BKEL is a special-purpose vehicle promoted by ITNL for the
development of road project in the Baleshwar-Kharagpur section of
NH-60 in Odisha and West Bengal.

A concession agreement was executed between NHAI and BKEL on April
24, 2012, recalls Business Standard. BKEL availed financial
facilities from the State Bank of Patiala and two other banks
namely Allahabad Bank and IL&FS Financial Services.

After the State Bank of Patiala merged with the SBI, SBI became the
lead bank under the Common Loan Agreement. Over the period, BKEL
has been sanctioned a term loan of INR396 crore out of which around
INR146 crore was sanctioned by SBI.

Allowing the plea, NCLAT said: "When the amounts to which lenders
are entitled, which is accumulated in the escrow account and
distribution of amount, which has accumulated with the various
IL&FS entities has already been directed to be distributed on an
application filed by the Union of India, we fail to see any
reasonable ground for not taking any decision by the board for
interim distribution, as per the Concession Agreement and the
Escrow Agreement," Business Standard relays.

ITNL is part of the debt-ridden IL&FS Group.

                           About IL&FS

Infrastructure Leasing & Financial Services Limited (IL&FS) --
https://www.ilfsindia.com/ -- was a non-banking finance company
that provided credit and other services such as debt syndication
and corporate advisory.

The Indian government, in October 2018, stepped in to take control
of crisis-ridden IL&FS by moving the National Company Law Tribunal
(NCLT) to supersede and reconstitute the board of the firm which
has defaulted on a series of its debt payments, according to Indian
Express. This was said to be an attempt to restore the confidence
of financial markets in the credibility and solvency of the
infrastructure financing and development group.


KADAMBRI HEALTHCARE: CRISIL Withdraws D Rating on INR13.05cr Loan
-----------------------------------------------------------------
Due to inadequate information, CRISIL Ratings, in line with SEBI
guidelines, had migrated the rating of Kadambri Healthcare Private
Limited (KHPL) to 'CRISIL D/Issuer not cooperating'. CRISIL Ratings
has withdrawn its rating on bank facility of KHPL following a
request from the company and on receipt of a 'no dues certificate'
from the banker. Consequently, CRISIL Ratings is migrating the
ratings on bank facilities of KHPL to 'CRISIL D' from 'CRISIL D
Issuer Not Cooperating'. The rating action is in line with CRISIL
Ratings' policy on withdrawal of bank loan ratings.

                        Amount
   Facilities        (INR Crore)      Ratings
   ----------        -----------      -------
   Long Term Loan        13.05        CRISIL D (Issuer Not
                                      Cooperating) Withdrawn

KHPL, incorporated in 2015, is managed by Dr Nishant Tyagi and Dr
Ashok Gupta. The company has set up a 50-bed, mother-and-child
hospital at Ghaziabad, specialising in gynaecology and
paediatrics.


KOHINOOR EXIMTEX: CRISIL Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Kohinoor
Eximtex Private Limited (KEPL: Part of the Kohinoor group) continue
to be 'CRISIL D Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit            6          CRISIL D (Issuer Not
                                     Cooperating)

   Proposed Cash          9          CRISIL D (Issuer Not
   Credit Limit                      Cooperating)

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

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

Detailed Rationale

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

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

                          About the Group

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

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

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

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


KONNECTING INDIA: CRISIL Keeps D Debt Rating in Not Cooperating
---------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Konnecting
India (KI) continues to be 'CRISIL D Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit             12        CRISIL D (Issuer Not
                                     Cooperating)

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

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

Detailed Rationale

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

KI, based in Mumbai and established in 2008 by Mr. Anmol Samat and
his mother Ms. Sapna Samat, trades in technical textile fabrics.


KRITIKA ENTERPRISES: CRISIL Keeps D Ratings in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Kritika
Enterprises (KRE) continue to be 'CRISIL D Issuer Not
Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit            3          CRISIL D (Issuer Not
                                     Cooperating)

   Cash Credit            5          CRISIL D (Issuer Not
                                     Cooperating)

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

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

Detailed Rationale

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

KRE, based in Jamshedpur (Jharkhand), trades in iron and steel
products such as iron rod ingots, pig iron, sponge iron, polled
iron, sulphur, hot-rolled coils, and cold-rolled coils. Mr.
Amarnath Singh, Mr. Uday Sankar Prasad, Mr. Suresh Kumar Sharma,
and Mrs. Rita Gupta are partners in the firm and manage its
operations.


L.G. CHAUDHARY: CRISIL Withdraws D Rating on INR16cr Bank Loan
--------------------------------------------------------------
CRISIL Ratings has withdrawn its ratings on the bank facilities of
L.G. Chaudhary (LGC) on the request of the company and receipt of a
no objection certificate from its bank. The rating action is in
line with CRISIL Ratings' policy on withdrawal of its ratings on
bank loans.

                        Amount
   Facilities        (INR Crore)      Ratings
   ----------        -----------      -------
   Bank Guarantee         16          CRISIL D/Issuer Not
                                      Cooperating (Withdrawn)

   Bank Guarantee         10          CRISIL D/Issuer Not
                                      Cooperating (Withdrawn)

   Cash Credit             1.5        CRISIL D/Issuer Not
                                      Cooperating (Withdrawn)

   Term Loan               5.5        CRISIL D/Issuer Not
                                      Cooperating (Withdrawn)

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

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

Detailed Rationale

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

Set up in 2004 as a partnership firm by Mr L G Chaudhary and his
son, Mr G M Chaudhary, Gujarat-based LGC is a Class AA civil
contractor that undertakes road projects.


LAKSHMI STEEL: Ind-Ra Moves BB+ Loan Rating to NonCooperating
-------------------------------------------------------------
India Ratings and Research (Ind-Ra) has revised the Outlook on Shri
Lakshmi Steel Suppliers' (SLSS) bank facilities to Negative from
Stable and migrated the rating to the non-cooperating category. The
ratings are simultaneously withdrawn on the issuer's request.

The detailed rating action is:

-- INR3.0 bil. Fund-based working capital limits* Outlook revised

     to Negative; rating migrated to non-co-operating category;
     and withdrawn.

Note: ISSUER NOT COOPERATING: Issuer did not co-operate; based on
best available information

*Migrated to 'IND BB+'/Negative (ISSUER NOT COOPERATING)/'IND A4+'
(ISSUER NOT COOPERATING) before being withdrawn
WD- Rating withdrawn

Detailed Rationale of the Rating Action

The Outlook revision to Negative indicates the non-cooperation
could be symptomatic of possible disruption/distress in the
issuer's business. The ratings have been migrated to the
non-cooperating category before being withdrawn as the issuer did
not participate in the surveillance exercise, despite continuous
requests and follow-ups by the agency through emails and phone
calls, and has not provided information about latest audited
financial statement, sanctioned bank facilities, business plans and
projections for the next three years. This is in accordance with
Ind-Ra's policy of 'Guidelines on What Constitutes
Non-cooperation'.

Ind-Ra is no longer required to maintain the rating, as the agency
has received no-objection certificate from the lenders and a
withdrawal request from the issuer. This is consistent with
Ind-Ra's Policy on Withdrawal of Ratings.

Non-Cooperation by the Issuer

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

Limitations regarding Information Availability

Ind-Ra is unable to provide an updated forward-looking view on the
credit rating of SLSS, as the agency does not have adequate
information to review the rating. If an issuer does not provide
timely business and financial updates to the agency, it indicates
weak governance, particularly in 'Transparency of Financial
Information'. The agency may also consider this as symptomatic of a
possible disruption / distress in the issuer's credit profile.
Therefore, investors and other users are advised to take
appropriate caution while using these ratings.

About the Company

SLSS was established in 1986 as a proprietorship firm by Vinod
Singhal and was converted into a partnership firm in FY20. It is
engaged in the trading of steel products, namely hot rolled pipes
and sheets, thermo-mechanically treated bars, mild steel and
galvanized iron pipes and structural steel products. The firm has a
registered office in Bengaluru, and it has branches across
Bengaluru, Hubli, Hospet and Mangaluru in Karnataka; Salem,
Madurai, Ranipet in Tamil Nadu; Hindupur in Andhra Pradesh; and
Kozhikode in Kerala.

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

The detailed rating actions are:

-- INR300 mil. Fund Based Working Capital Limit maintained in
     non-cooperating category with IND B+/Negative (ISSUER NOT
     COOPERATING)/IND A4 (ISSUER NOT COOPERATING) rating;

-- INR70 mil. Non-Fund Based Working Capital Limit due on August
     31, 2028 maintained in non-cooperating category with IND A4
     (ISSUER NOT COOPERATING) rating; and

-- INR798.1 mil. Term loan maintained in non-cooperating category

     with IND B+/Negative (ISSUER NOT COOPERATING) rating.

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

Detailed Rationale of the Rating Action

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

Non-Cooperation by the Issuer

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

Limitations regarding Information Availability

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

About the Company

MAPS was established in December 2016 and it commenced operations
in 2018. Its registered office is in Morbi, Gujrat. it manufactures
vitrified tiles, with a total capacity of 33,000 square meters per
day. The company sells its products in domestic as well as
international markets.

MAROLI NH: Ind-Ra Affirms BB+ Term Rating, Outlook Stable
---------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Maroli NH Road
Private Limited's (MNRPL) bank loan rating as follows:

-- INR18.1 mil. (USD 0.29^; reduced from INR52.3 mil.) Senior
     project bank loan due on September 2024 affirmed with IND
     BB+/Stable rating.

^ conversion rate as per hedged rate of USD1 = INR62.05, INR62.5,
INR65 for USD 0.073, 0.120, 0.093 million, respectively

Analytical Approach

Ind-Ra continues to assess the company on a standalone basis to
arrive at the rating because of the restricted payment conditions
and waterfall arrangement, as per the financing documents. Any
contribution by the sponsor, Relcon Infraprojects Limited (Relcon),
in the form of unsecured loans would be subordinated to the rated
senior debt and any interest/principal payable on the same from the
project cash flows shall be made only after complying with the
restricted payment conditions.

Detailed Rationale of the Rating Action

The rating remains constrained by MNRPL's moderate debt structure
and foreign exchange risk. MNRPL's last repayment, along with
accrued interest is due on September 25, 2024, which will be met by
support required from Relcon if the annuity is received later than
the debt service due date. Management has represented that Relcon
will support the company in case of a delay in annuity receipt.
However, the rating continues to be supported by the
availability-based stable cash flows with receipt of 20 annuities
without any material deductions from the counterparty, Roads and
Buildings Department, Government of Gujarat (R&BD, GOG). The rating
also factors in the moderate credit profile of the sponsor, which
has provided an unconditional and irrevocable guarantee to fund any
shortfall in debt servicing. However, Ind-Ra has not provided a
credit enhancement value, given the guarantee would be invoked only
in a post-default scenario.

Detailed Description of Key Rating Drivers

Moderate Debt Structure: The loan will be completely amortized one
year prior (September 2024) to the date of receipt of the last
annuity, leaving a short tail of two annuities. The repayments are
scheduled in March and September every year (same month as annuity
due dates), while interest payments are made in May and November.

Forex Risk: While the principal outstanding and interest rate are
hedged, the exchange rate risk on interest payments persists. The
depreciation of the Indian rupee against the US dollar being higher
than the base case assumption can lead to an increase in interest
payments. However, the sponsor has provided an unconditional and
irrevocable guarantee to fund any additional amount payable due to
exchange/interest rate fluctuations.

Low Revenue Risk Profile: The rating reflects MNRPL's limited
revenue risks, given the fixed availability-based annuity payments
from R&BD, GOG. Each semi-annual payment is sized at INR26.64
million that will be received during March and September every
year, according to the concession agreement. The key credit
strength of project is demonstrated by the timely receipt of 20
annuities without any major deductions within an average of 31 days
from the scheduled annuity date.

Low O&M Risk: The rating benefits from the low complexity of
maintenance requirement due to the less complex road structures on
the project corridor. As per the roughness index report, the
project was observed to be below the threshold limit of 2,500 mm/km
for the entire road, which classifies the road as 'in good'
condition. The concession agreement has listed the time limit for
each type of repair, and the ratification of defects and
deficiencies. An independent engineer will determine whether any
delay has occurred while conducting remedial work on these defects
and shall determine penalties, if payable. The O&M risks are
mitigated to some extent by the sponsor's track record in road
projects with adequate credit profile, and the sponsor support
undertaking to support any shortfall in O&M expenses.  

Robust Sponsor Support Undertaking:  The rating benefits from the
support undertakings provided by Relcon to fund any shortfall/delay
in annuity, a shortfall in debt service reserve, termination
payment shortfall, shortfall in major maintenance, O&M, working
capital expenses, and any penalty imposed by the authority. The
funds injected by the sponsor will be subordinated fully to the
senior debt facility, with no rights to call an event of default.
Relcon undertakes civil construction work in Maharashtra (mainly
Mumbai) and Gujarat, and manufactures ready mix concrete. As per
FY24 provisional financials, the sponsor reported a total income of
INR5,807 million (FY23: INR5,261 million; FY22:INR3,900 million)
and an EBITDA of INR592 million (INR613 million; INR420 million).

Liquidity

Stretched: MNRPL will receive its 21st annuity payment of around
INR26.64 million during September 2024. The available liquidity in
the form of cash and bank balance, and free fixed deposits of
INR4.8 million and the upcoming annuity payment will be used for
the repayment of INR18.11 million that is due by the end-September
2024 and the interest payment. A debt service reserve account
(DSRA) of INR22.5 million, equivalent to half year of principal
repayments and one quarter of interest payments, has been
maintained in accordance with financing documents in the form of
bank guarantee. The DSRA bank guarantee expires by 26 September
2024. Given the debt service coverage ratio (DSCR) of 0.92x for
FY25 as per Ind-Ra's base case and project's vulnerability to
delays in annuity, maintaining of adequate internal liquidity and
timely sponsor support are of utmost importance for timely debt
servicing.

Rating Sensitivities

Negative: Any material delays or deductions in the receipt of
annuity or adverse changes in currency and interest, absent sponsor
support, depletion of liquidity and deterioration in the credit
profile of the sponsor and O&M contractor could result in a
negative rating action.

Positive: The timely receipt of annuities and the timely renewal of
the DSRA bank guarantee, any further improvement in the project's
performance, resulting in the minimum DSCR exceeding 1.1x during
the debt tenor could result in a positive rating action.

About the Company

MNRPL is a special purpose vehicle promoted by Relcon. It has been
incorporated to implement the two-laning of National Highway Maroli
section (0.70km to 15.60km) on National Highway 8 in Gujarat under
a design, build, finance, operate and transfer (annuity basis)
model. The 13-year concession has been awarded by the R&BD, GoG.
Relcon has over three decades of experience in the civil
construction industry, especially roads and buildings.

NAGMATI PAPERS: CRISIL Lowers Rating on INR14cr Cash Loan to C
--------------------------------------------------------------
CRISIL Ratings has downgraded its ratings on the bank loan
facilities of Nagmati Papers LLP (NPL) to 'CRISIL C/CRISIL A4' from
'CRISIL BB/Stable/CRISIL A4+'.

                        Amount
   Facilities        (INR Crore)      Ratings
   ----------        -----------      -------
   Bank Guarantee         1.7         CRISIL A4 (Downgraded from
                                      'CRISIL A4+')

   Cash Credit           14           CRISIL C (Downgraded from
                                      'CRISIL BB/Stable')

   Term Loan             13.5         CRISIL C (Downgraded from
                                      'CRISIL BB/Stable')

   Working Capital        4.07        CRISIL C (Downgraded from
   Term Loan                          'CRISIL BB/Stable')

   Working Capital         2.5        CRISIL C (Downgraded from
   Term Loan                          'CRISIL BB/Stable')

The downgrade reflects the shutdown of the firm's manufacturing
facility in April 2024 due to the slowdown in demand for craft
paper. The revenue is expected to remain modest in fiscal 2025 and
recommencement of operations is uncertain. The firm's ability to
service debt will be monitorable.

The ratings reflect the susceptibility of the firm's operating
margin to volatility in the price of kraft paper, its fluctuating
scale of operations and exposure to intense competition. These
weaknesses are partially offset by the extensive experience of the
partners and the firm's moderate capital structure

Key Rating Drivers & Detailed Description

Weaknesses:

* Operating margin susceptible to volatility in raw material
prices: The operating margin is susceptible to volatility in the
price of kraft paper. The packaging industry is fragmented because
of low entry barriers, due to limited capital and technology
requirements, small gestation period and easy availability of raw
materials. This restricts substantial ramp-up of operations and
exerts pricing pressure on players.

* Fluctuating scale of operations and exposure to intense
competition: Revenue moderated to INR85.59 crore in fiscal 2024 as
intense competition limited pricing power and constrained
profitability. The revenue is expected to remain modest at around
INR10 crore in fiscal 2025 as the firm's manufacturing facility was
shut down in April 2024. The industrial paper industry in India is
highly fragmented with more than 350 paper mills, and nearly 90% of
the output comes from small and unorganised players. Overcapacity
and limited product differentiation add to the competitive pressure
and may continue to constrain scalability, pricing power and
profitability.

Strengths:

* Extensive experience of the promoters: The promoters have
extensive experience in the industrial paper industry. This has
given them a strong understanding of the market dynamics and
enabled them to establish healthy relationships with suppliers and
customers.

* Moderate capital structure: The firm had a networth of INR20.39
crore, gearing of 0.89 times and total outside liabilities to
tangible networth ratio of 1.71 times as on March 31, 2024.
Sustained improvement in the capital structure will remain a key
rating sensitivity factor over the medium term

Liquidity: Poor

Bank limit utilization was moderate at 80.42% on average for the 12
months through May 2024. The current ratio was healthy at 1.55
times on March 31, 2024. The promoters have infused funds in the
firm to meet its debt obligation. Liquidity to manage the debt
obligation will remain monitorable over the medium term

Rating sensitivity factors

Upward factors:

* Commencement of operations with sustained revenue growth of 25%
and improvement in the operating margin
* Improvement in the financial risk profile

Downward factors:

* Delay in the debt servicing
* Stretch in the working capital cycle with gross current assets
above 100 days

Set up in September 2018 by Mr Gajendra Lalji Fefar, Mr Hitesh
Bhogilal Kanabar and Mr Ravi Mavji Gami, NPL is a partnership firm
and manufactures kraft paper in Morbi, Gujarat


NEELKANTH TOWN: CRISIL Keeps B Debt Ratings in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Neelkanth
Town Planners Private Limited (NTPL) continue to be 'CRISIL
B/Stable Issuer Not Cooperating'.

                        Amount
   Facilities         (INR Crore)    Ratings
   ----------         -----------    -------
   Proposed Long Term
   Bank Loan Facility      10        CRISIL B/Stable (Issuer Not
                                     Cooperating)

   Term Loan               18        CRISIL B/Stable (Issuer Not
                                     Cooperating)

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

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

Detailed Rationale

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

NTPL was set up in 1995 by Mr. Ravinder Taneja and Mr. N D Taneja,
of the TDI group. In 2005, the company was taken over by the
current promoters, Mr. Parveen Arora and Mr. Shubham Sogani. The
company is undertaking a premium residential project, Ourania, at
Golf Course Road, Gurgaon. The project is nearing completion and
the company is expected to hand over possession by December 2015.
Construction of the school and clubhouse in the project is expected
to be completed by March 2016 and December 2015, respectively.


NEXG SPACE: Ind-Ra Assigns BB Term Loan Rating, Outlook Stable
--------------------------------------------------------------
India Ratings and Research (Ind-Ra) has rated NEXG Space Creators'
(NSC) proposed term loan as follows:

-- INR500 mil. Proposed term loan assigned with IND BB/Stable
     rating.

Detailed Rationale of the Rating Action

The rating reflects NSC's small scale of operations and stretched
liquidity. In FY25, Ind-Ra expects a marginal improvement in the
scale of operations, backed by the company's diversified unexecuted
orders. The rating is supported by healthy EBITDA margins,
comfortable credit metrics and experienced promoters. The agency
expects NSC's EBITDA margins to sustain in FY25, on account of
better absorption of fixed costs, while its credit metrics would
improve marginally.

Detailed Description of Key Rating Drivers

Small Scale of Operations: As per the provisional numbers of FY24,
NSC's revenue declined to INR520.75 million (FY23: INR818.62
million) with an EBITDA of INR26.98 million (INR30.42 million). The
increase in its revenue in FY23 was on account of the execution of
a large civil construction contract, after which its revenue
normalized. In FY24, NSC generated majority of its revenue from
interior contracting work majority from Chennai, Hyderabad and
Bengaluru. The scale of operations remained small. In FY25, Ind-Ra
expects a marginal improvement in the revenue, backed by unexecuted
orders of INR196.51 million, as of August 2024. For 4MFY25, the
company booked revenue of INR90 million.

Stretched Liquidity: NSC has scheduled debt repayments of INR11.3
million and INR1.9 million in FY25 and FY26, respectively.
Furthermore, the company does not have any capital market exposure
and relies on banks and financial institutions to meet its funding
requirements. NSC does not have any fund-based facilities and is
meeting the working capital requirements from internal accruals.

Healthy EBITDA Margins: In FY24, NSC's EBITDA margins increased to
5.18% (FY23: 3.72%) due to a decline in cost of executing the
contracts as the majority of contracts executed were interior
contracts, which have lower cost than that of civil contracts. The
return on capital employed stood at 23.6% in FY24 (FY23: 29.1%).
Material and labor charges are the major costs incurred for
executing its contracts. In FY25, Ind-Ra expects the EBITDA margins
to sustain on account of better absorption of fixed costs.  

Comfortable Credit Metrics: NSC's gross interest coverage
(operating EBITDA/gross interest expense) increased to 19.69x in
FY24 (FY23: 13.23x) and the net leverage (adjusted net
debt/operating EBITDA) declined to 0.49x (FY23: 1.71x) on account
of the decline in debt obligations due to the closure of its
overdraft facility in September 2023 and schedule debt repayment.
In FY25, Ind-Ra expects a marginal improvement in the credit
metrics on account of the increase of its overall EBITDA and the
schedule debt repayments.

Experienced Promoters: The promoters nearly have more than a decade
of experience in interior contracting, leading to established
relationships with customers as well as suppliers.

Liquidity

Stretched: In FY24, NSC's net working capital cycle reduced to 4
days (FY23: 13 days), with debtor period of 8 days (19 days) and
creditors period of 34 days (17 days).  In FY24, the cash flow from
operations turned positive at INR36.55 million (FY23: negative
INR45.63 million) due to favorable changes in the working capital.
Furthermore, its free cash flow improved to INR48.34 million in
FY24 (FY23: negative INR54.32 million) on account of the sale of an
asset. At FYE24, the cash and cash equivalent stood at INR4.94
million (FYE23: INR0.12 million).

Rating Sensitivities

Negative: Any decline in the scale of operations, leading to
deterioration in the credit metrics with the interest coverage
reducing below 2x and/or the liquidity profile, all on a sustained
basis, will be negative for the rating.

Positive: A significant increase in the scale of operations, along
with an improvement in the overall credit metrics and the liquidity
profile, all on a sustained basis, could lead to a positive rating
action.

About the Company

NSC, which was incorporated as partnership firm in 2012, provides
interior contracting services. The partners of the firm are K
Vadivelan and C Sudhakar. The Chennai-headquartered company has
branches in Hyderabad and Bengaluru.  

OCEAN MOTORS: CRISIL Keeps B+ Debt Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Ocean Motors
Private Limited (OMPL) continue to be 'CRISIL B+/Stable Issuer Not
Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit             13        CRISIL B+/Stable (Issuer Not
                                     Cooperating)

   Channel Financing       10        CRISIL B+/Stable (Issuer Not
                                     Cooperating)

   Inventory Funding        4        CRISIL B+/Stable (Issuer Not
   Facility                          Cooperating)

   Inventory Funding        5        CRISIL B+/Stable (Issuer Not
   Facility                          Cooperating)

   Inventory Funding        5        CRISIL B+/Stable (Issuer Not
   Facility                          Cooperating)

   Inventory Funding       12        CRISIL B+/Stable (Issuer Not
   Facility                          Cooperating)

   Long Term Loan           4        CRISIL B+/Stable (Issuer Not
                                     Cooperating)

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

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

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

Detailed Rationale

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

OMPL was incorporated in April 2011, by Mr. Mahendra Patel and Mr.
Ravi Nadar. The company is engaged in dealership of Maruti MSIL's
passenger cars in Indore (Madhya Pradesh). The company has 6
showrooms in Indore and its nearby locations.


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

The detailed rating actions are:

-- INR202.5 mil. Fund Based Working Capital Limit maintained in
     non-cooperating category with IND BB-/Negative (ISSUER NOT
     COOPERATING)/IND A4+ (ISSUER NOT COOPERATING) rating;

-- INR194.84 mil. Term loan due on June 30, 2029 maintained in
     non-cooperating category with IND BB-/Negative(ISSUER NOT
     COOPERATING) rating.

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

Detailed Rationale of the Rating Action

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

Non-Cooperation by the Issuer

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

Limitations regarding Information Availability

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

About the Company

Incorporated in 2019, OEPL manufactures dairy products such as
clarified butter, skimmed milk powder and pasteurized milk. It has
a plant in Indore with a daily milk processing capacity of 2,25,000
liters.

OZONE GRANITES: CRISIL Keeps B+ Debt Ratings in Not Cooperating
---------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Ozone
Granites Private Limited (OGPL) continue to be 'CRISIL B+/Stable
Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit           3.5         CRISIL B+/Stable (Issuer Not
                                     Cooperating)

   Long Term Loan        2.0         CRISIL B+/Stable (Issuer Not
                                     Cooperating)

   Proposed Working      0.5         CRISIL B+/Stable (Issuer Not
   Capital Facility                  Cooperating)

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

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

Detailed Rationale

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

Set up in 2012, Ernakulam (Kerala)-based OGPL manufactures blue
metals and M-Sand. The company is promoted by Mr. PM Ashraf, Mr. PM
Basheer, and Mr. PM Nazar.


PALA DIOCESAN: Ind-Ra Hikes Bank Loan Rating to BB, Outlook Stable
------------------------------------------------------------------
India Ratings and Research (Ind-Ra) has upgraded Pala Diocesan
Medical Education Trust's (PDMET) bank facilities rating to 'IND
BB' from 'IND BB-'. The Outlook is Stable.

The detailed rating actions are:

-- INR1,684.75 bil. (reduced from INR1,692.17 bil.) Bank loans
     upgraded with IND BB/Stable rating;

-- INR170 mil. Fund-based working capital facility* upgraded with

     IND BB/Stable rating; and

-- INR137.83 mil. Proposed bank loans* upgraded with IND
     BB/Stable rating.

*INR50 million has been transferred from the proposed bank loans
to fund-based working capital facility.

Detailed Rationale of the Rating Action

The rating upgrade reflects growth in PDMET's revenues and EBITDA
margins, and an improvement in its hospital statistics in FY24. The
upgrade further reflects Ind-Ra's expectation that the trust will
sustain the improvement in its operating performance in the near to
medium term, owing to the increased tariff for the services
provided at its hospital. The ratings, however, are constrained by
PDMET's high debt burden, low debt service coverage and stretched
liquidity. The ratings are further supported by the long experience
of the trust's management and continued financial support provided
by the trustees and Pala Diocese (a body).

Detailed Description of Key Rating Drivers

High Debt Burden and Low Debt Service Coverage: Ind-Ra expects the
trust's debt burden to remain high and coverage ratio to remain low
at least till FY28, and the trust would continue to depend on
corpus donation and unsecured loans from the trustees and Pala
Diocese. PDMET's net leverage (net debt/EBITDA) improved, but
remained high at 8.56x in FY24 (FY23: 14.28x). Also, while the
interest coverage (EBITDA/interest expenses) improved to 1.25x in
FY24 (FY23: 0.86x), the debt service coverage (EBITDA/debt service)
remained low at 0.57x (0.41x). Both net leverage and interest
coverage improved due to an increase in EBITDA in FY24 to INR220.59
million (FY23: INR129.89 million). During FY20-FY24, the trustees
of PDMET and Pala Diocese continuously supported the trust by
providing funds in the form of corpus donations and unsecured
loans, which were used by the trust for debt servicing and funding
capex requirement.

Modest EBITDA Margins: Ind-Ra expects the trust's EBITDA margin to
remain between 10%-15% in the next couple of years. PDMET reported
an increasing trend in EBITDA margins during FY21-FY24; however, it
remained modest at 9.83% in FY24 (FY23: 6.39%). The increase in
EBITDA margin is attributed to the higher yoy growth in the
operating income than in the operating expenditure. Although the
trust reported a deficit during FY20-FY24, it reduced to INR156.69
million in FY24 (FY23: INR234.43 million). The trust reported
positive cash accrual (surplus/(deficit) + depreciation) of
INR43.93 million in FY24 (FY23: negative INR20.70 million).

Stretched Liquidity: Despite the improvement in the operating
performance, Ind-Ra expects the trust's liquidity to remain
stretched in the near- to medium-term. The average monthly maximum
utilization of its INR170 million fund-based working capital limit
was high at 97% for the 12 months ended July 2024. The trust has
also availed a temporary overdraft facility in the past 12 months.
The cash flow from operations declined marginally to INR203.44
million in FY24 (FY24: INR218.23 million) due to unfavorable
changes in working capital. PDMET will continue rely on the
unsecured loans and donations provided by the trustees to meet its
scheduled debt service commitments of INR453 million in FY25 and
INR461 million in FY26.

Growing Revenue: Ind-Ra expects the trust's revenue to grow, albeit
moderately, in the near-to-medium term. PDMET's total revenue
increased 10.33% yoy to INR2,243.23 million in FY24, driven by the
hospital revenue. The hospital revenue increased 10.20% yoy to
INR2,178.32 million in FY24, led by an increase in the number of
patient visits and occupancy rates. Hospital revenue remains as the
main source of revenue with an average contribution of 97% during
FY20-FY24. PDMET's hospital revenue is likely to increase as the
trust had increased the tariff rates for hospital in 4QFY24.

Moderate Hospital Statistics: Ind-Ra expects a gradual improvement
in the trust's operating performance in the near- to medium-term.
PDMET's operational performance improved, but remained moderate in
FY24. Patient visits in PDMET's hospital increased to 4,29,389 in
FY24 (FY23: 4,26,199), with the occupancy rate rising to 45% (42%).
During April-August 2024, the average occupancy rate of the trust's
hospital improved to 62%. The average length of inpatient stay
remained 4 days during FY23-FY24. Furthermore, the student strength
of the nursing college run by the trust increased to 267 in FY24
(FY23: 245) and the capacity utilization increased to 82% (78%).

Experienced Management and Financial Support: The ratings continue
to benefit from PDMET's operational track record of nearly two
decades and adequate financial support from the trustees. Ind-Ra
expects the trustees to continue to offer support to PDMET as and
when required.

Liquidity

Stretched: PDMET's unencumbered cash and bank balance increased to
INR79.20 million at FYE24 (FYE23: INR14.68 million). The receivable
days remained low but increased to 15 days in FY24 (FY23: nine
days). PDMET will continue rely on unsecured loans and donations
provided by the trustees to meet its scheduled debt service
commitments of INR453 million in FY25 and INR461 million in FY26.

Rating Sensitivities

Negative: Events that may, individually or collectively, lead to a
negative rating action or Negative Outlook are:

- deterioration in the hospital's operational performance, and

- the lack of financial support from the trustees in the form of
unsecured loans and donations.

Positive: Growth in the operating performance while EBITDA margins
exceeding 15% along with an improvement in interest coverage and
liquidity, all on sustained basis, could be positive for the
ratings.

About the Company

PDMET was established as a public charitable trust in 2005 in
Kottayam, Kerala. It runs a nursing college named Mar Sleeva
College of Nursing, which offers Bachelor of Nursing, Post Basic
Bachelor of Nursing and Master of Nursing courses. It also manages
a quaternary care hospital (Mar Sleeva Medicity) with a capacity of
700 beds (648 beds are operational) which is accredited by National
Accreditation Board for Hospitals & Healthcare Providers.

PANCHDEO FLOUR: CRISIL Keeps B+ Debt Ratings in Not Cooperating
---------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Panchdeo
Flour Mills Llp (PFM) continue to be 'CRISIL B+/Stable Issuer Not
Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Proposed Cash           3.5       CRISIL B+/Stable (Issuer Not
   Credit Limit                      Cooperating)

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

   Proposed Working        6         CRISIL B+/Stable (Issuer Not
   Capital Facility                  Cooperating)

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

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

Detailed Rationale

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

Established in 2019, PFM is currently setting up mills for milling
wheat, gram, other grains and cereals, dal, besan, maida, atta,
sooji and other allied products with an installed capacity of 4500
MT per month. The plant is expected to be commissioned in May 2021
in fiscal 2022. PFM is owned & managed by Mrs. Neetu Singhania and
her relatives.


PARAMESWARA COTTON: CRISIL Keeps B+ Ratings in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Parameswara
Cotton Mills (PCM) continue to be 'CRISIL B+/Stable Issuer Not
Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit            9.0        CRISIL B+/Stable (Issuer Not
                                     Cooperating)

   Long Term Loan         0.7        CRISIL B+/Stable (Issuer Not
                                     Cooperating)

   Proposed Long Term     0.3        CRISIL B+/Stable (Issuer Not
   Bank Loan Facility                Cooperating)

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

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

Detailed Rationale

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

PCM, set up in 1972 and promoted by Mr K Nageswara Rao, gins and
presses cotton. The firm is based in Guntur, Andhra Pradesh.


PARI AGRI: CRISIL Keeps B+ Debt Ratings in Not Cooperating
----------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Pari Agri
Grain Industries Private Limited (PAGIPL) continue to be 'CRISIL
B+/Stable Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit            8          CRISIL B+/Stable (Issuer Not
                                     Cooperating)

   Proposed Long Term     4          CRISIL B+/Stable (Issuer Not
   Bank Loan Facility                Cooperating)

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

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

Detailed Rationale

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

Established as Jai Shree Balaji Warehousing and Real Estate Pvt Ltd
in December 2011, PAGIPL got its current name in 2015. PAGIPL
trades chickpeas, wheat, jowar and soyabean and its registered
office is situated at Dewas, Madhya Pradesh. The company has also
forayed into exports recently.


PATNA BAKHTIYARPUR: Ind-Ra Keeps D Loan Rating in NonCooperating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained Patna
Bakhtiyarpur Tollway Limited's bank loan rating in the
non-cooperating category. The issuer did not participate in the
rating exercise despite continuous requests and follow-ups by the
agency. Therefore, investors and other users are advised to take
appropriate caution while using these ratings. The rating will
continue to appear as 'IND D (ISSUER NOT COOPERATING)' on the
agency's website.

The detailed rating action is:

-- INR7,145.89 bil. Bank loans (Long-term) maintained in non-
     cooperating category with IND D (ISSUER NOT COOPERATING)
     rating.

Note: ISSUER NOT COOPERATING: The issuer did not cooperate, based
on the best available information

Detailed Rationale of the Rating Action

The rating is maintained in the non-cooperating category in
accordance with Ind-Ra's policy, Guidelines on What Constitutes
Non-Cooperation.

Non-Cooperation by the Issuer

Ind-Ra has not received adequate information and has not been able
to conduct management interaction with Patna Bakhtiyarpur Tollway
while reviewing the rating. Ind-Ra had consistently followed up
with Patna Bakhtiyarpur Tollway through phone calls and emails. The
issuer has also not been submitting the no default statement since
September 2023.

Limitations regarding Information Availability

Ind-Ra is unable to provide an updated forward-looking view on the
credit rating of Patna Bakhtiyarpur Tollway, as the agency does not
have adequate information to review the rating. If an issuer does
not provide timely business and financial updates to the agency, it
indicates weak governance, particularly in 'Transparency of
Financial Information'. The agency may also consider this as
symptomatic of a possible disruption/distress in the issuer's
credit profile. Therefore, investors and other users are advised to
take appropriate caution while using the rating.

About the Company

Patna Bakhtiyarpur Tollway is a special-purpose vehicle
incorporated to implement a 50.65km-lane expansion (four-laning)
between Anisabad in Patna and Bakhtiyarpur on the National
Highway-30 in Bihar under an 18-year concession from the National
Highways Authority of India National Highway Authority of India
('IND AAA'/Stable).

PN STEEL: Liquidation Process Case Summary
------------------------------------------
Debtor: P N Steel Traders Private Limited
Office No. 6, 3rd Floor, Shahviri Building
        37/41. R.S. Sapre Marg,
        Kalbadevi, Mumbai - 400 002

Liquidation Commencement Date: September 2, 2024

Court: National Company Law Tribunal, Mumbai Bench

Liquidator: Mr. S. Gopalakrishnan
     203, the Ghatkopar Neelkanth CHS,
            Jethabhai Lane,
            Ghatkopar East, Mumbai-400077
            Email: gopi63.ip@gmail.com
            Email: cirp.pnsteel@gmail.com

Last date for
submission of claims: October 2, 2024


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

The detailed rating actions are:

-- INR250 mil. Fund Based Working Capital Limit maintained in
     non-cooperating category with IND D (ISSUER NOT COOPERATING)
     rating;

-- INR220 mil. Non-Fund Based Working Capital Limit maintained in

     non-cooperating category with IND D (ISSUER NOT COOPERATING)
     rating; and

-- INR57.3 mil. Term loan due on March 31, 2023 maintained in
     non-cooperating category with IND D (ISSUER NOT COOPERATING)
     rating.

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

Non-Cooperation by the Issuer

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

Limitations regarding Information Availability

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

About the Company

Poggenamp Nagarsheth Powertronics is a company established in 1982
and promoted by Gauttam Nagarsheth and Gaurang Nagarsheth. The
company manufactures electrical motor components such as motor
stampings and laminations, rotors and stators among others, and has
an installed capacity of 15,000 metric ton per annum at Kheda
(Ahmedabad).

PRAYOSHA HEALTHCARE: CRISIL Keeps B Ratings in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Prayosha
Healthcare Private Limited (PHPL) continue to be 'CRISIL B/Stable
Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)      Ratings
   ----------        -----------      -------
   Cash Credit            4.0         CRISIL B/Stable (Issuer Not
                                      Cooperating)

   Long Term Loan         0.5         CRISIL B/Stable (Issuer Not
                                      Cooperating)

   Rupee Term Loan        3.5         CRISIL B/Stable (Issuer Not
                                      Cooperating)

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

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

Detailed Rationale

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

PHPL was incorporated in 2005, promoted by Mr. R.M. Patel, Mr.
Tushar Patel and Ms. Chetnaben Patel. The company, based in
Ankleshwar, Gujarat, is into manufacturing of Active Pharmaceutical
Ingredient (API).



PURNA FISHERIES: CRISIL Keeps B Debt Ratings in Not Cooperating
---------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Purna
Fisheries Private Limited (PFPL) continue to be 'CRISIL B/Stable
Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit            15         CRISIL B/Stable (Issuer Not
                                     Cooperating)

   Proposed Long Term      4         CRISIL B/Stable (Issuer Not
   Bank Loan Facility                Cooperating)

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

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

Detailed Rationale

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

Incorporated in fiscal 2014, PFPL is promoted by Mr Nagre. The
company is engaged in fish farming at Yeldar reservoir on the Purna
River in Parbhani, Maharashtra, spread across 6272 hectare (16,000
acre).


PURUSHOTTAM JAIRAM: CRISIL Keeps B- Ratings in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Purushottam
Jairam & Co. (PJC) continue to be 'CRISIL B-/Stable Issuer Not
Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit            2.5        CRISIL B-/Stable (Issuer Not
                                     Cooperating)

   Letter of Credit       9          CRISIL B-/Stable (Issuer Not
                                     Cooperating)

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

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

Detailed Rationale

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

PJC was originally established in 1964 as a proprietorship firm by
Mr. Purushottam Jairam Tank, and later was reconstituted as a
partnership between Mr. Purushottam Jairam Tank and Mr. Mitesh
Tank. The firm trades in and processes timber logs. It has a
timber-processing plant in Lakadganj, Nagpur (Maharashtra).


QUALITY HYBRID: CRISIL Keeps B Debt Ratings in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Quality
Hybrid Seeds Company (QHSC) continue to be 'CRISIL B/Stable Issuer
Not Cooperating'.

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

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

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

   Term Loan              0.88        CRISIL B/Stable (Issuer Not
                                      Cooperating)

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

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

Detailed Rationale

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

Established in 2000 as a proprietorship firm by Mr Naresh Agarwal,
QHSC processes different types of seeds at its units in Hisar,
Haryana, which have total capacity of 16 tonne per hour.


QULUX TILES: CRISIL Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Qulux Tiles
LLP (QTL) continue to be 'CRISIL D/CRISIL D Issuer Not
Cooperating'.

                        Amount
   Facilities        (INR Crore)      Ratings
   ----------        -----------      -------
   Bank Guarantee        1.2          CRISIL D (Issuer Not
                                      Cooperating)

   Bank Guarantee        0.5          CRISIL D (Issuer Not
                                      Cooperating)

   Cash Credit           4.3          CRISIL D (Issuer Not
                                      Cooperating)

   Term Loan            12.5          CRISIL D (Issuer Not
                                      Cooperating)

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

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

Detailed Rationale

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

Established in October 2017, QTL is setting up a unit for
manufacturing ceramic wall tiles. The manufacturing facility in
Morbi has installed capacity of 45,000 tonne per annum. The firm
has 16 partners, including Mr Anilbhai Laljibhai Varmora, Mr Hardik
Premjibhai Patel, and Mr Sandip Prabhulal Merja. Commercial
operations are estimated to have started in January 2019.


R.N. DWIVEDI: CRISIL Keeps D Debt Rating in Not Cooperating
-----------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of R.N. Dwivedi
Foundation (RNDF) continues to be 'CRISIL D Issuer Not
Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Term Loan              7.3        CRISIL D (Issuer Not
                                     Cooperating)

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

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

Detailed Rationale

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

Set up in 2015, RNDF runs a school at Patna (Bihar). The school is
affiliated to CBSE, and also offers bachelor's programmes in
computer applications and business administration. Operations are
currently managed by Dr Sanjay Ranjan.


RAIPUR MOTOR: CRISIL Keeps B Debt Rating in Not Cooperating
-----------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Raipur Motor
Engineering Works (RMEW) continues to be 'CRISIL B/Stable Issuer
Not Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit            15         CRISIL B/Stable (Issuer Not
                                     Cooperating)

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

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

Detailed Rationale

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

RMEW was set up in 1930 by the Late Mr Narayan Pithalia as an
automobile workshop. Since July 1989, the firm has been an
appointed dealer of SML Isuzu Ltd.'s products in Chhattisgarh. The
partners are Kishore Pithalia, Kailash Pithalia, Jayesh Pithalia,
Hitesh Pithalia, Bhupesh Pithalia, and Bharat Pithalia.


RAJ TRADERS: CRISIL Keeps B Debt Ratings in Not Cooperating
-----------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Raj Traders -
Shahjahanpur (RT) continue to be 'CRISIL B/Stable Issuer Not
Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Proposed Cash          0.50       CRISIL B/Stable (Issuer Not
   Credit Limit                      Cooperating)

   Proposed Cash          0.75       CRISIL B/Stable (Issuer Not
   Credit Limit                      Cooperating)

   Proposed Fund-         2.13       CRISIL B/Stable (Issuer Not
   Based Bank Limits                 Cooperating)

   Proposed Term Loan     0.62       CRISIL B/Stable (Issuer Not
                                     Cooperating)

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

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

Detailed Rationale

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

RT, set up in 2016 at Shahajahanpur (Uttar Pradesh), trades in
mobile phones; it is also starting a manufacturing unit to make
non-polythene carry bags. Mr Anuj Agarwal and family are the
promoters.


RAJARATHNAM CONSTRUCTION: CRISIL Withdraws D Rating on LT Loan
--------------------------------------------------------------
Due to inadequate information, CRISIL Ratings, in line with SEBI
guidelines, had migrated the rating of Rajarathnam Construction
Private Limited (RCPL) to 'CRISIL D/Issuer not cooperating'. CRISIL
Ratings has withdrawn its rating on bank facility of RCPL following
a request from the company and on receipt of a 'no dues
certificate' from the banker. Consequently, CRISIL Ratings is
migrating the ratings on bank facilities of RCPL to 'CRISIL D' from
'CRISIL D/Issuer Not Cooperating'. The rating action is in line
with CRISIL Ratings' policy on withdrawal of bank loan ratings.

                        Amount
   Facilities        (INR Crore)      Ratings
   ----------        -----------      -------
   Long Term Loan         4.1         CRISIL D (ISSUER NOT
                                      COOPERATING) Withdrawn

RCPL was set up in 1992 as a proprietorship concern in Chennai. The
firm was reconstituted as a private limited company under its
current name in 2000. The company develops residential real estate
and its operations are managed by the managing director, Mr
Rathinam.


RAM TRADERS: CRISIL Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Sri Ram
Traders - Namakkal (SRT) continues to be 'CRISIL D Issuer Not
Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit            8          CRISIL D (Issuer Not
                                     Cooperating)

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

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

Detailed Rationale

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

Based in Namakkal (Tamil Nadu), SRT trades in poultry feed such as
maize, soya, rice, and jowar. All its supplies are to sister
concern Aishwarya Feeds, which manufactures poultry feed.


RAMGARH SPONGE: Ind-Ra Withdraws B+ Term Rating
-----------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn the ratings of
Ramgarh Sponge Iron Private Limited (RSIPL)'s bank facilities as
follows:

-- The 'IND B+ (ISSUER NOT COOPERATING)/IND A4 (ISSUER NOT
     COOPERATING)' rating on the INR50 mil. Fund-based working  
     capital limit is withdrawn; and

-- The 'IND B+ (ISSUER NOT COOPERATING)/IND A4 (ISSUER NOT
     COOPERATING)' rating on the INR26 mil. Non-fund-based working

     capital limit is withdrawn.

Ind-Ra is no longer required to maintain the ratings, as the agency
has received no dues certificates from the lenders and withdrawal
request from the issuer. This is consistent with Ind-Ra's Policy on
Withdrawal of Ratings. Ind-Ra will no longer provide analytical and
rating coverage for the company.

About the Company

Incorporated in 2004, RSIPL manufactures sponge iron at its
facility in Jharkhand.

RAVISUM PROCESSING: CRISIL Keeps B- Ratings in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Ravisum
Processing (RP) continue to be 'CRISIL B-/Stable Issuer Not
Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit             9         CRISIL B-/Stable (Issuer Not
                                     Cooperating)

   Rupee Term Loan         4         CRISIL B-/Stable (Issuer Not
                                     Cooperating)

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

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

Detailed Rationale

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

Set up in 2010, RP is promoted by Mr. Sidharth Ahlawat and Ms.
Sumitra Ahlawat. The firm, based in Ludhiana, Punjab, manufactures
carpet and blankets.


RELIANCE COMM: NCLAT Rejects Tax Claim After Start of Insolvency
----------------------------------------------------------------
The Economic Times reports that the NCLAT has set aside a petition
filed by the state tax department claiming dues from Reliance
Communications (RCom) observing that it was based on the assessment
made after the initiation of insolvency resolution process against
the debt-ridden firm. A two-member NCLAT bench upheld the earlier
order passed by the Mumbai bench of the National Company Law
Tribunal (NCLT), which had rejected the state tax department's
second claim of INR6.10 crore, ET says.

Corporate Insolvency Resolution Process (CIRP) against RCom was
initiated on June 22, 2019. The state tax department had filed two
claims.

According to ET, the first claim was filed on July 24, 2019 for
INR94.97 lakh and a second claim was filed on November 15, 2021 for
INR6.10 crore, which arose out of an assessment order dated August
30, 2021.

The NCLT had admitted the first claim, which was passed before the
initiation of CIRP. However, it did not accept the claim which was
based on an assessment order passed in 2021.

The Committee of Creditors (CoC) of RCom also approved the plan on
March 2, 2020, and the subsequent claim was filed by the state tax
department on Nov. 15, 2021.

The said order was challenged by the state tax department before
the National Company Law Appellate Tribunal (NCLAT), contending
that NCLT ought to have accepted the entire claim.

However, it was also rejected by NCLAT observing that the
subsequent claim was filed after the approval of the plan of CoC.
It upheld the view taken by NCLT that delay in filing the second
claim cannot be condoned.

"Apart from the reasons given by the Adjudicating Authority (NCLT),
we are of the view that the claim which was on the basis of the
assessment made subsequent to the initiation of CIRP could not have
been admitted," said the NCLAT bench comprising Chairperson Justice
Ashok Bhushan and Arun Baroka.

"We thus do not find any error in the order passed by the
Adjudicating Authority partly allowing the application. There is no
merit in the appeal. The appeal is dismissed," it further said.

                   About Reliance Communications

Based in Mumbai, India, Reliance Communications Ltd is a
telecommunications service provider. The Company operates through
two segments: India Operations and Global Operations. India
operations segment comprises wireless telecommunications services
to retail customers through global system for mobile communication
(GSM) technology-based networks across India; voice, long distance
services and broadband access to enterprise customers; managed
Internet data center services, and direct-to-home (DTH) business.
Global operations comprise Carrier, Enterprise and Consumer
Business units. It provides carrier's carrier voice, carrier's
carrier bandwidth, enterprise data and consumer voice services. The
Company owns and operates Internet protocol (IP) enabled
connectivity infrastructure, comprising over 280,000 kilometers of
fiber optic cable systems in India, the United States, Europe,
Middle East and the Asia Pacific region.  

The National Company Law Tribunal on May 9, 2019, allowed Reliance
Communications (RCom) to exclude the 357 days spent in litigation
and admitted it for insolvency.  With this, RCom, which owes over
INR50,000 crore to banks, has become the first Anil Ambani group
company to be officially declared bankrupt after the NCLT on May 9
superseded its board and appointed a new resolution professional to
run it and also allowed the SBI-led consortium of 31 banks to form
a committee of creditors.


RENATA PRECISION: Ind-Ra Cuts Bank Loan Rating to BB
----------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded Renata Precision
Components Private Limited's (RPCPL) bank facilities' ratings to
'IND BB/Negative (ISSUER NOT COOPERATING)' from 'IND  BBB-/Negative
(ISSUER NOT COOPERATING)'. The issuer did not participate in the
rating exercise despite continuous requests and follow-ups by the
agency through emails and phone calls. Thus, the rating is based on
the best available information. Therefore, investors and other
users are advised to take appropriate caution while using the
rating.

The detailed rating actions are:

-- INR225.07 mil. Term loans due on FY28-FY29 downgraded with IND

     BB/Negative (ISSUER NOT COOPERATING) rating;

-- INR350 mil. Fund-based working capital limits downgraded with
     IND BB/Negative (ISSUER NOT COOPERATING)/IND A4+ (ISSUER NOT
     COOPERATING) rating; and

-- INR25 mil. Non-fund-based working capital limits downgraded
     with IND A4+ (ISSUER NOT COOPERATING) rating.

NOTE: ISSUER NOT COOPERATING: Issuer did not cooperate; based on
best available information.

Detailed Rationale of the Rating Action

The downgrade is in accordance with Ind-Ra's policy, Guidelines on
What Constitutes Non-Cooperation. As per the policy, ratings of
non-cooperative ratings issuers may get downgraded during
subsequent reviews, if the issuer continues to remain
non-cooperative. With passage of time and absence of updated
information, the risk of sustaining the rating at current levels by
relying on dated information increases, which may be reflected
through a downgrade rating action."

Non-Cooperation by the Issuer

Ind-Ra has not received adequate information and has not been able
to conduct management interaction with RPCPL while reviewing the
ratings. Ind-Ra had consistently followed up with the company over
emails since September 4, 2024, apart from phone calls.

Limitations regarding Information Availability

Ind-Ra is unable to provide an updated forward-looking view on the
credit ratings of RPCPL, as the agency does not have adequate
information to review the ratings. Hence, the current outstanding
ratings might not reflect the company's credit strength. If an
issuer does not provide timely business and financial updates to
the agency, it indicates weak governance, particularly in
'Transparency of Financial Information'. The agency may also
consider this as symptomatic of a possible disruption/distress in
the issuer's credit profile. Therefore, investors and other users
are advised to take appropriate caution while using these ratings.
The company has been non-cooperative with the agency since March
21, 2024.

About the Company

Pune-based RPCPL started operations as a proprietorship concern in
1992 and was converted into a private limited company in 2006. It
is engaged in the technical molding of precision plastic parts,
multi component (2K) molding, metal stamping, metal-plastic insert
molding, assembly of plastic, metal and rubber components, tool
design and manufacturing, and product design and development. The
company carries out its activities in the three plants and
representative offices in Stuttgart and Germany.

SHREEDHAR SPINNERS: Ind-Ra Affirms BB+ Term Loan Rating
-------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed the rating on
Shreedhar Spinners Private Limited's (SSPL) bank facilities as
follows:

-- INR320 mil. Fund-based working capital limits affirmed with
     IND BB+/Stable/IND A4+ rating;

-- INR365 mil. (reduced from INR400 mil.) Term loan due on
     October 31, 2031 affirmed with IND BB+/Stable rating;

-- INR17.50 mil. Non-fund-based working capital limit affirmed
     with IND A4+ rating; and

-- INR12.50 mil. Derivative limits affirmed with IND A4+ rating.

Detailed Rationale of the Rating Action

The ratings reflect SSPL's medium scale of operation, modest credit
metrics, stretched Liquidity and average EBITDA margin in FY24.
Ind-Ra expects the credit metrics to deteriorate significantly in
FY25, due to the company's planned debt-funded capex and the
repayment of its debt obligations. The ratings are, however,
supported by the promoters' nearly three decades of experience in
the textile industry.

Detailed Description of Key Rating Drivers

Modest Credit Metrics: SSPL's credit metrics remained modest even
as its gross interest coverage (operating EBITDA/gross interest
expenses) improved to 2.12x in FY24 (FY23: 0.77x) and net leverage
(adjusted net debt/operating EBITDAR) to 3.54x (31.03x), due to an
increase in its EBITDA to INR135.74 million (INR15.46 million). In
FY25, Ind-Ra expects the credit metrics to deteriorate
significantly, due to the company's planned, debt-funded capex and
the repayment of its debt obligations. The company has a planned
capex of INR675 million over FY25-FY26 for doubling its production
capacity. This will be funded through term loans of INR500 million
and internal accruals and unsecured loans of INR175 million.

Stretched Liquidity: During the 12 months ended June 2024, SSPL's
average maximum utilization of the cash credit limit was 96.32% and
the warehousing limit was unutilized, resulting in the consolidated
utilization of fund-based limits to be 35.89%. During the same
period, the average maximum utilization of the non-fund-based
limits was 81.43%. Its cash and cash equivalents stood at INR1.21
million at FYE24 (FYE23: INR0.60 million). The utilization is
likely to have remained at similar levels in July and August 2024.
Furthermore, SSPL does not have any capital market exposure and
relies on banks and financial institutions to meet its funding
requirements.

Medium Scale of Operations: SSPL's revenue increased to INR1,212
million in FY24 (FY23: INR202.41 million), which was its first full
year of operations, as it started commercial operations in November
2022. Till end-1QFY25, SSPL booked a revenue of INR302.7 million
and had an order book of INR102.87 million at end-August 2024, to
be executed by September 2024. In the medium term, Ind-Ra expects
the revenue to improve due to the capex execution, driven by an
increase in the scale of operations, supported by new orders
following a stable demand for textile products.

Average EBIDTA Margin: SSPL's EBITDA margin improved to 11.20% in
FY24 (FY23: 7.64%) due to the receipt of subsidies and the cost
management measures undertaken during the year. The return on
capital employed improved to 13% in FY24 (FY23: 0.8%) due to the
EBIDTA increase. In FY24, Ind-Ra expects the EBITDA margins to
remain stable, aided by government subsidies.

Experienced Promoter: The ratings are supported by the promoters'
nearly three decades of experience in the textile industry, leading
to established relationships with its customers as well as
suppliers.

Liquidity

Stretched: SSPL's net working capital cycle was comfortable at 30
days in FY24 (FY23: 184 days), majorly on account of a reduction in
the inventory days to 58 (266) due to the stabilization of its
operations in FY24. The cash flow from operations turned positive
at INR20.52 million in FY24 (FY23: negative INR155.58 million) due
to its fund flow from operations turning positive at INR73.55
million (negative INR4.72 million).

Rating Sensitivities

Negative: A decline in the scale of operations or time and cost
over-run in project execution, leading to deterioration in the
overall credit metrics and/or pressure on the liquidity position,
all on a sustained basis, could lead to a negative rating action.

Positive: A significant increase in the scale of operations while
improving the credit metrics with the net leverage falling below
3.5x, along with an improvement in the liquidity, all on a
sustained basis, could lead to a positive rating action.

About the Company

Incorporated in December 2020, Amravati-based SSPL owns and
operates a cotton spinning plant with an installed capacity of
18,240 spindles, translating into 5,240 metric tons per annum. The
company has a registered office in Mumbai. Shreedhar Cotsyn Private
Limited, the parent company, holds a 96.67% stake in SSPL.

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

The detailed rating action is:

-- INR35 mil. Fund Based Working Capital Limit maintained in non-

     cooperating category with IND D (ISSUER NOT COOPERATING)
     rating.

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

Detailed Rationale of the Rating Action

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

Non-Cooperation by the Issuer

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

Limitations regarding Information Availability

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

About the Company

SVS Mookambika, incorporated in 2009, is located in Vizianagaram,
Andhra Pradesh. It undertakes road development and maintenance
contracts floated by the governments of Telangana, Andhra Pradesh,
Karnataka and Odisha.

VIGHNAHAR SAHAKARI: Ind-Ra Moves BB+ Loan Rating to NonCooperating
------------------------------------------------------------------
India Ratings and Research (Ind-Ra) has revised the Outlook on Shri
Vighnahar Sahakari Sakhar Karkhana Limited's (SVSSKL) bank
facilities to Negative from Stable and migrated the ratings to the
non-cooperating category. The ratings are simultaneously withdrawn
on the issuer's request. The issuer did not participate in the
rating exercise despite continuous requests and follow-ups by the
agency through emails and phone calls. Therefore, investors and
other users are advised to take appropriate caution while using
these ratings.

The detailed rating action is:

-- INR2.0 bil. Fund-based working capital limit Outlook revised
     to Negative; rating migrated to non-co-operating category;
     and withdrawn.

Note: ISSUER NOT COOPERATING: Issuer did not co-operate; based on
best available information

*Migrated to 'IND BB+'/Negative (ISSUER NOT COOPERATING)/'IND A4+
(ISSUER NOT COOPERATING)' before being withdrawn

Detailed Rationale of the Rating Action

The Outlook revision to Negative indicates the non-cooperation
could be symptomatic of possible disruption/distress in the
issuer's business. The ratings have been migrated to the
non-cooperating category before being withdrawn as Ind-Ra does not
have sufficient information to review the ratings at the time of
withdrawal. The issuer did not participate in the rating exercise
despite repeated requests by the agency through phone calls and
emails and has not provided information about latest audited
financial statements, sanctioned bank facilities and utilization,
business plans and projections for the next three years,
information on corporate governance, and management certificate.
This is in accordance with Ind-Ra's policy of 'Guidelines on What
Constitutes Non-cooperation'.

Ind-Ra is no longer required to maintain the rating, as the agency
has received no-objection certificate from the lenders and a
withdrawal request from the issuer. This is consistent with
Ind-Ra's Policy on Withdrawal of Ratings.

Non-Cooperation by the Issuer

Ind-Ra has not received adequate information and has not been able
to conduct management interaction with SVSSKL while reviewing the
rating. Ind-Ra had consistently followed up with SVSSKL over emails
starting August 2024, apart from phone calls. Although, the issuer
has been submitting its monthly no default statement till July
2024.

Limitations regarding Information Availability

Ind-Ra is unable to provide an updated forward-looking view on the
credit rating of SVSSKL, as the agency does not have adequate
information to review the rating. If an issuer does not provide
timely business and financial updates to the agency, it indicates
weak governance, particularly in 'Transparency of Financial
Information'. The agency may also consider this as symptomatic of a
possible disruption/distress in the issuer's credit profile.
Therefore, investors and other users are advised to take
appropriate caution while using the rating. SVSSKL has been
non-cooperative with the agency since March 2024.

About the Company

SVSSKL is a co-operative society established in 1984. The entity
has an integrated facility for the manufacturing of sugar,
production of ethanol, and generation of power. SVSSKL has a sugar
mill with an installed capacity of 5,000TCD and ethanol production
capacity to 65KLPD. It also has two co-generation plants with a
total installed capacity of 18 megawatts per annum.

VINOD TEXWORLD: CRISIL Withdraws D Rating on INR10.32cr LT Loan
---------------------------------------------------------------
CRISIL Ratings has withdrawn its ratings on the bank facilities of
Vinod Texworld Private Limited (VTPL; previously known as Shree
Shiv Shakti Cot-Fab Private Limited) on the request of the company
and receipt of a no objection certificate from its bank. The rating
action is in line with CRISIL Ratings' policy on withdrawal of its
ratings on bank loans.

                        Amount
   Facilities        (INR Crore)      Ratings
   ----------        -----------      -------
   Cash Credit            1.50        CRISIL D/Issuer Not
                                      Cooperating (Withdrawn)

   Proposed Long Term    10.32        CRISIL D/Issuer Not  
   Bank Loan Facility                 Cooperating (Withdrawn)

   Term Loan              8.18        CRISIL D/Issuer Not
                                      Cooperating (Withdrawn)

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

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of VTPL. This restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on VTPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the rating on bank facilities of
VTPL continues to be 'CRISIL D Issuer Not Cooperating'.
Incorporated in 2012, SSSCF is promoted by Ahmedabad
(Gujarat)-based Sindhav family. It undertakes jobwork for dyeing
grey fabric and has installed capacity of close to 150,000 metres
per annum. It commenced operations in December 2013.




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

KHAN BANK: Fitch Hikes LongTerm IDR to 'B+', Outlook Stable
-----------------------------------------------------------
Fitch Ratings has upgraded Mongolia-based Khan Bank JSC's Long-Term
Issuer Default Ratings (IDRs) to 'B+' from 'B' and Viability Rating
(VR) to 'b+' from 'b'. The Outlook on the Long-Term IDRs is
Stable.

The rating action coincides with its upward revision of the
operating environment (OE) score for Mongolian banks to 'b+' from
'b' following the upgrade of Mongolia's sovereign IDRs to 'B+' from
'B' on 18 September 2024.

Fitch has also upgraded the Government Support Rating (GSR) to 'b+'
from 'b'. The upgrade reflects its view of the state's improved
ability to support banks in Mongolia.

Key Rating Drivers

IDRs Reflect VR and GSR: Khan Bank's Long-Term IDRs are at the same
level as its VR and GSR, which are in line with the sovereign
rating. Sovereign risks have been factored into the bank's VR
through the OE assessment and into the GSR. Fitch expects the bank
to sustain an inherent creditworthiness and maintain a stable
financial profile in parallel with Mongolia's economic expansion
over the medium term. The assigned VR is now in line with the
implied VR of 'b+', as the sovereign rating no longer poses a
constraint following the recent upgrade.

Better OE: Fitch has raised the OE score to 'b+'/stable from
'b'/stable, as Fitch expects improved business prospects for the
banking sector, driven by Mongolia's steady medium-term economic
growth expectations. Supporting the growth are mining activities
and more stable government policy execution, in Fitch's view. Fitch
also expects the authorities to remain committed to upholding the
banking sector's stability, including the adoption of international
prudential standards (eg the Basel framework) to strengthen banks'
capital management.

Substantial Domestic Franchise: Khan Bank's business profile score
of 'b+' captures the bank's substantial franchise in Mongolia, with
around 32% market share by assets at end-1H24. The competitive
market position enables the bank to maintain operating income
higher than peers' and a more stable performance. That said, Fitch
expects Khan Bank to continue facing some of the inherent
challenges in the OE, such as changes in the economic environment
and the state's policies.

Consistent Underwriting Standards: Fitch has revised Khan Bank's
risk profile score to 'b+' from 'b', in line with the improved OE
and reflecting the bank's consistent underwriting standards and
risk management practices, which have led to asset quality better
than peers' over the years. Fitch expects the bank's appetite in
lending to high-risk sectors, such as construction, mining and
agriculture (excluding herders) to remain small. Its loan portfolio
rose by 17% in 1H24 (system: 22%) from end-2023, on increased
business amid the economic recovery.

Steady Asset Quality: Its upward revision of the asset-quality
score to 'b+' from 'b' reflects declining asset-quality risks of
Khan Bank, alongside an improved OE and risk profile. Fitch expects
the bank to manage asset-quality risks well, with new impairment
charges remaining manageable despite volatility in the external
environment. Its reported regulatory non-performing loan ratio
improved to 4.5% by end-1H24, better than the system's 5.9%. Fitch
expects its loan-loss allowance to remain above 120% of impaired
loans in the next 12-18 months (end-2023: 128%).

Sustained Profitability: Fitch expects the bank's operating
profit/risk-weighted asset ratio to remain high, relative to a 'b+'
OE, supported by steady economic growth in the medium term. This is
reflected in its earnings and profitability score of 'bb-', which
is one notch higher than the OE score. Net interest income should
increase in line with robust loan growth, but the net interest
margin remains under pressure in the near term due to intensifying
competition. The bank manages cost efficiency well, with
non-interest expense/gross revenue at 38% at end-2023.

Profitability Supports Capitalisation: Khan Bank's Fitch Core
Capital (FCC) ratio increased to 19% by end-2023, from 17% in 2022,
due to improved earnings. This ratio was before dividends on 2023's
income, which was declared in February 2024 and amount to about
2.5% of risk-weighted assets. Fitch has raised the capitalisation
and leverage score to 'b+' from 'b', as Fitch expects the bank's
solid capacity for internal capital generation to reinforce its
stable capital position.

Domestic Franchise Supports Funding: Fitch has revised the funding
and liquidity score to 'b+' from 'b', as Fitch expects Khan Bank to
maintain a steady funding and liquidity profile within an improved
OE, anchored by the bank's substantial domestic franchise. Customer
deposits accounted for over 80% of the bank's funding while term
funding from international financial institutions constitute
another 12% at end-2023 (2022: 10%).

State Support Likely: Fitch equalised the GSR with the sovereign
rating, reflecting its assessment that the sovereign has a higher
propensity to provide extraordinary support to Khan Bank than to
other domestic systemically important banks (D-SIBs). The
equalisation with the sovereign rating is driven by Khan Bank's
systemic importance as the largest bank in Mongolia with a large
share of customer deposits. Mongolia's re-capitalisation law
provides grounds for sovereign support as well as for a bail-in,
should any D-SIB need it.

Rating Sensitivities

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

Khan Bank's Long-Term IDRs could be downgraded if both its VR and
the GSR are downgraded. A sovereign rating downgrade is highly
likely to lead to a corresponding downgrade in Khan Bank's GSR,
Long-Term IDRs and VR, given the bank's substantial direct and
indirect exposure to sovereign credit.

Khan Bank's VR could also be downgraded if its business profile
were to be compromised by a structural weakening of its franchise
and higher risk appetite, and if a weaker economic environment
leads to deterioration in a combination of the following metrics:

- impaired loans/gross loans increasing above 8% for a sustained
period (end-2023: 5.3%);

- operating profit/risk-weighted assets falling below 2% for a
sustained period (2023: 6.9%); and

- the FCC ratio falling below 16% without a credible path to return
the ratio above this level (end-2023: 19%).

The GSR could be downgraded if Fitch assesses that the sovereign's
ability to provide support has weakened or if Fitch views that the
state's propensity to provide support has diminished. This could be
indicated by a significant decline in the bank's systemic
importance and deposit market share, although this is not its base
case.

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

Khan Bank's Long-Term IDRs would be upgraded if its VR or GSR, or
both, were upgraded.

Khan Bank's VR is sensitive to developments in Mongolia's OE. A
sovereign rating upgrade, combined with steady progress towards a
stronger legal and regulatory framework, could open up the
possibility of a higher OE score. This, in tandem with the bank
demonstrating above-average risk controls and sustained
improvements in financial performance, could lead to an upgrade of
the VR.

The GSR is equalised with the sovereign rating. It can be upgraded
only if the sovereign rating is upgraded and if Fitch believes that
the propensity of sovereign support has not diminished.

Public Ratings with Credit Linkage to other ratings

Khan Bank's ratings are credit-linked to Mongolia's sovereign
rating.

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
   -----------                       ------           -----
Khan Bank JSC
                   LT IDR             B+ Upgra        B
                   ST IDR             B  Affirmed     B
                   LC LT IDR          B+ Upgrade      B
                   Viability          b+ Upgrade      b
                   Government Support b+ Upgrade      b

XACBANK JSC: Fitch Hikes LongTerm IDR to B+, Outlook Stable
-----------------------------------------------------------
Fitch Ratings has upgraded Mongolia-based XacBank JSC's Long-Term
Issuer Default Ratings (IDRs) to 'B+' from 'B' and Viability Rating
(VR) to 'b+' from 'b'. The Outlook on the IDR is Stable.

The rating action coincides with its upward revision of the
operating environment score for Mongolian banks to 'b+' from 'b'
following the upgrade of Mongolia's sovereign IDRs to 'B+' from 'B'
on 18 September 2024.

Fitch has also upgraded XacBank's Government Support Rating (GSR)
to 'b' from 'b-'. The upgrade reflects its view of the state's
improved ability to support banks in Mongolia.

Key Rating Drivers

Intrinsic Profile Drives Ratings: XacBank's IDRs are driven by its
standalone credit strength, which is represented by its VR. The VR
takes into account the 'b+' operating environment (OE), which
reflects the economic fluctuations in Mongolia and captures the
associated risks of the sovereign. Fitch expects the bank to
sustain its intrinsic credit profile in line with Mongolia's
economic growth in the medium term.

Better OE: Fitch has raised the OE score to 'b+'/stable from
'b'/stable, as Fitch expects improved business prospects for the
banking sector, driven by Mongolia's steady medium-term economic
growth. Fitch believes this will be supported by increased mining
activity and more stable government policy execution. Fitch also
expects the authorities to remain committed to upholding the
stability of the banking sector, which includes adopting
international prudential standards, such as the Basel framework, to
strengthen banks' capital management.

Moderate Domestic Franchise: XacBank's business profile score of
'b' captures the bank's moderate franchise in Mongolia, with total
asset market share of 9% at end-1H24. Fitch believes the bank's
business profile benefits from the governance and oversight
provided by a shareholding structure that is the most diverse among
local banks. This is reflected in its better-than-peer
profitability and more stable performance. However, the bank
remains small among 'b' category peers, as indicated by its total
operating income, the core metric for business profile assessment
under Fitch's Bank Rating Criteria.

Robust Growth: Fitch has revised XacBank's risk profile score to
'b+' from 'b' as Fitch expects the bank to uphold its underwriting
standards and risk controls in the near term alongside the improved
OE. In addition, Fitch expecta XacBank to maintain its capital
ratio above those of close peers, even though rapid loan growth
will largely offset the bank's internal capital generation
capacity. XacBank's loans rose by 34% in 2023 (2022: 11%) and Fitch
projects loan growth of over 30% in 2024, supported by solid
business momentum in line with the country's sustained economic
growth.

Asset Quality Remains Intact: Its upward revision of the asset
quality score to 'b+' from 'b' reflects its expectation that
XacBank will maintain its asset quality given the improved
operating environment and risk profile. Its latest reported
regulatory non-performing loan ratio fell to 2.2% by end-1H24, well
below the system average of 5.9%. Loan-loss allowance coverage
dropped to 76% by end-2023, from 90% at end-2022, with a loan
impairment reversal of 0.33% of average gross loans. This is due to
the bank's more favourable economic forecasts, leading to lower
expected credit losses under IFRS 9.

Sustained Profitability: Fitch expects XacBank's operating
profit/risk-weighted asset ratio to be sustained by steady economic
growth in the medium term (four-year average to end-2023: 5.8%).
Net income is likely to increase further in 2024 on loan growth
after a 34% increase in 2023. Fitch have raised the earnings and
profitability score to 'bb-' from 'b+', which is in line with the
'bb' category implied score.

Higher-Than-Peer Capital Buffer: The bank's improved earnings in
2023 helped it to maintain a steady capital buffer despite robust
loan growth, evident from a Fitch Core Capital ratio (FCC) of 22.2%
as of end-2023 (2022: 22.8%). Fitch has revised the capitalisation
and leverage score to 'b+' from 'b' as Fitch believes its
profitability continues to support its above-average
capitalisation, notwithstanding rapid loan growth and its dividend
payment policy.

The capitalisation and leverage score of 'b+' is below the 'bb'
category implied score, capturing its forecast that the bank's FCC
ratio will decline moderately over the next two years to below 22%,
the threshold between the 'bb' and 'b' categories.

Stable Deposit Franchise: Fitch has revised the funding and
liquidity score to 'b+' from 'b', aligning it with the sovereign
rating to capture the high correlation of the bank's funding and
liquidity profile with the sovereign. Funding from international
financial institutions rose by 57% in 2023 to account for 27% of
XacBank's total funding at end-2023. Fitch believes these
institutions' inclination to provide funding to XacBank is also
partly driven by the medium-term prospects of Mongolia and its
government.

Rating Sensitivities

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

A sovereign rating downgrade is highly likely to lead to a
corresponding downgrade in XacBank's Long-Term IDRs and VR, given
the bank's substantial exposure to the sovereign's credits directly
and indirectly.

XacBank's Long-Term IDRs could also be downgraded if the VR is
downgraded, such as if there is a material deterioration in its
risk profile, which could be reflected in excessively rapid growth
or a material shift to higher-risk sectors. A downgrade could also
arise from a weaker economic environment that leads to a
deterioration in a combination of the following financial metrics:

- impaired loans/gross loans increasing to and sustained above 8%
(end-2023: 3.0%);

- operating profit/risk-weighted assets falling to and staying
below 2% (2023: 7.3%); and
the FCC ratio declining below 16% (end-2023: 22.2%) without a
credible path to return to above this level.

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

XacBank's IDRs are driven by its VR, which is sensitive to
developments in Mongolia's OE. A sovereign rating upgrade, combined
with steady and significant progress towards a stronger legal and
regulatory framework, could lead to a higher OE assessment. This
could lead to an upgrade of the VR if the bank also demonstrates
above-average risk controls and sustained financial performance.

The GSR of 'b' is a notch below the sovereign rating. This reflects
Fitch's view that while there is government propensity to provide
extraordinary support, as the bank is one of the country's domestic
systemically important banks (D-SIBs), it cannot be relied upon
because of the significant uncertainty around the state's ability
to provide timely support to XacBank. Mongolia's recapitalisation
law provides grounds for sovereign support as well as for a bail-in
should any D-SIB need it, but XacBank may not have high priority as
the smallest of five designated D-SIBs.

The bank's GSR is sensitive to changes in the sovereign rating and
its assessment of the sovereign's propensity to provide support to
XacBank, which could be triggered by a significant change in the
bank's systemic importance.

A one-notch change in the GSR in either direction will not affect
the Long-Term IDRs, which are driven by the VR.

VR ADJUSTMENTS

The capitalisation and leverage score of 'b+' has been assigned
below the 'bb' category implied score for the following adjustment:
historical and future metrics (negative).

Public Ratings with Credit Linkage to other ratings

The bank's ratings are credit-linked to Mongolia's sovereign
rating.

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
   -----------                      ------           -----
XacBank JSC       LT IDR             B+ Upgrade      B
                  ST IDR             B  Affirmed     B
                  LC LT IDR          B+ Upgrade      B
                  Viability          b+ Upgrade      b
                  Government Support b  Upgrade      b-



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

ALL ROOF: Creditors' Proofs of Debt Due on Oct. 10
--------------------------------------------------
Creditors of All Roof Treatments Limited and Rosie & Grace Limited
are required to file their proofs of debt by Oct. 10, 2024, to be
included in the company's dividend distribution.

All Roof Treatments Limited commenced wind-up proceedings on Sept.
10, 2024.
Rosie & Grace Limited commenced wind-up proceedings on Sept. 12,
2024.

The company's liquidator is:

          Heath Gair
          Palliser Insolvency
          PO Box 57124
          Mana
          Porirua 5247


JVC AUTO: Gerry Rea Partners Appointed as Receivers
---------------------------------------------------
Simon Dalton of Gerry Rea Partners on Sept. 19, 2024, was appointed
as Receiver and Manager of JVC Auto Export Limited.

The Receiver and Manager may be reached at:

          Simon Dalton
          Gerry Rea Partners
          PO Box 3015
          Auckland


MASTA MAINTENANCE: Court to Hear Wind-Up Petition on Oct. 1
-----------------------------------------------------------
A petition to wind up the operations of Masta Maintenance Services
(NZ) Limited will be heard before the High Court at Auckland on
Oct. 1, 2024, at 10:00 a.m.

The Commissioner of Inland Revenue filed the petition against the
company on Aug. 8, 2024.

The Petitioner's solicitor is:

          Claudia Elizabeth Mazuecos
          Inland Revenue, Legal Services
          5th Floor, Asteron Centre
          55 Featherston Street
          PO Box 895
          Wellington


MICNOR PLANT: Creditors' Proofs of Debt Due Oct. 25
---------------------------------------------------
Creditors of Micnor Plant & Machinery Limited, Data Sauce Limited,
Hylton Developments Limited and Best Air Conditioning Limited are
required to file their proofs of debt by Oct. 25, 2024, to be
included in the company's dividend distribution.

Micnor Plant & Machinery Limited and Data Sauce Limited commenced
wind-up proceedings on Sept. 9, 2024.
Hylton Developments Limited commenced wind-up proceedings on Sept.
10, 2024.
Best Air Conditioning Limited commenced wind-up proceedings on
Sept. 13, 2024.

The company's liquidators are:

          Iain Mclennan
          Keaton Pronk
          Boris van Delden
          Steve Farquhar
          McDonald Vague Limited
          PO Box 6092
          Victoria Street West
          Auckland 1142


POWER COOL: Court to Hear Wind-Up Petition on Oct. 10
-----------------------------------------------------
A petition to wind up the operations of Power Cool Electrical
Limited will be heard before the High Court at Invercargill on Oct.
10, 2024, at 11:45 a.m.

The Commissioner of Inland Revenue filed the petition against the
company on June 24, 2024.

The Petitioner's solicitor is:

          Gabrielle McGillivray
          Inland Revenue, Legal Services
          PO Box 1782
          Christchurch 8140


WELLINGTON COMBINED: Goes Into Voluntary Administration
-------------------------------------------------------
Stuff.co.nz reports that Wellington Combined Taxis Ltd has gone
into voluntary administration.

The company continued to trade as normal, and all taxis were still
on the road, Iain Shephard, one of two administrators, said in a
statement on Sept. 24, Stuff relates.

More than 330 Wellington Combined Taxis were operating in
Wellington, with a mixture of owner drivers and lease operators.

"In mid-2023 the company faced a derivative action from several
shareholders which has led to internal disruption and a large drain
on cash," the statement said.

Along with the taxi company, two other companies had gone into
voluntary administration, Stuff notes. They were Wellington
Combined Properties Ltd and Combined Finance Ltd.

The three companies involved were balance sheet solvent, but were
facing cashflow difficulties. "They could not continue to operate
in their current form," the statement said.

"The voluntary administration regime is a rehabilitative regime,
and the administrators are looking to achieve the best outcome for
all stakeholders.

"This may include some form of restructuring, refinancing or even a
sale of the business.

"In the meantime, it remains business as usual. All employees have
retained their jobs, and all vehicles are still on the road," the
statement said.

Shephard and Jessica Kellow, of BDO Wellington, were appointed as
joint and several administrators on Sept. 24, Stuff discloses.




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

DITO CME: Uy Shrugs Off PHP45BB Deficit as Mere 'Paper Losses'
--------------------------------------------------------------
Bilyonaryo.com reports that Dennis Uy has downplayed the deep
financial hole DITO CME has dug itself into after three years of
operations.

According to Bilyonaryo.com, DITO claimed the main reason for DITO
Telecommunity's negative stockholders' equity of PHP44.43 billion
as of March 2024 was due to its high start-up costs for launching
its telecommunications network, including investing PHP256.54
billion and posting a PHP25.6 billion bond.

Most of these losses are not actual cash losses but due to things
like foreign exchange losses (PHP11.16 billion) caused by the
peso's drop against the United States dollar and Chinese yuan.

"This loss is really unrealized, hence, non-cash, until it becomes
due for payment. Conversely, if the Philippine peso appreciates
versus the US dollar and the Chinese yuan, the foreign currency
losses will be correspondingly reduced or even wiped out," DITO
said.

Another big factor is depreciation, which happens as DITO builds
towers for its network which it said was "germane" to its start-up
nature, Bilyonaryo.com relays.

Although these towers are just starting to be used, the company
still has to record the depreciation cost equally over time.

"The losses due to depreciation is expected to be substantially
knocked-off once the company has already ramped up its operations
and revenue," it said.

Bilyonaryo.com relates that DITO said another "substantial source"
of its negative capital is the PHP14.93 billion advances made by
its shareholders, including China Telecom.

These debts could be converted into equity as long as China Telecom
limits its investments to no more than 40 percent of DITO.

DITO's negative capital ballooned after amassing P19.56 billion in
losses which the company said was normal.

"DITO Telecommunity operating at a loss at the beginning of its
operations is part and parcel of the telecommunications industry.
It's not similar to a manufacturing enterprise or even a retail
enterprise with a 90-day turnover. Here, cash flows are based a
'long game', so that profitability only comes after a lengthy
gestation period, of approximately five years or more," DITO said.

                          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.




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

HAI KEE BROTHERS: Court Enters Wind-Up Order
--------------------------------------------
The High Court of Singapore entered an order on Sept. 13, 2024, to
wind up the operations of Hai Kee Brothers Pte. Ltd.

United Overseas Bank Limited filed the petition against the
company.

The company's liquidator is:

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


KHONG GUAN: Creditors' Proofs of Debt Due on Oct. 21
----------------------------------------------------
Creditors of Khong Guan Land Pte. Ltd. are required to file their
proofs of debt by Oct. 21, 2024, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on Sept. 11, 2024.

The company's liquidator is:

          Ng Choon Heng
          C/o 600 North Bridge Road
          #05-01 Parkview Square
          Singapore 188778


MAXEON SOLAR: Announces Second Quarter 2024 Financial Results
-------------------------------------------------------------
Maxeon Solar Technologies, Ltd. announced its financial results for
the second quarter ended June 30, 2024.

In a letter addressed to the Company's shareholders, Maxeon's Chief
Executive Officer Bill Mulligan noted as follows:

"Maxeon's financial performance was largely consistent with our
guidance for the second quarter, but the Company continues to face
significant market headwinds and uncertainties due to intense
competitive pressures, subdued distributed generation (DG) market
demand, project delays and order cancellations affecting our
large-scale business, and an unpredictable policy environment. In
addition to these broader challenges, we recently experienced
Customs and Border Protection's (CBP) first-ever detentions of our
modules being imported into the U.S. from our factories in Mexico
to assess compliance with the Uyghur Forced Labor Prevention Act
(UFLPA). It is our understanding that these detentions are routine,
however, they have effectively stopped all of our shipments into
the U.S., a market that accounted for over 60% of our second
quarter revenue, and are causing intense pressure on the Company's
revenue realization and cash flow. We have no visibility into the
CBP's process or timing, and we are therefore uncertain as to when
we will be able to recommence deliveries into our largest
end-market."

"Because of this unprecedented level of uncertainty, we are
currently unable to provide financial guidance for the third
quarter and are therefore withdrawing full year 2024 revenue and
adjusted EBITDA guidance. However, we expect that our third quarter
revenue will decline significantly from the second quarter for the
reasons discussed above. Due to these uncertainties as well as the
rolling closing of the recapitalization-related transactions and
related note conversions, we will not conduct a conference call to
discuss second quarter results. Instead, we are providing an
overview of our business as detailed in this letter. We intend to
resume quarterly earnings conference calls once the business has
stabilized, and we can offer more meaningful insights on current
business metrics and future expectations."

"We are taking aggressive actions to address the challenges we
face. We recently improved our balance sheet by securing
consequential new financing and renegotiating maturing debt. We
have put a special committee in place to drive transformation, and
we are evaluating several aspects of our operations to respond to
the new market environment. We share below some of the actions we
are taking to address the current challenges, and resume growth and
profitability."

"First, we will review second quarter results, which were largely
in line with our expectations."

Business Overview

The Company's second quarter 2024 revenue stood at $184 million and
total shipments were 526 MW. There were no sales to SunPower Corp.,
as the committed volumes under the settlement and release agreement
were fully delivered during the previous quarter. GAAP operating
expenses for this quarter stood at $62 million and included a
provision for expected credit losses of $11 million resulting from
SunPower Corp.'s recent bankruptcy filing, largely associated with
unsecured indemnifications for ongoing litigation and warranty
claims inherited from the spin off in 2020.

"In our utility scale business, we increased revenue by 12%
sequentially to $109 million driven by higher volume shipments to
U.S. customers. However, we anticipate that the project push-outs
and contract cancellations announced last quarter as well as the
current CBP detentions will result in significantly lower shipment
run-rates in the second half of this year. Looking forward, we are
also facing considerable risks and uncertainties in this business
primarily due to trade policy issues, including the re-imposition
of Section 201 bifacial tariffs on modules imported into the U.S.
from our Mexicali, Mexico facility as well as proposed new AD/CVD
tariffs on solar cells manufactured at our Malaysian cell fab.
While we believe that these types of import tariffs will be
fundamentally supportive for our planned Albuquerque cell and
module factories, they critically impact the economic viability of
our current supply chain. For this reason, we are evaluating the
shutdown of our Malaysian Fab 3, where we have been manufacturing
solar cells since 2011, and plan to re-tool Mexicali Modco for P7
TOPCon with solar cells sourced from independent third parties in
the future. In this event, we would expect associated charges of at
least $100 million in the second half of the year, a large majority
of which would be non-cash charges for related asset write-downs."

"Revenue for our DG business landed at $75 million for the second
quarter of 2024. This represents 11% sequential growth, after
excluding sales to SunPower Corp. from the first quarter and IP
licensing fees of $10 million in connection with the sale of our
former joint venture HSPV from the second quarter. The growth was
driven in part by continuing to clear inventory of our older
generation P-series products. The competitive landscape in our
European and Australian markets remains challenging, with extreme
price pressure due to significant oversupply from Southeast Asia
and China. In the U.S., since terminating our contract with
SunPower Corp. last year, we have been heavily focused on building
out our own U.S. dealer channel. While the weak demand environment
and the impact of SunPower Corp.'s bankruptcy has affected all
market players and slowed the growth of our channel partners, we
added more than 25 new partners during the quarter and believe that
SunPower Corp.'s bankruptcy may create an opportunity to attract a
dealer base that is used to selling our products."

Additionally, the Company has incurred net losses since the
Spin-off and as of June 30, 2024 had an accumulated deficit of
$864.6 million. Furthermore, since the middle of 2023, the
worldwide solar industry has suffered and continues to suffer from
oversupply and intense competition, as well as lower demand in our
key markets driven by regulatory changes and a higher global
interest-rate environment. All these factors have contributed to a
steep fall in average selling prices that has negatively impacted
our revenue, profitability and cash flows. Furthermore, several
large-scale customers in the United States have cancelled or
deferred their off-take commitments. In addition, in July 2024,
five truckloads of our solar modules were detained by the CBP at
the US-Mexico border. These detentions involved both Performance
line panels manufactured in our Mexicali facility for utility scale
customers as well as IBC panels manufactured in our Ensenada
facility for DG customers. Since then CBP has detained additional
shipments of Maxeon's module imports and for so long as the CBP
investigation continues, the Company's ability to generate revenues
will substantially deteriorate, considering also that the U.S. has
become the largest market for the sale of our solar modules. All
these factors contribute to further deterioration of the Company's
financial condition. If the current market conditions persist and
the Company is not successful in raising additional capital, the
Company will not have sufficient liquidity to meet its financial
obligation as and when they come due, and may be required to delay,
limit, and/or reduce its operational activities. As such, there is
substantial doubt about the Company's ability to continue as a
going concern.

Recapitalization

"We are taking critical actions to fund our immediate cash needs,
provide capital to invest in our transformation initiatives, and to
reduce pressures from debt maturities. As we close the transactions
described below, we believe we will be on an improved financial
footing, with a strengthened balance sheet, and higher equity book
value."

"Unfortunately, these transactions have significantly diluted and
will continue to dilute current shareholders. Total shares
outstanding increased from 55.7 million prior to the restructuring
to approximately 1.4 billion currently. We expect further dilution
to existing shareholders as detailed later in this section. The
Company's proposed 100 for 1 reverse share split was approved by
its shareholders during the recent Annual General Meeting and once
effected is intended to increase the market price per share to
regain compliance with the Nasdaq listing-requirements."

"The Company has made substantial progress on its capital raising
and debt restructuring initiatives, as announced previously. On
June 20, 2024, Maxeon completed the sale of $97.5 million of 9.00%
Convertible First Lien Senior Secured Notes due 2029 to TZE.
Additionally, as of August 30, 2024, TZE has completed the $100
million equity investment in Maxeon and has become the controlling
shareholder of the Company. Further, as of August 30, 2024, 99% or
$137.2 million principal value of the Tranche A Second Lien
Convertible Bonds converted to equity, and the remaining $1.7
million principal value Tranche A bonds are scheduled to convert on
or before September 9, 2024. Substantially all of the Company's
debt is comprised of convertible bonds, and total Company debt has
reduced from $366 million at the end of the second quarter to $278
million on a pro forma basis including the effect of Tranche A bond
conversions to date. The Company has $1.5 million principal value
of convertible bonds due to mature in July 2025, which the holders
may submit in the third quarter to be redeemed by the company per
the terms of the indenture as a result of a fundamental change.
Excluding this, there are no scheduled debt maturities before
January 2028. The TZE $100 million equity investment and Tranche A
bond transactions helped to increase Maxeon's equity from negative
$22 million at the end of the second quarter to positive $163
million on a pro forma basis."

The conversion prices of the Tranche B Adjustable-Rate Convertible
Second Lien Senior Secured Notes, Variable Rate Convertible First
Lien Senior Secured Notes and 9.00% Convertible First Lien Senior
Secured Notes were all reset using the 10-day VWAP from August 14
to 27, 2024, at an average price of $0.1608 per share. As a result,
these notes are convertible into 505 million, 1,287 million and 606
million shares, respectively, should the Company elect to settle
any conversion requests fully in shares and not in cash or a
combination of cash and shares. As part of the restructuring,
warrants for ordinary shares were issued to the Tranche A
Adjustable-Rate Convertible Second Lien Senior Secured noteholders.
The exercise price to purchase ordinary shares was set at a 31.3%
premium to the same 10-day VWAP period at a price of $0.2111 per
share. These warrants are exercisable into 9.925% of fully diluted
shares outstanding. TZE now controls approximately 69.3% of
Maxeon's total outstanding shares and has the ability to purchase
additional shares to prevent dilution of its ownership position if
Tranche B notes or the Tranche A noteholder warrants are
converted.

Transformation Initiatives

"We have established a Strategy and Transformation Office led by
Mr. Luo Luo Xu, who currently serves as a Board member designated
by TZE and has joined the executive team as Chief Transformation
Officer, reporting to Maxeon's CEO. Maxeon's Board has also
established a Strategy and Transformation Committee, with a focus
on the implementation of transformation activities. The STO will
develop and recommend initiatives to accelerate Maxeon's return to
profitability by driving an intensive company-wide focus on
improved cost, efficiency and competitiveness. It is also exploring
various strategic initiatives to reposition the Company and
accelerate growth. In anticipation of the various trade and tariff
issues, the STO is planning contingencies to reposition and adapt
our supply chain and identify opportunities to leverage support
from TZE and their parent company TCL. More details on key strategy
and transformation initiatives will be shared in the coming
months."

Leadership Changes

As previously announced, Mr. Kai Strohbecke stepped down as
Maxeon's Chief Financial Officer at the end of August 2024 and Mr.
Ken Olson, who joined Maxeon as Senior Vice President and Group
Treasurer in October 2023, has taken on the role of Interim Chief
Financial Officer effective September 1, 2024. "We would like to
take this opportunity to thank Mr. Kai Strohbecke for his exemplary
leadership and contributions as Maxeon's CFO over the past three
and a half years."

CBP Detentions

"In July 2024, Maxeon experienced our first-ever detentions by CBP
of modules imported from Mexico into the U.S. These detentions are
intended to review whether Maxeon's products comply with
anti-forced labor provisions as set out in the UFLPA. Since then,
all of Maxeon's imports of solar modules into the U.S. have been
detained by CBP. These detentions involved both Performance line
panels manufactured in our Mexicali factory for utility scale
customers as well as IBC panels manufactured in our Ensenada
factory for DG customers. CBP has explained that these are routine
detentions not related to any concerns specific to Maxeon. We are
fully cooperating with CBP's information requests and are in
continuous contact with CBP authorities to help facilitate CBP's
investigation and respond to CBP's inquiries. While we continue to
work towards an expedited release of Maxeon's modules, at this time
we do not have any indication from CBP as to when the detained
shipments might be released and when we will be able to resume
module imports into the U.S.. Maxeon has been a long time
ESG-leader in the solar industry and a supporter of the UFLPA since
its inception. Maxeon continues to require a UFLPA-compliant supply
chain for its products imported into the U.S., including
polysilicon produced outside of China for which we pay a meaningful
premium compared to polysilicon produced within China. Based on our
internal and third-party reviews, we believe our supply chains are
in compliance with all relevant rules and regulations, as well as
leading ESG-standards, but have no visibility into the CBP's
process or timing, and are therefore uncertain as to when we will
be able to recommence deliveries into our largest end-market."

Conclusion

"Maxeon faces significant and unprecedented challenges primarily
due to external market and policy factors. At the same time, our
assets include almost 40 years of industry experience, a reputation
for technology and product leadership, the industry's leading IP
portfolio, a unique DG channel strategy, and a strong legacy of
participation in utility-scale projects in the U.S. With critical
financial support now in place from TZE, we look forward to
utilizing these assets to first stabilize our business and then
restore growth and profitability."

Full-text copies of the Company's reports filed on Form 6-K with
the Securities and Exchange Commission are available at:

                   https://tinyurl.com/6c8xjsut

                        About Maxeon Solar

Maxeon Solar Technologies, Ltd. is a Singapore-based company that
designs and manufactures photovoltaic panels. The company was
previously a division of the American SunPower company before it
was spun off in August 2020. Maxeon is still the primary provider
of solar panels for SunPower.

Singapore-based Ernst & Young LLP, the Company's auditor since
2020, issued a "going concern" qualification in its report dated
May 30, 2024, citing that the Company has suffered recurring losses
from operations and negative free cash flows and has stated that
substantial doubt exists about the Company's ability to continue as
a going concern.

As of December 31, 2023, the Company had $1 billion in total
assets, $997.4 million in total liabilities, and $4.6 million in
total equity.

QOO10 PTE: Ordered to Stop Covered Payment Services in Singapore
----------------------------------------------------------------
The Monetary Authority of Singapore (MAS) said on Sept. 23 that it
has directed Qoo10 Pte Ltd to suspend the provision of all payment
services covered under the Payment Services Act 2019 (PS Act)
(covered payment services) in Singapore from Sept. 23, 2024.

"When the PS Act was introduced, existing payment service providers
were exempted and could continue these services pending the review
of their licence applications by MAS. This is so that these
services are not disrupted pending licensing. Qoo10 is not licensed
by MAS, but was exempted and could continue conducting payment
services while its licence application is being reviewed," MAS said
in a statement Sept. 23.

"Between April and August 2024, MAS and other government agencies
received several customer complaints against Qoo10 for delays in
processing payments to these customers, who are merchants on
Qoo10's e-commerce platform. Qoo10 was asked to address these
complaints, and while some were resolved, others remained
outstanding. In early September 2024, Qoo10 informed MAS that a
significant number of merchants will face payment delays.

"MAS engaged with the management of Qoo10 about these delays and
expressed our serious concerns. MAS provided opportunities to Qoo10
to remedy these concerns and required the company to take steps to
satisfy MAS that it would be able to meet its obligations to
merchants on an ongoing basis, including engaging a third-party
payment service provider to offer the covered services.

"To date, Qoo10 has been unable to provide sufficient assurance
that it had the resources and systems to meet its payment
obligations to merchants in a timely manner. MAS has thus directed
Qoo10 to suspend its covered payment services in Singapore from
September 23, 2024. MAS has had to carefully consider the potential
disruption the suspension could cause to Qoo10's e-commerce
platform or other services that are integrated with the covered
payments services. However, permitting Qoo10 to continue providing
covered payments services would expose more merchants using Qoo10's
covered payment services to risks of larger outstanding obligations
and potential losses. Qoo10 will be permitted to make payments to
satisfy outstanding claims by such merchants, but may not take on
new payment obligations.

"This suspension does not prohibit Qoo10 from operating its
e-commerce platform, but it may need to engage a third-party
payment service provider for transactions on this platform. MAS
will review the suspension when Qoo10 is able to satisfy MAS of its
ability to resolve the payment delays and safeguard the interest of
its customers in Singapore on an ongoing basis," MAS said.

"Merchants facing payment delays should raise their concerns with
Qoo10. If the concerns remain unresolved, there are established
processes in place to assist merchants in resolving commercial
disputes, inclusive of debt recovery. For example, they can
consider filing a civil claim with the courts. Merchants who face
cash flow difficulties because of the payment delays may contact
any of the participating Financial Institutions listed on
Enterprise Singapore's website to apply for the Enterprise
Financing Scheme (Working Capital Loan)," added MAS.

                            About Qoo10

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

As reported in the Troubled Company Reporter-Asia Pacific on Sept.
11, 2024, the Seoul Bankruptcy Court on Sept. 10 granted a
rehabilitation process for liquidity crisis-hit e-commerce
platforms TMON and WeMakePrice, allowing them to restructure their
debts to creditors under the supervision of court-appointed
custodians.

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

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


RE.PAK PTE: Commences Wind-Up Proceedings
-----------------------------------------
Members of RE.PAK Pte Ltd on Sept. 16, 2024, passed a resolution to
voluntarily wind up the company's operations.

The company's liquidators are:

          Lim Soh Yen
          Tan Suah Pin
          133 New Bridge Road
          #24-01/02 Chinatown Point
          Singapore 059413


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

The company's liquidator is:

          Ms. Riawaty
          40 Craig Road #02-01
          Singapore 089678


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

The company's liquidator is:

          Mr. Chian Yeow Hang
          c/o Guardian Advisory
          531A Upper Cross Street #03-118
          Singapore 051531



                           *********


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-
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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.

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