---

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

                     A S I A   P A C I F I C

          Monday, September 30, 2024, Vol. 27, No. 196

                           Headlines



A U S T R A L I A

AVANTI AU 2024-1: Moody's Assigns B1 Rating to AUD1.25MM F Notes
DODIMEAD SUPERANNUATION: First Creditors' Meeting Set for Oct. 4
ENSW PTY: First Creditors' Meeting Set for Oct. 3
METRO FINANCE 1: Moody's Currently Rates Class 4 Notes at 'Ba2'
MOCHAJAVA PTY: First Creditors' Meeting Set for Oct. 3

REPUBLIC HOTEL: First Creditors' Meeting Set for Oct. 2
SIMPLIFY MEDIA: First Creditors' Meeting Set for Oct. 4
[*] AUSTRALIA: Cost-of-Living Insolvencies on the Rise


C H I N A

CHINA EVERGRANDE: EV Unit Still in Talks with a Potential Buyer


I N D I A

ADITI INDUSTRIES: CRISIL Keeps B Debt Ratings in Not Cooperating
AGARWAL DIAM: CRISIL Keeps B+ Debt Ratings in Not Cooperating
ARIHANT INFRA: CRISIL Keeps B Debt Rating in Not Cooperating
AS NUTRA: CARE Keeps D Debt Rating in Not Cooperating Category
ATLANTIC PROJECTS: CARE Keeps D Debt Rating in Not Cooperating

AVADH RAIL: Ind-Ra Keeps BB+ Loan Rating in NonCooperating
BABA BHUMAN: CARE Lowers Rating on INR10.80cr LT Loan to D
BHARAT PLUS: CRISIL Lowers Rating on INR140cr LT Loan to B
BRIGHTSTAR HEALTHCARE: CARE Keeps C Debt Rating in Not Cooperating
BYJU'S: SC Halts CoC Meetings; Tells IRP to Maintain Status Quo

F.ROBIN POWER: Ind-Ra Moves BB+ Loan Rating to NonCooperating
FUTURE GROUP: Court Admits Four Affiliates Under CIRP
GEMINI PACK: CARE Keeps D Debt Rating in Not Cooperating Category
GREENLAND MOTORS: CARE Keeps D Debt Rating in Not Cooperating
HARMAN COTTEX: Ind-Ra Keeps BB+ Loan Rating in NonCooperating

HOUSING DEVELOPMENT: Wadhawan Seeks NCLT Nod for Revival Plan
IDEAL CARPET: CARE Keeps C Debt Rating in Not Cooperating Category
INAMDAR SUGARS: Ind-Ra Assigns BB- Bank Rating, Outlook Stable
JAGABANDHU ENTERPRISERS: CARE Keeps D Ratings in Not Cooperating
K. S. COT: CARE Keeps C Debt Rating in Not Cooperating Category

MAGNUM STEELS: CARE Keeps D Debt Rating in Not Cooperating
MONSOON BOUNTY: Ind-Ra Assigns BB- Bank Loan Rating
PANCHAL MACHINERY: CRISIL Keeps B Debt Ratings in Not Cooperating
PANNU STONE: CARE Keeps C Debt Rating in Not Cooperating Category
PATEL SIKAR: Ind-Ra Places B- Loan Rating on Watch

RHG CONSTRUCTIONS: CRISIL Keeps B+ Debt Rating in Not Cooperating
RIGHILL ELECTRICS: CARE Keeps D Debt Ratings in Not Cooperating
ROHIT EXTRACTION: Ind-Ra Moves BB Loan Rating to NonCooperating
RY MIDAS: CARE Keeps D Debt Ratings in Not Cooperating Category
SAN POWER: Ind-Ra Assigns BB Bank Loan Rating, Outlook Stable

SILK COTTON: CARE Keeps D Debt Rating in Not Cooperating Category
SINGER IMPEX: CARE Keeps D Debt Rating in Not Cooperating Category
STAR RAISON: CARE Keeps D Debt Rating in Not Cooperating Category
STAR REALCON: CARE Keeps D Debt Rating in Not Cooperating Category
SURYA MANUFACTURING: CARE Keeps D Debt Rating in Not Cooperating

TAGORE EDUCATIONAL: CARE Keeps D Debt Rating in Not Cooperating
TICEL BIO: CRISIL Keeps B+ Debt Ratings in Not Cooperating
TRILOK SECURITY: CARE Keeps D Debt Ratings in Not Cooperating
UMA POLYMERS: Ind-Ra Cuts Bank Loan Rating to BB+, Outlook Stable
UP ASBESTOS: Ind-Ra Affirms BB+ Bank Loan Rating, Outlook Stable

UPKAR ROLLER: CRISIL Keeps B Debt Rating in Not Cooperating
VAISHNAOI INFRATECH: CRISIL Keeps B+ Rating in Not Cooperating
YASHWANT DUGDH: CARE Keeps D Debt Rating in Not Cooperating


N E W   Z E A L A N D

CARLIN HOTEL: PriceWaterhouseCooper Appointed as Liquidators
CONTACT ENERGY: S&P Rates Subordinated NZ$250MM Capital Bonds 'BB+'
DUBBLE L: Creditors' Proofs of Debt Due on Oct. 23
POUNAMU INFRASTRUCTURE: Court to Hear Wind-Up Petition on Oct. 4
REFLECTIONS FUNERAL: Placed Into Liquidation

SAILS MOTOR: Court to Hear Wind-Up Petition on Oct. 7
SCIENCE HAVEN: Creditors' Proofs of Debt Due on Oct. 12
YOU'RE SAFE: Creditors' Proofs of Debt Due on Oct. 18


P A K I S T A N

PAKISTAN: Wins Financing Assurances from China, UAE, Saudi Arabia


S I N G A P O R E

BRIFA HOLDINGS: Creditors' Meeting Set for Oct. 7
D.T.C.G PTE: Court to Hear Wind-Up Petition on Oct. 18
GV AUTOMOBILE: Creditors' Meeting Set for Oct. 11
LMC ASIA: Commences Wind-Up Proceedings
PLAN B: Court to Hear Wind-Up Petition on Oct. 18

STICKIES BAR: Court to Hear Wind-Up Petition on Oct. 4


S R I   L A N K A

SRI LANKA: Fitch Affirms LongTerm Foreign-Currency IDR at 'RD'
SRI LANKA: New President to Restart Talks with IMF

                           - - - - -


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

AVANTI AU 2024-1: Moody's Assigns B1 Rating to AUD1.25MM F Notes
----------------------------------------------------------------
Moody's Ratings has assigned the following definitive ratings to
the notes issued by Perpetual Corporate Trust Limited as trustee of
Avanti AU Auto ABS 2024-1 Trust in respect of the Series 2024-1.

Issuer: Perpetual Corporate Trust Limited as trustee of Avanti AU
Auto ABS 2024-1 Trust in respect of the Series 2024-1

AUD205.00 million Class A Notes, Assigned Aaa (sf)

AUD17.50 million Class B Notes, Assigned Aa2 (sf)

AUD8.75 million Class C Notes, Assigned A2 (sf)

AUD4.25 million Class D Notes, Assigned Baa2 (sf)

AUD9.50 million Class E Notes, Assigned Ba2 (sf)

AUD1.25 million Class F Notes, Assigned B1 (sf)

The AUD3.75 million Class G Notes are not rated by us.

Avanti AU Auto ABS 2024-1 Trust in respect of Series 2024-1 is a
cash securitisation of receivables backed by motor vehicles. The
receivables were originated and are serviced by Branded Financial
Services Pty Limited (BFS, unrated), a wholly owned and operated
subsidiary of Avanti Finance Limited (Avanti Finance, unrated).

This is Avanti Finance's second auto loan ABS transaction in
Australia.

The receivables are extended either to commercial (50.3%) or
consumer (49.71%) obligors based in Australia. Loans backed by
passenger and light commercial vehicles represent 71.8% and 28.2%
of the securitised pool, respectively.

BFS is a finance company offering auto loans to consumer and
commercial obligors in Australia and New Zealand. BFS was
established in 2010 by Ateco Automative Group and was acquired by
Avanti Finance in 2019. As of June 2024, BFS's Australian retail
receivables portfolio was approximately AUD630 million.

RATINGS RATIONALE

The definitive ratings take into account, among other factors,
evaluation of the underlying receivables and their expected
performance, evaluation of the capital structure and credit
enhancement provided to the notes, availability of excess spread
over the life of the transaction, the liquidity facility in the
amount of 3.0% of the rated notes balance, the legal structure, the
experience of BFS as servicer and presence of the back-up servicing
arrangements.

The back-up servicer in this transaction, Verofi Pty Limited
(Verofi, unrated), is a small entity, which is a challenge. While
Verofi's team is experienced, the company employs a limited number
of core staff, posing key-person risk. This weakens the back-up
servicing arrangements. The ability of the Trustee to promptly
appoint a replacement servicer should Verofi be unable for any
reason to step in as the servicer somewhat mitigates this risk.
Furthermore, the risk of payment disruption is mitigated by the
liquidity facility, covering around six months of stressed fees and
interest payments.

Key transactional features are as follows:

-- Initially, principal collections will be allocated
sequentially. Once step-down conditions are satisfied, all notes,
other than Class G Notes, will receive their pro-rata share of
principal. Step-down conditions include, among others, 32.5%
subordination to the Class A Notes and no unreimbursed
charge-offs.

-- An interest rate swap provided by Westpac Banking Corporation
(Aa2/P-1/Aa1(cr)/P-1(cr))  will hedge the interest rate mismatch
between the assets bearing a fixed rate of interest and floating
rate liabilities. The notional balance of the swap will follow a
schedule based on amortisation of the pool assuming a certain
prepayment rate.

Key model and portfolio assumptions:

Moody's Portfolio Credit Enhancement ("PCE") — representing the
loss that Moody's expect the portfolio to suffer in the event of a
severe recessionary scenario — is 20%. Moody's mean default for
this transaction is 4.5%. The assumed recovery rate is 35%.
Expected defaults, recoveries and PCE are parameters used by us to
calibrate its lognormal portfolio loss distribution curve and to
associate a probability with each potential future loss scenario in
Moody's cash flow model to rate auto loan ABS.

Key pool features are as follows:

-- Interest rates in the portfolio range from 3.5% to 18.4%, with
a weighted average interest rate of 9.9%.

-- Loans with balloon payments at the end of the term represent
around 19.5% of the pool.

-- The weighted average seasoning of the portfolio is 9.2 months.
The weighted average remaining term is 55.7 months.

The principal methodology used in these ratings was "Moody's Global
Approach to Rating Auto Loan- and Lease-Backed ABS" published in
August 2024.

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

Up

Levels of credit protection that are greater than necessary to
protect investors against current expectations of loss could lead
to an upgrade of the ratings. Moody's current expectations of loss
could be better than its original expectations because of fewer
defaults by underlying obligors. The Australian job market is a
primary driver of performance.

Down

Levels of credit protection that are insufficient to protect
investors against current expectations of loss could lead to a
downgrade of the ratings. Moody's current expectations of loss
could be worse than its original expectations because of more
defaults by underlying obligors. The Australian job market is a
primary driver of performance. Other reasons for worse performance
than Moody's expect include poor servicing, error on the part of
transaction parties, a deterioration in credit quality of
transaction counterparties, lack of transactional governance and
fraud.

DODIMEAD SUPERANNUATION: First Creditors' Meeting Set for Oct. 4
----------------------------------------------------------------
A first meeting of the creditors in the proceedings of Dodimead
Superannuation Greenway 1 Pty Ltd will be held on Oct. 4, 2024 at
11:00 a.m. at the offices of Beacon Advisory at Level 6, 1 Hobart
Place in Canberra and via Zoom meeting.

Anthony Lane of Beacon Advisory was appointed as administrator of
the company on Sept. 24, 2024.


ENSW PTY: First Creditors' Meeting Set for Oct. 3
-------------------------------------------------
A first meeting of the creditors in the proceedings of ENSW Pty Ltd
will be held on Oct. 3, 2024 at 11:00 a.m. at the offices of
Mcleods Accounting at Level 9, 300 Adelaide Street in Brisbane and
via Microsoft Teams.

Bill Karageozis of Mcleods Accounting was appointed as
administrator of the company on Sept. 23, 2024.


METRO FINANCE 1: Moody's Currently Rates Class 4 Notes at 'Ba2'
---------------------------------------------------------------
Moody's Ratings has assigned definitive rating to the Class 1 Loan
Advance issued by Perpetual Corporate Trust Limited in its capacity
as trustee of the Metro Finance Trust Warehouse Series 1.

Issuer: Metro Finance Trust Warehouse Series 1

AUD200.00 million Class 1 Loan Advance, Assigned Aaa (sf)

The following notes will continue to be rated by Moody's:

Class 1 Notes, currently rated Aaa (sf)

Senior Commission Notes, currently rated Aaa (sf)

Class 1A Notes, currently rated Aa2 (sf)

Class 2 Notes, currently rated A2 (sf)

Class 3 Notes, currently rated Baa2 (sf)

Class 4 Notes, currently rated Ba2 (sf)

The transaction is a securitisation backed by a revolving warehouse
facility of a portfolio of Australian prime commercial and consumer
auto and equipment loans and leases originated by Metro Finance Pty
Limited (Metro Finance, unrated).

Metro Finance was established in 2011 as a commercial
auto/equipment lender. It targets prime borrowers for auto and
equipment assets in low volatility industries. Metro Finance
originates its lending through the commercial auto and equipment
broker and aggregator industry nationally. Significant origination
growth began in 2014.

RATINGS RATIONALE

The rating takes into account, among other factors (1) the
evaluation of the underlying receivables and their expected
performance; (2) the evaluation of the capital structure and credit
enhancement provided to the notes; (3) availability of excess
spread over the transaction's life; (4) the liquidity facility of
2.0% of the aggregate invested amount of the notes and the Class 1
Loan Advance subject to a floor of AUD1,251,000; (5) the legal
structure; and (6) Metro's experience as servicer and the back-up
servicing arrangements with AMAL Asset Management Limited (AMAL,
unrated).

According to Moody's analysis, the transaction benefits from the
prime nature of the underlying borrowers and the highly diversified
nature of the portfolio. Moody's note that the transaction features
some credit weaknesses such as 1) a substantial portion of the
portfolio was extended on a streamlined basis; 2) the issuance of
Senior Commission notes which are not collateralized and are repaid
through the interest waterfall reducing excess spread available to
cure portfolio losses and; 3) a 12-month portfolio replenishment
period which exposes noteholders to adverse collateral pool
changes.

KEY PORTOLIO AND STRUCTURAL FEATURES

The portfolio consists of prime consumer and commercial auto and
equipment fixed rate loans and leases extended to obligors located
in Australia. Key transactional features include a 12-month
portfolio replenishment period, the portfolio parameters and stop
funding events which protect noteholders against a deterioration in
the quality and performance of the collateral during the portfolio
replenishment period.

The revolving period continues until a stop funding event or an
amortisation event is triggered. If a stop funding event or an
amortisation event is triggered, then all the notes are paid
sequentially from the principal waterfall, with the Class 1 Notes
and the Class 1 Loan Advance paid pari passu. If a Class 1 Loan
Advance amortisation event is triggered, but neither a stop funding
event nor an amortisation event is in effect, principal payments
are made to the Class 1 Loan Advance ahead of the Class 1 Notes.

Interest payments, the allocation of charge-offs and subsequent
re-imbursement of carryover charge-offs on the Class 1 Notes and
Class 1 Loan Advance are paid on a pari passu basis.

Stop funding events include:

-- There is a breach of the pool parameters subsisting on two
consecutive determination dates;

-- A carry over charge off remains unreimbursed on any of Class 1
to Class 6 notes;

-- 90 days past due arrears rate is greater than 2.0%; and

-- Cumulative losses are greater than 3.0% of the aggregate
notional of all purchased receivables at that time.

Pool parameters include:

-- Vehicle loans must be greater than 70% of the pool balance;

-- Balloon or residual payments must be less than 35% of the pool
balance;

-- The top 10 obligors must be less than 4% of the portfolio;

-- Consumer receivables must be less than 15% of the portfolio;
and

-- The portfolio yield must be greater than portfolio swap rate by
at least 3%.

The Class 1 Loan Advance, Class 1, Class 1A, Class 2, Class 3, and
Class 4 Notes are variable funding notes which can be redeemed and
redrawn during the transaction revolving period subject to required
note subordination levels being maintained.

The required subordination percentages for the Class 1 Notes and
the Class 1 Loan Advance are both 19.10%, and for Class 1A, Class
2, Class 3, and Class 4 Notes, they are 13.10%, 9.50%, 7.90%, and
4.80% respectively. When the transaction enters the amortization
period the notes will be repaid on a sequential basis.

The Senior Commission Notes are repaid according to a scheduled
amortisation profile. These notes are not collateralised and are
repaid through the interest waterfall only. The notional size of
the commission notes is equal to the aggregate of commission
expense on each consumer loan. The Senior Commission Notes
scheduled amortization profile is sized to ensure each loans
commission expense is amortised over the shorter of 3 years or the
loan term less 12 months. Should the underlying loan prepay or
default the related component of the Senior Commission Notes will
be immediately due. The notes also benefit from access to principal
draw.

Interest rate risk will be addressed by the interest rate swap
provided by National Australia Bank Limited ("NAB"
Aa2/P-1/Aa1(cr)/P-1(cr)). The notional balance of the swap will
follow a schedule based on the amortisation of the portfolio,
assuming no prepayments. The swap will be extended and the fixed
rate will be adjusted on a monthly basis to hedge new receivables
added to the trust during the revolving period.

MAIN MODEL ASSUMPTIONS

Moody's portfolio credit enhancement ("PCE") — representing the
loss that Moody's expect the portfolio to suffer in the event of a
severe recession scenario — is 16.00%. Moody's mean default rate
for this transaction is 2.75% and the assumed recovery rate is
35.0%. Expected defaults, recoveries and PCE are parameters used by
us to calibrate its lognormal portfolio loss distribution curve and
to associate a probability with each potential future loss scenario
in Moody's cash flow model to rate consumer ABS.

Moody's assumed mean default rate is stressed compared to the
extrapolated observed levels of default, estimated at 1.47%. The
stress Moody's have applied in determining its mean default rate
reflects the lack of a full economic cycle in the historical data
and the exposure to balloon loans in the portfolio. It also
reflects the current macroeconomic trends, and other similar
transactions used as a benchmark.

The PCE of 16.00% is broadly in line with other Australian prime
auto and equipment ABS and is based on Moody's assessment of the
pool taking into account (i) historical data variability; (ii)
quantity, quality and relevance of historical performance data; and
(iii) originator quality and servicer quality.

Methodology Underlying the Rating Action

The principal methodology used in this rating was "Moody's Global
Approach to Rating Auto Loan- and Lease-Backed ABS" published in
August 2024.

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

Factors that could lead to an upgrade of the notes include a rapid
build-up of credit enhancement due to sequential amortization or
better-than-expected collateral performance. The Australian job
market is a primary driver of performance.

A factor that could lead to a downgrade of the notes is
worse-than-expected collateral performance. Other reasons that
could lead to a downgrade include poor servicing, error on the part
of transaction parties, a deterioration in the credit quality of
transaction counterparties, or lack of transactional governance and
fraud.

MOCHAJAVA PTY: First Creditors' Meeting Set for Oct. 3
------------------------------------------------------
A first meeting of the creditors in the proceedings of Mochajava
Pty Ltd will be held on Oct. 3, 2024 at 11:00 a.m. at the offices
of HoganSprowles at Level 11 South, 350 Collins Street in Melbourne
and via virtual meeting.

Mark Brereton of HoganSprowles was appointed as administrator of
the company on Sept. 20, 2024.


REPUBLIC HOTEL: First Creditors' Meeting Set for Oct. 2
-------------------------------------------------------
A first meeting of the creditors in the proceedings of Republic
Hotel Sydney Pty Ltd and Republic Hotel Management Pty Ltd will be
held on Oct. 2, 2024 at 11:00 a.m. at Level 26, 25 Bligh Street in
Sydney and via virtual meeting technology.

Andrew John Cummins Peter Paul Krejci of BRI Ferrier was appointed
as administrator of the company on Sept. 20, 2024.


SIMPLIFY MEDIA: First Creditors' Meeting Set for Oct. 4
-------------------------------------------------------
A first meeting of the creditors in the proceedings of Simplify
Media Pty Ltd will be held on Oct. 4, 2024 at 10:30 a.m. at the
offices of Beacon Advisory at Level 6, 1 Hobart Place in Canberra
and via Zoom meeting.

Anthony Lane of Beacon Advisory was appointed as administrator of
the company on Sept. 24, 2024.


[*] AUSTRALIA: Cost-of-Living Insolvencies on the Rise
------------------------------------------------------
Accounting Times reports that while the Australian Taxation Office
(ATO) and major banks are still major drivers of insolvencies,
insolvency firms are beginning to see more closures triggered by
cash flow issues.

Accounting Times relates that the latest credit risk data from
Alares suggests that the rate of insolvencies had eased slightly in
August despite insolvency numbers remaining 33 per cent above
average.

In its insights report, Alares said that this could suggest that
the "insolvency catch-up" could finally begin to slow down.

According to Accounting Times, Alares said the ATO remains the
dominant driver of the insolvency catch-up.

"The ATO continues to use all avenues at its disposal to recover
outstanding tax obligations, including director's penalty notices,
overdue tax debt reporting, and direct court recoveries," it said
in its insights report.

The report also noted that there has been no respite from the major
lenders, with their court actions continuing to rise well above
historical levels.

Insolvency and business turnaround specialist Jirsch Sutherland has
recently seen an increase in cost-of-living insolvencies as
"date-night economics" hits the cash flow of small businesses.

According to Accounting Times, Jirsch Sutherland national managing
partner Bradd Morelli said there has been a noticeable shift away
from predominantly tax-driven insolvencies.

While these types of insolvencies still account for a large
proportion of all insolvencies, the firm is beginning to handle
more matters and receive more inquiries from businesses affected by
cash flow issues.

"It's not a seismic shift yet but these types of insolvencies are
increasing, particularly as consumers cut back their discretionary
spending," Accounting Times quotes Mr. Morelli as saying.

"I call it 'date-night economics', with householders reassessing
what they spend their money on and, among other things, not going
out as much. It's having a real domino effect, with myriad small
businesses experiencing a cash flow hit - on top of the higher cost
of doing business."

The data also shows that small business restructures are seeing
increasing uptake, with SBRs accounting for almost 20 per cent of
insolvency appointments, representing a significant increase from
prior years, Accounting Times relays.

Accounting Times relates that Mr. Morelli said SBRs have had a
positive impact on the economy since the regime was introduced
because SBRs provide much better returns to creditors than
liquidations, they're tax compliant, and they preserve jobs.

"Not only that, but with SBRs directors stay in control of their
companies, and it's a less invasive process than voluntary
administration or liquidation," he said.

Accounting Times, citing ASIC figures, discloses that of the 573
companies that entered restructuring after January 1, 2021 and had
completed their restructuring plan by June 30, 2024, 89.4 per cent
remained registered.

While the majority of SBRs have been getting the green light from
creditors - including the ATO, which is usually the main creditor -
Mr. Morelli said he is now witnessing a perceptible change, with an
increase in the ATO voting against certain SBR plans, adds
Accounting Times.




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

CHINA EVERGRANDE: EV Unit Still in Talks with a Potential Buyer
---------------------------------------------------------------
Reuters reports that liquidators of the electric vehicle arm of
debt-laden China Evergrande are still in talks with a potential
buyer to take a stake in the company with a view to provide a new
credit line to support production.

In its initial days, the electric vehicle maker aimed to take on
Tesla and had a market valuation higher than Ford Motor, but it has
since been mired in the debt crisis engulfing its property
developer parent.

According to Reuters, China Evergrande New Energy Vehicle said on
Sept. 26 its liquidators had not yet entered an agreement with any
potential stake buyer nor has there been any deal to extend credit
to the electric vehicle manufacturer.

The non-binding deal by liquidators acting for China Evergrande
Group, Evergrande Health Industry and Acelin Global provides for a
third-party buyer to take a stake of 29% in the unit, with an
option for 29.5% more, the EV arm had said in a statement in late
May, Reuters recalls.

The firm, which in August said two of its units had commenced
bankruptcy proceedings, has been severely short of funds and has
faced pressure from its creditors and a local government.

                       About China Evergrande

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

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

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

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

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

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

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

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

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

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



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

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

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

   Proposed Long Term     3.5       CRISIL B/Stable (Issuer Not
   Bank Loan Facility               Cooperating)

   Term Loan              2.5       CRISIL B/Stable (Issuer Not
                                    Cooperating)

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

AI is a partnership concern and was formed in 2009. The day-to-day
operations of the firm are managed by Mr. Pawan Agarwal, who is one
of the partners of the firm. The firm has set up Portland pozzolona
cement (PPC) grinding unit near Naigaon (Assam). The unit started
operations in April 2012.


AGARWAL DIAM: CRISIL Keeps B+ Debt Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Agarwal Diam
Expo Private Limited (ADEPL) continue to be 'CRISIL B+/Stable
Issuer Not Cooperating'.

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

   Proposed Cash          0.5        CRISIL B+/Stable (Issuer Not
   Credit Limit                      Cooperating)

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

Incorporated in 2011, Mumbai-based ADEPL is promoted by Bansal
family. The company trades in polished diamonds.


ARIHANT INFRA: CRISIL Keeps B Debt Rating in Not Cooperating
------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Arihant
Infrastructures continues to be 'CRISIL B/Stable Issuer Not
Cooperating'.

                       Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Term Loan             12.5       CRISIL B/Stable (Issuer Not
                                    Cooperating)

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

Arihant was set up as a partnership firm in 2009. It is a
special-purpose vehicle formed by the Arihant group for undertaking
a residential real estate project, Arihant Cavetto, at Gariahat
Road, Kolkata (West Bengal). The firm is promoted by Mr. Mahendra
Kumar Pandya and his associates.


AS NUTRA: CARE Keeps D Debt Rating in Not Cooperating Category
--------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of AS Nutra
Tech Private Limited (ANTPL) continues to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      13.40       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Rationale and key rating drivers

CARE Ratings Ltd. had, vide its press release dated July 11, 2023,
placed the rating(s) of ANTPL under the 'issuer non-cooperating'
category as ANTPL had failed to provide information for monitoring
of the rating as agreed to in its Rating Agreement. ANTPL continues
to be non-cooperative despite repeated requests for submission of
information through e-mails dated May 26, 2024, June 5, 2024, June
15, 2024, among others.

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

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

ANTPL, incorporated in February 2010, is promoted by Shrishrimal
family of Raipur. The company has a soya nuggets manufacturing unit
which is non-operational since the past three years and the company
has been trading soya DOC since then. The company has set up a
refinery plant (9000 MTPA) and sol vent extraction plant for
manufacturing refined soya oil (27000 MTPA) and refined rice bran
oil (18000 MTPA) in April 2015 (within the scheduled time). The
estimated project cost for the facilities has been INR17.67 crore
funded through debt of INR10 crore and promoter's contribution of
INR7.67 crore. ANTPL is headed by Mr. Amit Shrishrimal who is
looking after the financial, administrative and marketing
activities of the company since its incorporation. He is also
director of group company Progressive Exim Ltd which is having
solvent extraction plant of capacity 60,000 TPA and refinery plant
at Raipur.


ATLANTIC PROJECTS: CARE Keeps D Debt Rating in Not Cooperating
--------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Atlantic
Projects Limited (APL) continues to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank     123.45       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Rationale and key rating drivers

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

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

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

APL was incorporated in October, 1999, promoted by Mr. Siddharth
Mehra and his brother Mr. Kapil Mehra. The company commenced
operation in 2005 by venturing into the cotton trading business.
The company traded in raw cotton, cotton yarn and fabrics and
catered to both the domestic and export market. The company forayed
into executing civil construction work for public
sector enterprises and was awarded contracts for construction of
multipurpose cyclone shelters and food godowns.


AVADH RAIL: Ind-Ra Keeps BB+ Loan Rating in NonCooperating
----------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained Avadh Rail Infra
Limited's (ARIL) bank facilities' ratings in the non-cooperating
category and has simultaneously withdrawn the same.

The detailed rating actions are:

-- INR150 mil. Fund-based working capital limit* maintained in
     non-cooperating category and withdrawn; and

-- INR100 mil. Non-fund-based working capital limit** maintained
     in non-cooperating category and withdrawn.

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

*Maintained at 'IND BB+/Stable/ (ISSUER NOT COOPERATING)'/'IND A4+
(ISSUER NOT COOPERATING)' before being withdrawn

**Maintained at 'IND A4+ (ISSUER NOT COOPERATING)' before being
withdrawn

Detailed Rationale of the Rating Action

The rating has been maintained in the non-cooperating category
before being withdrawn because 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 statement, sanctioned bank facilities and
utilization, business plans and projections for the next three
years, 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 ratings, as the agency
has received a request for withdrawal of ratings and no-objection
certificate issued by the banker. 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.

Non-Cooperation by the Issuer

Ind-Ra has not received adequate information and has not been able
to conduct management interactions with ARIL while reviewing the
rating. Ind-Ra had consistently followed up with ARIL over emails,
apart from phone calls since May 2018. The issuer has also not been
submitting the monthly 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 ARIL, 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. ARIL has been
non-cooperative with the agency since May 31, 2018.

About the Company

Lucknow-headquartered Avadh Rail Infra supplies critical rubber and
rubber-to-metal bonded components to Indian Railways for freight
wagons, passenger coaches, locomotives and tracks.

BABA BHUMAN: CARE Lowers Rating on INR10.80cr LT Loan to D
----------------------------------------------------------
CARE Ratings has revised the ratings on certain bank facilities of
Baba Bhuman Shah Ji Industries (BBSJI), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      10.80       CARE D; ISSUER NOT COOPERATING;
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category and Downgraded from
                                   CARE C; Stable

Rationale and key rating drivers

CARE Ratings Ltd. had, vide its press release dated September 14,
2023, placed the rating(s) of BBSJI under the 'issuer
non-cooperating' category as BBSJI had failed to provide
information for monitoring of the rating as agreed to in its Rating
Agreement. BBSJI continues to be non-cooperative despite repeated
requests for submission of information through e-mails dated July
30, 2024, August 9, 2024, August 19, 2024, and September 19, 2024
among others.

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

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

The ratings assigned to the bank facilities of BBSJI have been
revised on account of non-availability of requisite information.
The rating revision also considers ongoing delays in debt servicing
as recognized from publicly available information i.e. CIBIL
filings made by the lender.

Baba Bhuman Shah Ji Industries (BBSJI) was established in February
2014 as a partnership firm by Mr. Harish Kumar, Mr. Rakesh Kumar,
Mr. Ram Kishan, Mr. Sunil Kumar, Mrs. Vanita Rani and Mr. Rakesh
Kumar. The firm is engaged in processing of paddy at its
manufacturing facility located in Fazilka, Punjab.

Status of non-cooperation with previous CRA: Brickwork has
continued the rating assigned to the bank facilities of BBSJI into
Issuer Not Cooperating category vide press release dated December
5, 2023 on account of its inability to carry out a
review in the absence of requisite information.

BHARAT PLUS: CRISIL Lowers Rating on INR140cr LT Loan to B
----------------------------------------------------------
CRISIL Ratings has revised the ratings on the long-term bank
facilities of Bharat Plus Ethanol Private Limited (BPEPL) to
'CRISIL B/Stable Issuer Not Cooperating' from 'CRISIL BB-/Stable
Issuer Not Cooperating'.

                          Amount
   Facilities          (INR Crore)    Ratings
   ----------          -----------    -------
   Proposed Long Term       140       CRISIL B/Stable (ISSUER NOT
   Bank Loan Facility                 COOPERATING; Revised from
                                      'CRISIL BB-/Stable ISSUER
                                      NOT COOPERATING')

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

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-cooperation by a rated entity may be a result of deterioration
in its credit risk profile. The rating with the 'issuer not
cooperating' suffix lacks 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 BPEPL, which restricts the
ability of CRISIL Ratings to take a forward-looking view on the
credit quality of the entity. CRISIL Ratings believes that the
rating action on BPEPL is consistent with 'Assessing Information
Adequacy Risk'. Based on the last-available information, the rating
on the long-term bank facilities of BPEPL has been revised to
'CRISIL B/Stable Issuer Not Cooperating' from 'CRISIL BB-/Stable
Issuer Not Cooperating'.

BPEPL, incorporated in June 2021, is setting up a 60-kilolitre per
day ethanol unit in Bihar for the production of ethanol, which will
be supplied to oil marketing companies under the Ethanol Blending
Programme.


BRIGHTSTAR HEALTHCARE: CARE Keeps C Debt Rating in Not Cooperating
------------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Brightstar
Healthcare Private Limited (BHPL) continues to remain in the
'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      30.00       CARE C; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   To remain under ISSUER NOT
                                   COOPERATING category  

Rationale and key rating drivers

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

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

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

Moradabad, Uttar Pradesh based Brightstar Healthcare Private
Limited (BHPL) is a private limited company and was incorporated in
November, 2012. BHPL is setting up a 300-bed multi-specialty
hospital in new Moradabad, Uttar Pradesh. The hospital would
provide healthcare services in cardiology and cardiac surgery,
nephrology, neurology, neurosurgery, anaesthesiology & critical
care, orthopaedics, urology, among others.

Status of non-cooperation with previous CRA: CRISIL has continued
the rating assigned to the bank facilities of BHPL into Issuer Not
Cooperating category vide press release dated July 8, 2024 on
account of its inability to carry out a review in the absence of
requisite information.

BYJU'S: SC Halts CoC Meetings; Tells IRP to Maintain Status Quo
---------------------------------------------------------------
The Economic Times reports that the Supreme Court on Sept. 26
temporarily halted all meetings related to the insolvency
proceedings of debt-laden edtech firm Byju's, asking the interim
resolution professional (IRP) Pankaj Srivastava to maintain status
quo for the time being and not to hold any meeting of the lenders.

"Until the judgment is pronounced, the interim resolution
professional shall maintain status quo and shall not hold any
meeting of the committee of creditors," a Bench led by Chief
Justice of India D Y Chandrachud directed, notes the report.

According to ET, the apex court reserved its verdict on an appeal
by US lender GLAS Trust Co LLC, the trustee for lenders owed $1.2
billion by Byju's, against the National Company Law Appellate
Tribunal's (NCLAT) order approving a settlement deal between the
Think & Learn Pvt Ltd, the parent of online educational services
company, and its operational creditor, the Board of Control for
Cricket in India (BCCI). The lender had alleged that the money paid
by Byju Raveendran's brother Riju Ravindran was tainted.

However, the SC indicated that it will not interfere in another
appeal by GLAS Trust seeking the removal of Srivastava, who had
dropped the lender from the CoC, holding that it did not represent
the minimum 51% of lenders in the consortium that provided a $1.2
billion term loan to Byju's, says the report.

ET relates that the apex court on Sept. 25 questioned Byju's
decision to settle the INR158 crore debt that the edutech firm owed
to the BCCI and leaving substantial INR15,000 crore dues of other
creditors, including Glas Trust.

"Why did you pick only BCCI to settle its dues? What about others?
When the quantum of the debt is so large, can one creditor walk
away saying one promoter is ready to pay me? Out of your personal
assets? You have today a debt of INR15,000 crore," the CJI said
while raising concerns about the NCLAT's decision setting aside the
July 16 order that initiated insolvency proceedings against Think &
Learn without "applying its mind at all", ET relates.

The bench had last month stayed the NCLAT's order that approved the
INR158.9 crore dues settlement deal between the edutech major and
the BCCI, ET notes.

                            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.

F.ROBIN POWER: Ind-Ra Moves BB+ Loan Rating to NonCooperating
-------------------------------------------------------------
India Ratings and Research (Ind-Ra) has revised the Outlook on
F.Robin Power Solutions Private Limited's (FRPSPL) bank facilities
to Negative from Stable and has simultaneously migrated the ratings
to the non-cooperating category. The issuer did not participate in
the rating exercise despite continuous requests and follow-ups by
the agency through phone calls and emails. Thus, the rating is
based on the best available information. Therefore, investors and
other users are advised to take appropriate caution while using
these ratings. The rating will now appear as 'IND BB+/Negative
(ISSUER NOT COOPERATING)' on the agency's website.

The instrument-wise rating actions are:

-- INR800 mil. Proposed fund-based working capital limit Outlook
     revised to Negative from Stable; migrated to non-cooperating
     category with IND BB+/Negative (ISSUER NOT COOPERATING)/IND
     A4+ (ISSUER NOT COOPERATING) rating; and

-- INR200 mil. Fund-based working capital limit Outlook revised
     to Negative from Stable; migrated to non-cooperating category
     with IND BB+/Negative (ISSUER NOT COOPERATING)/IND A4+
     (ISSUER NOT COOPERATING) rating.

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

Detailed Rationale of the Rating Action

The migration of rating to the non-cooperating category and Outlook
revision to Negative are in accordance with Ind-Ra's policy,
Guidelines on What Constitutes Non-Cooperation. The Negative
Outlook reflects the likelihood of a downgrade of the entity's
ratings on continued non-cooperation.

Non-Cooperation by the Issuer

Ind-Ra has not received adequate information and has not been able
to conduct management interactions with FRPSPL while reviewing the
ratings. Ind-Ra had consistently followed up with FRPSPL over
emails since June 13, 2024, apart from phone calls. However, the
issuer has submitted default statement until August 2024.

Limitations regarding Information Availability

Ind-Ra is unable to provide an updated forward-looking view on the
credit rating of FRPSPL, 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. FRPSPL has been
non-cooperative with the agency since June 2024.

About the Company

Incorporated in 2020, Tamil Nadu-based FRPSPL is engaged in
installing, erecting, testing and commissioning of all types of
solar power plants.

FUTURE GROUP: Court Admits Four Affiliates Under CIRP
-----------------------------------------------------
The Economic Times reports that the bankruptcy court has recently
admitted four companies affiliated with the Future Group including
Future Corporate Resources Pvt Ltd and Central Departmental Stores
Pvt Ltd under the corporate insolvency resolution process (CIRP) in
an application filed by the Central Bank of India.

The other companies include Ojas Tradelease and Mall Management Pvt
Ltd and Iskrupa Mall Management Company Pvt Ltd, ET discloses.
While admitting these companies through separate orders, the Mumbai
bench of the National Company Law Tribunal (NCLT) has appointed
Avil Jerome Menezes as interim resolution professional (IRP) of
these companies.

"During the CIRP period, the management of the corporate debtor
shall vest in the IRP or, as the case may be, the RP . . ." noted
the division bench of judicial member KR Saji Kumar and technical
member Sanjiv Dutt in its order against Central Departmental
Stores, ET relays. "The officers and managers of the corporate
debtor are directed to provide effective assistance to the IRP as
and when he takes charge of the assets and management of the
corporate debtor," said the tribunal in its September 24 order.

According to ET, Future Corporate Resources and Central
Departmental Stores provided corporate guarantees for Future
Group's other affiliate Syntex Trading and Agency Pvt Ltd to the
Central Bank of India for a loan in December 2019. The order in
this case noted that the principal borrower failed to honour its
obligation to repay in March 2022 and its loan account was
classified as a Non-Performing Asset (NPA) in April 2022.

The tribunal noted that the amount of financial debt claimed to be
in default is INR420 crore as of May 29, 2022, along with the
interest and other charges.

In separate orders, the tribunal has admitted Iskrupa Mall
Management Company after the company defaulted on its dues of about
INR72 crore in May 2022, adds ET. The lender had granted a term
loan of INR150 crore in September 2015 to the company. Whereas,
Ojas Tradelease and Mall Management Company was a corporate
guarantor to Iskrupa Mall Management Company Pvt Ltd and hence
admitted under the CIRP.

The order noted that the principal borrower in this case failed to
honour its obligation to repay the principal and interest due on
March 31, 2022 and its loan account was classified as a
Non-Performing Asset on April 30, 2022.

Recently, another Future Group affiliate Acute Retail Infra Pvt Ltd
was also admitted under CIRP in an application filed by Avendus
Finance Pvt Ltd after the company defaulted on its dues of over
INR65 crore.

Currently, several companies including Future Retail, Future
Enterprises, Future Supply and Chain and Future Lifestyle and
Fashion are among the key companies promoted by Kishore Biyani that
are undergoing a corporate insolvency process.

                        About Future Group

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.

GEMINI PACK: CARE Keeps D Debt Rating in Not Cooperating Category
-----------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Gemini
Pack Tech Private Limited (GPTPL) continue to remain in the 'Issuer
Not Cooperating' category.

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

Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated August 16,
2023, placed the rating(s) of GPTPL under the 'issuer
non-cooperating' category as GPTPL had failed to provide
information for monitoring of the rating as agreed to in its Rating
Agreement. GPTPL continues to be non-cooperative despite repeated
requests for submission of information through e-mails dated July
1, 2024, July 11, 2024 and July 21, 2024 among others.

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

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

Dehradun, Uttarakhand based Gemini Pack tech Private Limited was
(GPTPL) incorporated in March, 1987. The company is currently being
managed by Mr. Devendra Kumar and Mr. Jitendra Kumar. The company
is engaged in development of residential projects. Also, the
company is engaged in real estate business.


GREENLAND MOTORS: CARE Keeps D Debt Rating in Not Cooperating
-------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Greenland
Motors (GRM) continue to remain in the 'Issuer Not Cooperating'
category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      30.00       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Rationale and key rating drivers

CARE Ratings Ltd. had, vide its press release dated September 11,
2023, placed the rating(s) of GRM under the 'issuer
non-cooperating' category as GRM had failed to provide information
for monitoring of the rating as agreed to in its Rating Agreement.
GRM continues to be non-cooperative despite repeated requests for
submission of information through emails dated July 27, 2024,
August 6, 2024 and August 16, 2024 among others.

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

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

Greenland Motors (GRM), constituted as a partnership firm in 2005
is an authorized dealer of Maruti Suzuki India Limited (MSIL) in
select regions of Uttar Pradesh. Currently partnered by Mr. Anil
Khetrapal, Mr. Sunil Khetrapal, Mr. Arun Khetrapal and Mr. Ranjan
Khetrapal, GRM operates through its E-dealer outlets located at
Pratapgarh and Kaushambi, its main showroom, true value outlet and
workshops in Allahabad and its 8 rural outlets spread across
different villages in the state of UP. The firm derives its revenue
from sales of new cars, servicing of vehicles, sales of spare parts
and trading of pre-owned cars.

Status of non-cooperation with previous CRA: ICRA has continued the
ratings assigned to the bank facilities of GRM into 'Issuer
not-cooperating' category vide press release dated October 27, 2023
on account of non-availability of requisite information from the
Firm.


HARMAN COTTEX: Ind-Ra Keeps BB+ Loan Rating in NonCooperating
-------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained Harman Cottex &
Seeds Private Limited's (HCSPL) bank facilities on Rating Watch
with Developing Implications as follows:

-- INR725 mil. Fund-based working capital limits maintained on
     Rating Watch with Developing Implications with IND BB+/Rating

     Watch with Developing Implications.

Detailed Rationale of the Rating Action

Ind-Ra has maintained the rating on Rating Watch with Developing
Implications in view of the continued uncertainty regarding the
impact of acquisition of the spinning unit on HCSPL's financials.
The agency will closely monitor the situation and its evolving
status, and will resolve the rating watch once it receives
sufficient clarity and information on the same.

Detailed Description of Key Rating Drivers

Continued Medium Scale of Operations: The revenue grew
significantly to INR5,535.56 million in FY24 (FY23: INR2,985.74
million) and EBITDA to INR88.54 million (INR13.38 million), due to
increase in demand for  products, leading to higher capacity
utilization of the plant. Furthermore, HCSPL bought a machinery on
lease, owned by Puneet Enterprises in December 2022, leading to an
increase in HCSPL's extraction and oil processing capacity, thereby
boosting its manufacturing segment's revenue. The company started
manufacturing and retailing garments and denim wear under the brand
Threads of Harman from FY23.

Weak Credit Metrics due to Acquisition of Spinning Unit: Despite
the improvement in the gross interest coverage (operating
EBITDA/gross interest expense) to 2.50x in FY24 (FY23: 1.15x) and
the net financial leverage (adjusted net debt/operating EBITDA) to
9.53x (24.54x), the credit metrics were weak owing to the
debt-funded acquisition of a spinning unit at Butibori (Nagpur) for
around INR420 million. The acquisition was funded by a term loan of
INR398 million, unsecured loans from promoters and relatives of
INR70 million, and the balance through internal accruals and
release of working capital. The improvement in the credit metrics
was due to an increase in the EBITDA to INR88.54 million in FY24
(FY23: INR13.38 million), partially offset by an increase in the
net debt to INR919.03 million (INR465.33 million). The spinning
unit has an installed capacity of 12,640 metric tons to manufacture
blended yarn. Ind-Ra expects the credit metrics to remain at a
similar level in FY25 due to the high debt levels. Ind-Ra is yet to
receive sufficient clarity on the impact of the acquired spinning
unit on the company's financials and will closely monitor the
same.

Modest EBITDA Margins: The EBITDA margins were modest at 1.60% in
FY24 (FY23: 0.45%) with a return on capital employed of 7% (0.9%).
The increase in margins was due to better absorption of fixed
costs. Ind-Ra expects the EBITDA margins to improve in FY25 and be
average with the rise in scale and continued better absorption of
fixed costs. The company has a forward contract limit, wherein it
can hedge its imports to mitigate the currency fluctuation risk.
The improvement in its margins remains a key rating monitorable.

Stretched Liquidity: HCSPL does not have any capital market
exposure and relies only on banks and financial institutions to
meet its funding requirements. The company has long-term debt
repayment obligations of INR99 million and INR94.9 million for FY25
and FY26, respectively. The unencumbered cash balance stood at
INR75.52 million at FYE24 (FYE23: INR137.13 million).

Experienced Promoters: HCSPL's promoters have more than 25 years of
experience in the textile industry. The group entities are engaged
in a similar line of operations and the promoters have access to
various companies in the cotton industry, largely mitigating the
competition risk.

Liquidity

Stretched: In FY24, the cash flow from operations turned positive
to INR2.29 million (FY23: negative INR227.88 million) on account of
a significant improvement in the operating EBITDA and favorable
changes in working capital. Consequently, the free cash flow
improved to negative INR13.67 million in FY24 (FY23: negative
INR237.69 million), despite capex of INR420 million in FY24. The
net working capital cycle reduced to 57 days in FY24 (FY23: 90
days) owing to a reduction in the debtor period to 35 days (63
days) and the inventory holding period to 45 days (66 days).
HCSPL's average maximum utilization of its fund-based working
capital limits was 81.15% during the 12 months ended August 2024.

Rating Sensitivities

The Rating Watch with Developing Implications indicates that the
ratings may be upgraded, downgraded, or affirmed. The agency would
monitor the developments on the operating and financial performance
of the spinning unit, along with the overall financial performance
of the company by December 2024.

About the Company

Incorporated in 2009, Madhya Pradesh-based, HCSPL is engaged in the
ginning and pressing of cotton, oil extraction from cotton seeds
and trading of cotton. The company also manufactures and sells
garments under the brand Threads of Harman and has five retail
stores across Indore, Ujjain, Mau and Bhopal. Beside this, the
company has acquired a spinning unit during FY24, for which the
operations are expected to commence October 2024 onwards.

HOUSING DEVELOPMENT: Wadhawan Seeks NCLT Nod for Revival Plan
-------------------------------------------------------------
Press Trust of India reports that Rakesh Wadhawan, the suspended
promoter of Housing Development and Infrastructure Limited (HDIL),
has moved the National Company Law Tribunal (NCLT) to allow him to
propose "a viable revival plan" in the Corporate Insolvency
Resolution Process (CIRP).

In his application, Wadhawan has sought to be allowed to propose a
viable revival plan in the CIRP or a one-time settlement in the
insolvency process, underscoring that he is interested in the
maximization of the resolution value.

PTI relates that Wadhawan has alleged that he is "attempting to
highlight the systematic loot of the assets of HDIL by business and
joint venture partners of the corporate debtor and the conspiracy
hatched by the Resolution professional (RP), authorised
representatives and members of committee of creditors (CoC)".

Wadhawan, in the application, has also claimed that the assets of
the corportate debtor that is HDL are enough to satisfy claims of
creditors, but the CoC has overlooked the real value of assets and
the intangible assets and cash flows from joint venture deals,
according to PTI.

Creditors have filed a claim of INR8,138 crore, including interest
and government dues. Wadhawan has submitted in the petition to the
Mumbai bench of NCLT that the valuation of HDIL is more than
INR6,500 crore, but the approved resolution plan proposes less than
INR600 crore, PTI notes.

                             About HDIL

Housing Development & Infrastructure Limited (HDIL) is real estate
development company.  The Company's services include residential,
commercial, and retail real estate development.

The National Company Law Tribunal (NCLT) on Aug. 20, 2019, admitted
an application filed by Bank of India to initiate insolvency
proceedings against the company.

In July 2020, the National Company Law Appellate Tribunal (NCLAT)
has upheld the NCLT order to initiate insolvency proceedings
against HDIL and rejected the plea of its promoter Rakesh Wadhwan.

IDEAL CARPET: CARE Keeps C Debt Rating in Not Cooperating Category
------------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Ideal
Carpet Industries (ICI) continue to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       4.08       CARE C; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category  

   Short Term Bank      8.00       CARE A4; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category

Rationale and key rating drivers

CARE Ratings Ltd. had, vide its press release dated September 8,
2023, placed the rating(s) of ICI under the 'issuer
non-cooperating' category as ICI had failed to provide information
for monitoring of the rating as agreed to in its Rating Agreement.
ICI continues to be non-cooperative despite repeated requests for
submission of information through emails dated July 24, 2024,
August 3, 2024 and August 13, 2024 among others.

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

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

Uttar Pradesh-based ICI was established in 1971 as a partnership
firm by Maurya family. The firm is being managed by Mr. L R Maurya,
Mr. S R Maurya, Mr. Tushar, Mr. Kundan Arya and Mr. Sudhir. The
firm was primarily engaged into manufacturing of
hand-knotted carpets. Besides, ICI also entered into the hotel
industry and running hotel under the name of "Rivatas by Ideal"
since October 2012 in Varanasi (Uttar Pradesh).

Status of non-cooperation with previous CRA: BRICKWORK has
continued the ratings assigned to the bank facilities of ICI into
'Issuer not-cooperating' category vide press release dated May 31,
2024 on account of non-availability of requisite
information from the firm.



INAMDAR SUGARS: Ind-Ra Assigns BB- Bank Rating, Outlook Stable
--------------------------------------------------------------
India Ratings and Research (Ind-Ra) has rated Inamdar Sugars Ltd.'s
(ISL) bank facilities as follows:

-- INR2.947 bil. Term loan due on February 26, 2036 assigned with

     IND BB-/Stable rating; and

-- INR53 mil. Proposed fund-based working capital limit assigned
     with IND BB-/Stable/IND A4+ rating.

Detailed Rationale of the Rating Action

The ratings reflect the under-construction status of the project
and high offtake risk. The ratings also factor in the likely weak
credit metrics in the near term before improving gradually in the
medium term. The agency expects a timely ramp-up of the project in
October 2024 and the commencement of its operations in November
2024. The ratings are supported by the promoters' experience and
locational advantage to the project.

Detailed Description of Key Rating Drivers

Inherent Risks of Under-construction Project: The ratings reflect
the time and cost overrun risks associated with ISL's
under-construction 4,900 tons of cane per day (TCD) sugar
manufacturing and 15 megawatt (MW) cogeneration facility. The total
capex envisaged for the project is INR3,929 million, including
land, building and other soft costs. The project is being funded
through the promoter's equity contribution of INR982 million and
term loans of INR2,947 million from banks. The company has received
close to 98% of the total sanction from Canara Bank ('IND
AAA'/Stable). ISL has already infused equity worth INR1,030 million
(100% of its share). The management expects the project to be
completed by October 2024. As on date, the company completed a
physical progress of about 90% of the project. However, as per the
lender's independent engineer's report of June 2024, the project
was 74% complete.

High Offtake Risk: The project faces offtake risks as the company
has yet to sign a stable offtake agreement for selling its products
and power. The management expects 50% of the power generated
through the cogeneration plant to be sold to the state government
for which the company is planning to enter into a power purchase
agreement soon. Furthermore, ISL has not been allotted any sugar
sales quota as per monthly sales norms.

Locational Advantage: The management and Ind-Ra expect the project
to commence in the upcoming sugar season (2024-25). Given the
presence in the sugar catchment area of North Karnataka, the agency
does not expect any major issues in the availability of sugar
canes. The command area consists of 18 villages and is well
irrigated. Despite the presence of many sugar mills in this area,
the agency sees little risk for the availability of sugar cane
given that Karnataka is the highest sugar cane producing state
after Uttar Pradesh and Maharashtra.

Experienced Promoters: The promoters, the Kore group, has been
engaged in sugar, associated distillery, and power operations for
more than five decades. Amit Prabhakar Kore is the managing
director and is the main promoter of the company. The group has
supported the project through a post default guarantee from Hermes
Distillery Private Limited (debt rated at 'IND BBB-'/Stable) and
Shivashakti Sugar Private Limited (debt rated at 'IND BB+'/
Stable).

Liquidity

Stretched: The firm had received the sanction of INR2,947 million
term loans which has been disbursed entirely as on date. The debt
repayment will start after a six-month moratorium in FY26. Ind-Ra
expects the debt service coverage ratio and overall credit metrics
to be weak during the initial years of commencing the operations,
before improving following an improvement in its scale of
operations.

Rating Sensitivities

Negative: Substantial delay in completion of project or substantial
cost overrun or deterioration in liquidity position, shall be
negative for the ratings.

Positive: Timely completion of project, ramp up of capacities and
improvement in liquidity position, on a sustained basis, shall be
positive for the ratings.

About the Company

ISL is a limited liability company incorporated in 2007. The
company is setting up a sugar mill with a crushing capacity of
4,900TCD and a 15MW cogeneration plant in Soundatti district,
Belgaum, Karnataka. The facilities are likely to be operational by
October 2024. The company is headed by Amit Prabhakar Kore.

JAGABANDHU ENTERPRISERS: CARE Keeps D Ratings in Not Cooperating
----------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Jagabandhu
Enterprisers Private Limited (JEPL) continue to remain in the
'Issuer Not Cooperating' category.

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

   Short Term Bank      7.90       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Rationale and key rating drivers

CARE Ratings Ltd. had, vide its press release dated July 19, 2023,
placed the rating(s) of JEPL under the 'issuer non-cooperating'
category as JEPL had failed to provide information for monitoring
of the rating as agreed to in its Rating Agreement. JEPL continues
to be non-cooperative despite repeated requests for submission of
information through e-mails dated June 3, 2024, June 13, 2024, June
23, 2024 among others.

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

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

Jagabandhu Enterprisers Private Limited (JEPL) was incorporated in
April 2000 by Mr. Jaga bandhu Muduli, Mrs. Anjali Bala Muduli and
Mr. Sunil Prasad Muduli. Since its inception, the company has been
engaged in trading of petrol, diesel and other related products
through its sole petrol pump located at Mancheswar Industrial
Estate, Bhubaneswar in Odisha. This apart, the company also engaged
in supply, installation, erection, testing and commissioning of
electrical equipment on a turnkey basis for various power
transmission companies like Odisha Power transmission Corporation
Ltd., Madhya Pradesh Power Transmission Company Limited, Bihar
Pradesh Power Transmission Company Limited etc.

Status of non-cooperation with previous CRA: Brickwork has
continued the rating assigned to the bank facilities of JEPL into
ISSUER NOT COOPERATING category vide press release dated March 8,
2024 on account of its inability to carry out a review
in the absence of requisite information from the company.

K. S. COT: CARE Keeps C Debt Rating in Not Cooperating Category
---------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of K. S. Cot
Fiber Private Limited (KSCPL) continues to remain in the 'Issuer
Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term/Short       7.00      CARE C; Stable/CARE A4;
   Term Bank                       ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Rationale and key rating drivers

CARE Ratings Ltd. had, vide its press release dated July 13, 2023,
placed the rating(s) of KSCFPL under the 'issuer non-cooperating'
category as KSCFPL had failed to provide information for monitoring
of the rating as agreed to in its Rating Agreement. KSCFPL
continues to be non-cooperative despite repeated requests for
submission of information through e-mails dated May 28, 2024, June
7, 2024, June 17, 2024 among others.

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

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

K. S. Cot Fiber Private Limited (KSCFPL) was incorporated in June
2008 by Mr. Kailashchandra Agrawal and Mr. Hemant Kumar Agrawal as
a private limited company. KSCFPL is engaged into the business of
cotton ginning and pr essing. KSCFPL deals in 'Shankar 6' type of
cotton which is being sourced through local farmers from Madhya
Pradesh and Maharashtra. KSCFPL operates from its sole
manufacturing plant located at Sendhwa (Madhya Pradesh) which has
an installed capacity of 18 ,900 Metric Tonnes Per Annum (MTPA) as
on March 31, 2018.


MAGNUM STEELS: CARE Keeps D Debt Rating in Not Cooperating
----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Magnum
Steels Limited (MSL) continues to remain in the 'Issuer Not
Cooperating' category.

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

Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated August 14,
2023, placed the rating(s) of MSL under the 'issuer
non-cooperating' category as MSL had failed to provide information
for monitoring of the rating as agreed to in its Rating Agreement.
MSL continues to be non-cooperative despite repeated requests for
submission of information through emails dated June 29, 2024, July
9, 2024 and July 19, 2024 among others.

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

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

Delhi-based MSL is a closely held public limited company and was
incorporated in January, 1991. MSL is currently promoted by Mr.
Rajat Jindal, Mr. Shashi Prabha Jindal, Mr. Ishwar Chand Jindal,
Mr. Chander Sain Yadav and Mr. Amar Singh Rathor. MSL is engaged
into manufacturing of TMT bars, spring steel flats, steel castings
DRI Sponge etc. The products manufactured by MSL finds application
in construction industry, automobile industry and other heavy
engineering industries.


MONSOON BOUNTY: Ind-Ra Assigns BB- Bank Loan Rating
---------------------------------------------------
India Ratings and Research (Ind-Ra) has rated Monsoon Bounty Foods
Manufacturing Private Limited's (MBFMPL) bank facilities as
follows:

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

     BB-/Stable/IND A4+ rating.

Detailed Rationale of the Rating Action

The rating reflects MBFMPL's small scale of operations, modest
credit metrics and poor liquidity in FY24. Ind-Ra expects an
improvement in the revenue and credit metrics in FY25.

Detailed Description of Key Rating Drivers

Small Scale of Operations: MBFMPL's revenue increased to INR734.87
million in FY24 (FY23: INR431.47 million; FY22: INR400.93 million),
led by an increase in its revenue from Japan (INR579.5 million;
INR98.9 million) following higher orders from the country. The
scale of operations remained small. Ind-Ra expects the revenue to
improve in FY25, supported by an increase in orders from Japan.

Modest EBITDA Margins: MBFMPL's EBITDA margins remained modest and
reduced to 4.1% in FY24 (FY23: 5.36%; FY22: 5.7%), due to increased
raw material prices. The availability of seafood varies, depending
on climatic and aquatic changes, leading to fluctuations in prices.
The company purchases raw material daily based on availability. The
margins remained at 4%-5% during FY22-FY24. The return on capital
employed was around 6.5% in FY24 (FY23: 5.8%). In the medium term,
Ind-Ra expects the margins to improve due to a reduction in
dealership margin from suppliers to some extent.

Modest Credit Metrics: The gross interest coverage (operating
EBITDA/gross interest expense) deteriorated to 1.96x in FY24 (FY23:
2.56x; FY22: 1.97x), due to an increase in interest expenses. The
net leverage (adjusted net debt/operating EBITDA) reduced to 9.44x
in FY24 (FY23: 10.78x; FY22: 7.15x), owing to an increase in the
absolute EBITDA to INR30.1 million (INR23.12 million; INR22.9
million). Ind-Ra expects the credit metrics to improve from FY25
due to a likely increase in the absolute EBITDA.

Poor Liquidity: The net working capital cycle remained stretched
and reduced to 114 days in FY24 (FY23: 186 days; FY22: 115 days)
due to reduced inventory days to 145 days (203 days), due to an
increase in sales. working capital cycle expected to remain at
similar levels. It has repayment obligations of INR23.5 million and
INR11.4 million for FY25 and FY26, respectively. The debt service
coverage ratio (DSCR) stood at 0.7x in FY24 and Ind-Ra expects the
DSCR to improve from FY25. MBFMPL does not have any capital market
exposure and relies on banks and financial institutions to meet its
funding requirements.

Experienced Promoters:  The promoters have over a decade of
experience in the frozen seafood industry, leading to established
relationships with suppliers and customers. The firm derives its
revenue from exports, primarily to Japan, Taiwan, South Korea, and
the Middle East.

Liquidity

Poor: The average month-end utilization of the company's fund-based
limit was 84.28% for 12 months ended August 2024. The company had a
cash balance of INR0.07 million at FYE24 (FYE23: INR0.03 million).
The cash flow from operations stood at INR170 million in FY24
(FY23: negative INR75.6 million) due to working capital changes.
Furthermore, the free cash flow stood at INR166.8 million in FY24
(FY23: negative INR76.8 million) due to the absence of any capex.

Rating Sensitivities

Negative:  Deterioration in the scale of operations or the credit
metrics, or liquidity on a sustained basis, will be negative for
the rating

Positive: An improvement in the scale of operations, credit metrics
with the interest coverage rising above 2x and an improvement in
liquidity, on a sustained basis, will be positive for the rating.

About the Company

Incorporated in 2020, Tamil Nadu-based MBFMPL commenced its
operations in FY21.  The company processes and exports Vannamei
shrimp and fish. It has two processing units at Gummidipoondi and
Royapuram (leased facility). MBFMPL has an installed capacity of
6,000 metric tons along with a cold storage facility.

PANCHAL MACHINERY: CRISIL Keeps B Debt Ratings in Not Cooperating
-----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Panchal
Machinery (PM) continue to be 'CRISIL B/Stable Issuer Not
Cooperating'.

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

   Proposed Long Term     1.65       CRISIL B/Stable (Issuer Not
   Bank Loan Facility                Cooperating)

   Term Loan              1.35       CRISIL B/Stable (Issuer Not
                                     Cooperating)

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

Established in 1974, PM manufactures industrial gear boxes. Mr.
Jasubhai Panchal is the proprietor.


PANNU STONE: CARE Keeps C Debt Rating in Not Cooperating Category
-----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Pannu Stone
Crusher (PSC) continues to remain in the 'Issuer Not Cooperating'
category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       9.75       CARE C; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category  

Rationale and key rating drivers

CARE Ratings Ltd. had, vide its press release dated September 8,
2023, placed the rating(s) of PSC under the 'issuer
non-cooperating' category as PSC had failed to provide information
for monitoring of the rating as agreed to in its Rating Agreement.
PSC continues to be non-cooperative despite repeated requests for
submission of information through emails dated July 24, 2024,
August 3, 2024 and August 13, 2024 among others.

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

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

Nainital, Uttarakhand based Pannu Stone Crusher (PSC) was
established in July, 2016. The firm is currently being managed by
Mr. Arvind Gusain, Mr. Ramesh Chandra Singh, Mr. Deshraj Singh and
Mr. Sukhveer Singh Pannu. The firm was established with the
objective of stone crushing, washing, grading & natural screening
of stones.


PATEL SIKAR: Ind-Ra Places B- Loan Rating on Watch
--------------------------------------------------
India Ratings and Research (Ind-Ra) has placed Sikar Bikaner
Highway Ltd.'s (SBHL) bank loans on Rating Watch with Positive
Implications as follows:

-- INR3,434.2 bil. (reduced from INR3,453.7 bil.) Senior project
     bank loans Placed on Rating Watch with Positive Implications
     with IND B-/Rating Watch with Positive Implications.

Detailed Rationale of the Rating Action

Ind-Ra has placed the rating on Rating Watch with Positive
Implications since the agreement for finalizing the terms of the
debt substituted to IL&FS Financial Services (IFIN) by the order of
National Company Law Appellate Tribunal dated 3 September 2024 is
yet to be finalized. The key terms of the agreement, including the
repayment schedule and subordination of the related party loan are
monitorable. The Rating Watch will be resolved once the agreement
between IFIN and SBHL is finalized.

Detailed Description of Key Rating Drivers

Moderate Debt Structure: The financing documents stipulate the
maintenance of two quarters of debt service reserve (DSR)
throughout the tenor of the facility. As per the revised terms, the
principal is to be repaid quarterly in 54 instalments ending in
FY35, while the interest rate is linked to a one-year marginal cost
of funds based lending rate (MCLR). The financing documents also
stipulate the creation of a debt service coverage ratio (DSRA) for
two quarters' interest, and installments in the form of fixed
deposits, which have been created.

Any contribution by the sponsor, Roadstar Infra Investment Trust
(RIIT), in the form of unsecured loans will 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.

Growth in Toll Collection: The gross toll revenue increased 10.60%
yoy to INR825.38 million (average daily collection of INR2.26
million) in FY24 from INR746.27 million (daily collection of
INR2.04 million) in FY23. The actual average daily toll revenue for
the first four months of FY25 was INR2.35 million, indicating an
increase of 4.61% from FY24 levels. The increase in the revenue is
attributable to growth in the traffic volume, along with an
increase in the toll rate, which is linked to wholesale price index
(WPI), with a permitted increase of 3% plus 40% of the index.

The average annual daily traffic grew 48.5% yoy in FY23 and 2.4%
yoy in FY24. However, in 1QFY25, the daily traffic grew to 10,544
passenger car units (PCUs) from 10,513 PCUs in FY24, indicating
growth of 0.3%. The management is expecting growth in traffic over
the next two quarters of FY25. Ind-Ra shall continue to monitor the
traffic. The four laning of NH52/NH58 from Rajasthan/Haryana border
to Salasar, proposed Bathinda-Ajmer Expressway, proposed
Amritsar-Jamnagar Expressway and Delhi-Mumbai Expressway are the
expressways that are in various stages of development as per the
traffic study report of April 2024. Based on the available details
of the expressways and traffic pattern on the project road, these
expressways are not competitive to the project road traffic. Hence,
no major impact is likely from these expressways, except the
Amritsar-Jamnagar Expressway. It is an alternate to the north-south
bound traffic of TP4 and this traffic has diverted to the
operational section of the expressway and no additional diversion
is likely.

Any volatility in toll collections because of factors such as toll
leakage, lack of timely increase in rates, economic downturns,
changes in government policies might impact the project's cash flow
and debt coverage.

Moderate Operation and Maintenance Risk: SBHL has entered into a
fixed price contract (excluding Goods and Service Tax) with Elsamex
Maintenance Services Limited, for taking up the routine operations
and maintenance of the road. The project will undergo two major
maintenance cycles, and the work will be carried on in various
phases as discussed with the management. Bids will be invited for
each phase of maintenance. The major maintenance will be funded
from internal accruals of the project. The same has been factored
in the projections for the current maintenance cycle to be
undertaken.

Transfer of SBHL to InvIT: Roadstar InvIT was established with
investments from IL&FS Transportation Networks Limited (ITNL; debt
rated at 'IND D') and other entities of the IL&FS group under the
restructuring plan for various assets of ITNL. A total of five
assets have been transferred into the InvIT post debt
restructuring, and the sixth asset awaits National Highways
Authority of India's (NHAI; debt rated at 'IND AAA'/Stable)
approval. The Roadstar InvIT is sponsored by Roadstar Infra Private
Limited, while the investment manager and the project manager are
Roadstar Investment Managers Limited and Elsamex Maintenance
Services Ltd (an IL&FS entity), respectively. There is debt at the
SPV levels but no debt at the InvIT level. The total liquidity with
the InvIT comprising surplus cash and other investments was around
INR4,200 million at end-July 2024. There is no cross-support
mechanism among the assets; however, any support required by any
asset will be funded by the InvIT. The upstreaming of cash to the
InvIT from all the assets is due monthly for the toll projects and
semi-annually for annuity projects.

Liquidity

Adequate: As of August 31, 2024, the project had adequate liquidity
with a DSRA of INR190.3 million, fixed deposits of INR365 million
and surplus cash of INR119.3 million. The DSRA is sufficient to
meet two quarters of debt obligations and maintained as per the
stipulations. As per the agency's base case assumptions, the cash
flows are comfortable, with the debt service coverage ratio being
above 1.20x. However, the coverages will be muted in the year of
major maintenance, considering the absence of any major maintenance
reserves. As of August 31, 2024, the first major maintenance cycle
was under progress, and it is likely to take two-to-three years to
complete. A total of INR250 million has been spent on major
maintenance until August 31, 2024, and a surplus cash of
approximately INR400 million is available to fund the major
maintenance. The surplus cashflows will be used to fund the first
cycle of major maintenance activity. The reserves shall be created
to fund the second cycle of major maintenance along with the
surplus cash.

Rating Sensitivities

The Rating Watch with Positive Implications indicates that the
ratings will be either upgraded or affirmed upon resolution. The
Rating Watch with Positive Implication indicates that the ratings
might be resolved once the agreement between IFIN and the SPV is
finalized.

About the Company

SBHL, which is wholly-owned by IL&FS Transportation Networks
Limited (debt rated at 'IND D'), is a special purpose company
incorporated to undertake the widening and operations of a
combination of a two-lane and a four-lane highway (National Highway
11) in Rajasthan. The concession grantor is the Public Works
Department of the government of Rajasthan. The concession is for 25
years, with a right to collect toll during the concession. The
security and terms of the subordinate debt agreement is junior to
the senior debt.

RHG CONSTRUCTIONS: CRISIL Keeps B+ Debt Rating in Not Cooperating
-----------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of RHG
Constructions (RHGC) continues to be 'CRISIL B+/Stable Issuer Not
Cooperating'.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Proposed Working       14        CRISIL B+/Stable (Issuer Not
   Capital Facility                 Cooperating)


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

Established in 1998 as a partnership firm, Punjab-based RHGC is
engaged in civil construction works, such as construction of group
housing, commercial buildings, institutional buildings, government
projects, and other infrastructure projects Mr. Rajesh Gupta and
Mr. Harish Gupta are partners in the firm.


RIGHILL ELECTRICS: CARE Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Righill
Electrics Private Limited (REPL) continue to remain in the 'Issuer
Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       3.50       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

   Short Term Bank      1.50       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Rationale and key rating drivers

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

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

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

REPL was incorporated in 1993 as a private limited company by Mr.
Ashutosh Shukla and Mr. Vinod Sapre. The company designs and
manufactures control systems and assemblies for various
applications including oil field equipment. It also manufactures
parts and assemblies like Electronic Control Modules; printed
circuit boards (PCBs), plugs and sockets connectors etc. It
specialises in designing and manufacturing of controls and electric
parts for oil rigs. The major revenue is derived from the sale of
rig equipment, and thus the revenues largely depend on the rigging
activity and in turn the crude oil prices. It also provides
services pertaining to repairs and maintenance and provides annual
maintenance contracts (AMC) for its customers. REPL has installed
rigs in India as well as outside India for various large players
such as ONGC, OIL India, BHEL, National drilling Company, ESSAR,
John energy Limited etc. The company has an employee base of 54
engineers who provide on-site services to its customers. The
manufacturing facility of the company is located in Bhopal, Madhya
Pradesh.

Status of non-cooperation with previous CRA: Brickwork has
continued the ratings assigned to the bank facilities of REPL to
'Issuer Not Cooperating' category vide press release dated October
4, 2023 on account of its inability to carry out a review in the
absence of the requisite information from the company.

ICRA has continued the ratings assigned to the bank facilities of
REPL to 'Issuer Not Cooperating' category vide press release dated
June 14, 2024 on account of its inability to carry out a review in
the absence of the requisite information from the
company.

ROHIT EXTRACTION: Ind-Ra Moves BB Loan Rating to NonCooperating
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has revised the Outlook on
Rohit Extractions Pvt Ltd.'s (REPL) bank facilities' ratings to
Negative from Stable and has simultaneously migrated the ratings to
the non-cooperating category. The issuer did not participate in the
rating exercise despite continuous requests and follow-ups by the
agency through phone calls and emails. Thus, the rating is based on
the best available information. Therefore, investors and other
users are advised to take appropriate caution while using these
ratings. The rating will now appear as 'IND BB/Negative (ISSUER NOT
COOPERATING) on the agency's website.

The instrument-wise rating actions are:

-- INR410 mil. Fund-based working capital limits Outlook revised
     to Negative from Stable; migrated to non-cooperating category

     with IND BB/Negative (ISSUER NOT COOPERATING)/IND A4+ (ISSUER

     NOT COOPERATING) rating; and

-- INR77.7 mil. Term loan due on March 2026 Outlook revised to
     Negative from Stable; migrated to non-cooperating category
     with IND BB/Negative (ISSUER NOT COOPERATING) rating.

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

Detailed Rationale of the Rating Action

The migration of rating to the non-cooperating category and Outlook
revision to Negative are in accordance with Ind-Ra's policy,
Guidelines on What Constitutes Non-Cooperation. The Negative
Outlook reflects the likelihood of a downgrade of the entity's
ratings on continued non-cooperation.

Non-Cooperation by the Issuer

Ind-Ra has not received adequate information and has not been able
to conduct management interactions with REPL while reviewing the
ratings. Ind-Ra had consistently followed up with REPL over emails
starting June 7, 2024, apart from phone calls. The issuer has
submitted no default statement until July 2024.

Limitations regarding Information Availability

Ind-Ra is unable to provide an updated forward-looking view on the
credit rating of REPL, 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. REPL  has been
non-cooperative with the agency since June 7, 2024.

About the Company

Incorporated in 1991, Hyderabad-based REPL manufactures rice bran
crude oil, poultry and aquatic feed at its manufacturing unit
located in Hyderabad.

RY MIDAS: CARE Keeps D Debt Ratings in Not Cooperating Category
---------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Ry Midas
Alluminiums Private Limited (RMAPL) continues to remain in the
'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term/           29.00      CARE D/CARE D; ISSUER NOT
   Short Term                      COOPERATING; Rating continues
   Bank Facilities                 to remain under ISSUER NOT
                                   COOPERATING category

Rationale and key rating drivers

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

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

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

Incorporated in October 2006, RY Midas Alluminiums Pvt. Ltd.
(RMAPL) is promoted by Mr. Jagdishchandra Shah. RMAPL is primarily
engaged in the trading of metal scrap and manufacturing of aluminum
ingots. At its manufacturing plant, various scrap of aluminum,
copper, iron etc. is segregated and aluminum ingot is manufactured
which finds application as de-oxidation agent during alloy steel
manufacturing. RMAPL's manufacturing facility is located at
Ahmedabad with an aggregate capacity of melting 4,500 MTPA of metal
scrap as on March 31, 2017.


SAN POWER: Ind-Ra Assigns BB Bank Loan Rating, Outlook Stable
-------------------------------------------------------------
India Ratings and Research (Ind-Ra) has rated San Power Generation
Transmission Private Limited (SPGTPL) bank facilities as follows:

-- INR114.06 mil. Term loan due on December 31, 2036 assigned
     with IND BB/Stable rating; and

-- INR485.94 mil. Proposed term loan assigned with IND BB/Stable
     rating.

Detailed Rationale of the Rating Action

The ratings reflect SPGTPL's small scale of operation, weak credit
metrics and modest EDITDA margin in FY24. In the medium term,
Ind-Ra expects scale of operation and EBITDA margin to improve due
to the company's 12MW solar power plant starting operations.
However, the credit metrics are likely to deteriorate due to the
planned capex. The ratings continue to be supported by promoter's
experience.

Detailed Description of Key Rating Drivers

Weak Credit Metrics: In FY25, Ind-Ra expects SPGTPL's credit
metrics to deteriorate due to its planned capex of INR516 million,
to be completed by May 2025, which will be funded through a term
loan of INR485 million and equity of INR40 million. Till June 2024,
SPGTPL had already incurred INR44.28 million for capex, which was
funded by an unsecured loan. In FY24, SPGTPL's interest coverage
(operating EBITDA/gross interest expenses) was 1.52x (FY23: 2.14x)
and the net leverage (adjusted net debt/operating EBITDAR) was
4.33x (39.44x). In FY24, the credit metrics improved due to an
increase in the EBITDA to INR26.70 million (INR3.25 million). FY24
numbers are provisional in nature.

Stretched Liquidity: SPGTPL has debt repayment obligations of
INR7.2 million and INR28 million in FY25 and FY26, respectively.
Furthermore, SPGTPL does not have any capital market exposure and
relies on banks and financial institutions to meet its funding
requirements and does not have any fund-based facility.

Scale of Operation Likely to Improve: Ind-Ra expects the company's
scale of operation to improve over the medium term, as its 12MW
solar power plant will be operational by May 2025. In FY24, SPGTPL
had a revenue of INR27.38 million (FY23: INR21.08 million). During
4MFY25, SPGTPL booked a revenue of INR9.61 million and had a 20.60
million of unit to supply to its customers.

EBITDA Margin Likely to Turn Healthy:  In the medium term, Ind-Ra
expects SPGTPL's EBITDA margin to improve due to a better
absorption of cost, aided by the minimal expenses required for the
maintenance of the solar plant. In FY24, the company's EBITDA
margins improved to 97.52% in FY24 (FY23: 15.42%) with a return on
capital employed of 6.9% (3.2%). In FY24, the EBITDA margin
improved due to the commencement of solar power sales as they do
not require any raw materials and only bear minimal maintenance
charges.

Experienced Promoters: SPGTPL's promoters have an experience of
over eight years in the infrastructure industry, which has enabled
the company to establish strong relationships with customers and
suppliers.

Liquidity

Stretched: SPGTPL's cash and cash equivalents stood at INR0.15
million at FYE24 (FYE23: INR0.53 million). SPGTPL's cash flow from
operations improved to INR161.25 million in FY24 (FY23: INR9.65
million) due to favorable changes in its working capital
requirement. Furthermore, the free cash flow turned positive at
INR8.94 million (FY23: negative INR160.11 million). The company
provides a 20-day credit period to its customers.

Rating Sensitivities

Positive: The timely commencement of the solar plant and an
increase in the scale of operations, along with an improvement in
the overall credit metrics as well as the liquidity profile, all on
a sustained basis, could lead to a positive rating action.

Negative: Any delay in the execution or lower offtake leading to
deterioration in the overall credit metrics causing further
pressure on the liquidity position, could lead to negative rating
action.

About the Company

SPGTPL was established in in Chennai. SPGTPL has a 3MW solar power
plant, producing 0.5 million units per month.

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

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       7.52       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Rationale and key rating drivers

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

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

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

Jasdan-based (Gujarat) SC was formed in February 2014 as a
partnership firm by Mr. Kalpeshbhai Vaghasiya and Manishbhai
Vekariya with the main objective to carry out cotton ginning and
pressing. SC has already started manufacturing activity from
November 2015.

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

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

Rationale and key rating drivers

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

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

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

Surat-based (Gujarat) Singer Impex (SI) was established in 2008 by
Mr. Deepak Narang and Mr. Ankur Narang. It is engaged in the
wholesale trading of embroidery spare parts. SIM is the authorized
distributor of TOYO brand embroidery parts and needles from China.



STAR RAISON: CARE Keeps D Debt Rating in Not Cooperating Category
-----------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Star
Raison Landmarks (SRL) continue to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      40.00       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Rationale and key rating drivers

CARE Ratings Ltd. had, vide its press release dated September 11,
2023, placed the rating(s) of SRL under the 'issuer
non-cooperating' category as SRL had failed to provide information
for monitoring of the rating as agreed to in its Rating Agreement.
SRL continues to be non-cooperative despite repeated requests for
submission of information through emails dated July 27, 2024,
August 6, 2024 and August 16, 2024 among others.

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

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

SRL is a partnership firm, incorporated in March 2011, by Star
Relacon Pvt. Ltd. (SRPL), Pinnacle Housing Pvt. Ltd. (PHPL) and the
promoters of SRPL & PHPL. The company is engaged in development of
a residential real estate project namely 'The
Essentia' in Bhiwadi (Rajasthan).

STAR REALCON: CARE Keeps D Debt Rating in Not Cooperating Category
------------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Star
Realcon Private Limited (SRPL) continue to remain in the 'Issuer
Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       8.50       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated August 29,
2023, placed the rating(s) of SRPL under the 'issuer
non-cooperating' category as SRPL had failed to provide information
for monitoring of the rating as agreed to in its Rating Agreement.
SRPL continues to be non-cooperative despite repeated requests for
submission of information through e-mails dated July 14, 2024, July
24, 2024 and August 3, 2024 among others.

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

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

Delhi-based Star Realcon Private Limited (SRPL) was incorporated in
2007 by Mr. Goldy Gupta and Mr. Nitin Kumar Gupta. SRPL is engaged
in the civil construction and real estate development for
residential and commercial projects. The company undertake civil
construction project for construction of institutional and
residential buildings, corporate offices, schools, religious
buildings and hotels.

Status of non-cooperation with previous CRA: CRISIL has continued
the rating assigned to the bank facilities of SRPL into ISSUER NOT
COOPERATING category vide press release dated January 23, 2024 on
account of its inability to carry out a review in the absence of
requisite information.


SURYA MANUFACTURING: CARE Keeps D Debt Rating in Not Cooperating
----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Surya
Manufacturing Private Limited (SMPL) continues to remain in the
'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      24.00       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated August 21,
2023, placed the rating(s) of SMPL under the 'issuer
non-cooperating' category as SMPL had failed to provide information
for monitoring of the rating as agreed to in its Rating Agreement.
SMPL continues to be non-cooperative despite repeated requests for
submission of information through e-mails dated July 6, 2024, July
16, 2024 and July 26, 2024 among others.

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

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

SMPL was incorporated in 1995 as a private limited company by Mr.
Mahavir Prasad Kejriwal. Currently, the company's operations are
being managed by his grandson, Mr. Aditya Kejriwal. SMPL is
primarily engaged in the manufacturing of various types of plywood,
block boards, flush doors, gurjan plywood, triple pressed &
calibrated teak plywood and decorative veneers. The manufacturing
facilities of the company are located in Araria (Bihar) and Jhajjar
(Haryana).

TAGORE EDUCATIONAL: CARE Keeps D Debt Rating in Not Cooperating
---------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Tagore
Educational Trust (TET) continue to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      41.34       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Rationale and key rating drivers

CARE Ratings Ltd. had, vide its press release dated July 31, 2023,
placed the rating(s) of TET under the 'issuer non-cooperating'
category as TET had failed to provide information for monitoring of
the rating as agreed to in its Rating Agreement. TET continues to
be non-cooperative despite repeated requests for submission of
information through e-mails dated June 15, 2024, June 25, 2024,
July 5, 2024 among others.

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

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

TET was founded in January 1997 under Indian Trust Act as a Telugu
minority institution, by Prof. Mala Jagathrakshagan (Chairperson)
with the main objective of rendering philanthropic and educational
services. The trust manages six institutions in Chennai, comprising
Tagore Engineering College (TEC), Tagore Arts & Science College
(TASC), Tagore Dental College & Hospital (TDCH), Tagore Medical
College & Hospital (TMCH), Hilton Higher Secondary School (HHSS)
and Hilton Teacher Training Institution (HTTI). TET's board of
trustees comprises of close family members of its chairperson.


TICEL BIO: CRISIL Keeps B+ Debt Ratings in Not Cooperating
----------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Ticel Bio
Park Limited (Ticel) continue to be 'CRISIL B+/Stable Issuer Not
Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Long Term Loan         20         CRISIL B+/Stable (Issuer Not
                                     Cooperating)

   Long Term Loan         15         CRISIL B+/Stable (Issuer Not
                                     Cooperating)

   Long Term Loan         35         CRISIL B+/Stable (Issuer Not
                                     Cooperating)

   Proposed Long Term     20         CRISIL B+/Stable (Issuer Not
   Bank Loan Facility                Cooperating)

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

Incorporated in 2002 in Chennai and jointly promoted by Tamil Nadu
Industrial Development Corporation Ltd, TIDEL Park Ltd, Indian Bank
Ltd, Karur Vyasya Bank Ltd, and Indian Overseas Bank Ltd, Ticel
owns the Ticel Biotechnology Park at Taramani in Chennai. The park
exclusively houses life sciences companies.


TRILOK SECURITY: CARE Keeps D Debt Ratings in Not Cooperating
-------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Trilok
Security Systems India Private Limited (TSSIPL) continue to remain
in the 'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      10.71       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

   Short Term Bank      1.25       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Rationale and key rating drivers

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

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

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

Trilok Security Systems India Private Limited (TSSIPL) was
incorporated in December 2005. TSSIPL is primarily engaged in
providing advertising services by providing biometric access cards
used in Queue Management system at various pilgrim centers.

The company generates its revenues through selling the space of
access cards for advertisements. TSSIPL is having its registered
office at Tirupathi, Andhra Pradesh. TSSIPL is providing its queue
management services on Built-Own-Operate (BOO) basis at pilgrim
destinations like Tirumala Tirupati Devastanam, TTD (Tirupati,
Andhra Pradesh), Shri Sirdi Sai Sansthan, SSS (Shirdi,
Maharashtra), Shri Mata Vaishno Devi Shrine, SMV (Katra, Jammu &
Kashmir), Chardham, Hemakund Saheb, Ajmer Sharif Dargah (Ajmer,
Rajasthan) and Baba Bydhyanath (Deoghar, Jharkhand).


UMA POLYMERS: Ind-Ra Cuts Bank Loan Rating to BB+, Outlook Stable
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded Uma Polymers
Ltd.'s (UPL) bank facilities' ratings to 'IND BB+' from 'IND BBB-'
with a Stable Outlook, while resolving the Rating Watch with
Negative Implications.

The detailed rating actions are:

-- INR600 mil. Non-fund-based working capital limit downgraded;
     off Rating Watch with Negative Implications with IND A4+
     rating;

-- INR390 mil. Term loan due on March 31, 2030 Downgraded; off
     Rating Watch with Negative Implications with IND BB+/Stable
     rating; and

-- INR730 mil. Fund-based working capital limit Downgraded; off
     Rating Watch with Negative Implications with IND BB+/Stable/
     IND A4+ rating.

Analytical Approach

To arrive at the ratings, Ind-Ra continues to take a full
consolidated view of UPL and its 100% subsidiary, Om Printing and
Flexible Packaging (OPFP), which was acquired by UPL in November
2020, due to the strong operational, strategic and legal linkages
between them. OPFP contributed only 1.42% to the consolidated
revenue in FY24 (FY23: 0.51%).

Detailed Rationale of the Rating Action

Ind-Ra had previously placed the ratings on Rating Watch with
Negative Implications in view of the continued uncertainty
regarding the income tax raid at UPL's premises and some findings
highlighted at the company/director-level. The resolution of the
Rating Watch with Negative Implications reflects the lack of
incremental information with respect to the income tax raid. Also,
as per the management, there has been no freezing of bank accounts,
and the income tax department has not raised any demand with
respect to the raid.

The downgrade reflects the sharp decline in UPL's profitability  on
a yoy basis in 1QFY25 due to supply chain disruptions. Ind-Ra
expects the weak financial performance in 1QFY25 to have an impact
on UPL's overall debt servicing ability in FY25.

Detailed Description of Key Rating Drivers

Income Tax Raid: There was an income tax raid at UPL's premises in
December 2023, with some findings at the director/company level.
Amid the lack of official statement/ information from the income
tax department, Ind-Ra awaits the results of the raid and will
closely monitor the situation and its impact on the
operational/financial performance of the company. So far, UPL has
not received any show cause notice or demand notice from the income
tax department.t

Modest Operating Profitability; Decline in EBITDA in 1QFY25: UPL's
EBITDA declined steeply to INR15.2 million in 1QFY25 (1QFY24:
INR87.3 million), as supply chain disruptions had led to an
increase in the price of raw material, which the company could not
fully pass on to its customers. Ind-Ra expects the overall
profitability in FY25 to be lower than FY24 levels, given the weak
performance in 1QFY25. The EBITDA margin fell to 0.96% in 1QFY25
(1QFY24: 4.86%), but it  had improved to 2.95% at 5MFYE25.

In FY24, on a consolidated basis, the absolute EBITDA increased to
INR318.61 million (FY23: INR305.4 million). The EBITDA margin
increased to a modest 4.66% in FY24 (FY23: 3.91%), on account of an
overall decline in the cost of raw materials. The cost of goods
sold as a percentage of revenue reduced to 79.55% in FY24 (FY23:
82.42%). The ROCE was 9.1% in FY23 (FY22: 7.6%) and is likely to
have been at 7%-8% in FY24.Also, UPL can revise the prices for its
major customers monthly as against quarterly basis earlier,
reducing the time lag and avoiding a margin compression.

Modest Credit Metrics; Deterioration Likely  over Near Term: On a
consolidated  basis, the gross interest coverage (operating EBITDA/
gross interest expenses) deteriorated to 1.69x in FY24 (FY23:
1.81x) due to increase in the interest costs. However, despite an
increase in the overall debt to INR1,508.34 million in FY24 (FY23:
INR1,457.53 million), the net leverage (net debt/operating EBITDA)
improved to 4.43x (4.60x) due to a rise in the consolidated EBITDA
to INR318.61 million (INR305.4 million). Ind-Ra expects the overall
credit metrics to deteriorate in the near term, considering the
likelihood of lower EBITDA in and higher debt obligations in FY25.
Ind-Ra expects the debt service coverage ratio (DSCR) for FY25 to
be below 1x (FY24: 1x).

Established Market Position: UPL has a strong presence in the
flexible packaging industry with an operational track record of
over three decades, leading to established relationships with its
customers and suppliers. During FY24, UPL expanded its
manufacturing capacity to 44,244 metric tons per annum (mtpa; FY23:
39,480 mtpa) and supplies products in roll as well as pouch forms,
mainly to companies in the fast-moving consumer goods industry. The
company plans to diversify its operations in the southern and
western regions of the country through OPFP, which commenced
operations in October 2022 with an installed capacity of 3,000mtpa.
The combined capacity stood at around 47,000mtpa in FY24. However,
UPL has a small presence in the export markets (FY24: 1.3%).

Strong Customer Base: UPL has reputed clients such as PepsiCo, the
Pratap Group, the Bikaji Group, the ITC group, Haldiram's and
Nestle India Limited. The top five customers contributed 60.78% to
its FY24 revenue (FY23: 60.56%). Although the company faces some
level of customer concentration, its strong and longstanding
relationships with the customers help mitigate the risk and ensure
repeat orders. Also, with few of the concentrated customers, UPL
benefits from assurance of full-year supplies.

Moderate Net Working Capital Cycle: In FY24, the working capital
cycle is likely to have elongated on a yoy basis on account of an
increase in debtor and inventory days owing to a fall in revenue.
Ind-Ra expects working capital cycle to be at 55-70 days in the
medium term on account of the similar nature of operations. The net
cash conversion cycle shortened to 54 days in FY23 (FY22: 62 days),
on account of a decrease in inventory days to 64 (91) and debtor
days to 42 (56) amid stringent inventory and debtor management. UPL
has maintained imported raw material at relatively higher levels
amid a longer lead time. Its average production cycle remained at
30-40 days over the past two years.

Medium Scale of Operations: UPL's consolidated revenue declined to
INR6,829.09 million  in FY24 (FY23: INR7,806.1 million ) on account
of a decline in realization to INR1,94,903/MT (FY23:
INR2,17,964/MT), owing to a fall in the overall raw material
prices,  and a drop of about 3% yoy in sales volumes to 34,541mt..


UPL's standalone revenue declined 13.32% yoy to INR6,732.2 million
in FY24. During 1QFY25, despite a rise in the average realization
per ton to INR2,01,198.05 (1QFY24: INR194,905), UPL's standalone
revenue declined to INR1,588.7 million (INR1,797 million) due to a
lower demand in the FMCG industry.  Ind-Ra expects the revenue to
remain at the FY24 levels in FY25 owing to similar utilization
levels of the built-in capacity. Additionally, the revenue is
likely to be supported by a rise in orders from its subsidiary,
OPFP. UPL plans to expand its presence in the export markets, which
is likely to boost its revenue over the medium term. However, the
company's scale of operations would remain medium over this period
due to intense competition. OPFP recorded a revenue of INR96.8
million in FY24  and an EBITDA loss of  INR15.7 million.

Liquidity

Stretched: On a consolidated basis, UPL's average monthly maximum
utilization of the fund-based limits was about 97.19% over the 12
months ended July 2024. At FYE24, the company maintained
unencumbered cash and cash equivalents of INR46.91 million (FYE23:
INR33.62 million). During FY23, UPL's cash flow from operations had
jumped to INR267.5 million (FY22: INR6.5 million), led by increased
top-line and favorable changes in the working capital. The cash
flow from operations remained largely stable at INR261.49 million
in FY24, led by realization from investments in mutual funds. The
company had investments in mutual funds worth INR12.3 million at
FYE24 in the form of current investments, apart from the lien
marked fixed deposit of INR65.8 million. The company has repayment
obligations of INR165.4 million and INR142.1 million in FY25 and
FY26, respectively, which are likely to be met via internal
accruals. The DSCR is likely to fall below 1x (FY23: 1x) in FY25
owing to its weak operating performance.

Rating Sensitivities

Negative:  Substantial deterioration in the scale of operations or
profitability or the liquidity position, leading to the interest
coverage reducing below 1.75x, all on a sustained basis, will be
negative for the ratings.

Positive:  Maintaining the scale of operations & profitability,
along with an improvement in the liquidity position, with the
interest coverage exceeding 2.5x, all on a sustained basis, will be
positive for the ratings.

About the Company

UPL is a closely held public company founded by Shripal Lodha in
1987. The company manufactures various packing materials, primarily
flexible laminates especially for the fast-moving consumer goods
and pharmaceutical sectors. The promoter has more than 30 years of
experience in the industry. The company is owned by the promoter
and his family members.

UP ASBESTOS: Ind-Ra Affirms BB+ Bank Loan Rating, Outlook Stable
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has taken the following rating
actions on U.P. Asbestos Limited's (UPAL) bank facilities:

-- INR50 mil. Fund-based working capital limits affirmed with IND

     BB+/Stable rating;

-- INR5 mil. Non-fund-based capital limits*# is withdrawn;

-- INR714.30 mil. (reduced from INR721.39 mil.) Term loan due on
     March 31, 2034 affirmed with IND BB+/Stable rating; and

-- INR50 mil. Fund-based working capital limit assigned with IND
     BB+/Stable rating.

*Sublimit of term loan.

#Ind-Ra has withdrawn the ratings for these instruments as they
have been paid in full and Ind-Ra has received the no dues
certificates for the same from the lenders. This is consistent with
Ind-Ra's Policy on Withdrawal of Ratings.

Detailed Rationale of the Rating Action

The ratings reflect UPAL's modest EBITDA margins and credit metrics
in FY24. The agency expects its metrics to improve slightly in
FY25, led by a one-time lease rental inflow of INR307.6 million as
the company leased out one of its properties in 1QFY25. The ratings
are, however, supported by the company's medium scale of operations
and experienced promoters.

Detailed Description of Key Rating Drivers

Modest Credit Metrics: The company's credit metrics remained modest
with the gross interest coverage (operating EBITDA/gross interest
expense) slightly increasing to 1.57x in FY24 (FY23: 1.51x), due to
a decrease in the gross interest expense to INR101.72 million
(INR115.44 million), while the net leverage (adjusted net
debt/operating EBITDA) increased to 4.26x (4.15x), due to a fall in
the overall EDITDA to INR159.89 million (INR174.46 million) coupled
with an increase in its total debt to INR1,084.30 million
(INR1,032.96 million). The debt service coverage ratio was 0.83x in
FY24 (FY23: 1.08x), though considering other non-operating revenue,
the DSCR stood at 1.14x. Ind-Ra expects the credit metrics to
improve in FY25, led by an improvement in its profitability
following a one-time lease rental inflow of INR307.6 million in
1QFY25; however, the margins would remain at 8%-9% thereafter.

Modest EBITDA Margins: UPAL's EBITDA margins declined to 8.12% in
FY24 (FY23: 9%), due to the company shifting its focus from
manufacturing of asbestos sheets to trading. In FY23, the
manufacturing segment contributed 13.98% to the total revenue. The
return of capital employed reduced to 5.1% in FY24 (FY23: 6.2%).
Ind-Ra expects the EBITDA margins to improve in FY25, led by the
increasing share of lease rentals.

Continued Medium Scale of Operations: The company's revenue
increased to INR1,969.22 million in FY24 (FY23: INR1,940.36
million), led by an increase in the trading of asbestos fiber and
lease rental. UPAL has shifted its line of business from
manufacturing to trading of asbestos fiber, and other raw
materials, and leasing of a factory units, and plant & machinery.
UPAL generated revenue of INR192.86 million from lease rental in
FY24 (FY23: INR187.37 million). The company leased its Lucknow unit
at Mohanlalganj to Navnidhi Continental Private Limited, its Dadri
unit to SMSN Continental Private Limited, and commercial complex
and storage unit in Lucknow to Ubuild Better Private Ltd, its
wholly owned subsidiary. Moreover, the overall revenue (trading and
lease rentals) has been concentrated to Navnidhi Continental and
SMSN Continental, leading to concentration risk. In FY25, Ind-Ra
expects the revenue to improve 10%-15%, led by the substantial
inflow of INR307.6 million in 1QFY25 following the leasing one of
its properties.

Experienced Promoters:  The promoters of the company have more than
three decades of experience in manufacturing and trading of
asbestos.

Liquidity

Stretched: UPAL's average maximum utilization of the fund-based
working capital limit (cash credit) was 91.37%, respectively,
during the 12 months ended May 2024 and the utilization is likely
to have remained at the similar levels till August 2024. The net
working capital cycle reduced to 92 days in FY24 (FY23: 108 days),
led by a fall in the inventory holding period to 20 in FY24 (FY23:
45 days), due to its shifting to trading. The cash flow from
operations decreased to INR135.85 million in FY24 (FY23: INR149.86
million) due to the fall in its EBITDA. Consequently, the free cash
flow declined to negative INR16.34 million in FY24 (FY23: INR30.83
million). The cash and cash equivalents stood at INR402.45 million
at FYE24 (FYE23: INR308.63 million), including cheques in hand of
INR320 million (INR282 million). Moreover, UPAL does not have any
capital market exposure and relies on banks and financial
institutions to meet its funding requirements. UPAL has total
repayments of INR131.37 million and INR43.5 million in FY25 and
FY26, respectively.

Ind-Ra also has factored in the decline in UPAL's contingent
liability to INR114.14million in FY24 (FY23: INR121.94 million),
which included several tax-related cases that are pending in
courts. Any unfavorable outcome will positively impact the
liquidity and profitability, and consequently, the credit metrics
of the company.

Rating Sensitivities

Negative: Any delay in the receipt of rental income, leading to
deterioration in the liquidity position or the credit metrics on a
sustained basis will be negative for the ratings.

Positive: A substantially higher-than-Ind-Ra-expected rental income
while diversifying the customer base, leading to a higher cash
generation and/or a substantial decline in the debt, leading to a
significant improvement in the debt service coverage ratio above
1.2x on a sustained basis will be positive for the ratings.

About the Company

Incorporated in 1973, Lucknow-based UPAL is engaged in the trading
of fiber sheets, cement sheets and other raw materials. It also
generates revenue from leasing of its factory and plant and
machinery.

UPKAR ROLLER: CRISIL Keeps B Debt Rating in Not Cooperating
-----------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Upkar Roller
Flour Mills Private Limited (URFMPL) continues to be 'CRISIL
B/Stable Issuer Not Cooperating'.

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

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

URFMPL was incorporated in 1992, promoted by Mr. Vikas Gupta and
Mr. Vishal Gupta. It manufactures and processes wheat flour and
wheat products such as chakki atta, maida variants, suji, rava, and
wheat bran. The manufacturing facility is in Jammu.


VAISHNAOI INFRATECH: CRISIL Keeps B+ Rating in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Vaishnaoi
Infratech And Developers Private Limited (VIDPL) continues to be
'CRISIL B+/Stable Issuer Not Cooperating'.

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

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

VIDPL was incorporated in 2006.It is promoted by Mr. Y Ravi Prasad.
The firm currently develops a residential project in Kompally,
Hyderabad. The company also undertakes civil construction
projects.


YASHWANT DUGDH: CARE Keeps D Debt Rating in Not Cooperating
-----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Yashwant
Dugdh Prakriya Limited (YDPL) continues to remain in the 'Issuer
Not Cooperating' category.

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

Rationale and key rating drivers

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

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

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

YDPL is a public limited company and is based out of Sangli
district in Maharashtra. YDPL commenced its operations in the year
2008 and was promoted by Mr. Shivajirao Yashwantrao Naik (M.L.A.).
Mr. Satyajit Shivajirao Nayak, son of Mr. Shivajirao Naik is the
Managing Director (MD) looks after the overall operations of the
company. YDPL markets their milk products under the brand "Puro"
and sells products across the regions of Maharashtra, Goa and few
parts of Karnataka. In addition, it manufactures various
value-added products such as butter milk, amrakhand, ghee, khoya,
paneer, shrikhand, curd, lassi, SMP etc.

Status of non-cooperation with previous CRA: Acuite has continued
the rating assigned to the bank facilities of YDPL under Issuer Not
Cooperating category vide press release dated October 13, 2023 on
account of its inability to carry out a review in the absence of
the requisite information from the company.




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

CARLIN HOTEL: PriceWaterhouseCooper Appointed as Liquidators
------------------------------------------------------------
The Southland Times reports that PriceWaterhouseCooper (PwC) were
appointed as liquidators on September 23 to some of the struggling
businesses connected to deceased Queenstown hotel owner Kevin
Carlin.

Carlin Hotel Property Management Limited and Queenstown Views
Villas Limited were placed in receivership in February following
the death of Carlin from natural causes.

Pablo (Aust) Pty Limited, which holds security over the land,
buildings, and business of the companies, appointed receivers BDO
Christchurch.

Now Carlin Hotel Property Management Ltd and a connected company,
Carlin Hotel Ltd, are in liquidation, the Southland Times says.

Queenstown Views Villas Ltd remains in receivership.

According to the Southland Times, the first receiver's report into
Queenstown Views Villas Ltd found company assets valued at $26
million, the majority being land and buildings.

Debts at the time were NZD30.8 million, with NZD28.3 million of
that owed to Pablo, and the remainder to unsecured creditors.

The management company had recorded liabilities of NZD15 million,
including NZD12.5 million due to Pablo.

A first report from the receivers and liquidators of Carlin Hotel
Ltd noted the primary purpose of the business was to hold
intellectual property, including registered trademarks and brands.

The Southland Times says the company held no bank account but did
own a motor vehicle that was subject to a finance lease and
intangible assets relating to the hotel's operations.

The company also owed Pablo Pty Ltd NZD12.5 million as at July 17
plus accrued interest from February 27, the Southland Times
discloses. It is unclear if that was separate from the management
company debt.

The NZD30 million hotel was to be Carlin's retirement project.

When it was completed in 2022, he described it as "beyond
five-star".

The hotel was listed for sale with Colliers.

CONTACT ENERGY: S&P Rates Subordinated NZ$250MM Capital Bonds 'BB+'
-------------------------------------------------------------------
S&P Global Ratings assigned its 'BB+' long-term issue rating to
subordinated capital bonds of NZ$250 million that Contact Energy
Ltd. issued.

Proceeds from the hybrid issuance will be used for the financing
and refinancing of renewable generation and other eligible green
assets in accordance with the terms of Contact's sustainable
finance framework.

The key points of S&P's assessment of the issuance are:

-- S&P assesses the subordinated capital bonds as having
intermediate equity content.

-- S&P has rated the issuance of NZ$250 million two notches below
the 'BBB' long-term issuer credit rating on Contact
(BBB/Stable/A-2) to reflect the hybrid bond's subordination and
optional deferability of interest.

-- S&P expects the company's total hybrid issuance will comprise
about 10% of its total capitalization after the issuance.

-- S&P's assessment of intermediate equity content is based on its
view that the capital bonds meet its criteria in terms of
subordination, loss absorption, and cash preservation, with
optional coupon deferability of up to five years.

Another key consideration in S&P's assessment is Contact's stated
intention to maintain the capital bonds as a permanent feature of
its capital structure, although it has no legal obligation to
replace the subordinated capital bonds. The company issued a
similar instrument in October 2021.

Under the terms of the issuance, Contact will have the ability to
undertake an election process whereby at each reset date, the
company can propose changes to the terms of the instrument (such as
a new margin), which the bondholders have a right to reject. If
Contact declares a successful election process, the company will
have to purchase the bonds at par from bondholders who rejected the
proposal. Nevertheless, we expect any such situation to be followed
by a replacement issuance of a like-for-like instrument.

If Contact deviates from its intention to retain these capital
bonds as a permanent part of its capital structure, except under
limited circumstances, this will adversely affect the capital
bonds. Such a situation would lead S&P's to revise our assessment
to no equity content on the hybrid instruments, and for it to treat
them in line with existing debt.

The subordinated capital bonds have a final maturity of 30 years
i.e. Oct. 3, 2054, but are redeemable on the hybrid's election date
every five years at Contact's discretion. In S&P's view, a step-up
margin of 25 basis points does not create an incentive to redeem
the hybrids at the first call date (Oct. 3, 2029).

Contact retains the option to defer coupons by up to five years.
However, if the company were to defer any coupon payment, a
dividend stopper would apply, whereby it would be prevented from
paying any equity dividends, distributions, or capital returns.
This would persist until the company pays all the outstanding
cumulated deferred interest on the bonds. S&P's view this
settlement pusher feature as neutral because it does not restrict
the issuer's ability to start deferring interest.

S&P also notes that the hybrids are designated as green bonds and
are intended to align with Contact's sustainable finance framework.
Under this framework, Contact is required to maintain a balance of
eligible green assets relative to the aggregate proceeds of
outstanding green bonds and loans (2.4x at June 30, 2024), and will
manage the allocation of the proceeds of the capital bonds in
accordance with green bond principles and climate bonds standard.

The designation does not negatively affect our assessment of the
hybrids, given that there is no penalty, and the cost of the
instrument would not increase should Contact not meet the
objectives under the framework. Furthermore, non-compliance or a
reclassification of the subordinated capital bonds as non-green
does not give the bondholder any rights to seek compensation, or
accelerate or request for refinance or repayment of the bond.

The capital bonds are deeply subordinated obligations of Contact,
ranking only senior to equity. They will rank equally with the
company's existing hybrids of NZ$225 million and any potential
future hybrids.


DUBBLE L: Creditors' Proofs of Debt Due on Oct. 23
--------------------------------------------------
Creditors of Dubble L Trade Limited are required to file their
proofs of debt by Oct. 23, 2024, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on Sept. 10, 2024.

The company's liquidator is:

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


POUNAMU INFRASTRUCTURE: Court to Hear Wind-Up Petition on Oct. 4
----------------------------------------------------------------
A petition to wind up the operations of Pounamu Infrastructure
Limited will be heard before the High Court at Auckland on Oct. 4,
2024, at 10:00 a.m.

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

The Petitioner's solicitor is:

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


REFLECTIONS FUNERAL: Placed Into Liquidation
--------------------------------------------
New Zealand Herald reports that a Tauranga funeral business has
been placed into liquidation owing more than NZD150,000.

According to NZ Herald, Reflections Funeral Directors and Advisors
owes nearly NZD120,000 to BNZ and NZD30,672 to Tauranga and
Auckland city councils for cemetery and cremation fees.

Grant Reynolds of insolvency firm Reynolds was appointed liquidator
on August 12 after Tauranga City Council successfully applied to
the High Court at Tauranga to put the business into liquidation, NZ
Herald discloses.


SAILS MOTOR: Court to Hear Wind-Up Petition on Oct. 7
-----------------------------------------------------
A petition to wind up the operations of Sails Motor Inn Hamilton
Limited will be heard before the High Court at Hamilton on Oct. 7,
2024, at 10:45 a.m.

Sails Motor Inns Limited filed the petition against the company on
Aug. 16, 2024.

The Petitioner's solicitor is:

          Kieran Andrew Lomas
          Level 1, 127 Alexandra Street
          Hamilton 3204


SCIENCE HAVEN: Creditors' Proofs of Debt Due on Oct. 12
-------------------------------------------------------
Creditors of Science Haven Limited are required to file their
proofs of debt by Oct. 12, 2024, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on Sept. 17, 2024.

The company's liquidators is:

          Brent Thomas Dickins
          CS Insolvency
          C/- Coombe Smith (PN) Limited
          168 Broadway Avenue
          PO Box 788
          Palmerston North


YOU'RE SAFE: Creditors' Proofs of Debt Due on Oct. 18
-----------------------------------------------------
Creditors of You're Safe Limited are required to file their proofs
of debt by Oct. 18, 2024, to be included in the company's dividend
distribution.

The company commenced wind-up proceedings on Sept. 18, 2024.

The company's liquidator is:

          Brenton Hunt
          PO Box 13400
          City East
          Christchurch 8141




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

PAKISTAN: Wins Financing Assurances from China, UAE, Saudi Arabia
-----------------------------------------------------------------
Reuters reports that Pakistan has received "significant financing
assurances" from China, Saudi Arabia and the United Arab Emirates
linked to a new International Monetary Fund program that go beyond
a deal to roll over $12 billion in bilateral loans owed to them by
Islamabad, an IMF official said on Sept. 26.

According to Reuters, IMF Pakistan Mission Chief Nathan Porter
declined to provide details of additional financing amounts
committed by the three countries but said they would come on top of
the debt rollover.

"I won't go into the specifics, but UAE, China and the Kingdom of
Saudi Arabia all provided significant financing assurances joined
up in this program," Porter told reporters on a conference call,
notes the report.

The IMF's Executive Board on Sept. 25 approved a new $7 billion,
37-month loan agreement for Pakistan that requires "sound policies
and reforms" to strengthen macroeconomic stability. The approval
releases an immediate $1 billion disbursement to Islamabad.

The crisis-wracked South Asian country has had 22 previous, opens
new tab IMF bailout programs since 1958.

Reuters relates that Mr. Porter said Pakistan has staged a "really
remarkable" economic turnaround since mid-2023, with inflation down
dramatically, stable exchange rates and foreign reserves that have
more than doubled.

"So what we've seen is the benefits of undertaking good policies,"
Porter said, adding that the challenge now was to build stronger
and sustained growth by keeping monetary, fiscal and exchange rate
policy consistent, raising more taxes and improving public
spending, Reuters relays.

Last year, Pakistan achieved its first primary budget surplus in 20
years, and the program calls for growing that to 2% of gross
domestic product. Porter said it depends in part on reforms to
improve collections from under-taxed sectors such as retailers.

Reuters adds the next review of the loan would likely take place in
March or April of 2025, based on end-2024 performance criteria, Mr.
Porter said, the report adds.

                          About Pakistan

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

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

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

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



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

BRIFA HOLDINGS: Creditors' Meeting Set for Oct. 7
-------------------------------------------------
Brifa Holdings Pte Ltd will hold a meeting for its creditors on
Oct. 7, 2024, at 10:00 a.m., at 63 Market Street, #05-01A Bank of
Singapore Centre, in Singapore.

Agenda of the meeting includes:

   a. to lay before the creditors a full statement of the affairs
      of the Company, showing the assets and liabilities of the
      company;

   b. to appoint Liquidators;

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

   d. Any other business.


D.T.C.G PTE: Court to Hear Wind-Up Petition on Oct. 18
------------------------------------------------------
A petition to wind up the operations of D.T.C.G Pte Ltd will be
heard before the High Court of Singapore on Oct. 18, 2024, at 10:00
a.m.

Maybank Singapore Limited filed the petition against the company on
Sept. 23, 2024.

The Petitioner's solicitors are:

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


GV AUTOMOBILE: Creditors' Meeting Set for Oct. 11
-------------------------------------------------
GV Automobile Centre Pte Ltd will hold a meeting for its creditors
on Oct. 11, 2024, at 3:00 p.m. at 11 Eunos Road 8 (Lobby A) #06-01
SSA Academy, Lifelong Learning Institute, in Singapore.

Agenda of the meeting includes:

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

   b. to appoint Liquidators;

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

   d. Any other business.


LMC ASIA: Commences Wind-Up Proceedings
---------------------------------------
Members of LMC Asia Pacific Pte. Ltd. on Sept. 18, 2024, passed a
resolution to voluntarily wind up the company's operations.

The company's liquidators are:

          Saw Meng Tee
          Ong Shyue Wen
          EA Consulting Pte Ltd
          (a subsidiary of EisnerAmper PAC)
          1 North Bridge Road
          #23-05 High Street Centre
          Singapore 179094


PLAN B: Court to Hear Wind-Up Petition on Oct. 18
-------------------------------------------------
A petition to wind up the operations of Plan B Ventures Pte Ltd
will be heard before the High Court of Singapore on Oct. 18, 2024,
at 10:00 a.m.

Maybank Singapore Limited filed the petition against the company on
Sept. 19, 2024.

The Petitioner's solicitors are:

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


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

Farooq Ahmad Mann filed the petition against the company on Aug.
21, 2024.

The Petitioner's solicitors are:

          August Law Corporation
          12 Eu Tong Sen Street
          #04-166, The Central
          Singapore 059819




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

SRI LANKA: Fitch Affirms LongTerm Foreign-Currency IDR at 'RD'
--------------------------------------------------------------
Fitch Ratings has affirmed Sri Lanka's Long-Term Foreign-Currency
Issuer Default Rating (IDR) at 'RD' (Restricted Default) and
Long-Term Local-Currency IDR at 'CCC-'. Fitch typically does not
assign Outlooks to issuers with a rating of 'CCC+' or below.

Key Rating Drivers

Restructuring Negotiations Ongoing: The sovereign remains in
default on its foreign-currency obligations, while restructuring
negotiations are ongoing with Sri Lanka's private external
creditors. The authorities' recent announcement that a preliminary
debt restructuring agreement has been reached, in principle, with
members of the steering committee of the Ad Hoc Group of
Bondholders (representing foreign holders of Sri Lanka's
international sovereign bonds) and China Development Bank
(A+/Negative) suggests progress is being made.

The agreement comes after the 12 April 2022 announcement suspending
debt servicing on several categories of external debt, including
bonds issued in international capital markets, foreign
currency-denominated loans and credit facilities with commercial
banks and institutional lenders. The Long-Term Foreign-Currency IDR
has been on 'RD' since May 2022, once the grace period expired.

Policy Uncertainty Following Elections: Sri Lanka's September 2024
Presidential election was won by one of the opposition leaders.
Fitch believes the result add uncertainty to the country's policy
direction and could lead to a delay in the completion of the
foreign-currency debt restructuring or renegotiation of the IMF
programme. The upcoming 2025 budget, to be adopted by November
2024, could offer clarity on the new government's policies.

Local-Currency Debt Exchange Complete: Sri Lanka completed the
local-currency portion of its domestic debt optimisation in
September 2023. This followed the exchange of the Central Bank of
Sri Lanka's treasury bills and provisional advance into new
treasury bonds and bills. This led us to upgrade the Local-Currency
IDR to 'CCC-'. The rating is being affirmed at this level.

Government Debt to Stay High: The IMF forecasts Sri Lanka's gross
general government debt/GDP ratio to decline only gradually to
about 103% of GDP by 2028, from about 116% in 2022. This forecast
incorporates a local- and foreign-currency debt restructuring
scenario. However, this level of debt would still be elevated, even
after the restructuring.

External Metrics Improving: Foreign-currency (FX) reserves have
been improving, with gross FX reserves reaching around USD6.0
billion in August 2024, against USD4.4 billion at end-2023, partly
due to the suspension of external debt service. Other supporting
factors include an uptick in tourism and overseas worker
remittances. The current account was in a surplus in 2023 and Fitch
expects a surplus in 2024. The sovereign, however, remains
dependent on official financing sources without access to
international capital markets.

Stronger Revenue Generation: Weak IMF program implementation, in
particular of fiscal measures, remains a risk to achieving debt
sustainability. Sri Lanka has a weak longer-term revenue raising
record, but the authorities have implemented several major tax
measures since May 2022 to boost revenue collection and achieve
debt sustainability. These included raising the corporate income
tax rate, hikes to the value-added tax rate and raising fuel excise
taxes. This saw revenue collection improve by 42% yoy in 1H24.

Additional fiscal measures in the pipeline include an increase in
the corporate income tax to 45%, from 40%, for certain types of
economic activity, an additional value-added tax rate on the supply
of digital services, further tax administration reforms as well as
limiting tax exemptions and making them more transparent.

Economy on a Recovering Trend: Fitch expects economic growth to
recover to 3.9% in 2024 and average at 3.6% over 2025-2026. Real
GDP growth, in seasonally adjusted terms, recovered to about 5.0%
yoy in 1H24 after contracting by 7.0% during 1H23, driven by a
pick-up in industrial growth to 11.3% after a contraction of about
18.0% in 1H23. Services also recovered by about 2.7% during the
same period after a contraction in 1H23.

Inflation in Check: Fitch expects further easing of monetary policy
over 2024-2026, after the Central Bank of Sri Lanka reduced the
standing deposit facility rate by a cumulative 725bp since June
2023, as underlying inflationary pressure remains muted. Inflation
was about 0.6% in August 2024, in seasonally adjusted terms, and
has been in the single digits for over a year. A surge in
inflation, peaking in September 2022 at around 67%, was
successfully curtailed by the central bank.

Banking Sector Stabilising: The banking sector's non-performing
loans remain high, partly owing to the economic stress associated
with the sovereign default. However, the domestic bank operating
environment continues to show signs of stabilisation, in line with
improved economic indicators. This supports the recovery in banks'
operational flexibility. The completion of the local-currency
portion of Sri Lanka's domestic debt optimisation was a major step
towards reducing the impact of the sovereign's debt restructuring
on the banking sector.

ESG - Governance: Sri Lanka has an ESG Relevance Score of '5' for
Political Stability and Rights as well as for the Rule of Law,
Institutional and Regulatory Quality and Control of Corruption.
These scores reflect the high weight that the World Bank Governance
Indicators (WBGI) have in its proprietary Sovereign Rating Model
(SRM). Sri Lanka has a medium WBGI ranking in the 36th percentile,
reflecting a recent record of peaceful political transitions, a
moderate level of rights for participation in the political
process, moderate institutional capacity, established rule of law
and a moderate level of corruption.

ESG - Creditor Rights: Sri Lanka has an ESG Relevance Score of '5'
for Creditor Rights, as willingness to service and repay debt is
highly relevant to the rating and is a key rating driver with a
high weight. The affirmation of Sri Lanka's Long-Term
Foreign-Currency IDR at 'RD' reflects a default event.

RATING SENSITIVITIES

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

External Finances: The Long-Term Foreign-Currency IDR is at the
lowest level and cannot be downgraded.

Public Finances: The Local-Currency IDR would be downgraded if
further restructuring or a default on local-currency debt becomes
probable due to an unsustainable debt burden or inability to raise
revenue.

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

External Finances: Completion of the foreign-currency commercial
debt restructuring that Fitch judges to have normalised the
relationship with private-sector creditors would result in an
upgrade of the Long-Term Foreign-Currency IDR.

Public Finances: A sustained decline in the general government
debt/GDP ratio that is underpinned by the implementation of a
medium-term fiscal consolidation strategy and faster economic
growth.

Sovereign Rating Model (SRM) and Qualitative Overlay (QO)
Fitch's proprietary SRM assigns Sri Lanka a score equivalent to a
rating of 'CCC+' on the Long-Term Foreign-Currency IDR scale. In
accordance with the rating criteria for ratings in the 'CCC' range
and below, Fitch has not used the SRM or QO to explain the ratings,
which are instead guided by Fitch's rating definitions.

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

Country Ceiling

Sri Lanka's Country Ceiling is 'B-'. For sovereigns rated 'CCC+' or
below, Fitch assumes a starting point of 'CCC+' to determine the
Country Ceiling.

Fitch's Country Ceiling Model produced a starting point uplift of
zero notches. Fitch applied a +1 notch qualitative adjustment under
the balance of payments restrictions pillar, reflecting that the
private sector has not been prevented or significantly impeded from
converting local currency into foreign currency and transferring
the proceeds to non-resident creditors to service debt payments.
Fitch does not assign Country Ceilings below 'CCC+', and only
assigns a Country Ceiling of 'CCC+' in the event that transfer and
convertibility risk has materialised and is affecting the majority
of economic sectors and asset classes.

ESG Considerations

Sri Lanka has an ESG Relevance Score of '5' for Political Stability
and Rights, as WBGIs have the highest weight in Fitch's SRM and are
highly relevant to the rating and a key rating driver with a high
weight. As Sri Lanka has a percentile rank below 50 for the
respective governance indicator, this has a negative impact on the
credit profile.

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

Sri Lanka has an ESG Relevance Score of '4' for Human Rights and
Political Freedoms, as the Voice and Accountability pillar of the
WBGIs is relevant to the rating and a rating driver. As Sri Lanka
has a percentile rank below 50 for the respective governance
indicator, this has a negative impact on the credit profile.

Sri Lanka has an ESG Relevance Score of '5' for Creditor Rights, as
willingness to service and repay debt is highly relevant to the
rating and is a key rating driver with a high weight. Sri Lanka's
Long-Term Foreign-Currency IDR is at 'RD', as the sovereign is in
default on its foreign-currency debt obligations.

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
   -----------                 ------           -----
Sri Lanka       LT IDR          RD   Affirmed   RD
                ST IDR          C    Affirmed   C
                LC LT IDR       CCC- Affirmed   CCC-
                LC ST IDR       C    Affirmed   C
                Country Ceiling B-   Affirmed   B-

SRI LANKA: New President to Restart Talks with IMF
--------------------------------------------------
Krishan Francis at Associated Press reports that Sri Lanka's new
President Anura Kumara Dissanayake said Sept. 25 that he will soon
resume discussions with the International Monetary Fund and foreign
creditors to plot a way out of the worst economic crisis in the
country's history.

"We expect to discuss debt restructuring with the relevant parties
and complete the process quickly and obtain the funds," he said,
notes AP.

The future of the economic recovery plan drafted by former liberal
President Ranil Wickremesinghe was called into question after
Dissanayake, a Marxist, won the presidential election on Sept. 21,
according to the report.

During the campaign, Dissanayake said that he will renegotiate the
bailout agreement with the IMF agreed by Wickremesinghe. He said he
wants to make austerity measures more bearable for the poor.

Sri Lanka declared bankruptcy in 2022 and suspended repayments on
some $83 billion in domestic and foreign loans.

That followed a severe foreign exchange crisis that led to a severe
shortage of essentials such as food, medicine, fuel and cooking
gas, and extended power outages, AP says.

Wickremesinghe, however, had warned that any move to alter the
basics of the agreement could delay a fourth tranche of nearly $3
billion from the IMF package, which is crucial for economic
stability. Days before the election Wickremesinghe's administration
also agreed in principle to restructure Sri Lanka's foreign debt.

Despite the election pledges, Dissanayake has shown signs that he
may continue with the IMF agreement without much changes by
retaining the governor of the Central Bank and the secretary to the
ministry of finance who were at the forefront of implementing the
reform program, AP says.

AP notes that Sri Lanka's economic upheaval led to a political
crisis that forced then-President Gotabaya Rajapaksa to resign in
2022. Parliament then elected the then-Prime Minister
Wickremesinghe to replace him.

The economy was stabilized, inflation dropped, local currency
strengthened and foreign reserves increased under Wickremesinghe.
Nonetheless, he lost the election in what is seen as the people's
rejection of the old guard who they hold responsible for the
economic crisis.

                          About Sri Lanka

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

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

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


                           *********


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

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

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

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

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



                *** End of Transmission ***