---

       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

          Thursday, October 3, 2024, Vol. 27, No. 199

                           Headlines



A U S T R A L I A

COMMTEL NETWORK: Second Creditors' Meeting Set for Oct. 7
LAWNS SCENIC: Second Creditors' Meeting Set for Oct. 9
PRECIOUS CARGO: Goes Into Liquidation Owing Almost AUD20 Million
PROSPERO MARKETS: Australian Financial Services Licence Cancelled
RENTSET HOLDINGS: First Creditors' Meeting Set for Oct. 10

VERVE REAL: Second Creditors' Meeting Set for Oct. 8
WAVE CHASER: First Creditors' Meeting Set for Oct. 10


C H I N A

DATASEA INC: Incurs $11.38 Million Net Loss in FY Ended June 30
HO WAN KWOK: Owns Motorcycles of Daughter's Boyfriend, Court Says
[*] CHINA: Defaulted Developers Soar 200% in Speculative Frenzy


I N D I A

AAA ROLLER: CRISIL Keeps B Debt Ratings in Not Cooperating
AL-SAQIB EXPORTS: CARE Keeps D Debt Ratings in Not Cooperating
ANAND IMPEX: CARE Keeps D Debt Ratings in Not Cooperating Category
ANV TECHFAB: Insolvency Resolution Process Case Summary
ASCO STEEL: CRISIL Keeps B+ Debt Rating in Not Cooperating

ASIAD ENGINEERING: CRISIL Keeps B Debt Rating in Not Cooperating
ASIAN THAI: CRISIL Keeps B Debt Rating in Not Cooperating
ASN AGRI: ICRA Keeps B+ Debt Rating in Not Cooperating Category
ATC CHEMICALS: CRISIL Keeps B Debt Ratings in Not Cooperating
BANAS STONES: ICRA Moves B+ Debt Ratings to Not Cooperating

BBG INFRASTRUCTURE: ICRA Withdraws B Rating on INR0.25cr LT Loan
BYJU'S: NCLAT Adjourns Hearing on US Lenders Case to November 6
CELL COM: CARE Keeps C Debt Rating in Not Cooperating Category
CELLUGEN BIOTECH: Insolvency Resolution Process Case Summary
CHAWLA INTERNATIONAL: CARE Keeps C Debt Rating in Not Cooperating

CHEVROX CONSTRUCTIONS: ICRA Cuts Rating on INR13cr LT Loan to B+
COOLDECK INDUSTRIES: ICRA Keeps B Debt Ratings in Not Cooperating
DELHI MOBILE: Insolvency Resolution Process Case Summary
EKTA TRUST: ICRA Keeps B+ Debt Ratings in Not Cooperating
FLOW BANGALORE: Insolvency Resolution Process Case Summary

GAJRAJ HOTEL: CARE Keeps D Debt Rating in Not Cooperating Category
GHANSHYAM ANJANA: CARE Lowers Rating on INR8cr LT Loan to D
GJS INFRATECH: CARE Keeps D Debt Ratings in Not Cooperating
GOYAL METALLICS: CARE Lowers Rating on INR9cr LT Loan to D
GWALIA SWEETS: CARE Lowers Rating on INR15.23cr LT Loan to B+

IBD NALANDA: ICRA Keeps D Debt Ratings in Not Cooperating
JAI LAXMI: ICRA Keeps B Debt Rating in Not Cooperating Category
JET AIRWAYS: Lenders Pushing Carrier Towards Liquidation, JKC Says
JMT AUTO: ICRA Keeps D Debt Ratings in Not Cooperating Category
MADHUCON PROJECTS: ICRA Keeps D Debt Ratings in Not Cooperating

NAGABHUSHANAM & CO: CARE Moves C Debt Ratings to Not Cooperating
REWA LEISURE: CARE Keeps D Debt Ratings in Not Cooperating
SBJ ASSOCIATES: CRISIL Assigns B Rating to INR15cr Cash Loan
SHRINATHJI AGRO: CRISIL Reaffirms B+ Rating on INR10cr Term Loan
SHYAM GINNING: Insolvency Resolution Process Case Summary

SKS POWER: NCLAT Upholds NCLT Order Approving Sarda Energy's Plan
TEAM INTERVENTURE: Liquidation Process Case Summary


N E W   Z E A L A N D

AKP CONSTRUCTIONS: Court to Hear Wind-Up Petition on Oct. 25
ART CORE: Creditors' Proofs of Debt Due on Oct. 25
BARRY SHEDS: Thomas Lee Rodewald Appointed as Liquidator
ENHANCE ELECTRICAL: Creditors' Proofs of Debt Due on Dec. 2
FIRST TRUST: Owes NZD4MM to Creditors, Liquidator Report Shows

VENSA HEALTH: Court to Hear Wind-Up Petition on Oct. 11
[*] NEW ZEALAND: Company Liquidations Up 19% on Last Year


S I N G A P O R E

BLACKGOLD NATURAL: First Creditors' Meeting Set for Oct. 14
COMBI PROCESS: Commences Wind-Up Proceedings
SEADRILL OFFSHORE: First and Final Meeting Set for Oct. 30
TML OFFSHORE: Commences Wind-Up Proceedings
TROUBLE BREWING: Commences Wind-Up Proceedings


                           - - - - -


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

COMMTEL NETWORK: Second Creditors' Meeting Set for Oct. 7
---------------------------------------------------------
A second meeting of creditors in the proceedings of CommTel Network
Solutions Pty Ltd has been set for Oct. 7, 2024 at 11:00 a.m. via
Zoom virtual meeting only.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by Oct. 4, 2024 at 11:00 a.m.

Andrew Lyall Knight and Sebastian David Hams of KordaMentha were
appointed as administrators of the company on Aug. 30, 2024.


LAWNS SCENIC: Second Creditors' Meeting Set for Oct. 9
------------------------------------------------------
A second meeting of creditors in the proceedings of The Lawns
Scenic Rim Pty Ltd has been set for Oct. 9, 2024 at 10:30 a.m. at
Level 1, 160 Brisbane Street in Ipswich.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by Oct. 8, 2024 at 5:00 p.m.

Adam Francis Ward of Worrells was appointed as administrator of the
company on Sept. 17, 2024.


PRECIOUS CARGO: Goes Into Liquidation Owing Almost AUD20 Million
----------------------------------------------------------------
News.com.au reports that a popular chain of childcare centres that
once operated multiple facilities across Adelaide has gone into
liquidation owing almost AUD20 million to creditors.

Precious Cargo's seven childcare centres were placed into
liquidation on Oct. 1 after its sale to Mayfield Childcare for
AUD4.8 million failed to clear its debts, news.com.au discloses.

Adelaide-based business advisory firm Heard Phillips Lieberenz has
since been appointed to handle the winding down of the company.

According to news.com.au, director Andrew Heard said changes to
workplace habits could be partly to blame for Precious Cargo's
decline in occupancy.

"There is no doubt with people working from home their need for
childcare probably reduced during that time," he said.

Mr. Heard said occupancy levels at Precious Cargo hovered about 61%
when the company went into administration.

At the time, the company was "encumbered by a reasonable amount of
debt it couldn't service", and demands by the ATO were expiring.

As a result, Precious Cargo first was put into voluntary
administration in June 2024 before being sold to Mayfield Childcare
in August, news.com.au recalls.

The company was given a five-week extension of the administration
period by a court so that all of the centres could be sold.

Despite the sale, Mr. Heard said it wasn't enough to get past the
secured and priority creditors, so there was not a surplus for
ordinary, unsecured creditors, news.com.au relays.

As a result, he said the company was still owing about AUD19
million, AUD14 million of which was intercompany debt and not to
suppliers.

The rest of the owed monies included AUD1.2 million to trade
creditors, about AUD2 million in outstanding tax, AUD1.2 million
for a private loan as well as "some payroll".

Precious Cargo was founded in 2006 by Cheryl Higrov and followed
the Montessori method of teaching.

News.com.au adds that Mr. Heard said the sale was an opportunity to
grow the business.

"They have been quite profitable in the past," the report quotes
Mr. Heard as saying. "So, getting the occupancy level levels back
up to where they once more should see the business barrel along
well in future."


PROSPERO MARKETS: Australian Financial Services Licence Cancelled
-----------------------------------------------------------------
The Australian Securities & Investments Commission (ASIC) has
cancelled the Australian financial services (AFS) licence of
over-the-counter (OTC) derivatives issuer, Prospero Markets Pty Ltd
effective from Sept. 25, 2024. Prospero's AFS licence was suspended
in December 2023, after Prospero failed to lodge its 2023 audited
financial accounts.

Following an application by ASIC, on April 11, 2024 the Federal
Court ordered that Prospero be wound up on just and equitable
grounds and that liquidators be appointed.  Under the Corporations
Act, ASIC may suspend or cancel an AFS licence if the licensee is
being wound up or if the licensee has ceased to carry on a
financial services business.

ASIC has specified that until March 25, 2026, Prospero Markets must
continue to be a member of AFCA, continue to have arrangements for
compensating retail clients including the holding of professional
indemnity insurance cover, and must comply with the ASIC Client
Money Reporting Rules 2017.

Prospero may apply to the Administrative Appeals Tribunal for a
review of ASIC's decision to cancel its AFS licence.

Prospero held AFS licence number 423034 from Dec. 19, 2012, which
authorised it to provide the following services to retail and
wholesale clients:

     - issue and make a market in derivatives and foreign exchange

       contracts;

     - deal in derivatives and foreign exchange contracts on
       behalf of clients; and

     - provide financial product advice in relation to derivatives

       and foreign exchange contracts.

On Nov. 16, 2023, ASIC commenced an investigation of suspected
contraventions of the Corporations Act by Prospero, in the period
from March 1, 2021. ASIC commenced its investigation into Prospero
following the Australian Federal Police's Operation
Avarus-Nightwolf which resulted in former officers and responsible
managers of Prospero being charged with money-laundering offences
in October 2023 relating to the Changjiang Currency Exchange money
remitting chain.

The appointed liquidators are Andrew Cummins, Jonathon Keenan and
Peter Krejci of BRI Ferrier.

Clients or creditors of Prospero can contact the liquidators using
the following details:

Email: prosperomarkets@brifnsw.com.au  

Phone: 1300 291 012 (toll free) or +61 2 8044 0530 (international)


RENTSET HOLDINGS: First Creditors' Meeting Set for Oct. 10
----------------------------------------------------------
A first meeting of the creditors in the proceedings of Rentset
Holdings Pty Ltd will be held on Oct. 10, 2024, at 10:00 a.m. at
the offices of B&T Advisory at Level 19, 144 Edward Street in
Brisbane.

Travis Pullen of B&T Advisory was appointed as administrator of the
company on Sept. 27, 2024.


VERVE REAL: Second Creditors' Meeting Set for Oct. 8
----------------------------------------------------
A second meeting of creditors in the proceedings of Verve Real
Estate Pty Ltd has been set for Oct. 8, 2024 at 9:00 a.m. via
videoconference only.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by Oct. 7, 2024 at 5:00 p.m.

Roberto Crispino and Richard Albarran of Hall Chadwick were
appointed as administrators of the company on Sept. 6, 2024.


WAVE CHASER: First Creditors' Meeting Set for Oct. 10
-----------------------------------------------------
A first meeting of the creditors in the proceedings of Wave Chaser
Pty Ltd will be held on Oct. 10, 2024, at 10:00 a.m. and 11:00 a.m.
at the offices of B&T Advisory at Level 19, 144 Edward Street in
Brisbane.

Travis Pullen of B&T Advisory was appointed as administrator of the
company on Sept. 27, 2024.




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

DATASEA INC: Incurs $11.38 Million Net Loss in FY Ended June 30
---------------------------------------------------------------
Datasea Inc. filed with the Securities and Exchange Commission its
Annual Report on Form 10-K disclosing a net loss attributable to
the Company of $11.38 million on $23.98 million of revenues for the
year ended June 30, 2024, compared to a net loss attributable to
the Company of $9.48 million on $3.64 million of revenues for the
year ended June 30, 2023.

As of June 30, 2024, the Company had $3.29 million in total assets,
$3.60 million in total liabilities, and a total deficit of
$308,278.

The Company had an accumulated deficit of approximately $39.44
million as of June 30, 2024, and negative cash flow from operating
activities of approximately $6.40 million and $3.14 million for the
years ended June 30, 2024 and 2023, respectively.  The Company said
the historical operating results including recurring losses from
operations raise substantial doubt about the Company's ability to
continue as a going concern.

During the year ended June 30, 2024, the Company made total
prepayments of $3.78 million for marketing and promoting the sale
of acoustic intelligence series products and 5G Multimodal
communication in oversea and domestic markets.  For the year ended
June 30, 2024, the Company recorded an amortization of prepaid
expense of $2.84 million in the selling expense.

"If deemed necessary, management could seek to raise additional
funds by way of admitting strategic investors, or private or public
offerings, or by seeking to obtain loans from banks or others, to
support the Company's research and development ("R&D"),
procurement, marketing and daily operation.  While management of
the Company believes in the viability of its strategy to generate
sufficient revenues and its ability to raise additional funds on
reasonable terms and conditions, there can be no assurances to that
effect.  The ability of the Company to continue as a going concern
depends upon the Company's ability to further implement its
business plan and generate sufficient revenue and its ability to
raise additional funds by way of a public or private offering.
There is no assurance that the Company will be able to obtain funds
on commercially acceptable terms, if at all.  There is also no
assurance that the amount of funds the Company might raise will
enable the Company to complete its initiatives or attain profitable
operations.  If the Company is unable to raise additional funding
to meet its working capital needs in the future, it may be forced
to delay, reduce or cease its operations," said Datasea in the SEC
filing.

A full-text copy of the Form 10-K is available for free at:

https://www.sec.gov/ix?doc=/Archives/edgar/data/0001631282/000121390024082285/ea0214480-10k_datasea.htm

                         About Datasea

Headquartered in Beijing, People's Republic of China, Datasea
Inc.-- http://www.dataseainc.com/-- is a technology company
incorporated in Nevada, USA, on Sept. 26, 2014, with subsidiaries
and operating entities located in Delaware, US, and China.  The
company provides acoustic business services (focusing on high-tech
acoustic technologies and applications such as ultrasound,
infrasound, and Schumann resonance), 5G application services (5G AI
multimodal digital business), and other products and services to
various corporate and individual customers.


HO WAN KWOK: Owns Motorcycles of Daughter's Boyfriend, Court Says
-----------------------------------------------------------------
Judge Julie A. Manning of the United States Bankruptcy Court for
the District of Connecticut granted the motion for judgment on the
pleadings filed by Luc A. Despins, in his capacity as the Chapter
11 trustee for the bankruptcy estate of Ho Wan Kwok, against the
defendant, Defeng Cao.

Mr. Cao is deeply intertwined with the Individual Debtor's affairs,
both personally and through his purported employment.

Mr. Cao is the boyfriend of the Individual Debtor's daughter, Mei
Guo. He has lived with the Individual Debtor and his family. Mr.
Cao vacations with the Individual Debtor's family. According to an
affidavit Mr. Cao submitted in September 2017 in the New York
Supreme Court, Mr. Cao was at that time employed by the Individual
Debtor.

The motion seeks judgment on the pleadings with respect to the
first and second claims of the complaint which includes a total of
five claims.

The First Claim alleges the Individual Debtor is the beneficial
owner of four motorcycles legally owned by Mr. Cao. On this basis,
the First Claim seeks, pursuant to sections 541, 542, and 544 of
the Bankruptcy Code, declaratory judgment that the Motorcycles are
property of the Estate and an order requiring the Motorcycles be
turned over to the Estate via delivery to the Trustee. The Second
Claim, pled in the alternative to the First Claim, alleges the
transfer of the Motorcycles from the Individual Debtor to Mr. Cao
was an unauthorized post-petition transfer. On this basis, pursuant
to sections 549 and 550 of the Bankruptcy Code, the Second Claim
seeks an order avoiding the transfer of the Motorcycles and
requiring the surrender of the Motorcycles or their value to the
Trustee.

The Trustee argues Mr. Cao admits or does not deny several
allegations against him. Where Mr. Cao instead denies allegations,
the Trustee argues those denials should be disregarded by the Court
because they are controverted by more specific allegations,
documentary evidence, and his own sworn testimony. The Trustee
contends Mr. Cao has effectively admitted he did not purchase, use,
possess, insure, or control the Motorcycles. Moreover, the Trustee
asserts, Mr. Cao has admitted that persons involved with the
Individual Debtor effected the transfer of the Motorcycles to Mr.
Cao and the Individual Debtor is the only person who resided at the
Taconic and Mahwah Mansions and has used the Motorcycles.

Mr. Cao argues the Trustee has failed to establish the Individual
Debtor's ownership of the Motorcycles, instead focusing on Mr.
Cao's alleged lack of true ownership.

The Court agrees with the Trustee. Taken together, the allegations
Mr. Cao admits, fails to deny, and that are supported by his
testimony despite his denial support the conclusion that Mr. Cao is
merely the nominal owner of the Motorcycles and the Individual
Debtor beneficially owns and controls the Motorcycles, the Court
concludes.

Therefore, upon the undisputed allegations, the Court determines
the Trustee is entitled to judgment as a matter of law that the
Individual Debtor is the beneficial owner of the Motorcycles and,
hence, the Motorcycles are property of the Estate that must be
delivered to the Trustee.

The Trustee argues that the same undisputed allegations that
establish the Individual Debtor's beneficial ownership of the
Motorcycles demonstrate that the Individual Debtor beneficially
owned the Motorcycles through the October 2022 transfer of title to
Mr. Cao. Therefore, the Trustee asserts, even assuming -- contrary
to the allegations of the First Claim -- the October 2022 transfer
was more than nominal, he can avoid the October 2022 transfer
because it occurred post-petition and was not authorized by the
Court. In response, Mr. Cao argues the Trustee has failed to
establish that the Individual Debtor was the owner of the
Motorcycles prior to the transfer in October 2022.

The Court agrees with the Trustee. Judge Manning says, "First, the
undisputed allegations establish that the Motorcycles were in the
possession of the Individual Debtor's family prior to the October
2022 transfer, but that Mr. Cao has no claim to legal or beneficial
ownership of the Motorcycles prior to the October 2022 transfer.
Second, unclouded by any competing claim of ownership prior to the
October 2022 transfer, the undisputed allegations establish that,
for the reasons set forth in the discussion of the First Claim, the
Individual Debtor beneficially owned the Motorcycles prior to
October 2022.  Third, it is undisputed that the October 2022
transfer occurred after the Individual Debtor's voluntary Chapter
11 petition.  Fourth and finally, the Court may take judicial
notice of the record of these jointly administered Chapter 11 cases
and related adversary proceedings to establish the fact that this
Court has not authorized the transfer of the Motorcycles."

Mr. Cao's asserted defenses do not preclude judgment on the
pleadings.

The Court issued an Order as follows:

     -- Pursuant to 11 U.S.C. Secs. 541, 542, and 544, the
Motorcycles are property of the Estate and, on or before September
23, 2024, Mr. Cao shall turn the Motorcycles over to the Estate via
delivery of the same to the Trustee, including without limitation,
by signing over legal ownership.

     -- Pursuant to 11 U.S.C. Secs. 541, 549 and 550, insofar as
the Motorcycles were transferred to Mr. Cao on or about October 6,
2022, such transfer was an avoidable unauthorized post-petition
transfer of property of the Estate and, on or before September 23,
2024, Mr. Cao as initial transferee shall turn the Motorcycles over
to the Estate via delivery of the same to the Trustee, including
without limitation, by signing over legal ownership, or turn the
value of the Motorcycles over to the Estate via delivery of the
same to the Trustee.

The Trustee is authorized to take all actions necessary or
appropriate to effectuate this Order.

A copy of the Court's decision is available at
https://urlcurt.com/u?l=TGM2sM

                       About Ho Wan Kwok

Ho Wan Kwok sought protection under Chapter 11 of the Bankruptcy
Code (Bankr. D. Conn. Case No. 22-50073) on Feb. 15, 2022. Judge
Julie A. Manning oversees the case. Dylan Kletter, Esq., is the
Debtor's legal counsel.

Ho Wan Kwok aka Guo Wengui is an exiled Chinese businessman.
According to Reuters, Guo was a former real estate magnate who fled
China for the U.S. in 2014 ahead of corruption charges. Guo  filed
for bankruptcy after a New York court ordered him to pay lender
Pacific Alliance Asia Opportunity Fund $254 million stemming from a
contract dispute. PAX had initially loaned two of Guo's companies
$100 million in 2008 for a construction project in Beijing and sued
Guo when he failed to pay off the loan.

An Official Committee of Unsecured Creditors has been appointed in
the case and is represented by Pullman & Comley, LLC.

Luc A. Despins was appointed Chapter 11 Trustee in the case.

[*] CHINA: Defaulted Developers Soar 200% in Speculative Frenzy
---------------------------------------------------------------
Bloomberg News reports that shares of Chinese property developers
rallied like never before after Beijing joined its so-called
tier-one city peers to ease rules for homebuyers, following the
Asian nation's call to put a floor under the property market
decline.

A Bloomberg Intelligence gauge of Chinese real estate stocks surged
as much as 31% - a record - on Oct. 2, following Sept. 30
announcement that the nation's capital will make it easier for
non-residents to buy property in core areas and cut minimum down
payment ratios. The index has risen 92% over the last five trading
days.

During the same period, stocks of some of defaulted developers -
including Shimao Group Holdings Ltd and Sunac China Holdings Ltd -
have surged more than 200% each, Bloomberg says. Huarong
International Financial Holdings Ltd rose as much as 463% on Oct. 2
alone.

According to Bloomberg, China's stimulus blitz has sent the
market's assets soaring in recent days, and the euphoria continued
in Hong Kong on Oct. 2, when it reopened after a holiday. Led by
property developers, the Hang Seng China Enterprises Index jumped
as much as 8.4% for a 13th day of gains, its longest streak since
January 2018.

"Resolute stance of rescuing property markets from top central
government officials, coupled with wealth effect from recent strong
rallies of stocks markets, should improve market sentiment and lead
to better sales ahead," Bloomberg quotes Raymond Cheng, head of
China property research at CGS International Securities Hong Kong,
as saying. "The tier-one or top-tier cities will be the first batch
of cities benefiting from strong sales recovery."

In the US, trading of bullish bets on KE Holdings Inc - a proxy for
the Asian nation's property market - surged on Oct. 1 to a record
of almost 146,000 calls. October contracts with strikes of
US$30-51% above the previous close - were the most active, followed
by October US$26 calls, Bloomberg discloses.

Bloomberg notes that the bullish trading sent the cost of betting
on further gains to a record high relative to puts protecting
against declines. As of the last close, there were four times more
calls outstanding than puts.

Some dollar notes of Sunac jumped by as much as 16% in the past
five days, while those by Cifi Holdings Group Co climbed 9% -
though still at deeply distressed levels of less than 10 cents on
the dollar, Bloomberg notes. Shimao's dollar bonds were little
traded as the company is in the process of coming up with a debt
restructuring plan.

Bloomberg adds that while the mood in the market was soundly
positive on Oct. 2, Morgan Stanley analysts had a word of caution.

"The recent measures will help stabilise the property market, but
lifting prices and reviving demand will be challenging," analysts
led by Chetan Ahya wrote in a note. "The continued drag from the
property sector will leave a sizeable shortfall in demand behind,
keeping growth below target."




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

AAA ROLLER: CRISIL Keeps B Debt Ratings in Not Cooperating
----------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of AAA Roller
Flour Mills Private Limited (ARFMPL; part of 'Gupta Group')
continue to be 'CRISIL B/Stable Issuer Not Cooperating'.

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

   Cash Credit             9         CRISIL B/Stable (Issuer Not
                                     Cooperating)

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

For arriving at its rating, CRISIL Ratings has combined the
business and financial risk profiles of Anjani Roller Flour Mills
Private Limited (AFMPL), ARFMPL and Satyam Roller Flour Mills Pvt
Ltd (SRFMPL), together known as the 'Gupta Group'. All these
companies are under a common management, are in the same line of
business, and have financial linkages.

The group was incorporated in 1995, with Mr. Vijay Shankar Gupta
and his family members as the promoters. The company is engaged in
the processing of wheat into flour, with units in Navi Mumbai and
Pune (Maharashtra) and combined capacity of 720 metric tonnes per
day.



AL-SAQIB EXPORTS: CARE Keeps D Debt Ratings in Not Cooperating
--------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Al-Saqib
Exports Private Limited (AEPL) continues to remain in the 'Issuer
Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term/          30.00       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 July 31, 2023,
placed the rating(s) of AEPL under the 'issuer non-cooperating'
category as AEPL had failed to provide information for monitoring
of the rating as agreed to in its Rating Agreement. AEPL continues
to be non-cooperative despite repeated requests for submission of
information through e-mails dated June 15, 2024, June 25, 2024 and
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).

Al-Saqib Exports Private Limited (Al-Saqib) was incorporated in
April, 1996 as a private Limited company. The company is currently
being managed by Mohd. Shahid Qureshi, Mohd. Sajid, Mohd. Saliq
Qureshi and Mohd. Wali Akhlaq. The company operates as an
integrated cold chain and preservation facility and is engaged in
the processing and supplying of frozen buffalo meat. The processing
facility of the company is located at Meerut, Uttar Pradesh and has
its own slaughterhouse. The company is having two associate
concerns namely; "Al-Akhlaq Exports Limited" (incorporated in 2011)
and "AL-Aqsa Frozen Food Exports" engaged in similar line of
business.

Status of non-cooperation with previous CRA: BRICKWORK has
continued the ratings assigned to the bank facilities of AEPL into
'Issuer not-cooperating' category vide press release dated August
13, 2024 on account of non-availability of requisite
information from the company.


ANAND IMPEX: CARE Keeps D Debt Ratings in Not Cooperating Category
------------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Anand
Impex (AI) continue to remain in the 'Issuer Not Cooperating'
category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       1.75       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

   Short Term Bank      4.25       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 September 8,
2023, placed the rating(s) of AI under the 'issuer non-cooperating'
category as AI had failed to provide information for monitoring of
the rating as agreed to in its Rating Agreement. AI continues to be
non-cooperative despite repeated requests for submission of
information through e-mails dated July 24, 2024, August 3, 2024,
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).

Surat (Gujarat) based, Anand Impex was established as a partnership
firm in the year 2006 by Mr. Dilip Kheni and Mr. Vinod Kheni along
with Dilip Godhani. Anand Impex is engaged in the business of
processing of rough diamonds into finished polished
diamonds of various sizes, shapes, purity and colour. The firm has
its sales office in Mumbai and its processing plant is located in
Surat. The firm imports rough diamonds from Belgium and sells CPD
largely in the domestic market.

ANV TECHFAB: Insolvency Resolution Process Case Summary
-------------------------------------------------------
Debtor: ANV TECHFAB PRIVATE LIMITED
Flat No B-301, Aarav Apartments,
        Behind Mhatoba Mandir,
        Londhe Wada, Kothrud,
        Pune - 411 038 Maharashtra

Insolvency Commencement Date: September 6, 2024

Estimated date of closure of
insolvency resolution process: March 5, 2025

Court: National Company Law Tribunal, Mumbai Bench

Insolvency
Professional: ANSHUL PATHANIA
              901, Sunset Heights, Hatiskar Marg,
              Prabhadevi, Mumbai - 400 025
              E-mail: anshul.pathania@gmail.com
              E-mail: cirpanvtechfab@gmail.com

Last date for
submission of claims: September 20, 2024



ASCO STEEL: CRISIL Keeps B+ Debt Rating in Not Cooperating
----------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Asco Steel
(AST) continues to be 'CRISIL B+/Stable Issuer Not Cooperating'.

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

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

AST was set up in 1992 as a proprietorship firm by the late Mr Haji
M Moidheen Ebrahim; operations are now managed by Mr Abdul Sattar.
The firm trades in roof sheets, cement, pipes, and iron and steel
products in Mangaluru.


ASIAD ENGINEERING: CRISIL Keeps B Debt Rating in Not Cooperating
----------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Asiad
Engineering Works Private Limited (ASEW; part of Agro group)
continues to be 'CRISIL B/Stable Issuer Not Cooperating'.

                          Amount
   Facilities          (INR Crore)    Ratings
   ----------          -----------    -------
   Proposed Long Term        1        CRISIL B/Stable (Issuer Not
   Bank Loan Facility                 Cooperating)

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

For arriving at the ratings, CRISIL Ratings has combined the
business and financial risk profiles of Agro Engineering Works
(AEW), Asiad Engineering Works Private Limited (ASEW), Multitech
Products (MLP) and Dai-ichi Tools Corporation Private Limited
(DTCPL). This is because all these entities, together referred as
the group, operate in the same industry and have operational
linkages.

Asiad Engineering Works Private Limited (ASEW): ASEW manufactures
spares for Escorts Tractors. The company was founded by Mr
INRAggarwal and earlier also had a dealership for TVS 2 wheelers
which it left in FY19 The company is exclusive manufacturer for
parts such as fuel tanks, fenders etc. for Escorts. It has one
plant located in Faridabad

                          About the Group

Agro Engineering Works (AEW): AEW manufactures spare parts for
MSIL. The company was incorporated in 1984 by Mr RM Aggarwal. AEW
has two plants under it, one in Faridabad and other in Manesar. It
is exclusive supplier for MSIL for parts such as battery trays etc.
for its Manesar plant.

Multitech Products (MLP): MLP manufactures spare parts for Yamaha
(2W). It was founded in 1984 by Mr RM Aggarwal and earlier
manufactured parts for Carrier and later on started manufacturing
for Yamaha. It has two plants, one in Faridabad and other in Noida

Dai-ichi Tools Corporation Private Limited (DTCPL): DTCPL
manufacture capital equipments such as dies and tools for
automakers such as Tata Motors, Mahindra & Mahindra and MSIL. The
company was incorporated in 2016 but became operational from FY18
onwards. The company has been promoted by Mr RM Aggarwal. It has
one plant in Faridabad.


ASIAN THAI: CRISIL Keeps B Debt Rating in Not Cooperating
---------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Asian Thai
Foods India Private Limited (ATFIPL) 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 ATFIPL 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 ATFIPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on
ATFIPL is consistent with 'Assessing Information Adequacy Risk'.
Based on the last available information, the ratings on bank
facilities of ATFIPL continues to be 'CRISIL B/Stable Issuer Not
Cooperating'.

ATFIPL is a subsidiary of Asian Thai Foods (P) Ltd and was
incorporated in December 2009. It is setting up a food processing
plant at Chaygaon, Kamrup, Assam, and is promoted by the Sharda
group, the Jaju group of Nepal, the Baid group headed by Mr.
Mulchand Baid, and the Agarwal group of Assam. The plant is
expected to have an installed capacity of 7875 MTPA for Instant
Noodles and 225 MTPA for Noodles Bhujia.


ASN AGRI: ICRA Keeps B+ Debt Rating in Not Cooperating Category
---------------------------------------------------------------
ICRA has kept the long-term and Short-Term ratings of ASN Agri
Genetic Private Limited in the 'Issuer Not Cooperating' category.
The rating is denoted as [ICRA]B+(Stable)/[ICRA]A4; ISSUER NOT
COOPERATING.

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Short Term-         2.00        [ICRA]A4 ISSUER NOT
   Non Fund Based                  COOPERATING; Rating continues
   Others                          to remain under 'Issuer Not
                                   Cooperating' category

   Long Term-         21.00        [ICRA]B+ (Stable) ISSUER NOT
   Fund Based-                     COOPERATING; Rating continues
   Cash Credit                     to remain under 'Issuer Not
                                   Cooperating' category

As part of its process and in accordance with its rating agreement
with ASN Agri Genetic Private Limited, ICRA has been trying to seek
information from the entity so as to monitor its performance.
Further, ICRA has been sending repeated
reminders to the entity for payment of surveillance fee that became
due. Despite multiple requests by ICRA, the entity's management has
remained non-cooperative. In the absence of requisite Information
and in line with the aforesaid policy
of ICRA, the rating has been continued to the "Issuer Not
Cooperating" category. The rating is based on the best available
information.

ASN Agri procures hybrid breeder seeds (which are 100% genetically
pure seeds) from agricultural research centers and institutions and
distributes them to various certified farmers for sowing and
reproduction (progeny of the breeder seeds). It
then purchases the seeds from these farmers. The process is
repeated through four stages (Breeder Seeds – Foundation Seeds
Stage I - Foundation Seeds Stage II – Certified Seeds Stage I –
Certified Seeds Stage II). The seeds finally procured for sale
(mainly Certified Seed Stage I and II) are processed and graded
based on quality and moisture content. While good quality seeds are
packaged and sold to traders and distributors; rough seeds are
returned as rejects to the farmers.


ATC CHEMICALS: CRISIL Keeps B Debt Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of ATC Chemicals
India Private Limited (ATCIPL) continue to be 'CRISIL B/Stable
Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)      Ratings
   ----------        -----------      -------
   Cash Credit            4.00        CRISIL B/Stable (Issuer Not
                                      Cooperating)

   Long Term Loan         1.52        CRISIL B/Stable (Issuer Not
                                      Cooperating)

   Proposed Long Term     0.48        CRISIL B/Stable (Issuer Not
   Bank Loan Facility                 Cooperating)

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

Incorporated in 2004, ATCIPL manufactures leather chemicals. The
manufacturing facility is based in Pondicherry. The managing
director of the company is Mr. J B Gualino.


BANAS STONES: ICRA Moves B+ Debt Ratings to Not Cooperating
-----------------------------------------------------------
ICRA has moved the ratings for the bank facilities of Banas Stones
Pvt. Ltd. to the 'Issuer Not Cooperating' category on account of
inadequate information regarding its performance and hence the
uncertainty around its credit risk. The rating is denoted as
'[ICRA]B+ (Stable); ISSUER NOT COOPERATING/[ICRA]A4; ISSUER NOT
COOPERATING.

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long Term-          6.50        [ICRA]B+ (Stable) ISSUER NOT
   Fund Based-                     COOPERATING; Rating Moved to
   Cash Credit                     the 'Issuer Not Cooperating'
                                   Category

   Long Term-          0.10        [ICRA]B+ (Stable) ISSUER NOT
   Fund Based-                     COOPERATING; Rating Moved to
   Term Loan                       the 'Issuer Not Cooperating'
                                   Category

   Short-term          0.80        [ICRA]A4 ISSUER NOT
   Standby Line                    COOPERATING; Rating Moved to
   of Credit                       the 'Issuer Not Cooperating'
                                   category

ICRA assesses whether the information available about the entity is
commensurate with its rating and reviews the same as per its
'policy in respect of non-cooperation by a rated entity 'available
at www.icra.in. The lenders, investors and other market
participants are thus advised to exercise appropriate caution while
using this rating as it may not adequately reflect the entity's
credit risk profile.

As a part of its process and in accordance with its rating
agreement with Banas Stones Pvt. Ltd., ICRA has been trying to seek
information from the entity so as to monitor its performance.
Despite repeated requests by ICRA, limited data has been shared. In
absence of requisite information and in line with the aforesaid
policy of ICRA, a rating view has been taken on the entity based on
the best available information.

Incorporated in 2005, Banas Stones Private Limited (BSPL) is
currently engaged in two primary activities:

* Limestone (Kota stone) quarrying: The company currently operates
three self-owned limestone quarries in Kota, Rajasthan. The
limestone thus obtained is sold to limestone processing plants in
Rajasthan.

* Sandstone processing and export: BSPL procures sandstone from
mining companies in Rajasthan, processes the same and exports them
to its Toronto-based group company, Banas Stones Inc., which sells
the sandstone to retailers and end customers.

Exports based sandstone sale constituted around 90% of the total
revenues of the company in FY2023. The balance 10% came through the
domestic sale of limestone.


BBG INFRASTRUCTURE: ICRA Withdraws B Rating on INR0.25cr LT Loan
----------------------------------------------------------------
ICRA has withdrawn the ratings assigned to the bank facilities of
BBG Infrastructure Private Limited at the request of the company
based on the No Objection Certificate received from its bankers and
in accordance with ICRA's policy on withdrawal. ICRA does not have
information to suggest that the credit risk has changed since the
time the rating was last reviewed. The key rating drivers,
liquidity position and rating sensitivities have not been captured
as the rated instruments are being withdrawn.

                      Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long Term-          0.25       [ICRA]B (Stable) ISSUER NOT
   Fund Based-                    COOPERATING; withdrawn
   Cash Credit                     

   Long Term/          3.35       [ICRA]B(Stable)/[ICRA]A4;
   Short Term-                    ISSUER NOT COOPERATING;
   Unallocated                    withdrawn

BBG Infrastructure Private Limited was incorporated on November 19,
2019. The company is into Building & construction, structural
finishing, Granite Mining, Factories, Flooring & Finishing, road &
utility works. BBG has performed structural finishing, plumbing and
land development work for parking plaza, Mall and metro stations.
Company has also performed road development and utility works in
Noida. Currently company has outstanding work order for
construction of 2 metro station from Maharashtra Metro Rail
Corporation Limited (Maha-metro).

BBG Infrastructure is promoted by Mr. Priyadarshi Balu Agarwal and
Mr. Nikhil Bhardwaj. Mr. Priyadarshi Balu Agarwal is a proprietor
of Balu Balaji Granite business. Balu Balaji Granite is into
granite mining and owns granite mines from where he sold its
granites domestically and internationally also. The promoter has an
experience of more than a decade in granite business.


BYJU'S: NCLAT Adjourns Hearing on US Lenders Case to November 6
---------------------------------------------------------------
The Economic Times reports that the Chennai bench of the National
Company Law Appellate Tribunal (NCLAT) on Oct. 1 adjourned a case
involving troubled edtech firm Byju's and a group of its US lenders
to November 6.

Earlier, the US lenders asserted that Byju's must repay the
$1.2-billion loan along with interest. They claimed the edtech
company has failed to make any contractually due payment in more
than 17 months.

On September 26, the Supreme Court temporarily halted all meetings
concerning Byju's insolvency proceedings, as Glas Trust, the
trustee for lenders to which Byju's owes $1.2 billion, moved the
apex court challenging its removal from the committee of creditors
(CoC) by interim resolution professional (IRP) Pankaj Srivastava,
according to ET.

Srivastava's decision was based on the fact that Glas Trust did not
represent the minimum 51% of lenders in the consortium that
provided the loan to Byju's.

ET relates that the top court instructed Srivastava to maintain the
status quo and not to hold any meeting of the lenders. However, it
decided not to intervene in an appeal filed by Glas Trust, which
sought to remove Srivastava.

Separately, the National Company Law Tribunal (NCLT) on Oct. 1
adjourned a matter between Byju's investors and its parent, Think &
Learn Pvt Ltd, to November 18, citing that the Supreme Court is
looking into the matter," ET reports.

The group of investors involved includes General Atlantic Singapore
TL Pte Ltd, Peak XV Partners Investments IV, Peak XV Partners
Investments V, Sofina SA and MIH Edtech Investments.

On August 27, these five investors, who collectively hold 16.75% of
the company's issued and paid-up share capital, moved the the
Supreme Court alleging "persistent acts of oppressive opacity,
repeated violation of law and corporate governance norms, and gross
mismanagement by the founders in managing the affairs of the
company," ET relays.

                           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.


CELL COM: CARE Keeps C Debt Rating in Not Cooperating Category
--------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Cell Com
Teleservices Private Limited (CCTPL) continue to remain in the
'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       6.50       CARE C; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category  

   Short Term Bank     13.50       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 August 25,
2023, placed the rating(s) of CCTPL under the 'issuer
non-cooperating' category as CCTPL had failed to provide
information for monitoring of the rating as agreed to in its Rating
Agreement. CCTPL continues to be non-cooperative despite repeated
requests for submission of information through e-mails dated July
10, 2024, July 20, 2024 and July 30, 2024 among others.

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

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

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

Delhi Based, Cell Com Teleservices Private Limited
(CIN-U64201DL2002PTC117816) was incorporated in 2002. CCTPL was
established as a partnership firm with Vikas Sharma and Deepak
Kaushik as partners in 2001. Currently the company is being
managed by Mr. Vikas Sharma, Mr. Vivek Khaushik as director. CCTPL
is engaged in fabrication and erection of galvanized &
nongalvanized steel structure, process equipment, telecom
structure, VSAT supporting system, foundation bolts, substation
structure, solar pv mounting frames, steel electro forged grating,
handrails & material handling equipment including hoppers, chutes,
conveyance, platforms & screen stations. CCTPL majorly caters to
telecom sector companies and companies engaged in turnkey
installation and commission for telecom sector companies and
transmission companies.

CELLUGEN BIOTECH: Insolvency Resolution Process Case Summary
------------------------------------------------------------
Debtor: Cellugen Biotech Private Limited
Innov8 Coworking, Salcon Ras Villas, LGF,
        Next to Select City Walk, Saket District Centre,
        Saket District, Sector 6,
        Pushp Vihar, New Delhi-110017

Insolvency Commencement Date: September 11, 2024

Estimated date of closure of
insolvency resolution process: March 10, 2025 (180 days)

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

Insolvency
Professional: Preeti Chauhan
              R Z 20 K Block Gandhi Market
              West Sagarpur, New Delhi-110046
              Email: cspreetichauhan@gmail.com

              532, 5th Floor, Somdatt Chamber-II,
              Bhikaji Cama Place, New Delhi-110066
              Email: ibc.cellugen@gmail.com

Last date for
submission of claims: October 2, 2024





CHAWLA INTERNATIONAL: CARE Keeps C Debt Rating in Not Cooperating
-----------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Chawla
International (CI) continue to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       2.25       CARE C; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category  

   Short Term Bank      5.50       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 11,
2023, placed the rating(s) of CI under the 'issuer non-cooperating'
category as CI had failed to provide information for monitoring of
the rating as agreed to in its Rating Agreement. CI continues to be
non-cooperative despite repeated requests for submission of
information through e-mails dated July 27, 2024, August 6, 2024,
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).

Chawla International (CI) was established in 1994 as a partnership
firm by Mr. J. S Chawla along with his family members. The firm is
in the business of trading and exports of coal and agro based
commodities like maize, wheat, rice etc. The firm generated around
60% of total turnover from coal trading and remaining from agro
based commodities trading. The firm derived around 91% of total
sales during FY18, provisional from exports to Bangladesh and
Bhutan and balance from domestic market.

Status of non-cooperation with previous CRA: Brickwork has
continued the rating assigned to the bank facilities of CI into
Issuer Not Cooperating category vide press release dated May 06,
2024 on account of its inability to carry out a review in the
absence of the requisite information from the firm.

CHEVROX CONSTRUCTIONS: ICRA Cuts Rating on INR13cr LT Loan to B+
----------------------------------------------------------------
ICRA has downgraded the ratings on certain bank facilities of
Chevrox Constructions Pvt. Ltd., as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long Term-         13.00        [ICRA]B+ (Stable); ISSUER NOT
   Fund-based-                     COOPERATING; Rating downgraded
   Cash Credit                     from [ICRA]BB+ (Stable) ISSUER
                                   NOT COOPERATING and continues
                                   to remain under the 'Issuer
                                   Not Cooperating' category

   Short Term-       117.00        [ICRA]A4; ISSUER NOT
   Non Fund Based                  COOPERATING; Rating downgraded
                                   from [ICRA]A4+; ISSUER NOT
                                   COOPERATING and continues to
                                   remain under the 'Issuer Not
                                   Cooperating' category

Rationale

The rating downgrade is attributable to the lack of adequate
information regarding Chevrox Constructions Pvt. Ltd. performance
and hence the uncertainty around its credit risk. ICRA assesses
whether the information available about the entity is commensurate
with its rating and reviews the same as per its "Policy in respect
of non-cooperation by a rated entity" available at www.icra.in. The
lenders, investors and other market participants are thus advised
to exercise appropriate caution while using this rating, as the
rating may not adequately reflect the credit risk profile of the
entity, despite the downgrade."

As part of its process and in accordance with its rating agreement
with Chevrox Constructions Pvt. Ltd., ICRA has been trying to seek
information from the entity so as to monitor its performance.
Further, ICRA has been sending repeated reminders to the entity for
payment of surveillance fee that became due. Despite multiple
requests by ICRA, the entity's management has remained
non-cooperative. In the absence of requisite information and in
line with the aforesaid policy of ICRA, the rating has been
continued to the "Issuer Not Cooperating" category. The rating is
based on the best available information.

Chevrox was constituted as a private limited company in 2010 by Mr.
Mit Viramgama, Mr. Subhash Patel, and Mr. Hitesh Chaniyara in
Rajkot (Gujarat). Chevroxis primarily involved as an EPC
contractor/sub-contractor for various building, road and
infrastructure projects in Bihar, Rajasthan, Chhattisgarh, Odisha,
Karnataka and Gujarat. The company also undertakes construction
work for bridges, flyovers, water and waste-water treatment plants,
industrial projects, pipelines, institutional and high-end real
estate. It enjoys strong business linkages with the established
construction company, ITL. Mr. Kishor Viramgama, a co-promoter in
ITL, is the chairmanof Chevrox, as well as the father of Mr. Mit
Viramgama, one of the copromoters of Chevrox.


COOLDECK INDUSTRIES: ICRA Keeps B Debt Ratings in Not Cooperating
-----------------------------------------------------------------
ICRA has kept the ratings for the bank facilities of Cooldeck
Industries Private Limited (CIPL) in the 'Issuer Not Cooperating'
category. The ratings are denoted as "[ICRA]B(Stable) ISSUER NOT
COOPERATING/[ICRA]A4 ISSUER NOT COOPERATING".

                      Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long Term-          7.00       [ICRA]B (Stable) ISSUER NOT
   Fund Based-                    COOPERATING; Rating continues
   Cash Credit                    to remain under 'Issuer Not
                                  Cooperating' category

   Long-term–          1.4        [ICRA]B (Stable) ISSUER NOT
   Fund Based–                    COOPERATING; Rating continues
   Working–Working                to remain under 'Issuer Not
   Capital Term Loan              Cooperating' category

   Long Term-          4.0        [ICRA]B (Stable) ISSUER NOT
   Non Fund Based                 COOPERATING; Rating continues
                                  to remain under 'Issuer Not
                                  Cooperating' category

   Short Term-         2.0        [ICRA]A4 ISSUER NOT
   Non Fund Based                 COOPERATING; Rating continues
   Others                         to remain under 'Issuer Not
                                  Cooperating' category

   Long Term/          1.0        [ICRA]B(Stable)/[ICRA]A4;
   Short Term-                    ISSUER NOT COOPERATING;
   Unallocated                    Rating Continues to remain
                                  under issuer not cooperating
                                  category

As part of its process and in accordance with its rating agreement
with CIPL, ICRA has been trying to seek information from the entity
so as to monitor its performance. Further, ICRA has been sending
reminders to the entity for payment of surveillance fee that became
due. Despite multiple requests by ICRA, the entity's management has
remained non-cooperative. In the absence of requisite information
and in line with the aforesaid policy of ICRA, the rating has been
continued in the "Issuer Not Cooperating" category. The rating is
based on the best available information.

Cooldeck Industries Private Limited, formerly known as Cooldeck
Aqua Solutions Private Limited, manufactures plastic components,
primarily for cooling towers and water/wastewater treatment plants.
It also provides uPVC (unplasticised polyvinyl chloride) and
wood-plastic composite (WPC) solutions to the building construction
industry and manufactures thin and thick sheets in PVC and PP. It
was established as a proprietorship concern in 1994 and was
converted into a private limited concern in 2005. It has a
manufacturing plant in the Union Territory of Daman and has
presence in Bhiwandi (Maharashtra) and Delhi. Since its inception,
CIPL has been focused on the manufacturing and sales of plastic
components for cooling tower equipment (largely for the power
sector), which includes fills, drift eliminators, fan assemblies,
nozzles and spacers, among others. However, in the last two years,
the contribution from the building product and the sheet segments
is increasing with both the segments likely to contribute to ~ 38%
of the FY2023 revenue.


DELHI MOBILE: Insolvency Resolution Process Case Summary
--------------------------------------------------------
Debtor: Delhi Mobile Mate Private Limited

        Registered Office:
Plot-68, IIIrd Floor, Block No-5 WEA,
        Naiwala, Karol Bagh,
        Delhi, India, 110005

        Address where Books of account are Maintained:
        9B, Raghuveer Bagh Industrial Area
        Haridwar, Uttarakhand
        India, 249401

Insolvency Commencement Date: September 10, 2024

Estimated date of closure of
insolvency resolution process: March 11, 2025 (180 Days)

Court: National Company Law Tribunal, New Delhi Bench

Insolvency
Professional: DIKSHITA SHARMA
              D-11, Jeewan Jyoti Apartments,
              Pitampura, Near St. Columbo School,
              Delhi, 110034
              Email: ca.dikshasharma@gmail.com

              18B, Block JD, Near Ashiana Chowk, First Floor,
              Pitampura Delhi-110034
              Email: cirp.delhimobilemate@gmail.com
  
Last date for
submission of claims: September 26, 2024


EKTA TRUST: ICRA Keeps B+ Debt Ratings in Not Cooperating
---------------------------------------------------------
ICRA has kept the long-term and short-term rating of Ekta Trust in
the 'Issuer Not Cooperating' category. The ratings are denoted as
[ICRA]B+(Stable); ISSUER NOT COOPERATING/[ICRA]A4; ISSUER NOT
COOPERATING."

                      Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long Term-         5.08        [ICRA]B+ (Stable) ISSUER NOT
   Fund Based-                    COOPERATING; Rating continues
   Term Loan                      to remain under 'Issuer Not
                                  Cooperating' category

   Long Term/         2.92        [ICRA]B+ (Stable)/[ICRA]A4;
   Short Term-                    ISSUER NOT COOPERATING;
   Unallocated                    Rating Continues to remain
                                  under issuer not cooperating
                                  category

As part of its process and in accordance with its rating agreement
with Ekta Trust, ICRA has been trying to seek information from the
entity so as to monitor its performance. Further, ICRA has been
sending repeated reminders to the entity for payment of
surveillance fee that became due. Despite multiple requests by
ICRA, the entity's management has remained non-cooperative. In the
absence of requisite information and in line with the aforesaid
policy of ICRA, the rating has been continued to the "Issuer Not
Cooperating" category. The rating is based on the best available
information.

Ekta Trust, Navi Metral, Gujarat was formed through a trust Deed
dated 12th March 1991. The trust has been registered as a public
trust under the Bombay Public Trust Acts, 1950 bearing Registration
No. E/ 1966/Sabarkantha. The objectives of the trust as stated in
the trust deed include as a main object the setting up of
educational institutions to serve the needs of students. Trust
started his first activity in the year 2004-05 by establishing
P.T.C. & B. Ed. College then started Engineering, BCA and Nursing
College in the year 2011-12 and Diploma College and B.Sc. College
from the year 2012-13.The engineering courses are offered under
"Arrdekta Institute of Technology", B. Ed course is run under "Ekta
College of Institute", PTC is run under "Ekta Trust PTC College",
nursing course is run under "Ekta Nursing School & College", B. Sc
is run under "Arrdekta Institute of Science" and BCA is run under
"Arredekta Institute of B.C.A." by Ekta Trust.


FLOW BANGALORE: Insolvency Resolution Process Case Summary
----------------------------------------------------------
Debtor: Flow Bangalore Waterjet Private Limited
6/12 Primrose Road, Gurappa Avenue,
        Bangalore-560025
        Karnataka, India

Insolvency Commencement Date: September 13, 2024

Estimated date of closure of
insolvency resolution process: March 12, 2025 (180 Days)

Court: National Company Law Tribunal, Bengaluru Bench

Insolvency
Professional: Srinivas Thatikonda
       Flat No. 006, Nanda Ashirwad Apartments,
              No.1, Canara Bank Colony,
              2nd Main, Chandra Layout,
              Bengaluru 560072,
              Karnataka, India
              Email: srinivas@srinivasthatikonda.com
              Email: flowbangloreibc@gmail.com
  
Last date for
submission of claims: September 27, 2024

GAJRAJ HOTEL: CARE Keeps D Debt Rating in Not Cooperating Category
------------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Gajraj
Hotel Private Limited (GHPL) continues to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      18.03       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 GHPL under the 'issuer non-cooperating'
category as GHPL had failed to provide information for monitoring
of the rating as agreed to in its Rating Agreement. GHPL continues
to be non-cooperative despite repeated requests for submission of
information through e-mails dated June 15, 2024, June 25, 2024 and
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).

GHPL was incorporated on November 6, 1992, by Mr Chand Ram, his
wife Ms Krishna Devi and his son, Mr Gajraj Singh. The company
commenced operations with its first hotel named 'Hotel Gajraj' (HG)
established in the year 1992. GHPL has set up another hotel by the
name of 'Motel Gajraj Continental' (GC) in Bahadurgarh, Haryana,
which commenced its full-fledged operations from April 2013. From
April 2016 onwards, the company has discontinued the operations of
'Hotel Gajraj'.


GHANSHYAM ANJANA: CARE Lowers Rating on INR8cr LT Loan to D
-----------------------------------------------------------
CARE Ratings has revised the ratings on certain bank facilities of
Ghanshyam Anjana (GA), as:

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

   Long Term/           2.50       CARE D/CARE D; ISSUER NOT
   Short Term                      COOPERATING; Rating continues
   Bank Facilities                 to remain under ISSUER NOT
                                   COOPERATING category and
                                   Downgraded from CARE B-;
                                   Stable/CARE A4

Rationale and key rating drivers

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

The ratings assigned to the bank facilities of GA have been revised
on account of delays in debt servicing as recognized from lender's
feedback as well as publicly available information.

Pratapgarh based (Rajasthan) Ghanshyam Anjana (GA) was formed as a
proprietorship concern by Mr. Ghanshyam Anjana in the year 1993. GA
is primarily engaged in the execution of civil construction
contract works with major focus on construction works pertaining to
lying of pipelines, water tank and pumping stations, earth work,
drainage system and minor bridges. The firm is registered as an
"AA" class civil contractor (highest in the scale of AA to E) with
Public Work Department (PWD) and Public Health Engineering
Department (P.H.E.D.) of Rajasthan indicating eligibility to bid
for contracts of any amount. Further the firm is also approved
contractor with India Railways related to construction and
engineering works. GA has long standing association with PWD,
P.H.E.D for whom the firm has been executing projects since its
incorporation.

GJS INFRATECH: CARE Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of GJS
Infratech Private Limited (GIPL) continue to remain in the 'Issuer
Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      27.50       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

   Short Term Bank     92.50       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 31, 2023,
placed the rating(s) of GIPL under the 'issuer non-cooperating'
category as GIPL had failed to provide information for monitoring
of the rating for the rating exercise as agreed to in its Rating
Agreement. GIPL 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).

GJS Infratech Private Limited (GIPL) was incorporated in October
2009, and promoted by Mr. Jangam Gopi and Mr. Jangam Vishwanath.
Mr. Jangam Gopi, the Managing director of GIPL has about two and a
half decades of experience in the construction industry. He is ably
supported by Mr. Jangam Vishwanath, another director; an MBA
graduate who has around four years of experience and is actively
involved in day-to-day operations. The company is engaged in the
execution of civil works for Government and private entities.


GOYAL METALLICS: CARE Lowers Rating on INR9cr LT Loan to D
----------------------------------------------------------
CARE Ratings has revised the ratings on certain bank facilities of
Goyal Metallics Private Limited (GMPL), as:

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

Rationale and key rating drivers

CARE Ratings Ltd. had, vide its press release dated July 31, 2023,
placed the rating(s) of GMPL under the 'issuer non-cooperating'
category as GMPL had failed to provide information for monitoring
of the rating as agreed to in its Rating Agreement. GMPL 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, September 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).

The ratings assigned to the bank facilities of GMPL have been
revised on account of delays in debt servicing recognized from
publicly available information. i.e., CIBIL filings
  
Incorporated in March 2010, GMPL is engaged in trading of iron and
steel products. It commenced its trading operations from August
2017 and prior to that it was a dormant company. It is promoted by
the Agarwal family of Raipur. The other major company of the group,
Goyal Energy & Steel Private Ltd. (GESPL) is engaged in
manufacturing of billets and structural steel and also has a
forging unit.

GWALIA SWEETS: CARE Lowers Rating on INR15.23cr LT Loan to B+
-------------------------------------------------------------
CARE Ratings has revised the ratings on certain bank facilities of
Gwalia Sweets Private Limited (GSPL), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      15.23       CARE B+; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category and
                                   Downgraded from CARE BB-;
                                   Stable

Rationale and key rating drivers

CARE Ratings Ltd. had, vide its press release dated July 27, 2023,
placed the rating(s) of GSPL under the 'issuer non-cooperating'
category as GSPL had failed to provide information for monitoring
of the rating as agreed to in its Rating Agreement. GSPL 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).

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

Ahmedabad (Gujarat) based GSPL was established in April 1994 as a
private limited company by three promoters namely Mr. Nandkishore
Sharma, Mr. Deepak Sharma and Jay Sharma for manufacturing of
sweets, namkeens, confectionery etc. GSPL has set up a plant for
processing plant GIDC Naroda. Commercial operations commenced from
September 2017 for groundnut processing and for Flour from April
2018. GSPL has 25 small and large outlets in different states along
with 8-10 kiosks.


IBD NALANDA: ICRA Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------
ICRA has kept the Long-Term ratings of IBD Nalanda Infrastructure
Pvt. Ltd. in the 'Issuer Not Cooperating' category. The rating is
denoted as [ICRA]D; ISSUER NOT COOPERATING".

                     Amount
   Facilities     (INR crore)   Ratings
   ----------     -----------   -------
   Long-term         24.00      [ICRA]D; ISSUER NOT COOPERATING;
   Fund based                   Rating Continues to remain under
   Term Loan                    'Issuer Not Cooperating'
                                Category

   Long Term-         8.52      [ICRA]D; ISSUER NOT COOPERATING;
   Unallocated                  Rating Continues to remain under
                                'Issuer Not Cooperating'
                                Category

As part of its process and in accordance with its rating agreement
with IBD Nalanda Infrastructure Pvt. Ltd., ICRA has been trying to
seek information from the entity so as to monitor its performance.
Further, ICRA has been sending repeated reminders to the entity for
payment of surveillance fee that became due. Despite multiple
requests by ICRA, the entity's management has remained
non-cooperative. In the absence of requisite information and in
line with the aforesaid policy of ICRA, the rating has been
continued to the "Issuer Not Cooperating" category. The rating is
based on the best available information.

IBDN was incorporated in 2009 and is the flagship company of the
IBD Group of Central India. IBDN is headed by Mr. Ajay Bhadauria
who holds 6.51% stake. Currently, the company is executing 2
projects in Jabalpur, Madhya Pradesh which are in various stages of
execution. 'Royal City' is the affordable housing project of the
company and 'Gold Villa" is the high end residential apartment
project. The total saleable area for all the projects is 6.27 lakhs
square feet, with 523 units in total. The total project cost is
estimated at Rs 79.51 crore and is expected to be funded by
customer advances and promoter's contribution, in different
proportion.


JAI LAXMI: ICRA Keeps B Debt Rating in Not Cooperating Category
---------------------------------------------------------------
ICRA has kept the Long-Term ratings of Jai Laxmi Cement Co. (P)
Limited (JLCPL) in the 'Issuer Not Cooperating' category. The
rating is denoted as [ICRA]B(Stable); ISSUER NOT COOPERATING".

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long Term-          6.00        [ICRA]B (Stable) ISSUER NOT
   Fund Based-                     COOPERATING; Rating continues
   Cash Credit                     to remain under 'Issuer Not
                                   Cooperating' category

As part of its process and in accordance with its rating agreement
with JLCPL, ICRA has been trying to seek information from the
entity so as to monitor its performance. Further, ICRA has been
sending repeated reminders to the entity for payment of
surveillance fee that became due. Despite multiple requests by
ICRA, the entity's management has remained non-cooperative. In the
absence of requisite information and in line with the aforesaid
policy of ICRA, the rating has been continued to the "Issuer Not
Cooperating" category. The rating is based on the best available
information.

JLCPL was incorporated in September 1987 and manufactures Portland
Pozzolana Cement (PPC) cement. The company has a manufacturing
plant in Ram Nagar, Chandauli (Varanasi), which is ISO 9001:2008
certified. It is also involved in the trading of clinker and fly
ash. The daily installed capacity of the company is 350 MT, which
translates into an annual capacity of 120000 MT per annum. The
company is fully owned by the promoters and their family members.
It sells its product through the dealer network and mainly in the
states of Uttar Pradesh and Bihar. The raw material, which is
clinker, fly ash and gypsum, is procured from Madhya Pradesh, Uttar
Pradesh and Rajasthan.


JET AIRWAYS: Lenders Pushing Carrier Towards Liquidation, JKC Says
------------------------------------------------------------------
Livemint.com reports that the Jalan-Kalrock Consortium (JKC), the
successful bidder for bankrupt Jet Airways, told the Supreme Court
on Oct. 1 that lenders led by the State Bank of India are
intentionally pushing the company towards liquidation to maximise
profits by selling the airline's assets as scrap.

A three-judge bench led by Chief Justice of India D.Y. Chandrachud
was addressing the lenders' plea against the National Company Law
Appellate Tribunal's March ruling upholding the handover of Jet
Airways to JKC, Livemint.com says.

Livemint.com relates that JKC, represented by senior lawyer Mukul
Rohatgi, claimed that the lenders have deliberately not cooperated
with JKC's efforts to revive Jet Airways.

"They haven't lifted a finger to help . . . They want to drive this
plan into the ground so that it can be sold as scrap. They feel if
they sell the planes as scrap, they will get more," the report
quotes Rohatgi as saying.

According to Livemint.com, Chief Justice Chandrachud said they had
directed JKC to deposit INR150 crore in cash in January and
emphasised that failing to do so would indicate non-compliance with
the resolution plan.

"We didn't give you an option; we direct you to pay INR150 crore.
If you don't have it, then that means you are not compliant with
the resolution," he stated.

The Supreme Court will continue hearing the case today, Oct. 3,
adds Livemint.com.

                         About Jet Airways

Based in Mumbai, India, Jet Airways (India) Limited was one of
India's top airlines founded by Naresh Goyal.  It provided
passenger and cargo air transportation services as well aircraft
leasing services.  It operated flights to 66 destinations in India
and international countries.  

Jet Airways on April 17, 2019, halted all flight operations after
its lenders rejected its plea for emergency funds.

On June 20, 2019, the National Company Law Tribunal (NCLT), Mumbai
Bench, accepted an insolvency petition against Jet Airways filed by
its creditors as they attempt to recover some of their dues.

Ashish Chhawchharia of Grant Thornton India has been named as the
resolution professional in the case.  Law firm Cyril Amarchand
Mangaldas represented the interests of the lenders' consortium,
according to a Reuters report.

Creditors have filed claims worth INR30,907 crore, according to
Financial Express.  The RP has so far admitted claims worth over
INR14,000 crore.

In October 2020, the airline's Committee of Creditors (CoC)
approved the revival plan submitted by the consortium of
Dubai-based Murari Lal Jalan and the UK's Kalrock Capital.

In 2021, the NCLT approved the Jalan-Kalrock consortium's
resolution plan for the troubled carrier.

JMT AUTO: ICRA Keeps D Debt Ratings in Not Cooperating Category
---------------------------------------------------------------
ICRA has kept the long-term rating of JMT Auto Limited in the
'Issuer Not Cooperating' category. The ratings are denoted as
[ICRA]D; ISSUER NOT COOPERATING/[ICRA]D; ISSUER NOT COOPERATING".

                     Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Long-term         39.57       [ICRA]D; ISSUER NOT COOPERATING;
   Fund based                    Rating Continues to remain under
   Term Loan                     'Issuer Not Cooperating'
                                 Category

   Long-term         87.00       [ICRA]D; ISSUER NOT COOPERATING;
   Fund based                    Rating Continues to remain under
   Cash Credit                   'Issuer Not Cooperating'
                                 Category

   Long Term-         4.27       [ICRA]D; ISSUER NOT COOPERATING;
   Unallocated                   Rating Continues to remain under
                                 'Issuer Not Cooperating'
                                 Category

   Short-term         1.00       [ICRA]D; ISSUER NOT COOPERATING;
   Fund based                    Rating Continues to remain under
   Cash Credit                   'Issuer Not Cooperating'
                                 Category

   Short-term        35.00       [ICRA]D; ISSUER NOT COOPERATING;
   Non-fund based                Rating continues to remain under
   Others                        'Issuer Not Cooperating'
                                 Category

   Long-term/         3.16       [ICRA]D/[ICRA]D; ISSUER NOT
   Short Term                    COOPERATING; Rating Continues to
   Unallocated                   remain under 'Issuer Not
                                 Cooperating' Category

As part of its process and in accordance with its rating agreement
with JMT Auto Limited, ICRA has been trying to seek information
from the entity so as to monitor its performance. Further, ICRA has
been sending repeated reminders to the entity for payment of
surveillance fee that became due. Despite multiple requests by
ICRA, the entity's management has remained non-cooperative. In the
absence of requisite information and in line with the aforesaid
policy of ICRA, the rating has been continued to the "Issuer Not
Cooperating" category. The rating is based on the best available
information.

Incorporated as a private limited company in March 2012 by Mr.
Satyanarayana Goud and Mr. G. Satyanarayana Reddy, AMSPL is the
sole authorised dealer of motorcycles, mopeds, scooters, along with
spares and services for TVS Motors Limited in Karimnagar, Jagtial
and Peddapalli districts of Telangana. The company has operated as
partnership firm named Adarsha Motors since 1999 and has been
converted to private limited company in March 2012. It operates
three showrooms cumservice centres in those districts. AMSPL is a
part of the Adarsha Group, which comprises Adarsha Auto Private
Limited. [authorised dealer of Maruti Suzuki India Limited (NEXA)],
Adarsha Motor Sales, Susheel Motors, Adarsha Automobiles, and
Thirumal Motors [authorised distributor of TVS Motors Limited in
different parts of Telangana].


MADHUCON PROJECTS: ICRA Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------------
ICRA has kept the Long-Term and Short-Term ratings of Madhucon
Projects Limited (MPL) in the 'Issuer Not Cooperating' category.
The rating is denoted as [ICRA]D/[ICRA]D; ISSUER NOT COOPERATING".

                     Amount
   Facilities     (INR crore)   Ratings
   ----------     -----------   -------
   Short-term        80.20      [ICRA]D; ISSUER NOT COOPERATING;
   Non-fund based               Rating continues to remain under
   Others                       'Issuer Not Cooperating'
                                Category

   Long-term        425.00      [ICRA]D; ISSUER NOT COOPERATING;
   Fund based                   Rating Continues to remain under
   Cash Credit                  'Issuer Not Cooperating'
                                Category

   Long-term         52.05      [ICRA]D; ISSUER NOT COOPERATING;
   Fund based                   Rating Continues to remain under
   Term Loan                    'Issuer Not Cooperating'
                                Category

   Long-term         648.00     [ICRA]D; ISSUER NOT COOPERATING;
   Non-fund based               Rating continues to remain under
   Others                       'Issuer Not Cooperating'
                                Category

   Long Term-       194.75      [ICRA]D; ISSUER NOT COOPERATING;
   Unallocated                  Rating Continues to remain under
   Limits                       'Issuer Not Cooperating'
                                Category

As part of its process and in accordance with its rating agreement
with MPL, ICRA has been trying to seek information from the entity
so as to monitor its performance. Further, ICRA has been sending
repeated reminders to the entity for payment of surveillance fee
that became due. Despite multiple requests by ICRA, the entity's
management has remained non-cooperative. In the absence of
requisite information and in line with the aforesaid policy of
ICRA, the rating has been continued to the "Issuer Not Cooperating"
category. The rating is based on the best available information.

Originally incorporated in 1990 as Madhu Continental Constructions
Private Limited and subsequently converted into a listed public
limited company in March 1995, Madhucon Projects Limited (MPL) is
primarily engaged in the road construction and irrigation projects
business. MPL was promoted by Mr. N Seethaiah and Mr. N Krishnaiah.
It is currently engaged predominantly in construction of roads and
irrigation projects.


NAGABHUSHANAM & CO: CARE Moves C Debt Ratings to Not Cooperating
----------------------------------------------------------------
CARE Ratings has migrated the rating on bank facilities of
Nagabhushanam & Co. (NCC) to Issuer Not Cooperating category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       7.00       CARE C; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating moved to
                                   ISSUER NOT COOPERATING category

   Long Term/          22.50       CARE C; Stable/CARE A4;
   Short Term                      ISSUER NOT COOPERATING;
   Bank Facilities                 Rating moved to ISSUER NOT
                                   COOPERATING category

Rationale and key rating drivers

CARE Ratings Ltd. has been seeking information from NCC to monitor
the rating(s) vide e-mail communications dated July 8, 2024, to
September 17, 2024, and numerous phone calls. However, despite
repeated requests, the company has not provided the requisite
information for monitoring the ratings. 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. The rating on Nagabhushanam & Co. bank facilities will now
be denoted as CARE C; Stable; ISSUER NOT COOPERATING.

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 last rating assigned to Nagabhushanam & Co. considered slow
moving orderbook with sectorial and geographical concentration,
declining scale of operation during period of FY18-FY23 [FY refers
to the period April 1 to March 31], leveraged debt coverage
metrics, fragmented nature of construction sector with tender-based
nature of operations and execution challenges and stretched
liquidity position. The rating draw comfort from experience of
management in construction business, inbuilt escalation clause for
all the outstanding orders, comfortable capital structure and
stable industry outlook.

Rating sensitivities: Factors likely to lead to rating actions

Positive factors

* Achieving operating income of INR50 crore with operating margin
of 12%
* Ability to effectively manage working capital utilization

Negative factors

* Significant elongation in working capital cycle resulting into
high working capital utilization and thereby exerting pressure on
the liquidity

* Decline in operating margin below 12%

Analytical approach: Standalone

Outlook: Stable

CARE Ratings believes that the entity will continue to benefit from
the extensive experience of the promoters and management in the
industry and that the entity will continue to benefit from its
established relationship with the customers/suppliers.

Detailed description of key rating drivers:

Key weaknesses

* Slow moving orderbook: As on August 17,2023, NCC has an
outstanding orderbook of INR279.57 crore which translates to 17.43x
gross billing of FY23 (UA), which translates to long term revenue
visibility. However, the entire orderbook is delayed due to delay
in completion of irrigation structure falling in the road
stretches, due to delay in payments from AP Government, delay in
land acquisition and other reasons. The payment from AP government
is expected to be received in Q3FY24.

* Sectorial and Geographical Concentration: All the projects
executed by NCC are concentrated towards roads and bridges work.
About INR199.95 crore (71.25%) of the outstanding orderbook is from
single project in Karnataka. Balance orders are
concentrated towards Andhra Pradesh of INR73.53 crore (26.30%) and
Telangana of INR6.09 crore (2.18%).

* Declining scale of operation during period of FY18-FY23 with
satisfactory profitability: The total operating income (TOI) of NCC
has been in the declining trend to INR16.04 crore in FY23 (UA) from
INR72.67 crore in FY18 is primarily due to delay in execution of
project because of various reasons. Simultaneously, the operating
margin was declined to INR4.51 crore as against INR8.85 crore in
FY18 and Profit After Tax (PAT) is declined to INR0.67 crore in
FY23 (UA) from INR2.97 crore in FY18.

* Leveraged debt coverage metrics: Leveraged debt coverage metrics
are characterised by total debt to GCA of 8.40x as on March 31,
2023 as against 6.44x as on March 31,2019 and PBILDT Interest
coverage ratio of 1.40x in FY23 against 1.82x in FY19.

* Fragmented nature of construction sector with tender-based nature
of operations and execution challenges: The infrastructure sector
in India is highly fragmented and competitive with many small and
mid-sized players. This coupled with tendering process in order
procurement results in intense competition within the industry,
fluctuating revenues, and restrictions in profitability.
Additionally, continued increase in execution challenges including
delays in land acquisition, regulatory clearances, aggressive
bidding, interest rate risk and delays in project due to
environmental clearance are other external factors that affect the
credit profile of industry players. All these are tender- based and
the revenues are dependent on the ability of the company to bid
successfully for these tenders. Profitability margins come under
pressure because of competitive nature of the industry. However,
the promoter's long industry experience of nearly five decades
mitigates this risk to some extent.

Key strengths

* Experienced Management: NCC is operated by two partners Mr. V.
Nagabhushana Rao (Managing Partner) and Mr. V. Visweswara Rao
(Executive Partner). Mr. V. Nagabhushana Rao looks after overall
finance and administration of the firm whereas Mr. V. Visweswara
Rao takes care of daily operations of the firm. Both the partners
are highly qualified with having more than 25 years of experience
in construction business.

* Escalation clause for input prices in contracts: Steel, cement,
concrete, diesel, bitumen, etc, are the major inputs for any
construction entity, the prices of which are volatile. However, NCC
has a price escalation clause in all civil construction projects,
wherein, the burden of price increase is marked-up in the billing
to the client.

* Comfortable capital structure: Debt profile of NCC comprises of
Mobilisation advance, term loan and cash credit facility.
Comfortable capital structure is marked by overall gearing of 0.73x
as on March 31,2023 as against 0.99x as on March 31,2019.

* Stable demand outlook due to the thrust of the government on
infrastructure development: Growth in infrastructure is critical
for the development of the economy and hence, the construction
sector assumes a significant role. The sector was marred by varied
challenges during the last few years on account of economic
slowdown, regulatory changes and policy paralysis which had
adversely impacted the financial and liquidity profile of players
in the industry coupled with the Covid-19 pandemic. The Government
of India has been undertaking several steps for boosting
infrastructure development and reviving the investment cycle in the
segment, which was facing a slowdown for the past couple of years.
The same is expected to drive growth opportunities, subject to the
availability of adequate working capital. Thrust of the government
on infrastructure development is expected to augur well for
construction players with low leverage and demonstrated execution
capabilities, in the medium term. The government initiatives in
road construction such as a build-up of new rural roads and
gradation of existing rural roads, broadening of national highways
and providing connectivity to tribal areas, has offered various
opportunities for construction companies. The India Infrastructure
Sector Market is anticipated to register a CAGR of more than 8.2%
over the next five years. Further, as per the budget for 2023-24,
there has been an increase in capital expenditure on infrastructure
investment by INR33 crore i.e., INR10 lakh crore for 2023-24, which
is 3.3% of GDP.

Liquidity: Stretched

Stretched liquidity of NCC is marked by 100% utilisation of cash
credit (CC) facility for past 12 months ended July-2023 with few
instances of over utilisation of CC facility due to miss-match in
the cash flow. However, the generation of gross cash accruals (GCA)
of INR2.27 crore as against the repayment of INR1.91 crore.

Nagabhushanam & Co. (NCC) was incorporated as partnership firm in
2001. NCC is managed and promoted by Mr. V. Nagabhushanam Rao
(Managing Partner) and V. Visweswara Rao (Executive Partner). The
firm is engaged into civil contracting and infrastructure
development activities. The firm has expertise in marine
structures, bridges across major rivers and flyovers. The firm is
categorised as "Special Class Civil Contractors" with Govt of AP,
Telangana and Karnataka.

REWA LEISURE: CARE Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Rewa
Leisure Private Limited (RLPL) continue to remain in the 'Issuer
Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       4.21       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

   Long Term/           3.00       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 July 24, 2023,
placed the rating(s) of RLPL under the 'issuer non-cooperating'
category as RLPL had failed to provide information for monitoring
of the rating as agreed to in its Rating Agreement. RLPL continues
to be non-cooperative despite repeated requests for submission of
information through e-mails dated June 8, 2024, June 18, 2024, June
28, 2024 among others.

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

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

RLPL, a special purpose vehicle (SPV) of Ruchi Realty Holdings Ltd
(RRHL), was incorporated in November 2013 to set up an ecotourism
and adventure park in the city of Rewa, Madhya Pradesh. The
contract has been concessioned on a publicprivatepartnership (PPP)
basis by Madhya Pradesh Ecotourism Development Board (concessioning
authority) to RLPL (concessionaire) and includes development of
facilities on two islands in the river 'Beehar' along with a
suspension bridge. The concession agreement was signed on April 28,
2014 for a period of 30 years, including two years of construction.
The project was largely completed in April 2016; however,
'Construction Completion Certificate' was not received till July
2016 from M.P Ecotourism Development Board due to pending
construction of minor facilities. Meanwhile, the project
infrastructure and suspension bridge was affected during September
2016 due to heavy rainf all and the project was expected to be
completed by around September 2019. The total project cost of
around INR9.80 crore is financed with a term loan of INR4.72 crore
and the balance through promoter funding (equity and unsecured
loans).


SBJ ASSOCIATES: CRISIL Assigns B Rating to INR15cr Cash Loan
------------------------------------------------------------
CRISIL Ratings has assigned its 'CRISIL B/Stable' rating to the
long-term bank facility of SBJ Associates (SBJA).

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Cash Credit            15        CRISIL B/Stable (Assigned)

The rating reflects modest scale of operations, working capital
intensive operations and below-average financial risk profile.
These weaknesses are partially offset by the extensive experience
of the partners in trade and distribution of small home
appliances.

Analytical Approach

CRISIL Ratings has taken a standalone approach for SBJA.

Key Rating Drivers & Detailed Description

Weaknesses:

* Modest scale of operations amidst intense competition: SBJAs
business profile is constrained by its scale of operations in the
intensely competitive Consumer Electronic products industry, as
reflected by the estimated revenue of INR54cr in fiscal 2024. Price
competition in the industry will limit the bargaining power of SBJA
and the firm's ability to scale up.

* Working capital intensive operations: Gross current assets were
227 days as on March 31, 2023, driven by debtors of 98 days and
inventory of 109 days. Initiatives such as trade credit insurance
and implementation of the enterprise resource planning system are
expected to aid in streamlining inventory and thereby improve the
working capital cycle; this will remain monitorable over the medium
term.

* Below-average financial risk profile: The financial risk profile
is constrained by low networth of INR12.4 crore and high total
outside liabilities to adjusted networth ratio of 2.11 times
estimated as on March 31, 2024. Interest coverage ratio stood at
2.42 times and adjusted gearing was reported at 1.35 times in
fiscal 2023. With low cash accrual, the financial risk profile may
remain modest over the medium term.

* Geographical concentration in revenue profile: Although the
Blueberry's brand continues to enjoy steady demand in Kerala, the
business remains exposed to geographical concentration risk as the
firm derives more than 90% of its revenue from the state. To combat
this risk, the firm has been focusing on expanding to other states
such as Tami Nadu, Andhra Pradesh and Karnataka. Increased sales
from online electronic-commerce channels also help to mitigate this
risk.

Strength:

* Extensive industry experience of the partners: The partners have
more than 15 years of experience in the consumer electronic
products industry, giving them an understanding of the dynamics of
the local market and enabling them in establishing healthy
relationships with suppliers and customers. Additionally, SBJA's
reputed clientele such as MyG, Nesto, Nandilath G-Mart etc. to aid
the visibility to the business.

Liquidity: Stretched

Bank limit utilisation is moderate at around 84 percent for the 12
months ended July 31, 2024. Cash accrual is expected at
INR0.05-0.49 crore per annum over the medium term, inadequate to
meet the debt obligation of INR2.37 crore in fiscal 2025 and
INR0.96 crore in fiscal 2026. The partners are likely to extend
need-based funds (equity and unsecured loans) to meet working
capital requirement and repayment obligation.

Outlook: Stable

SBJA will continue to benefit from the extensive experience of its
partners and their established relationship with clients.

Rating sensitivity factors

Upward factors:

* Strong revenue growth while maintaining EBITDA margin of more
than 4%
* Efficient working capital management and improvement in the debt
protection metrics

Downward factors:

* Significant decline in revenue or profitability, leading to lower
accrual.
* Further stretch in working capital cycle, weakening the financial
risk profile and liquidity with interest coverage below 1.1 times.
* Sizeable capital withdrawal

SBJA was set up in 2009 as a partnership firm, as a distributor of
small home appliances for 'Impex' in Kerala. In 2017, the firm
launched itself as "Blueberry's" brand and distributes small home
appliances such as utensils, washing machines and television sets
from manufacturing facilities to businesses. Mr A A Firoz, Ms
Sajida, Ms Aysha Ajimin A M, Ms Fathima Anjum and Ms A M Asna
Nafeesath own and manage the business.


SHRINATHJI AGRO: CRISIL Reaffirms B+ Rating on INR10cr Term Loan
----------------------------------------------------------------
CRISIL Ratings has reaffirmed its 'CRISIL B+/Stable' rating to the
long-term bank facilities of Shrinathji Agro Industries (SAI).

                      Amount
   Facilities      (INR Crore)     Ratings
   ----------      -----------     -------
   Cash Credit          10         CRISIL B+/Stable (Reaffirmed)
   Term Loan            10         CRISIL B+/Stable (Reaffirmed)

The rating reflects the weak financial risk profile of SAI and
susceptibility to intense competition and volatility in raw
material prices. These weaknesses are partially offset by the
extensive experience of the partners in the edible oil industry and
the favorable location of the plant, aiding proximity to the
farmers and the catchment area.

Key Rating Drivers & Detailed Description

Weaknesses:

* Weak financial risk profile: Capital structure remains subdued,
as reflected in modest estimated networth of INR9.07 crore and high
total outside liabilities to adjusted networth ratio of 2.18 times
as on March 31, 2024. Debt protection metrics were moderate, with
interest coverage at 2.99 times and net cash accrual to adjusted
debt ratio at 0.13 time for fiscal 2024. The financial risk profile
is expected to improve with scheduled repayment of term debt and
accretion to reserves over the medium term.

* Susceptibility to intense competition and volatility in raw
material prices: The edible oil industry has few large players and
many small, unorganized players. About 60% of the market is
serviced by the unorganized sector, which primarily caters to
regional demand and saves on transportation cost. Intense
competition has resulted in low operating margin for all the
players. The operating margins remained modest in FY24 at around
1.9 percent and are expected to be in the similar range of 1.5-2
percent over the medium term.

Strengths:

* Extensive experience of the partners: The partners have been
engaged in manufacturing mustard oil for more than 25 years. Along
with their family members, they had set up two major manufacturing
units, Siddhi Vinayak Industries at Radhanpur and Sindhvai Agro
Industries at Tharad, in Gujarat. Both the units are fully
operational with a consistent performance record since inception.
This has given the partners an understanding of market dynamics and
helped them maintain relationships with suppliers and customers.
The extensive experience of the partners in the industry have
helped them scale up the operations in initial years. The revenue
of the company stood at INR242 crores in FY24 and is expected to be
in the range of INR190-Rs.210 crores for FY25. Improvement in the
scale of operations will remain a key rating sensitivity factor
over the medium term.

Liquidity: Stretched

Liquidity is marked by low cash accrual and moderate bank limit
utilization. An expected cash accrual of over INR2 crore will be
tightly matched against the term debt obligation of INR1.8 crore in
the medium term. Bank limit utilisation is moderate averaging
around 71.23% for the 12 months ended April 30, 2024.  The current
ratio is healthy at 7.98 times as on March 31, 2024. The partners
are likely to extend support via equity and unsecured loans to
cover the working capital requirement and debt obligation

Outlook: Stable

CRISIL Ratings believes SAI will continue to benefit from the
extensive experience of its partners in the edible oil industry and
their established relationships with clients

Rating sensitivity factors

Upward factors:

* Sustained growth in revenue by 25% and operating margin by over
2%, leading to higher net cash accruals.
* Improvement in the financial risk profile

Downward factors:

* Decline in net cash accrual below INR1.5 crore on account of fall
in revenue or operating margin
* Weakening of financial risk profile impacting the liquidity.

SAI was formed as a partnership firm in July 2021 and has recently
set up an integrated mustard oil expeller division, with capacity
of 210 tonnes per day (TPD) and a solvent plant with capacity of
200 TPD at Radhanpur. The plant commenced operations in June 2022.
Daily operations are managed by the partners, Mr Arjun Dhanji
Maheshwari, Mr Mukeshkumar Dhanjimal Maheshwari, Mr Popatkumar
Dhanjimal Maheshwari and Mr Pradipkumar Dhanjimal Maheshwari


SHYAM GINNING: Insolvency Resolution Process Case Summary
---------------------------------------------------------
Debtor: Shyam Ginning and Pressing Private Limited
27-National Highway, Rajkot-Gondal Road,
        At: Hadamtala Tal: Gondal,
        Rajkot, 360311-India

Insolvency Commencement Date: September 12, 2024

Estimated date of closure of
insolvency resolution process: March 11, 2025

Court: National Company Law Tribunal, Ahmedabad Bench

Insolvency
Professional: Bhupendra Singh Narayan Singh Rajput
              A-309, ATMA House,
              Opp. Old RBI, Ashram Road
              Ahmedabad-380 009
              Mobile No: 9426014155
              Email: cabsrajput309@gmail.com
              Email: ip.shyam1996@gmail.com

Last date for
submission of claims: September 26, 2024




SKS POWER: NCLAT Upholds NCLT Order Approving Sarda Energy's Plan
-----------------------------------------------------------------
Livemint.com reports that the Delhi bench of the National Company
Law Appellate Tribunal (NCLAT) on Oct. 1 upheld the National
Company Law Tribunal's August 13 order approving Sarda Energy and
Mining Ltd's resolution plan for bankrupt SKS Power Generation
(Chhattisgarh).

According to Livemint.com, the NCLAT dismissed the plea filed by
other resolution applicants Torrent Power, Jindal Power and Vantage
Point Asset Management, challenging the NCLT-approved resolution
plan.

"We do not find that any sufficient grounds have been made out
within IBC to interfere with the decision of the adjudicating
authority (NCLT) approving the resolution plan of Sarda, in these
appeals filed by unsuccessful resolution applicant. Accordingly,
the appeals stand dismissed," the bench led by justices Ashok
Bhushan and Barun Mitra said.

In October 2023, following objections, the NCLT had directed
lenders of SKS Power Generation to reconsider SEML's resolution
plan, which had been submitted by the resolution professional
representing SKS Power, Livemint.com recalls. The plan faced
subsequent challenges and was brought before the NCLAT. In May
2024, the appellate tribunal overturned the earlier NCLT decision,
granting SEML the ability to seek final approval and instructing
lenders to review the plan again.

On August 13, the bench ruled in favour of Sarda Energy, rejecting
the objections against the resolution plan, Livemint.com relates.
Dissatisfied with this ruling, the three applicants moved the NCLAT
on August 19, seeking relief.

Akshat Khetan, founder of AU Corporate Advisory and Legal Services
said "This case highlights the critical need for transparency and
strict compliance with the IBC framework. The judiciary maintains a
restrained approach, intervening only in instances of clear
procedural lapses, while the focus remains on upholding the IBC's
goal of facilitating prompt resolutions and optimizing asset
recovery," Livemint.com relays.

                          About SKS Power

SKS Power Generation (Chhattisgarh) Limited provides power
generation services. The Company generates, distributes, and
transmits electric energy.

The insolvency proceedings for SKS Power Generation began in April
2022 after lenders, including State Bank of India and Bank of
Baroda, moved NCLT and filed claims amounting to INR1,890 crore.


TEAM INTERVENTURE: Liquidation Process Case Summary
---------------------------------------------------
Debtor: Team Interventure (Exports) India Private Limited
Banu Mansion, 1st Floor 16,
        Nadirsha Sukhia Street,
        Off. Cavasji Patel Street,
        Fort, Mumbai, Maharashtra
        India, 400001
  
Liquidation Commencement Date: August 30, 2024

Court: National Company Law Tribunal, Mumbai Bench

Liquidator: Pradeep Kumar Chakravarty
     B-301, Jasmine, Agarwal & Doshi Complex
            Building No. 8, Kaul Heritage,
            Bhabola, Vasai( West)
            Palgar Maharashtra, 401202
            Email: pkc195710@gmail.com
            Email: teaminterventure.liquidation@gmail.com

Last date for
submission of claims: October 2, 2024



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

AKP CONSTRUCTIONS: Court to Hear Wind-Up Petition on Oct. 25
------------------------------------------------------------
A petition to wind up the operations of AKP Constructions Limited
will be heard before the High Court at Auckland on Oct. 25, 2024,
at 10:00 a.m.

The Commissioner of Inland Revenue filed the petition against the
company on Aug. 30, 2024.

The Petitioner's solicitor is:

          Cloete van der Merwe
          Inland Revenue, Legal Services
          5 Osterley Way
          Manukau City
          Auckland 2104


ART CORE: Creditors' Proofs of Debt Due on Oct. 25
--------------------------------------------------
Creditors of Art Core Limited are required to file their proofs of
debt by Oct. 25, 2024, to be included in the company's dividend
distribution.

The company commenced wind-up proceedings on Sept. 25, 2024.

The company's liquidator is:

          Brenton Hunt
          PO Box 13400
          City East          
          Christchurch 8141


BARRY SHEDS: Thomas Lee Rodewald Appointed as Liquidator
--------------------------------------------------------
Thomas Lee Rodewald of Rodewald Consulting on Sept. 26, 2024, was
appointed as liquidator of Barry Sheds Limited.

The liquidator may be reached at:

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


ENHANCE ELECTRICAL: Creditors' Proofs of Debt Due on Dec. 2
-----------------------------------------------------------
Creditors of Enhance Electrical Limited are required to file their
proofs of debt by Dec. 2, 2024, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on Sept. 30, 2024.

The company's liquidators are:

          Christopher Carey McCullagh
          Stephen Mark Lawrence
          PKF Corporate
          PO Box 3678
          Auckland 1140


FIRST TRUST: Owes NZD4MM to Creditors, Liquidator Report Shows
--------------------------------------------------------------
The New Zealand Herald reports that a company owned by a respected
Auckland businessman and Queen's Service Medal recipient owes NZD4
million to creditors, with a finance firm demanding NZD179,000 for
a luxury Rolls-Royce Ghost car, a liquidator's report reveals.

Indian community leader Davinder Singh Rahal is the director of
First Trust Limited (FTL), along with his wife Jivan. He and FTL
have been ordered to pay a young couple nearly NZD1 million in
damages for deceptive conduct after selling them a rotting home in
a case described by a judge as "quite literally a cover-up,"
according to the Herald.

Rahal's company was tipped into liquidation last month by Takapuna
law firm Simpson and Western over unpaid legal fees, the Herald
recalls.

In a first liquidator's report last week, Baker Tilly Staples
Rodway liquidator Jared Booth detailed the state of the company's
finances, its current debts and a list of known creditors, which
include a major bank, Auckland Council, IRD and a series of legal
firms, the Herald says.

The Herald relates that the report said the company operated as
trustees of First Trust. Its various assets are now subject to
several caveats and charging orders lodged by creditors.

Secured creditors are owed NZD3 million, the Herald discloses. They
include ASB, which holds a mortgage security for NZD2.6 million
over a commercial property owned by the company. The report said a
caveat is understood to have been lodged against the property by
another unnamed creditor to secure a mystery debt of NZD225,000.

UDC Finance is owed NZD179,000. It holds a security interest over a
black 2015 Rolls-Royce Ghost - licence plate "RAHAL" - which the
Personal Property Securities Register (PPSR) shows was bought in
December 2022. Rahal's name and address are listed under "debtor
details".

According to the Herald, an Instagram video shows Rahal using the
luxury vehicle - which a dealership told the Herald is now worth
about NZD200,000 - to pick up Indian singing star Malkit Singh from
Auckland Airport in October last year when he arrived to perform.

The report said the vehicle is also subject to a charging order
held by another creditor, the Herald relays.

"We understand that this vehicle is in the process of being
realised by UDC Finance Ltd, and that the estimated realisable
value of the vehicle is less than the amount owed to UDC Finance
Ltd."

A further NZD18,000 is owed to IRD as a preferential creditor.

Three law firms and Rahal's current lawyer, Andrew Grant, are also
listed as creditors, along with Auckland Council, which confirmed
to the Herald it was owed outstanding rates and a building consent
fee.


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

Great South Road Properties Limited filed the petition against the
company on Aug. 5, 2024.

The Petitioner's solicitor is:

          Craig Raymond Andrews
          McVeagh Fleming
          9/188 Quay Street
          Auckland Central
          Auckland 1140


[*] NEW ZEALAND: Company Liquidations Up 19% on Last Year
---------------------------------------------------------
Radio New Zealand reports that the number of company liquidations
has soared, as businesses struggle to stay afloat in a slowing
economy.

The latest monthly report from credit bureau Centrix shows
liquidations are up 19% year-on-year, and business credit defaults
up 5%, RNZ discloses.

Construction, hospitality and transport businesses appear to be the
hardest hit, as consumers and businesses pull back on spending.

That is despite an improvement in business and consumer sentiment
in recent months.

According to RNZ, Centrix managing director Keith McLaughlin said
the trend of difficulty for businesses often followed that of
consumers.

"The cost of running a business has gone up and to counter that,
consumers haven't been spending as freely as they may do in a good
economic environment and therefore, their revenue has fallen," RNZ
quotes Mr. McLaughlin as saying.

The construction, hospitality and transport sectors were doing it
particularly tough, with businesses in those sectors twice as
likely to be placed in liquidation, according to Centrix.




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

BLACKGOLD NATURAL: First Creditors' Meeting Set for Oct. 14
-----------------------------------------------------------
A first meeting of the creditors in the proceedings of Blackgold
Natural Resources Limited (In Judicial Management) will be held on
Oct. 14, 2024, at 10:00 a.m. at OUE Downtown Gallery, 6A Shenton
Way, #04-01 to #04-09 and #05-02, in Singapore.

The Judicial Manager can be reached at:

          Mann & Associates PAC
          3 Shenton Way
          #03-06C
          Shenton House
          Singapore 068805


COMBI PROCESS: Commences Wind-Up Proceedings
--------------------------------------------
Members of Combi Process Engineering Pte Ltd on Sept. 25, 2024,
passed a resolution to voluntarily wind up the company's
operations.



SEADRILL OFFSHORE: First and Final Meeting Set for Oct. 30
----------------------------------------------------------
Members of Seadrill Offshore Singapore Pte. Ltd., Seadrill
Australia Pte. Ltd. and Sevan Drilling Pte. Ltd.will hold their
First and Final Meeting on Oct. 30, 2024, at 10:00 a.m., 10:30
a.m., and 11:00 a.m., respectively, at at 12 Marina View #15-01,
Asia Square Tower 2, in Singapore.

At the meeting, Bob Yap Cheng Ghee, the companies' liquidator, will
give a report on the company's wind-up proceedings and property
disposal.


TML OFFSHORE: Commences Wind-Up Proceedings
-------------------------------------------
Members of TML Offshore & Agencies Pte. Ltd. on Sept. 24, 2024,
passed a resolution to voluntarily wind up the company's
operations.

The company's liquidators are:

          Abuthahir Abdul Gafoor
          Yessica Budiman
          AAG Corporate Advisory
          144 Robinson Road
          #14-02 Robinson Square
          Singapore 068908


TROUBLE BREWING: Commences Wind-Up Proceedings
----------------------------------------------
Members of Trouble Brewing Pte Ltd on Sept. 20, 2024, passed a
resolution to voluntarily wind up the company's operations.

The company's liquidators are:

          Luke Anthony Furler
          Tan Kim Han
          c/o Quantuma (Singapore)
          137 Amoy Street
          #02-03 Far East Square
          Singapore 049965




                           *********


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 ***