---

       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 10, 2024, Vol. 27, No. 204

                           Headlines



A U S T R A L I A

3T SERVICES: First Creditors' Meeting Set for Oct. 15
AUSGLOBAL CONSTRUCTION: Second Creditors' Meeting Set for Oct. 15
BITE CEB: First Creditors' Meeting Set for Oct. 17
BOODJAH CONTRACTING: First Creditors' Meeting Set for Oct. 14
BOOKTOPIA: RecipeTin Offers Refunds Over Unfulfilled Pre-Orders

FERRATUM AUSTRALIA: ASIC Cancels Company's Credit Licence
MELBOURNE REBELS: Former Directors Sue Rugby Australia for AUD30MM
MME AUTOPAY 2024-1: Fitch Assigns 'B(EXP)sf' Rating to Cl. F Notes
NORTH QUEENSLAND EXPORT: S&P Raises Sr. Debt Rating to 'BB'
PEPPER ASSET NO.2: Fitch Affirms 'Bsf' Rating on Class 5 Notes

RETAIL SERVICES: McGrathNicol Appointed as Liquidators
TECHFUEL PTY: Second Creditors' Meeting Set for Oct. 15
ZOO: Music Venue to Reopen After The Crowbar Takeover


C H I N A

JIAYUAN INTERNATIONAL: Faces Restructuring Roadblocks
MAOYE INTERNATIONAL: Subsidiary Enters Liquidation


I N D I A

ACOUSTICS INDIA: CRISIL Withdraws B+ Rating on Long Term Loan
ALCHEMIST LIMITED: CRISIL Keeps D Debt Ratings in Not Cooperating
ASIAN SKY: CRISIL Moves B+ Debt Ratings from Not Cooperating
BALLAVPUR PAPER: CRISIL Keeps D Debt Ratings in Not Cooperating
BISWAMATA HEEMGHAR: CRISIL Keeps D Ratings in Not Cooperating

BYJU'S: Indian Affiliate Drained Cash From US Units, Lawsuit Says
CH. VEERARAGHAVULU: CRISIL Withdraws B+ Rating on INR3cr Cash Loan
ENALTEC LABS: CRISIL Upgrades LT/ST Rating on Bank Debts to B-
EXCEL OVERSEAS: CRISIL Keeps D Debt Ratings in Not Cooperating
GARG EQUIPMENT: CRISIL Moves B+ Rating from Issuer Not Coop.

GOLDEN SANDHAR: CRISIL Upgrades Rating on INR59cr Loan to B
GUPTA GLOBAL: CRISIL Keeps D Debt Ratings in Not Cooperating
JAY BEE: CRISIL Withdraws B Rating on INR20cr Cash Loan
MNR CONSTRUCTION: CRISIL Moves D Debt Ratings to Not Cooperating
RACHHPAL AUTO: CRISIL Reaffirms B+ Rating on INR4.9cr Cash Loan

RAM LAL: CRISIL Keeps D Debt Ratings in Not Cooperating Category
SAMRAT LAMINATES: CRISIL Withdraws B+ Rating on Long Term Debt
SARAF CORPORATION: CRISIL Withdraws B+ Rating on INR5.5cr Loan
SHAHLON SILK: CRISIL Upgrades LT/ST Rating on Bank Debts to B
SHAYONA ENGINEERING: CRISIL Lowers LT/ST Rating on Debts to D

SHIVA LOKENATH: CRISIL Keeps D Debt Ratings in Not Cooperating
SWASTIK LUMBERS: CRISIL Reaffirms B+ Rating on INR10cr Loan
UDAY STRUCTURALS: CRISIL Keeps D Debt Ratings in Not Cooperating
VIKRAM PRIVATE: CRISIL Withdraws D Rating on INR11.8cr Cash Loan
VINTEGRATE TECHNOLOGY: CRISIL Keeps D Ratings in Not Cooperating



I N D O N E S I A

CIKARANG LISTRINDO: S&P Alters Outlook to Pos., Affirms 'BB+' ICR


N E W   Z E A L A N D

DPS RETAIL: Creditors' Proofs of Debt Due on Nov. 4
RENTMAX LIMITED: Court to Hear Wind-Up Petition on Oct. 25
STEEL SERVICES: Creditors' Proofs of Debt Due on Nov. 2
TUPZ BUILDERZ: Court to Hear Wind-Up Petition on Nov. 15
VAPERS MARKET: First Creditors' Meeting Set for Oct. 15



S I N G A P O R E

JASCORP ENTERPRISE: Court to Hear Wind-Up Petition on Oct. 25
KAK SOLUTIONS: Creditors' Meeting Set for Oct. 14
NUTRITION INNOVATION: Creditors' Proofs of Debt Due on Nov. 7
REBUS PTE: Court to Hear Wind-Up Petition on Oct. 18
RIGHT CHOICE: Court to Hear Wind-Up Petition on Oct. 16


                           - - - - -


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

3T SERVICES: First Creditors' Meeting Set for Oct. 15
-----------------------------------------------------
A first meeting of the creditors in the proceedings of 3T Services
Pty Ltd will be held on Oct. 15, 2024 at 11:00 a.m. at the offices
of KPT Restructuring at Suite 1, Level 20, 20 Bond Street in Sydney
and via teleconference.

Jason Tang and Ozem Kassem of KPT Restructuring were appointed as
administrators of the company on Oct. 2, 2024.


AUSGLOBAL CONSTRUCTION: Second Creditors' Meeting Set for Oct. 15
-----------------------------------------------------------------
A second meeting of creditors in the proceedings of Ausglobal
Construction Pty Ltd has been set for Oct. 15, 2024 at 9:30 a.m.
via videoconference facilities 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. 14, 2024 at 2:30 p.m.

David Trim, Richard Albarran & Cameron Shaw of Hall Chadwick were
appointed as administrators of the company on July 11, 2024.


BITE CEB: First Creditors' Meeting Set for Oct. 17
--------------------------------------------------
A first meeting of the creditors in the proceedings of Bite CEB
Pty. Ltd. will be held on Oct. 17, 2024 at 10:00 a.m. at Level 3,
12 Short Street in Southport and via virtual meeting technology.

Matthew John Bookless and Anne Meagher of SV Parnters were
appointed as administrators of the company on Oct. 4, 2024.


BOODJAH CONTRACTING: First Creditors' Meeting Set for Oct. 14
-------------------------------------------------------------
A first meeting of the creditors in the proceedings of Boodjah
Contracting Pty Ltd will be held on Oct. 14, 2024 at 10:00 a.m. at
the offices of Mackay Goodwin at Level 2, 68 St Georges Terrace in
Perth and via a telephone call.

Mathieu Tribut of Mackay Goodwin was appointed as administrator of
the company on Oct. 2, 2024.


BOOKTOPIA: RecipeTin Offers Refunds Over Unfulfilled Pre-Orders
---------------------------------------------------------------
SmartCompany reports that Nagi Maehashi, the massively successful
cookbook author behind RecipeTin Eats, is promising to personally
refund customers who pre-ordered her upcoming book from Booktopia
in the weeks leading to its collapse.

In a highly unusual move, the bestselling author and recipe blogger
invited customers left out of pocket by their Booktopia preorder to
provide their banking details via email, SmartCompany relates.

"I have received upset messages from readers and I whole heartedly
agree it is unjust," Ms. Maehashi told her 3.7 million Facebook
followers on Oct. 8, notes the report.

"It's been really bothering me, to the point it's dampening my
excitement about release day.

"So I decided to do something about it and personally refund
affected customers myself."

Refunded customers can then purchase a new copy of the book, Ms.
Maehashi said, SmartCompany relays.

Social media users are praising Ms. Maehashi for the gesture.

"I wasn't affected by this personally but this damn classy act has
inspired me to buy the book," wrote another.

Ms. Maehashi asked for the purchase receipts and banking details of
affected pre-order customers in order to handle the refunds
personally, prompting some commentors on social media to raise
security concerns.

According to SmartCompany, Ms. Maehashi is one of Australia's
culinary superstars, with recipes from her website and bestselling
2022 cookbook RecipeTin Eats: Dinner becoming nearly ubiquitous in
kitchens nationwide.

Fan excitement grew in June this year when Ms. Maehashi announced
the upcoming release of her sophomore cookbook, RecipeTin Eats:
Tonight, to be published by Pan Macmillan Australia on October 15.

SmartCompany relates that preorders for the book opened June 7
across multiple retailers, including major online bookseller
Booktopia.

But Booktopia collapsed into voluntary administration and suspended
new orders on July 3, leaving customers with outstanding orders and
gift vouchers as unsecured creditors.

At the time, around AUD15 million was owed to customers in the form
of unfulfilled orders and unspent vouchers, SmartCompany
discloses.

Preorders at local bookshops, retailers like Readings and Dymocks,
and online marketplaces like Amazon were unaffected.

Administrators McGrathNicol confirmed Booktopia's sale to
digiDirect founder Shant Kradjian in mid-August, and its online
webstore resumed taking orders soon after, SmartCompany recalls.

Booktopia's new ownership did not assume responsibility for
preorders racked up before the administration, but offered support
to customers seeking chargebacks through their credit providers.


FERRATUM AUSTRALIA: ASIC Cancels Company's Credit Licence
---------------------------------------------------------
The Australian Securities & Investments Commission (ASIC) has
cancelled the Australian credit licence (credit licence) of
Ferratum Australia Pty Ltd following a payment of compensation by
the Compensation Scheme of Last Resort (CSLR).

On April 30, 2024, the Australian Financial Complaints Authority
(AFCA) made a determination against Ferratum, which Ferratum failed
to pay. Subsequently, on Sept. 18, 2024, the CSLR paid AUD1,297.00
to a person for the AFCA determination and notified ASIC. As a
result, on Oct. 4, 2024, ASIC cancelled Ferratum's credit licence.

Where the CSLR pays compensation to an eligible consumer in
relation to an AFCA determination and notifies ASIC of the details
of the firm that failed to pay the compensation, ASIC must cancel
the Australian financial services (AFS) licence or credit licence
of the firm.

The cancellation is not subject to discretion or merits review.

This decision is not ASIC's first regulatory action in relation to
Ferratum, which is now in liquidation. On Nov. 1, 2021, ASIC
commenced proceedings against Ferratum. On Sept. 7, 2023, the Court
found that between March 2019 and August 2021, Ferratum breached
consumer credit protection laws by charging prohibited fees and
overcharging customers in respect of small amount credit
contracts.

ASIC's decision to cancel the credit licence of Ferratum marks the
third time ASIC has cancelled a credit licence following the CSLR
paying compensation. ASIC has also previously cancelled an AFS
licence following a CSLR payment.

The CSLR was established in June 2023, commencing operations in
April 2024. It can pay up to AUD150,000 in compensation to
consumers who have an unpaid determination from AFCA relating to
authorised personal financial advice, credit intermediation,
securities dealing or credit provision, and where other eligibility
criteria are met.

The AFCA complaint process must first be completed before a claim
can be lodged with the CSLR. All reasonable steps to obtain
compensation from the financial firm must be taken before a CSLR
payment can be made.


MELBOURNE REBELS: Former Directors Sue Rugby Australia for AUD30MM
------------------------------------------------------------------
Zoe Samios at Australian Financial Review reports that the former
directors of the now-defunct Melbourne Rebels are suing Rugby
Australia over allegations it breached funding obligations and
oppressed the club by failing to pay employment liabilities when it
couldn't.

AFR relates that documents filed to the Federal Court on Oct. 9
also allege that Rugby Australia encouraged the Melbourne Rugby
Union to continue to trade despite knowing about its debts and
refused to "properly" consider a proposal by former Qantas chairman
Leigh Clifford to salvage the club.

Sources close to the directors said the group would seek $30
million in compensation.  

According to AFR, the action comes five months after Rugby
Australia decided to axe the Melbourne-based Super Rugby club,
describing it as "not financially sustainable".

At the time, Mr. Clifford, who had put forward a proposal to
salvage the club, said the former directors had no choice but to
take action. His daughter Georgia Widdup is one of the former
directors of the Rebels.

"The Rebels are a member of Rugby Australia and had a legal
expectation that they would not only be treated fairly but that
they would be treated equally to other members," the former
directors said in a statement, notes the report. "Amongst other
things, the Rebels will assert that Rugby Australia has breached
various sections of the Corporations Act, has unlawfully oppressed
the Rebels, and is obliged to indemnify the Rebels for liabilities
to the Australian Taxation Office incurred when Rebels players were
playing for Rugby Australia teams."

AFR says the former directors are seeking an order to inspect Rugby
Australia's books, including accounting and loan records, to
determine whether there have been fiduciary and governance
failures.

They also want Rugby Australia to readmit the Melbourne Rebels as a
voting member of the governing body and a declaration that it can
resume control of the Rebels, AFR relates.

The Rebels entered voluntary administration on January 29, with
debts owed to creditors exceeding $23 million, including an $11.5
million debt to the Tax Office. The Rebels were struggling to pay
tax bills and stadium fees, and the directors had received penalty
notices from the ATO.

AFR adds that administrators PwC said the rugby union club might
have operated while insolvent for more than five years, a situation
it blamed on cost and funding pressures that coincided with low
match-day and sponsorship revenue.

Before entering into administration, the Rebels board was led by
Melbourne businessman Paul Docherty, who ran a string of companies
that have also gone into administration or liquidation, AFR says.

Ms. Widdup sat on the board, with Tim North, KC, Lyndsey
Cattermole, Gary Gray, Alvarez & Marsal's Owain Stone, Neil Hay and
former player Dominic Shipperley.

According to the report, Ms. Widdup alleged that the huge debt pile
was caused by Rugby Australia not honouring promised funding
commitments, rather than being the fault of any director or Mr.
Docherty.

No other rugby union club that competes in Super Rugby and has
received funding cuts - the ACT Brumbies, the NSW Waratahs, the
Queensland Reds or the Western Force - has traded while insolvent.

A private consortium led by Mr. Clifford proposed a plan to fund
the club until 2030 but Rugby Australia and the ATO voted against
the deal at the creditors' meeting, AFR states.

"The Melbourne Rebels directors, all unpaid volunteers, will be
providing the court extensive documentation demonstrating that
Rugby Australia was aware of the financial situation of the Rebels
at all times," the directors said in a statement, AFR relates.
"There is also extensive evidence of Rugby Australia executives and
directors continuing to reassure the Rebels (and other clubs) that
a large private equity deal was imminent and would provide a
financial lifeline."

MME AUTOPAY 2024-1: Fitch Assigns 'B(EXP)sf' Rating to Cl. F Notes
------------------------------------------------------------------
Fitch Ratings has assigned expected ratings to MME Autopay ABS
2024-1 Trust's pass-through floating-rate notes. The notes are
backed by a pool of first-ranking Australian automotive loan
receivables originated by MoneyMe Financial Group Pty Ltd. The
notes will be issued by Perpetual Corporate Trust Limited as
trustee for the trust.

   Entity/Debt            Rating           
   -----------            ------           
MME Autopay ABS
2024-1 Trust

   Commission Notes
   AU3FN0092169       LT AAA(EXP)sf  Expected Rating
   A1 AU3FN0091286    LT AAA(EXP)sf  Expected Rating
   A2 AU3FN0091294    LT AAA(EXP)sf  Expected Rating
   B AU3FN0091302     LT AA(EXP)sf   Expected Rating
   C AU3FN0091310     LT A(EXP)sf    Expected Rating
   D AU3FN0091328     LT BBB(EXP)sf  Expected Rating
   E AU3FN0091336     LT BB(EXP)sf   Expected Rating
   F AU3FN0092136     LT B(EXP)sf    Expected Rating
   G1 AU3FN0092144    LT NR(EXP)sf   Expected Rating
   G2                 LT NR(EXP)sf   Expected Rating

Transaction Summary

The total collateral pool at the 31 August 2024 cut-off date was
AUD500 million and consisted of 16,288 receivables with
weighted-average (WA) seasoning of 14 months, WA remaining maturity
of 61 months and an average contract balance of AUD30,699.

KEY RATING DRIVERS

Stress Commensurate with Ratings: Fitch derived default base-case
expectations for borrowers with Equifax scores of 600-799 and 800+.
Its default assumptions (and 'AAAsf' default multiples) are 2.25%
(6.50x) and 8.25% (4.75x), respectively, for each sub-pool, with a
WA of 4.7% (5.2x). The recovery base case is 30.0%, with a 'AAAsf'
recovery haircut of 55.0%, for both sub-pools.

Portfolio performance is supported by Australia's continued
economic growth and tight labour market, despite rapid interest
rate hikes in 2022-2023. GDP growth was 1.0% for the year ended
June 2024 and unemployment was 4.2% in August 2024. Fitch forecasts
GDP growth of 1.1% for the full year, rising to 1.7% in 2025, with
unemployment at 4.1%, increasing to 4.5% next year. This reflects
its expectation that the restrictive monetary policy and persistent
inflation will continue to hinder domestic demand.

Excess Spread Limited by Commission Note Repayment: The transaction
includes a commission note to fund the purchase-price component
related to the unamortised commission paid to introducers for the
origination of the receivables. The note will not be
collateralised, and will amortise in line with an amortisation
schedule. Its repayment limits the availability of excess spread to
cover losses, as it ranks senior in the interest waterfall, above
the class A2 to F notes.

Structural Risks Addressed: Counterparty risk is mitigated by
documented structural mechanisms that ensure remedial action takes
place should the ratings of the transaction account bank or
liquidity facility provider fall below a certain level. The class
A1 to F notes will receive principal repayments pro rata upon
satisfaction of the step-down conditions. The percentage of credit
enhancement provided by the G1 and G2 notes will increase as the A1
to F notes amortise.

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

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

No Residual Value Risk: There is no residual value exposure in this
transaction. However, 16.3% of the portfolio by loan value has
balloon amounts payable at maturity.

RATING SENSITIVITIES

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

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

Downgrade Sensitivities

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

The rating sensitivity section provides insight into the
model-implied sensitivities the transaction faces when assumptions
- defaults or recoveries - are modified, while holding others
equal. The modelling process uses the modification of default and
loss assumptions to reflect asset performance in up and down
environments. The results should only be considered as one
potential outcome, as the transaction is exposed to multiple
dynamic risk factors.

Notes: Commission / A1 / A2 / B / C / D / E / F

Expected Rating: AAAsf / AAAsf / AAAsf / AAsf / Asf / BBBsf / BBsf
/ Bsf

10% defaults increase: AAAsf / AAAsf / AA+sf / A+sf / BBB+sf /
BBB-sf / B+sf / less than Bsf

25% defaults increase: AAAsf / AA+sf / AAsf / Asf / BBBsf / BB+sf /
Bsf / less than Bsf

50% defaults increase: AAAsf / AAsf / A+sf / BBB+sf / BBB-sf / BBsf
/ less than Bsf / less than Bsf

10% recoveries decrease: AAAsf / AAAsf / AA+sf / AA-sf / A-sf /
BBB-sf / BB-sf / Bsf

25% recoveries decrease: AAAsf / AAAsf / AA+sf / A+sf / A-sf /
BBB-sf / B+sf / Bsf

50% recoveries decrease: AAAsf / AAAsf / AA+sf / A+sf / BBB+sf /
BBB-sf / B+sf / less than Bsf

10% defaults increase / 10% recoveries decrease: AAAsf / AAAsf /
AA+sf / A+sf / BBB+sf / BBB-sf / B+sf / less than Bsf

25% defaults increase / 25% recoveries decrease: AAAsf / AA+sf /
AA-sf / Asf / BBBsf / BBsf / less than Bsf / less than Bsf

50% defaults increase / 50% recoveries decrease: AAAsf / AA-sf /
Asf / BBBsf / BB+sf / B+sf / less than Bsf / less than Bsf

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

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

Upgrade Sensitivities

The commission, class A1 and class A2 notes are at the highest
level on Fitch's scale and cannot be upgraded.

Notes: B / C / D / E / F

Expected Rating: AAsf / Asf / BBBsf / BBsf / Bsf

10% defaults decrease / 10% recoveries increase: AAsf / Asf / BBBsf
/ BBsf / BB-sf

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

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

DATA ADEQUACY

Prior to the transaction closing, Fitch reviewed a small targeted
sample of MoneyMe's origination files and found the file
information to be adequately consistent with the originator's
policies and practices and the other information provided to the
agency about the asset portfolio. Prior to the transaction closing,
Fitch sought to receive a third-party assessment of the asset
portfolio information, but none was made available to Fitch.

Overall, Fitch's assessment of the information relied upon for the
agency's rating analysis, according to its applicable rating
methodologies, indicates that it is adequately reliable.

ESG Considerations

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

NORTH QUEENSLAND EXPORT: S&P Raises Sr. Debt Rating to 'BB'
-----------------------------------------------------------
S&P Global Ratings raised its long-term issue credit rating on
North Queensland Export Terminal Pty Ltd.'s (NQXT) senior debt to
'BB' from 'BB-' after factoring in the new financing structure.

The recovery rating remains '2', indicating S&P's view of a
substantial recovery amount (70%-90%; rounded estimate 85%).

The stable outlook reflects the predictability of project cash
flow, based on take-or-pay arrangements and S&P's expectation that
NQXT will prudently manage its contract renewals, tariff
negotiations, and future refinancing over the next two to three
years at least.

Located 25 kilometers northwest of Bowen in the Australian state of
Queensland, NQXT is Australia's northernmost coal port. The
multiuser port has a design capacity of 50 million tons per annum
(mtpa). It has contracted about 80% of this capacity under medium-
to long-term take-or-pay agreements. NQXT holds the port under a
99-year lease from the Queensland government, starting early 2011.

-- Stable revenues under take-or-pay contracts, five-year tariff
reset and socialization arrangements for most shippers.

-- Good contracted capacity from multiple shippers until
2027-2028.

-- Strong quality and competitiveness of the Queensland coal
basin.

-- Exposure to refinancing and liquidity risks.

-- Evolving contract profile with some loss of socialization
mechanism and increasing concentration risk to certain miners.

-- Periodic exposure to contract renewals and/or spot contracts
that could dilute the socialization mechanism.

S&P said, "We raised our issue rating on NQXT to reflect the
revised financial documents and new amortizing facility.The company
has entered into a new common terms deed in April 2024, under which
additional debt is limited to A$950 million as against the prior
limit of A$1.29 billion. At the same time, the port has raised a
new A$450 million 9.5% amortizing facility due April 2030
(unrated). We have therefore revised our approach incorporating the
lower debt limit as well as the stated amortization profile.

"Under the revised structure, the total debt limit will
progressively decline as outstanding debt is amortized. We have
factored in semi-annual principal amortization of 55% of the new
facility by April 2030 and sculpted the remaining portion over an
assumed life of the project, in line with the terms of the loan
agreement. We revised our rounded recovery estimate to 85% (from
75% previously). This also benefits from the lower debt limit.

"We revised the liquidity assessment to reflect the delay in
refinancing and insufficient DSRA.Given that the next maturity of
A$329 million is due within the next 12 months, the port's ratio of
sources to uses of funds is less than 1.0x over this period. NQXT
intends to complete the refinancing by January 2025. A further
delay in refinancing is likely to increase liquidity risks and
exert further downward rating pressure as the maturity approaches.

"Despite the revision in debt servicing to principal and interest,
the DSRA requirements remain at only the next six months of
interest. We do not consider this DSRA as sufficient for an
adequate liquidity assessment under our criteria.

"Our minimum debt service coverage ratio (DSCR) has consequently
changed to 1.55x from 1.60x previously.This has led to a revision
in the stand-alone credit profile (SACP) for the preliminary
operations phase to 'bb+' from 'bbb-'. The project remains exposed
to refinancing risk from time to time. We believe our refinance
margin assumptions of 600 basis points (bps) in the base case and
750bps in the downside resiliency assessment are still
appropriate.

"At the same time, the lower debt limit has improved the minimum
DSCR under our downside resiliency test. We no longer apply the
two-notch downward adjustment for dependence on cash sweep linked
to mine life and the absence of a fixed maturity date.

"After factoring in all the modifiers, we raised the issue rating
on NQXT's senior debt to 'BB'.

"NQXT's changing contract structure and increasing concentration
may affect our assessment over the medium to long term." For
2024-2025, NQXT expects a contracted volume of about 12.5 mtpa from
Bravus, i.e. Adani Group's Carmichael mine, up from 9.3 mtpa
previously. This reflects an increase in concentration risk,
because the mine will account for about 30% of total contracted
volumes at NQXT. Most of the existing shipper contracts run to
2027-2028, with a few smaller ones expiring before that. The port's
contract with Glencore Plc runs to 2032.

NQXT's contract with Glencore is outside the existing tariff
structure, while the tariff for remaining miners is currently based
on a five-year building block approach. The socialization mechanism
will no longer apply to this Glencore contract, even though it has
a tariff higher than other existing contracts. This contract has
inflation-linked escalations, and full passthrough of operations
and maintenance costs.

S&P believes this weakens the socialization mechanism relative to
other coal export terminals, although the loss of socialization is
applicable to only about 5% of NQXT's total contracted capacity
currently.

The rating is not currently constrained by any revenue
counterparty. This is due to the socialization mechanism for most
of the miners. S&P also views the current pool of miners as
replaceable. Given the prospects of the Australian coal industry
over the medium term and presence of a number of skilled players in
the market, S&P believes other operators may be able to step in to
operate the mines.

S&P said, "Furthermore, our assessment of NQXT now factors in the
contracted rates for contracts without socialization. Having said
that, an increasing shift by other miners to contracts without
socialization or a significant increase in contributions from a few
miners could change our view on the level of market risk or
counterparty dependencies over time.

"The stable outlook on our long-term issue rating on NQXT's senior
debt reflects the predictability of the project's cash flow, based
on take-or-pay contracts and cost passthrough mechanisms. After
factoring in the revised debt limits and scheduled principal and
interest payments to 2030, the project's minimum DSCR will be
1.55x.

"We may lower the rating if NQXT fails to refinance its bullet
maturities well ahead of time. We could also lower the rating if
our base-case minimum DSCR dips below 1.55x or if we believe
business risks associated with the coal terminal have materially
increased beyond our current expectations."

In S&P's view, this could occur if:

-- Contracted tariffs or volume are materially lower;
-- The nature of contracts materially changes;
-- One or more shippers can't be replaced; or
-- Borrowing costs increase.

S&P could raise the rating if either:

-- S&P revises the liquidity assessment to adequate and the
minimum DSCR remains at or above 1.55x. This could happen if NQXT
finalizes refinancing for the upcoming A$329 million maturity and
the project reserves DSRA equivalent to at least six months of
principal and interest servicing.

-- An improvement in cash flow or reduction in debt leads to an
improvement in its forecast minimum DSCR to above 1.6x with a
better downside resiliency assessment and the debt maturity is
successfully refinanced.


PEPPER ASSET NO.2: Fitch Affirms 'Bsf' Rating on Class 5 Notes
--------------------------------------------------------------
Fitch Ratings has affirmed the ratings on four note classes from
Pepper Asset Finance Revolver No. 2 Trust. The Outlook is Stable.

The revolving transaction is backed by first-ranking Australian
automotive and equipment lease and loan receivables originated by
Pepper Asset Finance Pty Limited, a subsidiary of Pepper Money
Limited. The notes were issued by BNY Trust Company of Australia
Limited as trustee for Pepper Asset Finance Revolver No. 2 Trust.

   Entity/Debt            Rating          Prior
   -----------            ------          -----
Pepper Asset Finance
Revolver No. 2 Trust

   2                  LT Asf   Affirmed   Asf
   3                  LT BBBsf Affirmed   BBBsf
   4 AU3FN0073227     LT BBsf  Affirmed   BBsf
   5 AU3FN0073235     LT Bsf   Affirmed   Bsf

KEY RATING DRIVERS

Stable Historical Performance and Collateral Characteristics:
Performance of the underlying assets has been in line with Fitch's
base-case expectations. The transaction's 30+ and 60+ day arrears
as of end-July 2024 were 1.9% and 0.9%, respectively. Arrears are
in line with Fitch's 1Q24 Dinkum ABS Index 30+ and 60+ arrears of
1.7% and 0.8%, respectively.

The transaction is still within its revolving period. At the
payment date in December 2024, the issuer has the ability to extend
the revolving period. If it is not extended, the transaction will
begin amortising, akin to a closed-term transaction. During the
revolving period, the receivables in the transaction pool are
subject to eligibility criteria, and excess concentration
parameters that limit the pool's concentration in loan products,
asset types, obligors, geographic exposure, and various asset
characteristics.

Portfolio-specific default and recovery base-case expectations are
based primarily on originator-specific data, but also consider the
economic outlook, market and peer comparison data and the revolving
period for the transaction.

The transaction is still in its revolving period, therefore base
case default and recovery expectations reflect the origination
portfolio for Pepper Auto ABS. Default and recovery expectations
have changed since the last review for this transaction.

Base-case default expectations (and 'AAAsf' default multiples) are
as follows:

- Risk Grade A: 3.0% (5.75x);

- Risk Grade B: 8.5% (4.5x);

- Risk Grade C: 18.0% (3.25x) and

Base-case recovery expectations (and 'AAAsf' recovery haircuts) are
as follows: 35.0% (50.0%)

The new weighted average remaining loss rate (RLR) for the
portfolio, which incorporates the updated base cases and is based
on Fitch's stressed portfolio scenario, is 24.4%. Documented
minimum credit enhancement levels for each note remain unchanged
since closing and are at or above the new RLR at each rating level
and are sufficient to support the ratings.

Portfolio performance is supported by Australia's continued
economic growth and tight labour market, despite rapid interest
rate hikes in 2022-2023. GDP growth was 1.0% for the year ended
June 2024 and unemployment was 4.2% in August 2024. Fitch forecasts
GDP growth of 1.1% for the full year, rising to 1.7% in 2025, with
unemployment at 4.1% and increasing to 4.5% next year. This
reflects Fitch's expectation that the effects of restrictive
monetary policy and persistent inflation will continue to hinder
domestic demand.

Credit Enhancement Supports Rating: Credit enhancement is
sufficient to support the notes' current rating levels. Cash flow
analysis was not performed for the transaction, as documented
credit enhancement levels remain unchanged and are at or above the
updated remaining loss rate for the portfolio.

Low Operational and Servicing Risk: All receivables are originated
by Pepper Asset Finance, which demonstrated adequate capability as
originator, underwriter and servicer. Pepper is not rated by Fitch.
Servicer disruption risk is mitigated by back-up servicing
arrangements. The nominated backup servicer is BNY Trust Company of
Australia Limited. Fitch undertook an operational and file review
and found that the operations of the originator and servicer were
comparable with those of other auto and equipment lenders.

The key rating drivers listed in the applicable sector criteria,
but not mentioned above, are not material to this rating action.

RATING SENSITIVITIES

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

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

Downgrade Sensitivities

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

For Fitch's previous rating sensitivities, please see Fitch Assigns
Final Ratings to Pepper Asset Finance Revolver No. 2 Trust,
published 8 December 2022.

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

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

Upgrade Sensitivities

For Fitch's previous rating sensitivities, please see Fitch Assigns
Final Ratings to Pepper Asset Finance Revolver No. 2 Trust,
published 8 December 2022.

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

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

DATA ADEQUACY

Fitch has checked the consistency and plausibility of the
information it has received about the performance of the asset pool
and the transaction. Fitch has not reviewed the results of any
third-party assessment of the asset portfolio information as part
of its ongoing monitoring.

Prior to the transaction closing, Fitch sought to receive a
third-party assessment conducted on the asset portfolio
information, but none was made available to Fitch for this
transaction.

As part of its ongoing monitoring, Fitch reviewed a small targeted
sample of the originator's origination files and found the
information contained in the reviewed files to be adequately
consistent with the originator's policies and practices and the
other information provided to the agency about the asset
portfolio.

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

REFERENCES FOR SUBSTANTIALLY MATERIAL SOURCE CITED AS KEY DRIVER OF
RATING

The issuer has informed Fitch that not all relevant underlying
information used in the analysis of the rated notes is public.

ESG Considerations

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

RETAIL SERVICES: McGrathNicol Appointed as Liquidators
------------------------------------------------------
Rob Kirman and Rob Brauer of McGrathNicol were appointed as
liquidators of Retail Services Group Pty Ltd on Oct. 8, 2024.

The liquidators can be reached at:

          Rob Kirman
          Rob Brauer
          McGrathNicol
          Level 19, 2 The Esplanade
          Perth WA 6000


TECHFUEL PTY: Second Creditors' Meeting Set for Oct. 15
-------------------------------------------------------
A second meeting of creditors in the proceedings of Techfuel Pty
Limited has been set for Oct. 15, 2024 at 11:00 a.m. at the offices
of HoganSprowles Pty Ltd at Level 9, 60 Pitt Street in Sydney.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by Oct. 14, 2024 at 4:00 p.m.

Christian Sprowles of HoganSprowles was appointed as administrator
of the company on Sept. 9, 2024.


ZOO: Music Venue to Reopen After The Crowbar Takeover
-----------------------------------------------------
ABC News reports that Brisbane's defunct music icon The Zoo will
reopen after closing in June due to unprofitability.

On Oct. 8, heavy metal venue The Crowbar announced it would take
over The Zoo with a view to reopening in mid to late November.

Prior to closing, The Zoo was one of the longest-standing and most
well-known live music spaces in Brisbane's nightlife.

According to the report, The Zoo's owners said the venue had been
losing money for three years prior to its collapse in 2024.

The Crowbar closed its Brisbane venue in 2020 due to the financial
pressures of COVID-19.

Crowbar co-founder Tyla Dombroski said it was a very difficult time
for Australian live music.

"It's an opportunity we couldn't pass by, and hopefully we can do
some amazing work with Australian and international artists."

ABC News relates that Ms. Dombroski said COVID-19 was the final
blow for many venues that were already struggling to make a profit
due to the rising cost of alcohol.

She said Australia's ever-increasing alcohol excise taxes were
making it difficult for venues to keep prices low enough to bring
people in the door.

"We have one of the highest alcohol taxes in the world, and for
live music venues that's how we make our money," ABC News quotes
Ms. Dombroski as saying.

"I had a $20 pint in Brisbane a week ago - I nearly put my wallet
away and walked out.

"We're hoping with government support, and hopefully some changes,
that we can make it a viable solution for all music lovers."

The Queensland government recently appointed a nightlife economy
commissioner to reform the sector.

Ms. Dombroski hoped to open the venue in mid to late November,
depending on how smoothly the renovations go.

The Crowbar co-founder Nathan Trad used to play at The Zoo as a
band member, and was involved with the venue as a booker, promoter,
and punter.

The heavy metal enthusiast said The Zoo had cemented itself as part
of Brisbane's nightlife.

"The Zoo has been an institution in Brisbane for over three
decades," he said.

"Crowbar intends to honour the amazing path laid before us and
continue offering great events for years to come," he said.




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

JIAYUAN INTERNATIONAL: Faces Restructuring Roadblocks
-----------------------------------------------------
TipRanks.com reports that Jiayuan International Group Limited,
currently in liquidation, is struggling to make headway in its
business operations and restructuring efforts due to severe
financial constraints, including lack of funding and a flagging
real estate market.

TipRanks.com says the company has been unable to secure new
investors, which is essential for meeting restructuring costs and
advancing the process. With the 18-month deadline to meet the Stock
Exchange's Resumption Guidance looming, the likelihood of
successful restructuring is uncertain without immediate financial
support, TipRanks.com says.

Jiayuan International Group Limited develops mass-market
residential properties mainly in Jiangsu and Anhui provinces. The
company had a total land bank of around 17.4 million square meters
as of the end of December 2021. It also develops and operates
commercial properties as well as residential property projects.

As reported in the Troubled Company Reporter-Asia Pacific on Jan.
12, 2024, Jiayuan International Group, the developer of Hong Kong
flats so small they inspired the coining of the term "micro flats",
is inching closer to its corporate demise after record interest
rates weighed on its debts following poor sales of its minuscule
apartments.

The Nanjing-based developer lost a winding-up case over a HK$14.5
million (US$1.85 million) debt in Hong Kong last May, according to
South China Morning Post. It said in a filing on Jan. 11, 2024,
that the Hong Kong High Court appointed Derek Lai Kar-yan, Ivan
Chan Man-hoi and Cato Hau Kai-ling of Deloitte Touche Tohmatsu as
its liquidators, taking over from a provisional liquidator
appointed at the time of the decision.

MAOYE INTERNATIONAL: Subsidiary Enters Liquidation
--------------------------------------------------
TipRanks.com reports that Maoye International Holdings has
announced the voluntary liquidation of its indirect non-wholly
owned subsidiary, ZiBo Maoye Commercial Building Co., Ltd., after
failing to renew its business license.  

TipRanks.com relates that the liquidation follows internal
disagreements on the extension of the business term and is not
expected to materially impact the Group's financial standing.
Shareholders and potential investors are cautioned to be prudent
when dealing with the company's securities.

Maoye International Holdings mainly operates and manages department
stores, and develops property in China. Both markets are highly
fragmented and competitive. As of Dec. 31, 2019, the company
managed 48 stores with total gross floor area of approximately 3.02
million square meters, of which self-owned properties accounted for
about 79% of gross floor area.




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

ACOUSTICS INDIA: CRISIL Withdraws B+ Rating on Long Term Loan
-------------------------------------------------------------
Due to inadequate information, CRISIL Ratings, in line with SEBI
guidelines, had migrated the rating of Acoustics India Private
Limited (AIPL) to 'CRISIL B+/Stable/CRISIL A4/Issuer Not
Cooperating'. CRISIL Ratings has withdrawn its rating on bank
facility of AIPL following a request from the company and on
receipt of a 'no dues certificate' from the banker. Consequently,
CRISIL Ratings is migrating the ratings on bank facilities of AIPL
from 'CRISIL B+/Stable/CRISIL A4/Issuer Not Cooperating to 'CRISIL
B+/Stable/CRISIL A4'. The rating action is in line with CRISIL
Ratings' policy on withdrawal of bank loan ratings.

                        Amount
   Facilities        (INR Crore)      Ratings
   ----------        -----------      -------
   Long Term Rating       -           CRISIL B+/Stable ISSUER NOT
                                      COOPERATING (Withdrawn)

   Short Term Rating      -           CRISIL A4 ISSUER NOT
                                      COOPERATING (Withdrawn)

Analytical Approach

CRISIL Ratings has evaluated the standalone business and financial
risk profiles of Acoustics India Private Limited.

AIPL, incorporated in 1991 at Trichy (Tamilnadu) and promoted by
Mr. N. P. Sukumar manufactures noise and pollution control products
used in industries such as power, engineering, fertilisers, oil and
gas, and petrochemicals.


ALCHEMIST LIMITED: CRISIL Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Alchemist
Limited (AL) continue to be 'CRISIL D Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit            3.5        CRISIL D (Issuer Not
                                     Cooperating)

   Proposed Long Term    21.82       CRISIL D (Issuer Not
   Bank Loan Facility                Cooperating)

   Term Loan              7.18       CRISIL D (Issuer Not
                                     Cooperating)

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

AL was initially established in 1988 at as Toubro Infotech &
Industries Ltd, a private-limited company by Dr K D Singh; it got
reconstituted as AL when it came out with its initial public
offering in 1994. AL has grown into a diversified corporation with
operations in chemical trading, pharmaceuticals, food-processing,
floriculture, and steel.


ASIAN SKY: CRISIL Moves B+ Debt Ratings from Not Cooperating
------------------------------------------------------------
Due to inadequate information and in line with the Securities and
Exchange Board of India guidelines, CRISIL Ratings had migrated its
ratings on the bank facilities of Asian Sky Infrastructure Inc
(ASII) to 'CRISIL B+/Stable/CRISIL A4 Issuer Not Cooperating'.
However, the firm's management has subsequently started sharing the
information necessary for a comprehensive review of the rating.
Consequently, CRISIL Ratings is migrating the ratings to 'CRISIL
B+/Stable/CRISIL A4'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Bank Guarantee         1          CRISIL A4 (Migrated from
                                     'CRISIL A4 ISSUER NOT
                                     COOPERATING')

   Cash Credit            3          CRISIL B+/Stable (Migrated
                                     from 'CRISIL B+/Stable
                                     ISSUER NOT COOPERATING')

   Term Loan              4.21       CRISIL B+/Stable (Migrated
                                     from 'CRISIL B+/Stable
                                     ISSUER NOT COOPERATING')

   Term Loan              2.94       CRISIL B+/Stable (Migrated
                                     from 'CRISIL B+/Stable
                                     ISSUER NOT COOPERATING')

The ratings reflect the modest scale of operations and leveraged
capital structure of the firm. These weaknesses are partially
offset by the extensive experience of the proprietor in the
engineering and capital goods industry.

Analytical Approach

Unsecured loan of INR14.43 crore as on March 31, 2024, has been
treated as debt as the loan is likely to be repaid over the medium
term.

Key Rating Drivers & Detailed Description

Weaknesses:

* Modest scale of operations: Intense competition constrains
scalability, as reflected in average revenue of INR35 crore in
fiscal 2024, and operating flexibility. Revenue is expected at a
similar level over the medium term.

* Leveraged capital structure: Capital structure was constrained by
high gearing and total outside liabilities to tangible networth
ratio of 6.22 times and 9.03 times, respectively, as on March 31,
2024. The capital structure will likely improve over the medium
term.

Strength:

* Extensive experience of the proprietor in the engineering and
capital goods industry: The proprietor's experience of more than 10
years in the engineering and capital goods industry, strong
technical skills and healthy relationships with suppliers and
dealers will continue to support the business.

Liquidity: Stretched

Bank limit utilisation was high at 82% on average for the six
months through July 2024. Cash accrual, expected at INR1.5-1.7
crore per annum, will sufficiently cover yearly term debt
obligation of INR0.8-1.2 crore over the medium term. In addition,
the surplus will cushion liquidity. Current ratio was modest at
0.88 time as on March 31, 2024.

Outlook: Stable

CRISIL Ratings believes ASII will continue to benefit from the
extensive experience of the proprietor and his steady funding
support, and comfortable debt protection metrics

Rating sensitivity factors

Upward factors

* Improvement in the business risk profile leading to net cash
accrual more than INR3 crore
* Efficient working capital management

Downward factors

* Decline in operating margin or further weakening of capital
structure
* Stretched working capital cycle, with gross current assets over
300 days

Set up in 2006 by Mr Aslam Ansari, ASII provides engineering and
capital goods maintenance services to entities in power, chemical,
pharmaceutical and capital goods industries.

BALLAVPUR PAPER: CRISIL Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Ballavpur
Paper Mfg. Limited (BPML) continue to be 'CRISIL D/CRISIL D Issuer
Not Cooperating'.

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

   Letter of Credit        6         CRISIL D (Issuer Not
                                     Cooperating)

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

BPML, incorporated in 2006, is promoted by Mr Ujjal Kumar Upadhyay.
The company, which commenced commercial operations from 2009,
manufactures kraft paper using waste paper. Kraft paper is
primarily used in industrial packaging. The manufacturing unit is
at Ranigunj, West Bengal. The company also has a coal-based captive
power plant. Mr Amarendra Nath Bhattacharjee, who has decades of
experience in the paper industry, is the managing director and
overseas operations.


BISWAMATA HEEMGHAR: CRISIL Keeps D Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Biswamata
Heemghar Private Limited (BHPL) continue to be 'CRISIL D Issuer Not
Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit          11.44        CRISIL D (Issuer Not
                                     Cooperating)

   Proposed Long Term    0.76        CRISIL D (Issuer Not
   Bank Loan Facility                Cooperating)

   Term Loan             1.14        CRISIL D (Issuer Not
                                     Cooperating)

   Working Capital       1.66        CRISIL D (Issuer Not
   Facility                          Cooperating)

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

Incorporated in 2012 and promoted by Mr Shyamal Dandapat, BHPL
provides cold storage facilities in Medinipur, West Bengal, to
potato farmers and traders, and also trades in potatoes.



BYJU'S: Indian Affiliate Drained Cash From US Units, Lawsuit Says
-----------------------------------------------------------------
Bloomberg News reports that a software company controlled by Indian
entrepreneur Byju Raveendran drained cash from US affiliates in
violation of US bankruptcy rules, according to a lawsuit filed Oct.
8 in federal court in Delaware.

Bloomberg relates that money that should be used to repay creditors
was instead siphoned off to Whitehat Education Technology, a
court-approved trustee for the affiliates said in court papers. The
trustee, bankruptcy attorney Claudia Springer, sued to get back
nearly $700,000 that was moved from entities under her control.

According to Bloomberg, the dispute is a small piece of a much
bigger battle between Raveendran's troubled tech company Byju's and
lenders owed more than $1.2 billion. For more than a year, those
lenders have tried to track down $533 million that Byju allegedly
hid from them.

A Byju's affiliate that once held the missing $533 million was
taken over by lenders and put into Chapter 11 bankruptcy, while
three other units were forced into insolvency proceedings and
placed under Ms. Springer's control, Bloomberg says. All of those
US-based entities are in bankruptcy court in Wilmington, Delaware,
while Byju's itself faces bankruptcy proceedings in India.

When a company comes under court protection in the US, especially
in the early days of a case, cash cannot typically be moved or used
to pay bills without a bankruptcy judge's approval, Bloomberg
notes. Lenders have accused Byju's officials of moving the $533
million in violation of bankruptcy rules.

Between Sept. 26 and Oct. 7, the US affiliates' Stripe Inc. account
transferred the funds out of the bankrupt companies to a Wells
Fargo bank account associated with Whitehat, according to the
complaint. Ms. Springer alleged individuals residing in India with
Byju-related email accounts have been attempting to access the US
debtors' account, according to images of the firms' Stripe account
history that's included in the complaint, Bloomberg relays.

Ms. Springer has sought a court order preventing Wells Fargo from
transferring any funds out of Whitehat's account.

Byju's faces a fraudulent-transfer lawsuit in a US bankruptcy court
related to those funds, Bloomberg notes. That case involves Byju's
Alpha, a shell company created by Byju's to tap US capital markets.
After Byju's defaulted, lenders seized control of the shell
company, put it under court protection and sued to get the $533
million they claim should go to them.

                           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.

CH. VEERARAGHAVULU: CRISIL Withdraws B+ Rating on INR3cr Cash Loan
------------------------------------------------------------------
CRISIL Ratings has withdrawn its ratings on the bank facilities of
Ch. Veeraraghavulu Construction Private Limited (CVCPL) on the
request of the company and receipt of a no objection certificate
from its bank. The rating action is in line with CRISIL Ratings'
policy on withdrawal of its ratings on bank loans.

                        Amount
   Facilities        (INR Crore)      Ratings
   ----------        -----------      -------
   Bank Guarantee        12           CRISIL A4/Issuer Not
                                      Cooperating (Withdrawn)

   Bank Guarantee         3.5         CRISIL A4/Issuer Not
                                      Cooperating (Withdrawn)

   Cash Credit            3           CRISIL B+/Stable/Issuer Not
                                      Cooperating (Withdrawn)

   Cash Credit            3           CRISIL B+/Stable/Issuer Not
                                      Cooperating (Withdrawn)

CRISIL Ratings has been consistently following up with CVCPL for
obtaining information through letters and emails 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 CVCPL. This restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on CVCPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the rating on bank facilities of
CVCPL continues to be 'CRISIL B+/Stable/CRISIL A4 Issuer Not
Cooperating'.

Analytical Approach

CRISIL Ratings has evaluated the standalone business and financial
risk profiles of Ch. Veeraraghavulu Construction Private Limited.

CVCPL was set up in Visakhapatnam in 1982 by Mr. Ch Veeraraghavulu.
The company undertakes construction of buildings, guest houses, and
office quarters.


ENALTEC LABS: CRISIL Upgrades LT/ST Rating on Bank Debts to B-
--------------------------------------------------------------
Due to inadequate information and in line with the Securities and
Exchange Board of India guidelines, CRISIL Ratings had migrated its
ratings on the bank facilities of Enaltec Labs Pvt Ltd (ELPL) to
'CRISIL D/CRISIL D Issuer not cooperating'. However, the management
has started sharing the information necessary for a comprehensive
rating review. Consequently, CRISIL Ratings is migrating its
ratings on the bank facilities of ELPL to 'CRISIL B-/Stable/CRISIL
A4'.

                       Amount
   Facilities       (INR Crore)   Ratings
   ----------       -----------   -------
   Long Term Rating       -       CRISIL B-/Stable (Migrated from
                                  'CRISIL D ISSUER NOT
                                  COOPERATING')

   Short Term Rating      -       CRISIL A4 (Migrated from
                                  'CRISIL D ISSUER NOT
                                  COOPERATING')

The ratings reflect large working capital requirement, aggressive
financial risk profile, and volatile operating margin. These
weaknesses are partially offset by the extensive experience of the
promoters in the pharmaceutical industry.

Analytical Approach: Standlone

CRISIL Ratings has evaluated the standalone business and financial
risk profiles of ELPL.

Key Rating Drivers & Detailed Description

Weaknesses:

* Working capital-intensive operations: Gross current assets were
233 days as on March 31, 2024 reflecting working capital intensive
operations on account of sizeable raw material inventory of 83 days
and large debtors of 101 days. The working capital requirement is
funded by stretching credit from suppliers and high dependence on
bank lines. Management of the working capital cycle will remain a
key monitorable.

* Aggressive financial risk profile: Networth was moderate at INR39
crore as on March 31, 2024. Networth is expected to deteriorate
going ahead, with expected profit after tax (PAT) losses. The
capital structure is weak, as reflected by gearing and total
outside liabilities to adjusted networth (TOLANW) ratio of 2.13
times and 4.29 times, respectively, as on March 31, 2024. The debt
protection metrics were subdued, as indicated by interest coverage
and net cash accrual to adjusted debt ratios of 0.35 time and
negative 0.05 time, respectively, for fiscal 2024. With the
expected continuation of PAT losses, the overall financial risk
profile is expected to remain weak over the medium term.

* Volatile operating margin: Operating margin fluctuated widely in
the three fiscals ended March 31, 2024, on account of volatility in
the revenue mix. The company faced operating losses in the past
because of the delay in stabilisation of operations at the newly
set-up manufacturing unit in Pithampur, Madhya Pradesh. However,
with increased capacity utilisation leading to better fixed cost
absorption, the company has become EBITDA positive in fiscal 2024
and has generated operating margin of 1.16%. Improvement in
profitability on sustained basis remains a key monitorable.

Strength:

* Extensive industry experience of the promoters: The promoters
have experience of more than two decades in the pharmaceutical
industry, which has given them a sound understanding of the
industry and helped them to continuously evolve and develop new
products. Exports contribute to around 75% of revenue. In the
domestic market, the company has a sizeable customer base,
comprising large pharmaceutical companies, with which it has
healthy relationships. Based on these factors, the company was able
to achieve revenue of INR146.4 crore in fiscal 2024, against
INR124.7 crore in the previous fiscal.

Liquidity: Poor

Liquidity will be impacted by weak cash accrual expected in fiscals
2025 and 2026, which should be tightly matched against debt
obligation of INR4.5-5.2 crore. The fund-based limit of INR43 crore
was highly utilised at 99% on average during the 12 months through
August 2024. The company held unencumbered cash balance of INR0.2
crore as on March 31, 2024, while current ratio stood at 0.73
time.

Outlook: Stable

ELPL will continue to benefit from the promoters' extensive
experience and healthy relationships with clients.

Rating sensitivity factors

Upward factors

* Sustained growth in revenue and operating margin, leading to cash
accrual above INR5 crore
* Improvement in the financial risk profile

Downward factors

* Decline in revenue or operating margin leading to continued cash
losses
* Further deterioration in the capital structure resulting in
TOLANW ratio of more than 10 times

ELPL was incorporated in 2006 and is promoted by Mr Anand Shah. The
company manufactures bulk drugs (active pharmaceutical ingredients
(API)) and undertakes research and development for API and
pharmaceutical formulations for domestic and global clients. It has
manufacturing units in Ambernath, Maharashtra, and Pithampur,
Madhya Pradesh.


EXCEL OVERSEAS: CRISIL Keeps D Debt Ratings in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Excel
Overseas Private Limited (EOPL) continue to be 'CRISIL D Issuer Not
Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Packing Credit         4.6        CRISIL D (Issuer Not
                                     Cooperating)

   Packing Credit         5          CRISIL D (Issuer Not
                                     Cooperating)

   Packing Credit        13.63       CRISIL D (Issuer Not
                                     Cooperating)

   Packing Credit        10.76       CRISIL D (Issuer Not
                                     Cooperating)

   Post Shipment         25.1        CRISIL D (Issuer Not
   Credit                            Cooperating)

   Post Shipment          6.63       CRISIL D (Issuer Not
   Credit                            Cooperating)

   Post Shipment         27.28       CRISIL D (Issuer Not
   Credit                            Cooperating)

   Post Shipment         15          CRISIL D (Issuer Not
   Credit                            Cooperating)

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

EOPL was set up in 1988 as a proprietary concern in 1988 by Mr.
Ramesh Shah, and was reconstituted as a private limited company in
2007. The company trades in rough and polished diamonds and is also
engaged in cutting and polishing of diamonds.


GARG EQUIPMENT: CRISIL Moves B+ Rating from Issuer Not Coop.
------------------------------------------------------------
Due to inadequate information and in line with the Securities and
Exchange Board of India guidelines, CRISIL Ratings had migrated its
rating on the long-term bank facilities of Garg Equipment (GE) to
'CRISIL B+/Stable Issuer Not Cooperating'. However, the firm's
management has subsequently started sharing the information
necessary for a comprehensive review of the rating. Consequently,
CRISIL Ratings is migrating the rating on bank loan facilities of
GE to 'CRISIL B+/Stable'.                           

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Long Term Rating       -          CRISIL B+/Stable (Migrated
                                     from 'CRISIL B+/Stable
                                     ISSUER NOT COOPERATING')

The rating reflects GE's modest scale of operations, exposure to
cyclicality in end-user industries, and highly leveraged capital
structure. These weaknesses are partially offset by the extensive
experience of the promoters in the construction materials industry
and the firm's healthy debt protection metrics

Analytical Approach

Unsecured loan of INR0.57 crore as on March 31, 2024, from the
promoters has been treated as debt as the loan is likely to be
withdrawn with healthy cash flow.

Key Rating Drivers & Detailed Description

Weaknesses:

* Modest scale of operations: Though revenue rose to INR12.15 crore
in fiscal 2024 from INR6.3 crore in the previous fiscal, the firm's
scale of operations remains modest. Sustained revenue growth and
getting larger orders remains critical.

* Exposure to cyclicality in end-user industries: The firm caters
to the real estate, construction and infrastructure industries. The
end-user industries are cyclical with a strongly correlation to the
overall economy. In the past, the construction sector faced
slowdown because of economic recession, with several projects
getting delayed or cancelled.

* Leveraged capital structure: GE had a small networth of INR4.92
crore and high total outside liabilities to adjusted networth
(TOLANW) ratio of 6 times as on March 31, 2024.

Strengths:

* Extensive industry experience of the promoters: Longstanding
presence in the construction materials industry has given the
promoters a strong understanding of the market dynamics and enabled
them to establish healthy relationships with suppliers and
customers.

* Healthy debt protection metrics: GE's debt protection metrics
were comfortable, despite high leverage, due to healthy
profitability. The interest coverage and net cash accrual to total
debt (NCATD) ratios were 4.83 times and 0.25 time, respectively,
for fiscal 2024, and are expected at similar levels over the medium
term

Liquidity: Stretched

Bank limit utilisation was moderate at 75.31% on average for the 12
months through June 2024. Cash accrual is expected over INR4.5
crore against term debt obligation of INR2.0-3.5 crore over the
medium term, and will cushion liquidity.

The current ratio was low at 0.7 time on March 31, 2024. The
promoters are likely to extend support in the form of equity and
unsecured loans to meet working capital requirement and debt
obligation.

Outlook: Stable

CRISIL Ratings believes GE will continue to benefit from the
extensive experience of its promoters and established relationships
with clients.

Rating sensitivity factors

Upward factors:

* Improvement in the financial risk profile, especially liquidity
* Significant revenue growth (to INR20 crore) with operating
profitability more than 30%

Downward factors:

* Decline in revenue and profitability, leading to net cash accrual
lower than INR3 crore
* Large, unexpected debt-funded capital expenditure weakening the
capital structure
* Significant capital withdrawal leading to depletion of networth
and weakening the financial risk profile

GE was established in 2020 as a proprietorship concern and
reconstituted as a partnership firm in 2021. The firm is owned and
managed by Mr Abhishek Garg and Mr Amulya Garg. It provides
construction equipment such as cranes and forklifts on lease and
hire.


GOLDEN SANDHAR: CRISIL Upgrades Rating on INR59cr Loan to B
-----------------------------------------------------------
Due to inadequate information and in line with the Securities and
Exchange Board of India guidelines, CRISIL Ratings had migrated the
rating on the long-term bank facilities of Golden Sandhar Mills Ltd
((GSML) formerly known as Wahid Sandhar Sugars Limited (WSSL)) to
'CRISIL D Issuer Not Cooperating'. However, the management has
subsequently started sharing requisite information, necessary for
carrying out a comprehensive review of the rating. Consequently,
CRISIL Ratings is migrating the rating on the long-term bank
facilities of GSML to 'CRISIL B/Stable' from 'CRISIL D Issuer Not
Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Proposed Fund-         59         CRISIL B/Stable (Migrated
   Based Bank Limits                 from 'CRISIL D ISSUER NOT
                                     COOPERATING')

   Term Loan              37         CRISIL B/Stable (Migrated
                                     from 'CRISIL D ISSUER NOT
                                     COOPERATING')

The ratings upgrade reflects the track record of timely repayment
of debt owing to improved liquidity.

The rating reflects the extensive experience of the promoters in
the sugar industry, and the comfortable financial risk profile of
the company. These strengths are partially offset by the large
working capital requirement and susceptibility to regulations and
cyclicality in the sugar industry.

Analytical Approach

CRISIL Ratings has evaluated the standalone business and financial
risk profiles of GSML.

Key Rating Drivers & Detailed Description

Weaknesses:

* Susceptibility to unfavourable climatic conditions and government
regulations: The sugar industry is highly regulated, with the
government controlling pricing, supply of sugarcane and sugar
release mechanism. The government fixes sugarcane prices without
reference to sugar prices, which adversely affects players when
sugar prices are low. Sugar prices depend on supply, which depends
on the quarterly release mechanism and sugar import policy, both of
which are controlled by the central government.

* Large working capital requirement: Gross current assets (GCAs)
were sizeable at 298 days as on March 31, 2024, on account of
inventory of 40–50 days. However, payables of 148 days support
working capital. Working capital requirement will remain stable
over the medium term as GCAs are expected to remain at 290-310 days
as on March 31, 2025.

Strengths:

* Extensive experience of the promoters: GSML has undergone a
recent change in management wherein an investment firm has acquired
controlling stake in the company. The new promoters have appointed
Mr Amrik Buttar, who has vast experience in the sugar industry, as
the managing director of the company to look after its daily
affairs

* Comfortable financial risk profile: Interest subvention by the
Government and prepayment of debt through restructuring led to
moderate debt protection metrics, with interest coverage and net
cash accrual to adjusted debt ratios of 5.26 times and 0.25 time,
respectively, for fiscal 2024. Total outside liabilities to
tangible networth ratio was 1.31 times as on March 31, 2024, backed
by comfortable networth of INR73.80 crore. The financial risk
profile will improve further over the medium term driven by the
steady accretion to reserve. Gearing is expected to improve
modestly through timely repayment of debt and healthy accretion to
reserve. As the company is in a recovery phase financially, there
is no debt funded capital expenditure (capex) planned in the medium
term, which will further support the financial risk profile.

Liquidity: Stretched

Expected cash accrual of INR5 crore is insufficient against term
debt obligation of INR9.8 crore over the medium term. Current ratio
was healthy at 1.89 times as on March 31, 2024 due to high advances
given to cultivators. The promoters are likely to extend support in
the form of equity and unsecured loans to meet its working capital
requirements and repayment obligations.

Outlook: Stable

CRISIL Ratings believes GSML will continue to benefit from the
extensive experience of the company's new management.

Rating sensitivity factors

Upward factors:

* Better working capital cycle with GCAs below 190 days
* Improvement in profitability, leading to higher cash accrual

Downward factors:

* Decline in revenue and operating margin below 4%, leading to fall
in cash accrual
* Further stretch in the working capital cycle.

GSML, formerly known as Wahid Sandhar Sugars Ltd, was established
by the Narang group in Phagwara (Punjab) in 1933. The facility was
taken over by the Oswal group in 1989 with an investment firm
acquiring controlling stake from the Oswal group in 2000. GSML
manufactures and markets sugar under the Phagwara brand.


GUPTA GLOBAL: CRISIL Keeps D Debt Ratings in Not Cooperating
------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Gupta Global
Resources Private Limited (GGRPL) continue to be 'CRISIL D/CRISIL D
Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Long Term Rating       -          CRISIL D (ISSUER NOT
                                     COOPERATING)

   Short Term Rating      -          CRISIL D (ISSUER NOT
                                     COOPERATING)

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

Incorporated in 2001, GGRPL is engaged in the business of coal
washing and coal trading. It is a closely held company promoted by
Mr. Padmesh Gupta. Presently, this Company has 8 state-of-the-art
Coal Washeries, located in the State of Maharashtra & Madhya
Pradesh, Chhattisgarh, Jharkhand and Andhra Pradesh. It has a
capacity of 38.75 million per annum.


JAY BEE: CRISIL Withdraws B Rating on INR20cr Cash Loan
-------------------------------------------------------
CRISIL Ratings has withdrawn its ratings on the bank facilities of
Jay Bee Industries (Panchkula) (JBI) on the request of the company
and receipt of a no objection certificate from its bank. The rating
action is in line with CRISIL Ratings' policy on withdrawal of its
ratings on bank loans.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Bank Guarantee        20          CRISIL A4/Issuer Not
                                     Cooperating (Withdrawn)

   Bank Guarantee         3          CRISIL A4/Issuer Not
                                     Cooperating (Withdrawn)

   Cash Credit           20          CRISIL B/Stable/Issuer Not
                                     Cooperating (Withdrawn)

   Letter of Credit       5          CRISIL B/Stable/Issuer Not
                                     Cooperating (Withdrawn)

CRISIL Ratings has been consistently following up with JBI for
obtaining information through letters and emails dated May 14,
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 JBI. This restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on JBI
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the rating on bank facilities of
JBI continues to be 'CRISIL B/Stable/CRISIL A4 Issuer Not
Cooperating'.

Analytical Approach

CRISIL Ratings has evaluated the standalone business and financial
risk profiles of Jay Bee Industries (Panchkula).

Incorporated in 1993, JBI manufactures power transformers, compact
substations and onload tap changers used to automate voltage
regulations for state electricity boards and private players in
real estate, housing, hotels, hospitals and other industries.

Parveen Agarwal and Kartik Agarwal are the partners.


MNR CONSTRUCTION: CRISIL Moves D Debt Ratings to Not Cooperating
----------------------------------------------------------------
CRISIL Ratings has migrated the rating on bank facilities of MNR
Construction Company (MNR) to 'CRISIL D/CRISIL D Issuer not
cooperating'.

                       Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Bank Guarantee        5.5        CRISIL D (ISSUER NOT
                                    COOPERATING; Rating Migrated)

   Overdraft Facility    1.5        CRISIL D (ISSUER NOT
                                    COOPERATING; Rating Migrated)

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

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

Detailed Rationale

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

MCC was established in 2013 and is located in Dehradun,
Uttarakhand. MCC is owned & managed by Mr Narendra Singh Rawat and
is engaged in civil construction works, such as construction of
roads and bridges. The firm largely undertakes works contracts for
Uttrakhand Public Works Department (PWD).


RACHHPAL AUTO: CRISIL Reaffirms B+ Rating on INR4.9cr Cash Loan
---------------------------------------------------------------
CRISIL Ratings has reaffirmed its 'CRISIL B+/Stable/CRISIL A4'
ratings on the bank facilities of Rachhpal Auto Alliance Pvt Ltd
(RAAPL).

                       Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit           4.9        CRISIL B+/Stable (Reaffirmed)

   Cash Credit           2          CRISIL B+/Stable (Reaffirmed)

   Inventory Funding
   Facility              3          CRISIL A4 (Reaffirmed)

   Term Loan             4.19       CRISIL B+/Stable (Reaffirmed)

   Term Loan             1.1       CRISIL B+/Stable (Reaffirmed)

   Working Capital       0.81      CRISIL B+/Stable (Reaffirmed)
   Term Loan             

The ratings continue to reflect the company's modest financial risk
profile, low bargaining power with its principal supplier, Hyundai
Motor India Ltd (HMIL; CRISIL AAA/Stable/CRISIL A1+'), and exposure
to intense competition. These weaknesses are partially offset by
the extensive experience of the promoter in the automotive
dealership business.

Analytical Approach:

CRISIL Ratings has evaluated the standalone business and financial
risk profiles of Racchpal Auto Alliance Pvt Ltd (RAAPL).

Key Rating Drivers & Detailed Description

Weaknesses:

* Modest financial risk profile: The financial risk profile is
constrained by low net worth of INR5 crore as on March 31, 2024.
Owing to small scale of operations, debt protection metrics were
subdued, as reflected in interest coverage and net cash accrual to
adjusted debt ratios of 1.43 times and 4%, respectively, in fiscal
2024 (1.57 times and 3%, respectively, in fiscal 2023). With low
accretion to reserve, leverage was high in fiscal 2024, as
indicated by estimated total outside liabilities to adjusted net
worth ratio of 4.54 times (5.82 times as on March 31, 2023).
Intense competition will continue to constrain scalability and
accretion to reserve, keeping the financial risk profile modest
over the medium term. Total outside liabilities to tangible net
worth (TOLTNW) ratio is expected at 3.6-4.0 times as on March 31,
2025. Significant and sustained improvement in the financial risk
profile will remain monitorable.

* Low bargaining power with principal supplier and exposure to
intense competition: The company generates 80-90% of revenue from
the sale of passenger cars and 10-20% from the sale of spare parts
and services. Operations are concentrated in Punjab. Besides
competition from HMIL dealers in Punjab, the company faces
competition from dealers of other car manufacturers, such as Maruti
Suzuki India Ltd ('CRISIL AAA/Stable/CRISIL A1+') and Tata Motors
Ltd ('CRISIL AA+/Stable/CRISIL A1+'). Furthermore, car
manufacturing companies encourage more dealerships to improve
penetration and sales, increasing competition among dealers. This
leads to volatility in operating margin as dealers have to extend
higher discounts. The operating margin was 3% in fiscal 2024. With
an increase in revenue from spare parts and car servicing, RAAPL
expects sustenance of operating margin above 3% in fiscal 2025,
which will be a key rating sensitivity factor.

Strength:

* Extensive experience of the promoter: The promoter's experience
of 10 years in the automotive dealership business, strong
understanding of market dynamics and established relationships with
suppliers and customers will continue to support the business.
Being an authorised dealer for HMIL, the company has four showrooms
in Punjab, leading to compound annual growth rate of 15% over the
three fiscals through 2024. The company sold 1,242 cars in fiscal
2024, as against 1,187 cars in fiscal 2023. It has booked revenue
of INR60 crore till August 2024 and is expected to achieve revenue
of INR130-150 crore in fiscal 2025 aided by the launch of new
models and better prospects from existing models. However,
sustained growth in operating income is a key monitorable.

Liquidity: Poor

Bank limit utilization was high at 97.05% for the 12 months through
May 2024. Cash accrual, expected at INR1.5-2.0 crore per annum,
will just about cover yearly term debt obligation of INR1.5-2.0
crore over the medium term. The current ratio was low at 0.92 time
as on March 31, 2024.

Outlook: Stable

RAAPL will continue to benefit from the extensive experience of its
promoter.

Rating sensitivity factors

Upward factors

* Sustained improvement in revenue and operating margin leading to
net cash accrual above INR2 crore
* Efficient working capital management

Downward factors

* Decline in revenue or profitability leading to net cash accrual
below INR1 crore
* Weakening in the TOLTNW ratio weakening the financial risk
profile

Rachhpal Auto Alliance Private Limited is Khanna (Punjab) based
company, involved in dealership of cars (Hyundai) and related
services. The company has a 1 acre facility in Khanna which
includes the Showroom, office building and a workshop.


RAM LAL: CRISIL Keeps D Debt Ratings in Not Cooperating Category
----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Ram Lal Aneja
Foods Private Limited (RLAF) continue to be 'CRISIL D Issuer Not
Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit            1          CRISIL D (Issuer Not
                                     Cooperating)

   Cash Credit           25          CRISIL D (Issuer Not
                                     Cooperating)

   Working Capital        4          CRISIL D (Issuer Not
   Demand Loan                       Cooperating)

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

Incorporated in 2013, RLAF promoted by Mr Ram Lal and his son Mr
Ashok Kumar, processes basmati rice.


SAMRAT LAMINATES: CRISIL Withdraws B+ Rating on Long Term Debt
--------------------------------------------------------------
Due to inadequate information, CRISIL Ratings, in line with SEBI
guidelines, had migrated the rating of Samrat Laminates Private
Limited (SLPL; part of the Samrat group) to 'CRISIL
B+/Stable/CRISIL A4/Issuer not cooperating'. CRISIL Ratings has
withdrawn its rating on bank facility of SLPL following a request
from the company and on receipt of a 'no dues certificate' from the
banker. Consequently, CRISIL Ratings is migrating the ratings on
bank facilities of SLPL from 'CRISIL B+/Stable/CRISIL A4/Issuer Not
Cooperating to 'CRISIL B+/Stable/CRISIL A4'. The rating action is
in line with CRISIL Ratings' policy on withdrawal of bank loan
ratings.

                        Amount
   Facilities        (INR Crore)      Ratings
   ----------        -----------      -------
   Long Term Rating       -           CRISIL B+/Stable ISSUER NOT
                                      COOPERATING (Withdrawn)

   Short Term Rating      -           CRISIL A4 ISSUER NOT
                                      COOPERATING (Withdrawn)

Analytical Approach

For arriving at the ratings, CRISIL Ratings has combined the
business and financial risk profiles of SLPL and Samrat Plywood
Limited (SPL). That's because the two companies, together referred
to as the Samrat group, are under the same management and have
operational and financial linkages.

The Samrat group, based in Chandigarh, is promoted by Mr Suresh
Singhal and his family members. It manufactures and markets plywood
and laminates. The products are sold under the brand Samrat.  SLPL,
incorporated in 2002, manufactures block boards, commercial
plywood, and flush doors at its unit in Derabassi, Punjab. SPL,
incorporated in 1987, manufactures waterproof plywood and laminates
at its units in Derabassi and Nalagarh, Himachal Pradesh.


SARAF CORPORATION: CRISIL Withdraws B+ Rating on INR5.5cr Loan
--------------------------------------------------------------
CRISIL Ratings has withdrawn its ratings on the bank facilities of
Saraf Corporation India Private Limited (SCIPL) on the request of
the company and receipt of a no objection certificate from its
bank. The rating action is in line with CRISIL Ratings' policy on
withdrawal of its ratings on bank loans.

                        Amount
   Facilities        (INR Crore)      Ratings
   ----------        -----------      -------
   Bank Guarantee        1.65         CRISIL A4/Issuer Not
                                      Cooperating (Withdrawn)

   Cash Credit           5.5          CRISIL B+/Stable/Issuer Not
                                      Cooperating (Withdrawn)

   Letter of Credit      1.75         CRISIL A4/Issuer Not
                                      Cooperating (Withdrawn)

   Proposed Long Term
   Bank Loan Facility    0.1          CRISIL B+/Stable/Issuer Not
                                      Cooperating (Withdrawn)

CRISIL Ratings has been consistently following up with SCIPL for
obtaining information through letters and emails dated September
11, 2023, 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 SCIPL. This restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on SCIPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the latest available information, the ratings on bank facilities of
SCIPL continues to be 'CRISIL B+/Stable/CRISIL A4 Issuer Not
Co-operating'.

SCIPL was originally incorporated as Saraf Hospitality Services Pvt
Ltd in 2005, promoted by Mr. Deepak Saraf; the name was changed in
2012. The company provides catering and facility management
services to oil companies for their offshore/onshore rigs. Its
registered office is at Mumbai.


SHAHLON SILK: CRISIL Upgrades LT/ST Rating on Bank Debts to B
-------------------------------------------------------------
CRISIL Ratings has upgraded its ratings on the bank facilities of
Shahlon Silk Industries Limited to 'CRISIL B/Stable/CRISIL A4' from
'CRISIL D/CRISIL D'.

                       Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Long Term Rating       -          CRISIL B/Stable (Upgraded
                                     from 'CRISIL D')

   Short Term Rating      -          CRISIL A4 (Upgraded from
                                     'CRISIL D')

The upgrade in ratings reflects the clear track record of 90 days
in the debt servicing obligations as confirmed by the bankers.
  
The ratings continue to reflect the stretched liquidity and
exposure to volatility in raw material prices and large working
capital requirement. These weaknesses are partially offset by the
extensive experience of the promoters in the textile industry and
moderate scale of operations.

Analytical Approach:

CRISIL Ratings has considered the standalone business and financial
risk profiles of SSIL. `  

Key Rating Drivers & Detailed Description

Weaknesses:

* Exposure to volatility in raw material prices: Since cost of
procuring the raw materials (synthetic yarn, fabric, texturised,
twisted and sized yarn) accounts for 70-75% of the operating
income, even a slight variation in price can drastically impact the
operating margin. The operating margins of the company stood at
around 9 percent in FY24 and are expected to improve over the
medium term with the installation of solar power plant. Improvement
in the operating margins will be a key rating sensitivity factor
over the medium term.  

* Large working capital requirement: Gross current assets were high
at 285 days as on March 31, 2024, driven by high debtors of 171
days and huge inventory of 103 days. The working capital is,
however, partly supported by payables of 82 days. Improvement in
the working capital cycle will remain a key rating sensitivity
factor over the medium term

Strengths:

* Extensive experience of the promoters: The promoters have more
than three decades of experience in the textile industry; their
strong understanding of market dynamics and healthy relationships
with customers and suppliers will continue to support the business.
Low customer concentration and adequate diversification in the
domestic and export profiles should boost the business risk
profile.

* Moderate Scale of Operations: The company's scale of operations
have remained rangebound in the range of Rs.300-Rs.310 crores for
the last three fiscals ended fiscal year 2024. The company's
revenue stood at around Rs. 311 crores in FY24 as compared to
revenue of Rs.307 crores in FY 23 and is expected to be moderate
and in the similar range for FY25. Sustained improvement in the
revenue will remain a key rating sensitivity factor over the medium
term.

Liquidity: Stretched

Bank limit utilization was high at 97.28% during the 12 months
through May 2024. Cash accrual is projected at more than 15 crore
per annum, against yearly debt obligation of INR7-10 crore over the
medium term. The current ratio stood at 1.44 times on March 31,
2024. The promoters are likely to extend need-based funds (equity
and unsecured loans) to support operations.

Outlook Stable

SSIL will continue to benefit from its established market presence
along with the extensive experience and funding support of the
promoters.

Rating sensitivity factors

Upward factors

* Sustained improvement in the revenue by 25 percent and operating
margins above 10 percent

* Improvement in the liquidity profile

Downward factors

* Sustained decline in revenue and operating margins leading to net
cash accruals below Rs.10 crores.

* Improvement in the working capital cycle.

SSIL, incorporated in 2008, manufactures texturised, twisted and
sized yarn and grey fabric; it is based in Surat, Gujarat, The
company also trades in partially oriented and fully drawn yarn and
is a del credere agent for Reliance Industries Ltd. The company is
owned and managed by Mr Dhiraj R Shah, Mr Jayanti R Shah, Mr Arvind
R Shah, Mr Nitin R Shah and Mr Mahendra R Shah.


SHAYONA ENGINEERING: CRISIL Lowers LT/ST Rating on Debts to D
-------------------------------------------------------------
CRISIL Ratings has downgraded its ratings on the bank facilities of
Shayona Engineering Limited (SEPL; Formerly known as Shayona
Engineering Private Limited) to 'CRISIL D/CRISIL D' from 'CRISIL
B+/Stable/CRISIL A4'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Long Term Rating       -          CRISIL D (Downgraded from
                                     'CRISIL B/Stable')

   Short Term Rating      -          CRISIL D (Downgraded from
                                     'CRISIL A4')

The rating is driven by delays in debt servicing of loan obligation
in September, 2024 on account of weak liquidity.

The rating reflects SEPL's modest scale of operations and
vulnerability to cyclicality in the end-user industry. These
weaknesses are partially offset by the extensive experience of the
promoter in the industrial machinery and consumables industry and
the company's healthy debt protection metrics.

Analytical Approach

CRISIL Ratings has evaluated the standalone business and financial
risk profiles of SEPL.

Key Rating Drivers & Detailed Description

Weakness:

* Modest scale of operations: SEPL's business profile is
constrained by its subdued scale in the intensely competitive
industrial machinery and consumables industry. The consequent
intense competition may continue to constrain scalability, pricing
power and profitability. Although revenue has improved
significantly to INR12.63 crore in fiscal 2023 as compared to
INR4.58 crore in fiscal 2022, it remains modest. The company's
ability to ramp up operations will remain a key monitorable.

* Vulnerability to cyclicality in the end-user industry: SEPL's
performance is closely linked with the investment climate in its
end-user industry which is cyclical in nature.

Strengths:

* Extensive industry experience of the promoter: The promoter has
experience of over 14 years in the industrial machinery and
consumables industry. This has given him a strong understanding of
the market dynamics and enabled him to establish healthy
relationships with suppliers and customers.

Liquidity: Poor

There has been delay in principal repayment of term loan in
September, 2024. Bank limit utilisation was high at 97% on average
for the seven months through January 2024.

Cash accrual is expected to be INR0.86-1.12 crore which will be
tightly matched against term debt obligation of INR0.30-0.46 crore
over the medium term. The current ratio was moderate at 1.04 times
as on March 31, 2023.

Rating Sensitivity Factors

Upward factors

* Timely servicing of interest on debt obligation continuously for
at least 90 days
* Improvement in the business risk profile supporting liquidity

SEPL was established in 2010 and later reconstituted as a private
limited company in 2017. The company manufactures machining, dies
and moulds, industrial automation, heavy fabrication, casting,
forging, reverse engineering and turnkey project machinery. The
manufacturing facility is in Vadodara, Gujarat.

SEPL is owned and managed by Mr Vipul Solanki.


SHIVA LOKENATH: CRISIL Keeps D Debt Ratings in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Shiva
Lokenath Rice Mills Private Limited (SLRMPL) continue to be 'CRISIL
D/CRISIL D Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Bank Guarantee        0.3         CRISIL D (Issuer Not
                                     Cooperating)

   Cash Credit          14           CRISIL D (Issuer Not
                                     Cooperating)

   Proposed Bank         1           CRISIL D (Issuer Not
   Guarantee                         Cooperating)

   Proposed Cash         5           CRISIL D (Issuer Not
   Credit Limit                      Cooperating)

   Proposed Fund-        0.16        CRISIL D (Issuer Not
   Based Bank Limits                 Cooperating)

   Proposed Term Loan    9.54        CRISIL D (Issuer Not
                                     Cooperating)

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

SLRMPL, which was set up in 1998, processes non-basmati rice, and
trades in wheat and rice. Daily operations are managed by the
director, Mr Ranjan Paul.


SWASTIK LUMBERS: CRISIL Reaffirms B+ Rating on INR10cr Loan
-----------------------------------------------------------
CRISIL Ratings has reaffirmed its 'CRISIL B+/Stable' rating on the
long-term bank facilities of Swastik Lumbers Pvt Ltd (SLPL).

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Cash Credit            2         CRISIL B+/Stable (Reaffirmed)

   Foreign Letter
   of Credit             10         CRISIL B+/Stable (Reaffirmed)

The rating continues to reflect SLPL's modest scale of operations
and susceptibility to changes in government policies on forest
products and large working capital requirement. These weaknesses
are partially offset by the extensive industry experience of the
promoters and the favourable location of the manufacturing plant

Analytical Approach

Unsecured loans from the promoters of INR3.57 crore as on March 31,
2024, are treated as neither debt nor equity as they are expected
to remain in the business over medium term.

Key Rating Drivers & Detailed Description

Weaknesses:

* Modest scale of operations: Scale of operations remains modest as
reflected in revenue of INR20-35 crore in the four fiscals ended
2024. The topline is expected at INR35-40 crore in fiscal 2025 as
well. Sustained improvement in scale of operations will continue to
be a key rating sensitivity factor over medium term.

* Large working capital requirement: Gross current assets were high
at 172 days as on March 31, 2024, driven by large receivables of 48
days and low inventory of 16 days. However, payables of 57 days
supports working capital. Improvement in the working capital cycle
will remain a key monitorable over the medium term

Strength:

* Extensive experience of the promoters: The three-decade-long
experience of the promoters in the forest products industry, their
strong understanding of local market dynamics, and established
relationships with suppliers and customers, will continue to
support the business.

Liquidity: Stretched

Bank limit utilisation averaged a low 48.49% for the 12 months
ended July 2024. Expected cash accrual of over INR0.4 crore should
comfortably cover term debt obligation of INR0.1 crore over the
medium term. In addition, it will act as a cushion to the liquidity
of the company. Current ratio is healthy at 2.69 times on March 31,
2024. The promoters are likely to extend support in the form of
equity and unsecured loans to meet its working capital requirements
and repayment obligations

Outlook: Stable

CRISIL Ratings believes SLPL will continue to benefit from the
extensive experience of its promoters in the forest products
business.

Rating sensitivity factors

Upward factors

* Significant growth in revenue and steady operating margin of over
3%.
* Improvement in the working capital cycle

Downward factors

* Sustained decline in scale of operations by 25%
vDeterioration in the financial risk profile

SLPL was incorporated in 2007, by the promoters, Mr Ravinder Jain
and Mr Suresh Kumar. The company is an importer, trader and
processor of timber. It has a sawmill at Gandhidham, Gujarat, for
processing imported logs.


UDAY STRUCTURALS: CRISIL Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Uday
Structurals and Engineers Private Limited (USEPL) continue to be
'CRISIL D/CRISIL D Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Bank Guarantee          2         CRISIL D (Issuer Not
                                     Cooperating)

   Cash Credit             4         CRISIL D (Issuer Not
                                     Cooperating)

   Proposed Long Term      1         CRISIL D (Issuer Not
   Bank Loan Facility                Cooperating)

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

USEPL, based in Mumbai (Maharashtra), was set up in 2010 by Mr.
Uday Patil and his wife. The company manufactures scaffoldings and
also undertakes real estate construction on contractual basis.


VIKRAM PRIVATE: CRISIL Withdraws D Rating on INR11.8cr Cash Loan
----------------------------------------------------------------
CRISIL Ratings has withdrawn its ratings on the bank facilities of
VPL on the request of the company and receipt of a no objection
certificate from its bank. The rating action is in line with CRISIL
Ratings' policy on withdrawal of its ratings on bank loans.

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

   Cash Credit           11.8        CRISIL D/Issuer Not
                                     Cooperating (Withdrawn)

   Proposed Long Term     3.2        CRISIL D/Issuer Not
   Bank Loan Facility                Cooperating (Withdrawn)

CRISIL Ratings has been consistently following up with VPL for
obtaining information through letters and emails dated May 15,
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 VPL. This restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on VPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the rating on bank facilities of
VPL continues to be 'CRISIL D/CRISIL D Issuer Not Cooperating'.

Analytical Approach

CRISIL Ratings has evaluated the standalone business and financial
risk profiles of Vikram Private Limited.

VPL was incorporated in 2000. The company manufactures sponge iron
at its unit in Lahunipara (Orissa) with installed capacity of 60000
MTPA. It also engages in opportunistic trading in steel products,
such as structural and torque steel.


VINTEGRATE TECHNOLOGY: CRISIL Keeps D Ratings in Not Cooperating
----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Vintegrate
Technology Private Limited (VTPL) continue to be 'CRISIL D Issuer
Not Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit            0.5        CRISIL D (Issuer Not
                                     Cooperating)

   Long Term Loan         5.7        CRISIL D (Issuer Not
                                     Cooperating)

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

Vintegrate is constructing a commercial property in Panchkula,
Chandigarh. The property is expected to have lease space of around
1 lakh sq. ft and is expected to be completed in 2018.




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

CIKARANG LISTRINDO: S&P Alters Outlook to Pos., Affirms 'BB+' ICR
-----------------------------------------------------------------
S&P Global Ratings revised the rating outlook on Cikarang Listrindo
PT. to positive from stable. S&P affirmed its 'BB+' long-term
issuer credit rating on Cikarang and the 'BB+' long-term issue
rating on its senior unsecured notes.

The positive outlook over the next 12-18 months reflects Cikarang's
strengthening financial profile and its expectation that the
company will refinance its bond maturing in September 2026 in a
timely manner and maintain financial discipline.

Cikarang's financial profile will continue to strengthen. Healthy
operating cash flow and moderate capex requirements will help the
company sustain its strong financial position. Over the past few
years Cikarang's leverage has been improving, with the ratios of
funds from operations (FFO) to debt trending above 60% and net debt
to EBITDA below 1.5x.

S&P said, "We forecast moderate capex of about US$55 million per
year toward maintenance and growth capex, which includes
investments in modular gas engines, biomass, and rooftop solar. We
expect shareholder distributions to remain high, but Cikarang has
not demonstrated appetite for outsized dividends and has the
flexibility to lower distributions if required."

However, Cikarang's current leverage tolerance is higher than S&P's
financial assessment of the company. The company's publicly
articulated financial policy, with target leverage not exceeding
3.0x net debt to EBITDA, is significantly higher than its forecast
of 0.6x-0.7x over the next two to three years.

S&P believes Cikarang will continue to explore growth
opportunities, with a focus on gas, biomass or solar projects to
expand and diversify its fuel mix. Any such investments, if sizable
and debt-funded, could lead to a material spike in leverage beyond
our base case. S&P reflects this risk in its negative assessment of
the company's financial policy.

S&P considers potential debt-funded investments beyond its
expectations as an event risk and have not factored this in its
base case because Cikarang has no major committed plans at this
juncture.

Refinancing of Cikarang's upcoming bond maturity and future
leverage tolerance will be key watch points. The company has yet to
formalize a refinancing plan for its upcoming US$500 million bond
maturity, though management has indicated its intention to
refinance this 12-18 months before maturity in September 2026. S&P
believes the company's strong financial performance and steady cash
flow will allow it to refinance the debt in a timely manner, as in
the past. Cikarang's financial policy at the time of the bond
refinancing would be key to the rating trajectory.

Cikarang is well positioned to meet energy transition in the
Indonesian landscape. Loose caps for coal-fired plants, low carbon
pricing, and delayed implementation of carbon taxes limit their
effectiveness in accelerating the energy transition in Indonesia.
Given these factors, S&P considers energy transition risk to be
manageable for Cikarang. Indonesia's carbon trading scheme or
proposed carbon tax are unlikely to significantly affect Cikarang's
earnings quality over the next two to five years, in its view.

Gas, which forms 75% of Cikarang's fuel mix, will likely be a
transition fuel for the country, along with solar and some nuclear,
to replace coal. Cikarang is better positioned relative to
Indonesia's national grid where 65% of power generation is from
coal and 15% from gas. Fossil fuel will likely remain the dominant
fuel, given subsidized power, cheap coal, and the government's
reluctance to increase tariffs.

Despite its small scale and asset concentration risk, Cikarang's
protected franchise position and healthy operating performance will
support stable cash flows. The company has a captive market
position due to its exclusive operational license to generate and
distribute electricity to customers in the five industrial estates
it serves. The company's electricity supply business license is
currently valid till 2032 and can be revisited or extended annually
with approval by the regulator. S&P believes this reduces
competitive pressures for the company despite its small scale of
operations compared with peers in the region.

Proximity to Jakarta, and high availability of power and land, will
continue to underpin the attractiveness of Cikarang's industrial
estates. The company has demonstrated steady earnings growth
supported by healthy electricity demand and a sticky customer base
with low churn rates of about 0.5% over the past decade.

While Cikarang faces asset concentration risk with a portfolio of
three assets, the company has a strong record of healthy operating
performance. Plant availability has been consistently above 90%,
while transmission and distribution losses remain below 1%. This is
also mitigated by a healthy capacity utilization factor of about
55% and the presence of two backup generators in the event of
outages.

That said, any material prolonged disruptions at Cikarang's power
plants which significantly reduce the company's cash flows could
weaken its business and earnings.

Good cash flow stability supports Cikarang's earnings profile. This
is driven by resilient power demand in the five industrial estates
the company serves and a supportive tariff structure that
encompasses fuel cost pass-through. This has shielded Cikarang from
high fuel costs over the last two years, enabling it to maintain
margins of 34%-38%. Power consumption by industrial users has
fallen by about 4% in 2023 due to weaker power demand from
export-oriented customers amid soft global demand.

S&P anticipates a modest 0.5% growth in consumption for 2024, and
about 2% annually thereafter, which will support steady EBITDA
growth. This will largely be driven by gradual recovery in global
demand and increasing customers. Cikarang is exposed to volume
risks from cyclical demand from industrial customers, but this is
partly mitigated by its large and diversified customer base and
protected franchise position.

The positive rating outlook over the next 12-18 months reflects
Cikarang's strengthening financial profile and our expectation that
the company will refinance its bond maturing in September 2026 in a
timely manner and maintain financial discipline.

S&P could revise the outlook on Cikarang to stable if:

-- Refinancing risk increases, such that the company delays
refinancing to less than 12 months before the bullet maturity; or

-- Cikarang adopts a more aggressive leverage policy with a ratio
of FFO to debt below 60% on a sustainable basis. This could occur
if the company: (1) undertakes aggressive new debt-funded
investments beyond S&P's base case and its current financial
leverage tolerance; or (2) aggressively enhance shareholder
returns; or (3) faces significant operational issues or unscheduled
shutdowns which impede operating cash flows.

S&P could raise the rating on Cikarang if it refinances the
upcoming bond maturity in a timely manner and the company's ratio
of FFO to debt remains above 60% on a sustainable basis. This could
happen if Cikarang maintains stable operating performance and
manages its capex and shareholder distributions in a prudent
manner.




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

DPS RETAIL: Creditors' Proofs of Debt Due on Nov. 4
---------------------------------------------------
Creditors of DPS Retail Limited are required to file their proofs
of debt by Nov. 4, 2024, to be included in the company's dividend
distribution.

The company commenced wind-up proceedings on Oct. 2, 2024.

The company's liquidator is:

          Digby John Noyce
          RES Corporate Services Limited
          PO Box 301890
          Albany
          Auckland 0752


RENTMAX LIMITED: Court to Hear Wind-Up Petition on Oct. 25
----------------------------------------------------------
A petition to wind up the operations of Rentmax Limited will be
heard before the High Court at Auckland on Oct. 25, 2024, at 10:45
a.m.

H&M Remuera Limited filed the petition against the company on Aug.
14, 2024.

The Petitioner's solicitor is:

          Haydon Lester Mattson
          5 Waimarie Road
          Whenuapai
          Auckland 0618


STEEL SERVICES: Creditors' Proofs of Debt Due on Nov. 2
-------------------------------------------------------
Creditors of Steel Services Limited are required to file their
proofs of debt by Nov. 2, 2024, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on Oct. 2, 2024.

The company's liquidator is:

          Brenton Hunt
          PO Box 13400
          City East
          Christchurch 8141


TUPZ BUILDERZ: Court to Hear Wind-Up Petition on Nov. 15
--------------------------------------------------------
A petition to wind up the operations of Tupz Builderz Limited will
be heard before the High Court at Gisborne on Nov. 15, 2024, at
9:30 a.m.

The Commissioner of Inland Revenue filed the petition against the
company on Aug. 21, 2024.

The Petitioner's solicitor is:

          Charles David Walmsley
          Inland Revenue, Legal Services
          21 Home Straight
          PO Box 432
          Hamilton


VAPERS MARKET: First Creditors' Meeting Set for Oct. 15
-------------------------------------------------------
A first meeting of the creditors in the proceedings of Vapers
Market Limited and GK Imports Limited will be held on Oct. 15, 2024
at 2:00 p.m. via a virtual link.

Trevor Edwin Laing and Emma Margaret Laing of Laing Insolvency
Specialists were appointed as administrators of the company on Oct.
4, 2024.




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

JASCORP ENTERPRISE: Court to Hear Wind-Up Petition on Oct. 25
-------------------------------------------------------------
A petition to wind up the operations of Jascorp Enterprise Pte Ltd
will be heard before the High Court of Singapore on Oct. 25, 2024,
at 10:00 a.m.

Maybank Singapore Limited filed the petition against the company on
Oct. 1, 2024.

The Petitioner's solicitors are:

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


KAK SOLUTIONS: Creditors' Meeting Set for Oct. 14
-------------------------------------------------
Kak Solutions Pte Ltd will hold a meeting for its creditors on Oct.
14, 2024, at 4:00 p.m., at 10 Collyer Quay #05-04/05 Ocean
Financial Centre, in Singapore and by electronic means.

Agenda of the meeting includes:

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

   b. to confirm the appointment of Liquidator(s) nominated by the

      Company or nominating another person or persons as
      Liquidator(s) for the purpose of winding up the affairs and
      distributing assets of the Company;
   c. to appoint a Committee of Inspection if deemed necessary;
      and

   d. Any other business.

Messrs. Cosimo Borrelli and Jason Aleksander Kardachi of Kroll Pte.
Limited were appointed as joint and several provisional liquidators
of the Company on Oct. 3, 2024.


NUTRITION INNOVATION: Creditors' Proofs of Debt Due on Nov. 7
-------------------------------------------------------------
Creditors of Nutrition Innovation Singapore Pte. Ltd. and Nutrition
Science Design Pte. Ltd. are required to file their proofs of debt
by Nov. 7, 2024, to be included in the company's dividend
distribution.

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

The company's liquidator is:

          Lee Chi Him
          c/o 10 Ubi Crescent
          #06-18 Ubi Techpark
          Singapore 408564


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


RHB Bank Berhad filed the petition against the company on Sept. 17,
2024.

The Petitioner's solicitors are:

          Messrs. Harry Elias Partnership LLP
          SGX Centre 2 #17-01
          4 Shenton Way
          Singapore 068807


RIGHT CHOICE: Court to Hear Wind-Up Petition on Oct. 16
-------------------------------------------------------
A petition to wind up the operations of Right Choice Payments Pte
Ltd will be heard before the High Court of Singapore on Oct. 16,
2024, at 10:00 a.m.

Ripple Markets Apac Pte. Ltd. filed the petition against the
company on Aug. 16, 2024.

The Petitioner's solicitors are:

          Allen & Gledhill LLP
          One Marina Boulevard #28-00
          Singapore 018989



                           *********


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 ***