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

                     A S I A   P A C I F I C

          Monday, October 21, 2024, Vol. 27, No. 211

                           Headlines



A U S T R A L I A

AULICH CIVIL: Second Creditors' Meeting Set for Oct. 24
BOD SCIENCE: Sees Cash Flow Changes Amid Biortica Deal
CONQUEST 2024-1: S&P Assigns BB+ (sf) Rating to Class E Notes
EPPING DEVELOPERS: First Creditors' Meeting Set for Oct. 24
FIRSTMAC MORTGAGE 2024-4: S&P Assigns B(sf) Rating to Cl. F Notes

FRESKO FRUIT: First Creditors' Meeting Set for Oct. 24
INFRABUILD AUSTRALIA: Fitch Lowers LongTerm IDR to 'CCC'
MORTGAGE HOUSE 2024-2: S&P Assigns B+ (sf) Rating to Cl. F Notes
OLYMPUS 2024-2: S&P Assigns B+ (sf) Rating to Class F Notes
PUBLIC HOSPITALITY: Jon Adgemis Defends AUD9MM Transactions

RED ROOSTER: First Creditors' Meeting Set for Oct. 28
REDZED TRUST 2023-3: Fitch Hikes Rating on Class F Notes From B+sf
STAR ENTERTAINMENT: Faces AUD15MM Fine
UNITED PLUMBING: First Creditors' Meeting Set for Oct. 24


B A N G L A D E S H

SOCIAL ISLAMI: Moody's Confirms Caa1 Bank Deposit, Issuer Ratings


I N D I A

AMBITION INDO: Insolvency Resolution Process Case Summary
B. B. PRODUCTS: CRISIL Keeps D Debt Rating in Not Cooperating
BABASAHEB DESHMUKH: CRISIL Keeps D Rating in Not Cooperating
BHAGATJEE STEELS: CRISIL Lowers Rating on INR16cr Loan to D
BORSE BROTHERS: CRISIL Keeps D Debt Ratings in Not Cooperating

BYJU'S: US Units Head for Bankruptcy Sale Under Court Trustee
CONSURE MEDICAL: Voluntary Liquidation Process Case Summary
DHANASHRI HOME: Voluntary Liquidation Process Case Summary
EFFULGENCE TRADING: CRISIL Keeps D Ratings in Not Cooperating
G.NANDY: Voluntary Liquidation Process Case Summary

GENESYS BIOLOGICS: CRISIL Lowers Rating on INR36cr Loan to D
HAREON SOLAR: Voluntary Liquidation Process Case Summary
KANAHYA INDUSTRIES: CRISIL Keeps D Ratings in Not Cooperating
KANISHK GOLD: CRISIL Keeps D Debt Ratings in Not Cooperating
KLT AUTOMOTIVE: Insolvency Resolution Process Case Summary

KMC PLASTOCHEM: CRISIL Keeps D Debt Ratings in Not Cooperating
KOTHAINAYAGI A: CRISIL Keeps D Debt Rating in Not Cooperating
KTC AUTOMOBILES: CRISIL Keeps D Debt Ratings in Not Cooperating
L. D. SOLVEX: CRISIL Keeps D Debt Ratings in Not Cooperating
LAXMI AROGYAM: CRISIL Keeps D Debt Ratings in Not Cooperating

LE LOTUS: CRISIL Keeps D Debt Ratings in Not Cooperating Category
M.P.K. METALS: CRISIL Keeps D Debt Ratings in Not Cooperating
N. A. SHELAR: CRISIL Keeps C Debt Ratings in Not Cooperating
NEESA INFRASTRUCTURE: Liquidation Process Case Summary
NET 4 INDIA: Liquidation Process Case Summary

NRI EDUCATIONAL: CRISIL Keeps D Debt Ratings in Not Cooperating
NTS DAIRY: CRISIL Keeps D Debt Ratings in Not Cooperating Category
PAMP SPECIALITY: Voluntary Liquidation Process Case Summary
RIGHT HEALTH: Insolvency Resolution Process Case Summary
SANTOSH W/O: CRISIL Keeps D Debt Rating in Not Cooperating

SARVODAYA SUITINGS: CRISIL Keeps D Ratings in Not Cooperating
SAVARIYA INDUSTRIES: CRISIL Keeps D Rating in Not Cooperating
SIDHU INDUSTRIAL: CRISIL Keeps D Debt Ratings in Not Cooperating
SIVA ENGINEERING: CRISIL Cuts Rating on LT/ST Bank Debts to D
SOUTH MALABAR: CRISIL Keeps B Debt Rating in Not Cooperating

SUBRA ENTERPRISES: CRISIL Keeps D Debt Rating in Not Cooperating
WOOLWORTHS INDIA: Voluntary Liquidation Process Case Summary
[*] S&P Takes Various Actions on Issue Ratings on Indian Companies


J A P A N

MT. GOX: Trustee Extends Repayment Deadline to October 2025


N E W   Z E A L A N D

EXCEL BUILDING: Iain Andrew Nellies Appointed as Liquidator
GOAT LOFT: Creditors' Proofs of Debt Due on Nov. 11
LIMPET CONTRACTORS: Court to Hear Wind-Up Petition on Nov. 8
SCS 2022: Court to Hear Wind-Up Petition on Nov. 8
TE TOHU: Creditors' Proofs of Debt Due on Nov. 15



P H I L I P P I N E S

ROXAS HOLDINGS: Defaults on Loans to BDO and BPI


S I N G A P O R E

BIG M MARINE: Court Enters Wind-Up Order
BRAZN PTE: Court to Hear Wind-Up Petition on Oct. 25
CDL HOSPITALITY: Fitch Affirms 'BB+' LongTerm IDR, Outlook Stable
EAST WELLSUM: Court to Hear Wind-Up Petition on Oct. 25
KALIMANTAN RAIL: Court to Hear Wind-Up Petition on Oct. 25

SMART FOOD: Court to Hear Wind-Up Petition on Oct. 25
[*] Over 2/5 of Bankruptcy Orders in H1 2024 Due to Co. Failures

                           - - - - -


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

AULICH CIVIL: Second Creditors' Meeting Set for Oct. 24
-------------------------------------------------------
A second meeting of creditors in the proceedings of Aulich Civil
Law Pty Ltd has been set for Oct. 24, 2024 at 10:00 a.m. via
electronic facilities.

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. 23, 2024 at 4:00 p.m.

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


BOD SCIENCE: Sees Cash Flow Changes Amid Biortica Deal
------------------------------------------------------
Tipranks.com reports that Bod Science Limited reported a
significant decrease in net cash outflow to $4k for Q1 FY2025,
aided by funding from Biortica Agrimed Limited.  According to
Tipranks.com, the company's quarterly customer receipts rose by
176% from the previous quarter, although they were down 70%
compared to the same period last year.

The company is navigating through a Deed of Company Arrangement and
working towards shareholder approval for a Share Purchase Agreement
with Biortica, Tipranks.com says.

Bod Science Limited (ASX:BOD), formerly trading as Bod Australia
Ltd, is a cannabis focused drug development and product innovation
company.

Brent Morgan and Andrew Barnden of Rodgers Reidy were appointed
Joint and Several Voluntary Administrators of the Company on Nov.
29, 2023.

On April 8, 2024, creditors resolved that the Company execute a
DOCA proposed by Biortica Agrimed Limited. The DOCA was
subsequently executed on April 24, 2024.

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

The ratings reflect the following factors.

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

"The credit support is sufficient to withstand the stresses we
apply. This credit support comprises note subordination for all
rated notes, excess spread, and mortgage insurance covering 13.5%
of the portfolio."

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

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

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

  Ratings Assigned

  ConQuest 2024-1 Trust

  Class A1, A$552.00 million: AAA (sf)
  Class AB, A$23.10 million: AAA (sf)
  Class B, A$9.30 million: AA (sf)
  Class C, A$6.90 million: A+ (sf)
  Class D, A$3.30 million: BBB+ (sf)
  Class E, A$2.40 million: BB+ (sf)
  Class F, A$3.00 million: Not rated


EPPING DEVELOPERS: First Creditors' Meeting Set for Oct. 24
-----------------------------------------------------------
A first meeting of the creditors in the proceedings of Epping
Developers Pty Ltd and Qartaba Homes Pty Ltd will be held on Oct.
24, 2024 at 10:30 a.m. and 11:30 a.m. respectfully, via
teleconference and video conference only.

Aaron Kevin Lucan of Worrells was appointed as administrator of the
company on Oct. 14, 2024.


FIRSTMAC MORTGAGE 2024-4: S&P Assigns B(sf) Rating to Cl. F Notes
-----------------------------------------------------------------
S&P Global Ratings assigned its ratings to eight of the nine
classes of prime residential mortgage-backed securities (RMBS)
issued by Firstmac Fiduciary Services Pty Ltd. as trustee for
Firstmac Mortgage Funding Trust No.4 Series 2024-4.

The ratings assigned to the prime floating-rate RMBS reflect the
following factors.

The credit risk of the underlying collateral portfolio and the
credit support provided to each class of notes are commensurate
with the ratings assigned. Credit support for the rated notes is
provided by subordination, excess spread, and lenders' mortgage
insurance (LMI). The credit support provided to the rated notes is
sufficient to cover the assumed losses at the applicable rating
stress. S&P's assessment of credit risk considers Firstmac Ltd.'s
(Firstmac) underwriting standards and approval processes, which are
consistent with industry-wide practices, and the strong servicing
quality of Firstmac, and the support provided by the LMI policies
on 10.3% of the loan portfolio.

The rated notes can meet timely payment of interest--excluding the
residual interest (if applicable) due on the class B, class C,
class D, class E, and class F notes--and ultimate repayment of
principal under the rating stresses. Key rating factors are the
level of subordination provided, the LMI cover, the liquidity
reserve, the principal draw function, the interest-rate swap, and
the provision of an extraordinary expense reserve. S&P's analysis
is on the basis that the notes are fully redeemed by their legal
final maturity date, and it does not assume the notes are called at
or beyond the call date.

S&P said, "Our ratings also take into account the counterparty
exposure to Westpac Banking Corp. as bank account provider and
National Australia Bank Ltd. as interest-rate swap provider. The
transaction documents for the facilities include downgrade language
consistent with our counterparty criteria.

"We also have factored into our ratings the legal structure of the
trust, which is established as a special-purpose entity and meets
our criteria for insolvency remoteness."

  Ratings Assigned

  Firstmac Mortgage Funding Trust No.4 Series 2024-4

  Class A1, A$1,575.00 million: AAA (sf)
  Class A2, A$70.00 million: AAA (sf)
  Class AB, A$35.00 million: AAA (sf)
  Class B, A$28.00 million: AA (sf)
  Class C, A$18.66 million: A (sf)
  Class D, A$9.34 million: BBB (sf)
  Class E, A$7.00 million: BB (sf)
  Class F, A$2.33 million: B (sf)
  Class G, A$4.67 million: Not rated


FRESKO FRUIT: First Creditors' Meeting Set for Oct. 24
------------------------------------------------------
A first meeting of the creditors in the proceedings of Fresko Fruit
Pty Ltd will be held on Oct. 24, 2024 at 11:00 a.m. via
teleconference only.

Mohammad Najjar of Vanguard Insolvency Australia was appointed as
administrator of the company on Oct. 14, 2024.


INFRABUILD AUSTRALIA: Fitch Lowers LongTerm IDR to 'CCC'
--------------------------------------------------------
Fitch Ratings has downgraded the Long-Term Issuer Default Rating
(IDR) of InfraBuild Australia Pty Ltd. (InfraBuild) to 'CCC', from
'B-'. The rating on InfraBuild's senior secured US dollar notes has
been downgraded to 'B-', from 'B+', with a Recovery Rating of
'RR2'. Fitch rates InfraBuild based on the consolidated profile of
its 100% holding company Liberty InfraBuild Ltd. (InfraBuild
group), which does not generate any revenue, nor holds any cash or
debt.

The rating downgrade is based on InfraBuild group's high
refinancing risk and associated minimal liquidity headroom. It has
USD150 million due under its asset-backed term loan (ABTL) in May
2026, after making early repayment of around USD160 million by
issuing a USD200 million tap of its senior secured notes in August
2024. Its liquidity forecast incorporates weaker EBITDA and a
special dividend of USD350 million to the parent group GFG Alliance
in the financial year ending June 2025 (FY25) for GFG Alliance to
reach a settlement with its creditors.

Key Rating Drivers

High Refinancing Risk: Fitch believes that Infrabuild may need
another tap issuance of its senior secured notes to refinance the
remaining ABTL, based on its assessment of weak traditional-banking
access. A rollover of the ABTL may become challenging if InfraBuild
seeks a relaxation of its covenants. A tap issuance is subject to
market conditions. In addition, bondholders may be unwilling to
take out the ABTL completely as they benefit from tighter
restrictions imposed by the ABTL on InfraBuild group's financial
profile and related-party transactions.

Poor Liquidity Seen: Fitch estimates that the InfraBuild group's
readily available cash balance will fall below AUD100 million in
FY26, which may not be sufficient to meet its intra-year working
capital needs, if it is unable to refinance the remaining ABTL. Its
forecast incorporates refinancing of the AUD50 million landholding
mortgage at Mayfield in October 2025 and that a AUD72 million
related-party loan is not called once the ABTL is repaid.

The group does not have short-term working capital facilities, but
Fitch thinks it has the ability to manage its working capital
through options such as securing prepayments from customers, which
mitigates the risk of default.

EBITDA to Decline: Fitch estimates the InfraBuild group's EBITDA
net leverage to rise to 4.0x by FY25 (FY24E: 3.0x) and EBITDA
interest coverage to fall to 1.3x (FY24E: 2.0x). Fitch forecasts
EBITDA to fall by almost 20% in FY25, after a drop of about 50% in
FY24. The group faces weaker domestic demand and pressure from
steel imports. It is also likely to bear additional costs for
importing semi-processed steel, due to continuing production issues
at key supplier Whyalla Steelworks. Fitch expects EBITDA to recover
in FY26 on better domestic demand. Fitch's EBITDA calculation
includes finance lease-related costs.

Risk of Covenant Breach: InfraBuild is finalising a reset of the
ABTL covenants, which mitigates risk of a breach in FY25, in its
view. However, the covenants get tighter in 1HFY26, and InfraBuild
may have to seek covenant waivers or a reset if its EBITDA remains
weak. An uncured breach could lead to an acceleration of the
remaining ABTL, from its due date in May 2026, and is an additional
risk to InfraBuild's liquidity.

Rated on a Standalone Basis: Fitch rates InfraBuild on a standalone
basis. Its ultimate controlling party as per its financial
statements is Liberty Steel Group Holdings Pte. Ltd (LSGH), which
is incorporated in Singapore. In turn, LSGH is a part of the larger
GFG Alliance. Fitch does not have any material information on LSGH
and its shareholders, and therefore cannot undertake a detailed
parent and subsidiary linkage.

However, Fitch thinks risks associated with cash drain from
InfraBuild for the benefit of the GFG Alliance beyond the special
dividend are mitigated by InfraBuild's debt covenants. This
provides us with sufficient confidence that this risk is factored
in the overall rating.

Market Leadership, Production Flexibility: InfraBuild is
Australia's sole electric arc furnace (EAF) based manufacturer of
long steel products and operates the country's second-largest
ferrous and non-ferrous recycling business. It has a strong
domestic market share of around 60% in long steel products and its
EAF-based operating model grants it more production flexibility
with lower environmental impact than blast furnace-based steel
producers.

ESG - Governance Structure: Fitch thinks the InfraBuild's credit
profile is exposed to governance risks. The ownership of Infrabuild
is concentrated with the GFG Alliance, which is being investigated
by UK's Serious Fraud Office (SFO) for suspected fraud and money
laundering. Infrabuild has a track record of related-party
transactions. Its board of directors has only three independent
members out of seven. Fitch sees some risk of further transactions
with related parties, despite the restrictive covenants in the ABTL
and bond documents.

Derivation Summary

InfraBuild's IDR can be compared with that of peers like Guangyang
Antai Holdings Limited (B/Stable), Metinvest B.V. (CCC) and
Cleveland-Cliffs Inc. (Cliffs, BB-/Stable).

Guangyang Antai and its subsidiaries produce stainless steel and
carbon steel, trade iron-ore fines and steel products, and provide
financial leases, which are used to service upstream and downstream
customers. It is one of China's top-10 stainless-steel producers.
Guangyang Antai's IDR is constrained by its large external
guarantees. The IDR is also weighed down by limited financial
access, geographic concentration, small EBITDA scale and weak cost
position, similar to InfraBuild. However, Fitch expects Guangyang
Antai's interest coverage to be significantly better than
InfraBuild, which supports a higher IDR.

Metinvest is a vertically integrated Ukrainian mining and steel
company, with most of its operations in Ukraine. Its rating
reflects heightened operational and financial risk since Russia's
invasion of Ukraine, due to occupation and damage of some of its
assets, as well as ongoing logistical and power constraints. The
IDR also incorporates Fitch's view that Metinvest is likely to
service its financial obligations in 2024 and 2025 with the help of
its overseas assets. Fitch assesses InfraBuild's business profile
to be significantly better, but high liquidity and refinancing
risks result in it being rated at the same level as Metinvest.

Cliffs is the largest flat-rolled steel producer and largest
producer of iron ore pellets in North America. It is a majority
blast furnace producer of steel with some EAF production. Its
business profile is stronger than InfraBuild's due to a much larger
EBITDA scale, focus on higher value-added products and a
significant share of fixed price contracts. Fitch also expects
Cliffs' leverage and coverage metrics to be healthier.

Key Assumptions

Fitch's Key Assumptions Within its Rating Case for InfraBuild group
are:

- Revenue to decline by 13% in FY24 and 6% in FY25, before
recovering by 4% in FY26

- Average Fitch-adjusted EBITDA margin of 5% over FY24-FY26 (FY23:
10%)

- Cumulative capex of around AUD350 million during FY24-FY26

- A special dividend of AUD525 million (USD350 million) in FY25.

Recovery Analysis

The recovery analysis assumes that InfraBuild would be liquidated
in a bankruptcy as Fitch estimates this results in a better return
to creditors. Fitch has assumed a 10% administrative claim.

Liquidation Approach

- To calculate the liquidation value, Fitch uses an 80% advance
rate against InfraBuild's estimate of the FYE24 value of trade
receivables, and a 50% rate against the estimated values of
inventories and property, plant and equipment (PP&E).

- Fitch incorporates the USD200 million tap issuance of the senior
secured notes in August 2024, which was used to repay around USD160
million of the ABTL.

The assumptions result in a recovery rate corresponding to an 'RR1'
Recovery Rating. However, Fitch assumes the remaining ABTL facility
is senior in the recovery waterfall to the senior secured notes,
which Fitch treats as second-lien, capping the Recovery Rating on
the notes at 'RR2'. This translates into a two-notch uplift from
the IDR under its Corporates Recovery Ratings and Instrument
Ratings Criteria.

RATING SENSITIVITIES

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

- Limited risk of readily available cash falling below AUD150
million due to likely debt repayments or potential related-party
transactions, or improved banking access.

- EBITDA interest coverage sustained above 1.5x.

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

- Weaker liquidity and refinancing ability, potentially evident
from a lack of progress on refinancing the remaining ABTL in the
next 12 months.

Liquidity and Debt Structure

Insufficient Cash for FY26 Maturities: Fitch forecasts that
InfraBuild's AUD295 million of cash at FYE25 will be insufficient
to address the AUD348 million of debt due in FY26. The FY26 debt
maturities comprise around AUD230 million of ABTL due in May 2026,
the AUD50 million Mayfield mortgage that matures in October 2025
and the AUD72 million related-party loan, which may be repayable
after the ABTL is repaid.

Fitch expects the mortgage to be rolled over and that the
related-party loan will not be called. However, Fitch thinks
InfraBuild's efforts to refinance the ABTL could be hindered by
negotiations with debt holders on covenants and debt structure, and
weak market conditions.

InfraBuild has around AUD1,175 million of debt following the tap
issue and prepayment of a portion of the ABTL, which is almost
entirely secured. Of the total, AUD825 million comprises bonds that
are due in 2028.

Issuer Profile

InfraBuild is Australia's sole vertically integrated manufacturer,
processor and distributor of steel long products, including
reinforcing steel, with an EAF-based steelmaking capacity of 1.4
million tonnes per annum. It comprises the manufacturing, product
mill, distribution and recycling assets of the former Arrium Group,
which were taken over by GFG Alliance in 2017.

Fitch rates InfraBuild on a standalone basis. Its ultimate
controlling party is LSGH. Fitch does not have any material
information on LSGH and its shareholders, and therefore cannot
undertake a detailed parent and subsidiary linkage. However, Fitch
thinks risks associated with cash drain from InfraBuild for the
benefit of the GFG Alliance beyond the special dividend are
mitigated by InfraBuild's debt covenants. This provides us with
sufficient basis to assess InfraBuild's credit profile and assign a
rating.

MACROECONOMIC ASSUMPTIONS AND SECTOR FORECASTS

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

ESG Considerations

InfraBuild has an ESG Relevance Score of '5' for Governance
Structure due to ownership by entities within Sanjeev Gupta's GFG
Alliance, which is under investigation by the SFO, and the lack of
a majority of independent directors on the board. This has a
negative impact on the credit profile, and is highly relevant to
the rating, resulting in a lower IDR for InfraBuild.

InfraBuild has an ESG Relevance Score of '4' for Group Structure
due to it being part of the complex GFG Alliance and numerous
related-party transactions, which has a negative impact on the
credit profile, and is relevant to the ratings in conjunction with
other factors.

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

   Entity/Debt             Rating         Recovery   Prior
   -----------             ------         --------   -----
InfraBuild
Australia Pty Ltd.   LT IDR CCC Downgrade            B-

   senior secured    LT     B-  Downgrade   RR2      B+

MORTGAGE HOUSE 2024-2: S&P Assigns B+ (sf) Rating to Cl. F Notes
----------------------------------------------------------------
S&P Global Ratings assigned its ratings to eight classes of prime
residential mortgage-backed securities (RMBS) issued by Perpetual
Trustee Co. Ltd. as trustee for Mortgage House Capital Mortgage
Trust No.1 - Mortgage House RMBS Osmium Series 2024-2.

Mortgage House RMBS Osmium Series 2024-2 is a securitization of
residential mortgage loans to Australian residents, nonresidents,
and self-managed superannuation fund borrowers, originated by
Mortgage House of Australia Pty Ltd.

The ratings reflect the following factors.

S&P said, "We have assessed the credit risk of the underlying
collateral portfolio, and we believe the credit support provided to
each class of notes is commensurate with the ratings assigned.
Credit support for the rated notes comprises note subordination,
lenders' mortgage insurance on 1.3% of the mortgage loan portfolio,
and excess spread.

"We have considered the underwriting standard and centralized
approval process of the seller, Mortgage House of Australia.

"We expect that the various mechanisms to support liquidity within
the transaction, including a liquidity facility equal to 1.5% of
the outstanding balance of the notes and principal draws are
sufficient under our stress assumptions.

"Our ratings also reflect the fixed- to floating-rate interest-rate
swap provided by National Australia Bank Ltd. to hedge the mismatch
between receipts from any fixed-rate mortgage loans and the
variable-rate RMBS."

  Ratings Assigned

  Mortgage House Capital Mortgage Trust No.1 –
  Mortgage House RMBS Osmium Series 2024-2

  Class A1-S, A$187.50 million: AAA (sf)
  Class A1-L, A$412.50 million: AAA (sf)
  Class A2, A$63.75 million: AAA (sf)
  Class B, A$41.25 million: AA (sf)
  Class C, A$22.50 million: A (sf)
  Class D, A$10.50 million: BBB (sf)
  Class E, A$5.62 million: BB+ (sf)
  Class F, A$3.00 million: B+ (sf)
  Class G1, A$1.70 million: Not rated
  Class G2, A$1.68 million: Not rated


OLYMPUS 2024-2: S&P Assigns B+ (sf) Rating to Class F Notes
-----------------------------------------------------------
S&P Global Ratings assigned its ratings to eight classes of prime
residential mortgage-backed securities (RMBS) issued by Perpetual
Corporate Trust Ltd. as trustee of Olympus 2024-2 Trust.

Olympus 2024-2 Trust is a securitization of prime residential
mortgages originated by Athena Mortgage Pty Ltd. This is the third
standalone RMBS transaction rated by S&P Global Ratings consisting
fully of loans originated by Athena.

The ratings S&P has assigned to the floating-rate RMBS reflect the
following factors.

The credit risk of the underlying collateral portfolio and the
credit support provided to each class of notes are commensurate
with the ratings assigned. Note subordination and excess spread
provide credit support. S&P's assessment of credit risk considers
Athena's underwriting standards and approval process. Its
assessment also takes into account Athena's servicing and
underwriting standards.

The rated notes can meet timely payment of interest and ultimate
payment of principal under the rating stresses. Key rating factors
are the level of subordination provided, the provision of a
liquidity facility, the principal draw function, and the provision
of an extraordinary expense reserve. S&P's analysis is on the basis
that the rated notes are fully redeemed via the principal waterfall
mechanism under the transaction documents by their legal final
maturity date, and it assumes the notes are not called at or beyond
the call-option date.

S&P said, "Our ratings also consider the counterparty exposure to
National Australia Bank Ltd. as bank account provider and liquidity
facility provider. The transaction documents for the facilities
include downgrade language consistent with S&P Global Ratings'
counterparty criteria.

"We have also factored into our ratings the legal structure of the
trust, which is established as a special-purpose entity and meets
our criteria for insolvency remoteness."

  Ratings Assigned

  Olympus 2024-2 Trust

  Class A1S, A$230.0 million: AAA (sf)
  Class A1L, A$670.0 million: AAA (sf)
  Class A2, A$58.5 million: AAA (sf)
  Class B, A$16.0 million: AA (sf)
  Class C, A$10.0 million: A (sf)
  Class D, A$5.0 million: BBB (sf)
  Class E, A$5.0 million: BB (sf)
  Class F, A$1.5 million: B+ (sf)
  Class G1, A$2.0 million: Not rated
  Class G2, A$2.0 million: Not rated


PUBLIC HOSPITALITY: Jon Adgemis Defends AUD9MM Transactions
-----------------------------------------------------------
The Greek Herald reports that Sydney pub mogul Jon Adgemis has
rejected claims by administrators that he withdrew AUD9 million
from his struggling hospitality business, arguing that the
transactions were intended to support the company.

In response to an administration report by BDO Business
Restructuring's national leader Duncan Clubb, Mr. Adgemis insisted
that he did not derive "any personal benefit from those
transactions," The Greek Herald relates.

The Greek Herald says the BDO administrators highlighted AUD9
million in funds taken out of Adgemis' pub business in the year
leading up to their appointment, suggesting the transactions "may
constitute uncommercial transactions." Additionally, they allege
Adgemis extracted AUD475,000 from the business since becoming a
director on 6 November 2023.

Administrators have advised creditors to liquidate Adgemis'
businesses, which were taken over by lenders due to a AUD100
million debt dispute. This recommendation comes despite Adgemis
proposing a deed of company arrangement to fully repay certain
creditors for his five pubs.

According to The Greek Herald, a spokesperson Adgemis stated on
Oct. 17 that a supplementary report for creditors is expected to
provide clarity on his deed of company arrangement compared to the
uncertainties and potential losses of liquidation.

The AUD9 million identified by BDO represents a "subset of
transactions in respect of intercompany transfers between the
property group," the spokesman explained, clarifying that Adgemis
had not personally benefited from the transactions, which were
directed towards legitimate business expenses.

The spokesman added that the transactions were carried out under
the direction of lenders to the property companies and Public
Lifestyle Management (PLM), the employment entity of the pub group,
The Greek Herald relays.

Mr. Adgemis' company, JAGA, is now a "net creditor" to the
companies in administration, potentially owed up to AUD13 million.

Duncan Club and Andrew Sallway of BDO advisory firm have also been
appointed voluntary administrators at affiliated companies
including Public Lifestyle Management Pty Ltd, Good Food said.


RED ROOSTER: First Creditors' Meeting Set for Oct. 28
-----------------------------------------------------
A first meeting of the creditors in the proceedings of Red Rooster
Joondanna Pty Ltd will be held on Oct. 28, 2024 at 11:00 a.m. via
virtual meeting only.

Mervyn Jonathan Kitay of Worrells was appointed as administrator of
the company on Oct. 16, 2024.


REDZED TRUST 2023-3: Fitch Hikes Rating on Class F Notes From B+sf
------------------------------------------------------------------
Fitch Ratings has upgraded six note classes and affirmed 15 from
three RedZed Trust Series transactions.

The transactions are backed by first-ranking Australian conforming
and non-conforming full- and low-documentation mortgage loans
originated by RedZed Lending Solutions Pty Limited. The notes were
issued by Perpetual Trustee Company Limited in its capacity as
trustee of the series.

The upgrades reflect the build-up of credit enhancement that has
more than offset the impact of increased arrears on the foreclosure
frequency of the transactions.

   Entity/Debt              Rating           Prior
   -----------              ------           -----
RedZed Trust
Series 2022-2

   A-1-L AU3FN0069886   LT AAAsf  Affirmed   AAAsf
   A-2 AU3FN0069894     LT AAAsf  Affirmed   AAAsf
   B AU3FN0069902       LT AAAsf  Upgrade    AA+sf
   C AU3FN0069910       LT AAsf   Upgrade    AA-sf
   D AU3FN0069928       LT Asf    Upgrade    BBB+sf
   E AU3FN0069936       LT BBB+sf Upgrade    BB+sf
   F AU3FN0069944       LT BBBsf  Upgrade    BB+sf

RedZed Trust
Series 2022-3

   A-1 AU3FN0072773     LT AAAsf  Affirmed   AAAsf
   A-2 AU3FN0072781     LT AAAsf  Affirmed   AAAsf
   B AU3FN0072799       LT AA+sf  Affirmed   AA+sf
   C AU3FN0072807       LT A+sf   Affirmed   A+sf
   D AU3FN0072815       LT BBB+sf Affirmed   BBB+sf
   E AU3FN0072823       LT BBsf   Affirmed   BBsf
   F AU3FN0072831       LT B+sf   Affirmed   B+sf

RedZed Trust
Series 2023-3

   A-1 AU3FN0082657     LT AAAsf  Affirmed   AAAsf
   A-2 AU3FN0082665     LT AAAsf  Affirmed   AAAsf
   B AU3FN0082673       LT AAsf   Affirmed   AAsf
   C AU3FN0082681       LT Asf    Affirmed   Asf
   D AU3FN0082699       LT BBBsf  Affirmed   BBBsf
   E AU3FN0082707       LT BBsf   Affirmed   BBsf
   F AU3FN0082715       LT BB-sf  Upgrade    B+sf

KEY RATING DRIVERS

Deteriorating Asset Performance, but Sufficient Credit Enhancement:
The 30+ day arrears for RedZed Trust Series 2022-2, 2022-3 and
2023-3 as of end-August 2024 ranged from 3.2% to 6.8%, compared
with Fitch's 1Q24 non-conforming Dinkum RMBS Index of 4.19%. The
transactions' 90+ day arrears ranged from 1.3% to 2.3%, compared
with the Dinkum 90+ day arrears of 1.53%. The high arrears follow
faster and higher interest rate hikes by the issuer than by the
central bank and persistent inflation that has pressured borrowers'
repayment capacity.

The 'AAAsf' weighted-average foreclosure frequency (WAFF) for
RedZed Trust Series 2022-2 of 18.6% is driven by the foreclosure
frequency floor applied to loans in arrears, the WA unindexed
current loan/value ratio (LVR) of 64.2%, self-employed borrowers
making up 94.9% of the pool, low documentation loans making up
86.6% and, under Fitch's methodology, non-conforming and investment
loans comprising 10.1% and 59.0% respectively. The 'AAAsf'
weighted-average recovery rate (WARR) of 57.2% was driven by the
portfolio's WA indexed scheduled LVR of 65.8%. There has been one
loss on RedZed Trust Series 2022-2 to date of AUD189,926, which was
reimbursed by excess spread.

The 'AAAsf' WAFF for RedZed Trust Series 2022-3 of 19.0% is driven
by the foreclosure frequency floor applied to loans in arrears, the
WA unindexed current LVR of 61.9%, self-employed borrowers making
up 95.3% of the pool, low documentation loans making up 87.6% and,
under Fitch's methodology, non-conforming and investment loans
comprising 12.3% and 36.0%, respectively. The 'AAAsf' WARR of 60.2%
was driven by the portfolio's WA indexed scheduled LVR of 60.5%.
There has been one loss on RedZed Trust Series 2022-3 to date of
AUD94,345, which was reimbursed by excess spread.

The 'AAAsf' WAFF for RedZed Trust Series 2023-3 of 17.8% is driven
by the foreclosure frequency floor applied to loans in arrears, the
WA unindexed current LVR of 65.6%, self-employed borrowers making
up 95.3% of the pool, low documentation loans making up 91.0% and,
under Fitch's methodology, non-conforming and investment loans
comprising 14.3% and 43.0%, respectively. The 'AAAsf' WARR of 58.9%
was driven by the portfolio's WA indexed scheduled LVR of 62.5%.

Credit Enhancement Supports Ratings: The transactions have built up
credit enhancement through sequential principal repayment since
closing, which has offset elevated arrears, supporting the current
ratings in the cash flow model.

The class F notes for RedZed Trust Series 2022-2 were constrained
from upgrade by Fitch's large obligor concentration test. RedZed
Trust Series 2022-2 is currently paying principal pro rata and will
revert to sequential paydown if performance deteriorates
significantly or if the transaction reaches the clean-up call date.
RedZed Trust Series 2022-3 and RedZed Trust Series 2023-3 are
currently paying principal sequentially, building up credit
enhancement, and will switch to pro rata when the principal
step-down test is satisfied.

Liquidity Risk Mitigated: Structural features include retention and
amortisation amounts that redirect excess income to repay the
notes' principal balances and liquidity facilities sized at 1.5% of
the invested note balance (excluding class G), with floors of
AUD750,000; this is sufficient to mitigate payment interruption
risk.

Low Operational and Servicing Risk: RedZed was established in 2006
and is an experienced specialist lender for self-employed
borrowers. Fitch undertook an operational review and found that the
operations of the originator and servicer were comparable with
market standards.

Tight Labour Market Supports Outlook: 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 reaching 4.5%
next year. This reflects Fitch's expectation that restrictive
monetary policy and persistent inflation will continue to hinder
domestic demand.

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 delinquencies
and defaults, which could reduce credit enhancement available to
the notes.

Downgrade Sensitivities:

Unanticipated increases in the frequency of defaults 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 coverage decline. Hence, Fitch conducts
sensitivity analysis by stressing a transaction's initial base-case
assumptions. Fitch applies the recovery rate stress to the recovery
rate to isolate the effect of a change in recovery proceeds at the
borrower level.

RedZed Trust Series 2023-3

Notes: A-1 / A-2 / B / C / D / E / F

Current rating: AAAsf / AAAsf / AAsf / Asf / BBBsf / BBsf / BB-sf

Increase defaults by 15%: AAAsf / AAAsf / AAsf / A-sf / BB+sf /
BB-sf / BB-sf

Increase defaults by 30%: AAAsf / AAAsf / AA-sf / A-sf / BB+sf /
B+sf / B+sf

Reduce recoveries by 15%: AAAsf / AAAsf / AAsf / Asf / BBBsf / BBsf
/ BB-sf

Reduce recoveries by 30%: AAAsf / AAAsf / AAsf / Asf / BBBsf / BBsf
/ BB-sf

Increase defaults by 15% and reduce recoveries by 15%: AAAsf /
AAAsf / AAsf / A-sf / BB+sf / BB-sf / BB-sf

Increase defaults by 30% and reduce recoveries by 30%: AAAsf /
AAAsf / AA-sf / A-sf / BB+sf / B+sf / B+sf

RedZed Trust Series 2022-3

Notes: A-1 / A-2 / B / C / D / E / F

Current rating: AAAsf / AAAsf / AA+sf / A+sf / BBB+sf / BBsf /
B+sf

Increase defaults by 15%: AAAsf / AAAsf / AAsf / A+sf / BBB+sf /
B+sf / Bsf

Increase defaults by 30%: AAAsf / AAAsf / AA-sf / Asf / BBBsf / Bsf
/ B-sf

Reduce recoveries by 15%: AAAsf / AAAsf / AA+sf / A+sf / BBB+sf /
BB-sf / B+sf

Reduce recoveries by 30%: AAAsf / AAAsf / AA+sf / A+sf / BBB+sf /
BB-sf / B+sf

Increase defaults by 15% and reduce recoveries by 15%: AAAsf /
AAAsf / AAsf / A+sf / BBB+sf / B+sf / Bsf

Increase defaults by 30% and reduce recoveries by 30%: AAAsf /
AAAsf / AA-sf / Asf / BBBsf / Bsf / B-sf

RedZed Trust Series 2022-2

Notes: A-1-L / A-2 / B / C / D / E / F

Current rating: AAAsf / AAAsf / AAAsf / AA+sf / A+sf / BBB+sf /
BBBsf

Increase defaults by 15%: AAAsf / AAAsf / AAAsf / AA+sf / Asf /
BBB+sf / BBB-sf

Increase defaults by 30%: AAAsf / AAAsf / AAAsf / AAsf / A-sf /
BBBsf / BBB-sf

Reduce recoveries by 15%: AAAsf / AAAsf / AAAsf / AA+sf / A+sf /
BBB+sf / BBB-sf

Reduce recoveries by 30%: AAAsf / AAAsf / AAAsf / AA+sf / A+sf /
BBB+sf / BBB-sf

Increase defaults by 15% and reduce recoveries by 15%: AAAsf /
AAAsf / AAAsf / AA+sf / Asf / BBB+sf / BBB-sf

Increase defaults by 30% and reduce recoveries by 30%: AAAsf /
AAAsf / AAAsf / AAsf / A-sf / BBBsf / BBB-sf

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

An upgrade could result from macroeconomic 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 are not relevant for the 'AAAsf' rated notes
as they are at the highest level on Fitch's scale and cannot be
upgraded. Prepayments to the loans with the largest obligor
exposure, which result in the notes passing Fitch's concentration
test, could lead to positive rating action for the notes, all else
being equal.

Upgrade Sensitivities:

RedZed Trust Series 2023-3

Notes: B / C / D / E / F

Current rating: AAsf / Asf / BBBsf / BBsf / BB-sf

Reduce defaults by 15% and increase recoveries by 15%: AA+sf / Asf
/ BBBsf / BBsf / BBsf

RedZed Trust Series 2022-3

Notes: B / C / D / E / F

Current rating: AA+sf / A+sf / BBB+sf / BBsf / B+sf

Reduce defaults by 15% and increase recoveries by 15%: AA+sf / AAsf
/ Asf / BBsf / BB-sf

RedZed Trust Series 2022-2

Notes: C / D / E / F

Current rating: AA+sf / A+sf / BBB+sf / BBBsf

Reduce defaults by 15% and increase recoveries by 15%: AAAsf /
AA-sf / A-sf / BBBsf

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

As part of its ongoing monitoring, Fitch conducted a review of 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.

STAR ENTERTAINMENT: Faces AUD15MM Fine
---------------------------------------
The Sydney Morning Herald reports that Star Entertainment has been
hit with AUD15 million in fines by the NSW casino regulator and its
licence suspension has been extended until early 2025.

According to SMH, the financially distressed Sydney casino will
continue to be overseen by a government-appointed manager. NSW
Independent Casino Commission (NICC) chief commissioner Philip
Crawford said the recent inquiry by Adam Bell, SC, had uncovered
continuing compliance failures.

After Mr. Bell's second report into the casino, which was released
in August, Mr. Crawford on Oct. 17 said he considered that
cancelling Star's licence would have been a "very final act",
noting the economic implications of the closure in NSW and
Queensland.

"We're very heavily still motivated by what our perception of the
public interest is," the report quotes Mr. Crawford as saying. "And
if Sydney Star fails, the Star Group will fail, and that's a group
that employs 9000-plus people and if you add on to that, the huge
number of suppliers to the business."

Mr. Crawford would not engage on whether the casino had become too
big to fail, but said there was "no coming back if you take the
licence away", says the report.

"There's no suggestion in this Bell Report of criminality. There's
no suggestion that organised crime infiltrated again, but there's
huge question marks over the last couple of years of their
confidence and their capability," he said, SMH relates. "That can't
continue, but we've got plenty of work being done on the culture,
and there's no doubt that the staff are really keen to do the right
thing to get on with business that they do need leadership. It's a
big company."

SMH says the AUD15 million fine was in relation to breaches of
internal control manuals. Moreover, Star had been served with a
direction regarding the operation of its compliance committee, and
reporting lines within it. The reforms are expected to be
implemented by June 30 next year.

The casino's government-appointed manager will continue until March
31, according to SMH.

SMH relates that Mr. Crawford said the company's transparency and
accountability had improved "incredibly" under the stewardship of
new chief executive Steve McCann, appointed in June after the
review claimed the scalps of Star chairman David Foster and chief
executive Robbie Cooke.

"We've noted a significant change and improvement in the dialogue
between the regulator and the casino post Bell, and especially
since the appointment of Steve McCann as the CEO, which happened in
early August," he said.

Star acknowledged the fine and its licence suspension in an update
to investors, saying it was working on "a viable pathway towards
suitability," SMH relays.

"The group will continue to engage constructively with the NICC in
respect of The Star Sydney and its operations while its licence
remains suspended," the company said in an ASX announcement.

Last month, the ailing Star reported a AUD1.69 billion loss and
said it would slash hundreds of jobs and consider selling assets,
after negotiating a last-ditch deal with its banks to secure AUD200
million in loans, SMH adds.

                   About The Star Entertainment

The Star Entertainment Group Limited (ASX:SGR) --
https://www.starentertainmentgroup.com.au/ -- is an Australia-based
company that provides gaming, entertainment and hospitality
services. The Company operates The Star Sydney (Sydney), The Star
Gold Coast (Gold Coast) and Treasury Brisbane (Brisbane). The
Company operates through three segments: Sydney, Gold Coast and
Brisbane. Sydney segment consists of The Star Sydney's casino
operations, including hotels, restaurants, bars and other
entertainment facilities. Gold Coast segment consists of The Star
Gold Coast's casino operations, including hotels, theatre,
restaurants, bars and other entertainment facilities. Brisbane
segment includes Treasury's casino operations, including hotel,
restaurants and bars. The Company also manages the Gold Coast
Convention and Exhibition Centre on behalf of the Queensland
Government. The Company also owns Broadbeach Island on which the
Gold Coast casino is located.

The Star Entertainment Group posted three consecutive annual net
losses of AUD198.6 million, AUD2.43 billion and AUD1.68 billion for
the years ended June 30, 2022, 2023, and 2024, respectively.

UNITED PLUMBING: First Creditors' Meeting Set for Oct. 24
---------------------------------------------------------
A first meeting of the creditors in the proceedings of United
Plumbing Drainage & Earthworks Pty Limited will be held on Oct. 24,
2024 at 11:30 a.m. via virtual meeting only.

Scott Andersen of Worrells was appointed as administrator of the
company on Oct. 14, 2024.




===================
B A N G L A D E S H
===================

SOCIAL ISLAMI: Moody's Confirms Caa1 Bank Deposit, Issuer Ratings
-----------------------------------------------------------------
Moody's Ratings has confirmed Social Islami Bank PLC.'s (SIBP) Caa1
long-term (LT) foreign currency (FC) and local (LC) currency bank
deposit ratings, Caa1 LT FC and LC issuer ratings, Caa1 LT FC and
LC Counterparty Risk Rating (CRR), Caa1(cr) LT Counterparty Risk
(CR) Assessment and caa3 Baseline Credit Assessment (BCA) and
Adjusted BCA.

At the same time, Moody's have affirmed the bank's Not Prime (NP)
short-term (ST) FC and LC CRRs, NP ST FC and LC bank deposit
ratings, NP(cr) ST CR Assessment and NP ST FC and LC issuer
ratings.

Moody's have changed the outlook where applicable to negative from
ratings under review. This concludes the ratings review for
downgrade initiated on August 22, 2024 following concerns over
SIBP's viability amid governance issues that have weakened its
funding and liquidity and increased its asset risks.

Subsequently, Moody's will withdraw all ratings of SIBP.

RATINGS RATIONALE

SIBP's Caa1 deposit ratings incorporate its caa3 BCA and two
notches of uplift to reflect support from the government of
Bangladesh (B1 stable) in times of stress.

The confirmation of SIBP's ratings reflects Moody's opinion that
risks to the bank's viability have somewhat diminished. This comes
after Bangladesh's banking regulatory authority replaced SIBP's
board in August 2024 and made changes to management team to address
irregularities and improve the bank's governance. These actions,
along with ongoing liquidity support, have helped stabilize SIBP's
operations. Nevertheless, its asset quality and funding remain
susceptible to unexpected strain because of significant governance
concerns, which had led to the regulator's actions.

Significant governance issues in Bangladesh's Islamic banks,
including SIBP, have weakened depositor confidence in those banks.
Social unrest and a government change in August 2024 have further
added strain to SIBP's standalone viability.

The principal methodology used in these ratings was Banks
Methodology published in March 2024.

Moody's have decided to withdraw the rating(s) following a review
of the issuer's request to withdraw its rating(s).

Social Islami Bank PLC. is headquartered in Dhaka, Bangladesh, and
reported total assets of BDT476 billion as of December 2023.  



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

AMBITION INDO: Insolvency Resolution Process Case Summary
---------------------------------------------------------
Debtor: Ambition Indo Steel LLP
7/197, Malviya Nagar Jaipur,
        Rajasthan-302017

Insolvency Commencement Date: September 23, 2024

Estimated date of closure of
insolvency resolution process: March 22, 2025

Court: National Company Law Tribunal, Jaipur Bench

Insolvency
Professional: Sumit Rajnikant Mehta
       303 Aagam Flats, Near Sharda Mandir School,
              Paldi, Sharda Mandir School,
              Ahmadabad, Gujarat-380007
              Email: casumit97@gmail.com

              Sumit Mehta, Sumit R Mehta & Associates,
              712, Addor Aspire-I, Near Jahnvi Restaurant,
              Panjrapole Ahmedabad-380015
              Email: cirp.aisl@gmail.com

Last date for
submission of claims: October 10, 2024


B. B. PRODUCTS: CRISIL Keeps D Debt Rating in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of B. B. Products
(BBP) continues to be 'CRISIL D Issuer Not Cooperating'.

                       Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Term Loan              6         CRISIL D (Issuer Not
                                    Cooperating)

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

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

Detailed Rationale

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

BBP was set up in 2016 by Gujarat-based Mr Praful Bhimani, Mr
Hardik Desai, and their family members. The firm provides cold
storage facilities across Navsari. It commenced operations in
December 2017.


BABASAHEB DESHMUKH: CRISIL Keeps D Rating in Not Cooperating
------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Babasaheb
Deshmukh Shetkari Sahakari Soot Girni Maryadit (Babasaheb)
continues to be 'CRISIL D Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Term Loan             22.4       CRISIL D (Issuer Not
                                    Cooperating)

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

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

Detailed Rationale

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

Set up in 1990, Babasaheb manufactures cotton yarn at its unit in
Sangli (Maharashtra), which has installed capacity of 19,488
spindles. Operations are managed by Mr. Sukumar Powar.


BHAGATJEE STEELS: CRISIL Lowers Rating on INR16cr Loan to D
-----------------------------------------------------------
CRISIL Ratings has downgraded its rating on Bhagatjee Steels
Private Limited (BSPL) to 'CRISIL D Issuer Not Cooperating' from
'CRISIL B+/Stable Issuer Not Cooperating'.

                       Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit            16        CRISIL D (ISSUER NOT
                                    COOPERATING; Downgraded from
                                    'CRISIL B+/Stable ISSUER NOT
                                    COOPERATING')

CRISIL Ratings has been consistently following up BSPL 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 BSPL, which restricts CRISIL
Ratings' ability to take a forward-looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on BSPL
is consistent with 'Assessing Information Adequacy Risk'.

Based on the last available information, CRISIL Ratings has
downgraded its rating to 'CRISIL D Issuer Not Cooperating' from
'CRISIL B+/Stable Issuer Not Cooperating' as the conduct of the
account has been irregular. As per information available in the
public domain, there remains delinquency in company accounts and
clarity about the same from the management and bankers is
continuing to remain awaited.

The company is into Manufacturing MS ingots, angles, flats,
channels, rounds, squares etc. with an installed capacity of 24000
metric tonnes per annum (MTPA) for structural steels and 50000 MTPA
for MS ingots.


BORSE BROTHERS: CRISIL Keeps D Debt Ratings in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Borse
Brothers Engineers & Contractors Private Limited (BBEC) 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            3         CRISIL D (Issuer Not
                                    Cooperating)

   Project Loan           3         CRISIL D (Issuer Not
                                    Cooperating)

   Proposed Long Term     7.2       CRISIL D (Issuer Not
   Bank Loan Facility               Cooperating)

   Term Loan              1.65      CRISIL D (Issuer Not
                                    Cooperating)

   Term Loan              0.15      CRISIL D (Issuer Not
                                    Cooperating)

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

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

Detailed Rationale

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

Incorporated in April 2010, BBEC constructs roads and buildings,
and also undertakes irrigation projects for central and state
government agencies. Business was earlier carried out under a
proprietorship firm, Borse Brothers Engineers and Contractors,
established in 1986.


BYJU'S: US Units Head for Bankruptcy Sale Under Court Trustee
-------------------------------------------------------------
Bloomberg News reports that three US education-software companies
that bankrupt Indian tech-firm Byju's bought for $820 million just
a few years ago will be put up for sale in order to repay lenders,
a court-appointed trustee said.

It is unclear how much the units are worth and if all three -
Neuron Fuel Inc., Epic! Creations Inc. and Tangible Play Inc. -
will attract offers, the trustee, Claudia Springer, said in an
interview, Bloomberg relates. Byju's slashed spending at these
firms and shipped key functions, including software development, to
India before largely abandoning the units in recent months,
according to court documents.

"We have had people reach out to us that have expressed interest,"
Bloomberg quotes Ms. Springer as saying. "But there is a lot that
has to happen" before the companies are ready to put on the auction
block.

Any sale would mark the first time creditors succeed in using US
courts to collect on what Byju's owes them, Bloomberg notes. The
company defaulted on $1.2 billion owed to US lenders and stymied
efforts to recover $533 million in cash that went missing last
year.

Meanwhile, lenders are being asked to provide a $9.5 million
bankruptcy loan for working capital needs, general corporate
purposes and related Chapter 11 costs for the units, said people
familiar with the situation, Bloomberg reports. The financing would
help stabilize the units ahead of an auction process, said the
people, who asked not to be identified discussing a private
matter.

Last month, creditors convinced a US bankruptcy judge in
Wilmington, Delaware to appoint Ms. Springer to oversee the three
US units of Byju's, recalls Bloomberg.

The companies were wrongly drained of cash in recent months, Ms.
Springer said in court papers. Several million dollars were taken
out of the companies accounts, she said in the interview. She
declined to name the people responsible, saying that information
would come out in court papers.

Company founder Byju Raveendran has denied wrongdoing, saying his
actions were justified in response to overly aggressive tactics
used by lenders who specialize in squeezing money out of distressed
companies, according to Bloomberg.

The two sides have been fighting in state and federal courts for
more than a year about what happened to the $533 million.

A fourth Byju's unit, called Byju's Alpha, is also under court
protection, Bloomberg notes. The entity is a shell company with no
operations and was used by Byju's to tap US capital markets.

                           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.

Alleged creditors of Epic! Creations, also a U.S. unit, sought
involuntary petition under Chapter 11 of the the U.S. Bankruptcy
Code against Epic! Creations (Bankr. D. Del. Case No. 24-11161) on
June 5, 2024.

CONSURE MEDICAL: Voluntary Liquidation Process Case Summary
-----------------------------------------------------------
Debtor: Consure Medical Private Limited
7/4626, Dangi Sheri No 3 Mahatma Gandhi Road,
        Delhi Gate, Surat-395003

Liquidation Commencement Date: September 23, 2024

Court: National Company Law Tribunal, Ahmedabad Bench

Liquidator: Anagha Anasingaraju
     1-2, Aishwarya Sankul,
            17 G.A. Kulkarni Path.
            Opp.  Joshi's Railway Museum,
            Kothrud, Pune-411038
            Email: rp.anagha@kanjcs.com
            Telephone No: 020-25466265/ 25461561

Last date for
submission of claims: October 22, 2024


DHANASHRI HOME: Voluntary Liquidation Process Case Summary
----------------------------------------------------------
Debtor: Dhanashri Home Finance Private Limited
No. 515, 19th Main Road, Vanganahalli
        1st Sector, HSR Layout,
        Bangalore South, Karnataka, India, 560102

Liquidation Commencement Date: September 24, 2024

Court: National Company Law Tribunal, Bengaluru Bench

Liquidator: Ganesh Panduranga Pai
     No. 68, 6B, 6th Floor, Chitrapur Bhawan
            8th Main, 15th, Cross Malleshwaram
            Bangalore-560055
            Email: pragnya.cas@gmail.com
            Tel No: 9845666596
            Tel No: 080-23565641

Last date for
submission of claims: October 25, 2024



EFFULGENCE TRADING: CRISIL Keeps D Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Effulgence
Trading And Services Private Limited (Arka Carbon) continue to be
'CRISIL D/CRISIL D Issuer Not Cooperating'.

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

   Cash Credit           2          CRISIL D (Issuer Not
                                    Cooperating)

   Cash Credit           6          CRISIL D (Issuer Not
                                    Cooperating)

   Letter of Credit     45          CRISIL D (Issuer Not
                                    Cooperating)

   Letter of Credit     23          CRISIL D (Issuer Not
                                    Cooperating)

   Letter of Credit     13          CRISIL D (Issuer Not
                                    Cooperating)

   Letter of Credit     19          CRISIL D (Issuer Not
                                    Cooperating)

   Overdraft Facility    1          CRISIL D (Issuer Not
                                    Cooperating)

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

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

Detailed Rationale

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

For arriving at the ratings, CRISIL Ratings has combined the
business and financial risk profiles of SCCPL, Arka Carbon Fuels
Pvt Ltd (Arka Carbon), and Shree Ganpatlal Onkarlal Agarwal &
Company (Shree Ganpatlal). This is because the three entities,
together referred to as the Swastik group, are held and managed by
the same promoters and have operational and financial linkages.

SCCPL and Arka Carbon, based in Indore (Madhya Pradesh), trade in
indigenous and imported coal. The group also provides logistic
services through Shree Ganpatlal. Established in 1984 by members of
the Bindal family for trading in indigenous coal, the group is now
focused on imported coal; it both directly imports coal from
international suppliers and relies on merchant importers in India.


G.NANDY: Voluntary Liquidation Process Case Summary
---------------------------------------------------
Debtor: G.Nandy Industries Private Limited
P-86/1, Benaras Road, Belgachia,
        Howrah, West Bengal-711108

Liquidation Commencement Date: September 23, 2024

Court: National Company Law Tribunal, Kolkata Bench

Liquidator: CS Saurabh Basu
     Alapan Apartment,
            3rd Floor, 10/6/2 Raja Rammohan Roy Road,
            Kolkata, West Bengal, 700008
            Mobile No: +91 9830063501
            Email: pcs.saurabhbasu@gmail.com

Last date for
submission of claims: October 22, 2024




GENESYS BIOLOGICS: CRISIL Lowers Rating on INR36cr Loan to D
------------------------------------------------------------
CRISIL Ratings has downgraded its rating on the long term bank
facilities of Genesys Biologics Private Limited (GBPL) to 'CRISIL
D' from 'CRISIL C'.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Cash Credit            2         CRISIL D (Downgraded from
                                    'CRISIL C')

   Cash Credit            5.5       CRISIL D (Downgraded from
                                    'CRISIL C')

   Cash Credit            3.5       CRISIL D (Downgraded from
                                    'CRISIL C')

   Proposed Long Term
   Bank Loan Facility     0.5       CRISIL D (Downgraded from
                                    'CRISIL C')

   Term Loan             36         CRISIL D (Downgraded from
                                    'CRISIL C')

   Term Loan             12         CRISIL D (Downgraded from
                                    'CRISIL C')

   Term Loan             10.5       CRISIL D (Downgraded from
                                    'CRISIL C')

The downgrade reflects delay in servicing the term debt obligations
for the month of September 2024 due to stretch in liquidity.

The rating continues to reflect the risks associated with
stabilization of operations post commercialization of existing
facilities, project risk related to the proposed manufacturing
facility and regulatory uncertainties in connection with the
biopharmaceutical market. These weaknesses are partially offset by
the benefits derived from the extensive experience of the promoters
and their funding support, strategic partnership with CIVICA, and
the strong growth prospects in the biosimilars industry for players
with proven track record in research and development (R&D

Analytical Approach:

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

Key Rating Drivers & Detailed Description

Weaknesses:

* Exposure to risks associated with stabilization of operations:
Commencement of operations at the company's biosimilar plant has
been significantly delayed. Operations were expected to commence in
fiscal 2019 but were initially delayed owing to the introduction
and subsequent changes in the biosimilars regulatory regime and was
further deferred due to Covid-19 induced disruptions. The
commercialization of existing facilities is expected in fiscal 2023
and stabilisation of operations would remain a key rating
sensitivity factor. Further, since the proposed facility with
enhanced capacity is at a nascent stage, there is project
implementation risk involving scale-up of technology, which is
partially offset by the experience and expertise of the promoters.

* Project risk related to the proposed facility: The company is in
the process of setting up a new manufacturing facility over the
next 18-24 months. The project is still in the design stage and its
timely completion is critical. Though capital assistance from
CIVICA has commenced, the proposed bank debt of around Rs 140 crore
is yet to be tied-up. Further, the company is receiving loan from
DFC(U.S International Development Finance Corporation) of Rs. 413
crore and promoter contribution of around Rs 35 crore must be
supported either by accruals from existing business or fund
infusion. Hence the overall project risk is significant. Fund
infusion can be achieved through milestone revenues from other
major territories such as the European Union, Middle East and North
Africa, Latin America, and other emerging markets.

* Susceptibility to regulatory uncertainties: GBPL is exposed to
regulatory changes in both Indian and international
biopharmaceutical markets. A product line can be disqualified in
case of any noncompliance or quality issues, thereby affecting
scale-up in operations, profitability and cash flows.

Strengths:

* Experience and funding support of the promoters: Benefits from
the decade-long experience of the promoters in the biotech industry
and healthy relationships with key prospective customers and
suppliers should support the business. Need-based funding support
from the promoters is expected to continue.

* Biosimilars industry growth prospects: The growing biosimilars
market offers huge potential for companies with a proven track
record in R&D. GBPL is fully integrated and equipped to develop
insulin biosimilars end-to-end. Insulin biosimilars have adequate
demand globally and positioning as an economical substitute
especially in the regulated markets is a viable proposition.

* Strategic partnership with CIVICA: The company has entered into a
co-development and commercial agreement with CIVICA, a US-based
not-for-profit generic drug company, for the sale of three insulins
biosimilars – Glargine, Aspart and Lispro in the US market at
equal-profit sharing. GBPL will be paid USD 30 million for granting
exclusivity for the US market, of which the milestone payment of
USD 4.5 million has already been received. Further, CIVICA will
provide capital assistance of USD 22 million for the commissioning
of the proposed facility, of which USD 12 million has been
received. This fund is repayable out of the company's profit-share
from the US market post the expected launch in fiscal 2025.
Additionally, CIVICA will incur all regulatory costs of around USD
8 million for securing US Food and Drug Administration approval for
the three products and will bear insulin pen development cost for
securing committed supplies from pen manufacturer estimated at USD
5 million, as per the agreement. Association with CIVICA is
expected to support the business and financial risk profiles;
however, timely achievement of upcoming milestone and receipt of
funds are monitorable

Liquidity: Poor

There are delays in servicing the term debt obligations for the
month of September 2024 due to stretch in liquidity.

Rating sensitivity factors

Upward factors:

* Track record of timely debt servicing for at least 90 days
* Improvement in working capital cycle

Incorporated in November 2014 in Hyderabad and promoted by Mr.
Rajender Rao, Mr. Venkat Reddy, Mr. Krishna Rao, and Mr. Tulasi
Ramu, GBPL is a clinical stage biotechnology company engaged in R&D
of insulin biosimilars. It also manufactures drug substances and
products.


HAREON SOLAR: Voluntary Liquidation Process Case Summary
--------------------------------------------------------
Debtor: Hareon Solar India Private Limited
Flat No. 1005A, 10th Floor
        Indra Prakash Building
        Plot No.21, Barakhamba Road, Central Delhi,
        New Delhi, Delhi, lndia-110001

Liquidation Commencement Date: September 24, 2024

Court: National Company Law Tribunal, Allahabad Bench

Liquidator: Ms. Manisha Rawat
     A-1/B, Third Floor, T-02, Sector-l6,
            Noida, Uttar Pradesh-201301
            Email: manisharawatfcs@gmail.com
            Phone: 0120-4227699
         
Last date for
submission of claims: October 24, 2024


KANAHYA INDUSTRIES: CRISIL Keeps D Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Kanahya
Industries (KI) continue to be 'CRISIL D Issuer Not Cooperating'.

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

   Proposed Fund-      5.1          CRISIL D (Issuer Not
   Based Bank Limits                Cooperating)

   Term Loan           0.3          CRISIL D (Issuer Not
                                    Cooperating)

   Term Loan           1.1          CRISIL D (Issuer Not
                                    Cooperating)

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

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

Detailed Rationale

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

KI is a proprietorship firm set up by Mr Pawan Kumar Sharma in
2009, KI manufactures polyurethane (PU) foam sheets used in sofas,
mattresses and cushions. KI has a manufacturing unit and 2
warehouse in Una District, Himachal Pradesh.


KANISHK GOLD: CRISIL Keeps D Debt Ratings in Not Cooperating
------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Kanishk Gold
Private Limited (KGPL) continue to be 'CRISIL D Issuer Not
Cooperating'.

                   Amount
   Facilities    (INR Crore)    Ratings
   ----------    -----------    -------
   Cash Credit        20        CRISIL D (Issuer Not Cooperating)
   Cash Credit        45        CRISIL D (Issuer Not Cooperating)
   Cash Credit        37        CRISIL D (Issuer Not Cooperating)
   Cash Credit        50        CRISIL D (Issuer Not Cooperating)
   Cash Credit        25        CRISIL D (Issuer Not Cooperating)
   Cash Credit        30        CRISIL D (Issuer Not Cooperating)
   Cash Credit        25        CRISIL D (Issuer Not Cooperating)
   Cash Credit        50        CRISIL D (Issuer Not Cooperating)
   Cash Credit        35        CRISIL D (Issuer Not Cooperating)
   Cash Credit       115        CRISIL D (Issuer Not Cooperating)
   Cash Credit       180        CRISIL D (Issuer Not Cooperating)
   Cash Credit        45        CRISIL D (Issuer Not Cooperating)
   Cash Credit        30        CRISIL D (Issuer Not Cooperating)
   Cash Credit        20        CRISIL D (Issuer Not Cooperating)
   Cash Credit        40        CRISIL D (Issuer Not Cooperating)
   Proposed Long     300.58     CRISIL D (Issuer Not Cooperating)
   Term Bank
   Loan Facility
   Term Loan           2.42     CRISIL D (Issuer Not Cooperating)

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

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

Detailed Rationale

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

KGPL was established as a partnership firm in Chennai in 2002, and
was reconstituted as a private limited company in 2006. The company
manufactures gold jewellery and is promoted by Mr Bhoopesh Kumar
Jain.


KLT AUTOMOTIVE: Insolvency Resolution Process Case Summary
----------------------------------------------------------
Debtor: KLT Automotive and Tubular Products Limited
B-601, Elegant Business Park,
        MIDC Road No. 2, Andheri (East),
        Mumbai-400059, Maharashtra, India

Insolvency Commencement Date: September 26, 2024

Estimated date of closure of
insolvency resolution process: March 25, 2025

Court: National Company Law Tribunal, Mumbai Bench

Insolvency
Professional: Ashutosh Agarwala
       D-1005, Ashok Towers,
              Dr. S.S. Rao Road, Parel,
              Mumbai 400012, India
              Email: Ashutosh.agarwala@gmail.com

              C/o Excedor Resolvency Private Limited,
              Peninsula Business Park,
              Tower B, 19TH Floor,
              Lower Panel, Mumbai-400013, India
              Email: kltautomotive.ibc@gmail.com
  
Last date for
submission of claims: October 10, 2024



KMC PLASTOCHEM: CRISIL Keeps D Debt Ratings in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of KMC
Plastochem (KMC) continue to be 'CRISIL D Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Cash Credit             4        CRISIL D (Issuer Not
                                    Cooperating)

   Proposed Long Term      6.5      CRISIL D (Issuer Not
   Bank Loan Facility               Cooperating)

   Term Loan               4.5      CRISIL D (Issuer Not
                                    Cooperating)

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

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

Detailed Rationale

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

KMC was incorporated in 2012 and started its operations from
October 2015. It is promoted by Mr Naveen Kumar Gupta and
manufactures PCBs and LED bulbs. During fiscal 2017 it started
manufacturing injection mouldings, and commercial operations began
from January 2017. Mr Naveen Kumar Gupta manages operations.


KOTHAINAYAGI A: CRISIL Keeps D Debt Rating in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Kothainayagi A
(KA) continues to be 'CRISIL D Issuer Not Cooperating'.

                       Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Long Term Loan         8         CRISIL D (Issuer Not
                                    Cooperating)

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

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

Detailed Rationale

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

KA runs a hotel-cum-lodge in Tirunelveli, Tamil Nadu. It started
commercial operations from June 2017. Its operations are run by Mr
Ayyasamy and his son, Mr Annadurai.


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

                       Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit           10         CRISIL D (Issuer Not
                                    Cooperating)

   Inventory Funding      6         CRISIL D (Issuer Not
   Facility                         Cooperating)

   Long Term Loan         5.85      CRISIL D (Issuer Not
                                    Cooperating)

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

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

Detailed Rationale

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


Set up in 1998 as a partnership firm, KTC was reconstituted as a
private limited company in 2004. The company, based in Kozhikode,
Kerala, operates service centres for Hyundai vehicles in Kerala.


L. D. SOLVEX: CRISIL Keeps D Debt Ratings in Not Cooperating
------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of L. D. Solvex
Private Limited (LDS) continue to be 'CRISIL D Issuer Not
Cooperating'.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Cash Credit           5.64       CRISIL D (Issuer Not
                                    Cooperating)

   Term Loan             0.36       CRISIL D (Issuer Not
                                    Cooperating)

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

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

Detailed Rationale

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

LDS, incorporated in 1998 and based in Punjab, manufactures crude
rice bran oil. It has installed capacity of 100 tonne per day. The
company is promoted by Mr. Pradeep Sharma and Mr. Rakesh Sharma,
who have been in the rice industry for two decades.


LAXMI AROGYAM: CRISIL Keeps D Debt Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Laxmi Arogyam
Private Limited (LAPL) continue to be 'CRISIL D Issuer Not
Cooperating'.

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

   Proposed Long Term    5.0        CRISIL D (Issuer Not
   Bank Loan Facility               Cooperating)

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

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

Detailed Rationale

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

Incorporated in 2010, LAPL trades in chemicals and aluminum scrap.
The company is promoted by Mr. Arvind Tumbare and Mr. Kishore
Tumbare. It started commercial operations in 2014-15 (refers to
financial year, April 1 to March 31).


LE LOTUS: CRISIL Keeps D Debt Ratings in Not Cooperating Category
-----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Le Lotus
Grand (LLG) continue to be 'CRISIL D Issuer Not Cooperating'.

                         Amount
   Facilities         (INR Crore)     Ratings
   ----------         -----------     -------
   Cash Credit             0.50       CRISIL D (Issuer Not
                                      Cooperating)

   Term Loan               4.84       CRISIL D (Issuer Not
                                      Cooperating)

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

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

Detailed Rationale

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

Set up in 2016, LLG has commenced its operations from Jan-2019. LLG
is engaged in the operation of a hotel which is self-owned. The
hotel is located at Varanasi, Uttar Pradesh. LLG is owned & managed
by Shri Sujit Rai, Smt Anupama Rai & Shri Vijay K Sinha.


M.P.K. METALS: CRISIL Keeps D Debt Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of M. P. K.
Metals Private Limited (MPKM) continue to be 'CRISIL D Issuer Not
Cooperating'.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Cash Credit            4.80      CRISIL D (Issuer Not
                                    Cooperating)

   Standby Line           0.22      CRISIL D (Issuer Not
   of Credit                        Cooperating)

   Term Loan              0.98      CRISIL D (Issuer Not
                                    Cooperating)

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

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

Detailed Rationale

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

For arriving at the ratings, CRISIL Ratings has combined the
business and financial risk profiles of MPKI, MPKM, and MPK Steels
India Pvt Ltd (MPKS). This is because the three companies, together
referred to as the MPK group, have common ownership and management,
and MPKM and MPKM have the same product profile and sell under a
common brand. MPKI has been set up in order to backward integrate
into billet manufacturing for supporting the operations of the
other two companies and has also received corporate guarantees from
them for its bank funding.

MPKS was set up as a private limited concern in 2005. It
manufactures structural products, including thermo-mechanically
treated (TMT) bars, channels, angles, and joints, at its
manufacturing facility in Jaipur. The company markets the products
under its own brand, MPK. The operations of the company are managed
by Mr. Santosh Kumar Upadhyay and his son, Mr. Manoj Upadhyay.

MPKM was set up as a private limited concern in 2009 and
manufactures structural products including TMT bars, channels,
angles, and joints at its manufacturing facility in Jaipur and
markets the same under its MPK brand. The operations of the company
are managed by Mr. Santosh Kumar Upadhyay and Mr. Manoj Upadhyay.

MPKI was set up as a private limited concern in 2010 and started
operations in 2012-13 (refers to financial year, April 1 to March
31) with 2013-14 being its first full year of operations. The
company has been set up as a backward integration unit of the group
to manufacture steel billets and ingots for captive consumption in
MPKS and MPKM. The company has its plant in Bagru (Jaipur) and is
managed by Mr. Santosh Kumar Upadhyay and Mr. Manoj Upadhyay.


N. A. SHELAR: CRISIL Keeps C Debt Ratings in Not Cooperating
------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of N. A. Shelar
and Company (NASC) continue to be 'CRISIL C Issuer Not
Cooperating'.

                       Amount
   Facilities       (INR Crore)    Ratings
   ----------       -----------    -------
   Overdraft Facility     4        CRISIL C (Issuer Not
                                   Cooperating)

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

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

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

Detailed Rationale

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

Established in the year 1983, as a proprietorship concern of Mr.
Narayan Shelar, NASC is a civil contractor primarily engaged in
construction of buildings (residential and commercial) in the
Mumbai region of Maharashtra.


NEESA INFRASTRUCTURE: Liquidation Process Case Summary
------------------------------------------------------
Debtor: Neesa Infrastructure Limited
Plot No. 278/279, Panchratna Industrial Estate,
        Opp. Armec Cold Storage, Changodar,
        Ahmedabad-382213 Gujarat, India

Liquidation Commencement Date: September 26, 2024

Court: National Company Law Tribunal, Ahmedabad Bench

Liquidator: Mr. Jigar Tarunkumar Bhatt
     1010, Shilp-Zaveri, Shyamal Crossroads,
            Satellite, Ahmedabad-380015, Gujarat
            Email: jigarb.jigarb@gmail.com
            Email: liquidation.nil@gmail.com

Last date for
submission of claims: October 27, 2024

NET 4 INDIA: Liquidation Process Case Summary
---------------------------------------------
Debtor: Net 4 India Limited
Plot No. 139-A-1, S/F
        Mohammadpur, New Delhi- 110061

Liquidation Commencement Date: September 20, 2024

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

Liquidator: Niraj Kumar
     E-47, IARI Pusa Campus,
            New Delhi- 110012
            Email: njhaandco@gmail.com

            205, Ansal Imperial Tower,
            C-Block Community Centre,
            Naraina Vihar, New Delhi 110028
            Email: ip.net4india@gmail.com

Last date for
submission of claims: October 20, 2024


NRI EDUCATIONAL: CRISIL Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of NRI
Educational Society - Guntur (NRI) continue to be 'CRISIL D Issuer
Not Cooperating'.

                         Amount
   Facilities         (INR Crore)     Ratings
   ----------         -----------     -------
   Proposed Long Term      0.1        CRISIL D (Issuer Not
   Bank Loan Facility                 Cooperating)

   Secured Overdraft      19.9        CRISIL D (Issuer Not
   Facility                           Cooperating)

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

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

Detailed Rationale

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

Established in 2005, NRI operates 45 junior colleges (FYJC and
SYJC) for science and commerce. It also runs 10 schools offering
education from kindergarten to class 10. The schools under the
trust operate under the name of Indian Springs which is located in
Hyderabad and Guntur while the colleges run under the names NRI
Vidya Junior College, NRI SAI Junior College, and NRI Junior
College. The society is managed by Mr. Alapti Rajendra Prasad.


NTS DAIRY: CRISIL Keeps D Debt Ratings in Not Cooperating Category
------------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of NTS Dairy and
Foods Private Limited (NTS) continue to be 'CRISIL D Issuer Not
Cooperating'.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Cash Credit           0.2        CRISIL D (Issuer Not
                                    Cooperating)

   Term Loan             5.6        CRISIL D (Issuer Not
                                    Cooperating)

   Term Loan             1.4        CRISIL D (Issuer Not
                                    Cooperating)

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

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


Detailed Rationale

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

Incorporated on March 15, 2013, and promoted by Mr. Nandkishor T
Sonawane, NTS currently processes and distributes milk and milk
products. It has a milk processing capacity of 20,000 litres per
day (lpd) at Bhadane in Dhule (Maharashtra). It is setting up a new
unit at the same location for an additional milk processing
capacity of 50,000 lpd and a facility to manufacture value-added
products.


PAMP SPECIALITY: Voluntary Liquidation Process Case Summary
-----------------------------------------------------------
Debtor: Pamp Specialty Services Private Limited
C/o MMTC- Pamp India Private Limited,
        Rojka Meo, Industrial Estate,
        Tehsil Nuh, District Mewat, Sohna,
        Haryana-122103, India

Liquidation Commencement Date: September 25, 2024

Court: National Company Law Tribunal, Allahabad Bench

Liquidator: Mr. Himanshu Bindal
     D-166/24, Sector 50,
            Noida 201301 Uttar Pradesh
            Email: liq.pampspeciality@gmail.com
            Tel: 0120-4303800            

Last date for
submission of claims: October 25, 2024


RIGHT HEALTH: Insolvency Resolution Process Case Summary
--------------------------------------------------------
Debtor: Right Health Platter Private Limited

Registered Office:
        No. 115/63, Dr. Radhakrishnan Salai,
        3rd Floor, North Flat, Mylapore, Chennai-600 004
        Tamil Nadu, India

        Factory:
        Plot No.1 & 2, Satara Mega Foods Park Pvt Ltd,
        Gate No.1288-1, 1288-2, l49O-1, 1490-2,
        Degaon, Satara, Maharashtra-415 045

Insolvency Commencement Date: September 20, 2024

Estimated date of closure of
insolvency resolution process: March 19, 2025

Court: National Company Law Tribunal, Chennai Bench-I

Insolvency
Professional: Ms. Rongali Sridevi
              Old No. 110, New No. 178,
              Rangarajapuram Main Road,
              Kodambakkam, Chennai-600 024
              Email: srica_2003@yahoo.co.in

              No.16 Sivaji Street,
              T.Nagar, Chennai 600017
              Email: cirp.righthealth@gmail.com
   
Last date for
submission of claims: October 4, 2024



SANTOSH W/O: CRISIL Keeps D Debt Rating in Not Cooperating
----------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Santosh W/O
Sh. Vinod Kumar Warehouse (SVKW) continues to be 'CRISIL D Issuer
Not Cooperating'.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Term Loan              7.85      CRISIL D (Issuer Not
                                    Cooperating)

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

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

Detailed Rationale

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

SVKW was set up in 2014 by the proprietor, Mr Santosh Jhajhria. The
firm has constructed a 35,000-tonne warehouse in Fatehabad,
Haryana. SVKW has signed a 10-year lease agreement with HAFED to
store agricultural products in the warehouse. The firm is promoted
by Ms Santosh Jhajhria, while the day-to-day operations are managed
by their son, Mr Udayvir Jhajhria.


SARVODAYA SUITINGS: CRISIL Keeps D Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Sarvodaya
Suitings Limited (SSL) continue to be 'CRISIL D/CRISIL D Issuer Not
Cooperating'.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Cash Credit           12.5       CRISIL D (Issuer Not
                                    Cooperating)

   Cash Credit           20         CRISIL D (Issuer Not
                                    Cooperating)

   Foreign Exchange       1.23      CRISIL D (Issuer Not
   Forward                          Cooperating)

   Funded Interest        1.27      CRISIL D (Issuer Not
   Term Loan                        Cooperating)

   Letter of Credit       8         CRISIL D (Issuer Not
                                    Cooperating)

   Term Loan             12.73      CRISIL D (Issuer Not
                                    Cooperating)

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

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

Detailed Rationale

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

Incorporated in 1994 and promoted by Mr. Abhay Kumar Jain and
family, SSL manufactures blended fabrics at its facility in
Bhilwara, Rajasthan, and sells under the Sarvodaya Suiting brand.


SAVARIYA INDUSTRIES: CRISIL Keeps D Rating in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Savariya
Industries (SI) continues to be 'CRISIL D Issuer Not Cooperating'.

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

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

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

Detailed Rationale

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

Formed in 1996 as a proprietorship firm by Mr Rajkumar Kakraniya,
SI is engaged in cotton seed oil extraction and trading of pulses.
The firm is based in Amravati, Maharashtra.


SIDHU INDUSTRIAL: CRISIL Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Sidhu
Industrial Corporation (Sidhu) continue to be 'CRISIL D Issuer Not
Cooperating'.

                         Amount
   Facilities         (INR Crore)     Ratings
   ----------         -----------     -------
   Cash Credit            2.9         CRISIL D (Issuer Not
                                      Cooperating)

   Term Loan              3.1         CRISIL D (Issuer Not
                                      Cooperating)

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

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

Detailed Rationale

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

Sidhu was set up in 1987 as a proprietorship concern by Mr
Parshotam Singh. This firm is based in Punjab; it manufactures and
fabricates various locomotive parts such as roofs, side walls,
partitions and underframes.


SIVA ENGINEERING: CRISIL Cuts Rating on LT/ST Bank Debts to D
-------------------------------------------------------------
CRISIL Ratings has downgraded the ratings on bank facilities of
Siva Engineering Company (SEC) to 'CRISIL D/CRISIL D Issuer Not
Cooperating from 'CRISIL B+/Stable/CRISIL A4 Issuer Not
Cooperating'.

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

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

CRISIL Ratings has been consistently following up with SEC for
obtaining information through letter and email dated May 8, 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 SEC, which restricts the CRISIL
Ratings ability to take a forward-looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on SEC
is consistent with 'Assessing Information Adequacy Risk'.

Based on the latest available public information, the firm had
delayed repaying debt. Hence, the ratings on bank facilities of SEC
has been downgraded to 'CRISIL D/CRISIL D Issuer Not Cooperating
from 'CRISIL B+/Stable/CRISIL A4 Issuer Not Cooperating'.

Analytical approach

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

Set up in 1978 as a partnership firm, SEC constructs bridges,
buildings and water-treatment plants in Tamil Nadu. Its operations
are managed by Mr R Muthuswamy and Mr Siva Subramaniam.


SOUTH MALABAR: CRISIL Keeps B Debt Rating in Not Cooperating
------------------------------------------------------------
CRISIL said the rating on bank facilities of South Malabar Steels
and Alloys Private Limited (SMSAPL) continues to be 'CRISIL
B/Stable Issuer not cooperating'.

                     Amount
   Facilities      (INR Crore)     Ratings
   ----------      -----------     -------
   Cash Credit          8.75       CRISIL B/Stable (ISSUER NOT
                                   COOPERATING)

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

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

Detailed Rationale

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

Incorporated in 1996, SMSAPL is a Kerala based company engaged in
manufacturing of thermo-mechanical treated steel bars, mild steel
flats and mild steel round. Its operations are handled by the
directors, Mr. K P Ummer and Ms. Naziya Ummer.


SUBRA ENTERPRISES: CRISIL Keeps D Debt Rating in Not Cooperating
----------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Subra
Enterprises (SE) continues to be 'CRISIL D Issuer Not
Cooperating'.

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

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

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

Detailed Rationale

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

SE, set up in 2012, is based in Chennai. It trades in agro
commodities. Its operations are managed by Mr. A S Sharath Chandran
and his son, Mr. Shiyaam Sharath.


WOOLWORTHS INDIA: Voluntary Liquidation Process Case Summary
------------------------------------------------------------
Debtor: Woolworths India Private Limited
903, 9th Floor, Shreenath Apartments,
        Liberty Garden, Malad West Mumbai City 400064

Liquidation Commencement Date: September 27, 2024

Court: National Company Law Tribunal, Mumbai Bench

Liquidator: Mr. Pranav Damania
     407, Sanjar Enclave, Opposite Milap Cinema,
            S.V Road, Kandivali West, Mumbai - 400067
            Email: pranav@winadvisors.co.in
            Contact No: +91 98204 69825             

Last date for
submission of claims: October 27, 2024


[*] S&P Takes Various Actions on Issue Ratings on Indian Companies
------------------------------------------------------------------
S&P Global Ratings lowered the issue ratings on senior unsecured
notes issued by Vedanta Resources Ltd. and Vedanta Resources
Finance II PLC. At the same time, S&P affirmed the ratings on
outstanding issuances of several other India-based companies.

The rating actions follow the review of S&P's jurisdiction
assessment of the insolvency regime in India. S&P now
differentiates the issue ratings on debt that is materially
subordinated to other better-positioned or more senior-ranking debt
in India.

S&P said, "India's bankruptcy and recovery regime has improved, in
our view. We now consider conformity of the distribution of
proceeds to legal (including contractual) ranking of claims to be
no longer a negative factor. Therefore, if a debt instrument is
significantly subordinated to other debt, we signal its relative
disadvantage in the capital structure by notching the issue credit
rating down once from the issuer credit rating."

Available data from completed resolutions shows that secured
creditors have consistently recovered a higher proportion of their
claims compared to unsecured and structurally subordinated
creditors. This follows the implementation of Insolvency and
Bankruptcy Code, 2016 (IBC), which is gradually building a track
record of resolution of insolvency cases.

S&P said, "However, we see uncertainty in the resolution timelines
as well as implementation of resolution proposals due to a
still-evolving resolution framework and legal challenges. We
therefore continue to assess India as a Group 'C' jurisdiction
regime.

Consequently, we do not assign recovery ratings for corporate and
"infrastructure issuers for which India is the relevant
jurisdiction. Recovery ratings are assigned to the debt of issuers
based in jurisdictions ranked Group 'A' or 'B' and with a
global-scale issuer credit rating of 'BB+' or lower."

Vedanta Resources Ltd.

S&P said, "We lowered our issue ratings on the senior unsecured
notes issued by Vedanta Resources Ltd. and Vedanta Resources
Finance II PLC to 'CCC+' from 'B-'. While the issuer credit rating
of Vedanta Resources Ltd. remains unchanged at 'B-' with stable
outlook as there is no change in the underlying credit profile of
the company, the downgrade in the issue ratings reflects material
subordination risk for unsecured lenders due to the presence of
substantial secured and priority debt in the company's capital
structure.

"Our issue ratings reflect the relative disadvantage of unsecured
creditors for outstanding debt instruments issued by Vedanta
Resources Ltd. and Vedanta Resources Finance II PLC. As of March
31, 2024, Vedanta Resources' capital structure comprised US$14.3
billion of total debt, of which about US$7.9 billion (55% of total
debt) was secured. The unsecured debt was US$6.4 billion. Moreover,
priority debt (mainly debt at Vedanta Ltd.) was about US$8.8
billion (61% of total debt). This debt is structurally senior to
outstanding debt issued at Vedanta Resources Ltd. and Vedanta
Resources Finance II PLC."

Power Grid Corp. of India Ltd.

S&P said, "We equalize the issue rating on the senior unsecured
medium-term note program that Power Grid issued with the 'BBB-'
issuer credit rating on the company. This is because we believe
Power Grid's senior unsecured debtholders will not necessarily be
disadvantaged relative to secured debtholders in the event of a
default. This is even though the company's secured debt ratio of
about 63% as of March 31, 2024, was above our 50% threshold for
notching down the issue rating.

"Our issue rating also reflects our view that Power Grid's senior
unsecured medium-term note program will benefit from government
intervention if the company faces financial distress. This is
because the company plays a critical role in India's power sector
as the operator of about 85% of the country's interstate
transmission services. The government has also extended sovereign
guarantees on some of the company's secured and unsecured foreign
currency loans from multilateral agencies."

Tata Motors Ltd. and TML Holdings Pte. Ltd.

S&P said, "We rate the senior unsecured notes issued by Tata Motors
and TML Holdings the same as the 'BBB' issuer credit ratings on
these entities. This is despite their priority debt ratio being
higher than our threshold of 50% for notching down the issue
rating.

"Our treatment reflects Tata Sons Pte. Ltd.'s (the holding company
of the Tata group) record of supporting group entities' debt
obligations. For example, the group provided financial support to
honor the debt obligations of former subsidiary Tata Teleservices
Ltd.

"Additionally, Tata Motors' financial policy of maintaining
sufficiently low leverage mitigates the subordination risk, in our
view. We may revisit our subordination risk assessment if Tata
Motors' financial policy changes.

"As of March 31, 2024, Tata Motors' capital structure consisted of
Indian rupee (INR) 985 billion of total debt, of which about INR331
billion was under the captive finance unit, TMF Holdings Ltd. We
exclude the debt of the captive finance unit in our analysis of the
auto business. Of the rest, about INR12 billion is secured and
INR642 billion is unsecured debt. Of the total unsecured debt,
about INR460 billion (about GBP4.2 billion) is under Jaguar Land
Rover Automotive PLC."


Rating action summary post India jurisdiction review


                        Secured        Priority        Issue
                        debt ratio*    debt ratio§     rating
  Issuer    Rating     (fiscal 2024)  (fiscal 2024)    impact


  Vedanta Resources Ltd.

  Issuer
  credit
  rating B-/Stable/--

                                 Ratings
  Senior                                              lowered
  unsecured   CCC+          55%        61%       (-1 notch)

  Remarks: Significant presence of secured and priority debt in the
company's capital structure reflects subordination risk for
unsecured lenders


  Vedanta Resources Finance II Plc
                                                      Ratings
  Senior                                              lowered
  unsecured   CCC+        55%        61%        (-1 notch)


  Remarks: Significant presence of secured and priority debt in the
company's capital structure reflects subordination risk for
unsecured lenders


  Bharti Airtel Ltd.

  Issuer
  credit
  rating BBB-/Stable/--    

  Senior                                             No rating
  unsecured BBB-        2%         61%         impact


  Remarks: Subordination risk mitigated by stand-alone operations
accounting for majority (60%-65%) of consolidated revenues


  Network i2i Ltd. (subsidiary of Bharti Airtel Ltd.)

  Perpetual
  Securities  BB

  Remarks: Contractual subordination and the option to defer
payments on the securities   


  Power Grid Corp. of India Ltd.

  Issuer
  credit
  rating BBB-/Positive/--    

  Senior                                            No rating
  Unsecured  BBB-              63%        N/A        impact
   
  Remarks: Senior unsecured medium-term note program should benefit
from government intervention in the event of financial distress
because of Power Grid's critical role as the operator of about 85%
of India’s interstate transmission services. The government has
also extended sovereign guarantees on some of the company's secured
and unsecured foreign-currency loans from multilateral agencies

  
  Oil and Natural Gas Corp. Ltd. (ONGC)

  Issuer
  credit
  rating    BBB-/Positive/--    

  Senior                                             No rating
  unsecured  BBB-       13%         95%         impact

  Remarks: Subordination risk mitigated by stand-alone operations,
that account for majority (50%-60%) of the EBITDA


  ONGC Videsh Vankorneft Pte. Ltd. (step-down subsidiary of ONGC)

  Senior                                             No rating
  unsecured BBB-             13          95%         impact

  Remarks: Subordination risk mitigated by stand-alone operations,
that account for majority (50%-60%) of the EBITDA


  Tata Motors Ltd.

  Issuer
  credit
  rating   BBB/Stable/--    

  Senior                                             No rating
  Unsecured   BBB          2%          >50%        impact

  Remarks: Senior unsecured debt equalized to the ICR, given
sufficiently low leverage, which we expect will continue, as well
as strong group support, despite a high priority debt ratio


  TML Holdings Pte. Ltd.

  Issuer
  credit
  rating BBB/Stable/--    

  Senior                                             No rating
  Unsecured  BBB           0%          >50%        impact

  Remarks: Senior unsecured debt equalized to the ICR, given
sufficiently low leverage, which we expect will continue, as well
as strong group support, despite a high priority debt ratio


  Adani Electricity Mumbai Ltd.

  Issuer
  credit
  rating  BBB-/Stable/--    

  Senior                                             No rating
  Secured  BBB-              †           †           impact    
    

  Remarks: Secured debt equalized to ICR


  Adani Ports and Special Economic Zone Ltd.

  Issuer
  credit
  rating  BBB-/Positive/--    


  Senior                                             No rating
  Unsecured  BBB-            23%         31%         impact

  Remarks: Low secured debt and priority debt mitigates
subordination risk


  ANI Technologies Pte. Ltd.

  Issuer
  Credit                                            No rating
  rating     B-/Stable/-      †            †          impact
   
  Ola Netherlands B.V. (subsidiary of ANI Technologies)

  Senior
  Secured    B-

  Remarks: Secured debt equalized to ICR


  Biocon Biologics Ltd.

  Issuer
  credit
  rating     BB(prelim)/Stable/--    


  Biocon Biologics Global plc
  (subsidiary of Biocon Biologics Ltd.)

  Senior                                            No rating
  Secured    BB(prelim)      †            †          impact

  Remarks: Secured debt equalized to ICR


  Continuum Green Energy Holdings Ltd.

  Issuer
  credit
  rating    B+/Positive/--

  Remarks: Guarantees debt raised by Continuum Energy Aura Pte.
Ltd.   


  Continuum Energy Aura Pte. Ltd.

  Senior                                             No rating
  secured B+         †            †             impact

  Remarks: Secured debt equalized to ICR of Continuum Green Energy
Holdings Ltd.


  Delhi International Airport Ltd.

  Issuer credit rating  BB-/Positive/--    

  Senior
  secured    BB-    †            †         No rating impact   

  Remarks: Secured debt equalized to ICR


  Genpact Ltd.

  Issuer
  credit
  rating BBB-/Stable/--    


  Genpact Luxembourg S.a.r.l. and Genpact USA, Inc.

  Senior
  unsecured  BBB          0%           0%       No rating impact

  Remarks: Absence of secured debt limits subordination risks for
unsecured lenders


  GMR Hyderabad International Airport Ltd.

  Issuer
  credit
  rating     BB/Stable/--    

  Senior
  secured     BB    †            †        No rating impact

  Remarks: Secured debt equalized to ICR


  HCL Technologies Ltd.

  Issuer  
  credit
  rating    A-/Stable/--    


  HCL America Inc. (subsidiary of HCL Technologies Ltd.)

  Issuer credit rating   A-/Stable/--    

  Senior
  unsecured    A-        N/A         N/A       No rating impact

  Remarks: Strong financial position limits subordination risk

  NTPC Ltd.

  Issuer  
  credit
  rating     BBB-/Positive/--    

  Senior
  unsecured  BBB- 27%         35%      No rating impact

  Remarks: Low secured debt and priority debt mitigates
subordination risk


  Reliance Industries Ltd.

  Issuer
  credit
  rating     BBB+/Stable/--    

  Senior                         Less          No rating
  unsecured  BBB+       9%      than 50%        impact


  Remarks: Low secured debt and priority debt mitigates
subordination risk


  Summit Digitel Infrastructure Ltd.

  Issuer
  credit  
  rating    BBB-/Stable/--    

  Senior
  secured   BBB-         †        †        No rating impact

  Remarks: Secured debt equalized to ICR


  Tata Steel Ltd.

  Issuer  
  credit
  rating BBB/Stable/--    


  ABJA Investment Co. Pte. Ltd.
  (subidiary of Tata Steel Ltd.)

  Issuer
  credit
  rating    BBB/Stable/--    

  Senior
  unsecured   BBB         8%       33%     No rating impact

  Remarks: Insignificant secured debt and lower priority debt
limits subordination risk


  UPL Corp. Ltd.

  Issuer
  credit
  rating      BB/Negative/--    

  Senior
  unsecured    BB         1%       1%     No rating impact

  Remarks: Insignificant secured debt and other priority debt
limits subordination risk


  Perpetual securities  B+

  Remarks: Contractual subordination and the option to defer
payments on the securities
  

  Wipro Ltd.

  Issuer
  credit
  rating A-/Stable/--    

  Wipro IT Services LLC

  Senior
  unsecured A-           N/A      N/A      No rating impact  

  Remarks: Strong financial position limits subordination risk


*Secured debt ratio is defined as total secured debt in an issuer's
consolidated capital structure / total consolidated debt.
§ Priority debt ratio is defined as (total secured debt in the
issuer's consolidated capital structure
+ total unsecured debt issued by an issuer's subsidiaries) / total
consolidated debt.
† Rated debt is secured, as such secured debt and priority debt
ratios are not relevant.
N/A--Not applicable.




=========
J A P A N
=========

MT. GOX: Trustee Extends Repayment Deadline to October 2025
-----------------------------------------------------------
CoinDesk reports that the trustee managing the assets of Mt. Gox
postponed the deadline to distribute remaining assets to creditors
by one year to October 31, 2025, according to a statement published
on the Mt. Gox website on Oct. 10.

CoinDesk relates tht Mt. Gox, which was once the largest crypto
exchange before it imploded due to a hack in 2014, started repaying
nearly $9 billion of recovered assets to creditors this July after
many years of delays. However, crypto wallets linked to Mt. Gox
still hold 44,900 bitcoin (BTC) worth $2.8 billion, Arkham
Intelligence data shows.

"Many rehabilitation creditors still have not received their
Repayments because they have not completed the necessary
procedures," the Mt. Gox trustee's statement said. "A considerable
number of rehabilitation creditors have not received their
Repayments due to various reasons, such as issues arising during
the Repayments process."

According to CoinDesk, bitcoin prices earlier this year reacted
negatively to the news of the looming Mt. Gox distribution and and
on-chain transfers over the past months, as observers pondered how
much of those assets creditors will sell on the open market after
waiting to reclaim their holdings for ten years. Delaying the
repayment deadline by one more year could lessen those worries.

"This could assuage near-term concerns around supply overhangs,
though there could room for downside volatility once those on-chain
funds begin moving again," CoinDesk quotes Coinbase analysts David
Duong and David Han as saying in a report on Oct. 11.

                           About Mt. Gox

Tokyo-based MtGox Co., Ltd., operated a virtual currency
transaction system. Mt.Gox was the largest exchange for most of
Bitcoin's existence and was handling about 6 percent of all
Bitcoins in circulation.

In February 2014, MtGox Co., Ltd., announced in that it was filing
for bankruptcy after tens of millions of dollars worth of the
virtual currency and client funds disappeared.   

In March 2014, MtGox sought bankruptcy protection in Japan. The
bankruptcy in Japan came after the bitcoin exchange lost 850,000
bitcoins valued at about $475 million "disappeared."

The Company filed a petition under Chapter 15 of the U.S.
Bankruptcy Code on March 9, 2014. It filed for bankruptcy
protection in the U.S. to prevent customers from targeting the cash
it holds in U.S. bank accounts.

The Chapter 15 case is In re MtGox Co., Ltd., Case No. 14-31229
(Bankr. N.D. Tex.).  The Chapter 15 Petitioner is Robert Marie Mark
Karpeles, the company's chief executive officer. Mr. Karpeles is
represented by John E. Mitchell, Esq., and David William Parham,
Esq., at Baker & Mcckenzie LLP, in Dallas, Texas.

The bankruptcy trustee and foreign representative of MtGox Co. Ltd.
with respect to the Japan Bankruptcy Proceedings:

     MtGox Co., Ltd.
     Office of Bankruptcy Trustee
     Kojimachi 3 chome building #202
     Kojimachi 3-4-1
     Chiyoda-ku, Tokyo
     Tel: +81-3-4588-3922
     Attn: Nobuaki Kobayashi

The Ontario Superior Court of Justice (Commercial List) on Oct. 3,
2014, ordered, pursuant to Section 272 of the Bankruptcy and
Insolvency Act, that the bankruptcy proceedings commenced with
respect to MtGox Co., Ltd. -- aka Mt. Gox KK and dba MtGox -- be
recognized as a "foreign main proceeding."

The Canadian legal counsel to the bankruptcy trustee and foreign
representative of MtGox Co., Ltd, are Jeffrey Carhart and Margaret
Sims, at Miller Thomson LLP.

In November 2021, Mt. Gox bitcoin repayment plan got final approval
from trustee.



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

EXCEL BUILDING: Iain Andrew Nellies Appointed as Liquidator
-----------------------------------------------------------
Iain Andrew Nellies of Insolvency Management on Sept. 12, 2024, was
appointed as liquidator of Excel Building Limited.

The liquidator may be reached at:

          c/- Insolvency Management Limited
          PO Box 1058
          Dunedin 9054


GOAT LOFT: Creditors' Proofs of Debt Due on Nov. 11
---------------------------------------------------
Creditors of Goat Loft Studios Limited are required to file their
proofs of debt by Nov. 11, 2024, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on Oct. 14, 2024.

The company's liquidators are:

          Raymond Paul Cox
          Gareth Russel Hoole
          Ecovis KGA Limited, Chartered Accountants
          Level 2, 5–7 Kingdon Street
          Newmarket
          Auckland 1023


LIMPET CONTRACTORS: Court to Hear Wind-Up Petition on Nov. 8
------------------------------------------------------------
A petition to wind up the operations of Limpet Contractors Limited
will be heard before the High Court at Auckland on Nov. 8, 2024, at
10:45 a.m.

The Commissioner of Inland Revenue filed the petition against the
company on Sept. 17, 2024.

The Petitioner's solicitor is:

          Hosanna Tanielu
          Inland Revenue, Legal Services
          5 Osterley Way
          Manukau City
          Auckland 2104


SCS 2022: Court to Hear Wind-Up Petition on Nov. 8
--------------------------------------------------
A petition to wind up the operations of SCS 2022 Limited will be
heard before the High Court at Auckland on Nov. 8, 2024, at 10:45
a.m.

The Commissioner of Inland Revenue filed the petition against the
company on Sept. 17, 2024.

The Petitioner's solicitor is:

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


TE TOHU: Creditors' Proofs of Debt Due on Nov. 15
-------------------------------------------------
Creditors of Te Tohu Properties Limited are required to file their
proofs of debt by Nov. 15, 2024, to be included in the company's
dividend distribution.

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

The company's liquidators are:

          Rachel Mason-Thomas
          Jeffrey Philip Meltzer
          Meltzer Mason, Chartered Accountants
          PO Box 6302
          Victoria Street West
          Auckland 1141




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

ROXAS HOLDINGS: Defaults on Loans to BDO and BPI
------------------------------------------------
Bilyonaryo.com reports that Roxas Holdings (ROX), backed by First
Pacific Co. and the Roxas-Elizalde family, has defaulted on its
loans to BDO Unibank and the Bank of the Philippine Islands (BPI).

"In March 2024, the group defaulted on the payment of principal and
interest due on bank loans owed to BDO and BPI. This resulted to
the acceleration of settlement of outstanding loans owed to BDO and
BPI," ROX said, notes the report.

Bilyonaryo.com relates that the default came shortly after ROX shut
down permanently the refinery operations of Central Azucarera Don
Pedro which was founded in 1927.

According to Bilyonaryo.com, ROX had been having trouble meeting
its covenant - specifically a debt service coverage ratio (DSCR) of
at least 1.10 times and debt-to-equity ratio of not more than
2.33:1 - with BPI, BDO, and Land Bank of the Philippines on the
sugar and ethanol maker's PHP4.29 billion loans as early as
September last year.

While BPI and Land Bank granted an extension on payments due in
March, BDO declined, Bilyonaryo.com says.

The company's property, plant, and equipment valued at PHP8.36
billion are mortgaged to secure the loans, the report notes.

ROX reported a PHP627 million loss in the first half ending March
2024, with PHP197 million attributed to the refinery's closure,
Bilyonaryo.com discloses.

Its auditor, SGV & Co., flagged concerns over ROX's ability to
continue as a going concern, citing PHP4 billion in losses from
2021 to 2023 and a 60% increase in its deficit to PHP6.2 billion by
2023, Bilyonaryo.com adds.

                        About Roxas Holdings

Roxas Holdings, Inc., engages in the business of manufacturing
sugar and allied products. The Company has the following
subsidiaries: Central Azucarera Don Pedro, Inc.; Central Azucarera
de la Carlota, Inc.; CADP Insurance Agency, Inc.; Roxol Bioenergy
Corp.; CADP Port Services, Inc.; RHI Agri-Business Development
Corporation; RHI Pacific Commercial Corp.; San Carlos Bioenergy,
Inc.; Najalin Agri Ventures, Inc.; Roxas Power Corporation; and
Northeastern Port Storage Corporation.

RHI's net loss ballooned to PHP1.11 billion in 2023, a 62% increase
from PHP689.94 million a year ago, Bilyonaryo.com disclosed. Core
net loss also climbed 10% to PHP841 million from PHP768 million in
fiscal year 2022.



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

BIG M MARINE: Court Enters Wind-Up Order
----------------------------------------
The High Court of Singapore entered an order on Oct. 4, 2024, to
wind up the operations of Big M Marine Pte. Ltd.

Maybank Singapore Limited filed the petition against the company.

The company's liquidator is:

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


BRAZN PTE: Court to Hear Wind-Up Petition on Oct. 25
----------------------------------------------------
A petition to wind up the operations of Brazn Pte. Ltd. will be
heard before the High Court at Auckland on Oct. 25, 2024, at 10:00
a.m.

Tin Men Fund I, LP filed the petition against the company on Sept.
10, 2024.

The Petitioner's solicitors are:

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


CDL HOSPITALITY: Fitch Affirms 'BB+' LongTerm IDR, Outlook Stable
-----------------------------------------------------------------
Fitch Ratings has affirmed the Long-Term Issuer Default Rating
(IDR) on Singapore-based CDL Hospitality Real Estate Investment
Trust (CDL HREIT) at 'BB+'. The Outlook is Stable.

CDL HREIT's rating is supported by Fitch's expectation that EBITDA
net leverage will continue to improve amid moderate growth, and
fall below the negative rating sensitivity of 8.5x by 2025 (2023:
8.7x). The trust has limited rating headroom and its plans to fund
the potential acquisition of the Moxy hotel in 2026 could impact
its leverage and weigh on the rating.

Fitch expects the share of revenue from fixed-rent and long-stay
assets to remain steady over the medium term, such that it covers
interest expenses, which balances the cashflow cyclicality from
almost overnight re-pricing of its hotels' revenue. CDL HREIT's
leverage and lower fixed rent than before the pandemic are rating
constraints.

Key Rating Drivers

Occupancy Drives Business Recovery: Fitch expects CDL HREIT's
EBITDA to recover to SGD132 million in 2024, driven by rising
occupancy in its Singapore hotels (51% of total revenue), even as
average daily rates (ADRs) decline from the highs seen since 2023.
Fitch forecasts the trust's core market, Singapore, to have
occupancy rates of around 83% in 2024 (2023: 76%; 1H24: 78.4%),
which are still moderately below the pre-pandemic level of 86%.

Fitch expects revenue per available room (RevPAR) to grow in its
other markets, albeit at a slower pace, as the impact of
post-pandemic pent-up demand diminishes and global flight
capacities and travel volumes normalise. CDL HREIT's RevPAR in all
markets except New Zealand exceeded pre-pandemic levels in 1H24,
due to high ADRs as occupancy lagged. New Zealand was affected by
higher supply since 2018, visitor arrivals still remaining well
below pre-pandemic levels and refurbishments at the Grand
Millennium Auckland, and Fitch expects RevPAR to bounce back in
2025.

Moderating Fixed and Stable Revenue: Fitch expects the proportion
of fixed rent and revenue from long-stay assets — including the
Claymore Connect mall, and the build-to-rent property The Castings
in Manchester, UK that started operation in July 2024 — to remain
steady in the next few years. However, this will be at lower levels
than before the pandemic, due to renegotiations of lease contracts
and the disposal of some hotels.

Fitch forecasts this higher-visibility revenue to fall to 20% of
total revenue by 2027, from 24% in 2023, and about 35% in
2018-2019. Fitch assumes the Moxy hotel, to be purchased in 2026,
may operate under a hotel management contract with no minimum or
fixed rent, although this is subject to finalization. Consequently,
CDL HREIT's credit profile is now more aligned with that of a
pure-play hotel operator, which carries higher business risk.

Leverage Contingent on Acquisition Funding: CDL HREIT's EBITDA net
leverage could rise after 2026 based on the funding mix used to
purchase the Moxy hotel in Singapore. The acquisition price will be
no higher than SGD475 million, and Fitch currently expects the
trust will fund 60% of the acquisition with equity, maintaining
gearing (debt/assets) below 40% in line with its track record. A
lower mix of equity would push EBITDA net leverage above 8.5x in
2027, the first full year of Moxy's operations. Fitch expects to
have more visibility of the funding mix around 12 months prior to
the acquisition.

Long-Stay Asset Expansion: Fitch expects the trust to continue to
opportunistically expand in long-stay assets, such as The Castings,
over the medium term. This is in line with CDL HREIT's revised
investment strategy announced in 2021. Fitch expects The Castings
to generate revenue of about SGD5.7 million in 2025, with this
figure rising and stabilising at SGD7.4 million-7.5 million from
2026. Demand stems mostly from young professionals and students,
with the majority renting for a period of 12 months.

Manageable Interest Rate Risk: Fitch projects CDL HREIT's interest
costs to peak at about SGD51 million in 2024, from SGD48 million in
2023, as borrowings contracted at low-fixed rates several years ago
are refinanced. Interest costs should decline in 2025-2027,
assuming market rates fall in line with Fitch's expectations.
Consequently, the trust's EBITDA interest coverage will remain
comfortably above the 2.5x negative sensitivity. Furthermore, Fitch
anticipates that revenue from fixed rent will continue to cover
interest expenses from 2024 to 2027.

Rating Based on Consolidated Profile: CDL HREIT is part of a
stapled group, CDL Hospitality Trusts (CDLHT), which comprises CDL
HREIT and CDL Hospitality Business Trust (HBT). Under the stapling
deed, each stapled security consists of one unit of CDL HREIT and
one unit of HBT and is treated as a single instrument. CDL HREIT's
rating is based on the consolidated profile of CDL HREIT and HBT,
given its view of strong operational and strategic linkages between
the two, as provided for in the stapling deed.

Derivation Summary

CDL HREIT's IDR is comparable with peers such as CapitaLand Ascott
Real Estate Investment Trust (BBB/Stable), Whitbread PLC
(BBB/Stable) and Host Hotels & Resorts, Inc. (BBB/Stable).

Ascott REIT is rated two notches above CDL HREIT as it has a larger
and more geographically diverse property portfolio with 102
properties across 16 countries. Ascott REIT has a higher proportion
of income from fixed rent and long-stay properties, as well as
longer average-stay tenancies than hotels as it caters mainly to
the serviced-residence sub-segment. Fitch expects Ascott REIT's
gross profits from master leases and long-stay properties to remain
at 50%-60% over the next few years, which provides it with stronger
cash flow visibility than CDL HREIT. The trust also benefits from
best-in-class access to capital through economic cycles.

Although pure-play hotel operators are exposed to higher fixed
costs and almost overnight repricing of revenue, Whitbread's
significantly larger operating scale with EBITDAR of around USD1
billion in the financial year ended February 2024 (FY24) and more
conservative leverage of 2.9x supports its higher rating relative
to CDL HREIT. Although Fitch expects a temporary deterioration in
Whitbread's credit metrics during its capital-intensive restaurant
optimisation project, Fitch expects rating headroom to be restored
by FY28. Furthermore, Whitbread's portfolio of freehold property
enhances its financial flexibility.

Host Hotels is rated two notches above CDL HREIT as it has a much
larger operating scale, with EBITDA of USD1.46 billion derived from
73 high-quality upmarket hotels across the US and five hotels in
Brazil and Canada. This, together with its low net leverage of
below 3x, mitigates the risks from exposure to almost overnight
repricing of its room inventory. Conversely, CDL HREIT has a
proportion of fixed rent that limits cashflow declines during
sector downturns, such as during the Covid-19 pandemic, where the
trust maintained positive EBITDA while most global lodging
companies reported EBITDA losses. However, CDL HREIT's business
profile has weakened since the pandemic, with a fall in the
proportion of fixed rent in its revenue. This, together with higher
EBITDA net leverage than in 2018-2019, has widened the rating
differential between CDL HREIT and Host Hotels.

Key Assumptions

Annual revenue of SGD271 million in 2024, and improving to around
SGD280 million in the next 12-18 months

- EBITDA margin to remain almost flat at 48.7% in 2024 (2023:
48.3%) and improving to 51.2 % in the next 12-18 months

- Moxy hotel acquisition cost of SGSD475 million financed through
40:60 debt-equity split in 2026.

- Maintenance capex of about SGD20 million a year in 2024-2027.

RATING SENSITIVITIES

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

Fitch does not expect positive rating action in the next two years,
as the trust's business profile and leverage will remain weaker
than pre-pandemic levels, by its estimates.

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

- EBITDA interest coverage sustained below 2.5x.

- EBITDA net leverage remaining above 8.5x due to a slower recovery
or debt-funded acquisitions or net debt/investment property value
remaining above 45%.

- A continued decline in the proportion of revenue from fixed-rent
and long-stay assets, without a meaningful reduction in EBITDA net
leverage.

Liquidity and Debt Structure

Manageable Liquidity: CDL HREIT had SGD64.9 million of cash on hand
and SGD248.5 million in undrawn committed revolving credit
facilities and term loans as of 1H24. Though this does not fully
cover the SGD482 million in debt maturities until June 2025, CDL
HREIT has refinanced part of the maturing debt and has a record of
healthy access to domestic banks to support its liquidity.
Contingent liquidity is further supported by the trust's almost
entirely unencumbered asset portfolio.

Issuer Profile

CDL HREIT, via its stapled group, has a portfolio comprising 20
properties, including a total of 4,820 hotel rooms, 352
build-to-rent apartment units and a retail mall, collectively
valued at SGD3.0 billion as of 31 December 2023.

MACROECONOMIC ASSUMPTIONS AND SECTOR FORECASTS

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

ESG Considerations

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

   Entity/Debt           Rating           Prior
   -----------           ------           -----
CDL Hospitality
Real Estate
Investment Trust   LT IDR BB+  Affirmed   BB+

EAST WELLSUM: Court to Hear Wind-Up Petition on Oct. 25
-------------------------------------------------------
A petition to wind up the operations of East Wellsum Industries (S)
P Pte. Ltd. will be heard before the High Court at Auckland on Oct.
25, 2024, at 10:00 a.m.

The Hongkong And Shanghai Banking Corporation Limited filed the
petition against the company on Oct. 3, 2024.

The Petitioner's solicitors are:

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


KALIMANTAN RAIL: Court to Hear Wind-Up Petition on Oct. 25
----------------------------------------------------------
A petition to wind up the operations of Kalimantan Rail Pte. Ltd.
will be heard before the High Court at Auckland on Oct. 25, 2024,
at 10:00 a.m.

Joint Stock Company UTLC Finance filed the petition against the
company on Sept.16, 2024.

The Petitioner's solicitor is:

          Braddell Brothers LLP
          11 Beach Road #04-01
          Singapore 189675


SMART FOOD: Court to Hear Wind-Up Petition on Oct. 25
-----------------------------------------------------
A petition to wind up the operations of Smart Food Pte. Ltd. will
be heard before the High Court at Auckland 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:

          Tito Isaac & Co LLP
          1 North Bridge Road
          #30-00 High Street Centre
          Singapore 179094


[*] Over 2/5 of Bankruptcy Orders in H1 2024 Due to Co. Failures
----------------------------------------------------------------
The Straits Times reports that slightly over two-fifths of the
bankruptcy orders in the first half of 2024 were due to business
failures, with debtors borrowing from various sources including
banks, credit card issuers, licensed moneylenders and private
individuals.

This was stated by Minister of State for Trade and Industry and
Monetary Authority of Singapore (MAS) board member Alvin Tan in
Parliament on Oct. 16, ST relates.

He was responding to two questions by Mr. Derrick Goh (Nee Soon
GRC) and labour MP Melvin Yong (Radin Mas) on the causes for the
rising number of bankruptcies in Singapore.

According to the report, Mr. Tan clarified that the number of
bankruptcy orders in the first half of 2024 has been "stable"
compared with the same period in previous years, despite a higher
number of applications.

The number remains below pre-pandemic levels.

"Not all bankruptcy applications result in bankruptcy orders, as
applications may be withdrawn for various reasons, such as if the
debtor settles the debt or enters into a debt repayment plan with
the creditors," ST quotes Mr. Tan as saying.

The Straits Times says the delinquency rate for corporate
non-performing loans (NPLs) stood at about 2 per cent in the second
quarter of 2024. NPLs account for less than 1 per cent of all loans
extended to individuals by financial institutions.

Credit card delinquency rates were similarly "stable" as at the
second quarter of 2024, Mr. Tan noted, responding to Mr. Yong's
question on the proportion of bankruptcy cases caused by credit
card debt, ST relays.

According to ST, stress tests by the MAS have revealed that most
households in Singapore should be able to service their mortgage
debt even under conservative scenarios of significant income losses
or elevated interest rates of 5.5 per cent.

However, Mr. Tan noted that a segment of highly leveraged borrowers
with below-median household incomes could be more vulnerable to
repayment risk.

But these borrowers account for less than 5 per cent of total
mortgage loans by count and comprise mostly private housing loans,
he said.

"Looking ahead, given the expected decline in domestic interest
rates, we think that it should ease debt repayment for borrowers,
but MAS will look into these and monitor these carefully," ST
quotes Mr. Tan as saying.



                           *********


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
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Information contained herein is obtained from sources believed
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