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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

          Thursday, October 24, 2024, Vol. 27, No. 214

                           Headlines



A U S T R A L I A

ACCE AUSTRALIA: Former CEO Charged with Fraud
AUSWIDE MANAGEMENT: Second Creditors' Meeting Set for Oct. 29
CORPORATE ADVANTAGE: First Creditors' Meeting Set for Oct. 29
HARROLDS: Goes Into Liquidation with AUD16 Million Debt
LACHLAN HOTELS: Second Creditors' Meeting Set for Oct. 29

PENINSULA PATISSIER: First Creditors' Meeting Set for Oct. 31
WMINES LIMITED: First Creditors' Meeting Set for Oct. 29


C H I N A

CHINA EVERGRANDE: Founder-Linked Mansions Yet to Find Buyers
CHINA EVERGRANDE: SZSE Hits Unit, Founder with Sanctions
VIVIC CORP: Director Hui-Ming Pao Holds 50,000 Common Shares
VIVIC CORP: Director Shiang-Chiai Kung Holds 150,000 Common Shares
VIVIC CORP: Director Tse-Ling Wang Holds 150,000 Common Shares

VIVIC CORP: Director Yen-Zhin Huang Holds 50,000 Common Shares


I N D I A

ASP SEALING: CRISIL Keeps D Debt Ratings in Not Cooperating
BHATI ASSOCIATES: CRISIL Keeps C Debt Rating in Not Cooperating
BYJU'S: Top Court Rejects Settlement, Paving Way for Insolvency
CHUGH INDUSTRIES: CRISIL Keeps D Debt Ratings in Not Cooperating
CLASSIC CASHEWS: CRISIL Keeps B+ Debt Rating in Not Cooperating

COCHIN FROZEN: CRISIL Keeps D Debt Ratings in Not Cooperating
CONCEPT HOMES: CRISIL Keeps D Debt Rating in Not Cooperating
D. VANSH: CRISIL Keeps C Debt Rating in Not Cooperating Category
DEEPAK COTTON: CRISIL Keeps D Debt Rating in Not Cooperating
DELTA IRON: CRISIL Keeps D Debt Ratings in Not Cooperating

DEVKIRAN PAPER: CRISIL Keeps D Debt Ratings in Not Cooperating
ELASTICRUN: Annual Net Loss Narrows to INR359.6cr in FY24
FIRESTAR DIAMOND: Sonam Kapoor Buys Rhythm House For $5.7 Million
G. K. E. MEDICAL: CRISIL Keeps D Debt Rating in Not Cooperating
GANESA HITECH: CRISIL Keeps D Debt Ratings in Not Cooperating

GLOBAL HEALTH: CRISIL Keeps D Debt Ratings in Not Cooperating
GLOBAL TYRES: CRISIL Keeps B Debt Rating in Not Cooperating
GROVER ZAMPA: CRISIL Withdraws D Rating on INR25cr Cash Loan
GURU KIRPA RICE: CRISIL Keeps D Debt Ratings in Not Cooperating
GURU KIRPA: CRISIL Keeps D Debt Ratings in Not Cooperating

MAKS TECHNOLOGIES: CRISIL Keeps D Debt Ratings in Not Cooperating
MAMTA AGRO: CRISIL Keeps B+ Debt Ratings in Not Cooperating
MINAKSHI COTEX: CRISIL Keeps D Debt Ratings in Not Cooperating
MSG ALL: CRISIL Keeps B+ Debt Ratings in Not Cooperating Category
PINTU ENGINEERING: CRISIL Keeps C Debt Rating in Not Cooperating

PIXIE DUST: CRISIL Keeps B- Debt Ratings in Not Cooperating
POLYSPIN EXPORTS: Ind-Ra Moves BB- Loan Rating to NonCooperating
PRAGATI INGOTS: CRISIL Keeps B+ Debt Ratings in Not Cooperating
STARCARE HOSPITAL: CRISIL Cuts Long & Short Term Rating to D
SUDHAMA HOSIERIES: CRISIL Reaffirms B+ Rating on INR1.25cr Loan

VB BUILDERS: Ind-Ra Assigns BB- Term Loan Rating, Outlook Stable


J A P A N

RICOH CO: Egan-Jones Retains BB+ Senior Unsecured Ratings
SUMITOMO CHEMICAL: Egan-Jones Retains BB+ Senior Unsecured Ratings


N E W   Z E A L A N D

INTERFARM IMPORTS: Grant Bruce Reynolds Appointed as Liquidator
MSC CARTAGE: Creditors' Proofs of Debt Due on Nov. 15
NAGRA NZ: Court to Hear Wind-Up Petition on Dec. 12
SZTOS LIMITED: Creditors' Proofs of Debt Due on Nov. 28
TREV TERRY: Court to Hear Wind-Up Petition on Dec. 6



P H I L I P P I N E S

ABS-CBN CORP: Financial Recovery Unlikely This Year, Analysts Say


S I N G A P O R E

COOLINE INSULATION: Court to Hear Wind-Up Petition on Nov. 1
FS PAINTWORKS: Court Enters Wind-Up Order
HALLMARK TRADERS: Creditors' Meeting Set for Oct. 25
PROGRESSSMG PTE: Creditors' Meeting Set for Nov. 1
SOMERSET CAPITAL: Creditors' Proofs of Debt Due on Nov. 18


                           - - - - -


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

ACCE AUSTRALIA: Former CEO Charged with Fraud
---------------------------------------------
The ex-CEO of ACCE Australia Pty Ltd (ACCE), Grant Colthup, on Oct.
21, 2024, appeared in the Magistrates Court at Ipswich charged with
one count of fraud contrary to section 408C of the Criminal Code
1899 (QLD) following an ASIC investigation in connection with a
AUD2.2 million cryptocurrency transaction in July 2022.

Between May 2019 and September 2022, ACCE operated a digital asset
exchange platform and offered cryptocurrency trading services to
customers under the name 'Mine Digital'.

ASIC alleges that a customer of Mine Digital paid AUD2.2 million to
ACCE for Bitcoin and never received any cryptocurrency in exchange.
ASIC alleges that Mr. Colthup used the funds to pay liabilities of
ACCE and/or purchase cryptocurrency for others.

The matter was adjourned to Dec. 16, 2024.

The matter is being prosecuted by the Office of the Director of
Public Prosecutions (Cth) (ODPP) following a referral from ASIC.

On Sept. 23, 2022, ACCE entered administration.

On Dec. 1, 2022, Brad Tonks of PKF was appointed liquidator of
ACCE.


AUSWIDE MANAGEMENT: Second Creditors' Meeting Set for Oct. 29
-------------------------------------------------------------
A second meeting of creditors in the proceedings of Auswide
Management Solutions Pty Ltd has been set for Oct. 29, 2024 at
11:00 a.m. at the offices of Kennedy Ryan Advisory at Level 4, 15
Queen Street in Melbourne and via electronic means.

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. 28, 2024 at 4:00 p.m.

Richard Rohrt of Kennedy Ryan Advisory was appointed as
administrator of the company on July 23, 2024.


CORPORATE ADVANTAGE: First Creditors' Meeting Set for Oct. 29
-------------------------------------------------------------
A first meeting of the creditors in the proceedings of Corporate
Advantage Pty Ltd will be held on Oct. 29, 2024 at 10:30 a.m. at
Level 19, 144 Edward Street in Brisbane.

Travis Pullen of B&T Advisory was appointed as administrator of the
company on Oct. 21, 2024.


HARROLDS: Goes Into Liquidation with AUD16 Million Debt
-------------------------------------------------------
The Greek Herald reports that Australian luxury fashion retailer
Harrolds, renowned for attracting celebrities and showcasing some
of the world's most prestigious designers, has entered liquidation
leaving behind debts of AUD16 million.

The company, which operated for nearly 40 years, was placed into
liquidation in early October. Founded in 1985, the company opened
its first store in Melbourne and became known as the Australian
destination for high-end brands such as Tom Ford, Saint Laurent,
Balmain and Burberry.

As a Greek family-owned business, Harrolds held the distinction of
being Australia's only privately owned luxury department store.

According to The Greek Herald, Harrolds' managing director Ross
Poulakis said it was with "deep regret" the company had made a
"difficult decision" to put the luxury retailer into liquidation.

"Despite our best efforts to adapt to the evolving economic
environment, a combination of reduced luxury spending, decreased
foot traffic, unprecedentedly high levels of CBD office vacancies
and extremely unfavourable government policies has significantly
impacted our ability to sustain operations," Mr. Poulakis told The
Daily Telegraph. "Unfortunately the retail sector in Australia has
been hit hard and like many other retailers before us in this
period we have had to close our doors."

SMB Advisory has been appointed as liquidators, with nearly 90
creditors collectively owed over AUD16 million, the report
discloses. An initial report submitted to creditors and filed with
ASIC reveals a number of high-profile names among the creditors.

Notably, Victoria Beckham’s company is owed AUD30,000, while two
entities associated with Tom Ford have debts totaling AUD33,000.
Additionally, American designer Thom Browne is listed with a
significant debt of AUD253,000.

Other debts include just over AUD1,000 owed to Versace and AUD853
due to Stella McCartney, The Greek Herald relays.


LACHLAN HOTELS: Second Creditors' Meeting Set for Oct. 29
---------------------------------------------------------
A second meeting of creditors in the proceedings of Lachlan Hotels
Pty Ltd has been set for Oct. 29, 2024 at 3:00 p.m. at Level 1, 63
Salamanca Place (Off Wooby's Lane) in Battery Point and via virtual
meeting.

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. 28, 2024 at 4:00 p.m.

Kiara Calvert and Barry Hamilton of Hamilton Calvert Advisory were
appointed as administrators of the company on Sept. 23, 2024.


PENINSULA PATISSIER: First Creditors' Meeting Set for Oct. 31
-------------------------------------------------------------
A first meeting of the creditors in the proceedings of Peninsula
Patissier Pty Ltd will be held on Oct. 31, 2024 at 11:00 a.m. at
the offices of LangdonGrant at Suite 209, 134 Logis Boulevard in
Dandenong South.

Ian Graham Grant of LangdonGrant was appointed as administrator of
the company on Oct. 21, 2024.


WMINES LIMITED: First Creditors' Meeting Set for Oct. 29
--------------------------------------------------------
A first meeting of the creditors in the proceedings of Wmines
Limited will be held on Oct. 29, 2024 at 10:30 a.m. virtually via
Microsoft Teams.

Sule Arnautovic of Salea Advisory was appointed as administrator of
the company on Oct. 17, 2024.




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

CHINA EVERGRANDE: Founder-Linked Mansions Yet to Find Buyers
------------------------------------------------------------
Bloomberg News reports that 11 months after being seized by
creditors, two adjacent mansions tied to China Evergrande Group's
founder Hui Ka Yan continue to seek buyers at big discounts.

House C and E at 10 Black's Link are being marketed for a combined
HK$900 million ($116 million), according to people familiar with
the matter, who requested not to be named because the information
is private, Bloomberg relays. They were valued at more than HK$1.5
billion, local media HK01 reported in November.

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

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

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

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

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

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

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

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

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

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

CHINA EVERGRANDE: SZSE Hits Unit, Founder with Sanctions
--------------------------------------------------------
Reuters reports that liquidators of China Evergrande on Oct. 22
said the Shenzhen Stock Exchange has published disciplinary actions
against the property developer's flagship unit Hengda Real Estate
and founder Hui Ka Yan, among other senior executives.

According to Reuters, the liquidators referred to a Shenzhen Stock
Exchange document dated Sept. 30, which publicly reprimanded Hengda
and Hui after the securities watchdog found Hengda had overstated
revenue by CNY564 billion ($79.20 billion) over two years through
2020 and fraudulence in its bond issuance.

Hengda applications to issue bonds or transfer shares will not be
accepted for three years, it said, and Hui and former CEO Xia
Haijun will be banned for life from the roles of director or senior
executive in any bond issuer, Reuters relays.

The Shenzhen Stock Exchange added that it rejected Hui's defence
that he was not aware of the inflated revenues and bond issuance as
he did not oversee the company's finances.

Reuters adds that Evergrande's liquidators said in the Oct. 22
filing that they have no further information on the investigation
of the Shenzhen Stock Exchange, and shares of Evergrande will
remain suspended.

                      About China Evergrande

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

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

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

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

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

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

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

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

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

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

VIVIC CORP: Director Hui-Ming Pao Holds 50,000 Common Shares
------------------------------------------------------------
Hui-Ming Pao, a director of Vivic Corp., filed a Form 3 Report with
the U.S. Securities and Exchange Commission, disclosing direct
beneficial ownership of 50,000 shares of Common Stock. This
ownership reflects his agreement to serve on the Board of Directors
of the issuer, with the shares granted as part of his appointment.

A full-text copy of Hui-Ming Pao's SEC Report is available at:

                  https://tinyurl.com/393fk5h9

                           About Vivic

Vivic Corp. was established under the corporate laws of the State
of Nevada on February 16, 2017. Beginning with a change in
management resulting from a change in control of the Company at the
end of 2018, the Company has explored and initiated operations in
various business areas related to the pleasure boat industry. These
included yacht sales, marine tourism, development of
electric-powered yachts, development and operation of yacht marinas
in Asia, and development of a yacht rental and timeshare service.
The Company's headquarters are maintained at its branch in the
Republic of China, Vivic Corp. It is mainly engaged in yacht
procurement, sales, and leasing services in Taiwan and other
countries.

                           Going Concern

For the six months ended June 30, 2024, the Company reported net
income of $1,035,387, compared to a net loss of $301,188 for the
six months ended June 30, 2023. Revenue was $4,412,260 for the six
months ended June 30, 2024. The Company did not generate any
revenues from continuing operations in the three and six months
ended June 30, 2023. The Company had $310,859 of cash and cash
equivalents and working capital of approximately $3.2 million as of
June 30, 2024, which included a receivable from a related party in
the amount of $2.8 million, and the Company generated net income of
$1.04 million during the six months ended June 30, 2024. However,
the Company had an accumulated deficit of approximately $2.3
million as of June 30, 2024.

Management has determined that these conditions indicate that it
may be probable that the Company would not be able to meet its
obligations within 12 months after August 14, 2024, the date of
issuance of the Company's Form 10-Q report. These and other factors
raise substantial doubt about the Company's ability to continue as
a going concern. The continuation of the Company as a going concern
through the one-year anniversary of the date of this filing is
dependent upon the continued financial support from its related
parties and loans or investments from third parties. The Company is
actively pursuing additional financing for its operations through
loans and the sale of equity. However, there is no assurance that
the Company will be successful in securing sufficient funds to
sustain its operations.

VIVIC CORP: Director Shiang-Chiai Kung Holds 150,000 Common Shares
------------------------------------------------------------------
Shiang-Chiai Kung, a director of Vivic Corp., filed a Form 3 Report
with the U.S. Securities and Exchange Commission, disclosing direct
beneficial ownership of 150,000 shares of Common Stock. This
ownership reflects his agreement to serve on the Board of Directors
of the issuer, with the shares granted as part of his appointment.

A full-text copy of Shiang-Chiai Kung's SEC Report is available
at:

                  https://tinyurl.com/yc56yxb6

                           About Vivic

Vivic Corp. was established under the corporate laws of the State
of Nevada on February 16, 2017. Beginning with a change in
management resulting from a change in control of the Company at the
end of 2018, the Company has explored and initiated operations in
various business areas related to the pleasure boat industry. These
included yacht sales, marine tourism, development of
electric-powered yachts, development and operation of yacht marinas
in Asia, and development of a yacht rental and timeshare service.
The Company's headquarters are maintained at its branch in the
Republic of China, Vivic Corp. It is mainly engaged in yacht
procurement, sales, and leasing services in Taiwan and other
countries.

                           Going Concern

For the six months ended June 30, 2024, the Company reported net
income of $1,035,387, compared to a net loss of $301,188 for the
six months ended June 30, 2023. Revenue was $4,412,260 for the six
months ended June 30, 2024. The Company did not generate any
revenues from continuing operations in the three and six months
ended June 30, 2023. The Company had $310,859 of cash and cash
equivalents and working capital of approximately $3.2 million as of
June 30, 2024, which included a receivable from a related party in
the amount of $2.8 million, and the Company generated net income of
$1.04 million during the six months ended June 30, 2024. However,
the Company had an accumulated deficit of approximately $2.3
million as of June 30, 2024.

Management has determined that these conditions indicate that it
may be probable that the Company would not be able to meet its
obligations within 12 months after August 14, 2024, the date of
issuance of the Company's Form 10-Q report. These and other factors
raise substantial doubt about the Company's ability to continue as
a going concern. The continuation of the Company as a going concern
through the one-year anniversary of the date of this filing is
dependent upon the continued financial support from its related
parties and loans or investments from third parties. The Company is
actively pursuing additional financing for its operations through
loans and the sale of equity. However, there is no assurance that
the Company will be successful in securing sufficient funds to
sustain its operations.


VIVIC CORP: Director Tse-Ling Wang Holds 150,000 Common Shares
--------------------------------------------------------------
Tse-Ling Wang, a director of Vivic Corp., filed a Form 3 Report
with the U.S. Securities and Exchange Commission, disclosing direct
beneficial ownership of 150,000 shares of Common Stock. This
ownership reflects his agreement to serve on the Board of Directors
of the issuer, with the shares granted as part of his appointment.

A full-text copy of Hui-Ming Pao's SEC Report is available at:

                  https://tinyurl.com/47bk5b26

                           About Vivic

Vivic Corp. was established under the corporate laws of the State
of Nevada on February 16, 2017. Beginning with a change in
management resulting from a change in control of the Company at the
end of 2018, the Company has explored and initiated operations in
various business areas related to the pleasure boat industry. These
included yacht sales, marine tourism, development of
electric-powered yachts, development and operation of yacht marinas
in Asia, and development of a yacht rental and timeshare service.
The Company's headquarters are maintained at its branch in the
Republic of China, Vivic Corp. It is mainly engaged in yacht
procurement, sales, and leasing services in Taiwan and other
countries.

                           Going Concern

For the six months ended June 30, 2024, the Company reported net
income of $1,035,387, compared to a net loss of $301,188 for the
six months ended June 30, 2023. Revenue was $4,412,260 for the six
months ended June 30, 2024. The Company did not generate any
revenues from continuing operations in the three and six months
ended June 30, 2023. The Company had $310,859 of cash and cash
equivalents and working capital of approximately $3.2 million as of
June 30, 2024, which included a receivable from a related party in
the amount of $2.8 million, and the Company generated net income of
$1.04 million during the six months ended June 30, 2024. However,
the Company had an accumulated deficit of approximately $2.3
million as of June 30, 2024.

Management has determined that these conditions indicate that it
may be probable that the Company would not be able to meet its
obligations within 12 months after August 14, 2024, the date of
issuance of the Company's Form 10-Q report. These and other factors
raise substantial doubt about the Company's ability to continue as
a going concern. The continuation of the Company as a going concern
through the one-year anniversary of the date of this filing is
dependent upon the continued financial support from its related
parties and loans or investments from third parties. The Company is
actively pursuing additional financing for its operations through
loans and the sale of equity. However, there is no assurance that
the Company will be successful in securing sufficient funds to
sustain its operations.

VIVIC CORP: Director Yen-Zhin Huang Holds 50,000 Common Shares
--------------------------------------------------------------
Yen-Zhin Huang, a director of Vivic Corp., filed a Form 3 Report
with the U.S. Securities and Exchange Commission, disclosing direct
beneficial ownership of 50,000 shares of Common Stock. This
ownership reflects his agreement to serve on the Board of Directors
of the issuer, with the shares granted as part of his appointment.

A full-text copy of Yen-Zhin Huang's SEC Report is available at:

                  https://tinyurl.com/55z6ps35

                           About Vivic

Vivic Corp. was established under the corporate laws of the State
of Nevada on February 16, 2017. Beginning with a change in
management resulting from a change in control of the Company at the
end of 2018, the Company has explored and initiated operations in
various business areas related to the pleasure boat industry. These
included yacht sales, marine tourism, development of
electric-powered yachts, development and operation of yacht marinas
in Asia, and development of a yacht rental and timeshare service.
The Company's headquarters are maintained at its branch in the
Republic of China, Vivic Corp. It is mainly engaged in yacht
procurement, sales, and leasing services in Taiwan and other
countries.

                           Going Concern

For the six months ended June 30, 2024, the Company reported net
income of $1,035,387, compared to a net loss of $301,188 for the
six months ended June 30, 2023. Revenue was $4,412,260 for the six
months ended June 30, 2024. The Company did not generate any
revenues from continuing operations in the three and six months
ended June 30, 2023. The Company had $310,859 of cash and cash
equivalents and working capital of approximately $3.2 million as of
June 30, 2024, which included a receivable from a related party in
the amount of $2.8 million, and the Company generated net income of
$1.04 million during the six months ended June 30, 2024. However,
the Company had an accumulated deficit of approximately $2.3
million as of June 30, 2024.

Management has determined that these conditions indicate that it
may be probable that the Company would not be able to meet its
obligations within 12 months after August 14, 2024, the date of
issuance of the Company's Form 10-Q report. These and other factors
raise substantial doubt about the Company's ability to continue as
a going concern. The continuation of the Company as a going concern
through the one-year anniversary of the date of this filing is
dependent upon the continued financial support from its related
parties and loans or investments from third parties. The Company is
actively pursuing additional financing for its operations through
loans and the sale of equity. However, there is no assurance that
the Company will be successful in securing sufficient funds to
sustain its operations.



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

ASP SEALING: CRISIL Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of ASP Sealing
Products Limited (ASPL) continue to be 'CRISIL D/CRISIL D Issuer
Not Cooperating'.

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

   Letter of Credit        12         CRISIL D (Issuer Not
                                      Cooperating)

   Proposed Long Term      11.83      CRISIL D (Issuer Not
   Bank Loan Facility                 Cooperating)

   Term Loan                2.98      CRISIL D (Issuer Not
                                      Cooperating)

CRISIL Ratings has been consistently following up with ASPL for
obtaining information through letter and email dated October 10,
2023 among others, apart from telephonic communication. However,
the issuer has remained non cooperative.

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

Detailed Rationale

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

CRISIL Ratings has withdrawn its ratings on the bank facilities of
ASPL on the request of the company and after receiving no objection
certificate from the bank. The rating action is in-line with CRISIL
Rating's policy on withdrawal of its rating on bank loan
facilities.

ASPL was incorporated in 1989 as Anand Saiag Pvt Ltd in
technological collaboration with SAAIG Industrial SPA, Italy. In
1995, Mr Gurdeep Singh Anand and his son Mr Rishipal Singh Anand,
acquired the equity shares held by SAIIG, and the company got its
current name. ASPL manufactures ethylene propylene diene monomer
(EPDM) weather strips for automotive applications, primarily for
commercial vehicles. It also manufactures industrial rubber and
hoses. Its facilities are at Gajraula in Uttar Pradesh, and at
Udham Singh Nagar in Uttarakhand.


BHATI ASSOCIATES: CRISIL Keeps C Debt Rating in Not Cooperating
---------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Bhati
Associates Private Limited (BAPL) continue to be 'CRISIL C/CRISIL
A4 Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Bank Guarantee         8         CRISIL A4 (Issuer Not
                                    Cooperating)

   Cash Credit            8         CRISIL C (Issuer Not
                                    Cooperating)

CRISIL Ratings has been consistently following up with BAPL 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 BAPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on BAPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
BAPL continues to be 'CRISIL C/CRISIL A4 Issuer Not Cooperating'.

Established in 1984 in Ghaziabad, Uttar Pradesh, by Mr Harish
Chowdhary, BAPL constructs government buildings and roads on tender
basis in Madhya Pradesh and Uttar Pradesh.


BYJU'S: Top Court Rejects Settlement, Paving Way for Insolvency
---------------------------------------------------------------
Bloomberg News reports that India's top court struck down a
tribunal order that allowed Byju's to settle debts with a creditor,
pushing the online tutor back firmly into the insolvency process
and taking it a step closer to failure.

Bloomberg relates that the Supreme Court order Oct. 23 is a setback
for founder Byju Raveendran and his eponymous firm, and it keeps
control of the education company with a bankruptcy professional.
It's a win for US-based creditor Glas Trust Company, which had
opposed the settlement with the Indian creditor - the ruling body
of India's cricket - and is itself seeking funds from Byju's.

Bloomberg says the order leaves Byju's near the end of a
high-profile existence during which it reached a $22 billion
valuation. Started in 2015, the online-tutoring service quickly
gained fans and then saw its business surge during the Covid-19
pandemic, prompting Raveendran to expand abroad and making him a
billionaire in the process. But as infections subsided and
classrooms resumed, its cash pile shrank and the company ran into
legal problems in the US as well as its domestic market.

According to Bloomberg, the Supreme Court found that the appeals
tribunal didn't follow the due legal procedure while allowing a
settlement between Byju's and the cricket board. Its order means
that Byju's, Glas Trust and the cricket board will take the case
back to the bankruptcy court.

India's insolvency resolution process requires a court-appointed
professional to run the company until a creditors' panel is formed,
Bloomberg notes. This panel then seeks claims from other potential
creditors, and it can later ask for bids for the company from
potential buyers. A companies court has to approve any such
purchase. A company is liquidated if it doesn't find a buyer.

                           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 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.

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.

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.

CHUGH INDUSTRIES: CRISIL Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Chugh
Industries (CI) continue to be 'CRISIL D Issuer Not Cooperating'.

                       Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit           9          CRISIL D (Issuer Not
                                    Cooperating)

   Proposed Fund-        1.5        CRISIL D (Issuer Not
   Based Bank Limits                Cooperating)

   Term Loan             1.5        CRISIL D (Issuer Not
                                    Cooperating)

   Warehouse Receipts    3          CRISIL D (Issuer Not
                                    Cooperating)

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

Set up in 2013, CI, a proprietorship firm of Mr Sunny Chugh, mills,
processes and packs basmati and non-basmati rice. The production
facilities, at Jalalabad, Punjab, have a milling and sorting
capacity of 4 tonne per hour.


CLASSIC CASHEWS: CRISIL Keeps B+ Debt Rating in Not Cooperating
---------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Classic
Cashews (CC) continues to be 'CRISIL B+/Stable Issuer Not
Cooperating'.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Cash Credit           6.75       CRISIL B+/Stable (Issuer Not
                                    Cooperating)

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

CC was establish in 2013, it is located in Karunagapally, Kerala.
CC is owned and managed by Mr. Salim M and Mrs Ajitha Beevi. CC is
engaged in processing of cashew.


COCHIN FROZEN: CRISIL Keeps D Debt Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Cochin Frozen
Food Exports Private Limited (CFFEPL) continue to be 'CRISIL
D/CRISIL D Issuer Not Cooperating'.

                         Amount
   Facilities         (INR Crore)     Ratings
   ----------         -----------     -------
   Bill Discounting        15         CRISIL D (Issuer Not
                                      Cooperating)

   Packing Credit          27         CRISIL D (Issuer Not
                                      Cooperating)

   Proposed Long Term       3         CRISIL D (Issuer Not
   Bank Loan Facility                 Cooperating)

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

CFFEPL was set up in 1992 by Mr. K Prabhakaran. It processes and
exports shrimp and fish.


CONCEPT HOMES: CRISIL Keeps D Debt Rating in Not Cooperating
------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Concept Homes
India Private Limited (CHIPL) continues to be 'CRISIL D Issuer Not
Cooperating'.

                         Amount
   Facilities         (INR Crore)     Ratings
   ----------         -----------     -------
   Term Loan               8.5        CRISIL D (Issuer Not
                                      Cooperating)

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

Set up in 2004 by Mr. Mahaganapathi, CHIPL undertakes residential
projects in Chennai.


D. VANSH: CRISIL Keeps C Debt Rating in Not Cooperating Category
----------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of D. Vansh
Enterprises (DVE) continues to be 'CRISIL C Issuer Not
Cooperating'.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Cash Credit             17       CRISIL C (Issuer Not
                                    Cooperating)

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

DVE was established in 2008 as a proprietorship firm. It is engaged
in wholesale and retail distribution of liquor such as Indian-made
foreign liquor (IMFL) and country liquor in Punjab.


DEEPAK COTTON: CRISIL Keeps D Debt Rating in Not Cooperating
------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Deepak Cotton
Factory (DCF) continues to be 'CRISIL D Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Cash Credit             14       CRISIL D (Issuer Not
                                    Cooperating)

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

DCF was set up in 2006, promoted by Mr. Tarsem Chand Bansal as a
proprietorship firm. The firm operates a ginning unit for
manufacturing cotton bales, and trades in cotton seeds. It also has
an oil crushing unit. The manufacturing units are based in Mansa,
Punjab, with an installed capacity of 250 bales per day, which is
almost fully utilised.


DELTA IRON: CRISIL Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Delta Iron
and Steel Company Private Limited (Delta; part of the Delta group)
continue to be 'CRISIL D/CRISIL D Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Cash Credit            7         CRISIL D (Issuer Not
                                    Cooperating)

   Cash Credit            7         CRISIL D (Issuer Not
                                    Cooperating)

   Cash Credit           19.7       CRISIL D (Issuer Not
                                    Cooperating)

   Cash Credit            4.05      CRISIL D (Issuer Not
                                    Cooperating)

   Letter of Credit      33.25      CRISIL D (Issuer Not
                                    Cooperating)

   Letter of Credit      74         CRISIL D (Issuer Not
                                    Cooperating)

   Letter of Credit      37.5       CRISIL D (Issuer Not
                                    Cooperating)

   Letter of Credit      25.75      CRISIL D (Issuer Not
                                    Cooperating)

   Letter of Credit      11.75      CRISIL D (Issuer Not
                                    Cooperating)

CRISIL Ratings has been consistently following up with Delta 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 Delta, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on Delta
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
Delta 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 Delta and Ark Industries
Private Limited (Ark). This is because the two companies, together
referred to as the Delta group, have a common management and are in
the same business. Moreover, Delta holds 20.62% equity share in
Ark.

The Delta group is promoted by Mr Akshay Jain and Mr Dhanesh Mehta.
Based in Mumbai and incorporated in 1996, Delta trades in
hot-rolled coils and sheets, and plates. Ark, established in 2004,
processes, warehouses, and trades in hot-rolled and cold-rolled
steel products.


DEVKIRAN PAPER: CRISIL Keeps D Debt Ratings in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Devkiran
Paper Mills Private Limited (DPMPL) continue to be 'CRISIL D/CRISIL
D Issuer Not Cooperating'.

                       Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Bank Guarantee         0.5        CRISIL D (Issuer Not
                                     Cooperating)

   Cash Credit           12          CRISIL D (Issuer Not
                                     Cooperating)

   Letter of Credit       2          CRISIL D (Issuer Not
                                     Cooperating)

   Proposed Long Term     3.51       CRISIL D (Issuer Not
   Bank Loan Facility                Cooperating)

   Term Loan              3.99       CRISIL D (Issuer Not
                                     Cooperating)

   Term Loan              7.25       CRISIL D (Issuer Not
                                     Cooperating)

   Working Capital        3          CRISIL D (Issuer Not
   Term Loan                         Cooperating)

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

Established in April 1985 in Bengaluru (Karnataka), DPMPL
manufactures kraft paper. Its products are used for manufacturing
corrugated boxes.


ELASTICRUN: Annual Net Loss Narrows to INR359.6cr in FY24
---------------------------------------------------------
Business Standard reports that business-to-business ecommerce
platform ElasticRun saw its net loss for FY24 almost halve to
INR359.6 crore. The company had reported a loss of INR618.99 crore
in FY23.

Revenue for the financial year 2024 came in at INR2,434.84 crore,
down 48.6 per cent year-on-year, Business Standard discloses.
Revenue for FY23 was INR4,738 crore.

According to Business Standard, senior management of the firm
attributed the march towards profitability to the firm's pivot to
expand its reach with regional and smaller brands.

The SoftBank and Prosus Ventures-backed ElasticRun runs
distribution for fast-moving consumer goods (FMCG) products in
rural areas in India.  


FIRESTAR DIAMOND: Sonam Kapoor Buys Rhythm House For $5.7 Million
-----------------------------------------------------------------
Bloomberg News reports that Bhaane Group, owned by celebrity Sonam
Kapoor and her husband Anand Ahuja, is buying Rhythm House, an
iconic music store in India's financial capital Mumbai for INR478.4
million ($5.7 million).

The 3,600-square foot Rhythm House had been shuttered in 2018 after
Nirav Modi, the owner of Firestar Diamond International Pvt that
ran the music store, defaulted on billions of dollars of bank
loans. A resolution professional appointed by the Indian bankruptcy
court oversaw the sale of the store confirmed the value of the deal
to Bloomberg News in a telephone interview.

"The stakeholder committee has approved the sale of Rhythm House
for 478.4 million rupees," Bloomberg quotes Shantanu T Ray, the
official liquidator overseeing the sale of Firestar's assets, as
saying.

A spokesperson for Bhaane, which manufactures various clothes under
its own label, confirmed the purchase, but declined to share the
value of the deal, Bloomberg notes. The company is an arm of Shahi
Exports Pvt, owned by Anand's father Harish Ahuja and is one of the
largest apparel makers in India which supplies international brands
including Uniqlo, Decathlon and H&M.

"We have completed our due diligence and plan to expand our retail
presence in the city. As private companies, we are unable to
comment on any financial information regarding the bid," a
spokesperson for the Bhaane said in an email statement. Bhaane's
retail unit operates the chain of Nike and Converse stores in
India.

Bloomberg says the deal signals the end of an era for a generation
of music lovers who grew up listening to their favorite artistes on
vinyls, cassettes and compact discs.

Established in the 1940s, Rhythm House had once hosted legendary
musicians like classical artist Pandit Ravi Shankar, Jethro Tull's
Ian Anderson and a bevy of Bollywood stars. But beginning in the
late 90s, a rising wave of music piracy first and later the advent
of digital streaming steadily made the landmark store irrelevant
for music aficionados.

Firestar Diamond International was incorporated in 2006 as a
jewelry manufacturing company for exports. It operates Firestar
International Private Limited's (a global diamond and jewelry
company founded by Nirav Modi) domestic retail business, which
functions under the Nirav Modi brand.


G. K. E. MEDICAL: CRISIL Keeps D Debt Rating in Not Cooperating
---------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of G. K. E.
Medical Private Limited (GKE) continues to be 'CRISIL D Issuer Not
Cooperating'.

                       Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit           7.5        CRISIL D (Issuer Not
                                    Cooperating)

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

GKE was set up as a partnership firm in 1986 and was reconstituted
as a private limited company in 2009. The company distributes
pharmaceutical formulations in the form of tablets, syrups, and
injectibles in Kolkata (primary revenue contributor) and other
districts of West Bengal.


GANESA HITECH: CRISIL Keeps D Debt Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Ganesa Hitech
Agroo Foods (GHAF) continue to be 'CRISIL D Issuer Not
Cooperating'.

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

   Long Term Loan          3.3      CRISIL D (Issuer Not
                                    Cooperating)

   Proposed Working        3.7      CRISIL D (Issuer Not
   Capital Facility                 Cooperating)

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

GHAF was set up as a partnership firm in December 2014 in Salem.
The firm mills and processes paddy into rice, rice bran, broken
rice and husk. Its operations are managed by its partner Mr P
Madheswaran.


GLOBAL HEALTH: CRISIL Keeps D Debt Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Global Health
Research and Management Institute (GHRMI) continue to be 'CRISIL D
Issuer Not Cooperating'.

                       Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Long Term Loan        70         CRISIL D (Issuer Not
                                    Cooperating)

   Long Term Loan        40         CRISIL D (Issuer Not
                                    Cooperating)

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

GHRMI is a registered society under Rajasthan Society Registration
Act. They are setting up a Multi-Specialty Hospital named Pacific
Institute of Medical Science at Udaipur, Rajasthan with 750 beds
and medical college offering MBBS course with Students intake of
150 p.a. at Udaipur.


GLOBAL TYRES: CRISIL Keeps B Debt Rating in Not Cooperating
-----------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Global Tyres
continues to be 'CRISIL B/Stable Issuer Not Cooperating'.

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

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

Global Tyres was set up in 2002 and is engaged in trading of tyres,
alloy wheels and other auto accessories. The firm operates 3
showrooms in Ernakulam (Kerala) and is promoted by Mr Philip
George.


GROVER ZAMPA: CRISIL Withdraws D Rating on INR25cr Cash Loan
------------------------------------------------------------
CRISIL Ratings has withdrawn its ratings on the bank facilities of
Grover Zampa Vineyards Limited (GZVL) on the request of the company
and receipt of a no objection certificate from its bank. The rating
action is in line with CRISIL Ratings' policy on withdrawal of its
ratings on bank loans.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Bank Guarantee        1.25       CRISIL D/Issuer Not
                                    Cooperating (Withdrawn)

   Cash Credit          25          CRISIL D/Issuer Not
                                    Cooperating (Withdrawn)

   Proposed Cash        10          CRISIL D/Issuer Not
   Credit Limit                     Cooperating (Withdrawn)

   Term Loan             4.35       CRISIL D/Issuer Not
                                    Cooperating (Withdrawn)

CRISIL Ratings has been consistently following up with GZVL for
obtaining information through letter and email dated November 13,
2023, among others, apart from telephonic communication. However,
the issuer has remained non cooperative.

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

Detailed Rationale

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

GZVL was formed by the merger of Vallee de Vin (VDV) with Grover
Vineyards Ltd (GVL) in April 2013. The company manufactures wines
and its vineyards are located in Nandi hills near Bengaluru and
Nashik (Maharashtra). GVL was established in 1988 by Mr Kanwal
Grover and sells its wines under the Grover brand. VDV was set up
in 2006 by Mr. Ravi Jain and sells its wines under the Zampa
brand.


GURU KIRPA RICE: CRISIL Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Guru Kirpa
Rice Mills (GKRM) continue to be 'CRISIL D Issuer Not
Cooperating'.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Cash Credit           4.75       CRISIL D (Issuer Not
                                    Cooperating)

   Cash Credit           9.25       CRISIL D (Issuer Not
                                    Cooperating)

   Inventory Funding     4.00       CRISIL D (Issuer Not
   Facility                         Cooperating)

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

GKRM, established in 2002, was set up as a partnership firm by Mr.
Bhupinder Singh, Mr. Jatinder Singh, and Mr. Partap Singh. The firm
is into milling and processing of basmati rice (Pusa 1121 quality).
It has one processing unit at Jalalabad (Punjab), with milling and
processing capacity of 30 tonnes per day. GKRM primarily sells rice
and its byproducts in the domestic market. The majority of its
customers are merchant exporters, who export the rice to the Middle
East.


GURU KIRPA: CRISIL Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Guru Kirpa
Foods Private Limited (GKFPL; part of the Guru Kirpa group)
continue to be 'CRISIL D Issuer Not Cooperating'.

                         Amount
   Facilities         (INR Crore)     Ratings
   ----------         -----------     -------
   Cash Credit           14.00        CRISIL D (Issuer Not
                                      Cooperating)

   Proposed Term Loan     1.67        CRISIL D (Issuer Not
                                      Cooperating)

   Term Loan              0.33        CRISIL D (Issuer Not
                                      Cooperating)

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

For arriving at the rating, CRISIL Ratings had earlier combined the
business and financial risk profiles of GKFPL and Surya Industries
(SI), due to their common management and ownership. The combined
entity was known as the Guru Kirpa group. The ownership structure
of SI changed with effect from April 1, 2014. SI earlier had three
partners--Mr. Subhash Chander (33.3 per cent), his son Mr. Raman
Josan (33.3 per cent), and Mr. Anil Josan (33.3 per cent). From
April 1, 2014, Mr. Chander is no more a partner in SI. Mr. Anil
Josan and Mr. Raman Josan are now equal partners in SI, overseeing
the firm's operations. Hence, there are no more operational
linkages between the two concerns and CRISIL has now only
considered the standalone business and financial risk profiles of
GKFPL for arriving at the rating.

GKFPL is engaged in hulling and milling of paddy and processing of
basmati rice. It was founded by Mr. Subhash Chander in Ghubaya
village at Jalalabad (Punjab) in 2000.


MAKS TECHNOLOGIES: CRISIL Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Maks
Technologies (MT) continues to be 'CRISIL D/CRISIL D Issuer Not
Cooperating'.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Cash Credit             7        CRISIL D (Issuer Not
                                    Cooperating)

   Inland/Import           7        CRISIL D (Issuer Not
   Letter of Credit                 Cooperating)

   Proposed Long Term      4        CRISIL D (Issuer Not
   Bank Loan Facility               Cooperating)

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

MT was established as a proprietorship firm in Pune (Maharashtra)
in 2008, and reconstituted as a partnership firm in April 2013. It
manufactures tin-copper wires and partners Mr Nilesh Jain and Mr
Pradeep Jain, manage its operations.


MAMTA AGRO: CRISIL Keeps B+ Debt Ratings in Not Cooperating
-----------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Mamta Agro
Industries (MAI) continue to be 'CRISIL B+/Stable Issuer Not
Cooperating'.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Cash Credit           1.75       CRISIL B+/Stable (Issuer Not
                                    Cooperating)

   Proposed Long Term    1.75       CRISIL B+/Stable (Issuer Not
   Bank Loan Facility               Cooperating)

   Term Loan             3.50       CRISIL B+/Stable (Issuer Not
                                    Cooperating)

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

Established in 2015 as a partnership firm by Mr Sachin Katiyar, Mr
Shishupal Singh, Ms Pragya Singh Katiyar, and Ms Birla Katiyar, MAI
operates a potato cold storage unit in Kanpur.



MINAKSHI COTEX: CRISIL Keeps D Debt Ratings in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Minakshi
Cotex (Minakshi) continue to be 'CRISIL D Issuer Not Cooperating'.

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

   Cash Credit            4         CRISIL D (Issuer Not
                                    Cooperating)

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

Minakshi was set up in 2003 as a partnership firm by the Tayal
family of Madhya Pradesh. The firm has two units in Georai and
Khamgaon (Maharashtra), where it undertakes cotton ginning and
pressing.


MSG ALL: CRISIL Keeps B+ Debt Ratings in Not Cooperating Category
-----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of MSG All
Trading International Private Limited (MSG) continue to be 'CRISIL
B+/Stable Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Long Term Loan         0.55      CRISIL B+/Stable (Issuer Not
                                    Cooperating)

   Proposed Long Term     1.10      CRISIL B+/Stable (Issuer Not
   Bank Loan Facility               Cooperating)

   Warehouse Receipts     9.35      CRISIL B+/Stable (Issuer Not
                                    Cooperating)

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

MSG is private limited company which was established in fiscal
2016. MSG is into trading of FMCG products which includes host of
products like personal care products, ayurvedic products, food
products etc. The company has over 100 products under its belt and
markets its product under its own brand name 'MSG'.


PINTU ENGINEERING: CRISIL Keeps C Debt Rating in Not Cooperating
----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Pintu
Engineering Construction Private Limited (PECPL) continues to be
'CRISIL C/CRISIL A4 Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Proposed Bank           2        CRISIL A4 (Issuer Not
   Guarantee                        Cooperating)

   Proposed Cash           8        CRISIL C (Issuer Not
   Credit Limit                     Cooperating)

CRISIL Ratings has been consistently following up with PECPL 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 PECPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on PECPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
PECPL continues to be 'CRISIL C/CRISIL A4 Issuer Not Cooperating'.

Incorporated in 1990, PECPL, promoted by Mr Sanjay Dalmia,
constructs roads and bridges for the Public Works Department and
Rural Works Department in Jharkhand and Orissa.


PIXIE DUST: CRISIL Keeps B- Debt Ratings in Not Cooperating
-----------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Pixie Dust
(PD) continue to be 'CRISIL B-/Stable Issuer Not Cooperating'.

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

   Proposed Long Term       5       CRISIL B-/Stable (Issuer Not
   Bank Loan Facility               Cooperating)

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

Promoted by Ms Swapna Mathivanan, Mr Jeevan Nedunchezhiyan, and Dr
M A S Subramanian in 2013, PD is setting up a luxury resort with 40
cottages, swimming pool, restaurant and bar. The firm has a
restaurant, Celine's Kitchen, in Puducherry, which has been
operational since 2014.


POLYSPIN EXPORTS: Ind-Ra Moves BB- Loan Rating to NonCooperating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Polyspin Exports
Limited's (PEL) bank facilities' rating to the non-cooperating
category and has simultaneously withdrawn the same.

The detailed rating action is:

-- INR122.50 mil. Fund-based working capital limit migrated to
     non-cooperating category and withdrawn.

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

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

Detailed Rationale of the Rating Action

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

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

Non-Cooperation by the Issuer

Ind-Ra has not received adequate information and has not been able
to conduct management interaction with PEL while reviewing the
rating. Ind-Ra had followed up with PEL over emails and phone
calls. Although, the issuer has been submitting its monthly no
default statement until June 2024.

Limitations regarding Information Availability

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

About the Company

Incorporated in 1972 by Rammohan Raja, Rajapalayam, Tamil
Nadu-based PEL began manufacturing high density polyethylene bags
for storage of cement. It manufactured and exported small storage
bags until 1997 and subsequently began manufacturing a wide range
of flexible intermediate bulk container bags. The company exports
to more than 10 countries including the US, Italy, France and
Germany. The company has an annual installed capacity of 14,400
metric tons. PEL operated two business segments -FIBC and textile,
however, the textile division discontinued operations in June 2023.

PRAGATI INGOTS: CRISIL Keeps B+ Debt Ratings in Not Cooperating
---------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Pragati
Ingots and Power Private Limited (PIPPL) continue to be 'CRISIL
B+/Stable Issuer Not Cooperating'.

                       Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit            6.2        CRISIL B+/Stable (Issuer Not
                                     Cooperating)

   Proposed Long Term     5.2        CRISIL B+/Stable (Issuer Not
   Bank Loan Facility                Cooperating)

   Term Loan              0.6        CRISIL B+/Stable (Issuer Not
                                     Cooperating)

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

Incorporated in 2009, PIPPL is promoted by Mr Rajesh Agrawal and Mr
Pradeep Agrawal. The company manufactures mild steel ingots, which
find application in rolling mills, where they are used as raw
material to manufacture various steel products. The manufacturing
plant is in Raipur.


STARCARE HOSPITAL: CRISIL Cuts Long & Short Term Rating to D
------------------------------------------------------------
CRISIL Ratings has downgraded its ratings on the bank facilities of
Starcare Hospital Kozhikode Pvt Ltd (SHKPL) to 'CRISIL D/CRISIL D'
from 'CRISIL B-/Stable/CRISIL A4'.

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

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

The ratings reflect delay in servicing long-term debt obligation
for the past three months due to weak liquidity of SHKPL.

The ratings also reflect below-average financial risk profile.
These weaknesses are partially offset by the extensive experience
of the promoters in the healthcare industry and their funding
support.

Analytical approach:

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

Unsecured loans of INR20.74 crore, as on March 31, 2024, extended
by the promoters have been treated as neither debt nor equity as
the funds are likely to remain in the business.

Key rating drivers and detailed description

Weaknesses:

* Delays in servicing term debt obligation: The company delayed
meeting its term debt obligation in the last three months because
of poor liquidity.

* Below-average financial risk profile: Losses incurred in previous
fiscals has eroded networth. This has impacted the overall capital
structure, as highlighted by expected gearing and total outside
liabilities to adjusted networth (TOLANW) ratio of negative
1.15-1.27 times and negative 2.0-2.5 times, respectively, as on
March 31, 2024. Though the financial risk profile is expected to
improve, over the medium term, with better operating profitability,
it is likely to remain subdued.

Strengths:

* Extensive experience of the promoters: SHKPL is a part of the
Starcare group, promoted by Dr Sadik Kodakat, an anesthesiologist
and healthcare entrepreneur, based out of Dubai. The promoters have
infused need-based funds to ensure timely serving of debt. SHKPL
will continue to benefit from its experienced management team and
need-based funding support from the promoters.

* Funding support from the promoters: Steady funding support
through equity, preference shares and unsecured loans, provided by
the promoters, will help the company cover losses and service term
debt in a timely manner.

Liquidity: Poor

The bank limit was fully utilised for the 12 months through June
2024. Cash accrual is expected to be over INR6 crore, which is
tightly matched against term debt obligation of INR5.82 crore over
the medium term. The company did not disclose delays in servicing
debt in the No default Statement provided in September 2024.

The current ratio was low at 0.67 time as on March 31, 2024. The
promoters are likely to extend support in the form of equity and
unsecured loans to meet the working capital requirement and debt
obligation. Negative networth limits its financial flexibility and
restricts the financial cushion available to the company in case of
any adverse conditions or downturn in the business.

Rating sensitivity factors

Upward factors:

* Timely servicing of term debt obligation for at least 90 days
* Sustained growth of 25% in revenue and stable operating margin at
11-13%, leading to higher cash accrual

Incorporated in 2015, SHKPL is part of the Starcare UK group, a
well-known healthcare provider in Oman, promoted by Dr Sadik
Kodakat and other family members. The company operates a 290-bed
multi-speciality hospital in Kozhikode, Kerala.


SUDHAMA HOSIERIES: CRISIL Reaffirms B+ Rating on INR1.25cr Loan
---------------------------------------------------------------
CRISIL Ratings has reaffirmed its 'CRISIL B+/Stable/CRISIL A4'
ratings on the bank facilities of Sudhama Hosieries (SH).

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Foreign Bill
   Negotiation            2.50      CRISIL A4 (Reaffirmed)

   Packing Credit         6.25      CRISIL A4 (Reaffirmed)

   Working Capital
   Term Loan              1.25      CRISIL B+/Stable (Reaffirmed)

The ratings continue to reflect modest scale of operations,
vulnerability of the operating margin to fluctuations in foreign
exchange (forex) rates and raw material prices, large working
capital requirement and below-average financial risk profile of the
firm. These weaknesses are partially offset by the extensive
experience of the partners in the readymade garments industry.

Analytical approach

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

Key rating drivers and detailed description

Weaknesses:

* Modest scale of operations and exposure to fluctuations in forex
rates and input cost: The readymade garments industry is highly
fragmented and the consequent intense competition may continue to
constrain scalability, pricing power and profitability. Further, as
majority of the revenue is derived from the international market,
any sharp variation in forex rates affects realisations and cash
accrual. Also, volatile raw material prices and the inability of
the firm to pass on any price hike adversely impact profitability.
Revenue is estimated at INR28 crore in fiscal 2024, against
INR23.02 crore in fiscal 2023.

* Large working capital requirement: The working capital cycle is
likely to remain stretched as the firm needs to extend long credit
period to customers and maintain a huge work-in-process and
finished goods inventory to meet business requirement. Gross
current assets are estimated at 328 days as on March 31, 2024
(against 350 days a year ago), driven by debtors of 38 days and
inventory of 249 days.

* Below-average financial risk profile: The financial risk profile
is likely to remain constrained by low cash accrual. Gearing is
estimated at 1.88 times as on March 31, 2024 (against 2.13 times a
year ago) and total outside liabilities to adjusted networth ratio
at 4.51 times (4.11 times). Debt protection metrics have also been
weak, with interest coverage ratio of 1.51 times and net cash
accrual to total debt ratio of 0.04 time in fiscal 2024.

Strength:

* Extensive experience of the partners: The partners have more than
four decades of experience in the apparel segment through other
owned entities; their strong understanding of market dynamics and
healthy relations with customers and suppliers should continue to
support the business.

Liquidity: Stretched

Bank limit utilisation was around 93% for the 12 months through
August 2024. Cash accrual is expected at INR0.4-0.7 crore per
annum, barely sufficient to meet the yearly debt obligation of
INR0.5-0.7 crore over the medium term. Current ratio was 1.23 times
on March 31, 2023 and estimated current ratio for March 31, 2024 is
expected to be at 1.20 times. The partners are likely to extend
need-based funds (equity and unsecured loans) to aid operations.

Outlook: Stable

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

Rating sensitivity factors

Upward factors

* Revenue growth of 20% and sustenance of operating margin, leading
to higher-than-expected cash accrual
* Improvement in the working capital cycle
* Improvement in the liquidity risk profile

Downward factors

* Decline in revenue and/or operating margin dropping below 5%,
resulting in lower-than-expected cash accrual
* Large, debt-funded capital expenditure or a sizeable stretch in
the working capital cycle

SH, set up as a partnership firm in 1978, is engaged in
manufacturing and exporting of knitted readymade garments. The firm
has three manufacturing units at Tirupur in Tamil Nadu. Mr G
Ramachandran and Ms. Vaishanvi manage the business.


VB BUILDERS: Ind-Ra Assigns BB- Term Loan Rating, Outlook Stable
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has rated VB BUILDERS AND
DEVELOPERS' (VBBD) term loans as follows:

-- INR900 mil. Term loan due on September 30, 2028 assigned with
     IND BB-/Stable rating.

Detailed Rationale of the Rating Action

The rating reflects the time and cost overrun risks associated with
VBBD's ongoing residential-cum-commercial project. The company has,
so far, not achieved financial closure and the project is only
11.96% completed as of June 30, 2024. Further, the rating factors
in the medium offtake risk as around 9.86% of the total saleable
area is required to be sold to achieve financial closure. However,
the rating is supported by the project's favorable location having
proximity to hospital and Indore airport.

Detailed Description of Key Rating Drivers

Medium Offtake Risk: The rating reflects VBBD's medium offtake risk
associated with its ongoing project. As of September 2024, the
project did not have any bookings. The project was registered with
Real Estate Regulatory Authority in March 2024. The project has
dependence of 20.85% on customer advances for completion. As of
July 31, 2024, the project is 11.96% completed and the balance
project cost of INR1,612.90 million is to be tied up using a mix of
debt, promoters' contribution and collections. After factoring in
the undisbursed debt, VBBD is required to have bookings of around
9.86% of the total value to achieve a financial closure for
completing the project. Ind-Ra expects the bookings to start in
4QFY25 and improve as the project approaches completion.

Time and Cost Overrun Risk: The total cost of the ongoing project
of INR1,840 million is to be funded by promoters' contribution of
INR550 million, customer advances of INR382 million and a term loan
of INR900 million. VBBD has incurred around INR219.10 million of
the project cost until July 31, 2024, which was funded through
promoters' contribution. The term loan of INR226 million was
disbursed in September 2024. Although the project's progress is in
line with the execution schedule, the ongoing project remains
vulnerable to time and cost overrun risks.

Stretched Liquidity: The rating is constrained by a likely cash
flow mismatch if customer advances are lower than Ind-Ra's
expectations. The firm does not have any capital market exposure
and relies on bank loan and promoters' funds to meet is funding
requirements. The promoters are required to infuse INR330.90
million for completing the ongoing project.

Favorable Location: The ongoing project is located in Bhawrasla,
Indore which is nearly 9kms from Devi Ahilyabai Holkar Airport and
Indore Junction (railway station) with proximity to shopping
complexes, educational hubs and hospitals.

Experienced Promoters: The firm's promoters have more than two
decades of experience in the construction of hospitals and colleges
in Indore city and has constructed a few hospitals and colleges.

Liquidity

Stretched: VBBD had a low cash balance of INR0.97 million at FYE24.
The company does not have any debt repayments in the near term but
has large debt repayments of INR450 million, each, in FY28 and
FY29. The minimum debt service coverage ratio, as per the
management, will be 1.61x during FY24-FY28.

Rating Sensitivities

Negative: Time or cost overruns and a lower-than-expected sales
volume or lower realization from bookings, leading to stressed cash
flows, could lead to a negative rating action.

Positive: Higher-than-expected sales and timely receipt of advances
from customers and utilization of the same primarily for
construction purposes, leading to stronger cash flows and an
improvement in the liquidity, could lead to a positive rating
action.

About the Company

VBBL, established as a partnership firm in 2022, undertakes
construction of residential and commercial real estate projects in
Indore, Madhya Pradesh. Vinodkumar Shaitanmal Bhandari  and
Manjushree Vinod Bhandari are the promoters. Both the promoters are
doctors by profession. The firm is currently developing its first
residential-cum-commercial project in Indore called Highline
Heritage.



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

RICOH CO: Egan-Jones Retains BB+ Senior Unsecured Ratings
---------------------------------------------------------
Egan-Jones Ratings Company on October 9, 2024, maintained its 'BB+'
foreign currency and local currency senior unsecured ratings on
debt issued by Ricoh Company, Ltd.

Headquartered in Ota City, Tokyo, Japan, manufactures and markets
office automation equipment, electronic devices, and photographic
instruments.

SUMITOMO CHEMICAL: Egan-Jones Retains BB+ Senior Unsecured Ratings
------------------------------------------------------------------
Egan-Jones Ratings Company on October 7, 2024, maintained its 'BB+'
foreign currency and local currency senior unsecured ratings on
debt issued by Sumitomo Chemical Company, Limited.

Headquartered in Chuo City, Tokyo, Japan, Sumitomo Chemical
Company, Limited manufactures chemical products.



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

INTERFARM IMPORTS: Grant Bruce Reynolds Appointed as Liquidator
---------------------------------------------------------------
Grant Bruce Reynolds of Reynolds & Associates on Oct. 17, 2024, was
appointed as liquidator of Interfarm Imports Limited.

The liquidator may be reached at:

          Reynolds & Associates Limited
          PO Box 259059
          Botany
          Auckland 2163


MSC CARTAGE: Creditors' Proofs of Debt Due on Nov. 15
-----------------------------------------------------
Creditors of MSC Cartage 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. 17, 2024.

The company's liquidators are:

          Steven Khov
          Kieran Jones
          Khov Jones Limited
          PO Box 302261
          North Harbour
          Auckland 0751


NAGRA NZ: Court to Hear Wind-Up Petition on Dec. 12
---------------------------------------------------
A petition to wind up the operations of Nagra NZ Limited will be
heard before the High Court at Auckland on Dec. 12, 2024, at 10:45
a.m.

The Commissioner of Inland Revenue filed the petition against the
company on Aug. 9, 2024.

The Petitioner's solicitor is:

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


SZTOS LIMITED: Creditors' Proofs of Debt Due on Nov. 28
-------------------------------------------------------
Creditors of Sztos Limited are required to file their proofs of
debt by Nov. 28, 2024, to be included in the company's dividend
distribution.

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

The company's liquidators are:

          Iain Bruce Shephard
          Jessica Jane Kellow
          BDO Wellington, Business Restructuring
          Level 1, 50 Customhouse Quay
          Wellington 6011


TREV TERRY: Court to Hear Wind-Up Petition on Dec. 6
----------------------------------------------------
A petition to wind up the operations of Trev Terry Marine Limited
will be heard before the High Court at Auckland on Dec. 6, 2024, at
10:00 a.m.

Yamaha Motor Finance New Zealand Limited filed the petition against
the company on Oct. 3, 2024.

The Petitioner's solicitor is:

          James McMillan
          Dentons Kensington Swan
          18 Viaduct Harbour Ave
          Auckland





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

ABS-CBN CORP: Financial Recovery Unlikely This Year, Analysts Say
-----------------------------------------------------------------
BusinessWorld reports that ABS-CBN Corp. may not achieve financial
recovery this year due to declining advertising revenues and low
investor confidence, according to analysts.

"Given the drop in consolidated revenues and the ongoing strain
from lower advertising income, ABS-CBN is unlikely to see a
significant financial boost this year," BusinessWorld quotes
Globalinks Securities and Stocks, Inc. Head of Sales Trading Toby
Allan C. Arce as saying in a Viber message.

Last week, the company announced it would retrench 100 employees,
or 3% of its total workforce, due to the ongoing decline in
advertising revenues, BusinessWorld says.

"The TV industry as a whole has been hurt by lower consumer
spending, which translated into lower advertising spends. The
company is also being affected by the global decline in the pay TV
business," it said.

Despite this, the company reported significant improvements in its
television ratings and music business.

According to BusinessWorld, First Grade Finance, Inc. Managing
Director Astro C. del Castillo said the company's decision would
likely spur mixed reactions from investors, while many would view
the layoff announcement negatively as it is likely a sign of deeper
financial troubles.

"This sentiment could lead to a decline in stock prices as
investors sell off shares to mitigate potential losses," Mr. Del
Castillo said, notes the report.

On the other hand, some investors might see the retrenchment as the
company's cost-cutting move and streamlining options to help
improve its overall financial health, he added, BusinessWorld
relays.

"While there are promising developments in digital platforms and
content production, the overall outlook for ABS-CBN continues to be
challenging," Mr. Del Castillo noted.

During former President Rodrigo R. Duterte's administration,
lawmakers aligned with him denied ABS-CBN's franchise renewal
application. The House of Representatives committee on legislative
franchises deemed the broadcast network critical of Mr. Duterte and
"undeserving" of the privilege.

ABS-CBN's attributable net loss widened to PHP1.18 billion for the
second quarter from a loss of PHP965.28 million in the same period
last year, BusinessWorld discloses citing the company's financial
statement.

This is attributed to lower revenues for the period, which fell to
PHP3.71 billion, lower by 18.1% from PHP4.53 billion a year ago.

"The broader industry decline and persistent losses suggest that
ABS-CBN's financial burdens may continue in the near term rather
than showing signs of a full recovery," Globalinks Securities' Mr.
Arce said, adds the report.

                           About ABS-CBN

ABS-CBN Broadcasting operated a network of TV & radio stations in
the Philippines. The Company produced entertainment and news
programs for basic and cable channels.

On May 5, 2020, the National Telecommunications Commission (NTC)
issued a cease-and-desist order (CDO) against ABS-CBN, immediately
directing it to stop broadcast operations in radio and television.
The order followed the expiration of ABS-CBN's broadcast franchise
on May 4, 2020.

On July 10, 2020, members of the House of Representatives denied
ABS-CBN's renewal franchise application, citing several issues on
the network's prior 25-year franchise.

The network has now rebranded itself as a mass content company and
produced television programs, films and other entertainment content
through partnerships with independent production companies and
broadcasters.

ABS-CBN Corp.'s net loss widened to PHP9.76 billion in 2023 from
PHP2.46 billion in 2022. The company reported a net loss of PHP5.64
billion in 2021.



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

COOLINE INSULATION: Court to Hear Wind-Up Petition on Nov. 1
------------------------------------------------------------
A petition to wind up the operations of Cooline Insulation Pte.
Ltd. will be heard before the High Court of Singapore on Nov. 1,
2024, at 10:00 a.m.

Maybank Singapore Limited filed the petition against the company on
Oct. 10, 2024.

The Petitioner's solicitors are:

          M/s Advent Law Corporation
          111 North Bridge Road
          #25-03 Peninsula Plaza
          Singapore 179098


FS PAINTWORKS: Court Enters Wind-Up Order
-----------------------------------------
The High Court of Singapore entered an order on Oct. 4, 2024, to
wind up the operations of FS Paintworks Pte. Ltd.

Inter Terminal Services filed the petition against the company.

The company's liquidators are:

          Ng Kian Kiat
          Goh Wee Teck
          c/o RSM Corporate Advisory  
          8 Wilkie Road
          #03-08, Wilkie Edge
          Singapore 228095


HALLMARK TRADERS: Creditors' Meeting Set for Oct. 25
----------------------------------------------------
Hallmark Traders Pte. Ltd. will hold a meeting for its creditors on
Oct. 25, 2024, at 4:00 p.m., at 3 Shenton Way #03-06C Shenton
House, in Singapore.

Agenda of the meeting includes:

   a. to provide an update on the status of the liquidation;

   b. to consider and approve the liquidator’s fees of SGD40,000

      (before GST); and

   c. to consider any other matters which may be brought before
      the meeting.


PROGRESSSMG PTE: Creditors' Meeting Set for Nov. 1
--------------------------------------------------
Progresssmg Pte. Ltd. will hold a meeting for its creditors on Nov.
1, 2024, at 2:00 p.m., via electronic means.

Agenda of the meeting includes:

   a. to receive a full statement of the company's affairs
      together with a list of creditors and the estimated amount
      of their claims;

   b. to appoint liquidators;

   c. to form a committee of inspection of not more than
      5 members, if thought fit; and

   d. any other business.


SOMERSET CAPITAL: Creditors' Proofs of Debt Due on Nov. 18
----------------------------------------------------------
Creditors of Somerset Capital Management Singapore Pte. Ltd. are
required to file their proofs of debt by Nov. 18, 2024, to be
included in the company's dividend distribution.

The company commenced wind-up proceedings on Oct. 9, 2024.

The company's liquidator is:

          Lee Chi Him
          Pinebridge Advisory  
          10 Ubi Crescent
          #06-18 Ubi Techpark
          Singapore 408564



                           *********


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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                *** End of Transmission ***