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

                     A S I A   P A C I F I C

          Monday, November 4, 2024, Vol. 27, No. 221

                           Headlines



A U S T R A L I A

3T SERVICES: Second Creditors' Meeting Set for Nov. 7
DWELLINGS ESTATE: Second Creditors' Meeting Set for Nov. 7
FRANGEOS PTY: First Creditors' Meeting Set for Nov. 7
PROMAC BUILT: First Creditors' Meeting Set for Nov. 7
REDZED 2024-3: Fitch Assigns 'BB-sf' Final Rating to Class F Notes

ROBUSTA 2024-1: Fitch Assigns 'B(EXP)sf' Rating to Class F Notes
WELLFULLY LIMITED: First Creditors' Meeting Set for Nov. 8
[*] AUSTRALIA: Labor Rejects Calls to Bail Out Troubled Hospitals


C H I N A

UXIN LIMITED: Inks Strategic Partnership With Wuhan Junshan
VIVIC CORP: Appoints Tse-Ling Wang as New Secretary
VIVIC CORP: Shifts Fiscal Year-End to June 30 for Better Reporting
XINJIANG FINANCIAL: Fitch Affirms BB+ LongTerm IDR, Outlook Stable
YITAN NETWORK: Appeals for Frozen Funds to be Released Amid Probe



I N D I A

ASHISH BUILDERS: ICRA Keeps B+ Debt Rating in Not Cooperating
BAJRANG GINNING: ICRA Keeps D Debt Rating in Not Cooperating
BHAGATPUR TEA: ICRA Keeps B Debt Ratings in Not Cooperating
BUILDMET PRIVATE: ICRA Keeps D Debt Ratings in Not Cooperating
CA MAGNUM: Fitch Affirms BB- LongTerm IDRs, Outlook Stable

CARONA KNIT: ICRA Keeps D Debt Ratings in Not Cooperating
CHANDAN TRADING: ICRA Keeps B+ Debt Rating in Not Cooperating
DUSMER TOOLS: ICRA Keeps C+ Rating in Not Cooperating Category
EARTHCON DEVELOPERS: ICRA Keeps D Debt Rating in Not Cooperating
EKAM AGRO: ICRA Keeps D Debt Ratings in Not Cooperating Category

EVERSHINE SOLVEX: ICRA Keeps D Debt Ratings in Not Cooperating
KALEESWARA GINNING: ICRA Keeps D Debt Ratings in Not Cooperating
MANGILAL AGARWAL: ICRA Keeps B+ Debt Rating in Not Cooperating
MURUGAN FLOUR: ICRA Keeps D Debt Rating in Not Cooperating
NAVNEETA STEELS: ICRA Keeps D Debt Ratings in Not Cooperating

NICOMET INDUSTRIES: ICRA Keeps D Debt Ratings in Not Cooperating
ORIX PACKAGING: ICRA Keeps D Debt Ratings in Not Cooperating
PAVANSUT PAPER: ICRA Keeps D Debt Ratings in Not Cooperating
PV KNIT: ICRA Keeps D Debt Ratings in Not Cooperating Category
R. S. H. AGRO: ICRA Keeps D Debt Ratings in Not Cooperating

RLJ CONCAST: ICRA Keeps D Debt Ratings in Not Cooperating
S A IRON: ICRA Keeps D Debt Ratings in Not Cooperating Category
S.A.M APPARELS: ICRA Keeps D Debt Ratings in Not Cooperating
SABARI TEXTILES: ICRA Keeps D Debt Ratings in Not Cooperating
SIDDHNATH COTEX: ICRA Lowers Rating on INR66cr LT Loan to D

UTTARAYAN FOODS: ICRA Keeps C+ Debt Ratings in Not Cooperating


I N D O N E S I A

KAWASAN INDUSTRI: Fitch Affirms 'B-' LongTerm IDR, Outlook Stable


M A L A Y S I A

BINTAI KINDEN: Agrees on UIMB Extended Interim Settlement Proposal
FASHIONVALET: Malaysian PM Orders Audit of Wealth Fund Loss
IREKA CORP: External Auditor Expresses Disclaimer of Opinion


N E W   Z E A L A N D

BABICH RD: Creditors' Proofs of Debt Due on Nov. 30
KING COUNTRY: Court to Hear Wind-Up Petition on Nov. 25
NELSON ST: Creditors' Proofs of Debt Due on Dec. 1
NONI B: KPMG Appointed as Receivers and Managers
RENERGII PACIFIC: Court to Hear Wind-Up Petition on Nov. 12



P A K I S T A N

PAKISTAN INT'L: Stake Sale Attracts Sole Bid Below Gov't. Minimum


S I N G A P O R E

EASTORIA CONSTRUCTION: Court Enters Wind-Up Order
HIGA TRADING: Commences Wind-Up Proceedings
ICOP CONSTRUCTION: Creditors' Meeting Set for Nov. 29
NAUVEAU TECHNOLOGY: Court to Hear Wind-Up Petition on Nov. 15
THREE ARROWS: Founder's Wife Sells Singapore Mansion for $38MM

TORQUE AUTOS: Court Enters Wind-Up Order

                           - - - - -


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

3T SERVICES: Second Creditors' Meeting Set for Nov. 7
-----------------------------------------------------
A second meeting of creditors in the proceedings of 3T Services Pty
Ltd has been set for Nov. 7, 2024 at 11:00 a.m. at the offices of
KPT Restructuring at Suite 1 Level 20, 20 Bond Street in Sydney and
via telephone conference.

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 Nov. 6, 2024 at 4:00 p.m.

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


DWELLINGS ESTATE: Second Creditors' Meeting Set for Nov. 7
----------------------------------------------------------
A second meeting of creditors in the proceedings of Dwellings
Estate Agents Pty Ltd has been set for Nov. 7, 2024 at 10:30 a.m.
at the offices of Jirsch Sutherland at Level 30, 140 William Street
in Melbourne and via Zoom.

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 Nov. 6, 2024 at 11:00 a.m.

Malcolm Kimbal Howell of Jirsch Sutherland was appointed as
administrators of the company on Oct. 3, 2024.


FRANGEOS PTY: First Creditors' Meeting Set for Nov. 7
-----------------------------------------------------
A first meeting of the creditors in the proceedings of The Frangeos
Pty Ltd will be held on Nov. 7, 2024 at 9:00 a.m. virtually by
video conference.

Shaun Matthews and Daniel P Juratowitch of Cor Cordis were
appointed as administrators of the company on Oct. 28, 2024.


PROMAC BUILT: First Creditors' Meeting Set for Nov. 7
-----------------------------------------------------
A first meeting of the creditors in the proceedings of Promac Built
Pty Ltd will be held on Nov. 7, 2024 at 11:00 a.m. online via
Microsoft Teams.

Joshua Philip Taylor of Taylor Insolvency was appointed as
administrator of the company on Oct. 28, 2024.


REDZED 2024-3: Fitch Assigns 'BB-sf' Final Rating to Class F Notes
------------------------------------------------------------------
Fitch Ratings has assigned final ratings to RedZed Trust Series
2024-3's mortgage-backed pass-through floating-rate bonds. The
issuance consists of notes backed by a pool of first-ranking
Australian conforming and non-conforming residential full- and
low-documentation mortgage loans originated by RedZed Lending
Solutions Pty Limited. The notes were issued by Perpetual Trustee
Company Limited in its capacity as trustee of RedZed Trust Series
2024-3. This is a separate and distinct series created under a
master trust deed.

The final rating on the class F note is two notches higher than the
expected rating. This is due to the reduction in the transaction's
weighted-average (WA) note margin from the indicative WA note
margin previously modelled, which increases the excess spread
available.

   Entity/Debt              Rating            Prior
   -----------              ------            -----
RedZed Trust
Series 2024-3

   A-1-S AU3FN0092524   LT AAAsf New Rating   AAA(EXP)sf
   A-1-L AU3FN0092532   LT AAAsf New Rating   AAA(EXP)sf
   A-2 AU3FN0092540     LT AAAsf New Rating   AAA(EXP)sf
   B AU3FN0092557       LT AAsf  New Rating   AA(EXP)sf
   C AU3FN0092565       LT Asf   New Rating   A(EXP)sf
   D AU3FN0092573       LT BBBsf New Rating   BBB(EXP)sf
   E AU3FN0092581       LT BBsf  New Rating   BB(EXP)sf
   F AU3FN0092599       LT BB-sf New Rating   B(EXP)sf
   G1                   LT NRsf  New Rating   NR(EXP)sf
   G2                   LT NRsf  New Rating   NR(EXP)sf

Transaction Summary

The collateral pool totalled AUD600.0 million and consisted of 841
obligors as of the 31 August 2024 cut-off date, with a WA current
loan/value ratio (LVR) of 66.1% and a WA indexed current LVR of
64.9%.

KEY RATING DRIVERS

Sufficient Credit Enhancement: The 'AAAsf' WA foreclosure frequency
(WAFF) of 18.3% is driven by the WA unindexed current LVR of 66.1%,
low documentation loans making up 91.9% of the pool, self-employed
borrowers accounting for 95.2% and, under Fitch's methodology,
non-conforming and investment loans forming 17.3% and 40.1%,
respectively.

The 'AAAsf' WA recovery rate (WARR) of 53.1% is driven by the
portfolio's WA indexed scheduled LVR of 66.4%. The 'AAAsf'
portfolio loss of 8.6% is higher than RedZed Trust Series 2024-2's
loss of 8.1%, due primarily to a decrease in the WARR. The class
A-1-S, A-1-L, A-2, B, C, D, E and F notes benefit from credit
enhancement of 20.00%, 20.00%, 11.50%, 6.40%, 4.00%, 2.60%, 1.50%
and 0.35%, respectively.

Limited Liquidity Risk: Structural features include a liquidity
facility sized at 1.5% of the class A-1-S to F invested balance,
with a floor of AUD900,000. This is sufficient to mitigate Fitch's
payment interruption risk. Other structural features include a
retention amount that redirects excess available income to repay
note principal in reverse sequential order (excluding G1 and G2
notes), with a limit of AUD500,000 and a post call amortisation
amount that redirects after-tax excess income to repay note
principal through the principal priority of payments waterfall.

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

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

RATING SENSITIVITIES

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

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

Downgrade Sensitivities

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

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

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

Rating: AAAsf / AAAsf / AAAsf / AAsf / Asf / BBBsf / BBsf / BB-sf

Increase defaults by 15%: AAAsf / AAAsf / AAAsf / AA-sf / A-sf /
BBBsf / BBsf / B+sf

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

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

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

Increase defaults by 15% and reduce recoveries by 15%: AAAsf /
AAAsf / AAAsf / AA-sf / A-sf / BBBsf / BBsf / B+sf

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

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

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

The class A note ratings are at the highest level on Fitch's scale
and cannot be upgraded. Prepayments to the loans with the largest
obligor exposure, which result in the notes passing Fitch's
concentration test, could lead to positive rating action, all else
being equal.

Notes: B / C / D / E / F

Rating: AAsf / Asf / BBBsf / BBsf / BB-sf

Reduce defaults by 15% and increase recoveries by 15%: AA+sf / A+sf
/ BBB+sf / BB+sf / BBsf

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

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

DATA ADEQUACY

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

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

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

ESG Considerations

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

ROBUSTA 2024-1: Fitch Assigns 'B(EXP)sf' Rating to Class F Notes
----------------------------------------------------------------
Fitch Ratings has assigned expected ratings to Robusta 2024-1
Trust's mortgage-backed pass-through floating-rate bonds. The
issuance consists of notes backed by a pool of first-ranking
Australian conforming and non-conforming residential full- and
low-documentation mortgage loans originated by BNK Banking
Corporation Limited.

BNK Bank is the originator and servicer of the mortgage loans,
while Golden Eagle Mortgages Pty Limited is the lender of record.
The notes will be issued by Perpetual Corporate Trust Limited in
its capacity as trustee of Robusta 2024-1 Trust. This is a separate
and distinct trust created under a master trust deed.

   Entity/Debt        Rating           
   -----------        ------           
Robusta 2024-1
Trust

   A-L            LT AAA(EXP)sf Expected Rating
   A-S            LT AAA(EXP)sf Expected Rating
   A2             LT AAA(EXP)sf Expected Rating
   B              LT AA(EXP)sf  Expected Rating
   C              LT A(EXP)sf   Expected Rating
   D              LT BBB(EXP)sf Expected Rating
   E              LT BB(EXP)sf  Expected Rating
   F              LT B(EXP)sf   Expected Rating
   G              LT NR(EXP)sf  Expected Rating

Transaction Summary

The collateral pool totalled AUD346.9 million, and consisted of 501
obligors with a weighted-average (WA) current loan/value ratio
(LVR) of 60.5% and a WA indexed current LVR of 60.2% as of the 24
September 2024 cut-off date.

KEY RATING DRIVERS

Credit Enhancement Buffers Expected 'AAAsf' Losses: The 'AAAsf'
weighted-average foreclosure frequency (WAFF) of 16.8% is driven by
the WA unindexed current LVR of 60.5%, low documentation loans
forming 95.0% of the pool, self-employed borrowers making up 96.5%
and, under Fitch's methodology, non-conforming and investment loans
comprising 14.9% and 37.1%, respectively. The 'AAAsf' WA recovery
rate (WARR) of 55.8% is driven by the portfolio's WA indexed
scheduled LVR of 62.8%.

The 'AAAsf' portfolio loss has decreased to 7.4%, from 7.6% in the
previous transaction, Arise Residential Mortgage Trust Number 1.
The class A-S, A-L, A2, B, C, D, E and F notes benefit from credit
enhancement of 20.02%, 20.02%, 8.61%, 5.50%, 3.60%, 2.30%, 1.70%
and 0.75%, respectively.

Liquidity Risk Mitigated: Fitch's payment interruption risk is
mitigated by a liquidity facility sized at the lesser of AUD3.4
million and 1.0% of the invested note balance (excluding class G
notes), with a floor of AUD520,650. Other structural features
include a post-call amortisation amount that diverts excess
available income net of tax to repay note principal in sequential
order (other than the class A-S and A-L notes, which are paid pari
passu).

Originator Adjustment: BNK Bank, established as Goldfields Credit
Union in 1982, is an Australian authorised deposit-taking
institution. Fitch undertook an operational review and found that
the operations of the originator and servicer were mostly
comparable with market standards. BNK Bank began originating its
near-prime resident loan portfolio in August 2021, which results in
limited originator-specific performance data.

In addition, the rate used to assess mortgages from other lenders
in the serviceability calculation differs from standard market
practice. Any resulting impact on credit risk may not be captured
due to the limited performance history, leading Fitch to apply an
originator adjustment of 1.15x that increases foreclosure
frequency. Fitch may amend the adjustment if additional information
received over time indicates that the effect may be higher or lower
than assumed.

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

RATING SENSITIVITIES

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

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

Downgrade Sensitivities

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

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

Notes: class A-S / A-L / A2 / B / C / D / E / F

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

Increase defaults by 15%: AAAsf / AAAsf / AA+sf / AA-sf / A-sf /
BBB-sf / BBsf / less than Bsf

Increase defaults by 30%: AAAsf / AAAsf / AA+sf / A+sf / BBB+sf /
BBB-sf / BBsf / less than Bsf

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

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

Increase defaults by 15% and reduce recoveries by 15%: AAAsf /
AAAsf / AA+sf / AA-sf / A-sf / BBB-sf / BBsf / less than Bsf

Increase defaults by 30% and reduce recoveries by 30%: AAAsf /
AAAsf / AA+sf / A+sf / BBB+sf / BBB-sf / BBsf / less than Bsf

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

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

The class A-S, A-L and A2 notes are at the highest level on Fitch's
scale and cannot be upgraded. As such, upgrade sensitivity
scenarios are not relevant.

Upgrade Sensitivity

Notes: Class B / C / D / E / F

Rating: AAsf / Asf / BBBsf / BBsf / Bsf

Decrease defaults by 15% and increase recoveries by 15%: AA+sf /
A+sf / BBBsf / BBsf / B+sf

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

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

DATA ADEQUACY

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

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

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

ESG Considerations

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

WELLFULLY LIMITED: First Creditors' Meeting Set for Nov. 8
----------------------------------------------------------
A first meeting of the creditors in the proceedings of Wellfully
Limited will be held on Nov. 8, 2024 at 10:30 a.m. at the offices
of WA Insolvency Solutions, a division of Jirsch Sutherland at
Level 6, Suite 6.02, 109 St Georges Terrace in Perth.

Clifford Rocke and Jimmy Trpcevski of WA Insolvency Solutions were
appointed as administrators of the company on Oct. 29, 2024.


[*] AUSTRALIA: Labor Rejects Calls to Bail Out Troubled Hospitals
-----------------------------------------------------------------
The Australian Financial Review reports that private hospitals said
they are on a knife-edge after a Labor government review of the
AUD22 billion industry found their margins had almost halved in
five years as costs rose faster than revenue, warning more closures
are imminent without urgent government help.

According to the Financial Review, Health Minister Mark Butler on
Nov. 1 rejected calls to bail out struggling hospitals, instead
urging feuding operators and insurers to sort out their differences
and come up with solutions themselves.

"There will be no silver bullet from Canberra or funding solution
from taxpayers to deal with what are essentially private pressures
in this system," the report quotes Mr. Butler as saying after
releasing the findings of a four-month departmental probe into the
viability of the country's 647 private hospitals.

A summary of the report painted a bleak picture for hospital
earnings, warned of more maternity ward closures, noted costs were
rising faster than revenues and warned of risks from asset
deterioration, the Financial Review relays. The number of day
procedures in private hospitals was also outstripping overnight
stays.

The Financial Review says hospitals that agreed to the government's
request to hand over financial data reported a decline in their
weighted average earnings before interest, taxes, depreciation, and
amortisation margins from 8.7 per cent in the fiscal year ending
June 2019 to 4.4 per cent in 2023. This is below the 5 per cent
threshold the industry said it needed to free up enough cash to
reinvest in facilities.

However, the government calculated that margins last year for the
whole industry were likely to have risen 7 per cent to 8 per cent
based on other public data it had examined on top of what was
submitted.

Ramsay Health Care, one of the few big profitable players, did not
submit its data to the inquiry, the Financial Review notes. Private
equity-owned Healthscope, the second-biggest private hospital
group, reported a AUD649 million loss last year.

The report also found private hospital expenditure rose 4.1 per
cent in the three fiscal years ending June 2022, outstripping
revenue growth of 2.9 per cent.

The Financial Review says the Australian Private Hospitals
Association (APHA) warned more hospitals would close if the
government did not act.

"You don't have to be very good at maths to see that doesn't add up
to a profitable sector, let alone one that will be able to keep
surgery doors open. Inaction will see more services close or
hospitals fold," the Financial Review quotes APHA chief executive
Brett Heffernan as saying.

Health insurers said warnings about hospital closures were being
exaggerated, and it was unlikely the 12 million Australians with
private health cover would have challenges getting treated.

"We currently have too many hospitals in some urban areas and not
enough in other areas, particularly regional and rural areas," said
Rachel David, the chief executive of Private Healthcare Australia,
which represents insurers, the Financial Review relays.

The report largely reflected the Department of Health's preliminary
findings previously reported by The Australian Financial Review. It
rejected calls from hospital operators to inject extra funding into
the system or force insurers to pay more money to the country's 647
private hospitals, which account for 70 per cent of elective
surgery in Australia.

The Financial Review notes that the only recommendation arising
from the inquiry launched in June was to continue regular meetings
of industry leaders called the Private Health CEO Forum, set up
during the probe. Mr. Butler asked the forum, which includes
executives from hospitals, insurers, medical groups and independent
experts, to come up with proposals to fix the sector.




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

UXIN LIMITED: Inks Strategic Partnership With Wuhan Junshan
-----------------------------------------------------------
Uxin Limited announced Oct. 16 a strategic partnership with Wuhan
City Economic & Technological Development Zone.  The Company will
establish a joint venture with Wuhan Junshan Urban Asset Operation
Co., Ltd., a company indirectly controlled by Wuhan City Economic &
Technological Development Zone.  Pursuant to the joint venture
agreement, Uxin (Anhui) Industrial Investment Co., Ltd., a
wholly-owned subsidiary of Uxin, will contribute RMB66.7 million
and Wuhan Junshan will contribute RMB33.3 million, representing
approximately 66.7% and 33.3% of the joint venture's total
registered capital, respectively.

The joint venture aims to support Uxin's plan to establish a new
used car super store in Wuhan City, Hubei Province.  Wuhan City is
one of the top ten cities in China, with a permanent population of
approximately 12 million and a GDP of approximately RMB2.0
trillion. Wuhan City has a car volume of over 4 million, making it
one of the major automotive markets in China.  The formation of the
joint venture is a key collaboration for Uxin to promote the
development of the automotive aftermarket industry in the Hubei
Province and to build a leading brand in China's used car
industry.

Wuhan Junshan is a company indirectly controlled by the State-owned
Assets Supervision and Administration Bureau of Wuhan City Economic
& Technological Development Zone and is a wholly-owned subsidiary
of Wuhan Junshan Xincheng Technology Investment Group Co., Ltd. The
assets of Junshan Xincheng is RMB18.6 billion.

                           About Uxin

Uxin is a China-based used car retailer, pioneering industry
transformation with advanced production, new retail experiences,
and digital empowerment.  The Company offers vehicles through a
reliable, one-stop, and hassle-free transaction experience.  Under
its omni-channel strategy, the Company is able to leverage its
pioneering online platform to serve customers nationwide and
establish market leadership in selected regions through offline
inspection and reconditioning centers.

Shanghai, the People's Republic of China-based
PricewaterhouseCoopers Zhong Tian LLP, the Company's auditor since
2017, issued a "going concern" qualification in its report dated
July 31, 2024, citing that the Company has incurred net losses
since inception and, as of March 31, 2024, had an accumulated
deficit and net current liability and the Company incurred
operating cash outflow during the fiscal year ended March 31, 2024.
These events and conditions raise substantial doubt about its
ability to continue as a going concern.

VIVIC CORP: Appoints Tse-Ling Wang as New Secretary
---------------------------------------------------
Vivic Corp. disclosed in a Form 8-K Report filed with the U.S.
Securities and Exchange Commission that on October 9, 2024, Mr.
Kun-Teng Liao resigned from the Board of Directors and from his
position as Secretary of the Company and all other positions he
held in the Company.

Mr. Liao's resignation was not due to any disagreement with the
Company on any matter relating to the Company's operations,
policies or practices.

The Board of Directors appointed Mr. Tse-Ling Wang to act as
Secretary of the Company following Mr. Kun-Teng Liao resignation.

                           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.

As of June 30, 2024, Vivic had $4.9 million in total assets, $2.3
million in total liabilities, and $2.6 million in total
stockholders' equity.

                           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 the 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 the filing of its Quarterly
Report ended June 30, 2024, 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: Shifts Fiscal Year-End to June 30 for Better Reporting
------------------------------------------------------------------
Vivic Corp. disclosed in a Form 8-K Report filed with the U.S.
Securities and Exchange Commission that the Board of Directors of
the Company adopted a resolution changing the fiscal year end of
the Company to June 30, effective June 30, 2024.

Management believes the change will cause the Company's annual
financial statements to more accurately reflect the Company's
performance and facilitate the timely preparation of its periodic
reports required to be filed with the Securities and Exchange
Commission.

The Company is in the process of preparing a report on Form 10-K
for the year ended June 30, 2024.

                           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.

As of June 30, 2024, Vivic had $4.9 million in total assets, $2.3
million in total liabilities, and $2.6 million in total
stockholders' equity.

                           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 the 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 the filing of its Quarterly
Report ended June 30, 2024, 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.

XINJIANG FINANCIAL: Fitch Affirms BB+ LongTerm IDR, Outlook Stable
------------------------------------------------------------------
Fitch Ratings has affirmed Xinjiang Financial Investment (Group)
Co., Ltd.'s Long-Term Foreign- and Local-Currency Issuer Default
Ratings (IDRs) at 'BB+'. The Outlook is Stable.

Fitch has also affirmed Xinjiang Financial's USD67 million 5.6%
senior unsecured notes due 2025 at 'BB+'. The offshore notes are
rated at the same level as the IDRs, as they represent the direct,
unsubordinated, unconditional and unsecured obligations of Xinjiang
Financial and will at all times rank pari passu with all its other
unsecured and unsubordinated obligations.

The rating affirmation reflects Xinjiang Financial's continued role
as a major state asset operation company that invests in and
manages financial and industrial assets for the Xinjiang
government.

KEY RATING DRIVERS

Support Score Assessment 'Strong expectations'

Fitch expects extraordinary support from the Xinjiang government to
Xinjiang Financial in case of need, reflecting a support score of
20 (out of a maximum 60) under Fitch's Government-Related Entities
(GRE) Rating Criteria. This reflects a combination of
responsibility to support and incentive to support factors
assessments, as below.

Responsibility to Support

Decision Making and Oversight 'Strong'

Xinjiang Financial is 100% owned by the Xinjiang government. As of
June 2024, the Xinjiang State-owned Assets Supervision and
Administration Commission (SASAC) directly owns 96.02% of the
company and the Xinjiang Finance Bureau owns the rest. The
government has strong influence over its key operations, including
the appointment of senior management and approval of M&A,
disposals, annual budgets and funding plans. This factor is not
assessed higher due to the company's flexibility in carrying out
market-oriented investments under a broad mandate, and its lack of
significant, highly strategic projects.

Precedents of Support 'Strong'

The Xinjiang government has provided meaningful support to
strengthen the company's financial capability and help it fulfil
its policy role as a comprehensive investment platform. The
government officially designated Xinjiang Financial as the sole
capital operation platform in the province in 2023, tasked with
more policy-intensive responsibilities such as investing in
government-led industry funds to promote local industries and
consolidating local state-owned enterprise (SOE) assets.

Consequently, the government has enhanced its support to help the
company maintain its financial profile, providing cash and SOE
asset injections. It provided cash injections of a total of CNY101
million in 2022 and CNY176 million in 2023.

Incentives to Support

Preservation of Government Policy Role 'N/A'

Xinjiang Financial is positioned to promote regional economic
development, consolidating local financial and industrial assets,
and holding shares in local banks and investment funds on behalf of
the government.

However, its diversified portfolio of companies operate in
market-oriented and competitive sectors such as pharmaceuticals,
textiles, real estate and local asset management, and lack
significant strategic value to the local government and economy.
Hence, its default may have limited impact on the continued
provision of key public services and would not lead to a material
loss of fiscal revenue for the government, limiting a higher
assessment.

Contagion Risk 'Strong'

Xinjiang Financial is a high-profile GRE as a major state asset
operation management company in Xinjiang. It has diversified
funding channels and is an active issuer in onshore and offshore
bond markets. Bonds accounted for around 60% of its total debt at
end-2023. Fitch believes a default by Xinjiang Financial would most
likely impair the credibility of the Xinjiang government and
disrupt access to, or cost of, financing for the region's remaining
GREs.

Standalone Credit Profile

The Standalone Credit Profile (SCP) is assessed as 'b', taking into
account the positioning of the company's net adjusted debt/EBITDA
in the middle of the range for 'b' category SCP peers. The SCP is
derived from a 'Low Midrange' risk profile and 'b' financial
profile.

Risk Profile: 'Low midrange'

The risk profile assessment reflects the following combination of
assessments.

Revenue Risk: 'Weaker'

The assessment reflects a combination of 'Weaker' demand
characteristics and 'Midrange' pricing characteristics. The parent
company primarily generates investment income from a portfolio of
financial and industrial companies. Its geographical concentration
in Xinjiang and the relatively low quality of its portfolio
companies, which operate in competitive sectors without a
significant advantage, drive the weaker demand characteristics and
have a higher weight in its revenue risk assessment.

Expenditure Risk: 'Midrange'

Expenditure risk is assessed based on 'Midrange' operating cost and
supply risks, and 'Midrange' investment planning. Xinjiang
Financial has an experienced management team to help undertake its
policy role as a state-owned asset operation company of the
provincial government. Its investment plans are designed to align
with the government's broader economic development goals, with a
mixed record of success and a moderate level of impairment.

Liabilities and Liquidity Risk: 'Midrange'

Fitch assesses liabilities and liquidity risk based on 'Midrange'
debt and liquidity characteristics. Debt maturing in one year
accounted for 42% of Xinjiang Financial's total parent-level debt
as of end-2023, with a weighted-average life of debt of 1.8 years.
Fitch believes this is mitigated by the company's access to bond
markets and diversified funding channels for debt service, as well
as its healthy relationships with national and local banks. Its
assessment also factors in the evolving Chinese financial market in
which Xinjiang Financial operates.

Financial Profile 'b'

Fitch expects the company's net adjusted debt/EBITDA to reach 40x
by end-2028, from 46x at end-2023. This mainly takes into
consideration its stable cash-based investment income and capex
funded by equity injections and new debt. Secondary metrics include
a 'b' debt-service coverage ratio, 'b' gross interest coverage
ratio and 'bb' liquidity coverage ratio.

Derivation Summary

Xinjiang Financial is rated under Fitch's Government-Related
Entities Rating Criteria, reflecting its assessments of the
Xinjiang government's decision-making and oversight of the company
as well as the government's incentives to support. Fitch has a
strong expectation that the government would extend support to
Xinjiang Financial to avoid its default. The ratings also take into
consideration the SCP assessment of 'b' under its Public Policy,
Revenue-Supported Entities Rating Criteria.

Debt Ratings

The USD67 million 5.6% senior unsecured notes due 2025 are issued
directly by Xinjiang Financial. Fitch equalises the notes' rating
with Xinjiang Financial's IDRs, as the notes constitute the
issuer's direct, general and unconditional obligations and will at
all times rank pari passu among themselves and at least pari passu
with all other present and future unsubordinated and unsecured
obligations.

Issuer Profile

Xinjiang Financial was established in 2008 by Xinjiang SASAC. It is
96.02% owned and controlled by the Xinjiang SASAC with the rest
owned by Xinjiang Finance Bureau. It is a major state asset
operation company that invests and manages financial and industrial
assets for the Xinjiang government.

Key Assumptions

Fitch's rating case is a "through-the-cycle" scenario, which
incorporates a combination of revenue, cost and financial risk
stresses. It is based on 2019-2023 historical figures and its
2024-2028 scenario assumptions, which include:

- Parent-level cash-based EBITDA remains steady at around CNY300
million from 2024 to 2028;

- CNY500 million-1,000 million of annual net capex is funded by
equity injections and new debt during the forecast period;

- No exit of major investments.

Rating Sensitivities

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

- A lowering of Fitch's credit view of the Xinjiang government's
ability to provide support or other legitimate resources allowed
under China's policies and regulations;

- A deterioration in Fitch's assessment of the Xinjiang
government's responsibility or incentives to provide support,
including weakening government decision-making or oversight,
precedents of support, or implications of contagion risk;

- A deterioration in the company's SCP to 'b-'.

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

- An improvement in Fitch's credit view of the Xinjiang
government's ability to provide support or other legitimate
resources allowed under China's policies and regulations;

- An improvement in Fitch's assessment of the Xinjiang government's
responsibility or incentives to provide support, including stronger
government decision-making or oversight, stronger support that
could maintain a sufficiently strong financial profile, stronger
implications for Xinjiang Financial's preservation of the
government's policy role, or implications of contagion risk;

- A multi-notch improvement in the company's SCP, although this
appears unlikely in the short term.

ESG Considerations

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

   Entity/Debt                 Rating           Prior
   -----------                 ------           -----
Xinjiang Financial
Investment (Group)
Co., Ltd.             LT IDR    BB+  Affirmed   BB+
                      LC LT IDR BB+  Affirmed   BB+

   senior unsecured   LT        BB+  Affirmed   BB+

YITAN NETWORK: Appeals for Frozen Funds to be Released Amid Probe
-----------------------------------------------------------------
Yicai Global reports that Shanghai Yitan Network Technology is
asking authorities to unfreeze the company's accounts as the
Chinese e-sports company that is part of the Play Dreams gaming
network is on the brink of closing down after a large amount of
funds were frozen last year as part of a police investigation into
suspected online casino operations.

Yitan Tech is no longer able to keep going, it said. The
Shanghai-based company has let a lot of its employees go and has
canceled all year-end bonuses. In the first eight months, revenue
plunged 52.7 percent year on year and its tax contributions have
slumped 32 percent, Yicai discloses.

Yicai relates that Yitan Tech is appealing to the authorities for a
fair judicial process to help unfreeze the company's accounts, and
is actively cooperating with the police during the investigation,
it added.

Yitan Tech, which operates the skill sharing e-sports apps Bixin
and Yu'er voice, was raided by police from Taoyuan county in
central Hunan province in December last year, after a user
convicted of embezzlement invested funds in the platform, Yicai
recalls.

Several of its employees were detained and CNY420 million (USD59
million) of funds across the Play Dreams ecosystem were frozen, it
said. This includes CNY270 million from Play Dreams and other
independent companies. The company had already had CNY15 million
(USD2.1 million) in bank funds frozen last October.

According to Yicai, a preliminary investigation conducted by
Taoyuan police has shown that Yitan Tech's Bixin app actively
recruited guild partnerships, utilizing streamers to attract
players to participate in gambling, which may constitute the crime
of operating a casino.

However, Yitan Tech avers that the "gambling game" is a sub-module
of interactive gameplay on the YuEr app and is designed to enhance
platform engagement and user participation. There are no cash
payouts and the platform does not profit from this activity.

At the time of going to press, Yicai had not received any updates
from the Taoyuan County Public Security Bureau nor the County
Committee Propaganda Department regarding the case.

Yitan Tech claims that despite paying CNY12.4 million (USD1.7
million) to the local government as requested by the Taoyuan County
Public Security Bureau in January and over CNY7.5 million (USD1
million) to the father of the suspect, the funds remain frozen,
Yicai adds.




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

ASHISH BUILDERS: ICRA Keeps B+ Debt Rating in Not Cooperating
-------------------------------------------------------------
ICRA has kept the Long-Term rating of Ashish Builders and
Developers (ABD) in the 'Issuer Not Cooperating' category. The
rating is denoted as "[ICRA]B+ (Stable); ISSUER NOT COOPERATING".

                      Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long Term-         11.35        [ICRA]B+ (Stable) ISSUER NOT
   Fund Based-                     COOPERATING; Rating continues
   Term Loan                       to remain under 'Issuer Not
                                   Cooperating' category

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

Incorporated in May 2004 by Mr. Ashish Gupta, Ashish Builders &
Developers (ABD) is involved in the development and marketing of
real estate in Kashipur. With an experience of over 10 years, ABD
has completed several residential projects that include plots,
villas, independent floors, apartments and row housing concept
projects. Its two most recent projects were developed over an area
of ~50,000 sq mt and comprised ~400 flats (only ~15 flats remain
unsold in these 2 projects –Prakash City and Prakash Residency.
Currently, the company is developing 4 residential projects located
in Kashipur.


BAJRANG GINNING: ICRA Keeps D Debt Rating in Not Cooperating
------------------------------------------------------------
ICRA has kept the Long-Term rating of Bajrang Ginning & Pressing
Factory in the 'Issuer Not Cooperating' category. The rating is
denoted as "[ICRA]D; ISSUER NOT COOPERATING".

                     Amount
   Facilities     (INR crore)   Ratings
   ----------     -----------   -------
   Long-term          8.00      [ICRA]D; ISSUER NOT COOPERATING;
   Fund based                   Rating Continues to remain under
   Cash Credit                  'Issuer Not Cooperating'
                                Category

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

Established in the year 2009, it is a partnership concern engaged
in the business of ginning and pressing of cotton. It is managed by
six partners. Partners have long standing experience in the field
of cotton industry. The factory is located at Jasdan having land
area of 2 acres. It avails power load of 124 HP. It is equipped
with 24 ginning machines and 1 pressing machine. It has a capacity
to produce 180 bales a day (considering 24 hours of operations).
Raw cotton is procured either from market yard or from farmers in
the nearby vicinity. It also has two group concerns engaged in
trading of raw cotton. The firm is also involved in trading of
cotton bales.


BHAGATPUR TEA: ICRA Keeps B Debt Ratings in Not Cooperating
-----------------------------------------------------------
ICRA has kept the Long-Term rating of Bhagatpur Tea Co. Ltd (BTCL)
in the 'Issuer Not Cooperating' category. The rating is denoted as
"[ICRA]B (Stable); ISSUER NOT COOPERATING".

                     Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Long Term-         6.44       [ICRA] B(Stable) ISSUER NOT
   Fund-Based                    COOPERATING; Rating continues  
   Cash Credit                   to remain in the 'Issuer Not
                                 Cooperating' category
   
   Long Term-         0.06       [ICRA] B(Stable) ISSUER NOT
   Fund-based                    COOPERATING; Rating continues
   Term Loan                     to remain in the 'Issuer Not
                                 Cooperating' category

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

BTCL was acquired by the present management in October 2000 from
the erstwhile promoters and is engaged in the production and
processing of tea from its garden located in Jalpaiguri, West
Bengal.


BUILDMET PRIVATE: ICRA Keeps D Debt Ratings in Not Cooperating
--------------------------------------------------------------
ICRA has kept the long-term and Short-Term ratings of Buildmet
Private Limited (BPL) in the 'Issuer Not Cooperating' category. The
rating is denoted as "[ICRA]D; ISSUER NOT COOPERATING/ [ICRA]D;
ISSUER NOT COOPERATING".

                     Amount
   Facilities     (INR crore)   Ratings
   ----------     -----------   -------
   Long-term         12.00      [ICRA]D; ISSUER NOT COOPERATING;
   Fund based                   Rating Continues to remain under
   Cash Credit                  'Issuer Not Cooperating'
                                Category

   Long-term          4.72      [ICRA]D; ISSUER NOT COOPERATING;
   Fund based                   Rating Continues to remain under
   Term Loan                    'Issuer Not Cooperating'
                                Category

   Short-term        24.50      [ICRA]D; ISSUER NOT COOPERATING;
   Non-fund based               Rating continues to remain under
   Others                       'Issuer Not Cooperating'
                                Category

   Short Term-        8.78      [ICRA]D; ISSUER NOT COOPERATING;
   Unallocated                  Rating Continues to remain under
                                'Issuer Not Cooperating'
                                Category

As a part of its process and in accordance with its rating
agreement with BPL, ICRA has been trying to seek information from
the entity so as to monitor its performance. Despite repeated
requests by ICRA, the entity's management has remained
non-cooperative. In absence of requisite information and in line
with the aforesaid policy of ICRA, a rating view has been taken on
the entity based on the best available information.

BPL was established in 1974 as a private limited company by a group
of civil engineers. The company is a civil constructor and is also
a registered Class-I contractor for PWD, Karnataka. The company was
taken over by Ayoki Fabricon Private Limited, a Pune-based company
in May 2015. The company does civil construction work for
cement-manufacturing units, power production units,
sugarcane-manufacturing units, roads etc.


CA MAGNUM: Fitch Affirms BB- LongTerm IDRs, Outlook Stable
----------------------------------------------------------
Fitch Ratings has affirmed the Long-Term Foreign- and
Local-Currency Issuer Default Ratings (IDRs) of CA Magnum Holdings
and its 95.5%-owned subsidiary, Hexaware Technologies Limited, at
'BB-'. The Outlook is Stable. Fitch has also affirmed CA Magnum's
senior secured notes at 'BB-'.

The Stable Outlook reflects uncertainty over the size and funding
of any future acquisitions and whether capital management
initiatives will lead to the upstreaming of cash to the
private-equity sponsor, The Carlyle Group Inc. (A-/Stable), even
though leverage has been on a declining trend. Fitch expects the
group's EBITDA and free cash flow (FCF) will continue growing,
supported by its strong execution, but that leverage headroom will
be utilised to support growth. Fitch forecasts EBITDA net leverage
will fall to around 4x in 2024.

Key Rating Drivers

Opportunistic Acquisition Strategy: Fitch expects Hexaware to
continue to pursue opportunistic acquisitions, with a focus on
acquiring new capabilities or expanding into new geographies.
Hexaware is interested in acquiring businesses that focus on data,
artificial intelligence, software engineering and security, as
illustrated by its acquisition of a data consulting company,
Softcrylic Technologies, in May 2024. The USD160 million
acquisition included an upfront payment of around USD100 million
and a contingent consideration of around USD60 million.

Fitch believes small- to mid-size acquisitions will be funded by
cash on its balance sheet. However, the company has indicated that
larger acquisitions could also be funded with incremental debt.
Fitch has not included any additional acquisitions in its rating
case as the timing and size of potential acquisitions are
uncertain.

Leverage Affected by Acquisitions: Fitch forecasts EBITDA net
leverage will fall to 3.9x in 2024 (2023: 4.4x) following the
all-cash acquisition of Softcrylic. If Hexaware does not pursue
further acquisitions, Fitch expects EBITDA net leverage to fall
below 3.5x in 2025.

Concentrated Debt Maturities: All of CA Magnum's USD1.01 billion of
outstanding debt matures in October 2026, which exposes the company
to debt-concentration risk. Fitch believes refinancing efforts will
be supported by Hexaware's growing EBITDA and improving credit
metrics.

Fitch does not expect the senior secured notes to be refinanced
prior to a potential IPO, of up to INR99,500 million (around USD1.2
billion), that Hexaware is planning over the next 12 months. Fitch
believes the amount will represent less than a 50% shareholding of
Hexaware and therefore would not constitute a change of control
event according to CA Magnum's bond documents.

Sustained Revenue Growth: Fitch forecasts Hexaware's revenue growth
will continue to outperform the industry average, supported by its
strong record of execution and long-term customer relationships.
Fitch forecasts Hexaware's US dollar-denominated revenue will grow
by around 13% in 2024 and 10% in 2025 despite the global slowdown
in discretionary IT spending. Fitch believes cost and
efficiency-driven projects will power its revenue growth, with a
significant portion of 2024 growth supported by contracts signed in
2023.

Falling Wage Pressure: Fitch expects Hexaware's profitability to
benefit from a fall in staff attrition, an increase in staff
utilisation and a rise in the proportion of revenue generated from
offshore contracts. The staff attrition rate fell to 12% in the
last 12 months to 1H24 (end-2023: 14.7%) and the staff utilisation
rate rose to 82.4% at 1H24 (end-2023: 79.7%). Fitch expects the
EBITDA margin to improve towards 15.5% in 2024 (2023: 14.7%)
following several years of declining profitability.

Moderate Market Position: CA Magnum group's ratings take into
consideration Hexaware's strong execution ability over mid-tier
peers. Its ratings are supported by solid long-term relationships
with key customers due to moderate-to-high switching costs,
differentiated product offerings and high customer satisfaction.

Rated on Consolidated Basis: Fitch rates CA Magnum and Hexaware
based on the consolidated group profile, as Fitch assesses access
and control and legal ringfencing as 'Open' under the "strong
subsidiary" path of its Parent and Subsidiary Linkage Rating
Criteria. This approach constrains Hexaware's rating at the same
level as that of CA Magnum, which has full control over Hexaware.
There are no material minority shareholders and no restrictions on
CA Magnum extracting cash from Hexaware. CA Magnum relies on
Hexaware's cash flow generation to service debt.

PIK Treated as Non-Debt: Fitch believes the payment-in-kind (PIK)
US dollar notes issued at two levels above CA Magnum do not
increase the group's probability of default, as the proceeds are
injected as equity and a default would not trigger a CA Magnum
default. At liquidation, senior bondholders would rank above the
PIK noteholders, as the notes are structurally subordinated and not
secured by any assets in the CA Magnum group. This approach assumes
CA Magnum's notes will be refinanced with debt that has similar
terms as the existing notes.

Derivation Summary

CA Magnum's ratings are supported by the strong operating record
and financial performance of Hexaware. Fitch believes Hexaware will
continue to grow faster than the industry given its strong
execution capability and access to Carlyle's portfolio companies.

Fitch believes CA Magnum's credit profile is substantially weaker
than that of other rated IT peers such as Wipro Limited (A-/Stable)
and DXC Technology Company (BBB/Negative), as these peers have
larger operating scales and more comprehensive IT service coverage.
CA Magnum's financial profile is also characterised by higher
leverage, as Fitch forecasts Wipro will maintain a strong net cash
position and DXC will maintain EBITDA leverage of around
2.0x-2.5x.

Key Assumptions

- US dollar-denominated revenue to rise by 13% in 2024 and around
10% in 2025

- EBITDA margin to improve to 15%-15.5% in 2024-2025

- Capex/sales ratio of around 1%

- Acquisition spend related to the Softcrylic acquisition of around
USD100 million in 2024 and a contingent consideration (on
achievement of certain financial targets) of USD25 million in 2025,
USD25 million in 2026 and USD10 million in 2027

- Hexaware to distribute sufficient dividends for interest and
operating expenses at CA Magnum, assuming 10% dividend leakage,
given 5% withholding tax rate and minority interests of around 5%

- No upstream dividends from CA Magnum to Carlyle

RATING SENSITIVITIES

CA Magnum

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

- Consolidated EBITDA net leverage sustained below 3.7x;

- Consolidated FCF sustained above USD75 million;

- However, Fitch is unlikely to upgrade the rating until there is
greater certainty on the potential upstreaming of cash and M&A
activity.

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

- Consolidated EBITDA net leverage sustained above 4.7x, which
could be a result of, for example, greater competition, cost
pressures or loss of key customers.

Hexaware

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

- Positive rating action on CA Magnum;

- Positive rating action could be taken if, for example, Hexaware's
cash were to be legally ringfenced from CA Magnum, although Fitch
believes this is unlikely,

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

- Negative rating action on CA Magnum.

Liquidity and Debt Structure

Adequate Liquidity: Fitch believes CA Magnum's liquidity is
adequate as it relies on dividends from Hexaware to fund its
interest payments. Fitch forecasts Hexaware to generate
pre-dividend FCF of over USD120 million in 2024. This will be
sufficient to support interest servicing and operating expenses at
CA Magnum of around USD65 million, considering the 10% dividend
leakage. CA Magnum has not distributed a dividend to Carlyle and
Fitch expects this will remain the case in 2024.

Hexaware has strong liquidity, with Fitch-defined cash and cash
equivalents of around USD140 million at end-June 2024 (2023: USD213
million). The fall in liquidity from end-2023 was driven by the
acquisition of Softcrylic in May 2024, which included an upfront
payment of USD100 million.

Issuer Profile

CA Magnum is an investment vehicle set up by Carlyle to acquire
Hexaware. Hexaware is a global provider of digital, IT and business
transformation services, with annual revenue of around USD1.3
billion in 2023.

MACROECONOMIC ASSUMPTIONS AND SECTOR FORECASTS

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

ESG Considerations

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

   Entity/Debt                   Rating           Prior
   -----------                   ------           -----
CA Magnum Holdings      LT IDR    BB-  Affirmed   BB-
                        LC LT IDR BB-  Affirmed   BB-

   senior secured       LT        BB-  Affirmed   BB-

Hexaware Technologies
Limited                 LT IDR    BB-  Affirmed   BB-
                        LC LT IDR BB-  Affirmed   BB-

CARONA KNIT: ICRA Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------
ICRA has kept the Long-Term and Short-Term ratings of Carona Knit
Wear in the 'Issuer Not Cooperating' category. The ratings are
denoted as "[ICRA]D ISSUER NOT COOPERATING/[ICRA]D; ISSUER NOT
COOPERATING".

                     Amount
   Facilities     (INR crore)   Ratings
   ----------     -----------   -------
   Long-term          0.75      [ICRA]D; ISSUER NOT COOPERATING;
   Fund based                   Rating Continues to remain under
   Cash Credit                  'Issuer Not Cooperating'
                                Category

   Long-term          0.96      [ICRA]D; ISSUER NOT COOPERATING;
   Fund based                   Rating Continues to remain under
   Term Loan                    'Issuer Not Cooperating'
                                Category

   Short-term        15.50      [ICRA]D; ISSUER NOT COOPERATING;
   Fund based                   Rating Continues to remain under
   Cash Credit                  'Issuer Not Cooperating'
                                Category

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

Carona Knit Wear was incorporated in the year 2006 by Mr. K.
Swaminathan and the entity was primarily engaged in manufacture and
export of garments. The entity had integrated production facilities
ranging from knitting, compacting, printing, stitching and
embroidery. The product profile of the Firm included babies wear
and kids wear.

CHANDAN TRADING: ICRA Keeps B+ Debt Rating in Not Cooperating
-------------------------------------------------------------
ICRA has kept the Long-Term rating of Chandan Trading Company
Private Limited (CTCPL) in the 'Issuer Not Cooperating' category.
The rating is denoted as "[ICRA]B+ (Stable); ISSUER NOT
COOPERATING".

                     Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Long Term-        11.00       [ICRA] B+ (Stable) ISSUER NOT
   Fund-Based                    COOPERATING; Rating continues  
   Cash Credit                   to remain in the 'Issuer Not
                                 Cooperating' category

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

Incorporated in 2011, CTCPL is primarily engaged in trading of
chana, maize and tamarind; and other agro-products including
amchur, tora, kosra, mahua, amla, etc. The company was promoted by
the Somani family of Jagdalpur, Chhattisgarh. The promoters of
CTCPL had been engaged in agro trading business since 1988 through
a proprietorship firm namely, Chandan Trading Company (CTC), which
currently stands discontinued with the commencement of operations
of CTCPL from April 2011.


DUSMER TOOLS: ICRA Keeps C+ Rating in Not Cooperating Category
--------------------------------------------------------------
ICRA has kept the long-term and short-term ratings of Dusmer Tools
Pvt. Ltd. (DTPL) in the 'Issuer Not Cooperating' category. The
rating is denoted as "[ICRA]C+/[ICRA]A4; ISSUER NOT COOPERATING".

                     Amount
   Facilities    (INR crore)    Ratings
   ----------    -----------    -------
   Long-term         3.00       [ICRA]C+; ISSUER NOT COOPERATING;
   Fund based                   Rating Continues to remain under
   Cash Credit                  'Issuer Not Cooperating'
                                Category

   Short Term-       3.00       [ICRA]A4 ISSUER NOT
   Non Fund Based               COOPERATING; Rating continues
   Others                       to remain under 'Issuer Not
                                Cooperating' category

As part of its process and in accordance with its rating agreement
with DTPL, ICRA has been trying to seek information from the entity
so as to monitor its performance. Further, ICRA has been sending
repeated reminders to the entity for payment of surveillance fee
that became due. Despite multiple requests by ICRA, the entity's
management has remained non-cooperative. In the absence of
requisite information and in line with the aforesaid policy of
ICRA, the rating has been continued to the "Issuer Not Cooperating"
category. The rating is based on the best available information.
Incorporated in 1991, Dusmer Tools Private Limited (DTPL) is
promoted by the Kolkata-based Chakravarti family. It is involved in
assembling of tyre dismantling machines and trading of hydraulic
torque wrenches, laser proximity warning systems and portable oil
filtration machines. It started with a dealership of Hytorc, U.S.
for selling hydraulic torque wrench to mining
companies, oil companies, Indian Railways, etc. Over the years, the
company has diversified its product line and has started assembling
and trading of various products.


EARTHCON DEVELOPERS: ICRA Keeps D Debt Rating in Not Cooperating
----------------------------------------------------------------
ICRA has kept the long-term ratings of Earthcon Developers Pvt.
Ltd. (EDPL) in the 'Issuer Not Cooperating' category. The rating is
denoted as "[ICRA]D; ISSUER NOT COOPERATING".

                     Amount
   Facilities     (INR crore)   Ratings
   ----------     -----------   -------
   Long-term         12.00      [ICRA]D; ISSUER NOT COOPERATING;
   Fund based                   Rating Continues to remain under
   Term Loan                    'Issuer Not Cooperating'
                                Category

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

EDPL is a special purpose vehicle floated in 2013 by Earthcon
Construction Private Limited and ISP Construction Private Limited,
with respective stakes of 50.002% and 49.998%. It is developing a
residential project, 'Rajpur Greens', in Dehradun, Uttarakhand. The
project comprises saleable area of 1,01,246 (96,720 earlier) square
feet and consists of 42 two BHK and 24  three BHK flats spread over
two towers of six floors each. The construction started in January,
2014 and the total project cost  is estimated at INR47.27 crore
(INR31.78 crore earlier), with INR16.0 crore (INR12.0 crore
sanctioned and INR4.0 crore of proposed enhancement) being funded
through bank loans, INR16.25 crore through promoter's contribution
and the remaining INR15.02 crore through customer advances.


EKAM AGRO: ICRA Keeps D Debt Ratings in Not Cooperating Category
----------------------------------------------------------------
ICRA has kept the long-term and short-term ratings of Ekam Agro
Private Limited" in the 'Issuer Not Cooperating' category. The
rating is denoted as "[ICRA]D; ISSUER NOT COOPERATING /[ICRA]D;
ISSUER NOT COOPERATING".

                     Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Long-term          4.00       [ICRA]D; ISSUER NOT COOPERATING;
   Fund based/CC                 Rating Continues to remain under
                                 'Issuer Not Cooperating'
                                 Category

   Long-term         11.00       [ICRA]D; ISSUER NOT COOPERATING;
   Fund based/TL                 Rating Continues to remain under
                                 'Issuer Not Cooperating'
                                 Category

   Long-term/         3.00       [ICRA]D/[ICRA]D; ISSUER NOT
   Short Term                    COOPERATING; Rating Continues to
   Unallocated                   remain under 'Issuer Not
                                 Cooperating' Category

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

The company was incorporated in November 2013 by the Kalra Family
and is operating as a refinery for crude rice bran oil. The plant
is located in Mukstar, Punjab with an installed capacity of 100
tonnes per day. The operations of the company commenced from
February 2015. The total project cost incurred was INR17.51 crore
and was funded through promoter's contribution of around INR4
crores, unsecured loans of INR0.37 crore, term debt of INR11 crores
and INR2.14 crore of advances to suppliers.


EVERSHINE SOLVEX: ICRA Keeps D Debt Ratings in Not Cooperating
--------------------------------------------------------------
ICRA has kept the Long-Term rating of Evershine Solvex Private
Limited in the 'Issuer Not Cooperating' category. The rating is
denoted as [ICRA]D; ISSUER NOT COOPERATING".

                     Amount
   Facilities     (INR crore)   Ratings
   ----------     -----------   -------
   Long-term         10.00      [ICRA]D; ISSUER NOT COOPERATING;
   Fund based                   Rating Continues to remain under
   Cash Credit                  'Issuer Not Cooperating'
                                Category

   Long-term          4.00      [ICRA]D; ISSUER NOT COOPERATING;
   Fund based                   Rating Continues to remain under
   Term Loan                    'Issuer Not Cooperating'
                                Category

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

Evershine Solvex Private Limited was incorporated in 1984 by Mr.
Harish Kalra. The company is also promoted by the Kalra family. The
company is engaged in the extraction of crude rice bran oil from
rice bran at its manufacturing facility in Mukstar, Punjab. The
plant has a total installed capacity of 300 metric tonnes per day.
The company procures rice bran from millers in the nearby regions
of Haryana and Punjab.


KALEESWARA GINNING: ICRA Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------------
ICRA has kept the long-term and short-term ratings of Sri
Kaleeswara Ginning Mills in the 'Issuer Not Cooperating' category.
The rating is denoted as "[ICRA]D; ISSUER NOT COOPERATING /[ICRA]D;
ISSUER NOT COOPERATING".

                     Amount
   Facilities     (INR crore)   Ratings
   ----------     -----------   -------
   Long-term"         5.00      [ICRA]D; ISSUER NOT COOPERATING;
   Fund based                   Rating Continues to remain under
   Cash Credit                  'Issuer Not Cooperating'
                                Category

   Long-term/         1.00      [ICRA]D/[ICRA]D; ISSUER NOT
   Short Term                   COOPERATING; Rating Continues to
   Unallocated                  remain under 'Issuer Not
                                Cooperating' Category

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

Sri Kaleeswara Ginning Mills is a proprietorship concern started in
the year 2002 by Mrs. Kokilavani. The concern operates a cotton
ginning, pressing unit in Coimbatore, Tamil Nadu. SKGM is engaged
in separating cotton fibre (lint) from cotton kappas. The cotton
are then packed in bales and sold to customers. The concern
procures BT variety of cotton and DCH variety of
cotton from its suppliers. SKGM operates in two shifts and has 10
employees on permanent rolls and 20 employees on contractual basis.
Mr. Shanmugam, husband of the proprietor takes care of the overall
operations of the concern.


MANGILAL AGARWAL: ICRA Keeps B+ Debt Rating in Not Cooperating
--------------------------------------------------------------
ICRA has kept the long-term rating of Mangilal Agarwal in the
'Issuer Not Cooperating' category. The rating is denoted as
"[ICRA]B+ (Stable); ISSUER NOT COOPERATING".

                     Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Long Term-        15.00       [ICRA]B+ (Stable); ISSUER NOT
   Fund-Based                    COOPERATING; Rating continues  
   Cash Credit                   to remain in the 'Issuer Not
                                 Cooperating' category

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

Mangilal Agarwal was established in 1956 and is one of the oldest
jewellery manufacturer and bullion trader in Jodhpur (Rajasthan).
The firm currently operates out of its two showrooms in Jodhpur and
also has a workshop nearby for jewellery making. The firm is
professionally managed by all its partners.


MURUGAN FLOUR: ICRA Keeps D Debt Rating in Not Cooperating
----------------------------------------------------------
ICRA has kept the Long-Term rating of Shree Murugan Flour Mills (P)
Ltd in the 'Issuer Not Cooperating' category. The rating is denoted
as "[ICRA]D; ISSUER NOT COOPERATING".

                     Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Long Term-        30.00       [ICRA]D; ISSUER NOT COOPERATING;
   Cash Credit                   Rating Continues to remain under
                                 'Issuer Not Cooperating'
                                 Category

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

Shree Murugan Flour Mills Private Limited was established in 1986
by Mr. G Balasubramanian. The manufacturing facility of SMFM is
located in Coimbatore and has an installed capacity to grind 70 MT
of wheat per day. SMFM manufactures various wheat products
including maida, wheat flour (atta) and sooji, among others.  The
products are sold under the brand name 'Bell'. Besides, the company
also engages in trading of wheat and sale of by-products including
bran, bran flakes and dust.


NAVNEETA STEELS: ICRA Keeps D Debt Ratings in Not Cooperating
-------------------------------------------------------------
ICRA has kept the long-term and Short-Term rating of Navneeta
Steels Private Limited (NSPL) in the 'Issuer Not Cooperating'
category. The ratings are denoted as [ICRA]D; ISSUER NOT
COOPERATING/[ICRA]D; ISSUER NOT COOPERATING."

                     Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Long-term         40.00       [ICRA]D; ISSUER NOT COOPERATING;
   Fund based                    Rating Continues to remain under
   Cash Credit                   'Issuer Not Cooperating'
                                 Category

   Short-term         6.00       [ICRA]D; ISSUER NOT COOPERATING;
   Non-fund based                Rating continues to remain under
   Others                        'Issuer Not Cooperating'
                                 Category

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

NSPL, incorporated in 1999, trades in steel and allied products
such as mild steel (MS) ingots, billets, MS bars, MS angles, MS
flats, scrap, sponge iron etc. The company also sells steel scrap.
NSPL was promoted by Mr. Shankerlal Agarwal and family and is based
in Hyderabad, Telangana. The warehouse facility is in
Vishakapatnam, Andhra Pradesh, with a storage capacity of
5,000-7000 MT.


NICOMET INDUSTRIES: ICRA Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------------
ICRA has kept the long-term and Short-Term rating of Nicomet
Industries Limited in the 'Issuer Not Cooperating' category. The
ratings are denoted as [ICRA]D; ISSUER NOT COOPERATING/[ICRA]D;
ISSUER NOT COOPERATING."

                     Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Long-term        144.76       [ICRA]D; ISSUER NOT COOPERATING;
   Fund based                    Rating Continues to remain under
   Term Loan                     'Issuer Not Cooperating'
                                 Category

   Long-term/         5.24       [ICRA]D/[ICRA]D; ISSUER NOT
   Short Term                    COOPERATING; Rating Continues to
   Unallocated                   remain under 'Issuer Not
                                 Cooperating' Category

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

Nicomet Industries Limited is a closely held limited company,
originally incorporated in 1993 as a private limited company under
the name 'Metec International Pvt. Ltd'. The company commenced its
operations in 1997. Currently, it is being managed by Rajendra
Agrawal, Mr. Ankit Agrawal & Mr. Atul Agrawal. The company is
engaged in manufacturing of Nickel, Cobalt metals and other related
products like Nickel Sulphate, Nickel Nitrate and Cobalt Sulphate.
The company has its
registered office in Mumbai and a manufacturing facility at Goa.


ORIX PACKAGING: ICRA Keeps D Debt Ratings in Not Cooperating
------------------------------------------------------------
ICRA has kept the long-term rating of Orix Packaging Private
Limited (OPPL) in the 'Issuer Not Cooperating' category. The rating
is denoted as [ICRA]D; ISSUER NOT COOPERATING".

                     Amount
   Facilities     (INR crore)   Ratings
   ----------     -----------   -------
   Long-term          1.50      [ICRA]D; ISSUER NOT COOPERATING;
   Fund based                   Rating Continues to remain under
   Cash Credit                  'Issuer Not Cooperating'
                                Category

   Long-term          4.85      [ICRA]D; ISSUER NOT COOPERATING;
   Fund based                   Rating Continues to remain under
   Term Loan                    'Issuer Not Cooperating'
                                Category

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

Incorporated in 2016, Orix Packaging Pvt. Ltd. (OPPL) is promoted
by Mr.Ravi Kotadiya, Mr. Nilesh Moradiya, Mr. Pramod Moradiyaand
family members. OPPL is engaged in manufacturing of laminated tubes
of four different diameters of 19, 22, 28 and 35 mm. The commercial
operations commenced in March 2017 with a capacity of 3 crore
laminated tubes per annum. The manufacturing facilities is located
at Morbi, Gujarat.


PAVANSUT PAPER: ICRA Keeps D Debt Ratings in Not Cooperating
------------------------------------------------------------
ICRA has kept the long-term and short-term ratings of Pavansut
Paper Mill Pvt. Ltd. (Pavansut) in the 'Issuer Not Cooperating'
category. The rating is denoted as "[ICRA]D; ISSUER NOT COOPERATING
/[ICRA]D; ISSUER NOT COOPERATING".

                      Amount
   Facilities     (INR crore)   Ratings
   ----------     -----------   -------
   Long-term-         8.50      [ICRA]D; ISSUER NOT COOPERATING;
   Fund based                   Rating Continues to remain under
   Cash Credit                  'Issuer Not Cooperating'
                                Category

   Long-term-         4.04      [ICRA]D; ISSUER NOT COOPERATING;
   Fund based                   Rating Continues to remain under
   Term Loan                    'Issuer Not Cooperating'
                                Category

   Short-term         0.70      [ICRA]D; ISSUER NOT COOPERATING;
   Non-fund based               Rating continues to remain under
   Others                       'Issuer Not Cooperating'
                                Category

   Long-term/         2.96      [ICRA]D/[ICRA]D; ISSUER NOT
   Short Term                   COOPERATING; Rating Continues to
   Unallocated                  remain under 'Issuer Not
                                Cooperating' Category

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

Incorporated in October 2015 as a private limited company, Pavansut
Paper Mill Pvt. Ltd. (Pavansut) manufactures kraft paper in varying
BF sizes from 12 to 22, which is used for manufacturing corrugated
boxes. The company's plant is in Morbi, Gujarat and has a
manufacturing capacity of 100 tonne/day. The operations are managed
by members of the Patel family, who have extensive experience in
the paper industry by virtue of their erstwhile association in a
related business.


PV KNIT: ICRA Keeps D Debt Ratings in Not Cooperating Category
--------------------------------------------------------------
ICRA has kept the Long-Term and Short-Term ratings of PV Knit
Fashions (PVKF) in the 'Issuer Not Cooperating' category. The
ratings are denoted as "[ICRA]D; ISSUER NOT COOPERATING/ [ICRA]D;
ISSUER NOT COOPERATING".

                     Amount
   Facilities     (INR crore)   Ratings
   ----------     -----------   -------
   Long-term          0.09      [ICRA]D; ISSUER NOT COOPERATING;
   Fund based                   Rating Continues to remain under
   Term Loan                    'Issuer Not Cooperating'
                                Category

   Long-term          7.50      [ICRA]D; ISSUER NOT COOPERATING;
   Fund based                   Rating Continues to remain under
   Cash Credit                  'Issuer Not Cooperating'
                                Category

   Long Term-         3.58      [ICRA]D; ISSUER NOT COOPERATING;
   Unallocated                  Rating Continues to remain under
                                'Issuer Not Cooperating'
                                Category

   Short Term         0.15      [ICRA]D; ISSUER NOT COOPERATING;
   Non-fund based               Rating continues to remain under
   Others                       'Issuer Not Cooperating'
                                Category

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

PV Knit Fashions (PVKF), incorporated in the year 1989 by Mr
Ramasamy, is engaged in manufacturing and export of garments,
primarily to European markets. The firm manufactures knitted
garments like T-shirts, polo shirts, sweatshirts, nightwear,
pyjamas, shorts, skirts, trousers etc. It has in-house facilities
for knitting, printing, embroidering, cutting, stitching, and
packaging, and outsources dyeing and bleaching to sister concerns.
PVKF has 10 knitting machines with a capacity to produce 1,600 kg
of fabric per day and 250 sewing units to manufacture up-to 10,000
pieces of garments (basic style).

R. S. H. AGRO: ICRA Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------
ICRA has kept the long-term ratings of R. S. H. Agro Products Pvt
Ltd in the 'Issuer Not Cooperating' category. The rating is denoted
as "[ICRA]D; ISSUER NOT COOPERATING".

                      Amount
   Facilities     (INR crore)   Ratings
   ----------     -----------   -------
   Long-term-        10.00      [ICRA]D; ISSUER NOT COOPERATING;
   Fund based                   Rating Continues to remain under
   Cash Credit                  'Issuer Not Cooperating'
                                Category

   Long-term-         5.00      [ICRA]D; ISSUER NOT COOPERATING;
   Fund based                   Rating Continues to remain under
   Term Loan                    'Issuer Not Cooperating'
                                Category

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

Incorporated in 2012, RSH Agro Products Private Limited has
recently commenced manufacturing of mustard oil and oil cake by
crushing mustard seeds, since April 2015 at is facility located in
Assam. The company is managed by the Harlalka family, and is a part
of the Harlalka Group which operates other companies in agro
products, coke etc.


RLJ CONCAST: ICRA Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------
ICRA has kept the long-term and short-term ratings of RLJ Concast
Private Limited in the 'Issuer Not Cooperating' category. The
rating is denoted as "[ICRA]D/[ICRA]D; ISSUER NOT COOPERATING".

                     Amount
   Facilities     (INR crore)   Ratings
   ----------     -----------   -------
   Long-term         31.01      [ICRA]D; ISSUER NOT COOPERATING;
   Fund based                   Rating Continues to remain under
   Term Loan                    'Issuer Not Cooperating'
                                Category

   Long-term         15.60      [ICRA]D; ISSUER NOT COOPERATING;
   Fund based                   Rating Continues to remain under
   Cash Credit                  'Issuer Not Cooperating'
                                Category

   Short-term        14.79      [ICRA]D; ISSUER NOT COOPERATING;
   Non-fund based               Rating continues to remain under
   Others                       'Issuer Not Cooperating'
                                Category

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

RLJ processes sponge iron and MS Ingots/billets. Its manufacturing
facility, with an installed capacity of 60,000 tonnes per annum
(TPA), islocated at village Baragaon, Chunar area, District
Mirzapur (Uttar Pradesh). RLJ is promoted by Mr. Arun Kumar Jain,
who has also promoted S.A Iron & Alloys Private Limited, a 90,000
TPA sponge iron unit in Jeevnathpur, Chandauli (Uttar Pradesh). RLJ
has recently set-up an induction furnace with a capacity of 28,800
TPA and a 6MW power generation plant. The projects started
commercial production in October 2016.


S A IRON: ICRA Keeps D Debt Ratings in Not Cooperating Category
---------------------------------------------------------------
ICRA has kept the long-term and short-term ratings of S A Iron &
Alloys Private Limited (SAI) in the 'Issuer Not Cooperating'
category. The rating is denoted as "[ICRA]D/[ICRA]D; ISSUER NOT
COOPERATING".

                     Amount
   Facilities     (INR crore)   Ratings
   ----------     -----------   -------
   Long-term         39.50      [ICRA]D; ISSUER NOT COOPERATING;
   Fund based                   Rating Continues to remain under
   Term Loan                    'Issuer Not Cooperating'
                                Category

   Long-term         19.50      [ICRA]D; ISSUER NOT COOPERATING;
   Fund based                   Rating Continues to remain under
   Cash Credit                  'Issuer Not Cooperating'
                                Category

   Short-term         3.00      [ICRA]D; ISSUER NOT COOPERATING;
   Non-fund based               Rating continues to remain under
   Others                       'Issuer Not Cooperating'
                                Category

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

SAI is engaged in the processing of sponge iron with an installed
capacity of 90,000 tonnes per annum (TPA) at village Jeevantpur,
Ramngar Industrial Area, District Chanduali (Uttar Pradesh). SAI is
promoted by Mr. Arun Kumar Jain, who has also promoted RLJ Concast
Private Limited (RLJ), a 60,000 TPA sponge iron unit in Baragaon,
District Mirzapur (Uttar Pradesh).


S.A.M APPARELS: ICRA Keeps D Debt Ratings in Not Cooperating
------------------------------------------------------------
ICRA has kept the long-term rating of S.A.M Apparels Pvt. Limited
in the 'Issuer Not Cooperating' category. The rating is denoted as
[ICRA]D; ISSUER NOT COOPERATING/[ICRA]D; ISSUER NOT COOPERATING".

                     Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Short-term        27.50       [ICRA]D; ISSUER NOT COOPERATING;
   Fund based                    Rating Continues to remain under
   Cash Credit                   'Issuer Not Cooperating'
                                 Category

   Long-term/         2.50       [ICRA]D/[ICRA]D; ISSUER NOT
   Short Term                    COOPERATING; Rating Continues to
   Unallocated                   remain under 'Issuer Not
                                 Cooperating' Category

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

Incorporated in 2006, Sam Overseas was a 75:25 partnership between
Mr. Mukesh Sharma and Mr. Ved Prakash Sachdev. The firm commenced
operations in March 2006 with the manufacture of ladies' readymade
garments for export markets. The promoters have been involved in
the readymade garment export business since 1999 through
proprietorship firm, Sam Overseas. In FY2011, to consolidate the
existing business and as per the requirement from bankers, the
erstwhile firm was taken over by the newly incorporated entity,
namely S.A.M Apparels Pvt. Limited. SAM Overseas remains
operational, but its entire business is managed by SAPL; the
facilities of SAM Overseas are used on rent. The company has a
total of two manufacturing facilities. Both the units are in Noida
(UP).


SABARI TEXTILES: ICRA Keeps D Debt Ratings in Not Cooperating
-------------------------------------------------------------
ICRA has kept the Long-Term and Short-Term ratings of Sabari
Textiles Private Limited in the 'Issuer Not Cooperating' category.
The ratings are denoted as "[ICRA]D; ISSUER NOT COOPERATING/
[ICRA]D; ISSUER NOT COOPERATING".

                      Amount
   Facilities     (INR crore)   Ratings
   ----------     -----------   -------
   Long-term-        12.47      [ICRA]D; ISSUER NOT COOPERATING;
   Fund based                   Rating Continues to remain under
   Term Loan                    'Issuer Not Cooperating'
                                Category

   Long-term-         3.83      [ICRA]D; ISSUER NOT COOPERATING;
   Fund based                   Rating Continues to remain under
   Cash Credit                  'Issuer Not Cooperating'
                                Category

   Short-term         0.70      [ICRA]D; ISSUER NOT COOPERATING;
   Non-fund based               Rating continues to remain under
                                'Issuer Not Cooperating'
                                Category

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

Sabari Textiles Private Limited, incorporated in November 2006, has
its manufacturing facilities located in Coimbatore (Tamil Nadu).
The Company is engaged in manufacturing of blended yarn in its unit
located in the Coimbatore district.


SIDDHNATH COTEX: ICRA Lowers Rating on INR66cr LT Loan to D
-----------------------------------------------------------
ICRA has revised the ratings on certain bank facilities of Shree
Siddhnath Cotex Pvt. Ltd. (SCPL), as:

                     Amount
   Facilities     (INR crore)   Ratings
   ----------     -----------   -------
   Long-term          3.00      [ICRA]D; ISSUER NOT COOPERATING;
   Fund based                   downgraded from [ICRA]B+(Stable);
   Term Loan                    ISSUER NOT COOPERATING and
                                continues to remain under 'Issuer
                                Not Cooperating' category

   Long-term         66.00      [ICRA]D; ISSUER NOT COOPERATING;
   Fund based                   downgraded from [ICRA]B+(Stable);
   Cash Credit                  ISSUER NOT COOPERATING and
                                continues to remain under 'Issuer
                                Not Cooperating' category

Rationale

Material event

The rating of SCPL is downgraded based on the accounts of the
entity have been classified as NPA (Non-Performing Asset),
confirmed by the Company's one of the lenders.

Impact of material event
The rating is based on limited information on the entity's
performance since the time it was last rated on Sept. 2023. The
lenders, investors and other market participants are thus advised
to exercise appropriate caution while using this rating as the
rating may not adequately reflect the credit risk profile of the
entity, despite the downgrade.

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

Shree Siddhnath Cotex Pvt. Ltd. (SCPL), incorporated in 2008, is
involved in the business of ginning and pressing of raw cotton
having an installed capacity of 500 bales per day (1 bale=170 kg).
The company also undertakes trading of cotton bales and cotton
seeds. In FY 15 (October 14) the company installed 8 expellers for
crushing of cotton seeds having an installed capacity of 36000
MTPA. Presently, the product mix of the company comprises mainly of
cotton bales, cotton seed, cotton oil cake and cotton oil. The
company was erstwhile promoted by Mr. Girdhar Gangwani and family.
From April 2013, there was a change in the constitution of the
company with the company being taken over by Mr. Suresh Lunagariya
and family. Mr. Suresh Lunagariya has a vast experience in the
ginning and pressing of cotton by the virtue of being a director in
the Vaibhav Ginning and Spinning Mills Pvt. Ltd., Radheshyam Fibres
Pvt. Ltd., Kavan Cotton Pvt. Ltd. and Navneet Cotton Co. The unit
is favourably located in Chotila, Surendranagar and the area around
the unit is one of the major cotton production belts in India.

UTTARAYAN FOODS: ICRA Keeps C+ Debt Ratings in Not Cooperating
--------------------------------------------------------------
ICRA has kept the Long-Term and Short-Term ratings of Uttarayan
Foods Private Limited (UFPL) in the 'Issuer Not Cooperating'
category. The ratings are denoted as "[ICRA]C+; ISSUER NOT
COOPERATING/[ICRA]A4; ISSUER NOT COOPERATING".

                    Amount
   Facilities    (INR crore)    Ratings
   ----------    -----------    -------
   Long-term         2.68       [ICRA]C+; ISSUER NOT COOPERATING;
   Fund based                   Rating Continues to remain under
   Cash Credit                  'Issuer Not Cooperating'
                                Category

   Long-term         3.39       [ICRA]C+; ISSUER NOT COOPERATING;
   Fund based                   Rating Continues to remain under
   Term Loan                    'Issuer Not Cooperating'
                                Category

   Short-term        0.16       [ICRA]A4 ISSUER NOT
   Non Fund based               COOPERATING; Rating Moved to
   Others                       the 'Issuer Not Cooperating'
                                Category

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

Uttarayan Foods Private Limited (UFPL) incorporated in 2008, is
involved in providing multipurpose cold storage facilities to
farmers and traders on rental basis. Its cold storage facility is
in Nadia, West Bengal with storage capacity of 5,000 MT.




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

KAWASAN INDUSTRI: Fitch Affirms 'B-' LongTerm IDR, Outlook Stable
-----------------------------------------------------------------
Fitch Ratings has affirmed Indonesia-based PT Kawasan Industri
Jababeka Tbk's (KIJA) Long-Term Issuer Default Rating (IDR) at
'B-'. The Outlook is Stable. The agency has also affirmed the
rating on KIJA's USD185.9 million secured notes due 15 December
2027 at 'B-' with a Recovery Rating of 'RR4'. The 2027 secured
notes are issued by KIJA, guaranteed by certain subsidiaries and
secured by first-ranking mortgages over land parcels.

The 'B-' IDR reflects KIJA's small contracted sales scale and the
cyclicality of its industrial land sales, counterbalanced by
improving non-development cash flow from its power plant, dry port
and estate-management services, covering its interest expense.

Fitch Ratings Indonesia has simultaneously affirmed KIJA's National
Long-Term Rating at 'BB+(idn)'. The Outlook is Stable.

'BB' National Ratings denote an elevated default risk relative to
other issuers or obligations in the same country or monetary
union.

Key Rating Drivers

Adequate Non-Development Interest Cover: Fitch expects KIJA to
maintain higher recurring cash flow from its non-development
sources, offsetting its cyclical industrial-property sales. Fitch
forecasts non-development EBITDA of IDR516 billion in 2024 and
IDR550 billion in 2025 from rising power sales, throughput at its
dry port and estate management fees as its township expands. This
will counter the coupon step-up on KIJA's 2027 notes. Consequently,
Fitch expects non-development EBITDA interest coverage to rise to
around 1.5x in the next few years (2023: 1.3x).

Small, Steady Pre-Sales: KIJA's scale is small compared with that
of rated peers with more than IDR2 trillion in pre-sales. Fitch
forecasts pre-sales, excluding KIJA's 51%-owned joint venture (JV)
- PT Kawasan Industri Kendal (KIK) - to remain steady at around
IDR900 billion-1 trillion over the next few years. Fitch expects a
low single-digit increase in industrial sales due to stiffer
competition with new supply increasing.

Fitch expects KIJA's pre-sales for industrial land plots and
buildings to be supported by interest rate cuts and an increase in
Indonesia's FDI. Fitch believes FDI inflows will remain steady as
manufacturers look for supply-chain diversification. This is
evident from the increase in investments in KIK from automotive and
battery manufacturers. Industrial land and building sales will
account for the majority of pre-sales in the next two years, with
affordable residential, shophouses and commercial land plots making
up the balance.

Moderate Residential and Commercial Pre-Sales: Fitch forecasts
residential and commercial pre-sales to rise by low single digits
from 2025 as a VAT rebate extension ends in December 2024. The
regulation provides an 11% discount on the first IDR2 billion of
the total value of completed homes priced up to IDR5 billion from
November 2023 to December 2024, which is aimed at helping
middle-class buyers. VAT will increase to 12% starting 2025, from
11% currently.

Neutral-to-Positive FCF: Fitch forecasts neutral-to-positive free
cash flow (FCF) in 2024-2025, supported by higher pre-sales and
dividends from KIK, despite higher maintenance capex and costs for
acquiring land. Fitch expects annual maintenance capex of IDR250
billion from 2024 to 2026. Fitch estimates land acquisitions of
around IDR125 billion in 2024, excluding investments in the Kendal
township, as KIJA may gradually ramp up its purchases after a
slowdown in the past three years.

Land Acquisition to Support Pre-Sales: KIJA has a large land bank
of over 1,200 hectares in Cikarang, which is sufficient for more
than 20 years of pre-sales. However, the company may need to
acquire plots within and around the township to form contiguous
parcels to support medium-term pre-sales. Fitch believes KIJA has
the flexibility to prioritise its liquidity requirements over land
bank acquisitions in the near term.

JV Deconsolidated: Fitch has deconsolidated KIK in its rating
assessment. KIK is not a guarantor of the US dollar notes, and KIJA
requires the consent of PT Sembcorp Development Indonesia, which
owns the remaining 49% in the JV, to extract dividends. KIJA
received a first-time dividend of IDR132 billion from KIK in 2023
and another dividend of IDR165 billion in 1H24. Fitch forecasts
subsequent yearly dividend payments of around IDR130 billion.

Fitch does not expect KIJA to provide support for the JV, as KIK is
self-sufficient with steady operating cash flow and no debt. KIJA
and Sembcorp have not guaranteed KIK's debt in the past.

Derivation Summary

KIJA can be compared with close Indonesia-based peer PT Lippo
Karawaci Tbk (LPKR; IDR: B-/Positive, National Rating:
BBB-(idn)/Positive). KIJA's rating is constrained by its small
pre-sales scale, which Fitch expects to remain below IDR1 trillion
in the next few years compared with LPKR's more than IDR3.5
trillion.

KIJA has high exposure to industrial land sales, which could be
more volatile in economic downturns, while LPKR has higher exposure
to less-cyclical residential sales. KIJA's profile, however,
benefits from non-development income from its power plant, dry port
and estate-management services, which covers its interest expense
by more than 1x. Fitch believes, after LPKR's announced
deleveraging plan, both companies have similar liquidity profiles,
with manageable loan amortisations in the next two-three years.
LPKR's larger pre-sales than KIJA is reflected in its Positive
Outlook.

Key Assumptions

Fitch's Key Assumptions Within Its Rating Case for the Issuer

- Pre-sales, excluding KIK, of IDR991 billion in 2024 and IDR1,021
billion in 2025

- Non-development EBITDA of IDR515 billion in 2024 and IDR549
billion in 2025

- Land bank acquisition costs and capex, excluding KIK, of around
IDR400 billion per year in 2024 and 2025

- Dividend income from KIK of IDR165 billion in 2024. Fitch assumes
recurring dividend income of around IDR130 billion from 2025.

Recovery Analysis

Recovery Rating Assumptions

Fitch assumes KIJA will be liquidated in a bankruptcy rather than
continue as a going-concern, as it is an asset-trading company.

- Fitch uses KIJA's financials, excluding KIK, to compute
liquidation value under a distressed scenario of IDR5.5 trillion as
of end-December 2023.

- The estimate reflects its assessment of the value of trade
receivables at a 75% advance rate; inventory at a 50% advance rate;
and property, plant and equipment at a 50% advance rate, which
primarily comprised a power plant, dry port and wastewater
treatment plant. The discount takes into consideration the power
plant's young age, at more than 10 years, with less than 10 years
remaining under its power purchase agreement, and the dry port's
strategic location.

- Fitch believes the 25% discount over trade receivables is more
than sufficient to cover potential bad debt, given KIJA's allowance
for bad debt of less than 5% of total receivables as of end-2023.

- Fitch assigns a 50% advance rate to inventory, which incorporates
a substantial discount to market value, as KIJA reports inventory
at historical acquisition cost. Fitch also assigns a 50% recovery
rate to KIJA's 51% share of the KIK JV, as KIK's net worth mainly
reflects its inventory balance.

These assumptions result in a 'RR2' recovery rate for the
outstanding bonds. Nevertheless, Fitch rates the outstanding bonds
at 'B-' with a Recovery Rating of 'RR4' because Indonesia falls
into Group D of creditor-friendliness under its Country-Specific
Treatment of Recovery Ratings Criteria and the instrument ratings
of issuers with assets in this group are subject to a soft cap at
the company's IDR.

RATING SENSITIVITIES

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

- Fitch does not expect positive rating action in the medium term,
given KIJA's pre-sales scale relative to that of its higher-rated
peers.

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

- Weakened liquidity, evident from FCF turning negative or lack of
funding access;

- Non-development EBITDA gross interest cover below 1.0x for a
sustained period.

Liquidity and Debt Structure

Adequate Liquidity: KIJA had around IDR706 billion of cash at its
wholly owned subsidiaries as of end-June 2024. Fitch expects FCF to
be neutral to positive in 2024 to 2025, providing adequate cover
for around IDR460 billion of debt amortisation in the next 12
months. The amortised debt comprises bank loans. Fitch expects KIJA
to tap on external financing to fund capex and construction
spending if required, freeing up its cash flow to meet the loan
amortisation and maintain cash reserves.

Issuer Profile

KIJA is an Indonesia-based industrial township developer. The
company generates pre-sales from its two flagship projects, Kota
Jababeka in Cikarang, West Java, and Kendal, in Central Java. It
had over 1,700 hectares of land bank across its two estates at
end-June 2024, which was sufficient for more than 20 years of
development.

MACROECONOMIC ASSUMPTIONS AND SECTOR FORECASTS

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

ESG Considerations

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

   Entity/Debt                Rating          Recovery   Prior
   -----------                ------          --------   -----
PT Kawasan Industri
Jababeka Tbk          LT IDR  B-      Affirmed           B-
                      Natl LT BB+(idn)Affirmed           BB+(idn)

   senior secured     LT      B-      Affirmed   RR4     B-



===============
M A L A Y S I A
===============

BINTAI KINDEN: Agrees on UIMB Extended Interim Settlement Proposal
------------------------------------------------------------------
theedgemalaysia.com reports that Bintai Kinden Corp Bhd said
Universiti Islam Melaka Bhd (UIMB) has committed to a structured
repayment plan amounting to MYR13.5 million to be paid to Bintai
Kinden's wholly owned subsidiary Optimal Property Management Sdn
Bhd (OPM) under an extended interim settlement proposal (EISP)
agreement.

In a statement on Oct. 30, Bintai Kinden said the payment schedule
is spread over 21 instalments, with UIMB, a wholly owned subsidiary
of the Melaka state government, committing to a minimum payment of
MYR5.2 million over the first four months starting from Oct. 31,
relates theedgemalaysia.com.

"The final payment date for all arrears is set for July 15, 2026,
should the parties fail to agree on a restructured availability
charge rate by March 31, 2026. As of Oct 29, 2024, the arrears
amount stood at MYR64.02 million," it added, notes the report.

In a separate filing with Bursa Malaysia, Bintai Kinden said OPM
had on Oct. 30 received a confirmation and agreement letter from
UIMB, theedgemalaysia.com reports.

The EISP agreement follows a series of negotiations and
announcements made between the parties on Dec. 29, 2023, Jan. 29,
2024, April 17, 2024, and May 31, 2024, during which OPM and UIMB
initially explored a potential acquisition of OPM by UIMB. However,
this acquisition proposal was called off due to differences in
valuation, the report relays.

On Oct. 30, UIMB confirmed its request for the EISP, extending the
ISP initially granted on Jan. 29.

"We are greatly encouraged by UIMB's commitment under the EISP to
repay OPM with a clear and structured payment schedule. This
committed minimum monthly payment plan will not only provide
positive cash flow to the company, but also significantly enhance
our financial stability in the coming years. The structured
repayments offer a reliable pathway for resolving outstanding
amounts and allow both parties the necessary time to finalise terms
that align with our mutual interests. This agreement ensures the
operational continuity of the student accommodations managed by
OPM, while also strengthening our overall financial position and
supporting our efforts to uplift from Practice Note 17 (PN17)
status," Bintai Kinden managing director and chief executive
officer Datuk Tay Chor Han said.

                        About Bintai Kinden

Bintai Kinden Corp. Bhd. engages in the provision of mechanical and
electrical engineering services, and facilities management services
through its subsidiaries. It operates through the following
segments: Specialized Mechanical and Electrical Engineering
Services; Turnkey, Infrastructure, Civil, and Structural;
Concession Arrangement; and Investment Holding and Others.

Kinden Corporation has been classified as an affected listed issuer
under Practice Note 17 (PN17) of the Main Market Listing
Requirements of Bursa Malaysia.  The company's PN17 classification
came after MBSB Bank Bhd (MBSB) on March 29, 2023, issued a notice
of termination to Bintai Kinden as the corporate guarantor and its
wholly-owned subsidiary, Optimal Property Management Sdn Bhd (OPM),
as the borrower in respect of MYR109 million in Islamic banking
facilities in which it has defaulted on.

The company had submitted the proposed regularisation plan to Bursa
Securities on Oct. 4, 2024.


FASHIONVALET: Malaysian PM Orders Audit of Wealth Fund Loss
-----------------------------------------------------------
Bloomberg News reports that Malaysian Prime Minister Anwar Ibrahim
ordered sovereign wealth fund Khazanah Nasional Berhad to carry out
an internal audit to investigate issues related to MYR43.9 million
($10 million) in investment losses.

This is to ensure all government-linked companies "fulfill the
demands of their respective responsibilities and functions," he
said in a post on X on Nov. 2, Bloomberg relays. The internal audit
"doesn't exclude" state-owned asset manager Permodalan Nasional
Bhd. and other parties involved, he said in a follow-up post
several hours later.

According to Bloomberg, Anwar's directive comes days after the
Finance Ministry said the two entities invested a total of MYR47
million in the Malaysian online fashion retailer FashionValet in
2018, and received an offer in late 2023 for their stakes. They
eventually sold it for MYR3.1 million - taking a loss that matches
the amount Anwar mentioned in his post.

The Malaysian Anti-Corruption Commission (MACC) said on Nov. 2 it
had opened an investigation into the investment losses.

"The public is urged to allow space for the investigation to
proceed and to avoid speculation or engage in 'public trials'
against the parties involved," Bloomberg quotes MACC chief Azam
Baki as saying.

Bloomberg relates that the Finance Ministry said last week that the
investment by Khazanah and PNB in FashionValet was aimed at
supporting local tech entrepreneurs and digital retail firms. The
total loss from the sale is "very small" compared to the total
income Khazanah and PNB generated that year, it added.

Khazanah in a statement on Nov. 1 said FashionValet faced
challenges exacerbated by Covid-19, and its divestment "represented
a responsible exit" to transfer ownership to a party that could
help guide the troubled company, Bloomberg relays. NXBT Partners,
which is "led by a seasoned Malaysian entrepreneur", offered to buy
existing shareholders' stakes and inject capital into the firm, it
said.

FashionValet's co-founders, Fadzarudin Shah Anuar and Vivy Yusof,
said on Nov. 1 that they took full responsibility over the
company's losses and would resign, Bloomberg relays.

"We attempted to expand the business too aggressively, and did not
sufficiently plan for a rainy day," they said.


IREKA CORP: External Auditor Expresses Disclaimer of Opinion
------------------------------------------------------------
theedgemalaysia.com reports that Ireka Corp Bhd, a Practice Note 17
(PN17) construction company, said its external auditor has
expressed a disclaimer of opinion on the company's audited
financial statements for the financial year ended June 30, 2024
(FY2024).

theedgemalaysia.com relates that Baker Tilly Monteiro Heng PLT in
its independent auditors' report said it had not been able to
obtain sufficient appropriate audit evidence to provide a basis for
an audit opinion on the statements.

The external auditor noted that as at June 30, 2024, Ireka Corp saw
current liabilities exceeding its current assets by MYR158.18
million. The group also recorded a capital deficiency of MYR112.16
million, theedgemalaysia.com discloses

Ireka had in February 2022 triggered the PN17 criteria, as the
shareholders' equity of the group was 50% or less than its share
capital. The group managed to obtain several extensions from Bursa
Malaysia to submit its regularisation plan, the latest deadline
being Feb 28, 2025.

On top of that, the auditor highlighted that Ireka has been served
with winding up petitions by Hong Leong Bank Bhd and Ambank (M)
Bhd.

"These events or conditions indicate the existence of a material
uncertainty which may cast significant doubt about the group's and
the company's (Ireka Engineering & Construction Sdn Bhd) ability to
continue as going concerns," Baker Tilly, as cited by
theedgemalaysia.com, added.

This is at least the third time that Ireka's external auditor had
flagged a material uncertainty relating to the group's ability to
continue as a going concern over the past four years.

In response, Ireka said it expects to address all issues related to
Baker Tilly's disclaimer of opinion by FY2025, relates
theedgemalaysia.com.

According to theedgemalaysia.com, the group has secured a MYR1.07
billion project, which is set to last four years, starting from
Sept. 30, 2024.

The sub-contract, awarded by Sabah-based Gammerlite Sdn Bhd,
involves the upgrade of a section of the Pan Borneo Highway in
Sabah.

"This pivotal contract marks a significant milestone for the
company, contributing substantially to our construction order book
value and will strengthen the group's cash flow and profitability
over the next four years," it said, notes the report.

Besides that, Ireka said it will address the high capital
deficiency of MYR112.16 million in the proposed PN17 regularisation
plan, theedgemalaysia.com relays. The winding up petitions by
AmBank and Hong Leong will also be addressed, with its aim to
achieve an amicable solution and agree on a revised settlement
plan.

Additionally, Ireka said the group intends to launch three new
development projects with an estimated total gross development
value (GDV) of MYR768.5 million in 2025, which is expected to
contribute positively to the company's profitability.

"We will also continue to actively seek new opportunities to
enhance our construction and development order book value," it
added, the report relays.

                         About Ireka Corp.

Malaysia-based Ireka Corporation Berhad is an investment holding
company which provides civil, structural, and building
construction. The Company, through its subsidiaries, also provides
earthworks and leases construction plant and machinery. Ireka also
operates online international auction trade and provides venture
capital fund to internet, e-commerce, and related technology based
companies.

Ireka Corp Bhd has been classified as an affected listed issuer
under Practice Note 17 (PN17) of the Main Market Listing
Requirements.

In a filing with Bursa Malaysia on March 1, 2022, the construction
and property developer said it had triggered the prescribed
criteria under Paragraph 2.1(e) of the PN17 and that Bursa Malaysia
Securities Bhd had rejected its application to extend the relief
period, which ended on Feb. 26, 2022.

Ireka first triggered the criteria for PN17 under Bursa's Main
Market Listing Requirements in August 2020, after its auditor
highlighted a material uncertainty relating to its ability to
continue as a going concern based on its audited financial
statements for the financial year ended March 31, 2020 (FY2020).
Its shareholders' equity as of end-FY2020 had also fallen to
MYR77.51 million or 42.67% of its MYR181.29 million share capital,
which was below the required 50% threshold.




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

BABICH RD: Creditors' Proofs of Debt Due on Nov. 30
---------------------------------------------------
Creditors of Babich Rd Limited are required to file their proofs of
debt by Nov. 30, 2024, to be included in the company's dividend
distribution.

The High Court at Auckland appointed Kevyn Botes of i-Business
Recovery Limited as liquidators on Oct. 25, 2024.


KING COUNTRY: Court to Hear Wind-Up Petition on Nov. 25
-------------------------------------------------------
A petition to wind up the operations of King Country Scaffolding
Limited will be heard before the High Court at Hamilton on Nov. 25,
2024, at 10:45 a.m.

North King Country Development Trust filed the petition against the
company on Sept. 23, 2024.

The Petitioner's solicitor is:

          Kevin Ian Bond
          Level 1, 127 Alexandra Street
          Hamilton 3204


NELSON ST: Creditors' Proofs of Debt Due on Dec. 1
--------------------------------------------------
Creditors of Nelson St Enterprises Limited and Udy St Developments
Limited are required to file their proofs of debt by Dec. 1, 2024,
to be included in the company's dividend distribution.

The company commenced wind-up proceedings on Oct. 29, 2024.

The company's liquidator is:

          Heath Gair
          Palliser Insolvency
          Level 2, 40 Lady Elizabeth Lane
          Wellington


NONI B: KPMG Appointed as Receivers and Managers
------------------------------------------------
Leon Francis Bowker and Kristal Louise Pihama of KPMG on Oct. 30,
2024, were appointed as receivers and managers of Noni B Holdings
NZ Limited.

The receivers and managers may be reached at:

          Kasey Love
          KPMG
          PO Box 158
          Auckland 1140


RENERGII PACIFIC: Court to Hear Wind-Up Petition on Nov. 12
-----------------------------------------------------------
A petition to wind up the operations of Renergii Pacific Limited
will be heard before the High Court at Wellington on Nov. 12, 2024,
at 10:00 a.m.

Caitlin Taylor filed the petition against the company on Sept. 12,
2024.

The Petitioner's solicitor is:

          Trent John Patrick Bowler
          Neilsons Lawyers Limited
          Level 2, 345 Neilson Street
          Penrose




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

PAKISTAN INT'L: Stake Sale Attracts Sole Bid Below Gov't. Minimum
-----------------------------------------------------------------
Reuters reports that the final bidding process for the
privatisation of Pakistan International Airlines attracted just one
bid of PKR10 billion (US$36 million) for a 60% stake in the
national flag carrier, the Privatisation Ministry said on Oct. 31.

Reuters says the government had pre-qualified six groups in June,
but only real-estate development company Blue World City
participated in the bidding process, placing a bid that is below
the government-set minimum price of PKR85 billion.

Cash-strapped Pakistan was looking to offload a 51-100% stake in
debt-ridden PIA to raise funds and reform state-owned enterprises
as envisaged under a $7 billion International Monetary Fund
programme.

According to Reuters, the Privatisation Commission said it had
asked the bidder to match the minimum bid.

Blue World City Chairman Saad Nazir however stood by its offer. "We
wish the government all the best if they don't want to accept our
bid," he said during the ceremony.

Nazir later told Reuters that it did not make commercial sense to
raise their bid.

"The cabinet is going to discuss this offer of ours. If this
doesn't go through and they don't accept our offer, we will start
our own airline," he said.

He added that he did not believe the government's 85 billion
minimum price was based on a correct financial model for an
organization with "significant leakages".

Mohammed Sohail, CEO of Topline Securities, said that the gap
between the offer and reference price means the government would
either need to consider this bid or revisit their strategy
regarding the privatisation of the airline, Reuters relays.

Officials from three groups that chose not to bid told Reuters on
condition of anonymity that there were concerns about the
government's ability to stand by agreements made for the flag
carrier in the long term.

Reuters relates that one executive voiced concern about policy
continuity once a new government came in. The government of Prime
Minister Shehbaz Sharif is reliant on a coalition of disparate
political parties.

The disposal of PIA is a step former governments have steered away
from, as it has been highly unpopular given the number of layoffs
that would likely result from it, Reuters adds.

Pakistan International Airlines Corp Ltd provides commercial air
transportation services. It includes passenger, cargo postal
carriage, engineering, and other services. Pakistan International
Airlines (PIA) is the flag carrier of Pakistan and wholly owned by
the government of Pakistan.




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

EASTORIA CONSTRUCTION: Court Enters Wind-Up Order
-------------------------------------------------
The High Court of Singapore entered an order on Oct. 18, 2024, to
wind up the operations of Eastoria Construction Pte. Ltd.

Maybank Singapore Limited filed the petition against the company.

The company's liquidators are:

          Leow Quek Shiong
          Gary Loh Weng Fatt
          c/o BDO Advisory Pte. Ltd.
          600 North Bridge Road
          #23-01 Parkview Square
          Singapore 188778



HIGA TRADING: Commences Wind-Up Proceedings
-------------------------------------------
Members of Higa Trading Pte. Ltd. on Oct. 25, 2024, passed a
resolution to voluntarily wind up the company's operations.

The company's liquidators are:

          Seah Chee Wei
          Rock Stevenson Pte Ltd
          60 Paya Lebar Road
          #04-23 Paya Lebar Square
          Singapore 409051


ICOP CONSTRUCTION: Creditors' Meeting Set for Nov. 29
-----------------------------------------------------
ICOP Construction (SG) Pte. Ltd. will hold a meeting for its
creditors on Nov. 29, 2024, at 4:00 p.m., via electronic means.

Agenda of the meeting includes:

   a. to nominate liquidator(s) or to confirm members’ nomination

      of liquidator(s);
   b. to receive a full statement of the Company’s affairs
      together with a list of its creditors and the estimated
      amount of their claims;;

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

   d. any other business.


NAUVEAU TECHNOLOGY: Court to Hear Wind-Up Petition on Nov. 15
-------------------------------------------------------------
A petition to wind up the operations of Nauveau Technology
Investments Pte. Ltd. will be heard before the High Court of
Singapore on Nov. 15, 2024, at 10:00 a.m.

Complete Corporate Services Pte Ltd filed the petition against the
company on Oct. 22, 2024.

The Petitioner's solicitors are:

          BR Law Corporation
          9 Raffles Place
          #08-03, Republic Plaza
          Singapore 048619


THREE ARROWS: Founder's Wife Sells Singapore Mansion for $38MM
--------------------------------------------------------------
Bloomberg News reports that the wife of Zhu Su, the co-founder of
collapsed cryptocurrency hedge fund Three Arrows Capital, has
managed to sell a mansion she owns in Singapore for SGD51 million
($38.5 million), despite a court-imposed freeze against some of the
couple's other assets.

The sale by Tao Yaqiong, also known as Evelyn, was inked in July
and completed last month, according to property records seen by
Bloomberg News. The so-called good class bungalow sits on 1,446
square meters (15,568 square feet) of land at Dalvey Road, near the
Singapore Botanic Gardens. Tao bought the house for SGD28.5 million
in 2020 and has since redeveloped it.

Zhu, along with co-founder Kyle Davies, once built 3AC into one of
the world's largest crypto-native hedge funds. But it imploded in
2022 after a series of bad bets, amid a broader crypto rout and a
spate of collapses in the sector.

Since then, Zhu, who once boasted on social media about "buying all
the good class bungalows in Singapore," has seen his fortunes
worsen further, Bloomberg relates. In 2023, Singapore's financial
regulator imposed nine-year bans on Zhu and Davies from conducting
regulated financial activities in the city, and Zhu was briefly
jailed for a few months last year for failing to cooperate with the
task of winding up Three Arrows.

                    About Three Arrows Capital

Three Arrows Capital Ltd. was an investment firm engaged in
short-term opportunities trading, and is heavily invested in
cryptocurrency, funded through borrowings. As of April 2022, the
Debtor was reported to have over $3 billion of assets under its
management.

Three Arrows Capital Ltd. was incorporated as a business company
under the laws of the British Virgin Islands.  Its sole shareholder
owning all of its "management shares" is Three Arrows Capital Pte.
Ltd., which previously operated as a regulated fund manager in
Singapore until 2021, when it shifted its domicile to the BVI, as
part of a global corporate plan to relocate operations to Dubai.  

The Debtor borrowed digital and fiat currency from multiple lenders
to fund its cryptocurrency investments. After cryptocurrency lost
99% of its value, and then prices of other cryptocurrencies had
rapid declines, the Debtor reportedly defaulted on its
obligations.

On June 24, 2022, one of the Debtor's many creditors -- DRB Panama
Inc. -- filed an application to appoint joint provisional
liquidators -- and thereafter, full Liquidators -- in the Eastern
Caribbean Supreme Court in the High Court of Justice (Commercial
Division) located in BVI. The application was assigned claim number
VIHCOM2022/0117.

Subsequently, on June 27, 2022, the Debtor filed its own
application for the appointment of joint liquidators before the BVI
Commercial Court.

On June 29, 2022, the Honorable Mr. Justice Jack of the BVI
Commercial Court appointed Russell Crumpler and Christopher Farmer
of Teneo (BVI) Limited as joint liquidators of Three Arrows Capital
Ltd.


TORQUE AUTOS: Court Enters Wind-Up Order
----------------------------------------
The High Court of Singapore entered an order on Oct. 18, 2024, to
wind up the operations of Torque Autos Pte. Ltd.

Maybank Singapore Limited filed the petition against the company.

The company's liquidator is:

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



                           *********


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

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

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

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding,
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                *** End of Transmission ***