/raid1/www/Hosts/bankrupt/TCRAP_Public/241106.mbx        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

          Wednesday, November 6, 2024, Vol. 27, No. 223

                           Headlines



A U S T R A L I A

ALAMMC DEVELOPMENTS: Federal Court Appoints BDO as Receivers
EQUITISE: Calls in Olvera Advisors as Administrators
FENSTER AND PANEL: First Creditors' Meeting Set for Nov. 13
FORMM GLOBAL: First Creditors' Meeting Set for Nov. 8
KELLETT AUSTRALIA: Second Creditors' Meeting Set for Nov. 8

LONG CHIM: Second Creditors' Meeting Set for Nov. 8
REPUBLIC OF FREMANTLE: First Creditors' Meeting Set for Nov. 11
[*] AUSTRALIA: ASIC Takes Action to Wind Up 95 Companies


C H I N A

KAISA GROUP: Puts Hong Kong Headquarters Up for Sale
SUNAC CHINA: Debt Plan Aims to Halve $2BB Pile of Local Bonds


I N D I A

BALASORE ALLOYS: CARE Reaffirms D Rating on INR135cr LT/ST Loans
BENGAL ANTIBIOTICS: CARE Keeps D Debt Ratings in Not Cooperating
CHIRAG AGROFINS: ICRA Keeps D Debt Rating in Not Cooperating
CLUB 29: CARE Keeps D Debt Ratings in Not Cooperating Category
GINGER INFRASTRUCTURE: CARE Keeps D Rating in Not Cooperating

GOAN REAL: CARE Keeps D Debt Rating in Not Cooperating Category
GOVERDHAN VERMA: ICRA Keeps B+ Debt Rating in Not Cooperating
HAPPY ACOUSTICS: CARE Keeps D Debt Ratings in Not Cooperating
HIGH TECH: ICRA Keeps D Debt Ratings in Not Cooperating Category
INDIAN ACOUSTICS: CARE Keeps D Debt Ratings in Not Cooperating

INDUKURI ENTERPRISES: CARE Keeps D Debt Rating in Not Cooperating
MANDVI VIBHAG: CARE Keeps D Debt Rating in Not Cooperating
MIRYALAGUDA MUNICIPALITY: ICRA Keeps B+ IR in Not Cooperating
ROOP TECHNOLOGY: ICRA Keeps D Debt Ratings in Not Cooperating
SATURN RINGS: CARE Keeps D Debt Rating in Not Cooperating

SATYA SUBAL: ICRA Keeps D Debt Ratings in Not Cooperating
SHIVAM PIPE: ICRA Keeps D Debt Ratings in Not Cooperating
SIGMA CHEMTRADE: ICRA Withdraws D Ratings on INR12.50cr Loan
SIKSHA O: ICRA Keeps B+ Debt Rating in Not Cooperating Category
SPECIALITY POLYMERS: ICRA Keeps D Debt Ratings in Not Cooperating

SUN HOSPITALITY: ICRA Keeps D Debt Rating in Not Cooperating
SUNSTAR OVERSEAS: ICRA Keeps D Debt Ratings in Not Cooperating
SURAJ CROPSCIENCES: CARE Keeps D Debt Rating in Not Cooperating
TCS AND ASSOCIATES: ICRA Keeps B+ Debt Ratings in Not Cooperating
THERMO PRODUCTS: CARE Keeps D Debt Ratings in Not Cooperating

TIRUPATI COMMODITIES: CARE Keeps D Debt Ratings in Not Cooperating
VIMALSCOP PRODUCT: ICRA Keeps B+ Debt Rating in Not Cooperating
VISUAL & ACOUSTICS: CARE Keeps D Debt Ratings in Not Cooperating


J A P A N

AEON CO: Egan-Jones Retains BB Senior Unsecured Ratings
ANA HOLDINGS: Egan-Jones Hikes Senior Unsecured Ratings to B+
SUMITOMO CHEMICAL: Egan-Jones Cuts Senior Unsecured Ratings to BB


M A L A Y S I A

TECHNA-X: TGI Fridays Malaysia Unaffected by US Bankruptcy Filing


N E W   Z E A L A N D

FOOD LAB: Creditors' Proofs of Debt Due on Dec. 5
GEORGE ALICE: Court to Hear Wind-Up Petition on Nov. 11
RJP DRAINAGE: Creditors' Proofs of Debt Due on Dec. 2
S5 CONSULTING: Deloitte Appointed as Receiver and Manager
SAMRA FIRM: Court to Hear Wind-Up Petition on Nov. 22



P H I L I P P I N E S

CEBU AIR: Egan-Jones Hikes Senior Unsecured Ratings to CCC
DITO CME: Foreign Investor Set to Takeover Company


S I N G A P O R E

ALTERA SHUTTLE: Creditors' Proofs of Debt Due on Dec. 4
AQUACULTURE CENTRE: Court Enters Wind-Up Order
E CAPITAL: Court to Hear Wind-Up Petition on Nov. 15
FTMS HOLDINGS: No Evidence of Conspiracy by Creditors, Judge Rules
GLOBSOL SINGAPORE: Court to Hear Wind-Up Petition on Nov. 12

STERLING FRONTIER: Court to Hear Wind-Up Petition on Nov. 12

                           - - - - -


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

ALAMMC DEVELOPMENTS: Federal Court Appoints BDO as Receivers
------------------------------------------------------------
On Nov. 1, 2024, the Federal Court made orders appointing Helen
Newman and Andrew Fielding of BDO as receivers of the property of
ALAMMC Developments Pty Ltd and 12 related corporate entities.   

The receivers are tasked with, among other things, conducting
investigations into the amount of investor funds received by ALAMMC
Developments and the related entities, and to provide a report to
the Court within 28 days.

The appointment of receivers over the 13 ALAMMC Developments
corporate entities follows urgent action taken by ASIC to obtain
asset preservation orders, and the appointment of the same
receivers over the personal property of ALAMMC Developments
director Mr. David McWilliams and his wife Ms. Laura Fullarton.

At the same hearing, Justice O'Sullivan made orders extending the
travel restrictions on Mr. McWilliams, who is prohibited from
leaving Australia or attempting to leave Australia until July 1,
2025.

The entities offered investment opportunities for purpose-built
NDIS compatible property development schemes across Australia.

On Sept. 11, 2024, the Federal Court made orders preserving the
assets of ALAMMC Developments Pty Ltd, SDAMF 2 Pty Ltd, Harvey
Madison Capital Pty Ltd and Coral Coast Mutual Pty Ltd, and other
related entities. These asset preservation orders have been
extended.

ASIC is investigating the companies and their director Mr.
McWilliams in relation to the suspected provision of financial
services and use of investor funds from Jan. 1, 2021.

ASIC opened its investigation after receiving information in
relation to Mr. McWilliams' gambling activities.

The companies that are subject to the receivership and asset
preservation orders are:

     - ALAMMC Developments Pty Ltd;
     - ALAMMC Developments 2 Pty Ltd;
     - ALAMMC Developments 3 Pty Ltd;
     - ALAMMC Developments 4 Pty Ltd;
     - ALAMMC Developments 5 Pty Ltd;
     - ALAMMC Developments 6 Pty Ltd;
     - ALAMMC Developments 7 Pty Ltd;
     - SDAMF 2 Pty Ltd;
     - SDAMF 3 Pty Ltd;
     - SDAMF 4 Pty Ltd;
     - Mortgage Mutual Fund Pty Ltd;
     - Harvey Madison Capital Pty Ltd; and
     - Coral Coast Mutual Fund Pty Ltd.

Any person who is an investor in ALAMMC Developments Pty Ltd, SDAMF
2 Pty Ltd, Harvey Madison Capital Pty Ltd and Coral Coast Mutual
Pty Ltd or the other related entities and has concerns can find
more information about the investigation and frequently asked
questions on the ALAMMC Developments investigation page.


EQUITISE: Calls in Olvera Advisors as Administrators
----------------------------------------------------
The Australian Financial Review reports that Equitise, a local
crowdfunding platform that allows companies to raise capital
without hiring expensive investment bankers, has failed to secure
fresh funding needed to keep its operations afloat and has called
in the administrators.

The company operates a platform that lets entrepreneurs tap retail
investors for equity, often for their pre-revenue start-ups. It
claims to have facilitated AUD94 million of investments across 167
deals since equity crowdfunding was permitted in Australia in
September 2018.

AFR, citing a filing lodged with the corporate regulator over the
weekend, relates that Equitise called in administrators from Olvera
Advisors late last month, but no further details of its engagement
have been released.  

Equitise's co-founder and chief executive Jonny Wilkinson told The
Australian Financial Review in August that it was in talks with
investors to recapitalise in a make-or-break funding round after 18
months he described as "diabolical" for private technology
valuations.

According to AFR, Mr. Wilkinson had been trying to secure a
AUD500,000 bridging funding round, which he claimed would help it
ride out the final stretch of a downturn, and implement Asian
expansion plans.

He confirmed on Nov. 3 that the finance had not come through in
time to save the business.

Mr. Wilkinson said the decision to enter voluntary administration
was taken in the hope of finding a way to keep Equitise running,
rather than selling off its assets, AFR relays.

"After a decade building Equitise, this is a challenging juncture.
I am deeply grateful for the unwavering support of our shareholders
and partners throughout this period," the report quotes Mr.
Wilkinson as saying. "Our commitment to the vision of democratising
investment continues, as we explore our options and
opportunities."
  
Equitise provides an equity crowdfunding service.


FENSTER AND PANEL: First Creditors' Meeting Set for Nov. 13
-----------------------------------------------------------
A first meeting of the creditors in the proceedings of Fenster and
Panel Pty Ltd will be held on Nov. 13, 2024 at 10:00 a.m. at the
offices of Hamilton Murphy Advisory at Level 21, 114 William Street
in Melbourne and via virtual meeting technology.

Stephen Dixon of Hamilton Murphy Advisory was appointed as
administrators of the company on Oct. 31, 2024.


FORMM GLOBAL: First Creditors' Meeting Set for Nov. 8
-----------------------------------------------------
A first meeting of the creditors in the proceedings of Formm Global
Pty Ltd will be held on Nov. 8, 2024 at 10:00 a.m. via virtual
meeting.

Peter John Moore and Andrew John Spring of Jirsch Sutherland were
appointed as administrators of the company on Oct. 29, 2024.


KELLETT AUSTRALIA: Second Creditors' Meeting Set for Nov. 8
-----------------------------------------------------------
A second meeting of creditors in the proceedings of Kellett
Australia Pty. Ltd. has been set for Nov, 8, 2024 at 11:00 a.m. at
the offices of SV Partners at Level 17, 200 Queen Street in
Melbourne and via teleconference/electronic facilities.

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

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

Peter Gountzos and Timothy James Brace of SV Partners were
appointed as administrators of the company on Oct. 3, 2024.


LONG CHIM: Second Creditors' Meeting Set for Nov. 8
---------------------------------------------------
A second meeting of creditors in the proceedings of Long Chim
(Sydney) Pty Ltd has been set for Nov. 8, 2024 at 11:00 a.m. at the
offices of HoganSprowles at Level 9, 60 Pitt Street in Sydney and
via virtual meeting.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by Nov. 7, 2024 at 4:00 p.m.

Michael Hogan of HoganSprowles was appointed as administrator of
the company on Oct. 3, 2024.


REPUBLIC OF FREMANTLE: First Creditors' Meeting Set for Nov. 11
---------------------------------------------------------------
A first meeting of the creditors in the proceedings of ROF
Hospitality Co Pty Ltd and Republic of Fremantle Distilling Co Pty
Ltd will be held on Nov. 11, 2024 at 10:00 a.m. and 11:00 a.m.
respectively, at the offices of HLB Mann Judd Insolvency WA at
Level 2, 16 Parliament Place in West Perth.

Gregory Paul Quin and Kimberley Stuart Wallman of HLB Mann Judd
Insolvency were appointed as administrators of the company on Oct.
30, 2024.


[*] AUSTRALIA: ASIC Takes Action to Wind Up 95 Companies
--------------------------------------------------------
The Australian Securities & Investments Commission (ASIC) has
applied to the Federal Court to wind up 95 companies.

ASIC lacks confidence in the conduct and management of the affairs
of the companies. ASIC is also concerned that some of the companies
are the subject of complaints and appear to be associated with
websites which may have facilitated scam activity.

On Nov. 1, 2024, Catherine Conneely and Thomas Birch of Cor Cordis
were appointed as joint and several provisional liquidators of the
companies.

The matter is subject of orders relating to confidentiality. A case
management hearing is scheduled for Dec. 5, 2024, with a view to
fixing the hearing for final relief as soon as possible thereafter.
Any defendant or interested party seeking to be heard on the
application for final relief is to file their evidence by Nov. 25,
2024.




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

KAISA GROUP: Puts Hong Kong Headquarters Up for Sale
----------------------------------------------------
Bloomberg News reports that Kaisa Group Holdings Ltd. is seeking to
sell its Hong Kong headquarters office, according to people
familiar with the matter, marking the defaulter's latest effort to
ease funding pressure.

According to Bloomberg, Kaisa has offered to sell the 30th floor of
The Center, an office tower in the city's financial district, the
people said asking not to be identified discussing a private
matter. The developer is seeking more than HK$500 million ($64.3
million) for the space, said one of the people. The builder pledged
the premises to Kingston Finance Ltd. in 2023 to secure a loan,
land records show.

Bloomberg relates that the planned sale is a reminder of Kaisa's
continued financing woes after it defaulted on its dollar debt in
2021 and as China's unprecedented housing crisis approaches its
fifth year. It also came after the developer said in September that
it won creditor support for an offshore restructuring plan that
lists the headquarters as one of four overseas assets that can be
sold to raise cash.

It's not the first time that Kaisa has sought buyers for premises
it owned in the iconic skyscraper, one of the high-profile
buildings that symbolize China's credit bubble bust, for debt
repayment, Bloomberg notes. It sold the 38th floor of the building
in 2021 for no more than HK$186.4 million to Shandong Hi-Speed
Holdings Group to settle part of an outstanding loan from the
latter.

With about $13 billion of offshore borrowings subject to
restructuring, the developer now faces a Dec. 19 hearing at a Hong
Kong court to seek permission to hold a creditor vote on its debt
overhaul plan, according to Bloomberg. The defaulter is under
pressure to make progress after a petition to dissolve its business
was filed last year. A hearing on the so-called winding-up request
has been further adjourned to March 31.

Most of Kaisa's offshore bonds were indicated at deeply distressed
levels of around 5 cents on the dollar on Nov. 5, according to the
latest data compiled by Bloomberg.

                         About Kaisa Group

Kaisa Group Holdings Limited is an integrated real estate company.
The Group focuses on urban development and operation. Kaisa Group's
real estate business covers the planning, development and operation
of large-scale residential properties and integrated commercial
properties.

As reported in the Troubled Company Reporter-Asia Pacific in July
2023, Kaisa Group said on July 10 a winding-up petition has been
filed against it in a Hong Kong court in relation to CNY170 million
(US$23.50 million) non-payments on onshore bonds.

According to Reuters, Kaisa said the petition was filed by Broad
Peak Investment Pte Advisers Ltd at the Hong Kong High Court on
July 6, and the issuer of the yuan bonds is its wholly-owned
subsidiary, Kaisa Group (Shenzhen) Co Ltd.

Kaisa has been working on a debt restructuring for two years after
defaulting its $12 billion of offshore debt in late 2021, Reuters
said.

SUNAC CHINA: Debt Plan Aims to Halve $2BB Pile of Local Bonds
-------------------------------------------------------------
Bloomberg News reports that Sunac China Holdings Ltd. is looking to
cut its yuan-denominated bonds by more than half under a proposed
onshore restructuring plan, according to people familiar with the
matter.

Bloomberg relates that the company has been seeking feedback from
some major holders, including some hedge funds, since last week to
restructure about CNY15.5 billion ($2.2 billion) of onshore bonds,
the people said, asking not to be identified as the plan isn't
public. Sunac aims to disclose its proposal for domestic creditors
as early as November, they said.

The debt plan under discussion is preliminary and could change,
Bloomberg notes.

According to Bloomberg, the onshore debt plan taking shape would
mark progress in a sector where restructuring efforts have so far
focused on overseas bondholders and lenders, many of whom have
sought liquidation orders against Chinese defaulters in Hong Kong
courts. Local creditors of distressed firms, in contrast, have been
subject to piecemeal solutions, such as payment delays that offer
less transparency, certainty and enforceability.

If the plan goes ahead, Sunac would be only the second major
Chinese property defaulter, after China Fortune Land Development
Co., to unveil a holistic local debt restructuring blueprint,
Bloomberg says. Sunac also would avoid debt repayment to local
creditors in the first five years, one person said.

According to the plan under consideration, local creditors could
choose from four options, each with a limited quota, the people
said, Bloomberg relays. Upon approval, about half of the company's
onshore notes could be wiped out through measures such as haircuts
and below principal conversions.

In the first option, Sunac would buy back about CNY5 billion of
notes in principal value with a steep haircut of 85%, using
proceeds it raised last month from a top-up placement.

A highlight of the plan comes from a debt-to-equity option using
Sunac's Hong Kong-listed shares. Sunac would convert some of its
onshore debt into 300 million to 400 million Hong Kong-listed
shares at HK$8-HK$10 ($1.03-$1.29) a share, the people said.
Bloomberg reported the consideration on Nov. 5.

The debt-to-equity option "stands out," said Li Kai, chief
investment officer of Beijing Shengao Fund Management Co, Bloomberg
relays. "It may improve chances of bondholder approval over the
plan. Other distressed Chinese developers may follow suit in their
onshore debt overhauls," he added.

Under another option, Sunac would also tap receivables from a land
development project, the people said, adds Bloomberg. The rest of
the notes would be extended by as much as 9.5 years, with coupons
all reduced to 1%.

                         About Sunac China

Sunac China Holdings Limited (SEHK:1918) --
http://www.sunac.com.cn/-- engages in the sales of properties in
the People's Republic of China. The Company operates its business
through two segments: Property Development and Property Management
and Others. The Company's subsidiaries include Sunac Real Estate
Investment Holdings Ltd., Qiwei Real Estate Investment Holdings
Ltd. and Yingzi Real Estate Investment Holdings Ltd.

Sunac is among a string of Chinese property developers that have
defaulted on their offshore debt payment obligations since the
sector was hit by a liquidity crisis in 2021, roiling global
markets, according to Reuters.

Creditors of Sunac China Ltd have approved its $9 billion offshore
debt restructuring plan, the company said on Sept. 18, marking the
first approval of such debt overhaul by a major Chinese property
developer.

As reported in the Troubled Company Reporter-Asia Pacific on Sept.
21, 2023, Sunac China Holdings Limited sought creditor protection
in the United States under Chapter 15 of the Bankruptcy Code
(Bankr. S.D.N.Y. Case No. 23-11505) on Sept. 19.

U.S. Bankruptcy Judge Philip Bentley presides over the Chapter 15
proceedings.

Sidley Austin is the Legal Counsel to China Sunac.



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

BALASORE ALLOYS: CARE Reaffirms D Rating on INR135cr LT/ST Loans
----------------------------------------------------------------
CARE Ratings has reaffirmed ratings on certain bank facilities of
Balasore Alloys Limited (BAL), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      115.00      CARE D; Rating removed from
   Facilities                      ISSUER NOT COOPERATING category
                                   and Reaffirmed

   Long-term/          135.00      CARE D/CARE D Rating removed
   Short-term                      from ISSUER NOT COOPERATING
   bank facilities                 category and LT rating
                                   assigned; and ST rating
                                   reaffirmed

Rationale and key rating drivers

In the absence of minimum information required for the purpose of
rating, CARE Ratings Limited (CARE) was unable to express an
opinion on the ratings of BAL and in line with the extant SEBI
guidelines, CARE revised the rating of bank facilities of the
company to 'CARE D; Stable; ISSUER NOT COOPERATING'. However, the
company has now submitted the requisite information to CARE.
Accordingly, CARE has carried out a full review of the rating and
the rating has now been removed from Issuer not cooperating
category and reaffirmed to 'CARE D/CARE D'.

The ratings assigned to the proposed bank facilities of BAL take
into account the ongoing delay in servicing the interest on
InterCorporate Deposits (ICDs) wherein the auditor has stated the
same as 'interest accrued and due' in FY24 financials of the
company. The ratings continue to be constrained by its dependence
on the cyclical steel sector, susceptibility to raw material and
finished goods price volatility, on-going disputes and moderate
financial performance in FY24 (refers to the period April 1 to
March 31) albeit improvement in performance in Q1FY25. The
constraints are, however partially offset by its experienced
promoters, reputed clientele and satisfactory capital structure.

CARE has withdrawn the ratings assigned to the bank facilities of
the company with immediate effect as the same has been repaid and
no dues certificate has been received from the lenders.

Rating sensitivities: Factors likely to lead to rating actions

Positive factors

* Track record of timely servicing of debt obligations for at least
90 days.

* Improvement in financial risk profile.

Negative factors: Not Applicable

Analytical approach: Consolidated.

The approach has been revised from standalone to consolidated since
the company has booked revenue in its subsidiary in FY24.

Outlook: Not Applicable

Detailed description of key rating drivers:

Key weaknesses

* Delays in debt servicing: There is ongoing delay in servicing the
interest on ICDs wherein the auditor has stated the same as
'interest accrued and due' in FY24 financials of the company.

* Dependence of the ferro alloy industry on the cyclical steel
sector: The stainless-steel industry is the primary consumer of
ferro chrome (FeCr) and accordingly the fortunes of FeCr
manufacturers are largely dependent on the performance of the
stainless steel industry. The volatile nature of FeCr prices has a
significant impact on the profitability of the companies in the
sector.

* Susceptibility to raw material and finished goods price
volatility: The company's procurement costs for raw materials are
entirely market-driven and highly volatile. Similarly, the prices
of ferro alloys are determined by current market conditions.
Consequently, BAL's profitability is highly sensitive to
fluctuations in the prices of both raw materials and finished
goods. Until February 2024, BAL relied entirely on local and
international markets for raw material procurement. However, with
the Chrome ore mine in Sukinda Valley, Jajpur, Odisha becoming
operational after February 2024, the company will no longer depend
on external markets, and profitability margins are expected to
improve.

* On-going disputes: The Company has on-going disputes with Mining
authorities of Jajpur, State Trading Corporation of India, NESCO
and Bombay Stock Exchange (BSE) which are pending before various
courts & authorities.

* Moderate financial performance in FY24 albeit improvement in
Q1FY25: With the resumption of operations in FY23, the company's
consolidated revenue increased significantly, reaching INR1,123
crore in FY24 compared to INR382 crore in FY23. However, the PBILDT
loss persisted, amounting to INR123 crore in FY24, up from
Rs.50 crore in FY23. Despite this, the company's net loss decreased
from INR171 crore in FY23 to INR9 crore in FY24, due to a
substantial rise in non-operating income, reduced interest
expenses, and deferred tax income. Following the resumption of
mining operations in February 2024, the company's standalone
performance in Q1FY25 showed improved profitability. Nevertheless,
revenue declined due to lower volumes and realizations. The company
achieved a PBILDT of INR35 crore in Q1FY25, compared to INR7.15
crore in Q1FY24. The PAT was INR18.64 crore in Q1FY25, a
significant improvement from the net loss of INR3.55 crore in
Q1FY24. Additionally, the company generated GCA of INR25 crore in
Q1FY25, with no debt repayment obligations.

Key strengths

* Experienced promoters: Ispat group, promoted by Mr. M. L. Mittal
started trading of steel products in 1981. BAL, a part of Ispat
group, commenced operations in 1987. Accordingly, the promoters of
the company have an experience of about three decades in
operating/managing ferro chrome plants. Currently, the day-to-day
affairs are managed by Mr. Debasish Ganguly (the present MD of BAL)
having over three decades of corporate experience.

* Reputed clientele: Over the years, BAL has become a reliable
sourcing partner for several domestic as well as international
clients. The company supplies its product to various reputed
companies. The export sales increased multi-fold to INR778.27 crore
(including both direct export and merchant export) in FY24 as
compared to INR266.78 crore in FY23. Further, BAL's top 10
customers accounted for 61.35% in FY24 as compared to 58% in FY23.

* Satisfactory capital structure: The capital structure stood
satisfactory with overall gearing ratio of 1.11x as on March 31,
2024 compared to 1.10x as on March 31, 2023.

Liquidity: Poor

Liquidity of the company is marked poor on account of delay in
servicing the interest portion on ICDs. The company had
unencumbered cash and bank balance of INR5.47 crore as on March 31,
2024.

BAL, incorporated in May 1984, is a part of Kolkata-based Ispat
group of companies promoted by Mr. M. L. Mittal. BAL commenced
commercial operations in 1987 with production of FeCr. It is mainly
used in Stainless steel production. The manufacturing facilities of
BAL are located in Balasore (Odisha) with an installed capacity of
1,45,000 TPA and in Sukinda (Odisha) with an installed capacity of
15,660 MTPA for ferro chrome. BAL has two chrome ore beneficiation
plant, a chrome ore briquetting plant and a metal recovery plant.


BENGAL ANTIBIOTICS: CARE Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Bengal
Antibiotics (BA) continue to remain in the 'Issuer Not Cooperating'
category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       5.20       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

   Short Term Bank      0.60       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Rationale and key rating drivers

CARE Ratings Ltd. had, vide its press release dated October 10,
2023, placed the rating(s) of BA under the 'issuer non-cooperating'
category as BA had failed to provide information for monitoring of
the rating as agreed to in its Rating Agreement. BA continues to be
non-cooperative despite repeated requests for submission of
information through e-mails dated August 25, 2024, September 4,
2024, September 14, 2024 among others.

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

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

Analytical approach: Standalone

M/s. Bengal Antibiotics (BA) was set up as a proprietorship entity
in Dec. 1990 by Mr. Samir Samaddar of Hooghly District, West
Bengal. The entity is mainly engaged in manufacturing of
pharmaceutical formulation products which is sold to state health &
family welfare departments and also to wholesalers within the
state. The entity receives the formulations from the Directorate of
Drugs Control, West Bengal and the drugs are manufactured
post-approval from the department. The orders from the government
departments are tender backed and comprise 70% of the overall sales
and the remaining comes from open market. BA caters only to
domestic market within the state with product portfolio primarily
concentrated in anti-biotic, anti-inflammatory and multivitamin
segment. The manufacturing facility is located at Jirat in Hooghly
district of West Bengal with an aggregate installed capacity of
3600 lakh tablets per annum and oral liquid 3,00,000 litres per
annum and meets the stringent good manufacturing practices (GMP)
and Good Laboratory Practice (GLP) norms.


CHIRAG AGROFINS: ICRA Keeps D Debt Rating in Not Cooperating
------------------------------------------------------------
ICRA has kept the Long-Term rating Chirag Agrofins Private Limited
(CAPL) in the 'Issuer Not Cooperating' category. The rating is
denoted as "[ICRA]D; ISSUER NOT COOPERATING".

                     Amount
   Facilities     (INR crore)   Ratings
   ----------     -----------   -------
   Long-term         20.00      [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 CAPL, 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, Chirag Agrofins Private Limited (CAPL) is
involved in real estate development. Currently, the company is
executing one project in Malad, Mumbai, where it is constructing a
commercial-cumresidential complex. CAPL is a part of the Bhagat
Group promoted by Mr. Suraj Prakash Bhagat and his family. Apart
from real estate development, the Bhagat Group is also involved in
brewing and distilleries. The group has executed twelve real estate
projects in Mumbai.


CLUB 29: CARE Keeps D Debt Ratings in Not Cooperating Category
--------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Club 29
Private Limited (C2PL) continue to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      12.13       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

   Short Term Bank      0.75       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Rationale and key rating drivers

CARE Ratings Ltd. had, vide its press release dated October 12,
2023, placed the rating(s) of C2PL under the 'issuer
non-cooperating' category as C2PL had failed to provide information
for monitoring of the rating as agreed to in its Rating Agreement.
C2PL continues to be non-cooperative despite repeated requests for
submission of information through e-mails dated August 27, 2024,
September 6, 2024 and September 16, 2024 among others.

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

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

Analytical approach: Standalone

C2PL incorporated in January 2012, is a Mont Vert Group venture
based out of Wakad, Pune and is focused on providing a recreational
indoor centre. Club29 is a recreational facility that provides
facilities such as restaurant banquets halls, gymnasium facility,
sports lounge consisting of badminton court, squash court,
Table-Tennis tables, swimming pool, bowling alley, billiards tables
and fuzz ball tables etc.


GINGER INFRASTRUCTURE: CARE Keeps D Rating in Not Cooperating
-------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Ginger
Infrastructure Private Limited (GIPL) continues to remain in the
'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      15.00       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Rationale and key rating drivers

CARE Ratings Ltd. had, vide its press release dated October 11,
2023, placed the rating(s) of GIPL under the 'issuer
non-cooperating' category as GIPL had failed to provide information
for monitoring of the rating as agreed to in its Rating Agreement.
GIPL continues to be non-cooperative despite repeated requests for
submission of information through e-mails dated August 26, 2024,
September 5, 2024 and September 15, 2024 among others.

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

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

Analytical approach: Standalone

Incorporated in December 19, 2012, GIPL is a Nagpur based special
purpose vehicle (SPV) formed by Diamant Infrastructure Limited
(DIL) for construction and development of commercial complex at
Jaripatka, Nagpur under the name and style of “Ginger Square”
to be operated on a build-operate-transfer (B-O-T) basis for a
concession period of 30 years commencing from August 2016 and
ending in August 2046, with renewal of lease for further period of
30 years.

Status of non-cooperation with previous CRA: CRISIL has continued
the rating assigned to the bank facilities of GIPL under Issuer Not
Cooperating category vide press release dated August 12, 2024 on
account of its inability to carry out a review in the absence of
the requisite information from the company.


GOAN REAL: CARE Keeps D Debt Rating in Not Cooperating Category
---------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Goan Real
Estate and Construction private Limited (GRECL) continues to remain
in the 'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      67.86       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated September 20,
2023, placed the rating(s) of GRECPL under the 'issuer
non-cooperating' category as GRECPL had failed to provide
information
for monitoring of the rating as agreed to in its Rating Agreement.
GRECPL continues to be non-cooperative despite repeated requests
for submission of information through e-mails dated August 5, 2024,
August 15, 2024, August 25, 2024 among others.

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

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

Analytical approach: Standalone

Goan Real Estate and Construction Pvt Ltd (GRECL), incorporated in
1989, has been promoted by the Dynamix Group. The Dynamix Group was
founded in the early 1970's by Mr. K. M. Goenka with a foray in
real estate development. GRECPL is developing an integrated
township-type project named "Aldeia de Goa" located at Bambolim,
Goa, spread over nearly 145 acres of land. The project is being
developed in a phase wise manner. The project encompasses exclusive
plots, villas, apartments, landscaped gardens, multiple clubhouses,
a five-star hotel and a proposed mall with commercial and retail
spaces.


GOVERDHAN VERMA: ICRA Keeps B+ Debt Rating in Not Cooperating
-------------------------------------------------------------
ICRA has kept the Long-Term rating of Goverdhan Verma Punjab
Jewellers Private Limited (GVPJ) in the 'Issuer Not Cooperating'
category. The rating is denoted as "[ICRA]B+ (Stable); ISSUER NOT
COOPERATING".

                      Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long Term-          6.20        [ICRA]B+ (Stable) ISSUER NOT
   Fund Based-                     COOPERATING; Rating continues
   Cash Credit                     to remain under 'Issuer Not
                                   Cooperating' category

As part of its process and in accordance with its rating agreement
with GVPJ, 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.

GVPJ was incorporated in 1992 by Mr. Sanjay Verma and is engaged in
the retailing of gold and diamond jewellery and other similar
items. The company has its showroom at Karol Bagh in Delhi.


HAPPY ACOUSTICS: CARE Keeps D Debt Ratings in Not Cooperating
-------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Happy
Acoustics Private Limited (HAPL) continue to remain in the 'Issuer
Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       1.50       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

   Short Term Bank     36.50       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Rationale and key rating drivers

CARE Ratings Ltd. had, vide its press release dated October 12,
2023, placed the rating(s) of HAPL under the 'issuer
non-cooperating' category as HAPL had failed to provide information
for monitoring of the rating as agreed to in its Rating Agreement.
HAPL continues to be non-cooperative despite repeated requests for
submission of information through e-mails dated August 27, 2024,
September 6, 2024 and September 16, 2024 among others.

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

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

Analytical approach: Standalone

HAPL was incorporated on March 16, 2012 by Mr Amarjit Singh Kalra
and his wife, Ms Surinder Kaur Kalra. The company is involved in
the manufacturing and assembling of public address (PA) systems and
components, including loud speakers, amplifiers, microphones, and
woofers, and related electronic and electrical equipment. The
company commenced operations in September, 2012 and its
manufacturing facility is located in Delhi.

Status of non-cooperation with previous CRA: CRISIL has continued
the rating assigned to the bank facilities of HAPL into Issuer Not
Cooperating category vide press release dated February 14, 2024 on
account of its inability to carry out a review in the absence of
requisite information.


HIGH TECH: ICRA Keeps D Debt Ratings in Not Cooperating Category
----------------------------------------------------------------
ICRA has kept the Long-Term rating of High Tech Garments 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          4.90      [ICRA]D; ISSUER NOT COOPERATING;
   Fund based                   Rating Continues to remain under
   Cash Credit                  'Issuer Not Cooperating'
                                Category

   Long-term          5.70      [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 High Tech Garments 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.

Incorporated in the year 2005, High Tech Garments Private Limited
is engaged in the manufacturing of grey fabric made from polyester
yarns. The company is promoted by Mr. Ajay Agrawal and other family
members who have been in the textile business for over a decade.
The manufacturing unit of the company is located a Kim, Surat.


INDIAN ACOUSTICS: CARE Keeps D Debt Ratings in Not Cooperating
--------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Indian
Acoustics Private Limited (IAPL) continue to remain in the 'Issuer
Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       3.54       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

   Short Term Bank     24.00       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Rationale and key rating drivers

CARE Ratings Ltd. had, vide its press release dated October 12,
2023, placed the rating(s) of IAPL under the 'issuer
non-cooperating' category as IAPL had failed to provide information
for monitoring of the rating as agreed to in its Rating Agreement.
IAPL continues to be non-cooperative despite repeated requests for
submission of information through e-mails dated August 27, 2024,
September 6, 2024 and September 16, 2024 among others.

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

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

Analytical approach: Standalone

IAPL was incorporated on June 21, 2010 by Mr Amarjit Singh Kalra
and his wife, Ms Surinder Kaur Kalra. The company is involved in
the manufacturing and assembling of public address (PA) systems and
components, including loudspeakers, amplifiers, microphones, and
woofers, and related electronic and electrical equipment. The
company commenced operations in November, 2011 and its
manufacturing facility is located in Noida.


INDUKURI ENTERPRISES: CARE Keeps D Debt Rating in Not Cooperating
-----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Indukuri
Enterprises (IE) continues to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       3.90       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Rationale and key rating drivers

CARE Ratings Ltd. had, vide its press release dated October 12,
2023, placed the rating(s) of IE under the 'issuer non-cooperating'
category as IE had failed to provide information for monitoring of
the rating as agreed to in its Rating Agreement. IE continues to be
non-cooperative despite repeated requests for submission of
information through e-mails dated August 27, 2024, September 6,
2024 and September 16, 2024 among others.

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

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

Analytical approach: Standalone

Outlook: Not Applicable

Indukuri Enterprises (IE) is a Pune based partnership firm
established in January 2018 and was promoted by Mrs. Indukuri
Suryakumari Venkat Raju and Mr. Aditya Verma. IE is engaged in
trading of bagasse.


MANDVI VIBHAG: CARE Keeps D Debt Rating in Not Cooperating
----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Shree
Mandvi Vibhag Sahakari Khand Udhyog Mandli Limited (SMVSKUML)
continues to remain in the 'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      53.91       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Rationale and key rating drivers

CARE Ratings Ltd. had, vide its press release dated September 6,
2023, placed the rating(s) of SMVSKUML under the 'issuer
non-cooperating' category as SMVSKUML had failed to provide
information for monitoring of the rating as agreed to in its Rating
Agreement. SMVSKUML continues to be non-cooperative
despite repeated requests for submission of information through
e-mails dated July 22, 2024, August 1, 2024, August 11, 2024
among others.

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

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

Formed in 1994, Shree Mandvi Vibhag Sahakari Khand Udyog Mandli
Limited (SMSKL; erstwhile Shree Surat Jilla Uttar Purve Vibhag
Khand Udyog Sahakari Mandli Limited) is a co-operative society
registered under The Gujarat Co-operative Society Act 1961.
Initially, the society was engaged in the trading of sugarcane,
procuring sugarcane from farmer members and supplying to sugar mill
in the vicinity. In FY15, SMSKL set-up a green field sugar
manufacturing unit with an installed capacity of 2,500 tonne of
sugarcane crushing per day (TCD) and a warehouse with a capacity of
24,000 metric tonne (MTs) for storage of finished goods at Vadod in
Mandvi Taluka of Surat in Gujarat. The project was completed with
delay of about 8 months as against its envisaged completion
timeline of May 2014 and commercial operations commenced from
February 2015. After demonetization, due to liquidity crunch, the
cooperative society was not able to make payments in cash to its
farmers for procurement of sugarcane and because of this during the
sugarcane crushing season, it was not able to break even, which led
to its temporarily shut down its plant, which became
non-operational in FY16.


MIRYALAGUDA MUNICIPALITY: ICRA Keeps B+ IR in Not Cooperating
-------------------------------------------------------------
ICRA has kept the issuer rating for Miryalaguda Municipality (MM)
to the 'Issuer Not Cooperating' category. The rating is denoted as
"[ICRA]B+ (Stable); ISSUER NOT COOPERATING".

As part of its process and in accordance with its rating agreement
with MM, 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 MM was upgraded to a Municipality in 1984. The ULB provides
municipal services to the city of Miryalaguda, situated in the
Nalgonda district of Telangana. It covers an area of 28.4 square
kilometre (sq. km.) and serves a population of 1,61,044 (projected
for 2021). The major functions of the MM involve water supply,
sewerage, SWM, repair and maintenance of roads and street lighting
in its area. The ULB is divided into 48 municipal wards and is
governed by an elected body (Council) headed by a Chairperson,
while the Commissioner acts as the chief executive, overseeing its
everyday functioning.



ROOP TECHNOLOGY: ICRA Keeps D Debt Ratings in Not Cooperating
-------------------------------------------------------------
ICRA has kept the long-term and Short term ratings of Roop
Technology Private Limited (RTPL) in the 'Issuer Not Cooperating'
category. The rating is denoted as [ICRA]D/[ICRA]D; ISSUER NOT
COOPERATING.

                     Amount
   Facilities     (INR crore)   Ratings
   ----------     -----------   -------
   Short Term-       (7.57)     [ICRA]D; ISSUER NOT COOPERATING;
   Interchangeable              Rating Continues to remain under
                                'Issuer Not Cooperating'
                                Category

   Long-term/         0.63      [ICRA]D/[ICRA]D; ISSUER NOT
   Short Term                   COOPERATING; Rating Continues to
   Unallocated                  remain under 'Issuer Not
                                Cooperating' Category

   Long Term-       (14.37)     [ICRA]D; ISSUER NOT COOPERATING;
   Interchangeable              Rating Continues to remain under
                                'Issuer Not Cooperating'
                                Category

   Long-term         14.37      [ICRA]D; ISSUER NOT COOPERATING;
   Fund based/                  Rating Continues to remain under
   Non-Fund                     'Issuer Not Cooperating'
   Based-Others                 Category

As part of its process and in accordance with its rating agreement
with RTPL, 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 1998, RTPL is a distributor of several IT and
security-related products, LCDs and projectors. It is an authorized
distributor of View Sonic for its LCD monitors, ZICOM and Dahua for
security products, TP-Link for networking products, Godrejand Boyce
for security safes and Optoma for projectors. RTPL has 10 branches
across southern and western India.


SATURN RINGS: CARE Keeps D Debt Rating in Not Cooperating
---------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Saturn
Rings & Forgings Private Limited (SRFPL) continues to remain in the
'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      40.00       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Rationale and key rating drivers

CARE Ratings Ltd. had, vide its press release dated October 12,
2023, placed the rating(s) of SRFPL under the 'issuer
non-cooperating' category as SRFPL had failed to provide
information for monitoring of the rating as agreed to in its Rating
Agreement. SRFPL continues to be non-cooperative despite repeated
requests for submission of information through e-mails dated August
27, 2024, September 6, 2024 and September 16, 2024 among others.

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

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

Analytical approach: Standalone

Incorporated in 2012, Saturn Rings & Forgings Private Limited
(SRFPL) is engaged in manufacturing of bearing rings and other
forged component products and operates out of plant situated at
Shirwal, Pune.


SATYA SUBAL: ICRA Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------
ICRA has kept the long-term and Short Term rating of Satya Subal
Himghar Private Limited (SSHPL) 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          5.62       [ICRA]D; ISSUER NOT COOPERATING;
   Fund based                    Rating Continues to remain under
   Cash Credit                   'Issuer Not Cooperating'
                                 Category

   Long-term          4.28       [ICRA]D; ISSUER NOT COOPERATING;
   Fund based                    Rating Continues to remain under
   Term Loan                     'Issuer Not Cooperating'
                                 Category

   Short-term         0.10       [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 SSHPL, 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 April 2012, Satya Subal Himghar Private Limited
(SSHPL) is promoted by the West Bengal-based Ghosh family. The
company provides cold storage facility to potato farmers and
traders on a rental basis with a storage capacity of17,800 metric
tonnes (MT). The cold-storage unit is located at Baghapukur, in
Paschim Midnapore, West Bengal.


SHIVAM PIPE: ICRA Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------
ICRA has kept the Long-Term rating Shivam Pipe Industries (SPI) in
the 'Issuer Not Cooperating' category. The rating is denoted as
"[ICRA]D; ISSUER NOT COOPERATING".

                    Amount
   Facilities     (INR crore)   Ratings
   ----------     -----------   -------
   Long-term          5.50      [ICRA]D; ISSUER NOT COOPERATING;
   Fund based                   Rating Continues to remain under
   Cash Credit                  'Issuer Not Cooperating'
                                Category

   Long-term          3.50      [ICRA]D; ISSUER NOT COOPERATING;
   Fund based                   Rating Continues to remain under
   Term Loan                    'Issuer Not Cooperating'
                                Category

   Long-term          2.00      [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 SPI, 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.

SPI is a partnership firm, promoted by Guwahati-based Mr. Ratan Lal
Bhati and commenced operations in 2012. Its plant is located at
Kamalpur in Guwahati, wherein initially it had a manufacturing
capacity of 12,000 mtpa of mild steel pipes and steel tubular
poles. In April 2017, the firm commissioned additional MS pipe and
Galvanisation capacity of 12,000 mtpa each. However, the operations
of the expended capacity was discontinued subsequently.


SIGMA CHEMTRADE: ICRA Withdraws D Ratings on INR12.50cr Loan
------------------------------------------------------------
ICRA has withdrawn the Long-term and Short-Term Ratings assigned to
Sigma Chemtrade Private Limited at the request of the company and
based on the No Objection certificate (NOC) received from its
banker. However, ICRA does not have information to suggest that the
credit risk has changed since the time the rating was last
reviewed.

                      Amount
   Facilities     (INR crore)   Ratings
   ----------     -----------   -------
   Short-term        12.50      [ICRA]D; ISSUER NOT COOPERATING;
   Non-fund based               Withdrawn
   Others                       

   Long-term          1.00      [ICRA]D; ISSUER NOT COOPERATING;
   Fund based                   Withdrawn
   Cash Credit                  

Incorporated in 1996, is into manufacturing of Absorbent Cotton
Wool, Gauze, Bandages, Sterile Surgical Dressings, Infusion Sets,
etc. The manufacturing unit is located in Hayatnagar Mandal,
Hyderabad. Thecompany is also into trading of Surgical Disposbales
& Consumables, Medical Equipment, Hospital Furniture, Medical
Devices and Drugs & Medicines. The major customers of the company
are government departments and institutions in Andhra Pradesh and
Telangana.


SIKSHA O: ICRA Keeps B+ Debt Rating in Not Cooperating Category
---------------------------------------------------------------
ICRA has kept the long-term rating of Siksha 'O' Anusandhan (SOA)
in the 'Issuer Not Cooperating' category. The rating is denoted as
[ICRA]B+(Stable); ISSUER NOT COOPERATING."

                      Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long Term-        115.00       [ICRA]B+ (Stable) ISSUER NOT
   Fund Based-                    COOPERATING; Rating continues
   Cash Credit                    to remain under 'Issuer Not
                                  Cooperating' category

As part of its process and in accordance with its rating agreement
with SOA, 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.

SOA was established in 1995 as a society in Bhubaneswar, Odisha and
manages SOA University (deemed University). SOA University offers
under and post graduate courses across different disciplines like
engineering, medicine, law, management and also manages a 750 bed
hospital. Currently, it has strength of more than 12,000 students.


SPECIALITY POLYMERS: ICRA Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------------
ICRA has kept the long-term and Short-Term rating of Speciality
Polymers Private Limited (SPPL) 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         13.50      [ICRA]D; ISSUER NOT COOPERATING;
   Fund based                   Rating Continues to remain under
   Term Loan                    'Issuer Not Cooperating'
                                Category

   Long-term         42.00      [ICRA]D; ISSUER NOT COOPERATING;
   Fund based                   Rating Continues to remain under
   Cash Credit                  'Issuer Not Cooperating'
                                Category

   Short-term        16.10      [ICRA]D; ISSUER NOT COOPERATING;
   Non-fund based               Rating continues to remain under
                                'Issuer Not Cooperating'
                                Category

   Short Term-       (8.50)     [ICRA]D; ISSUER NOT COOPERATING;
   Interchangeable              Rating Continues to remain under
                                'Issuer Not Cooperating'
                                Category

As part of its process and in accordance with its rating agreement
with SPPL, 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, 1988, Speciality Polymers Private Limited
(SPPL) is engaged in the business of manufacture of various types
of emulsions, adhesives, binders, construction chemicals etc. The
company has its manufacturing unit located at Badlapur, Thane with
an installed capacity of 12,000 metric ton per annum (MTPA) and a
new manufacturing set up with an installed capacity of 63000MTPA in
Ambernath MIDC, Thane.


SUN HOSPITALITY: ICRA Keeps D Debt Rating in Not Cooperating
------------------------------------------------------------
ICRA has kept the long-term rating of Sun Hospitality & Service
Apartments 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         13.00      [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 Sun Hospitality & Service Apartments 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.

Incorporated in April 2010, Sun Hospitality and Service Apartments
Private Limited is a closely held private limited company, based
out of Mumbai, Maharashtra. The company is currently executing two
projects in Goa: One of the projects is residential project while
the second project involves the development of retail, commercial
and hotel space.


SUNSTAR OVERSEAS: ICRA Keeps D Debt Ratings in Not Cooperating
--------------------------------------------------------------
ICRA has kept the Long-Term ratings of Sunstar Overseas Limited in
the 'Issuer Not Cooperating' category. The rating is denoted as
"[ICRA]D; ISSUER NOT COOPERATING".

                     Amount
   Facilities     (INR crore)   Ratings
   ----------     -----------   -------
   Long-term         568.45     [ICRA]D; ISSUER NOT COOPERATING;
   Fund based                   Rating Continues to remain under
   Cash Credit                  'Issuer Not Cooperating'
                                Category

   Long-term         211.44     [ICRA]D; ISSUER NOT COOPERATING;
   Fund based                   Rating Continues to remain under
   Term Loan                    'Issuer Not Cooperating'
                                Category

   Long Term-        45.11      [ICRA]D; ISSUER NOT COOPERATING;
   Unallocated                  Rating Continues to remain under
                                'Issuer Not Cooperating'
                                Category

As part of its process and in accordance with its rating agreement
with Sunstar Overseas 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.

Sunstar Overseas Limited was initially started as a partnership
firm in 1989, by the founder promoters Mr. Man Mohan Sarup
Aggarwal, Navita Aggarwal, Rama Rani and Sadhna Aggarwal. It was
converted into Public limited company in theyear 1995 with initial
promoters and three new promoter being Mr. Naresh Aggarwal, Mr.
Rakesh Aggarwal and Mr.Kapil Aggarwal.

Sunstar Overseas Limited is an integrated rice milling company. The
company is primarily into the milling of basmati rice, with non
basmati rice forming a very negligible portion. The company is not
engaged in further processing of the by products like husk and the
bran. They are all sold in the market except for husk of which
35-40% is used for steaming process (par boiling activity and to
reduce moisture content in paddy). SOL was operating three plants
(Bahalgarh, Moradabad and Amritsar) with total milling capacity of
73 TPH. The Moradabad plant has been shifted to company's factory
in Bahalgarh as the lease has expired, however the total capacity
remains same.


SURAJ CROPSCIENCES: CARE Keeps D Debt Rating in Not Cooperating
---------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Suraj
Cropsciences Limited (SCL) continue to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      17.57       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Rationale and key rating drivers

CARE Ratings Ltd. had, vide its press release dated September 5,
2023, placed the rating(s) of SCL under the 'issuer
non-cooperating' category as SCL had failed to provide information
for monitoring of the rating as agreed to in its Rating Agreement.
SCL continues to be non-cooperative despite repeated requests for
submission of information through e-mails dated July 21, 2024, July
31, 2024, August 10, 2024 among others.

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

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

Analytical approach: Standalone

Kalol-based (Gujarat) Suraj Cropsciences Limited (SCL), an ISO
9001:2008 certified company, was incorporated as a private limited
company during January 2010 which was later on reconstituted as a
public limited company in February 2015. SCL is headed by Mr.
Shivpratapsingh Kushwaha and it is engaged into the business of
developing and processing of varieties of agroseeds including
cereals, fibres, fodder, oil seeds, pulses and vegetables seeds.

Status of non-cooperation with previous CRA: Brickwork has
continued the ratings assigned to the bank facilities of SCL to
'Issuer Not Cooperating' category vide press release dated June 24,
2024 on account of its inability to carry out a review in the
absence of the requisite information from the company.


TCS AND ASSOCIATES: ICRA Keeps B+ Debt Ratings in Not Cooperating
-----------------------------------------------------------------
ICRA has kept the long-term rating of TCS and Associates Private
Limited (TCSA) in the 'Issuer Not Cooperating' category. The rating
is denoted as [ICRA]B+(Stable); ISSUER NOT COOPERATING.

                       Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long Term-          0.71       [ICRA]B+ (Stable) ISSUER NOT
   Fund Based-                    COOPERATING; Rating continues
   Term Loan                      to remain under 'Issuer Not
                                  Cooperating' category

   Long Term-         39.29       [ICRA]B+ (Stable) ISSUER NOT
   Fund Based-                    COOPERATING; Rating continues
   Cash Credit                    to remain under 'Issuer Not
                                  Cooperating' category

As part of its process and in accordance with its rating agreement
with TCSA, 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.

TCS & Associates Private Limited (TCSA) was incorporated in 2002
and commenced with the dealership of Hyundai Motors India Limited.
During 2008, the company received letter of intent for the
dealership of Maruti Suzuki India Limited (MSIL) for Faridabad
district and the dealership operations for the same started during
Q2 FY10. The company runs one showroom and one workshop in
Faridabad. TCSA's workshop was recently awarded by MSIL for having
the best workshop infrastructure in Northern India. The company is
run by Mr. Sanjeev Saluja who is in the line of business since past
40 years.


THERMO PRODUCTS: CARE Keeps D Debt Ratings in Not Cooperating
-------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Thermo
Products Private Limited (TPPL) continue to remain in the 'Issuer
Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       5.33       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

   Short Term Bank      0.50       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Rationale and key rating drivers

CARE Ratings Ltd. had, vide its press release dated October 12,
2023, placed the rating(s) of TPPL under the 'issuer
non-cooperating' category as TPPL had failed to provide information
for monitoring of the rating as agreed to in its Rating Agreement.
TPPL continues to be non-cooperative despite repeated requests for
submission of information through e-mails dated August 27, 2024,
September 6, 2024 and September 16, 2024 among others.

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

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

Analytical approach: Standalone

Pune (Maharashtra) based TPPL, incorporated in 2004 is promoted by
Mr. Mukesh Agarwal and Mr. Omprakash Agarwal. The company is
engaged in the manufacturing of packaging material viz. EPS
(Expanded Polystyrene or Styrofoam popularly known as thermocol)
buffers at its manufacturing facility located at Sanaswadi, Pune.


TIRUPATI COMMODITIES: CARE Keeps D Debt Ratings in Not Cooperating
------------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Tirupati
Commodities Impex Private Limited (TCIPL) continue to remain in the
'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       22.00      CARE D; ISSUER NOT COOPERATING;
   Facilities                      Rating continues to remain
                                   Under ISSUER NOT COOPERATING
                                   category

   Short Term Bank      23.00      CARE D; ISSUER NOT COOPERATING;
   Facilities                      Rating continues to remain
                                   Under ISSUER NOT COOPERATING
                                   Category

Rationale and key rating drivers

CARE Ratings Ltd. had, vide its press release dated October 10,
2023, placed the rating(s) of TCIPL under the 'issuer
non-cooperating' category as TCIPL had failed to provide
information for monitoring of the rating as agreed to in its Rating
Agreement. TCIPL continues to be non-cooperative despite repeated
requests for submission of information through e-mails dated August
25, 2024, September 4, 2024 and September 14, 2024 among others.

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

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

Analytical approach: Standalone

Incorporated in 2005, Tirupati Commodities Impex Pvt. Ltd.
(formerly known as Tirupati Iron Impex Pvt. Ltd.) is engaged in the
trading of iron, steel and other allied products like HR coils, HR
plates, CR coils, angles, beams, channels, pipes among others which
has wide application in the EPC, engineering, auto ancillaries,
capital goods and other manufacturing industries. TCIPL is a
family-managed business promoted by the Jain and Gupta family. The
company has its controlling office in Mumbai and has branches in
Hyderabad, Raipur, Bhopal and Surat.


VIMALSCOP PRODUCT: ICRA Keeps B+ Debt Rating in Not Cooperating
---------------------------------------------------------------
ICRA has kept the Long-Term rating of Vimalscop Product in the
'Issuer Not Cooperating' category. The rating is denoted as
"[ICRA]B+ (Stable); ISSUER NOT COOPERATING".

                      Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long Term-         10.00       [ICRA]B+ (Stable) ISSUER NOT
   Fund Based-                    COOPERATING; Rating continues
   Cash Credit                    to remain under 'Issuer Not
                                  Cooperating' category

As part of its process and in accordance with its rating agreement
with Vimalscop Product, 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.

Vimalscop Product is engaged in the business of fabric processing
with its processing unit based out of Balotra (Rajasthan), which is
a hub for processing of poplin fabric due to favourable weather
conditions. The firm is promoted by Mr. Subhash Chand Mehta since
2013, who has been involved in this line of business for more than
two decades.


VISUAL & ACOUSTICS: CARE Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Visual &
Acoustics Corporation Llp (VACL) continue to remain in the 'Issuer
Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       1.50       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

   Short Term Bank     11.50       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Rationale and key rating drivers

CARE Ratings Ltd. had, vide its press release dated October 12,
2023, placed the rating(s) of VACL under the 'issuer
non-cooperating' category as VACL had failed to provide information
for monitoring of the rating as agreed to in its Rating Agreement.
VACL continues to be non-cooperative despite repeated requests for
submission of information through e-mails dated August 27, 2024,
September 6, 2024 and September 16, 2024 among others.

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

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

Analytical approach: Standalone

VACL was incorporated on November 26, 2009 by M. Amarjit Singh
Kalra and his wife Ms. Surinder Kaur Kalra. The firm is involved in
the manufacturing and assembling of public address (PA) systems and
components, including loud speakers, amplifiers, microphones, and
woofers, and related electronic and electrical equipment. The firm
commenced operations in November, 2009 and its manufacturing
facility is located in Mundka based (Delhi).




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

AEON CO: Egan-Jones Retains BB Senior Unsecured Ratings
-------------------------------------------------------
Egan-Jones Ratings Company on October 30, 2024, maintained its 'BB'
foreign currency and local currency senior unsecured ratings on
debt issued by AEON CO., LTD. EJR also withdrew rating on
commercial paper issued by the Company.

Headquartered in Chiba, Japan, AEON CO., LTD. operates general
merchandise stores, supermarkets, and convenience stores throughout
Japan.

ANA HOLDINGS: Egan-Jones Hikes Senior Unsecured Ratings to B+
-------------------------------------------------------------
Egan-Jones Ratings Company on October 30, 2024, upgraded the
foreign currency and local currency senior unsecured ratings on
debt issued by Ana Holdings Inc. to B+ from B. EJR also withdrew
rating on commercial paper issued by the Company.

Headquartered in Tokyo, Japan, Ana Holdings Inc. provides a variety
of air transportation-related services.

SUMITOMO CHEMICAL: Egan-Jones Cuts Senior Unsecured Ratings to BB
-----------------------------------------------------------------
Egan-Jones Ratings Company on October 22, 2024, downgraded the
foreign currency and local currency senior unsecured ratings on
debt issued by Sumitomo Chemical Company, Limited to BB from BB+.

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



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

TECHNA-X: TGI Fridays Malaysia Unaffected by US Bankruptcy Filing
-----------------------------------------------------------------
The Malaysian Reserve reports that the chains under TGI Fridays
Malaysia continue to operate as usual and remain unaffected by the
recent Chapter 11 filing by TGI Fridays Inc in the US.

Craveat International Sdn Bhd, a wholly owned subsidiary of
loss-making Techna-X Bhd, is the master franchisee and developer
for TGI Fridays Malaysia.

In a statement on Nov. 4, Techna-X said the local restaurant
franchise operates under the franchise agreement with TGI Fridays
Franchisor LLC, which is separate from TGI Fridays and was not
impacted by the restructuring in the US, the Malaysian Reserve
relates.

TGI Fridays Franchisor has franchised the brand to 56 franchisees
in 41 countries. All of these franchise locations, both domestic
and international, are independently owned and therefore not
included in TGI Fridays' Chapter 11 process. They are open and
serving customers as usual, according to the statement.

TGI Fridays, which oversees 39 corporate-owned restaurants in the
US, filed for Chapter 11 protection on Nov. 2 in Dallas, Texas, a
step taken to allow it to reorganise and restructure its financial
operations to ensure long-term stability, according to the report.

The Malaysian Reserve relates that the filing impacts only
corporate-owned restaurants in the US while franchise locations
worldwide remain unaffected. TGI Fridays continues to operate more
than 400 restaurants globally, it added.

TGI Fridays Malaysia CEO Lee Yew Jin said it was opening a new
outlet at Mid Valley Megamall in Kuala Lumpur this month.

On Bursa Malaysia, Techna-X has failed to submit its outstanding
annual report for the financial period ended June 30, 2024, and
requested for more time to allow the external auditors to complete
its audit, The Malaysian Reserve adds.

Based in Kuala Lumpur, Malaysia, Techna-X Berhad --
https://www.techna-x.com/ -- an investment holding company,
primarily engages in the restaurant operation and franchising
business in the People's Republic of China and Malaysia. It
operates through Food and Beverage, Energy Storage Solutions,
Technology and Digital Transformations Enabler, and Others
segments.




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

FOOD LAB: Creditors' Proofs of Debt Due on Dec. 5
-------------------------------------------------
Creditors of Food Lab Limited are required to file their proofs of
debt by Dec. 5, 2024, to be included in the company's dividend
distribution.

The company commenced wind-up proceedings on Oct. 31, 2024.

The company's liquidator is Ryan Eathorne of InSolve Partners.


GEORGE ALICE: Court to Hear Wind-Up Petition on Nov. 11
-------------------------------------------------------
A petition to wind up the operations of George Alice Holdings
Limited will be heard before the High Court at Timaru on Nov. 11,
2024, at 10:00 a.m.

The Commissioner of Inland Revenue filed the petition against the
company on Aug. 26, 2024.

The Petitioner's solicitor is:

          Arna McAvoy
          Inland Revenue, Legal Services
          PO Box 1782
          Christchurch 8140


RJP DRAINAGE: Creditors' Proofs of Debt Due on Dec. 2
-----------------------------------------------------
Creditors of RJP Drainage & Earthmoving Limited are required to
file their proofs of debt by Dec. 2, 2024, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on Nov. 4, 2024.

The company's liquidators are:

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


S5 CONSULTING: Deloitte Appointed as Receiver and Manager
---------------------------------------------------------
David Sean Webb and Robert Edward Campbell of Deloitte on Oct. 31,
2024, were appointed as receivers and managers of S5 Consulting
Group Limited.

The receivers and managers may be reached at:

          Deloitte
          Level 20, Deloitte Centre
          1 Queen Street
          Auckland 1010


SAMRA FIRM: Court to Hear Wind-Up Petition on Nov. 22
-----------------------------------------------------
A petition to wind up the operations of Samra Firm Limited will be
heard before the High Court at Auckland on Nov. 22, 2024, at 10:45
a.m.

Windcave New Zealand Limited filed the petition against the company
on Sept. 27, 2024.

The Petitioner's solicitor is:

          Catherine Louise Waugh
          c/- Credit Consultants Group NZ Limited
          Level 6, 15 Willeston Street
          Wellington Central
          Wellington 6011




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

CEBU AIR: Egan-Jones Hikes Senior Unsecured Ratings to CCC
----------------------------------------------------------
Egan-Jones Ratings Company on October 30, 2024, upgraded the
foreign currency and local currency senior unsecured ratings on
debt issued by Cebu Air Inc. to CCC from CCC-. EJR also withdrew
rating on commercial paper issued by the Company.

Headquartered in Pasay City, Philippines, Cebu Air Inc. operates an
airline which provides air transportation services.

DITO CME: Foreign Investor Set to Takeover Company
--------------------------------------------------
The Philippine Star reports that Davao-based businessman Dennis Uy
may have to give up majority control of his telco venture Dito CME
Holdings Corp. under a proposed infusion of fresh funds from a
foreign investor.

In a disclosure to the Philippine Stock Exchange, Dito CME said it
has signed a subscription framework agreement for new investments
to be infused by Summit Telco Corp. Pte. Ltd, The Star relates.

According to The Star, Dito CME appointed its chairman Dennis Uy
and president Donald Patrick Lim to negotiate the final terms of
the transaction, including the amount, timing and tranches.

Summit Telco will subscribe to up to nine billion primary common
shares in Dito CME, subject to closing conditions and regulatory
approvals.

In the process, Udenna Corp. may have to relinquish majority
control of Dito CME to Summit Telco, The Star relays.

As of end-September, Mr. Uy's Udenna holds a 54.77 percent stake in
Dito CME while Summit Telco owns 25.03 percent. The remaining 20.15
percent in the company is owned by public investors.

Once the new shares are issued to Summit Telco, it will end up as
the majority owner of the parent of Dito Telecommunity Corp., the
youngest player in Philippine telco, The Star relays.

"The implementation of Summit Telco's potential investment under
the subscription framework agreement, along with other equity
raising efforts, forms part of the company's business plan to
improve its equity position as previously disclosed," Dito CME
said, notes the report. "The investment is subject to compliance
with the Philippines' regulatory requirements, such as requirements
of the Securities and Exchange Commission and the Philippine Stock
Exchange," it added.

The Star says Dito CME is struggling to keep its finances abreast,
as Dito burns cash for business expansion. It sustained a net loss
of PHP12.05 billion in the six months to June, eight times bigger
than the PHP1.44 billion a year ago, The Star discloses.

Dito CME grew its revenue by half to PHP7.66 billion, but expenses
also jumped by more than a fifth to PHP14.14 billion. Dito CME is
also stuck with a capital deficiency of PHP62.57 billion, and is
compelled to undertake fundraising activities to keep up with its
financial targets.

According to The Star, Dito CME wants to break even by 2025 and
swing to profit by 2028, and it plans to secure new investments
from private placements to fund its commercial and network
expansion.

The STAR in July broke the story that Dennis Uy and Udenna may be
giving up majority share in Dito CME to Summit Telco as part of
efforts to raise fresh capital for the company.

Headquartered in Taguig, Philippines, DITO CME Holdings Corp.
engages in the provision of telecommunications, multimedia, and
information technology services.




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

ALTERA SHUTTLE: Creditors' Proofs of Debt Due on Dec. 4
-------------------------------------------------------
Creditors of Altera Shuttle Loading Pte. Ltd. are required to file
their proofs of debt by Dec. 4, 2024, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on Oct. 31, 2024.

The company's liquidators are:

          Sam Kok Weng
          Lie Kok Keong
          c/o 7 Straits View
          Marina One East Tower, Level 12
          Singapore 018936


AQUACULTURE CENTRE: Court Enters Wind-Up Order
----------------------------------------------
The High Court of Singapore entered an order on Oct. 25, 2024, to
wind up the operations of Aquaculture Centre of Excellence Pte.
Ltd.

AME2 Pte Ltd. filed the petition against the company.

The company's liquidators are:

          Ng Kian Kiat
          Goh Wee Teck
          RSM SG Corporate Advisory
          8 Wilkie Road
          #03-08 Wilkie Edge
          Singapore 228095


E CAPITAL: Court to Hear Wind-Up Petition on Nov. 15
----------------------------------------------------
A petition to wind up the operations of E Capital Land Pte. Ltd.
will be heard before the High Court of Singapore on Nov. 15, 2024,
at 10:00 a.m.

ZH Builders Pte Ltd filed the petition against the company on Sept.
25, 2024.

The Petitioner's solicitors are:

          Titanium Law Chambers LLC
          No. 30 Cecil Street
          #11-03, Prudential Tower
          Singapore 049712


FTMS HOLDINGS: No Evidence of Conspiracy by Creditors, Judge Rules
------------------------------------------------------------------
The Straits Times reports that two former directors of a private
education company, who were declared bankrupt after failing to pay
millions owed to creditors, have lost their bid to prove a
conspiracy against them.

According to ST, Mr. Balbeer Singh Mangat and his wife Sirgit Gill
had accused Mr. Jagdish Murli Chanrai, a principal of the Kewalram
Chanrai Group, of being the mastermind behind the alleged
conspiracy that saw them taking up loans under onerous terms.

Mr. Mangat described Kewalram Chanrai Group as a
multibillion-dollar family office in Singapore. According to
Bloomberg, the group runs businesses in textiles, automobiles,
agricultural products and financial services.

ST relates that Mr. Mangat and Madam Gill alleged that Mr. Chanrai,
a director and shareholder of FTMS, along with two other directors
in FTMS as well as FTMS' creditors, orchestrated a scheme to oust
them from FTMS Holdings, the now-insolvent company they once led.

FTMS' creditors were Tembusu Growth Fund III, Qualgro and Ace
Spring Investments.

FTMS was founded by Mr. Mangat, a chartered accountant. It operated
and ran education and training campuses through subsidiaries such
as FTMSGlobal Academy, and had investments in 10 countries,
including Malaysia, Singapore and Sri Lanka.

After a trial lasting more than 40 days from January 2023 to June
2024, the court found no evidence supporting a conspiracy among the
defendants to harm the couple, according to ST.

ST says Mr. Mangat and his wife, who have been undischarged
bankrupts since Oct. 25, 2018, were unrepresented and sought
declarations that all eight loan agreements - which they entered
into with Tembusu and Qualgro - were null and void.

Alternatively, they were seeking that the agreements be rescinded
as a result of the conspiracy and/or for being unconscionable.

In his written judgment on Oct. 28, Senior Judge Chan Seng Onn
noted that the creditors' actions were within their legal rights to
enforce loan terms after FTMS repeatedly defaulted on its loan
obligations, ST reports.

He dismissed claims of misrepresentation, noting that Mr. Mangat
and Madam Gill are experienced businesspeople and were legally
advised when they signed the loan and redemption agreements.

The loan conditions were neither unlawful nor part of any malicious
plot, and the creditors had acted lawfully and within their
contractual rights following FTMS' repeated defaults on payments,
Justice Chan, as cited by ST, noted.


GLOBSOL SINGAPORE: Court to Hear Wind-Up Petition on Nov. 12
------------------------------------------------------------
A petition to wind up the operations of Globsol Singapore Pte. Ltd.
will be heard before the High Court of Singapore on Nov. 12, 2024,
at 10:00 a.m.

Ripple Markets APAC filed the petition against the company on Aug.
16, 2024.

The Petitioner's solicitors are:

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


STERLING FRONTIER: Court to Hear Wind-Up Petition on Nov. 12
------------------------------------------------------------
A petition to wind up the operations of Sterling Frontier Alliance
Pte. Ltd. will be heard before the High Court of Singapore on Nov.
12, 2024, at 2:30 p.m.

Ripple Markets APAC filed the petition against the company on Sept.
24, 2024.

The Petitioner's solicitors are:

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



                           *********


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

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

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

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