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

                     A S I A   P A C I F I C

          Friday, November 15, 2024, Vol. 27, No. 230

                           Headlines



A U S T R A L I A

BHW ENTERPRISES: First Creditors' Meeting Set for Nov. 21
BLACK LABEL: First Creditors' Meeting Set for Nov. 21
BOOKTOPIA GROUP: Placed Into Liquidation
CRIMSON BOND 2024-1: S&P Assigns Prelim B+ (sf) Rating to F Notes
HASTINGS TECHNOLOGY: Wyloo Declares Solvency Concerns Over Company

HIVERY: Administrators Start Sales Process for Company's Assets
IC TRUST 2024-1: Moody's Assigns (P)B2 Rating to AUD3.5MM D Notes
JPM ADVISORY: First Creditors' Meeting Set for Nov. 22
KEYES AG: McGrathNicol Appointed as Liquidators
LININGS PTY: First Creditors' Meeting Set for Nov. 21

P & D WATTS: First Creditors' Meeting Set for Nov. 21
PLENTI RATED 4: Reallocation No Impact on Moody's B2 F Notes Rating


C H I N A

CHINA EVERGRANDE: Liquidation Hearing Adjourned to Feb. 20
RETO ECO-SOLUTIONS: Posts $716,633 Net Loss in H1 2024


I N D I A

AGRAWAL TRADERS: CARE Keeps B- Rating in Not Cooperating Category
APEKSHA INFRAPROJECTS: CARE Keeps D Debt Rating in Not Cooperating
ARTI SILK: CARE Lowers Rating on INR29.17cr LT Loan to B+
BAALAJI MILK: CARE Keeps D Debt Rating in Not Cooperating Category
BALAJI STEEL TUBE: CARE Keeps D Debt Rating in Not Cooperating

COROMANDEL ELECTRIC: CARE Cuts Rating on INR10cr Loan to C(RWD)
DABANG METAL: CARE Keeps D Debt Rating in Not Cooperating Category
DEEM CONSTRUCTION: CARE Keeps D Debt Rating in Not Cooperating
DURGA CO-OPERATIVE: RBI Cancels Licence; Bank Ceases Business
DUSHMANTA GIRI: CARE Keeps C Debt Rating in Not Cooperating

GRAFFITI (INDIA): CARE Keeps D Debt Ratings in Not Cooperating
GREATWALL CORPORATE: CARE Keeps D Debt Ratings in Not Cooperating
HANIEF MOTORS: ICRA Keeps B Debt Rating in Not Cooperating
IL&FS FINANCIAL: ICRA Keeps D Debt Rating in Not Cooperating
INFRASTRUCTURE LEASING: ICRA Keeps D Rating in Not Cooperating

KPC FLEXI: CARE Keeps C Debt Rating in Not Cooperating Category
LAKSHMI SRINIVAS: ICRA Keeps B- Debt Ratings in Not Cooperating
LEELA KRISHNA: CARE Keeps D Debt Rating in Not Cooperating
LENORA VITRIFIED: ICRA Keeps B Debt Ratings in Not Cooperating
M S RAMAIAH: ICRA Keeps D Debt Ratings in Not Cooperating

MAHAMAYA CASHEW: ICRA Keeps B Debt Ratings in Not Cooperating
NOTTO GRANITO: ICRA Keeps B+ Debt Ratings in Not Cooperating
PACIFIC ACADEMY: CARE Keeps D Debt Ratings in Not Cooperating
RR FAB CONSTRUCTIONS: CARE Keeps C Debt Rating in Not Cooperating
SHARMA CARS: ICRA Reaffirms B+ Rating on INR19.20cr LT Loan

VASUNDHARA DEVELOPERS: ICRA Keeps B Rating in Not Cooperating
VISHAL PAPER: CARE Keeps C Debt Rating in Not Cooperating Category


N E W   Z E A L A N D

AEGIS CHARTERS: Court to Hear Wind-Up Petition on Dec. 13
BRICKY LIMITED: Creditors' Proofs of Debt Due on Dec. 12
CANFIELD INVESTMENTS: Court to Hear Wind-Up Petition on Nov. 22
CITADEL CAPITAL: Court to Hear Wind-Up Petition on Nov. 28
GOLDEN GARDEN: Creditors' Proofs of Debt Due on Dec. 10

LEVEL BUILD: Taranaki Building Company Goes Into Liquidation


S I N G A P O R E

DAK ENERGETICS: Court to Hear Wind-Up Petition on Nov. 29
FENG FOODS: Court Enters Wind-Up Order
GOLDEN GOURMET: Court Enters Wind-Up Order
GOLDEN HOPE: Court to Hear Wind-Up Petition on Nov. 29
HGC ENGINEERING: Creditors' Meetings Set for Nov. 22

NAUTICAWT LIMITED: Faces Compulsory Liquidation Proceedings


S O U T H   K O R E A

TERRAFORM LABS: Ch.11 Trust Gets Court Okay for $45MM Crypto Deal

                           - - - - -


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

BHW ENTERPRISES: First Creditors' Meeting Set for Nov. 21
---------------------------------------------------------
A first meeting of the creditors in the proceedings of BHW
Enterprises Pty Ltd will be held on Nov. 21, 2024 at 2:00 p.m. via
Zoom.

Nathan Deppeler & Con Kokkinos of Worrells were appointed as
administrators of the company on Nov. 11, 2024.


BLACK LABEL: First Creditors' Meeting Set for Nov. 21
-----------------------------------------------------
A first meeting of the creditors in the proceedings of Black Label
Blending Pty Ltd, trading as trustee for Black Label Blending Unit
Trust, will be held on Nov. 21, 2024 at 10:00 a.m. via virtual
meeting technology.

Matthew Charles Hudson and Terry van der Velde of SV Partners were
appointed as administrators of the company on Nov. 11, 2024.


BOOKTOPIA GROUP: Placed Into Liquidation
----------------------------------------
Booktopia Group Limited on Nov. 11, 2024, passed a resolution to
wound up the group and associated entities Booktopia Pty Ltd,
Making I. T. Better Pty Ltd, and Virtual Lifestyles Pty Ltd and
appointed Matthew Wayne Caddy, Damien Pasfield, and Keith Crawford
of McGrathNicol as the liquidators.

Booktopia Group Limited -- https://www.booktopia.com.au/ --
operates as an online book retailer in Australia. It also sells
eBooks, audiobooks, magazines, games and puzzles, stationery, and
gift cards. In addition, the company offers books that cover
various subjects, such as animals and nature; art and
entertainment; biographies and true stories; business and
management; comedy and humor; computing and IT; cooking, food, and
drink; crafts and handiwork; family and health; fashion and style
guides; fitness and diet; gardening, green lifestyle, and
self-sufficiency; history; house and home; languages and
linguistics; mind, body, and sprit; politics and government; and
psychology, religion, and belief, as well as science; self help and
personal development; society and culture; sports and recreation;
and transportation, travel, and holidays. Further, it provides
books based on Australian stories, children's fiction, and
education and academies.

On July 3, 2024, Matthew Wayne Caddy, Damien Pasfield, and Keith
Crawford of McGrathNicol were appointed as administrators of
Booktopia Group Limited, Booktopia Pty Ltd, Making I. T. Better Pty
Limited, and Virtual Lifestyles Pty. Limited.

On Aug. 19, 2024, administrators announced that a sale of
Booktopia's business and related assets to Booktopia Direct (IP)
Pty Ltd and Booktopia Direct Pty Ltd was completed on August 16.

The Purchasers are related to the owner of digiDirect, a leading
Australian-owned omnichannel consumer electronics retailer with a
well-established national store network and a significant online
presence.

CRIMSON BOND 2024-1: S&P Assigns Prelim B+ (sf) Rating to F Notes
-----------------------------------------------------------------
S&P Global Ratings assigned its preliminary ratings to eight
classes of residential mortgage-backed securities (RMBS) to be
issued by Perpetual Corporate Trust Ltd. as trustee for Crimson
Bond Trust 2024-1. Crimson Bond Trust 2024-1 is a securitization of
prime residential mortgage loans originated by BC Securities Pty
Ltd.

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

The credit risk of the underlying collateral portfolio, which
comprises residential mortgage loans to residents of Australia and
to self-managed superannuation fund borrowers, and the credit
support provided to each class of notes are commensurate with the
ratings assigned. Credit support is provided by subordination,
lenders' mortgage insurance covering 2.5% of the loan portfolio,
excess spread, if any, and a loss reserve funded by the trapping of
excess spread, subject to certain conditions. S&P's assessment of
credit risk considers BC Securities' underwriting standards and
approval process, and the servicing quality of BC Asset Management
Pty Ltd.

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

S&P said, "Our ratings also take into account the counterparty
exposure to Australia and New Zealand Banking Group Ltd. as the
bank account provider.

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

"We assessed the servicing and standby servicing arrangements in
this transaction under our "Global Framework For Assessing
Operational Risk In Structured Finance Transactions" criteria,
published on Oct. 9, 2014, and concluded that were no constraints
on the maximum rating that could be assigned to the notes."

  Preliminary Ratings Assigned

  Crimson Bond Trust 2024-1

  Class A1-MM, A$129.50 million: AAA (sf)
  Class A1-AU, A$276.00 million: AAA (sf)
  Class A2, A$56.00 million: AAA (sf)
  Class B, A$24.00 million: AA (sf)
  Class C, A$12.00 million: A (sf)
  Class D, A$3.50 million: BBB+ (sf)
  Class E, A$2.50 million: BB+ (sf)
  Class F, A$1.50 million: B+ (sf)
  Class G, A$2.00 million: Not rated


HASTINGS TECHNOLOGY: Wyloo Declares Solvency Concerns Over Company
------------------------------------------------------------------
Peter Ker at The Australian Financial Review reports that Andrew
Forrest's Wyloo Metals said it is concerned about the solvency of
Hastings Technology Metals after accusing the rare earths aspirant
of defaulting on the terms of a AUD150 million loan.

Hastings shares slumped 8.7 per cent on Nov. 14 after the company
revealed it had allowed its shares to continue trading for days
after secretly receiving a default notice from its biggest lender,
Wyloo, the report relates.

Hastings told the ASX on November 14 that it had received a default
notice from Wyloo on November 6 in relation to a AUD150 million
loan. Hastings shares were not put into a trading halt until
November 12, when The Australian Financial Review revealed the debt
dispute.

Wyloo believes Hastings defaulted on the conditions of the loan
when it borrowed money from a company linked to Hastings chairman
Charles Lew.

According to The Australian Financial Review, Wyloo said on Nov. 13
the loan was now worth AUD193 million once interest was included,
and would rise to about AUD220 million by maturity in October
2025.

Repayment of Wyloo's loan would be a challenge for Hastings, which
had less than AUD10 million of cash on hand at September 30 and
needs to raise close to AUD300 million to complete its Yangibana
rare earth project.

In a statement, Wyloo asked Hastings directors to explain why they
believed Hastings was a going concern and to clarify its solvency,
The Australian Financial Review relays.

"Wyloo is concerned about Hastings' ability to raise an estimated
AUD220 million to redeem the Wyloo Exchangeable Notes in less than
11 months, especially given the fact that a further AUD320 million
is required to complete the construction of the Yangibana Rare
Earths and Niobium Project," The Australian Financial Review quotes
a Wyloo spokesman as saying.

But Hastings said on Nov. 14 it did not believe it had defaulted on
the terms of the Wyloo loan.

The Australian Financial Review says Hastings had in previous years
received preliminary pledges for AUD320 million of taxpayer funded
loans from federal agencies such as Northern Australia
Infrastructure Fund (NAIF) and Export Finance Australia (EFA).

But neither loan has yet been finalised. Since the federal loan
pledges were made, Hastings has pivoted its strategy to embrace
Chinese customers and shareholders.

Asked whether Hastings' strategic pivot toward Chinese investors
and customers would dissuade EFA from supporting the project, EFA
said it would analyse whether Hastings' offtake deals were "aligned
with the government's critical minerals strategy," the report
relates.

The federal government is investing in rare earths and critical
minerals projects as part of efforts to break China's stranglehold
on the sector.

                     About Hastings Technology

Hastings Technology Metals Limited (ASX:HAS) --
https://hastingstechmetals.com/ -- together with its subsidiaries,
engages in the exploration and development of rare earth deposits
in Australia. The company explores for neodymium, praseodymium, and
niobium minerals. Its flagship property is the100% owned Yangibana
project that consists of 22 tenements/exploration licenses and 13
mining leases covering an area of approximately 590 square
kilometers located northeast of Carnarvon in Western Australia's
Upper Gascoyne region.


HIVERY: Administrators Start Sales Process for Company's Assets
---------------------------------------------------------------
Paul Smith at The Australian Financial Review reports that
administrators have kicked off a sales process for the assets of
retail artificial intelligence start-up Hivery, which has run out
of money despite raising over AUD60 million of venture capital
funding from firms including Blackbird Ventures and Tiger Global
Management.

Hivery, founded by a pair of former Coca-Cola executives nine years
ago, has entered voluntary administration. Advisory firm Wexted is
holding its first creditor's meeting today, Nov. 15.

The Australian Financial Review revealed in August that one of
Blackbird's funds had written one of its stakes in the company down
to zero and that a number of its co-founders had left the company.

"We gave it everything but unfortunately, it wasn't our time," the
report quotes Hivery co-founder and chief executive Jason Hosking
as saying. "Our amazing and talented team never stopped fighting,
and we continued to have the support of our partners, investors and
loyal customers right up to the end . . . We walk away with our
heads held high."

The company had invested in sophisticated technology to help
retailers choose which products to stock in stores and vending
machines, and had customers including Coca-Cola and Red Bull.

"We are undertaking an accelerated sale campaign for the business,"
Wexted partner Chris Johnson said.

While the company had raised significant capital, including venture
debt facilities with OneVentures, its funds have run out, the
report relays. In August, Mr. Hosking had said Hivery was changing
its business model to try and make more money through a
software-as-a-service subscription model, which is popular among
start-ups and investors.

It had laid off almost half of its employees as part of this
survival plan, which ultimately failed, The Australian Financial
Review relates.

"This is not an easy transition but one we believe will ensure the
company's future success," Mr. Hosking said at the time.

Venture capitalists had previously warned that there are "zombie"
companies operating in the sector that raised money in the bull
market years, but have since faltered, adds The Australian
Financial Review.

HIVERY -- https://www.hivery.com/ -- is a software company that
offers retail assortment strategy simulation and optimization
solutions for consumer packaged goods.

Christopher Johnson and Andrew McCabe of Wexted Advisors were
appointed as administrators of Red Analytics Pty Ltd (trading as
HIVERY) on Nov. 6, 2024.

IC TRUST 2024-1: Moody's Assigns (P)B2 Rating to AUD3.5MM D Notes
-----------------------------------------------------------------
Moody's Ratings has assigned provisional ratings to notes to be
issued by Perpetual Corporate Trust Limited, as trustee of IC Trust
Series 2024-1.

Issuer: Perpetual Corporate Trust Limited as trustee of IC Trust
Series 2024-1

AUD69.3 million Class A Notes, Assigned (P)A1 (sf)

AUD4.6 million Class B Notes, Assigned (P)Baa2 (sf)

AUD9.4 million Class C Notes, Assigned (P)Ba2 (sf)

AUD3.5 million Class D Notes, Assigned (P)B2 (sf)

The AUD3.2 million Class E Notes, AUD4.0 million Class F Notes, and
AUD6.0 million Class G Notes are not rated by us.

The transaction is a cash securitisation of non-conforming consumer
and commercial auto loans extended to borrowers in Australia. The
loans were originated by Fin One Pty Ltd (Fin One, unrated) and
Finance One Commercial Pty Ltd (Finance One Commercial, unrated),
which are both wholly owned subsidiaries of Investors Central
Limited (unrated) and are collectively referred to as Finance One.
The loans are serviced by Fin One.

Fin One, a privately owned non-bank lender, was established in 2010
with a focus of providing auto loans to non-conforming consumer
borrowers in the Australian market. In 2016, the lender expanded
into financing of commercial auto loans.

RATINGS RATIONALE

The provisional ratings take into account, among other factors:

-- The evaluation of the underlying receivables and their expected
performance;

-- The evaluation of the capital structure and credit enhancement
provided to the notes, which comprise availability of excess spread
over the life of the transaction, the liquidity reserve in the
amount of 1.5% of stated balance of the notes, and the legal
structure.

-- The experience of Fin One as servicer and the availability of a
back-up servicer.

Key transactional features are as follows:

-- While the assets in the pool are fixed rate, the rated notes
bear a floating rate of interest – bank bill swap rate (BBSW)
plus the respective fixed note margins. There is no hedging in this
transaction, which represents a material risk in a rising interest
rate environment. Moody's have taken this into account in Moody's
analysis by incorporating BBSW increases over the life of the
transaction.

-- Once step-down conditions are satisfied, all rated notes, will
receive their pro-rata share of principal. Step-down conditions
include, among others, that the subordination to the Class A notes
is at least 1.5 times the initial level of subordination, and that
there are no unreimbursed charge-offs.

-- A yield reserve will be available to cover interest payment
shortfalls on the required payments and any losses not covered by
the excess spread. The reserve is not funded at closing and will
build up from excess spread up to an amount of 1.5% of the initial
invested amount of the notes, that is AUD1,500,000. If the notes
are not redeemed on the call date, all excess available income will
be trapped in the yield reserve.

-- Perpetual Corporate Trust Limited is the back-up servicer. If
Fin One is terminated as servicer, Perpetual will take over the
servicing role in accordance with the standby servicing deed and
its back-up servicing plan.

According to Moody's analysis, the transaction benefits from credit
strengths such as the high level of excess spread that is available
to cover losses from defaulted receivables and the availability of
a yield reserve.

At the same time, Moody's note that the transaction features credit
weaknesses such as high proportion of borrowers with adverse credit
history (43.0%), limited performance data for commercial loans and
exposure to interest rate risk.

In addition, Moody's note that Fin One is a specialist servicer of
non-conforming auto loans. In an event of servicer transfer, there
is a risk of higher level of defaults in the portfolio, if the
substitute servicer does not have the same specialised approach to
servicing as Fin One. Furthermore, Moody's note Fin One's
relatively limited securitisation experience (the lender started
securitising only in 2021) and its concentrated ownership
structure.

Key model and portfolio assumptions:

Moody's portfolio credit enhancement ("PCE") – representing the
loss that Moody's expect the portfolio to suffer in the event of a
severe recession scenario – is 50.0%. Moody's mean expected
default rate and recovery rate assumption for this transaction are
17.0% and 10.0%, respectively. Moody's assumed default rate is
stressed compared to the actual historical levels of 12.2% for
consumer loans and 15.2% for commercial loans. Similarly, Moody's
assumed recovery rate is stressed compared to the historical level
of 16.4%.

The assumed default rate and PCE are higher than that for other
Australian auto ABS, reflecting the non-conforming nature of the
securitised portfolio. The lower-than-average assumed recovery rate
reflects Finance One's historical experience.

Key pool characteristics are as follows:

-- 43.0% of the loans are to obligors with prior adverse credit
history (19.3% discharged bankrupts and 23.7% prior defaults and/or
judgements);

-- Weighted average Equifax credit score for the pool is 543.
Around 52.7% of loans in the pool are to borrowers with Equifax
credit score below 500;

-- Around 47.7% of the pool is composed of consumer loans and
52.3% of the pool is composed of commercial loans;

-- Interest rates in the portfolio range from 12.0% to 26.5%, with
a weighted average interest rate of 19.9%;

-- Around 93.3% of the loans are secured by used vehicles;

--The weighted average seasoning of the portfolio is 15.6 months,
while the weighted average remaining term is 46.6 months.

Methodology Underlying the Rating Action

The principal methodology used in these ratings was "Moody's Global
Approach to Rating Auto Loan- and Lease-Backed ABS" published in
August 2024.

Factors that would lead to an upgrade or downgrade of the ratings:

Up

Levels of credit protection that are greater than necessary to
protect investors against current expectations of loss could lead
to an upgrade of the ratings. Moody's current expectations of loss
could be better than its original expectations because of fewer
defaults by underlying obligors. The Australian job market is a
primary driver of performance.

Down

Levels of credit protection that are insufficient to protect
investors against current expectations of loss could lead to a
downgrade of the ratings. Moody's current expectations of loss
could be worse than its original expectations because of more
defaults by underlying obligors. The Australian job market is a
primary driver of performance. Other reasons for worse performance
than Moody's expect include poor servicing, error on the part of
transaction parties, a deterioration in credit quality of
transaction counterparties, lack of transactional governance and
fraud.

JPM ADVISORY: First Creditors' Meeting Set for Nov. 22
------------------------------------------------------
A first meeting of the creditors in the proceedings of JPM Advisory
Group Pty Ltd will be held on Nov. 22, 2024 at 11:00 a.m. via
teleconference only.

Stephen Dixon of Hamilton Murphy Advisory was appointed as
administrator of the company on Nov. 12, 2024.



KEYES AG: McGrathNicol Appointed as Liquidators
-----------------------------------------------
Matthew Caddy and Shaun Fraser of McGrathNicol were appointed
liquidators of Keyes AG Holdings Pty Ltd and Keyes AG Water Pty Ltd
on Nov. 7, 2024.

Stewart McCallum, Clare Baily and Justin Walsh of EY have been
appointed receivers of the company.


LININGS PTY: First Creditors' Meeting Set for Nov. 21
-----------------------------------------------------
A first meeting of the creditors in the proceedings of Linings Pty
Ltd will be held on Nov. 21, 2024 at 11:00 a.m. at the offices of
Mcleods Accounting, Level 5, 145 Eagle Street, in Brisbane, Qld and
via virtual meeting technology.

Bill Karageozis of Mcleods Accounting was appointed as
administrator of the company on Nov. 11, 2024.


P & D WATTS: First Creditors' Meeting Set for Nov. 21
-----------------------------------------------------
A first meeting of the creditors in the proceedings of P & D Watts
Flooring Pty Ltd will be held on Nov. 21, 2024 at 12:00 p.m. via
Microsoft Teams.

Mohammad Mirzan Bin Mansoor and Damien Mark Hodgkinson of Olvera
Advisors were appointed as administrators of the company on Nov.
11, 2024.


PLENTI RATED 4: Reallocation No Impact on Moody's B2 F Notes Rating
-------------------------------------------------------------------
Moody's Ratings announced that the reallocation of loans into the
portfolio on November 12, 2024 (the Reallocation) will not, in and
of itself and as of this point in time, result in a reduction,
placement on review for possible downgrade or withdrawal of Moody's
current ratings of the notes issued by Plenti Rated Funding Trust
No. 4.

Current ratings of the notes are as follows:

Class A Notes, currently rated Aaa (sf)

Class A-X Notes, currently rated Aaa (sf)

Class B Notes, currently rated Aa2 (sf)

Class C Notes, currently rated A2 (sf)

Class D Notes, currently rated Baa2 (sf)

Class E Notes, currently rated Ba1 (sf)

Class F Notes, currently rated B2 (sf)

The Reallocation includes the sale of auto loan receivables leading
to an updated ratio of commercial and consumer auto loan
receivables.

The subordination levels for the rated notes are as follows:

For Class A Notes, 16.6%

For Class B Notes, 9.7%

For Class C Notes, 6.7%

For Class D Notes, 5.2%

For Class E Notes, 3.1%

For Class F Notes, 2.8%

Moody's have updated Moody's default and PCE assumptions for the
transaction to 3.6% and 17.7%, respectively.

The transaction is a revolving cash securitisation of consumer and
commercial auto loan receivables extended to prime borrowers in
Australia. The loans were originated by Plenti Finance Pty Limited
and are serviced by Plenti RE Limited.

The principal methodology used in these ratings was "Moody's Global
Approach to Rating Auto Loan- and Lease-Backed ABS" published in
August 2024.

Moody's opinion addresses only the credit impact associated with
the proposed Reallocation, and we're not expressing any opinion as
to whether the proposed Reallocation has, or could have, other
non-credit related effects that may have a detrimental impact on
the interests of holders of rated obligations and/or
counterparties.



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C H I N A
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CHINA EVERGRANDE: Liquidation Hearing Adjourned to Feb. 20
----------------------------------------------------------
Caixin Global reports that China Evergrande Group's liquidation
hearing has been delayed by a Hong Kong court to likely no sooner
than Feb. 20, it said in a Nov. 12 exchange filing.

Caixin relates that the court will give anyone holding a position
in one of Evergrande's bonds, notes or similar instruments a chance
to be heard at the hearing.

The hearing was originally scheduled for Nov. 14.

                      About China Evergrande

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

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

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

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

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

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

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

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

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

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

RETO ECO-SOLUTIONS: Posts $716,633 Net Loss in H1 2024
------------------------------------------------------
ReTo Eco-Solutions, Inc. filed with the U.S. Securities and
Exchange Commission its unaudited interim consolidated financial
statements for the first half of 2024, reporting a net loss of
$716,633 on $1.8 million in total revenue for the six months ended
June 30, 2024, compared to a net loss of $11.6 million on $1.2
million in total revenue for the same period in 2023.

As of June 30, 2024, the Company had a working capital of
approximately $0.3 million. As of June 30, 2024, the Company had
approximately $1.6 million cash. In addition, the Company had
outstanding accounts receivable of approximately $0.7 million
(including accounts receivable from third-party customers of $0.6
million and accounts receivable from related party customers of
approximately $0.1 million), which has not been collected as of the
date of October 28.

As of June 30, 2024, the Company had outstanding bank loans of
approximately $5.3 million and outstanding loans of approximately
$3.1 million from third parties. If the Company cannot renew
existing loans or borrow additional loans from banks, the Company's
working capital may be further negatively impacted.

Based on these reasons, there is a substantial doubt about the
Company's ability to continue as a going concern for the next 12
months from the issuance of the unaudited consolidated financial
statements.

Management believes that the Company would be able to renew all of
its existing bank loans upon their maturity based on past
experience and the Company's credit history. Currently, the Company
is working to improve its liquidity and capital source mainly
through cash flow from its operations, renewal of bank borrowings
and borrowing from related parties. In order to fully implement its
business plan and sustain operations, the Company may also seek
equity financing from outside investors. At the present time,
however, the Company does not have commitments of funds from any
potential investors. No assurance can be given that additional
financing, if required, would be available on favorable terms or at
all.

As of June 30, 2024, ReTo Eco-Solutions had $33,671,537 in total
assets, $19,894,564 in total liabilities, and $13,776,973 in total
shareholders' equity.

A full-text copy of the Company's report filed on Form 6-K with the
Securities and Exchange Commission is available at:

                  https://tinyurl.com/3fazknab

                     About ReTo Eco-Solutions

ReTo Eco-Solutions, Inc., through its operating subsidiaries in
China, is engaged in the manufacture and distribution of
eco-friendly construction materials (aggregates, bricks, pavers,
and tiles), made from mining waste (iron tailings), as well as
equipment used for the production of these eco-friendly
construction materials. In addition, the Company provides
consultation, design, project implementation, and construction of
urban ecological protection projects through its operating
subsidiaries in China. The Company also provides parts, engineering
support, consulting, technical advice and service, and other
project-related solutions for its manufacturing equipment and
environmental protection projects.

Irvine, California-based YCM CPA, Inc., the Company's auditor since
2021, issued a "going concern" qualification in its report dated
May 15, 2024, citing that the Company recorded an accumulated
deficit as of Dec. 31, 2023, and the Company currently has a net
working capital deficit, continued net losses, and negative cash
flows from operations. These conditions raise substantial doubt
about the Company's ability to continue as a going concern.




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

AGRAWAL TRADERS: CARE Keeps B- Rating in Not Cooperating Category
-----------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Agrawal
Traders (AT) continue to remain in the 'Issuer Not Cooperating'
category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank        5.97      CARE B-; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category  

Rationale and key rating drivers

CARE Ratings Ltd. had, vide its press release dated October 26,
2023, placed the rating(s) of AT under the 'issuer non-cooperating'
category as AT had failed to provide information for monitoring of
the rating as agreed to in its Rating Agreement. AT continues to be
non-cooperative despite repeated requests for submission of
information through e-mails dated September 10, 2024, September 20,
2024 and September 30, 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

AT was established by Mr. Sanjay N Agrawal in 2006 and is engaged
in the business of trading and manufacturing of cotton seed oil. It
procures cotton seed from cotton ginning and pressing factories
located in and around Amravati, Maharashtra.


APEKSHA INFRAPROJECTS: CARE Keeps D Debt Rating in Not Cooperating
------------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Apeksha
Infraprojects Private Limited (AIPL) continues to remain in the
'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      28.00       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 November 1,
2023, placed the rating(s) of AIPL under the 'issuer
non-cooperating' category as AIPL had failed to provide information
for monitoring of the rating as agreed to in its Rating Agreement.
AIPL continues to be non-cooperative despite repeated requests for
submission of information through e-mails dated September 16, 2024,
September 26, 2024 and October 6, 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

Apeksha Infraprojects Private Limited (AIPL) was incorporated in
2008 under the name of Suncity Infraprojects Private Limited (SIPL)
with an objective to carry out the real estate business. It changed
its name in 2013 and assumed its current name i.e. AIPL. AIPL is
presently working on a residential project 'Apeksha Jai Vilas'
consisting of four blocks which includes total 252 flats out of
which 54 flats are of 4BHK specification and 198 flats of 3BHK
specification. The company has envisaged total cost of the project
of INR91.02 crore. CARE does not have any update on the latest
developments in this regard.

ARTI SILK: CARE Lowers Rating on INR29.17cr LT Loan to B+
---------------------------------------------------------
CARE Ratings has revised the ratings on certain bank facilities of
Arti Silk Mills Private Limited (ASMPL), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       29.17      CARE B+; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category and
                                   Downgraded from CARE BB-;
                                   Stable

   Long Term/            1.25      CARE B+; Stable/CARE A4; ISSUER

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

                                   and LT rating downgraded from
                                   CARE BB-; Stable and ST rating
                                   Reaffirmed

Rationale and key rating drivers

CARE Ratings Ltd. had, vide its press release dated September 26,
2023, placed the rating(s) of ASMPL under the 'issuer
non-cooperating' category as ASMPL had failed to provide
information for monitoring of the rating as agreed to in its Rating
Agreement. ASMPL continues to be non-cooperative despite repeated
requests for submission of information through e-mails dated August
11, 2024, August 21, 2024, August 31, 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).

The ratings assigned to the bank facilities of ASMPL have been
revised on account of non-availability of requisite information.

Incorporated in 2008, Surat based ASMPL is promoted by Mr. Rajendra
Agarwal and Mr. Sanjay Kejriwal. The company is engaged in
manufacturing of Polyester Filament Yarn and Texturized Yarn
(PFY/PTY) from POY and has its manufacturing facilities located in
Surat, Gujarat. As on March 31, 2022, ASMPL had total installed
capacity of 18,000 Metric Ton per annum (MTPA) for manufacturing of
PTY.



BAALAJI MILK: CARE Keeps D Debt Rating in Not Cooperating Category
------------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Shree
Baalaji Milk and Milk Products (SBMMP) continues to remain in the
'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      50.29       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 25,
2023, placed the rating(s) of SBMMP under the 'issuer
non-cooperating' category as SBMMP had failed to provide
information for monitoring of the rating as agreed to in its Rating
Agreement. SBMMP continues to be non-cooperative despite repeated
requests for submission of information through e-mails dated
September 09, 2024, September 19, 2024 and September 29, 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

SBMMP is a partnership firm of Mr. Satish Chavan and his wife Mrs.
Ashwini Chavan and is part of the Chavan Group. The firm started
with its commercial production from December 18, 2011. The group
has its presence in milk business since 2002, and has been majorly
engaged in trading of milk and milk products and government
contract business till 2009. The group consists of four entities
including PKPL, PMI, SBMMPL and DMPPL which are also engaged in the
same line of business of processing of milk and manufacturing of
milk products.

BALAJI STEEL TUBE: CARE Keeps D Debt Rating in Not Cooperating
--------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Sri Balaji
Steel Tube Industries (SBSTI) continues to remain in the 'Issuer
Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       4.00       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 September 28,
2023, placed the rating(s) of SBSTI under the 'issuer
non-cooperating' category as SBSTI had failed to provide
information for monitoring of the rating as agreed to in its Rating
Agreement. SBSTI continues to be non-cooperative despite repeated
requests for submission of information through e-mails dated August
13, 2024, August 23, 2024, September 2, 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).

Sri Balaji Steel Tube Industries (SBSTI) is a partnership firm
formed on December 09, 2015 with the main object of carrying out
business of manufacturing steel tubes from hot rolled (HR), Cold
rolled (CR) and Galvanised products (GP) coils. The proposed
manufacturing unit is located at Adilabad, Hyderabad (Telangana).
SBSTI is promoted by Mr. Rama Chandra Mouli (Managing Partner),
Mrs. Rama Latha (Partner) and Mr. Rama Gopi Krishna (Partner. The
project was started in September 2016 and likely to start the
commercial operations by April 2017. The total proposed cost of
project is INR8.80 crore which is proposed to be funded through
bank term loan of INR3.50 crore, Partners' capital of INR5.20 crore
and remaining through unsecured loan of INR0.10 crore. As on
December 31, 2016, the firm has incurred expenses of INR3.60 crore
(around 40.90% of total project cost) towards the civil works and
purchase of Plant & Machinery and the same was funded by the
partners' capital.


COROMANDEL ELECTRIC: CARE Cuts Rating on INR10cr Loan to C(RWD)
---------------------------------------------------------------
CARE Ratings has revised the ratings on certain bank facilities of
Coromandel Electric Company Limited (CECL), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       10.00      CARE C (RWD) Downgraded from
   Facilities                      CARE BB+; Continues to be on
                                   Rating Watch with Developing
                                   Implications

   Short Term Bank      20.00      CARE A4 (RWD) Downgraded from
   Facilities                      CARE A4+; Continues to be on
                                   Rating Watch with Developing
                                   Implications

Rationale and key rating drivers

The revision in the ratings assigned to the bank facilities of CECL
factors in delays in debt servicing on its term loan facilities
(not rated by CARE) as reported in the auditor's report for FY24.
The ratings remain constrained on account of the exposure to group
companies, with a significant part of the net worth deployed in
group concerns which have weak credit profiles. However, ratings
derive strength from relationships with reputed clients and firm
gas supply arrangements with GAIL.

The rating continues to be on "Rating watch with developing
implications" following announcement by CECL's parent, India
Cements Ltd (ICL) (CARE BB+; (RWP)/CARE A4+ (RWP)) about the
execution of share purchase agreement by Ultratech Cement Ltd.
(UCL) (CARE AAA; Stable/CARE A1+) for the acquisition of promoter
stake in India Cements Ltd. With the proposed stake purchase, UCL
becomes the majority shareholder of ICL with 55.49% stake. As on
March 31, 2024, ICL along with subsidiaries holds 78.71% stake in
CECL. In light of the recent development, CARE is engaging with
CECL to understand the exact implications of the stake purchase and
change in promoter group on the financial and operational profile
of CECL.

Rating sensitivities: Factors likely to lead to rating actions

Positive factors

   * Tie up of Power PPAs for the entire capacities and maintain a
healthy operating margin on a sustained basis
   * Decrease in the exposure to group companies

Negative factors

   * Any significant decline in the operating performance on a
sustained basis
   * Any significant debt-funded capex/investments, leading to
further weakening of capital structure
   * Elongation on receivables leading to strain in liquidity
position
   * Any significant materialization of contingent liabilities
Analytical approach: Standalone, Factoring in linkage with promoter
group

Detailed description of key rating drivers:

Key weaknesses

* Low revenue visibility with short-term PPA and power sale to IEX:
The company had a total installed capacity of 26.19 MW of which it
has firm PPAs for only 75% (20MW) of the capacity as on
September 30, 2023. The PPAs were for 1-3 years period and the
short-term nature of PPAs exposes the company's revenue to vagaries
of the demand-supply scenario. The rest of the capacity (about 25%
of the total capacity) is not tied up with PPAs and there is
dependence on third party power exchanges where prices are not in
control of CECL.

* Moderation in operations in FY23 and FY24: The PLF levels of the
company have been above 90% after COVID with average levels for
FY22 at 92%. In FY23, the average PLF dropped to 82% due to
curtailed operations on account of elevated gas prices. Further in
FY24, While the gas price elevation was curtailed in FY24, with one
of the key customers who accounted for about 54% of the power sales
reducing the contracted capacity from 10.3MW to 3.25 MW from April
2023 onwards led to further drop in PLF to about 50-60%.

* Exposure to group companies with weak credit profile: As on March
31, 2024, the exposure to Coromandel sugar Limited (CSL; rated CARE
BB+; Negative) in terms of ICD and equity stood at ₹ 93 crore.
There are delays in receipt of principal and interest on these ICDs
with outstanding interest receivable of around ₹ 33 crores as on
March 31, 2024. taking the total exposure to around ₹ 126 crore
which is about 70% of the total tangible net-worth of the company.

* Risk associated with the Gas Supply Agreement (GSA) having
take-or-pay arrangements: Notably, due to the take or-pay nature of
the GSA, CECL has guaranteed natural gas offtake from GAIL,
equivalent to 90% of the nominated quantity. Irrespective of the
demand or restrictions on the grid, CECL is obliged to buy gas.
Given that the company does not have any other long-term gas supply
agreement, the distribution of gas from GAIL is critical for
uninterrupted operations in normal circumstances, and hence, the
minimum offtake risk is curtailed in normal level of operations.
However, in FY23 despite significant increase in gas prices, the
company was forced to buy the minimum offtake level of gas despite
generation costs being high as the penalties levied would be
significant. With the APM prices being capped to USD 6.5/MMBTU from
April 2023 onwards, the situation has eased for the company.

* Contingent liability: Based on the CAG report, GAIL (India)
Limited has raised a demand for ₹ 42.92 crore towards charging
administered pricing instead of market-driven pricing for the
natural gas supplied during the period July 1, 2005, to November
15, 2011. The single arbitrator who was appointed for this
contentious issue had upheld the demand for only three years, for a
sum of INR23.85 crore, against which the company has filed a
petition before the High Court of Madras, challenging the award.
During FY21, the company received a favourable judgment from the
High Court, reversing the order of the arbitrator. Moreover, the
said judgement was not stayed in the appeal filed by GAIL. Hence,
as on March 31, 2024, there is no liability as far as the dispute
is concerned, and the management has removed the same from the
contingent liability. However, the Central Bureau of Investigation
(CBI) investigated the above matter and has filed a criminal case
before the CBI Court, Delhi.

Key Strengths

* Firm gas supply agreement with GAIL: CECL uses natural gas as a
fuel to generate power, and requires 142,000 SCM of natural gas per
day to run the plants at 100% PLF. The GSA with GAIL for supply of
natural gas, of 1,19,000 SCM per day (SCMD) until July 2026, which
is about 82% of the total requirement. The gas supply has been
allocated from the fields of the Oil and Natural Gas Corporation
Limited (ONGC) in the Ramnad Zone of the Cauvery Basin and the
pricing is fixed by the Petroleum Planning & Analysis Cell (PPAC),
which is capped currently at a ceiling of USD 6.5/MMBTU. Sourcing
adequate gas supply is critical for maintaining the PLF levels of
the company. Since the GSA is only for about 82%, the PLF is also
restricted to 80-85%.

* Relationship with reputed clients: Though CECL was initially
promoted to cater to the power requirements of ICL, the company has
been able to diversify its customer base over the years. The
clients include leading players in the automobile industry, namely,
MRF Limited (rated 'CARE AAA; Stable/CARE A1+'), MM Forgings
Limited (rated CARE A; Stable/CARE A1), Sakthi Auto Components
Limited, among others.

Liquidity: Poor

With respect to procurement of natural gas, the bills are raised on
a fortnightly basis and cash payments are made within 15 days of
the receipt of the bills. CECL maintains inventory in the form of
stores & spares required for its daily operations as well as O&M
purposes. With respect to sale of power, bills are raised on a
monthly basis for captive customers and a credit period up to 30
days is offered except for sales to ICL. With reduction in the
contracted capacity to group captive, the collection period has
increased from 57 days in FY23 to 70 days in FY24. The stretch in
operating cycle has also led to increased utilisation of working
capital facilities with average utilisation of about 79% for the 12
months ended September 30, 2023.

CECL, incorporated in 1997, is promoted by The India Cements
Limited (ICL) to set-up gas-based power plant for captive use. As
on March 31, 2024, ICL, along with its subsidiaries and associate
companies, held 78.71% equity stake in CECL. As on March 31, 2024,
CECL operates 26.19 MW (3 x 8.73 MW) natural gas-based power plant
at Valantharavai village, Ramanathapuram district, Tamil Nadu.
Natural gas is the only fuel used in these plants. CECL currently
sells power to ICL and a few other customers under the group
captive scheme.


DABANG METAL: CARE Keeps D Debt Rating in Not Cooperating Category
------------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Dabang
Metal Industries (DMI) continue to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       5.95       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 November 2,
2023, placed the rating(s) of DMI under the 'issuer
non-cooperating' category as DMI had failed to provide information
for monitoring of the rating as agreed to in its Rating Agreement.
DMI continues to be non-cooperative despite repeated requests for
submission of information through emails dated September 17, 2024,
September 27, 2024 and October 7, 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

Kotdwar (Uttrakhand) based, Dabang Metal Industries (DMI) was
established as partnership firm in February 2012 by Mr. Vishal
Tayal, Mr. Mahender Jain, Mr. Sachin Gupta, Mr. Sharad Alan and Mr.
Sunil Gupta. The firm commenced its commercial operation from
February, 2013. The firm is engaged in drawing of copper wires of
thickness of 1 mm to 6 mm which finds its application in electrical
cable industry.

Status of non-cooperation with previous CRA: India Ratings has
continued the ratings assigned to the bank facilities of DMI into
'Issuer not-cooperating' category vide press release dated July 14,
2024 on account of non-availability of requisite information from
the firm.

DEEM CONSTRUCTION: CARE Keeps D Debt Rating in Not Cooperating
--------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Deem
Construction Company Private Limited continue to remain in the
'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term             10.00     CARE D; ISSUER NOT COOPERATING;
   Bank Facilities                 Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

   Long Term/            29.00     CARE D/CARE D; ISSUER NOT
   Short Term                      COOPERATING; Rating continues
   Bank Facilities                 to remain under ISSUER NOT
                                   COOPERATING category

   Short Term             5.00     CARE D; ISSUER NOT COOPERATING;
   Bank Facilities                 Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Rationale and key rating drivers

CARE Ratings Ltd. had, vide its press release dated November 3,
2023, placed the rating(s) of DCCPL under the 'issuer
non-cooperating' category as DCCPL had failed to provide
information for monitoring of the rating as agreed to in its Rating
Agreement. DCCPL continues to be non-cooperative despite repeated
requests for submission of information through e-mails dated
September 18, 2024, September 28, 2024 and October 8, 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

Jaipur-based (Rajasthan) Deem Construction Company Private Limited
(DCCPL) was incorporated in 2007 by Mr Naseem Qureshi along with
his family members. DCCPL is mainly engaged in the business of
construction, installation and commissioning of water supply lines,
distribution lines, construction of sewage lines and sewage
treatment plants and construction and repair of roads. DCCPL is
registered 'AA' class (highest in the scale of AA to E) contractor
with Public Health Engineering Department (PHED). Further, the
company also executes contracts for Rajasthan Urban Infrastructure
Development Project (RUIDP).

DURGA CO-OPERATIVE: RBI Cancels Licence; Bank Ceases Business
-------------------------------------------------------------
The Reserve Bank of India (RBI), vide order dated Nov. 8, 2024, has
cancelled the licence of The Durga Co-operative Urban Bank Ltd.,
Vijayawada. Consequently, the bank ceases to carry on banking
business, with effect from the close of business on Nov. 12, 2024.
The Commissioner for Cooperation and Registrar of Cooperative
Societies, Andhra Pradesh has also been requested to issue an order
for winding up the bank and appoint a liquidator for the bank.

The Reserve Bank cancelled the licence of the bank as:

   - The bank does not have adequate capital and earning prospects.
As such, it does not comply with the provisions of Section 11(1)
and Section 22 (3) (d) read with Section 56 of the Banking
Regulation Act, 1949.

   - The bank has failed to comply with the requirements of
Sections 22(3) (a), (b), (c), (d) and (e) read with Section 56 of
the Banking Regulation Act, 1949.

   - The continuance of the bank is prejudicial to the interests of
its depositors.

   - The bank with its present financial position would be unable
to pay its present depositors in full; and

   - Public interest would be adversely affected if the bank is
allowed to carry on its banking business any further.

Consequent to the cancellation of its licence, The Durga
Co-operative Urban Bank Ltd., Vijayawada is prohibited from
conducting the business of ‘banking' which includes, among other
things, acceptance of deposits and repayment of deposits as defined
in Section 5(b) read with Section 56 of the Banking Regulation Act,
1949 with immediate effect.

On liquidation, every depositor would be entitled to receive
deposit insurance claim amount of his/her deposits up to a monetary
ceiling of INR5,00,000/- (Rupees five lakh only) from Deposit
Insurance and Credit Guarantee Corporation (DICGC) subject to the
provisions of DICGC Act, 1961. As per the data submitted by the
bank, 95.80% of the depositors are entitled to receive full amount
of their deposits from DICGC. As on August 31, 2024, DICGC has
already paid INR9.84 crore of the total insured deposits under the
provisions of Section 18A of the DICGC Act, 1961 based on the
willingness received from the concerned depositors of the bank.


DUSHMANTA GIRI: CARE Keeps C Debt Rating in Not Cooperating
-----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Dushmanta
Giri (DG) continues to remain in the 'Issuer Not Cooperating'
category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       6.50       CARE C; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category  

Rationale and key rating drivers

CARE Ratings Ltd. had, vide its press release dated October 4,
2023, placed the rating(s) of DG under the 'issuer non-cooperating'
category as DG had failed to provide information for monitoring of
the rating as agreed to in its Rating Agreement. DG continues to be
non-cooperative despite repeated requests for submission of
information through e-mails dated August 19, 2024, August 29, 2024,
September 8, 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

Dushmanta Giri (DG) was initially established in 1977 as a
proprietorship entity by Shri Dushmanta Giri to execute civil
contract work for Govt. of West Bengal. It was converted to
partnership firm on January, 20, 2012 by Shri Dushmanta Giri (60%
stake), Smt. Piu Giri (20% stake) and Shri Dwaipayan Giri (20%
stake), based out of Midnapore, West Bengal. The partnership firm
has been reconstituted in February 19, 2012 after the demise of
Shri Dushmanta Giri and the current partners are Smt. Piu Giri (50%
stake) and Shri Dwaipayan Giri (50% stake). DG is a small sized
West Bengal based firm engaged in providing different types of
construction services, which include construction of roads,
buildings etc.

GRAFFITI (INDIA): CARE Keeps D Debt Ratings in Not Cooperating
--------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Graffiti
(India) Private Limited (GPL) continue to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      12.00       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

   Short Term Bank      3.00       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 September 20,
2023, placed the rating(s) of GPL under the 'issuer
non-cooperating' category as GPL had failed to provide information
for monitoring of the rating as agreed to in its Rating Agreement.
GPL 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

GPL is engaged in trading of designer ceramic glazed tiles under
brand name of "Graffiti", "Harmony" and "Canvas". GPL procures
ceramic tiles (semi-finished goods) from ceramic manufacturers
located at Morbi in Rajkot district of Gujarat (ceramic hub) and
designing is outsourced to its associate concern namely Shree
Ambica Industries. GPL sells through its established marketing
network covering more than 18 states with total 621 dealers, sub
dealers & distributors.

Status of non-cooperation with previous CRA: Brickwork has
continued the ratings assigned to the bank facilities of GPL to
'Issuer Not Cooperating' category vide press release dated
September 19, 2024 on account of its inability to carry out a
review in the absence of the requisite information from the
company.

GREATWALL CORPORATE: CARE Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Greatwall
Corporate Services Private Limited (GCSPL) continue to remain in
the 'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       15.79      CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

   Long Term/           1.00       CARE D/CARE D; ISSUER NOT
   Short Term                      COOPERATING; Rating continues
   Bank Facilities                 to remain under ISSUER NOT
                                   COOPERATING category

Rationale and key rating drivers

CARE Ratings Ltd. had, vide its press release dated October 26,
2023, placed the rating(s) of GCSPL under the 'issuer
non-cooperating' category as GCSPL had failed to provide
information for monitoring of the rating as agreed to in its Rating
Agreement. GCSPL continues to be non-cooperative despite repeated
requests for submission of information through e-mails dated
September 10, 2024, September 20, 2024 and September 30, 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 2003, Pune-based (Maharashtra) GCSPL is engaged in
providing security services, facility management services and
manpower & staffing services to corporate and government entities.


HANIEF MOTORS: ICRA Keeps B Debt Rating in Not Cooperating
----------------------------------------------------------
ICRA has kept the Long-Term rating of Hanief Motors in the 'Issuer
Not Cooperating' category. The rating is denoted as "[ICRA]B
(Stable); ISSUER NOT COOPERATING".

                      Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long Term-          5.50        [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 Hanief Motors, 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.

Hanief Motors was incorporated in 1980 as a partnership firm by Mr
Abdul Rahim, having a bicycle outlet. In 1981, the name was changed
from 'National Cycle Works' to 'Hanief Motors' by Mr. Mohammad
Hanief, son of Mr. Rahim. The firm is the authorized dealer for
Yamaha Motors Limited for sale of motor-cycles, mopeds and scooters
along with Spare & Services in 4 locations in the state of J&K-
Srinagar, Anantnag, Pulwama and Sangrama. The company also deals in
agri-equipments and gensets, and also has a Panasonic store in
Srinagar.


IL&FS FINANCIAL: ICRA Keeps D Debt Rating in Not Cooperating
------------------------------------------------------------
ICRA has kept the rating of IL&FS Financial Services Limited (IFIN)
in the 'Issuer Not Cooperating' category. The rating is denoted as
"[ICRA]D; ISSUER NOT COOPERATING".

                      Amount
   Facilities      (INR crore)   Ratings
   ----------      -----------   -------
   Commercial paper    4,000     [ICRA]D; ISSUER NOT COOPERATING;
   NCD/LTD                       Rating Continues to remain under
                                 'Issuer Not Cooperating'
                                 Category

As part of its process and in accordance with its rating agreement
with IFIN, ICRA has been trying to seek information from the entity
so as to monitor its performance, 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.
IL&FS Financial Services Ltd. (IFIN) is a wholly owned subsidiary
of Infrastructure Leasing and Financial Services Limited (IL&FS).
IFIN is registered as a NBFC and is the lending arm of IL&FS Group.
Infrastructure Leasing & Financial Services Limited (IL&FS) is the
holding company of IL&FS Group (302 entities). By way of an order
dated October 1, 2018 National Company Law Tribunal (NCLT) granted
approval to the Government of India (GoI) to appoint a new board of
directors for the debt resolution of IL&FS and Group companies.



INFRASTRUCTURE LEASING: ICRA Keeps D Rating in Not Cooperating
--------------------------------------------------------------
ICRA has kept the ratings of Infrastructure Leasing & Financial
Services Limited in the 'Issuer Not Cooperating' category. The
ratings are denoted as "[ICRA]D; ISSUER NOT COOPERATING/[ICRA]D;
ISSUER NOT COOPERATING".

                     Amount
   Facilities     (INR crore)   Ratings
   ----------     -----------   -------
   Bonds/NCD/LTD     5,225      [ICRA]D; ISSUER NOT COOPERATING;
                                Rating Continues to remain under
                                'Issuer Not Cooperating'
                                Category

   Commercial        2,500      [ICRA]D; ISSUER NOT COOPERATING;
   paper                        Rating Continues to remain under
                                'Issuer Not Cooperating'
                                Category

   Long-term          350       [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 Infrastructure Leasing & Financial Services Limited, ICRA has
been trying to seek information from the entity so as to monitor
its performance, 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.

IL&FS Limited was incorporated in 1987 with the objective of
promoting infrastructure projects in the country. IL&FS was
promoted by the Central Bank of India (CBI), Housing Development
Finance Corporation Limited (HDFC) and Unit Trust of India (now,
Specified Undertaking of Unit Trust of India - SUUTI). While SUUTI
has largely exited (stake of 0.82% as on March 31, 2019), the
shareholding has broadened over the years with the participation of
many institutional shareholders. As on March 31, 2019, Life
Insurance Corporation of India (LIC) and ORIX Corporation Japan
were the largest shareholders in IL&FS with their stake holding at
25.34% and 23.54% respectively, while Abu Dhabi Investment
Authority (ADIA), HDFC, CBI and SBI stake holding are at 12.56%,
9.02%, 7.67% and 6.42% respectively. Over the years IL&FS' focus
has steadily shifted from project sponsorship to that of project
advisory and project facilitator for development and implementation
of projects. IL&FS acts as the main holding company of the IL&FS
Group with most business operations domiciled in separate
companies. IL&FS's Group companies are currently involved in
infrastructure related project sponsorship, development & advisory,
investment banking, corporate advisory, asset management and
advisory services in environmental and social management, with
presence across sectors like surface transportation, urban
infrastructure, energy (thermal and renewable), education, maritime
& ports etc.


KPC FLEXI: CARE Keeps C Debt Rating in Not Cooperating Category
---------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of KPC Flexi
Tubes (KFT) continue to remain in the 'Issuer Not Cooperating'
category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       2.20       CARE C; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category  

   Short Term          12.00       CARE A4; ISSUER NOT
   Bank Facilities                 COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category

Rationale and key rating drivers

CARE Ratings Ltd. had, vide its press release dated October 31,
2023, placed the rating(s) of KFT under the 'issuer
non-cooperating' category as KFT had failed to provide information
for monitoring of the rating as agreed to in its Rating Agreement.
KFT continues to be non-cooperative despite repeated requests for
submission of information through e-mails dated September 15, 2024,
September 25, 2024 and October 5, 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

KPC Flexi Tubes (KFT) was established in 1988 as a partnership firm
by Mr K.P. Chandhok and Mr Gaurav Chandhok. The firm is engaged in
manufacturing and export of turned and machined components, rubber
moulded goods, sheet metal components and metal flexible hose. Its
manufacturing facility is located in Faridabad, Haryana.



LAKSHMI SRINIVAS: ICRA Keeps B- Debt Ratings in Not Cooperating
---------------------------------------------------------------
ICRA has kept the Long-Term ratings of Sri Lakshmi Srinivas
Parboiled (SLSP) in the 'Issuer Not Cooperating' category. The
rating is denoted as "[ICRA]B-(Stable); ISSUER NOT COOPERATING".

                      Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long Term-          6.91        [ICRA]B- (Stable) ISSUER NOT
   Fund Based-                     COOPERATING; Rating continues
   Cash Credit                     to remain under 'Issuer Not
                                   Cooperating' category

   Long Term-          3.72        [ICRA]B- (Stable) ISSUER NOT
   Fund-based                      COOPERATING; Rating continues
   Term Loan                       to remain in the 'Issuer Not
                                   Cooperating' category

   Long Term-          0.87        [ICRA]B-(Stable); ISSUER NOT
   Non Fund Based-                 COOPERATING; Rating continues
   Others                          to remain under 'Issuer Not
                                   Cooperating' category

As part of its process and in accordance with its rating agreement
with SLSP, ICRA has been trying to seek information from the entity
so as to monitor its performance. Despite multiple requests by
ICRA, the entity's management has remained non-cooperative. In the
absence of requisite information and in line with the aforesaid
policy of ICRA, the rating has been continued to the "Issuer Not
Cooperating" category. The rating is based on the best available
information.
Sri Lakshmi Srinivas Parboiled (SLSP) was established as a
partnership firm in October 2018 by Mr. T Subramanyam and his
family members. The firm started its commercial production in June
2020 for manufacturing unit for the production and processing of
polished rice and rice products with the processing capacity of
5MT/Hr in Manchalapur district of Raichur, Karnataka. The firm's
major products will include boiled rice, raw rice, bran, broken
rice and husk. The firm will sell its products, mainly Sona Masoori
and Voda Kollam rice, under various brands.


LEELA KRISHNA: CARE Keeps D Debt Rating in Not Cooperating
----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Leela
Krishna Automobiles Private Limited (LKAPL) continues to remain in
the 'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      29.04       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 26,
2023, placed the rating(s) of LKAPL under the 'issuer
non-cooperating' category as LKAPL had failed to provide
information for monitoring of the rating as agreed to in its Rating
Agreement. LKAPL continues to be non-cooperative despite repeated
requests for submission of information through e-mails dated August
11, 2024, August 21, 2024, August 31, 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

Leela Krishna Automobiles Private Limited (LKAPL) belongs to Radha
Group Toyota of Vijayawada, Andhra Pradesh established in 1964 as a
trading organization. Radha Group Toyota is engaged in the business
of sales and service of passenger vehicles of Toyota Kirloskar
Motors Pvt Limited (TKML) and it is an authorized dealer of TKML.
The group was promoted by Mr. M Subrahmanyam (Chairman), who has
more than five decades of experience in trading and more than two
decades of experience in automobile industry. Mr. M Srinivas
(Managing Director) has more than two decades of experience in
automobile industry. The group comprises of four automobile
companies namely Radha Krishna Automobiles Private Limited,
Radhamadhav Automobiles Private Limited, Leela Krishna Automobiles
Private Limited and Yashodakrishna Automobiles Private Limited
located in Andhra Pradesh and Telangana. These four companies are
in to similar line of business catering to different regions in
both states. RMAPL and LKAPL are operating in the state of Andhra
Pradesh, whereas RKAPL and YKAPL are operating in the state of
Telangana with a total of 15 showrooms in both the states.

Status of non-cooperation with previous CRA: Brickwork has
continued the ratings assigned to the bank facilities of LKAPL to
the 'issuer not-cooperating' category vide press release dated
August 16, 2023 on account of its inability to carryout review in
the absence of requisite information from the company.


LENORA VITRIFIED: ICRA Keeps B Debt Ratings in Not Cooperating
--------------------------------------------------------------
ICRA has kept the Long-Term and Short-Term ratings of Lenora
Vitrified LLP in the 'Issuer Not Cooperating' category. The ratings
are denoted as "[ICRA]B (Stable); ISSUER NOT COOPERATING/[ICRA]A4;
ISSUER NOT COOPERATING".

                     Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Long Term-         9.00       [ICRA]B (Stable) ISSUER NOT
   Fund-Based                    COOPERATING; Rating continues  
   Cash Credit                   to remain in the 'Issuer Not
                                 Cooperating' category
   
   Long Term-        13.00       [ICRA]B (Stable) ISSUER NOT
   Fund-based                    COOPERATING; Rating continues
   Term Loan                     to remain in the 'Issuer Not
                                 Cooperating' category

   Long Term/         1.25       [ICRA]B(Stable)/[ICRA]A4;
   Short Term-                   ISSUER NOT COOPERATING;
   Unallocated                   Rating Continues to remain
                                 under issuer not cooperating
                                 category

   Short Term-        2.50       [ICRA]A4 ISSUER NOT
   Non Fund Based                COOPERATING; Rating continues
   Others                        to remain under 'Issuer Not
                                 Cooperating' category

As part of its process and in accordance with its rating agreement
with Lenora Vitrified LLP, ICRA has been trying to seek information
from the entity so as to monitor its performance. Further, ICRA has
been sending repeated reminders to the entity for payment of
surveillance fee that became due. Despite multiple requests by
ICRA, the entity's management has remained non-cooperative. In the
absence of requisite information and in line with the aforesaid
policy of ICRA, the rating has been continued to the "Issuer Not
Cooperating" category. The rating is based on the best available
information. Established in July 2016, Lenora Vitrified LLP is
involved in manufacturing glazed vitrified tiles. LVL commenced
operations in April 2017. Its manufacturing facility is located at
Morbi (Rajkot, Gujarat) with an installed capacity of manufacturing
~63,000 MTPA (~25.4 lakh boxes per annum).


M S RAMAIAH: ICRA Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------
ICRA has kept the Long-Term ratings of M S Ramaiah Foundation in
the 'Issuer Not Cooperating' category. The rating is denoted as
"[ICRA]D; ISSUER NOT COOPERATING".

                     Amount
   Facilities     (INR crore)   Ratings
   ----------     -----------   -------
   Long-term          1.25      [ICRA]D; ISSUER NOT COOPERATING;
   Fund based                   Rating Continues to remain under
   Cash Credit                  'Issuer Not Cooperating'
                                Category

   Long-term         20.00      [ICRA]D; ISSUER NOT COOPERATING;
   Fund based                   Rating Continues to remain under
   Term Loan                    'Issuer Not Cooperating'
                                Category

   Long Term-         3.75      [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 M S Ramaiah Foundation, 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.

M S Ramaiah Foundation was established as a charitable trust in
2007 to focus on the business education sector. The trust offers
undergraduate and postgraduate courses in the fields of business
management, commerce, arts and law. Dr. M R Pattabiram is the
Managing Trustee of the foundation and the Founder Director of all
the institutions under MSRF. 4.1 crore on an OI of INR29.2 crore in
the previous year.


MAHAMAYA CASHEW: ICRA Keeps B Debt Ratings in Not Cooperating
-------------------------------------------------------------
ICRA has kept the Long-Term ratings of Mahamaya Cashew Industries
in the 'Issuer Not Cooperating' category. The rating is denoted as
"[ICRA]B (Stable); ISSUER NOT COOPERATING".

                      Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long Term-          9.50        [ICRA]B (Stable) ISSUER NOT
   Fund Based-                     COOPERATING; Rating continues
   Cash Credit                     to remain under 'Issuer Not
                                   Cooperating' category

   Long Term-          2.50        [ICRA]B (Stable) ISSUER NOT
   Fund Based-                     COOPERATING; Rating continues
   Term Loan                       to remain under 'Issuer Not
                                   Cooperating' category

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

Established in 2014, Mahamaya Cashew Industries is a partnership
firm engaged in the processing of raw cashew nuts (RCN) to cashew
kernels. MCI started operations from June 2015 onwards at its
manufacturing unit in Hosanagara, Karnataka with an installed
capacity of 6 MT per day (increased from 4 MT per day during
FY2016). The promoters have close to four decades of experience in
cashew industry and have served as partners in the sister concerns
Mangalore Cashew Industries (established in 1977), Mangala Cashew
Industries (established in 1985) and Mahalaxmi Cashew Industries
(established in 1996) prior to the establishment of Mahamaya Cashew
Industries. The firm sources its RCN requirements from suppliers
located in the international market through imports from Benin,
Tanzania and Indonesia. Currently, the sales are almost entirely
made to its sister concerns.


NOTTO GRANITO: ICRA Keeps B+ Debt Ratings in Not Cooperating
------------------------------------------------------------
ICRA has kept the Long-Term and Short-Term ratings of Notto Granito
LLP in the 'Issuer Not Cooperating' category. The ratings are
denoted as "[ICRA]B+(Stable); ISSUER NOT OOPERATING/[ICRA]A4;
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 in the 'Issuer Not
                                 Cooperating' category
   
   Long Term-        27.80       [ICRA]B+ (Stable) ISSUER NOT
   Fund-based                    COOPERATING; Rating continues
   Term Loan                     to remain in the 'Issuer Not
                                 Cooperating' category

   Long Term/         0.20       [ICRA]B+(Stable); ISSUER NOT
   Short Term-                   COOPERATING/[ICRA]A4; ISSUER
   Unallocated                   NOT COOPERATING; Rating
                                 continues to remain under
                                 'Issuer Not Cooperating'
                                 category

   Short Term-        2.50       [ICRA]A4 ISSUER NOT
   Non Fund Based                COOPERATING; Rating continues
   Bank Guarantee                to remain under 'Issuer Not
                                 Cooperating' category

As part of its process and in accordance with its rating agreement
with NGL, ICRA has been trying to seek information from the entity
so as to monitor its performance. Further, ICRA has been sending
repeated reminders to the entity for payment of surveillance fee
that became due. Despite multiple requests by ICRA, the entity's
management has remained non-cooperative. In the absence of
requisite information and in line with the aforesaid policy of
ICRA, the rating has been continued to the "Issuer Not Cooperating"
category. The rating is based on the best available information.
Established in July 2017 as a limited partnership firm, NGL
commenced commercial production in June 2018. Its product profile
comprises glazed charged vitrified tiles of 600X600 mm and 600X1200
mm. NGL's manufacturing unit is located at Morbi, the ceramic tile
manufacturing hub of Gujarat, and is equipped to manufacture
26,00,000 boxes of vitrified tiles per annum.


PACIFIC ACADEMY: CARE Keeps D Debt Ratings in Not Cooperating
-------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Pacific
Academy of Higher Education & Research Society (PAHERS) continue to
remain in the 'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      43.09       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

   Short Term Bank      6.20       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 31,
2023, placed the rating(s) of PAHERS under the 'issuer
non-cooperating' category as PAHERS had failed to provide
information for monitoring of the rating as agreed to in its Rating
Agreement. PAHERS continues to be non-cooperative despite repeated
requests for submission of information through e-mails dated
September 15, 2024, September 25, 2024 and October 5, 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

Udaipur-based (Rajasthan) PAHERS was formed as Pacific Education
Society in October 1995 with an objective to set up educational
institutions. In March 2007, its name was changed to the current
form. PAHERS was founded by Mr B.R. Agarwal who is the founder
Chairman of Pacific Group (PG). The other society members are Mrs
Leela Devi Agarwal, Mr Rahul Agarwal and Mr Ashish Agarwal. PAHERS
offers courses in varied fields including pharmacy, dental,
engineering, management, education, media and mass communication,
information technology, hospitality and fashion technology.


RR FAB CONSTRUCTIONS: CARE Keeps C Debt Rating in Not Cooperating
-----------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of RR Fab
Constructions (RFC) continue to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank        3.80      CARE C; ISSUER NOT COOPERATING;
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

   Short Term Bank       1.40      CARE A4; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   To remain under ISSUER NOT
                                   COOPERATING category

Rationale and key rating drivers

CARE Ratings Ltd. had, vide its press release dated September 28,
2023, placed the rating(s) of RFC under the 'issuer
non-cooperating' category as RFC had failed to provide information
for monitoring of the rating as agreed to in its Rating Agreement.
RFC continues to be non-cooperative despite repeated requests for
submission of information through emails dated August 13, 2024,
August 23, 2024, September 2, 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).

RR FAB Constructions (RFC), formerly known as R&R Fabricators, was
established in 1985 by Mr. S. Ramachandra as a proprietorship
concern, for executing civil construction works. Subsequently, it
was converted into partnership firm on May 5, 2010 with Mr. R.
Somesh joining as partner. RFC is engaged in execution of civil
construction works like construction of buildings, commercial
apartments in the state of Karnataka under direct tender basis. The
firm is currently executing civil construction works for private
entities.

SHARMA CARS: ICRA Reaffirms B+ Rating on INR19.20cr LT Loan
-----------------------------------------------------------
ICRA has reaffirmed ratings on certain bank facilities of Sharma
Cars Private Limited (SCPL), as:

                     Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Long term-         19.20      [ICRA]B+(Stable); reaffirmed
   fund based
   dropline
   overdraft          

   Long term/         16.49      [ICRA]B+(Stable)/[ICRA]A4;
   short term                    reaffirmed
   Unallocated
   limits             
                                 
Rationale

The reaffirmation of the bank line ratings of SCPL considers a
likely improvement in the company's operating and financial
performances, supported by its long relationship with its
principal, Hyundai Motors India Limited (HMIL), as a signature
dealer in Gujarat. The ratings also factor in the extensive
experience of its promoters in the auto dealership business, its
presence through multiple showrooms and aligned servicing
facilities in Ahmedabad.

The ratings, however, remain constrained by the company's subdued
financial risk profile, evident from its leveraged capital
structure and stressed debt coverage indicators because of low
profitability and high level of borrowings. The ratings also
continue to consider the intense competition faced by SCPL from
other dealerships in its operating region and the susceptibility of
the company's operations to any slowdown in the automobile
industry. SCPL's liquidity remains stretched due to thin cash
generated, higher interest payouts due to working capital intensive
nature of operations, and higher term debt repayment obligations.

The Stable outlook on the long-term rating factors in ICRA's
expectation that the revenues and the earnings of the company are
likely to improve in the near term with recovery in demand
conditions.

Key rating drivers and their description

Credit strengths

* Extensive experience of promoters in auto dealership business:
SCPL's promoters have more than two decades of experience in the
automobile dealership business. SCPL is one of the leading and
oldest dealers of HMIL in Ahmedabad, dealing in the entire range of
passenger vehicles. It operates three sales showrooms, including
one where service and spares facilities are given, one full-fledged
workshop and one stockyard.

* Established market position of principal HMIL in domestic PV
segment: HMIL is the second-largest player in the domestic market
and had around 15% share in the PV segment in FY2024. Hence, HMIL's
long presence and its brand recall in the domestic auto market
benefit SCPL for pushing its sales.

Credit challenges

* Modest financial risk profile with leveraged capital structure
and weak coverage indicators: The company's capital structure
continues to be leveraged, reflected in its gearing of 6.8 times as
on March 31, 2024. Further, the debt coverage indicators remained
weak due to high finance costs and thin margins, marked by an
interest coverage of 1.0 times, TD/OPBDITA of 10.1 times and NCA/TD
of 2% as on March 31, 2024. Additionally, on account of high term
debt repayment obligations in the near-to-medium term, DSCR
remained below 1 times, with repayments supported by its free cash
balances and working capital limits other than the receivables from
the commission income.

* Inherently thin margins to auto dealership business: SCPL's
revenues grew by 7% on a YoY basis to INR232.2 crore in FY2024,
supported by an increase in volumes and realisaiton. Despite a
steady growth in revenues over the last three fiscals, its scale
remained moderate. Further, its margins remained low, which is
inherent in the auto dealership business. SCPL's operating margin
stood at 3.4% and the net margin was 0.3% in FY2024.

* Intense competition among dealers of HMIL and other OEMs: SCPL is
among six HMIL dealers in Ahmedabad. Besides, it faces stiff
competition from dealers of other OEMs. The company's operations
are also susceptible to any prolonged slowdown in the automobile
industry.

Liquidity position: Stretched

SCPL's liquidity position is expected to remain stretched, with
high debt repayment obligations in the near-to-medium term against
its yearly cash accrual and limited buffer in the working capital
limits. The entity has a repayment obligation of INR7.6 crore in
FY2025 and INR7.4 crore in FY2026, against an expected cash accrual
of INR2-4 crore. The liquidity is, however,
supported by a buffer of ~19% in its working capital facility,
which has an average utilisation of ~81% on the sanctioned lines of
~INR50 crore, during the 12-month period ending in September 2024.
Further, the likely fund infusion of ~ INR1.5 crore by its
promoters as unsecured loans is expected to support its liquidity
to some extent.

Rating sensitivities

Positive factors – ICRA could upgrade SCPL's ratings, if there is
any substantial growth in its revenue and profitability, which
leads to notable improvement in cash accruals and debt protection
metrics. Additionally, an improvement in the working capital cycle
that supports overall liquidity will be a positive trigger.

Negative factors – Pressure on the company's ratings could arise,
if revenue or profitability declines substantially, leading to
material decline in cash accruals. Moreover, any
higher-than-expected debt-funded capex or stretch in the working
capital cycle that leads to deterioration in the capital structure
and liquidity could trigger a downgrade.

SCPL, incorporated in 1998, is the automobile dealer of HMIL's
passenger vehicles. The company is promoted by Mr. Narendra Sharma,
Mr. Surendra Sharma and Mr. Subashchandra Sharma, who have around
two decades of experience in the automobile dealership business.
SCPL is present in Ahmedabad (Gujarat) through its three sales
showrooms, including one which provides services and spares
facilities, one workshop and one stockyard.


VASUNDHARA DEVELOPERS: ICRA Keeps B Rating in Not Cooperating
-------------------------------------------------------------
ICRA has kept the Long-Term rating of Vasundhara Developers (VD) 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
   Term Loan                      to remain under 'Issuer Not
                                  Cooperating' category

As part of its process and in accordance with its rating agreement
with VD, 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.
Vasundhara Developers (VD) is a partnership firm founded in 2014
and is engaged in the business of construction of residential
apartments with its head office is located in Guntur District of
Andhra Pradesh. The firm has developed Vasundhara Orchids in
Vijayawada on a land area of 4360 sq Yards.


VISHAL PAPER: CARE Keeps C Debt Rating in Not Cooperating Category
------------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Vishal
Paper Industries Private Limited (VPIPL) continue to remain in the
'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      17.06       CARE C; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category  

   Short Term Bank      1.00       CARE A4; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category

Rationale and key rating drivers

CARE Ratings Ltd. had, vide its press release dated November 10,
2023, placed the rating(s) of VPIPL under the 'issuer
non-cooperating' category as VPIPL had failed to provide
information for monitoring of the rating as agreed to in its Rating
Agreement. VPIPL continues to be non-cooperative despite repeated
requests for submission of information through e-mails dated
September 25, 2024, October 5, 2024 and October 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

Vishal Paper Industries Pvt. Ltd. (VPIPL) was established as a
partnership concern, by the name Vishal Paper Industries, in 2002,
by Mr. Vidya Sagar Gupta and his brothers Mr. Suraj Bhan Gupta &
Mr. Krishan Mohan Gupta with an installed capacity of 4,500 MT per
annum. In March 2005, the entity was reconstituted as a private
limited company. The company is engaged in the manufacturing of
writing and printing papers (WPP) by using waste paper as a major
raw material. The manufacturing facility of the company is located
in Patiala (Punjab). VPIPL has been manufacturing paper upto 40-120
grams per square meter (GSM).




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

AEGIS CHARTERS: Court to Hear Wind-Up Petition on Dec. 13
---------------------------------------------------------
A petition to wind up the operations of Aegis Charters Limited will
be heard before the High Court at Auckland on Dec. 13, 2024, at
10:45 a.m.

Myriad International Limited filed the petition against the company
on Oct. 17, 2024.

The Petitioner's solicitor is:

          Oscar Joseph Ward
          Urlich Milne Lawyers Limited
          3 Owens Road
          Epsom, Auckland 1023


BRICKY LIMITED: Creditors' Proofs of Debt Due on Dec. 12
--------------------------------------------------------
Creditors of The Bricky Limited are required to file their proofs
of debt by Dec. 12, 2024, to be included in the company's dividend
distribution.

The company commenced wind-up proceedings on Nov. 11, 2024.

The company's liquidator is:

          Hamish John Pryde
          CS Insolvency
          C/- Coombe Smith (PN) Limited
          168 Broadway Avenue
          PO Box 788
          Palmerston


CANFIELD INVESTMENTS: Court to Hear Wind-Up Petition on Nov. 22
---------------------------------------------------------------
A petition to wind up the operations of Canfield Investments
Limited will be heard before the High Court at Auckland on Nov. 22,
2024, at 10:00 a.m.

Body Corporate 384684 filed the petition against the company on
Sept. 18, 2024.

The Petitioner's solicitor is:

          Paul Sukchul Kim
          Glaister Ennor
          18 High Street
          Auckland


CITADEL CAPITAL: Court to Hear Wind-Up Petition on Nov. 28
----------------------------------------------------------
A petition to wind up the operations of Citadel Capital Limited
will be heard before the High Court at Auckland on Nov. 28, 2024,
at 10:45 a.m.

The Commissioner of Inland Revenue filed the petition against the
company on April 16, 2024.

The Petitioner's solicitor is:

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


GOLDEN GARDEN: Creditors' Proofs of Debt Due on Dec. 10
-------------------------------------------------------
Creditors of Golden Garden Restaurant Limited are required to file
their proofs of debt by Dec. 10, 2024, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on Nov. 5, 2024.

The company's liquidator is:

          Ryan Eathorne
          InSolve Partners
          PO Box 24366
          Wellington


LEVEL BUILD: Taranaki Building Company Goes Into Liquidation
------------------------------------------------------------
Stuff.co.nz reports that a Taranaki building company has gone into
liquidation leaving a trail of unfinished work and unpaid payments
likely totalling thousands.

Level Build New Plymouth, which is owned by Jarom Tipene and his
wife Deanna, went into liquidation under the company name JT
Construction last week as construction companies continue to battle
tough economic conditions, Stuff discloses.

Director of Insolvency Matters, Brenton Hunt, had been appointed
liquidator. The liquidation report showed the preferential
creditors were staff wages and holiday paid before liquidation,
while the company owed Inland Revenue $250,000 in GST and PAYE,
Stuff discloses.

Unsecured creditors were owed an estimated NZD400,000, with the
total estimated shortfall to all creditors being NZD665,000.

According to Stuff, the company had left a number of business
owners and future home owners in limbo, including Jess Lawn and her
husband Mark Pollard, who said poor communication and delays from
Level Build ultimately left them with an estimated NZD130,000
loss.

Stuff relates that the couple said they signed a contract with
Level Build in May for a home just outside of the coastal Taranaki
town of Oakura.

The couple said they paid an establishment fee to Level Build,
which they were told covered the design fees, consent fees and cost
of materials. They said it took the company six weeks to apply for
building consent.

"We called a meeting and told Level Build we were unhappy with
progress made so far. They were good at making us feel that we were
being the problem so we decided to carry on," Stuff quotes Ms. Lawn
as saying. "We continued with earthworks, which we were paying for
separate to the build contract, so that we were ready to go as soon
as consent was issued. Council delays meant that consent took 85
days, and by this time it was October."

The couple continued to push forward getting the site ready for the
concrete slab and were told that the roof of their new home would
be on before Christmas.

They were then sent an invoice of NZD43,000 for the concrete slab
which they paid on October 22.

"On the 30th of October at 5pm we received an email to say Level
Build was going into liquidation. How is taking NZD43,000 on the
22nd October not theft? They would have known very well by then
that they were not going to be able to continue trading."

"This has affected us hugely and has caused massive distress in our
lives," they said.

"No materials have been purchased and also no concrete paid for. We
are uncertain of what we are going to do next as this is
financially a huge loss for us."

Level Build's website and all social media platforms had been
removed. Multiple calls and emails to the Tipene's by Stuff have
gone unanswered, Stuff notes.




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

DAK ENERGETICS: Court to Hear Wind-Up Petition on Nov. 29
---------------------------------------------------------
A petition to wind up the operations of Dak Energetics Pte. Ltd.
will be heard before the High Court of Singapore on Nov. 29, 2024,
at 10:00 a.m.

Shaun Keshiv Sarjeet Singh filed the petition against the company
on Sept. 20, 2024.

The Petitioner's solicitors are:

          I.N.C. Law LLC
          4 Battery Road
          #26-01, Bank of China Building
          Singapore 049908


FENG FOODS: Court Enters Wind-Up Order
--------------------------------------
The High Court of Singapore entered an order on Nov. 1, 2024, to
wind up the operations of Feng Foods International Pte. Ltd.

Maybank Singapore Limited filed the petition against the company.

The company's liquidator is:

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


GOLDEN GOURMET: Court Enters Wind-Up Order
------------------------------------------
The High Court of Singapore entered an order on Nov. 1, 2024, to
wind up the operations of Golden Gourmet Bak Kwa Pte. Ltd.

Maybank Singapore Limited filed the petition against the company.

The company's liquidator is:

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


GOLDEN HOPE: Court to Hear Wind-Up Petition on Nov. 29
------------------------------------------------------
A petition to wind up the operations of Golden Hope Pte. Ltd. will
be heard before the High Court of Singapore on Nov. 29, 2024, at
10:00 a.m.

Maybank Singapore Limited filed the petition against the company on
Nov. 8, 2024.

The Petitioner's solicitors are:

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


HGC ENGINEERING: Creditors' Meetings Set for Nov. 22
----------------------------------------------------
HGC Engineering & Construction Pte. Ltd. and HGC Plumbing &
Sanitary Works Pte. Ltd. will hold a meeting for its creditors on
Nov. 22, 2024, at 3:00 p.m. and 4:00 p.m., respectively, at 11
Eunos Road 8 (Lobby A), #06-01 SSA Academy, Lifelong Learning
Institute, in Singapore.

Agenda of the meeting includes:

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

   b. to appoint liquidators;

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

   d. any other business.


NAUTICAWT LIMITED: Faces Compulsory Liquidation Proceedings
-----------------------------------------------------------
TipRanks.com reports that NauticAWT Limited is facing compulsory
liquidation after receiving a winding up application from its
controlling shareholder and creditor, Dr. Chirasak Chiyachantana.

TipRanks.com relates that the company, grappling with negative
equity and insufficient funds for voluntary liquidation, will not
contest the application, leading to court-mandated liquidation
proceedings.

Singapore-based NauticAWT Limited offers subsurface, subsea and
surface facilities engineering services. The Company also provides
contracting solutions for field exploration, field development and
field refurbishments including design life extensions and
production enhancement for aging and mature oil and gas fields.




=====================
S O U T H   K O R E A
=====================

TERRAFORM LABS: Ch.11 Trust Gets Court Okay for $45MM Crypto Deal
-----------------------------------------------------------------
Vince Sullivan of Law360 Bankruptcy Authority reports that a
bankruptcy judge in Delaware has granted approval for a settlement
involving the wind-down trust formed under the Chapter 11 plan of
the now-defunct cryptocurrency firm Terraform Labs.

This settlement includes the company's co-founder, the Luna
Foundation Group, and Avalanche Inc., enabling the trust to obtain
$45.5 million in cash in exchange for 1.9 million digital tokens.

                      About Terraform Labs

Terraform Labs Pte. Ltd. -- https://www.terra.money/ -- is a
startup that created Terra, a blockchain protocol and payment
platform used for algorithmic stablecoins.  It was co-founded by Do
Kwon and Daniel Shin in 2018 in Seoul, South Korea.

Terraform Labs introduced its first cryptocurrency token, TerraUSD,
in 2019. Investment firms like Arrington Capital, Coinbase
Ventures, Galaxy Digital, and Lightspeed Venture Partners helped
Terraform Labs raise more than $200 million.

The collapse of the stablecoins TerraUSD (UST) and Luna in May 2022
caused the temporary suspension of the Terra network, wiping out
over $45 billion in market capitalization in a single week.

Both of Terra Form Labs' founders have encountered legal problems
as a result of the devaluation of the company's currency. In
September 2022, South Korean prosecutors filed a warrant for Do
Kwon's arrest. He was also added to Interpol's Red Notice list,
which urges other law enforcement to find and detain him.

Terraform Labs Pte. Ltd. sought relief under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. D. Del. Case No. 24-10070) on Jan. 22,
2024. In the petition filed by Chris Amani, as chief executive
officer, the Debtor estimated assets and liabilities between $100
million and $500 million each.

The Debtor is represented by:

     Zachary I Shapiro, Esq.
     Richards, Layton & Finger, P.A.
     1 Wallich Street
     #37-01 Guoco Tower
     Singapore 078881



                           *********


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

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

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

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