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

                     A S I A   P A C I F I C

          Thursday, May 23, 2024, Vol. 27, No. 104

                           Headlines



A U S T R A L I A

10M PTY: First Creditors' Meeting Set for May 28
ACADEMY PHOTOGRAPHY: In Liquidation; Parents Left Out of Pocket
AWADA CIVIL: First Creditors' Meeting Set for May 29
BRADDON FITNESS: First Creditors' Meeting Set for May 27
CASTER CONSTRUCTIONS: First Creditors' Meeting Set for May 30

EREPORTS PTY: Court Orders Telehealth Provider Into Liquidation
PEPPER I-PRIME 2021-2: S&P Raises Class F Notes Rating to BB+ (sf)
SOU WEST: First Creditors' Meeting Set for May 27


C H I N A

CHINA GREAT: Reveals US$6.7BB Loss in Delayed 2022 Annual Report
CHINA VANKE: Gets New Loan Pushing Total to US$1 Billion
DATASEA INC: Incurs $4.1 Million Net Loss in Third Quarter


I N D I A

AASTHA INFRACITY: ICRA Keeps B Debt Rating in Not Cooperating
ASHWATH QUIPPO: CARE Keeps C Debt Rating in Not Cooperating
BARDIYA REAL: ICRA Keeps B+ Rating in Not Cooperating Category
ENCARTA PHARMA: ICRA Keeps D Debt Ratings in Not Cooperating
GHAZIABAD ORGANICS: ICRA Lowers Rating on INR33cr LT Loan to B+

GOOD MEDIA: CARE Keeps C Debt Rating in Not Cooperating Category
GOPINATHJI CARS: ICRA Keeps B+ Debt Ratings in Not Cooperating
HUBTOWN BUS: CARE Keeps D Debt Ratings in Not Cooperating Category
J S SPINTEX: CARE Keeps B Debt Rating in Not Cooperating Category
JAISHREE EXPORTS: CARE Cuts Rating on INR6.0cr LT/ST Loan to B+/A4

JANAADHAR (INDIA): ICRA Lowers Rating on INR30cr LT Loan to B+
LIMITORQUE INDIA: ICRA Withdraws B Rating on INR17cr Term Loan
MAA KALI: ICRA Withdraws B+ Rating on INR23cr LT Loan
MAHENDRA PUMPS: CARE Assigns B+ Rating to INR37.70cr LT Loan
MANICKBAG AUTOMOBILES: ICRA Keeps B+ Rating in Not Cooperating

MEP SANJOSE: ICRA Keeps D Debt Ratings in Not Cooperating
NAVALAKHA TRANSLINES: ICRA Keeps B+ Ratings in Not Cooperating
NEW CITIZEN: ICRA Keeps D Ratings in Not Cooperating Category
NUTECH JETTING: CARE Keeps B- Debt Ratings in Not Cooperating
PHOTON ENERGY: ICRA Moves B- Debt Rating to Not Cooperating

PHOTON ROOFTOPS: ICRA Moves B- Debt Ratings to Not Cooperating
POWER MECH: ICRA Keeps B+ Debt Ratings in Not Cooperating
PREHARI PROTECTION: ICRA Keeps D Debt Ratings in Not Cooperating
PTG TECHNOPAK: ICRA Keeps B+ Debt Ratings in Not Cooperating
SAVFAB DEVELOPERS: ICRA Keeps D Debt Rating in Not Cooperating

SIMOLA VITRIFIED: ICRA Keeps B+ Debt Ratings in Not Cooperating
SOUTHERN AGENCIES: ICRA Keeps B Debt Rating in Not Cooperating
SPICEJET LTD: Seeks INR450cr Refund from Kalanithi Maran
SUDHAMSU EXIM: ICRA Keeps D Debt Ratings in Not Cooperating
VEERABHADRESHWARA RICE: CARE Lowers Rating on INR9cr Loan to B-

WALLMARK CERAMIC: ICRA Keeps B Debt Ratings in Not Cooperating
ZETA MICRONS: ICRA Keeps B Debt Ratings in Not Cooperating


J A P A N

SHARP CORP: S&P Lowers Long-Term Issuer Credit Rating to 'B-'


M A L A Y S I A

ANGKASA-X HOLDINGS: Financial Strain Raises Going Concern Doubt
POS MALAYSIA: To Sell Non-Core Shipping Unit for MYR123 Million


N E W   Z E A L A N D

BLACKMAN STREET: Court to Hear Wind-Up Petition on May 30
EXABYTE IT: Creditors' Proofs of Debt Due on June 14
JAM RECRUITMENT: Grant Bruce Reynolds Appointed as Liquidator
LOMAI PROPERTIES: Creditors' Proofs of Debt Due on July 10
PRECISE DISTRIBUTION: Court to Hear Wind-Up Petition on June 6



P H I L I P P I N E S

DITO CME: Receives PHP3.5 Billion From Shareholders
ROXAS HOLDINGS: Leviste to Acquire 71.6% Stake in Sugar Company


S I N G A P O R E

AGRICOLA ASSETS: Creditors' Proofs of Debt Due on June 1
ALIGN GROUP: Commences Wind-Up Proceedings
HOMESTEAD HOLLAND: Creditors' Meeting Set for June 3
REALITY RIFT: Commences Wind-Up Proceedings
SUPREME EXCELLENCE: Creditors' Proofs of Debt Due on June 21


                           - - - - -


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

10M PTY: First Creditors' Meeting Set for May 28
------------------------------------------------
A first meeting of the creditors in the proceedings of 10M Pty Ltd
and Deepsea Australia Pty Ltd will be held on May 28, 2024, at
10:00 a.m. at the offices of Cor Cordis Perth, M Level, 28 The
Esplanade, in Perth, WA, and via virtual meeting.

Jeremy Joseph Nipps and Thomas Donald Birch of Cor Cordis were
appointed as administrators of the companies on May 16, 2024.


ACADEMY PHOTOGRAPHY: In Liquidation; Parents Left Out of Pocket
---------------------------------------------------------------
9news.com.au reports that families at hundreds of schools across
Australia could be left out of pocket for annual student portraits
and yearbooks after a national photography business went bust.

Academy Photography Australia entered liquidation on May 10, with
Anthony Phillips of Heard Phillips Lieberenz appointed as
liquidator, 9news.com.au discloses citing ASIC.

Last week, Mr. Phillips sent a letter to affected schools,
confirming to 9news.com.au about 200 schools were affected.

He notified them that Academy Photography no longer employed any
photographers and would be unable to complete any current books.

"One of my key priorities for the liquidation is securing the data
held by the company including photographs taken, and working with
schools to enable the transfer of the company's work to families,"
Mr. Phillips wrote, notes the report. "I have engaged a computer
forensic expert to assist in this process and will rely on their
expertise to determine the most secure and appropriate method to
effect the transfer."

Once the photographs had been transferred, Mr. Phillips said, they
would be deleted from Academy Photography's cameras and computers
before the equipment was sold, 9news.com.au relays.

The liquidator is also looking for a similar company that might be
able to deliver yearbooks and school photographs to affected
families and schools.

He confirmed that pre-paid photographs that had not been delivered
would give rise to an unsecured claim against Academy Photography.

"Unfortunately, the likelihood of a return to unsecured creditors
is doubtful and I will report directly to creditors as my
investigations progress," Mr. Phillips wrote, the report adds.

"Importantly there may be an alternative avenue to claim for the
prepayments made if those payments were made on credit cards.

"Families should contact their credit card provider direct to
discuss their particular circumstances."

Mr. Phillips said he would also contact schools about whether
incomplete yearbooks could still be finished and delivered,
9news.com.au adds.


AWADA CIVIL: First Creditors' Meeting Set for May 29
----------------------------------------------------
A first meeting of the creditors in the proceedings of Awada Civil
Engineering Pty Ltd will be held on May 29, 2024, at 11:00 a.m. via
Microsoft Teams.

David Webb of Webb Advisory was appointed as administrator of the
company on May 17, 2024.


BRADDON FITNESS: First Creditors' Meeting Set for May 27
--------------------------------------------------------
A first meeting of the creditors in the proceedings of Braddon
Fitness Pty Limited will be held on May 27, 2024, at 10:00 a.m. via
virtual meeting.

Ezio Senatore of Eddie Senatore Advisory was appointed as
administrator of the company on May 16, 2024.


CASTER CONSTRUCTIONS: First Creditors' Meeting Set for May 30
-------------------------------------------------------------
A first meeting of the creditors in the proceedings of Caster
Constructions Pty Ltd will be held on May 30, 2024, at 11:00 a.m.
via virtual meeting only.

Manuel Hanna of Romanis Cant was appointed as administrator of the
company on May 20, 2024.


EREPORTS PTY: Court Orders Telehealth Provider Into Liquidation
---------------------------------------------------------------
News.com.au reports that a "leading" Australian provider of
telehealth services has been ordered into court liquidation with
debts estimated in excess of AUD10 million.

The company, Ereports Pty Ltd, described itself as "a global
network of 400 plus leading medical experts across 65 plus
specialties and locations in Australia, South Africa and the UK and
a "leading provider" of expert medical opinions worldwide on its
website.

But the Australian arm went into administration in April with
Thomas Birch, Rachel Burdett, and Jeremy Nipps from insolvency Cor
Cordis appointed as administrators, news.com.au discloses.

According to news.com.au, Ereports was placed into administration
as it faced an application from the Australian Taxation Office with
the Federal Court, which sought the company to be wound up over
AUD1.4 million in outstanding taxes.

However, the Melbourne headquartered company was sent into
liquidation on May 3 after Cor Coris recommended to the Federal
Court it be wound up when a buyer pulled out of a potential deal.

News.com.au relates that the liquidators said they had taken steps
to complete an orderly wind-down of Ereports' operations but are
still seeking a buyer with expressions of interest due by May 24.

They said investigations had commenced into the events leading to
the appointment of liquidators, news.com.au relays.

"With particular focus on identifying the nature and substance of
the various related party transactions that were entered into prior
to our appointment and which a liquidator may now seek to recover,"
they said, notes the report. "Our preliminary investigations
indicate that creditors may be owed in excess of AUD10 million as
at the date of appointment."

Liquidators' investigations had found more than 400 medical
specialists were owed millions, news.com.au adds.

A a small number of staff had been kept on to assist with
maintaining the online platform, and assisting clients and
specialists with ongoing access to records while they search for an
alternative service provider, the liquidators, as cited by
news.com.au, added.

Cor Cordis were also "maintaining the integrity and security of the
books and records stored on the platform in accordance with the
various privacy and health regulations", they added.

A full report to creditors is expected in August, news.com.au
relays.


PEPPER I-PRIME 2021-2: S&P Raises Class F Notes Rating to BB+ (sf)
------------------------------------------------------------------
S&P Global Ratings raised its ratings on four classes of notes
issued by Permanent Custodians Ltd. as trustee of Pepper I-Prime
2021-2 Trust. At the same time, S&P affirmed its ratings on three
classes of notes. The transaction is a securitization of prime
residential mortgage loans originated by Pepper Homeloans Pty Ltd.

S&P said, "The rating actions reflect our view of the credit risk
of the underlying collateral portfolio. Credit support provided in
percentage terms has increased as the pool paid down. This credit
support comprises note subordination for all rated notes and excess
spread to the extent available. Current loan-to-value ratios across
the pool have been declining, lowering our expectation of loss for
the pool.

"We believe the various mechanisms to support liquidity within the
transaction, including an amortizing liquidity facility and
principal draws, are sufficient under our cash flow stress
assumptions to ensure timely payment of interest."

As of March 31, 2024, the pool has a balance of about A$215 million
and a pool factor of about 25.38%. The pool's weighted-average
loan-to-value ratio is 63.5% and weighted-average seasoning is
44.58 months.

S&P has factored the prepayment rates and arrears performance of
the transaction into its analysis. As of March 31, 2024, the
prepayment rate was 25.84%, which is higher than the Standard &
Poor's Prepayment Index (SPPI) for Australian prime loans. Over the
past 12 months, the arrears performance generally has also been
higher relative to the Standard & Poor's Performance Index (SPIN)
for Australian prime loans. As of March 31, 2024, loans greater
than 30 days in arrears make up 3.19% of the pool, of which those
more than 90 days in arrears represent 0.80%. There have been no
losses to date and no charge-offs to any of the notes.

The transaction is currently paying down on a pro rata basis. Under
the pro rata structure, the class G notes' allocated principal is
paid to the class F notes until they are fully repaid, followed by
the remaining subordinated rated notes. Therefore, the class F
notes will continue to benefit from an increase in the percentage
of credit support provided as the pool amortizes under a pro rata
structure, while the percentage of credit support will remain
static for the remaining rated notes.

S&P said, "Among the constraining factors we considered in our
rating analysis are the increasing risk of borrower concentrations
as the pool amortizes; the higher level of delinquency relative to
the prime SPIN; high prepayment rates, which may constrain the
buildup of excess spread in the deal; and the various
characteristics of the portfolio." These characteristics include
loans to the self-employed, low-documentation loans, investment
loans, and relatively higher loan-to-value ratios, which are
susceptible to volatility and may be more sensitive to changes in
the economic environment.


  Ratings Raised

  Pepper I-Prime 2021-2 Trust

  Class C: to AAA (sf) from AA (sf)
  Class D: to AA (sf) from A (sf)
  Class E: to BBB (sf) from BB+ (sf)
  Class F: to BB+ (sf) from BB (sf)

  Ratings Affirmed

  Pepper I-Prime 2021-2 Trust

  Class A1: AAA (sf)
  Class A2: AAA (sf)
  Class B: AAA (sf)


SOU WEST: First Creditors' Meeting Set for May 27
-------------------------------------------------
A first meeting of the creditors in the proceedings of Sou West
Brewery Pty Ltd will be held on May 27, 2024, at 10:00 a.m. via
virtual meeting only.

Andrew Lyall Knight and Craig Peter Shepard of KordaMentha were
appointed as administrators of the company on May 15, 2024.





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

CHINA GREAT: Reveals US$6.7BB Loss in Delayed 2022 Annual Report
----------------------------------------------------------------
Caixin Global reports that China Great Wall Asset Management Co.
Ltd. posted more than CNY45.3 billion ($6.7 billion) in net losses
for 2022 due to China's slowing economy and fallout from the
pandemic, the state-owned bad-debt manager's long-delayed annual
report for the year showed.

Great Wall blamed the loss, which widened from CNY8.6 billion in
2021, on the economic downturn, repeated outbreaks of Covid-19, and
the real estate debt crisis, according to the report, which was
released on April 30.

China Great Wall Asset Management provides financial asset
management services.


CHINA VANKE: Gets New Loan Pushing Total to US$1 Billion
--------------------------------------------------------
Bloomberg News reports that China Vanke, one of the nation's few
real estate giants that's yet to default, has gotten a fresh loan,
pushing recent bank borrowings over US$1 billion as it shores up
its finances.

Bloomberg relates that the Shenzhen-based company has obtained a
CNY1.2 billion loan from Bank of China's branch in the city,
according to an exchange filing on May 20. The funds will be used
for a development project in Changzhou, it said.

The latest deal brings the total of loans that Vanke and its units
have taken out this month to CNY7.9 billion, according to data
compiled by Bloomberg based on public filings.

According to Bloomberg, state-backed Vanke was once China's largest
developer but has become the latest flashpoint in the nation's
prolonged property crisis, underscoring the severity of the
sector's challenges. Its latest loan, while adding to its debt, may
signal that the company is seeking greater liquidity for projects
while waiting for pledged government support measures to buy up
homes and spur demand.

Vanke went under close investor scrutiny earlier this year after
concerns about its private debt maturities sparked a series of bond
sell-offs, Bloomberg says.

The notes have since rebounded. A US dollar bond maturing next year
jumped to above 85 US cents this week from below 65 US cents at the
beginning of this month. Some longer-dated notes surged to their
highest in nearly six months on May 20. Their prices were steady on
May 21.

Investors' outlook on China's property sector also has recently
brightened after the government laid out the latest rescue package,
featuring CNY300 billion of central bank funding to help
government-backed firms buy excess inventory from developers.

Vanke could get "an outsized liquidity boost" from the government's
measure, according to a note from Bloomberg Intelligence analyst
Kristy Hung on May 20. The developer has CNY108 billion worth of
property held for sale, beating its peers, she wrote.

                         About China Vanke

China Vanke Co., Ltd. operates real estate development businesses.
The Company provides housing renovation, housing loans, real estate
brokerage, and other businesses. China Vanke also operates
logistics, material supply, and other businesses.

As reported in the Troubled Company Reporter-Asia Pacific on May 1,
2024, Moody's Ratings has downgraded the following ratings of China
Vanke Co., Ltd. and its wholly-owned subsidiary, Vanke Real Estate
(Hong Kong) Company Limited.

1. China Vanke's corporate family rating to Ba3 from Ba1;

2. Backed senior unsecured rating on the medium-term note (MTN)
program of Vanke Real Estate to (P)B1 from (P)Ba2; and

3. Backed senior unsecured rating on the bonds issued by Vanke
Real Estate to B1 from Ba2.

The MTN program and senior unsecured bonds are supported by a deed
of equity interest purchase undertaking and a keepwell deed between
China Vanke, Vanke Real Estate and the bond trustee.

The entities' outlooks have been revised to negative. Previously,
their ratings were on review for downgrade.

The TCR-AP recently reported that S&P Global Ratings lowered its
long-term issuer credit rating on China Vanke Co. Ltd. to 'BB+'
from 'BBB+', and its long-term issuer credit rating on China
Vanke's subsidiary, Vanke Real Estate (Hong Kong) Co. Ltd. to 'BB'
from 'BBB'. S&P also lowered the issue rating on Vanke HK's senior
unsecured notes to 'BB' from 'BBB'.

The negative outlook on China Vanke reflects S&P's expectation that
the company's contracted sales could decline further over the next
12 months amid a prolonged industry downturn. China Vanke's
financial position could also weaken if the company fails to
execute its asset disposal plans.

DATASEA INC: Incurs $4.1 Million Net Loss in Third Quarter
----------------------------------------------------------
Datasea Inc. filed with the Securities and Exchange Commission its
Quarterly Report on Form 10-Q reporting a net loss to the Company
of $4.14 million on $1.38 million of revenues for the three months
ended March 31, 2024, compared to a net loss to the Company of
$1.29 million on $84,555 of revenues for the three months ended
March 31, 2023.

For the nine months ended March 31, 2024, the Company reported a
net loss to the Company of $5.99 million on $19.61 million of
revenues, compared to a net loss to the Company of $3.92 million on
$216,014 of revenues for the nine months ended March 31, 2023.

As of March 31, 2024, the Company had $3.37 million in total
assets, $2.19 million in total liabilities, and $1.18 million in
total equity.

Datasea said, "The historical operating results including recurring
losses from operations raise substantial doubt about the Company's
ability to continue as a going concern.

"During the nine months ended March 31, 2024, the Company made
total prepayments of $3.78 million for marketing and promoting the
sale of acoustic intelligence series products and 5G Multimodal
communication in oversea and domestic markets.  For the three and
nine months ended March 31, 2024, the Company recorded an
amortization of prepaid expense of $0.95 million and $ 1.89 million
in the selling expense.

"If deemed necessary, management could seek to raise additional
funds by way of admitting strategic investors, or private or public
offerings, or by seeking to obtain loans from banks or others, to
support the Company's research and development ("R&D"),
procurement, marketing and daily operation.  While management of
the Company believes in the viability of its strategy to generate
sufficient revenues and its ability to raise additional funds on
reasonable terms and conditions, there can be no assurances to that
effect.  The ability of the Company to continue as a going concern
depends upon the Company's ability to further implement its
business plan and generate sufficient revenue and its ability to
raise additional funds by way of a public or private offering.
There is no assurance that the Company will be able to obtain funds
on commercially acceptable terms, if at all.  There is also no
assurance that the amount of funds the Company might raise will
enable the Company to complete its initiatives or attain profitable
operations.  If the Company is unable to raise additional funding
to meet its working capital needs in the future, it may be forced
to delay, reduce or cease its operations."

A full-text copy of the Form 10-Q is available for free at:

https://www.sec.gov/ix?doc=/Archives/edgar/data/1631282/000121390024042345/ea0205544-10q_datasea.htm

                           About Datasea

Headquartered in Beijing, People's Republic of China, Datasea Inc.
is a technology company incorporated in Nevada, USA on Sept. 26,
2014, with subsidiaries and operating entities located in Delaware,
US and China, that provides intelligent acoustics (including
ultrasound, infrasound, directional sound, and Schumann resonance),
5G messaging and other products and services to various corporate
and individual customers.  The acoustic business offers a wide
range of cutting-edge products including high-quality sonic air
disinfection solutions, skin repair and beauty solutions, as well
as sleep-aid devices.  Its products find extensive applications
across various industries and sectors, including sonic antivirus,
sonic beauty, sonic medical treatments, and sonic agriculture.




=========
I N D I A
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AASTHA INFRACITY: ICRA Keeps B Debt Rating in Not Cooperating
-------------------------------------------------------------
ICRA has kept the Long-Term rating of Aastha Infracity Limited
(AIL) in the 'Issuer Not Cooperating' category. The rating is
denoted as [ICRA]B (Stable); ISSUER NOT COOPERATING".

                      Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long Term-         48.00       [ICRA]B (Stable) ISSUER NOT
   Fund Based-                    COOPERATING; Rating continues
   Cash Credit                    to remain under 'Issuer Not
                                  Cooperating' category

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

Incorporated in 2010, AIL has started developing a residential
project - Aastha Greens - in Greater Noida West, Uttar Pradesh in
June 2015. The project has G+19 floors and saleable area of over
9.5 lakh sq ft of saleable area. The project cost is estimated at
INR325 crore and is envisaged tobe funded by debt of INR48 crore,
customer advances of INR233 crore and promoter funds of INR44.0
crore. The company is promoted by Mr. Sanjay Kumar and Mr. Arun
Kumar.


ASHWATH QUIPPO: CARE Keeps C Debt Rating in Not Cooperating
-----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Ashwath
Quippo Infraprojects Private Limited (AQIPL) continues to remain in
the 'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      58.00       CARE C; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category  

Detailed Rationale and key rating drivers

CARE Ratings Ltd. had, vide its press release dated March 8, 2023,
placed the rating(s) of AQIPL under the 'issuer non-cooperating'
category as AQIPL had failed to provide information for monitoring
of the rating and had not paid the surveillance fees for the rating
exercise as agreed to in its Rating Agreement. AQIPL continues to
be non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and email dated January
22, 2024, February 1, 2024 and February 11, 2024.

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 revision in rating of AQIPL is on account of default in
servicing of debt obligations payable to M/s SREI Equipment Finance
Ltd. (SEFL) which is not rated by CARE. However, there are no
delays in bank facility of Ratnakar Bank Ltd (RBL) which is rated
by CARE.

Detailed description of the key rating drivers:

At the time of last rating on March 8, 2023, the following were the
rating strengths and weaknesses (updated for the information
available from Registrar of Companies).

Key weaknesses

* Default in servicing of debt facility not rated by CARE albeit
timely servicing of debt rated by CARE: There has been default in
servicing of debt obligations payable to M/s SREI Equipment Finance
Ltd. (SEFL) which is not rated by CARE as per audited FY23 annual
report. However, there are no delays in bank facility of Ratnakar
Bank Ltd (RBL) which is rated by CARE as confirmed by the lender.

* Short track record of operation: AQIPL was incorporated as a
joint venture initiative of Ashwath Urban Pure Private Limited
(AUPPL) and Quippo Infrastructure Limited (QIL). AQIPL has short
track record of operations with the company incorporated in
June'16.

* Dip in financial performance between FY21 and FY23: The total
operating income (TOI) moderated from INR164.32 crore in FY21 to
INR68.19 crore in FY23. The operational losses of the company has
increased from INR2.06 crore in FY22 to INR61.79 crore due to lower
execution. The company's net losses increased from INR34.65 crore
in FY22 to INR83.73 crore in FY23. GCA stood negative at INR58.34
crore in FY23 (P.Y.: INR32.57 crore) Improvement in pace of
execution and availability of sanctioned bank borrowings to meet
additional working capital requirements is critical for performance
of the company going forward.

* Deterioration in capital structure and debt coverage indicators:
The net worth stood at INR73.57 crore as on March 31, 2020, as
against INR64.73 crore as on March 31, 2019. The net worth base is
moderate with short track record and draws support from
subordinated term loan from SEFL of INR40 crore. However, the total
debt increased from INR117.85 crore as on March 31, 2019, to
INR188.22 crore as on March 31, 2020, to meet working capital
requirements. The overall gearing increased and stood at 2.56x as
on March 31, 2020, as compared to 1.82x as on March 31, 2019. The
debt coverage indicators also deteriorated with increase in total
debt during the year. The interest coverage and TD/GCA deteriorated
from 2.09x and 7.13x respectively in FY19 to 1.43x and 15.49x
respectively in FY20. As on March 31, 2023, the overall gearing
ratio stood at -1.73x as against -3.69x as on Mar 31, 2022. The
interest coverage and TD/GCA stood at -127.28x and -.79x in FY23 as
against -0.06x and -8.82x respectively in FY22.

* Elongated operating cycle: The operations are working capital
intensive due to long term nature of contracts. The working capital
requirement is funded through creditors and loans from SEFL. The
operating cycle has further elongated to 281 days in FY20 from 170
days in FY19. The stretch in operating cycle was primarily due to
elongation in collection period from 199 days in FY19 to 294 days
in FY20. In FY23 the operating cycle stood at 363 days as against
318 days in FY22.

* Highly competitive industry with business risk associated with
tender-based orders: AQIPL faces direct competition from various
organized and unorganized players in the industry. The company
receives majority of work orders from public sector undertakings.
The risk arises from the fact that any changes in geo-political
environment and policy matters would affect all the projects at
large. Furthermore, any changes in the government policy or
government spending on projects can affect the revenues of the
company. Further, the company undertakes government projects, which
are awarded through the tender based/bidding system. This exposes
the company towards risk associated with the tender-based business,
which is characterized by intense competition. The growth of the
business depends on its ability to successfully bid for the tenders
and emerge as the lowest bidder.

Key strengths

* Moderate albeit concentrated order book position: AQIPL has
moderate unexecuted order book of INR428 crore as on December 31,
2020. However, the order book has remained relatively stagnant with
low execution on account of Covid-19 and no new orders received by
the company in the current year. The company is exposed to
concentration risk in order book as top three orders accounted for
74% of un-executed order book.

AQIPL was incorporated as a joint venture initiative of AUPPL and
QIL. AUPPL was formed by the promoters of Ashwath Infratech Private
Limited (AIPL; engaged in water management and rainwater harvesting
solutions) to engage in the business of trenchless sewage
rehabilitation. Whereas QIL is engaged in the business of services,
leasing and banking of construction equipment. AQIPL is an
integrated solution provider for urban water and sewage
infrastructure projects. The company's capabilities in trenchless
sewage works include de-silting & rehabilitation of sewage lines,
borewell drilling & construction, pipelines renewal &laying and
urban/rural water infrastructure.


BARDIYA REAL: ICRA Keeps B+ Rating in Not Cooperating Category
--------------------------------------------------------------
ICRA has kept the Long-Term rating of Bardiya Real Estate
Developers Private Limited in the 'Issuer Not Cooperating'
category. The rating is denoted as [ICRA]B+ (Stable); ISSUER NOT
COOPERATING".

                      Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long Term-         86.50       [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 Bardiya Real Estate Developers Private Limited, ICRA has been
trying to seek information from the entity so as to monitor its
performance. Further, ICRA has been sending repeated reminders to
the entity for payment of surveillance fee that became due. Despite
multiple requests by ICRA, the entity's management has remained
non-cooperative. In the absence of requisite information and in
line with the aforesaid policy of ICRA, the rating has been
continued to the "Issuer Not Cooperating" category. The rating is
based on the best available information.

The Bardiya Group has been active as a real estate developer,
gemstone trade house and mining business group in and around
Jaipur. The Group ventured into the real estate business in the
early 1990s with the launch of Gaurav Tower (GT), one of the first
shopping destinations of Jaipur. The Group has focused its
attention on acquiring large land banks at the city's premium
locations. It has a prominent land bank near the Jaipur airport and
across the heart of the city.The Group developed GT Central Mall in
2013 under BREDPL. GT Central is surrounded by projects such as GT,
Crystal Court, World Trade Park, Jaipur Stock Exchange, etc. The
total land area of GT is 2,565 sq. mt. The mall has four floors and
a basement with a total leasable/saleable area of 1.35 lakh sq. ft.
The company has sold/leased out 87% of the developed space. The
mall has a mix of flagship stores, vanilla stores, shops and food
court. The brands which are at present on board are Inox, Reliance
Trends, Reliance Footprint, Oneplus (mobile store), Burger King,
Pizza Hut, Dominos, State Bank of India, Modern Masti, Ximi Vogue,
etc. The property has an average daily footfall of up to 20,000
people and 35,000-40,000 people during weekend.


ENCARTA PHARMA: ICRA Keeps D Debt Ratings in Not Cooperating
------------------------------------------------------------
ICRA has kept the Long-term and Short-term rating for the bank
facilities of Encarta Pharma Private Limited (EPPL) in the 'Issuer
Not Cooperating' category. The rating is denoted as
"[ICRA]D/[ICRA]D; ISSUER NOT COOPERATING".

                    Amount
   Facilities     (INR crore)   Ratings
   ----------     -----------   -------
   Long-term–        25.00      [ICRA]D; ISSUER NOT COOPERATING;
   Fund based                   Rating Continues to remain under
   Cash Credit                  'Issuer Not Cooperating'
                                Category

   Short-term        12.50      [ICRA]D; ISSUER NOT COOPERATING;
   Non-fund based               Rating continues to remain under
   Others                       'Issuer Not Cooperating'
                                Category

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

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

Incorporated in 2001, EPPL is engaged in distribution of medical
devices, implants, equipment and biotechnology products. The
company is headquartered in Bangalore and distributes medical
devices of various renowned global companies such as MedtronicInc,
Draeger Medical and Lifetech Scientific among others. Product
profile of the company consists of cardiac stents, balloons,
valves, pacemakers and oxygenators among others.


GHAZIABAD ORGANICS: ICRA Lowers Rating on INR33cr LT Loan to B+
---------------------------------------------------------------
ICRA has revised the ratings for the bank facilities of Ghaziabad
Organics Limited (GOL) to [ICRA]B+(Stable)/[ICRA]A4; ISSUER NOT
COOPERATING.

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long Term-          4.00        [ICRA]B+ (Stable) ISSUER NOT
   Fund-based-                     COOPERATING; Rating downgraded
   Cash Credit                     from [ICRA]BB- (Stable) and
                                   rating moved to Issuer Not
                                   Cooperating category

   Long Term-         33.00        [ICRA]B+ (Stable) ISSUER NOT
   Fund-based-                     COOPERATING; Rating downgraded
   Cash Credit                     from [ICRA]BB- (Stable) and
                                   rating moved to Issuer Not
                                   Cooperating category

   Short-term–         7.00        [ICRA]A4; ISSUER NOT
   Non-fund based                  COOPERATING; rating moved to
   facilities-                     Issuer Not-Cooperating
   Bank guarantee                  Category

As part of its process and in accordance with its rating agreement
with GOL, ICRA has been trying to seek information from the entity
to monitor its performance, but despite repeated 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, a rating view has been taken on the entity based on
the best available information.

Ghaziabad Organics Limited (GOL), incorporated in January 1996, got
the licence to produce ethanol and special denatured spirit (SDS)
in 2018. The company began its operation with a molasses-based
ethanol distillery in November 2018. In November 2022, the company
shifted to a grain-based ethanol distillery. The distillery can run
on dual feedstock, so no major capex was incurred though the plant
had to be shut down for 4-4.5 months for the transition. The
grain-based distillery is in Uttar Pradesh with a capacity to
produce 50 kilolitres per day (KLPD) of ethanol; there is also a
bottling plant with a capacity of 4,160 cases per day for the
bottling of country liquor.

Initially, the company began its operations as a manufacturer of
ethyl acetate, butyl acetate and other chemicals, followed by the
licence to produce ethanol in 2018. It also got a licence for
extra-neutral alcohol and bottling of country liquor in January
2020 as well as for India Made Foreign Liquor (IMFL) in December
2021. GOL is a professionally managed organisation where all its
directors are leading industrialists, real estate developers and
financial experts. The company is in the process of enhancing the
ethanol distillery capacity to 90 KLPD, which is likely to get
completed by May 2023.


GOOD MEDIA: CARE Keeps C Debt Rating in Not Cooperating Category
----------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Good Media
News Private Limited (GMNPL) continue to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      10.58       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 March 13, 2023,
placed the rating(s) of GMNPL under the 'issuer non-cooperating'
category as GMNPL had failed to provide information for monitoring
of the rating and had not paid the surveillance fees for the rating
exercise as agreed to in its Rating Agreement. GMNPL continues to
be noncooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
January 27, 2024, February 6, 2024, February 16, 2024.

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).

Originally incorporated as a proprietorship firm with the name
'chee – Na – Telecom' on March 1992. In the year 2007, it
converted into private limited company & the name changed to Bridge
View Broadband Network Pvt. Ltd. Further, the name of
the company was changed to Good Media News Private Limited (GMNPL)
in 2013. The company is being currently managed by its directors
i.e. Mr. Ashwani Thakur and Mr. Shekhar Mehta. GMNPL is engaged in
cable business and Internet Service Provider
(ISP) holder providing internet, broadband services, digital cable
TV services, outdoor advertising etc. The company is operating a
news channel with the name "City Channel" in Himachal Pradesh and
also engaged in printing weekly newspaper 'Democracy Post' in Hindi
language. The brand of GMNPL is 'City Channel. The company is
having total 12 no. of branches in the state Himachal Pradesh.

GOPINATHJI CARS: ICRA Keeps B+ Debt Ratings in Not Cooperating
--------------------------------------------------------------
ICRA has kept the Long-term rating for the bank facilities of Shree
Gopinathji Cars Pvt. Ltd. in the 'Issuer Not Cooperating' category.
The rating is denoted as "[ICRA]B+(Stable); ISSUER NOT
COOPERATING".

                      Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long Term-         16.11       [ICRA]B+ (Stable) ISSUER NOT
   Fund Based-                    COOPERATING; Rating continues
   Cash Credit                    to remain under 'Issuer Not
                                  Cooperating' category

   Long Term-          8.40       [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 Shree Gopinathji Cars Pvt. Ltd., ICRA has been trying to seek
information from the entity so as to monitor its performance.
Further, ICRA has been sending repeated reminders to the entity for
payment of surveillance fee that became due. Despite multiple
requests by ICRA, the entity's management has remained
non-cooperative. In the absence of requisite information and in
line with the aforesaid policy of ICRA, the rating has been
continued to the "Issuer Not Cooperating" category. The rating is
based on the best available information.

Shree Gopinathji Cars Pvt. Ltd., a private limited company,
commenced operations in October 2014. SGCPL is engaged in the sale
of passenger vehicles of Honda Cars India Limited and has an
authorised dealership in Bharuch and Baroda. It is promoted by Mr.
Mayur C Gandhi along with other directors. Mr Gandhi has extensive
experience in the auto dealership business.


HUBTOWN BUS: CARE Keeps D Debt Ratings in Not Cooperating Category
------------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Hubtown
Bus Terminal (Ahmedabad) Private Limited (HBTPL) continue to remain
in the 'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      100.00      CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

   Short Term Bank      27.55      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 March 1, 2023,
placed the rating(s) of HBTPL under the 'issuer non-cooperating'
category as HBTPL had failed to provide information for monitoring
of the rating and had not paid the surveillance fees for the rating
exercise as agreed to in its Rating Agreement. HBTPL continues to
be non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
January 15, 2024, January 25, 2024, February 4, 2024.

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).

Hubtown Bus Terminal (Ahmedabad) Pvt Ltd (HBTAHPL) is a special
purpose vehicle formed by Hubtown Ltd. (formerly known as Akruti
City Ltd) with an objective to develop a bus terminal at Geeta
Mandir, Ahmedabad Gujarat, as per the concession agreement with
Gujarat State Road Transport Corporation (GSRTC). The Hubtown group
is in the business of developing real estate since two decades. The
group commenced operations with the incorporation of Akruti Nirman
Private Limited (ANPL) in February 1989. ANPL was subsequently
converted into a public limited company in April, 2002 renamed as
Hubtown Ltd. in 2012. Gujarat State Road Transport Corporation
(GSRTC) floated a tender for redevelopment of the bus terminal at
Geeta Mandir (Ahmedabad) in 2007. The Hubtown group was allotted
development rights of the said bus terminal project to be executed
through HBTAPL.

J S SPINTEX: CARE Keeps B Debt Rating in Not Cooperating Category
-----------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of J S
Spintex Limited (JSSL) continue to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      16.74       CARE B; 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 February 27,
2023, placed the rating(s) of JSSL under the 'issuer
non-cooperating' category as JSSL had failed to provide information
for monitoring of the rating and had not paid the surveillance fees
for the rating exercise as agreed to in its Rating Agreement. JSSL
continues to be non-cooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated January 13, 2024, January 23, 2024, February 2,
2024.

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).

J.S. Spintex Limited (JSSL), based in Samana (Punjab), was
incorporated in August, 2012 as a public limited company. It
commenced operations in January, 2014. The company is currently
being managed by Mr. Parminder Singh and Mr. Amandeep Singh. JSSL
is engaged in manufacturing of coarse cotton yarn at its
manufacturing plant located in Samana, Punjab, with total
installed capacity of 4,500 MT per annum, as on June 9, 2016. The
company manufactures yarn of different counts ranging from 18's to
24's depending upon the customer requirement. The yarn supplied by
the company is used as raw material for manufacturing bed sheets,
terry towel, foot-mats, suiting cloth, etc.


JAISHREE EXPORTS: CARE Cuts Rating on INR6.0cr LT/ST Loan to B+/A4
------------------------------------------------------------------
CARE Ratings has revised the ratings on certain bank facilities of
Jaishree Exports (JE), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term/Short      6.00       CARE B+; Stable/CARE A4;
   Term Bank                       ISSUER NOT COOPERATING;
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category and Revised from
                                   CARE BB-; Stable/CARE A4

   Short Term Bank      7.00       CARE A4; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category

Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated March 3, 2023,
placed the rating(s) of JE under the 'issuer non-cooperating'
category as JE had failed to provide information for monitoring of
the rating and had not paid the surveillance fees for the rating
exercise as agreed to in its Rating Agreement. JE continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
January 17, 2024, January 27, 2024, February 6, 2024.

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 facilties of JE have been revised
on account of non-availability of requisite information.

Delhi based Jaishree Exports (JE) was established in the year 1991
as a proprietorship firm and is currently managed by Mr. Kirti
Kumar Dawar. Mr. Anuj Dawar and Mr. Anirudh Dawar, sons of Mr.
Kirti Kumar Dawar also joined the firm as a part of the succession
plan for the business. The firm is a government recognized star
export house engaged in the processing, grading, sorting and
trading of rice at its processing facility located in Delhi. JE
sells its different varieties of rice to wholesalers and
distributors across global market places including USA, Canada,
Germany, Oman, UAE etc. The exports account for 97% of the total
sales and rest 3% is domestic sale. The firm is also engaged in
retail distribution of Rice under its own brand Rice Express
directly to end customers in New Delhi/Gurgaon region.

JANAADHAR (INDIA): ICRA Lowers Rating on INR30cr LT Loan to B+
--------------------------------------------------------------
ICRA has downgraded and moved the rating for the unallocated limits
of Janaadhar (India) Private Limited (JIPL) to the 'Issuer Not
Cooperating' category. The rating is denoted as "[ICRA]B+ (Stable)
ISSUER NOT COOPERATING".

                      Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long Term-         30.00       [ICRA]B+ (Stable) ISSUER NOT
   Unallocated                    COOPERATING; Rating downgraded
                                  from [ICRA]BB+ (Stable) and
                                  moved to the 'Issuer Not
                                  Cooperating' category

The rating downgrade is because of lack of adequate information
regarding JIPL's performance and hence the uncertainty around its
credit risk. ICRA assesses whether the information available about
the entity is commensurate with its rating and reviews the same as
per its "Policy in respect of non-cooperation by a rated entity"
available at www.icra.in. The lenders, investors and other market
participants are thus advised to exercise appropriate caution while
using this rating, as the rating may not adequately reflect the
credit risk profile of the entity, despite the downgrade.

As a part of its process and in accordance with its rating
agreement with JIPL, 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 company's rating has
been moved to the 'Issuer Not Cooperating' category. The rating
action has been taken in accordance with ICRA's policy on
non-cooperation by a rated entity available at www.icra.in.

JIPL, incorporated in 2007, develops affordable housing projects to
address the home ownership aspirations of the lower income urban
population. It provides a complete housing solution that is
affordable, of high quality and has accessible housing finance. It
was promoted by Mr. Ramesh Ramanathan, who is also the promoter of
Jana Holdings Limited and a director in Jana Small Finance Bank
Limited. The promoter holds stake in this company through Jana
Urban Foundation (JUF), which holds 50.3% stake as on date with
other major shareholders being Tree Line Asia Master Fund
(Singapore) Private Limited with 12.3% share and Sterling
Developers with 11.3% share. The remaining shares are held by
individual investors – Mr. Narayan Ramachandran, Mr. Vikram
Gandhi, Mr. Vallabh Bhansali, Mr. Badri Narayan Pilinja, and Sri
Vatsa Krishna. The JKR student housing project is being executed
under a special purpose vehicle (SPV) – Janaadhar South1 Projects
LLP, and the Sanand project is being executed under an SPV named
Janaadhar Western Projects LLP.


LIMITORQUE INDIA: ICRA Withdraws B Rating on INR17cr Term Loan
--------------------------------------------------------------
ICRA has withdrawn the ratings assigned to the bank facilities of
Limitorque India Limited (LIL) at the request of the company and
based on the No Due certificate (NDC) received from its banker. The
Key Rating Drivers, Liquidity Position, Rating Sensitivities, have
not been captured as the rated instruments are being withdrawn.  

                      Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Short Term-         2.10       [ICRA]A4;ISSUER NOT
   Non-Fund                       COOPERATING; Withdrawn
   Based-Others        
                                  
   Long Term-         11.90       [ICRA]B (Stable) ISSUER NOT
   Fund Based-                    COOPERATING; Withdrawn
   Cash Credit                      

   Long Term-         17.00       [ICRA]B (Stable) ISSUER NOT
   Fund Based-                    COOPERATING; Withdrawn
   Term Loan                      

Incorporated in 1985, Limitorque India Limited (LIL) is promoted by
Mr. Shyam Maheshwari, who holds a 47.2% stake in the company. The
other shareholders include Flowserve Corporation, USA (26% stake),
Nippon Gear Company Limited, Fujisawa, Japan (14% stake), and Wise
Electronics Private Limited (12.7% stake). The company is in the
business of designing, development, manufacturing and supply of
custom-built electric actuators. The products manufactured have
applications in end user industries like gas, hydro, power, etc.
The manufacturing facility of the company is located at Faridabad,
Haryana.


MAA KALI: ICRA Withdraws B+ Rating on INR23cr LT Loan
-----------------------------------------------------
ICRA has withdrawn the ratings assigned to the bank facilities of
Maa Kali Alloys Udyog Private Limited at the request of the company
and based on the No Objection Certificate/Closure Certificate
received from its bankers. However, ICRA does not have information
to suggest that the credit risk has changed since the time the
rating was last reviewed. The Key Rating Drivers and their
description, Liquidity Position, Rating Sensitivities, Key
financial indicator have not been captured as the rated instruments
are being withdrawn.

                      Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long Term-         21.50       [ICRA]B+ (Stable) ISSUER NOT
   Fund Based-                    COOPERATING; Withdrawn
   Term Loan                      

   Short Term-         0.50       [ICRA]A4;ISSUER NOT
   Non-Fund                       COOPERATING; Withdrawn
   Based-Others        
                                  
   Long Term-         23.00       [ICRA]B+ (Stable) ISSUER NOT
   Fund Based-                    COOPERATING; Withdrawn
   Cash Credit                      

Incorporated in 2002, Maa Kali Alloys Udyog Private Limited
(MKAUPL) manufactures sponge iron and MS billets with an annual
installed capacity of 60,000 MT and 56,000 MT, respectively. The
manufacturing facility, located in Raigarh, Chhattisgarh, also
consists of a captive power plant of 8 MW. The sponge iron plant
was started in 2005, whereas the billet and power units were
started in December 2013.



MAHENDRA PUMPS: CARE Assigns B+ Rating to INR37.70cr LT Loan
------------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of Mahendra
Pumps Private Limited (MPPL), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long-term
   bank facilities      37.70      CARE B+; Stable Assigned

   Long-term/            1.30      CARE B+; Stable/CARE A4
   Short-term                      Assigned
   bank facilities       
                                   
Rationale and key rating drivers

The ratings assigned to the bank facilities of MPPL are constrained
by small scale of operations, weak financial risk profile, and high
working capital intensity of the operations.

The ratings however draw strength from experienced promoters and
their long track record in pump manufacturing business, and
satisfactory operating margins.

Rating sensitivities: Factors likely to lead to rating actions

Positive factors

* Improvement in working capital cycle and Liquidity position
leading to reduction in utilization of Working capital limits.

* Increase in scale of operations above INR 80 crores while
maintaining PBILDT margins above 12%.

Negative factors

* Any further deterioration in the business risk profile of the
company impacting the Liquidity position.

Analytical approach: Standalone

Outlook: Stable

The stable outlook reflects the experience of the promoters is
likely to aid the company maintain its current business risk
profile in the medium term.

Detailed description of the key rating drivers:

Key weaknesses

* Small scale of operations: The operations of the company have
remained modest with the Operating scale in the range of INR 40-60
crores in the past four years. Total operating income (TOI) of the
company stood modest at INR 41.79 crores in FY23 (FY22: INR 46.10
crores). During 11MFY24, the TOI stood at INR 27.83 crores. During
FY24, the company has been approved as a manufacturer/vendor of
Solar Pumps by Ministry of New and Renewable Energy (MNRE) under
Pradhan Mantri-Kisan Urja Suraksha evam Utthaan Mahabhiyan
(PM-KUSUM) scheme. The additional orders procured under the scheme
is expected to aid the company scale up its operations in the
medium term.

* Leveraged capital structure and weak debt protection metrices:
The capital structure of the company marked by overall gearing
stood leveraged at 3.40x as on March 31, 2023 (3.16x as on March
31, 2022) owing to moderate net worth of INR21.48 crore and higher
working capital requirements. Due to working capital intensive
nature of business, the short-term borrowings remain high which
constitutes a major part of book debt, followed by unsecured loans
from promoters. Interest coverage and Total Debt/PBILDT stood weak
at 1.16x and 12.46x respectively as on March 31, 2023.

* Presence in highly competitive industry and working capital
intensive operations: The Pump manufacturing industry has many
organised and unorganised players in the market and, thus, intense
competition keeps a check on the price of products. The operations
of the company is Working capital intensive with overall operating
cycle stood at around 593 days owing to high inventory of 591 days,
thereby increasing the dependence on working capital limits.

Key strengths

* Experienced Promoters and long track record of operations: MPPL
has a vast experience of over five decades in the pumps
manufacturing industry, leading to a reputed client base and
healthy relationships with its suppliers. MPPL is managed by Mr.
Mahendra Ramdas who has extensive experience of over 30 years in
pumps manufacturing. The company has a total of 4 manufacturing
units which are in and around Coimbatore, Tamil Nadu with the
capacity to manufacture 160000 pumps/year and sells its products
under the Brand name of “Mahendra”. The experience of the
promoters is expected to aid the company in maintaining its
business profile in the medium term.

* Healthy Profitability Margins: The PBILDT margins of the company
have remained healthy in the range of 12-14% in the past four
years. The PBILDT margins further stood improved to 29.21% in
11MFY24 amid improved realisations and stable input prices.

Liquidity: Stretched

The liquidity position of the company is stretched marked by
tightly matched cash accruals against repayment obligation of
around INR2.7 Crore in FY25. The working capital limit stood fully
utilised at 100% for the last 12 months ending March 2024. The cash
and bank balances stood low at INR0.91 crores as on March 31, 2023
(P.Y: INR 1.04 crores). The promoters of the company has brought in
unsecured loans of INR14.51 crore in the past two years and have
infused equity of INR4.85 crore in FY24 which is expected to aid
the Liquidity profile of the company in the medium term.

Mahendra pumps private limited is a manufacturer and supplier of
open well monobloc pumps and submersible pump set majorly catering
to the domestic and agriculture segments. It was first established
in 1960 as a partnership firm in the name of Mahendra Engineering
works by Mr. K. Ramdass (Father of Mr. Mahendran Ramdass, MD). It
was later reconstituted as a private limited company in 2001. The
day-to-day operations of the company are managed by its Managing
Director Mr. Mahendran Ramdas and Mr. Vidhyasagar Ramdas, Director.
The company has 10 retail branches in major cities such as
Bangalore, Kolkata, Pune, Ranchi, Vijayawada, Thrissur among
others.


MANICKBAG AUTOMOBILES: ICRA Keeps B+ Rating in Not Cooperating
--------------------------------------------------------------
ICRA has kept the Long-Term rating for the Bank facilities of
Manickbag Automobiles Pvt Ltd in the 'Issuer Not Cooperating'
category. The rating is denoted as "[ICRA]B+(Stable);ISSUER NOT
COOPERATING".

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

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

Based out of Belgaum, Manickbag Automobiles Pvt Ltd, is engaged in
the dealership of Tata commercial vehicles (CV) and passenger
vehicles (PV) in North Karnataka region. The entity started its
operations in 1956 with the sub-dealership of Ashok Leyland
vehicles. It started Tata CV dealership in 1992 and added the PV
division in 1997. In 2002, the entity was incorporated as a company
under the name Manickbag Automobiles Pvt Ltd. MAPL currently
operates 10 CV showrooms, 1 PV showroom and 4 showrooms catering to
both PV and CV, located across North Karnataka. In addition, the
company also undertakes dealerships for Suzuki two wheelers and LG
and Toshiba consumer goods.


MEP SANJOSE: ICRA Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------
ICRA has kept the Long-Term rating of MEP Sanjose Kante Waked Road
Private Limited (MSKWRPL) in the 'Issuer Not Cooperating' category.
The rating is denoted as [ICRA]D; ISSUER NOT COOPERATING".

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

   Long Term-       (36.72)     [ICRA]D; ISSUER NOT COOPERATING;
   Interchangeable              Rating Continues to remain under
                                'Issuer Not Cooperating'
                                Category

   Long-term–       371.83      [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 MSKWRPL, 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.

MEP Sanjose Kante Waked Road Private Limited (MSKWRPL) is a Special
Purpose Vehicle (SPV) promoted by MEP Infrastructure Developers Ltd
(MEPIDL) in joint venture with Sanjose India Infrastructure &
Construction Pvt. Ltd. (SIICPL) for implementing a road project
involving upgradation from two-lane to four-lane of Kante Waked
road in the state of Maharashtra from Km 281.30 to Km 332.30 (Total
Length 50.90 km) and construction of additional 2 lanes. The
project is awarded under the National Highway Development Project
– IV (NHDP-IV) on Hybrid Annuity mode (HAM). The bid project cost
is INR826.28 crore and has a concession period of 17 years
(including 2 years of construction period).


NAVALAKHA TRANSLINES: ICRA Keeps B+ Ratings in Not Cooperating
--------------------------------------------------------------
ICRA has kept the Long-Term rating for the Bank facilities of
Navalakha Translines in the 'Issuer Not Cooperating' category. The
rating is denoted as "[ICRA]B+(Stable);ISSUER NOT COOPERATING".

                      Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long Term-          4.00       [ICRA]B+ (Stable) ISSUER NOT
   Fund Based-                    COOPERATING; Rating continues
   Cash Credit                    to remain under 'Issuer Not
                                  Cooperating' category

   Long Term/         21.00       [ICRA]B+(Stable)/[ICRA]A4;
   Short Term-                    ISSUER NOT COOPERATING;
   Non-Fund Based                 Rating Continues to remain
                                  under issuer not cooperating
                                  category
  
As part of its process and in accordance with its rating agreement
with Navalakha Translines, 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.

NTR is engaged in transport of liquid chemicals and gases. It owns
a fleet of 109 multi axle tankers of different tonnage capacities
varying from 11 MT to 40 MT per tanker. Annual transportation by
the firm is in the range of 1,40,000 to 1,50,000 MT. The firm
primarily operates in western and southern India with branches in
five locations in Maharashtra and Gujarat. Since 2000, NTR has
entered wind power generation to avail accelerated depreciation
benefits. The firm has installed WEGs at different places in
Maharashtra and Karnataka with total installed capacity of ~12
MW.firm also commissioned two solar power plants of 1 MW and 2 MW
in April 2013 and May 2014 respectively. The Navalakha Group is
engaged in various activities like transportation, wind power
generation, agriculture activities like fruits and flowers, gases
and chemicals, real estate etc.


NEW CITIZEN: ICRA Keeps D Ratings in Not Cooperating Category
-------------------------------------------------------------
ICRA has kept the Long-term rating for the bank facilities of New
Citizen Cars in the 'Issuer Not Cooperating' category. The rating
is denoted as "[ICRA]D; ISSUER NOT COOPERATING".

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

   Long Term-         5.00      [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 New Citizen Cars, 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 2010 by Mr. Ghouse Sait (son of Mr. Haneef Sait) as
a proprietorship firm in Bangalore, New Citizen Cars is a private
pre-owned car (POC) dealer which primarily deals in high-end range
of cars. The major car brands include Ford, Honda, Hyundai, Rolls
Royce, Bentley, Land Rover, Toyota, Benz, BMW, Audi, Bugatti,
Harley Davidson, Lamborghini, Jaguar, Volkswagen, Chevrolet and
Skoda. The firm has one showroom in Banswadi, which has a capacity
of keeping ~60 cars. It has a sister concern, called Citizen Cars,
which is also a private POC dealer and operates out of a showroom
with a capacity of keeping ~110 cars in Hebbal, Bangalore.


NUTECH JETTING: CARE Keeps B- Debt Ratings in Not Cooperating
-------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Nutech
Jetting Equipments India Private Limited (NJEIPL) continue to
remain in the 'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      14.80       CARE B-; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

   Long Term/Short      1.25       CARE B-; Stable/CARE A4;
   Term Bank                       ISSUER NOT COOPERATING;
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

   Short Term Bank      4.75       CARE A4; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category

Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated February 27,
2023, placed the rating(s) of NJEIPL under the 'issuer
non-cooperating' category as NJEIPL had failed to provide
information for monitoring of the rating and had not paid the
surveillance fees for the rating exercise as agreed to in its
Rating Agreement. NJEIPL continues to be non-cooperative despite
repeated requests for submission of information through e-mails,
phone calls and a letter/email dated January 13, 2024, January 23,
2024, February 2, 2024.

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).

Faridabad, Haryana based Nutech Jetting Equipment India Private
Limited (NJEIPL) was incorporated in May, 1988 by Mr. Ravindra
Bhatia, Mr. Puneet Bhatia, Mrs. Kamlesh Bhatia and Ms. Shalini
Bhatia. The company is engaged in cleaning and hygiene management
services to various private and public entities. The equipment and
machines such as heat exchangers, coolers, condensers, pipelines,
tanks, vessels, boilers, etc. are either manufactured in-house or
are imported from Europe and China.

PHOTON ENERGY: ICRA Moves B- Debt Rating to Not Cooperating
-----------------------------------------------------------
ICRA has moved the ratings for the bank facilities of Photon Energy
Systems Limited (PESL) to the 'Issuer Not Cooperating' category.
The rating is denoted as "[ICRA]B-(Stable)/[ICRA]A4; ISSUER NOT
COOPERATING".

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long Term-          6.00        [ICRA]B- (Stable) ISSUER NOT
   Fund Based-                     COOPERATING; Rating Moved to
   Cash Credit                     the 'Issuer Not Cooperating'
                                   Category

   Short Term–        19.00        [ICRA]A4; ISSUER NOT
   Non-Fund Based–                 COOPERATING; Rating moved to
   (LC/BG)                         Issuer Not Cooperating
                                   category

As part of its process and in accordance with its rating agreement
with PESL, ICRA has been trying to seek information from the entity
so as to monitor its performance, but despite repeated 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, a rating view has been taken on the entity based on
the best available information.

Photon Energy Systems Limited (PESL) was established in 1995. PESL
is the parent company of the Photon Group which is involved in the
installation and supply of solar modules and the subsequent O&M of
the solar power plants. The company also has an operational 1-MW
solar power plant in Telangana. Photon Rooftops Private Limited
(PRPL) is a subsidiary where PESL holds a 99% shareholding. PRPL
has two operational solar roof-top projects and an
under-construction solar power plant of 2.2 MW. Photon Solar Power
Private Limited (PSPL) has two solar power projects of 5 MW each in
the Medak district, Telangana.


PHOTON ROOFTOPS: ICRA Moves B- Debt Ratings to Not Cooperating
--------------------------------------------------------------
ICRA has moved the ratings for the bank facilities of Photon
Rooftops Private Limited (PRPL) to the 'Issuer Not Cooperating'
category. The rating is denoted as "[ICRA]B-(Stable); ISSUER NOT
COOPERATING".

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long Term-          7.07        [ICRA]B- (Stable) ISSUER NOT
   Fund Based-                     COOPERATING; Rating Moved to
   Term Loan                       the 'Issuer Not Cooperating'
                                   Category

   Long Term-          2.93        [ICRA]B- (Stable) ISSUER NOT
   Unallocated                     COOPERATING; Rating Moved to
                                   the 'Issuer Not Cooperating'
                                   Category

As part of its process and in accordance with its rating agreement
with PRPL, ICRA has been trying to seek information from the entity
so as to monitor its performance, but despite repeated 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, a rating view has been taken on the entity based on
the best available information.

Photon Rooftop Private Limited (PRPL), incorporated in December
2014, is a subsidiary of Photon Energy Systems Limited (PEPL), with
PEPL holding a ~99% stake in PRPL. Photon Rooftops Private Limited
(PRPL) has two operational solar rooftop plants with a total
operational capacity of 420 KW and an under-construction solar
power capacity of 2.2 MW.


POWER MECH: ICRA Keeps B+ Debt Ratings in Not Cooperating
---------------------------------------------------------
ICRA has kept the Long-Term and Short-Term ratings of Power Mech
Infra Limited (PMIL) in the 'Issuer Not Cooperating' category. The
rating is denoted as [ICRA]B+(Stable)/[ICRA]A4; ISSUER NOT
COOPERATING".

                      Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Short Term-         20.00       [ICRA]A4 ISSUER NOT
   Non Fund Based                  COOPERATING; Rating continues
   Others                          to remain under 'Issuer Not
                                   Cooperating' category

   Long Term-           3.00       [ICRA]B+ (Stable) ISSUER NOT
   Fund Based-                     COOPERATING; Rating continues
   Cash Credit                     to remain under 'Issuer Not
                                   Cooperating' category

   Long Term-          40.00       [ICRA]B+ (Stable) ISSUER NOT
   Unallocated                     COOPERATING; Rating continues
                                   to remain under 'Issuer Not
                                   Cooperating' category

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

Power Mech Infra Limited (PMIL) was incorporated in the year 2009
by Mr. Kishore Babu, who is also the promoter of Power Mech
Projects Limited (rated [ICRA]A-(Stable)/[ICRA]A2+, last reaffirmed
in April 2018). PMIL was incorporated to develop real
estate properties such as multiplexes, retail spaces and commercial
office spaces. The company has three main divisions i) Commercial
real estate business with lease rental income, ii) Civil
construction Works iii) Hire rental income from the cranes given on
lease to PMPL (business was discontinued from July 2018). PMIL has
completed two commercial real estate projects - five floor
commercial complex in Noida (leasable area of 18327 sft) with a
cost of Rs 13.80 crore in June 2015 and five floor commercial
building in Hyderabad (leasable area of 50300 sft) with a cost of
Rs 23.28 crore in March 2016. The company is undertaking
construction of shopping mall cum multiplex in Vijayawada (to be
operational by December 2018) at an estimated cost of Rs 50.00
crore funded by equity and internal accruals. PMIL is also setting
up a 2 MW solar power capacity which will be used for captive
consumption at Mall cum Multiplex.


PREHARI PROTECTION: ICRA Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------------
ICRA has kept the Long-Term and Short-term rating for the Bank
facilities of Prehari Protection Systems Pvt. Ltd. (PPSPL) in the
'Issuer Not Cooperating' category. The rating are denoted as
"[ICRA]D;ISSUER NOT COOPERATING/[ICRA]D;ISSUER NOT COOPERATING".

                     Amount
   Facilities     (INR crore)   Ratings
   ----------     -----------   -------
   Long-term–         2.00      [ICRA]D; ISSUER NOT COOPERATING;
   Fund based                   Rating Continues to remain under
   Cash Credit                  'Issuer Not Cooperating'
                                Category

   Short-term         2.66      [ICRA]D; ISSUER NOT COOPERATING;
   Non-fund based               Rating continues to remain under
   Others                       'Issuer Not Cooperating'
                                Category

   Long Term-         0.34      [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 PPSPL, 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.

Prehari Protection Systems Private Limited (PPSPL) was established
in 1992 as proprietorship entity (Prehari Protection Systems) by Mr
Rajinder Pal. Later in 1995, the entity was reconstituted as a
private limited company by Mr Rajinder Pal and Mr Kamaljit Singh,
son-in-law of Mr Rajinder Pal.

The company provides facility management services such as security,
housekeeping and cleaning solutions, human resource services, solid
waste management services etc. The company has various divisional
head to see supervise and control the activities. The entire
business is tender based in nature. Company participates
approximately 40 tenders annually and success rate is ~50%. Apart
from above mentioned services, company is also engaged in providing
services of engineering and construction, information technologies
and telecom, training, hospitality etc. The company has diversified
presence in North, Central and western India via various branch
offices. It has branch offices in Chandigarh, New Delhi, Jaipur,
Allahabad along with a branch located at New York (recently
started).


PTG TECHNOPAK: ICRA Keeps B+ Debt Ratings in Not Cooperating
------------------------------------------------------------
ICRA has retained the ratings for the bank facilities of PTG
Technopak Private Limited (PTG) in the Issuer Not-Cooperating
category. The rating is denoted as [ICRA]B+(Stable)/[ICRA]A4 ISSUER
NOT COOPERATING.

                      Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long Term-          7.00       [ICRA]B+ (Stable) ISSUER NOT
   Fund Based-                    COOPERATING; Rating continues
   Cash Credit                    to remain under 'Issuer Not
                                  Cooperating' category

   Long Term-          1.00       [ICRA]B+ (Stable) ISSUER NOT
   Fund Based-                    COOPERATING; Rating continues
   Term Loan                      to remain under 'Issuer Not
                                  Cooperating' category

   Short Term         (6.00)      [ICRA]A4; ISSUER NOT
   Interchangeable                COOPERATING; Rating Continues
                                  to remain under issuer not
                                  cooperating category

   Unallocated         2.85       [ICRA]B+(Stable); ISSUER NOT
   Limits                         COOPERATING; rating continues
                                  to be under Issuer Not
                                  Cooperating category

As part of its process and in accordance with its rating agreement
with PTG, ICRA has been trying to seek information from the entity
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 company's
ratings remain under the Issuer Not-Cooperating category. The
ratings are based on the best available information.

PTG Technopak Private Limited (PTG), incorporated in 2016, is
wholly owned by the promoter group company of the Padia Group. The
company began commercial operations in February 2017 and
manufactures high-density polyethylene (HDPE) drums/barrels and
containers. PTG's manufacturing facility is in Ambala, Haryana. The
key managing promoter of PTPL, Mr. Amit Padia, has ~15 years of
experience in manufacturing plastic-moulded products and direct
marketing of products for industrial packaging.


SAVFAB DEVELOPERS: ICRA Keeps D Debt Rating in Not Cooperating
--------------------------------------------------------------
ICRA has kept the Long-Term rating of Savfab Developers Pvt. Ltd.
(SDPL) in the 'Issuer Not Cooperating' category. The rating is
denoted as [ICRA]D; ISSUER NOT COOPERATING".

                    Amount
   Facilities     (INR crore)   Ratings
   ----------     -----------   -------
   Long-term–        35.00      [ICRA]D; ISSUER NOT COOPERATING;
   Fund based                   Rating Continues to remain under
   Term Loan                    'Issuer Not Cooperating'
                                Category

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

Incorporated in 2012, SDPL is developing a residential project
called "Jasmine Grove" at Village Mehrauli, on NH-24, Ghaziabad,
Uttar Pradesh. In the last year, the company increased the scope of
the project to 517 flats from the originally envisaged 370 flats.
The company is part of the Saviour group, which is promoted by Mr.
Dhanesh Goel and Mr. Vineet Goel, who have been executing projects
in NCR for many years.


SIMOLA VITRIFIED: ICRA Keeps B+ Debt Ratings in Not Cooperating
---------------------------------------------------------------
ICRA has kept the Long-term and Short-term ratings for the bank
facilities of Simola Vitrified Private Limited (SVPL) in the
'Issuer Not Cooperating' category. The rating is denoted as
"[ICRA]B+(Stable)/[ICRA]A4; ISSUER NOT COOPERATING".

                      Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long Term-         11.50       [ICRA]B+ (Stable) ISSUER NOT
   Fund Based-                    COOPERATING; Rating continues
   Cash Credit                    to remain under 'Issuer Not
                                  Cooperating' category

   Long Term-          5.85       [ICRA]B+ (Stable) ISSUER NOT
   Fund Based-                    COOPERATING; Rating continues
   Term Loan                      to remain under 'Issuer Not
                                  Cooperating' category


   Short Term         (6.00)      [ICRA]A4; ISSUER NOT
   Interchangeable                COOPERATING; Rating Continues
   Others                         to remain under issuer not
                                  cooperating category

   Short Term-         3.50       [ICRA]A4 ISSUER NOT
   Non Fund Based                 COOPERATING; Rating continues
   Others                         to remain under 'Issuer Not
                                  Cooperating' category

   Long Term/         15.43       [ICRA]B+ (Stable)/[ICRA]A4;
   Short Term-                    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 SVPL, 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.

Simola Vitrified Private Limited (SVPL) was incorporated in 2010 as
a manufacturer of vitrified tiles. The company is owned and managed
by Mr. Rajesh Shirvi, Mr. Paresh Dhoriyani, Mr. Harish Shirvi and
Mr. Bhavesh Godhaviya. It commenced commercial production in July
2011. SVPL manufactures glazed vitrified tiles (GVT) of multiple
sizes 600mmx600mm, 600mmx1200mm, 200mmx1200mm, 300mmx600mm and
300mmx1200mm, which find wide application in commercial and
residential buildings. SVPL's manufacturing facility is located at
Morbi in Gujarat. It has an installed capacity of 70,000 Metric
Tonnes Per Annum (MTPA). The company markets its tiles under the
brand 'SIMOLA'.


SOUTHERN AGENCIES: ICRA Keeps B Debt Rating in Not Cooperating
--------------------------------------------------------------
ICRA has kept the Long-term rating for the bank facilities of
Southern Agencies in the 'Issuer Not Cooperating' category. The
rating is denoted as "[ICRA]B(Stable); ISSUER NOT COOPERATING".

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

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

Southern Agencies, established in 1950 as a partnership firm, is a
wholesale dealer for Godrej Industries' products including
refrigerators, washing machines, air conditioners, furniture etc.
The firm is a wholesale dealer for IFB Industries Limited, MM Foam,
Usha International Limited, etc. Its head office is located in
Rajahmundry, and it has presence in eight districts through 20
branches spread across Andhra Pradesh and Telangana.


SPICEJET LTD: Seeks INR450cr Refund from Kalanithi Maran
--------------------------------------------------------
Livemint.com reports that budget airline SpiceJet will seek a
refund of INR450 crore from its former promoter Kalanithi Maran,
and his firm, KAL Airways, the company said on May 22.

This follows a Delhi high court order on May 17 that overturned an
earlier judgment upholding an arbitral award in Maran's favor.

According to Livemint.com, SpiceJet said it will seek the return of
INR450 crores out of the INR730 crores it paid to KAL Airways and
Maran. This includes INR580 crore in principal and INR150 crore in
interest.

"The Division Bench of the Delhi High Court ruled on May 17 in
favor of SpiceJet and its promoter, Ajay Singh, in the
long-standing share transfer case against former promoter Kalanithi
Maran and his firm, KAL Airways," SpiceJet said in a statement.
"This ruling overturns a previous decision by a single-judge bench,
positioning SpiceJet to claim a substantial refund based on legal
advice."

Livemint.com says Justices Yashwant Varma and Ravinder Dudeja
passed the order on a plea filed by SpiceJet's chairman and
managing director (CMD), Ajay Singh, and the airline, challenging a
single-judge order from July 2023 that had affirmed the arbitral
award.

Livemint.com relates that SpiceJet and Ajay Singh had challenged
many portions of the award, including the direction to refund
INR270 crores to KAL Airways and Maran and the imposition of 12%
interest on warrants and 18% interest on the awarded amount. They
argued that these portions of the award were unjustified and sought
their annulment.

The division bench found that the single judge had erred in
dismissing the Section 34 petitions of Ajay Singh and SpiceJet
without due consideration of claims of patent illegality and
admitted breaches by KAL Airways and Kalanithi Maran.

The court noted that penal interest had been charged despite
SpiceJet not being in breach of the share purchase agreement. These
aspects were not adequately considered by the single judge, leading
to the allowance of the appeals by Ajay Singh and SpiceJet.

Although the high court did not stay the arbitral award, it
permitted the appeal to be restored under Section 34 of the
Arbitration and Reconciliation Act 1996, Livemint.com notes. This
means that while the previous decision has been nullified, there is
now an opportunity for a fresh review of the case by the single
bench, taking into account all aspects of the dispute.

The case is likely to be heard afresh by the single bench,
Livemint.com notes.

The dispute goes back to February 2015 when Maran transferred his
entire shareholding in SpiceJet to Ajay Singh, the current chairman
and managing director of the airline, after the carrier nearly went
belly up in 2014-15 due to a severe cash crunch.

Singh, who paid INR2 to take over the airline, also took over
SpiceJet's liabilities of INR1,500 crore.

As part of the agreement, Maran and KAL Airways also made payments
of INR679 crore to SpiceJet, under Singh, for issuing warrants and
preference shares. However, Maran approached the Delhi high court
in 2017, alleging SpiceJet had not issued convertible warrants and
preference shares or returned the money.

                           About Spicejet

SpiceJet Limited -- http://www.spicejet.com/-- is an India-based
low-budget air carrier.  The Company operates daily flights between
major cities in India. The carrier is India's second-biggest budget
airline, after IndiGo.

SpiceJet has faced a series of insolvency pleas from various
parties in the National Company Law Tribunal (NCLT) over pending
dues. These include Wilmington Trust SP Services (Dublin), Willis
Lease Finance, Celestial Aviation, Aircastle (Ireland) Ltd, and
Alterna Aircraft.

The NCLT has already rejected the pleas of Willis Lease Finance and
Wilmington Trust SP, while SpiceJet reached a settlement with
Celestial Aviation, according to Livemint.com.

As reported in the Troubled Company Reporter-Asia Pacific in late
March 2024, Moneycontrol said Alterna Aircraft BV Limited on March
18 withdrew its insolvency plea against SpiceJet at the NCLT. The
lessor plans to fight the same at an appropriate forum.

The plea of Aircastle is still pending.

SUDHAMSU EXIM: ICRA Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------
ICRA has kept the Long-Term and Short-term rating of Sudhamsu Exim
Private Limited (SEPL) in the 'Issuer Not Cooperating' category.
The rating is denoted as [ICRA]D/[ICRA]D; ISSUER NOT COOPERATING".

                     Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Long-term/        15.00       [ICRA]D/[ICRA]D; ISSUER NOT
   Short Term                    COOPERATING; Rating Continues to
   Unallocated                   remain under 'Issuer Not
                                 Cooperating' Category

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

Sudhamsu Exim Private Limited (SEPL) was incorporated in 2008 and
is promoted by Mr. M. PruthviRaj Reddy and family. Up to FY2013,
the company was involved in trading of construction materials. From
FY2014 onwards, the company has been involved in execution of civil
projects related to construction of houses and for renewable energy
generation. The company is currently involved in the execution of
civil works for 100MW wind power project for Axis Energy Limited.
Also, the company has recently received the order from JREDA for
Design, Testing, Supply, Installation and Commissioning of
indigenous solar photovoltaic power plant for rural electrification
of 290 villages in Jharkhand.



VEERABHADRESHWARA RICE: CARE Lowers Rating on INR9cr Loan to B-
---------------------------------------------------------------
CARE Ratings has revised the ratings on certain bank facilities of
Shree Veerabhadreshwara Rice Industries (SVRI), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       9.00       CARE B-; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category and
                                   Revised from CARE B; Stable

Rationale and key rating drivers

CARE Ratings Ltd. had, vide its press release dated April 14, 2023,
placed the rating(s) of SVRI under the 'issuer non-cooperating'
category as SVRI had failed to provide information for monitoring
of the rating and had not paid the surveillance fees for the rating
exercise as agreed to in its Rating Agreement. SVRI continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
February 28, 2024, March 9, 2024, March 19, 2024.

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 SVRI have been
revised on account of non-availability of requisite information.

Analytical approach: Standalone

Outlook: Stable

Shree Veerabhadreshwara Rice Industries was established in 2015 as
a partnership firm and promoted by Mr. S M Veeresh and Ms.
RoopaVeeresh (Spouse of S M Veeresh). SVRI is engaged in milling
and processing of rice. The rice milling unit of the firm is
located at Hanagawadi industrial Area, Harihar Taluk, and Davangere
district of Karnataka. Apart from rice processing, the firm is also
engaged in selling by-products such as broken rice, husk and bran.
The firm started its commercial operations from March 2016.
Earlier, the promoter of the firm, Mr. S M Veeresh, was engaged in
warehousing business of paddy and other agriculture products. The
main raw material, paddy, is directly procured from local farmers
located in and around Devangere District and the firm sells rice
and other by-products in the open markets of Karnataka.


WALLMARK CERAMIC: ICRA Keeps B Debt Ratings in Not Cooperating
--------------------------------------------------------------
ICRA has kept the Long-term and Short-term ratings for the bank
facilities of Wallmark Ceramic Industry (WCI) in the 'Issuer Not
Cooperating' category. The rating is denoted as
"[ICRA]B(Stable)/[ICRA]A4; ISSUER NOT COOPERATING".

                      Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long Term-          2.00       [ICRA]B (Stable) ISSUER NOT
   Fund Based-                    COOPERATING; Rating continues
   Cash Credit                    to remain under 'Issuer Not
                                  Cooperating' category

   Long Term-          4.44       [ICRA]B (Stable) ISSUER NOT
   Fund Based-                    COOPERATING; Rating continues
   Term Loan                      to remain under 'Issuer Not
                                  Cooperating' category

   Short Term-         1.10       [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 WCI, 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 October 2013, Wallmark Ceramic Industry (WCI) is
owned and managed by five partners headed by Mr. Balvantbhai Ambani
and Mr. Mangalbhai Ambani. It manufactures digitally printed wall
tiles of three sizes i.e. 10"X15", 12"X12"and 12"X18", which find
wide application in commercial as well as residential buildings.
WCI commenced operations in November 2014. The manufacturing
facility, located at Morbi in Gujarat, has an installed
manufacturing capacity of 21375 Metric Tonnes Per Annum (MTPA) of
wall tiles.


ZETA MICRONS: ICRA Keeps B Debt Ratings in Not Cooperating
----------------------------------------------------------
ICRA has kept the Long-term and Short-term ratings for the bank
facilities of Zeta Microns Llp (ZML) in the 'Issuer Not
Cooperating' category. The rating is denoted as
"[ICRA]B(Stable)/[ICRA]A4; ISSUER NOT COOPERATING".

                      Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long Term-          2.80       [ICRA]B (Stable) ISSUER NOT
   Fund Based-                    COOPERATING; Rating continues
   Cash Credit                    to remain under 'Issuer Not
                                  Cooperating' category

   Long Term-          7.47       [ICRA]B (Stable) ISSUER NOT
   Fund Based-                    COOPERATING; Rating continues
   Term Loan                      to remain under 'Issuer Not
                                  Cooperating' category
   Short Term-         0.80       [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 ZML, ICRA has been trying to seek information from the entity
so as to monitor its performance. Further, ICRA has been sending
repeated reminders to the entity for payment of surveillance fee
that became due. Despite multiple requests by ICRA, the entity's
management has remained non-cooperative. In the absence of
requisite information and in line with the aforesaid policy of
ICRA, the rating has been continued to the "Issuer Not Cooperating"
category. The rating is based on the best available information.

Incorporated in 2016, Zeta Microns LLP (ZML) is a green-filed
project to manufacture feldspar powder, which is one of the major
raw materials used in manufacturing vitrified tiles. The firm's
plant is located in Wankaner, Gujarat with a manufacturing capacity
of 150,000 metric tonne of feldspar powder per annum. ZML's
production commenced from January 2018.




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

SHARP CORP: S&P Lowers Long-Term Issuer Credit Rating to 'B-'
-------------------------------------------------------------
S&P Global Ratings lowered to 'B-' from 'B+' its long-term issuer
credit rating on Sharp Corp. The outlook on the Japan-based
electronics maker is negative. Meanwhile, S&P affirmed its 'B'
short-term issuer credit and commercial paper program ratings. S&P
took similar actions on an overseas Sharp subsidiary.

S&P said, "We downgraded Sharp because the company's profitability,
particularly in its small and midsize liquid-crystal display (LCD)
display panel business, has deteriorated more significantly than we
had previously expected. We expect Sharp's significantly
deteriorated financial standing and thin equity capital to endure
over the next six to 12 months because Sharp is likely to continue
to register operating and net losses due to delayed recovery in the
LCD business. We believe that Sharp is likely to register operating
losses over the next several quarters. The large LCD business
recorded significant operating losses and asset impairment losses
in fiscal 2022 (ended March 31, 2023). Such losses are likely to
narrow considerably because it will stop producing large LCD panels
at the Sakai plant (owned by Sakai Display Products Corp). However,
the company also posted significant losses in the small and midsize
LCD panel business in fiscal 2023, in which it had maintained a
relatively strong performance. This was because business conditions
deteriorated rapidly. The company will take measures to streamline
the business, such as cost reductions and optimization of
production plants. However, we believe it will not be easy to
substantially restore the profitability in the business, which is
less competitive than that for organic light emitting diode (OLED)
displays. Although the profits from the consumer electronics and
brand businesses are recovering, the profits will fall far short of
making up for the losses in LCD business.

"We expect the company's key cash flow metrics to remain
deteriorated significantly over the next six to 12 months, as
profitability has deteriorated. We estimate the debt-to-EBITDA
ratio deteriorated to more than 16x in fiscal 2023. We expect the
slow recovery in earnings to keep the ratio well above 10x in
fiscal 2024. On the other hand, since the company had cash and
deposits of ¥227 billion at the end of fiscal 2023, we do not
expect major issues about its cash position in the coming
quarters.

"We believe that there is a possibility that the company's equity
capital may decline further in the next few quarters. This is due
to continuing losses in the LCD business or additional losses as it
undergoes structural reforms. Because of net losses totaling more
than ¥400 billion in fiscal 2022 and fiscal 2023, its equity
capital declined to just about ¥150 billion at the end of fiscal
2023. We think that Japanese lender banks generally value the
soundness of borrower balance sheets. Therefore, if the decrease in
equity capital continues, we believe the banks could become less
supportive of Sharp, by, for instance, demanding reviews of loan
terms.

"Our standalone credit profile (SACP) of Sharp is now 'ccc+'
(previously 'b'), reflecting our view that the company's
profitability and financial base have worsened significantly, and
its ability to redeem debt on a stand-alone basis may worsen
significantly further, if market conditions, the competitive
environment, or bank support for the company deteriorates.

"We incorporate into our long-term issuer credit rating on Sharp a
notch of uplift from the company's SACP. This is because of the
support of parent Hon Hai Precision Industry Co. Ltd. (A-/Stable
/--). Hon Hai has higher creditworthiness than Sharp. We believe
Hon Hai's support for Sharp will continue even as Sharp's
profitability and financial standing have deteriorated
significantly. We think Hon Hai may provide tangible and intangible
support for the restructuring devices business of Sharp.

"The negative outlook reflects our view that slow recovery in LCD
business makes the overall earnings recovery to be slow, thereby
the company's financial standing and capital structure is likely to
deteriorate further."

S&P may consider a downgrade if it sees a heightened likelihood of
either of the following in the next six to 12 months:

-- Sharp continues to post operating losses, because the recovery
of profit and cash flow is delayed.

-- The company's equity capital decreases largely further
Hon Hai's financial support to Sharp weakens.

-- Banks become less supportive and Sharp's funding capability
weakens.

Conversely, S&P may revise the outlook up to stable if it sees a
heightened likelihood of all of the following:

-- The company can secure operating and net profit on a quarterly
and annual basis. This could occur if companywide profit and cash
flow recover materially thanks to a progress in drastic reform of
device business.

-- It at least maintains the current level of equity capital.

S&P considers the likelihood of Hon Hai's financial support to
Sharp and bank support for Sharp to be unchanged.

Governance is a negative consideration in S&P's credit analysis of
Sharp. It believes that the company's management has not been able
to adapt effectively to changes in the industry and business
environment without taking drastic measures to address its
less-competitive LCD business. The LCD business has had a
significant negative impact on the company's management and
operating results over a long time. Environmental and social
factors are neutral considerations.

  Ratings List

  DOWNGRADED; OUTLOOK ACTION; RATINGS AFFIRMED  

                                      TO             FROM
  
  Sharp Corp.

  Issuer Credit Rating           B-/Negative/B    B+/Negative/B

  Sharp International Finance (U.K.) PLC

  Issuer Credit Rating           B-/Negative/B    B+/Negative/B

  RATINGS AFFIRMED  

  Sharp Corp.

  Sharp International Finance (U.K.) PLC

  Commercial Paper                     B              B




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

ANGKASA-X HOLDINGS: Financial Strain Raises Going Concern Doubt
---------------------------------------------------------------
Angkasa-X Holdings Corp. disclosed in its interim consolidated
financial statements for the six months ended June 30, 2023 and
2022, recently filed with the U.S. Securities and Exchange
Commission that there is substantial doubt about its ability to
continue as a going concern within the next 12 months.

According to the Angkasa-X, for the years ended June 30, 2023 and
2022, it incurred a net loss of $710,423 and $425,126 and had an
accumulated deficit of $2,194,713 and $1,479,688 for the period
ended June 30, 2023 and December 31, 2022 respectively. As of June
30, 2023, the Company had shareholders' deficit of $869,666 and
negative cash flow from operating activities of $161,589.

The Company's ability to continue as a going concern is dependent
upon improving its profitability and the continuing financial
support from its shareholders. Management believes the existing
shareholders or external financing will provide the additional cash
to meet the Company's obligations as they become due. No assurance
can be given that any future financing, if needed, will be
available or, if available, that it will be on terms that are
satisfactory to the Company. Even if the Company is able to obtain
additional financing, if needed, it may contain undue restrictions
on its operations, in the case of debt financing, or cause
substantial dilution for its stockholders, in the case of equity
financing.

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/2jvycvbw

                     About Angkasa-X Holdings

Established in Kuala Lumpur, Malaysia, Angkasa-X --
https://www.angkasax-innovation.com/ -- is committed to provide
alternative solution for internet connectivity using LEO satellite
technology to improve connectivity infrastructure for the people in
the rural area across ASEAN and its neighboring regions; achieved
by collaborating with telecommunications companies and the
Company's global technology collaborators.

Angkasa-X Holdings Corp. is a British Virgin Islands company
incorporated on January 22, 2021, and conducts businesses in
Malaysia through its subsidiaries, namely AngkasaX Sdn. Bhd., Mercu
Tekun Sdn. Bhd., AngkasaX Global Sdn. Bhd., AXSpace Sdn. Bhd.,
together with its Variable Interest Entity company, AngkasaX
Innovation Sdn. Bhd. The Company controls and receives the economic
benefits of its VIE's business operations through certain
contractual arrangements.

As of June 30, 2023, the Company has $1,493,580 in total assets,
and $2,363,246 in total liabilities.

POS MALAYSIA: To Sell Non-Core Shipping Unit for MYR123 Million
---------------------------------------------------------------
The Edge Malaysia reports that Pos Malaysia Bhd is selling its ship
chartering unit that mainly deals with bulk cargoes for MYR123.21
million as part of a move to shed non-core businesses.

The Edge relates that the proposed sale of PNSL Bhd to SWA Shipping
Sdn Bhd will also settle outstanding intra-group trading debts and
advances owed to Pos Malaysia, the company said in an exchange
filing on May 21.

According to the Edge, the disposal came at a time when the group
announced another quarterly loss of MYR19.69 million for the first
quarter ended March 31, 2024 (1QFY2024), though narrower by 29%
from MYR27.66 million a year ago as growth in revenue from its
postal services and aviation segments outpaced costs increases. The
group has been loss making since FY2019, the Edge notes.

Proceeds from the disposal are expected to strengthen its cash flow
and reduce its interest expenses, Pos Malaysia said on May 21.

Of the MYR123.21 million, SWA Shipping needs to pay MYR55.61
million for the purchase of the entire equity interest in PNSL.

Meanwhile, the remaining MYR67.60 million is for settling
outstanding debts and advances that PNSL owes within its group of
companies, the Edge relays.

Pos Malaysia said the initial inter-company (interco) amount may be
adjusted based on an independent verification process by which, for
the period from July 1, 2023 to April 30, 2024, the Interco amount
will be verified by an auditor chosen by SWA Shipping.

Meanwhile, for the period from May 1, 2024 to the completion date,
the Interco amount will not be audited, but Pos Malaysia must
provide monthly statements detailing movements of the Interco
amount, including a brief description of the purpose of these
movements, the Edge relays.

The proposed disposal would allow it to "reposition and realign its
investments into more profitable businesses with growth prospects,
in line with current industry trends", the company said.

The disposal is expected to "unlock and realise the value of the
investment in PNSL", which represents part of Pos Malaysia's
non-core businesses, with the proceeds to be raised expected to
strengthen its cash flow position and contribute positively to
future earnings.

The Edge adds Pos Malaysia said it plans to allocate MYR92.94
million of the disposal proceeds for working capital, and MYR27.81
million for repayment of bank borrowings, which stood at
approximately MYR505 million as of Dec 31, 2023.  

SWA Shipping, the acquiring entity, is a private company
specialising in freight forwarding and transportation in
international and coastal waters.

Subject to regulatory approvals and barring any unforeseen events,
the disposal is anticipated to conclude within four months
following the signing of the sale and purchase agreement, Pos
Malaysia said.

Pos Malaysia Berhad is engaged in providing postal and related
services, including receiving and dispatching of postal articles,
postal financial services, dealing in philatelic products and sale
of postage stamps.



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

BLACKMAN STREET: Court to Hear Wind-Up Petition on May 30
---------------------------------------------------------
A petition to wind up the operations of Blackman Street Projects
Limited will be heard before the High Court at Auckland on May 30,
2024, at 10:45 a.m.

Tempest Litigation Funders Limited filed the petition against the
company on March 19, 2024.

The Petitioner's solicitor is:

          Lucy Rong
          6 Piermark Drive
          Albany
          Auckland


EXABYTE IT: Creditors' Proofs of Debt Due on June 14
----------------------------------------------------
Creditors of Exabyte It Limited are required to file their proofs
of debt by June 14, 2024, to be included in the company's dividend
distribution.

The company commenced wind-up proceedings on May 16, 2024.

The company's liquidators are:

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


JAM RECRUITMENT: Grant Bruce Reynolds Appointed as Liquidator
-------------------------------------------------------------
Grant Bruce Reynolds of Reynolds & Associates on May 17, 2024, was
appointed as liquidator of Jam Recruitment Limited.

The liquidator may be reached at:

          Reynolds & Associates Limited
          PO Box 259059
          Botany
          Auckland 2163


LOMAI PROPERTIES: Creditors' Proofs of Debt Due on July 10
----------------------------------------------------------
Creditors of Lomai Properties Limited are required to file their
proofs of debt by July 10, 2024, to be included in the company's
dividend distribution.

The High Court at Auckland appointed Christopher Carey McCullagh
and Stephen Mark Lawrence of PKF Corporate Recovery & Insolvency as
liquidators on May 10, 2024.


PRECISE DISTRIBUTION: Court to Hear Wind-Up Petition on June 6
--------------------------------------------------------------
A petition to wind up the operations of Precise Distribution
Limited will be heard before the High Court at Auckland on June 6,
2024, at 10:00 a.m.

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

The Petitioner's solicitor is:

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




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

DITO CME: Receives PHP3.5 Billion From Shareholders
---------------------------------------------------
Bilyonaryo.com reports that Duterte crony Dennis Uy and other
shareholders dropped another big chunk of funds into its
loss-making, debt-strapped telecom company.

DITO CME Holdings, the parent of third telco player DITO, reported
that it received PHP3.5 billion from majority and minority
shareholders last February, according to Bilyonaryo.com.

Bilyonaryo.com says the fresh cash infusion came amid DITO's
deteriorating financial state as it reported a PHP10 billion net
loss from January to March this year, up by 1,318 percent from
PHP709 million last year.

This downturn marks the second consecutive quarter of substantial
losses for DITO, following a PHP9.8 billion deficit in the fourth
quarter of 2023, Bilyonaryo.com notes.

These string off losses came after DITO obtained a $3.9 billion
loan deal from predominantly Chinese banks and companies last
September.

According to Bilyonaryo.com, the money will be used to bankroll
DITO's engineering, procurement and construction (EPC) services and
roll-out of 4G/5G ready telecommunication network through Futurenet
and Technology Corp. (F&T).

Its lenders are China Merchants Bank, Postal Savings Bank of China
Co., China Construction Bank Corporation, Bank of China, ING Bank,
Bank of Communications, Industrial Bank, Shanghai Pudong
Development, China Guangfa Bank, and China CITIC Bank.

DITO has currently amassed a total of PHP80 billion losses since
its start in 2020, with its capital deficit rising by 25 percent to
PHP44.428 billion over the first three months this year,
Bilyonaryo.com says.

Despite the 25 percent year to date jump in capital deficiency to
PHP44.4 billion a year, DITO management remains confident in its
ability to generate sufficient cash flows to meet its maturing
obligations, Bilyonaryo.com adds.

                           About DITO CME

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

As reported in the Troubled Company Reporter-Asia Pacific on April
21, 2023, the independent auditors of Dennis Uy's Dito CME raised
concerns on the company's ability to make enough money to stay
afloat for the foreseeable future, given its massive liabilities.

According to Rappler.com, Punongbayan & Araullo Grant Thornton
(P&A) underscored Dito CME's liabilities in 2022, including
exceeding its current assets by PHP196.6 billion, comprehensive
losses reaching PHP25.6 billion, and capital deficiency hitting
PHP27.9 billion, as conditions which indicate the "existence of a
material uncertainty that may cast significant doubt on the ability
of the Group to continue as a going concern."

As of December 2022, Dito Tel had spent PHP230.5 billion for its
capital expenditures.

ROXAS HOLDINGS: Leviste to Acquire 71.6% Stake in Sugar Company
---------------------------------------------------------------
Richmond Mercurio at The Philippine Star reports that solar power
pioneer Leandro Leviste is teaming up anew with tycoon Manuel V.
Pangilinan, this time to save listed sugar company Roxas Holdings
Inc. (RHI) from bankruptcy.

Mr. Leviste's Countryside Investments Holdings Corp. has signed a
term sheet with Mr. Pangilinan to invest PHP5 billion for an
initial 71.6 percent in RHI.

The Philippine Star relates that Mr. Leviste said Countryside's
investment would help RHI service debt to avoid bankruptcy,
increase tax revenues of the municipality of Nasugbu and create
more and better jobs for the benefit of local farmers and former
sugar industry workers.

RHI's current debt to banks, including Bank of the Philippine
Islands (BPI), BDO Unibank Inc. and Land Bank of the Philippines,
amount to PHP4.4 billion, alongside PHP1.4 billion of trade
payables, The Philippine Star discloses.

Once the largest integrated sugar company in the Philippines, RHI
owns Central Azucarera Don Pedro Inc., a former sugar refinery and
sugar mill in 236 hectares of land in Nasugbu, Batangas.

Chaired by Pedro Roxas, RHI shut down its sugar business last March
after 97 years in operations, The Philippine Star notes.

RHI also owns San Carlos Bioenergy Inc., a bioethanol plant in
Negros Occidental.

The land of RHI is beside approximately 2,494 hectares owned by
Roxas and Co. Inc. (RCI), another beleaguered Roxas company.

The Philippine Star notes that RCI was recently served a notice of
collection and threatened with foreclosure over unpaid real
property taxes by the municipality of Nasugbu.

This comes amid a longstanding land dispute between RCI and an
estimated 50,000 residents and agrarian reform beneficiaries.

Mr. Leviste became the largest individual shareholder of RCI after
acquiring 10 percent of its outstanding shares prior to the RHI
deal.

Mr. Leviste also recently disclosed his intention to increase his
stake in RCI to over 15 percent in compliance with Section 19 of
the Securities Regulation Code.

These investments form part of Countryside's plan to invest over
PHP5 billion to develop Mr. Leviste's home province of Batangas.

Mr. Leviste's Countryside believes that equitable compensation and
partnering with local communities is key to ensuring the success of
any investment, The Philippine Star relays.

                        About Roxas Holdings

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

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




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AGRICOLA ASSETS: Creditors' Proofs of Debt Due on June 1
--------------------------------------------------------
Creditors of Agricola Assets Pte. Ltd. are required to file their
proofs of debt by June 1, 2024, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on April 24, 2024.

The company's liquidator is:

          Cheong Beng Sheng, Dean
          c/o Guardian Advisory Pte Ltd
          531A Upper Cross Street #03-118
          Hong Lim Complex
          Singapore 051531


ALIGN GROUP: Commences Wind-Up Proceedings
------------------------------------------
Members of Align Group of Companies on May 10, 2024, passed a
resolution to voluntarily wind up the company's operations.

The company's liquidator is:

          Mr. Chan Yee Hong
          CLA Global TS Risk Advisory
          80 Robinson Road, #25-00
          Singapore 068898


HOMESTEAD HOLLAND: Creditors' Meeting Set for June 3
----------------------------------------------------
Homestead Holland Pte Ltd, which is in creditors' voluntary
liquidation, will hold a meeting for its creditors on June 3, 2024,
at 10:00 a.m., at 16 Collyer Quay #30-01 Singapore 049318 and via
teleconference.

Agenda of the meeting includes:

   a. to provide an update to the creditors regarding the
      liquidation of the Company;

   b. to resolve that the Liquidators’ fees and disbursements are

      approved and to be paid out of the Company’s assets; and

   c. Any other business.

The liquidator may be reached at:

          David Dong-Won Kim
          Kordamentha Pte Ltd
          16 Collyer Quay
          #30-01 Collyer Quay Centre
          Singapore 049318


REALITY RIFT: Commences Wind-Up Proceedings
-------------------------------------------
Members of Reality Rift Pte Ltd on April 30, 2024, passed a
resolution to voluntarily wind up the company's operations.

The company's liquidators are:

          Tee Wey Lih
          Cheong Beng Sheng, Dean
          c/o Guardian Advisory
          531A Upper Cross Street #03-118
          Singapore 051531


SUPREME EXCELLENCE: Creditors' Proofs of Debt Due on June 21
------------------------------------------------------------
Creditors of Supreme Excellence 4 Pte. Ltd. are required to file
their proofs of debt by June 21, 2024, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on May 15, 2024.

The company's liquidator is:

          Aaron Loh Cheng Lee
          EY Corporate Advisors
          c/o One Raffles Quay
          North Tower 18th Floor
          Singapore 048583



                           *********


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.

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