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

                     A S I A   P A C I F I C

          Monday, May 27, 2024, Vol. 27, No. 106

                           Headlines



A U S T R A L I A

BONZA: Administrators Ask For Another Two Months to Sell Carrier
BRIGHTE GREEN 2024-1: Moody's Assigns (P)B2 Rating to F-C Notes
CANDY-VEND PTY: First Creditors' Meeting Set for May 30
EMPLOYMENT HERO: Sixth Street Marks AUD50MM Loan at 35% Off
ENTYR LIMITED: Names New Board of Directors of the Company

HOLEY MOLEY: Mini Golf Course Closes Down After Seven Years
MIROTONE PTY: First Creditors' Meeting Set for May 31
MORGAN'S SORRENTO: First Creditors' Meeting Set for May 29
NIQUE PTY: New Creditors Meeting Called This Week
OMNI FOOTWEAR: First Creditors' Meeting Set for May 31

PAGEUP PEOPLE: Sixth Street Marks AUD11.9MM Loan at 35% Off
SMORGON FUELS: First Creditors' Meeting Set for May 29


C H I N A

CBAK ENERGY: First Quarter 2024 Unaudited Financial Results
CHINA VANKE: Uses Unit Shares as Collateral for USD2.8BB Loan


I N D I A

916 EPARI: CRISIL Keeps B Debt Rating in Not Cooperating Category
AKASH INFRA: CRISIL Hikes Rating on INR20cr Cash Loan from D
AKIRA PROJECTS: CRISIL Keeps B Debt Rating in Not Cooperating
AL NAFEES FROZEN: CRISIL Keeps D Debt Ratings in Not Cooperating
AL-FAS TRADING: CRISIL Keeps B+ Debt Rating in Not Cooperating

AL-NAFEES PROTEINS: CRISIL Keeps D Ratings in Not Cooperating
ALBATROSS PROJECTS: CRISIL Keeps B Debt Rating in Not Cooperating
ALPNA VISUAL: CRISIL Keeps B Debt Ratings in Not Cooperating
AMALORPAVAM EDUCATIONAL: CRISIL Keeps B Rating in Not Cooperating
AMBE PROPTECH: CRISIL Keeps B+ Debt Ratings in Not Cooperating

AMBICA COTSEEDS: CRISIL Keeps B+ Debt Rating in Not Cooperating
AMODHINI ESTATES: CRISIL Keeps B Debt Ratings in Not Cooperating
ANAND MINE: Ind-Ra Keeps D Loan Rating in NonCooperating
ANIL CONSTRUCTION: Ind-Ra Keeps BB Loan Rating in NonCooperating
ANSHUMAN TRADING: Ind-Ra Keeps B+ Rating in NonCooperating

ANUPAM UDYOG: Ind-Ra Keeps BB- Term Loan Rating in NonCooperating
ANWESHA ENGINEERING: Ind-Ra Keeps D Loan Rating in NonCooperating
APRA ENTERPRISES: Ind-Ra Keeps BB+ Rating in Non-Cooperating
APURVA TEXTILE: Ind-Ra Keeps B+ Rating in Non-Cooperating
ARCH PHARMALABS: NCLT Rejects JM Financial Bid in Insolvency Case

ARCHANA GRANITES: CRISIL Keeps B Debt Rating in Not Cooperating
ARENA LIFESTYLE: Ind-Ra Keeps BB- Rating in Non-Cooperating
ARNAY TUBES: Ind-Ra Gives BB+ Bank Rating, Outlook Stable
ARORA RICE: CRISIL Keeps B+ Debt Rating in Not Cooperating
ARUN INTERNATIONAL: CRISIL Keeps B- Ratings in Not Cooperating

ARUNODAYA PRINT: Ind-Ra Keeps BB Rating in Non-Cooperating
CEREBRA INTEGRATED: CRISIL Moves D Ratings to Not Cooperating
E G PHARMACEUTICALS: CRISIL Keeps B+ Rating in Not Cooperating
EXCEL ALUGRAPHICS: CRISIL Reaffirms B+ Rating on INR4cr Cash Loan
FIREFLY BATTERIES: CRISIL Keeps D Debt Ratings in Not Cooperating

GANGADHAR JENA: CRISIL Moves D Debt Ratings to Not Cooperating
GROBEST FEEDS: CRISIL Keeps B Debt Ratings in Not Cooperating
KVR SALES: CRISIL Keeps B+ Debt Ratings in Not Cooperating
M A FRUITS: CRISIL Keeps B+ Debt Rating in Not Cooperating
MAA KAMAKSHYA: CRISIL Keeps B Debt Rating in Not Cooperating

MANGALORE MARKETING: CRISIL Keeps B+ Rating in Not Cooperating
NARMADA KHAND: CRISIL Keeps B Debt Rating in Not Cooperating
RELIANCE CAPITAL: Administrator Seeks 90-Day Extension From NCLT
RUDRA GINNING: CRISIL Keeps B+ Debt Ratings in Not Cooperating
SANTHOSH RICE: CRISIL Keeps B+ Debt Ratings in Not Cooperating

SOORYA EXPORTERS: CRISIL Keeps B+ Debt Ratings in Not Cooperating
SPROUTS ENERGY: CRISIL Keeps B+ Debt Ratings in Not Cooperating


M A L A Y S I A

GREENPRO CAPITAL: Swings to $272,910 Net Loss in Q1 2024


N E W   Z E A L A N D

DB AND JH: Ashton Wheelans Appointed as Receiver and Manager
DECORATIVE ENHANCEMENTS: Grant Reynolds Appointed as Liquidator
HPM HOLDINGS: Creditors' Proofs of Debt Due on July 5
PIWAKAWAKA RESTAURANT: Creditors' Proofs of Debt Due on June 18
RECREATIONAL GROUP: BDO Tauranga Appointed as Receivers



S I N G A P O R E

KINGS LUXURY: Court to Hear Wind-Up Petition on June 14
NEOLEXIS TRADING: Court to Hear Wind-Up Petition on June 7
QUATIM PTE: Court Enters Wind-Up Order
SRM EXPRESS: Court Enters Wind-Up Order
UC CONCEPT: Court to Hear Wind-Up Petition on June 14


                           - - - - -


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

BONZA: Administrators Ask For Another Two Months to Sell Carrier
----------------------------------------------------------------
Australian Aviation reports that Bonza's administrators are seeking
a two-month extension to their appointment as they continue to
search for a buyer for the grounded low-cost airline.

According to the report, Hall Chadwick has filed documents with the
Federal Court asking to continue as administrators for Bonza until
at least July 29, with a second creditors' meeting to be held prior
to August 5. The move comes as Bonza's parent company 777 Partners
indicates interest in restructuring the airline.

An extension of the administration would leave Bonza staff without
pay for two more months, as they cannot claim certain benefits
until the company is wound up, but would give the airline a better
chance of ultimately finding a buyer and returning to the sky,
Australian Aviation relates.

"[The] main purpose of the extension is to provide the
administrators with further time to conduct a sale process for the
companies' business and assets," Hall Chadwick told Bonza
creditors.

In the court documents, seen by The Australian, Hall Chadwick noted
Bonza's most valuable asset is its air operator's certificate
(AOC), the report relays.

The airline had leased all its planes, with all but one - VH-UJK
"Sheila" - now having left the country, and its AOC would risk
being cancelled if the company is liquidated.

"Our understanding is that the AOC is not capable of being
transferred to another entity and can only be used by the party
granted the certificate," the administrators, as cited by
Australian Aviation, said. "Accordingly, we understand that the
only way the AOC can be acquired by an interested party is if they
were to acquire the shares in Bonza."

In an affidavit, Hall Chadwick partner Brett Kijurina also told the
court that Bonza's owner, Miami-based investment firm 777 Partners,
had signalled interest in proposing a deed of company arrangement
(DOCA) to restructure Bonza and its Australian holding company, 777
Holdco, Australian Aviation reports. 777 Partners has not spoken
publicly about the airline since it entered administration.

"The administrators have not yet received a proposal for a DOCA
from 777 Partners," the affidavit said.

Bonza has not flown since it entered voluntary administration at
the end of April, with the airline to stay grounded through at
least May 29, Australian Aviation notes.

Hall Chadwick indicated earlier this month that it was speaking
with around 20 interested parties, including investors, airlines
and travel companies, with six "very interested", though one
potential buyer, Vietnamese low-cost carrier VietJet, has since
walked away,  adds Australian Aviation.

                            About Bonza

Sunshine Coast-based Bonza was unveiled in October 2021 and its
first flight took off in January 2023.  It operates Boeing
737-Max-8 planes and is backed by 777 Partners, an investment group
based in Miami, Florida.  It originally flew 27 routes to 17
destinations but started cutting services during its first six
months.

Richard Albarran, Kathleen Vouris, Brent Kijurina and Cameron Shaw
of Hall Chadwick were appointed Administrators of the Company on
April 30, 2024.

BRIGHTE GREEN 2024-1: Moody's Assigns (P)B2 Rating to F-C Notes
---------------------------------------------------------------
Moody's Ratings has assigned provisional ratings to the notes to be
issued by Perpetual Corporate Trust Limited in its capacity as the
trustee of the Brighte Green Trust 2024-1.

Issuer: Perpetual Corporate Trust Limited in its capacity as
trustee of the Brighte Green Trust 2024-1

AUD140.00 million Class A-C Notes, Assigned (P)Aaa (sf)

AUD22.40 million Class A-NC Notes, Assigned (P)Aaa (sf)

AUD14.80 million Class B-C Notes, Assigned (P)Aa2 (sf)

AUD7.80 million Class C-C Notes, Assigned (P)A2 (sf)

AUD4.00 million Class D-C Notes, Assigned (P)Baa2 (sf)

AUD7.40 million Class E-C Notes, Assigned (P)Ba2 (sf)

AUD0.70 million Class F-C Notes, Assigned (P)B2 (sf)

The AUD1.90 million Class G1-NC and AUD1.00 million Class G2-NC
Notes are not rated by Moody's.

The transaction is a securitisation of a portfolio of Australian
consumer Buy Now Pay Later (BNPL) and unsecured loan receivables
originated by Brighte Capital Pty Ltd (Brighte, unrated). The
majority of receivables are originated to homeowners to fund solar
panel and home batteries installations. A smaller portion are
originated to fund home improvement products and services, and to
acquire energy efficient products. This is Brighte's fifth term
securitization.

RATINGS RATIONALE

The provisional ratings take into account, among other factors:

-- The evaluation of the underlying receivables and their expected
performance. The portfolio is comprised of solar product-related
and home improvement product-related loans extended to Australian
consumer obligors. The vast majority of receivables have been
extended to homeowners who have historically displayed lower
default rates than non-home owners in comparable portfolios. In
Moody's view, this is a significant credit strength of the
transaction.

-- The limited amount of historical data. Brighte was established
in 2016, with significant origination growth beginning in 2018. The
collateral performance data used in Moody's analysis reflects
Brighte's short origination history — limited to the period
between Q3 2017 and Q2 2023 — and does not cover a full economic
cycle.

-- The evaluation of the capital structure. The transaction
features a sequential/pro rata paydown structure. The notes will be
repaid on a sequential basis until the pro rata paydown conditions
are satisfied, principal will be distributed pro rata among all
Notes. Following the call date or if the pro rata conditions are
otherwise not satisfied, the principal collections will be
distributed sequentially starting with Class A-C and Class A-NC
Notes.

-- The availability of excess spread over the life of the
transaction. The portfolio yield of 11.3% providing significant
excess spread to cure portfolio losses.

-- The liquidity facility in the amount of 2.00% of the rated note
balance with a floor of AUD395,000.

-- The interest rate swap provided by National Australia Bank
Limited ("NAB", Aa2/P-1/Aa1(cr)/P-1(cr)).

-- The experience of Brighte as servicer, and the back-up
servicing arrangements with Perpetual Corporate Trust Limited.

MAIN MODEL ASSUMPTIONS

Moody's base case assumptions are a mean default rate of 3.00%, a
recovery rate of 12.5% and a Aaa portfolio credit enhancement
("PCE") of 20.0%. The expected defaults and recoveries capture
Moody's expectations of performance considering the current
economic outlook, while the PCE captures the loss Moody's expect
the portfolio to suffer in the event of a severe recession
scenario. Expected defaults and PCE are parameters used by Moody's
to calibrate its lognormal portfolio default distribution curve and
to associate a probability with each potential future default
scenario in its ABSROM cash flow model.

Moody's assumed mean default rate is stressed compared to the
extrapolated observed levels of default, estimated at 1.38%. The
stress Moody's has applied in determining its mean default rate
reflects the limited historical data available for Brighte's
portfolio. It also reflects the current macroeconomic trends, and
other similar transactions used as a benchmark.

The PCE of 20.0% is broadly in line with other Australian consumer
ABS deals and is based on Moody's assessment of the pool taking
into account (i) historical data variability; (ii) the unsecured
nature of the loans, (iii) the comparison with other Australian
consumer loan and BNPL originators, and (iv) macroeconomic
expectations.

Key pool features are as follows:

-- The weighted average interest rate of the portfolio is 11.3%
(which includes account keeping fee income).

-- The weighted average Equifax credit score of the portfolio is
around 744.

-- The weighted average remaining term of the portfolio is 48.5
months. The weighted average seasoning of the initial portfolio is
5.0 months.

-- The pool consists of loans extended to mostly homeowners, with
around 88.2% relating to green receivables such as solar panels and
battery products.

Methodology Underlying the Rating Action

The principal methodology used in these ratings was "Moody's
Approach to Rating Consumer Loan-Backed ABS" published in December
2022.

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

Up

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

Down

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

CANDY-VEND PTY: First Creditors' Meeting Set for May 30
-------------------------------------------------------
A first meeting of the creditors in the proceedings of Candy-Vend
Pty Ltd will be held on May 30, 2024 at 3:00 p.m. via virtual
meeting.

Michael Gregory Jones of Jones Partners Insolvency & Restructuring
was appointed as administrator of the company on May 20, 2024.


EMPLOYMENT HERO: Sixth Street Marks AUD50MM Loan at 35% Off
-----------------------------------------------------------
Sixth Street Specialty Lending, Inc has marked its AUD50,000,000
loan extended to Employment Hero Pty Ltd to market at AUD32,620,000
or 65% of the outstanding amount, as of March 31, 2024, according
to a disclosure contained in Sixth Street's Form 10-Q for the
quarterly period ended March 31, 2024, filed with the Securities
and Exchange Commission.

Sixth Street is a participant in a First Lien Loan to Employment
Hero Pty Ltd. The loan accrues interest at a rate of 10.65% (B +
6.25%) per annum. The loan matures in December 2026.

Sixth Street is a Delaware corporation formed on July 21, 2010. The
Company was formed primarily to lend to, and selectively invest in,
middle-market companies in the United States. The Company has
elected to be regulated as a business development company under the
1940 Act. In addition, for tax purposes, the Company has elected to
be treated as a regulated investment company under Subchapter M of
the Internal Revenue Code of 1986, as amended. The Company is
managed by Sixth Street Specialty Lending Advisers, LLC.

On June 1, 2011, the Company formed a wholly-owned subsidiary, TC
Lending, LLC, a Delaware limited liability company. On March 22,
2012, the Company formed a wholly-owned subsidiary, Sixth Street SL
SPV, LLC, a Delaware limited liability company. On May 19, 2014,
the Company formed a wholly-owned subsidiary, Sixth Street SL
Holding, LLC, a Delaware limited liability company. On December 9,
2020, the Company formed a wholly-owned subsidiary, Sixth Street
Specialty Lending Sub, LLC, a Cayman Islands limited liability
company.

Sixth Street is led by Joshua Easterly, Chief Executive Officer;
and Ian Simmonds, Chief Financial Officer. The fund can be reach
through:

     Joshua Easterly
     Sixth Street Specialty Lending, Inc
     2100 McKinney Avenue, Suite 1500
     Dallas, TX 75201
     Tel: (469) 621-3001

Employment Hero Pty Ltd provides software solutions. The Company
offers human resource software solutions for employee benefits and
payroll. Employment Hero serves customers in Australia.

ENTYR LIMITED: Names New Board of Directors of the Company
----------------------------------------------------------
Entyr Limited on May 23, 2024, announced the appointment of Dermott
McVeigh, Kelly Meyn and Adam Gallagher as the new Board of
Directors of the Company.

The New Board replaces the previous Board of Directors consisting
of Mr Michael Barry, Ms Teresa Mary Dyson, Ms Leeanne Kay Bond, and
Mr Lindsay Barber. The Company's Chief Executive Officer, Mr. David
Wheeley and Chief Financial Officer, Ms. Christy Hayes, have also
departed.

Mr. McVeigh is the founder and Managing Director of Avior Capital
and an insolvency practitioner in Australia and New Zealand with
nearly 25 years of experience. Mr. McVeigh has conducted dozens of
corporate restructures in a variety of capacities and is regularly
asked to take senior management roles in companies that are facing
challenging circumstances.

Mr. McVeigh will join the Board as Executive Chairman.

Mr. Meyn is a Director of Avior Capital and is an insolvency
practitioner with 17 years of restructuring experience in Australia
and Canada. Prior to emigrating to Australia in 2001, Mr. Meyn
spent 5 years in the investment banking divisions of two national
brokerage firms.

Mr. Gallagher is a highly experienced Company Secretary, Director
and executive with a broad corporate skillset and currently serves
as Company Secretary for several listed companies. Mr. Gallagher
holds Graduate Diplomas in Applied Corporate Governance and
Information Systems, a Masters in Commerce and a Bachelor of
Economics.

Mr. Meyn and Mr. Gallagher join as Non-Executive Directors.

        Company Secretary and Chief Financial Officer (CFO)

The Company also announced the appointment of Ms. Sujana Karthik as
the Company Secretary and Chief Financial Officer (CFO).

Ms. Karthik is a Certified Practicing Accountant and holds a
Bachelor of Commerce in Accounting.

Ms. Karthik is a seasoned corporate advisor with expertise in
financial management, financial reporting services, company
secretarial, risk and compliance management. Ms. Karthik has over a
decade of experience in Accounting and Corporate compliance. Ms.
Karthik has served as Chief Financial Officer and Company Secretary
for a number of ASX-listed and unlisted Companies.

In accordance with Listing Rule 12.6, that Ms Karthik is the person
responsible for communication with the ASX in relation to ASX.

                        About Entyr Limited

Entyr Limited (ASX:ETR), a clean conversion technology company,
converts tires into secondary products in Australia. The company
operates in two segments, Tyre Processing and Manufacturing. It
converts tires into fuel oil, steel, recovered carbon black, and
energy. The company was formerly known as Pearl Global Limited.

Travis Anderson and Richard Hughes of Deloitte Financial Advisory
were appointed as administrators of Entyr Limited, Australian Tyre
Processors Pty Ltd, Keshi Technologies Pty Ltd, Pearl Global
Management Pty Ltd, and Rubber Reclamation Industries Pty Ltd on
March 26, 2024.

On May 7, 2024, Avior Capital proposed deeds of company arrangement
in respect of the Group.

At the second meeting of creditors of the Companies held on May 10,
2024, creditors resolved that the Companies execute Deeds of
Company Arrangement (DOCA) pursuant to Part 5.3A of the
Corporations Act 2001 (Act). The DOCAs were executed on May 17,
2024.

Messrs. Anderson and Hughes now act as Joint and Several Deed
Administrators of the Companies (Deed Administrators).

Having finalised the DOCAs, the ancillary transaction documents and
all required initial condition precedents, control of the Group has
transitioned to Avior Capital.


HOLEY MOLEY: Mini Golf Course Closes Down After Seven Years
-----------------------------------------------------------
News.com.au reports that a popular mini golf course in Sydney's
inner west has permanently closed seven years after first opening.

Holey Moley in Newtown closed its doors for the last time on May
12, news.com.au discloses.

According to news.com.au, patrons could play 18 holes of mini golf
at the venue, along with given access to private karaoke rooms and
a bar.

It is understood staff have been offered roles at other venues and
the King St building is once again up for lease, news.com.au
relays.

News.com.au relates that Holey Moley's parent company Funlab said
patrons could still "putt loose" at its neighbouring venues,
including Alexandria.

There are about 30 venues across Australia, including in NSW,
Victoria, South Australia, Canberra, Queensland and Western
Australia.


MIROTONE PTY: First Creditors' Meeting Set for May 31
-----------------------------------------------------
A first meeting of the creditors in the proceedings of Mirotone Pty
Ltd will be held virtually, via Teams, on May 31, 2024 at 11:00
a.m.

David McGrath and John Park of FTI Consulting were appointed as
administrator of the company on May 21, 2024.

MORGAN'S SORRENTO: First Creditors' Meeting Set for May 29
----------------------------------------------------------
A first meeting of the creditors in the proceedings of Morgan's
Sorrento Vic Pty Ltd will be held on May 29, 2024 at 11:00 a.m. at
the offices of Jirsch Sutherland Melbourne at Level 30, 140 William
Street in Melbourne and via Zoom.

Malcolm Kimbal Howell of Jirsch Sutherland was appointed as
administrator of the company on May 17, 2024.


NIQUE PTY: New Creditors Meeting Called This Week
-------------------------------------------------
Ragtrader reports that a new meeting will be held this week in a
bid to resolve Australian fashion business Nique, three months
after the brand fell into voluntary administration.

In a new report seen by Ragtrader, the administrator has
recommended that creditors enter a Deed of Company Arrangement
(DOCA), instead of choosing to liquidate or end the
administration.

According to the Australian Securities and Investment Commission
(ASIC), a DOCA is a binding arrangement between a company and its
creditors governing how the company's affairs will be dealt with.
The aim is to maximise the chances of Nique continuing as a
business and provide better return for creditors than an immediate
winding up of the company, Ragtrader says.

According to Ragtrader, the administrator noted that the company is
believed to have been insolvent since mid-2021 and is unable to pay
all of its debts, with evidence indicating Nique will not return to
a state of solvency.

The best-case scenario, under the DOCA, estimates a maximum return
to priority creditors of 100 cents in the dollar, with a return to
unsecured creditors of only 13.20 cents in the dollar.

According to the report, unsecured creditors is estimated to be at
AUD9,370,386, with statutory creditors - including GST, PYAG and
payroll tax - being estimated between AUD549,299 and AUD575,799,
Ragtrader discloses.

The administrator added that they believe it may be difficult to
achieve the maximum return in a liquidation scenario.

Ragtrader relates that the administrator also claimed that ending
the administration is "not appropriate". If creditors instead
choose to wind up the company, Nique would go into liquidation.

Amid this latest development, Nique's website appears to have been
taken down, with no further activity seen on its social media
channels, Ragtrader adds.

                            About Nique

Founded in Melbourne, the label boasted eight bricks-and-mortar
outlets across its hometown and Sydney in 2019. However, the label
consolidated its retail footprint through the COVID-19 pandemic and
operated three stores at the time of its administration: Fitzroy,
Melbourne, and Newtown and Paddington, Sydney. Nique also operates
an e-commerce site, giving consumers nationwide the chance to wear
its forward-thinking designs.

Justin Howlett of SMB Advisory was appointed as administrator of
the company on Feb. 14, 2024.


OMNI FOOTWEAR: First Creditors' Meeting Set for May 31
------------------------------------------------------
A first meeting of the creditors in the proceedings of Omni
Footwear Pty Ltd will be held on May 31, 2024 at 10:30 a.m. via
vrtual meeting held by Microsoft Teams.

James Henry Stewart and Gayle Louise Dickerson of KPMG were
appointed as administrators of the company on May 21, 2024.


PAGEUP PEOPLE: Sixth Street Marks AUD11.9MM Loan at 35% Off
-----------------------------------------------------------
Sixth Street Specialty Lending, Inc has marked its AUD11,938,000
loan extended to PageUp People, Ltd to market at AUD7,788,000 or
65% of the outstanding amount, as of March 31, 2024, according to a
disclosure contained in Sixth Street's Form 10-Q for the quarterly
period ended March 31, 2024, filed with the Securities and Exchange
Commission.

Sixth Street is a participant in a First Lien Loan to PageUp
People, Ltd. The loan accrues interest at a rate of 9.35% (B + 5%)
per annum. The loan matures in December 2025.

Sixth Street is a Delaware corporation formed on July 21, 2010. The
Company was formed primarily to lend to, and selectively invest in,
middle-market companies in the United States. The Company has
elected to be regulated as a business development company under the
1940 Act. In addition, for tax purposes, the Company has elected to
be treated as a regulated investment company under Subchapter M of
the Internal Revenue Code of 1986, as amended. The Company is
managed by Sixth Street Specialty Lending Advisers, LLC.

On June 1, 2011, the Company formed a wholly-owned subsidiary, TC
Lending, LLC, a Delaware limited liability company. On March 22,
2012, the Company formed a wholly-owned subsidiary, Sixth Street SL
SPV, LLC, a Delaware limited liability company. On May 19, 2014,
the Company formed a wholly-owned subsidiary, Sixth Street SL
Holding, LLC, a Delaware limited liability company. On December 9,
2020, the Company formed a wholly-owned subsidiary, Sixth Street
Specialty Lending Sub, LLC, a Cayman Islands limited liability
company.

Sixth Street is led by Joshua Easterly, Chief Executive Officer;
and Ian Simmonds, Chief Financial Officer. The fund can be reach
through:

     Joshua Easterly
     Sixth Street Specialty Lending, Inc
     2100 McKinney Avenue, Suite 1500
     Dallas, TX 75201
     Tel: (469) 621-3001

PageUp People Limited develops enterprise software solutions. The
Company offers talent management platform for recruitment,
learning, performance, and succession planning of HR practitioners,
leaders, employees, and candidates. PageUp People serves customers
worldwide.  


SMORGON FUELS: First Creditors' Meeting Set for May 29
------------------------------------------------------
A first meeting of the creditors in the proceedings of Smorgon
Fuels Pty Ltd will be held on May 29, 2024 at 10:30 a.m. via
virtual meeting.

Matthew Hutton and Jason Preston Mark Holland of McGrathNicol were
appointed as administrators of the company on May 17, 2024.




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

CBAK ENERGY: First Quarter 2024 Unaudited Financial Results
-----------------------------------------------------------
CBAK Energy Technology, Inc. reported its unaudited financial
results for the first quarter ended March 31, 2024.

The Company's First Quarter of 2024 Financial Highlights include:

     * Net revenues of $58.8 million, representing an increase of
       38.7% compared to $42.4 million in the same period of 2023.
       This increase was primarily attributable to an increase in
       revenue from the Company's battery business.

     * Net revenues from sales of batteries were $44.8 million,
       an increase of 51.5% from $29.6 million in the same period
       of 2023.

       -- Net revenues from batteries used in light electric
          vehicles were $1.5 million, a decrease of 23.3% from
          $2.0 million in the same period of 2023.

       -- Net revenues from batteries used in electric vehicles
          were $0.5 million, a decrease of 73.6% from
          $1.8 million in the same period of 2023.

       -- Net revenues from residential energy supply and
          uninterruptible supplies were $42.8 million, an
          increase of 66.0% from $25.8 million in the same period
          of 2023.

     * Cost of revenues of $40 million, representing a slightly
       increase of 1.4% from $39.5 million in the same period of
       2023. The increase in the cost of revenues corresponds to
       the Company's higher gross profit from the battery
       business.

     * Gross profit of $18.8 million, representing an increase
       of 546.3% from $2.9 million in the same period of 2023.
       Gross margin was 31.9%, compared to 6.9% in the same
       period of 2023.

     * Total operating expenses of $8.5 million, representing
       an increase of 47.2% from $5.8 million in the same period
       of 2023.

       -- Research and development expenses were $2.8 million,
          an increase of 14.7% from $2.5 million in the same
          period of 2023.

       -- Sales and marketing expenses were $1.7 million, an
          increase of 139.1% from $0.7 million in the same
          period of 2023.

       -- General and administrative expenses were $4.1 million,
          an increase of 65.1% from $2.5 million in the same
          period of 2023.

      -- Recover of doubtful accounts was $0.11 million,
         compared to a provision of doubtful accounts of
         $0.13 million in the same period of 2023.

     * Operating income amounted to $10.3 million, compared
       to an operating loss of $2.9 million in the same
       period of 2023.

     * Finance income, net amounted to $9,663, compared to
       $5,311 in the same period of 2023.

     * Change in fair value of warrants was nil, compared to
       $0.09 million in the same period of 2023.

     * Net income attributable to shareholders of CBAK Energy
       was $9.8 million, compared to net loss attributable to
       shareholders of CBAK Energy of $1.4 million in the same
       period of 2023.

     * Net income attributable to shareholders of CBAK Energy
       -- after deducting the change in fair value of warrants --
       was $9.8 million, compared to a net loss of $1.5 million
       in the same period of 2023, mainly due to the strong
       performance of our battery business.

     * Basic and diluted income per share were both $0.11,
       compared to basic and diluted loss per share of $0.02
       in 2023.

Comenting on the results, Yunfei Li, Chairman and Chief Executive
Officer of the Company, said, "Last year, we strengthened the
foundation of development and continued our growth strategy
centered on expanding our battery business. In the first quarter,
we accelerated this strategy and achieved promising results with a
total net income from the battery business of $11.7 million,
equivalent to the net income for the full year of 2023. At the same
time, we further reduced losses at Hitrans, our acquired and
independently operated materials company, reaching a consolidated
net income of $9.6 million for the first quarter, an outstanding
achievement during an industry-wide downturn. We expect even faster
growth for the rest of the year while remaining committed to our
higher profitability goals for our battery business."

Jiewei Li, Chief Financial Officer and Secretary of the Board of
the Company, added, "In the first quarter, we continued to see
strong top-line growth. Total net revenues increased by 38.7% year
over year, while net revenues from our battery business saw a
significant uplift of 51.5% year over year. In addition, the gross
margin jumped to 31.9% from 6.9% a year ago, with the gross margin
of our battery business surging 30.3 percentage points year over
year to 41.2%. As a result, our bottom line turned positive with a
net income of $9.6 million and a net income from the battery
business of $11.7 million, positive for the third consecutive
quarter. For the full year of 2024, we expected net income from the
battery business to reach between RMB220 million (or approximately
$30.5 million) and RMB250 million (or approximately $34.6 million)
for the full year of 2024. We will continue prudently investing
while maintaining cost discipline as we aim to ensure long-term
sustainable growth."

A full-text copy of the Company's report filed on Form 8-K with the
Securities and Exchange Commission is available at
https://tinyurl.com/5n8ux882

                         About CBAK Energy

Liaoning Province, People's Republic of China-based CBAK Energy --
https://www.cbak.com.cn/ -- is a manufacturer of new energy high
power lithium and sodium batteries that are mainly used in light
electric vehicles, electric vehicles, energy storage such as
residential energy supply & uninterruptible power supply (UPS)
application, and other high-power applications.  The Company's
primary product offering consists of new energy high power lithium
and sodium batteries.  In addition, after completing the
acquisition of 81.56% of registered equity interests (representing
75.57% of paid-up capital) of Hitrans in November 2021, the Company
entered the business of developing and manufacturing NCM precursor
and cathode materials.  Hitrans is a developer and manufacturer of
ternary precursor and cathode materials in China, whose products
have a wide range of applications on batteries that would be
applied to electric vehicles, electric tools, high-end digital
products and storage, among others.

Hong Kong, China-based ARK Pro CPA & Co, the Company's auditor
since 2023, issued a "going concern" qualification in its report
dated March 15, 2024, citing that the Company has a working capital
deficiency, accumulated deficit from recurring net losses and
significant short-term debt obligations maturing in less than one
year as of Dec. 31, 2023.  All these factors raise substantial
doubt about its ability to continue as a going concern.

CHINA VANKE: Uses Unit Shares as Collateral for USD2.8BB Loan
-------------------------------------------------------------
Yicai Global reports that China Vanke, a distressed builder,
obtained CNY20 billion (USD2.8 billion) in a syndicated loan from
financial institutions such as China Merchants Bank, marking the
largest single loan for a Chinese real estate company since 2020.

According to Yicai, Vanke already received half of the funds. It
used shares of warehousing unit Wanwei Logistics as collateral.

Yicai relates that the joint loan from several financiers will help
the company improve its liquidity, the Shenzhen-based firm said,
adding that Vanke has the confidence and ability to proactively,
comprehensively, and systematically complete the transformation of
its financing model while properly handling its maturing debt.

The conglomerate has been improving its capital chain lately amid
governments' supportive policies to stop the spiral of falling
sales of new homes and cash-strapped builders.

According to Yicai, Vanke said on May 13 that it had applied for
loans totaling CNY7.3 billion (USD1 billion) from Bank of China,
Agricultural Bank of China, and Bank of Beijing. On May 20, it got
a CNY1.2 billion (USD165.6 million) loan from BoC. A few days
before that, it issued CNY1.4 billion of commercial mortgage-backed
securities on the Shenzhen Stock Exchange to reduce its financing
costs.

Vanke's liabilities totaled CNY1.1 trillion (USD151.8 billion) as
of Dec. 31, Yicai discloses citing the group's annual report.
Interest-bearing liabilities due within one year amounted to
CNY62.4 billion, accounting for almost 20 percent of the total.

Yicai adds that Chairman Yu Liang said during a shareholder meeting
on April 30 that the firm would withdraw from non-core businesses
to focus on its three key areas, namely developing new homes and
rental housing, as well as property management. Vanke's other
businesses at home and abroad include hospitality, as well as
logistics and warehousing, according to its website.

                         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.



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

916 EPARI: CRISIL Keeps B Debt Rating in Not Cooperating Category
-----------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of 916 Epari
Jeweller Private Limited (EJPL) continues to be 'CRISIL B/Stable
Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit             20        CRISIL B/Stable (Issuer Not
                                     Cooperating)

CRISIL Ratings has been consistently following up with EJPL for
obtaining information through letter and email dated April 19, 2024
among others, apart from telephonic communication. However, the
issuer has remained non cooperative.

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

Detailed Rationale

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

EJPL was incorporated in 2005, promoted by Mr. Suresh Epari. The
company retails gold, silver, and diamond jewellery.


AKASH INFRA: CRISIL Hikes Rating on INR20cr Cash Loan from D
------------------------------------------------------------
CRISIL Ratings has upgraded its ratings on the bank facilities of
Akash Infra Projects Ltd (AIPL) to 'CRISIL B/Stable/CRISIL A4' from
'CRISIL D/CRISIL D'.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Bank Guarantee         25        CRISIL A4 (Upgraded from
                                    'CRISIL D')

   Cash Credit            20        CRISIL B/Stable (Upgraded
                                    from 'CRISIL D')

   Proposed Long Term     10        CRISIL B/Stable (Upgraded
   Bank Loan Facility               from 'CRISIL D')

   Proposed Short Term    20        CRISIL A4 (Upgraded from
   Bank Loan Facility               'CRISIL D')

   Working Capital         5        CRISIL B/Stable (Upgraded
   Term Loan                        from 'CRISIL D')

The upgrade reflects timely debt servicing by the company, followed
by the payment of liability created against bank guarantees of
INR6.25 crore and no further instances of overdrawing in the
working capital facility over the three months starting January
2024.

However, the rating action follows the moderation in business
performance as reflected in estimated revenue of INR53.36 crores in
FY2024 as against INR61.72 crores in FY2023 with estimated
moderation in its operating margin estimated to be at 4.5% in
FY2024 against 10.96% in FY2023. The company's working capital
management has weakened amid slower order execution due to fewer
tenders floated. The timely execution of orders with sustained
improvement in revenue will be monitorable. The company's liquidity
is constrained by high bank limit utilisation of over 98% and delay
in payment of INR85 crore from Ahmedabad Municipal Corporation
(AMC) but aided by funding support from the promoters. The
financial risk profile is expected to remain moderate with stretch
in liquidity over the medium term.

The ratings also factor in the stretched working capital cycle of
the company, the decline in its revenue and exposure to cyclicality
and intense competition in the construction industry. AIPL,
however, benefits from its established track record and moderate
financial risk profile.

Key Rating Drivers & Detailed Description

Weaknesses:

* Stretched working capital cycle: The company had sizeable gross
current assets (GCAs) estimated over 1,000 days as on March 31,
2024, driven by substantial receivables as well as retention money,
security deposit and fixed deposit margin money requirements for
the bank guarantee. The GCAs have increased in the past three
years, driven by delay in payments by AMC and moderate turnover of
AIPL. While an arbitration award amounting to INR85.83 crore was
passed in favour of AIPL in January 2022 for the pending AMC
receivables relating to the blacklisting of AIPL, AMC has filed an
appeal against the same. Decision on the appeal will be monitored.

* Decline in revenue, and susceptibility to cyclicality and intense
competition in the construction industry: The revenue of AIPL
remains susceptible to economic cycles, which impact the
construction industry. The revenue has fluctuated over the past
three years owing to fewer tenders and slow execution of orders.
The company is estimated to achieve revenue of INR53.36 crore for
fiscal 2024 (against INR61.72 crore in fiscal 2023) with estimated
operating margin over 4.5% (10.9%) on account of lower billing
because of slow order execution.

The company caters to government agencies such as the public works
department (PWD), roads and development department and municipal
corporations, and capital expenditure by these bodies is directly
linked to the economy. Moreover, intense competition in the road
construction and maintenance segments will continue to limit
pricing power, thereby constraining the scalability and
profitability of AIPL.

Strengths:

* Established track record in the construction industry: AIPL has
been undertaking road projects for several local bodies, including
Ahmedabad Urban Development Authority and the Roads and Buildings
Department of Gujarat for more than two decades. The
two-decade-long experience of the promoters in the civil
construction industry, their ability to successfully bid for
tenders and efficiently execute orders, and their established
relationships with customers, will continue to support the
business. Having a proven track record also provides the company an
advantage over new entrants while bidding for tenders. AIPL has
orders worth ~Rs 133 crore as on March 31, 2024, executable in the
next 12-15 months, assuring near-term revenue visibility. However,
its timely execution without any delays along with receipt of new
orders will remain a key monitorable.

* Moderate financial risk profile: Financial risk profile is marked
by moderate gearing and total outside liabilities to adjusted
networth ratio (TOL/ANW) estimated at 0.73 time and 1.11 times,
respectively, and networth of around INR80 crore as on March 31,
2024. Debt protection metrics are estimated to be average and
expected to be marginally improving over the medium term with
scheduled debt repayment. Accretion to reserve and absence of any
major, debt-funded capital expenditure (capex) should support the
financial risk profile over the medium term.

Liquidity: Stretched

Bank limit utilisation remained high around 98% for the eight
months ended April 2024. Cash accrual in fiscal 2024 remained
stretched, however, for fiscal 2025, it is expected to improve with
scheduled debt repayments. In addition, it will act as a cushion to
the liquidity of the company. Current ratio is estimated to remain
healthy over 1.9 times for fiscal 2024. The promoters are likely to
extend support in the form of equity and unsecured loans to meet
working capital requirements and repayment obligations. Moderate
gearing and average networth support financial flexibility.

Outlook: Stable

CRISIL Ratings believes AIPL's large working capital requirement
will continue to constrain its credit risk profile.

Rating Sensitivity factors

Upward factors

* A 20% improvement in revenue growth annually and operating margin
over 6.5%, leading to substantial cash accrual.
* Prudent working capital management, with GCAs moderating along
with realisation of receivables from AMC.

Downward factors

* Pressure on the topline or operating margin, leading to
moderation in cash accrual to less than INR1.4 crore.
* Deterioration in the working capital cycle

AIPL was set up in 1999 as a partnership (Akash Builders) between
Mr Yoginkumar H Patel and Mr Ambusinh P Gol. The firm was
reconstituted as a private limited company within two months. In
fiscal 2017, the company raised equity through a small and medium
enterprise initial public offering (SME-IPO) and was reconstituted
as a limited company with the present name. The company constructs
and repairs roads in Gujarat and is based in Gandhinagar.


AKIRA PROJECTS: CRISIL Keeps B Debt Rating in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Akira Projects
Private Limited (APPL) continues to be 'CRISIL B/Stable Issuer Not
Cooperating'.

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

CRISIL Ratings has been consistently following up with APPL for
obtaining information through letter and email dated April 19, 2024
among others, apart from telephonic communication. However, the
issuer has remained non cooperative.

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

Detailed Rationale

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

Incorporated in 2014, Hyderabad-based APPL, promoted by Mr
Rajanarender Rao Jakileti and Ms Rajyalaxmi Jakileti, is engaged in
civil construction works, mainly building.



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

                          Amount
   Facilities          (INR Crore)     Ratings
   ----------          -----------     -------
   Bank Guarantee           5          CRISIL D (Issuer Not
                                       Cooperating)

   Cash Credit             93          CRISIL D (Issuer Not
                                       Cooperating)

   Cash Credit            140          CRISIL D (Issuer Not
                                       Cooperating)

   Foreign Bill            18          CRISIL D (Issuer Not
   Discounting                         Cooperating)

   Foreign Bill
   Discounting             25          CRISIL D (Issuer Not
                                       Cooperating)

   Foreign Bill             7          CRISIL D (Issuer Not
   Discounting                         Cooperating)

   Letter of Credit         7          CRISIL D (Issuer Not  
   Bill Discounting                    Cooperating)

   Proposed Long Term      60          CRISIL D (Issuer Not
   Bank Loan Facility                  Cooperating)

CRISIL Ratings has been consistently following up with ANFF for
obtaining information through letter and email dated April 19, 2024
among others, apart from telephonic communication. However, the
issuer has remained non cooperative.

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

Detailed Rationale

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

ANFF, promoted by Mr. Mohammad Mustaqeem Qureshi in 1987, is the
flagship company of the Al Nafees group. It processes and exports
buffalo meat. Its plant in Dasna (Uttar Pradesh) has capacity to
process 150 tonnes per day (tpd) of frozen meat. Its rented plant
in Hyderabad has a capacity of 90 tpd.


AL-FAS TRADING: CRISIL Keeps B+ Debt Rating in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Al-Fas
Trading International Private Limited (ATIPL) continue to be
'CRISIL B+/Stable/CRISIL A4 Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit           3.5         CRISIL B+/Stable (Issuer Not
                                     Cooperating)

   Inland/Import         2.0         CRISIL A4 (Issuer Not
   Letter of Credit                  Cooperating)

CRISIL Ratings has been consistently following up with ATIPL for
obtaining information through letter and email dated April 19, 2024
among others, apart from telephonic communication. However, the
issuer has remained non cooperative.

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of ATIPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on ATIPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
ATIPL continues to be 'CRISIL B+/Stable/CRISIL A4 Issuer Not
Cooperating'.

ATIPL were set up in 2013 respectively. The entity is
dealer/distributor of medium density fiber board (MDF), glass, and
plywood, based out of Trivandrum (Kerala).


AL-NAFEES PROTEINS: CRISIL Keeps D Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Al-Nafees
Proteins Private Limited (ANP; part of the Al Nafees group)
continue to be 'CRISIL D/CRISIL D Issuer Not Cooperating'.

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

   Proposed Long Term     40.5       CRISIL D (Issuer Not
   Bank Loan Facility                Cooperating)

CRISIL Ratings has been consistently following up with ANP for
obtaining information through letter and email dated April 19, 2024
among others, apart from telephonic communication. However, the
issuer has remained non cooperative.

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

Detailed Rationale

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

For arriving at the ratings, CRISIL Ratings has combined the
business and financial risk profiles of ANFF and group entities, Al
Nafees Proteins Pvt Ltd (ANP), Al Tamash Exports Pvt Ltd (ATE) and
Prestige Food Exports (PF). This is because these entities,
collectively referred to as the Al Nafees group, have operational
and financial linkages. Furthermore, ANP is a 72 per cent
subsidiary of ANFF, and ANFF has provided corporate guarantee to
the bank facilities of ANP and ATE in the past.

                          About the Group

ANFF, promoted by Mr. Mohammad Mustaqeem Qureshi in 1987, is the
flagship company of the Al Nafees group. It processes and exports
buffalo meat. Its plant in Dasna (Uttar Pradesh) has capacity to
process 150 tonnes per day (tpd) of frozen meat. Its rented plant
in Hyderabad has a capacity of 90 tpd.ANP, ATE, and PF are in the
same business. ANP, a subsidiary of ANFF, processes meat of sheep,
goat, and buffalo; ATE has a cold storage where the group stores
its products.


ALBATROSS PROJECTS: CRISIL Keeps B Debt Rating in Not Cooperating
-----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Albatross
Projects Private Limited (Albatross) continue to be 'CRISIL
B/Stable/CRISIL A4 Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Bank Guarantee         7.6        CRISIL A4 (Issuer Not
                                     Cooperating)

   Overdraft Facility     4.9        CRISIL B/Stable (Issuer Not
                                     Cooperating)

CRISIL Ratings has been consistently following up with Albatross
for obtaining information through letter and email dated April 19,
2024 among others, apart from telephonic communication. However,
the issuer has remained non cooperative.

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of Albatross, which restricts
CRISIL Ratings' ability to take a forward looking view on the
entity's credit quality. CRISIL Ratings believes that rating action
on Albatross is consistent with 'Assessing Information Adequacy
Risk'. Based on the last available information, the ratings on bank
facilities of Albatross continues to be 'CRISIL B/Stable/CRISIL A4
Issuer Not Cooperating'.

Incorporated in 2008, Albatross, based out of Delhi, is engaged in
industrial, commercial and residential construction for various
industries. It is promoted by Mr Sanjeev Aggarwal and Mr Kunal.


ALPNA VISUAL: CRISIL Keeps B Debt Ratings in Not Cooperating
------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Alpna Visual
Packaging Aids (AVPA) continue to be 'CRISIL B/Stable/CRISIL A4
Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Overdraft Facility    1.5         CRISIL A4 (Issuer Not
                                     Cooperating)

   Proposed Fund-
   Based Bank Limits     0.4         CRISIL B/Stable (Issuer Not
                                     Cooperating)


   Term Loan             4.1         CRISIL B/Stable (Issuer Not
                                     Cooperating)

CRISIL Ratings has been consistently following up with AVPA for
obtaining information through letter and email dated April 19, 2024
among others, apart from telephonic communication. However, the
issuer has remained non cooperative.

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of AVPA, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on AVPA
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
AVPA continues to be 'CRISIL B/Stable/CRISIL A4 Issuer Not
Cooperating'.

Established in 2002, Delhi-based AVPA is a proprietorship firm
managed by Mr Vijay Kumar Aggarwal. The firm is engaged in
manufacturing of packaged machines and supplying the same within
both the local and foreign geographies.



AMALORPAVAM EDUCATIONAL: CRISIL Keeps B Rating in Not Cooperating
-----------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Amalorpavam
Educational Welfare Society (AEWS) continues to be 'CRISIL B/Stable
Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Long Term Loan         30         CRISIL B/Stable (Issuer Not
                                     Cooperating)

CRISIL Ratings has been consistently following up with AEWS for
obtaining information through letter and email dated April 19, 2024
among others, apart from telephonic communication. However, the
issuer has remained non cooperative.

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

Detailed Rationale

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

Established in 1984, AEWS operates 2 schools in Puducherry. Its
day-to-day operations are managed by an executive committee chaired
by Mr. S A Lourdusamy.


AMBE PROPTECH: CRISIL Keeps B+ Debt Ratings in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Ambe Proptech
Private Limited (APPL) continue to be 'CRISIL B+/Stable Issuer Not
Cooperating'.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Long Term Loan         25        CRISIL B+/Stable (Issuer Not
                                    Cooperating)

   Proposed Term Loan      7        CRISIL B+/Stable (Issuer Not
                                    Cooperating)

CRISIL Ratings has been consistently following up with APPL for
obtaining information through letter and email dated April 19, 2024
among others, apart from telephonic communication. However, the
issuer has remained non cooperative.

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

Detailed Rationale

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

APPL, incorporated in February 2012, is setting up a commercial
mall cum multiplex in Gorakhpur. It is promoted by Mr. Nirmal Kumar
Gupta and Mr. Sandeep Kumar Tekriwal, and their family members.


AMBICA COTSEEDS: CRISIL Keeps B+ Debt Rating in Not Cooperating
---------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Ambica
Cotseeds Limited (ACL) continues to be 'CRISIL B+/Stable Issuer Not
Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Export Packing         20         CRISIL B+/Stable (Issuer Not
   Credit                            Cooperating)

CRISIL Ratings has been consistently following up with ACL for
obtaining information through letter and email dated April 19, 2024
among others, apart from telephonic communication. However, the
issuer has remained non cooperative.

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

Detailed Rationale

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

Incorporated in 2012, ACL is promoted and managed by Mr Bharat
Patel, Mr Vishnu Patel and family members. The company is engaged
in cotton ginning and trades in cotton bales. Its manufacturing
facility is located in Kadi, Gujarat.


AMODHINI ESTATES: CRISIL Keeps B Debt Ratings in Not Cooperating
----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Amodhini
Estates Private Limited (AEPL) continue to be 'CRISIL B/Stable
Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Long Term Loan         5.2        CRISIL B/Stable (Issuer Not
                                     Cooperating)

   Proposed Long Term     0.8        CRISIL B/Stable (Issuer Not
   Bank Loan Facility                Cooperating)

CRISIL Ratings has been consistently following up with AEPL for
obtaining information through letter and email dated April 19, 2024
among others, apart from telephonic communication. However, the
issuer has remained non cooperative.

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

Detailed Rationale

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

Established in 2014, Hosur-based SPF is engaged in cultivation of
gerbera and capsicum within 10 acres of land. The company is
managed by Mr. Venkatesh S Aiyer and Mr. Naveen Singhla.


ANAND MINE: Ind-Ra Keeps D Loan Rating in NonCooperating
--------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained Anand Mine Tools
Private Limited's instrument(s) rating in the non-cooperating
category. The issuer did not participate in the surveillance
exercise, despite continuous requests and follow-ups by the agency
through emails and phone calls. Therefore, investors and other
users are advised to take appropriate caution while using the
rating. The rating will continue to appear as 'IND D (ISSUER NOT
COOPERATING)' on the agency's website.

The detailed rating actions are:

-- INR16 mil. Non-Fund Based Working Capital Limit maintained in
     non-cooperating category with IND D (ISSUER NOT COOPERATING)
     rating;

-- INR27.5 mil. Term loan due on July 31, 2021 maintained in non-
     cooperating category with IND D (ISSUER NOT COOPERATING)
     rating; and

-- INR130 mil. Fund-based working capital facilities maintained
     in non-cooperating category with IND D (ISSUER NOT
     COOPERATING) rating.

Note: ISSUER NOT COOPERATING: Issuer did not cooperate; based on
the best available information

Detailed Rationale of the Rating Action

The ratings are maintained in the non-cooperating category in
accordance with Ind-Ra's policy of Issuer Non-Cooperation.

Non-Cooperation by the Issuer

Ind-Ra has not received adequate information and has not been able
to conduct management interaction with Anand Mine Tools Private
Limited while reviewing the rating. Ind-Ra had consistently
followed up with Anand Mine Tools Private Limited over emails,
apart from phone calls.

Limitations regarding Information Availability

Ind-Ra has reviewed the credit ratings of Anand Mine Tools Private
Limited on the basis of best available information and is unable to
provide a forward-looking credit view. Hence, the current
outstanding rating might not reflect Anand Mine Tools Private
Limited's credit strength. If an issuer does not provide timely
business and financial updates to the agency, it indicates weak
governance, particularly in 'Transparency of Financial
Information'. The agency may also consider this as symptomatic of a
possible disruption / distress in the issuer's credit profile.
Therefore, investors and other users are advised to take
appropriate caution while using these ratings.

About the Company

Incorporated in 2010, Anand Mine Tools is an authorized dealer of
Joseph Cyril Bamford for sales and services of the latter's
equipment and spare parts in Nagpur, Chandrapur, Wardha, Yavatmal,
Bhandara, Gondia, Gadchiroli and Wani (Maharashtra).



ANIL CONSTRUCTION: Ind-Ra Keeps BB Loan Rating in NonCooperating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained Anil
Construction Company's instrument(s) rating in the non-cooperating
category. The issuer did not participate in the surveillance
exercise, despite continuous requests and follow-ups by the agency
through emails and phone calls. Therefore, investors and other
users are advised to take appropriate caution while using the
rating. The rating will continue to appear as 'IND BB/Stable
(ISSUER NOT COOPERATING)' on the agency's website.

The detailed rating actions are:

-- INR70 mil. Non-Fund Based Working Capital Limit maintained in
     non-cooperating category with IND A4+ (ISSUER NOT
     COOPERATING) rating; and

-- INR50 mil. Fund-based facilities maintained in non-cooperating

     category with IND BB/Stable (ISSUER NOT COOPERATING) rating.

Note: ISSUER NOT COOPERATING: Issuer did not cooperate; based on
the best available information

Detailed Rationale of the Rating Action

The ratings are maintained in the non-cooperating category in
accordance with Ind-Ra's policy of Issuer Non-Cooperation.

Non-Cooperation by the Issuer

Ind-Ra has not received adequate information and has not been able
to conduct management interaction with Anil Construction Company
while reviewing the rating. Ind-Ra had consistently followed up
with Anil Construction Company over emails, apart from phone
calls.

Limitations regarding Information Availability

Ind-Ra has reviewed the credit ratings of Anil Construction Company
on the basis of best available information and is unable to provide
a forward-looking credit view. Hence, the current outstanding
rating might not reflect Anil Construction Company's credit
strength. If an issuer does not provide timely business and
financial updates to the agency, it indicates weak governance,
particularly in 'Transparency of Financial Information'. The agency
may also consider this as symptomatic of a possible
disruption/distress in the issuer's credit profile. Therefore,
investors and other users are advised to take appropriate caution
while using these ratings.

About the Company

Incorporated in 2000, Anil Construction Company is a partnership
firm engaged in road construction and maintenance for Madhya
Pradesh Rural Road Development Authority, with whom it has a Class
A contractor status.



ANSHUMAN TRADING: Ind-Ra Keeps B+ Rating in NonCooperating
----------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained Anshuman Trading
Private Limited's instrument(s) rating in the non-cooperating
category. The issuer did not participate in the surveillance
exercise, despite continuous requests and follow-ups by the agency
through emails and phone calls. Therefore, investors and other
users are advised to take appropriate caution while using the
rating. The rating will continue to appear as 'IND B+/Stable
(ISSUER NOT COOPERATING)' on the agency's website.

The detailed rating actions are:

-- INR50 mil. Fund Based Working Capital Limit maintained in non-
     cooperating category with IND B+/Stable (ISSUER NOT
     COOPERATING)/IND A4 (ISSUER NOT COOPERATING) rating; and

-- INR200 mil. Non-Fund Based Working Capital Limit maintained in

     non-cooperating category with IND A4 (ISSUER NOT COOPERATING)

     rating.

Note: ISSUER NOT COOPERATING: Issuer did not cooperate; based on
the best available information

Detailed Rationale of the Rating Action

The ratings are maintained in the non-cooperating category in
accordance with Ind-Ra's policy of Issuer Non-Cooperation.

Non-Cooperation by the Issuer

Ind-Ra has not received adequate information and has not been able
to conduct management interaction with Anshuman Trading Private
Limited while reviewing the rating. Ind-Ra had consistently
followed up with Anshuman Trading Private Limited over emails,
apart from phone calls.

Limitations regarding Information Availability

Ind-Ra has reviewed the credit ratings of Anshuman Trading Private
Limited on the basis of best available information and is unable to
provide a forward-looking credit view. Hence, the current
outstanding rating might not reflect Anshuman Trading Private
Limited's credit strength. If an issuer does not provide timely
business and financial updates to the agency, it indicates weak
governance, particularly in 'Transparency of Financial
Information'. The agency may also consider this as symptomatic of a
possible disruption / distress in the issuer's credit profile.
Therefore, investors and other users are advised to take
appropriate caution while using these ratings.

About the Company

Established in October 2013, Mumbai-based ATPL trades in household
electronic appliances.



ANUPAM UDYOG: Ind-Ra Keeps BB- Term Loan Rating in NonCooperating
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained Anupam Udyog's
instrument(s) rating in the non-cooperating category. The issuer
did not participate in the surveillance exercise, despite
continuous requests and follow-ups by the agency through emails and
phone calls. Therefore, investors and other users are advised to
take appropriate caution while using the rating. The rating will
continue to appear as 'IND BB-/Stable (ISSUER NOT COOPERATING)' on
the agency's website.

The detailed rating actions are:

-- INR15 mil. Fund Based Working Capital Limit maintained in non-
     cooperating category with IND BB-/Stable (ISSUER NOT
     COOPERATING) rating; and

-- INR65 mil. Non-Fund Based Working Capital Limit maintained in
     non-cooperating category with IND A4+ (ISSUER NOT
     COOPERATING) rating.

Note: ISSUER NOT COOPERATING: Issuer did not cooperate; based on
the best available information

Detailed Rationale of the Rating Action

The ratings are maintained in the non-cooperating category in
accordance with Ind-Ra's policy of Issuer Non-Cooperation.

Non-Cooperation by the Issuer

Ind-Ra has not received adequate information and has not been able
to conduct management interaction with Anupam Udyog while reviewing
the rating. Ind-Ra had consistently followed up with Anupam Udyog
over emails, apart from phone calls.

Limitations regarding Information Availability

Ind-Ra has reviewed the credit ratings of Anupam Udyog on the basis
of best available information and is unable to provide a
forward-looking credit view. Hence, the current outstanding rating
might not reflect Anupam Udyog's credit strength. If an issuer does
not provide timely business and financial updates to the agency, it
indicates weak governance, particularly in 'Transparency of
Financial Information'. The agency may also consider this as
symptomatic of a possible disruption / distress in the issuer's
credit profile. Therefore, investors and other users are advised to
take appropriate caution while using these ratings.

About the Company

Incorporated in 1978, AU manufactures transformers and largely
sells them to Rajasthan Electricity Board. The firm is managed by
Mr. Vikas Mor, Ms. Shivani Mor and Mr. Kamal Kumar Mor.


ANWESHA ENGINEERING: Ind-Ra Keeps D Loan Rating in NonCooperating
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained Anwesha
Engineering & Projects Limited's instrument(s) rating in the
non-cooperating category. The issuer did not participate in the
surveillance exercise, despite continuous requests and follow-ups
by the agency through emails and phone calls. Therefore, investors
and other users are advised to take appropriate caution while using
the rating. The rating will continue to appear as 'IND D (ISSUER
NOT COOPERATING)' on the agency's website.

The detailed rating actions are:

-- INR1.10 bil. Fund Based Working Capital Limit maintained in
     non-cooperating category with IND D (ISSUER NOT COOPERATING)
     rating;

-- INR239.25 mil. Term loan due on March 31, 2021 maintained in
     non-cooperating category with IND D (ISSUER NOT COOPERATING)
     rating; and

-- INR1,921.2 bil. Non Fund Based Capital Limits maintained in
     non-cooperating category with IND D (ISSUER NOT COOPERATING)
     rating.

Note: ISSUER NOT COOPERATING: Issuer did not cooperate; based on
the best available information

Detailed Rationale of the Rating Action

The ratings are maintained in the non-cooperating category in
accordance with Ind-Ra's policy of Issuer Non-Cooperation.

Non-Cooperation by the Issuer

Ind-Ra has not received adequate information and has not been able
to conduct management interaction with Anwesha Engineering &
Projects Limited while reviewing the rating. Ind-Ra had
consistently followed up with Anwesha Engineering & Projects
Limited over emails, apart from phone calls.

Limitations regarding Information Availability

Ind-Ra has reviewed the credit ratings of Anwesha Engineering &
Projects Limited on the basis of best available information and is
unable to provide a forward-looking credit view. Hence, the current
outstanding rating might not reflect Anwesha Engineering & Projects
Limited's credit strength. If an issuer does not provide timely
business and financial updates to the agency, it indicates weak
governance, particularly in 'Transparency of Financial
Information'. The agency may also consider this as symptomatic of a
possible disruption / distress in the issuer's credit profile.
Therefore, investors and other users are advised to take
appropriate caution while using these ratings.

About the Company

Anwesha Engineering & Projects is an engineering, procurement and
construction player engaged in the business of erection of oil,
comfier and fire water storage tanks, piping and pipe rack
foundation, and related civil and structural works for refineries
in India and overseas.



APRA ENTERPRISES: Ind-Ra Keeps BB+ Rating in Non-Cooperating
------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained Apra
Enterprises' instrument(s) rating in the non-cooperating category.
The issuer did not participate in the surveillance exercise,
despite continuous requests and follow-ups by the agency through
emails and phone calls. Therefore, investors and other users are
advised to take appropriate caution while using the rating. The
rating will continue to appear as 'IND BB+/Stable (ISSUER NOT
COOPERATING)' on the agency's website.

The detailed rating action is:

-- INR450 mil. Non-Fund Based Working Capital Limit maintained in

     non-cooperating category with IND BB+/Stable(ISSUER NOT
     COOPERATING) rating.

Note: ISSUER NOT COOPERATING: Issuer did not cooperate; based on
the best available information

Detailed Rationale of the Rating Action

The ratings are maintained in the non-cooperating category in
accordance with Ind-Ra's policy of Issuer Non-Cooperation.

Non-Cooperation by the Issuer

Ind-Ra has not received adequate information and has not been able
to conduct management interaction with Apra Enterprises while
reviewing the rating. Ind-Ra had consistently followed up with Apra
Enterprises over emails, apart from phone calls.

Limitations regarding Information Availability

Ind-Ra has reviewed the credit ratings of Apra Enterprises on the
basis of best available information and is unable to provide a
forward-looking credit view. Hence, the current outstanding rating
might not reflect Apra Enterprises' credit strength. If an issuer
does not provide timely business and financial updates to the
agency, it indicates weak governance, particularly in 'Transparency
of Financial Information'. The agency may also consider this as
symptomatic of a possible disruption / distress in the issuer's
credit profile. Therefore, investors and other users are advised to
take appropriate caution while using these ratings.

About the Company

Set up in 1984 as a proprietorship by Anil Bajaria, AE trades in
numerous petrochemicals such as methanol, acetone, toluene, xylene,
acetic acid, N Heptane, Styrene Monomer, alpha picoline,
acetonitrile, among others.  The Mumbai-based firm is managed by
Anil Bajaria and his son, Viraj Bajaria. The firm caters majorly to
industries such as pharmaceutical where the end use of these
chemicals is for the production of active pharmaceutical
ingredients, followed by paint, ink, wood and laminates, specialty
chemical, among others.



APURVA TEXTILE: Ind-Ra Keeps B+ Rating in Non-Cooperating
---------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained Apurva Textile's
instrument(s) rating in the non-cooperating category. The issuer
did not participate in the surveillance exercise, despite
continuous requests and follow-ups by the agency through emails and
phone calls. Therefore, investors and other users are advised to
take appropriate caution while using the rating. The rating will
continue to appear as 'IND B+/Stable (ISSUER NOT COOPERATING)' on
the agency's website.

The detailed rating actions are:

-- INR75 mil. Fund Based Working Capital Limit maintained in non-
     cooperating category with IND B+/Stable (ISSUER NOT
     COOPERATING)/IND A4 (ISSUER NOT COOPERATING) rating; and

-- INR59.58 mil. Term loan due on September 30, 2024 maintained
     in non-cooperating category with IND B+/Stable (ISSUER NOT
     COOPERATING) rating.

Note: ISSUER NOT COOPERATING: Issuer did not cooperate; based on
the best available information

Detailed Rationale of the Rating Action

The ratings are maintained in the non-cooperating category in
accordance with Ind-Ra's policy of Issuer Non-Cooperation.

Non-Cooperation by the Issuer

Ind-Ra has not received adequate information and has not been able
to conduct management interaction with Apurva Textile while
reviewing the rating. Ind-Ra had consistently followed up with
Apurva Textile over emails, apart from phone calls.

Limitations regarding Information Availability

Ind-Ra has reviewed the credit ratings of Apurva Textile on the
basis of best available information and is unable to provide a
forward-looking credit view. Hence, the current outstanding rating
might not reflect Apurva Textile's credit strength. If an issuer
does not provide timely business and financial updates to the
agency, it indicates weak governance, particularly in 'Transparency
of Financial Information'. The agency may also consider this as
symptomatic of a possible disruption / distress in the issuer's
credit profile. Therefore, investors and other users are advised to
take appropriate caution while using these ratings.

About the Company

Apurva Textile was established in 1999 as a partnership firm. The
firm is engaged in the trading of readymade garments. It has two
outlets in Chittoor and Tirupati, Andhra Pradesh.


ARCH PHARMALABS: NCLT Rejects JM Financial Bid in Insolvency Case
-----------------------------------------------------------------
The Economic Times reports that the National Company Law Tribunal
(NCLT) has dismissed JM Financial Asset Reconstruction's
application to intervene in an insolvency resolution application
filed by Bank of Baroda against Arch Pharmalabs.

In its application, JM Financial ARC had sought the tribunal's
intervention to include it as a necessary party since it has
acquired 97% of Arch Pharmalabs' debt and has credit exposure of
over INR9,500 crore, according to ET.

"One cannot be unmindful of the fact that admittedly the corporate
debtor (Arch Pharmalabs) owes a sum of INR130 crore to the
respondent (Bank of Baroda)," observed a division bench of judicial
member Kuldip Kumar Kareer and technical member Anil Raj Chellan in
its order of May 15, ET relays.

"Even if the same may be a meagre amount when compared with the
outstanding dues of the intervener, which are stated to be to the
tune of INR9,500 crore, the intervener cannot be allowed to usurp
the legitimate rights of the other financial creditors to pursue
the remedies available under the law," said the bench.

Before the tribunal's order, JM Financial ARC argued that it is
helping Arch Pharmalabs to revive and if the company is admitted
under the corporate insolvency resolution process (CIRP), it will
have an "extremely negative impact" on the business operations of
the pharmaceutical company, ET says.

"It is a settled law that while deciding the application, NCLT is
only required to look at debt and default. Hence, legally speaking,
no financial creditor can protest against admission of Section 7
application filed by another financial creditor unless it is a case
of fraudulent initiation, which can be brought to the attention of
NCLT by any party," ET quotes Pooja Mahajan, managing partner of
Chandiok & Mahajan Advocates, as saying.

ET relates that Jyoti A Singh, founder of law firm AJA Legal, said
the Insolvency and Bankruptcy Code (IBC) in its present form does
not recognise the right of any other party except the petitioner
and respondent to intervene or make submissions at the
pre-admission stage.

"The only way to tackle these scenarios would be to amend IBC in
such cases where the requisite majority of proposed COC (committee
of creditors) should have a right to intervene in case they are of
the view the CIRP is not the way forward for the valid reasons
which will be tested before the NCLT," added Singh.

JM Financial ARC also argued there was a restructuring agreement
between it and Arch Pharmalabs in December 2017, under which the
dues of the company were restructured at INR1,400 crore and JMFARCL
in its capacity as lender also granted additional facility of
INR200 crore twice in December 2017 and May 2021.

Arch Pharmalabs Limited (APL) is engaged primarily in the
manufacturing of active pharmaceutical ingredients (APIs) and
pharmaceutical intermediates and also provides contract research
and manufacturing services to international and domestic
pharmaceutical companies.  


ARCHANA GRANITES: CRISIL Keeps B Debt Rating in Not Cooperating
---------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Archana
Granites (AG) continue to be 'CRISIL B/Stable/CRISIL A4 Issuer Not
Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Bank Guarantee        0.25        CRISIL A4 (Issuer Not
                                     Cooperating)

   Cash Credit           9.1         CRISIL B/Stable (Issuer Not
                                     Cooperating)

CRISIL Ratings has been consistently following up with AG for
obtaining information through letter and email dated April 19, 2024
among others, apart from telephonic communication. However, the
issuer has remained non cooperative.

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of AG, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on AG is
consistent with 'Assessing Information Adequacy Risk'. Based on the
last available information, the ratings on bank facilities of AG
continues to be 'CRISIL B/Stable/CRISIL A4 Issuer Not
Cooperating'.

Established in April 2017 as a partnership concern by Mr Narahari
Ganta and Mr Joaquim Dsouza in Warangal, Telangana, AG trades in
granite blocks of many varieties, mainly tan brown, surf green,
grey black, and maple red.


ARENA LIFESTYLE: Ind-Ra Keeps BB- Rating in Non-Cooperating
-----------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained Arena Lifestyle
Pvt Ltd.'s instrument(s) rating in the non-cooperating category.
The issuer did not participate in the surveillance exercise,
despite continuous requests and follow-ups by the agency through
emails and phone calls. Therefore, investors and other users are
advised to take appropriate caution while using the rating. The
rating will continue to appear as 'IND BB-/Stable (ISSUER NOT
COOPERATING)' on the agency's website.

The detailed rating action is:

-- INR290 mil. Fund Based Working Capital Limit maintained in
     non-cooperating category with IND BB-/Stable (ISSUER NOT
     COOPERATING)/IND A4+ (ISSUER NOT COOPERATING) rating.

Note: ISSUER NOT COOPERATING: Issuer did not cooperate; based on
the best available information

Detailed Rationale of the Rating Action

The ratings are maintained in the non-cooperating category in
accordance with Ind-Ra's policy of Issuer Non-Cooperation.

Non-Cooperation by the Issuer

Ind-Ra has not received adequate information and has not been able
to conduct management interaction with Arena Lifestyle Pvt Ltd
while reviewing the rating. Ind-Ra had consistently followed up
with Arena Lifestyle Pvt Ltd over emails, apart from phone calls.

Limitations regarding Information Availability

Ind-Ra has reviewed the credit ratings of Arena Lifestyle Pvt Ltd
on the basis of best available information and is unable to provide
a forward-looking credit view. Hence, the current outstanding
rating might not reflect Arena Lifestyle Pvt Ltd.'s credit
strength. If an issuer does not provide timely business and
financial updates to the agency, it indicates weak governance,
particularly in 'Transparency of Financial Information'. The agency
may also consider this as symptomatic of a possible disruption /
distress in the issuer's credit profile. Therefore, investors and
other users are advised to take appropriate caution while using
these ratings.

About the Company

Founded in 1996, ALPL specializes in diamond and gold jewelry and
owns a showroom in Mumbai at Breach Candy. The company belongs to
the Savla family, which is known by its flagship brand Benzer, and
owns a fashion and lifestyle retail outlet at Breach Candy in
Mumbai. The company specializes in antiques, jadau, vilandi,
diamonds and gold jewelry. The company has a lifetime buyback
policy attached with all its product making, purchases and
investments.


ARNAY TUBES: Ind-Ra Gives BB+ Bank Rating, Outlook Stable
---------------------------------------------------------
India Ratings and Research (Ind-Ra) has rated Arnay Tubes
Industries Private Limited's (ATIPL) bank facilities as follows:

-- INR80 mil. Fund-based facilities assigned with IND BB+/Stable/

     IND A4+ rating;

-- INR20 mil. Proposed fund-based facilities assigned with IND
     BB+/Stable/IND A4+ rating;

-- INR175 mil. Term loan due on August 2032 assigned with IND
     BB+/Stable rating; and

-- INR175 mil. Proposed Term loan due on December 2031 assigned
     with IND BB+/Stable rating.

Detailed Rationale of the Rating Action

The ratings are constrained by ATIPL's weak credit metrics and
stretched liquidity, medium scale of operations, healthy return on
capital employed and promoters experience of more than a decade in
the steel industry.

Detailed Description of Key Rating Drivers

Weak Credit Metrics: ATIPL's gross interest coverage (operating
EBITDA/gross interest expenses) stood at 3.3x in FY23, and Ind-Ra
expects the ratio to have declined to 1.8x in FY24 due to an
increase in the overall interest cost to INR51.47 million (FY23:
INR20.04 million). The net leverage (adjusted net debt/operating
EBITDAR) is also expected to have deteriorated to 3.8x in FY24
(FY23: 3.5x) because of an increase in the overall debt levels. At
FYE24, ATIPL had a debt of INR371.63 million (FYE23: INR333.54
million). Ind-Ra expects the credit metrics to remain weak in the
medium term owing to an increase in the overall debt considering
the company's capex plans in FY25.

Healthy Operating Profitability; Susceptible to Volatile Steel
Prices: Ind-Ra expects ATIPL's margins to remain susceptible to
volatility in steel prices in the medium term. ATIPL's EBITDA
margin stood at 3% in FY24 (FY23: 2.2%) along with increase in ROCE
to 15.4% (13.04%), as per provisional financials. The improvement
in margin was on account of a decline in the overall operating cost
to 95.2% from 97%.

Medium Scale of Operations, but Revenue Likely to Improving over
Medium Term: The company started its operation at end-FY22. FY23
was the first full year of operations. It achieved revenue of
INR3,014.5 million (FY22: INR56.20 million) and the revenue growth
was muted in FY24 at INR3083.65 million. However, there has been an
increase in volumes and margins FY24. The sale of number of units
also increased to 18,291MT in FY24 from 16,752MT in FY23. SS pipes
is the major revenue contributor (FY23: 71.8%), followed by Coils
(26.7%) and scrap sales (1.4%). The company has an installed
capacity of 12,000MTPA where the capacity utilization increased to
97.01% in FY24 from 91.2% in FY23. Ind-Ra expects the revenue to
rise over the medium term, considering the company has planned
capex of INR215.8 million to increase the capacity to 18,000MTPA by
adding a new unit. The project is expected by management to be
operational in two to three months. The company plans to fund the
capex through a term loan of INR148.8 million and promoters'
contribution.

Experienced Promoters: The ratings are supported by the promoters'
experience of nearly a decade in the steel sector, leading to
well-established relationships with customers as well as
suppliers.

Liquidity

Stretched: ATIPL does not have any capital market exposure and
relies on banks and financial institutions to meet its funding
requirements. The average maximum utilization of the fund-based
limits was high at 99.78% during the 12 months ended April 2024.
The company is planning to enhance its fund-based limits by INR20.0
million in FY25. The net working capital cycle stood at 11 days in
FY24 (FY23: 13 days). The cash flow from operations was at negative
INR39.08 million in FY23, and Ind-Ra expects it to have remained at
similar levels in FY24. Subsequently, the free cash flow was also
negative INR313.70 million in FY23 due to capex of INR274.62
million. The cash and cash equivalent balance stood at INR13.85
million in FY24 (FY23: INR99.10 million). ATIPL has repayment
obligations of INR29.59 million in FY25 and INR47.50 million for
FY26.

Rating Sensitivities

Positives: Timely completion of capex leading to a substantial
increase in the scale of operations, along with an improvement in
the overall credit metrics with the net leverage remaining below
4.0x and an improvement in liquidity profile, on a sustained basis,
could lead to a positive rating action.

Negative: A decline in the scale of operations or deterioration in
the credit metrics or deterioration in the liquidity profile or
delay in timely completion of capex could lead to a negative rating
action.

About the Company

Incorporated in 2019, ATIPL is promoted by Dinesh Kumar Sen. It
manufactures a wide range of stainless steel welded polished pipes
and tubes and sells them under the brand name Arnay Tubes. The
company has two factories located in Maharashtra, with a total
installed capacity of 1,20,000MTPA.   


ARORA RICE: CRISIL Keeps B+ Debt Rating in Not Cooperating
----------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Arora Rice
Mills (ARM) continues to be 'CRISIL B+/Stable/CRISIL A4 Issuer Not
Cooperating'.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Cash Credit            16        CRISIL B+/Stable (Issuer Not
                                    Cooperating)

   Packing Credit          1.5      CRISIL A4 (Issuer Not
                                    Cooperating)

CRISIL Ratings has been consistently following up with ARM for
obtaining information through letter and email dated April 19, 2024
among others, apart from telephonic communication. However, the
issuer has remained non cooperative.

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of ARM, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on ARM
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
ARM continues to be 'CRISIL B+/Stable/CRISIL A4 Issuer Not
Cooperating'.

ARM was established as a partnership firm in 1998 in Jalalabad
(Punjab), and was acquired by Mr Ashok Aneja and his relatives in
fiscal 2004. The firm processes both basmati and non-basmati rice
and sells mainly to bulk exporters or exports directly to counties
in the Middle East.


ARUN INTERNATIONAL: CRISIL Keeps B- Ratings in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Arun
International (AI) continue to be 'CRISIL B-/Stable/CRISIL A4
Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit            3.5        CRISIL B-/Stable (Issuer Not
                                     Cooperating)

   Packing Credit         7.5        CRISIL A4 (Issuer Not
                                     Cooperating)

   Proposed Working       7          CRISIL B-/Stable (Issuer Not
   Capital Facility                  Cooperating)

CRISIL Ratings has been consistently following up with AI for
obtaining information through letter and email dated April 19, 2024
among others, apart from telephonic communication. However, the
issuer has remained non cooperative.

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of AI, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on AI is
consistent with 'Assessing Information Adequacy Risk'. Based on the
last available information, the ratings on bank facilities of AI
continues to be 'CRISIL B-/Stable/CRISIL A4 Issuer Not
Cooperating'.

Set up in 1999 as a partnership firm by Mr. Deoki Nandan Bagla and
his son, Mr. Hemant Bagla, AI manufactures kitchenware and also
trades in stainless steel coils and circles. Facility is in
Wazirpur, New Delhi.


ARUNODAYA PRINT: Ind-Ra Keeps BB Rating in Non-Cooperating
----------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained Arunodaya Print
Pack Private Limited's instrument(s) rating in the non-cooperating
category. The issuer did not participate in the surveillance
exercise, despite continuous requests and follow-ups by the agency
through emails and phone calls. Therefore, investors and other
users are advised to take appropriate caution while using the
rating. The rating will continue to appear as 'IND BB/Stable
(ISSUER NOT COOPERATING)' on the agency's website.

The detailed rating actions are:

-- INR29.50 mil. Fund-based limits maintained in non-cooperating
     Category with IND BB/Stable (ISSUER NOT COOPERATING)/IND A4+
     (ISSUER NOT COOPERATING) rating;

-- INR38.95 mil. Long-term loans due on May 31, 2021 maintained
     in non-cooperating category with IND BB/Stable (ISSUER NOT
     COOPERATING) rating; and

-- INR2.80 mil. Non-fund-based limits maintained in non-
     cooperating category with IND A4+ (ISSUER NOT COOPERATING)
     rating.

Note: ISSUER NOT COOPERATING: Issuer did not cooperate; based on
the best available information

Detailed Rationale of the Rating Action

The ratings are maintained in the non-cooperating category in
accordance with Ind-Ra's policy of Issuer Non-Cooperation.

Non-Cooperation by the Issuer

Ind-Ra has not received adequate information and has not been able
to conduct management interaction with Arunodaya Print Pack Private
Limited while reviewing the rating. Ind-Ra had consistently
followed up with Arunodaya Print Pack Private Limited over emails,
apart from phone calls.

Limitations regarding Information Availability

Ind-Ra has reviewed the credit ratings of Arunodaya Print Pack
Private Limited on the basis of best available information and is
unable to provide a forward-looking credit view. Hence, the current
outstanding rating might not reflect Arunodaya Print Pack Private
Limited's credit strength. If an issuer does not provide timely
business and financial updates to the agency, it indicates weak
governance, particularly in 'Transparency of Financial
Information'. The agency may also consider this as symptomatic of a
possible disruption / distress in the issuer's credit profile.
Therefore, investors and other users are advised to take
appropriate caution while using these ratings.

About the Company

Incorporated in 2004, Arunodaya Print Pack is involved in
multicolor printing and packaging. The company caters to the
fast-moving consumer goods, distillery and pharma industries. The
company's registered office is in Delhi.


CEREBRA INTEGRATED: CRISIL Moves D Ratings to Not Cooperating
-------------------------------------------------------------
CRISIL Ratings has migrated the rating on bank facilities of
Cerebra Integrated Technologies Limited (CITL) to 'CRISIL D/CRISIL
D Issuer not cooperating'.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Bank Guarantee         3         CRISIL D (ISSUER NOT
                                    COOPERATING; Rating Migrated)

   Cash Credit           11         CRISIL D (ISSUER NOT
                                    COOPERATING; Rating Migrated)

   Import Letter          2         CRISIL D (ISSUER NOT
   of Credit Limit                  COOPERATING; Rating Migrated)

   Proposed Fund-        16         CRISIL D (ISSUER NOT
   Based Bank Limits                COOPERATING; Rating Migrated)

   Term Loan              3         CRISIL D (ISSUER NOT
                                    COOPERATING; Rating Migrated)

CRISIL Ratings has been consistently following up with CITL for
obtaining information through letter and email dated April 11, 2024
among others, apart from telephonic communication. However, the
issuer has remained non cooperative.

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of CITL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on CITL
is consistent with 'Assessing Information Adequacy Risk'.
Therefore, on account of inadequate information and lack of
management cooperation, CRISIL Ratings has migrated the rating on
bank facilities of CITL to 'CRISIL D/CRISIL D Issuer not
cooperating'.

For arriving at the rating, CRISIL Rating has combined the business
and financial risk profiles of CITL and its wholly owned
subsidiaries Cerebra LPO India Limited and Cerebra Middle East
FZCO, Dubai. That's because the three entities have common
management and have significant financial linkages

                          About the Group

CITL, was initially established as partnership firm in 1992 and
started its operation as manufacturing of computer systems and
trading of its peripherals, components, etc. In 1993 it was
converted to public limited company. CITL is currently engaged in
the business of e-waste recycling, refining and refurbishment,
electronic manufacturing services and IT infrastructure
management.

The company is listed on National Stock Exchange and BSE Ltd.


E G PHARMACEUTICALS: CRISIL Keeps B+ Rating in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of E G
Pharmaceuticals (EGP) continue to be 'CRISIL B+/Stable/CRISIL A4
Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Cash Credit             4        CRISIL B+/Stable (Issuer Not
                                    Cooperating)

   Letter of Credit        2        CRISIL A4 (Issuer Not
                                    Cooperating)

CRISIL Ratings has been consistently following up with EGP for
obtaining information through letter and email dated April 19, 2024
among others, apart from telephonic communication. However, the
issuer has remained non cooperative.

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of EGP, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on EGP
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
EGP continues to be 'CRISIL B+/Stable/CRISIL A4 Issuer Not
Cooperating'.

Set up as a partnership firm by Mr Pankaj Gupta, Mr Lokesh Sharma,
and Ms Santosh Sharma in 2005, EGP manufactures formulations and
active pharmaceutical ingredients at its unit in Mandhala in Baddi,
Himachal Pradesh.


EXCEL ALUGRAPHICS: CRISIL Reaffirms B+ Rating on INR4cr Cash Loan
-----------------------------------------------------------------
CRISIL Ratings has reaffirmed its 'CRISIL B+/Stable/CRISIL A4'
ratings on the bank loan facilities of Excel Alugraphics Pvt Ltd
(EAPL).

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Bank Guarantee         1         CRISIL A4 (Reaffirmed)

   Cash Credit            4         CRISIL B+/Stable (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility     0.03      CRISIL B+/Stable (Reaffirmed)

   Term Loan              0.97      CRISIL B+/Stable (Reaffirmed)

The ratings continue to reflect the company's small scale of
operations and weak financial risk profile. These weaknesses are
partially offset by the extensive experience of the promoters and
funding support from them

Analytical Approach

Unsecured loan of INR5.47 crore, as on March 31, 2023, from the
promoters has been treated as debt due to withdrawals in the past

Key Rating Drivers & Detailed Description

Weaknesses:

* Modest scale of operations: Intense competition may continue to
constrain scalability, pricing power and profitability. Revenue
increased to INR43 crore in fiscal 2024 as compared to INR30 crore
in fiscal 2023. However, it is expected to remain modest over the
medium term and will remain a key rating sensitivity factor.

* Weak financial risk profile: Networth is estimated to be negative
as on March 31, 2024, owing to losses in previous years. Gearing
and total outside liabilities to tangible networth ratio were weak
at negative 20.35 times and negative 31.33 times as on March 31,
2023. However, these metrics are expected to improve over the
medium term and will remain a key rating sensitivity factor

Strength:

* Extensive experience and funding support of the promoters:
Presence of over 30 years in the polyvinyl chloride (PVC) coated
sheets segment has enabled the promoters to understand the market
dynamics and establish strong relationships with suppliers and
customers. Also, the promoters have extended unsecured loan of
INR5.47 crore as on March 31, 2023

Liquidity: Stretched

Bank limit utilisation was moderate at 69% on average for the 12
months through April 2024. Cash accrual is expected to be over INR2
crore which will be sufficient against term debt obligation of
INR0.8-Rs 1 crore over the medium term, and the surplus will
cushion the liquidity of the company. The current ratio was healthy
at 1.99 times as on March 31, 2023. The promoters are likely to
extend support in the form of equity and unsecured loans to meet
the working capital requirement and debt obligation. Extensive
exposure to group companies: EAPL has invested INR1.146 crore in
its group company in the form of equity, loans and advances as on
March 31, 2023, which is 233% of its current networth. CRISIL
Ratings believes that any further exposure in group companies,
impinging its own cash accrual, may impact liquidity and will
remain a rating sensitivity factor.

Outlook: Stable

CRISIL Ratings believe EAPL will continue to benefit from the
extensive experience of its promoters and established relationships
with clients

Rating Sensitivity Factors

Upward Factors:

* Sustained improvement in revenue to over INR50 crore and
operating margin over 10% leading to higher net cash accrual
* More-than-expected improvement in the financial risk profile

Downward Factors:

* Further stretch in working capital cycle on account of
higher-than-expected receivables and inventory
* Decline in revenue to below INR30 crore or operating margin below
8%

Incorporated in 1988 in Valsad, Gujarat, and promoted by Mr Rajesh
Desai and his family members, EAPL manufactures PVC-coated sheets
that are widely used in the bus body building industry and for
marine equipment. The product is sold under the EXCELAM brand


FIREFLY BATTERIES: CRISIL Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Firefly
Batteries Private Limited (FBPL) continue to be 'CRISIL D/CRISIL D
Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Bank Guarantee         1.0        CRISIL D (Issuer Not
                                     Cooperating)

   Cash Credit            7.7        CRISIL D (Issuer Not
                                     Cooperating)

   Term Loan             12.3        CRISIL D (Issuer Not
                                     Cooperating)

CRISIL Ratings has been consistently following up with FBPL for
obtaining information through letter and email dated April 19, 2024
among others, apart from telephonic communication. However, the
issuer has remained non cooperative.

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

Detailed Rationale

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

FBPL (formerly, Epsilon Batteries Private Limited) was incorporated
in 2011, and is managed by Mr Jinal Shah, Mr Satish Mehta, and Mr
Anand Pandya. The company manufactures uninterruptible power supply
(UPS) systems, inverters, advanced lead-acid batteries, and carbon
foam batteries providing renewable energy storage solutions and
load-shift applications. It commenced commercial operations from
December 2014; its manufacturing facility in Bavla, Gujarat has an
installed capacity of 0.3 million batteries per annum. It has a
technical collaboration with Firefly International Energy' USA.


GANGADHAR JENA: CRISIL Moves D Debt Ratings to Not Cooperating
--------------------------------------------------------------
CRISIL Ratings has migrated the rating on bank facilities of
Gangadhar Jena (GJ) to 'CRISIL D/CRISIL D Issuer not cooperating'.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Bank Guarantee         10        CRISIL D (ISSUER NOT
                                    COOPERATING; Rating Migrated)

   Bank Guarantee         10        CRISIL D (ISSUER NOT
                                    COOPERATING; Rating Migrated)

   Bank Guarantee          5        CRISIL D (ISSUER NOT
                                    COOPERATING; Rating Migrated)

   Cash Credit            10        CRISIL D (ISSUER NOT
                                    COOPERATING; Rating Migrated)

   Term Loan               2.28     CRISIL D (ISSUER NOT
                                    COOPERATING; Rating Migrated)

CRISIL Ratings has been consistently following up with GJ for
obtaining information through letter and email dated April 15, 2024
among others, apart from telephonic communication. However, the
issuer has remained non cooperative.

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of GJ, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on GJ is
consistent with 'Assessing Information Adequacy Risk'. Therefore,
on account of inadequate information and lack of management
cooperation, CRISIL Ratings has migrated the rating on bank
facilities of GJ to 'CRISIL D/CRISIL D Issuer not cooperating'.

GJ, a sole proprietorship firm of Mr. Gangadhar Jena, constructs
and maintains roads, buildings, and bridges for government
departments and public sector entities. It is a registered Super
Class Contractor with the Public Works Department, Odisha.


GROBEST FEEDS: CRISIL Keeps B Debt Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Grobest Feeds
Corporation (India) Private Limited (GFCIPL) continue to be 'CRISIL
B/Stable Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit           31.7        CRISIL B/Stable (Issuer Not
                                     Cooperating)

   Cash Credit           15.5        CRISIL B/Stable (Issuer Not
                                     Cooperating)

   Cash Credit           40.48       CRISIL B/Stable (Issuer Not
                                     Cooperating)

   Proposed Long Term    19.52       CRISIL B/Stable (Issuer Not
   Bank Loan Facility                Cooperating)

CRISIL Ratings has been consistently following up with GFCIPL for
obtaining information through letter and email dated April 19, 2024
among others, apart from telephonic communication. However, the
issuer has remained non cooperative.

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

Detailed Rationale

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

GFCIPL, incorporated in 1999 at Chennai, manufactures shrimp and
fish feed and shrimp seeds; it mainly caters to the domestic
market.


KVR SALES: CRISIL Keeps B+ Debt Ratings in Not Cooperating
----------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of KVR Sales
Corporation (KSC) continue to be 'CRISIL B+/Stable Issuer Not
Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit             1         CRISIL B+/Stable (Issuer Not
                                     Cooperating)

   Drop Line               1.5       CRISIL B+/Stable (Issuer Not
   Overdraft Facility                Cooperating)

   Proposed Long Term     11         CRISIL B+/Stable (Issuer Not

   Bank Loan Facility                Cooperating)

   Working Capital        16.5       CRISIL B+/Stable (Issuer Not
   Demand Loan                       Cooperating)

CRISIL Ratings has been consistently following up with KSC for
obtaining information through letter and email dated April 19, 2024
among others, apart from telephonic communication. However, the
issuer has remained non cooperative.  
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'

Detailed Rationale

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

KSC was set up in 2010 in Panvel, Maharashtra, as a proprietorship
firm by Mr Vimal Kumar Chaudhary. The firm trades secondary steel
coils and sheets.


M A FRUITS: CRISIL Keeps B+ Debt Rating in Not Cooperating
----------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of M A Fruits
International Private Limited (MAFIPL) continues to be 'CRISIL
B+/Stable Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit             6         CRISIL B+/Stable (Issuer Not
                                     Cooperating)

CRISIL Ratings has been consistently following up with MAFIPL for
obtaining information through letter and email dated April 19, 2024
among others, apart from telephonic communication. However, the
issuer has remained non cooperative.

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

Detailed Rationale

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

MAFIPL started operations in April 2016, and trades in fruits.

UKSFM, set up in 1965, trades in fruits such as apples, oranges,
grapes, and pomegranates.

UKSCSPL commenced operations in February 2016, and has set up a
cold storage unit with capacity of 5000 tonne.

The UKS group is based in Coimbatore, Tamil Nadu, and is promoted
by Mr S K Mohamed Jaffer.


MAA KAMAKSHYA: CRISIL Keeps B Debt Rating in Not Cooperating
------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Maa Kamakshya
Enterprise (MKE) continues to be 'CRISIL B/Stable Issuer Not
Cooperating'.

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

CRISIL Ratings has been consistently following up with MKE for
obtaining information through letter and email dated April 19, 2024
among others, apart from telephonic communication. However, the
issuer has remained non cooperative.

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

Detailed Rationale

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

Set up in 2009 by Ms Poonam Singh and based in Siliguri, MKE is a
proprietorship firm engaged in trading of fast-moving consumer
goods for ITC Ltd and Kellogg India Pvt Ltd.


MANGALORE MARKETING: CRISIL Keeps B+ Rating in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Mangalore
Marketing (MM) continues to be 'CRISIL B+/Stable Issuer Not
Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit             9         CRISIL B+/Stable (Issuer Not
                                     Cooperating)

CRISIL Ratings has been consistently following up with MM) for
obtaining information through letter and email dated April 19, 2024
among others, apart from telephonic communication. However, the
issuer has remained non cooperative.

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

Detailed Rationale

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

MM, set up in 2001 by Mr Basheer, is a partnership firm based in
Mangalore. The firm distributes electronics equipment of LG,
Preethi and Ajanta Stabilisers, and is the distributor for dish
TV.


NARMADA KHAND: CRISIL Keeps B Debt Rating in Not Cooperating
------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Shree Narmada
Khand Udyog Sahakari Mandali Limited (SNKUSML) continues to be
'CRISIL B/Stable Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Term Loan              25        CRISIL B/Stable (Issuer Not
                                    Cooperating)

CRISIL Ratings has been consistently following up with SNKUSML for
obtaining information through letter and email dated April 19, 2024
among others, apart from telephonic communication. However, the
issuer has remained non cooperative.

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

Detailed Rationale

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

SNKUSML was established 1989 as operative sugar factory registered
under the co-operative sugar society's act-1961. It is engaged in
manufacturing of sugar and it's by products such as sugar,
molasses, bagasse, rectified spirit, etc. It has manufacturing
facility located in Narmada- Gujarat. Currently all the affairs of
it are managed by Mr. Ghanshyambhai Patel (Chairman), Mr. Ajaysinh
Parmar (Vice Chairman), Mr. Narendra Patel (Managing Director) and
other 13 members.


RELIANCE CAPITAL: Administrator Seeks 90-Day Extension From NCLT
----------------------------------------------------------------
The Economic Times reports that the administrator of debt-ridden
Reliance Capital (RCap) has moved NCLT, seeking a 90-day extension
beyond the deadline to implement the resolution plan submitted by
the successful bidder, the Hinduja Group. The deadline for the
implementation of the approved resolution plan was May 27, 2024.

"This is to inform the stakeholders that an application under
Section 60(5) of the Insolvency and Bankruptcy Code, 2016, read
with Rule 11 of the National Company Law Tribunal Rules, 2016 for
seeking an extension of 90 days from May 27, 2024, for the
implementation of the Approved Resolution Plan was filed before the
NCLT by the successful resolution applicant," the company said in a
regulatory filing, ET relays.

The National Company Law Tribunal (NCLT) Mumbai on February 27
approved the resolution plan of IndusInd International Holdings
Ltd.

ET notes that the tribunal had approved Hinduja Group firm IndusInd
International Holdings Ltd's (IIHL) INR9,650-crore resolution plan
for Reliance Capital.

                       About Reliance Capital

Headquartered in Mumbai, India, Reliance Capital Limited --
https://www.reliancecapital.co.in/ -- a non-banking financial
company, primarily engages in lending and investing activities in
India, Singapore, and Mauritius. The company operates through
Finance & Investment, General Insurance, Life Insurance, Commercial
Finance, Home Finance, and Others segments. It offers life, health,
and general insurance products; brokerage and distribution
services, including stock broking, wealth management, and third
party distribution; and commercial and home finance services, such
SME, retail, microfinance, renewable, affordable housing, and home
loans, as well as loans against property and construction finance.
The company also provides asset reconstruction, institutional
broking, and proprietary investments services, as well as other
financial and allied services. The company was formerly known as
Reliance Capital & Finance Trust Limited and changed its name to
Reliance Capital Limited in January 1995.

On Nov. 29, 2021, the Reserve Bank of India superseded Reliance
Capital's board following payment defaults and governance issues,
and appointed Nageswara Rao Y as the administrator for the
bankruptcy process, Financial Express said. The regulator also
filed an application for initiation of Corporate Insolvency
Resolution Process (CIRP) against the company before the National
Company Law Tribunal's (NCLT) Mumbai bench.

In an order dated Dec. 6, 2021 of the National Company Law
Tribunal, Mumbai (NCLT), corporate insolvency resolution process
has been initiated against Reliance Capital as per the provisions
of the Insolvency and Bankruptcy Code (IBC), 2016.

In February 2022, RBI appointed administrator invited EoIs for sale
of Reliance Capital assets and subsidiaries.

Reliance Capital had a debt of over INR40,000 crore, and four
applicants had initially bid with resolution plans. However, the
committee of creditors rejected all four plans for lower bid
values, and a challenge mechanism was initiated in which IIHL and
Torrent Investments participated, The Economic Times said.

RUDRA GINNING: CRISIL Keeps B+ Debt Ratings in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Sri Rudra
Ginning Mill (SRGM) continue to be 'CRISIL B+/Stable Issuer Not
Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit            6          CRISIL B+/Stable (Issuer Not
                                     Cooperating)

   Long Term Loan         1.85       CRISIL B+/Stable (Issuer Not
                                     Cooperating)

   Long Term Loan         0.45       CRISIL B+/Stable (Issuer Not
                                     Cooperating)

   Proposed Long Term     0.7        CRISIL B+/Stable (Issuer Not
   Bank Loan Facility                Cooperating)

CRISIL Ratings has been consistently following up with SRGM for
obtaining information through letter and email dated April 19, 2024
among others, apart from telephonic communication. However, the
issuer has remained non cooperative.

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

Detailed Rationale

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

SRGM was set up in 2015 in Karimnagar by Mr N Vijay Sagar Reddy, Mr
B Satyanarayana, Mr K Ramesh, Ms N Sravani Reddy, Mr T Srinivas
Reddy, and Mr B Avinash as a partnership firm. It gins and presses
cotton.


SANTHOSH RICE: CRISIL Keeps B+ Debt Ratings in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Santhosh Rice
Industries (SRI) continue to be 'CRISIL B+/Stable Issuer Not
Cooperating'.

                         Amount
   Facilities         (INR Crore)    Ratings
   ----------         -----------    -------
   Cash Credit           14.98       CRISIL B+/Stable (Issuer Not
                                     Cooperating)

   Long Term Loan         3.24       CRISIL B+/Stable (Issuer Not
                                     Cooperating)

   Proposed Long Term     1.28       CRISIL B+/Stable (Issuer Not
   Bank Loan Facility                Cooperating)

CRISIL Ratings has been consistently following up with SRI for
obtaining information through letter and email dated April 19, 2024
among others, apart from telephonic communication. However, the
issuer has remained non cooperative.

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

Detailed Rationale

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

Set up in 2004, SRI mills and processes paddy into rice, rice bran,
broken rice and husk. Its unit is located in Nalagonda, Telangana.
The operations are managed by Mr Sri Emmadi Anjaiah, Mr Sri Emmadi
Somanarsaih and Mr Sri Emmadi Somaiah.


SOORYA EXPORTERS: CRISIL Keeps B+ Debt Ratings in Not Cooperating
-----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Soorya
Exporters and Importers (Soorya) continue to be 'CRISIL B+/Stable
Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Proposed Bank          0.4        CRISIL B+/Stable (Issuer Not
   Guarantee                         Cooperating)

   Proposed Cash          5.0        CRISIL B+/Stable (Issuer Not
   Credit Limit                      Cooperating)

CRISIL Ratings has been consistently following up with Soorya for
obtaining information through letter and email dated April 19, 2024
among others, apart from telephonic communication. However, the
issuer has remained non cooperative.

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

Detailed Rationale

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

Set up in 2012 as a proprietorship firm by Mr Sadasivam, Soorya
undertakes civil construction works in Tamil Nadu.


SPROUTS ENERGY: CRISIL Keeps B+ Debt Ratings in Not Cooperating
---------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Sprouts
Energy Private Limited (SEPL) continue to be 'CRISIL B+/Stable
Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Long Term Loan        8.75        CRISIL B+/Stable (Issuer Not
                                     Cooperating)

   Proposed Fund-
   Based Bank Limits     0.7         CRISIL B+/Stable (Issuer Not
                                     Cooperating)

CRISIL Ratings has been consistently following up with SEPL for
obtaining information through letter and email dated April 19, 2024
among others, apart from telephonic communication. However, the
issuer has remained non cooperative.

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

Detailed Rationale

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

SEPL, incorporated on April 30, 2015, has up a 2 MW power plant at
Mittankandala Village, in Kurnool district of Andhra Pradesh. The
company is promoted by Mr. V. Satyanarayana, Mr.B.V Prathapa Reddy,
Mr. G Vivekanand and N. Ravi Kumar. The project was commissioned in
September, 2016.




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

GREENPRO CAPITAL: Swings to $272,910 Net Loss in Q1 2024
--------------------------------------------------------
Greenpro Capital Corp. filed with the U.S. Securities and Exchange
Commission its Quarterly Report on Form 10-Q reporting a net loss
of $272,910 on $658,399 of total revenues for the three months
ended March 31, 2024, compared to a net income of $21,936 on
$637,735 of total revenues for the three months ended March 31,
2023. As of March 31, 2024 the Company incurred accumulated deficit
of $36,814,612.

The Company warned its ability to continue as a going concern is
dependent upon improving its profitability and the continuing
financial support from its major shareholders. Management believes
the existing shareholders or external financing will provide the
additional cash to meet the Company's obligations as they become
due. Despite the amount of funds that we have raised in the past,
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 Form 10-Q is available at
https://tinyurl.com/3489c2c4

                   About Greenpro Capital Corp.

Kuala Lumpur, Malaysia-based Greenpro Capital Corp. provides
cross-border business solutions and accounting outsourcing services
to small and medium-size businesses located in Asia, with an
initial focus on Hong Kong, China and Malaysia. Greenpro provides a
range of services as a package solution to its clients, and
believes that its clients can reduce their business costs and
improve their revenues.

As of March 31, 2024, the Company has $7,961,696 in total assets,
$1,950,100 in total liabilities, and $6,011,596 in total
stockholders' equity.

Kuala Lumpur, Malaysia-based JP Centurion & Partners, the Company's
auditor since 2021, issued a "going concern" qualification in its
report dated March 21, 2024, citing that for the years ended
December 31, 2023, the Company incurred a negative cash flow from
operating activities of $1,594,718 and as of December 31, 2023, the
Company incurred accumulated deficit of $36,549,095. These
condition raises substantial doubt about the Company's ability to
continue as a going concern.



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

DB AND JH: Ashton Wheelans Appointed as Receiver and Manager
------------------------------------------------------------
Andrew Marchel Oorschot of Ashton Wheelans on May 13, 2024, was
appointed as receiver and manager of DB and JH Cook Partnership.

The receiver and manager may be reached at:

          Ashton Wheelans Limited
          Level 2, 83 Victoria Street
          Christchurch 8013


DECORATIVE ENHANCEMENTS: Grant Reynolds Appointed as Liquidator
---------------------------------------------------------------
Grant Bruce Reynolds of Reynolds & Associates on May 21, 2024, was
appointed as liquidator of Decorative Enhancements Limited.

The liquidator may be reached at:

          Reynolds & Associates Limited
          PO Box 259059
          Botany
          Auckland 2163


HPM HOLDINGS: Creditors' Proofs of Debt Due on July 5
-----------------------------------------------------
Creditors of HPM Holdings Limited and Heritage Project Management
Limited are required to file their proofs of debt by July 5, 2024,
to be included in the company's dividend distribution.

The company commenced wind-up proceedings on May 20, 2024.

The company's liquidators are:

          Garry Whimp
          Benjamin Francis
          Blacklock Rose Limited
          PO Box 6709, Victoria Street West
          Auckland 1142


PIWAKAWAKA RESTAURANT: Creditors' Proofs of Debt Due on June 18
---------------------------------------------------------------
Creditors of The Piwakawaka Restaurant & Bar Limited are required
to file their proofs of debt by June 18, 2024, to be included in
the company's dividend distribution.

The company commenced wind-up proceedings on May 20, 2024.

The company's liquidator is:

          John Marshall Scutter
          Fervor Limited
          Level 1, 17–19 Seaview Road
          Paraparaumu Beach


RECREATIONAL GROUP: BDO Tauranga Appointed as Receivers
-------------------------------------------------------
Thomas Lee Rodewald and Paul Thomas Manning of BDO Tauranga on May
23, 2024, were appointed as receivers and managers of Recreational
Group Limited.

The receivers and managers may be reached at:

          C/- BDO Tauranga Limited
          Level 1, The Hub
          525 Cameron Road
          Tauranga 3144




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

KINGS LUXURY: Court to Hear Wind-Up Petition on June 14
-------------------------------------------------------
A petition to wind up the operations of Kings Luxury Concepts Pte
Ltd will be heard before the High Court of Singapore on June 14,
2024, at 10:00 a.m.

Kingsmen Exhibits Pte Ltd filed the petition against the company on
May 10, 2024.

The Petitioner's solicitors are:

          TSMP Law Corporation
          6 Battery Road
          Level 5
          Singapore 049909


NEOLEXIS TRADING: Court to Hear Wind-Up Petition on June 7
----------------------------------------------------------
A petition to wind up the operations of Neolexis Trading & Services
Pte Ltd will be heard before the High Court of Singapore on June 7,
2024, at 10:00 a.m.

Maybank Singapore Limited filed the petition against the company on
May 13, 2024.

The Petitioner's solicitors are:

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


QUATIM PTE: Court Enters Wind-Up Order
--------------------------------------
The High Court of Singapore entered an order on May 17, 2024, to
wind up the operations of Quatim Pte. Ltd.

Golesus Energy Pte Ltd filed the petition against the company.

The company's liquidators are:

          Aw Eng Hai
          Kon Yin Tong
          Foo Kon Tan LLP
          1 Raffles Place
          #04-61 One Raffles Place Tower 2
          Singapore 048616


SRM EXPRESS: Court Enters Wind-Up Order
---------------------------------------
The High Court of Singapore entered an order on May 10, 2024, to
wind up the operations of SRM Express Services Private Limited.

Maybank Singapore Limited filed the petition against the company.

The company's liquidators are:

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


UC CONCEPT: Court to Hear Wind-Up Petition on June 14
-----------------------------------------------------
A petition to wind up the operations of UC Concept International
Private Limited will be heard before the High Court of Singapore on
June 14, 2024, at 10:00 a.m.

DBS Bank Ltd filed the petition against the company on May 20,
2024.

The Petitioner's solicitors are:

          Rajah & Tann Singapore LLP
          9 Straits View
          #06-07 Marina One West Tower
          Singapore 018937



                           *********


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

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

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

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding,
electronic re-mailing and photocopying) is strictly prohibited
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Information contained herein is obtained from sources believed
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mail.  Additional e-mail subscriptions for members of the same
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                *** End of Transmission ***