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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, June 10, 2024, Vol. 27, No. 116

                           Headlines



A U S T R A L I A

BLUESTONE PRIME 2024-1: Fitch Rates Cl. E Notes 'BB+(EXP)sf'
BRINK COMPANY: Second Creditors' Meeting Set for June 12
CATHERINE HENRY: Avoids Liquidation as Creditors Approve Deal
DEEDS BREWING: Second Creditors' Meeting Set for June 13
DYNAMITE ADMIN: Second Creditors' Meeting Set for June 13

HANDY ABS 2024-1: Moody's Assigns B2 Rating to AUD4MM Cl. F Notes
KALIUM LAKES: Shareholders Approve Key Resolutions
MARQUEE RETAIL: Concludes Voluntary Administration Process
MEDISECURE LTD: First Creditors' Meeting Set for June 14
PRINTECH SOLUTIONS: Second Creditors' Meeting Set for June 13



C H I N A

COUNTRY GARDEN: Warns on Deliveries, Needs Support from Gov't.
LINYI CITY CONSTRUCTION: Moody's Withdraws Ba1 Corp. Family Rating


I N D I A

ACTION FINANCIAL: CRISIL Keeps D Debt Ratings in Not Cooperating
ARKITON TILES: ICRA Keeps B+ Debt Rating in Not Cooperating
ATLAS CYCLES: CRISIL Keeps D Debt Rating in Not Cooperating
EVANA ELECTRICALS: CRISIL Keeps D Debt Ratings in Not Cooperating
GOODWILL FABRICS: ICRA Keeps B+ Debt Rating in Not Cooperating

GUJARAT CONSTRUCTION: CRISIL Keeps D Ratings in Not Cooperating
HINDUSTAN STEEL: ICRA Withdraws B+ Rating on INR1.50cr LT/ST Loan
HINDVA BUILDERS: ICRA Keeps B+ Debt Rating in Not Cooperating
HPCL-MITTAL ENERGY: Fitch Hikes LongTerm IDR to BB+, Outlook Stable
JAIPRAKASH ASSOC: Lenders Pick IBC Over NARCL's INR10,000cr Offer

K N INDUSTRIES: CRISIL Keeps D Debt Ratings in Not Cooperating
KISAN MOULDINGS: CRISIL Keeps D Debt Ratings in Not Cooperating
MFL INDIA: CRISIL Keeps D Debt Ratings in Not Cooperating
MOHIJULI TEA: CRISIL Keeps D Debt Ratings in Not Cooperating
MVR GAS: ICRA Keeps B+ Debt Ratings in Not Cooperating Category

NILACHAL REFRACTORIES: CRISIL Keeps D Ratings in Not Cooperating
PACIFIC INDUSTRIES: ICRA Withdraws B+ Rating on INR11cr LT Loan
PRIYANKA GEMS: CRISIL Keeps D Debt Ratings in Not Cooperating
RIDDHI SIDDHI: ICRA Moves B+ Debt Ratings to Not Cooperating
RKN PROJECTS: CRISIL Withdraws D Rating on INR30cr Cash Loan

SHIRPUR GOLD: CRISIL Keeps D Debt Ratings in Not Cooperating
SHUBHI AGRO INDUSTRIES: CRISIL Keeps D Ratings in Not Cooperating
SIYARAM METAL: ICRA Keeps B- Debt Rating in Not Cooperating
SPICEJET LTD: Reaches Settlement with Raymach Technologies
TURQUOISE & GOLD: ICRA Keeps D Debt Ratings in Not Cooperating



N E W   Z E A L A N D

APEX LIMITED: Court to Hear Wind-Up Petition on June 13
CANNASOUTH LIMITED: Creditors Vote on Plan to Save Company
CONSTRUCT INTERIORS: Court to Hear Wind-Up Petition on June 14
EZONE INTERIORS: Creditors' Proofs of Debt Due on June 27
GODFREYS: NZ Arm Placed in Liquidation, Owes NZD15.2 Million

LATITUDE NEW ZEALAND 2024-1: Fitch Rates Cl. E Notes 'BB(EXP)sf'
MAIDEN BUILT: Court to Hear Wind-Up Petition on June 13
R.W. & A.C.: Creditors' Proofs of Debt Due on Aug. 3


S I N G A P O R E

A+U PUBLISHING: Creditors' Proofs of Debt Due on July 6
ALAMO IVT: Creditors' Proofs of Debt Due on July 8
AP AUTOMOTIVE: Court to Hear Wind-Up Petition on June 21
EVCO: Sells Vans, Leasing Contracts as Part of Liquidation
METLIFE ASIA: Creditors' Proofs of Debt Due on July 5

STRAITS MARINE: Commences Wind-Up Proceedings


S R I   L A N K A

BANK OF CEYLON: Fitch Affirms 'CC' LongTerm Foreign Currency IDR

                           - - - - -


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

BLUESTONE PRIME 2024-1: Fitch Rates Cl. E Notes 'BB+(EXP)sf'
------------------------------------------------------------
Fitch Ratings has assigned expected ratings to Bluestone Prime
2024-1 Trust's mortgage-backed pass-through floating-rate notes.
The issuance consists of notes backed by a pool of first-ranking
Australian prime residential full-documentation mortgage loans
originated by Bluestone Group Pty Limited and Bluestone Mortgages
Pty Limited (Bluestone).

The notes will be issued by Permanent Custodians Limited in its
capacity as trustee of Bluestone Prime 2021-1 Trust. This is a
separate and distinct trust created under a master trust deed.

   Entity/Debt       Rating           
   -----------       ------           
Bluestone Prime
2024-1 Trust

   A1L           LT AAA(EXP)sf Expected Rating
   A1S           LT AAA(EXP)sf Expected Rating
   A2            LT AAA(EXP)sf Expected Rating
   B             LT AA(EXP)sf  Expected Rating
   C             LT A(EXP)sf   Expected Rating
   D             LT BBB(EXP)sf Expected Rating
   E             LT BB+(EXP)sf Expected Rating
   G1            LT NR(EXP)sf  Expected Rating
   G2            LT NR(EXP)sf  Expected Rating

KEY RATING DRIVERS

Credit Enhancement Buffers Expected 'AAAsf' Losses: The 'AAAsf'
weighted-average foreclosure frequency (WAFF) of 11.6% is driven by
the weighted-average (WA) unindexed current loan/value ratio (LVR)
of 66.9%, loans to self-employed borrowers forming 18.1% of the
pool, self-managed superannuation fund (SMSF) loans of 16.5% and,
under Fitch's methodology, investment loans of 27.3%. The 'AAAsf'
WA recovery rate (WARR) of 55.6% is driven by the WA indexed
scheduled LVR of 65.6%.

The class A1S and A1L notes benefit from credit enhancement of
11.6% each, and the class A2, B, C, D and E notes benefit from
credit enhancement of 5.8%, 3.4%, 1.8%, 1.1% and 0.3%,
respectively.

Limited Liquidity Risk: In Fitch's view, payment interruption risk
is mitigated by a liquidity reserve sized at 1.0% of the invested
note balance, with a floor of AUD500,000. Other structural features
include an amortisation amount that diverts excess available income
to repay note principal. The rated notes can withstand all relevant
Fitch stresses applied in its cash flow analysis.

Originator Adjustment: Bluestone is a non-bank lender with
extensive experience in originating, servicing and managing its
mortgage portfolio. Fitch undertook an operational review and found
that the operations of the originator and servicer were mostly
comparable with market standards and that there were no material
changes that may affect Bluestone's ongoing ability to undertake
administration and collection activities.

The serviceability assessment rate used for some borrowers'
mortgages differs from standard market practice and Fitch believes
this may affect credit risk. Fitch has applied a 1.1x adjustment to
address this risk, which has increased foreclosure frequency (FF)
for the loans where the serviceability rate used differed from
standard market practices. Fitch may amend the portfolio-level
adjustment if additional information is received that indicates
that the effect may be higher or lower than assumed.

Tight Labour Market Supports Outlook: Portfolio performance is
supported by Australia's continued economic growth and tight labour
market, despite rapid interest rate hikes in 2022-2023. GDP growth
was 1.5% in 2023 and unemployment was 4.1% in April 2024. Fitch
expects economic conditions to stabilise in 2024, with GDP growth
slowing slightly to 1.4% and unemployment edging up to 4.2%. This
reflects Fitch's anticipated effects of China's property downturn
and the impact of recent monetary tightening on consumer spending.

RATING SENSITIVITIES

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

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

Downgrade Sensitivity:

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

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

Downgrade Sensitivity:

Note: A1S /A1L / A2 / B / C / D / E

Expected Rating: AAAsf / AAAsf / AAAsf / AAsf / Asf / BBBsf /
BB+sf

Increase defaults by 15%: AAAsf / AAAsf / AAAsf / AAsf / Asf /
BBBsf / BB+sf

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

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

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

Increase defaults by 15% and reduce recoveries by 15%: AAAsf /
AAAsf / AAAsf / AAsf / Asf / BBBsf / BB+sf

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

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

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

Upgrade sensitivity is not relevant for the class A1S, A1L and A2
notes as they are rated 'AAA(EXP)sf', which is the highest level on
Fitch's scale.

The rating on the D and E notes are constrained by the large
obligor concentration test that limit ratings at the current level.
Prepayments to the loans with the largest obligor exposure, which
result in the notes passing Fitch's concentration test, could lead
to positive rating action for the notes, all else being equal.

Upgrade Sensitivity:

Note: B / C / D / E

Expected Rating: AAsf / Asf / BBBsf / BB+sf

Decrease defaults by 15% and increase recoveries by 15%: AA+sf /
AA-sf / BBBsf / BB+sf

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

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

DATA ADEQUACY

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

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

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

ESG CONSIDERATIONS

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

BRINK COMPANY: Second Creditors' Meeting Set for June 12
--------------------------------------------------------
A second meeting of creditors in the proceedings of The Brink
Company Pty Ltd has been set for June 12, 2024 at 10:30 a.m. via
virtual meeting technology only.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by June 11, 2024 at 4:00 p.m.

Michael Fung and Martin Ford of PwC were appointed as
administrators of the company on May 8, 2024.


CATHERINE HENRY: Avoids Liquidation as Creditors Approve Deal
-------------------------------------------------------------
Newcastle Herald reports that creditors of Catherine Henry Lawyers
who are owed millions of dollars from the high-profile firm have
voted unanimously for a deal that the administrator believes would
deliver them a substantially better outcome than a formal
liquidation process.

Hayden Gregory Asper and Bradd William Morelli of Jirsch Sutherland
were appointed as administrators of the company on April 29, 2024.


DEEDS BREWING: Second Creditors' Meeting Set for June 13
--------------------------------------------------------
A second meeting of creditors in the proceedings of Deeds Brewing
Company Pty Ltd, Deeds Group Pty Ltd, Deeds Taproom Pty Ltd, and
Future Proof Distilling Pty Ltd has been set for June 13, 2024 at
11:00 a.m. via Microsoft Teams platform.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by June 12, 2024 at 5:00 p.m.

David Orr and Glen Kanevsky of Deloitte Financial Advisory were
appointed as administrators of the company on March 13, 2024.


DYNAMITE ADMIN: Second Creditors' Meeting Set for June 13
---------------------------------------------------------
A second meeting of creditors in the proceedings of Dynamite Admin
Services Pty Ltd has been set for June 13, 2024 at 12:00 p.m. via
Zoom virtual conference facility.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by June 12, 2024 at 5:00 p.m.

David Hurst of Mackay Goodwin was appointed as administrator of the
company on May 21, 2024.


HANDY ABS 2024-1: Moody's Assigns B2 Rating to AUD4MM Cl. F Notes
-----------------------------------------------------------------
Moody's Ratings has assigned definitive ratings to notes issued by
AMAL Trustees Pty Ltd, as trustee of Handy ABS 2024-1 Trust.

Issuer: Handy ABS 2024-1 Trust

AUD188.25 million Class A Notes, Assigned Aaa (sf)

AUD21.25 million Class B Notes, Assigned Aa2 (sf)

AUD11.00 million Class C Notes, Assigned A2 (sf)

AUD6.50 million Class D Notes, Assigned Baa2 (sf)

AUD10.25 million Class E Notes, Assigned Ba2 (sf)

AUD4.00 million Class F Notes, Assigned B2 (sf)

The AUD8.75 million of Class G Notes are not rated by Moody's.

The transaction is a securitisation of a portfolio of personal
loans originated by Moody's MoneyMarket Lending Pty Ltd ("OMM").
OMM will act as servicer of the transaction, and AMAL Management
Services Pty Limited will act as trust manager. This is OMM's
inaugural ABS transaction.

OMM, founded in 2017, is an Australian non-bank lender providing
secured and, to a smaller extent, unsecured, personal loansl, and
motor vehicle loans. As of March 31, 2024, OMM has originated over
AUD1.19 billion in consumer loans.

RATINGS RATIONALE

The definitive ratings take into account, among other factors,
Moody's evaluation of the underlying receivables and their expected
performance, an evaluation of the capital structure and credit
enhancement provided to the notes, the availability of excess
spread over the life of the transaction, the liquidity facility in
the amount of 1.5% of note balances, the legal structure; and the
presence of AMAL entities as trustee, manager, security trustee and
standby servicer.

According to Moody's, the transaction benefits from the high level
of excess spread available to cover losses arising from the
portfolio, high obligor diversification and a high proportion of
loans with security. Key challenges in the transaction are the
limited historical data and the concentrated ownership of a small
lender. However, Moody's view operational and governance risks as
effectively mitigated by oversight of AMAL entities as trustee and
trust manager, and the back-up role as standby servicer.

OMM is a relatively small originator in personal lending, with
limited historical default data available for the portfolio. As
such, the pool's performance could be subject to greater
variability than the observed data indicates.

The transaction's key features are as follows:

  -- Initially, the Class A, Class B, Class C, Class D, Class E and
Class F Notes benefit from 24.70%, 16.20%, 11.80%, 9.20%, 5.10% and
3.50% of note subordination, respectively.

-- Once paydown conditions are satisfied, all notes, excluding the
Class G Notes, will receive their pro-rata share of principal. Pro
rata paydown conditions include, among others, the Class A
subordination percentage of at least 35.0%, cumulative losses of
less than 5.0% and no unreimbursed charge-offs.

-- A swap provided by Commonwealth Bank of Australia
(Aa2/P-1/Aa1(cr)/P-1(cr)) will hedge the interest rate mismatch
between the assets bearing a fixed rate of interest, and floating
rate liabilities. The notional balance of the swap will follow the
expected amortization of the portfolio.

-- AMAL Asset Management Limited (AMAL) is the standby servicer.
If OMM is terminated as servicer, AMAL will take over the servicing
role in accordance with the standby servicing deed.

Key portfolio features are as follows:

-- The portfolio is diversified both at an obligor level and a
geographical level.

-- The portfolio has a high yield of 10.1% which provides excess
spread to cure portfolio losses.

-- Cars are the largest type of security provided as collateral,
making up 93% of the loans with security.

Key model assumptions:

Moody's base case assumptions are a portfolio loss rate of 4.50%,
and a portfolio credit enhancement ("PCE") — representing the
loss that Moody's expects the portfolio to suffer in the event of a
severe recessionary scenario — of 27.00%. The assumed recovery
rate is 7.5%. Expected defaults, recoveries and PCE are parameters
used by Moody's to calibrate its lognormal portfolio loss
distribution curve and to associate a probability with each
potential future loss scenario in Moody's cash flow model to rate
consumer ABS.

To address the limited historical loss data on OMM's portfolio,
Moody's have benchmarked the performance to data from comparable
Australian consumer loan ABS originators. Moody's have also
overlaid additional stresses into Moody's default and PCE
assumptions.

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:

Factors that could lead to an upgrade of the notes include a rapid
build-up of credit enhancement, due to sequential amortization or
better-than-expected collateral performance. The Australian job
market is a primary driver of performance.

A factor that could lead to a downgrade of the notes is
worse-than-expected collateral performance. Other reasons that
could lead to a downgrade include poor servicing, error on the part
of transaction parties, a deterioration in the credit quality of
transaction counterparties, or lack of transactional governance and
fraud.

KALIUM LAKES: Shareholders Approve Key Resolutions
--------------------------------------------------
TipRanks.com reports that Kalium Lakes Limited, currently under a
Deed of Company Arrangement, announced that all resolutions
proposed at their recent General Meeting were passed by a majority
vote.  

TipRanks.com relates that shareholders voted on three key
resolutions, including share consolidations and issuances, with
overwhelming support indicated by the poll results. This positive
outcome reflects shareholder confidence and paves the way for the
company's future plans.

Kalium Lakes Limited (ASX:KLL) -- https://www.kaliumlakes.com.au/
-- together with its subsidiaries, operates as an exploration and
development company in Australia. It focuses on the development of
100% owned Beyondie sulphate of potash project, which include 16
granted exploration licenses, two mining leases, and various
miscellaneous licenses covering an area of approximately 1,800
square kilometers located in Western Australia.

Martin Bruce Jones and Matthew David Woods of KPMG were appointed
as administrators of Kalium Lakes Limited, Kalium Lakes
Infrastructure Pty Ltd, and Kalium Lakes Potash Pty Ltd on Aug. 3,
2023.

MARQUEE RETAIL: Concludes Voluntary Administration Process
----------------------------------------------------------
Inside Retail reports that Marquee Retail Group, parent of Colette
by Colette Hayman and The Daily Edited, has concluded its voluntary
administration process after executing a Deed of Company
Arrangement (Doca).

The Doca is a binding arrangement between a company and its
creditors governing how the company's affairs will be dealt with,
according to the Australian Securities & Investment Commission.

In collaboration with restructuring and insolvency firm Mackay
Goodwin, Marquee completed the agreement within two months and was
able to save more than 400 jobs, according to Inside Retail.

Inside Retail relates that the new company will operate 40 stores
under the Colette by Colette Hayman brand, along with its online
site, and the online business of The Daily Edited brand, said
Bernie Brookes, chairman of Marquee Retail Group.

"There were fewer than 10 redundancies. Mackay Goodwin evaluated
alternatives for the business, including offers to purchase it (or
parts of the business), however, the best outcome for creditors and
staff was to accept the Doca," Inside Retail quotes Mr. Brookes as
saying.

Marquee acquired fashion accessories and jewellery brand Colette by
Colette Hayman in September 2020 and luxury fashion and accessories
label The Daily Edited in December 2022.

As reported in the Troubled Company Reporter-Asia Pacific on April
5, 2024, the Board of Directors of Marquee Retail Group (MRG) has
appointed Domenic Calabretta, Mitchell Ball, and Richard Lawrence
of Mackay Goodwin as voluntary administrators. MRG owns the brands
Colette by Colette Hayman (Colette) and The Daily Edited (tde.)

MRG said the company has felt the impact of an unplanned downturn
in sales from October 2023 to March 2024, as a result of rising
inflation and increased interest rates. That was compounded by its
ongoing debt arrangement with the ATO, which dates from the
COVID-19-induced drop in sales.

MEDISECURE LTD: First Creditors' Meeting Set for June 14
--------------------------------------------------------
A first meeting of the creditors in the proceedings of MediSecure
Ltd will be held on June 14, 2024 at 11:00 a.m. via virtual
meeting.

Paul Stuart Harlond and Vaughan Neil Strawbridge of FTI Consulting
were appointed as administrators of the company on June 3, 2024.


PRINTECH SOLUTIONS: Second Creditors' Meeting Set for June 13
-------------------------------------------------------------
A second meeting of creditors in the proceedings of Printech
Solutions Pty Ltd has been set for June 13, 2024 at 2:00 p.m. via
teleconference facilities.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by June 12, 2024 at 4:00 p.m.

Andrew Quinn and Richard Lawrence Administrator of Mackay Goodwin
were appointed as administrators of the company on May 8, 2024.




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

COUNTRY GARDEN: Warns on Deliveries, Needs Support from Gov't.
--------------------------------------------------------------
The Standard reports that Country Garden's chairwoman Yang Huiyan
on June 6 said that the developer faces an uphill battle with
deliveries and it needs to properly handle relations with its
creditors to ensure steady operations.

Faced with limited resources, Country Garden will also need support
from the local government, Yang, who is also the majority
shareholder, said, The Standard relates.

Meanwhile, the embattled developer said in a filing on June 6 that
the Hong Kong High Court had further adjourned a hearing for a
petition seeking liquidation to July 29, The Standard reports.

The hearing was originally adjourned to June 11 from May as Country
Garden had requested more time to prepare evidence.

Country Garden's contracted sales for May plunged 76 percent to
CNY4.3 billion from a year earlier, following an 83 percent slide
in April, which may exacerbate the cash crunch, The Standard
discloses.

                   About Country Garden Holdings

Country Garden Holdings Company Limited (HKEX:2007), an investment
holding company, invests, develops, and constructs real estate
properties primarily in Mainland China. The company operates in two
segments, Property Development and Construction. It develops
residential projects, such as townhouses and condominiums; and car
parks and retail shops. The company also develops, operates, and
manages hotels. In addition, it researches and develops robots;
sells electronic hardware and food; and provides interior
decoration, agriculture, landscape design, investment and
management consulting, cultural activity planning, and real estate
consulting services.

As reported in the Troubled Company Reporter-Asia Pacific in late
February 2024, Kingboard Holdings-backed money lender Ever Credit
on Feb. 27, 2024, filed a winding-up petition against Country
Garden to the Hong Kong High Court for non-payment of a US$205
million loan.

The TCR-AP reported in late March 2024 that Country Garden has
hired Kroll to carry out a liquidation analysis. Kroll, the New
York-headquartered financial advisory firm, is expected to conduct
an independent business review of Country Garden before projecting
a recovery rate for the developer's creditors under a liquidation
scenario, according to Reuters.

The developer defaulted on US$11 billion of offshore bonds last
year and is in the process of an offshore debt restructuring.

LINYI CITY CONSTRUCTION: Moody's Withdraws Ba1 Corp. Family Rating
------------------------------------------------------------------
Moody's Ratings has withdrawn Linyi City Construction Investment
Group Co., Ltd.'s Ba1 corporate family rating and the Ba1 backed
senior unsecured rating on the USD bonds issued by Yi Bright
International Limited and guaranteed by Linyi City Construction.

The outlook prior to the withdrawal was negative.

RATINGS RATIONALE

Moody's has decided to withdraw the ratings because it believes it
has insufficient or otherwise inadequate information to support the
maintenance of the ratings.

COMPANY PROFILE

Established in May 2013, Linyi City Construction Investment Group
Co., Ltd. is 90% owned by the Linyi State-owned Assets Supervision
and Administration Commission and 10% owned by Shandong Caixin
Assets Operation Co., Ltd. It is the largest local government
financing vehicle in terms of asset size in Linyi city. As of the
end of 2023, the company reported total assets of RMB94.7 billion
and a total revenue of RMB10.2 billion.

Linyi City Construction is responsible for the city's major public
infrastructure and welfare projects, including infrastructure
facilities construction and affordable housing development. It also
has some commercial operations, including in commercial property
development, trading and wood product manufacturing.



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

ACTION FINANCIAL: CRISIL Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------------
CRISIL Ratings said the ratings on the bank facilities of Action
Financial Services India Limited (AFSL) is continue to be 'CRISIL D
Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)      Ratings
   ----------        -----------      -------
   Bank Guarantee         2           CRISIL D (Issuer Not
                                      Cooperating)

   Bank Guarantee         5           CRISIL D (Issuer Not
                                      Cooperating)

   Proposed Bank          3           CRISIL D (Issuer Not
   Guarantee                          Cooperating)
  
CRISIL has been consistently following up with AFSL for obtaining
information through letters dated April 24, 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 AFSL, which restricts CRISIL
Rating's ability to take a forward-looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on AFSL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the rating on the bank facilities
of AFSL is continues to be 'CRISIL D Issuer Not Cooperating'.

Incorporated in 1992, AFSL is in the retail broking business and
has membership of the National Stock Exchange, Bombay Stock
Exchange and National Securities Depository Ltd. It has a branch in
Mumbai, and it is actively engaged in proprietary trading. Mr Milan
Parekh and Mr Bakul Parekh are the promoters of the company.

AFSL has two subsidiaries, Action Securities Ltd and Action
Commodities Ltd, which are yet to start full-fledged operations.

AFSL has not declared its financial results since for the year
ended March 31, 2020.


ARKITON TILES: ICRA Keeps B+ Debt Rating in Not Cooperating
-----------------------------------------------------------
ICRA has kept the long-term and short-term ratings of Arkiton Tiles
LLP in the 'Issuer Not Cooperating' category. The rating is denoted
as "[ICRA]B+(Stable)/[ICRA]A4; ISSUER NOT COOPERATING".

                      Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long Term-          3.50       [ICRA]B+ (Stable) ISSUER NOT
   Fund Based-                    COOPERATING; Rating continues
   Cash Credit                    to remain under 'Issuer Not
                                  Cooperating' category

   Long Term-          5.55       [ICRA]B+ (Stable) ISSUER NOT
   Fund Based-                    COOPERATING; Rating continues
   Term Loan                      to remain under 'Issuer Not
                                  Cooperating' category

   Long Term/          1.40       [ICRA]B(Stable)/[ICRA]A4;
   Short Term-                    ISSUER NOT COOPERATING;
   Unallocated                    Rating Continues to remain
                                  under issuer not cooperating
                                  category

   Short Term-         1.35       [ICRA]A4 ISSUER NOT
   Non Fund Based                 COOPERATING; Rating continues
   Others                         to remain under 'Issuer Not
                                  Cooperating' category

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

Established in September 2017, Morbi-based ATL is promoted by Mr.
Akash Patel, Mr. Pintubhai Kavar, Mr. Hitesh Chatrola, Mr.
Dhirajlal Barasara, Mr. Nakul Vadsola and their family members. ATL
commenced operations from September 2018 and manufactures digital
glazed wall tiles of the dimensions 12"x18" and 12"x24". ATL has
installed capacity to manufacture 60,00,000 boxes per annum
(increased from 34,00,000 boxes per annum). In FY2020, the firm
reported a profit of INR0.6 crore on an operating income of INR38.0
crore, as compared to a net loss of INR1.0 crore on an operating
income of INR11.4 crore in FY2019.


ATLAS CYCLES: CRISIL Keeps D Debt Rating in Not Cooperating
-----------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Atlas Cycles
(Haryana) Limited (Atlas) continues to be 'CRISIL D Issuer Not
Cooperating'.

                        Amount
   Facilities        (INR Crore)      Ratings
   ----------        -----------      -------
   Fixed Deposits        30.0         CRISIL D (Issuer Not
                                      Cooperating)

CRISIL Ratings has been consistently following up with Atlas 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 Atlas, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on Atlas
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
Atlas continues to be 'CRISIL D Issuer Not Cooperating'.

Atlas was originally incorporated as Atlas Industries Ltd in 1951,
promoted by Mr Janki Das Kapur; the name was changed in fiscal
2003. The company manufactures bicycles for the domestic and export
markets under the Atlas brand. Its manufacturing facilities are in
Sonipat, Haryana, and Sahibabad, Uttar Pradesh. It also
manufactured tubes at its plant in Bawal, Haryana; however,
operations at this unit and at the bicycle unit in Malanpur, Madhya
Pradesh, were shut down in fiscal 2015. Atlas is listed on National
Stock Exchange (NSE) and Bombay stock Exchange (BSE).


EVANA ELECTRICALS: CRISIL Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Evana
Electricals Private Limited (EEPL) continue to be 'CRISIL D/CRISIL
D Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit            2          CRISIL D (Issuer Not
                                     Cooperating)

   Non-Fund Based         4.9        CRISIL D (Issuer Not
   Limit                             Cooperating)

   Proposed Fund-         1.1        CRISIL D (Issuer Not
   Based Bank Limits                 Cooperating)

   Term Loan              1.5        CRISIL D (Issuer Not
                                     Cooperating)

CRISIL Ratings has been consistently following up with EEPL 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 EEPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on EEPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
EEPL continues to be 'CRISIL D/CRISIL D Issuer Not Cooperating'.

Incorporated in February 2018, EEPL started its operations in
fiscal 2019. The company manufactures light-emitting diode (LED)
lights and street lights. Mr Sanjoy Ghosh is the promoter.


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

                      Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long Term-          3.60       [ICRA]B+ (Stable) ISSUER NOT
   Fund Based-                    COOPERATING; Rating continues
   Term Loan                      to remain under 'Issuer Not
                                  Cooperating' category

   Short Term-        23.00       [ICRA]A4 ISSUER NOT
   Fund Based-                    COOPERATING; Rating continues
   Cash Credit                    to remain under 'Issuer Not
                                  Cooperating' category

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

Promoted by the Baheria family in 1999, GFPL manufactures readymade
garments (RMG) including woven wear for men, women and children.
Under men's wear, while the company mostly manufactures bottoms,
under ladies' wear, it specializes in embroidery tops, skirts and
bottom wear with different types and kinds of washing and printing.
With negligible domestic sales, the company derives almost 98% per
cent of its revenues from exports to countries including the USA,
Australia, Europe, UK, Germany, and France. The company has six
units -five in Bangalore and one in Dharmapuri (Tamil Nadu) along
with one subsidiary in Bhilwara, Rajasthan. Out of five units in
Bangalore, one unit caters to only embroidery, while the remaining
facilities are stitching units. Apart from this, it also outsources
washing, embroidery and printing to dedicated units.


GUJARAT CONSTRUCTION: CRISIL Keeps D Ratings in Not Cooperating
---------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Gujarat
Construction Co (GCC) continue to be 'CRISIL D/CRISIL D Issuer Not
Cooperating'.

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

   Cash Credit           4.0          CRISIL D (Issuer Not
                                      Cooperating)

CRISIL Ratings has been consistently following up with GCC 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 GCC, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on GCC
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
GCC continues to be 'CRISIL D/CRISIL D Issuer Not Cooperating'.

Established in 1992 as a partnership firm by Mr Janek Patel, Mr
Navin Patel and Mr Jay Patel, Mehsana (Gujarat)-based GCC
constructs water supply pipelines and drainage systems and
undertakes other environmental projects.


HINDUSTAN STEEL: ICRA Withdraws B+ Rating on INR1.50cr LT/ST Loan
-----------------------------------------------------------------
ICRA has withdrawn the Long-term and Short-Term Rating assigned to
Hindustan Steel Corporation at the request of the company and based
on the No Objection certificate (NOC) received from its banker.
However, ICRA does not have information to suggest that the credit
risk has changed since the time the rating was last reviewed. The
Key Rating Drivers, Liquidity Position, Rating Sensitivities, Key
Financials Indicators have not been captured as the rated
instruments are being withdrawn.

                       Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Short Term-          (5.00)      [ICRA]A4; ISSUER NOT
   Interchangeable-                 COOPERATING; Withdrawn
   Others  

   Long Term/            1.50       [ICRA]B+ (Stable)/[ICRA]A4;
   Short Term-                      ISSUER NOT COOPERATING;
   Unallocated                      Withdrawn

   Long Term-           16.00       [ICRA]B+ (Stable) ISSUER NOT
   Fund Based-                      COOPERATING; Withdrawn
   Cash Credit                    

Hindustan Steel Corporation, promoted by Mrs. N. Nithyalakshmi, was
incorporated as a proprietorship concern in 2014. The company is
engaged in trading of steel products majorly, TMT bars in the
Coimbatore region. The company is a retailer of Vizag Steel for the
past six years in the Coimbatore region. HSC also trades products
manufactured by Steel Authority of India (SAIL), JSW steel and
others.


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

                      Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long Term-         15.72       [ICRA]B+ (Stable) ISSUER NOT
   Fund Based-                    COOPERATING; Rating continues
   Term Loan                      to remain under 'Issuer Not
                                  Cooperating' category

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

Established as a partnership firm in December 2009 by the Patel and
Kheni families of Gujarat, HB is involved in the construction and
development of residential, commercial and industrial real estate
projects. The firm is based in Ahmedabad, Gujarat. It has launched
14 projects in Surat and Ahmedabad, in Gujarat, of which 12 are
complete.

In FY2020, the firm reported a net profit of INR2.46 crore on an
operating income (OI) of INR32.4 crore, against a net profit of
INR3.00 crore on an OI of INR19.7 crore in FY2019.


HPCL-MITTAL ENERGY: Fitch Hikes LongTerm IDR to BB+, Outlook Stable
-------------------------------------------------------------------
Fitch Ratings has upgraded India-based HPCL-Mittal Energy Limited's
(HMEL) Long-Term Issuer Default Rating (IDR) to 'BB+' from 'BB'.
The Outlook is Stable. The agency has also upgraded the ratings on
the company's US dollar senior unsecured notes to 'BB' from 'BB-'.

The upgrade follows Fitch's upward revision of HMEL's Standalone
Credit Profile (SCP) to 'bb-' from 'b+', as Fitch expects the
company's EBITDA net leverage to be sustained below 5.0x from the
financial year ending March 2025 (FY25) to FY28. Fitch expects
HMEL's deleveraging to be supported by lower capex intensity
following the completion of its petrochemical project and the cash
flow increase from the ramp-up of the petrochemical project's
operations. The upgrade also reflects the plant's integration of
its refining and petrochemical processes, which should lead to
greater cash flow stability.

HMEL's IDR benefits from a two-notch uplift from its SCP, based on
its assessment that its parent, Hindustan Petroleum Corporation
Limited (HPCL, BBB-/Stable), has 'Medium' overall incentives to
support HMEL, in line with Fitch's Parent and Subsidiary Linkage
Rating Criteria.

KEY RATING DRIVERS

Leverage to Improve: Fitch expects HMEL's EBITDA net leverage to
drop to around 4.5x over FY25-FY26 and below 4.0x from FY27 (FY24:
5.0x). Strong EBITDA generation will be aided by utilisation
improvements at the company's new petrochemical plant and lower
special export duties on refined products, which will offset the
ongoing weakness in petrochemical spreads and moderating refining
margins. A lower capex intensity will drive positive free cash flow
and deleveraging.

Improving Petrochemical Utilisation: Fitch expects HMEL's FY25
petrochemical EBITDA to increase as the plant's utilisation rises,
while fuel losses are reduced, following a gradual ramp-up and
stabilisation of operations. Fitch expects this to offset the
ongoing weakness in product spreads in FY25, as the Asian
petrochemical industry continues to face overcapacity. The pace of
new capacity additions should ease from FY26, aiding a gradual
margin recovery. Plant utilisation improved to 100% over
March-April 2024, from an average of around 60%. Management expects
100% utilisation from FY25.

Falling Capex Intensity: Fitch expects HMEL's capex intensity to
fall to an average of 2% over FY25-FY28, from 5% over FY21-FY24,
after the recent completion of its petrochemical plant at a total
cost of around INR260 billion. Capex will mostly be on small-scale
energy transition projects and maintenance in the next few years.
HMEL's management does not intend to undertake any significantly
large investments until the company's net leverage improves to
around 3.5x or lower.

Healthy Refining Margins: Fitch expects refining margins at HMEL to
remain healthy at around its mid-cycle levels from FY26, despite
moderating from higher-than-usual levels in FY23-FY24. This will be
driven by increasing product inventories in Asia amid weak Chinese
refining demand and curtailed Asian petroleum product exports, and
lower benefits from price differences between crude varieties.
However, spreads will remain supported by India's rising transport
demand and declining special export duties as crude oil prices fall
in line with Fitch's estimates.

Integration Benefits: Fitch expects HMEL's newly integrated
refinery and petrochemical plant to benefit from flexibility on
feedstock, use of byproduct streams and a stronger product slate,
resulting in higher margins than standalone refiners or
petrochemical producers over the medium term. This should boost
HMEL's cash flow stability as the demand dynamics for
transportation fuels and petrochemical products are generally
uncorrelated.

'Medium' Strategic, 'Weak' Legal Incentives: Fitch believes HPCL
has 'Medium' strategic incentive to support HMEL, should it face
financial difficulties. HMEL provides competitive advantages to
HPCL, as it is the sole refinery catering to the parent's product
needs in the north Indian market, and also helps reduce the gap
between HPCL's marketing and refining volume. HMEL also adds to the
parent's diversification in petrochemicals. The absence of
guaranteed debt, or cross-default provisions in HPCL's debt, result
in the 'Weak' legal incentive assessment.

'Medium' Operational Incentive: Fitch believes HPCL has 'Medium'
operational incentive to support HMEL. HMEL contributes over 26% of
HPCL's refining capacity and HPCL has a take-or-pay off-take
agreement for all of HMEL's liquid products, except naphtha.
Management overlap is assessed as 'Medium' with three common
directors - HPCL's chairman and managing director, finance director
and refinery director - across the two companies' boards.

Strong Asset Quality; Single Refinery: HMEL's strong asset quality
is driven by its refinery's Nelson complexity index of 12.6, one of
the highest in APAC. This excludes the integration benefits from
the new petrochemical plant. Its high complexity allows for the
processing of heavy crude oil and optimisation of the product
slate, reflected in HMEL's higher gross refining margins than
regional benchmarks. This is counterbalanced by the single
refinery's greater cash flow volatility due to the cyclical nature
of the international refining industry than refiners with several
plants.

Bond Ratings Notched Down: Fitch has rated HMEL's USD300 million
5.45% senior unsecured bonds due 2026 and USD375 million 5.25%
senior unsecured notes due 2027 one notch below its IDR due to the
high proportion of secured debt and below average recoveries. A
sustained improvement in capital structure with lower prior-ranking
debt and average recoveries can result in the bonds being rated at
the same level as the IDR.

DERIVATION SUMMARY

PT Saka Energi Indonesia (B+/Stable) is similar to HMEL, as its IDR
also benefits from a two-notch uplift from its SCP of 'b-' on
parent PT Perusahaan Gas Negara Tbk's (PGN, BBB-/Stable) 'Medium'
incentive to support the company, driven by 'Medium' legal
incentive due to the presence of a cross-default provision between
PGN and Saka, and 'Medium' operational incentive, with the parent
having control over Saka's board and management appointments.

HMEL's SCP of 'bb-' is one notch lower than that of HPCL. This
mainly reflects HPCL's larger scale as one of India's biggest
fuel-marketing companies, with around 11% of India's refining
capacity and 24% market share in fuel retail outlets,
notwithstanding HMEL's better refining asset quality.

KEY ASSUMPTIONS

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

- Brent crude oil prices of USD77.5 a barrel in FY25, USD68.8 in
FY26 and USD63.8 from FY27.

- Refinery utilisation rate of around 110% over the rating horizon
to FY28, except around 100% in FY26 on a planned maintenance
shutdown.

- EBITDA of INR70 billion-86 billion over FY25-FY28, supported by
the ramp-up of the petrochemical plant.

- Capex of INR11 billion-22 billion over FY25-FY28.

- Dividend payout ratio of 35% over FY25-FY28.

RATING SENSITIVITIES

Factors that could, individually or collectively, lead to positive
rating action/upgrade:

- A rating upgrade is unlikely as long as HMEL's SCP is more than
one notch below HPCL's rating and its assessment of incentives to
support remains intact.

Factors that could, individually or collectively, lead to negative
rating action/downgrade:

- Increase in HMEL's EBITDA net leverage to above 5.0x on a
sustained basis, while the parent's incentives to support remain
unchanged;

- Downgrade of HPCL's rating, provided incentives to support remain
unchanged;

- Weakening of incentives for HPCL to support.

LIQUIDITY AND DEBT STRUCTURE

Comfortable Liquidity: At end-March 2024, HMEL had a cash balance
of INR29 billion and undrawn working-capital facilities of INR37
billion. This is against INR112 billion of debt maturities in FY24,
including INR22 billion in factoring arrangements, INR80 billion of
short-term debt and INR10 billion of current maturities of
long-term debt.

Fitch expects HMEL to roll over its short-term debt due to its
robust operating profile. Fitch believes HMEL will be able to
secure adequate funding, when needed, due to its good access to the
domestic debt market, where it has strong relationships with Indian
banks, and the offshore market, where it raised US dollar bonds in
2017 and 2019.

ISSUER PROFILE

HMEL, a joint venture between HPCL and Mittal Energy Investment Pte
Ltd, operates a highly complex refinery with capacity of 11.3
million tonnes (mt) per year and an integrated petrochemical plant
with capacity of around 2mt per year in northern India.

PUBLIC RATINGS WITH CREDIT LINKAGE TO OTHER RATINGS

HMEL's rating incorporates a two-notch uplift from its SCP,
reflecting its view that its parent, HPCL, has medium operational
and strategic incentives to support it.

MACROECONOMIC ASSUMPTIONS AND SECTOR FORECASTS

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

ESG CONSIDERATIONS

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

   Entity/Debt              Rating         Prior
   -----------              ------         -----
HPCL-Mittal
Energy Limited        LT IDR BB+ Upgrade   BB

   senior unsecured   LT     BB  Upgrade   BB-

JAIPRAKASH ASSOC: Lenders Pick IBC Over NARCL's INR10,000cr Offer
-----------------------------------------------------------------
The Economic Times reports that lenders to debt-laden Jaiprakash
Associates Ltd, or Jaypee, will pursue the insolvency route against
the company, putting plans to sell the company's massive debt to
government-backed National Asset Reconstruction Co Ltd (NARCL) on
the back burner as they hope to fetch better returns for these
assets.

Jaypee, which owes a group of 32 creditors led by ICICI Bank nearly
INR30,000 crore, was admitted to the National Company Law Tribunal
(NCLT) earlier last week after a six-year delay.  ET relates that
NARCL which had offered INR10,000 crore to buy the debt in March is
now not a priority for lenders as they would want to assess the
potential recovery from the company which has cement, hotel and
real estate assets across the country potentially leading to a
higher recovery, people familiar with the lenders' plans said.

"This account has been stuck for a long time. Finally, some
movement is happening, so it's better to assess what the chances of
recovery are. Lenders had considered the NARCL offer because there
was no sight on any progress. Now with that happening, lenders will
meet soon to take the bankruptcy process forward," ET quotes a
person aware of the details as saying.

"The sheer size, scale and diversity of Jaypee's assets mean that
there can be some value expected which can be better than the 85%
security receipt that the NARCL offers," said a second person aware
of the plans.  

                    About Jaiprakash Associates

Jaiprakash Associates Limited (JAL) is a diversified infrastructure
company. The Company's principal business activities include
engineering, construction and real estate development, and
manufacture of cement. Its segments include Construction, which
includes civil engineering construction/engineering, procurement
and construction (EPC) contracts/expressway; Cement, which includes
manufacture and sale of cement and clinker; Hotel/Hospitality,
which includes hotels, golf course, resorts and spa; Sports Events,
which includes sports-related events; Real Estate, which includes
real estate development; Power, which includes generation and sale
of energy; Investments, which includes investments in subsidiaries
and joint ventures for cement, power, expressway and sports, among
others, and Others, which includes coal, waste treatment plant,
heavy engineering works, hitech castings and man power supply,
among others. It has operations in Haryana, Madhya Pradesh, Gujarat
and Jharkhand, among others.

JAL featured in Reserve Bank of India's second list of at least 26
defaulters with which it wants creditors to start the process of
debt resolution before initiating bankruptcy proceedings.

K N INDUSTRIES: CRISIL Keeps D Debt Ratings in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of K N
Industries (KNI) continue to be 'CRISIL D Issuer Not Cooperating'.

                         Amount
   Facilities         (INR Crore)     Ratings
   ----------         -----------     -------
   Cash Credit             5.2        CRISIL D (Issuer Not
                                      Cooperating)

   Corporate Loan          1.4        CRISIL D (Issuer Not
                                      Cooperating)

   Long Term Bank          2.34       CRISIL D (Issuer Not
   Facility                           Cooperating)

   Proposed Long Term      2.06       CRISIL D (Issuer Not
   Bank Loan Facility                 Cooperating)

CRISIL Ratings has been consistently following up with KNI 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 KNI, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on KNI
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
KNI continues to be 'CRISIL D Issuer Not Cooperating'.

KNI was formed as a partnership firm by Mr Chandrakant Zatakia and
Mrs Hema Prava Devi in 2015. It manufactures LPG cylinders for
domestic OMCs. The facilities have a production capacity of 80,000
units per month and repairing capacity of 225,000 units per annum.
The registered office and plant is in Mangaldoi, Assam.


KISAN MOULDINGS: CRISIL Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Kisan
Mouldings Limited (KML) continue to be 'CRISIL D/CRISIL D Issuer
Not Cooperating'.

                        Amount
   Facilities        (INR Crore)      Ratings
   ----------        -----------      -------
   Long Term Rating       -           CRISIL D (ISSUER NOT
                                      COOPERATING)

   Short Term Rating      -           CRISIL D (ISSUER NOT
                                      COOPERATING)

CRISIL Ratings has been consistently following up with KML 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 KML, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on KML
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
KML continues to be 'CRISIL D/CRISIL D Issuer Not Cooperating'.

Incorporated in 1989 as a private-limited company, Sanwaria
Synthetics Pvt Ltd, KML was converted into a publiclimited company
under the current name in 1993. It manufactures a variety of
moulded and plastic pipes and fittings, irrigation systems, moulded
furniture, solvent cement, and rubber lubricants. The company has
manufacturing facilities in Silvassa (Dadra and Nagar Haveli),
Tarapur (Maharashtra), Baddi (Himachal Pradesh), Dewas (Madhya
Pradesh), Raipur (Chhattisgarh) and Tumkur (Karanataka). The
company is currently listed on Bombay Stock Exchange.


MFL INDIA: CRISIL Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of MFL India
Limited (MFL) continue to be 'CRISIL D/CRISIL D Issuer Not
Cooperating'.

                        Amount
   Facilities        (INR Crore)      Ratings
   ----------        -----------      -------
   Bank Guarantee         1           CRISIL D (Issuer Not
                                      Cooperating)

   Cash Credit           33.5         CRISIL D (Issuer Not
                                      Cooperating)

   Line of Credit         3.75        CRISIL D (Issuer Not
                                      Cooperating)

   Proposed Long Term     1.75        CRISIL D (Issuer Not
   Bank Loan Facility                 Cooperating)

CRISIL Ratings has been consistently following up with MFL 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 MFL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on MFL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
MFL continues to be 'CRISIL D/CRISIL D Issuer Not Cooperating'.

MFL was incorporated as a public limited company and listed on the
Bombay Stock Exchange in 1981. It was subsequently merged with
Dynamic Movers Pvt Ltd (DMPL), promoted by Mr Anil Thukral, in
April 2010. MFL provides transportation services to automobile,
cement, infrastructure, and construction industries, and to
integrated metal players.


MOHIJULI TEA: CRISIL Keeps D Debt Ratings in Not Cooperating
------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Mohijuli Tea
Co Private Limited (MTCPL) continue to be 'CRISIL D Issuer Not
Cooperating'.


                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit           7.50        CRISIL D (Issuer Not
                                     Cooperating)

   Term Loan             2.48        CRISIL D (Issuer Not
                                     Cooperating)

CRISIL Ratings has been consistently following up with MTCPL 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 MTCPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on MTCPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
MTCPL continues to be 'CRISIL D Issuer Not Cooperating'.


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

                      Amount
   Facilities      (INR crore)   Ratings
   ----------      -----------   -------
   Long Term-          7.25      [ICRA]B+ (Stable) ISSUER NOT
   Fund Based-                   COOPERATING; Rating continues
   Cash Credit                   to remain under 'Issuer Not
                                 Cooperating' category

   Long Term-         3.24       [ICRA]B+ (Stable) ISSUER NOT
   Fund Based-                   COOPERATING; Rating continues
   Term Loan                     to remain under 'Issuer Not
                                 Cooperating' category

   Short Term-         2.67      [ICRA]A4 ISSUER NOT
   Non Fund Based                COOPERATING; Rating continues
   Others                        to remain under 'Issuer Not
                                 Cooperating' category

   Long Term/          1.34      [ICRA]B+ (Stable)/[ICRA]A4;
   Short Term-                   ISSUER NOT COOPERATING;
   Unallocated                   Rating Continues to remain
                                 under issuer not cooperating
                                 category

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

MVR Gas is a proprietorship concern, established in the year 1999
by Mr. B.V. Sadanand. The proprietor has an experience of 28 Years
in the oil and gas industry and looks after the entire operations.
The concern is engaged in the business of bottling and marketing of
LPG for domestic use as well for use in commercial establishments
such as hotels, restaurants and industries. The concern purchases
LPG from domestic suppliers, does bottling in its own centre near
Bangalore and supplies them to end users through distributors.


NILACHAL REFRACTORIES: CRISIL Keeps D Ratings in Not Cooperating
----------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Nilachal
Refractories Limited (NRL) continues to be 'CRISIL D Issuer Not
Cooperating'.

                           Amount
   Facilities           (INR Crore)     Ratings
   ----------           -----------     -------
   Proposed Long Term       46.25       CRISIL D (Issuer Not
   Bank Loan Facility                   Cooperating)

CRISIL Ratings has been consistently following up with NRL 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 NRL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on NRL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
NRL continues to be 'CRISIL D Issuer Not Cooperating'.

Incorporated in 1977, NRL manufactures refractory bricks and
monolithic such as castables, plastic-based ramming mass, and
gunning materials that are used in linings for furnaces, kilns, and
reactors. In 2002, the company was referred to the Board for
Industrial and Financial Reconstruction (BIFR); it came out of
BIFR's purview in November 2010. Manufacturing unit was closed for
nearly three years until December 2005. Current management
comprising Mr Bhagwati Prasad Jalan, Mr Vimal Prakash, and Mr Vijay
Kumar Agarwal took over the company in December 2005 and operations
restarted in April 2006. Facilities in Dhenkanal, Orissa, have
combined installed production capacity of 28,000 tonne per annum.


PACIFIC INDUSTRIES: ICRA Withdraws B+ Rating on INR11cr LT Loan
---------------------------------------------------------------
ICRA has withdrawn the ratings assigned to the bank facilities of
Pacific Industries Limited at the request of the company and based
on the No Objection Certificate/ Closure Certificate received from
its bankers. However, ICRA does not have information to suggest
that the credit risk has changed since the time the rating was last
reviewed. The Key Rating Drivers and their description, Liquidity
Position, Rating Sensitivities have not been captured as the rated
instruments are being withdrawn.  

                      Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long Term-         11.00       [ICRA]B+ (Stable) ISSUER NOT
   Fund Based-                    COOPERATING; Withdrawn
   Cash Credit                    

   Long Term-          3.75       [ICRA]B+ (Stable) ISSUER NOT
   Fund Based-                    COOPERATING; Withdrawn
   Term Loan                      

   Short Term-         6.00       [ICRA]A4 ISSUER NOT
   Non Fund Based                 COOPERATING; Withdrawn
   Others                         

PIL was incorporated in 1989 as 100% EOU to manufacture 120000 sq
mt of polished granite slabs at Udaipur with technical
collaboration with the Breton SPA of Italy, an internationally
reputed manufacturer of stone processing machineries. PIL is
engaged in production and export of polished granite slabs,
polished granite tiles and polished natural stones. It also trades
and exports granite/rough marble slabs and tiles. The company's
manufacturing facilities are located in Udaipur and Bengaluru. The
company has been regularly exporting to buyers based in USA,
Nigeria, Netherlands, Sri Lanka, Saudi Arabia, Italy, Indonesia,
Turkey, Poland etc.


PRIYANKA GEMS: CRISIL Keeps D Debt Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Priyanka Gems
- Surat (PG) continue to be 'CRISIL D Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)      Ratings
   ----------        -----------      -------
   Cash Credit            16          CRISIL D (Issuer Not
                                      Cooperating)

   Proposed Fund-          2          CRISIL D (Issuer Not
   Based Bank Limits                  Cooperating)

CRISIL Ratings has been consistently following up with PG 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 PG, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on PG is
consistent with 'Assessing Information Adequacy Risk'. Based on the
last available information, the ratings on bank facilities of PG
continues to be 'CRISIL D Issuer Not Cooperating'.

Established in 1991 in Surat, Gujarat, PG polishes rough diamond.
PG is promoted by Mr. Amit Mangukiya, Mr. Tulsibhai Mangukiya and
family. The firm has two processing unit in Surat.


RIDDHI SIDDHI: ICRA Moves B+ Debt Ratings to Not Cooperating
------------------------------------------------------------
ICRA has moved the ratings for the bank facilities of Riddhi Siddhi
Cotfiber Private Limited (RSCPL) to the 'Issuer Not Cooperating'
category. The rating is denoted as "[ICRA]B+(Stable); ISSUER NOT
COOPERATING".

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long Term-         13.00        [ICRA]B+ (Stable) ISSUER NOT
   Fund Based-                     COOPERATING; Rating Moved to
   Limits                          the 'Issuer Not Cooperating'
                                   Category

   Long-term           2.85        [ICRA]B+ (Stable) ISSUER NOT
   Proposed                        COOPERATING; Rating Moved to
   Unallocated                     the 'Issuer Not Cooperating'
   Limits                          Category
                      
As part of its process and in accordance with its rating agreement
with Riddhi Siddhi Cotfiber Private Limited, ICRA has been trying
to seek information from the entity so as to monitor its
performance. Further, ICRA has been sending repeated reminders to
the entity for payment of surveillance fee that became due. Despite
multiple requests by ICRA, the entity's management has remained
non-cooperative including not providing NDS for March and April
2024. In the absence of requisite information and in line with the
aforesaid policy of ICRA, the rating has been moved to the "Issuer
Not Cooperating" category. The rating is based on the best
available information.

Incorporated in 2013, Riddhi Siddhi Cotfiber Private Limited is in
the business of ginning and pressing raw cotton for cotton bales
and cotton seeds. It also crushes cotton seeds to produce cotton
seed oil and cotton seed oil cakes. The company's manufacturing
facility in Rajkot district, Gujarat, is equipped with 48 ginning
machines and 18 crushing machines.


RKN PROJECTS: CRISIL Withdraws D Rating on INR30cr Cash Loan
------------------------------------------------------------
CRISIL Ratings has withdrawn its rating on the bank facilities of
RKN Projects Private Limited (RPPL) on the request of the company
and after receiving no objection certificate from the bank. The
rating action is in-line with CRISIL Rating's policy on withdrawal
of its rating on bank loan facilities

                        Amount
   Facilities        (INR Crore)      Ratings
   ----------        -----------      -------
   Bank Guarantee         30          CRISIL D/Issuer Not
                                      Cooperating (Withdrawn)

   Cash Credit            30          CRISIL D/Issuer Not
                                      Cooperating (Withdrawn)

   Funded Interest         1.4        CRISIL D/Issuer Not
   Term Loan                          Cooperating (Withdrawn)

   Proposed Long Term      5.6        CRISIL D/Issuer Not
   Bank Loan Facility                 Cooperating (Withdrawn)

   Working Capital         3          CRISIL D/Issuer Not
   Demand Loan                        Cooperating (Withdrawn)

CRISIL Ratings has been consistently following up with RPPL for
obtaining information through letter and email dated July 19, 2023
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 RPPL. This restricts CRISIL
Ratings' ability to take a forward looking view on the credit
quality of the entity. CRISIL Ratings believes that rating action
on RPPL is consistent with 'Assessing Information Adequacy Risk'.
Based on the last available information, CRISIL Ratings has
Continued the ratings on the bank facilities of RPPL to 'CRISIL
D/CRISIL D  Issuer not cooperating'.

RPPL was incorporated in 2016 by Mr. Nallapaneni Ramesh Kumar and
MS Nallapaneni Sreelakshmi. The company is based in Nellore (Andhra
Pradesh) and is registered as a special class I contractor; it
undertakes construction of canal works and earth works.


SHIRPUR GOLD: CRISIL Keeps D Debt Ratings in Not Cooperating
------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Shirpur Gold
Refinery Limited (SGRL; a part of the Shirpur group) continue to be
'CRISIL D/CRISIL D Issuer Not Cooperating'.

                          Amount
   Facilities          (INR Crore)      Ratings
   ----------          -----------      -------
   Cash Credit              5           CRISIL D (Issuer Not
                                        Cooperating)

   Cash Credit             15           CRISIL D (Issuer Not
                                        Cooperating)

   Cash Credit             12.5         CRISIL D (Issuer Not
                                        Cooperating)

   Non-Fund Based         128           CRISIL D (Issuer Not
   Limit                                Cooperating)

   Non-Fund Based          75           CRISIL D (Issuer Not
   Limit                                Cooperating)

   Non-Fund Based         135           CRISIL D (Issuer Not
   Limit                                Cooperating)

   Proposed Long Term     188.5         CRISIL D (Issuer Not
   Bank Loan Facility                   Cooperating)

   Term Loan               65           CRISIL D (Issuer Not
                                        Cooperating)

   Working Capital         70           CRISIL D (Issuer Not
   Facility                             Cooperating)

CRISIL Ratings has been consistently following up with SGRL 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 SGRL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on SGRL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
SGRL continues to be 'CRISIL D/CRISIL D Issuer Not Cooperating'.

To arrive at the ratings, CRISIL Ratings has consolidated the
business and financial risk profiles of SGRL and its wholly owned
subsidiaries: Shirpur Gold Mining Co Pvt Ltd (SGC) and Zee Gold
Dubai DMCC (ZGD). These entities are collectively referred to as
the Shirpur group.

                          About the Group

The Shirpur group is a part of the Essel group since December 2008,
post-takeover of assets from the ARCIL auction. The group refines
gold at an installed capacity of 217 tonne per annum. It trades in
bullion, and manufactures and sells Zee-branded gold bars and coins
in India, and gold jewellery in the domestic and overseas markets.
The refinery is in Shirpur, Maharashtra. The group recently
acquired 70% stake in Metalli Exploration and Mining in Mali for a
consideration of around Rs 50 crore, partly funded through term
debt of Rs 35 crore.

SGRL set up two wholly owned subsidiaries in 2013-SGC and ZGD-to
facilitate procurement of raw material for the bullion business.


SHUBHI AGRO INDUSTRIES: CRISIL Keeps D Ratings in Not Cooperating
-----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Shubhi Agro
Industries Limited (SAIL) continue to be 'CRISIL D/CRISIL D Issuer
Not Cooperating'.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Long Term Rating       -         CRISIL D (ISSUER NOT
                                    COOPERATING)

   Short Term Rating      -         CRISIL D (ISSUER NOT
                                    COOPERATING)

    Non Convertible       52.5       CRISIL D (ISSUER NOT
   Debentures                       COOPERATING)

CRISIL Ratings has been consistently following up with SAIL 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 SAIL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on SAIL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
SAIL continues to be 'CRISIL D/CRISIL D Issuer Not Cooperating'.

Incorporated in 2007 and promoted by Mr Nandkishore Attal, SAIL
(formerly, Vaishno Devi Dairy Products Pvt Ltd) processes milk into
milk concentrate, ghee, butter, skimmed milk powder, dairy
whitener, curd, and paneer. The manufacturing facilities in
Sahajpur near Pune, Maharashtra, have a milk-processing capacity of
0.7 million litre per day.


SIYARAM METAL: ICRA Keeps B- Debt Rating in Not Cooperating
-----------------------------------------------------------
ICRA has kept the Long-term rating for the bank facilities of
Siyaram Metal Udyog Private Limited (SMUPL) in the 'Issuer Not
Cooperating' category. The rating is denoted as "[ICRA]B-(Stable);
ISSUER NOT COOPERATING".

                      Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long Term-         35.00       [ICRA]B- (Stable) ISSUER NOT
   Fund Based-                    COOPERATING; Rating continues
   Cash Credit                    to remain under 'Issuer Not
                                  Cooperating' category

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

Siyaram Metal Udyog Private Limited (SMUPL) is a metal merchant
based in Jamnagar, Gujarat and has been in operations for the last
two decades. The company primarily trades non-ferrous metallic
scrap in and around Jamnagar. SMUPL imports nonferrous scrap. The
product profile includes brass scrap, ingots and other copper
alloys, as well as zinc.


SPICEJET LTD: Reaches Settlement with Raymach Technologies
----------------------------------------------------------
Livemint.com reports that budget airline SpiceJet informed the
National Company Law Tribunal (NCLT) on June 7 that it has reached
a settlement with its vendor, Raymach Technologies Pvt Ltd, over
pending dues.

According to Livemint.com, Raymach Technologies also communicated
its intention to withdraw the insolvency case against SpiceJet. The
NCLT granted Raymach time to file the withdrawal application,
adjourning the matter until August.

In November 2023, Raymach Technologies, a business consultancy for
the IT and aviation industries, had filed an insolvency petition
against SpiceJet under Section 9 of the Insolvency and Bankruptcy
Code, 2016, for a default of INR2.7 crore, Livemint.com recalls.

Livemint.com says Raymach claimed to have consistently provided
business consulting and technical support services to the airline
over the past four years, with invoices regularly sent and
acknowledged by SpiceJet. However, when Raymach initiated
proceedings under the Insolvency and Bankruptcy Code (IBC),
SpiceJet denied having availed of its services.

During a previous hearing, Raymach presented various email
exchanges between the two companies, revealing that SpiceJet had
acknowledged the services provided, Livemint.com relates. The
tribunal, however, asked Raymach to remove invoices from the COVID
period from the petition, as no application to initiate insolvency
proceedings could be admitted for a default that occurred during
the pandemic.

                           About Spicejet

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

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

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

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

The plea of Aircastle is still pending.

Both Wilmington Trust and Willis Lease Finance have moved the
National Company Law Appellate Tribunal (NCLAT) challenging the
dismissal of their insolvency plea by NCLT, the Economic Times
said.

In May, Engine Lease Finance BV filed the most recent insolvency
plea, claiming unpaid rental dues totalling more than $16.72
million, including interest, for eight leased engines, Livemint.com
says.

TURQUOISE & GOLD: ICRA Keeps D Debt Ratings in Not Cooperating
--------------------------------------------------------------
ICRA has kept the Long-term and Short-term rating for the bank
facilities of Turquoise & Gold Apparels Private Limited in the
'Issuer Not Cooperating' category. The rating is denoted as
"[ICRA]D/[ICRA]D; ISSUER NOT COOPERATING".

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

   Short-term-       10.00      [ICRA]D; ISSUER NOT COOPERATING;
   Fund based                   Rating Continues to remain under
   Cash Credit                  'Issuer Not Cooperating'
                                Category

   Long-term/         3.20      [ICRA]D/[ICRA]D; ISSUER NOT
   Short Term                   COOPERATING; Rating Continues to
   Unallocated                  remain under 'Issuer Not
                                Cooperating' Category

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

Incorporated in 2008, TGAPL is promoted and managed by Ms. Dimple
Varma along with her sisters, Ms. Samara Mahindra and Ms. Natasha
Mahindra. The company manufactures readymade garments primarily,
for the exports market and specializes in children's wear and
women's wear. It has a presence in the domestic market through its
showrooms in Bangalore and Goa. It has three manufacturing
facilities in Bangalore, with a total workforce of around 1,700 and
a total production capacity of 17 lakh garments per month.




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

APEX LIMITED: Court to Hear Wind-Up Petition on June 13
-------------------------------------------------------
A petition to wind up the operations of Apex Limited will be heard
before the High Court at Auckland on June 13, 2024, at 10:45 a.m.

Abdul’s Truck, Trailer & Vehicle Services Limited filed the
petition against the company on March 25, 2024.

The Petitioner's solicitor is:

          Peter James Broad
          Level 1, 1/208 Great South Road
          Papatoetoe
          Auckland


CANNASOUTH LIMITED: Creditors Vote on Plan to Save Company
----------------------------------------------------------
The National Business Review reports that creditors of troubled
medicinal cannabis company Cannasouth Limited have voted in favor
of a deed of company arrangement (DOCA) that will see a group of
shareholders invest a further up to NZD3 million to keep it
afloat.

A watershed meeting was held on June 6 to vote on the DOCA, NBR
relates.

Cannasouth Limited (NZX:CBD) -- www.cannasouth.co.nz -- a medicinal
cannabis company, engages in the cultivation and manufacture of
cannabis pharmaceutical ingredients and medicines. It develops
cannabinoid therapeutics to support human and animal health
outcomes.

Ben Francis and Garry Whimp from Blacklock Rose Limited were
appointed as joint administrators of the Company on March 28,
2024.


CONSTRUCT INTERIORS: Court to Hear Wind-Up Petition on June 14
--------------------------------------------------------------
A petition to wind up the operations of Construct Interiors Limited
will be heard before the High Court at Auckland on June 14, 2024,
at 10:00 a.m.

The Commissioner of Inland Revenue filed the petition against the
company on March 19, 2024.

The Petitioner's solicitor is:

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


EZONE INTERIORS: Creditors' Proofs of Debt Due on June 27
---------------------------------------------------------
Creditors of Ezone Interiors Limited and Clean4me Cleaning Services
Limited are required to file their proofs of debt by June 27, 2024,
to be included in the company's dividend distribution.

Ezone Interiors Limited commenced wind-up proceedings on May 24,
2024.

Clean4me Cleaning Services Limited commenced wind-up proceedings on
May 27, 2024.

The company's liquidator is:

          Mohammed Tazleen Nasib Jan
          Liquidation Management Limited
          PO Box 50683
          Porirua 5240


GODFREYS: NZ Arm Placed in Liquidation, Owes NZD15.2 Million
------------------------------------------------------------
BusinessDesk reports that the New Zealand arm of now-defunct
commercial floorcare retailer Godfreys has moved into liquidation,
owing NZD15.2 million.

Having been voluntary administrators since late January, creditors
voted to reappoint PwC's Stephen White and John Fisk as liquidators
of NZ Vacuum Cleaner Company on June 5, BusinessDesk relates.

BusinessDesk says the pair joined their PwC colleagues across the
Tasman - Craig Crosbie, Robert Ditrich and Daniel Walley - taking
control of the Australian parent.

                           About Godfreys

Established in 1931, Godfreys is one of the world's largest vacuum
retailers and one of Australia and New Zealand's leading suppliers
of specialty commercial floor care and associated cleaning
products. The business operates 141 stores and employs more than
600 staff across Australia and New Zealand, with an additional 28
stores run by franchisees. In New Zealand, there are 16 Company
operated and nine franchised stores.

On Jan. 30, 2024, Craig Crosbie, Robert Ditrich and Daniel Walley
of PricewaterhouseCoopers (PwC) Australia were appointed as
administrators of Godfreys Group Pty Ltd, Australian Vacuum Cleaner
Co. Pty. Ltd., Electrical Home-Aids Pty. Limited, Godfreys Finance
Company Pty Ltd, Godfreys Franchise Systems Pty. Limited, Hoover
Floorcare Asia Pacific Pty Ltd, International Cleaning Solutions
Group Pty Ltd, and International Cleaning Solutions Pty Limited.

Stephen White and John Fisk of PwC New Zealand have been appointed
as Voluntary Administrators of New Zealand Vacuum Cleaner Company
Limited.

During the Administration period, Godfreys will continue to trade
while the Administrators undertake an immediate operational
restructure and sale process, PwC said.

LATITUDE NEW ZEALAND 2024-1: Fitch Rates Cl. E Notes 'BB(EXP)sf'
----------------------------------------------------------------
Fitch Ratings has assigned expected ratings to Latitude New Zealand
Credit Card Master Trust - Series 2024-1's floating-rate notes. The
issuance consists of notes backed by a pool of New Zealand consumer
sales finance and credit card receivables originated by Latitude
Financial Services Limited. The notes will be issued by The New
Zealand Guardian Trust Company Limited as trustee for Latitude New
Zealand Credit Card Master Trust.

   Entity/Debt            Rating           
   -----------            ------           
Latitude New Zealand
Credit Card Master
Trust

   2024-1 A           LT AAA(EXP)sf  Expected Rating
   2024-1 B           LT AA(EXP)sf   Expected Rating
   2024-1 C           LT A(EXP)sf    Expected Rating
   2024-1 D           LT BBB(EXP)sf  Expected Rating
   2024-1 E           LT BB(EXP)sf   Expected Rating

TRANSACTION SUMMARY

The trust has a master trust structure that permits purchase of
eligible receivables on a revolving basis, which will be funded
through potential issuance of additional series of notes from time
to time. At 30 April 2024, the total collateral pool consisted of
89,205 accounts, with a total receivables balance of NZD280.3
million.

KEY RATING DRIVERS

Stable Receivables Performance: Portfolio performance has been
stable; gross charge-offs averaged 3.3%, yield - excluding merchant
fees - 16.0% and the monthly payment rate (MPR) 12.0% in the 12
months ending 1Q24. The Stable Outlook is supported by New
Zealand's tight labour market, despite interest rates hikes from
October 2021 to May 2023. GDP expanded by 0.6% in 2023, while
unemployment was 4.3% at March 2024. Fitch expects subdued GDP
growth in 2024 and for unemployment to reach 5.0%, reflecting high
inflation and a slowdown in consumer spending. Fitch expects
interest rates to remain steady until end-2024.

Fitch has retained base cases of the steady states based on past
performance. Below is a summary of the steady states and rating
stresses applied in its cash flow modelling:

Steady State

Charge-offs: 4.25%

MPR: 9.75%

Gross yield: 13.00%

Purchase rate: 100%

Rating Stresses:

Ratings: AAAsf / AAsf / Asf / BBBsf / BBsf

Charge-offs (increase): 4.50x / 3.75x / 3.00x / 2.25x / 1.50x

MPR (% decrease): 40% / 35% / 30% / 25% / 15%

Gross yield (% decrease): 35% / 30% / 25 % / 20% / 15%

Purchase rate (% decrease): 90% / 85% / 75% / 65% / 55%

Originator and Servicer Risk Mitigated: Latitude is a publicly
listed company with more than a decade of experience in managing
large consumer receivable portfolios in Australia and New Zealand.
Latitude is not rated by Fitch. Servicer risk is mitigated through
back-up arrangements. Fitch undertook an operational review and
found that the operations of the originator and servicer were
comparable with other non-bank credit card providers.

Added Flexibility: The structure employs an originator variable
funding note (VFN) purchased and held by Latitude to add funding
flexibility that is typical and necessary for credit-card trusts.
It provides credit enhancement to the rated notes, adds protection
against dilution and is used to meet risk-retention requirements. A
separate VFN provides funding flexibility for the trust.

Mitigated Counterparty Risk: Latitude acts in several capacities,
most prominently as originator, servicer and trust manager. The
degree of reliance is mitigated by the transferability of
operations, a nominated back-up servicer and a series-specific
liquidity reserve.

Mitigated Interest-Rate Risk: Interest-rate risk is mitigated by
available credit enhancement.

Rated Above Sovereign: Structured finance notes can be rated up to
six notches above New Zealand's Long-Term Local-Currency Issuer
Default Rating of 'AA+', supporting the 'AAAsf' rating on the class
A notes.

RATING SENSITIVITIES

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

Unanticipated increases in the charge-offs or reductions in
purchase rates or yield could produce loss levels higher than
Fitch's base case and are likely to result in a decline in credit
enhancement and remaining loss coverage levels available to the
notes. Decreased credit enhancement may make certain note ratings
susceptible to negative rating action, depending on the extent of
the coverage decline. Hence, Fitch conducts sensitivity analysis by
stressing a transaction's steady-state assumptions.

This section provides insight into the model-implied sensitivities
the transaction faces when one assumption is modified, while
holding others equal. The modelling process uses the modification
of these variables to reflect asset performance in upside and
downside environments. The results below should only be considered
as one potential outcome, as the transaction is exposed to multiple
dynamic risk factors. It should not be used as an indicator of
possible future performance.

Factors that could, individually or collectively, lead to negative
rating action/downgrade:

Notes: Series 2024-1 Class A / B / C / D / E

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

Increase charge-off steady state by 25%: AA+sf / A+sf / BBB+sf /
BBB-sf /BBsf

Increase charge-off steady state by 50%: AAsf / Asf / BBBsf / BB+sf
/ BB-sf

Increase charge-off steady state by 75%: AA-sf / A-sf / BBBsf /
BBsf / BB-sf

Reduce MPR steady state by 15%: AA+sf / A+sf / BBB+sf / BBB-sf /
BBsf

Reduce MPR steady state by 25%: AAsf / Asf / BBB+sf / BB+sf / BBsf

Reduce MPR steady state by 35%: A+sf / A-sf / BBBsf / BBsf / BB-sf

Reduced purchase rate by 50%: AA+sf / AA-sf / A-sf / BBB-sf / BBsf

Reduced purchase rate by 75%: AA+sf / A+sf / BBB+sf / BBB-sf /
BBsf

Reduced purchase rate by 100%: AA+sf / A+sf / BBBsf / BB+sf / BBsf

Rating sensitivity to increased charge-off rate and reduced MPR:

Increased charge-off rate by 25% and reduced MPR by 15%: AAsf / Asf
/ BBBsf / BB+sf / BBsf

Increased charge-off rate by 50% and reduced MPR by 25%: Asf /
BBB+sf / BBB-sf / BB-sf / B+sf

Increased charge-off rate by 75% and reduced MPR by 35%: BBB+sf /
BBB-sf / BBsf / B+sf / Bsf

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

Notes: Series 2024-1 Class A / B / C / D / E

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

Reduce charge-off steady state by 25%: AAAsf / AA+sf / A+sf /
BBB+sf / BBB-sf

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

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

DATA ADEQUACY

Fitch has checked the consistency and plausibility of the
information it has received about the performance of the asset pool
and the transaction. Fitch has not reviewed the results of any
third-party assessment of the asset portfolio information or
origination files as part of its ongoing monitoring.

Prior to the transactions closing, Fitch sought to receive a
third-party assessment of the asset portfolio information, but none
was made available to Fitch.

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

ESG CONSIDERATIONS

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

MAIDEN BUILT: Court to Hear Wind-Up Petition on June 13
-------------------------------------------------------
A petition to wind up the operations of Maiden Built Limited will
be heard before the High Court at Christchurch on June 13, 2024, at
10:00 a.m.

The Commissioner of Inland Revenue filed the petition against the
company on April 22, 2024.

The Petitioner's solicitor is:

          Nanette Cunningham
          Inland Revenue, Legal Services
          PO Box 1782
          Christchurch 8140


R.W. & A.C.: Creditors' Proofs of Debt Due on Aug. 3
----------------------------------------------------
Creditors of R.W. & A.C. King Limited are required to file their
proofs of debt by Aug. 3, 2024, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on June 3, 2024.

The company's liquidators are:

          Christopher Carey McCullagh
          Stephen Mark Lawrence
          PKF Corporate Recovery & Insolvency (Auckland) Limited
          PO Box 3678
          Auckland 1140




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

A+U PUBLISHING: Creditors' Proofs of Debt Due on July 6
-------------------------------------------------------
Creditors of A+U Publishing Pte. Ltd. are required to file their
proofs of debt by July 6, 2024, to be included in the company's
dividend distribution.

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

The company's liquidator is:

          Mitani Masatoshi
          c/o 10 Anson Road
          #14-06 International Plaza
          Singapore 079903


ALAMO IVT: Creditors' Proofs of Debt Due on July 8
--------------------------------------------------
Creditors of Alamo IVT Pte. Ltd. and Phoenix 1 Investment Pte. Ltd.
are required to file their proofs of debt by July 8, 2024, to be
included in the company's dividend distribution.

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

The company's liquidators are:

          Lin Yueh Hung
          Goh Wee Teck
          c/o 8 Wilkie Rd
          #03-08 Wilkie Edge
          Singapore 228095


AP AUTOMOTIVE: Court to Hear Wind-Up Petition on June 21
--------------------------------------------------------
A petition to wind up the operations of AP Automotive Services Pte
Ltd will be heard before the High Court of Singapore on June 21,
2024, at 10:00 a.m.

Liew Nyok Wah filed the petition against the company on May 24,
2024.

The Petitioner's solicitors are:

          M/S Fortress Law Corporation
          3 Church Street
          #25-01 Samsung Hub
          Singapore 049483


EVCO: Sells Vans, Leasing Contracts as Part of Liquidation
----------------------------------------------------------
The Straits Times reports that EVCo, the electric van leasing
company that went into liquidation in March, has been sold for an
undisclosed sum to Pan Pacific Leasing Group.

ST relates that Pan Pacific Leasing, a commercial vehicle leasing
company, completed the deal on June 3 to take over EVCo's fleet of
529 electric vehicles (EVs) and existing leasing contracts. But
EVCo's creditors have to wait longer before they can be paid, as
the liquidation process has not ended, the report says.

EVCo, also known as Strides DST, was incorporated in March 2022
with a paid-up capital of SGD10 million. It was 60 per cent owned
by transport operator SMRT's business arm Strides Holdings and 40
per cent by Dishangtie Green Technology (Hong Kong).

In a statement, SMRT's Strides Digital said it will be working with
Pan Pacific Leasing to provide digital fleet management services
for the EVs that were previously from EVCo and for future projects,
ST relays.

According to the report, a spokesman for Pan Pacific Leasing said
the service includes software to help business owners know the
environmental impact of using EVs compared with conventional
internal combustion engine vehicles, in terms of carbon emissions.

ST relates that Baker Tilly, the appointed liquidator, said the
sale of EVCo's vehicles is not the end of the liquidation process
as there are "further assets and claims to be realised".

Mr. Timothy Reid, a principal at the accountancy and business
advisory firm, said the total amount due to creditors has not been
confirmed.

"Creditors need to file claims, and these need to be adjudicated
before any interim distribution can be made," the report quotes Mr.
Timothy as saying.

The Straits Times had reported that as at Feb. 28, EVCo has 28
creditors with SGD49.4 million due to them. It is not known if more
creditors have come forward since then.

EVCo was declared insolvent several months after its chief
executive Fuji Foo and former chief financial officer Janice Low
were arrested in connection with a police investigation in late
2023.

Neither Baker Tilly nor Pan Pacific Leasing disclosed the value of
the deal when asked, the report notes. Pan Pacific's spokesman
would say only that the EVs were bought at "around market value".


METLIFE ASIA: Creditors' Proofs of Debt Due on July 5
-----------------------------------------------------
Creditors of Metlife Asia Holding Company Pte. Ltd. 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 31, 2024.

The company's liquidator is:

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


STRAITS MARINE: Commences Wind-Up Proceedings
---------------------------------------------
Members of Straits Marine & Offshore Consultants Pte Ltd on June 5,
2024, passed a resolution to voluntarily wind up the company's
operations.

The company's liquidator is:

          Ms. Helen Campos
          1 Coleman Street
          #05-06A The Adelphi
          Singapore 179803




=================
S R I   L A N K A
=================

BANK OF CEYLON: Fitch Affirms 'CC' LongTerm Foreign Currency IDR
----------------------------------------------------------------
Fitch Ratings has affirmed Bank of Ceylon's (BOC) Long-Term
Foreign-Currency Issuer Default Rating (IDR) at 'CC'. The rating
does not carry an Outlook because of the potential for high
volatility at this rating level, in line with Fitch's rating
definitions. At the same time, Fitch has maintained BOC's Viability
Rating (VR) of 'cc' on Rating Watch Negative (RWN).

Fitch has also affirmed BOC's Long-Term Local-Currency IDR at
'CCC-' with a Stable Outlook, the Short-Term IDR at 'C', Government
Support Rating at 'ns' and the National Long-Term Rating at
'A(lka)' with a Stable Outlook.

KEY RATING DRIVERS

Downside Risks to VR: Fitch has maintained BOC's VR on RWN to
reflect risks to the bank's credit profile from potential capital
stress stemming from the restructuring of loans granted to
state-owned entities. The government budget unveiled on 13 November
2023 allocated LKR450 billion for the recapitalisation of the state
banks, including BOC, to ensure financial system stability. Fitch's
affirmation of BOC's IDRs continues to reflect a high risk of
default from the sovereign's restructuring of debt.

The recapitalisation plan to address potential capital erosion,
should it materialise, may constitute extraordinary support. In
accordance with Fitch's Bank Rating Criteria, extraordinary capital
support to restore viability would be viewed by Fitch as a "bank
failure" and would lead to the bank's VR being downgraded to 'f'
but subsequently, upon recapitalisation, be upgraded to a level
commensurate with its standalone credit profile.

Restructuring Delays Hinder Progress: Sri Lankan banks' operating
environment (OE) continues to show signs of stabilisation,
supporting the recovery in banks' operational flexibility. There
are sustained improvements in reported economic variables such as
GDP growth, inflation and interest rates but Fitch thinks
persistent delays in the completion of the sovereign debt
restructuring exercise could impede the progress made thus far.

Capital Impairment Risks: The ongoing restructuring of the loans
granted to state-owned enterprises that has been assumed by the
government raises significant risks to BOC's capital, which is
reflected in the allocation of LKR450 billion by the government for
the recapitalisation of the state banks, including BOC. This is in
addition to the risks to capital stemming from the bank's holdings
of defaulted sovereign bonds for which the bank has already
absorbed a provision of around 55%, although the adequacy of the
provision is uncertain.

Sovereign Exposures Strain Risk Profile: BOC's large exposure to
the sovereign's fragile credit profile - which Fitch estimates at
around 60% of assets - continues to weigh on the bank's risk
profile assessment. This includes credit extended to a state-owned
entity that has been transferred to the government effective
end-2022 and its holdings of defaulted sovereign bonds (2% of
assets), which are currently under restructuring negotiations.
These exposures have made the bank vulnerable to the sovereign's
repayment capacity and liquidity position.

Asset-Quality Pressures Persist: BOC's asset-quality metrics remain
highly influenced by the sovereign's credit profile due to the
bank's large sovereign exposure via its loans, off-balance-sheet
liabilities and securities holdings. The bank's core asset-quality
metric - impaired (stage 3) loan ratio - increased to 13.5% by
end-1Q24 (end-2023: 12.6%, 2021: 10.2%) primarily due to a
contraction in gross loans. Fitch estimates this ratio to be
significantly higher if BOC's foreign-currency loan exposure to the
state and state-owned entities is included.

Risks to Profitability Manageable: The revision in BOC's earnings
and profitability outlook to stable from negative reflects its view
that downside risks to earnings have abated despite the potential
for a loss following the restructuring of the foreign-currency
loans to a state-owned entity, which Fitch expects to be one-off.
BOC's operating profit/risk-weighted asset ratio declined in 1Q24
to 3.0% (end-2023: 3.1%) due to higher impairment charges relative
to 2023 when the bank's profitability benefitted from net
impairment reversals.

Funding and Liquidity Risks Persist: Fitch believes BOC's funding
and liquidity profile, especially in foreign currency, is
susceptible to the sovereign's weak credit profile (Long-Term IDR:
RD). Stress on foreign-currency liquidity has eased somewhat,
reflected in the liquidity coverage ratio, but BOC's access to
foreign-currency wholesale funding remains constrained by the
default status of the sovereign. This is evident from the reduction
in the share of term borrowings from banks abroad to 0.7% of
funding by end-2023 from 3.3% at end-2021.

Economy Supports Business Profile: Fitch revised the outlook on
BOC's business profile to stable from negative, underpinned by its
view that the stabilising macroeconomic environment has reduced
uncertainties for the bank in generating and defending business
volumes. That said, the business profile score continues to reflect
the bank's predominant exposure to the weak domestic economy and OE
constraints in the near term.

RATING SENSITIVITIES

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

Fitch expects to resolve the RWN on BOC's VR when the impact to its
capital from the sovereign's debt restructuring becomes more
apparent, which may take longer than six months.

If the proposed restructuring of state debt leads to a material
capital shortfall that necessitates recapitalisation by the
authorities to restore viability or the granting of any regulatory
capital forbearance regarding such a shortfall, Fitch would
downgrade BOC's VR to 'f' and subsequently, upon any
recapitalisation, upgrade it to a level commensurate with its
standalone credit profile, likely driven by it risk profile and
capitalisation.

A downgrade of the VR may not necessarily lead to a downgrade of
the Long-Term Foreign- and Local-Currency IDRs.

Fitch would downgrade BOC's Long-Term Foreign- and/or
Local-Currency IDRs if Fitch perceives there is an increased
likelihood that the bank would default on or seek a restructuring
of its senior foreign- and/or local-currency obligations to
non-government creditors.

A deterioration in the bank's key credit metrics beyond its
base-case expectations relative to peers could trigger a downgrade
of BOC's national rating.

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

There is limited scope for upward rating action on the VR given the
RWN. Fitch may resolve the Rating Watch with an affirmation if
Fitch believes that large capital shortfalls that threaten the
bank's viability are not likely to arise.

An upgrade of BOC's Long-Term Foreign- and/or Local-Currency IDRs
would most likely result from an improvement in the sovereign's
credit profile, which could occur after the successful
restructuring of the sovereign's external debt.

Positive rating action on the sovereign may lead to an upgrade of
BOC's national rating. A sustained improvement in the bank's key
credit quality metrics beyond its base-case expectations, relative
to peers, could lead to an upgrade of the bank's national rating.

OTHER DEBT AND ISSUER RATINGS: KEY RATING DRIVERS

The Basel II and Basel III Sri Lankan rupee-denominated
subordinated debt of BOC is rated two notches below its National
Long-Term Rating, in line with Fitch's baseline notching for loss
severity for this type of debt and its expectations of poor
recovery. There is no additional notching for non-performance risk,
as the notes do not incorporate going-concern loss-absorption
features.

The Basel III compliant notes include a clause whereby the notes
will be converted to an additional Tier 1 instrument on a permanent
basis at the point of non-viability, subject to the occurrence of a
trigger event, as determined by the Monetary Board of the Central
Bank of Sri Lanka.

The Government Support Rating of 'ns' reflects its assessment that
there is no reasonable assumption of government support being
forthcoming.

OTHER DEBT AND ISSUER RATINGS: RATING SENSITIVITIES

BOC's subordinated debt rating will move in tandem with the
National-Long Term Rating.

VR ADJUSTMENTS

The operating environment score of 'ccc-' is below the 'b' category
implied score due to the following adjustment reason: sovereign
rating (negative).

The business profile score of 'ccc-' is below the 'b' category
implied score due to the following adjustment reason: business
model (negative).

BOC has a 1.78% equity stake in Fitch Ratings Lanka Ltd. No
shareholder other than Fitch, Inc. is involved in the day-to-day
rating operations of, or credit reviews undertaken by, Fitch
Ratings Lanka Ltd.

ESG CONSIDERATIONS

BOC has an ESG Relevance Score of '4' for Governance Structure due
to ownership concentration, with a 100% state shareholding and
several related-party transactions with the state and state-owned
entities, which has a negative impact on the credit profile and is
relevant to the rating in conjunction with other factors.

BOC has an ESG Relevance Score of '4' for Financial Transparency.
It reflects its view that the recent regulatory forbearance
measures announced by the Central Bank of Sri Lanka could distort
the true solvency and liquidity position of the bank, thereby
limiting financial transparency. This has a negative impact on the
credit profile and is relevant to the rating in conjunction with
other factors.

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

   Entity/Debt                      Rating              Prior
   -----------                      ------              -----
Bank of Ceylon    LT IDR             CC    Affirmed     CC
                  ST IDR             C     Affirmed     C
                  LC LT IDR          CCC-  Affirmed     CCC-
                  Natl LT            A(lka)Affirmed     A(lka)
                  Viability cc Rating Watch Maintained  cc
                  Government Support ns    Affirmed     ns

   Subordinated   Natl LT            BBB+(lka)Affirmed  BBB+(lka)

   subordinated   Natl LT            BBB+(lka)Affirmed  BBB+(lka)


                           *********


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

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

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

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