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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

          Wednesday, June 12, 2024, Vol. 27, No. 118

                           Headlines



A U S T R A L I A

INSITEC PTY: First Creditors' Meeting Set for June 13
JOHNNY'S FURNITURE: First Creditors' Meeting Set for June 17
L & K JOINERY: First Creditors' Meeting Set for June 17
LION SERIES 2024-1: S&P Assigns BB (sf) Rating on Class E Notes
MIGUEL GRIMA: First Creditors' Meeting Set for June 18

PRECIOUS CARGO: First Creditors' Meeting Set for June 14
RIVERSIDE FARM: First Creditors' Meeting Set for June 17


C H I N A

DEXIN CHINA: Receives Liquidation Order From Hong Kong Court
JINGBO TECHNOLOGY: Delays Filing of FY 2023 Annual Report
ORIGIN AGRITECH: Hires Enrome LLP to Replace BF Borgers as Auditor
SHINECO INC: Recurring Losses Raise Going Concern Doubt
SINO-OCEAN GROUP: Plans to Sell Property for USD550 Million

XINYUAN REAL: Assentsure PAC Raises Going Concern Doubt


I N D I A

A. K. ENTERPRISES: CRISIL Lowers Rating on INR5cr Loan to B
A.G. BABU: CRISIL Keeps B Debt Ratings in Not Cooperating
A.G. MOTOR: CRISIL Keeps D Debt Ratings in Not Cooperating
A.R.R. FOODS: CRISIL Keeps B+ Debt Rating in Not Cooperating
ACCURATE WELDARC: CRISIL Keeps B Debt Ratings in Not Cooperating

ADARSH FOOD: CRISIL Keeps B Debt Ratings in Not Cooperating
ADARSH JAN: CRISIL Keeps B Debt Rating in Not Cooperating
ADROIT CORPORATE: CRISIL Keeps D Debt Ratings in Not Cooperating
AJSG MOTORS: CRISIL Keeps B+ Debt Ratings in Not Cooperating
ARENA FOOD: CRISIL Keeps B+ Debt Ratings in Not Cooperating

CHITIZ METALS: CRISIL Keeps B Debt Ratings in Not Cooperating
CITY MAX: CRISIL Keeps B- Debt Rating in Not Cooperating
CLML MOTORS: CRISIL Keeps B Debt Ratings in Not Cooperating
DEW DIAMONDS: CRISIL Lowers Rating on INR6.50cr Loan to B
DHANJAL IMPEX: CRISIL Keeps B Debt Ratings in Not Cooperating

DHANLAXMI TMT: CRISIL Keeps D Debt Ratings in Not Cooperating
DIVYA ENGINEERING: CRISIL Keeps B Debt Ratings in Not Cooperating
DIYA AUTOMOBILES: CRISIL Keeps B+ Debt Rating in Not Cooperating
DMR HOSPITALS: CRISIL Keeps D Debt Ratings in Not Cooperating
KRISHNA EDUCATIONAL: CRISIL Keeps B Rating in Not Cooperating

SARDAR INDUSTRIES: CRISIL Keeps B+ Ratings in Not Cooperating
SEEMANCHAL MOTORS: CRISIL Keeps B Debt Ratings in Not Cooperating
SHIV CARRIERS: CRISIL Keeps B- Debt Ratings in Not Cooperating
SHREEGEN PHARMA: CRISIL Keeps D Debt Ratings in Not Cooperating
SHRUTI SALES: CRISIL Keeps B+ Debt Ratings in Not Cooperating

SHUBHAM INDUSTRIES: CRISIL Keeps B+ Debt in Not Cooperating
SUDHARSANAMTRANS: CRISIL Keeps B Debt Ratings in Not Cooperating
SUDHIR AGRO: CRISIL Keeps D Debt Ratings in Not Cooperating


I N D O N E S I A

ANEKA TAMBANG: S&P Withdraws 'BB+' Long-Term Issuer Credit Rating


J A P A N

JAPAN: Monthly Bankruptcies Top 1,000 for 1st time in 11 Years


N E W   Z E A L A N D

CAK STONE: Court to Hear Wind-Up Petition on June 14
DELHI HOSPITALITY: Creditors' Proofs of Debt Due on July 15
HYDE AGENCIES: Grant Reynolds Appointed as Liquidator
PINNACLE BOAT: Creditors' Proofs of Debt Due on July 8
SMUDGY DEVELOPMENTS: Court to Hear Wind-Up Petition on June 24

WORKFORCE DEVELOPMENT: Education Provider Placed in Liquidation


P A K I S T A N

PAKISTAN: Cuts Interest Rate for the First Time in Four Years


P H I L I P P I N E S

MFT GROUP: CA Extends Freeze on Accounts for Six More Months


S I N G A P O R E

COUPLAND CARDIFF: Creditors' Proofs of Debt Due on July 8
JP ARA: Court to Hear Wind-Up Petition on June 21
JUSTCLOUD PTE: Court Enters Wind-Up Order
LIPPO MALLS: Fitch Downgrades LT IDR to 'RD'
PLEXURE PTE: Court Enters Wind-Up Order

SOON HUAT: Court Enters Wind-Up Order

                           - - - - -


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A U S T R A L I A
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INSITEC PTY: First Creditors' Meeting Set for June 13
-----------------------------------------------------
A first meeting of the creditors in the proceedings of Insitec Pty
Ltd and Insitec Group Holdings Pty Ltd will be held on June 13,
2024, at 4:00 p.m. via virtual meeting technology.

Barry Frederic Kogan and Damien Pasfield of McGrathNicol were
appointed as administrators of the company on June 4, 2024.


JOHNNY'S FURNITURE: First Creditors' Meeting Set for June 17
------------------------------------------------------------
A first meeting of the creditors in the proceedings of Johnny's
Furniture Group Pty Ltd, trading as 'Ashley Homestores' & 'Johnny's
Furniture', will be held on June 17, 2024, at 11:00 a.m. via
virtual meeting.

Shumit Banerjee of Westburn Advisory was appointed as administrator
of the company on June 5, 2024.


L & K JOINERY: First Creditors' Meeting Set for June 17
-------------------------------------------------------
A first meeting of the creditors in the proceedings of L & K
Joinery Pty Ltd will be held on June 17, 2024, at 3:00 p.m. via
Zoom.

Anthony Lane of Beacon Advisory was appointed as administrator of
the company on June 4, 2024.


LION SERIES 2024-1: S&P Assigns BB (sf) Rating on Class E Notes
---------------------------------------------------------------
S&P Global Ratings assigned ratings to seven classes of prime
floating-rate residential mortgage-backed securities (RMBS) issued
by Perpetual Corporate Trust Ltd. as trustee of Lion Series 2024-1
Trust. Lion Series 2024-1 Trust is a securitization of prime
residential mortgages originated by HSBC Bank Australia Ltd.

The ratings reflect the following factors.

S&P said, "We have assessed the credit risk of the underlying
collateral portfolio, including the fact that this is a closed
portfolio, which means no further loans will be assigned to the
trust after the closing date.

"The credit support is sufficient to withstand the stresses we
apply. This credit support comprises note subordination, lenders'
mortgage insurance, and excess spread (if any).

"We believe the various mechanisms to support liquidity within the
transaction, including principal draws and an amortizing liquidity
facility equal to 1.0% of the outstanding performing balance of the
receivables, are sufficient under our stress assumptions to ensure
timely payment of interest on the rated notes."

There is an extraordinary expense reserve of A$150,000, funded at
transaction close and available to meet extraordinary expenses. The
reserve will be topped up via excess spread if drawn.

S&P's ratings also reflect the fixed- to floating-rate
interest-rate swap to be provided by HSBC Bank Australia to hedge
the mismatch between receipts from fixed-rate mortgage loans and
the variable-rate RMBS.

  Ratings Assigned

  Lion Series 2024-1 Trust

  Class A1A, A$1,288.00 million: AAA (sf)
  Class A1B, A$552.00 million: AAA (sf)
  Class A2, A$80.00 million: AAA (sf)
  Class B, A$34.00 million: AA (sf)
  Class C, A$20.00 million: A (sf)
  Class D, A$9.00 million: BBB (sf)
  Class E, A$8.00 million: BB (sf)
  Class F, A$9.00 million: Not rated


MIGUEL GRIMA: First Creditors' Meeting Set for June 18
------------------------------------------------------
A first meeting of the creditors in the proceedings of Miguel Grima
Enterprises Pty Ltd, trading as Pivotal Alliance Global Equipment &
PAG Equipment, will be held on June 18, 2024, at 11:00 a.m. via
virtual meeting technology only.

Anne Marie Barley of AMB Insolvency was appointed as administrator
of the company on June 6, 2024.


PRECIOUS CARGO: First Creditors' Meeting Set for June 14
--------------------------------------------------------
A first meeting of the creditors in the proceedings of:

          - Precious Cargo - Westbourne Park Pty Ltd;
          - Precious Cargo Montessori Childcare & Early Learning
            Centre Pty Ltd;
          - Precious Cargo Lockleys Pty Ltd;
          - Precious Cargo Blackwood Pty Ltd;
          - Precious Cargo Marion Pty Ltd;
          - Precious Cargo Collinswood (North East Rd) Pty Ltd;
          - Precious Cargo Woodville Park (Port Road) Pty Ltd; and
          - Precious Cargo Education Pt

will be held on June 14, 2024, at 2:00 p.m. via Microsoft Teams.

Andrew Heard and Anthony Phillips of Heard Phillips Lieberenz were
appointed as administrators of the company on June 3, 2024.


RIVERSIDE FARM: First Creditors' Meeting Set for June 17
--------------------------------------------------------
A first meeting of the creditors in the proceedings of Riverside
Farm Barossa Pty Ltd will be held on June 17, 2024, at 9:30 a.m.
via a Teams Videoconferencing Facility.

Richard Lawrence of Mackay Goodwin was appointed as administrator
of the company on June 4, 2024.




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C H I N A
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DEXIN CHINA: Receives Liquidation Order From Hong Kong Court
------------------------------------------------------------
Bloomberg News reports that the list of Chinese developers facing
court-ordered liquidation in Hong Kong is getting longer, after a
builder of homes in an affluent eastern coastal region was ordered
to wind up.

Bloomberg relates that Dexin China Holdings Co. received the order
on June 11, three months after a petition was filed by China
Construction Bank (Asia), and a year and half after it defaulted. A
new restructuring plan was approved last year, though the
developer, which builds residential as well as commercial
buildings, wasn't able to keep up with that either, Bloomberg
says.

According to Bloomberg, Hong Kong has served as a gateway for
investors to access mainland issuers' high-yield offshore bonds.
But that has also made it an epicenter of the yearslong downturn in
China's property sector, which continues to dog the country's
economy. The liquidation order shows lingering distress despite
fresh attempts from the Chinese government to help the industry
recover.

Dexin joins a group including Jiayuan International Group Ltd, and
China Evergrande Group that have received such orders from courts
in Hong Kong in the past couple of years, Bloomberg notes. This
isn't the last one, either - a number of major developers including
Country Garden Holdings Co. are set for hearings in coming months
to persuade judges that they are moving forward with their own
debt-overhaul plans.

The State Council, the country's cabinet, asked officials to keep
formulating new policies that will absorb existing housing stock
and stabilize markets, according to a statement posted on the
government's website late Friday [June 7]. Still, an index of
Chinese developers' shares dropped as much as 2.7% on June 11,
falling for a second day and set for its lowest level in a month.
Dexin shares dropped 6.6% on June 11 before trading was suspended.

Dexin, a Zhejiang-based developer, concentrated on developing homes
and commercial buildings in China's relatively wealthy Yangtze
River Delta region. It had total liabilities of CNY64.4 billion
($8.88 billion) as of the end of 2023, Bloomberg discloses citing
the company's latest annual report.

Dexin defaulted in December 2022 with nonpayment of 9.95% senior
notes due in 2022 in principal amount of $350 million, Bloomberg
notes. That's a "really long time ago," China Construction Bank's
legal representative said in court on June 11. The developer's
lawyer tried to argue that a small number of creditors opposed the
petition and there had been attempts to negotiate.

High Court Judge Linda Chan took less than 20 minutes to issue the
decision, Bloomberg notes. She plans to hand down a judgment within
a week.

                         About Dexin China

Dexin China Holdings Company Limited is an investment holding
company. Through its subsidiaries, the Company is primarily engaged
in property development and the provision of construction services,
hotel operations and property leasing. The property development
business includes the development and sales of residential and
commercial properties. The construction services business provides
residential property projects management services. The hotel
operations business provides hotel management and operation
services. The property leasing business is engaged in the leasing
of property projects. The Company operates its businesses mainly in
China.

JINGBO TECHNOLOGY: Delays Filing of FY 2023 Annual Report
---------------------------------------------------------
Jingbo Technology, Inc. disclosed in a Form 12b-25 filed with the
Securities and Exchange Commission that it is unable to file its
Annual Report on Form 10-K for its year ended Feb. 29, 2024 by the
prescribed date without unreasonable effort or expense because the
Company was unable to compile certain information required in order
to permit the Company to file a timely and accurate report on the
Company's financial condition.  The Company believes that the
Annual Report will be completed within the fifteenth-day extension
period provided under Rule 12b-25 of the Securities Exchange Act of
1934.

                       About Jingbo Technology

Jingbo Technology, Inc. (formerly known as Savmobi Technology,
Inc.) provides software solutions.  The Company designs and builds
an online marketing platform for users to manage and monitor
promotions.

Singapore-based Pan-China Singapore PAC, the Company's auditor
since 2023, issued a "going concern" qualification in its report
dated Oct. 2, 2023, citing that the Company had incurred
substantial losses during the year, and has a working capital
deficit, which raises substantial doubt about its ability to
continue as a going concern.


ORIGIN AGRITECH: Hires Enrome LLP to Replace BF Borgers as Auditor
------------------------------------------------------------------
Origin Agritech Limited reported in a Form 6-K filed with the
Securities and Exchange Commission that the Company has appointed
Enrome LLP, 143 Cecil St, #19-03/04, GB Building, Singapore 069542,
a PCAOB qualified firm, as its registered independent accounting
firm, effective May 30, 2024, as replacement of B.F. Borgers CPA
PC, to re-audit the Company's consolidated financial statements as
of, and for the fiscal years ended Sept. 30, 2022 and 2023, and to
audit the consolidated financial statements as of, and for the
fiscal year ending Sept. 30, 2024.  The appointment of Enrome has
been approved by the audit committee of the Board of Directors and
the Board.

During the Company's two most recent fiscal years and through May
30, 2024, neither the Company nor anyone acting on the Company's
behalf consulted Enrome with respect to any of the matters or
reportable events set forth in Item 16F(a)(2)(i) and (ii) of the
Form 20-F.

On May 7, 2024, Origin Agritech Limited had terminated B.F. Borgers
CPA PC as the registered independent accounting firm for the
financial statements of the Company due to the Securities and
Exchange Commission enforcement action against that firm.

                       About Origin Agritech

Headquartered in Beijing, China, Origin Agritech Limited, along
with its subsidiaries, is focused on agricultural biotechnology,
operating in the PRC.  The Company's seed research and development
activities specialize in crop seed breeding and genetic
improvement.  Origin believes that it has built a solid capacity
for seed breeding technologies, including marker-assisted breeding
and doubled haploids technologies, which it believes, along with
its rich germplasm resources, will allow it to become a significant
seed technology company in China.

Lakewood, Colorado-bsaed B F Borgers CPA PC, the Company's auditor
since 2020, issued a "going concern" qualification in its report
dated Feb. 15, 2024, citing that the Company incurred recurring
losses from operations, has net current liabilities and an
accumulated deficit that raise substantial doubt about its ability
to continue as a going concern.

SHINECO INC: Recurring Losses Raise Going Concern Doubt
-------------------------------------------------------
Shineco, Inc. disclosed in a Form 10-Q Report filed with the U.S.
Securities and Exchange Commission for the quarterly period ended
March 31, 2024, that the Company's management believes substantial
doubt exists about its ability to continue as a going concern for
the next 12 months.

The Company had recurring net losses of US$12.9 million and US$6.9
million, and continuing cash outflow of US$2.9 million and US$2.5
million from operating activities from continuing operations for
the nine months ended March 31, 2024 and 2023, respectively.

In assessing the Company's going concern, management monitors and
analyzes the Company's cash on-hand and its ability to generate
sufficient revenue sources in the future to support its operating
and capital expenditure commitments. The Company's liquidity needs
are to meet its working capital requirements, operating expenses
and capital expenditure obligations. Direct offering and debt
financing have been utilized to finance the working capital
requirements of the Company.

The continuation of the Company as a going concern through the next
12 months is dependent on the continued financial support from its
stockholders.

A full-text copy of the Company's Form 10-Q is available at:

  
https://www.sec.gov/ix?doc=/Archives/edgar/data/1300734/000149315224019989/form10-q.htm


                           About Shineco

Shineco, Inc., through its subsidiaries, processes and distributes
agricultural produce. It also engages in the growing and
cultivation of mulberry trees and silkworm cocoons; distribution of
fruit business; and processing and distribution of silk and silk
fabrics, as well as other by-products. The company was incorporated
in 1997 and is headquartered in Beijing, the People's Republic of
China.

As of March 31, 2024, the Company has $101.7 million in total
assets, $55 million in total liabilities, and $46.7 million in
total equity.

SINO-OCEAN GROUP: Plans to Sell Property for USD550 Million
-----------------------------------------------------------
Yicai Global reports that Sino-Ocean Group said it plans to sell a
majority stake of a property project in Beijing for CNY4 billion
(USD550 million) to its largest shareholder and partner to repay
debts.

China Life Insurance will invest about CNY3.1 billion to buy a 50
percent stake in the project, while its partner Swire Properties
will spend CNY900 million (USD124.2 million) to purchase a 15
percent stake, Sino-Ocean announced on June 7, Yicai relays.

After the transaction, China Life Insurance and Swire Properties
will each own half of the project, while Sino-Ocean will no longer
have rights or interests in the project, the Shanghai-based firm
added.

Co-developed by Sino-Ocean and Swire Properties, the project is a
comprehensive real estate property under construction in Chaoyang
district, mainly used as offices. It is expected to be completed in
2025 or 2026, according to Yicai.

Yicai says Sino-Ocean is under great liquidity pressure due to the
downturn in the Chinese real estate market. As of the end of last
year, its liabilities were about CNY8.5 billion higher than its
assets, and its debts totaled CNY96.1 billion (USD13.3 billion), of
which CNY69.8 billion are expiring within one year and CNY11
billion within one to two years, Yicai discloses. Its cash and cash
equivalents were only CNY2 billion as of Dec. 31.

Sino-Ocean can rejoin the project when its financial situation
improves, according to the company's statement. With the right of
first offer, Sino-Ocean can repurchase the stake sold to Swire
Properties two or three years after the deal is closed and that
sold to China Life Insurance from Sept. 30, 2037, Yicai adds.

                       About Sino-Ocean Group

Sino-Ocean Group Holding Limited, formerly Sino-Ocean Land Holdings
Limited, is an investment holding company principally engaged in
property development and property investment in the People's
Republic of China (the PRC). The Company is engaged in property
development in Beijing-Tianjin-Hebei, Northeast, Central and
Southern.  

As reported in the Troubled Company Reporter-Asia Pacific on Sept.
19, 2023, Moody's Investors Service has downgraded Sino-Ocean Group
Holding Limite's corporate family rating to Ca from Caa2.

At the same time, Moody's has downgraded to C from Caa3, the backed
senior unsecured ratings on the bonds issued by Sino-Ocean Land
Treasure Finance I Limited, Sino-Ocean Land Treasure Finance II
Limited, and Sino-Ocean Land Treasure IV Limited and guaranteed by
Sino-Ocean.

The outlook remains negative.


XINYUAN REAL: Assentsure PAC Raises Going Concern Doubt
-------------------------------------------------------
Xinyuan Real Estate Co., Ltd. disclosed in a Form 20-F Report filed
with the U.S. Securities and Exchange Commission for the fiscal
year ended December 31, 2023, that its auditor has expressed
substantial doubt about the Company's ability to continue as a
going concern.

Singapore-based Assentsure PAC, the Company's auditor since 2022,
issued a "going concern" qualification in its report dated May 15,
2024, citing that the Company's ability to generate funds to meet
short term operating cash requirements and loan repayments is
reliant on the Company's ability to sell the real estate properties
it holds, or to obtain alternative financing. The timing of these
sales is uncertain and as a result the Company is currently reliant
on long term investor loans being renewed when they come up for
repayment. These conditions raise substantial doubt about its
ability to continue as a going concern.

Xinyuan Real Estate said, "As of December 31, 2023, our short-term
bank loans and other debt, and current portion of long-term bank
loans and other debt amounted to US$1,329.1 million. As announced
in the Form 6-K dated July 19, 2022, the Company did not make
payments in full for the June 2022 Senior Secured Notes of RMB545.3
million issued on July 3 and August 6, 2020 with a maturity date on
June 29, 2022. The default also triggered cross-default of other
senior notes issued by us. On August 18, 2023, eligible holders of
the senior notes in the aggregate principal amount of US$307.36
million exchanged their notes for, and the Company delivered the
September 2027 Senior Secured Notes in the aggregate principal
amount of US$331.3 million due on September 30, 2027 and US$1.54
million in cash consideration in full satisfaction of the exchange
consideration to those eligible holders. The carrying amount of the
June 2022 Senior Secured Notes still in default was US$393.0
million as of December 31, 2023.

"We also breached certain covenants relating to bank and other
borrowings of US$637.8 million as of December 31, 2023. Other than
that, up to the date of approval of these consolidated financial
statements, we continue to be in breach of certain covenants and
other lenders have not demanded for immediate repayment of other
bank and other borrowings.

"In addition, we are involved in other various litigation and
arbitration cases for various reasons and the contingent
compensation is subject to the court verdict. The Company
anticipates that the market conditions in the real estate sector
remain under pressure in 2024, and therefore, in the absence of a
sharp recovery in the market and the availability of various
financing options, the Company remains cautious about its liquidity
in the near term."

In view of such circumstances, the Company's directors consider
that it has taken various measures and will have adequate funds
available to enable it to operate as a going concern, taking into
account the past operating performance of the Group and the
following:

     (a) The Group has been in negotiation with the noteholder to
reach agreement on a further debt restructuring plan;

     (b) In 2023, the Group reached an agreement with corporate
bondholders of RMB corporate bonds with carrying amount of RMB273.8
million as of December 31, 2023. Pursuant to the agreement, the
repayment date of the corporate bond was extended to November 13,
2025 and January 7, 2026;

     (c) Up to the date of approval of the consolidated financial
statements, the Group successfully extended the maturity date of
long-term loans of the aggregate principal amount of US$35.3
million to no earlier than May 2025, alleviating the pressure on
liquidity within a reasonable timeframe;

     (d) The Group is actively in discussions with the other
existing lenders to renew the Group's certain borrowings and/or not
to demand immediate repayment until the Group has successfully
completed the property construction projects and generated
sufficient cash flows therefrom. These discussions have been
constructive and focused on possible actions in light of current
circumstances but do require time to formulate or implement due to
ongoing changes in market conditions;

     (e) The Group will continue to implement measures to
accelerate the pre-sales and sales of its properties under
development and completed properties, and to speed up the
collection of outstanding sales proceeds and other receivables.
Recent relaxation of policies with regards to the property market
in the PRC have been encouraging to increase buyer interests and
stimulate demand. Subject to the improvement of the market
sentiment, the Group will actively adjust sales and pre-sale
activities to better respond to changing markets to achieve the
latest budgeted sales and pre-sales volumes and amounts;

    (f) The Group will continue to control administrative costs and
contain unnecessary capital expenditures to preserve liquidity. The
Group will also continue to actively assess additional measures to
further reduce discretionary spending; and

     (g) The Group has been proactive in seeking ways to settle the
outstanding litigations of the Group. The Group will seek to reach
an amicable solution on the charges and payment terms to the claims
and litigations which have not yet reached a definite outcome.

In the event forecast cash flow is not achieved or the renewal of
borrowings and public senior notes does not undergo as planned, the
Company's directors have also evaluated other plans that could be
undertaken to improve their liquidity position as follow:

     1) The Group could adjust their original sale plan for some
residential properties and commercial buildings to an earlier stage
in order to generate additional funds; and

     2) The Group will continue to seek to obtain additional new
sources of financing from potential equity investment partners or
to seek suitable opportunities to dispose of its equity interest in
certain project development companies to generate additional cash
inflows. The Group's properties are predominantly located in higher
tier cities that make them relatively more attractive to potential
buyers and retain a higher value in current market conditions.

Notwithstanding, uncertainty exists as to whether the renewal of
borrowings and public senior notes can be renewed and as to all
other alternative operating and financing plans as the Group is
still negotiating with its external financiers on the financing to
the Group and the sales of properties depend on market conditions.

A full-text copy of the Company's Form 20-F is available at:

  
https://www.sec.gov/ix?doc=/Archives/edgar/data/1398453/000110465924061570/xin-20231231x20f.htm

                     About Xinyuan Real Estate

Xinyuan Real Estate Co., Ltd. is a Chinese real estate company.
Xinyuan has traditionally engaged principally in residential real
estate development and the provision of property management
services, focusing on Tier II cities in China.

As of December 31, 2023, the Company has $5,333,393,231 in total
assets, $5,225,980,849 in total liabilities, and $107,412,382 in
total equity.



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A. K. ENTERPRISES: CRISIL Lowers Rating on INR5cr Loan to B
-----------------------------------------------------------
CRISIL Ratings has revised the rating on bank facilities of A. K.
Enterprises - Biharsharif (AKE) to 'CRISIL B/Stable Issuer Not
Cooperating' from 'CRISIL BB-/Stable Issuer Not Cooperating'.

                      Amount
   Facilities      (INR Crore)      Ratings
   ----------      -----------      -------
   Cash Credit           5          CRISIL B/Stable (ISSUER NOT
                                    COOPERATING; Revised from
                                    'CRISIL BB-/Stable ISSUER NOT
                                    COOPERATING')

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

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

Detailed Rationale

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

AKE, a partnership firm set up in 1998 by Mr Sushil Kumar and Mr
Sunil Kumar, trades in iron and steel products such as hot-rolled
(HR) and cold-rolled (CR) steel sheets, HR and CR coils, galvanized
corrugated sheets, and thermo-mechanically treated angles and
channels.  It is based in Bihar.


A.G. BABU: CRISIL Keeps B Debt Ratings in Not Cooperating
---------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of A.G. Babu Sah
(AGBS) continue to be 'CRISIL B/Stable Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit             7         CRISIL B/Stable (Issuer Not
                                     Cooperating)

   Proposed Long Term
   Bank Loan Facility      0.02      CRISIL B/Stable (Issuer Not
                                     Cooperating)

   Rupee Term Loan         0.98      CRISIL B/Stable (Issuer Not
                                     Cooperating)

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

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


Detailed Rationale

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

Set up in 2014, AGBS is a Chennai-based partnership concern that
trades in silk sarees. The firm is managed by Kanchipuram (Tamil
Nadu)-based Sah family. AGBS has a 6000-square-feet showroom in
Kanchipuram.


A.G. MOTOR: CRISIL Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of A.G. Motor
(AGM) continue to be 'CRISIL D Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)      Ratings
   ----------        -----------      -------
   Cash Credit           1.75         CRISIL D (Issuer Not
                                      Cooperating)
   Standby Line
   of Credit             0.75         CRISIL D (Issuer Not
                                      Cooperating)

   Term Loan             2.70         CRISIL D (Issuer Not
                                      Cooperating)

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

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

Detailed Rationale

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

AGM was established in 2009 as a proprietorship firm by Mr Mohan
Singh Guleria. The firm is an authorised dealer in all two wheelers
of Honda for Mandi. It has one 3S (sales-service-spares) showroom
in the district.


A.R.R. FOODS: CRISIL Keeps B+ Debt Rating in Not Cooperating
------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of A.R.R. Foods
And Consumer Products Private Limited (ARR) continues to be 'CRISIL
B+/Stable Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit            7.5        CRISIL B+/Stable (Issuer Not
                                     Cooperating)

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

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

Detailed Rationale

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

Set up in 1947 as a proprietorship firm and reconstituted as a
private limited company in 1998, ARR processes and trades in agro
commodities such as vermicelli, seeval, flour, supari, maida, rawa,
and tobacco. The company is based in Kumbakonam, Tamil Nadu, and
managed by Mr. A M Vaidyanathan.


ACCURATE WELDARC: CRISIL Keeps B Debt Ratings in Not Cooperating
----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Accurate
Weldarc Private Limited (AWPL) continue to be 'CRISIL B/Stable
Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit           7.75        CRISIL B/Stable (Issuer Not
                                     Cooperating)

   Proposed Long Term    0.75        CRISIL B/Stable (Issuer Not
   Bank Loan Facility                Cooperating)

   Term Loan             0.4         CRISIL B/Stable (Issuer Not
                                     Cooperating)

   Working Capital       0.35        CRISIL B/Stable (Issuer Not
   Term Loan                         Cooperating)

   Working Capital       0.75        CRISIL B/Stable (Issuer Not
   Term Loan                         Cooperating)

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

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

Detailed Rationale

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

AWPL was established in 1993 by the late Mr T S Saimbhi and Mr
Daljeet Singh Saimbhi as a partnership firm and was reconstituted
as a private limited company in 2008. It manufactures and trades in
mild steel wires, welding electrodes and related products. Its
facility is in the Bawana Industrial Area of Delhi.


ADARSH FOOD: CRISIL Keeps B Debt Ratings in Not Cooperating
-----------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Adarsh Food
Products Private Limited (AFPL) continue to be 'CRISIL B/Stable
Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit            10         CRISIL B/Stable (Issuer Not
                                     Cooperating)

   Proposed Cash
   Credit Limit            2         CRISIL B/Stable (Issuer Not
                                     Cooperating)

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

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

Detailed Rationale

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

AFPL, based in Delhi, was incorporated in 1981 and is promoted by
Mr Anil Kumar Jindal. The company processes and trades in pulses.


ADARSH JAN: CRISIL Keeps B Debt Rating in Not Cooperating
---------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Adarsh Jan
Kalyan Evam Shiksha Samiti (AJKESS) continues to be 'CRISIL
B/Stable Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Proposed Fund-         1          CRISIL B/Stable (Issuer Not
   Based Bank Limits                 Cooperating)

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

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

Detailed Rationale

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

AJKESS, set up as a not-for-profit society, is managed by its
secretary Mr. P D Tripathi and president Mr. Rajdutt Tiwari.
Located in Lucknow district (Uttar Pradesh), the society is engaged
in various schemes operated by the state and central governments in
Lucknow and surrounding areas. The schemes include providing hot
cooked food in anganwadi centres under the scheme of Integrated
Child Development Services (ICDS) department, free meals under the
Mid-Day meal scheme, and other government-mandated schemes. The
society is also operating Adarsh Shiksha Mandir School.



ADROIT CORPORATE: CRISIL Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Adroit
Corporate Services Private Limited (ACSPL) continue to be 'CRISIL D
Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit            6          CRISIL D (Issuer Not
                                     Cooperating)

   Term Loan             18.53       CRISIL D (Issuer Not
                                     Cooperating)

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

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

Detailed Rationale

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

Incorporated in 1994, ACSPL provides business process outsourcing
services, primarily to the banking sector. The company is also a
R&T agent. Operations are managed by Mr Sadashiva Shetty.


AJSG MOTORS: CRISIL Keeps B+ Debt Ratings in Not Cooperating
------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of AJSG Motors
Private Limited (AJSG) continue to be 'CRISIL B+/Stable Issuer Not
Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit           4.80        CRISIL B+/Stable (Issuer Not
                                     Cooperating)

   Term Loan             0.42        CRISIL B+/Stable (Issuer Not
                                     Cooperating)

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

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

Detailed Rationale

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

AJSG, is an authorised dealer for all the commercial vehicles of
BharatBenz (Daimler India Commercial Vehicles) for the city of
Bareilly in Uttar Pradesh. AJSG was incorporated in January 2018 by
Mr. Jitendra Pal Singh Gujral and his wife Mrs Kamaljeet Kaur
Gujral.


ARENA FOOD: CRISIL Keeps B+ Debt Ratings in Not Cooperating
-----------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Arena Food
and Agro Industries Private Limited (Arena) continue to be 'CRISIL
B+/Stable Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit             7         CRISIL B+/Stable (Issuer Not
                                     Cooperating)

   Long Term Loan          4.5       CRISIL B+/Stable (Issuer Not
                                     Cooperating)

   Proposed Cash
   Credit Limit            0.1       CRISIL B+/Stable (Issuer Not
                                     Cooperating)

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

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

Detailed Rationale

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

Established in 2012, Arena, promoted by Bihar-based Mr Radhey Shyam
Sharma and Mr Shri Krishna Sharma, mills rice (non basmati) at its
unit in Bihar.


CHITIZ METALS: CRISIL Keeps B Debt Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Chitiz Metals
& Minerals Trading Private Limited (CMPL) continue to be 'CRISIL
B/Stable Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit           8.7         CRISIL B/Stable (Issuer Not
                                     Cooperating)

   Proposed Cash         4.3         CRISIL B/Stable (Issuer Not
   Credit Limit                      Cooperating)

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

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

Detailed Rationale

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

CMPL was set up in 2010 by Mr Birendra Krishna Bajaj and Mr Sumit
Sarawagi. Till 2014, the company traded only in coal, but now also
trades iron and steel materials such as thermo-mechanically treated
bars, angles, channels, flats, billets and ingots. The company is
based out of Kolkata.


CITY MAX: CRISIL Keeps B- Debt Rating in Not Cooperating
--------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of City Max
Hospital and Research Centre (CMHR) continues to be 'CRISIL
B-/Stable Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Term Loan               8         CRISIL B-/Stable (Issuer Not
                                     Cooperating)

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

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

Detailed Rationale

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

Incorporated in 2011, CMHR is a multi-specialty hospital in Tohana
(Haryana). The construction of the hospital began in 2011; it has
been in operation since November 2012. With a capacity of 100 beds,
CMHR is a multi-specialty hospital providing services in several
medical specialties including astroenterology, neurology, fertility
care, cardiology, and oncology.


CLML MOTORS: CRISIL Keeps B Debt Ratings in Not Cooperating
-----------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of CLML Motors
Private Limited (CLML) continue to be 'CRISIL B/Stable Issuer Not
Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit             2         CRISIL B/Stable (Issuer Not
                                     Cooperating)

   Inventory Funding       1         CRISIL B/Stable (Issuer Not
   Facility                          Cooperating)

   Inventory Funding       0.6       CRISIL B/Stable (Issuer Not
   Facility                          Cooperating)

   Inventory Funding       2         CRISIL B/Stable (Issuer Not
   Facility                          Cooperating)

   Rupee Term Loan         0.72      CRISIL B/Stable (Issuer Not
                                     Cooperating)

   Rupee Term Loan         4.68      CRISIL B/Stable (Issuer Not
                                     Cooperating)

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

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

Detailed Rationale

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

CLML was incorporated in May 2016, promoted by Mr Rishabh Agrawal
and Ms Meeksha Agrawal. The company is an authorised dealer of HMIL
vehicles in Ghaziabad, where it has a showroom along with a
workshop. Operations started in November 2016.


DEW DIAMONDS: CRISIL Lowers Rating on INR6.50cr Loan to B
---------------------------------------------------------
CRISIL Ratings has revised the ratings on bank facilities of Dew
Diamonds (DD) to 'CRISIL B/Stable Issuer Not Cooperating' from
'CRISIL BB-/Stable Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Working Capital       6.50        CRISIL B/Stable (ISSUER NOT
   Loan                              COOPERATING; Revised from
                                     'CRISIL BB-/Stable ISSUER
                                     NOT COOPERATING')

   Working Capital       0.19        CRISIL B/Stable (Issuer Not
   Term Loan                         COOPERATING; Revised from
                                     'CRISIL BB-/Stable ISSUER
                                     NOT COOPERATING')

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

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

Detailed Rationale

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

Incorporated in 2010, Dew Diamonds (DD) is a Kerala based firm
engaged in manufacturing of diamond studded gold jewelry. DD is
owned and managed by Mr. Paul Thachil and Mr. Dany John.


DHANJAL IMPEX: CRISIL Keeps B Debt Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Dhanjal Impex
Private Limited (DIPL) continue to be 'CRISIL B/Stable Issuer Not
Cooperating'.

                        Amount
   Facilities        (INR Crore)      Ratings
   ----------        -----------      -------
   Cash Credit            2.5         CRISIL B/Stable (Issuer Not
                                      Cooperating)

   Proposed Long Term     0.5         CRISIL B/Stable (Issuer Not
   Bank Loan Facility                 Cooperating)

   Term Loan              3.0         CRISIL B/Stable (Issuer Not
                                      Cooperating)

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

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

Detailed Rationale

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

DIPL was incorporated in 1990 at New Delhi. The company is owned
and managed by Mr Jagtar Singh Dhanjal. It manufactures and
supplies automotive filters and sheet metal components such as oil
filter spin, fuel filter, strainers, bypass filter, and automatic
air filter.


DHANLAXMI TMT: CRISIL Keeps D Debt Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Dhanlaxmi TMT
Bars Private Limited (Dhanlaxmi: part of the Dhanlaxmi group)
continue to be 'CRISIL D/CRISIL D Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Bank Guarantee        0.5         CRISIL D (Issuer Not
                                     Cooperating)

   Bank Guarantee        0.5         CRISIL D (Issuer Not
                                     Cooperating)

   Cash Credit          13.5         CRISIL D (Issuer Not
                                     Cooperating)

   Cash Credit           4.5         CRISIL D (Issuer Not
                                     Cooperating)

   Cash Credit           6           CRISIL D (Issuer Not
                                     Cooperating)

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

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

Detailed Rationale

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

For arriving at the ratings, CRISIL Ratings has combined the
business and financial risk profiles of Dhanlaxmi and Nilesh Steel
and Alloys Pvt Ltd (NSAPL). This is because, the two entities,
together referred to as the Dhanlaxmi group, are part of a value
chain and under a common management, and have significant
sale/purchase transactions and financial linkages with each other.

Dhanlaxmi, incorporated in 2001 by Mr. Sanjay Mantri, manufactures
thermo-mechanically treated (TMT) bars. In 2002, Mr. Sanjay Mantri
and Mr. Nilesh Chechani incorporated NSAPL, which manufactures mild
steel ingots/billets for consumption by Dhanlaxmi. The group's
manufacturing facility is located at Jalna (Maharashtra).


DIVYA ENGINEERING: CRISIL Keeps B Debt Ratings in Not Cooperating
-----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Divya
Engineering (DE) continue to be 'CRISIL B/Stable Issuer Not
Cooperating'.

                         Amount
   Facilities         (INR Crore)    Ratings
   ----------         -----------    -------
   Cash Credit            0.05       CRISIL B/Stable (Issuer Not
                                     Cooperating)

   Proposed Long Term     2.20       CRISIL B/Stable (Issuer Not
   Bank Loan Facility                Cooperating)

   Term Loan              0.75       CRISIL B/Stable (Issuer Not
                                     Cooperating)

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

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

Detailed Rationale

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

Established in 2010 as a proprietorship firm, DE manufactures dies
and moulds and also undertakes repair and maintenance work. The
company is based out of Chennai, TN and is partnered by Mr. G
Gunasekaran and Mr. Sankar K.


DIYA AUTOMOBILES: CRISIL Keeps B+ Debt Rating in Not Cooperating
----------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Diya
Automobiles (DM; part of the Diya group) continues to be 'CRISIL
B+/Stable Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit            5.85       CRISIL B+/Stable (Issuer Not
                                     Cooperating)

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

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

Detailed Rationale

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

For arriving at the ratings, CRISIL Ratings has combined the
business and financial risk profiles of DM and its associate
concern Diya Automobiles (DA), together referred to as the Diya
group. This is because the two entities operate in the same line of
business, have common management and share significant business
synergies.

Set up in 2007, Diya Motors (DM) is an authorized dealer for Hero
Motorcorp Ltd (HML). The firm is partnered by Mr. M Ahnas and his
family. The firm is an exclusive dealer in Kollam (Kerala). Diya
Automobiles (DA) engaged in sale of spare parts of HML in South
Kerala and is the sole dealer in the region. The firm was set up in
2012.


DMR HOSPITALS: CRISIL Keeps D Debt Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of DMR Hospitals
Private Limited (DMR) continue to be 'CRISIL D/CRISIL D Issuer Not
Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Overdraft Facility      1         CRISIL D (Issuer Not
                                     Cooperating)

   Proposed Long Term      2.6       CRISIL D (Issuer Not
   Bank Loan Facility                Cooperating)

   Rupee Term Loan         8.9       CRISIL D (Issuer Not
                                     Cooperating)

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

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

Detailed Rationale

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

DMR, incorporated in 2011, runs a multi-speciality hospital in
Karnal (Haryana). The company is promoted by Dr Subhash Khanna, Mr
Dalip Singh, Mr Saurabh Juneja, and Mr Tarun Chawla.


KRISHNA EDUCATIONAL: CRISIL Keeps B Rating in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Shree Krishna
Educational Trust - Gurgaon (SKET) continues to be 'CRISIL B/Stable
Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)      Ratings
   ----------        -----------      -------
   Term Loan               15         CRISIL B/Stable (Issuer Not
                                      Cooperating)

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

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

Detailed Rationale

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

Incorporated in 2007, SKET is promoted by Mr Vijay Gupta and Mr
Ranjan Aggarwal. The trust has leased out its entire college
premises to GLIM, Gurgaon for 30 years. Till fiscal 2017, the trust
was running 'Gurgaon College of Engineering for Women' in Manesar,
Haryana.


SARDAR INDUSTRIES: CRISIL Keeps B+ Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Sardar
Industries (SI) continue to be 'CRISIL B+/Stable Issuer Not
Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit             8         CRISIL B+/Stable (Issuer Not
                                     Cooperating)

   Proposed Long Term      0.25      CRISIL B+/Stable (Issuer Not
   Bank Loan Facility                Cooperating)


   Term Loan               1.75      CRISIL B+/Stable (Issuer Not
                                     Cooperating)

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

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

Detailed Rationale

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

SI was established as a partnership firm in 2010 by the Patel
family, who manage operations. The firm gins cotton at its facility
in Rangpurda, Kadi.


SEEMANCHAL MOTORS: CRISIL Keeps B Debt Ratings in Not Cooperating
-----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Seemanchal
Motors Private Limited (SMPL) continue to be 'CRISIL B/Stable
Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit            0.6        CRISIL B/Stable (Issuer Not
                                     Cooperating)

   Electronic Dealer     14          CRISIL B/Stable (Issuer Not
   Financing Scheme                  Cooperating)
  (e-DFS)                
                                     
   Electronic Dealer      0.5        CRISIL B/Stable (Issuer Not
   Financing Scheme                  Cooperating)
   (e-DFS)                
                                     
   Long Term Loan         2          CRISIL B/Stable (Issuer Not
                                     Cooperating)

   Proposed Long Term     2.5        CRISIL B/Stable (Issuer Not
   Bank Loan Facility                Cooperating)

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

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

Detailed Rationale

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

Incorporated in April 2012, SMPL is promoted by Mr Arun Kumar
Agrawal. The company is an authorised dealer of MSIL's passenger
vehicles in Purnea, Bhagalpur, Banka, Katihar, Kishanganj, and
Araria in Bihar. It has nine showrooms and four workshops. It also
has warehouses in Purnea and Bhagalpur, which have space for around
600 cars.


SHIV CARRIERS: CRISIL Keeps B- Debt Ratings in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Shiv Carriers
Roadways Private Limited (SCRPL) continue to be 'CRISIL B-/Stable
Issuer Not Cooperating'.


                         Amount
   Facilities         (INR Crore)    Ratings
   ----------         -----------    -------
   Proposed Long Term      3.5       CRISIL B-/Stable (Issuer Not
   Bank Loan Facility                Cooperating)

   Term Loan               9         CRISIL B-/Stable (Issuer Not
                                     Cooperating)

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

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

Detailed Rationale

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

Established in 1995 by Mr Avdhesh Chaudhary, SCRPL is setting up an
ICD for railways at Sukhpur village in Gujarat. Operations
commenced in January 2018.


SHREEGEN PHARMA: CRISIL Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Shreegen
Pharma Limited (SPL) continue to be 'CRISIL D/CRISIL D Issuer Not
Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Bank Guarantee        0.5         CRISIL D (Issuer Not
                                     Cooperating)

   Cash Credit           5           CRISIL D (Issuer Not
                                     Cooperating)

   Letter of Credit      4.5         CRISIL D (Issuer Not
                                     Cooperating)

   Long Term Loan       13           CRISIL D (Issuer Not
                                     Cooperating)

CRISIL Ratings has been consistently following up with SPL for
obtaining information through letter and email dated May 15, 2024
among others, apart from telephonic communication. However, the
issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'

Detailed Rationale

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

Incorporated in 2012 as a closely held public limited company, SPL
manufactures bulk drugs. Its manufacturing facility is in Bidar,
Karnataka. Operations are managed by Mr. B R Mangeswar Reddy.


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

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

   Proposed Cash          1          CRISIL B+/Stable (Issuer Not
   Credit Limit                      Cooperating)

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

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

Detailed Rationale

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

Established in 2014 as a proprietorship firm, Kolhapur
(Maharashtra)-based SSC processes and sells wheat flour, semolina,
all-purpose flour, among others. Mr Yuvraj Mali is the proprietor.


SHUBHAM INDUSTRIES: CRISIL Keeps B+ Debt in Not Cooperating
-----------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Shubham
Industries-Hyderabad (SI) continues to be 'CRISIL B+/Stable Issuer
Not Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit           6.05        CRISIL B+/Stable (Issuer Not
                                     Cooperating)

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

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

Detailed Rationale

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

SI was established as a partnership firm in 2013 by Mr.Rajesh Soni
and Mr. Krishnakumar Partani. The firm gins and presses raw cotton
(kapas) to make cotton bales, and sells cotton seed. SI's
manufacturing facility in Tandur (Andhra Pradesh) has capacity of
45,000 bales per annum. SI commenced its commercial operations from
December 2013.



SUDHARSANAMTRANS: CRISIL Keeps B Debt Ratings in Not Cooperating
----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of
Sudharsanamtrans (ST) continue to be 'CRISIL B/Stable Issuer Not
Cooperating'.

                       Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit            2          CRISIL B/Stable (Issuer Not
                                     Cooperating)

   Rupee Term Loan        5.5        CRISIL B/Stable (Issuer Not
                                     Cooperating)

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

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

Detailed Rationale

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

Established as a proprietorship firm in 1993, Chennai-based ST
offers cost-effective cranes and trailers on rent for erecting,
fabricating, mantling and dismantling, and loading and unloading of
tank vessels. Mr AK Mani is the proprietor.


SUDHIR AGRO: CRISIL Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Sudhir Agro
Oils Private Limited (SAOPL; part of Sudhir Group) continue to be
'CRISIL D/CRISIL D Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit            4          CRISIL D (Issuer Not
                                     Cooperating)

   Cash Credit            2          CRISIL D (Issuer Not
                                     Cooperating)

   Letter of Credit      24          CRISIL D (Issuer Not
                                     Cooperating)

   Letter of Credit      12          CRISIL D (Issuer Not
                                     Cooperating)

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

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

Detailed Rationale

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

For arriving at the ratings, CRISIL Ratings has combined the
business and financial risk profiles of SAOPL and Amar Nath Harbans
Lal (ANHL). This is because both these entities, collectively
referred to as the Sudhir group, have common management and same
line of business.

SAOPL was incorporated in 1993, and is managed by Shri Prem Kumar,
the company is in the business of whole sale trade business in
Edible and non-edible oils e.g. Cotton seed Oils, Mustard Oils,
Sunflower Oils, Soya Oils, Soya DOC. The company supplies this raw
material to various manufacturing units and customers throughout
India. The company imports around 70% of its requirement.

ANHL incorporated in 1947 is currently managed by Shri Prem Kumar,
the company is in the business of whole sale trade business in
Edible and non-edible oils e.g. Cotton seed Oils, Mustard Oils,
Sunflower Oils, Soya Oils, Soya DOC. The company supplies this raw
material to various manufacturing units and customers throughout
India. All the procurement happens from domestic market.




=================
I N D O N E S I A
=================

ANEKA TAMBANG: S&P Withdraws 'BB+' Long-Term Issuer Credit Rating
-----------------------------------------------------------------
S&P Global Ratings withdrew its 'BB+' long-term issuer credit
rating on Aneka Tambang Tbk. PT at the company's request. The
outlook was stable at the time of the withdrawal. The
Indonesia-based mining company has no outstanding rated debt.




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

JAPAN: Monthly Bankruptcies Top 1,000 for 1st time in 11 Years
--------------------------------------------------------------
Japan Today reports that the number of corporate bankruptcies in
Japan for May rose 42.9 percent from a year earlier to 1,009,
making it the first time in about 11 years that the monthly figure
exceeded the 1,000 mark, as many indebted firms struggle to recover
after the coronavirus pandemic, a credit research company said June
10.

With companies facing rising prices, a labor shortage, and the need
to repay debt taken out during the pandemic, the annual figure is
on course to exceed 10,000 for the first time since 2013 when it
stood at 10,855, according to Tokyo Shoko Research Ltd.

In May, 67 of the bankruptcies were companies that took out
unsecured, interest-free loans provided as part of the government's
measure to help small and medium-sized enterprises stay afloat amid
the pandemic, Japan Today relates. The figure came to the same
level as in March when the figure was an all-time high.

Bankruptcies attributed to elevated prices stood at 87, the highest
number since the onset of the pandemic, the survey showed.

A weak yen has also pushed up costs of raw materials and energy,
leaving smaller companies in a difficult situation because they
cannot sufficiently shift the cost on prices, Japan Today relays.

The number of insolvencies linked to a labor shortage on the back
of wage hikes and other reasons has also surged, according to the
survey.

"A weak yen, inflation and labor shortage, which came at the time
when COVID-related support was ending, is weighing on businesses,"
Tokyo Shoko Research said in its report, Japan Today relays.

"The number of bankruptcies will likely continue to rise," it
added, citing that it expects some companies to go bankrupt due to
funding difficulties despite posting a profit, as well as a delayed
recovery in their business.

All 10 industry categories saw an increase in bankruptcies in May,
with the service sector logging the largest number at 327 cases,
followed by the construction sector at 193 cases, according to
Japan Today.

About three quarters of the overall figure were small-scale
bankruptcies where the debt was less than JPY100 million
($637,000), Japan Today adds.




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

CAK STONE: Court to Hear Wind-Up Petition on June 14
----------------------------------------------------
A petition to wind up the operations of CAK Stone NZ 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 20, 2024.

The Petitioner's solicitor is:

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


DELHI HOSPITALITY: Creditors' Proofs of Debt Due on July 15
-----------------------------------------------------------
Creditors of Delhi Hospitality Limited, Blessings Overseas Limited,
Northshore Hospitality Limited, Fash Limited, Indian Fashion &
Kraft Limited and Elegant Overseas Limited are required to file
their proofs of debt by July 15, 2024, to be included in the
company's dividend distribution.

The companies commenced wind-up proceedings on May 30, 2024.

The company's liquidator is:

          Heiko Draht
          Nair Draht Limited
          97 Great South Road
          Greenlane, Auckland 1051


HYDE AGENCIES: Grant Reynolds Appointed as Liquidator
-----------------------------------------------------
Grant Reynolds of Reynolds & Associates on June 6, 2024, was
appointed as liquidator of Hyde Agencies Limited.

The liquidator may be reached at:

          Grant Bruce Reynolds
          Reynolds & Associates Limited
          PO Box 259059
          Botany, Auckland 2163


PINNACLE BOAT: Creditors' Proofs of Debt Due on July 8
------------------------------------------------------
Creditors of Pinnacle Boat Works Limited, Pinnacle Boats Limited,
Titanium Rentals Limited and Titanium Real Estate Limited are
required to file their proofs of debt by July 8, 2024, to be
included in the company's dividend distribution.

Pinnacle Boat Works Limited and Pinnacle Boats Limited commenced
wind-up proceedings on June 4, 2024.

Titanium Rentals Limited and Titanium Real Estate Limited commenced
wind-up proceedings on June 3, 2024.

The company's liquidator is:

          Simon Dalton
          Gerry Rea Partners
          PO Box 3015
          Auckland


SMUDGY DEVELOPMENTS: Court to Hear Wind-Up Petition on June 24
--------------------------------------------------------------
A petition to wind up the operations of Smudgy Developments Limited
will be heard before the High Court at Tauranga on June 24, 2024,
at 10:00 a.m.

Superior Civil Construction Limited filed the petition against the
company on May 6, 2024.

The Petitioner's solicitor is:

          Richard Kettelwell
          Sharp Tudhope Lawyers
          Level 4, 152 Devonport Road
          Tauranga


WORKFORCE DEVELOPMENT: Education Provider Placed in Liquidation
---------------------------------------------------------------
Hawke's Bay Today reports that Hawke's Bay tertiary education
provider Workforce Development, which closed its Onekawa industrial
district doors in April with staff unpaid for seven weeks, has been
placed in liquidation.

According to Hawke's Bay Today, the order was made in the High
Court last week, on an application lodged by the Commissioner of
Inland Revenue, and means unsecured assets are to be sold to repay
debtors after an indication the company, which had been operating
for more than 30 years, was unable to pay its debts.

It had 22 staff, mainly in Napier, and Hawke's Bay Today
understands most were paid overdue wages by director Mike Smith.
Wages were delayed leading-up to last Christmas, and, while working
on with commitments to about 40 students, they hadn't been paid at
all since the first week of February.

Hawke's Bay Today relates that Tertiary Education Commission chief
executive Tim Fowler said in April that the commission stopped
funding Workforce Development in June last year after an
investigation showed it was not complying with funding conditions,
and the company was unable to secure further contracts.

An investigation had identified a funding recovery of $307,651
related to incorrectly claimed Fees Free funding, but 1News
reported in April that sums owed could total $1 million, Hawke's
Bay Today notes.

Hawke's Bay Today adds that staff who lost their jobs are
continuing with a complaint to the Employment Relations Authority,
with mediation understood to be in the near future, but all debt
claimants have until July 19 to lodge their interest with
liquidators Wendy Somerville and Richard Nacey, of PwC New
Zealand.




===============
P A K I S T A N
===============

PAKISTAN: Cuts Interest Rate for the First Time in Four Years
-------------------------------------------------------------
Bloomberg News reports that Pakistan's central bank lowered its
benchmark rate by a bigger margin than expected, the first
reduction in four years, after consumer prices eased in the South
Asian nation.

According to Bloomberg, the State Bank of Pakistan reduced the
target rate by 150 basis points to 20.50%, compared to a median
estimate for a 100 basis point cut. Only two economists predicted
the decision.

"The committee, on balance, viewed that it is now an appropriate
time to reduce the policy rate," the central bank said in a
statement. It "noted that the real interest rate still remains
significantly positive, which is important to continue guiding
inflation to the medium-term target of 5–7%."

Bloomberg relates that the decision comes as inflation slowed more
than expected in May, giving room to the central bank to reduce
interest rates from its record highs. Consumer prices eased for the
fifth straight month as domestic food supplies improved and fuel
costs fell. The central bank had kept interest rates at a record
22% since June last year to rein in prices.

Lower rates will help boost demand and support economic recovery.
Pakistan aims for a 3.6% expansion in the next fiscal year starting
July 1, faster than current year's 2.4%. Lower policy rates further
would also ease pressure on treasury yields and make debt
obligations cheaper, Bloomberg discloses.

The cut is the start of monetary easing in Pakistan with economists
forecasting the key rate dropping to 17.25% by the end of the year,
according to the median forecast in a survey conducted by
Bloomberg.

Bloomberg says Pakistan's administration is also negotiating a
fresh loan program with the International Monetary Fund. Fresh
support from the Washington-based lender will be key to shore up
foreign exchange reserves and meet its debt payments of about $24
billion in next fiscal year.

Pakistan is due to pay about $2 billion in debt payments until the
end of July, State Bank of Pakistan governor Jameel Ahmad, said in
an analyst briefing. Total debt payments will be close to $12
billion in fiscal year ending June excluding loan rollovers, Ahmad
said.

Prime Minister Shehbaz Sharif's upcoming budget is expected to
announce strict fiscal and monetary measures, including raising
taxes and energy tariffs, to win the lender's nod for further
funds, according to Bloomberg. The central bank did warn that the
budget scheduled for later this week brings an upside risks to
near-term inflation and that there is uncertainty regarding energy
prices.

                           About Pakistan

Pakistan is a country located in South Asia. It has a coastline
along the Arabia Sea and the Gulf of Oman and is bordered by
Afghanistan, China, India, and Iran. Pakistan's capital is
Islamabad.

As reported in the Troubled Company Reporter-Asia Pacific in
December 2023, Fitch Ratings affirmed Pakistan's Long-Term
Foreign-Currency Issuer Default Rating (IDR) at 'CCC'. Fitch
typically does not assign Outlooks to sovereigns with a rating of
'CCC+' or below.




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

MFT GROUP: CA Extends Freeze on Accounts for Six More Months
------------------------------------------------------------
Bilyonaryo.com reports that the Court of Appeals (CA) has extended
the freeze order on bank, investment, and insurance accounts linked
to the Maria Francesca Tan (MFT) Group of Companies by six months,
aiming to further protect public interests.

Originally imposed on May 13 due to suspected involvement in
illicit activities, the freeze encompasses 138 bank accounts, four
securities accounts, and four insurance accounts under various
names including MFT Group, Foundry Ventures I, Inc., and Mondial
Medical Technologies, across multiple financial institutions,
according to Bilyonaryo.com.

In a decision promulgated on May 30, the appellate court rejected
the MFT Group's plea to lift the freeze and extended the order
until November 9, 2024, asserting the necessity to allow
authorities ample time to build their case without risk of asset
dissipation, Bilyonaryo.com relates.

Describing the freeze as an exceptional interim measure to prevent
asset disposal linked to unlawful activities, the CA emphasized the
possibility that the frozen accounts could have ties to a Ponzi
scheme.

Under Section 10 of the Anti-Money Laundering Act (AMLA), the CA
can issue freeze orders based on probable cause determined through
a verified ex parte petition by the AMLC, Bilyonaryo.com states.

According to Bilyonaryo.com, the investigation by the Securities
and Exchange Commission (SEC) revealed the MFT Group's offer of
guaranteed returns between 12-18 percent on investments, deemed as
interest income, perpetuated through post-dated checks and
promissory notes.

Consequently, the SEC filed a criminal complaint against MFT Group
and Foundry Ventures for unauthorized investment schemes and
misrepresentation in financial statements, further issuing a
permanent cease and desist order against MFT Group and its
affiliates, halting illegal investment solicitations, relates
Bilyonaryo.com.

MFT Group operates as a private equity firm with strategic
investments in robust industries including healthcare, financial
services, food and beverage, and real estate.




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

COUPLAND CARDIFF: Creditors' Proofs of Debt Due on July 8
---------------------------------------------------------
Creditors of Coupland Cardiff Management (Singapore) 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 June 3, 2024.

The company's liquidators are:

         Leow Quek Shiong
         Gary Loh Weng Fatt
         Seah Roh Lin
         c/o BDO Advisory
         600 North Bridge Road
         #23-01 Parkview Square
         Singapore 188778


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

RHB Bank Berhad filed the petition against the company on May 31,
2024.

The Petitioner's solicitors are:

          Shook Lin & Bok LLP
          1 Robinson Road
          #18-00 AIA Tower
          Singapore 048542


JUSTCLOUD PTE: Court Enters Wind-Up Order
-----------------------------------------
The High Court of Singapore entered an order on May 31, 2024, to
wind up the operations of Justcloud Pte. Ltd.

Maybank Singapore Limited filed the petition against the company.

The company's liquidator is:

          Gary Loh Weng Fatt
          c/o BDO Advisory  
          600 North Bridge Road
          #23-01 Parkview Square
          Singapore 188778


LIPPO MALLS: Fitch Downgrades LT IDR to 'RD'
--------------------------------------------
Fitch Ratings has downgraded Lippo Malls Indonesia Retail Trust's
(LMIRT) Long-Term Issuer Default Rating (IDR) to 'RD' (Restricted
Default), from 'C', following the completion of an exchange offer.
This is because Fitch considers the transaction to be a distressed
debt exchange (DDE), as it results in a material reduction in terms
and, in its view, was conducted to avoid a default.

Subsequently, Fitch has upgraded the Long-Term IDR to 'CCC' to
reflect the issuer's post-DDE prospects. Fitch believes LMIRT's
liquidity has improved following the bond exchange, such as it will
be able to repay debt due in the next 18 months. However, the cash
balance is insufficient to repay the remaining unsecured notes due
February 2026 and Fitch believes there is high execution risk
surrounding the trust's ability to use the remaining unencumbered
assets to support refinancing or repayment efforts.

Fitch has also upgraded the rating on LMIRT's senior unsecured
notes due 2024 and 2026 to 'CCC', from 'C', with a Recovery Rating
of 'RR4'. LMIRT's wholly owned subsidiary, LMIRT Capital Pte. Ltd.,
issued the notes, which are guaranteed by Perpetual (Asia) Limited
in its capacity as trustee of LMIRT.

KEY RATING DRIVERS

DDE Drives Downgrade: Fitch regards LMIRT's exchange offer as a
DDE, as Fitch believes the amendments to the terms constitute a
material reduction in original terms and that the transaction
helped the company avoid a traditional default. As such, the
Long-Term IDR was downgraded to 'RD' on the completion of the DDE,
in line with its criteria.

Improved Liquidity, Refinancing Risk Remains: The subsequent
upgrade to 'CCC' reflects the trust's improved liquidity, but
still-high refinancing risk, following the exchange. Fitch expects
that LMIRT will have sufficient liquidity to repay debt maturing in
the next 18 months. The trust should be able to repay the remainder
of the USD97.6 million in unsecured notes due 2024 using the
balance of its Indonesian-rupiah secured loan, which it obtained in
early May 2024, and the proceeds from new USD16.2 million notes due
2026, which it plans to issue on 12 June 2024.

LMIRT has also obtained a new IDR2.5 trillion secured amortizing
loan to prepay its Singapore dollar-denominated bank debt of SGD194
million. Post prepayment, the next significant maturity will be the
USD148.6 million notes due February 2026. However, Fitch believes
execution risk remains high regarding the repayment or refinancing
of the 2026 notes, given LMIRT's limited unencumbered asset pool.

Limited Unencumbered Assets: LMIRT has pledged 67% of total
investment property value as at end-May 2024, or 83% of its
investment properties, excluding those with land titles under
agreement-based schemes. The pledge includes its best three assets.
The remaining unencumbered assets are small or of lower quality
and, thus, less attractive to lenders. Hence, Fitch believes it
would be difficult for LMIRT to raise sufficient secured debt to
repay 2026 notes at par. Disposal of non-core assets remains an
option, but no concrete target has been identified.

Weak Operational Performance: Fitch forecasts net property income
of SGD123 million in 2024, in line with 2023. However, the amount
is lower than in 2022 due to a lower occupancy rate in 2023
following early termination of several lease agreements with
Carrefour and downsizing of Hypermart spaces. Fitch expects
occupancy to only improve gradually, as it will take time for LMIRT
to find replacement tenants. Fitch expects operations to improve
from 2025, when the redevelopment of several malls should be
completed.

Limited Sponsor Influence: Fitch rates LMIRT on a standalone basis,
due to robust regulatory ringfencing from PT Lippo Karawaci Tbk
(CCC/Rating Watch Negative). Lippo fully owns LMIRT's manager, but
Singapore's Securities and Futures Act prevents Lippo from holding
majority representation on the manager's board. In addition, the
sponsor does not control LMIRT, because it holds only a 47%
interest. LMIRT, as a Singapore real-estate investment trust, is
also subject to restrictions on gearing ratios and development
activities, and requires minority shareholders to approve
related-party transactions.

Perpetual Securities Treated as Equity: Fitch treats LMIRT's SGD260
million in perpetual securities, issued in 2016 and 2017, as 100%
equity due to strong going-concern and gone-concern loss absorption
features. This also factors in LMIRT's intention to maintain the
securities as a permanent part of its capital structure. The trust
did not call the SGD140 million securities callable in September
2021 and SGD120 million securities callable in December 2022 amid
weak market sentiment.

High Foreign-Exchange Risk: LMIRT is exposed to high currency risk,
as its debt is denominated in US and Singapore dollars, while
revenue is generated solely in rupiah. Fitch expects the proportion
of rupiah debt to reach around 75%, as the trust obtained
rupiah-denominated bank debt to refinance its US and Singapore
dollar-denominated debt. However, foreign-currency debt is still a
large part of the capital structure, leaving LMIRT exposed to
rupiah depreciation. This would reduce the Singapore-dollar value
of cash flow and assets, pressuring interest coverage and the
loan/value ratio (end-March 2024: 43.7%).

DERIVATION SUMMARY

LMIRT is related two notches below Indonesia-based property
developers PT Kawasan Industri Jababeka Tbk (KIJA, B-/Stable) and
PT Alam Sutera Realty Tbk (ASRI, B-/Negative).

KIJA does not have any material maturities in the next three years
after its bonds termed out to end-2027, compared with LMIRT's
USD148.6 million in unsecured notes due February 2026. Fitch
expects KIJA to have adequate liquidity and to maintain
neutral-to-positive free cash flow and adequate access to domestic
banks to fund capex and construction. Improving non-development
cash flow from its power plant, dry port and estate-management
services is sufficient to cover interest expense and yearly bank
loan amortisations over the period.

ASRI has significant unencumbered land bank, which could be used to
secure refinancing with local banks for its USD251 million secured
notes due November 2025. On the other hand, LMIRT's rating reflects
high execution risk in refinancing or repaying its next significant
debt maturity due February 2026, due to its limited unencumbered
asset pool. The Negative Outlook on ASRI reflects the
underperformance in its presales, which, if sustained, could weaken
liquidity and raise financing risk on its notes due 2025.

KEY ASSUMPTIONS

Fitch's Key Assumptions within Its Rating Case for the Issuer:

- Net property income, including from Lippo Mall Puri, of SGD123
million in 2024 and SGD130 million in 2025.

- Capex of SGD34 million in 2024 and SGD13 million in 2025.

- No dividend payout and perpetual coupon distribution in 2024 and
2025.

RECOVERY ANALYSIS

Fitch assumes LMIRT will be liquidated in a bankruptcy rather than
continue as a going concern, as Fitch believes creditors are likely
to maximise recoveries by selling the investment properties.

- Fitch calculates a liquidation value under a distressed scenario
of SGD0.6 billion at end-March 2024.

- Fitch uses stressed capitalisation values to arrive at the
distressed valuation for LMIRT's investment properties. Fitch uses
an 11% capitalisation rate as a reference, above the average 10%
capitalisation rate of the most recent divestments and acquisitions
in 2020. This is due to the portfolio's weaker performance since
then and challenging recovery prospects. Fitch applies the
capitalisation rate to its estimated net property income for the 12
months to end-March 2024 from LMIRT's Hak Guna Bangunan and strata
malls only, as Fitch believes there is higher execution risk in
selling malls with agreement-based scheme land titles.

- The estimate also reflects its assessment of the value of trade
receivables under a liquidation scenario, with a 75% advance rate.
Fitch believes a 25% discount is sufficient to cover potential bad
debt.

These assumptions result in a recovery corresponding to a Recovery
Rating of 'RR3', with a waterfall generated recovery computation of
65% for the outstanding senior unsecured bonds. However, the
Recovery Rating is capped at 'RR4', or 30%-50% estimated
recoveries, as LMIRT derives its entire economic value from assets
in Indonesia, even though the trust is incorporated in Singapore.

Under its Country-Specific Treatment of Recovery Ratings Criteria,
Indonesia falls into Group D of creditor friendliness, and the
Recovery Rating for instruments of issuers with assets in this
group is subject to a soft cap at 'RR4'.

RATING SENSITIVITIES

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

- A significant and sustained improvement in liquidity, including
the successful refinancing of the senior unsecured notes due
February 2026.

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

- Further weakening in liquidity, evident from an inability to make
meaningful progress in the timely refinancing the US-dollar notes
due 2026.

LIQUIDITY AND DEBT STRUCTURE

Limited Liquidity Headroom: Fitch believes LMIRT will be able to
repay the USD97.6 million notes maturing in June 2024 using the
remaining USD84.1 million from the IDR1.5 trillion secured loan and
proceeds from new issuance of USD16.2 million of 2026 notes. LMIRT
has also obtained a new IDR2.5 trillion secured loan to prepay its
Singapore dollar-denominated debt of SGD194 million. Cash on hand
and recurring cash flow is sufficient to cover interest payments.
Liquidity, however, is insufficient to repay the USD148.6 million
unsecured notes maturing February 2026. Fitch believes there is
high execution risk of the trust obtaining additional secured debt
or disposing of non-core assets to support refinancing or repayment
efforts.

ISSUER PROFILE

LMIRT is a Singapore-listed real-estate investment trust with a
portfolio of 22 shopping malls and seven retail spaces in
Indonesia. The portfolio was valued at SGD1.6 billion as of
end-March 2024.

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         Recovery   Prior
   -----------                 ------         --------   -----
Lippo Malls Indonesia
Retail Trust             LT IDR RD   Downgrade           C
                         LT IDR CCC  Upgrade             RD

LMIRT Capital Pte.
Ltd.

   senior unsecured      LT     CCC  Upgrade     RR4     C

PLEXURE PTE: Court Enters Wind-Up Order
---------------------------------------
The High Court of Singapore entered an order on May 31, 2024, to
wind up the operations of Plexure Pte. Ltd. (formerly known as
Works Pte. Ltd.)

Maybank Singapore Limited filed the petition against the company.

The company's liquidator is:

          Gary Loh Weng Fatt
          c/o BDO Advisory  
          600 North Bridge Road
          #23-01 Parkview Square
          Singapore 188778


SOON HUAT: Court Enters Wind-Up Order
-------------------------------------
The High Court of Singapore entered an order on May 31, 2024, to
wind up the operations of Soon Huat Bak Kut Teh Pte. Ltd.

Maybank Singapore Limited filed the petition against the company.

The company's liquidator is:

          Gary Loh Weng Fatt
          c/o BDO Advisory  
          600 North Bridge Road
          #23-01 Parkview Square
          Singapore 188778



                           *********


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

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

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

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding,
electronic re-mailing and photocopying) is strictly prohibited
without prior written permission of the publishers.
Information contained herein is obtained from sources believed
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mail.  Additional e-mail subscriptions for members of the same
firm for the term of the initial subscription or balance
thereof are US$25 each.  For subscription information, contact
Peter Chapman at 215-945-7000.



                *** End of Transmission ***