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

                     A S I A   P A C I F I C

          Thursday, July 4, 2024, Vol. 27, No. 134

                           Headlines



A U S T R A L I A

BOOKTOPIA GROUP: Falls Into Voluntary Administration
CALIDUS RESOURCES: Collapses; Macquarie Called in as Receivers
EI SERVICES: Second Creditors' Meeting Set for July 9
HEARTLAND BANK: Fitch Rates AUD50M Subordinated Bonds 'BB+'
NATIONAL PROPERTY: First Creditors' Meeting Set for July 8

NEXTEP MIYAMA: First Creditors' Meeting Set for July 9
NOW TRUST 2022-1: Moody's Upgrades Rating on Class F Notes to Ba1
OCHRE GROUP: Liquidator Wins More Time to Probe Claims vs Featherby
RL CAPITAL: Second Creditors' Meeting Set for July 8
YZ CHINESE: First Creditors' Meeting Set for July 10



C H I N A

DEXIN CHINA: Dr. Wong Wing Kuen Steps Down as Director
FINGERMOTION INC: Posts $1.66 Million Net Loss in Q1 2024
[*] CHINA: Some Developers May Be Ineligible for Mainland Cash
[*] Developers Face Unprecedented Wave of Liquidation Suits in HK


I N D I A

ABROAD VITRIFIED: ICRA Keeps B+ Debt Ratings in Not Cooperating
ALAMELUBALAJI SPINNING: CRISIL Keeps B Ratings in Not Cooperating
ANNAI RESORTS: CRISIL Keeps B+ Debt Ratings in Not Cooperating
BATANAGAR EDUCATION: CRISIL Keeps D Ratings in Not Cooperating
BPL TECHNO: CRISIL Keeps D Debt Rating in Not Cooperating

CHAMPION ADVANCED: CRISIL Keeps B- Ratings in Not Cooperating
CJ S HARITHA: CRISIL Keeps D Debt Ratings in Not Cooperating
CUMBUM VALLEY: CRISIL Keeps B Debt Ratings in Not Cooperating
DAAJ HOTELS: ICRA Keeps D Debt Rating in Not Cooperating Category
GEETA REFINERY: CRISIL Keeps D Debt Ratings in Not Cooperating

KAKUMANU SEEDS: CRISIL Keeps B+ Debt Ratings in Not Cooperating
KAMLESH AUTOWHEELS: CRISIL Lowers Rating on INR11cr Loan to B
MALDIVES: Fitch Lowers LongTerm Foreign Currency IDR to 'CCC+'
MANJUNATHA SPINNING: ICRA Keeps B+ Ratings in Not Cooperating
MARUTHI EXPORTS: CRISIL Keeps B Debt Rating in Not Cooperating

MAXVEL REALTECH: CRISIL Keeps D Debt Ratings in Not Cooperating
MBR GROUP: CRISIL Keeps D Debt Rating in Not Cooperating Category
OM AGROENERGY: CRISIL Keeps B+ Debt Rating in Not Cooperating
PAVANI POLYMERS: CRISIL Keeps D Debt Ratings in Not Cooperating
RAJ MANDIR: CRISIL Reaffirms B+ Rating on INR75cr Loans

RELIANCE CAPITAL: Lenders Have No Intent to Liquidate the Company
SABARIS EDUCATIONAL: CRISIL Keeps D Ratings in Not Cooperating
SAI LEKSHMI: CRISIL Keeps D Debt Ratings in Not Cooperating
SETH ROSHAN: ICRA Keeps B+ Debt Rating in Not Cooperating
STAR CIRCLIPS: ICRA Keeps B+ Debt Ratings in Not Cooperating

TRIVENI SMELTERS: ICRA Keeps B+ Debt Rating in Not Cooperating
WIPRO LIMITED: Asks NCLT to Junk Ivalua's Insolvency Plea


N E W   Z E A L A N D

AITCHISON HOLDINGS: Creditors' Proofs of Debt Due on July 24
ANGUS (LOWER HUTT): Court to Hear Wind-Up Petition on July 12
IFIX COMPUTING: Creditors' Proofs of Debt Due on July 26
MAC DEVELOPMENTS: Court to Hear Wind-Up Petition on July 11
VIRUS INVESTMENT: Court to Hear Wind-Up Petition on Aug. 9



S I N G A P O R E

CHARAKU PTE: Court Enters Wind-Up Order
CYLO PTE: Creditors' Proofs of Debt Due on Aug. 1
FINISTONE PTE: Creditors' Proofs of Debt Due on Aug. 1
IAG INSURTECH: Creditors' Proofs of Debt Due on Aug. 1
JINK INTERNATIONAL: Court Enters Wind-Up Order

SSB CONSULTANTS: Court Enters Wind-Up Order

                           - - - - -


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

BOOKTOPIA GROUP: Falls Into Voluntary Administration
----------------------------------------------------
SmartCompany reports that Australian online book retailer Booktopia
has entered voluntary administration after posting diminished
first-half revenue in a punishing economic environment.

According to SmartCompany, the ASX-listed company on July 3
appointed McGrathNicol restructuring partners Keith Crawford,
Matthew Caddy, and Damien Pasfield as voluntary administrators.

The administrators are "undertaking an urgent assessment of
Booktopia's business while options for its sale and/or
recapitalisation are explored", McGrathNicol Restructuring said.

The first meeting of creditors will occur by Monday, July 15, with
an exact date to be shared with creditors ahead of time,
SmartCompany notes.

SmartCompany says Booktopia's shares are suspended from trading for
the course of its administration, with further shareholder updates
pending through the ASX platform.

The news arrives months after February's difficult FY24 H1 trading
update, in which the 20-year-old business revealed revenues of
$86.3 million, down 22% from the prior corresponding period.

According to SmartCompany, the business said its focus on upgrading
its fulfilment centre contributed to lower sales, with cut-back
inventory, slower delivery times, and wound-back marketing efforts
hampering its efforts.

Those results marked a significant turnaround from its COVID-era
results, buoyed by a surge in readers seeking books to occupy them
through lockdowns.

Booktopia announced the redundancy of approximately 50 staff
members in June as it sought to cut costs, SmartCompany recalls.

At the same time, the company announced co-founder Tony Nash, who
departed the venture's top job in 2022, would take on the role of
executive director.

A fortnight later, Booktopia announced a voluntary share
suspension, pending the results of a strategic review, "including
its progress in seeking additional funding."

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


CALIDUS RESOURCES: Collapses; Macquarie Called in as Receivers
--------------------------------------------------------------
Australian Financial Review reports that Calidus Resources, an
ASX-listed gold miner, has collapsed with its main financier,
Macquarie, calling in receiver KordaMentha at the weekend.

It remains unclear why Macquarie called time on the company, which
runs the Warrawoona mine near Marble Bar and was working with SQM,
one of the world's largest lithium miners, to develop the Pirra
lithium project in the Pilbara, AFR says.

AFR relates that a KordaMentha spokeswoman confirmed the
appointment of Richard Tucker and John Bumbak to manage the
business, and said: "The receivers and managers are now in control
of the operations and will immediately undertake an urgent
assessment of the operations before launching a dual-track sale and
recapitalisation process."

Calidus had a market capitalisation of AUD89 million on June 28
when shares traded at 12 cents, AFR discloses. They have fallen
significantly, having reached AUD1.02 in 2022 after Warrawoona
production began. Macquarie is one of the company's largest
investors with a 4 per cent stake. Another major shareholder is
Macmahon, an ASX-listed mining services group.

At December 31, accounts show, Calidus had AUD9 million in cash and
a loan with Macquarie totalling AUD69 million, AFR discloses. It
had repaid AUD12 million in the past six months.

But it was forced to raise AUD16.5 million in March to repay debts
and find working capital. At the time, the company described
Macquarie as a "supportive lender" and said a restructure would
"allow for significant cash-flow generation".

"In addition, debt repayments of AUD11 million have been
rescheduled with final loan repayments extended by one quarter to
September 2025," the company said then.

Calidus reported total production at Warrawoona of 15,118 ounces of
gold in the three months to the end of March, up from 11,980 ounces
to the end of December, with March the single highest monthly
production since operations began.

According to AFR, KordaMentha's Mr. Tucker said that "the
fundamentals of the asset were strong with multiple deposits and
two processing plants".

"Production growth is forecast, underpinned by the recent
completion of the Klondyke cut-back, resulting in higher-grade ore
being accessed and with satellite targets being developed," he
said.

"The Calidus assets represent an excellent opportunity to acquire a
producing gold asset at a time when the gold price is around
all-time highs."

Calidus Resources Limited (ASX:CAI) -- https://www.calidus.com.au/
-- engages in the exploration and exploitation of gold minerals in
Australia. It holds interests in the Warrawoona gold project
covering an area of approximately 662 square kilometers located in
the East Pilbara district of the Pilbara Goldfield in Western
Australia; and the Blue Spec project situated in the Pilbara
Goldfield in Western Australia. The company also holds interest in
Spear Hill project located in Pilbara, Western Australia.  


EI SERVICES: Second Creditors' Meeting Set for July 9
-----------------------------------------------------
A second meeting of creditors in the proceedings of EI Services Pty
Ltd has been set for July 9, 2024 at 3:00 p.m. at the offices of
Mackay Goodwin at Level 12 20 Bridge Street in Sydney and via
teleconference.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by July 8, 2024 at 5:00 p.m.

Edwin Narayan and Grahame Ward of Mackay Goodwin was appointed as
administrator of the company on June 3, 2024.


HEARTLAND BANK: Fitch Rates AUD50M Subordinated Bonds 'BB+'
-----------------------------------------------------------
Fitch Ratings has assigned Heartland Bank Australia Limited's
(HBAL, BBB/Stable) proposed Australian dollar subordinated Tier 2
bonds a 'BB+' rating.

KEY RATING DRIVERS

The AUD50 million notes will be unsecured subordinated obligations,
with a term of 10 years from issuance. The bank plans to use the
proceeds to build its total capital base as well as to support
planned loan growth. The notes include a non-viability clause
whereby they will be written off, either partially or in full, on
the occurrence of a non-viability trigger event, as determined by
the Australian Prudential Regulation Authority.

Fitch has used HBAL's support-driven Long-Term Issuer Default
Rating (IDR) of 'BBB' as the anchor rating for its subordinated
debt rating as Fitch believes the likelihood of shareholder support
is very high and likely to be extended further down the capital
structure to include HBAL's subordinated and other junior
obligations. Fitch views HBAL as a core and integral subsidiary of
New Zealand-based Heartland Bank Limited (HBL, BBB/Stable/bbb) due
to its focus on growing the Australian operations and their same
branding.

The subordinated debt rating is notched down twice from the anchor
rating for loss severity and zero notches for non-performance risk,
consistent with the baseline notching in Fitch's Bank Rating
Criteria. None of the reasons for alternative notching, as
described in the criteria, are present.

RATING SENSITIVITIES

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

The rating assigned to HBAL's subordinated Tier 2 bonds will be
downgraded if its Long-Term IDR is downgraded or if any of the
reasons for wider-than-standard notching, as outlined in the
criteria, apply.

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

The rating assigned to HBAL's subordinated Tier 2 bonds will be
upgraded if its Long-Term IDR is upgraded or if any of the reasons
for narrower-than-standard notching, as outlined in the criteria,
apply.

PUBLIC RATINGS WITH CREDIT LINKAGE TO OTHER RATINGS

HBAL's ratings are link to those of its parent, HBL.

   Entity/Debt             Rating           
   -----------             ------           
Heartland Bank
Australia Limited

   Subordinated        LT BB+  New Rating

NATIONAL PROPERTY: First Creditors' Meeting Set for July 8
----------------------------------------------------------
A first meeting of the creditors in the proceedings of National
Property Group Limited will be held on July 8, 2024 at 11:00 a.m.
via Microsoft Teams.

Glen Oldham of Oldhams Advisory was appointed as administrator of
the company on June 27, 2024.


NEXTEP MIYAMA: First Creditors' Meeting Set for July 9
------------------------------------------------------
A first meeting of the creditors in the proceedings of Nextep
Miyama Pty Ltd will be held on July 9, 2024 at 11:00 a.m. at the
offices of Jirsch Sutherland at Suite 2, Level 14, 383 Kent Street
in Sydney.

Andrew John Spring and Peter John Moore of Jirsch Sutherland were
appointed as administrators of the company on July 9, 2024.


NOW TRUST 2022-1: Moody's Upgrades Rating on Class F Notes to Ba1
-----------------------------------------------------------------
Moody's Ratings has upgraded the ratings on four classes of notes
issued by NOW Trust 2022-1.

The affected ratings are as follow:

Issuer: NOW Trust 2022-1

Class C Notes, Upgraded to Aa3 (sf); previously on Nov 3, 2023
Upgraded to A1 (sf)

Class D Notes, Upgraded to A2 (sf); previously on Nov 3, 2023
Upgraded to A3 (sf)

Class E Notes, Upgraded to Baa2 (sf); previously on Nov 3, 2023
Upgraded to Baa3 (sf)

Class F Notes, Upgraded to Ba1 (sf); previously on Nov 3, 2023
Upgraded to Ba2 (sf)

A comprehensive review of all credit ratings for the transaction
has been conducted during a rating committee.

RATINGS RATIONALE

The upgrades were prompted by an increase in credit enhancement
available to the affected notes and the collateral performance to
date.

No action was taken on the remaining rated classes in the deal as
credit enhancement for these classes remain commensurate with the
current ratings.

Following the June 2024 payment date, the note subordination
available for the Class C, D, E and F Notes has increased to 18.7%,
15.7%, 9.7% and 7.5% respectively from 16.8%, 13.7%, 7.6% and 5.4%
at the time of the last rating action from these notes in November
2023.

Principal collections have been distributed on a pro-rata basis
among the rated notes since the February 2023 payment date. Current
total outstanding notes as a percentage of the total closing
balance is 41.3%.

As of end-May 2024, 2.4% of the outstanding pool was 30-plus day
delinquent and 0.6% was 90-plus day delinquent. The portfolio has
incurred 3.1% of cumulative defaults (as a percentage of the
closing pool balance) to date, all of which have been covered by
excess spread.

Based on the observed performance to date and loan attributes,
Moody's have maintained the expected default assumption at 6.5% as
a percentage of the current pool balance (equivalent to 5.3% of the
original balance). Moody's have also maintained the portfolio
credit enhancement assumption at 29%.

The transaction is cash securitisation of portfolio of Australian
unsecured and secured personal loans originated by Now Finance
Group Pty Ltd.

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

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

Factors that could lead to an upgrade of the ratings include (1)
performance of the underlying collateral that is better than
Moody's expectations, and (2) an increase in credit enhancement
available for the notes.

Factors that could lead to a downgrade of the ratings include (1)
performance of the underlying collateral that is worse than Moody's
expectations, (2) a decrease in credit enhancement available for
the notes, and (3) a deterioration in the credit quality of the
transaction counterparties.

OCHRE GROUP: Liquidator Wins More Time to Probe Claims vs Featherby
-------------------------------------------------------------------
The West Australian reports that Ochre Group liquidator Jeremy
Nipps has won more time to probe litigation against trans-Tasman
company promoter turned South American emigre Nathan Featherby.

The West Australian relates that Mr. Nipps won the extension after
pointing to his difficulties with a Federal Court examination and
arrest warrants issued against Mr. Featherby and Indonesia-based
Ochre director Made Sumarya.

Jeremy Joseph of Cor Cordis was appointed liquidator of Ochre Group
Holdings Limited on Oct. 14, 2020.

Ochre Group Holdings Ltd. owned the option to acquire mineral
resource tenements, including iron ore projects, in Western
Australia.


RL CAPITAL: Second Creditors' Meeting Set for July 8
----------------------------------------------------
A second meeting of creditors in the proceedings of RL Capital Pty
Ltd has been set for July 8, 2024 at 11:30 a.m. via Zoom.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by July 7, 2024 at 5:00 p.m.

Matthew Jess and Matthew Kucianski of Worrells were appointed as
administrators of the company on June 1, 2024.


YZ CHINESE: First Creditors' Meeting Set for July 10
----------------------------------------------------
A first meeting of the creditors in the proceedings of YZ Chinese
Cuisine Pty Ltd will be held on July 10, 2024 at 10:00 a.m. at
Level 19, 144 Edward Street in Brisbane.

Murray Daniel and Travis Pullen of B&T Advisory were appointed as
administrators of the company on July 1, 2024.




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

DEXIN CHINA: Dr. Wong Wing Kuen Steps Down as Director
------------------------------------------------------
China Wan Tong Yuan (Holdings) Ltd. has announced that independent
non-executive director Dr. Wong Wing Kuen, Albert has resigned from
his position at Dexin China following its court-ordered liquidation
due to unpaid debts. The Board confirmed that this situation will
not impact Dr. Wong's duties at China Wan Tong Yuan or the
company's operations, as Dexin China is not related to the Group.

As reported in the Troubled Company Reporter-Asia Pacific on June
12, 2024, Bloomberg News said Dexin China Holdings Co. received
wind up 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 wasn't able to keep up with that either.

Dexin defaulted in December 2022 with nonpayment of 9.95% senior
notes due in 2022 in principal amount of $350 million, Bloomberg
noted. 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.

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.


FINGERMOTION INC: Posts $1.66 Million Net Loss in Q1 2024
---------------------------------------------------------
Fingermotion, Inc. filed with the U.S. Securities and Exchange
Commission its Quarterly Report on Form 10-Q reporting net loss of
$1.66 million on $8.37 million of revenue for the three months
ended May 31, 2024, compared to a net loss of $1.26 million on
$12.17 million of revenue for the three months ended May 31, 2023.

On May 31, 2024, FingerMotion had $1.06 million in cash and cash
equivalents, a working capital surplus of $10.73 million and a
positive shareholders' equity of $10.91 million.

As of May 31, 2024, the Company had total assets of $26.31 million,
total liabilities of $15.40 million, and total shareholders' equity
of $10.9 million.

Commenting on the results, CEO, Martin Shen, said, "Our Company
again experienced a challenging market during Q1 2025. Despite
these challenges, however, during Q1 2025, our gross profit
improved $.02 million, or 3%, and our cost of revenue decreased
$3.81 million, or 33%, compared to Q1 2024."

"Looking forward, we see several drivers for improving revenue this
fiscal year, including arrangements that could result in
significantly increased use of our Da Ge app, which already has
650,000 active subscribers," said Martin Shen. "We also continued
to invest in the future with our Insuretec partners, and our
Sapientus big data platform has made additional progress on several
fronts, including market implementation, analytical advancement,
and network engagement."

"We also expect both our cloud-based services and lifestyle app to
contribute meaningful revenue later this fiscal year. Therefore, we
expect the balance of fiscal 2025 to demonstrate increasing revenue
and improved margins to get us closer to our goal of
profitability."

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

                  https://tinyurl.com/2uu43pz5

                    About FingerMotion, Inc.

FingerMotion is an evolving technology company with a core
competency in mobile payment and recharge platform solutions in
China.

As of February 29, 2024, the Company had $18,814,814 in total
assets, $6,753,915 in total liabilities, and total shareholders'
equity of $12,060,899.

Hong Kong-based Centurion ZD CPA & Co., the Company's auditor since
2017, issued a "going concern" qualification in its report dated
May 29, 2024, citing that the Company has suffered recurring losses
from operations that raise substantial doubt about its ability to
continue as a going concern.

[*] CHINA: Some Developers May Be Ineligible for Mainland Cash
--------------------------------------------------------------
South China Morning Post reports that a clutch of Hong Kong-listed
Chinese property developers risk losing the backing of mainland
investors, as their market values fall below the threshold limit
for inclusion in the Stock Connect programme.

According to the Post, the cross-border investment scheme gives
mainland investors access to a large pool of stocks traded in Hong
Kong, while overseas investors are able to buy yuan-traded shares
on the mainland's exchanges.

Soho China, Shimao Group Holdings, Guangzhou R&F Properties and
eight other companies on the Hang Seng Composite SmallCap Index
have seen their market capitalisation fall below the HK$4 billion
(US$512.2 million) floor that qualifies them for the scheme, the
Post discloses. That would be a further hit to these developers
that are already plagued by liquidity stress and growing calls for
winding-up by unpaid creditors.

Based on the rules set by the Shanghai and Shenzhen bourses, any
stock on the small-cap gauge will be kicked out of the cross-border
investment scheme, should their average month-end market value fall
below the HK$4 billion mark for 12 consecutive months preceding the
review date, the Post notes.

The Post says the expulsions may take place as early as August,
when the mainland's exchanges are set to verify the eligibility for
the mutual access scheme following the quarterly index rebalancing
by compiler Hang Seng Indexes.

According to the Post, mainland Chinese property stocks listed in
Hong Kong will be dealt a blow if they are made ineligible for
purchase by mainland investors, as onshore investors were the main
drivers of a recent rebound. The Hang Seng Mainland Properties
Index had rebounded by as much as 40 per cent within a month
through May 20, after Beijing introduced a broad package to bail
out the industry last month. Now, most of those gains have been
erased.

"Typically, mainland funds dominate the trading in these smaller
property stocks in Hong Kong and without such support, these stocks
could very probably fall even lower," the Post quotes Wu Kan, an
investment manager at Soochow Securities in Shanghai, as saying.
"Overseas investors have no appetite for these small-caps. The
property market is still in a downturn and the time could be longer
than expected."

Among the 23 property developers on the Hang Seng small-cap gauge,
almost half face the risk of getting booted from the Stock Connect,
the Post notes.

The sizes of the companies under risk straddle a broad spectrum,
ranging from CIFI Holdings Group, which has a market capitalisation
of HK$3.6 billion, to Cosmopolitan International Holdings, valued
at HK$495 million. The list includes Shimao, which is capitalised
at HK$2.89 billion and Guangzhou R&F, which is valued at 3.5
billion. Sino-Ocean Group Holdings, valued at HK$3.1 billion, is
also among those at risk, the Post discloses.

The Post says the property market is on shaky ground in contrast
with a month ago, when hopes were high for a turnaround in the
sector after China lowered the down payment ratio to a record low
and cut mortgage rates nationwide in what has been seen as the most
forceful rescue measures to shore up the industry so far. But
confidence plunged after home prices fell at the fastest pace in
nearly a decade in May.

A slew of winding-up petitions filed by creditors against Chinese
developers have also weighed on sentiment, the Post relates. Shimao
was given a four-week reprieve by a Hong Kong court on June 26,
giving it more time to secure lenders' approval for its debt
restructuring proposal, as a growing number of creditor-led
liquidation petitions put pressure on the sector, according to the
Post. Country Garden Holdings, once China's biggest developer by
sales, is also facing a liquidation hearing next month, while
Dexin, a medium-sized developer in the east Zhejiang province was
ordered by a Hong Kong court to be liquidated this month.

"The policy effect of stimulating demand is limited," the report
quotes Zhao Xuxiang, an analyst at Orient Securities, as saying.
"Whether the property market can sustain a recovery depends on
expectations of residents' incomes and their expectations of home
prices."


[*] Developers Face Unprecedented Wave of Liquidation Suits in HK
-----------------------------------------------------------------
South China Morning Post reports that a growing number of
frustrated creditors are filing winding-up petitions against
Chinese developers, with an unprecedented four cases coming before
the Hong Kong courts last week.

The surge in litigation is partly down to a strategic move by
creditors to use the threat of liquidation to secure a better deal
and recover more of what they are owed in a deteriorating market,
according to restructuring advisors and lawyers, the Post relates.

The list of Chinese home builders facing liquidation lawsuits is
growing longer. Kaisa Group Holdings, Shimao Group Holdings, Redsun
Properties and DaFa Properties faced wind-up hearings in Hong Kong
in the last week, a record for the sector, according to the Post.

While all of them have been granted temporary reprieves ranging
from four weeks to seven weeks, some remain exposed to the risk of
liquidation - Kaisa was warned there is "no excuse" for another
adjournment if no progress is seen before the next hearing, the
Post says.

Dexin, a medium-sized developer based in eastern China's Zhejiang
province, was ordered to liquidate earlier in June by a Hong Kong
court after it failed to make debt repayments in time.

Sino-Ocean, a state-backed developer, received a petition on June
28, while Country Garden Holdings, once the biggest Chinese
developer, faces its next court hearing within four weeks.

A worsening macroeconomic environment is prompting offshore
creditors to hasten restructuring efforts, triggering a surge in
lawsuits as declining property sales erode asset values, according
to industry experts, the Post states.

"A trend we've observed is that almost all the restructuring terms
are worse than they were three years ago, from debt-exchange
offers, debt-to-equity swaps and issuances of new bonds, to direct
haircuts [a reduction in the debt to be repaid]," the Post quotes
Glen Ho, national turnaround and restructuring leader at Deloitte,
who is advising on several cases involving property firms, as
saying.

"The current recovery rate [of a liquidation] is alarmingly low,
often in the single digits and sometimes as dismal as 3 to 5
percent. We expect there to be a second wave of debt restructurings
from 2025 onwards [as there will be] no significant improvement in
sales or the confidence of home buyers."

The real estate sector has been at the forefront of bond defaults
in China, with 59 issuers defaulting on 319 offshore bonds and 49
defaulting on 194 onshore bonds since the introduction of Beijing's
"three red lines" policy in 2020, the Post discloses citing an
analysis by S&P.

A liquidation petition may disguise the real intention of
creditors. They often file such petitions to "exert pressure" on
defaulting property developers to improve the restructuring terms,
according to Lance Jiang, a partner at law firm Ashurst.

"The liquidation hearings can prompt the management to make
improvements to their business operations and present progress on
their restructuring plans to calm aggrieved creditors," the report
quotes Mr. Jiang as saying.

"Ultimately, it is a tactic that is used by creditors when they're
frustrated with the process or the pace of progress or
negotiations, it is something they will rely on," said Ron
Thompson, managing director at global consulting firm Alvarez &
Marsal (A&M) Asia.

"The winding-up suit is a threat. But will creditors actually pull
the trigger? Most likely not. A lot of times the hearings are
adjourned because the company is engaging and the real intention is
not to wind up the company, it is to get a restructuring deal in
most cases."

The essence of restructuring is "how to split the pie and how big
it is", Mr. Thompson, as cited by the Post, said. But, the reality
creditors need to face in the current climate is that "the pie is
getting much smaller than it used to be".




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

ABROAD VITRIFIED: ICRA Keeps B+ Debt Ratings in Not Cooperating
---------------------------------------------------------------
ICRA has kept the Long-Term and Short-Term ratings for the Bank
facilities of Abroad Vitrified Private Limited in the 'Issuer Not
Cooperating’ category. The ratings are denoted as
"[ICRA]B+(Stable); ISSUER NOT COOPERATING/[ICRA]A4; ISSUER NOT
COOPERATING".

                      Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long Term-          8.00       [ICRA]B+ (Stable) ISSUER NOT
   Fund Based-                    COOPERATING; Rating continues
   Cash Credit                    to remain under 'Issuer Not
                                  Cooperating' category

   Long Term-         21.50       [ICRA]B+ (Stable) ISSUER NOT
   Fund Based-                    COOPERATING; Rating continues
   Term Loan                      to remain under 'Issuer Not
                                  Cooperating' category

   Short Term-         3.00       [ICRA]A4 ISSUER NOT
   Non Fund Based                 COOPERATING; Rating continues
   Others                         to remain under 'Issuer Not
                                  Cooperating' category

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

Incorporated in April 2017, Abroad Vitrified Private Limited is
involved in manufacturing nano vitrified tiles sized 600"x600". Its
manufacturing facility is in Morbi, Rajkot (Gujarat), with an
installed capacity of ~90,000 MTPA (~29.4 lakh boxes per annum).
The company is promoted by Mr. Navin Parajiya along with his
relatives, who have extensive experience in the ceramic industry.


ALAMELUBALAJI SPINNING: CRISIL Keeps B Ratings in Not Cooperating
-----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Alamelubalaji
Spinning Mills Private Limited (ABSMPL) continue to be 'CRISIL
B/Stable Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit           14.45       CRISIL B/Stable (Issuer Not
                                     Cooperating)

   Long Term Loan         3          CRISIL B/Stable (Issuer Not
                                     Cooperating)

   Proposed Long Term     1.68       CRISIL B/Stable (Issuer Not
   Bank Loan Facility                Cooperating)

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

ABSMPL was set up in 1993 and the company manufactures cotton yarn.
Operations are managed by Mr K Venkataswamy.


ANNAI RESORTS: CRISIL Keeps B+ Debt Ratings in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Annai Resorts
and Spa Private Limited (ARS) continue to be 'CRISIL B+/Stable
Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Long Term Loan        12.84       CRISIL B+/Stable (Issuer Not
                                     Cooperating)

   Working Capital        2.66       CRISIL B+/Stable (Issuer Not
   Term Loan                         Cooperating)

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

ARS commenced its operations in 2019 through its 5 star property in
Kanya Kumari with its delux rooms and premium villas. Other
facilities include restaurant, bar & lounge and banquet halls. It
is promoted by Mr. S.Gnanathiraviyam and Ms. S.Suthesahemalatha


BATANAGAR EDUCATION: CRISIL Keeps D Ratings in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Batanagar
Education and Research Trust (BERT) continue to be 'CRISIL D Issuer
Not Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Term Loan              11         CRISIL D (Issuer Not
                                     Cooperating)

   Term Loan               2         CRISIL D (Issuer Not
                                     Cooperating)

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

BERT was registered in February 2007 as a public, non-profit,
charitable trust. It has set up an engineering college, Batanagar
Institute of Engineering Management and Science, at Maheshtala in
Kolkata.


BPL TECHNO: CRISIL Keeps D Debt Rating in Not Cooperating
---------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of BPL Techno
Vision Private Limited (BTVPL) continues to be 'CRISIL D Issuer Not
Cooperating'.

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

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

BTVPL, established in 1983 in Bengaluru (Karnataka), manufactures
lanterns and home automation equipment.


CHAMPION ADVANCED: CRISIL Keeps B- Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Champion
Advanced Materials Private Limited (CAMPL) continue to be 'CRISIL
B-/Stable Issuer Not Cooperating'.

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

   Long Term Loan         9.5        CRISIL B-/Stable (Issuer Not
                                     Cooperating)

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

CAMPL was incorporated in 2014, which is a group company of the
Singhania Group. The company is engaged into manufacturing of
speciality chemicals (Epoxy Formulated Systems) which is used for
Adhesives, Construction, Coatings and Electrical & Electronics
industries.


CJ S HARITHA: CRISIL Keeps D Debt Ratings in Not Cooperating
------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of CJ S Haritha
Homes (CJ) continue to be 'CRISIL D Issuer Not Cooperating'.

                         Amount
   Facilities         (INR Crore)     Ratings
   ----------         -----------     -------
   Proposed Long Term     13.22       CRISIL D (Issuer Not
   Bank Loan Facility                 Cooperating)

   Term Loan               7.08       CRISIL D (Issuer Not
                                      Cooperating)

   Term Loan              10          CRISIL D (Issuer Not
                                      Cooperating)

   Working Capital         4.7        CRISIL D (Issuer Not
   Term Loan                          Cooperating)

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

Established in 2010, CJS is a Kottayam-based residential real
estate developer, promoted by Mr D Kumar and his wife Mrs Sreeja
Kumar. Prior to setting up of CJS, the promoters were engaged in
civil construction, primarily commercial buildings and shopping
malls, under their group firm, CJS Constructions.


CUMBUM VALLEY: CRISIL Keeps B Debt Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Cumbum Valley
Winery Private Limited (CVWPL) continue to be 'CRISIL B/Stable
Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit            9.7        CRISIL B/Stable (Issuer Not
                                     Cooperating)

   Long Term Loan        21.19       CRISIL B/Stable (Issuer Not
                                     Cooperating)

   Long Term Loan        17.5        CRISIL B/Stable (Issuer Not
                                     Cooperating)

   Proposed Long Term     6.61       CRISIL B/Stable (Issuer Not
   Bank Loan Facility                Cooperating)

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

CVWPL, incorporated in 2009, manufactures red wine and fortified
wine at its winery in Cumbum (Tamil Nadu). Mr R Raghu is the
promoter.


DAAJ HOTELS: ICRA Keeps D Debt Rating in Not Cooperating Category
-----------------------------------------------------------------
ICRA has kept the Long-Term rating for the Bank facilities of Daaj
Hotels And Resorts Private Limited in the 'Issuer Not
Cooperating’ category. The rating is denoted as "[ICRA]D; ISSUER
NOT COOPERATING".

                    Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Long-term-        79.50       [ICRA]D; ISSUER NOT COOPERATING;
   Fund based                    Rating Continues to remain under
   Term Loan                     'Issuer Not Cooperating'
                                 Category

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

Daaj Hotels and Resorts Private Limited was incorporated in 1998
and is promoted by Mr. B.S. Sahney and family for the development,
operation and maintenance of a 5-star deluxe hotel at Banjara
Hills, Hyderabad. The operation of the 157-room hotel is currently
being carried out by by M/s Carlson Hotels Asia Pacific Pvt Limited
under the brand name Radisson Blu Plaza.


GEETA REFINERY: CRISIL Keeps D Debt Ratings in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Geeta
Refinery Private Limited (GRPL) continue to be 'CRISIL D/CRISIL D
Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit            20         CRISIL D (Issuer Not
                                     Cooperating)

   Proposed Letter        15         CRISIL D (Issuer Not
   of Credit                         Cooperating)

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

GRPL was incorporated in 1998 by the Mantri family of Jalna. The
company is engaged in refining of edible oil, primarily soya and
cotton oils. The company has its manufacturing unit in Jalna
(Maharashtra). The day to day operations of GRPL are managed by Mr.
Atul Mantri.


KAKUMANU SEEDS: CRISIL Keeps B+ Debt Ratings in Not Cooperating
---------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Kakumanu
Seeds (Kakumanu) continue to be 'CRISIL B+/Stable Issuer Not
Cooperating'.

                          Amount
   Facilities          (INR Crore)   Ratings
   ----------          -----------   -------
   Drop Line               2.87      CRISIL B+/Stable (Issuer Not
   Overdraft Facility                Cooperating)

   Proposed Long Term      4.38      CRISIL B+/Stable (Issuer Not
   Bank Loan Facility                Cooperating)

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

Kakumanu Seeds was set up in 2009 as a sole proprietorship concern
by Ms. Karumanchi Karthika. The firm undertakes processing and
conditioning of seeds on job work basis. The firm's facilities are
located at Kodakandla in Medak district, Telangana.


KAMLESH AUTOWHEELS: CRISIL Lowers Rating on INR11cr Loan to B
-------------------------------------------------------------
CRISIL Ratings has revised the ratings on bank facilities of
Kamlesh Autowheels Private Limited (KAPL) to 'CRISIL B/Stable
Issuer Not Cooperating' from 'CRISIL BB-/Stable Issuer Not
Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit            11         CRISIL B/Stable (ISSUER NOT
                                     COOPERATING; Revised from
                                     'CRISIL BB-/Stable ISSUER
                                     NOT COOPERATING')

   Cash Credit             4         CRISIL B/Stable (ISSUER NOT
                                     COOPERATING; Revised from
                                     'CRISIL BB-/Stable ISSUER
                                     NOT COOPERATING')

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

Incorporated in 2013, Uttar Pradesh-based KAPL has sole dealership
for sales, service and spares of the passenger vehicles of M&M in
Etah, Firozabad and Kasganj. The company runs three showrooms.
Operations are managed by Mr Saurab Kumar, Mr Ankit Agarwal and Mr
Sudesh Kumar.


MALDIVES: Fitch Lowers LongTerm Foreign Currency IDR to 'CCC+'
--------------------------------------------------------------
Fitch Ratings has downgraded the Maldives' Long-Term
Foreign-Currency Issuer Default Rating (IDR) to 'CCC+' from 'B-'.
Fitch typically does not assign Outlooks to sovereigns with a
rating of 'CCC+' or below.

KEY RATING DRIVERS

Ratings Downgrade: The downgrade of the Maldives' IDRs to 'CCC+'
reflects increased risks associated with the country's worsening
external financing and liquidity metrics. Weakening foreign-reserve
buffers and rising external government debt increase the challenges
for the new government to meet its substantial upcoming external
debt-servicing obligations and keep the currency peg to the US
dollar. Fitch expects this government to reduce the external
financing requirement over the medium term through fiscal
consolidation, but it will face large external refinancing hurdles
in 2025 and 2026.

Weaker External Buffers: Fitch expects the Maldives' foreign
reserves to remain under significant stress in the coming year.
Their decline to USD492 million in May 2024 from USD748 million a
year ago reflects a persistently high current account deficit
(CAD), the Maldives Monetary Authority's (MMA) continued
interventions to support the currency peg, and the repayment of the
USD100 million swap arrangement with the Reserve Bank of India in
December 2023. Gross foreign reserves net of the short-term foreign
liabilities were significantly lower at USD73 million.

Worsening Liquidity Positions: Fitch forecasts foreign-reserve
coverage of current external payments to remain low at 0.9 month in
2024, well below the projected 'B' median of 4.2 months. The
government has USD233 million in sovereign external debt-servicing
obligations and USD176 million in publicly guaranteed external
debt-servicing obligations due in 2024. Total external debt
servicing will climb to USD557 million in 2025 and exceed USD1.0
billion in 2026, including repayment of a USD500 million sukuk,
which will intensify pressure on the government's external
liquidity.

Continued External Support: Its baseline assumes the government
will continue to rely on bilateral and multilateral financing
support facilitated by both the country's geopolitical strategic
importance and the expectation of future policy actions by the new
government. The accumulation of foreign-currency tourism taxes in
the Sovereign Development Fund (SDF), established in principle for
US dollar bond amortisation, could also finance part of the
upcoming debt servicing. However, the SDF currently holds limited
cash balance denominated in US dollars (USD54.4 million as of 11
June 2024).

Persistent External Imbalances: Fitch forecasts the Maldives' CAD
in 2024 will remain elevated at 19.7% of GDP, more than 6x above
the 'B' and 'B'/'C'/'D' category peer medians, despite stronger
tourism receipts. The persistently high CAD reflects the Maldives'
high public investment and heavy reliance on imports of basic food
products, energy and capital goods in light of elevated commodity
prices. This has led to persistent US dollar shortages with notable
pressure in the foreign-exchange parallel market.

Gradual Fiscal Consolidation: Fitch projects the fiscal deficit to
fall to 12.7% of GDP in 2024 and 11.0% in 2025 from an estimated
14.5% in 2023. This reflects stronger revenue collection on robust
tourism growth, a measured capex rationalisation, and gradual
subsidy and healthcare reforms. Subsidy reforms are postponed to
late 4Q24, and are expected to yield about 3% of GDP on average
over 2024-2026. Financing pressures could force the government to
pursue stronger fiscal consolidation, but this could be challenging
given the potential impact on vulnerable groups and the aim to
develop infrastructure.

Domestic financing of the large deficits is becoming increasingly
difficult. Further monetary financing was discontinued after the
end of the suspension of the Fiscal Responsibility Act at end-2023.
The MMA's claims on the central government edged down to MVR14.5
billion by end-April 2024, or 56.9% of total assets, after a rapid
increase to 58.2% by end-2023 from 41.7% at end-2021. The room for
banks to take more government debt on their balance sheets is also
constrained, as the banks' exposure to the government hovered
around 30% of total assets since 2023.

Rising Public Debt Ratio: Fitch forecasts general government debt
to rise to 117.6% of GDP in 2026 from an estimated 109.4% in 2023,
more than double the projected median level of 'B' category peers.
Fitch envisages the ratio will further increase over the medium
term, based on its assumption of slower fiscal consolidation than
the medium-term fiscal strategy. Fitch estimates outstanding
government-guaranteed debt fell to about 14.0% of GDP in 2023
(MVR14.2 billion) from 16.3% in 2022 (MVR15.5 billion). The
sizeable guaranteed debt continues to present contingent liability
risks to the sovereign balance sheet.

The Long-Term Foreign-Currency IDR also reflects the following
factors:

Post-Election Stability: A smooth political transition and the
three-fourths parliamentary majority by the ruling People's
National Congress bodes well for policy implementation and
continued development of the tourism sector. There is potential
upside risk to the fiscal outlook, if the government fully
implements meaningful revenue mobilisation and expenditure
rationalisation measures that alleviate the public debt distress
and put the sovereign on a path of restoring debt sustainability.

Solid Growth Momentum: Fitch forecasts economic growth will
accelerate to 5.0% in 2024 and 6.3% in 2025, from an estimated 4.0%
in 2023. Fitch expects visitation volume to reach a record high of
2.2 million in 2025, underpinned by the partial opening of the new
passenger terminal at the main Velana International Airport
expected in 4Q24. The new government's rebalancing of its foreign
policy has contributed to a sharp contraction in Indian visitors in
2024, but they have been replaced by travellers from Europe, China
and Russia, with overall tourism receipts up by 27% yoy in 1Q24.

Vulnerability to Shocks: Downside risks to growth are tied to
fiscal and external imbalances built up in recent years and by
vulnerability to shocks, in particular those that undermine the
tourism industry. The impact of climate change, such as rising sea
levels, coral bleaching and extreme weather events, can be
significant for the Maldives given its high reliance on
nature-based tourism.

ESG - Governance: The Maldives has an ESG Relevance Score (RS) of
'5[+]' and '5' for Political Stability and Rights, and for the Rule
of Law, Institutional and Regulatory Quality and Control of
Corruption, respectively. Theses scores reflect the high weight
that the World Bank Governance Indicators (WBGI) have in its
proprietary Sovereign Rating Model. The Maldives has a medium WBGI
ranking at the 46th percentile, reflecting recent peaceful
political transitions, a moderate level of rights for participation
in the political process, institutional capacity and corruption,
and an established rule of law.

RATING SENSITIVITIES

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

- External Finances: Heightened stress in external financing
conditions, for example due to pressure on foreign-currency
reserves or reduced creditor support.

- Public Finances: Failure to implement credible fiscal
consolidation policies that could jeopardise upcoming debt
repayments.

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

- External Finances: Strengthening of external buffers through
accumulation of foreign-currency reserves.

- Public Finances: Significant progress in implementing a credible
fiscal consolidation strategy, putting public debt on a declining
medium-term trajectory.

SOVEREIGN RATING MODEL (SRM) AND QUALITATIVE OVERLAY (QO)

Fitch's proprietary SRM assigns Maldives a score equivalent to a
rating of 'CCC+' on the Long-Term Foreign-Currency IDR scale.
However, in accordance with its rating criteria, Fitch's sovereign
rating committee has not utilised the SRM and QO to explain the
ratings in this instance. Ratings of 'CCC+' and below are instead
guided by the rating definitions.

Fitch's SRM is the agency's proprietary multiple regression rating
model that employs 18 variables based on three-year centred
averages, including one year of forecasts, to produce a score
equivalent to a LT FC IDR. Fitch's QO is a forward-looking
qualitative framework designed to allow for adjustment to the SRM
output to assign the final rating, reflecting factors within its
criteria that are not fully quantifiable and/or not fully reflected
in the SRM.

COUNTRY CEILING

The Country Ceiling for the Maldives is 'B-'. For sovereigns rated
'CCC+' or below, Fitch assumes a starting point of 'CCC+' for
determining the Country Ceiling. Fitch's Country Ceiling Model
produced a starting point uplift of +1 notch. Fitch's rating
committee did not apply a qualitative adjustment to the model
result.

Fitch does not assign Country Ceilings below 'CCC+', and only
assigns a Country Ceiling of 'CCC+' in the event that transfer and
convertibility risk has materialised and is impacting the vast
majority of economic sectors and asset classes.

ESG CONSIDERATIONS

The Maldives has an ESG Relevance Score of '5[+]' for Political
Stability and Rights as World Bank Governance Indicators have the
highest weight in Fitch's SRM and are therefore highly relevant to
the rating and a key rating driver with a high weight. As the
Maldives has a percentile rank above 50 for the respective
Governance Indicator, this has a positive impact on the credit
profile.

The Maldives has an ESG Relevance Score of '5' for Rule of Law,
Institutional & Regulatory Quality and Control of Corruption as
World Bank Governance Indicators have the highest weight in Fitch's
SRM and are therefore highly relevant to the rating and are a key
rating driver with a high weight. As the Maldives has a percentile
rank below 50 for the respective Governance Indicators, this has a
negative impact on the credit profile.

The Maldives has an ESG Relevance Score of '4'for Human Rights and
Political Freedoms as the Voice and Accountability pillar of the
World Bank Governance Indicators is relevant to the rating and a
rating driver. As the Maldives has a percentile rank below 50 for
the respective Governance Indicator, this has a negative impact on
the credit profile.

The Maldives has an ESG Relevance Score of '4' for Creditor Rights
as willingness to service and repay debt is relevant to the rating
and is a rating driver for the Maldives, as for all sovereigns. As
the Maldives has a fairly recent restructuring of public debt in
2020, this has a negative impact on the credit profile.

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

   Entity/Debt                 Rating            Prior
   -----------                 ------            -----
Maldives        LT IDR          CCC+ Downgrade   B-
                ST IDR          C    Downgrade   B
                LC LT IDR       CCC+ Downgrade   B-
                LC ST IDR       C    Downgrade   B
                Country Ceiling B-   Downgrade   B

MANJUNATHA SPINNING: ICRA Keeps B+ Ratings in Not Cooperating
-------------------------------------------------------------
ICRA has kept the Long-Term ratings for the Bank Facility of Sri
Manjunatha Spinning Mills Limited in the 'Issuer Not Cooperating’
category. The ratings are denoted as "[ICRA]B(Stable) ISSUER NOT
COOPERATING".

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long Term-          0.40        [ICRA]B+ (Stable) ISSUER NOT
   Non Fund Based                  COOPERATING; Rating continues
   Others                          to remain under 'Issuer Not
                                   Cooperating' category

   Long Term-         12.00        [ICRA]B+ (Stable) ISSUER NOT
   Fund Based-                     COOPERATING; Rating continues
   Cash Credit                     to remain under 'Issuer Not
                                   Cooperating' category

   Long Term-          5.29        [ICRA]B+ (Stable) ISSUER NOT
   Unallocated                     COOPERATING; Rating continues
                                   to remain under 'Issuer Not
                                   Cooperating' category

   Long Term-         10.47        [ICRA]B+ (Stable) ISSUER NOT
   Fund Based-                     COOPERATING; Rating continues
   Term Loan                       to remain under 'Issuer Not
                                   Cooperating' category

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

Sri Manjunatha Spinning Mills Limited (SMSML) was incorporated as a
private limited company on November 2, 2006. Later, SMSML was
converted to public limited company in November 3, 2010. The
company is based out of Guntur district in Andhra Pradesh; SMSML
stated its operation from February 2011 with 12,000 spindles and is
currently running at capacity of 17,856 spindles which was
increased from 16,800 spindles in May’15.


MARUTHI EXPORTS: CRISIL Keeps B Debt Rating in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Sri Maruthi
Exports (SME; part of Sri Maruthi Exports group) continues to be
'CRISIL B/Stable Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit            13         CRISIL B/Stable (Issuer Not
                                     Cooperating)

CRISIL Ratings has been consistently following up with SME 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 SME, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on SME
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
SME 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 SME and Sri Maruthi
Enterprises, together known as the Sri Maruthi Exports group. This
is because the entities are under a common management, engaged in
similar lines of business, with significant operational and
financial linkages.

The Sri Maruthi Group, set up in 2005, is engaged in granite
processing and trading, and derives its revenue from exports to
China. The group is promoted by Mr E. Mohan and Ms. E. Ramani.


MAXVEL REALTECH: CRISIL Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Maxvel
Realtech Private Limited (MRPL) continue to be 'CRISIL D Issuer Not
Cooperating'.

                          Amount
   Facilities          (INR Crore)     Ratings
   ----------          -----------     -------
   Proposed Long Term        6         CRISIL D (Issuer Not
   Bank Loan Facility                  Cooperating)

   Term Loan                14         CRISIL D (Issuer Not
                                       Cooperating)

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

MRPL, formerly known as Sanjay Cements Pvt Ltd, was incorporated in
1989, promoted by Mr Rajinder Khurana, Mr Rajender Saluja, Mr
Siddharth Agarwal, and Mr Amarjeet Singh. The company had not
undertaken any activity until October 2013. It is engaged in real
estate development.


MBR GROUP: CRISIL Keeps D Debt Rating in Not Cooperating Category
-----------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of MBR Group
(MBR) continues to be 'CRISIL D Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Long Term Loan         50         CRISIL D (Issuer Not
                                     Cooperating)

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

Incorporated in 2011, the MBR group is a real estate infrastructure
firm located in Bengaluru. The partnership firm is owned by Mr. M
Babu Reddy, Mr. Bharath Babu Reddy and Mr. Sharath Babu Reddy.


OM AGROENERGY: CRISIL Keeps B+ Debt Rating in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Om Agroenergy
Private Limited (OAE) continues to be 'CRISIL B+/Stable Issuer Not
Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Long Term Loan         7.85       CRISIL B+/Stable (Issuer Not
                                     Cooperating)

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

OAE manufactures rice bran oil and mustard oil in Maharajganj,
Uttar Pradesh. It was incorporated in 2013 but started operations
in October 2016. Mr Murli Manohar Jaiswal, Mr Sudhakar Jaiswal, Mr
Devendra Kumar Jaiswal, and Mr Vipin Kumar Jaiswal are the
promoters.


PAVANI POLYMERS: CRISIL Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Pavani
Polymers Private Limited (PPPL) continue to be 'CRISIL D Issuer Not
Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Long Term Loan        12.5        CRISIL D (Issuer Not
                                     Cooperating)

   Long Term Loan         7          CRISIL D (Issuer Not
                                     Cooperating)

   Proposed Cash          3.6        CRISIL D (Issuer Not  
   Credit Limit                      Cooperating)

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

BPPL was set up in 2013 by Mr. Mr.Balaji Reddy and his family
members. The company manufactures polypropylene woven sacks, which
are used for packaging in various industries. Its manufacturing
unit is located in Hyderabad (Telangana).


RAJ MANDIR: CRISIL Reaffirms B+ Rating on INR75cr Loans
-------------------------------------------------------
CRISIL Ratings has reaffirmed its 'CRISIL B+/Stable' rating on the
long-term bank facility of Raj Mandir Developers LLP (RMDL).

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Line of Credit         75        CRISIL B+/Stable (Reaffirmed)

The rating continues to reflect the firm's exposure to saleability
risks for its ongoing project and susceptibility to cyclicality in
the real estate sector. These weaknesses are partially offset by
the extensive experience of the partners in the real estate
business and the advanced stage of the firm's project.

Analytical Approach

Unsecured loan of INR2.59 crore as on March 31, 2024, from the
partners has been treated debt as the loan is need based funds.

Key Rating Drivers & Detailed Description

Weaknesses:

* Lower customer advances: The customer advances were moderately
low at around INR26.91 crore till May 2024, which is only around
17% of the total expected realisation, despite the project being in
advanced stage of completion. Significant funds are to be received
in the coming months aided by execution of sales deed for completed
towers. However, timely receipt of customer advances will remain
monitorable.

* Vulnerability to cyclicality inherent in the real estate
industry: The real estate sector in India is cyclical and affected
by volatile prices, opaque transactions and highly fragmented
market structure. The business risk profile of RMDL will remain
susceptible to risks arising from any industry slowdown.

Strengths:

* Extensive experience of the partners: The extensive experience of
the partners in the real estate industry has helped them establish
a track record of successful project implementation. In over two
decades, the partners have completed more than 60 projects in
Gujarat covering 70 lakh square feet and 3,600 units.

* Advanced stage of project execution: The firm is executing a
residential project, The Crown, at Bhat in Ahmedabad, Gujarat. The
project has 3 blocks with 14 floors. On a cumulative basis, the
construction is almost 58% complete and the rest of the project
will be completed by March 2025. There was a delay in the execution
of the project initially due to Covid-led disturbance, which led to
an escalation in its cost. While the project faces low
implementation and funding risks because of its advanced stage,
timely receipt of customer advances will remain critical and a key
rating sensitivity factor.

Liquidity: Stretched

The firm funds construction of ongoing and upcoming projects
through customer advances, unsecured loans and bank loans, which
constrains liquidity. Customer advances for the ongoing project
have been modest. Although the cash flow from the project is
expected to remain sufficient to meet term debt obligation, any
unforeseen delay in construction may result in a cost overrun,
thereby affecting repayment of term debt. Furthermore, any delay in
receipt of advances from customers will dent liquidity.

Outlook: Stable

RMDL will continue to benefit from the extensive industry
experience of its partners.

Rating Sensitivity factors

Upward factors:

* Increase in bookings to over 45% with customer advances more than
INR50 crore.
* Continued support from the partners.

Downward factors:

* Significant delay in cash inflow with collection from customers
below 20%.
* Significant fund withdrawal by the partners impacting the
liquidity profile.
* Drop in cash buffer ratio to less than 1 time.

RMDL was set up as a limited liability partnership firm in 2018.
The firm constructs and sells residential complexes and flats in
and around Ahmedabad, Gujarat. It is a part of Shivalik Developers
and Realty Pvt Ltd, promoted by the Gujarat-based Satish Shah and
Rajkumar Motumal Kukreja and their family members. The firm has one
ongoing residential project, The Crown, which comprises 144 units
and is expected to be completed by March 2025.


RELIANCE CAPITAL: Lenders Have No Intent to Liquidate the Company
-----------------------------------------------------------------
Livemint.com reports that Reliance Capital's lenders don't intend
to liquidate the company and simply want fair compensation and
certainty that IndusInd International Holdings Ltd's (IIHL's)
resolution plan will be implemented promptly, the committee of
creditors (CoC) said in filings with the bankruptcy tribunal on
July 1. RCap administrator Nageswara Rao Y also made certain
submissions before the tribunal. Mint has reviewed copies of both
filings.

According to the lenders, IIHL has yet to commit funds to the plan
though it has been more than 12 months since it was submitted, more
than 11 months since the CoC approved it, and four months since
NCLT approved it, Livemint.com relays. "Despite that, IIHL has
failed to demonstrate financial tie-up (of) both debt and equity to
the satisfaction of CoC," read the lenders' submission.

Livemint.com says the filings were in response to IIHL's
application seeking a 90-day extension to implement its resolution
plan. The Hinduja Group-owned firm received the NCLT's approval for
its INR9,861-crore plan in February, and the deadline to implement
it was 27 May.

According to Livemint.com, the plan involves INR7,300 crore in
borrowing from lenders, a INR2,500-crore equity infusion by
IndusInd International from outside India, and another equity
infusion of INR250 crore by Cyqure India, a Hinduja Group
associate.

Livemint.com relates that the lenders said on July 1, "IIHL has
been saving on financing costs on the debt of INR7,300 crore which
it was required to bring by 27 May, while gaining returns on equity
of INR2,750 crore which is deployed or invested in other business
by IIHL and would be yielding greater returns."

The lenders also said IIHL failed to disclose the internal rate of
return (IRR), which was only revealed during the NCLT hearing. IRR
is a metric used in financial analysis to estimate the
profitability of potential investments.

                       About Reliance Capital

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

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

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

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

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

SABARIS EDUCATIONAL: CRISIL Keeps D Ratings in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Sabaris
Educational Trust (SET) continue to be 'CRISIL D Issuer Not
Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit            0.5        CRISIL D (Issuer Not
                                     Cooperating)

   Term Loan             11.2        CRISIL D (Issuer Not
                                     Cooperating)

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

Set up in 1997 by Mr T N P Muthoo Nataraajan, SET manages a higher
secondary school, Sri Dhayanandapuri Matriculation Higher Secondary
School, and an engineering college for women, Tejaa Shakthi
Institute of Technology, near Tiruppur in Tamil Nadu.


SAI LEKSHMI: CRISIL Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Sai Lekshmi
Foods (SLF) continue to be 'CRISIL D/CRISIL D Issuer Not
Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit            0.5        CRISIL D (Issuer Not
                                     Cooperating)

   Foreign Bill           1          CRISIL D (Issuer Not
   Purchase                          Cooperating)

   Packing Credit         5          CRISIL D (Issuer Not
                                     Cooperating)

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

Set up as a proprietorship firm in 1996, SLF processes raw cashew
nuts and sells cashew kernels. SLF operates seven facilities in
Kollam (Kerala) with combined processing capacity of around 10
tonnes per day. Its operations are managed by proprietor Mr. N
Krishnan Kutty.


SETH ROSHAN: ICRA Keeps B+ Debt Rating in Not Cooperating
---------------------------------------------------------
ICRA has kept the Long-Term rating of Seth Roshan Lal Jain Trust
(SRLJT) in the 'Issuer Not Cooperating’ category. The rating is
denoted as "[ICRA]B+(Stable) ISSUER NOT COOPERATING".

                      Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long Term-         25.00       [ICRA]B+ (Stable) ISSUER NOT
   Fund Based-                    COOPERATING; Rating continues
   Cash Credit                    to remain under 'Issuer Not
                                  Cooperating' category

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

Seth Roshan Lal Jain Trust (SRLJT), set up in 1998, operates
College of Engineering, Roorkee, which offers engineering,
commerce, and management courses. The COER campus, situated on
NH-58, just 7 km from Roorkee has 75 acres of campus and is
affiliated to Uttarakhand Technical University (UTU), Dehradun and
recognized by All India Council of Technical Education (AICTE). The
campus perfectly builds up with various sections including fully
facilitated classrooms, Laboratories, Computer Centre, Library,
Hostels, Auditorium, and Student Centre as well as Sports Complex.
The trust has two institutes one of which is College of
Engineering, Roorkee (COER) where it offers two engineering courses
(B. TECH and M. TECH) in the following departments.


STAR CIRCLIPS: ICRA Keeps B+ Debt Ratings in Not Cooperating
------------------------------------------------------------
ICRA has kept the Long-Term and Short-term ratings for the Bank
Facility of Star Circlips & Engineering Limited in the 'Issuer Not
Cooperating' category. The ratings are denoted as "[ICRA]B+(Stable)
ISSUER NOT COOPERATING/[ICRA]A4 ISSUER NOT COOPERATING".
                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long Term-         19.50        [ICRA]B+ (Stable) ISSUER NOT
   Fund Based-                     COOPERATING; Rating continues
   Cash Credit                     to remain under 'Issuer Not
                                   Cooperating' category

   Long Term-         19.04        [ICRA]B+ (Stable) ISSUER NOT
   Fund Based-                     COOPERATING; Rating continues
   Term Loan                       to remain under 'Issuer Not
                                   Cooperating' category

   Long Term-        (43.80)       [ICRA]A4 ISSUER NOT
   Interchangeable                 COOPERATING; Rating continues
   Others                          to remain under 'Issuer Not
                                   Cooperating' category

   Short Term-         0.95        [ICRA]A4; ISSUER NOT
   Fund Based                      COOPERATING Rating Continues
   Cash Credit                     to remain under the 'Issuer
                                   Not Cooperating' category

   Short Term-         3.25        [ICRA]A4; ISSUER NOT
   Non fund Based                  COOPERATING Rating Continues
                                   to remain under the 'Issuer
                                   Not Cooperating' category


   Long Term-          2.26        [ICRA]B+ (Stable) ISSUER NOT
   Fund Based-                     COOPERATING; Rating continues
   Unallocated                     to remain under 'Issuer Not
                                   Cooperating' category

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

Star Circlips & Engineering Limited was incorporated in 1974 as a
private limited company named, Star Pyro & Chemicals Limited. The
company's name was later changed to Star Circlips & Engineering
Private Limited in 1989, and it was subsequently converted into a
public limited company in 1995. The company is engaged in the
manufacturing of circlips, retaining rings, shims, washers, spacers
and other multi-form components that are mainly used in
automobiles. SCEL's registered office is in Nagpur, and its two
manufacturing units are at Hingna and Butibori in Nagpur
(Maharashtra).


TRIVENI SMELTERS: ICRA Keeps B+ Debt Rating in Not Cooperating
--------------------------------------------------------------
ICRA has kept the Long-Term ratings and Short-Term ratings of
Triveni Smelters Private Limited in the 'Issuer Not Cooperating'
category. The rating is denoted as [ICRA]B+(Stable)/[ICRA]A4;
ISSUER NOT COOPERATING".

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Fund based-        10.34        [ICRA]B+ (Stable) ISSUER NOT
   Cash Credit                     COOPERATING; Rating continues
                                   to remain under 'Issuer Not
                                   Cooperating' category

   Non fund Based      3.50        [ICRA]A4; ISSUER NOT
   Letter of credit                COOPERATING Rating Continues
                                   to remain under the 'Issuer
                                   Not Cooperating' category

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

Incorporated in 2011, Triveni Smelters Private Limited (TSPL)
manufactures mild steel (MS) billets. The manufacturing facility is
located in Patna, Bihar, with an installed capacity of 59,400
metric tonnes per annum (MTPA). The company is promoted by the
Patna-based Mr. Binay Kumar Singh, Mr. Basudeo Prasad and Mr.
Ramesh Kumar Saraf, who have more than two decades of experience in
the steel industry.


WIPRO LIMITED: Asks NCLT to Junk Ivalua's Insolvency Plea
---------------------------------------------------------
The Economic Times reports that Wipro Limited July 2 sought
dismissal of Ivalua's insolvency plea before the National Company
Law Tribunal (NCLT).

ET relates that Wipro's counsel contended that the company was not
under any obligation to clear the invoices as the service provided
never went beyond the proof-of-concept stage.

A proof of concept is a testing period of the services by the
service recipient before the recipient adopts it in a full-fledged
way.

According to ET, Wipro's counsel informed the tribunal that it had
already paid Ivalua at the proof-of-concept stage and since no
service was provided beyond it, these invoices were unreasonable.
The dispute between the parties was over unpaid payment amounting
to about INR2.81 crore.

Ivalua Inc, a California-based cloud service provider, had filed an
initiation of corporate insolvency resolution process (CIRP)
petition against Wipro for unpaid dues stemming from cloud services
it provided to the Indian software giant. The counsel for ET says
Ivalua argued that according to the service agreement dated July
28, 2021, Ivalua had provided cloud service to Wipro for which it
had raised three invoices amounting to over $100,000 each.

ET adds the counsel also pointed out that Wipro failed to file a
reply to the demand notice within seven days as stipulated by the
Insolvency Bankruptcy Code. NCLT has granted time to Ivalua to file
a reply and listed the case on July 24.

Wipro Limited -- https://www.wipro.com/ -- provides information
technology, consultant and business process services.




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

AITCHISON HOLDINGS: Creditors' Proofs of Debt Due on July 24
------------------------------------------------------------
Creditors of Aitchison Holdings Limited are required to file their
proofs of debt by July 24, 2024, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on June 25, 2024.

The company's liquidators are:

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


ANGUS (LOWER HUTT): Court to Hear Wind-Up Petition on July 12
-------------------------------------------------------------
A petition to wind up the operations of The Angus (Lower Hutt)
Limited will be heard before the High Court at Auckland on July 12,
2024, at 10:45 a.m.

Angus Inn Limited Partnership filed the petition against the
company on May 10, 2024.

The Petitioner's solicitor is:

          Mitch Singh
          c/- Glaister Ennor
          Norfolk House
          18 High Street
          Auckland


IFIX COMPUTING: Creditors' Proofs of Debt Due on July 26
--------------------------------------------------------
Creditors of Ifix Computing 2016 Limited are required to file their
proofs of debt by July 26, 2024, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on June 27, 2024.

The company's liquidators are:

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


MAC DEVELOPMENTS: Court to Hear Wind-Up Petition on July 11
-----------------------------------------------------------
A petition to wind up the operations of Mac Developments Limited
will be heard before the High Court at Christchurch on July 11,
2024, at 10:00 a.m.

Reiden Developments Limited filed the petition against the company
on May 31, 2024.

The Petitioner's solicitor is:

          Prudence Mary Miller
          575 Oxford Road
          Rd 1
          Rangiora 7471


VIRUS INVESTMENT: Court to Hear Wind-Up Petition on Aug. 9
----------------------------------------------------------
A petition to wind up the operations of Virus Investment Limited
will be heard before the High Court at Auckland on Aug. 9, 2024, at
10:00 a.m.

The Commissioner of Inland Revenue filed the petition against the
company on June 12, 2024.

The Petitioner's solicitor is:

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




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

CHARAKU PTE: Court Enters Wind-Up Order
---------------------------------------
The High Court of Singapore entered an order on June 21, 2024, to
wind up the operations of Charaku Pte. Ltd.

Composers and Authors Society of Singapore Limited filed the
petition against the company.

The company's liquidator is:

          Yiong Kok Kong
          c/o AVIC DKKY Pte. Ltd.
          180 Cecil Street
          #12-04 Bangkok Bank Building
          Singapore 069546


CYLO PTE: Creditors' Proofs of Debt Due on Aug. 1
-------------------------------------------------
Creditors of Cylo Pte. Ltd. are required to file their proofs of
debt by Aug. 1, 2024, to be included in the company's dividend
distribution.

The company commenced wind-up proceedings on July 1, 2024.

The company's liquidator is:

          Lai Seng Kwoon
          c/o 12 Marina View #15-01
          Asia Square Tower 2
          Singapore 018961


FINISTONE PTE: Creditors' Proofs of Debt Due on Aug. 1
------------------------------------------------------
Creditors of Finistone Pte. Ltd. are required to file their proofs
of debt by Aug. 1, 2024, to be included in the company's dividend
distribution.

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

The company's liquidators are:

          Lam Seng Tiong
          Loh Li Er Lydia
          c/o 133 New Bridge Road
          #24-01/02 Chinatown Point
          Singapore 059413


IAG INSURTECH: Creditors' Proofs of Debt Due on Aug. 1
------------------------------------------------------
Creditors of IAG Insurtech Innovation Hub Pte. Ltd. are required to
file their proofs of debt by Aug. 1, 2024, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on July 1, 2024.

The company's liquidator is:

          Lai Seng Kwoon
          c/o 12 Marina View #15-01
          Asia Square Tower 2
          Singapore 018961


JINK INTERNATIONAL: Court Enters Wind-Up Order
----------------------------------------------
The High Court of Singapore entered an order on June 21, 2024, to
wind up the operations of Jink International Private Limited.

Maybank Singapore Limited filed the petition against the company.

The company's liquidators are:

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


SSB CONSULTANTS: Court Enters Wind-Up Order
-------------------------------------------
The High Court of Singapore entered an order on June 21, 2024, to
wind up the operations of SSB Consultants (INT) Pte. Ltd.

Maybank Singapore Limited filed the petition against the company.

The company's liquidator is:

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



                           *********


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

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

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

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