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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

          Friday, July 12, 2024, Vol. 27, No. 140

                           Headlines



A U S T R A L I A

ANC ENTERPRISES: Second Creditors' Meeting Set for July 16
CAPE GRIM: Second Creditors' Meeting Set for July 16
JSTM HOLDINGS: Second Creditors' Meeting Set for July 17
PALO IT: First Creditors' Meeting Set for July 18
VIWR AU: First Creditors' Meeting Set for July 17



C H I N A

CHINA VANKE: Execs to Buy $27.5MM of Shares to Show Faith in Firm
[*] CHINA: Dials Up Scrutiny of Big Four Audit Firms


I N D I A

AATULYA LIFECARE: CARE Keeps D Debt Rating in Not Cooperating
ADITYA AGRO: CRISIL Keeps D Debt Ratings in Not Cooperating
ADITYA HOTELS: CARE Keeps D Debt Rating in Not Cooperating
ANDHRA PRADESH: Ind-Ra Withdraws BB+ Term Loan Rating
ARHAM IRON: CRISIL Keeps D Debt Rating in Not Cooperating

ARIHANT PLASTICS: Ind-Ra Affirms BB+ Bank Loan Rating
ART TILE: CRISIL Keeps B Debt Ratings in Not Cooperating
AURA HOTELS: CRISIL Moves B+ Debt Ratings to Not Cooperating
BHAGWATI VINTRADE: CRISIL Moves B Debt Ratings to Not Cooperating
BHIMASHANKAR SAHAKARI: Ind-Ra Affirms BB Bank Loan Rating

DEVKINANDAN DEVELOPERS: CRISIL Moves B+ Rating to Not Cooperating
ESSAR INTERNATIONAL: CRISIL Moves B+ Ratings to Not Cooperating
GLOBAL COAL: Ind-Ra Affirms D Bank Loan Rating
GURU RAGHAVENDRA: CRISIL Keeps B Debt Rating in Not Cooperating
HARSHA AUTOMOTIVE: CRISIL Keeps B Debt Ratings in Not Cooperating

IMPERIAL LIFESTYLE: CRISIL Moves B+ Rating to Not Cooperating
JAYAVELU SPINNING: Ind-Ra Moves BB+ Rating to NonCooperating
JMV LPS: CARE Lowers Rating on INR8.65cr LT/ST Loans to D
JUNEJA SONS: CRISIL Moves B Debt Rating to Not Cooperating
KAVINGANGA WEAVING: CRISIL Moves B- Ratings to Not Cooperating

KGA INTERNATIONAL: CRISIL Moves B+ Debt Rating to Not Cooperating
LAXMI VENKATESHWARA: CRISIL Keeps B Rating in Not Cooperating
MEDICARE HEALTH: CRISIL Moves B Debt Ratings to Not Cooperating
MYTRAH UJJVAL: Ind-Ra Withdraws D NonConvertible Debts Rating
NEHA CONSTRUCTIONS: CRISIL Cuts Long/Short Term Ratings to D

PON RAJANS: CRISIL Moves B+ Debt Ratings to Not Cooperating
RAJ ISPAT: CARE Keeps D Debt Rating in Not Cooperating Category
RAJ STEEL: CARE Keeps D Debt Rating in Not Cooperating Category
RAMKRISHNA AGENCIES: Ind-Ra Affirms BB Bank Loan Rating
RAYAT & BAHRA: CARE Reaffirms D Rating on INR76.47cr LT Loan

SARVALOKA TEXTILES: Ind-Ra Hikes Bank loan Rating to BB+
SATYA SUBAL: CARE Keeps D Debt Ratings in Not Cooperating Category
SCHAKRALAYA MOTORS: CRISIL Moves B+ Rating to Not Cooperating
SEFL DA III: Ind-Ra Affirms D(SO) SEPT 2029 Rating
SHREENATH METALS: CRISIL Keeps B Debt Ratings in Not Cooperating

SIMHAPURI TRANSPORT: CRISIL Keeps B+ Rating in Not Cooperating
SINCHANA EXPORTS: CRISIL Keeps B Debt Rating in Not Cooperating
SINDHU CARGO: Ind-Ra Cuts Bank loan Rating to D
SIVA SAI: CARE Moves D Debt Ratings to Not Cooperating Category
SOUTHERN HOLDINGS: CRISIL Moves B Debt Ratings to Not Cooperating

SUNSTAR OVERSEAS: ED Arrests IRP, 2 Others for Fraudulent Take Over
VENKATESHWARA FOOD: CARE Keeps D Debt Rating in Not Cooperating
WARSAW INTERNATIONAL: Ind-Ra Cuts Bank Loan Rating to BB


N E W   Z E A L A N D

BENNY'S HANGAR: Entertainment Centre Enters Into Liquidation
CC CA's: Court to Hear Wind-Up Petition on Aug. 9
CRAIG ROGERS: Creditors' Proofs of Debt Due on Aug. 5
FMS CONSTRUCTION: Thomas Lee Rodewald Appointed as Receiver
LYFORD TRANSPORT: Creditors' Proofs of Debt Due on July 26

OCHO INVESTMENTS: Court to Hear Wind-Up Petition on July 18
WHOLESALE MOTORS: Used Vehicle Dealer Goes Into Liquidation


S I N G A P O R E

ARCOMET ASIA: Creditors' Proofs of Debt Due on Aug. 5
HYFLUX: KPMG Fails to Strike Out Parts of Co's Statement of Claim
JCUBE ENGINEERING: Court Enters Wind-Up Order
LHC COATINGS: Court to Hear Wind-Up Petition on July 26
M2 COMMERCIAL: Court to Hear Wind-Up Petition on July 26

MARINA BAY: Creditors' Proofs of Debt Due on Aug. 6
TERRAFORM LABS: To Sell 4 Businesses Amid Bankruptcy Proceedings
TRATTORIA CAPRI: Court to Hear Wind-Up Petition on July 26

                           - - - - -


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

ANC ENTERPRISES: Second Creditors' Meeting Set for July 16
----------------------------------------------------------
A second meeting of creditors in the proceedings of ANC Enterprises
Pty Ltd has been set for July 16, 2024 at 12:00 p.m. at the offices
of SV Partners Insolvency (VIC) Pty Ltd at Level 17, 200 Queen
Street in Melbourne and via telephone conference.

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 15, 2024 at 5:00 p.m.

Michael Carrafa and Fabian Kane Micheletto of SV Partners were
appointed as administrators of the company on June 11, 2024.


CAPE GRIM: Second Creditors' Meeting Set for July 16
----------------------------------------------------
A second meeting of creditors in the proceedings of Cape Grim
Bottling Company Pty Limited has been set for July 16, 2024 at 9:30
a.m. via telephone conference at the offices of KPT Restructuring,
Suite 1 Level 20, 20 Bond Street in Sydney.

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 15, 2024 at 4:00 p.m.

Jason Tang and Ozem Kassem of KPT Restructuring were appointed as
administrators of the company on June 21, 2024.


JSTM HOLDINGS: Second Creditors' Meeting Set for July 17
--------------------------------------------------------
A second meeting of creditors in the proceedings of JSTM Holdings
Pty Ltd has been set for July 17, 2024 at 3:00 p.m. at the offices
of Dye & Co. Pty Ltd at 165 Camberwell Road in Hawthorn East.

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 16, 2024 at 5:00 p.m.

Nicholas Giasoumi and Shane Leslie Deane of Dye & Co. were
appointed as administrators of the company on June 17, 2024.


PALO IT: First Creditors' Meeting Set for July 18
-------------------------------------------------
A first meeting of the creditors in the proceedings of Palo IT
Australia Pty Limited will be held on July 18, 2024 at 10:00 a.m.
via Microsoft Teams.

Sule Arnautovic of SALEA Advisory was appointed as administrator of
the company on July 9, 2024.


VIWR AU: First Creditors' Meeting Set for July 17
-------------------------------------------------
A first meeting of the creditors in the proceedings of VIWR Au Pty
Ltd will be held on July 17, 2024 at 11:00 a.m. at the offices of
Level 6, La Balsa 45 Brisbane Road in Mooloolaba.

Anne Meagher and Adam Kersey of SV Partners was appointed as
administrator of the company on July 6, 2024.




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

CHINA VANKE: Execs to Buy $27.5MM of Shares to Show Faith in Firm
-----------------------------------------------------------------
Caixin Global reports that China Vanke Co. Ltd. announced on July 9
that more than 1,800 key managers plan to buy company shares worth
CNY200 million ($27.5 million) in the next six months to stabilize
investor confidence.

Caixin relates that the pledge came as one of China's largest
developers warned of substantially widened losses in the first half
of 2024 as the property crisis continues unabated.

According to Caixin, Vanke said 1,862 key managers plan to use a
total of CNY200 million of their own money to increase their
holdings in the company. Among them, 15 board directors and senior
executives, along with the company's Party Committee members, will
contribute at least CNY73 million, while the remaining 1,847 key
management personnel will provide up to CNY127 million, the company
said in a statement.

                         About China Vanke

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

As reported in the Troubled Company Reporter-Asia Pacific in
mid-June 2024, S&P Global Ratings affirmed its 'BB+' long-term
issuer credit rating on China Vanke Co. Ltd. and its 'BB' long-term
issuer credit rating on subsidiary Vanke Real Estate (Hong Kong)
Co. Ltd. (Vanke HK). At the same time, S&P affirmed its 'BB'
long-term issue ratings on Vanke HK's senior unsecured notes.

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

The TCR-AP reported in late May 2024, Fitch Ratings has downgraded
China Vanke Co., Ltd.'s Long-Term Foreign- and Local-Currency
Issuer Default Ratings (IDR) to 'BB-', from 'BB+'. The Outlook is
Negative. Fitch also downgraded the Long-Term IDR on China Vanke's
wholly owned subsidiary, Vanke Real Estate (Hong Kong) Company Ltd
(Vanke HK), to 'B+', from 'BB', and downgraded Vanke HK's senior
unsecured rating and the rating on the outstanding senior notes to
'B+' with a Recovery Rating of RR4, from 'BB'. The ratings have
been removed from Rating Watch Negative.

[*] CHINA: Dials Up Scrutiny of Big Four Audit Firms
----------------------------------------------------
Reuters reports that China's Ministry of Finance is conducting more
rigorous checks of work done by the Big Four auditing firms for
local companies, three people with knowledge of the matter said,
amid concerns auditors are not doing enough to uncover corporate
wrongdoing.

Reuters relates that the tighter scrutiny, which has not been
previously reported, is mainly focused on Deloitte, EY, PwC, KPMG
and their audits of some financial firms as well as highly
leveraged companies, said the people.

It began a couple of months ago and comes in the wake of a
regulatory probe into "intermediaries" for property giant China
Evergrande Group, which refers to auditors, rating agencies and
other providers of financial services, Reuters says.

Evergrande, which defaulted on its debt and has been ordered into
liquidation, was found by authorities to have inflated its revenue
by $78 billion.

It is only one of scores of property developers to have defaulted
on debt - a crisis that has hobbled economic growth and triggered
concerns about just how much exposure financial firms have to the
sector, Reuters notes. Chinese regulators this month pledged a
clampdown on financial fraud, seeking to restore confidence in
country's struggling stock markets.

The finance ministry makes routine checks of audits done by the Big
Four but this year it has demanded far more documents than
previously and the number of queries the audit firms have had to
field has jumped, the people, as cited by Reuters, said.

According to two of the sources, the ministry is particularly
interested in audits of small and weak lenders from debt-laden
Chinese provinces.

Audits of Chinese asset management companies are also under the
microscope, said one source, Reuters relays. Audits for highly
leveraged state-owned enterprises and property developers are also
being scrutinised, the second person said.

Reuters notes that the Big Four firms have built up a substantial
presence in China over the last couple of decades as Chinese
companies set their sights on listing in Hong Kong and overseas and
as the world's second-largest economy became more open to foreign
investors.




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

AATULYA LIFECARE: CARE Keeps D Debt Rating in Not Cooperating
-------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Aatulya
Lifecare Private Limited (ALPL) continues to remain in the 'Issuer
Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       4.64       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Rationale and key rating drivers

CARE Ratings Ltd. had, vide its press release dated April 21, 2023,
placed the rating(s) of ALPL under the 'issuer non-cooperating'
category as ALPL had failed to provide information for monitoring
of the rating and had not paid the surveillance fees for the rating
exercise as agreed to in its Rating Agreement. ALPL continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
March 6, 2024, March 16, 2024, March 26, 2024.

In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.

Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).

Aatulya Lifecare Private Limited (ALPL) was incorporated in 2014
and started it operations from September 2016. ALPL has been
promoted by Dr Hirenkumar Patel, Dr Mehul Shah, Dr Manish Patel and
Dr Chirag Rathod. The company operates a hospital by
the name Aastha Multi Speciality Hospital, providing quality
services and patient care to the people in the vicinity of Vadodara
(Gujarat). The hospital has specialized departments in Gynaecology,
Orthopaedic, General surgery, Paediatric, Physiotherapy, Ears, Nose
and Throat (ENT), Critical Care and Pharmacy for its patients and
visitors. The hospital has capacity of 100 beds and 1 in-house
ambulance.


ADITYA AGRO: CRISIL Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Aditya Agro -
Chhindwara (Aditya Agro) continue to be 'CRISIL D Issuer Not
Cooperating'.

                         Amount
   Facilities         (INR Crore)      Ratings
   ----------         -----------      -------
   Proposed Term Loan     0.28         CRISIL D (Issuer Not
                                       Cooperating)

   Term Loan              6.44         CRISIL D (Issuer Not
                                       Cooperating)

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

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

Detailed Rationale

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

Aditya Agro, a partnership firm set up in 2013, is promoted by
Suryawanshi family of Chhindwara, Madhya Pradesh. It is
constructing a warehouse with capacity of 27,000 tonnes for
agricultural products in Chhindwara.


ADITYA HOTELS: CARE Keeps D Debt Rating in Not Cooperating
----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Aditya
Hotels and Hospitalities Private Limited (AHHPL) continues to
remain in the 'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      11.16       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Rationale and key rating drivers

CARE Ratings Ltd. had, vide its press release dated May 15, 2023,
placed the rating(s) of AHHPL under the 'issuer non-cooperating'
category as AHHPL had failed to provide information for monitoring
of the rating and had not paid the surveillance fees for the rating
exercise as agreed to in its Rating Agreement. AHHPL continues to
be non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
March 30, 2024, April 9, 2024, April 19, 2024.

In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.

Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).

Satara (Maharashtra) based, Aditya Hotels & Hospitalities Private
Limited (AHHPL) was incorporated in December 26, 2016 and is
currently being run by Mr. Shriram Krishan Surve, Mrs. Rutuja
Shriram Surve and Mr. Akshay Shriram Surve. AHHPL has been set up
with an aim to provide catering services (on marriage and other
occasions) and lodging facilities along with restaurant. AHHPL has
been operating its facility (hotel) in Satara, Maharashtra.


ANDHRA PRADESH: Ind-Ra Withdraws BB+ Term Loan Rating
-----------------------------------------------------
India Ratings and Research (Ind-Ra) has taken following rating
actions on Andhra Pradesh State Financial Corporation's (APSFC)
debt instruments:

-- INR2.0 bil. Bank loan* assigned with IND BB+/Stable rating;

-- INR199.76 mil. Long-term loans** due on June 2023 is withdrawn

     (paid in full); and

-- INR700 mil. Fund based working capital (Overdraft)** is
     withdrawn (paid in full).

*Unallocated bank facilities

**The ratings on the long-term loans and fund-based working capital
(Overdraft) have been withdrawn as the instruments were paid in
full in April 2023 and May 2023, respectively. Ind-Ra has received
no due certificate in this regard.

WD – Rating Withdrawn

Analytical Approach

Ind-Ra continues to consider APSFC's standalone operational and
financials for the rating review.

Detailed Rationale of the Rating Action

The rating reflects APSFC's growing gross loans and advances during
FY23-FY24 and Ind-Ra's expectation of gross loans and advances to
increase further in FY25. The rating also reflects an improvement
in APSFC's sanctions and disbursement with a CAGR of 17.90% and
18.87%, respectively over FY20-FY24. APSFC's sanctions grew 57.53%
yoy and disbursement 56.28% yoy in FY23. Disbursement increased
further by 2.22% yoy to INR5,612 million according to the
provisional financials for FY24. However, sanctions were lower at
INR5,975 million in FY24 as compared to FY23 sanctions of
INR7,744.64 million (FY22: INR4,916.30 million).

The rating also considers the well-diversified lending exposure
with low concentration risk and adequate liquidity buffers. The
corporation was debt free at end-March 2024 and relies on internal
accruals for lending. A continuous improvement in the core capital
risk-weighted adequacy ratio during FY19-FY23 also supports the
rating. However, the rating is constrained by a fall in APSFC's
interest income during FY23-FY24 and its modest asset quality.
APSFC's gross non-performing assets (NPAs) were high during
FY23-FY24 due to a weak customer profile as it lends to the micro,
small, and medium enterprises (MSME) customers in the rural areas
of Andhra Pradesh and Telangana. The gross NPA, as a percentage to
gross loans and advances, increased to 17.84% in FY24 (FY23:
16.07%).

Debt free at FYE24; likely to avail debt over FY25-FY26

Detailed Description of Key Rating Drivers

Bifurcation Approval from Central Government Pending: The scheme of
reorganization to form separate state finance corporations for
Andhra Pradesh and Telangana, in accordance with the Andhra Pradesh
Reorganization Act 2014, has been approved by the board of
directors and shareholders; however, it is pending approval from
the government of India.

Sinking Core Income: Though disbursements and gross loans and
advances increased during FY21-FY24, APSFC's interest income, its
core operating income, had declined to INR2,532.64 million in FY23
(FY22: INR2,541.89 million) and further to INR2,270 million in
FY24. A fall in the interest income was due to lower lending rates
as the corporation was set-up to not to earn profits.

Modest Asset Quality: Ind-Ra believes the gross NPA will remain
high in FY25 as APSFC will continue to lend to the MSMEs. Despite
improved recoveries and in-house collection by the corporation,
APSFC's gross NPAs were high at INR1,965.91 million in FY23 (FY22:
INR1,328.85 million) as it lends to the MSME segment. The gross
NPA, as a percentage to gross loans and advances, remained high and
increased to 16.07% in FY23 from 11.57% in FY22. In FY24, the gross
NPA as a percentage to gross loans and advances was 17.84% and net
NPAs to net loans & advances was 9.79%. APSFC recorded an average
provisioning coverage of 44.75% over FY19-FY23 which increased to
50% in FY24. APSFC has written off all doubtful assets since FY16.

Growing Earning Assets and Disbursement; Likely to Increase
Further: Ind-Ra expects APSFC's loans and advances to continue to
rise in the near term, leading to an increase in its asset base.
APSFC's gross loans and advances increased 6.45% yoy to
INR12,229.92 million in FY23 and it further increased 15.60% yoy to
INR14,137.80 million in FY24. Similarly, net loans and advances
increased 4.18% yoy in FY23 and 13.45% yoy in FY24. The increasing
demand in the MSME sector and a revision in terms of
schemes/products and a reduction in the lending rates on APSFC's
products resulted in the increase in earning assets.

APSFC's sanctions grew 57.53% yoy and disbursement 56.28% yoy in
FY23. Disbursement further increased 2.22% yoy to INR5,612 million
in FY24. However, sanctions reduced to INR5,975 million in FY24
from INR7,744.64 million in FY23 (FY22: INR4,916.30 million).
APSFC's sanctions and disbursement grew at a CAGR of 17.90% and
18.87%, respectively, over FY20-FY24. Disbursement further
increased 2.22% yoy in FY24. Ind-Ra expects the corporation's
operations to improve further over the near-term.

Increasing Revenue Base and Profitability: Ind-Ra believes APSFC's
total income will continue to increase in the near term, mainly
supported by recoveries in the bad debts that are being written
off. APSFC's total income increased 2.39% yoy to INR4,024.96
million FY23 (FY22: up 8.83% yoy). The income increase was mainly
due to growth in recoveries in the bad debts written off. APSFC
reported a net profit of above INR700 million annually during
FY19-FY23 despite lower lending rates; it increased to INR1,863.44
million in FY23 from INR1,425.68 million in FY22.

Low Concentration Risk: The lending exposure of APSFC's loans and
advances was fairly distributed among sectors over FY19-FY23,
resulting in low concentration, and Ind-Ra believes this is
unlikely to change over FY24-FY25. APSFC caters to the loan
requirements of MSME customers in rural geographies. In FY23, the
lending exposure to services industry was the highest at 22.31%,
followed by food product industries (18.63%), non-metallic mineral
products industry (12.55%) and medical loan industries (12.09%).

Simultaneously, APSFC's wide geographical reach and sanctioned
loans to various constitutions indicate its diversified operating
performance. Furthermore, at FYE23, its top 10 borrower groups
accounted for merely 11.13% of the total assets, and the largest
borrower group accounted for 2.21% of the total assets. Hence, it
faces low concentration risk. However, APSFC's lending is mainly to
small scale industries, thus adding pressure on its financial
performance.

Adequately Capitalized: Ind-Ra expects the capitalization to remain
comfortable over FY24-FY25, due to a continued improvement in
APSFC's net worth. APSFC's core capital risk-weighted adequacy
ratio improved gradually to 74.34% in FY23 (FY22: 65.70%; FY21:
48.80%) on the back of an improvement in its net worth to
INR11,875.44 million (INR10,224.20 million). Furthermore, the net
interest income/average earning assets improved to 21.05% in FY23
(FY22: 17.22%) on account of a 13.96% yoy increase in net interest
income (FY22:0.26% yoy); the average earning assets declined 6.81%
yoy in FY23 (FY22: down 18.02% yoy).

Debt Free at FYE24; Likely to Avail Debt over FY25-FY26: APSFC had
nil debt outstanding at end-March 2024. APSFC's debt/equity reduced
to 0.04x in FY23 (FY22: 0.16x), due to a fall in the debt on
account of the retirement of debt. Simultaneously, the equity
increased to INR14,528.84 million in FY23 from INR12,887.86 million
in FY22 due to the annual profit generated during the year. Though
APSFC was debt free at FYE24, it may have debt on its book during
FY25-FY26 on account of the rising demand of funds for business.

Liquidity

Adequate: APSFC's structural liquidity statement indicates a
surplus of INR2,281.38 million for the maturity bucket of less than
one year on 31 March 2023. There were no negative gaps in the rest
of the maturity bucket (up to 10 years) as on 31 March 2023.
APSFC's collection from bad debt recoveries (FY23: INR1,243.48),
which are not part of the inflow from assets in the asset-liability
management calculation, will further support the liquidity profile
of corporation. APSFC's cash and bank balance stood at INR1,831.40
million in FY23 (FY22: INR2,011.87 million). Ind-Ra believes the
corporation's liquidity and fund-raising capability will remain
moderate in the near term, due to the comfortable cash position.

Rating Sensitivities

Negative: Developments that could, individually or collectively,
lead to a negative rating action include:

-- a fall in the total earning assets and the scale of operations
on a sustained basis

-- asset-liability mismatches in the short-term buckets
the debt/equity increasing above 3.0x on a sustained basis

Positive: Developments that could, individually or collectively,
lead to a positive rating action include:

-- settlement of the bifurcation and restoration of explicit
government support to the corporation

-- APSFC's demonstrated ability to improve the earning assets by
10% yoy on a sustained basis

-- maintaining the liquidity profile in conjunction with the
asset-liability management resulting in annual surplus (inflow from
assets less outflow from liabilities), on a sustained basis, in the
short-term bucket

-- the gross NPA ratio reducing below 7% on a sustained basis

About the Company

APSFC is a state financial corporation that was formed in 1956
under the State Financial Corporation Act, 1951. It provides
various schemes and offers term loans, working capital loans,
bridge loans and special capital assistance mainly to MSMEs.



ARHAM IRON: CRISIL Keeps D Debt Rating in Not Cooperating
---------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Arham Iron and
Steel Industries (AISI) continues to be 'CRISIL D Issuer Not
Cooperating'.

                         Amount
   Facilities         (INR Crore)      Ratings
   ----------         -----------      -------
   Secured                 6.1         CRISIL D (Issuer Not
   Overdraft Facility                  Cooperating)

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

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

Detailed Rationale

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

AISI was set up in 2005 by the proprietor, Mr Davendra Kumar
Parakh. This Hyderabad-based firm trades in steel and iron
products, including mild steel (MS) channels, MS angles and
thermo-mechanically-treated bars.


ARIHANT PLASTICS: Ind-Ra Affirms BB+ Bank Loan Rating
-----------------------------------------------------
India Ratings and Research (Ind-Ra) has taken the following rating
actions on Arihant Plastics' (AP) bank facilities:

-- INR45 mil. Fund-based working capital limit affirmed with IND
     BB+/Stable/IND A4+ rating;

-- INR30.49 mil. (reduced from INR42.9 mil.) Term loan due on
     February 2026 affirmed with IND BB+/Stable rating; and

-- INR24.51 mil. Proposed Bank Facility assigned with IND BB+/
     Stable rating.

Analytical Approach

Ind-Ra continues to take a standalone view of AP to arrive at the
ratings.

Detailed Rationale of the Rating Action

The affirmation reflects AP's continued small scale of operations,
stretched liquidity and high customer concentration. However, the
ratings are supported by the healthy EBITDA margins, comfortable
credit metrics and promoters' experience of nearly 25 years. Ind-Ra
expects the revenue to remain stable in FY25. Over the medium term,
the margins are likely to be stable and the credit metrics might
remain comfortable, given the absence of any debt-led capex plans.

Detailed Description of Key Rating Drivers

Continued Small Scale of Operations:  Despite the ceasing of orders
from a major telecom customer, Bharti Airtel Limited, AP's revenue
fell only slightly to INR321.55 million in FY24 (provisional
numbers) (FY23: INR335.24 million), owing to growth in orders from
another major customer, Ahuja Radios. As of May 2024, AP had
outstanding orders of IN350 million, scheduled to be executed by
March 2025. Ind-Ra expects the revenue to remain stable in FY25.

Stretched Liquidity: The average maximum utilization of the
fund-based working capital limits was around 97.83% over the 12
months ended March 2024. The cash and cash equivalents stood at
INR0.44 million in FY24 (FY23: INR0.71 million). AP has scheduled
debt obligations of INR16.6 million in FY25 and INR16 million in
FY26.

Customer Concentration: Ahuja Radios accounts for almost 60% of
AP's total revenue generation, signaling high customer
concentration.

Healthy EBIDTA Margin: The ratings are supported by AP's healthy
EBITDA margins. The margin increased to 15.91% in FY24 (FY23:
13.49%; FY22: 14.26), due to a fall in raw material prices and also
because the customers did not ask for a reduction in the prices of
products sold. In FY23, the margins had decreased because the
company had incurred  expenditure of INR3 million for major repair
of the machineries in its unit in Nangloi, Delhi. The ROCE
increased to 18.8% in FY24 (FY23: 13.9%) due to an increase in
EBIDTA to INR51.15 million (INR45.24 million). Ind-Ra expects the
margins to be stable over the medium term.

Comfortable Credit Metrics: The ratings factor in AP's comfortable
credit metrics due to the healthy margins. The metrics improved in
FY24 due to the increase in the EBITDA. The interest coverage
(operating EBITDA/gross interest expenses) improved to 5.49x in
FY24 (FY23: 4.94x) and the net leverage (total adjusted net
debt/operating EBITDAR) improved to 1.47x (2.10x). Ind-Ra expects
the credit metrics to remain comfortable over medium term, given
the absence of any debt-led capex plans.

Experienced Promoters: The ratings are also supported by the  
promoters' experience of nearly 25 years in the plastics
manufacturing industry, which has led to established relationships
with customers and suppliers.

Liquidity

Stretched: AP does not have any capital market exposure and relies
on banks and financial institutions to meet its funding
requirements. In FY24, the cash flow from operations increased to
INR49.41 million (FY23: INR33.04 million), on account of an
increase in fund flow from operations to INR42.29 million(INR36.39
million). The free cash flow turned positive at INR43.02 million in
FY24 (FY23: negative INR26.76 million) owing to favorable changes
in the cash flow from operations. The net working capital cycle of
the company improved to 100 days in FY24 (FY23: 106 days) because
of an increase in creditor days to 18 days (two days) and reduction
in the inventory days to 89 days (91 days).

Rating Sensitivities

Negative: A decline in the scale of operations, leading to a
deterioration in the overall credit metrics, with the net leverage
exceeding 4.5x, and weakening of the liquidity profile, could lead
to a negative rating action.

Positive: A significant increase in the scale of operations, along
with an improvement in the overall credit metrics and the liquidity
profile, all on a sustained basis, could lead to a positive rating
action.

About the Company

AP was incorporated in 1997, is a Nangloi Delhi-based company that
manufactures plastic speaker parts. The company has three units –
two in Nangloi, Delhi, and one in Sonipat, Haryana.


ART TILE: CRISIL Keeps B Debt Ratings in Not Cooperating
--------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Art Tile LLP
(ATL) continue to be 'CRISIL B/Stable Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)      Ratings
   ----------        -----------      -------
   Cash Credit           5.75         CRISIL B/Stable (Issuer Not
                                      Cooperating)

   Long Term Loan       13.00         CRISIL B/Stable (Issuer Not
                                      Cooperating)

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

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

Detailed Rationale

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

Established in 2018, ATL is engaged in the manufacturing of digital
wall tiles and body clay. The firm started its operations in April
2019. The firm is promoted by 19 partners and it is based out of
Morbi, Gujarat.


AURA HOTELS: CRISIL Moves B+ Debt Ratings to Not Cooperating
------------------------------------------------------------
CRISIL Ratings has migrated the ratings on certain bank facilities
of Aura Hotels and Resorts Private Limited (Aura), as:

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Term Loan              40        CRISIL B+/Stable (ISSUER NOT
                                    COOPERATING; Rating Migrated)

   Term Loan              15        CRISIL B+/Stable (ISSUER NOT
                                    COOPERATING; Rating Migrated)

   Term Loan               5        CRISIL B+/Stable (ISSUER NOT
                                    COOPERATING; Rating Migrated)

CRISIL Ratings has been consistently following up with Aura for
obtaining NDS through letters/emails dated April 30, 2024, May 31,
2024 and June 29, 2024 among others, apart from telephonic
communication to seek the same. After non-receipt of NDS for 2
consecutive months, CRISIL Ratings also sent a letter dated June
21, 2024 reminding the issuer to share the NDS. However, the issuer
has remained non cooperative. CRISIL Ratings has also tried to
reach out to the lenders of Aura to confirm timely debt servicing
during these months, but awaits any feedback.

'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 NDSs from Aura, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. Further, non-sharing of NDS by issuers may reflect
operational issues faced by issuers in some cases. On the other
hand, it may be a beginning of a general non-cooperation and may
extend to non-submission of other information.

CRISIL Ratings believes that rating action on Aura is consistent
with 'Assessing Information Adequacy Risk'. Based on the last
available information, the rating on bank facilities of Aura
migrated to 'CRISIL B+/Stable Issuer Not Cooperating'.

Incorporated in June 2007, Aura is promoted by Mr. Vikas Agarwal
and Mr. Rajiv Agarwal. The company is setting up a four-star hotel
in Shillong, Meghalaya. The hotel construction began in 2018 and
was solely funded by the promoter.


BHAGWATI VINTRADE: CRISIL Moves B Debt Ratings to Not Cooperating
-----------------------------------------------------------------
CRISIL Ratings has migrated the ratings on certain bank facilities
of Bhagwati Vintrade Private Limited (BVPL), as:

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Cash Credit           20.67      CRISIL B/Stable (ISSUER NOT
                                    COOPERATING; Rating Migrated)

   Proposed Working       0.33      CRISIL B/Stable (ISSUER NOT
   Capital Facility                 COOPERATING; Rating Migrated)

CRISIL Ratings has been consistently following up with BVPL for
obtaining NDS through letters/emails dated April 30, 2024, May 31,
2024 and June 29, 2024, among others, apart from telephonic
communication to seek the same. After non-receipt of NDS for 2
consecutive months, CRISIL Ratings also sent a letter dated June
21, 2024 reminding the issuer to share the NDS. However, the issuer
has remained non cooperative. CRISIL Ratings has also tried to
reach out to the lenders of BVPL to confirm timely debt servicing
during these months, but awaits any feedback.

'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 NDSs from BVPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. Further, non-sharing of NDS by issuers may reflect
operational issues faced by issuers in some cases. On the other
hand, it may be a beginning of a general non-cooperation and may
extend to non-submission of other information.

CRISIL Ratings believes that rating action on BVPL is consistent
with 'Assessing Information Adequacy Risk'. Based on the last
available information, the rating on bank facilities of BVPL
migrated to 'CRISIL B/Stable Issuer Not Cooperating'.

BVPL was incorporated in 2008 by Mr. Vivek Kumar Agarwal as a
dealer in securities. However, in the year 2010 it was taken over
by Mr. Sandeep Goyal, Manoj Agarwal and Mr. Vivek Banka to process
rice. It has its manufacturing facility in Ramgarh District,
Jharkhand with a capacity of 96000 MTPA. It also has an installed
biomass with a capacity of 1.2 MW which is entirely for captive
consumption.


BHIMASHANKAR SAHAKARI: Ind-Ra Affirms BB Bank Loan Rating
---------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Bhimashankar
Sahakari Sakhar Karkhana Limited's (BSSKL) bank loan ratings at
'IND BB'. The Outlook is Stable.

The detailed rating action is:

-- INR580 mil. Term loan due on FY29 affirmed with IND BB/Stable
     rating.

Analytical Approach

Ind-Ra continues to take a standalone view of BSSKL.

Detailed Rationale of the Rating Action

The rating affirmation reflects significant deterioration in
BSSKL's revenue due to a fall in the sugar volumes and in its
credit metrics due to the additional term loans availed for capex
in FY24.

The ratings are supported by BSSKL's long operational track record
and Ind-Ra's expectation of significant growth in the scale of
operations and the operating profitability in FY25 and the medium
term, driven by the high-margin ethanol segment which became
operational in March 2024. The synergies from the capex are likely
to improve the entity's EBITDA margin significantly and will
diversify its revenue streams FY25 onwards. Nevertheless, the
regulatory risks in the sugar industry and the recent restrictions
imposed by the government on the production of ethanol from syrup
and B-heavy molasses continue to constrain the rating.

List of Key Rating Drivers

Weaknesses

-- Revenue decline in FY24 despite higher sugar prices
-- High net leverage in FY24 due to debt-funded capex; likely to
moderate in the medium term
-- Susceptibility of business to regulatory risks in sugar
industry

Strengths

-- Integrated nature of operations; established operational track
record

-- Synergies from distillery likely to improve the scale of
operations and profitability in FY25 and the medium term

-- Free cash flow likely to improve in the medium term

Detailed Description of Key Rating Drivers

Revenue Decline in FY24 Despite Higher Sugar Prices: BSSKL's
revenue declined significantly to INR4,196.8 million in FY24 (FY23:
INR5,876.49 million) as revenue from the sale of sugar fell to
INR3,287.08 million (INR4,898.61 million). This revenue fall was
despite an increase in the domestic sugar prices across India, with
the entity's average realization from sugar sales rising to
INR35,620 per metric ton (MT) in FY24 (FY23: INR33,546 per MT). The
management has decided to sell a lower volume of sugar of 92,283MT
in FY24 (FY23: 146,026MT), than the volume allocated to the entity
by monthly release orders of the government, in anticipation of a
further rise in sugar prices. Consequently, the sugar inventory
levels rose to 100,225MT at FYE24 (FYE23: 72,588MT) with the
inventory cycle lengthening to 349 days in FY24 (FY23: 193 days)
leading to an increase in the entity's working capital
requirement.

The entity's EBITDA in FY23 was INR272.92 million (FY22: INR278.89
million) with the EBITDA margin being stable at 4.64% (4.61%).
Ind-Ra expects the EBITDA margin to have remained at similar levels
in FY24 despite the gross margin increasing, led by increased sugar
prices, due to the decline in the scale of operations, leading to a
lower absorption of the fixed costs.

High Net Leverage in FY24 due to Debt-funded Capex; Likely to
Moderate in the Medium Term: BSSKL's overall debt levels rose
significantly to INR3,080.11 million in FY24 (FY23: INR2,470
million) with the short-term debt rising to INR1,753.98 million
(INR1,050.59 million) due to the entity's increased working capital
requirement. The entity also availed additional term loans of
INR865.62 million in FY24, out of the total sanctioned loans of
INR1,146 million, to partly fund the capex of around INR1,246
million incurred over FY23-FY24 for setting up a distillery,
operational from March 2024, to expand into the ethanol segment.
This, along with a decline in the company's scale of operations in
the year could have led to the net leverage (Ind-Ra-adjusted net
debt/operating EBITDAR) deteriorating significantly to around 17x
in FY24 as per Ind-Ra's calculations (FY23: 7x). The rise in
interest costs to INR180 million in FY24 (FY23: INR122.2 million)
impacted the interest coverage (operating EBITDA/gross interest
expense), which is likely to have fallen to 1.04x in FY24 (FY23:
2.23x). Ind-Ra takes comfort from its expectation of the credit
metrics to moderate in FY25 and the medium term, led by a rise in
the scale of operations and operating profitability with the
commissioning of the high-margin distillery segment.

Susceptibility of Business to Regulatory Risks in the Sugar
Industry: The sugar industry is regulated and vulnerable to
government policies as it is classified as an essential commodity.
Besides setting quotas for the domestic sale of sugar and
restricting sugar exports, the government has implemented various
regulations such as fixing the raw material prices in the form of
fair and remunerative prices as well as implementing restrictions
on the diversion of sugar syrup and B-heavy molasses in the ensuing
sugar season (2024-2025). All these factors impact the production
and sales of sugar and ethanol, posing significant uncertainty
risks BSSKL's scale of operations.

Integrated Nature of Operations; Established Operational Track
Record: BSSKL has an operational track record of more than three
decades in the sugar industry with established relationships with
farmers in the region. The entity benefits from the synergies of
the integrated nature of its operations. The sugarcane juice syrup
as well as the B-heavy molasses and C-heavy molasses required as
raw material by the distillery unit would be produced in-house by
the sugar mill. This will enable the entity to maximize its
profitability in the distillery segment and lessen its heavy
working capital requirement, as the sugarcane juice diverted to the
distillery will lead to a reduction in the production, and thus,
the inventory of sugar. Furthermore, the bagasse required as raw
material for the entity's cogeneration unit is available in-house
after the crushing of sugarcane.

Synergies from Distillery Likely to Improve the Scale of Operations
and Profitability in FY25 and the Medium Term: BSSKL has set up a
distillery with an ethanol production capacity of 95 kiloliters per
day (KLPD) operational from March 2024. The forward integration is
likely to improve the entity's scale of operations and overall
profitability as it ventures into the high-margin ethanol segment.
The agency expects the EBITDA margin to rise to around 10% in the
medium term with the revenue from ethanol contributing around 15%
to the overall revenue from FY25. The extent of the rise in the
scale of operations and profitability ultimately depends upon the
government's decision regarding the restrictions on the diversion
of syrup and B-heavy molasses. Nevertheless, Ind-Ra expects the
synergies from ethanol sales to improve the entity's scale of
operations and profitability in the medium term.

Free Cash Flow Likely to Improve in the Medium Term: BSSKL's free
cash flow turned negative at INR769.43 million in FY23 (FY22:
INR601.74 million) due to capex of INR769.43 million (INR169.77
million) incurred for the distillery project. The free cash flow is
likely to have remained negative in FY24 impacted further by a
significant decline in the cash flow from operations, which is
likely to have turned negative in FY24 (FY23: positive INR416.16
million; FY22: positive INR771.51 million) due to the increase in
working capital requirement as the inventory levels increased
during the year and further capex around INR750 million for the
distillery. Ind-Ra expects a significant improvement in the
entity's free cash flow in FY25 due to an increase in the internal
accruals, led by the operational synergies of the ethanol segment
and the expected release of inventory due to lower production on
account of the diversion of B-heavy molasses for ethanol
production.

Liquidity

Stretched: BSSKL's current ratio improved to 1.36x in FY23 (FY22:
1.19x); however, Ind-Ra expects the current ratio to have weakened
in FY24 due to a rise in the entity's short-term debt during the
year. The average maximum utilization of the entity's fund-based
limits for the 12 months ended April 2024 was 48.87%. The net cash
conversion cycle improved to 193 days in FY23 (FY22: 235 days);
however, it is likely to have stretched significantly in FY24
rising beyond 300 days in Ind-Ra's expectation due to a rise in the
inventory levels. However, Ind-Ra expects the net working capital
cycle to moderate in FY25 and the medium term due to a fall in the
inventory levels. BSSKL had unencumbered cash and cash equivalents
of INR22.20 million at FYE24 (FYE23: INR22.29 million), as per the
unaudited information provided by the management. It has repayment
obligations of INR319.7 million and INR480.1 million in FY25 and
FY26, respectively, which are likely to be met through internal
accruals.

Rating Sensitivities

Negative: Substantial deterioration in the scale of operations,
deterioration in the liquidity, or no improvement in the
profitability and credit metrics with the net leverage remaining
above 5x, all on a sustained basis, will be negative for the
ratings.

Positive: A successful ramp-up of the ethanol segment, leading to
growth in the scale of operations, an increase in the
profitability, and an improvement in the liquidity and credit
metrics with the net leverage falling below 4x, all on a sustained
basis, will be positive for the ratings.

About the Company

Established in 1994, BSSKL is a co-operative society located at
Pargaon, Ambegaon, in the Pune district of Maharashtra. The entity
is into the manufacturing and sale of sugar and has a fully
integrated facility having a sugar mill with a crushing capacity of
6,000 tons of cane per day; a cogeneration plant with a power
generation capacity of 29 megawatts; and a newly set up distillery
with an ethanol production capacity of 95KLPD, operational since
March 2024.



DEVKINANDAN DEVELOPERS: CRISIL Moves B+ Rating to Not Cooperating
-----------------------------------------------------------------
CRISIL Ratings has migrated the ratings on certain bank facilities
of Devkinandan Developers (DD), as:

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Term Loan              59.5      CRISIL B+/Stable (ISSUER NOT
                                    COOPERATING; Rating Migrated)

CRISIL Ratings has been consistently following up with DD for
obtaining NDS through letters/emails dated April 30, 2024, May 31,
2024 and June 29, 2024 among others, apart from telephonic
communication to seek the same. After non-receipt of NDS for 2
consecutive months, CRISIL Ratings also sent a letter dated June
21, 2024 reminding the issuer to share the NDS. However, the issuer
has remained non cooperative. CRISIL Ratings has also tried to
reach out to the lenders of DD to confirm timely debt servicing
during these months, but awaits any feedback.

'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 NDSs from DD, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. Further, non-sharing of NDS by issuers may reflect
operational issues faced by issuers in some cases. On the other
hand, it may be a beginning of a general non-cooperation and may
extend to non-submission of other information.

CRISIL Ratings believes that rating action on DD is consistent with
'Assessing Information Adequacy Risk'. Based on the last available
information, the rating on bank facilities of DD migrated to
'CRISIL B+/Stable Issuer Not Cooperating'.

DD was established as partnership firm based out of Ahmedabad,
Gujarat. It undertakes residential and commercial real estate
projects. The firm is currently executing commercial project namely
– Dwarkesh Peninsula in Ahmedabad, Gujarat.


ESSAR INTERNATIONAL: CRISIL Moves B+ Ratings to Not Cooperating
---------------------------------------------------------------
CRISIL Ratings has migrated the ratings on certain bank facilities
of Essar International (EI), as:

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Cash Credit            2         CRISIL B+/Stable (ISSUER NOT
                                    COOPERATING; Rating Migrated)

   Proposed Long Term     2.5       CRISIL B+/Stable (ISSUER NOT
   Bank Loan Facility               COOPERATING; Rating Migrated)

   Term Loan              8         CRISIL B+/Stable (ISSUER NOT
                                    COOPERATING; Rating Migrated)

CRISIL Ratings has been consistently following up with EI for
obtaining NDS through letters/emails dated April 30, 2024, May 31,
2024 and June 29, 2024 among others, apart from telephonic
communication to seek the same. After non-receipt of NDS for 2
consecutive months, CRISIL Ratings also sent a letter dated June
21, 2024 reminding the issuer to share the NDS. However, the issuer
has remained non cooperative. CRISIL Ratings has also tried to
reach out to the lenders of EI to confirm timely debt servicing
during these months, but awaits any feedback.

'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 NDSs from EI, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. Further, non-sharing of NDS by issuers may reflect
operational issues faced by issuers in some cases. On the other
hand, it may be a beginning of a general non-cooperation and may
extend to non-submission of other information.

CRISIL Ratings believes that rating action on EI is consistent with
'Assessing Information Adequacy Risk'. Based on the last available
information, the rating on bank facilities of EI migrated to
'CRISIL B+/Stable Issuer Not Cooperating'.

Set up in 2001 in Kanpur, Essar International is owned and managed
by Mr Sanjay Kumar Srivastava, Ms Annapurna Srivastava, Mr Pankaj
Mani Srivastava, Ms Rupali Srivastava and Dr Shivam Srivastava. The
firm manufactures sheet metal components, machinery parts, and
storage items and heavy fabrication with electric panels.


GLOBAL COAL: Ind-Ra Affirms D Bank Loan Rating
----------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Global Coal and
Mining Private Limited's (GCMPL) bank loan ratings as follows:

-- INR1.587 bil. Term loan (Long-term) due on November 30, 2025
     affirmed with IND D rating;

-- INR550 mil. Fund-based working capital limits (Long –
     term/Short-term) affirmed with IND D rating; and

-- INR9.510 bil. Non-fund-based working capital limits (Long –
     term/Short-term) affirmed with IND D

Analytical Approach

Ind-Ra continues to take a standalone view of GCMPL for the rating
review.

Detailed Rationale of the Rating Action

The affirmation reflects GCMPL's continuous delays in debt
servicing until April 2024 based on the information received from
the company. Moreover, the company has submitted no-default
statements for the period June 2023 to May 2024.

Detailed Description of Key Rating Drivers

Delays in Debt Servicing: The affirmation reflects GCMPL's
continuous delays in debt servicing until April 2024 based on the
information received from the company. This is consistent with
Ind-Ra's Default Recognition and Post-Default Curing Period
Policy.

Liquidity

Poor: GCMPL had been in continuous default until April 2024.

Rating Sensitivities

Negative: Not Applicable

Positive: Timely debt servicing and the use of working capital
facilities within the sanctioned limits for at least three
consecutive months could be positive for the ratings.

About the Company

Incorporated in 1998, GCMPL is engaged in coal beneficiation,
transportation and logistics of coal, and coal trading in
mineral-rich states, Odisha, Andhra Pradesh, and Telangana. It has
a total installed capacity of 10mtpa distributed among its four
coal washeries located in Odisha at Talcher (4.0mtpa) and IB Valley
(3.5mtpa), and in Telangana at Ramagundam (1mtpa) and Manuguru
(1.5mtpa).



GURU RAGHAVENDRA: CRISIL Keeps B Debt Rating in Not Cooperating
---------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Sree Guru
Raghavendra Farm (SGRF) continues to be 'CRISIL B/Stable Issuer Not
Cooperating'.

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

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

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

Detailed Rationale

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

SGRF, set up as a partnership firm, operates a poultry farm in
Davangere (Karnataka) with capacity of 180,000 layer birds. Its
operations are managed by Mr. M Ramesh. The promoter family has
been in the poultry farming business for over two decades.

HARSHA AUTOMOTIVE: CRISIL Keeps B Debt Ratings in Not Cooperating
-----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Sree Harsha
Automotive Services Private Limited (SHAPL) continue to be 'CRISIL
B/Stable Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)      Ratings
   ----------        -----------      -------
   Inventory               7          CRISIL B/Stable (Issuer Not
   Funding Facility                   Cooperating)

   Proposed Long Term      1          CRISIL B/Stable (Issuer Not
   Bank Loan Facility                 Cooperating)

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

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

Detailed Rationale

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

SHAPL was set up in 2005 by Mr. Harshavardhan and Mr. M.R.K.
Prasada Rao. The company is an authorized dealer for spares and
service provider for trucks and buses of Volvo India Pvt Ltd.  It
is based in Hyderabad, Telangana.


IMPERIAL LIFESTYLE: CRISIL Moves B+ Rating to Not Cooperating
-------------------------------------------------------------
CRISIL Ratings has migrated the ratings on certain bank facilities
of Imperial Lifestyle Private Limited (Imperial), as:

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Non Convertible        38        CRISIL B+/Stable (ISSUER NOT
   Debentures                       COOPERATING; Rating Migrated)

CRISIL Ratings has been consistently following up with Imperial for
obtaining NDS through letters/emails dated April 30, 2024, May 31,
2024 and June 29, 2024, among others, apart from telephonic
communication to seek the same. After non-receipt of NDS for 2
consecutive months, CRISIL Ratings also sent a letter dated June
21, 2024 reminding the issuer to share the NDS. However, the issuer
has remained non cooperative. CRISIL Ratings has also tried to
reach out to the lenders of Imperial to confirm timely debt
servicing during these months, but awaits any feedback.

'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 NDSs from Imperial, which restricts
CRISIL Ratings' ability to take a forward looking view on the
entity's credit quality. Further, non-sharing of NDS by issuers may
reflect operational issues faced by issuers in some cases. On the
other hand, it may be a beginning of a general non-cooperation and
may extend to non-submission of other information.

CRISIL Ratings believes that rating action on Imperial is
consistent with 'Assessing Information Adequacy Risk'. Based on the
last available information, the rating on bank facilities of
Imperial migrated to 'CRISIL B+/Stable Issuer Not Cooperating'.

Imperial was incorporated in Oct 2013 and promoted by Mr. Gangaram
Mukund and family. It is a part of Imperial Group which was earlier
known as Shree Ganesh Builders from 2001 to 2013. The company is
developing a residential project "Imperial Splendora" located in
Vasai East.


JAYAVELU SPINNING: Ind-Ra Moves BB+ Rating to NonCooperating
------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Jayavelu Spinning
Mills Private Limited's (JSMPL) bank facilities' ratings to
non-cooperating category and has simultaneously withdrawn the same
as follows:

-- INR150 mil. Fund-based working capital limit* migrated to non-
     cooperating category and withdrawn; and

-- INR122.4 mil. Term loan** due on July 2030 migrated to non-
     cooperating category and withdrawn

Note: ISSUER NOT COOPERATING: Issuer did not co-operate; based on
best available information

WD- Rating withdrawn

*Migrated to 'IND BB+/Stable (ISSUER NOT COOPERATING)'/'IND A4+
(ISSUER NOT COOPERATING)' before being withdrawn

**Migrated to 'IND BB+/Stable (ISSUER NOT COOPERATING)' before
being withdrawn

Detailed Rationale of the Rating Action

The ratings have been migrated to the non-cooperating category
before being withdrawn as the issuer did not participate in the
rating exercise despite repeated requests by the agency through
phone calls and emails, and has not provided information about
latest audited financial statements, sanctioned bank facilities and
utilization, business plans and projections for the next three
years, information on corporate governance, and management
certificate. This is in accordance with Ind-Ra's policy of
'Guidelines on What Constitutes Non-cooperation'.

Ind-Ra is no longer required to maintain the ratings, as the agency
has received no-objection certificate from lender and a request for
withdrawal of ratings from the company. This is consistent with
Ind-Ra's Policy on Withdrawal of Ratings.

Non-Cooperation by the Issuer

Ind-Ra has not received adequate information and has not been able
to conduct management interaction with JSMPL while reviewing the
ratings. Ind-Ra had consistently followed up with JSMPL over emails
starting from 4 April 2024, apart from phone calls. The issuer has
submitted its monthly no default statement until April 2024.

Limitations regarding Information Availability

Ind-Ra is unable to provide an updated forward-looking view on the
credit rating of JSMPL's, as the agency does not have adequate
information to review the rating. If an issuer does not provide
timely business and financial updates to the agency, it indicates
weak governance, particularly in 'Transparency of Financial
Information'. The agency may also consider this as symptomatic of a
possible disruption / distress in the issuer's credit profile.
Therefore, investors and other users are advised to take
appropriate caution while using these ratings.

About the Company

Incorporated in 1994, JSMPL manufactures cotton yarn with an
installed capacity of 39,504 spindles. Its manufacturing unit
located at Mettilpatti village in Tuticorin, Tamil Nadu.


JMV LPS: CARE Lowers Rating on INR8.65cr LT/ST Loans to D
---------------------------------------------------------
CARE Ratings has revised the ratings on certain bank facilities of
JMV LPS Limited (JLL), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       0.75       CARE D; ISSUER NOT COOPERATING;
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category and Revised from
                                   CARE B+; Stable

   Long Term/           8.65       CARE D/CARE D; ISSUER NOT
   Short Term                      COOPERATING; Rating continues
   Bank Facilities                 to remain under ISSUER NOT
                                   COOPERATING category and
                                   Revised from CARE B+; Stable/
                                   CARE A4
Rationale and key rating drivers

CARE Ratings Ltd. had, vide its press release dated May 18, 2023,
placed the rating(s) of JLL under the 'issuer non-cooperating'
category as JLL had failed to provide information for monitoring of
the rating and had not paid the surveillance fees for the rating
exercise as agreed to in its Rating Agreement. JLL continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
April 2, 2024, April 12, 2024, April 22, 2024 and July 2, 2024.

In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.

Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).

The rating assigned to the bank facilities of JLL have been revised
on account of delays in debt servicing as recognized from publicly
available information i.e. FY23 audit report available from ROC
Filings.

Noida (Uttar Pradesh) based JMV LPS Limited (JMV) is a public
limited company established in 2008 and is currently being managed
by Mr. Neeraj Saini; Ms. Meenakshi Saini and Mr. Sandeep Kumar. The
company is engaged in manufacturing of electrical equipment at its
plant located in Greater Noida, Uttar Pradesh like lighting
arrester, earthing electrodes, surge protection devices, etc.


JUNEJA SONS: CRISIL Moves B Debt Rating to Not Cooperating
----------------------------------------------------------
CRISIL Ratings has migrated the ratings on certain bank facilities
of Juneja Sons Steel Processors (JSSP), as:

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Cash Credit             12       CRISIL B/Stable (ISSUER NOT
                                    COOPERATING; Rating Migrated)

CRISIL Ratings has been consistently following up with JSSP for
obtaining NDS through letters/emails dated April 30, 2024, May 31,
2024 and June 29, 2024 among others, apart from telephonic
communication to seek the same. After non-receipt of NDS for 2
consecutive months, CRISIL Ratings also sent a letter dated June
21, 2024 reminding the issuer to share the NDS. However, the issuer
has remained non cooperative. CRISIL Ratings has also tried to
reach out to the lenders of JSSP to confirm timely debt servicing
during these months, but awaits any feedback.

'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 NDSs from JSSP, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. Further, non-sharing of NDS by issuers may reflect
operational issues faced by issuers in some cases. On the other
hand, it may be a beginning of a general non-cooperation and may
extend to non-submission of other information.

CRISIL Ratings believes that rating action on JSSP is consistent
with 'Assessing Information Adequacy Risk'. Based on the last
available information, the rating on bank facilities of JSSP
migrated to 'CRISIL B/Stable Issuer Not Cooperating'.

Set up in 2010, JSSP is owned and managed by Mr Jagmeet Singh
Juneja and Ms Deepika Juneja. The firm is engaged in processing
(mainly cutting) iron and steel products, such as hot-rolled and
cold-rolled coils, sheets, strips, bars, plates, channels and
angles. Its manufacturing facility is in Ludhiana, Punjab.


KAVINGANGA WEAVING: CRISIL Moves B- Ratings to Not Cooperating
--------------------------------------------------------------
CRISIL Ratings has migrated the ratings on certain bank facilities
of Kavinganga Weaving Mills Private Limited (KWMPL), as:

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Cash Credit            9.5       CRISIL B-/Stable (ISSUER NOT
                                    COOPERATING; Rating Migrated)

   Term Loan              5.5       CRISIL B-/Stable (ISSUER NOT
                                    COOPERATING; Rating Migrated)

CRISIL Ratings has been consistently following up with KWMPL for
obtaining NDS through letters/emails dated April 30, 2024, May 31,
2024 and June 29, 2024 among others, apart from telephonic
communication to seek the same. After non-receipt of NDS for 2
consecutive months, CRISIL Ratings also sent a letter dated June
21, 2024 reminding the issuer to share the NDS. However, the issuer
has remained non cooperative. CRISIL Ratings has also tried to
reach out to the lenders of KWMPL to confirm timely debt servicing
during these months, but awaits any feedback.

'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 NDSs from KWMPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. Further, non-sharing of NDS by issuers may reflect
operational issues faced by issuers in some cases. On the other
hand, it may be a beginning of a general non-cooperation and may
extend to non-submission of other information.

CRISIL Ratings believes that rating action on KWMPL is consistent
with 'Assessing Information Adequacy Risk'. Based on the last
available information, the rating on bank facilities of KWMPL
migrated to 'CRISIL B-/Stable Issuer Not Cooperating'.

Established as a proprietorship firm in the name of Ganga Weaving
by Mr. D. Boopathi, and later converted into a private limited
company in November 2017, Dindigul (Tamil Nadu)-based KWMPL is
engaged in the manufacture of fabrics.


KGA INTERNATIONAL: CRISIL Moves B+ Debt Rating to Not Cooperating
-----------------------------------------------------------------
CRISIL Ratings has migrated the ratings on certain bank facilities
of KGA International Trades Private Limited (KGAITPL), as:

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Proposed Long Term     100       CRISIL B+/Stable (ISSUER NOT
   Bank Loan Facility               COOPERATING; Rating Migrated)

CRISIL Ratings has been consistently following up with KGAITPL for
obtaining NDS through letters/emails dated April 30, 2024, May 31,
2024 and June 29, 2024 among others, apart from telephonic
communication to seek the same. After non-receipt of NDS for 2
consecutive months, CRISIL Ratings also sent a letter dated June
21, 2024 reminding the issuer to share the NDS. However, the issuer
has remained non cooperative. CRISIL Ratings has also tried to
reach out to the lenders of KGAITPL to confirm timely debt
servicing during these months, but awaits any feedback.

'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 NDSs from KGAITPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. Further, non-sharing of NDS by issuers may reflect
operational issues faced by issuers in some cases. On the other
hand, it may be a beginning of a general non-cooperation and may
extend to non-submission of other information.

CRISIL Ratings believes that rating action on KGAITPL is consistent
with 'Assessing Information Adequacy Risk'. Based on the last
available information, the rating on bank facilities of KGAITPL
migrated to 'CRISIL B+/Stable Issuer Not Cooperating'.

KGAITPL was incorporated in 2018. KGAITPL is currently setting up a
four-star deluxe hotel along with shopping mall cum convention
centre in Changanacherry, Kerala. The project is expected to be
complete by September 2024.

KGAITPL, part of KGA group, is owned & managed by Mr. K.G. Abraham
and Mrs. Saramma Abraham.


LAXMI VENKATESHWARA: CRISIL Keeps B Rating in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Sri Laxmi
Venkateshwara Rice Mill Ginning Factory (LVRMG) continues to be
'CRISIL B/Stable Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Overdraft Facility     7.5        CRISIL B/Stable (Issuer Not
                                     Cooperating)

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

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

Detailed Rationale

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

Set up 1991 as a partnership firm by Mr. Ramu, Mr. Pushpavathi, Mr.
Krishnamurthy, and Mr. Venkata Shailaja, LVRMG gins and processes
steamed and raw rice at its facility in Karatagi, Karnataka). The
promoters have been in the rice milling business since 1991.


MEDICARE HEALTH: CRISIL Moves B Debt Ratings to Not Cooperating
---------------------------------------------------------------
CRISIL Ratings has migrated the ratings on certain bank facilities
of Medicare Health Services Private Limited (MHSPL), as:

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Cash Credit           3.77       CRISIL B/Stable (ISSUER NOT
                                    COOPERATING; Rating Migrated)

   Term Loan            43.23       CRISIL B/Stable (ISSUER NOT
                                    COOPERATING; Rating Migrated)

CRISIL Ratings has been consistently following up with MHSPL for
obtaining NDS through letters/emails dated April 30, 2024, May 31,
2024 and June 29, 2024  among others, apart from telephonic
communication to seek the same. After non-receipt of NDS for 2
consecutive months, CRISIL Ratings also sent a letter dated June
21, 2024 reminding the issuer to share the NDS. However, the issuer
has remained non cooperative. CRISIL Ratings has also tried to
reach out to the lenders of MHSPL to confirm timely debt servicing
during these months, but awaits any feedback.

'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 NDSs from MHSPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. Further, non-sharing of NDS by issuers may reflect
operational issues faced by issuers in some cases. On the other
hand, it may be a beginning of a general non-cooperation and may
extend to non-submission of other information.

CRISIL Ratings believes that rating action on MHSPL is consistent
with 'Assessing Information Adequacy Risk'. Based on the last
available information, the rating on bank facilities of MHSPL
migrated to 'CRISIL B/Stable Issuer Not Cooperating'.

Initially established as Medicare Diagnostic & Imaging Centre and
was later reconstituted as private limited in 2019 under the name
MHSPL. It is operating a diagnostics center at Karan Nagar and has
recently set a new unit with maternity centre along-with other
diagnostics facilities at Kaka Sarai, both are in Srinagar,
Kashmir. Its owned and managed by Syed Mustafa Shah & Syed Sajad.


MYTRAH UJJVAL: Ind-Ra Withdraws D NonConvertible Debts Rating
-------------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn the rating on
Mytrah Ujjval Power Private Limited's (MUPPL) non-convertible
debentures as follows:

-- The IND D (ISSUER NOT COOPERATING) rating on the INR8.20 bil.
     Non-convertible debentures (Long term) ISIN INE572X07019
     issued on September 15, 2017 reset rate (refer remarks)* due
     on September 14, 2024 is withdrawn.

*0%-9% - No coupon for the first three years of the loan tenor; 8%
for the fourth and fifth years and 9% for the sixth and seventh
years. Source: NSDL and MUPPL

WD- Rating Withdrawn

Detailed Rationale of the Rating Action

Ind-Ra is no longer required to maintain the ratings, as the agency
has received no dues certificate from bond holders as the bonds has
been repaid on March 29, 2023. This is consistent with Ind-Ra's
Policy on Withdrawal of Ratings. Ind-Ra will no longer provide
analytical and rating coverage for the company.

About the Company

MUPPL is 49% held by Bindu Vayu Mauritius Limited, which holds 100%
equity in Mytrah Energy (India) Private Limited (MEIPL). MEIPL was
the holding-cum-operating company for various wind and solar power
projects. MEIPL's renewable asset portfolio was acquired by JSW
Energy Limited ('IND AA'/Stable) in 2023.


NEHA CONSTRUCTIONS: CRISIL Cuts Long/Short Term Ratings to D
------------------------------------------------------------
CRISIL Ratings has downgraded its ratings on the bank facilities of
Neha Constructions - Nagpur (NCN) to 'CRISIL D/CRISIL D from
'CRISIL B-/Stable/CRISIL A4' due to delay in repayment of term debt
obligations driven by stressed liquidity.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Long Term Rating        -        CRISIL D (Downgraded from
                                    'CRISIL B-/Stable')

   Short Term Rating       -        CRISIL D (Downgraded from
                                    'CRISIL A4')

The ratings reflect the delay in servicing of debt obligation
because of weak liquidity, modest scale of operations, large
working capital requirement and below average financial profile.
These weaknesses are partially offset by the extensive experience
of the proprietor in the electrification industry.

Key Rating Drivers & Detailed Description

Weaknesses:

* Delay in servicing of debt obligation:  NCN's weak liquidity is
reflected in the delay in the repayment of term debt obligations.

* Modest scale of operations, tender-based business, and
geographical concentration in revenue: Operating income was
INR18.60 crore in fiscal 2020 and has dropped to INR2 cr in fiscal
2024. This was due to unavailability of projects to execute. This
is compounded by intense competition and tender-driven business.
Furthermore, since most of the projects is in Maharashtra, the
business risk profile remains exposed to any change in government
policy regarding infrastructure investment.

* Large working capital requirement: Operations should remain
working capital-intensive, driven by stretched receivables and
inventory. This is due to delay in receiving payments from
government authorities. Working capital cycle though is expected to
improve would continue to remain intensive over the medium term.

* Below average financial risk profile: Networth was modest at
INR5.9 crore as on March 31, 2023, and is estimated to be around
INR5.2 to 5.3 crores as on March 31, 2024. Gearing, and total
outside liabilities to adjusted networth ratios are estimated to
remain at around 1.4 to 1.5 times and 1.5 to 1.6 times,
respectively as on March 31, 2024, due to reliance on external debt
and low networth. Debt protection metrics remained weak as
reflected in the interest coverage and net cash accruals to total
debt of 0.08 to 0.09 and -0.07 to -0.09 times respectively as on
March 31, 2024.

Strength:

* Extensive experience of the proprietor: Presence of more than a
decade in the electrification industry has enabled the proprietor
to establish strong relationships with customers and ramp up
operations in the past few years.

Liquidity: Poor

Liquidity is poor, as reflected by delay in repayment of term debt
obligation.

Rating Sensitivity factors

Upward factors

* Track record of timely repayment of debt for at least 90 days.
* Improvement in the scale of operations

Established in 2003 as a proprietorship firm by Mr Dilip Vivekanad
Belsare, NC undertakes contracts for erection and stringing of
transmission lines for state and central government agencies. The
firm is registered with various government departments.


PON RAJANS: CRISIL Moves B+ Debt Ratings to Not Cooperating
-----------------------------------------------------------
CRISIL Ratings has migrated the ratings on certain bank facilities
of Pon Rajans Pattu Mahal (PRPM), as:

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Secured Overdraft       8        CRISIL B+/Stable (ISSUER NOT
   Facility                         COOPERATING; Rating Migrated)

   Term Loan               9.25     CRISIL B+/Stable (ISSUER NOT
                                    COOPERATING; Rating Migrated)

CRISIL Ratings has been consistently following up with PRPM for
obtaining NDS through letters/emails dated April 30, 2024, May 31,
2024 and June 29, 2024 among others, apart from telephonic
communication to seek the same. After non-receipt of NDS for 2
consecutive months, CRISIL Ratings also sent a letter dated June
21, 2024 reminding the issuer to share the NDS. However, the issuer
has remained non cooperative. CRISIL Ratings has also tried to
reach out to the lenders of PRPM to confirm timely debt servicing
during these months, but awaits any feedback.

'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 NDSs from PRPM, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. Further, non-sharing of NDS by issuers may reflect
operational issues faced by issuers in some cases. On the other
hand, it may be a beginning of a general non-cooperation and may
extend to non-submission of other information.

CRISIL Ratings believes that rating action on PRPM is consistent
with 'Assessing Information Adequacy Risk'. Based on the last
available information, the rating on bank facilities of PRPM
migrated to 'CRISIL B+/Stable Issuer Not Cooperating'.

PRPM, established in 2016, is owned and managed by Mr Ponnaiyan
Krishnamoorthy and his family members, based in Thiruvannamalai,
Tamil Nadu The firm retails readymade garments.


RAJ ISPAT: CARE Keeps D Debt Rating in Not Cooperating Category
---------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Raj Ispat
Udyog (RIU) continues to remain in the 'Issuer Not Cooperating'
category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       7.00       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Rationale and key rating drivers

CARE Ratings Ltd. had, vide its press release dated May 15, 2023,
placed the rating(s) of RIU under the 'issuer non-cooperating'
category as RIU had failed to provide information for monitoring of
the rating and had not paid the surveillance fees for the rating
exercise as agreed to in its Rating Agreement. RIU continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
March 30, 2024, April 9, 2024, April 19, 2024.

In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.

Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).

Raj Ispat Udyog (RIU) was established in 1988 as a partnership firm
by Raj Kumar (aged 55 years), Mr. Anil Kumar (aged 47 years) and
Mr. Sunny Kapoor (aged 32 years). The firm is engaged in trading of
steel products and the servicing facility is located at Ludhiana,
Punjab. The traded items include C.R Coils, HR Sheet, plate,
straight angles, channel and joint etc. which find their
application in steel and allied products industry. The traded goods
are procured from associate concern, RSI and sold to dealers and
wholesalers in Punjab, Chandigarh and J&K. RIU has other group
concern viz. Raj Steel Industries (RSI), established in 1884 and
engaged in manufacturing and trading of steel items.


RAJ STEEL: CARE Keeps D Debt Rating in Not Cooperating Category
---------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Raj Steel
Industries (RSI) continues to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       5.00       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Rationale and key rating drivers

CARE Ratings Ltd. had, vide its press release dated May 15, 2023,
placed the rating(s) of RSI under the 'issuer non-cooperating'
category as RSI had failed to provide information for monitoring of
the rating and had not paid the surveillance fees for the rating
exercise as agreed to in its Rating Agreement. RSI continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
March 30, 2024, April 9, 2024, April 19, 2024.

In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.

Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).

Raj Steel Industries (RSI) was established in 1984 as a partnership
firm by Mr. Raj Kumar (aged 55 years), Mr. Anil Kumar (aged 47
years) and Mr. Sunny Kapoor (aged 32 years). The firm is engaged in
the manufacturing and trading of steel products with its
manufacturing facilities located at Ludhiana, Punjab. The finished
products include H.R Shuttering, H.R pipe, steel box, almirah etc.
The raw material, mainly steel is procured from reputed suppliers
as Steel Authority of India Limited (SAIL), the firm signs MOU with
same on yearly basis which is later on renewed as per the need. The
finished goods are sold to dealers and wholesalers in Punjab,
Chandigarh and J&K. RSI has another group concern viz. Raj Ispat
Udyog (RIU), established in 1988 and engaged in trading of steel
items.

RAMKRISHNA AGENCIES: Ind-Ra Affirms BB Bank Loan Rating
-------------------------------------------------------
India Ratings and Research (Ind-Ra) has taken the following rating
actions on Ramkrishna Agencies' (RKA) bank facilities:

-- INR630 mil. Fund-based working capital limit affirmed with IND

     BB/Stable rating;

-- INR99 mil. Fund-based working capital limit assigned with IND
     BB/Stable rating; and

-- INR60 mil. Non-fund-based working capital limit affirmed with
     IND A4+ rating.

Analytical Approach

RKA is part of the Hans group of companies. To arrive at the
ratings, Ind-Ra continues to factor in the possibility of support
to be provided by other Hans group companies, which include Shakti
Agencies Private Limited ('IND BBB-'/Stable), Sai Shakti Agencies
('IND BBB-'/Stable), Max International ('IND BB'/Stable) and
Hindustan Distributors ('IND BB'/Stable). The promoters have
informed the agency that the promoters/other group entities will
provide financial support to any of the group entities, if
required. The group companies are engaged in the trading and
retailing of products such as fast-moving consumer goods, mobile
phones, consumer durables, and gems/jewelry.

Detailed Rationale of the Rating Action

The affirmation reflects the firm's continued modest profitability
margin and credit metrics, and stretched liquidity. However, the
rating is supported by the firm's medium scale of operations and
promoters experience of four decades in the gems and jewelry
industry. However, the rating constrained by the modest credit
metrics and stretched liquidity position of the firm.

Detailed Description of Key Rating Drivers

Modest EBIDTA Margin: RKA's EBITDA margin remained modest, despite
improving to 3.9% in FY24 (FY23: 3.97%, FY22: 1.4%, FY21: 2.25%) on
account of increase in demand for mobile phones and
air-conditioners amid soaring temperatures.  The return on capital
employed was 10.2% in FY24 (FY23: 9.1%, FY22: 2.6%, FY21: 8.1%).
However, Ind-Ra expects the margins to remain at FY24 levels in the
short-to-medium term amid increasing revenue, and commission and
incentive income, owing to the trading nature of the business. FY24
financials are provisional.

Sustained Modest Credit Metrics: The gross interest coverage
(operating EBITDA/gross interest expenses) deteriorated to 1.42x in
FY23 (FY22: 0.56x, FY21: 1.06x) and net leverage (total net
debt/operating EBITDA) to 8.40x (23.89x, 9.4x) on account of an
increase in operating profitability. Ind-Ra expects the credit
metrics to have improved further in FY24 backed by an increase in
the revenue and profitability margin.

Stretched Liquidity: The average peak utilization of the fund-based
limits was around 91% during the 12 months ended April 2024. The
net working capital cycle elongated to 102 days in FY23 (FY22: 96
days) due to a decline in the payable period to almost nil
(31days). The company had a cash balance of INR121.12 million at
FYE23 (FYE22: INR4.58 million).

Experienced Promoters; Strong linkages with Hans group: The company
is owned by the Odisha-based Hans family, which has diversified
interests in various segments such as gems and jewelry, fast-moving
consumer goods, and electronics. The family has more than four
decades of experience in the trading of these products in Odisha,
giving it an edge in supply chain management as well as strong
distribution capabilities, which is critical in the trading
business. As a result, the group is a preferred
supplier/distributor for large multinationals that cater to the
Odisha market.  

The firm belongs to the Hans Group which includes five entities
engaged in trading of consumer durables, mobile phones, fast-moving
consumer goods and jewelry among others. RKA has centralized
financial control, common promoters, operational and business
linkages and fall under the same business jurisdiction. Further,
the promoters have informed that the firm will get financial
benefit from the promoters or other group entities, if required,
which refers to the strong support within the Hans Group.

Long Association with Reputed Brands: The ratings also continue to
benefit from Hans group's association with reputed brands such as
Samsung India, Hindustan Unilever Limited, Britannia Industries
Limited, Tata Global Beverages Limited, Nestle India Limited, and
Tanishq (a brand of Titan Company Limited), among others. The group
has been associated with some of these brands for more than 30
years.

Medium Scale of Operations: The revenue grew to INR5,867 million in
FY24 (FY23: INR4,840 million, FY22: INR3,768 million, FY21:
INR4,733 million) on the back of higher demand for mobile phones,
and increased sales of air conditioners amid soaring temperatures.
The sale of Samsung mobile phones constituted more than 80% of the
total revenue in FY23-FY24, followed by revenue from Caratlane and
consumer electronics. However, Ind-Ra expects the revenue to grow
further over the near-to-medium term amid higher demand for latest
mobile phones and increasing demand in consumer electronics
specially, the demand for air-conditioner.

Liquidity

Stretched: The average peak utilization of the fund-based limits
was around 91% during the 12 months ended April 2024. The cash flow
from operations remained negative at INR159.66 million in FY23
(FY22: negative INR340.46 million) due to a lower absolute EBITDA,
along with unfavorable changes in working capital. The net working
capital cycle elongated to 102 days in FY23 (FY22: 96 days) owing
to a decline in the payable period to almost nil (31days). The
company had a cash balance of INR121.12 million at FYE23 (FYE22:
INR4.58 million). The company has debt repayment obligations of
INR46.6 million in FY25 and INR41.7 million in FY26.

Rating Sensitivities

Negative: Deterioration in the scale of operations or operating
profitability or cash flow from operations, resulting in interest
coverage remaining below 1.50x on a sustained basis and/or
deterioration in the liquidity position or a weakening of linkages
with Hans group on a sustained basis, could result in a negative
rating action.

Positive: A substantial increase in the scale of operations and
operating profitability, along with an improvement in the liquidity
position and credit metrics, with the interest coverage increasing
above 2.0x all on a sustained basis, will be positive for the
ratings.

About the Company

RKA is a distributor of Samsung products in Odisha. It has 52
micro-distributors in Odisha, of which one is Max International and
the other is Hindustan Distributors. RA has been associated with
Samsung for 20-25 years, since the brand's launch in India. The
firm also has four showrooms for brands such as Caratlane, Tanishq,
eye+, Titan, Helios watches, and Mia Diamonds.



RAYAT & BAHRA: CARE Reaffirms D Rating on INR76.47cr LT Loan
------------------------------------------------------------
CARE Ratings has reaffirmed ratings on certain bank facilities of
Rayat & Bahra Group of Institutes (RBGI), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term            76.47      CARE D Rating removed from
   Bank Facilities                 ISSUER NOT COOPERATING
                                   category and Reaffirmed

   Short Term            1.00      CARE D Rating removed from
   Bank Facilities                 ISSUER NOT COOPERATING
                                   category and Reaffirmed

The ratings previously assigned to the bank facilities of RBGI were
denoted as CARE D/CARE D; ISSUER NOT COOPERATING; Since, the
company did not provide the requisite information for monitoring
the ratings. Further, in line with the extant SEBI guidelines, CARE
Ratings Ltd. had reviewed the ratings on the basis of the best
available information. However, the company has now submitted the
requisite information to monitor the ratings and CARE Ratings Ltd.
has carried out a full review of the ratings and the ratings stands
at 'CARE D/CARE D'.

Rationale and key rating drivers

The rating assigned to the bank facility of RBGI factors in the
ongoing delays in the servicing of its debt obligations.

Rating sensitivities: Factors likely to lead to rating actions

Positive factors

* Timely track record of debt servicing by company for more than 3
months.

* Sustainable improvement in operations of the company.

Analytical approach: Standalone

Outlook: Not Applicable

Detailed description of the key rating drivers:

Key strengths

Key weaknesses

* Ongoing delays in servicing of debt obligation: According to the
verbal feedback received from the banker, there are ongoing delays
in the servicing of the debt obligation and the account is
currently being classified as SMA-2 category (with overdue of 61-90
days).

Liquidity: Poor

The liquidity of the company is poor, leading to the delays in debt
servicing.

Rayat & Bahra Group of Institutes (RBGI), an educational &
charitable society was established in 2003. Currently, RBGI is
running two campuses having twelve colleges located in Mohali and
Hoshiarpur, Punjab. Apart from the above, the society is also
running two K-12 schools, one each under the Mohali and Hoshiarpur
campus. The Society was established with an objective to provide
education in the field of engineering and technology, management,
and pharmacy. The different courses offered are duly approved by
AICTE (All India Council of Technical Education), PTU (Punjab
Technical University) - Jalandhar, SCERT (State Council of
Educational Research and Training) - Punjab, PU (Punjab University)
- Chandigarh and PSBTE (Punjab State Board of Technical Education)
- Chandigarh.


SARVALOKA TEXTILES: Ind-Ra Hikes Bank loan Rating to BB+
--------------------------------------------------------
India Ratings and Research (Ind-Ra) has upgraded Shree Sarvaloka
Textiles Private Limited's (SSTPL) long-term debt rating to 'IND
BB+' from 'IND BB' with a Positive Outlook and affirmed the
short-term debt rating at 'IND A4+', while resolving Rating Watch
with Developing Implications, as follows:

-- INR190 mil. Fund-based working capital limit Long-term rating
     upgraded; short-term rating affirmed; off Rating Watch with
     Developing Implications with IND BB+/Positive/IND A4+ rating;

     and

-- INR400 mil. Term loan due on May 2030 Upgraded; off Rating
     Watch with Developing Implications with IND BB+/Positive
     rating.

Analytical Approach

Ind-Ra continues to take a standalone view of SSTPL to arrive at
the ratings.

Detailed Rationale of the Rating Action

Ind-Ra has resolved the Rating Watch with Developing Implications
because of the receipt of financial and operational data from SSTPL
for the rating process.

The upgrade reflects SSTPL's scale of operations improving to
medium from small, healthy EBITDA margins and comfortable credit
metrics. In FY25, Ind-Ra expects the revenue to marginally increase
as the company is already operating at a capacity utilization of
90%. The agency further expects the EBITDA margin to decline in
FY25 due to an increase in the revenue generation from spinning
activities which provide less margin. The ratings are also
supported by the promoters' experience of 15 years in the textiles
industry. The ratings are constrained by SSTPL's poor liquidity
position and inherent industry risks.

Detailed Description of Key Rating Drivers

Improvement in Scale of Operations to Medium: SSTPL's revenue
increased to INR1,133.45 million in FY24 (FY23: INR292.93 million)
as it was the first full year of operations of its spinning mill.
SSTPL had commenced operations in January 2023. As of early June
2024, SSTPL had an export order book of INR207.89 million, to be
executed in the next three to four months. In FY25, Ind-Ra expects
the revenue to marginally increase as the company is already using
90% of its 25,536 spindles spinning mill capacity. Only 2% of
revenue is generated from exports to European countries, which is
likely to increase to 40% of the total sales revenue in FY25. FY24
figures are provisional in nature.

Healthy EBITDA Margins: The EBITDA margin reduced to 27.35% in FY24
(FY23: 48.35%) due to a lower share of revenue from the
higher-margin sales commission of 4% (46%). However, ROCE increased
to 23.3% in FY24 (FY23: 18.8%) due to an increase in EBIT to
INR267.99 million (INR131.85 million), backed by the improved
scale. Ind-Ra expects the EBITDA margin to decline in FY25 as well,
due to an increase in the revenue generation from spinning
activities which provide less margin.

Experienced Promoters and Group Support: The company's promoters
have an experience of 15 years in the textiles industry. Moreover,
Shree Skanda Investments has extended inter-corporate deposits to
SSTPL, indicating financial linkages between the group entities.
Furthermore, SSTPL caters to the input requirements of another
group company Paramount Textile Mills, indicating operational
linkages between the entities.

Comfortable Credit Metrics: The net leverage (total adjusted net
debt/operating EBITDAR) improved to 2.23x in FY24 (FY23: 5.61x) as
the total adjusted net debt reduced to INR738.4 million (INR836.24
million) due to the repayment of a term loan of INR174.2 million.
However, the gross interest coverage (operating EBITDA/gross
interest expenses) deteriorated to 3.74x in FY24 (FY23: 6.48x) due
to an increase in the gross interest expense in to INR82.98 million
(INR21.87 million) as the operations of spinning mill started in
January 2023. Ind-Ra expects the credit metrics to deteriorate in
the medium term due to a decline in the EBITDA margins.

Liquidity - Poor: The company's average maximum utilization of the
fund-based limits was 96.28% during the 12 months ended March 2024.
SSTPL's net working capital cycle remained elongated despite
improving at 112 days in FY24 (FY23: 763 days), due to a reduction
in the debtor days to 72 (153) and inventory days to 61 (831).  The
company has scheduled debt repayments of INR52 million and INR68
million for FY25 and FY26, respectively.

Inherent Industry Risks: Textile players face high competition, due
to the fragmented nature of the industry, and raw material price
volatility. Furthermore, cotton prices in India are regulated
through the fixing of a minimum support price by the government,
and cotton players depend on the price parity. The price of raw
cotton also depends on the area under production, annual yield,
international demand-supply scenario, export quota decided by the
government and the previous year's inventory.

Liquidity

Poor: HSPL does not have any capital market exposure and relies on
banks and financial institutions to meet its funding requirements.
The cash flow from operations improved to INR130.93 million in FY24
(FY23: negative INR5.13 million) due to an increase in the
fund-flow from operations to INR232.79 million (INR105.93 million).
The cash and cash equivalents stood at INR46 million at FYE24
(FYE23: INR41.67 million).

Rating Sensitivities

Positive: An improvement in the liquidity position, sustaining the
operating performance, and maintaining the net leverage below 3.5x,
all on a sustained basis, would be positive for the ratings.

Negative: A decline in the scale of operations or profitability or
deterioration in the liquidity position or the credit metrics, all
on a sustained basis, will be negative for the ratings.

About the Company

SSTPL was incorporated in 2019 in Madurai. The company is a
commission agent for its associate concern and is also involved in
job work and sale of indigenous cloths. SSTPL stitches the fabrics
provided by Paramount Textiles Mills at its 25,536 spindles
capacity and sells it back to them.

SATYA SUBAL: CARE Keeps D Debt Ratings in Not Cooperating Category
------------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Satya Subal
Himghar Private Limited (SSHPL) continues to remain in the 'Issuer
Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       8.85       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

   Short Term Bank      0.17       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Rationale and key rating drivers

CARE Ratings Ltd. had, vide its press release dated April 13, 2023,
placed the rating(s) of SSHPL under the 'issuer non-cooperating'
category as SSHPL had failed to provide information for monitoring
of the rating and had not paid the surveillance fees for the rating
exercise as agreed to in its Rating Agreement. SSHPL continues to
be noncooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
February 27, 2024, March 8, 2024, March 18, 2024.

In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.

Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).

SSHPL was incorporated in April 2012, to set up a cold storage unit
by Mr. Bhaskar Ghosh, Mr. Dipankar Ghosh, Mr. Sasanka Sekhar Ghosh
and Mr. Shankar Ghosh. SSHPL is into providing cold storage
services primarily for potatoes to local farmers and
traders on rental basis with an aggregate storage capacity of
172000 quintals. The cold storage facility is located at Paschim
Medinipur, West Bengal. Besides providing cold storage facility,
the company also provides interest bearing advances to farmers for
their agricultural activities against the receipts of the potatoes
stored.


SCHAKRALAYA MOTORS: CRISIL Moves B+ Rating to Not Cooperating
-------------------------------------------------------------
CRISIL Ratings has migrated the ratings on certain bank facilities
of Schakralaya Motors Private Limited (Schakralaya), as:

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Electronic Dealer      20        CRISIL B+/Stable (ISSUER NOT
   Financing Scheme                 COOPERATING; Rating Migrated)
   (e-DFS)                

CRISIL Ratings has been consistently following up with Schakralaya
for obtaining NDS through letters/emails dated April 30, 2024, May
31, 2024 and June 29, 2024 among others, apart from telephonic
communication to seek the same. After non-receipt of NDS for 2
consecutive months, CRISIL Ratings also sent a letter dated June
21, 2024 reminding the issuer to share the NDS. However, the issuer
has remained non cooperative. CRISIL Ratings has also tried to
reach out to the lenders of Schakralaya to confirm timely debt
servicing during these months, but awaits any feedback.

'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 NDSs from Schakralaya, which restricts
CRISIL Ratings' ability to take a forward looking view on the
entity's credit quality. Further, non-sharing of NDS by issuers may
reflect operational issues faced by issuers in some cases. On the
other hand, it may be a beginning of a general non-cooperation and
may extend to non-submission of other information.

CRISIL Ratings believes that rating action on Schakralaya is
consistent with 'Assessing Information Adequacy Risk'. Based on the
last available information, the rating on bank facilities of
Schakralaya migrated to 'CRISIL B+/Stable Issuer Not Cooperating'.

Pondicherry based, Schakralaya was incorporated in 2022 and is an
authorized dealer of Tata Motors- passenger vehicles. The company
has 8 showrooms in Cuddalore, Pondicherry, Neyveli, Chidambaram,
Karaikal, etc., covering three districts. The group also have
diverse business including theatres, restaurant and transportation
among others.


SEFL DA III: Ind-Ra Affirms D(SO) SEPT 2029 Rating
--------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed SEFL DA September
2019 III as follows:

-- INR828.60^ mil. assignee payouts (Long-term) issued on
     September 30, 2019 coupon rate 10.26% due on September 30,
     2023 affirmed with IND D(SO) rating; and

-- INR156.77 mil. assignor retention (Long-term) due on September

     30, 2023 affirmed with IND D(SO) rating.

^Balance as of RAC published on June 14, 2023. As represented by
the assignor, the assignee payouts have been completely paid post
May 2024. However, no confirmation has been received on the same
from the assignee representative. Hence, Ind-Ra continues to rate
the assignee payouts.

The construction equipment pool assigned to the trust has been
originated by SREI Equipment Finance Limited (SEFL; the assignor,
and collection and processing agent (CPA)).

Analytical Approach

Ind-Ra has considered whether the payments have been made as per
the waterfall given in the transaction documentation to arrive at
the ratings.

Detailed Rationale of the Rating Action

The rating of the assignee payouts addresses the timely payment of
interest and principal to the assignee by the scheduled maturity.
As represented by the assignor, the assignee payouts have been
completely paid post May 2024. However, no confirmation has been
received on the same from the assignee representative. The rating
of assignor retention addresses the timely payment of principal to
the assignor by the scheduled maturity date. Since there is default
in payment to the assignee, the principal overdue is construed as
an event of default for the assigned transaction during the last
year.

Detailed Description of Key Rating Drivers

Continuous overdue in Assignee and Assignor Retention Payouts: The
default reflects overdue in the assignee payouts as of May 2024. As
per information received from SEFL, there has been a continuous
overdue in the collection from the underlying pool and hence, the
payouts in the transaction are not in line with the proposed
schedule of payments.

The pool is completely matured and only over dues remain to be
collected in the pool. The excess interest spread has also been
passed on to the assignee, along with the collections from the
obligors to clear the dues.

Non-availability of External Credit Support: The credit enhancement
(CE) in the transaction, which was INR900 million originally, has
been completely utilized. Hence, there is no additional external
credit support remaining to make the timely payments.

Originator Admitted under Corporate Insolvency Resolution Process
under Insolvency and Bankruptcy Code: The agency understands that
the Reserve Bank of India had superseded the boards of SEFL and
SREI Infrastructure Finance Limited (SIFL) on October 4, 2021 and
has been admitted under Corporate Insolvency Resolution Process
under Insolvency and Bankruptcy Code, 2016 vide National Company
Law Tribunal, Kolkata Bench Order dated October 8, 2021.

Based on the application filed by the administrator, the National
Company Law Tribunal (NCLT), vide order dated February 14, 2022,
has directed consolidated insolvency resolution process for SEFL
and SIFL. The resolution plan submitted by National Asset
Reconstruction Company Limited (NARCL) has been approved by the
Committee of Creditors by majority voting for consolidated
resolution of SIFL and SEFL as the successful resolution plan. The
administrator of SIFL and SEFL has filed an application for
submission of the approved resolution plan with the adjudicating
authority (NCLT, Kolkata) on February 16, 2023, and the same was
approved on August 11, 2023.

Liquidity

Poor: The CE has been fully utilized in the transaction, and all
the loans in the pool have reached their original maturity. Hence,
all likely collections from the pool are from overdue instalments.
All information has been provided to the agency by the issuer. The
agency has not received any information from the assignee
representative with regards to the payouts.

Rating Sensitivities

Positive: A positive rating sensitivity is not applicable as the
instrument has passed its maturity date.

Negative: Not applicable.

About the Company

SEFL is engaged in the financing of construction and mining
equipment, information technology, medical and agriculture-based
farm equipment. During 1HFY24, the company witnessed a loss of INR1
billion (FY23: loss of INR112 billion).

SHREENATH METALS: CRISIL Keeps B Debt Ratings in Not Cooperating
----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Shreenath
Metals (SM) continue to be 'CRISIL B/Stable Issuer Not
Cooperating'.

                         Amount
   Facilities         (INR Crore)     Ratings
   ----------         -----------     -------
   Cash Credit/           5.4         CRISIL B/Stable (Issuer Not
   Overdraft facility                 Cooperating)

   Proposed               4.6         CRISIL B/Stable (Issuer Not
   Overdraft Facility                 Cooperating)

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

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

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

Detailed Rationale

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

SM, established in 1996 at Pune, Maharashtra, is owned and managed
by Mr Balasaheb Vitthal Pacharne. The firm manufactures aluminium
castings through gravity die casting as well as low-pressure die
casting with fully machined components. It has two manufacturing
facilities, both in Pune.


SIMHAPURI TRANSPORT: CRISIL Keeps B+ Rating in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Simhapuri
Transport (ST) continues to be 'CRISIL B+/Stable Issuer Not
Cooperating'.

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

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

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

Detailed Rationale

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

ST, established as a partnership firm Visakhapatnam based Mr.
V.Madhava Rao, is a third-party logistics and road transportation
services provider. The proprietor has experience of two decades in
the transport business.


SINCHANA EXPORTS: CRISIL Keeps B Debt Rating in Not Cooperating
---------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Sinchana
Exports and Readymade Garments (SERG) continues to be 'CRISIL
B/Stable Issuer Not Cooperating'.

                         Amount
   Facilities         (INR Crore)    Ratings
   ----------         -----------    -------
   Proposed Long Term       5        CRISIL B/Stable (Issuer Not
   Bank Loan Facility                Cooperating)

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

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

Detailed Rationale

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

SERG was established as proprietorship firm in 2018. It is setting
up manufacturing facility of readymade garments at industrial area
of Doddaballapur - Karnataka. The project is being undertaken by
Mr. Narasappa - proprietor of the firm and expected to commence
from October 2020.


SINDHU CARGO: Ind-Ra Cuts Bank loan Rating to D
-----------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded Sindhu Cargo
Services Private Limited's (SCSPL) bank facilities to 'IND D(ISSUER
NOT COOPERATING)' from 'IND BB+/Stable (ISSUER NOT COOPERATING)'.
The issuer did not participate in the rating review despite
continuous requests and follow-ups by the agency through emails and
phone calls. Thus, the rating is based on the best available
information. Therefore, investors and other users are advised to
take appropriate caution while using the rating.

The detailed rating actions are:

-- INR450 mil. Fund-based working capital limit (Long term)
     downgraded with IND D (ISSUER NOT COOPERATING) rating; and

-- INR20 mil. Non-fund-based working capital limit (short term)
     downgraded with IND D (ISSUER NOT COOPERATING) rating.

Note: Issuer did not cooperate; based on the best-available
information

Detailed Rationale of the Rating Action

The downgrade reflects SCSPL's delays in debt servicing based on
information available in the public domain. However, Ind-Ra has not
been able to ascertain the reason for the delays, as the company
has been non-cooperative. The ratings continue to be maintained in
non-cooperating category in accordance with Ind-Ra's 'Guidelines on
What Constitutes Non-Cooperation'.

Non-Cooperation by the Issuer

Ind-Ra has not received adequate information and has not been able
to conduct management interaction with SCSPL while reviewing the
ratings. Ind-Ra had consistently followed up with SCSPL over emails
starting from March 2019, apart from phone calls. The issuer has
also not been submitting their monthly no default statement.

Limitations regarding Information Availability

Ind-Ra is unable to provide an updated forward-looking view on the
credit ratings of SCSPL, as the agency does not have adequate
information to review the ratings. If an issuer does not provide
timely business and financial updates to the agency, it indicates
weak governance, particularly in 'Transparency of Financial
Information'. The agency may also consider this as symptomatic of a
possible disruption / distress in the issuer's credit profile.
Therefore, investors and other users are advised to take
appropriate caution while using these ratings. SCSPL has been
non-cooperative with the agency since March 2019.

About the Company

SCSPL was incorporated in 1987 and provides diversified logistic
services such as custom clearing, freight forwarding,
transportation, warehousing, and supply chain management, among
others through air, water and land.

SIVA SAI: CARE Moves D Debt Ratings to Not Cooperating Category
---------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Siva Sai
Marine (SSM) continue to remain in the 'Issuer Not Cooperating'
category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       5.00       CARE D; ISSUER NOT COOPERATING;
   Facilities                      Rating moved to ISSUER NOT
                                   COOPERATING category

   Long Term/          46.00       CARE D/CARE D; ISSUER NOT
   Short Term                      COOPERATING; moved to ISSUER
   Bank Facilities                 NOT COOPERATING category

Rationale and key rating drivers

CARE Ratings Limited (CARE Ratings) has been seeking information
from SSM to monitor the rating(s) vide email communications dated
June 3, 2024, June 10, 2024, June 12, 2024, June 13, 2024, June 18,
2024, and June 21, 2024, and numerous phone calls. However, despite
repeated requests, the company has not provided the requisite
information for monitoring the ratings.

In line with the extant Securities and Exchange Board of India
(SEBI) guidelines, CARE Ratings has reviewed the rating based on
the best available information, which however, in CARE Ratings'
opinion is not sufficient to arrive at a fair rating. Ratings on
SSM's bank facilities will now be denoted as CARE D/CARE D; ISSUER
NOT COOPERATING.

Users of this rating (including investors, lenders, and the public
at large) are hence requested to exercise caution while using the
above rating(s).

Ratings considers delays in payment of interest of GECL loans due
to stretching of payment from debtors leading to poor liquidity
position.

Analytical approach: Standalone

Outlook: Not applicable

Detailed description of key rating drivers:

At the time of last rating on June 30, 2023, the following was the
rating weakness.

Key weakness

* Delay in debt servicing: There has been delay in servicing of
debt obligations due to poor liquidity position.

SSM was incorporated on April 20, 2019, by Narendra Reddy. The
entity's business activities involve processing and export of
frozen shrimps of various counts, species, and variants, primarily
to the European Union, Russia, and other export markets. SSM has
setup its unit with an annual processing (and freezing) capacity of
2,700 Metric Tonne equipped with the latest technology of
Individual Quick Freezing (IQF) at Guntur district of Andhra
Pradesh. SSM carries out the export of frozen, IQF, and Block
Frozen Shrimps of various counts, species, and variants. The firm
has a group company, Siva Vaishnavi Marine Pvt Ltd, engaged in a
similar business.


SOUTHERN HOLDINGS: CRISIL Moves B Debt Ratings to Not Cooperating
-----------------------------------------------------------------
CRISIL Ratings has migrated the ratings on certain bank facilities
of Southern Holdings & Investments (Chennai) Private Limited
(SHIPL), as:

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Cash Credit           7.3        CRISIL B/Stable (ISSUER NOT
                                    COOPERATING; Rating Migrated)

   Cash Credit           0.8        CRISIL B/Stable (ISSUER NOT
                                    COOPERATING; Rating Migrated)

   Long Term Loan        1.4        CRISIL B/Stable (ISSUER NOT
                                    COOPERATING; Rating Migrated)

CRISIL Ratings has been consistently following up with SHIPL for
obtaining NDS through letters/emails dated April 30, 2024, May 31,
2024 and June 29, 2024 among others, apart from telephonic
communication to seek the same. After non-receipt of NDS for 2
consecutive months, CRISIL Ratings also sent a letter dated June
21, 2024 reminding the issuer to share the NDS. However, the issuer
has remained non cooperative. CRISIL Ratings has also tried to
reach out to the lenders of SHIPL to confirm timely debt servicing
during these months, but awaits any feedback.

'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 NDSs from SHIPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. Further, non-sharing of NDS by issuers may reflect
operational issues faced by issuers in some cases. On the other
hand, it may be a beginning of a general non-cooperation and may
extend to non-submission of other information.

CRISIL Ratings believes that rating action on SHIPL is consistent
with 'Assessing Information Adequacy Risk'. Based on the last
available information, the rating on bank facilities of SHIPL
migrated to 'CRISIL B/Stable Issuer Not Cooperating'.

Set up 2011 by Mr. VA Kurien and family members, SHIPL operates a
48-room 4-star hotel, Lemon Tree in Port Blair.


SUNSTAR OVERSEAS: ED Arrests IRP, 2 Others for Fraudulent Take Over
-------------------------------------------------------------------
NDTV.com reports that the Enforcement Directorate (ED) said on July
3 that it has arrested three persons including a chartered
accountant and a resolution professional as part of a money
laundering probe linked to an alleged bank loan fraud related to
regaining control of an insolvent company from the NCLT.

According to NDTV.com, chartered accountant (CA) Rakesh Kumar
Gulati, Ajay Yadav of resolution applicant firm Umaiza Infracon LLP
and a person identified as Paramjeet were taken into custody on
July 1 by the Gurugram zonal office of the Enforcement Directorate
(ED).

A special Prevention of Money Laundering Act (PMLA) court sent them
to ED custody till July 9, the agency said in a statement.

The case pertains to Sunstar Overseas Ltd (SOL), its ex-directors
Rakesh Aggarwal, Rohit Aggarwal, Manik Aggarwal, Sumit Aggarwal and
others.

NDTV.com relates that the money laundering case stems from a
Central Bureau of Investigation (CBI) FIR filed against the company
and its former promoters on charges of fraud, criminal
misappropriation, criminal breach of trust, cheating and causing
wrongful loss of more than INR950 crore to a consortium of nine
lender banks.

The ex-promoters, directors and key persons of the company, in
connivance with each other as well as other related and unrelated
entities, "illegally diverted" loan funds by way of sham trade
transactions and by creating fictitious debtors, the ED alleged.

The total admitted claims against SOL was INR1,274.14 crore and the
entity was taken over through corporate insolvency resolution
process (CIRP) proceedings for only INR196 crore by a resolution
applicant Umaiza Infracon LLP (of Ajay Yadav) which is a "shell"
(dummy) entity as it does not have any funds of its own, the agency
said.


VENKATESHWARA FOOD: CARE Keeps D Debt Rating in Not Cooperating
---------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Shree
Venkateshwara Food Industries (SVFI) continues to remain in the
'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       5.24       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Rationale and key rating drivers

CARE Ratings Ltd. had, vide its press release dated May 30, 2023,
placed the rating(s) of SVFI under the 'issuer non-cooperating'
category as SVFI had failed to provide information for monitoring
of the rating and had not paid the surveillance fees for the rating
exercise as agreed to in its Rating Agreement. SVFI continues to be
noncooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
April 14, 2024, April 24, 2024, May 4, 2024.

In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.

Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).

Kolhapur-based, SVFI is a partnership concern established in the
year 2010 by Mr. Rajendra Malu and Mr. Gourav Malu. However,
operations commenced from the month of October, 2014. The firm is
engaged in the manufacturing and processing of Namkeen, salted
potato chips, Kolhapuri bhadang, moong dal and salted chips under
the brand name 'Om Namo Namkeen'.


WARSAW INTERNATIONAL: Ind-Ra Cuts Bank Loan Rating to BB
--------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded Warsaw
International's (WI) bank facilities to 'IND BB' from IND BB+. The
Outlook is Stable.

The detailed rating action is:

-- INR260 mil. Fund-based working capital limit Long term:
     downgraded; short term: affirmed with IND BB/Stable/ IND A4+
     rating.

Analytical Approach

Ind-Ra continues to take a standalone view of WI to arrive at the
rating.

Detailed Rationale of the Rating Action

The downgrade reflects WI's continued small scale of operations
with its revenue declining to INR656.54 million in FY24, as per the
provisional numbers. The rating also factors in WI's modest EBITDA
margins, moderate credit metrics and higher customer concentration.
However, the rating is supported by the promoter's experience.

Detailed Description of Key Rating Drivers

Small Scale of Operations: WI operations remained small with its
revenue declining to INR656.54 million in FY24 (FY23: INR1,024.88
million), due to lower demand from European countries, particularly
Germany, which accounted for more than 80% of WI's total revenue.
Due to weak demand in the European markets, the company's capacity
utilization came down to about 69% in FY24 (FY23: about 85%).
However, the capacity utilization is likely to improve in FY25.
Ind-Ra expects the revenue to improve slightly in FY25, considering
likely moderate pick-up in demand from Germany and orders in hand.

Modest EBITDA Margins: WI's   EBITDA margins remained modest but
increased to 10.77% in FY24 (FY23: 6.91%), due to lower raw
material costs. The return on capital employed stood at 11.50% in
FY24 (FY23: 12.30%). Ind-Ra expects the EBITDA margins to slightly
deteriorate in FY25, due to a likely slight increase in the raw
material prices.

Moderate Credit Metrics: WI's gross interest coverage (operating
EBITDA/gross interest expenses) improved to 2.09x in FY24 (FY23:
1.92x) on account of decreased gross interest expenses of INR33.84
million  (INR36.25 million) and the net leverage (total adjusted
net debt/operating EBITDAR) increased to 5.71x (4.03x), on account
of increased outstanding fund-based facility of INR313.47 million
(INR144.46 million). Its EBITDA remained almost stable at INR70.72
million in FY24 (FY23: INR70.87 million), due to its improved
EBITDA margins. Ind-Ra expects the credit metrics to slightly
deteriorate FY25, due to a likely decline in its EBITDA.

Customer Concentration Risk: WI's top five customers accounted for
94% of its total revenue in FY23 (FY22: 87%; FY21: 88%), exposing
the company to material customer concentration risk.

Experienced Promoters: The ratings are supported by the promoters'
nearly three decades of experience in the textile industry, leading
to established relationships with customers as well as suppliers.

Liquidity

Stretched: WI's average maximum utilization of the fund-based
limits was 89.33% during the 12 months ended March 2024. The cash
flow from operations turned negative INR96.31 million in FY24
(FY23: INR80.58 million) due to an unfavorable change in the
working capital to negative INR128.64 million (INR42.59 million).
Consequently, the free cash flow also turned negative INR106.77
million in FY24 (FY23: INR79.08 million) despite the absence of any
capex. WI does not have any capital market exposure and relies on
banks and financial institutions to meet its funding requirements.
The average net working capital cycle remained elongated at 430
days in FY24 (FY23: 51 days), due to increased inventory days of
410 (100), debtor days of 59 (24) and decreased creditor days of 39
(73). The cash and cash equivalents stood at INR5.31 million at
FYE24 (FYE23: INR27.63 million). WI has repayment obligations of
INR19 million for FY25 and INR8.8 million for FY26.

Rating Sensitivities

Negative: Any substantial deterioration in the scale of operations
and the profitability, along with any deterioration in the
liquidity position, resulting in deterioration in the credit
metrics with the interest coverage falling below 1.5x, all on a
sustained basis, will be negative for the ratings.

Positive: A sustained improvement in the scale of operations and
the profitability along with an improvement in the liquidity
position, while improving the overall credit metrics with the
interest coverage increasing more than 2x, all on a sustained
basis, will be positive for the ratings.

About the Company

WI was established in 1989 as a partnership firm by Raja M
Shanmugham, M Ramaswamy, S Vishal and R Muthuarvind, Tirupur. The
Tamil Nadu-based firm manufactures knitted ready-made garments for
men, women, and exports to European companies. WI has a
manufacturing capacity of 1.80 million knitted garment pieces
annually.




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

BENNY'S HANGAR: Entertainment Centre Enters Into Liquidation
------------------------------------------------------------
Star News reports that an ambitious NZD1 million-plus plan to turn
an unused old Christchurch air force hangar into a large indoor
entertainment venue has crashed to the ground.

According to the report, local barber Ben Scott planned to convert
the 1800 sq. meter hangar and mezzanine floor in Wigram into an
all-ages entertainment centre, featuring a large indoor skate park
and a host of other activities including archery, axe throwing and
mini golf.

But over the weekend Mr. Scott announced his two limited liability
companies - Benny's Hangar and Benny's Barber Shop - have been
forced into liquidation, Star News discloses.

Contractors and suppliers are now owed more than NZD400,000 and
will have to wait for the liquidator's report to see how much they
get back from the failed project.

Mr. Scott's former barber shop in Sydenham will continue to operate
under new ownership, Star News notes.

He initially described the entertainment venue as "essentially an
adult's Chipmunks" with "affordable entertainment" for all ages.
Mr. Scott reached out to the public for help in May through an
ambitious NZD750,000 crowdfunding campaign.

But it failed to reach its goal, bringing a halt to construction
which was around 80 per cent completed at the time.

Star News adds that Mr. Scott said it has been "one hell of a
10-year journey". He said he had given the project his best shot,
but admitted he came up short.

"(There's) a lot of learning to come from this," he said.


CC CA's: Court to Hear Wind-Up Petition on Aug. 9
-------------------------------------------------
A petition to wind up the operations of CC CA's Limited will be
heard before the High Court at Auckland on Aug. 9, 2024, at 10:45
a.m.

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

The Petitioner's solicitor is:

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


CRAIG ROGERS: Creditors' Proofs of Debt Due on Aug. 5
-----------------------------------------------------
Creditors of Craig Rogers Building Limited are required to file
their proofs of debt by Aug. 5, 2024, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on July 5, 2024.

The company's liquidator is:

          Brenton Hunt
          PO Box 13400
          City East
          Christchurch 8141


FMS CONSTRUCTION: Thomas Lee Rodewald Appointed as Receiver
-----------------------------------------------------------
Thomas Lee Rodewald of Rodewald Consulting on July 8, 2024, was
appointed as receiver and manager of FMS Construction Limited.

The receiver and manager may be reached at:

          Thomas Lee Rodewald
          C/- Rodewald Consulting Limited
          Level 1, The Hub
          525 Cameron Road
          PO Box 15543
          Tauranga 3144

LYFORD TRANSPORT: Creditors' Proofs of Debt Due on July 26
----------------------------------------------------------
Creditors of Lyford Transport Limited are required to file their
proofs of debt by July 26, 2024, to be included in the company's
dividend distribution.

David Thomas was appointed as liquidator of the company on June 26,
2024.



OCHO INVESTMENTS: Court to Hear Wind-Up Petition on July 18
-----------------------------------------------------------
A petition to wind up the operations of Ocho Investments Limited
will be heard before the High Court at Invercargill on July 18,
2024, at 11:45 a.m.

The Commissioner of Inland Revenue filed the petition against the
company on May 15, 2024.

The Petitioner's solicitor is:

          Gabrielle McGillivray
          Inland Revenue, Legal Services
          PO Box 1782
          Christchurch 8140


WHOLESALE MOTORS: Used Vehicle Dealer Goes Into Liquidation
-----------------------------------------------------------
NZ Herald reports that used vehicle dealer Wholesale Motors
Christchurch - the company behind former Prime Minister Helen
Clark's Crown limousine NZD1 reserve auction last month - is in
liquidation.

According to NZ Herald, Wholesale Motors Christchurch was placed
into liquidation on June 28 following a special resolution of its
shareholders. Brenton Hunt of Insolvency Matters was appointed
liquidator.

NZ Herald relates that an initial liquidator's report said the
company struggled through the Covid-19 restrictions, and despite an
initial pick-up, activity in recent months had significantly slowed
putting pressure on working capital.

Wholesale Motors Christchurch was in the news last month after it
acquired and listed for sale on Trade Me the Ford LTD Ba V8 Crown
limousine used to drive around Helen Clark from 2005 to 2008, while
she was Prime Minister, NZ Herald recalls.

At the time, dealer principal Tyson Adams said they had received
the car as a trade-in on a Jeep Cherokee Hemi V8 sold a month
prior.

"The owner of the Ford was a car enthusiast who took this CR1 Crown
car to shows and the like," the report quotes Mr. Adams as saying.

The auction for the Ford LTD Ba V8 Crown limousine had reached a
bid of NZD14,000 in its first two days.

According to the liquidator's report, Wholesale Motors Christchurch
owes an estimated NZD225,000 in Inland Revenue GST and PAYE.

Unsecured creditors - which include ACC, Janssen Insurance and NCC
Car Carriers - are owed an estimated NZD100,000, according to the
report cited by NZ Herald.

Janssen Insurance also provided warranty cover for Wholesale Motors
Christchurch.

According to NZ Herald, the liquidator's report said the company's
bank account was in overdraft at liquidation and inventory on hand
was financed and refinanced in a new company with the same director
in recent months.

Plant and equipment were to be identified and sold. It was
estimated to be worth NZD10,000.

"Initial investigations indicate overdrawn shareholder current
accounts," the liquidator's report noted, NZ Herald relays.

"The liquidator is undertaking investigations to determine whether
there are any claims, and/or other assets that may give rise to
additional recoveries for the benefit of creditors."

Creditors have until July 29 to make a claim and establish any
priority. The liquidator said it was not possible to provide a
definitive statement as to whether sufficient assets would be
realised in order to pay creditors at this stage ". . . but it is
looking unlikely".

Tyson Adams is listed as the sole director and shareholder.




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

ARCOMET ASIA: Creditors' Proofs of Debt Due on Aug. 5
-----------------------------------------------------
Creditors of Arcomet Asia Holdings Pte. Ltd. are required to file
their proofs of debt by Aug. 5, 2024, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on June 28, 2024.

The company's liquidators are:

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


HYFLUX: KPMG Fails to Strike Out Parts of Co's Statement of Claim
-----------------------------------------------------------------
The Business Times reports that KPMG has not managed to persuade
the High Court to strike out parts of the statement of claim from
its former client Hyflux and two of Hyflux's units, after the
auditor's application in the lead up to trial was dismissed on July
10.

According to BT, Hyflux, Hydrochem and Tuaspring are suing KPMG for
breach of obligations and negligence relating to the previous
preparation of their accounts and financial statements, seeking
compensation of over SGD684.6 million based on the statement of
claim filed in 2022.

Hyflux's financial statements were stated to have been prepared in
accordance with the Singapore Financial Reporting Standards and
showed the group was financially well, the plaintiffs alleged, but
they were actually misstated because of failure to recognise or
cater for losses or impairment relating to Tuaspring, BT says.

                           About Hyflux

Singapore-based Hyflux Ltd provided various solutions in water and
energy areas worldwide. The company operated through two segments,
Municipal and Industrial. The Municipal segment supplied a range of
infrastructure solutions, including water, power, and
waste-to-energy to municipalities and governments. The Industrial
segment supplied infrastructure solutions for water to industrial
customers. It has business operations across Asia, Middle East and
Africa.

In May 2018, Hyflux filed for bankruptcy protection and got an
automatic 30-day moratorium. Trading in all its shares and
securities was suspended.

In March 2019, Hyflux said that Maybank, its biggest secured
creditor, had appointed receivers and managers from insolvency firm
Ferrier Hodgson to take over the Tuaspring Integrated Water and
Power Plant.  In May 2019, National water agency PUB takes over
Tuaspring desalination plant.

In June 2020, the Singapore authorities said they are investigating
Hyflux over corporate governance breaches. Among the directors
under probe is Hyflux executive chairman Olivia Lum.

In November 2020, the High Court of Singapore appointed Hamish
Alexander Christie and Patrick Bance of Borrelli Walsh Pte. Limited
as joint and several judicial managers of Hyflux Ltd.

On June 2021, Hyflux's judicial managers filed an application to
wind up the company. On July 21, 2021, the High Court of Singapore
approved the winding up application.

JCUBE ENGINEERING: Court Enters Wind-Up Order
---------------------------------------------
The High Court of Singapore entered an order on June 28, 2024, to
wind up the operations of Jcube Engineering Services Pte. Ltd.

Teambuild Construction Pte. Ltd. filed the petition against the
company.

The company's liquidators are:

          Mr. Cosimo Borrelli
          Mr. Jason Aleksander Kardachi
          c/o Kroll Pte. Limited
          10 Collyer Quay
          #05-04/05 Ocean Financial Centre
          Singapore 049315


LHC COATINGS: Court to Hear Wind-Up Petition on July 26
-------------------------------------------------------
A petition to wind up the operations of LHC Coatings Pte Ltd will
be heard before the High Court of Singapore on July 26, 2024, at
10:00 a.m.

Maybank Singapore Limited filed the petition against the company on
July 2, 2024.

The Petitioner's solicitors are:

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



M2 COMMERCIAL: Court to Hear Wind-Up Petition on July 26
--------------------------------------------------------
A petition to wind up the operations of M2 Commercial Leasing Pte
Ltd will be heard before the High Court of Singapore on July 26,
2024, at 10:00 a.m.

Maybank Singapore Limited filed the petition against the company on
July 1, 2024.

The Petitioner's solicitors are:

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


MARINA BAY: Creditors' Proofs of Debt Due on Aug. 6
---------------------------------------------------
Creditors of Marina Bay Alliance Limited are required to file their
proofs of debt by Aug. 6, 2024, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on June 28, 2024.

The company's liquidator is:

          Chek Khai Juat
          c/o Tricor Singapore  
          9 Raffles Place
          #26-01 Republic Plaza
          Singapore 048619



TERRAFORM LABS: To Sell 4 Businesses Amid Bankruptcy Proceedings
----------------------------------------------------------------
Cryptonews reports that Terraform Labs has announced plans to sell
four of its businesses as part of a $4.5 billion deal with the
United States Securities and Exchange Commission (SEC).

Cryptonews relates that the four businesses that Terraform Labs is
looking to sell are its portfolio tracking platform Pulsar Finance,
crypto wallet platform Station, the no-code decentralized
autonomous organization (DAO) management platform Enterprise, and
its smart contract automation protocol Warp.

Terraform acquired Pulsar Finance in November 2023, shortly before
filing for Chapter 11 bankruptcy in January, recalls Cryptonews.

Enterprise was launched a year earlier in November 2022.

Despite its financial difficulties, Terraform Labs continues to
actively develop the Warp protocol and Station wallet.

According to Cryptonews, the company stated that the sale of these
businesses is part of its broader strategy to maximize value for
its creditors and stakeholders in compliance with the terms of its
settlement with the SEC.

Terraform Labs gained attention for creating Terra Luna Classic
(LUNC), a cryptocurrency linked to the algorithmic stablecoin
TerraUSD (UST).

However, in May 2022, UST lost its peg to the US dollar, leading to
a downward spiral in the prices of USTC and LUNC. Both tokens have
essentially lost their entire value since then, Cryptonews relays.

Cryptonews says the collapse of Terra not only caused a significant
loss in the crypto ecosystem, wiping out nearly $40 billion from
the market, but also led to the downfall of several crypto hedge
funds that had provided collateral to the firm.

In April 2024, a jury found Terraform Labs and co-founder Do Kwon
guilty of defrauding investors in a civil case brought by the SEC.

The announcement of the sale did not have a significant impact on
the price of Terra, the company's current token, which is currently
trading at $0.37, Cryptonews states.

However, the token has experienced a significant decline since its
peak of $18.87 in May 2022.

Terraform Labs has invited interested buyers to contact CAVU
Securities, its investment banker, regarding the potential
acquisition of its businesses, Cryptonews adds.

                        About Terraform Labs

Terraform Labs Pte. Ltd. -- https://www.terra.money -- is a startup
that created Terra, a blockchain protocol and payment platform used
for algorithmic stablecoins. It was co-founded by Do Kwon and
Daniel Shin in 2018 in Seoul, South Korea.

Terraform Labs introduced its first cryptocurrency token, TerraUSD,
in 2019. Investment firms like Arrington Capital, Coinbase
Ventures, Galaxy Digital, and Lightspeed Venture Partners helped
Terraform Labs raise more than $200 million.

The collapse of the stablecoins TerraUSD (UST) and Luna in May 2022
caused the temporary suspension of the Terra network, wiping out
over $45 billion in market capitalization in a single week.

Both of Terra Form Labs' founders have encountered legal problems
as a result of the devaluation of the company's currency. In
September 2022, South Korean prosecutors filed a warrant for Do
Kwon's arrest. He was also added to Interpol's Red Notice list,
which urges other law enforcement to find and detain him.

Terraform Labs Pte. Ltd. sought relief under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. D. Del. Case No. 24-10070) on Jan. 22,
2024. In the petition filed by Chris Amani, as chief executive
officer, the Debtor estimated assets and liabilities between $100
million and $500 million each.

The Debtor is represented by Zachary I Shapiro, Esq., at Richards,
Layton & Finger, P.A.

On February 29, 2024, the U.S. Trustee for Region 3 appointed an
official committee to represent unsecured creditors in the Chapter
11 case of Terraform Labs Pte. Ltd. The committee hires McDermott
Will & Emery LLP as counsel. Force Ten Partners, LLC as financial
advisor. Genesis Credit Partners LLC as financial advisor.

David M. Klauder was appointed as the fee examiner in this Chapter
11 case. The fee examiner tapped Bielli & Klauder, LLC as his legal
counsel.

TRATTORIA CAPRI: Court to Hear Wind-Up Petition on July 26
----------------------------------------------------------
A petition to wind up the operations of Trattoria Capri Pte Ltd
will be heard before the High Court of Singapore on July 26, 2024,
at 10:00 a.m.

Maybank Singapore Limited filed the petition against the company on
July 3, 2024.

The Petitioner's solicitors are:

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



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

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

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

This material is copyrighted and any commercial use, resale or
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