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

                     A S I A   P A C I F I C

          Monday, May 1, 2023, Vol. 26, No. 87

                           Headlines



A U S T R A L I A

ABILENE OIL: First Creditors' Meeting Set for May 5
BRICKWORKS LIMITED: To Shut Last Manufacturing Site in WA
DYNAFIX COMMERCIAL: Second Creditors' Meeting Set for May 5
ECT DRAINAGE: First Creditors' Meeting Set for May 5
EVERLEDGER AUSTRALIA: First Creditors' Meeting Set for May 8

MUTUAL CARE: ASIC Suspends AFS Licence
PROVIDOOR (AUS): RSM Australia Appointed as Liquidators
SHAFSTON AVENUE: Second Creditors' Meeting Set for May 4


C H I N A

CHINA DILI: Moody's Withdraws 'Caa2' Corporate Family Rating
CHINA EVERGRANDE: Extends Debt Plan Voting Deadline to May 18
CHINA HONGQIAO: Fitch Affirms 'BB+' Foreign Currency IDR
FOSUN INTERNATIONAL: Shagang Sues Firm for Breach of Contract
OCEANWIDE HOLDINGS: Gets Court-Issued Pre-Restructuring Notice



H O N G   K O N G

DALIAN WANDA: Fitch Puts BB Foreign Curr. IDR on Watch Negative


I N D I A

AATULYA LIFECARE: CARE Keeps D Debt Rating in Not Cooperating
ANANT RAM: CRISIL Keeps D Debt Ratings in Not Cooperating
ART VIEW: Voluntary Liquidation Process Case Summary
CARONA KNITWEAR: CARE Keeps D Debt Ratings in Not Cooperating
DHATARIYA INVESTMENT: Voluntary Liquidation Process Case Summary

EN POWER SOLUTIONS: Liquidation Process Case Summary
ESSEL WALAJAHPET: CARE Keeps D Debt Rating in Not Cooperating
FEST HOMES: CARE Keeps D Debt Rating in Not Cooperating Category
FOOTPRINT VENTURES: Voluntary Liquidation Process Case Summary
FOURTH DIMENSION: CARE Keeps D Debt Ratings in Not Cooperating

GANESH RICE: CRISIL Keeps D Debt Ratings in Not Cooperating
GARUDA INFRATECH: CRISIL Keeps C Debt Rating in Not Cooperating
GOKILA POULTRY: CARE Keeps C Debt Rating in Not Cooperating
GOVIND REALTY: CARE Keeps D Debt Rating in Not Cooperating
GURU GOBIND: CRISIL Keeps D Debt Ratings in Not Cooperating

INCREV INDIA: Voluntary Liquidation Process Case Summary
IND-BARATH THERMAL: Liquidation Process Case Summary
ISINOX LIMITED: Insolvency Resolution Process Case Summary
JAIPRAKASH ASSOCIATES: Defaults on US$508 Million Loan Repayment
JANARDHANA CREDITS: Voluntary Liquidation Process Case Summary

JAPANESE STANDARD: Voluntary Liquidation Process Case Summary
JINDAL INFRASTRUCTURE: CARE Keeps C Debt Rating in Not Cooperating
KNITCRAFT APPARELS: CARE Keeps D Debt Ratings in Not Cooperating
KUMARS COTEX: Liquidation Process Case Summary
MALLIKARJUN CONSTRUCTION: CRISIL Keeps C Debt Rating in Not Coop.

MARGDARSHEE HOSPITALITY: CARE Keeps C Rating in Not Cooperating
MHOW GHATABILLOD: CARE Keeps D Debt Rating in Not Cooperating
MILAN INFRA: CRISIL Keeps D Debt Rating in Not Cooperating
MOIDU'S MEDI: CRISIL Keeps D Debt Ratings in Not Cooperating
MPL MOTORS: CRISIL Keeps C Debt Ratings in Not Cooperating

P.R. FASTENERS: CARE Lowers Rating on INR12.50cr LT Loan to D
PAAPPAI EXPORTS: CARE Keeps D Debt Rating in Not Cooperating
PALLAVI CONSTRUCTIONS: CRISIL Keeps C Rating in Not Cooperating
PMA CONSTRUCTIONS: CRISIL Keeps D Debt Ratings in Not Cooperating
PRIVILAGE POWER: Insolvency Resolution Process Case Summary

SURYA ENTERTAINMENT: Voluntary Liquidation Process Case Summary
THAUSI EXPORT: CARE Keeps D Debt Rating in Not Cooperating
WELD-AIDS PRIVATE: Voluntary Liquidation Process Case Summary


M A L A Y S I A

AGESON BHD: Faces Trading Suspension Over Failure to Issue Report


N E W   Z E A L A N D

AUCKLAND TUATARA: Creditors' Proofs of Debt Due on May 26
AUDIO TECHNICA: Waterstone Insolvency Appointed as Receivers
BRP BUILDERS: Creditors' Proofs of Debt Due on June 2
ELLIS AND GAMBLE: Creditors' Proofs of Debt Due on May 14
GEORGE B HOLDINGS: Waterstone Insolvency Appointed as Receiver



S I N G A P O R E

AMBROSIA CAPITAL: Court Enters Wind-Up Order
HUNTING AIRTRUST: Creditors' Proofs of Debt Due on May 28
JP SHIN: Commences Wind-Up Proceedings
LIAN KENG: Court to Hear Wind-Up Petition on May 12
MAPLE BUILDERS: Court Enters Wind-Up Order



S R I   L A N K A

SRI LANKA: Economy to Shrink by 2% in 2023, Central Bank Says
SRI LANKA: S&P Affirms SD/SD Foreign Curr. Sovereign Credit Ratings

                           - - - - -


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A U S T R A L I A
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ABILENE OIL: First Creditors' Meeting Set for May 5
---------------------------------------------------
A first meeting of the creditors in the proceedings of Abilene Oil
and Gas Limited, of 101-103 George Street East Melbourne Pty Ltd,
and Eromanga USA Pty Ltd will be held on May 5, 2023, at 10:30 a.m.
via virtual meeting only.

Robert Smith and Matthew Caddy of McGrathNicol were appointed as
administrators of the company on April 24, 2023.


BRICKWORKS LIMITED: To Shut Last Manufacturing Site in WA
---------------------------------------------------------
News.com.au reports that Australia's largest brick manufacturer has
become the latest casualty in the nation's construction industry
crisis, with the company forced to close down a major plant in the
country's west.

According to the report, concrete block and brick producer
Brickworks revealed on April 27 its Western Australian subsidiary
Austral has been running at a loss in recent years off the back of
a reduction in building activity.

As a result, the company has made the "difficult decision" to shut
down its last manufacturing centre in the state, located in Cardup
about 46km southeast of Perth.

"After careful deliberation, we have decided to mothball our Cardup
factory to focus on the sale of excess stock," a statement released
by the company read.

"To reflect the scaled back operations in WA, we have made the
difficult decision to make some roles redundant.

"Unfortunately, this step is considered necessary at this time to
assist in stemming the sustained losses being experienced in this
market," news.com.au relays.

News.com.au adds the company's loss in revenue comes amid a
"slowdown" in building activity and loss of key customer accounts,
which follows its attempts to increase profit margins.

"We offer our heartfelt thanks and appreciation to all staff
involved, acknowledging a number of impacted employees have been
with our business (for) many years," the statement concluded.

The plant has fallen victim to closures in the past, shutting its
doors twice in 2012 and 2019 before major plans were made in 2020
to rejuvenate the site.

Now, with manufacturing ceased, the site will shift focus to
selling off its excess stock, the report notes.


DYNAFIX COMMERCIAL: Second Creditors' Meeting Set for May 5
-----------------------------------------------------------
A second meeting of creditors in the proceedings of Dynafix
Commercial Pty Limited has been set for May 5, 2023 at 10:30 a.m.
virtually via Microsoft Teams.

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 May 4, 2023 at 5:00 p.m.

Graeme Beattie of Worrells was appointed as administrator of the
company on April 27, 2023.


ECT DRAINAGE: First Creditors' Meeting Set for May 5
----------------------------------------------------
A first meeting of the creditors in the proceedings of ECT Drainage
Pty. Ltd. will be held on May 5, 2023, at 4:00 p.m. at Level 1, 160
Pacific Highway in Charlestown.

Jeffrey Allan Shute of Shaw Gidley was appointed as administrator
of the company on May 5, 2023.


EVERLEDGER AUSTRALIA: First Creditors' Meeting Set for May 8
------------------------------------------------------------
A first meeting of the creditors in the proceedings of Everledger
Australia Pty. Ltd. will be held on May 8, 2023, at 11:00 a.m. at
Level 34, 32 Turbot Street in Brisbane.

Steven Staatz and Ashley Leslie of Vincents were appointed as
administrators of the company on April 24, 2023.


MUTUAL CARE: ASIC Suspends AFS Licence
--------------------------------------
Australian Securities and Investments Commission (ASIC) has
suspended the Australian financial services (AFS) licence of Mutual
Care Pty Ltd until Oct. 19, 2023.

The licence authorises Mutual Care to deal in general insurance
products and provide financial advice in respect of general
insurance products to retail and wholesale clients.

ASIC suspended the licence because Mutual Care failed to meet its
statutory audit and financial reporting obligations.

The licence suspension means that Mutual Care cannot provide
financial services other than to existing clients.

Mutual Care may apply to the Administrative Appeals Tribunal for a
review of ASIC's decision.

Mutual Care Pty Ltd has held AFS licence no. 918116 since Feb. 28,
2008.


PROVIDOOR (AUS): RSM Australia Appointed as Liquidators
-------------------------------------------------------
Jonathan Colbran and Tristana Steedman from RSM Australia Partners
on April 28, 2023, appointed Liquidators for Providoor (Aus) Pty
Ltd, an online food preparation and delivery service operating in
Melbourne, Sydney and Canberra.

Providoor was launched in Melbourne in April 2020 by well-known
chef and restaurateur Shane Delia. It expanded to Sydney and
Canberra in July 2021 and also operated for a period of time in
Brisbane.

In a statement, Mr. Delia said: "It is with a heavy heart that I
announce the closure of Providoor, a business borne out of the very
worst days the hospitality industry has ever seen."

Providoor was founded as an entirely separate entity to Shane
Delia's Delia Group.

The appointment of liquidators to Providoor in no way impacts the
operations of the Delia Group's restaurants or events activities.

RSM Australia Partner Jonathon Colbran said "Providoor ceased
operating today, shortly prior to our appointment."

Mr. Colbran said the closure of Providoor would directly impact
approximately 50 restaurants in Sydney and Melbourne that used the
delivery service and 16 full-time employees.

Mr. Colbran said that investigations had commenced and his team had
commenced contacting all stakeholders and creditors of the Company
to explain their options and the next steps.

"This includes customers who had purchased gift cards or ordered
and purchased meals for future dates who may also be creditors,''
he said.

Mr. Colbran encouraged Providoor customers who had purchased gift
cards or pre-purchased future meals using credit cards to
immediately discuss their situation with their bank or financial
institution to assess their options, as they may be eligible for a
chargeback.

"Based on our initial assessment of Providoor's financial position,
there is presently insufficient money to pay a dividend to
creditors or provide refunds to customers, including gift card
holders," he said.

"We understand this will be very disappointing news, but we wanted
to inform customers as soon as possible, particularly if they had
purchased gifts or meals for upcoming special events.

"Our priority as liquidators is to execute the orderly wind-down of
Providoor, to facilitate the best outcome for all stakeholders.
This will involve realising the maximum return for Providoor's
valuable intellectual property."

RSM have already commenced writing to creditors and stakeholders.
Creditors will receive further information in 10 business days. A
further detailed report will be provided to creditors once further
investigations are complete. It is likely that this report will be
available in approximately three month's time.


SHAFSTON AVENUE: Second Creditors' Meeting Set for May 4
--------------------------------------------------------
A second meeting of creditors in the proceedings of:

          - Shafston Avenue Construction Pty Ltd;
          - Shafston Avenue Construction 2 Pty Ltd;
          - Lincoln Street Construction Pty Ltd; and
          - 28 Baxter Street Construction Pty Ltd

has been set for May 4, 2023 at 10:00 a.m. at Level 11, 1 Margaret
Street, Sydney and via webinar

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 May 3, 2023 at 4:00 p.m.

Duncan Edward Clubb and Jeffrey Phillip Marsden of BDO were
appointed as administrators of the company on March 21, 2023.




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C H I N A
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CHINA DILI: Moody's Withdraws 'Caa2' Corporate Family Rating
------------------------------------------------------------
Moody's Investors Service has withdrawn China Dili Group's Caa2
corporate family rating. Prior to the withdrawal, the rating
outlook was negative.

RATINGS RATIONALE

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

COMPANY PROFILE

China Dili Group has since its disposal of its commercial property
business in July 2016 focused on its agriculture wholesale market
business. The company operates in 10 wholesale agricultural product
markets across seven cities in China as of the end of June 2022.


CHINA EVERGRANDE: Extends Debt Plan Voting Deadline to May 18
-------------------------------------------------------------
Bloomberg News reports that China Evergrande Group extended a
deadline for investors to vote on its restructuring plan after the
embattled developer failed to win enough support for the massive
overhaul.

It said on April 27 that investors holding 77 per cent of its Class
A offshore bonds backed the plan, while just 30 per cent of Class C
holders endorsed it, Bloomberg relates.

According to Bloomberg, Evergrande needs to secure support from 75
per cent of creditors by value to implement the debt restructuring,
one of China's biggest ever.

Creditors of the world's most indebted developer had until 5:00
p.m. on April 27 in Hong Kong to agree to the restructuring plan in
order to get a 0.25 per cent consent fee. Evergrande has extended
the consent deadline to May 18, Bloomberg discloses.

A successful debt restructuring is key to its fight against an
investor's court effort to potentially liquidate the firm, with the
next hearing scheduled for July, Bloomberg stsates. Getting the
case withdrawn or dismissed is among the things needed for shares
of Evergrande and two listed units to resume trading.

The company disclosed earlier this month that holders of more than
20 per cent and 35 per cent of outstanding dollar bonds
respectively issued by Evergrande and unit Scenery Journey (SJ)
backed the debt offers, recalls Bloomberg. Those investors included
Redwood Capital Management and Saba Capital Management, according
to people with knowledge of the matter.

Evergrande said more than 91 per cent of SJ noteholders support the
plan, along with 64 per cent of Tianji noteholders.

Bloomberg says Evergrande released its long-awaited debt proposal
in March, 15 months after first missing payments on public dollar
notes. Potential hurdles to the plan quickly emerged, with a law
firm inviting creditors to organise and potentially seek more time
to consider the offer.

Meanwhile, some investors and analysts expressed doubts about
proposed recoveries, and the company's dollar-bond prices fell amid
broader market weakness.

                       About China Evergrande

China Evergrande Group is an integrated residential property
developer. The Company, through its subsidiaries, operates in
property development, investment, management, finance, internet,
health, culture, and tourism markets.

Evergrande had CNY1.97 trillion (US$311 billion) of liabilities at
the end of June 2021.  Once China's biggest developer by sales,
Evergrande fell into distress as cash dried up and the group
overstretched itself on borrowings and ventures into car
manufacturing.

Evergrande hired outside financial advisers Houlihan Lokey and
Admiralty Harbour Capital in September 2021 to engage with
creditors soon after it ran into a liquidity squeeze. It has since
worked with more advisers in the past two months by turning to
China International Capital Corp, BOCI Asia and Zhong Lun Law Firm
on its debt workout plan.

As reported in the Troubled Company Reporter-Asia Pacific in
October 2022, Moody's Investors Service has withdrawn China
Evergrande Group's (Evergrande) corporate family rating and senior
unsecured ratings, the CFRs of Hengda Real Estate Group Company
Limited and Tianji Holding Limited, and Scenery Journey Limited's
backed senior unsecured ratings.


CHINA HONGQIAO: Fitch Affirms 'BB+' Foreign Currency IDR
--------------------------------------------------------
Fitch Ratings has affirmed China Hongqiao Group Limited's Long-Term
Foreign-Currency Issuer Default Rating (IDR) and senior unsecured
rating at 'BB+'. The Outlook is Stable.

The rating reflects Hongqiao's position as one of the world's
largest aluminium smelters, with a competitive cost base that is
supported by high raw-material self-sufficiency. The rating is
constrained by limited funding diversification.

The Stable Outlook reflects its expectation that Hongqiao's
competitive profitability will allow it to maintain net leverage at
a level that is commensurate with its rating, even against its
forecast of lower average selling prices for aluminium.

KEY RATING DRIVERS

Stable Margin and Lower Leverage: Fitch expects the EBITDA margin
to improve to around 18% in 2023 and remain at similar level in the
medium term. High coal prices in 2022 saw the EBITDA margin drop to
16%, from 29% in 2021, as electricity and transportation costs
surged. The narrower margin was exacerbated by aluminium prices
that had risen by more than 30% in 2021, causing rapid margin
expansion. Fitch expects aluminium prices to trend down in 2023 and
remain stable in the medium term and for electricity and
transportation costs to stabilise.

As a result of the margin squeeze, net debt/EBITDA reached 1.7x in
2022, from 0.5x in 2021. Fitch expects 2023 net leverage to drop to
below 1.5x in 2023 as the margin stabilises and to continue to
trend down in the medium term.

Large Scale, Self-Sufficient: Hongqiao's large operating scale and
vertical integration supports its market-leading profitability.
Hongqiao is the world's second-largest primary aluminium producer,
with around 6.5 million tonnes of capacity. In 2022, Hongqiao
accounted for around 15% and 9% of domestic and global primary
aluminum production, respectively. In addition, Hongqiao is fully
self-sufficient in bauxite and alumina and had over 55% sufficiency
in electricity in 2022.

Limited Diversification Mitigated: Hongqiao has limited product,
geographical and customer diversification. However, it is in the
midst of migrating around half of its capacity to Yunnan province,
which will improve geographical diversification once completed in
the medium term. Over 70% of the company's 2022 revenue came from
primary aluminium, while its five-largest customers and largest
customer accounted for around 53% and 38% of revenue, respectively.
However, the high product and customer concentration is mitigated
by the product's commoditised nature and diverse and high-quality
end-demand, such as electronics, autos and appliances.

Concentrated Funding Profile: Over 60% of total debt of CNY64
billion was short-term at end-2022 and around 70% of the short-term
debt was bank borrowings. The proportion of short-term debt during
2019-2021 stayed high, at between 40%-60%. While Fitch expects
Hongqiao will be able to roll over bank borrowings due to its
strong banking relationships, the high concentration of short-term
debt is a rating constraint.

Key-Man Risk Moderated: CITIC Group has a 12.7% shareholding in
Hongqiao and is represented by two board members. CITIC is involved
in Hongqiao's funding decisions and banking and capital market
relationships. This reduces key man risk arising from the chairman
and family's 64% share ownership.

DERIVATION SUMMARY

Hongqiao is comparable with the following Fitch-rated peers; Alcoa
Corporation (BBB-/Stable) and Aluminum Corporation of China Limited
(Chalco, A-/Stable)

Hongqiao has a less sophisticated product range than Alcoa, but
maintains a higher EBITDA margin due to the scale and efficiency of
its core aluminium smelting business. Hongqiao's EBITDA net
leverage is slightly higher than Alcoa's, and Alcoa has better
operational and end-market diversity.

Hongqiao and Chalco have similar aluminium revenue scale. Chalco
has lower profitability and similar leverage, but better interest
coverage due to its lower funding costs. Chalco's rating also
reflects its government-related entity status.

KEY ASSUMPTIONS

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

- Total aluminum capacity to remain at 6.5 million tonnes

- EBITDA margin of around 18% between 2023 and 2026 amid normalised
average selling prices, supported by high raw material
self-sufficiency

- Capex to average at around 6% of revenue between 2023 and 2026
for facility upgrades and relocation

- Around 50% dividend pay-out ratio between 2023 and 2026

RATING SENSITIVITIES

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

- Meaningful improvement in maturity profile and funding sources.

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

- Net debt/EBITDA remaining above 2.0x (2022: 1.7x).

- Material increase in reliance on short-term financing.

LIQUIDITY AND DEBT STRUCTURE

Adequate Liquidity: Hongqiao had total debt of CNY64 billion at
end-2022 and short-term debt of CNY43 billion, of which CNY13
billion was capital market debt. The company had available cash of
CNY28 billion and CNY27 billion in unused bank facilities. Fitch
expects Hongqiao will be able to roll over bank borrowings due to
its good banking relationships. It has already refinanced around
30% of its short-term capital market maturities in the year to
date.

ISSUER PROFILE

Hongqiao is the world's second-largest primary aluminium producer,
with around 6.5 million tonnes of smelting capacity, behind
Aluminum Corporation of China (A-/Stable), with had a capacity of
around 7.4 million tonnes. Hongqiao accounts for around 15% and 9%
of domestic and global primary aluminum production, respectively.

Hongqiao is a vertically integrated aluminium producer with its own
bauxite supply in Guinea. It is also fully self-sufficient in
alumina and over 55% self-sufficient in power generation.
Hongqiao's aluminum cost base ranks in the second quartile on the
global cost curve due to its vertically integrated operation and
large economies of scale.

ESG CONSIDERATIONS

Unless otherwise disclosed in this section, the highest level of
ESG credit relevance is a score of '3'. This means ESG issues are
credit-neutral or have only a minimal credit impact on the entity,
either due to their nature or the way in which they are being
managed by the entity.

   Entity/Debt             Rating        Prior
   -----------             ------        -----
China Hongqiao
Group Limited      LT IDR BB+  Affirmed    BB+

   senior
   unsecured       LT     BB+  Affirmed    BB+


FOSUN INTERNATIONAL: Shagang Sues Firm for Breach of Contract
-------------------------------------------------------------
Caixin Global reports that Jiangsu Shagang Group Co. Ltd. sued
Fosun International Ltd. alleging breach of contract in its deal to
acquire Fosun's steelmaking assets after a rival bidder preempted
the transaction.

In a civil lawsuit filed with the Jiangsu Provincial Higher
People's Court, Shagang demands that Fosun honor the original
agreement, Fosun said on April 27 in a statement, Caixin relays.

Fosun International Limited provides diversified services. The
Company offers products and services for families in health,
happiness, and wealth businesses. Fosun International serves
clients worldwide.

As recently reported in the Troubled Company Reporter-Asia Pacific,
Moody's Investors Service has withdrawn Fosun International
Limited's B2 corporate family rating and the B2 backed senior
unsecured ratings on the bonds issued by Fortune Star (BVI)
Limited. The bonds are unconditionally and irrevocably guaranteed
by Fosun.  Prior to the withdrawal, the rating outlook was
negative.
Moody's has decided to withdraw the ratings because it believes it
has insufficient or otherwise inadequate information to support the
maintenance of the ratings.


OCEANWIDE HOLDINGS: Gets Court-Issued Pre-Restructuring Notice
--------------------------------------------------------------
Yicai Global reports that shares of Oceanwide Holdings, which is at
risk of a stock market delisting, jumped after the Chinese
conglomerate said it had received a court-issued pre-restructuring
notice on April 27.

Oceanwide closed up 7.5 percent at 86 Chinese cents (12 US cents) a
share in Shenzhen on April 28, still below CNY1 for the 11th
straight trading day. According to regulations, stocks that close
below CNY1 for 20 trading days in a row will be delisted.

According to Yicai Global, a Beijing court has decided to initiate
pre-restructuring of the company, which will facilitate its
communication with creditors and prospective investors in advance,
thereby improving the efficiency and success rate of subsequent
restructuring work, Oceanwide announced April 27.

Yicai Global relates that Oceanwide creditor Beijing Shiwang Asset
Management applied to the court on April 25 for reorganization and
pre-restructuring of Oceanwide because the firm had failed to pay
off its debts and its assets were no longer sufficient to clear its
arrears.

As a large investment group spanning finance and real estate,
Oceanwide has had a cash crunch since 2020 and has suffered huge
losses for three consecutive years, the report notes.

According to a January statement, the firm's net loss in 2022 is
expected to have been between CNY7 billion (USD1 billion) and CNY10
billion, and its negative net asset could be as much as CNY3.6
billion by the end of the year, Yicai Global discloses.

To ease its debt pressures, Beijing-based Oceanwide has sold assets
on many occasions, including transferring its 30.3 percent stake in
Minsheng Securities to Guolian Group last month for CNY9.1 billion,
which reduced its interest in the broker to less than 1 percent,
Yicai Global notes.

                      About Oceanwide Holdings

Oceanwide Holdings Co Ltd is a China-based company principally
engaged in the development and distribution of real estates and the
provision of financial services. The Company operates four business
segments. The Real Estate Business segment is engaged in real
estate development and construction, property leasing, real estate
investment, decoration projects, real estate management and
property services, and its products include residences, apartments,
hotels, office buildings and large-scale complexes. The Financial
Business segment is engaged in securities, investment, futures,
insurance, trust and financial information service businesses. The
Capital Investment Business segment is engaged in strategic
investment business. The Energy Power Business is engaged in the
construction and production of power projects. The Company mainly
conducts its businesses in the China market.




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H O N G   K O N G
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DALIAN WANDA: Fitch Puts BB Foreign Curr. IDR on Watch Negative
---------------------------------------------------------------
Fitch Ratings has placed Dalian Wanda Commercial Management Group
Co., Ltd.'s (Wanda Commercial) Long-Term Foreign-Currency Issuer
Default Rating (IDR) of 'BB+', as well as Wanda Commercial
Properties (Hong Kong) Co. Limited's (Wanda HK) Long-Term
Foreign-Currency IDR, senior unsecured rating and the rating on its
guaranteed US dollar notes of 'BB' on Rating Watch Negative (RWN).
Fitch has also assigned a Recovery Rating of 'RR4' to the senior
unsecured ratings, according to Fitch's Corporates Recovery Ratings
and Instrument Ratings Criteria.

The RWN reflects the uncertainty in the listing of Zhuhai Wanda
Commercial Management Ltd. (Zhuhai Wanda), an asset-light property
management company in which Wanda Commercial holds a 79% stake.
Fitch is also watching for any deterioration in the parent group's
financial profile as a result of the IPO uncertainty and continued
weak performance at Wanda Commercial's sister company, Wanda
Properties Group Co. Ltd. (Wanda Properties).

Wanda Commercial follows the "stronger subsidiary" path under
Fitch's Parent and Subsidiary Linkage (PSL) Rating Criteria and is
rated one notch above the consolidated profile of its 44%
shareholder, Dalian Wanda Group Co., Limited (Wanda Group). Fitch
maintained Wanda Commercial's Standalone Credit Profile (SCP) at
'bbb+' and Wanda Group's consolidated profile at 'bb'.

Wanda HK is Wanda Commercial's sole offshore financing platform and
overseas investment-holding company. Under the PSL criteria, Wanda
HK follows the "stronger parent" path and is rated one notch below
Wanda Commercial, based on its assessment of 'Weak' legal
incentive, 'Medium' strategic incentive and 'High' operational
incentive for the parent to provide support. Wanda HK is 100% owned
by Wanda Commercial.

KEY RATING DRIVERS

Subsidiary's IPO Uncertainty: Fitch expects further clarity on
Zhuhai Wanda's IPO in May, after the China Securities Regulatory
Commission's (CSRC) recent update of Zhuhai Wanda's IPO filing
status to "accepted" on 20 April. According to Zhuhai Wanda, if the
regulator does not request additional materials within five days of
the status update, the company will receive a final filing notice
shortly and may proceed with the IPO in Hong Kong afterwards.

However, if the IPO is delayed beyond 2023, Wanda Commercial will
have to return pre-IPO investments and pre-agreed returns to
minority investors. Fitch estimates the aggregate amount to be
around CNY40 billion.

Parent Waiver on Covenants Obtained: Wanda Commercial confirmed
that its parent Wanda Group has met the minimum threshold for
covenant waivers on three syndicated loans totaling USD1.3 billion,
where lenders previously could have demanded early repayment if
Zhuhai Wanda was not listed by May 2023. The company said that the
lenders have agreed to extend the deadline to November 2023. Wanda
Commercial did not provide guarantees for the syndicated loans.

Financing Needs at Wanda Properties: Wanda Properties has extended
maturities on some of its trust borrowings that may have been
guaranteed by Wanda Commercial, according to news reports.
Management has stated that Wanda Commercial does not guarantee any
debt of Wanda Properties.

Fitch noted that Wanda Commercial incurred costs to Wanda
Properties for the construction of several Wanda Plaza malls in
2022, which led to a CNY10 billion increase in other receivables by
end-September 2022 from end-2021. Wanda Commercial said they were
paid directly to the Wanda Plaza builders, which are independent
from Wanda Properties' other residential project suppliers. The
amount will be offset from the acquisition cost when Wanda
Commercial buys the malls from Wanda Properties. These transactions
were conducted at arms' length.

SCP, Consolidated Profile Maintained: Wanda Commercial's SCP
assessment is maintained at 'bbb+', supported by a property
portfolio in line with that of 'A' rated companies due to its large
size, asset diversification and resilient performance. Fitch
expects its recurring income from rental and management fees to
have risen by 6% in 2022 from CNY43 billion in 2021. Wanda Group's
consolidated profile is also maintained at 'bb' as a consequence,
but Fitch is watching whether its credit profile will be affected
by the delay of Zhuhai Wanda's IPO and the liquidity needs at Wanda
Properties.

Adequate Interest Coverage: Wanda Commercial's recurring EBITDAR
interest coverage improved to 2.2x in 2021 and 1H22 from 1.9x in
2020 due mainly to recovery from the pandemic. Wanda Commercial's
interest coverage is slightly lower than that of 'BBB' rated peers,
but this is mitigated by its large cash balance and investments in
wealth-management products, which provide additional financial
flexibility.

PSL Linkage Factor Assessments: Wanda Commercial's ratings are
constrained by its parent's consolidated profile. Under Fitch's PSL
criteria, Wanda Commercial is rated under the "strong subsidiary"
approach, with its ring-fencing linkage to the parent assessed as
'Open', as there is no covenanted mechanism to limit the parent's
access to its cash flow. Fitch assesses the access and control
factor as 'Porous', as related-party transactions require the
approval of a significant minority shareholder who has board
representation.

In accordance with Fitch's policies, the issuer appealed and
provided additional information to Fitch that resulted in a rating
action that is different from the original Rating Committee
outcome.

DERIVATION SUMMARY

Wanda Commercial

Wanda Commercial's investment-property portfolio is comparable with
those of major global investment-property companies, such as Swire
Properties Limited (A/Stable), Scentre Group Limited (A/Stable) and
Unibail-Rodamco-Westfield SE (BBB+/Negative). Wanda Commercial's
strong retail mall portfolio is in line with that of 'A' rated
property-investment companies due to its large size, asset
diversification and strong operational performance through business
cycles.

Wanda Commercial's credit metrics are weaker than that of the three
peers as its recurring EBITDA interest coverage of around 2.0x is
lower than the peer average of more than 5x.

Wanda HK

Wanda HK's ratings are supported by the linkage with its parent,
Wanda Commercial. The linkage can be compared with pairs such as
Vanke Real Estate (Hong Kong) Company Ltd (Vanke HK, BBB+/Stable)
and its parent, China Vanke Co., Ltd. (BBB+/Stable); Hengli (Hong
Kong) Real Estate Limited (BBB+/Stable) and its parent, Poly
Developments and Holdings Group Co., Ltd. (BBB+/Stable). The
subsidiaries are all positioned as their parents' main offshore
financing platforms.

However, Fitch considers Wanda Commercial's legal incentive to
support Wanda HK as 'Low', in contrast to the two peers' 'Medium'
assessment. This is the reason for rating Wanda HK one notch below
its parent while the ratings of Vanke HK and Hengli are equalised
with those of their parents.

KEY ASSUMPTIONS

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

  - Wanda Commercial will open 50 new Wanda Plazas in 2023
    with around 80,000 sq m of leasable floor area each, out
    of which 40 malls will be under the asset-light business
    model.

  - Rental and property management fee gross profit margin of
    around 66% in 2022-2023.

  - Rental and property management fee income of CNY46 billion
    and CNY48 billion in 2022 and 2023, respectively.

  - Capex of CNY2 billion in 2023.

  - Available cash balance (including 40% of wealth-management
    products) to be maintained at CNY30 billion-40 billion in
    2023.

  - No equity financing cash inflow due to timing uncertainty.

RATING SENSITIVITIES

For Wanda Commercial

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

  - The RWN will be removed if the negative triggers are not met

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

  - Evidence of deterioration in the company's liquidity or
financial flexibility due to further delays in Zhuhai Wanda's IPO

  - Evidence of liquidity and/or refinancing risk at Wanda Group
and/or its subsidiaries

  - Deterioration in Wanda Group's consolidated credit profile

  - A perceived strengthening in linkages between Wanda Commercial
and Wanda Group

For Wanda HK

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

  - The RWN will be removed if the negative triggers are not met

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

  - Deterioration in Wanda Commercial's IDR

  - A perceived weakening in Wanda Commercial's incentives to
support Wanda HK

LIQUIDITY AND DEBT STRUCTURE

Adequate Liquidity: Fitch believes Wanda Commercial has sufficient
funds to cover short-term debt as well as the refund of pre-IPO
funds if some investors demand immediate repayment. Wanda
Commercial had CNY33 billion in available cash at end-September
2022. The company had CNY16.5 billion in wealth-management products
- mostly issued by commercial banks - with less than one year to
maturity, and CNY20 billion-30 billion in short-term tradable
financial investments.

Wanda Commercial has CNY18 billion in bond maturities in 2023,
including CNY15 billion in onshore bonds and USD400 million in
offshore bonds, while the remaining short-term debt is almost all
onshore bank loans secured against investment properties. Wanda
Commercial has issued USD800 million of offshore bonds and CY1.5
billion of domestic bonds to refinance part of the maturities.

Wanda HK also had sufficient liquidity with a cash balance of
CNY4.2 billion at end-1H22 and CNY3 billion in short-term debt.
Fitch also expects liquidity support from Wanda Commercial, when
necessary.

ISSUER PROFILE

Wanda Commercial is the largest shopping mall owner in China, and
one of the largest commercial property owners rated by Fitch.

SUMMARY OF FINANCIAL ADJUSTMENTS

Fitch reclassified CNY40 billion of investments by minority
shareholders ahead of Zhuhai Wanda's IPO (including interest,
according to the audited report), into debt as the investments
carry a repurchase obligation. Fitch also capitalised a CNY543
million fixed lease in 2021 with the 8.0x multiple.

ESG CONSIDERATIONS

Wanda Commercial has an ESG Relevance Score of '4' for Financial
Transparency because Wanda Group is a private company and its
financial disclosure to Fitch is limited. Fitch has obtained
audited financial reports and access to Wanda Group's management,
but information about the group's other principal subsidiaries may
be limited. The uncertainty over Wanda Group's financial
transparency has a negative impact on the credit profile, and is
highly relevant to the rating.

Unless otherwise disclosed in this section, the highest level of
ESG credit relevance is a score of '3'. This means ESG issues are
credit-neutral or have only a minimal credit impact on the entity,
either due to their nature or the way in which they are being
managed by the entity.

   Entity/Debt              Rating               Recovery  Prior
   -----------              ------               --------  -----
Wanda Properties
International Co.
Limited

   senior
   unsecured          LT     BB  Rating Watch On    RR4      BB

Wanda Commercial
Properties
(Hong Kong) Co.
Limited               LT IDR BB  Rating Watch On             BB

   senior
   unsecured          LT     BB  Rating Watch On    RR4      BB

Dalian Wanda
Commercial
Management
Group Co., Ltd.       LT IDR BB+ Rating Watch On             BB+

Wanda Properties
Overseas Limited

   senior
   unsecured          LT     BB  Rating Watch On    RR4      BB

Wanda Properties
Global Co. Limited

   senior
   unsecured          LT     BB  Rating Watch On    RR4      BB




=========
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 & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated April 28, 2022,
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
noncooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
March 14, 2023, March 24, 2023, April 3, 2023.

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.

ANANT RAM: CRISIL Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Anant Ram
Bhatia Oils Private Limited (ABPL) continue to be 'CRISIL D Issuer
Not Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit            10         CRISIL D (Issuer Not
                                     Cooperating)

   Proposed Long Term      2         CRISIL D (Issuer Not
   Bank Loan Facility                Cooperating)

CRISIL Ratings has been consistently following up with ABPL for
obtaining information through letters and emails dated January 28,
2023 and March 13, 2023 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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

ABPL was originally established by Mr. Anant Ram as a proprietary
firm in 1950; the firm was reconstituted as a private limited
company in 2012. ABPL trades in rice, edible oil, Vanaspati, ghee,
sugar, and other commodities. It is planning to set up an oil
refinery in Khandsa, Haryana, in the near term, to produce refined
oil.


ART VIEW: Voluntary Liquidation Process Case Summary
----------------------------------------------------
Debtor: Art View Tracon Private Limited
389, G T Road, Salkia,
        Northsalkia, Golabari,
        Howrah WB 711106

Liquidation Commencement Date:  March 30, 2023

Court: National Company Law Tribunal, Kolkata Bench

Liquidator: Mr. Santosh Choraria
     P-41, Princep Street, Room No. 222,
            2nd Floor Kolkata – 700072, West Bengal
     Email: liquidation.artviewtracon@gmail.com
     Email: ca.schoraria@gmail.com
     Tel No: 981207932

Last date for
submission of claims: April 29, 2023


CARONA KNITWEAR: CARE Keeps D Debt Ratings in Not Cooperating
-------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Carona
Knitwear (CK) continues to remain in the 'Issuer Not Cooperating'
category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       1.45       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

   Short Term Bank     22.50       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated February 21,
2022, placed the rating(s) of CK under the 'issuer non-cooperating'
category as CK 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. CK continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
January 7, 2023, January 17, 2023, January 27, 2023.

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).

Tamil Nadu based, Carona Knitwear (CK) was established in the year
2006 as partnership firm promoted by Mr. Swami Nathan, Mrs. S.
Shanthamani and Mr. Kathiresh Swaminathan. The firm is engaged in
manufacturing, processing, importing, exporting, buying, selling
and dealing all kinds of fabric textiles and hosiery goods and
readymade garments.


DHATARIYA INVESTMENT: Voluntary Liquidation Process Case Summary
----------------------------------------------------------------
Debtor: Dhatariya Investment Pvt Ltd
27 Amartolla St Kolkata WB 70001

Liquidation Commencement Date:  April 3, 2023

Court: National Company Law Tribunal, Kolkata Bench

Liquidator: Mr. Deepak Kumar Jain
     Purnima, D-356/5 Tagore Nagar,
            Raipur, Chhattisgarh - 492001
            E-mail: deepak1760@yahoo.com
            Tel No: +91 9826250720

Last date for
submission of claims: May 3, 2023


EN POWER SOLUTIONS: Liquidation Process Case Summary
----------------------------------------------------
Debtor: En Power Solutions Pvt. Ltd
c/o Madhu Nair, 504, Old Ramdaspeth,
        Near Lendra Park, Nagpur, MH-440 010, India

Liquidation Commencement Date:  October 12, 2022

Court: National Company Law Tribunal, Mumbai Bench III

Liquidator: Sourabh Modi
     1801, Harmony Signature Tower,
            Ovala Naka, Thane (W) - 400615
     Email: sourabhmodi21@gmail.com

Last date for
submission of claims: May 4, 2023


ESSEL WALAJAHPET: CARE Keeps D Debt Rating in Not Cooperating
-------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Essel
Walajahpet Poonamallee Toll Roads Private Limited (EWPTRPL)
continues to remain in the 'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      164.17      CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated April 25, 2022,
placed the rating(s) of EWPTRPL under the 'issuer non-cooperating'
category as EWPTRPL 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. EWPTRPL
continues to be non-cooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated March 11, 2023, March 21, 2023, March 31, 2023.

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).

EWPTRPL is a special purpose vehicle (SPV) incorporated on May 18,
2012, by EIL. EIL has been awarded the four to six laning of the
Poonamallee (Km 13/8) Walajahpet (Km 106/8) section of NH4 in the
state of Tamil Nadu by National Highway Authority of India (NHAI)
under design build finance operate and transfer (DBFOT) basis
covering a length of approximately 93.00 km.


FEST HOMES: CARE Keeps D Debt Rating in Not Cooperating Category
----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Fest Homes
Developers Private Limited (FHDPL) continues to remain in the
'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      127.00      CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated April 18, 2022,
placed the rating(s) of FHDPL under the 'issuer non-cooperating'
category as FHDPL 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. FHDPL continues to
be non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
March 4, 2023, March 14, 2023, March 24, 2023.

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).

Fest Homes Developers Private Limited was incorporated in April,
2016 and the company is into real estate development. It is a part
of the Lotus Group.


FOOTPRINT VENTURES: Voluntary Liquidation Process Case Summary
--------------------------------------------------------------
Debtor: Footprint Ventures Trustee Company Private Limited
Plot No 16, 2nd Floor, 7th Main,
        1st Block Koramangala, Bangalore 560034

Liquidation Commencement Date: March 23, 2023

Court: National Company Law Tribunal, Bangalore Bench

Liquidator: Ganesh Panduranga Pai
     No. 68, 6B, 6th Floor, Chitrapur Bhawan 8th Main,
            15th Cross Malleshwaram Bangalore 560055
            Email: pragnya.cas@gmail.com
            Tel No: 9845666596; 080-23565641

Last date for
submission of claims: April 22, 2023


FOURTH DIMENSION: CARE Keeps D Debt Ratings in Not Cooperating
--------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Fourth
Dimension Solution Limited (FDSL) continues to remain in the
'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      30.00       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

   Long Term/          70.00       CARE D/CARE D; ISSUER NOT
   Short Term                      COOPERATING; Rating continues
   Bank Facilities                 to remain under ISSUER NOT
                                   COOPERATING category

Rationale and key rating drivers

CARE Ratings Ltd. had, vide its press release dated December 7,
2018, placed the ratings of FDSL under the 'issuer non-cooperating'
category as FDSL had failed to provide information for monitoring
of the rating. FDSL continues to be noncooperative despite repeated
requests for submission of information through phone calls and
email dated December 20, 2022, December 30, 2022, and April 18,
2023.

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 ratings.

Analytical approach: Standalone

Detailed description of the key rating drivers

At the time of last rating on February 3, 2022, the following were
the rating strengths and weaknesses:

* Delays in debt servicing: There have been on-going delays by
Fourth Dimension Solution Limited in servicing of its debt
obligations.

Fourth Dimension Solution Limited (FDSL) was incorporated in June,
2011 and was converted into public limited company in May, 2015.
The company is listed on NSE EMERGE (SME Exchange Platform of
NSEIL) w.e.f January 22, 2016. FDSL is an India based Information
technology (IT) company engaged in sale of IT products and
services. Its business activities include trading of IT &
electronic products (like tablets, TV, Mobile Phones, etc.) and
providing infrastructure support services, technical support
services and operations outsourcing services. FDSL caters to
various verticals including smart governance projects, education,
BFSI, telecom, power & utilities, security & surveillance,
healthcare, etc. The customer base of the company comprises private
corporates including Lava International, Twinstar Industries, etc.
spread across various industries and also local/state/central
government bodies. The company also has a wholly owned subsidiary
Thumb speed Tech Solutions Private Limited which is engaged in IT
related business.


GANESH RICE: CRISIL Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Ganesh Rice
Mills (Partnership) (GRM; part of the Josan group) continue to be
'CRISIL D Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit            12         CRISIL D (Issuer Not
                                     Cooperating)

   Proposed Long Term      5.16      CRISIL D (Issuer Not
   Bank Loan Facility                Cooperating)

   Term Loan               1.34      CRISIL D (Issuer Not
                                     Cooperating)

   Term Loan               5         CRISIL D (Issuer Not
                                     Cooperating)

CRISIL Ratings has been consistently following up with GRM for
obtaining information through letters and emails dated January 28,
2023 and March 13, 2023 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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

For arriving at the rating, CRISIL Ratings has combined the
business and financial risk profiles of Josan Foods Pvt Ltd (JFPL)
and GRM. This is because these two entities, together referred to
herein as the Josan group, are in a similar line of business and
have a common management.

JFPL, set up in 2000 by Mr. Hukam Chand Josan and Mr. Sher Chand
Josan in Ferozepur (Punjab), mills and shells rice.GRM, set up in
2010, mills rice. Currently, the firm is managed by its partners,
Mr. Sarvjeet Josan and Mr. Pushpinder Singh.The Josan group has
combined milling and sorting capacities of 14 tonnes per hour (tph)
and 10 tph, respectively.


GARUDA INFRATECH: CRISIL Keeps C Debt Rating in Not Cooperating
---------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Garuda
Infratech India Private Limited (GIIPL) continue to be 'CRISIL
C/CRISIL A4 Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Bank Guarantee         3          CRISIL A4 (Issuer Not
                                     Cooperating)

   Cash Credit            6          CRISIL C (Issuer Not
                                     Cooperating)

   Proposed Long Term    17          CRISIL C (Issuer Not
   Bank Loan Facility                Cooperating)

CRISIL Ratings has been consistently following up with GIIPL for
obtaining information through letters and emails dated January 28,
2023 and March 31, 2023 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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

Incorporated in 2010 and based in Hyderabad (Andhra Pradesh), GIIPL
undertakes civil construction work for residential projects. It is
promoted by Mr Sreenivas Babu Kode, Mr Ancha Chittaranjan, Mr Satya
Lakshmi Narayana Gottipati, Mr Raju Venkata Manthena, and Mr Satya
Sekhar Boppanna.


GOKILA POULTRY: CARE Keeps C Debt Rating in Not Cooperating
-----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Gokila
Poultry Farm (GPF) continues to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       7.90       CARE C; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category  

Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated February 10,
2022, placed the rating(s) of GPF under the 'issuer
non-cooperating' category as GPF 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. GPF
continues to be non-cooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated December 27, 2022,
January 06, 2023, January 16, 2023.

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).

Tamil Nadu based Gokila Poultry Farm (GPF) was established as a
proprietorship firm by Mr. Senthil Kumar in April 2017 and started
its commercial operations on October 2018. The firm is engaged in
poultry services Farming of egg laying poultry birds and trading of
eggs and cull birds. As of February 2019, the firm has an installed
capacity of keeping 1, 25,000 birds with egg laying capacity of 1,
and 50,000 eggs per day.


GOVIND REALTY: CARE Keeps D Debt Rating in Not Cooperating
----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Shri Govind
Realty Private Limited (SGRPL) continues to remain in the 'Issuer
Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      18.76       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated March 17, 2022,
placed the rating(s) of SGRPL under the 'issuer non-cooperating'
category as SGRPL 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. SGRPL continues to
be noncooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
January 31, 2023, February 10, 2023, February 20, 2023.

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).

Bhopal (Madhya Pradesh) based, Shri Govind Realty Private Limited
(SGRPL) was incorporated in April 2008 with an objective to carry
out real estate business. SGRPL has developed shopping cum
commercial mall "Aashima Mall" located at Hoshangabad Main road
Bhopal which is one of the prime and centre location of Bhopal. The
mall got operational from April 2012. Aashima Mall has a saleable
area of around 3.50 lakh square feet (sq. ft) and is divided into
two areas, one for the retail shops and other in corporate office
zone. Out of total area till November 20, 2019, it has sold around
1,24,914 sq. ft (against 80,000 sq. ft till August 21, 2018) and
leased around 224119(against 2,09,000 sq. ft till August 21, 2018).
Aashima Mall houses some of the leading brands and entertainment
outlets including Reliance Market, Reliance Trends & Reliance
Footprint, Reliance Digital, Adidas, Woodland, Bata, Mochi,
Cinepolis, Dominos, Nokia and Café Coffee Day and so on.

GURU GOBIND: CRISIL Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Guru Gobind
Foods And Agro Private Limited (GGFAPL) continue to be 'CRISIL D
Issuer Not Cooperating'.

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

   Long Term Loan         8          CRISIL D (Issuer Not
                                     Cooperating)

CRISIL Ratings has been consistently following up with GGFAPL for
obtaining information through letters and emails dated January 28,
2023 and March 13, 2023 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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

GGFAPL, incorporated in 2014 by Mr Shaminderjeet Singh Sandhu, is a
Muktsar (Punjab)-based company that processes basmati and
non-basmati rice, with milling and sorting capacities of 8 tonne
per hour each; the company commenced operations in March 2015.


INCREV INDIA: Voluntary Liquidation Process Case Summary
--------------------------------------------------------
Debtor: Increv India Solutions Private Limited
T-2315, Third Floor, Block-II, Ardente Office One Complex,
        Hoodi Circle Itpl Main Road,
        Mahadevapura, Bangalore
        Karnataka 560048 India

Liquidation Commencement Date:  March 16, 2023

Court: National Company Law Tribunal, Bangalore Bench

Liquidator: Mr. Thirupal Gorige
     No. 87, 2nd Floor, 21st Cross, 7th Main,
            N.S. Palya, BTM 2ND Stage,
            Bangalore-560076
            Karnataka, India
            Email: gthirupal@gmail.com
            Cell No: +91 94483 84064

Last date for
submission of claims: April 15, 2023


IND-BARATH THERMAL: Liquidation Process Case Summary
----------------------------------------------------
Debtor: Ind-Barath Thermal Power Limited
H NO. 8-5-210/43, Plot No 44, Shiva Enclave,
        Old Bowenpally, Secunderabad,
        Rangareddi, Telangana - 500011

Liquidation Commencement Date:  March 31, 2023

Court: National Company Law Tribunal, Hyderabad Bench

Liquidator: Mr. Deepak Maini
     C-100, Sector 2, Noida,
            Uttar Pradesh – 201301
            Email: deepak.maini@insolvencyservices.in
            Email: Cirp.indbarath@gmail.com

Last date for
submission of claims: May 10, 2023


ISINOX LIMITED: Insolvency Resolution Process Case Summary
----------------------------------------------------------
Debtor: Isinox Limited
Office No. 301/304, A wing, Naman Midtown,
        Off SB Marg, Elphinstone Road,
        Mumbai - 400013

Insolvency Commencement Date: March 17, 2023

Estimated date of closure of
insolvency resolution process: September 13, 2023

Court: National Company Law Tribunal, Mumbai Bench

Insolvency
Professional: Manishkumar Patel  
       1, Vishram Apartment, LBS Road,
              Opp 3 Petrol Pump, Thane
              Maharashtra - 400602
       Email: manish@ipmanish.com
       Email: isinocirp@gmail.com

Last date for
submission of claims:  April 5, 2023


JAIPRAKASH ASSOCIATES: Defaults on US$508 Million Loan Repayment
----------------------------------------------------------------
Sankalp Phartiyal at Bloomberg News reports that Jaiprakash
Associates Ltd defaulted on a repayment of INR41.61 billion (US$508
million) of loans due on March 31, the company said in an exchange
filing on April 29.

Bloomberg relates that the flagship company of the
infrastructure-focused Jaypee Group has borrowings of INR293.96
billion, which are due for repayment by 2037, it said.

"Post the proposed divestment of cement business and the
restructuring under consideration, the borrowing will get almost to
nil upon implementation of revised restructuring plan," the company
said.

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

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


JANARDHANA CREDITS: Voluntary Liquidation Process Case Summary
--------------------------------------------------------------
Debtor: Sri Janardhana Credits Limited
2195, 1st Floor, Trichy Road,
        Singanallur, Coimbatore - 641005

Liquidation Commencement Date:  April 7, 2023

Court: National Company Law Tribunal Chennai Bench

Liquidator: Venkatesh Natarajan
     119, Cooperative Colony,
            Uppilipalayam. coimbatore - 641015
     Email: venkatesh@vsandassociates.in
     Tel No: 9244410292

Last day of
submission of claims: May 7, 2023


JAPANESE STANDARD: Voluntary Liquidation Process Case Summary
-------------------------------------------------------------
Debtor: Japanese Standard Processing Private Limited
HIP Business Center,
        B36-37 (First Floor) DC, Mehruali
        Gurgaon Road, Gurgaon Haryana - 122001

Liquidation Commencement Date:  March 28, 2023

Court: National Company Law Tribunal, New Delhi Bench

Liquidator: Gyaneshwar Sahai
     OS-2, II Floor, The Next Door, Sector-76,
            Fadirabad, Haryana - 121004
            Email: gyaneshwar.sahai@gmail.com
            Mobile No: 9953541408

Last date for
submission of claims: April 27, 2023


JINDAL INFRASTRUCTURE: CARE Keeps C Debt Rating in Not Cooperating
------------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Jindal
Infrastructure (JI) continues to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       11.00      CARE C; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category  

   Short Term Bank       4.00      CARE A4; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category

Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated March 7, 2022,
placed the rating(s) of JI under the 'issuer non-cooperating'
category as JI 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. JI continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
January 21, 2023, January 31, 2023, February 10, 2023.

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).

Jindal Infrastructure (JI) was established as a partnership firm in
2009 by Mr. Mukesh Kumar Agrawal and Mr. Vishnu Prasad Agrawal
based out of Chhattisgarh. Since its inception, the firm has been
engaged in civil construction activities in the segment like
construction of buildings, bridges, roads, etc. The firm is
classified as A5 class contractor by Public Works Division,
Chhattisgarh which indicates that the firm can participate for
higher value contracts released by government departments. JI
participates in tenders and executes orders for the Public Works
Department (Chhattisgarh), Irrigation Department, etc.

KNITCRAFT APPARELS: CARE Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Knitcraft
Apparels International Private Limited (KAIPL) continues to remain
in the 'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term/          35.00       CARE D/CARE D; ISSUER NOT
   Short Term                      COOPERATING; Rating continues
   Bank Facilities                 to remain under ISSUER NOT
                                   COOPERATING category

Rationale and Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated March 24, 2022,
placed the rating(s) of KAIPL under the 'issuer non-cooperating'
category as KAIPL 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. KAIPL continues to
be non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
February 7, 2023, February 17, 2023, February 27, 2023.

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).

Delhi based Knitcraft Apparels International Private Limited
(KAIPL) has succeeded an erstwhile partnership firm Knitcraft
Apparels International established in 1999 and converted into
private limited company in in the year 2007. The company is
currently being managed Mr. Sanjay Khurana, Mr. Sandeep Khurana and
Mr. Sanchit Khurana. KAIPL is predominantly an export-oriented
unit. The company is engaged in manufacturing of readymade garments
which includes knitting, dyeing, finishing, printing, embroidery,
stitching etc. of Shirts, Fleece, and Jacquard etc. The company
also manufactures 100% micro polyester & polyester spandex products
used in golf & other active wears. KAI majorly exports its product
directly to various retail chains & stores located in USA, Canada,
U.K and Europe. These include reputed customer base like
G-IIIApparel Canada LLC, Tommy Hilfiger, Van Heusan, Calvin Klein,
Ralph Lauren Corp (Polo) (USA), Superdry Plc (UK), DKNY(USA),
Esprit (Europe), Debenhams Retail PLC, Flag & Anthem etc.


KUMARS COTEX: Liquidation Process Case Summary
----------------------------------------------
Debtor: Kumars Cotex Limited
Dokiparu Village, Medikonduru Mandal,
        Guntur, Dist Andhra Pradesh,
        Krishna, AP.P, India

Liquidation Commencement Date:  February 17, 2023

Court: National Company Law Tribunal, Hyderabad Bench

Liquidator: Raghu Babu Gunturu
     1st Floor, Golden Heights, Plot No.9,
     Opp Raheja IT Mindspace,
            Huda Techno Enclave,
            Madhapur, Hyderabad, Telangana - 500081
            Email: raghu@ezresolve.in
            Email: rpkumarcotex@ezresolve.in

Last date for
submission of claims: March 19, 2023


MALLIKARJUN CONSTRUCTION: CRISIL Keeps C Debt Rating in Not Coop.
-----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Mallikarjun
Construction Co. (MCC) continue to be 'CRISIL C/CRISIL A4 Issuer
Not Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Bank Guarantee         7          CRISIL A4 (Issuer Not
                                     Cooperating)

   Cash Credit            2          CRISIL C (Issuer Not
                                     Cooperating)

   Cash Credit            1          CRISIL C (Issuer Not
                                     Cooperating)

   Proposed Long Term     0.5        CRISIL C (Issuer Not
   Bank Loan Facility              Cooperating)

   Proposed Short Term    0.5        CRISIL A4 (Issuer Not
   Bank Loan Facility                Cooperating)

CRISIL Ratings has been consistently following up with MCC for
obtaining information through letters and emails dated January 28,
2023 and March 13, 2023 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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

MCC was set up as a proprietorship firm in 1985 by Mr. Nelatury
Chuinchu Reddy. It constructs roads and bridges. In December 2004,
it was reconstituted as a partnership firm, with Mr. Reddy's sons,
Mr. Malleshwar Reddy and Mr. Mallikarjun Reddy, as partners.


MARGDARSHEE HOSPITALITY: CARE Keeps C Rating in Not Cooperating
---------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Margdarshee
Hospitality and Retails Private Limited (MHRPL) continues to remain
in the 'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       6.78       CARE C; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category  

Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated March 14, 2022,
placed the rating(s) of MHRPL under the 'issuer non-cooperating'
category as MHRPL 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. MHRPL continues to
be non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
January 28, 2023, February 8, 2023, February 17, 2023.

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).

Analytical approach: Standalone

Outlook: Stable

Incorporated in August 2014, Margdarshee Hospitality and Retails
Private Limited (MHRPL) was promoted by Mr. Manas Ranjan Swain, Ms.
Margdarshee Manas and Mrs. Madhujyotsna Swain based out of Odisha.
Since its inception, the company is into trading of home
appliances, crockery, utensils, fast moving consumer goods and
readymade garments through its three shops located at Paradeep and
Rahama, Odisha. For diversify its business profile, MHRPL has come
out with a hotel business during FY18. The company has already set
up a hotel 'Hotel Shakti Residency' which became operational from
April 2017. The hotel of the company is a premium category hotel
located in prime location at Paradeep, in Odisha. The hotel
consists of 24 rooms, multi cuisine restaurant, banquet and
conference halls.

MHOW GHATABILLOD: CARE Keeps D Debt Rating in Not Cooperating
-------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Mhow
Ghatabillod Toll Roads Private Limited (MGTRPL) continues to remain
in the 'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      200.10      CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated April 25, 2022,
placed the rating(s) of MGTRPL under the 'issuer non-cooperating'
category as MGTRPL 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. MGTRPL continues to
be non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
March 11, 2023, March 21, 2023, March 31, 2023.

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).

Mhow Ghatabillod Toll Roads Private Limited is a special purpose
vehicle (SPV) promoted by Essel Infra projects Limited (EIL) and
group entities for four laning of the Mhow Ghatabillod section (on
SH-27) from km 1.500 to km 28.500 in the state of Madhya Pradesh on
a design, build, finance, operate and transfer (DBFOT) toll basis.


MILAN INFRA: CRISIL Keeps D Debt Rating in Not Cooperating
----------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Milan
Infrastructures and Developers Private Limited (MIDPL) continues to
be 'CRISIL D Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Term Loan              8          CRISIL D (Issuer Not
                                     Cooperating)

CRISIL Ratings has been consistently following up with MIDPL for
obtaining information through letters and emails dated January 28,
2023 and March 13, 2023 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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

MIDPL, set up in 2006, is engaged in development of various
residential and commercial projects, mainly in Ghaziabad (Uttar
Pradesh). The company is promoted by Mr. Navin Tyagi and Mr. Amit
Mahajan. At present, it is undertaking a residential-cum-commercial
project at Rajnagar extension, Ghaziabad.


MOIDU'S MEDI: CRISIL Keeps D Debt Ratings in Not Cooperating
------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Moidu's Medi
Care Private Limited (MMPL) continue to be 'CRISIL D/CRISIL D
Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Long Term Loan          8         CRISIL D (Issuer Not
                                     Cooperating)

   Overdraft Facility      4         CRISIL D (Issuer Not
                                     Cooperating)

   Proposed Long Term      4.12      CRISIL D (Issuer Not
   Bank Loan Facility                Cooperating)

CRISIL Ratings has been consistently following up with MMPL for
obtaining information through letters and emails dated January 28,
2023 and March 31, 2023 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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

Incorporated in July 1990, MMPL operates two hospitals - 'National
Hospital' and 'Western Medicals' in Calicut, Kerala. The company is
promoted and managed by Dr. K Moidu, Mrs. Haseena Ashik, Dr. K M
Ashik, Dr. K M Navas, and Mrs. Amina Moidu.


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

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit            1.6        CRISIL C (Issuer Not
                                     Cooperating)

   Inventory Funding      2.5        CRISIL C (Issuer Not
   Facility                          Cooperating)

CRISIL Ratings has been consistently following up with MMPL for
obtaining information through letters and emails dated January 28,
2023 and March 13, 2023 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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

MMPL, incorporated in 1998, is an authorised dealer for commercial
vehicles of M&M in Chennai. MAAPL, incorporated in 2000, authorised
dealer for passenger vehicles of M&M in Chennai. The group is
promoted by Mr. S. Ashok and his family.


P.R. FASTENERS: CARE Lowers Rating on INR12.50cr LT Loan to D
-------------------------------------------------------------
CARE Ratings has revised the ratings on certain bank facilities of
P.R. Fasteners Private Limited (PFPL), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       12.50      CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category and Revised from
                                   CARE B-; Stable

   Short Term Bank       1.50      CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   Under ISSUER NOT COOPERATING
                                   Category and Revised from
                                   CARE A4

Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated April 19, 2022,
placed the rating(s) of PFPL under the 'issuer non-cooperating'
category as PFPL 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. PFPL continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
March 5, 2023, March 15, 2023, March 25, 2023 and April 18, 2023.

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 ratings have been revised on account of non-availability of
requisite information. The rating revision also considers instances
of delays in debt servicing as recognized from publicly available
information i.e., possession notice issued by the lender.

Gurgaon, Haryana, based P.R. Fasteners Private Limited (PFPL) was
incorporated in August, as a private limited company. The company
is managed by Mr Vijender Verma and Mr Sanjay Verma. The company is
engaged in manufacturing of fasteners such as nuts and bolts that
finds its application in the automobile industry. The company has
its manufacturing facility located at Gurgaon, Haryana.


PAAPPAI EXPORTS: CARE Keeps D Debt Rating in Not Cooperating
------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Paappai
Exports (PE) continues to remain in the 'Issuer Not Cooperating'
category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       9.69       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated February 8,
2022, placed the rating(s) of PE under the 'issuer non-cooperating'
category as PE 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. PE continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
December 25, 2022, January 4, 2023, January 14, 2023.

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).

Paappai Exports (PE) was established on, 2008 and promoted by Mr V
Suryanarayanan, as Managing Partner and C Leela Krishnan, D Vijaya
Kumar, D Sivakumar, L Sumathi and L Pradeep Kannan as partners. The
firm is mainly engaged in manufacturing and exports of knitted and
woven garments since inception. The firm purchase yarn and
converting into fabric by giving job work. The manufacturing
process contains knitting, bleaching, and dyeing are executed by
job work basis. Cutting and stitching and printing of garments done
by PE. The main products of the firm are hosiery garments from
which the firm is generating more than 95% of the total operating
income derived through exports to countries like France, UK, and
Dubai.


PALLAVI CONSTRUCTIONS: CRISIL Keeps C Rating in Not Cooperating
---------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Pallavi
Constructions- Hyderabad (PC) continue to be 'CRISIL C/CRISIL A4
Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Bank Guarantee          7         CRISIL A4 (Issuer Not
                                     Cooperating)

   Secured Overdraft       7         CRISIL C (Issuer Not
   Facility                          Cooperating)

CRISIL Ratings has been consistently following up with PC for
obtaining information through letters and emails dated January 28,
2023 and March 13, 2023 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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

Established in 1996 as a partnership firm, Pallavi Constructions
(PC) in engaged in civil construction activities mainly
construction of railway over bridges (ROB) and excavation work
related activities. Based in Hyderabad, Telangana, the firm is
promoted by Mr. P Chandrashekhra Reddy, Mr. K Madhusudhan Reddy,
Mr. K Ashok Reddy, Ms.P Yamuna, Mr. P Pavan Kumar Reddy and Ms.P
Pallavi.


PMA CONSTRUCTIONS: CRISIL Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of PMA
Constructions Private Limited (PMA) continue to be 'CRISIL D Issuer
Not Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit            11         CRISIL D (Issuer Not
                                     Cooperating)

   Proposed Long Term      1.8       CRISIL D (Issuer Not
   Bank Loan Facility                Cooperating)

   Term Loan               1.45      CRISIL D (Issuer Not
                                     Cooperating)

   Term Loan               7.7       CRISIL D (Issuer Not
                                     Cooperating)

   Term Loan               5.7       CRISIL D (Issuer Not
                                     Cooperating)

   Term Loan               1.45      CRISIL D (Issuer Not
                                     Cooperating)

   Term Loan               2.9       CRISIL D (Issuer Not
                                     Cooperating)

CRISIL Ratings has been consistently following up with PMA for
obtaining information through letters and emails dated January 28,
2023 and March 13, 2023 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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

Incorporated in 2003, PMA is a Faridabad-based company, engaged in
crushing of basalt stone to finer granules and dust. Operations are
managed by Mr Mukesh Kumar.  The company has nine crushers at
present, each with a capacity of 200 tonne per hour. Basalt is used
in construction of roads, buildings and other structures.


PRIVILAGE POWER: Insolvency Resolution Process Case Summary
-----------------------------------------------------------
Debtor: Privilage Power and Infrastructure Private Limited
3rd Floor, HDIL Towers Anant Kanekar Marg,
        Bandra (East) Mumbai - 400051

Insolvency Commencement Date: February 15, 2023

Estimated date of closure of
insolvency resolution process: August 14, 2023

Court: National Company Law Tribunal, Mumbai Bench-V

Insolvency
Professional: Anurag Kumar Sinha
       Flat No. 3602, Redwood (Tower No.7),
              Runwal Greens, Mulund-Goregaon Link Road,
       Bhandup (West), Mumbai City
              Maharashtra, 400078
       Email: aksinhaip3@gmail.com

       144-B, Mittal Court,
              14th Floor, Nariman Point,
              Mumbai - 400021
       Email: privilagepower.ibc@gmail.com
  
Last date for
submission of claims:  April 16, 2023


SURYA ENTERTAINMENT: Voluntary Liquidation Process Case Summary
---------------------------------------------------------------
Debtor: Surya Entertainment Private Limited
        Surya Complex, Leela Bhawan Chowk,
        Patiala, Punjab - 147001

Liquidation Commencement Date:  April 10, 2023

Court: National Company Law Tribunal Chandigargh Bench

Liquidator: Vishwajeet Gupta
     #51, Adarsh Enclave, Dhakoli,
            Near Zirakpur,
            Distt. Mohali (Punjab) - 160104
            Email: vishawjeetgupta@gmail.com
     Tel No: +91-98152 84474 (M)

Last date for
submission of claims: May 10, 2023


THAUSI EXPORT: CARE Keeps D Debt Rating in Not Cooperating
----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Thausi
Export (TE) 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 & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated February 7,
2022, placed the rating(s) of TE under the 'issuer non-cooperating'
category as TE 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. TE continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
December 24, 2022, January 03, 2023, January 13, 2023.

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).

Thausi Exports was established as a proprietorship firm in the year
1986 under HUF status. The firm is engaged in trading and
manufacturing of textiles in domestic and export market. The firm
is dealing in all kind of fabrics, readymade garments, sarees and
towels. The firm's registered office is located at D.no 8/1 A, Anna
Street, Salem, Tamil Nadu- 636001.


WELD-AIDS PRIVATE: Voluntary Liquidation Process Case Summary
-------------------------------------------------------------
Debtor: Weld-Aids Private Limited
Ground Floor, No. 84/5,
        Harijan Colony,
        Mathikere, Bengaluru - 560054,
        Karnataka, India

Liquidation Commencement Date: February 25, 2023

Court: National Company Law Tribunal, Bangalore Bench

Liquidator: Mr. Thirupal Gorige
     No. 87, 2nd Floor, 21st Cross, 7th Main,
            N.S. Palya, BTM 2ND Stage,
            Bangalore-560076 Karnataka, India
            Email: gthirupal@gmail.com
            Cell No: +91 94483 84064

Last date for
submission of claims: March 26, 2023




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

AGESON BHD: Faces Trading Suspension Over Failure to Issue Report
-----------------------------------------------------------------
theedgemarkets.com reports that trading in the shares of Ageson Bhd
is set to be suspended on May 10 following the company's failure to
release its annual report for the year ended Dec. 31, 2022 in
time.

Under Bursa Malaysia's Main Market listing requirements (MMLR), the
annual report must be issued within four months from the close of
the financial year, which means the deadline is April 28.

However, Ageson said it is unable to release the report by that
date as it needed additional time to identify suitable auditors
following the resignation of its previous auditors,
theedgemarkets.com relays.

"The company has been actively searching for potential new auditors
subsequent to the resignation of predecessor auditors. The company
has approached a total of 16 potential auditors, and the majority
of the auditors' responses were negative due to resource
constraints," the company said in a bourse filing.

theedgemarkets.com relates that the builder-cum-property developer
said it expects to release the annual report by October.

The company had on Feb. 27 announced the resignation of STYL
Associates PLT as its auditors due to resource constraints.

According to the MMLR, if a company fails to issue the annual
report within five market days after the expiry of the relevant
timeframe, trading in the company's shares will be suspended on the
next market day.

Thus, the suspension in the trading of Agesons shares will take
effect on May 10, "and will be lifted on the market day following
the announcement/issuance of the outstanding annual report 2022
unless otherwise determined by Bursa Securities", the company, as
cited by theedgemarkets.com, said.

If the company fails to issue the report within six months from the
expiry of the relevant timeframes, in addition to any enforcement
action that Bursa Securities may take, the exchange regulator will
commence delisting procedures against the company.

On April 7, Ageson proposed a one-to-one share exchange of its
entire issued share capital of up to 565.94 million shares and
254.28 million irredeemable convertible preference shares (ICPS)
for new shares and ICPS in Afton Bhd, as part of an internal
reorganisation by way of a members scheme of arrangement, according
to the report.

theedgemarkets.com says Ageson also proposed to transfer its
listing status to Afton.

During the implementation of the proposed share exchange, the board
of Afton will be appointed to mirror the board of Ageson, while the
current directors of Afton would resign.

Through the internal reorganisation, Afton will become the
investment holding vehicle assuming the listing status of Ageson,
whilst Ageson will continue to operate the construction, property
development and investment holding businesses, adds
theedgemarkets.com.

Ageson Bhd operates as an investment holding company. Its principal
activities are mainly construction and property development. The
company's segments include Construction, which is engaged in
construction works and trading; Property Development, which is
engaged in the development of residential and commercial
properties; and Others, which is into investment holding. It
generates maximum revenue from the Construction segment.




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

AUCKLAND TUATARA: Creditors' Proofs of Debt Due on May 26
---------------------------------------------------------
Creditors of Auckland Tuatara Limited Partnership and Auckland
Tuatara GP Limited are required to file their proofs of debt by May
26, 2023, to be included in the company's dividend distribution.

The company commenced wind-up proceedings on April 21, 2023.

The company's liquidators are:

          Heath Gair
          Palliser Insolvency
          PO Box 57124
          Mana, Porirua 5247


AUDIO TECHNICA: Waterstone Insolvency Appointed as Receivers
------------------------------------------------------------
Damien Grant and Adam Botterill of Waterstone Insolvency on April
13, 2023, were appointed as receivers and managers of Audio
Technica Solutions Limited, Vishal Kumar, And Romika Sharp.

The receivers and managers may be reached at:

          Waterstone Insolvency
          PO Box 352
          Auckland 1140


BRP BUILDERS: Creditors' Proofs of Debt Due on June 2
-----------------------------------------------------
Creditors of BRP Builders Limited, Richmond Ponsonby Limited and
Country Garden Group Limited are required to file their proofs of
debt by June 2, 2023, to be included in the company's dividend
distribution.

BRP Builders Limited commenced wind-up proceedings on April 19,
2023.

Richmond Ponsonby Limited and Country Garden Group Limited
commenced wind-up proceedings on April 21, 2023.

The company's liquidators are:

          Keaton Pronk
          Iain Mclennan
          McDonald Vague Limited
          PO Box 6092
          Victoria Street West
          Auckland 1142


ELLIS AND GAMBLE: Creditors' Proofs of Debt Due on May 14
---------------------------------------------------------
Creditors of Ellis And Gamble Limited are required to file their
proofs of debt by May 14, 2023, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on April 14, 2023.

The company's liquidators are:

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


GEORGE B HOLDINGS: Waterstone Insolvency Appointed as Receiver
--------------------------------------------------------------
Damien Grant and Adam Botterill of Waterstone Insolvency on March
23, 2023, were appointed as receivers and managers of George B
Holdings Limited and Tony Robert Dennison.

The receivers and managers may be reached at:

          Waterstone Insolvency
          16 Piermark Drive
          Rosedale
          Auckland 0632




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

AMBROSIA CAPITAL: Court Enters Wind-Up Order
--------------------------------------------
The High Court of Singapore entered an order on April 21, 2023, to
wind up the operations of Ambrosia Capital Holdings Pte. Ltd.

SRSG Pte Ltd filed the petition against the company.

The company's liquidator is:

          Farooq Ahmad Mann
          Mann & Associates PAC
          3 Shenton Way
          #03-06C Shenton House
          Singapore 068805


HUNTING AIRTRUST: Creditors' Proofs of Debt Due on May 28
---------------------------------------------------------
Creditors of Hunting Airtrust Tubulars Pte. Ltd. are required to
file their proofs of debt by May 28, 2023, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on April 21, 2023.

The company's liquidators are:

          Kon Yin Tong
          Aw Eng Hai be
          c/o 1 Raffles Place
          #04-61 One Raffles Place Tower 2
          Singapore 048616


JP SHIN: Commences Wind-Up Proceedings
--------------------------------------
Members of JP Shin Pte Ltd, on April 20, 2023, passed a resolution
to voluntarily wind up the company's operations.

The company's liquidator is:

          Ng Hoe Kiat Keith
          7500A Beach Road
          #05-303/304 The Plaza
          Singapore 199591


LIAN KENG: Court to Hear Wind-Up Petition on May 12
---------------------------------------------------
A petition to wind up the operations of Lian Keng Enterprises Pte
Ltd will be heard before the High Court of Singapore on May 12,
2023, at 10:00 a.m.

Kho Choon Keng filed the petition against the company on April 19,
2023.

The Petitioner's solicitors are:

          WongPartnership LLP
          12 Marina Boulevard #28-01
          Marina Bay Financial Centre Tower 3
          Singapore 018982


MAPLE BUILDERS: Court Enters Wind-Up Order
------------------------------------------
The High Court of Singapore entered an order on April 13, 2023, to
wind up the operations of Maple Builders Pte. Ltd.

The Comptroller of Income Tax and The Comptroller Of Goods And
Services Tax filed the petition against the company.

The company's liquidators are:

          Lin Yueh Hung
          Goh Wee Teck
          M/s RSM Corporate Advisory
          8 Wilkie Road
          #03-08 Wilkie Edge
          Singapore 228095




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

SRI LANKA: Economy to Shrink by 2% in 2023, Central Bank Says
-------------------------------------------------------------
Reuters reports that Sri Lanka's economy is expected to shrink by
2% in 2023, its central bank said in an annual report on April 27,
as the country struggled to emerge from its worst financial crisis
in decades.

The central bank projected Sri Lanka's economy would grow by 3.3%
in 2024, according to the report.

Reuters relates that the economy shrank by 7.8% in 2022, in a year
dominated by deep political instability, soaring inflation and
steep currency depreciation as Sri Lanka struggled with a financial
crisis triggered by record low foreign exchange reserves.

According to Reuters, the central bank's growth estimate for 2023
is more optimistic than the 3.1% contraction projected by the
International Monetary Fund (IMF), which finalised a nearly
$3-billion bailout to the crisis-hit country last month. The World
Bank estimates Sri Lanka's economy will contract by 4.3% in 2023.

"Sri Lanka's economy has been gradually stabilising since mid-2022.
The long fuel lines, severe shortages, and high inflation have
gradually reversed," Reuters quotes Udeeshan Jonas chief strategist
at CAL Group as saying.

"Recovery from sectors such as tourism could be better than
expected and consumer demand is also picking up. That together with
the low base could see better performance."

Sri Lanka, which defaulted on its foreign debt a year ago, is
currently negotiating its debt repayments with bondholders and
bilateral creditors, Reuters notes. The island expects to complete
its debt restructuring process in time for the first IMF review in
September.


SRI LANKA: S&P Affirms SD/SD Foreign Curr. Sovereign Credit Ratings
-------------------------------------------------------------------
S&P Global Ratings, on April 26, 2023, affirmed its long-term and
short-term foreign currency sovereign credit ratings on Sri Lanka
at 'SD/SD'.  At the same time, S&P affirmed its 'CCC-' long-term
and 'C' short-term local currency sovereign ratings.  The outlook
on the long-term local currency rating remains negative.

S&P also retained its transfer and convertibility assessment at
'CC'.

Outlook

S&P said, "Our long-term foreign currency rating on Sri Lanka is
'SD' (selective default). We do not assign outlooks to 'SD' ratings
because they express a condition and not a forward-looking opinion
of default probability."

The negative outlook on the long-term local currency rating
reflects a high risk to commercial debt repayments over the next
six months in the context of Sri Lanka's economic, external, and
fiscal pressures.

Downside scenario

S&P could lower the long-term local currency ratings on Sri Lanka
if there are indications of nonpayment or restructuring of Sri
Lankan rupee-denominated obligations.

Upside scenario

S&P said, "We could revise the outlook to stable or raise the
long-term local currency sovereign credit ratings if we perceive
that the likelihood of the government's local currency debt being
excluded from any debt restructuring has increased. This could be
the case if, for example, the government's fiscal sustainability
metrics improve much more quickly than we expect.

"We could raise our long-term foreign currency sovereign credit
rating upon completion of the government's bond restructuring. The
rating would reflect Sri Lanka's creditworthiness
post-restructuring.

"Our post-restructuring ratings tend to be in the 'CCC' or low 'B'
categories, depending on the sovereign's new debt structure and
capacity to support that debt."

Rationale

S&P's ratings on Sri Lanka reflect the government's continued
non-service of its international sovereign bonds (ISBs), as well as
deep underlying fiscal, economic, and external weaknesses.

The Sri Lankan government is in comprehensive negotiations to
restructure its foreign currency obligations. Once an agreement is
made, and timely service of all commercial foreign currency
obligations resumes, S&P may raise the foreign currency ratings on
Sri Lanka to reflect the sovereign's underlying creditworthiness.

Sri Lanka has endured an extended period of extremely challenging
macroeconomic conditions, including a severe deterioration in
public finances, economic growth, and external liquidity. These
conditions are beginning to stabilize, but we anticipate that a
meaningful recovery will only begin after 2023.

Institutional and economic profile: Economy to contract again in
2023, but at a more moderate pace

-- The Sri Lankan economy will contract by about 1.8% this year,
compared with a 7.8% contraction in 2022, as activity gradually
stabilizes.

-- S&P forecasts real GDP will return to expansion in 2024, at a
growth rate of 1.5%.

-- The government's EFF agreement with the IMF sets the stage for
major policy reforms over the next three to four years. If
implemented, these reforms would help to restore Sri Lanka's growth
potential.

Sri Lanka's economic collapse in 2022 will leave lasting scars on
the economy, resulting in slow growth over the next few years. The
Sri Lankan economy contracted by 7.8% in 2022, reflecting the
effects of widespread political and social disturbances amid
shortages of critical imported goods.

These conditions have improved somewhat following the formation of
a new government on the heels of the resignation of former
President Gotabaya Rajapaksa, and the adoption of emergency
measures to ease goods shortages. However, consumption and
investment sentiment and activity will remain depressed this year
in the wake of such severe disruptions. A gradual expansion of
activity is likely to return from 2024 onward. This will coincide
with greater recovery traction for key sectors including tourism
and manufacturing.

Sri Lanka has progressively introduced widespread import
restrictions over the past three years. These have contributed to a
rapid reduction in the country's current account deficit but have
also weighed on economic activity. Officials have stated that these
restrictions may be gradually rescinded as the country's foreign
exchange reserves improve.

S&Ps aid, "We forecast the pace of Sri Lanka's economic contraction
will ease to 1.8% this year, before real GDP growth returns at a
rate of 1.5% in 2024. Sri Lanka's nominal GDP per capita has
suffered a deep decline owing to both the real economic contraction
and a much weaker rupee exchange rate versus the dollar. We expect
GDP per capita to fall to just above US$3,200 in 2023, versus more
than US$4,000 in 2021, before returning to growth over the
subsequent years."

Sri Lanka's real GDP per capita growth on a 10-year weighted
average is -0.9%, still well below the median of its peers at a
similar level of income. This reflects primarily the very weak
economic performance over recent years, as well as modest growth
prospects during the recovery period beyond 2023.

Sri Lanka's political settings saw significant upheaval in 2022,
prior to the appointment of veteran lawmaker Ranil Wickremesinghe
as president. The steadier political environment since mid-2022 has
allowed the government to complete comprehensive negotiations with
the IMF, culminating in the introduction of a sweeping, four-year
EFF program in March 2023.

The program introduces an ambitious agenda of policy reforms. These
include various new government revenue schemes, restructuring of
state-owned enterprises (SOEs), a revised Banking Act, a revamped
value-added tax (VAT) system, and quantitative targets aimed at
reducing fiscal deficits and boosting foreign exchange reserves.
Likewise, the Sri Lankan government will need to restructure its
foreign currency debt obligations to meet sustainability
requirements that will support continued borrowing from the Fund.

Sri Lanka's current political settings are characterized by a
minority ruling coalition, though policymakers have over the past
12 months shown a greater willingness to agree to difficult
economic and fiscal reforms. Political commitment to ongoing
reforms will be a critical variable in keeping the IMF reform
program on track over the coming years, and in fostering the still
nascent economic recovery.

Flexibility and performance profile: Long road to recovery as Sri
Lanka emerges from fiscal and external crises

-- Sri Lanka's external profile has stabilized from deep crisis
levels in 2022. Resources will remain limited for the next one to
two years as thin reserve buffers are gradually rebuilt.

-- Sri Lanka's public finances remain extremely weak. The adoption
of revenue reforms, expenditure controls, and faster nominal GDP
growth will be necessary to significantly curtail the government's
large fiscal shortfall.

-- The government's interest burden and debt stock remain
unsustainable. Improvement in these will be partially dependent on
the depth and breadth of debt restructuring agreements.

Sri Lanka's external position is emerging from deep crisis levels
in 2022. The first tranche of IMF funds released in March 2023,
along with the government's external debt moratorium and
significant import compression, have re-established a modest
quantum of usable foreign exchange reserves available at the
central bank. S&P estimates usable reserves to be about US$1.2
billion as of end-March 2023. This compares with a reported value
of less than US$100 million during the second quarter of 2022.

With the IMF program now in place, Sri Lanka is more likely to
secure additional funding from other multilateral partners, even as
it seeks restructuring agreements on existing credit facilities
from bilateral creditors.

Sri Lanka's current account deficit fell markedly in 2022 to less
than 2% of GDP, versus a shortfall of 3.7% in 2021. S&P anticipates
Sri Lanka will gradually grow its stock of foreign exchange
reserves over the next few years, supported by additional borrowing
and a lower current account deficit. The restructuring of foreign
currency-denominated debt will contribute to Sri Lanka's more
manageable current account deficit through lower interest
payments.

Sri Lanka is unlikely to return to international capital markets in
the near future. Without access to foreign funding, the government
has relied completely on local currency financing.

S&P forecasts Sri Lanka's gross external financing needs as a
percentage of current account receipts plus usable reserves will
average about 137% over 2023-2026. Further, Sri Lanka's narrow net
external debt (net of official reserves and financial sector
external assets) will likely remain elevated at about 159% of
current account receipts over the same period.

Persistently high fiscal deficits in Sri Lanka will be a key target
of officials' reform agenda. Sri Lanka's interest burden, measured
by the ratio of its total interest service costs to general
government revenues, is the highest of all rated sovereigns. The
government's ability to strengthen its revenue generation capacity,
and the extent of its debt restructuring agreements, will in large
part determine the pace of improvement in this metric over the next
few years.

Sri Lanka's 2023 budget includes an ambitious goal to increase
revenue to 15% of GDP. Policies that will support this target, some
of which were introduced earlier in 2022, include VAT and personal
income tax recalibrations, the introduction of additional non tax
fees and charges, an increase in fuel excise tax, and the
strengthening of tax administration measures. Taken together, these
will boost revenue generation; however, more sweeping reforms will
likely be required to hit the government's target.

The Sri Lankan government is negotiating terms for a sweeping
restructure of its foreign law foreign currency obligations. It
could also amend the terms of its local currency obligations.
Restructuring of both types of debt will likely be necessary to
significantly reduce debt servicing needs.

S&P said, "Sri Lanka's local currency debt obligations, which we
estimate at about 55% of its total debt stock, now account for the
majority of its interest payments. This follows a surge in rupee
borrowings over the past year. Our local currency issuer credit
ratings on Sri Lanka reflect a continued high risk that the
government will adopt changes to the terms of its local currency
obligations, potentially by lengthening the maturity of outstanding
bonds."

Sri Lankan officials have discussed the possibility of a
restructure of government obligations owned by the central bank, as
well as a voluntary change of terms to be negotiated with some
private sector bondholders.

S&P said, "The government is also engaged in negotiations to manage
its considerable obligations to bilateral creditors; we estimate
such obligations to be about US$10.6 billion at present. Roughly
80% of this debt is owed to three countries: China, Japan, and
India. Our issuer credit ratings are assessments of default risk on
commercial debt, rather than on concessional debt contracted from
multilateral or bilateral lenders.

The Sri Lankan government is heavily reliant on local currency
financing following its foreign currency crisis. Meanwhile,
domestic interest rates have risen aggressively alongside extremely
high inflation and tighter monetary conditions, driving up the
government's debt service cost. The government's ability to
refinance or restructure these obligations at lower rates of
interest, in the absence of central bank purchases, will be a key
determinant of its ability to reestablish debt sustainability over
the next three to five years.

The Central Bank of Sri Lanka (CBSL) has hiked its standing deposit
and lending facility rates by a cumulative 1,050 basis points (bps)
since the beginning of 2022. This is an attempt to arrest the rapid
depreciation of the Sri Lankan rupee and a record surge in
inflation. National consumer price index inflation peaked at 73.7%
year on year in September 2022, and has since retreated to 49.2% as
of March 2023.

S&P sees inflation running well above trend again this year, though
full-year price growth will fall markedly, from 59.2% to about 15%.
Some stability in commodity prices, as well as a modest
strengthening of the rupee following its collapse in 2022 will help
normalization of inflation.

Following severe depreciation and exceptional volatility in 2022,
the Sri Lankan rupee is likely to stabilize somewhat over the next
12-24 months, with some bias toward further weakening from current
levels.

S&Ps aid, "We assess the government's contingent liabilities from
the financial system as moderate. We also note that Sri Lankan
banks have purchased substantial quantities of government debt,
with aggregate exposure significantly higher than 20% of system
assets. The government is also in the early stages of restructuring
key SOEs, in collaboration with the IMF reform program."

Sri Lanka's monetary settings remain a credit weakness, though work
toward an updated Monetary Law Act has resumed now that a new EFF
program is in place. If adopted into law, the Act could help to
enshrine greater autonomy for the CBSL, which would support more
credible and effective monetary policy.

In accordance with S&P's relevant policies and procedures, the
Rating Committee was composed of analysts that are qualified to
vote in the committee, with sufficient experience to convey the
appropriate level of knowledge and understanding of the methodology
applicable. At the onset of the committee, the chair confirmed that
the information provided to the Rating Committee by the primary
analyst had been distributed in a timely manner and was sufficient
for Committee members to make an informed decision.

After the primary analyst gave opening remarks and explained the
recommendation, the Committee discussed key rating factors and
critical issues in accordance with the relevant criteria.
Qualitative and quantitative risk factors were considered and
discussed, looking at track-record and forecasts.

The committee's assessment of the key rating factors is reflected
in the Ratings Score Snapshot above.

The chair ensured every voting member was given the opportunity to
articulate his/her opinion. The chair or designee reviewed the
draft report to ensure consistency with the Committee decision. The
views and the decision of the rating committee are summarized in
the above rationale and outlook. The weighting of all rating
factors is described in the methodology used in this rating
action.

  Ratings List

  RATINGS AFFIRMED

  SRI LANKA

   Sovereign Credit Rating

   Foreign Currency        SD/--/SD

   Local Currency          CCC-/Negative/C

   Transfer & Convertibility Assessment   CC

  SRI LANKA

   Senior Unsecured        CCC-

   Senior Unsecured        D

  SRILANKAN AIRLINES LTD.

   Senior Unsecured        D



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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 2023.  All rights reserved.  ISSN: 1520-9482.

This material is copyrighted and any commercial use, resale or
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