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

                     A S I A   P A C I F I C

          Wednesday, January 31, 2024, Vol. 27, No. 23

                           Headlines



A U S T R A L I A

BULK RESOURCES: First Creditors' Meeting Set for Feb. 6
FORM INSITU: Second Creditors' Meeting Set for Feb. 6
FTD CONSTRUCTION: Collapses Into Liquidation
GODFREYS GROUP: Enters Administration, Closes 54 Stores
HOST INTERNATIONAL: First Creditors' Meeting Set for Feb. 6

KINGMAN GROUP: First Creditors' Meeting Set for Feb. 8
TRITON BOND 2024-1: S&P Assigns Prelim B (sf) Rating to F Notes
WEALTH & RISK: ASIC Seeks Contempt of Court Orders vs. Ex-Director
WESTERN HOSPITAL: First Creditors' Meeting Set for Feb. 8


C H I N A

CHINA EVERGRANDE: Acknowledges HK Court Order to Liquidate
COUNTRY GARDEN: Considering Sale of London Project
LINYI CITY DEVELOPMENT: Moody's Withdraws Ba1 Corp. Family Rating
[*] CHINA: Guangdong Government Debt Pile Approaches US$422BB
[*] CHINA: Over 230 Developers Filed for Bankruptcy in 2023

[*] Moody's Downgrades Ratings of 17 Chinese LGFVs


I N D I A

ABHIRAJ ENGICON: Ind-Ra Keeps BB Rating in Non-Cooperating
ABLE & WEAL: Ind-Ra Withdraws B- NonConvertible Debts Rating
ACCENT PACKAGING: Liquidation Process Case Summary
ADITYA VIDYUT: ICRA Keeps D Debt Ratings in Not Cooperating
AIR TRAVEL: Insolvency Resolution Process Case Summary

AKSHATA MERCANTILE: Liquidation Process Case Summary
ALIENS DEVELOPERS: Ind-Ra Assigns D NonConvertible Debts Rating
ANUBHAV PLAST: Ind-Ra Keeps B+ Rating in Non-Cooperating
ARAVIND CERAMICS: Ind-Ra Hikes Term Loan Rating to BB
ARIHANT SYNCOTEX: Ind-Ra Assigns BB Bank Loan Rating

AZEEM INFINITE: Ind-Ra Keeps D Rating in Non-Cooperating
BHADRESHWAR VIDYUT: ICRA Keeps D Debt Ratings in Not Cooperating
BHUPESH STEEL: Insolvency Resolution Process Case Summary
BMSS STEEL: Ind-Ra Keeps B+ Rating in Non-Cooperating
BOXOVIA PRIVATE: Ind-Ra Affirms BB- Loan Rating, Outlook Stable

CAMEX LIMITED: Ind-Ra Keeps BB- Rating in Non-Cooperating
CHADHA SUPER: Insolvency Resolution Process Case Summary
CHHAPRA HAJIPUR: ICRA Reaffirms D Rating on INR857cr Term Loan
COINWEALTH VENTURES: Voluntary Liquidation Process Case Summary
CREATIVE LIMITED: CRISIL Keeps D Debt Ratings in Not Cooperating

DIVYA AGRO: Liquidation Process Case Summary
DOOR SANCHAR: ICRA Keeps D Debt Ratings in Not Cooperating
ELIXER DISTRIBUTORS: Liquidation Process Case Summary
FDS MANAGEMENT: Liquidation Process Case Summary
FERROLI HEAITING: Voluntary Liquidation Process Case Summary

GOYAL EDUCATIONAL: CRISIL Keeps D Debt Ratings in Not Cooperating
HELLIOS TUBEALLOYS: Insolvency Resolution Process Case Summary
I-DZIRE HOSPITALITY : Liquidation Process Case Summary
INDIAN SUGAR: CRISIL Keeps D Debt Ratings in Not Cooperating
JAG VIDHYA: CRISIL Keeps D Debt Ratings in Not Cooperating

JAI GOKUL: Insolvency Resolution Process Case Summary
JEANS KNIT: ICRA Withdraws B+ Rating on INR54.57cr LT Loan
KALWAKURTHY MUNICIPALITY: ICRA Keeps B+ Issuer Rating in Not Coop
KGPS MECHANICAL: CRISIL Keeps D Debt Ratings in Not Cooperating
KND ENGINEERING: Liquidation Process Case Summary

M/S SAR ISPAT: Insolvency Resolution Process Case Summary
MADAN GOPAL: CRISIL Keeps D Debt Ratings in Not Cooperating
MADURAI TUTICORIN: ICRA Keeps D Debt Rating in Not Cooperating
MARKS ENTERPRISES: CRISIL Keeps D Debt Ratings in Not Cooperating
MEERA AND COMPANY: ICRA Keeps D Debt Ratings in Not Cooperating

MUDHAI DAIRY: Liquidation Process Case Summary
NYLES SALES: Liquidation Process Case Summary
PARTE CASTERS: Liquidation Process Case Summary
PCL OIL: Insolvency Resolution Process Case Summary
PERIWINKLE HERBALS: Liquidation Process Case Summary

PIYUSH INFRATECH: CRISIL Keeps D Debt Ratings in Not Cooperating
PONNU FOOD: ICRA Lowers Rating on INR8.90cr Long Term Loan to D
R.H. SORTEX: ICRA Keeps D Ratings in Not Cooperating Category
R.S.H. AGRO: Liquidation Process Case Summary
RAM KRISHNA: CRISIL Keeps D Debt Ratings in Not Cooperating

RANCHI EXPRESSWAYS: Insolvency Resolution Process Case Summary
SATYA MEGHA: CRISIL Keeps D Debt Ratings in Not Cooperating
SHADNAGAR MUNICIPALITY: ICRA Keeps B+ Issuer Rating in Not Coop.
SHARDA AUTO: Voluntary Liquidation Process Case Summary
SIDDHARTH NATURAL: Liquidation Process Case Summary

SND LIMITED: Liquidation Process Case Summary
SPASHT MARKETING: Insolvency Resolution Process Case Summary
SQ INFRASTRUCTURE: Insolvency Resolution Process Case Summary
STAR REALCON: CRISIL Keeps D Debt Ratings in Not Cooperating
SUSEE PREMIUM: CRISIL Keeps D Debt Ratings in Not Cooperating

TILAK EXPORTS: CRISIL Keeps D Debt Ratings in Not Cooperating
TRANSPARENT ENERGY: Liquidation Process Case Summary
TRICHY THANJAVUR: ICRA Keeps D Debt Rating in Not Cooperating
TROPICAL COATINGS: CRISIL Keeps D Debt Ratings in Not Cooperating
UDAY AUTOLINK: CRISIL Keeps D Debt Ratings in Not Cooperating

UNAKOTI NURSING: Insolvency Resolution Process Case Summary
VAISHNAVI FOOD: ICRA Keeps B- Debt Rating in Not Cooperating
WANAPARTHY MUNICIPALITY: ICRA Keeps B+ Issuer Rating in Not Coop.


I N D O N E S I A

WIJAYA KARYA: Inks Deal to Restructure US$1.3 Billion of Debt


J A P A N

KEISEI ELECTRIC: Egan-Jones Lowers Senior Unsecured Ratings to BB-
KOBE STEEL: Egan-Jones Lowers Senior Unsecured Ratings to BB-
TOKYU CORP: Egan-Jones Retains BB- Senior Unsecured Ratings
TOYOBO CO: Egan-Jones Retains BB+ Senior Unsecured Ratings


N E W   Z E A L A N D

EDEN NAILS: Court to Hear Wind-Up Petition on March 13
JOHNSTON'S DIRECT: Creditors' Proofs of Debt Due on March 15
PLDL LIMITED: Creditors' Proofs of Debt Due on March 8
STRUCTURAL SUPPORT: Court to Hear Wind-Up Petition on Feb. 2
THEM.D LIMITED: Court to Hear Wind-Up Petition on Feb. 7



S I N G A P O R E

AINQA CAPITAL: Creditors' Proofs of Debt Due on Feb. 29
BULL WILL: Court to Hear Wind-Up Petition on Feb. 9
CRG CONTRACTORS: Court to Hear Wind-Up Petition on Feb. 9
LATIN LEAP: Creditors' Proofs of Debt Due on Feb. 29
LIPPO MALLS: Moody's Lowers CFR to Caa3, Outlook Remains Negative

SHANGHAI CHONG: Commences Wind-Up Proceedings
SINGAPORE AIRLINES: Egan-Jones Retains BB- Sr. Unsecured Ratings

                           - - - - -


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

BULK RESOURCES: First Creditors' Meeting Set for Feb. 6
-------------------------------------------------------
A first meeting of the creditors in the proceedings of Bulk
Resources Management Pty Ltd will be held on Feb. 6, 2024 at 3:00
p.m. at Level 12, 20 Bridge Street in Sydney.

Domenico Alessandro Calabretta and Andrew Quinn of Mackay Goodwin
were appointed as administrators of the company on Jan. 24, 2024.


FORM INSITU: Second Creditors' Meeting Set for Feb. 6
-----------------------------------------------------
A second meeting of creditors in the proceedings of Form Insitu Pty
Ltd has been set for Feb. 6, 2024 at 10:30 a.m. via teleconference
only.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by Feb. 5, 2024 at 4:00 p.m.

Stephen Dixon and Brett Orzel of Hamilton Murphy Advisory were
appointed as administrators of the company on Dec. 20, 2023.


FTD CONSTRUCTION: Collapses Into Liquidation
--------------------------------------------
Daily Mail Australia reports that a Lamborghini-driving,
globetrotting playboy's construction company has gone under months
after being deregistered.  FTD Construction, which also stands for
Fulfil The Dream, was placed into liquidation on Jan. 29.

Its Perth-based sole director and chief executive Ricky Hirsch, 37,
is fond of posting social media images of himself either
jet-setting overseas to luxury resorts, or sitting in one of his
Lamborghinis.

GTS Advisory director Mathieu Tribut has been appointed as
liquidator, Daily Mail Australia discloses.

According to Daily Mail Australia, FTD Construction touts its
tycoon founder Mr. Hirsch as a financial genius who started a
company at age 24 when others were still panicking about the Global
Financial Crisis.

Mr. Hirsch boasts how he has 'expanded his enterprise from
Australia to Dubai, Singapore, China, and Indonesia' and had set
his sights on New York and Miami, the report relates.

Daily Mail Australia says Fulfil The Dream's assets are being sold
four months after Western Australia's Building Services Board
declined to renew its registration, citing financial management
issues.

'The Board was not satisfied that the company met the financial
requirements for registration or that it had arrangements in place
to ensure the proficient management and supervision of the building
services carried out by the company,' it said.

The Building Services Board advised affected customers to apply for
Home Indemnity Insurance.

According to the report, FTD Construction still has a website with
the tagline: 'Partner with FTD and share in developer profits.'

Its website touts AUD448 million worth of 'pipeline projects' for
2023 and 2024 and more than 50 joint ventures.

Mr. Hirsch, who founded the company when he was 24, is touted as
someone with an entrepreneurial spirit from a young age.

'Seemingly born with a profound drive for success and a sound
corporate mind, Ricky Hirsch has been following his inner
entrepreneurial spirit since he was just 17 years old,' his company
website said.

'At the ripe age of 17, Hirsch discovered an untapped niche in the
marketplace, leveraging unique techniques that incredibly
multiplied his investment by tenfold.'

His website also boasted about how he bucked property market panic
during the Global Financial Crisis, the report relays.

'Back in 2008, when most people were still recovering from the
Global Financial Crisis (GFC), Hirsch went against the grain,' his
website said.

'He capitalized on a new model that would later reshape the local
developer strategy in his city.

'He introduced unique triplex development models, which enabled him
to make twice the profits while leveraging only a quarter of the
working capital—this was a game-changer.'

FTD Construction quotes an interview he gave to the American Forbes
New York magazine in August 2023, just weeks before the Western
Australian government declined to renew his building registration.


'I saw an opportunity and had a vision. I took over the property
with a plan in place to change the game in the group dwelling
space,' he said.


GODFREYS GROUP: Enters Administration, Closes 54 Stores
-------------------------------------------------------
SmartCompany reports that Australian vacuum cleaner retailer
Godfreys has called in the administrators, who plan to close 54
stores and cease the employment of 193 employees across the legacy
brand.

The 93-year-old business has tapped Craig Crosbie, Robert Ditrich
and Daniel Walley of PricewaterhouseCoopers (PwC) Australia to
handle its domestic business, with PwC's New Zealand branch set to
administrate Godfreys' Kiwi subsidiary, SmartCompany discloses.

SmartCompany relates that the administrators intend to continue
trading the business while conducting an immediate restructure and
sales process.

That process will see Godfreys close 54 of its 141 stores in the
next fortnight, affecting the employment of 171 Australian and 22
New Zealand staff.

Despite the perennial need for household and commercial cleaning
solutions, Godfreys has not escaped a "challenging" economic
environment for retailers, Mr. Crosbie said in a statement.

"Lower customer demand amid cost of living pressures, higher
operating costs, and increased competition have all taken a toll on
profitability, with some stores more impacted than others," he
said.

Godfreys' administration caps off a difficult decade for the
business, the report notes.

Godfreys was founded in 1931 by John Johnston and Godfrey Cohen in
the Melbourne commercial hotspot of Prahran and grew to become
synonymous with vacuum cleaners for generations of shoppers.

After a private equity buyout in 2006, the brand launched on the
Australian Securities Exchange in 2014, boasting a market
capitalisation of AUD111 million, 209 stores, and a franchise
network of 85 satellite shops.

Its fortunes flagged over the coming years, leading to a takeover
by Mr. Johnston, then 99 years old, in 2018.

Through Arcade Finance, Mr. Johnston took Godfreys private through
a takeover bid that valued the business at AUD13 million.

The administrators now intend to preserve as much of the brand's
business as possible through the restructuring and attempted sale
process, Mr. Crosbie said.

"We will continue to work closely with Godfreys' director,
management, and creditors, including staff whose employment is
unfortunately impacted by store closures," he said.

SmartCompany adds Grant Hancock, Godfreys director, said the
"difficult" decision to enter administration was "made with the
best interests of Godfreys' employees, customers and broader
stakeholders in mind".

The first meeting of creditors will take place on February 9,
SmartCompany discloses.


HOST INTERNATIONAL: First Creditors' Meeting Set for Feb. 6
-----------------------------------------------------------
A first meeting of the creditors in the proceedings of Host
International Ltd. will be held on Feb. 6, 2024 at 1:00 p.m. via
virtual meeting technology.

Andrew Blundell and David Mutton of Cathro & Partners were
appointed as administrators of the company on Jan. 24, 2024.


KINGMAN GROUP: First Creditors' Meeting Set for Feb. 8
------------------------------------------------------
A first meeting of the creditors in the proceedings of Kingman
Group Holdings Pty Ltd will be held on Feb. 8, 2024 at 11:00 a.m.
via virtual meeting.

Richard Tucker of KordaMentha was appointed as administrator of the
company on Jan. 29, 2024.



TRITON BOND 2024-1: S&P Assigns Prelim B (sf) Rating to F Notes
---------------------------------------------------------------
S&P Global Ratings assigned its preliminary ratings to 10 classes
of prime residential mortgage-backed securities (RMBS) to be issued
by Perpetual Corporate Trust Ltd. as trustee for Triton Bond Trust
2024-1 Series 1.

The preliminary ratings reflect:

-- S&P's view of the credit risk of the underlying collateral
portfolio, including the fact that this is a closed portfolio,
which means no further loans will be assigned to the trust after
the closing date.

-- S&P's view that the credit support is sufficient to withstand
the stresses it applies. This credit support comprises mortgage
lenders insurance covering 12.7% of the loans in the portfolio as
well as note subordination for all rated notes.

-- S&P's expectation that the various mechanisms to support
liquidity within the transaction, including an amortizing liquidity
facility equal to 1.0% of the invested amount of all rated and
class G notes, subject to a floor of 0.10% of the initial invested
amount of all notes, principal draws, and a loss reserve that
builds from excess spread, are sufficient under our stress
assumptions to ensure timely payment of interest.

-- The extraordinary expense reserve of A$150,000, funded from day
one by Columbus Capital Pty Ltd., available to meet extraordinary
expenses. The reserve will be topped up via excess spread if
drawn.

-- The benefit of a fixed- to floating-rate interest-rate swap
provided by National Australia Bank Ltd. to hedge the mismatch
between receipts from any fixed-rate mortgage loans and the
variable-rate RMBS, should any be entered into after transaction
close.

  Preliminary Ratings Assigned

  Triton Bond Trust 2024-1 Series 1

  Class A1-MM, A$70.00 million: AAA (sf)
  Class A1-AU, A$289.00 million: AAA (sf)
  Class A1-AU-G, A$66.00 million: AAA (sf)
  Class A2, A$40.00 million: AAA (sf)
  Class AB, A$14.50 million: AAA (sf)
  Class B, A$7.25 million: AA (sf)
  Class C, A$5.85 million: A (sf)
  Class D, A$3.15 million: BBB (sf)
  Class E, A$2.10 million: BB (sf)
  Class F, A$0.75 million: B (sf)
  Class G, A$1.40 million: Not rated


WEALTH & RISK: ASIC Seeks Contempt of Court Orders vs. Ex-Director
------------------------------------------------------------------
The Australian Securities & Investments Commission (ASIC) has filed
a contempt application in the Federal Court against Joshua David
Fuoco, the Melbourne-based former director of Wealth & Risk
Management Pty Ltd.

On Feb. 5, 2018, Mr. Fuoco was ordered by the Federal Court not to
carry on, or be involved in, a financial services business for ten
years.

ASIC alleges that between March 2019 and April 2023, in
contravention of these orders, Mr. Fuoco has been involved in
carrying on a financial services business via five companies:

     - State Advice Pty Ltd;
     - Ansa Finance Pty Ltd;
     - AFSL Group Pty Ltd;
     - About Advice Pty Ltd; and
     - Advice Now Pty Ltd.

In making the Feb. 5, 2018 orders, the Court found that Mr. Fuoco
had contravened financial services obligations and been involved in
unconscionable conduct. He was ordered to pay pecuniary penalties
of AUD650,000 and AUD50,000 in costs. His businesses were ordered
to pay penalties of AUD7.15 million.

ASIC is now seeking orders against Mr. Fuoco for contempt of court.
If Mr. Fuoco is found liable, the Court can impose penalties which
may include a fine, asset sequestration or a term of imprisonment.

The matter has not yet been listed for first appearance in the
Federal Court.

In February 2018, the Federal Court found that Mr. Fuoco's three
companies, Wealth and Risk Management Pty Ltd, Yes FP Pty Ltd (in
liquidation) and Jeca Holdings Pty Ltd (in liquidation),
contravened financial services laws and engaged in misleading and
deceptive conduct and unconscionable conduct.

The Court found Mr. Fuoco was knowingly involved in that
misconduct.


WESTERN HOSPITAL: First Creditors' Meeting Set for Feb. 8
---------------------------------------------------------
A first meeting of the creditors in the proceedings of Western
Hospital Pty Ltd will be held on Feb. 8, 2024 at 11:00 a.m. via
online meeting only.

Robyn Louise Duggan, Adam Nikitins and Colby O'Brien of Ernst &
Young were appointed as administrators of the company on Jan. 29,
2024.




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

CHINA EVERGRANDE: Acknowledges HK Court Order to Liquidate
----------------------------------------------------------
Reuters reports that China Evergrande on Jan. 29 acknowledged a
Hong Kong court's decision ordering the liquidation of the world's
most indebted property developer after it failed to offer a
concrete restructuring plan more than two years after defaulting on
a bond payment.

Reuters says the liquidation of China Evergrande, which currently
has more than $300 billion of total liabilities, will likely send
ripples through China's dwindling financial markets as policymakers
struggle to contain a deepening crisis.

According to Reuters, Justice Linda Chan decided to liquidate the
developer after noting Evergrande had been unable to offer a
concrete restructuring plan more than two years after defaulting on
a bond repayment and after several court hearings.

Justice Chan appointed Alvarez & Marsal as the liquidator, saying
an appointment would be in the interests of all creditors because
it could take charge of a new restructuring plan for Evergrande at
a time when its chairman, Hui Ka Yan, is under investigation for
suspected crimes, Reuters relays.

                       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.

China Evergrande Group, the second largest real estate developer in
China, and certain of its affiliates sought creditor protection in
the United States under Chapter 15 of the Bankruptcy Code (Bankr.
S.D.N.Y. Lead Case No. 23-11332) on Aug. 17, 2023.

Evergrande, widely known as the most leveraged company in the
world, and its affiliates are asking the U.S. Bankruptcy Court for
the Southern District of New York for recognition of foreign
proceedings as "foreign main" proceeding under Chapter 15.

Evergrande is in the midst of a highly complex restructuring of
around $20 billion in offshore debt.  In total, the Company has
more than $300 billion in liabilities.

Evergrande is incorporated in the Cayman Islands as an exempted
company with limited liability, with its principal place of
business located at 15th Floor, YF Life Centre, 38 Gloucester Road,
Wanchai, Hong Kong.  It is subject to a restructuring proceeding
entitled In the Matter of China Evergrande Group, concerning a
scheme of arrangement between Evergrande and certain Scheme
Creditors pursuant to the relevant provisions of the Hong Kong
Companies Ordinance (Chapter 622 of the Laws of Hong Kong),
currently pending before the High Court of Hong Kong (Case Number
HCMP 1091/2023.

Affiliate Tianji Holding Limited is incorporated in Hong Kong as a
limited liability company, with its principal place of business
located at 17th Floor, One Island East, Taikoo Place, 18 Westlands
Road, Quarry Bay, Hong Kong. Tianji is subject to a restructuring
proceeding entitled In the Matter of Tianji Holding Limited,
concerning a scheme of arrangement between Tianji and certain
Scheme Creditors, pursuant to the relevant provisions of the Hong
Kong Companies Ordinance and currently pending before the Hong Kong
Court (Case Number HCMP 1090/2023).

Affiliate Scenery Journey Limited is incorporated in the British
Virgin Islands as a limited liability company, with its principal
place of business located at 2nd Floor Water's Edge Building,
Wickham's Cay II, Road Town, Tortola, BVI. Scenery Journey is
subject to a restructuring proceeding entitled In the Matter of
Scenery Journey Limited, concerning a scheme of arrangement between
Scenery Journey and certain Scheme Creditors, pursuant to section
179A of the BVI Business Companies Act, 2004, and currently pending
before the High Court of the Eastern Caribbean Supreme Court (Case
Number BVIHCOM 2023/0076).

U.S. Bankruptcy Judge Michael E Wiles presides over the Chapter 15
proceedings.

Sidley Austin is the Hong Kong Counsel to Evergrande and Tianji.
Maples BVI is the British Virgin Island Counsel to Scenery Journey.

COUNTRY GARDEN: Considering Sale of London Project
--------------------------------------------------
Caixin Global reports that Country Garden Holdings is ramping up
overseas asset sales as the company struggles to raise cash to
address its debt woes.

Caixin relates that the Guangdong-based developer has listed a
residential development project in East London for sale, British
media reported last week. The divestiture came after Country Garden
offloaded two projects in Australia.

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

As reported in the Troubled Company Reporter-Asia Pacific on Dec.
18, 2023, Fitch Ratings has maintained Country Garden Services
Holdings Company Limited's (CGS) Long-Term Issuer Default Rating
(IDR) of 'BB+' on Rating Watch Negative (RWN). At the same time,
Fitch has withdrawn the rating.

The RWN captures the risk of an erosion in CGS's liquidity and
working capital, as well as any change in its financial policies,
in light of the heightened liquidity pressure at its sister
company, Country Garden Holdings Company Limited (CGH). The 'BB+'
IDR is supported by CGS's leading market position, sustained
operating and free cash flow (FCF) generation from its stable,
asset-light business and robust net cash position.

Fitch has chosen to withdraw CGS' ratings for commercial reasons.

LINYI CITY DEVELOPMENT: Moody's Withdraws Ba1 Corp. Family Rating
-----------------------------------------------------------------
Moody's Investors Service has withdrawn Linyi City Development
Group Co., Ltd (LCDG)'s Ba1 corporate family rating.              

The outlook prior to the withdrawal was negative.

RATINGS RATIONALE

Moody's has decided to withdraw the rating for its own business
reasons.

COMPANY PROFILE

Established in 2006, Linyi City Development Group Co., Ltd is
91.21% owned by the Linyi State-owned Assets Supervision and
Administration Commission and 8.79% owned by Shandong Caixin Assets
Operation Co., Ltd. It is the second-largest local government
financing vehicle in terms of asset size in Linyi city. As of the
end of 2022, the company reported total assets of RMB64.8 billion
and total revenue of RMB8.1 billion.

Linyi City Development is responsible for the city's major public
infrastructure and welfare projects. It also has commercial
operations including property development, leasing, as well as
commodity trading.

[*] CHINA: Guangdong Government Debt Pile Approaches US$422BB
-------------------------------------------------------------
Caixin Global reports that government debt balance in Southern
China's Guangdong province, one of the country's economic
powerhouses, amounted to nearly CNY3 trillion (US$422 billion) by
the end of 2023, almost doubling the province's public budget
revenue that year, government data show.

Caixin relates that the growing debt pile of Guangdong, China's
largest regional economy, highlighted the rising debt burden facing
local authorities since the onset of the Covid pandemic. Local
coffers have been squeezed by surging expenditures and slowing
incomes.


[*] CHINA: Over 230 Developers Filed for Bankruptcy in 2023
-----------------------------------------------------------
Taiwan News reports that an estimated 233 home developers in China
filed for bankruptcy last year, according to the China Real Estate
Association.

The highest number of bankruptcies was in Zhejiang Province, with
36 cases accounting for 15.45% of the nation's total, Taiwan News
discloses. Hunan and Guangdong provinces were second and third
respectively.

However, the report added the number of bankruptcies for 2023 was
the lowest since 2020. There were 408 home developers who filed for
bankruptcy in 2020, the first year of the COVID-19 pandemic, 343 in
2021, and 308 in 2022.

Taiwan News relates that the economic downturn caused home
developers in third- and fourth-tier cities to suffer the most.
Even so, the overall impact of the bankruptcies is expected to be
limited.

China-based CRIC Securities' research department indicated that
home sales in China continued to dwindle in 2023 and challenges
would persist in 2024 despite favorable policies, adds Taiwan News.
Low consumer confidence and inventory overhang means China's
housing market could remain sluggish for a long while.


[*] Moody's Downgrades Ratings of 17 Chinese LGFVs
--------------------------------------------------
Moody's Investors Service has downgraded the ratings of 17 Chinese
local government financing vehicles (LGFVs) by one notch from their
previous levels, following the one-notch decline in the
governmental capacity to support (GCS) score of the respective
regional and local governments (RLGs) that own the LGFVs. The 17
LGFVs are owned by 12 provincial-, city- or district-level RLGs.

Moody's has changed the outlook on these LGFVs' ratings to
negative, reflecting a potential weakening in the GCS scores of
their respective RLG owners, given the negative outlook on China's
sovereign rating. Previously, the ratings were on review for
downgrade.

This concludes the rating review for the 17 LGFVs that was
initiated on December 6, 2023.

A List of Affected Credit Ratings is available at
https://urlcurt.com/u?l=2pUguO

RATINGS RATIONALE

Moody's has lowered the GCS scores of the 12 RLGs that own the 17
LGFVs by one notch. These RLGs include Shandong province (lowered
to a2 from a1); Henan and Guangxi provinces (lowered to a3 from
a2); Changsha and Zhengzhou city (lowered to baa1 from a3);
Yinchuan, Lhasa and Linyi city (lowered to baa2 from baa1); Zhuzhou
city and Yantai Zhifu district (lowered to baa3 from baa2); and
Changde and Weifang city (lowered to ba1 from baa3). Medium-term
credit challenges remain across the 12 RLGs, despite some liquidity
relief from the Chinese government's support measures for LGFV
debts.

The lowering of the GCS scores of the 12 RLGs is partly driven by
Moody's view that central government support toward addressing
direct and indirect debt at the regional level will be more
selective, as indicated by the government's policy position,
including its ongoing policy statements and actions. Although
recent measures have allowed some provincial governments to issue
bonds to address LGFVs' near-term maturities, the policies have
stopped short of addressing long-term debt sustainability
challenges, particularly following the increase in debt levels and
the material decline in land sales revenue. Moody's assesses that
additional central government measures to support RLGs in
addressing their direct and indirect debt will be limited in scale
and duration, given the government's emphasis that the
responsibility of local debt lies at the RLG level.

The lowering of Shandong province's GCS score also reflects its
weakened credit fundamentals, including its reduced land sales,
high direct debt burden and increased liquidity pressure associated
with state-owned enterprise (SOE) liabilities, including those of
LGFVs and particularly at some lower-tier RLGs. The change in
Shandong's GCS score has directly affected the GCS scores of Linyi
city, Yantai Zhifu district and Weifang city, given the close links
between the province and the RLGs below the provincial government.

The lowering of Henan province's GCS score also reflects its
weakened credit fundamentals, including its expanded direct debt
burden and elevated SOE liabilities. The change in Henan's GCS
score has directly affected the GCS score of Zhengzhou city, given
the close links between the province and the provincial capital.

The lowering of Guangxi province's GCS score also reflects its
weakened credit fundamentals, including its expanded direct debt
burden and elevated SOE liabilities.

Hunan province has experienced weakened credit fundamentals,
including continued population outflow, reduced land sales,
relatively high direct debt burden and elevated SOE liabilities.
These factors have diminished Hunan's capacity to support
lower-tier RLGs, and directly affected the GCS scores of Changsha,
Zhuzhou and Changde city, given the close links between the
province and the RLGs below the provincial government.

Tibet Autonomous Region has experienced weakened credit
fundamentals, including extremely low fiscal self-sufficiency,
scarce revenue sources and limited financial buffers, as well as
relatively weak economic fundamentals and prospects. These factors
have diminished Tibet's capacity to support lower-tier RLGs, and
directly affected the GCS score of Lhasa, given the close links
between the province and its provincial capital.

Ningxia Hui Autonomous Region has experienced weakened credit
fundamentals, including weak economic prospects and pressure on the
funding and liquidity conditions of Yinchuan's LGFVs. Despite
recent government measures to enhance the LGFVs' access to funding,
uncertainties remain around the sustainability of the improved
funding conditions. These factors have diminished Ningxia's
capacity to support lower-tier RLGs, and directly affected the GCS
score of Yinchuan, given the close links between the province and
its provincial capital.

The negative outlooks on the 17 LGFVs' ratings reflect Moody's
expectation of a potential  weakening of their respective RLG
owners' capacity to support, given the negative outlook on China's
sovereign rating. Under the agency's rating approach for LGFVs, an
LGFV's rating is closely linked to its owner government's GCS
score, which in turn is directly linked to China's sovereign
rating.

The negative outlooks on Linyi City Development Group Co., Ltd (Ba1
negative), Shuifa Group Co., Ltd. (Baa2 negative) and Weifang Urban
Construction and Dev Invt Grp (Ba2 negative) also reflect the
issues affecting their respective owner governments' propensity to
support, which were indicated in the negative outlooks on the
companies prior to Moody's placing their ratings on review for
downgrade.

FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS

Given the negative outlooks, any upward rating pressure on these
companies is unlikely.

Moody's could return the rating outlooks to stable if (1) the
outlook on China's rating returns to stable; (2) changes occur in
the RLGs' characteristics that lead to an increase in their
governmental capacity to support; or (3) changes occur in the
LGFVs' characteristics that could lead to an increase in their
owner RLGs' propensity to support and offset the impact of weaker
governmental capacity to support.

Moody's could downgrade the LGFVs' ratings if (1) China's sovereign
rating is downgraded; (2) their owner RLGs' capacity to support
weakens, which could arise from a material worsening of the RLGs'
economic or financial profile or the governments' ability to
coordinate timely support; (3) changes occur in the Chinese
government's policies that prohibit RLGs from providing financial
support to LGFVs; or (4) changes occur in the LGFVs'
characteristics that could weaken their owner RLGs' propensity to
support, such as diminished roles in key public projects.

PRINCIPAL METHODOLOGY

The principal methodology used in these ratings was Local
Government Financing Vehicles in China Methodology published in
April 2022.



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

ABHIRAJ ENGICON: Ind-Ra Keeps BB Rating in Non-Cooperating
----------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained Abhiraj Engicon
Private Limited's instrument(s) rating in the non-cooperating
category. The issuer did not participate in the surveillance
exercise, despite continuous requests and follow-ups by the agency
through emails and phone calls. Therefore, investors and other
users are advised to take appropriate caution while using the
rating. The rating will continue to appear as 'IND BB/Stable(
ISSUER NOT COOPERATING)' on the agency's website.

The detailed rating actions are:

-- INR100 mil. Fund Based Working Capital Limit maintained in
     non-cooperating category with IND BB/Stable (ISSUER NOT
     COOPERATING)/IND A4+ (ISSUER NOT COOPERATING) rating;

-- INR25 mil. Non-Fund Based Working Capital Limit maintained in
     non-cooperating category with IND A4+ (ISSUER NOT
     COOPERATING) rating; and

-- INR38.9 mil. Term loan due on June 39, 2024 maintained in non-
     cooperating category with IND BB/Stable (ISSUER NOT
     COOPERATING) rating.

Note: ISSUER NOT COOPERATING: Issuer did not cooperate; based on
the best available information

Company Profile

Pune-based AEPL is engaged in the execution of engineering,
procurement, construction of dams and canals mainly for Water
Resources Department in the Konkan and Vidarbha regions of
Maharashtra. The company was incorporated as a partnership firm
named P I Rachkar & Company in 1995 and was reconstituted as a
private limited company in 2007. AEPL is a registered as a Class-IA
contractor in Maharashtra.

ABLE & WEAL: Ind-Ra Withdraws B- NonConvertible Debts Rating
------------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn the rating on
Able & Weal Private Limited's (A&W) non-convertible debentures
(NCDs) as follows:

-- The IND B-/Negative rating on the INR300 mil. NCDs* is
     withdrawn.

-- The IND B-/Negative Long-Term rating on the Unsupported
     rating^ is withdrawn.

*Details in Annexure

^Ind-Ra had assigned unsupported rating in compliance with the
Securities and Exchange Board of India's circular dated June 28,
2022, which requires credit rating agencies to disclose unsupported
ratings for listed debt instruments backed by a pledge of shares.
The NCDs of A&W are pledged over the shares held by the promoter
group in unlisted securities and a charge over the identified
immovable properties as agreed with the lenders.

Key Rating Drivers

Ind-Ra is no longer required to maintain the ratings, as A&W has
fully redeemed its NCDs on October 11, 2023 as per A&W's stock
exchange filing and as per the communication received from the
debenture trustee that all the rated instruments have redeemed.
Furthermore, Ind-Ra has received communication towards deactivation
of the ISINs of the rated instrument. Consequently, the unsupported
rating assigned to the instrument has also been withdrawn. This is
consistent with Ind-Ra's Policy on Withdrawal of Ratings.

Company Profile

Incorporated in FY22, A&W is a special purpose vehicle equally
owned by Prashant Singh and Tushar Kumar, former promoters of
Medlife International Private Limited. It is an investment holding
company of the promoter group.

ACCENT PACKAGING: Liquidation Process Case Summary
--------------------------------------------------
Debtor: Accent Packaging Private Limited
2/182 Vaniya Ward, Nani Daman,
        DAMAN (UT) DD 396210, INDIA

Liquidation Commencement Date: January 4, 2024

Court: National Company Law Tribunal, Ahmedabad Bench

Liquidator: Mr. Sanjay B. Shah
     B-303 Sanidhya Appartment,
            3-Marutinagar, Airport Road,
            Rajkot 360001
            Email: ip@sbshah.in

            704 King's Plaza, Astron Chowk,
            Sardarnagar Main Road,
            Rajkot 360001
            Email: accentpackliguidation@gmail.com

Last date for
submission of claims: February 3, 2024


ADITYA VIDYUT: ICRA Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------
ICRA has kept the Long-Term and Short-Term ratings of Aditya Vidyut
Appliances Limited in the 'Issuer Not Cooperating' category. The
ratings are denoted as "[ICRA]D; ISSUER NOT COOPERATING/[ICRA]D;
ISSUER NOT COOPERATING".

                    Amount
   Facilities     (INR crore)   Ratings
   ----------     -----------   -------
   Long-term–        53.00      [ICRA]D; ISSUER NOT COOPERATING;
   Fund based                   Rating Continues to remain under
   Cash Credit                  'Issuer Not Cooperating'
                                Category

   Long-term–        44.00      [ICRA]D; ISSUER NOT COOPERATING;
   Fund based                   Rating Continues to remain under
   Term Loan                    'Issuer Not Cooperating'
                                Category

   Short-term       123.00      [ICRA]D; ISSUER NOT COOPERATING;
   Non-fund based               Rating continues to remain under
   Others                       'Issuer Not Cooperating'
                                Category

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

Aditya Vidyut Appliances Limited started its
transformer-remanufacturing business in 1989 and has successfully
remanufactured over 9,000 transformers till date. At present, the
company has two business verticals - transformer remanufacturing
(repairs) and transformer manufacturing, including contract
manufacturing. AVAL remanufactures and uprates transformers
manufactured in India and as well as abroad and in the due course
has incorporated technologies from leading companies across the
world such as Siemens (Germany), Westinghouse (USA), Trafo Union
(Germany), ABBSecheron(SA), English Electric (UK), AEG (Germany),
Tamini (Italy), ABB (Italy), Stromberg (Finland), Concar (Croatia),
Elta (Poland),Hyundai (Korea), Mitsubishi (Japan), GEC (England),
etc. In addition, the company has developed European as well as in
house proprietary design programs for accurate and optimised
designing of transformers. Apart from EHV transformers, the company
has expertise in remanufacturing auto transformers, generating
transformers, furnace transformers and rectifier transformer sof
all major transformer OEMs. AVAL has two manufacturing units in
Thane, Maharashtra. The total area of the units is over 60,000 sq.
meters. The units are capable of delivering more than 16,000 MVA
per year. The company has well-experienced teams of engineers and
technicians with ample experience in the transformer industry.


AIR TRAVEL: Insolvency Resolution Process Case Summary
------------------------------------------------------
Debtor: Air Travel Enterprises India Limited
1st Floor, New Corporation Building,
        Palayam Trivandrum, Kerala, India 695033

Insolvency Commencement Date: December 22, 2023

Estimated date of closure of
insolvency resolution process: June 19, 2024

Court: National Company Law Tribunal Thrissur Bench

Insolvency
Professional: CA Rajmohan R
       Rajbhavan, Krishnapuram St No. 6,
              HS 175A & 514-12/1,
              Ollukkara, Thrissur-680655
              Email: cirpatelrd@gmail.com

Last date for
submission of claims: January 5, 2024


AKSHATA MERCANTILE: Liquidation Process Case Summary
----------------------------------------------------
Debtor: Akshata Mercantile Private Limited
308, 3rd Floor Ceejay House Dr. A.B.Road,
        Worli Mumbai-400018

Liquidation Commencement Date: January 10, 2024

Court: National Company Law Tribunal, Mumbai Bench

Liquidator: Dilipkumar Natvarlal Jagad
     803/804 Ashok Heights, Opp Saraswati Apartment
            Nikalas Wadi Road, Near Bhuta School, Old Nagar X Road,

            Gundavali, Andheri East, Mumbai-400069
            Email: dilipjagad@hotmail.com
            Email: akshatamercantile.rp@gmail.com

Last date for
submission of claims: February 9, 2024


ALIENS DEVELOPERS: Ind-Ra Assigns D NonConvertible Debts Rating
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has rated Aliens Developers
Private Limited's (ADPL) proposed non-convertible debentures (NCDs)
as follows:

-- INR3.320 bil. Proposed NCDs (Long-term) assigned with IND D
     rating.

Analytical Approach: Ind-Ra has taken a standalone view of ADPL due
to the lack of information about group companies. ADPL's proposed
NCDs are backed by corporate guarantee from three of its group
companies Aliens Smart City Private Limited, Aliens Ace Private
Limited and Commune Realty Private Limited. Since Ind-Ra has not
been able to ascertain credit profile of guarantors, it has not
been factored while assigning rating.

Key Rating Drivers

The ratings reflect ADPL's consistent delays in the repayment of
the principle and interest of its existing (not rated by Ind-Ra)
NCDs from April 2020 due to its poor liquidity position, led by
delays in the project funding. ADPL has also delayed the repayment
of its vehicle loan over the 12 months ended December 2023 and
overutilized its fund-based limits for more than 30 days. ADPL is
in process of issuing the rated and to-be-listed NCDs to The
Special Window for Affordable and Mid-Income Housing Investment
Fund for the completion of Alien Space Station project.

Liquidity Indicator – Poor: The liquidity is poor, resulting in
the company delaying to serve its debt obligations since April
2020. ADPL has cash and cash equivalents of INR20.86 in FYE23
(FYE22: INR11.39 million). The company had a total debt outstanding
of INR2,176 million at FYE23 (FYE22: INR1,838 million). The
cashflow from operations turned negative at INR131 million in FY23
(FY22: INR565.94 million) due to unfavorable changes in the working
capital.

Rating Sensitivities

Positive: Timely debt servicing for three consecutive months with
respect to the fund-based facilities and the existing/ proposed
NCDs will result in a rating upgrade.

Company Profile

Established in 2004, Aliens group is real estate group which is
involved in development of residential projects in Hyderabad. The
group has been involved in the construction of infra projects and
has successfully delivered nine residential projects, totaling a
sold area of over 3.5 million square feet.

ANUBHAV PLAST: Ind-Ra Keeps B+ Rating in Non-Cooperating
--------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained Anubhav Plast
Private Limited's instrument(s) rating in the non-cooperating
category. The issuer did not participate in the surveillance
exercise, despite continuous requests and follow-ups by the agency
through emails and phone calls. Therefore, investors and other
users are advised to take appropriate caution while using the
rating. The rating will continue to appear as 'IND B+/Stable
(ISSUER NOT COOPERATING)/IND A4 (ISSUER NOT COOPERATING)' on the
agency's website.

The detailed rating actions are:

-- INR70 mil. Fund Based Working Capital Limit maintained in non-
     cooperating category with IND B+/Stable (ISSUER NOT
     COOPERATING)/IND A4 (ISSUER NOT COOPERATING) rating; and

-- INR15 mil. Non-Fund Based Working Capital Limit maintained in
     non-cooperating category with IND A4 (ISSUER NOT COOPERATING)

     rating.
    
Note: ISSUER NOT COOPERATING: Issuer did not cooperate; based on
the best available information

Company Profile

Incorporated in 1987, Anubhav Plast manufactures steel tubular
poles, traffic light poles, single-hand light poles, double-hang
light poles, pipes and others at its facility in Kanpur (Uttar
Pradesh).

ARAVIND CERAMICS: Ind-Ra Hikes Term Loan Rating to BB
-----------------------------------------------------
India Ratings and Research (Ind-Ra) has taken the following rating
actions on Aravind Ceramics Private Limited's (ACPL) debt
facilities:

-- INR520 mil. Fund-based working capital limits Long-term
     rating-upgraded/Short-term rating affirmed with IND BB/
     Positive/IND A4+ rating;

-- INR50 mil. Fund-based working capital limits assigned with
     IND BB/Positive/IND A4+ rating; and

-- INR65.4 mil. (reduced from INR132.8 mil.) Term loans due on
     October 2026 upgraded with IND BB/ Positive rating.

Analytical Approach:  Ind-Ra continues to take a standalone view of
ACPL to arrive at the ratings.

The upgrade and Positive Outlook reflect the rise in the company's
revenue in FY23 and Ind-Ra's expectation of further improvement in
the revenue in FY24.

Key Rating Drivers

ACPL's revenue increased to INR2,772.87 million in FY23 (FY22:
INR2441.09 million), backed by the opening of new showrooms by
existing dealers and improved brand awareness, resulting from an
aggressive advertisement strategy. In 7MFY24, ACPL achieved a
revenue of INR1650.211 million.  Ind-Ra as well as the management
expect the revenue to improve further in FY24 due to an increase in
orders from new and existing customers.

The ratings reflect ACPL's continued modest EBITDA margins due to
the trading nature of the business. The margin increased slightly
to 3.88% in FY23 (FY22: 3.46%), due to a decline in personnel and
direct expenses. The ROCE was 10.2% in FY23 (FY22: 8.3%). In FY24,
Ind-Ra expects the EBITDA margin to remain at similar levels due to
similar nature of operations.

Liquidity Indicator – Poor: ACPL's average month-end utilization
of its fund-based limits was 58.73% during the 12 months ended
October 2023, with five instances of overutilization for up to
three days. The cash flow from operations turned positive at
INR9.66 million in FY23 (FY22: negative INR14.68 million) due to
favorable changes in working capital. Consequently, the free cash
flow also turned positive at INR5.48 million (FY22: negative
INR16.70 million). The net working capital cycle remained elongated
in FY23 but improved to 98 days (FY22: 121 days) due to a reduction
in the debtor days to 93 days (124 days). The cash and cash
equivalents stood at INR21.73 million at FYE23 (FYE22: INR16.24
million), against scheduled debt repayment obligations of INR53.81
million and INR25.86 million in FY24 and FY25 respectively. ACPL
does not have any capital market exposure and relies on banks and
financial institutions to meet its funding requirements.

The ratings reflect ACPL's continued modest credit metrics. The
gross interest coverage (operating EBITDA/gross interest expense)
weakened slightly to 1.36x in FY23 (FY22: 1.42x), due to an
increase in interest expenses. The net financial leverage (adjusted
net debt/operating EBITDA) improved to 5.51x (7.65x), owing to a
reduction in total debt and cash accruals. In FY24, Ind-Ra expects
the credit metrics to improve because of the absence of any
debt-led capex plans and scheduled repayment of debt obligations.

The ratings are supported by ACPL's promoters' experience of two
and half decades in the tile and sanitary fittings trading
business, which has helped the company establish healthy
relationships with customers and suppliers.

Rating Sensitivities

Negative: A decline in the scale of operations, leading to
deterioration in the overall credit metrics, with the interest
coverage remaining below 1.7x, and/or further pressure on the
liquidity position, on a sustained basis, could lead to a negative
rating action.

Positive: An improvement in the liquidity profile and the overall
credit metrics, with the  interest coverage exceeding 1.7x, while
maintaining the scale of operations, all on a sustained basis,
could lead to a positive rating action.

Company Profile

ACPL was incorporated in 1996. Based in Tamil Nadu, the company
trades in tiles, sanitary ware and bathroom fittings.

ARIHANT SYNCOTEX: Ind-Ra Assigns BB Bank Loan Rating
----------------------------------------------------
India Ratings and Research (Ind-Ra) has rated Arihant Syncotex
Mills Pvt Ltd.'s (ASMPL) bank loan as follows:

-- INR450 mil. Fund-based working capital limit assigned with IND

     BB/Stable/IND A4+ rating.

Analytical Approach: Ind-Ra has taken a standalone view of ASMPL to
arrive at the rating.

Key Rating Drivers

The rating reflects ASMPL's modest credit metrics as reflected in
an interest coverage (operating EBITDA/gross interest expenses) of
1.23x in FY23 (FY22: 1.42x) and a net leverage (adjusted net
debt/operating EBITDAR) of 5.42x (8.62x). In FY23, the interest
coverage declined on account of an increase in the interest
expenses (it includes the interest paid to yarn suppliers during
the year) and  the net leverage improved due to a rise in the
absolute EBITDA to INR125.96 million (FY22: INR83.04 million). Over
the medium term, Ind-Ra expects the credit metrics to improve on
the back of a further increase in the EBITDA and the absence of any
debt-led capex.

The rating also reflects ASMPL's medium scale of operations with a
revenue of INR2,157.92 million in FY23 (FY22: INR1,901.08 million).
In FY23, the revenue improved due to an increased demand for greige
(grey) cloth, even as the realization declined to INR83.9/meter
(FY22: INR86.2/meter), the amid the backdrop of the decreasing
prices of cotton yarn. In FY23, ASMPL sold 26.09 million meters of
grey cloth (FY22: 22.18 million meters). During 8HFY24, ASMPL
booked a revenue of INR1,039.4 million through the sale of around
15 million meters of grey cloth with a realization price of
INR70/meter. The company had an order book of 8.2 million meters at
end-November 2023, to be executed by end-January 2024. Ind-Ra
expects the revenue to remain at similar levels over the medium
term, backed by the sustained demand for greige cloth, despite the
declining realization prices.

The rating also factors in ASMPL's average EBITDA margin of 5.8% in
FY23 (FY22: 4.4%) with a return on capital employed of 13.5% (9%).
In FY23, the EBITDA margin improved yoy due to a decline in the
cost of raw material. Over the medium term, Ind-Ra expects the
margins to improve slightly given the declining raw material
prices.

Liquidity Indicator – Stretched: ASMPL's average maximum
utilization of its fund-based limits was 93.8% during the 12 months
ended December 2023. The cash and cash equivalents stood at INR0.78
million at FYE23 (FYE22: INR14.16 million). Furthermore, ASMPL does
not have any capital market exposure and relies on banks and
financial institutions to meet its funding requirements. ASMPL has
debt repayments of INR40.24 million and INR31.76 million in FY24
and FY25, respectively. The cash flow from operations turned
positive at INR51.08 million in FY23 (FY22: negative INR86.61
million), due to favorable changes in the working capital cycle.
The elongated net working capital cycle improved to 118 days in
FY23 (FY22: 145 days), due to a reduction in the debtor days to 145
from 186.

The textile industry faces high competition due to the existence of
a large number of organized and unorganized players, and low entry
and exit barriers. Furthermore, cotton prices in India are
regulated through a fixed minimum support price by the government,
and cotton players depend on price parity. The price of raw cotton
also depends on the area under production, annual yield,
international demand supply scenario, export quota decided by the
government and the previous year's inventory, exposing it to price
volatility risk.

However, the rating is supported by the promoters' nearly three
decades of experience in the textile industry. This has facilitated
the company to establish strong relationships with customers as
well as suppliers.

Rating Sensitivities

Negative: Deterioration in the scale of operations, leading to
deterioration in the credit metrics and/or deterioration in the
liquidity position, all on a sustained basis, will be negative for
the ratings.

Positive: A substantial improvement in the scale of operations,
along with an improvement in the liquidity position and the credit
metrics with the leverage reducing below 4x, will be positive for
the ratings.

Company Profile

Incorporated in 2008, ASMPL manufactures greige cloth at its
facility at  Ichalkaranji in Kolhapur (Maharashtra). The company
weaves fabrics from yarn, which are ultimately used to manufacture
cloth for suiting and shirting. The company is part of Arihant
Group which is owned by the Lalwani family. Manakchand Lalwani,
Arun Kumar Lalwani, Vivek Kumar Lalwani, Sushila Devi Lalwani,
Dimple Lalwani and Kavita Lalwani are the  promoters.

AZEEM INFINITE: Ind-Ra Keeps D Rating in Non-Cooperating
--------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained Azeem Infinite
Dwelling India Private Limited's instrument(s) rating in the
non-cooperating category. The issuer did not participate in the
surveillance exercise, despite continuous requests and follow-ups
by the agency through emails and phone calls. Therefore, investors
and other users are advised to take appropriate caution while using
the rating. The rating will continue to appear as 'IND D (ISSUER
NOT COOPERATING)' on the agency's website.

The detailed rating action is:

-- INR1.920 bil. Non-Convertible Debenture due on November 16,
     2017 coupon rate 12% issued on November 15, 2022 maintained
     in non-cooperating category with IND D (ISSUER NOT
     COOPERATING) rating.

Note: ISSUER NOT COOPERATING: Issuer did not cooperate; based on
the best available information

Company Profile

Azeem Infinite Dwelling India was incorporated in 2016 by the G M
Infinite group to execute five real estate projects. The company is
managed by Gulam Mustafa and Jawind Hussain.



BHADRESHWAR VIDYUT: ICRA Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------------
ICRA has kept the Long-Term and Short-Term ratings of Bhadreshwar
Vidyut Private Limited in the 'Issuer Not Cooperating' category.
The ratings are denoted as "[ICRA]D; ISSUER NOT COOPERATING/
[ICRA]D; ISSUER NOT COOPERATING".

                    Amount
   Facilities     (INR crore)   Ratings
   ----------     -----------   -------
   Long-term–       135.00      [ICRA]D; ISSUER NOT COOPERATING;
   Fund based                   Rating Continues to remain under
   Cash Credit                  'Issuer Not Cooperating'
                                Category

   Long-term–     1,497.40      [ICRA]D; ISSUER NOT COOPERATING;
   Fund based                   Rating Continues to remain under
   Term Loan                    'Issuer Not Cooperating'
                                Category

   Short-term       430.00      [ICRA]D; ISSUER NOT COOPERATING;
   Non-fund based               Rating continues to remain under
   Others                       'Issuer Not Cooperating'
                                Category

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

Bhadreshwar Vidyut Private Limited (BVPL, formerly known as OPGS
Power Gujarat Private Limited) was incorporated in April 2007 as a
special purpose vehicle (SPV) promoted by the OPG Group, which has
substantial experience in the power and steel sectors. The company
had initially planned to setup a 270 MW (2x135 MW) coal-based power
plant but subsequently revised its plant capacity to 300 MW (2x150
MW). The plant is based in Kutch, Gujarat and had a scheduled COD
of February 2013. However, the project witnessed delays due to
litigation over the coastal regulatory zone (CRZ) clearance granted
to it and subsequently, due to delay in setting up of evacuation
infrastructure. The first unit achieved COD in February 2015 and
the second unit achieved COD in February 2016. The total cost
incurred for the project is INR2,026 crore (Rs. 6.75 crore/MW),
which was funded through INR1,497 crore of debt and INR529 crore of
equity.


BHUPESH STEEL: Insolvency Resolution Process Case Summary
---------------------------------------------------------
Debtor: Bhupesh Steel Private Limited

Reg Add:
        A-48, 2nd Floor,
        Wazirpur Industrial Area,
        Delhi-110052

        Factory Premises:
        Khewara Road, Bahalgarh
        Sonipat, Haryana- 131021

Insolvency Commencement Date: December 22, 2023

Estimated date of closure of
insolvency resolution process: June 23, 2024

Court: National Company Law Tribunal, New Delhi Bench

Insolvency
Professional: Mr. Anil Kumar Mittal
       5/99, Sector-2, Rajender Nagar, Sahibabad,
              Distt Ghaziabad, Uttar Pradesh-201005
              Email: mittalanil.ubi@gmail.com
     
              C/o Resurgent Resolution Professionals LLP (IPE)
              905, 09th floor, Tower C,
              The Close South, Sector 50,
              Gurugram, Haryana 122018
              Email: cirp.bspl@gmail.com

Last date for
submission of claims: January 9, 2024


BMSS STEEL: Ind-Ra Keeps B+ Rating in Non-Cooperating
-----------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained BMSS Steel
Industries Pvt. Ltd.'s instrument(s) rating in the non-cooperating
category. The issuer did not participate in the surveillance
exercise, despite continuous requests and follow-ups by the agency
through emails and phone calls. Therefore, investors and other
users are advised to take appropriate caution while using the
rating. The rating will continue to appear as 'IND B+/Stable
(ISSUER NOT COOPERATING)/IND A4 (ISSUER NOT COOPERATING)' on the
agency's website.

The detailed rating action is as follows:

-- INR45 mil. Fund Based Working Capital Limit Maintained in non-
     cooperating category with IND B+/Stable (ISSUER NOT
     COOPERATING)/IND A4 (ISSUER NOT COOPERATING) rating; and

-- INR80 mil. Non-Fund Based Working Capital Limit maintained in
     non-cooperating category with IND A4 (ISSUER NOT COOPERATING)

     rating.

Note: ISSUER NOT COOPERATING: Issuer did not cooperate; based on
the best available information

Company Profile

Incorporated in July 1987, BMSS Steel Industries is engaged in the
processing and trading of steel.  

BOXOVIA PRIVATE: Ind-Ra Affirms BB- Loan Rating, Outlook Stable
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Boxovia Private
Limited's (BPL) term loan rating as follows:

-- INR850 mil. Term loan due on March 2029 affirmed with IND BB-/

     Stable rating.

Analytical Approach: To arrive at the rating, Ind-Ra has factored
in the availability of support to BPL from its sister concern, Udit
Packaging Private Limited (UPPL) in view of the moderate legal and
operational linkages, and strong strategic linkages between them.

Key Rating Drivers

The affirmation reflects BPL's continued small scale of operations.
The company reported a higher revenue of INR509.99 million in FY23
(FY22: INR145.75 million) as FY23 was the first full year of
operations. In 9MFY24, BPL achieved revenue of INR348.3 million.
Ind-Ra expects the revenue to grow further in FY24 due to the
addition of new customers.

Liquidity Indicator - Poor: BPL has scheduled debt obligations of
INR105.5 million in FY24 and INR125.9 million in FY25. The company
does not have any capital market exposure. So far, it has not
availed any working capital facility and has been funding its
working capital requirements through promoter's fund. In FY23, the
cash flow from operations turned positive to INR19.69 million
(FY22:  negative INR61.15 million), mainly on account of an
increase in the absolute EBITDA to INR66.94 million (INR14.18
million). Consequently, the free cash flow improved, although
remained negative at INR15.55 million in FY23 (FY22: negative
INR360.66 million) due to capex of INR35.24 million (INR299.51
million)  incurred for the installation of machinery, and plant and
building. The cash and cash equivalents stood at INR4.25 million at
FYE23 (FYE22: INR5.31 million). The working capital cycle turned
negative to 14 days in FY23 (FY22: 245 days), mainly on account of
a decrease in the creditor period to 167 days (483 days) and
inventory holding period to 102 days (191 days).

The ratings continue to factor in BPL's modest EBITDA margins of
13.13% in FY23 (FY22: 9.73%) with a negative return on capital
employed of 7 % (FY22: negative 5.7%). The increase in the margins
was driven by increased execution of high-margin orders. In FY24,
Ind-Ra expects the margins to be in range bound at 11%-13% due to
the similar nature of operations.

The ratings continue to factor in BPL's modest credit metrics with
interest coverage (operating EBITDA/gross interest expenses) of
0.84x in FY23 (FY22: 0.42x) and net leverage (total adjusted net
debt/operating EBITDAR) of 14.85x (62.88x). The improvement in the
credit metrics was attributed to an increase in the operating
EBITDA to INR66.94 million (INR14.18 million). Ind-Ra expects the
credit metrics to remain modest over FY24, given the absence of any
debt-led capex plans.

However, the ratings remain supported by the promoters over four
decades of experience in the manufacturing of corrugated boxes.

Rating Sensitivities

Negative: Any decline in the operating performance, and
deterioration in credit metrics and liquidity position, would be
negative for the ratings.

Positive: A substantial improvement in operating performance
leading to the net leverage reducing below 5.0x and an improvement
in the liquidity position, both on a sustained basis, would be
positive for the ratings.

Company Profile

Incorporated in December 2017, Ahmednagar-based BPL manufactures
corrugated boxes and boards. It has an installed capacity of 72,000
metric ton per annum.

CAMEX LIMITED: Ind-Ra Keeps BB- Rating in Non-Cooperating
---------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained Camex Limited's
instrument(s) rating in the non-cooperating category. The issuer
did not participate in the surveillance exercise, despite
continuous requests and follow-ups by the agency through emails and
phone calls. Therefore, investors and other users are advised to
take appropriate caution while using the rating. The rating will
continue to appear as 'IND BB-/Stable (ISSUER NOT COOPERATING)/IND
A4+ (ISSUER NOT COOPERATING)' on the agency's website.

The detailed rating actions are:

-- INR145 mil. Fund Based Working Capital Limit maintained in
     non-cooperating category with IND BB-/Stable (ISSUER NOT
     COOPERATING)/IND A4+ (ISSUER NOT COOPERATING) rating; and

-- INR100 mil. Non-Fund Based Working Capital Limit maintained in

     non-cooperating category with IND A4+ (ISSUER NOT
     COOPERATING) rating.

Note: ISSUER NOT COOPERATING: Issuer did not cooperate; based on
the best available information

Company Profile

Incorporated in 1989, Camex is promoted by Chandraprakash Chopra
and family. The company manufactures and trades reactive dyes,
intermediates, pigments and speciality chemicals used in the
textile industry. In FY21, Camex commenced trading of aluminium and
scrap steel.

CHADHA SUPER: Insolvency Resolution Process Case Summary
--------------------------------------------------------
Debtor: M/s Chadna Super Cars Private Limited

Registered Office:
        Village Bhanohar, Ferozepur Road,
        Near Haveli Restaurant,
        Mullanpur,Ludhiana-141102, Punjab

        Principal Office:
        NH-95, Bhanohar, Ferozepur Road,
        Ludhiana, 141102, Punjab

Insolvency Commencement Date: January 8, 2024

Estimated date of closure of
insolvency resolution process: July 6, 2024

Court: National Company Law Tribunal, Punjab Bench

Insolvency
Professional: Bhupinder Sethi
       B34-6650/24 B, Street No-2, New Atam Nagar,
              Jassian Road, Haibowal,
              Ludhiana, Punjab, 141001
              Email: ip.bresthi@gmail.com
              Email: ip.chadhasupercars@gmai.com

Last date for
submission of claims: January 22, 2024


CHHAPRA HAJIPUR: ICRA Reaffirms D Rating on INR857cr Term Loan
--------------------------------------------------------------
ICRA has reaffirmed ratings on certain bank facilities of
Chhapra Hajipur Expressways Limited (CHEL), as:

                    Amount
   Facilities     (INR crore)   Ratings
   ----------     -----------   -------
   Long-term          857.0     [ICRA]D; reaffirmed
   Fund-based–
   Term loan          

Rationale

The rating reaffirmation considers the continued delays in debt
repayment by CHEL's and its classification as a non-performing
asset by the lenders. Owing to delay in securing right of way (RoW)
by the authority and equity infusion, the project has been delayed
extensively. The project work is still ongoing and is expected to
be completed by June 2024. As of October 2023, the entire RoW had
been made available and CHEL had achieved cumulative physical
progress of 77.9% and cumulative financial progress of 80.1%. In
FY2023, a new investor – Dhanalakshmi Srinivasan Builders &
Housing Pvt Ltd – acquired 48.6% equity stake in the company (Rs.
60.76 crore of unsecured loans converted to equity) and also
infused unsecured loans of INR38.8 crore. The rating continues to
note the residual execution risks and susceptibility of its debt
coverage metrics to adverse movement in interest rates.

Key rating drivers and their description

Credit strengths – Not Applicable

Credit challenges

* Delays in debt servicing: The company has been delaying on its
debt obligations and the rated loan has been classified as a
non-performing loan by the lenders.

* Delays in project execution: The project execution is deferred by
more than 123 months on account of delays in providing RoW by the
authority, along with slow pace of execution due to inadequate
equity mobilisation. While the entire RoW had been made available
by the authority by October 2023 and the new investor had provided
some funding support, the company continues to be exposed to
residual project execution risks.

Liquidity position: Poor

The liquidity position is poor, as reflected in delays in debt
servicing.

Rating sensitivities Positive factors – The rating could be
upgraded if the company demonstrates track record of timely debt
servicing.

Negative factors – Not Applicable.

Chhapra-Hajipur Expressways Limited (CHEL) has been incorporated as
a special purpose vehicle by Madhucon Infra Limited (MIL) and
Madhucon Projects Limited (MPL) to undertake four-laning of Chhapra
to Hajipur section of NH-19 from km 143.200 to km 207.200 in Bihar
under NHDP Phase III on Design, Build, Finance, Operate, Transfer
(DBFOT) Annuity basis. The total concession period is 15 years
including the construction period of 2.5 years. The appointed date
for the project was January 27, 2011 and the scheduled completion
date was July 27, 2013, which has been delayed. The project
continues to remain under-construction. The management expects the
same to be completed by June 2024.


COINWEALTH VENTURES: Voluntary Liquidation Process Case Summary
---------------------------------------------------------------
Debtor: M/S Coinwealth Ventures India Private Limited
No 7, 19th Main HSR Layout 4th Sector,
Bangalore, Karnataka, India, 560087

Liquidation Commencement Date: December 7, 2023
                             
Court: National Company Law Tribunal, Bengaluru Bench

Liquidator:  Ms. Ramanathan Bhuvaneshwari
      C-006, Pioneer Paradise, 24th Main Road,
             7th Phase, JP Nagar, Bangalore -560078
             Email: bhoona.bhuvan@gmail.com

Last date for
submission of claims: January 6, 2024


CREATIVE LIMITED: CRISIL Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Creative
Limited (Creative) continue to be 'CRISIL D Issuer Not
Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Funded Interest        0.6        CRISIL D (Issuer Not
   Term Loan                         Cooperating)

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

   Packing Credit         1          CRISIL D (Issuer Not
                                     Cooperating)

   Working Capital       12.6        CRISIL D (Issuer Not
   Term Loan                         Cooperating)

CRISIL Ratings has been consistently following up with Creative for
obtaining information through letter and email dated December 12,
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 Creative, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on
Creative is consistent with 'Assessing Information Adequacy Risk'.
Based on the last available information, the ratings on bank
facilities of Creative continues to be 'CRISIL D Issuer Not
Cooperating'.

Creative was established as a partnership firm by Mr. P K Bothra
and Mr. T K Duggar in Kolkata in 1974. The firm was reconstituted
as a limited company in 1993. The company manufactures leather
wallets, bags, and accessories, and exports these to the United
Kingdom, the Netherlands, and Switzerland. Creative's overseas
subsidiary, CUL, has been inactive since 2012.


DIVYA AGRO: Liquidation Process Case Summary
--------------------------------------------
Debtor: Divya Agro Chem Private Limited
9 Queens Lawn Premises Chs Ltd S V Road
        Plot No 967 opp Sony Mony Vileparle West,
        Mumbai City, Mumbai,
        Maharashtra, India, 400056

Liquidation Commencement Date: December 19, 2023

Court: National Company Law Tribunal, Mumbai Bench

Liquidator: Pravin R. Navandar
     D-519, 520, Neelkanth Business Park, Nathani Road,
            Vidyavihar (W), Mumbai, Maharashtra, 400086
            Email id: pravin@prnco.in
            Email id: cirp.dacpl@gmail.com

Last date for
submission of claims: February 1, 2024

DOOR SANCHAR: ICRA Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------
ICRA has kept the Long-Term ratings of Door Sanchar Hydro Power
Private Limited in the 'Issuer Not Cooperating' category. The
rating is denoted as "[ICRA]D; ISSUER NOT COOPERATING".

                     Amount
   Facilities     (INR crore)   Ratings
   ----------     -----------   -------
   Long-term–        24.15      [ICRA]D; ISSUER NOT COOPERATING;
   Fund based                   Rating Continues to remain under
   Term Loan                    'Issuer Not Cooperating'
                                Category

   Long Term-         0.18      [ICRA]D; ISSUER NOT COOPERATING;
   Unallocated                  Rating Continues to remain under
                                'Issuer Not Cooperating'
                                Category

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

Door Sanchar Hydro Power Private Limited (DSHPPL) has been promoted
by Mr. Rajiv Batra and Sravanthi Group. Mr. Batra and his wife are
the majority share-holders with 51% stake while Sravanthi group is
the minority share-holder holding the remaining 49% share capital.
Sravanthi group is actively involved in the operation of the
project. The group has been founded by Mr. DV Rao, ex-Joint
Managing Director of Lanco Infratech Ltd, where he was instrumental
in developing the power vertical with aggregate capacity of over
12000MW. Apart from power generation, the group is also present in
EPC business (through Sravanthi Infratech Private Limited) and
power consultancy business (Sravanthi Consultancy Services Pvt
Ltd).


ELIXER DISTRIBUTORS: Liquidation Process Case Summary
-----------------------------------------------------
Debtor: Elixer Distributors Private Limited
Plot No. 4/1, TTC Industrial Area
        Thane Belapur Road, Ghansoli
        Navi Mumbai-400710

Liquidation Commencement Date: January 3, 2024

Court: National Company Law Tribunal, Mumbai Bench

Liquidator: Mrs. Nishi Jain
     A-102, Krishna Tower, Ashok Nagar,
            Kandivali East Mumbai 400101
            Email: nishijain.elexir@gmail.com

Last date for
submission of claims: February 2, 2024

FDS MANAGEMENT: Liquidation Process Case Summary
------------------------------------------------
Debtor: FDS Management Services Private Limited
DDA Built UP Flat No. 20 Ground Floor
        Block-4 Situated at Shivaji Marg Moti Nagar,
        New Delhi, West Delhi-110015 India

Liquidation Commencement Date: January 3, 2024

Court: National Company Law Tribunal, Principal Bench

Liquidator: Deepak Arora
     17 Basement Defence Enclave, Vikas Marg,
            Near Preet Vihar Metro Station,
            East Delhi-110092
            Email Id: ipdeepakarora@gmail.com
            Email id: fdscirp@gmail.com

Last date for
submission of claims: February 2, 2024


FERROLI HEAITING: Voluntary Liquidation Process Case Summary
------------------------------------------------------------
Debtor: Ferroli Heating (South Asia) Private Limited
Target Associates Private Ltd,
        148. Epip 2nd Phase Prestige Featherlite Techpark,
        Whitefield, Bangalore, Karnataka, India, 560066

Liquidation Commencement Date: December 6, 2023
                             
Court: National Company Law Tribunal, Mumbai Bench

Liquidator:  Shailen Shah
      5th Floor, Lodha Excelus Apollo Mills Compound,
             NM Joshi Marg, Mahalaxmi,
             Mumbai City, Maharashtra, 400011

             15th Floor, IT Building No.4
             Nesco IT Park, Nesco Complex,
             Western Express Highway,
             Goregaon (East) Mumbai 400-063
             Email: liquidator.ferroli@kpmg.com
             Telephone No: +912625710000

Last date for
submission of claims: January 5, 2024

GOYAL EDUCATIONAL: CRISIL Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Goyal
Educational and Welfare Society (GEWS) continue to be 'CRISIL
D/CRISIL D Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Long Term Loan         4.5        CRISIL D (Issuer Not
                                     Cooperating)

   Overdraft Facility     1          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 GEWS for
obtaining information through letter and email dated December 12,
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 GEWS, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on GEWS
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
GEWS continues to be 'CRISIL D/CRISIL D Issuer Not Cooperating'.

GEWS was set up in 2008 by Rawal and Goyal families based in
Faridabad (Haryana) to impart education in engineering and
management streams. The society set up Rawal Institute of
Engineering and Technology and Rawal Institute of Management in
2010 in Faridabad. In 2012, it also started Rawal Institute of
Education. Courses are approved by the All India Council for
Technical Education, while the institutes are affiliated to
Maharshi Dayanand University, Rohtak (Haryana). There society has
eight members, with Mr Mahendra Goyal as president.


HELLIOS TUBEALLOYS: Insolvency Resolution Process Case Summary
--------------------------------------------------------------
Debtor: Hellios Tubealloys Private Limited
43, 1ST Carpenter Street,
        C.P. Tank, Mumbai-400004

Insolvency Commencement Date: December 22, 2023

Estimated date of closure of
insolvency resolution process: June 19, 2024

Court: National Company Law Tribunal, Ahmedabad Bench

Insolvency
Professional: Mrs. Anjali Nirav Choksi
       2nd Floor H.N. House,
              Opposite Muktajivan Colour Lab,
              Near Income-Tax Under Bridge, Stadium Circle,
              Navrangpura, Ahmedabad-380009
              Email: anjali.ibc@gmail.com
              Email: cirp.helliostubes@gmail.com

Last date for
submission of claims: January 5, 2024


I-DZIRE HOSPITALITY : Liquidation Process Case Summary
------------------------------------------------------
Debtor: I-Dzire Hospitality Private Limited
145 A/9, Kishangarh, Vasant Kunj
        New Delhi-110070

Liquidation Commencement Date: December 5, 2023

Court: National Company Law Tribunal, New Delhi Bench-II

Liquidator: Ajay Gupta
     B-7/45, First Floor,
            Safdarjung Enclave Extn,
            New Delhi-110029
            Email: idzire.cirp@gmail.com

Last date for
submission of claims: January 28, 2024


INDIAN SUGAR: CRISIL Keeps D Debt Ratings in Not Cooperating
------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Indian Sugar
Manufacturing Company Limited (ISMCL) continue to be 'CRISIL D
Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit          27.41        CRISIL D (Issuer Not
                                     Cooperating)

   Cash Credit           1.8         CRISIL D (Issuer Not
                                     Cooperating)

   Term Loan             4.89        CRISIL D (Issuer Not
                                     Cooperating)

   Term Loan            14.4         CRISIL D (Issuer Not
                                     Cooperating)

   Term Loan             3.79        CRISIL D (Issuer Not
                                     Cooperating)

   Term Loan            16.61        CRISIL D (Issuer Not
                                     Cooperating)

   Term Loan             4.1         CRISIL D (Issuer Not
                                     Cooperating)

CRISIL Ratings has been consistently following up with ISMCL for
obtaining information through letter and email dated December 12,
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 ISMCL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on ISMCL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
ISMCL continues to be 'CRISIL D Issuer Not Cooperating'.

ISMCL was set up in 2000 by Dr. Veerana Pattar and his colleagues.
In January 2010, the company commissioned a sugar plant and a
bagasse-based cogeneration power plant in Bijapur (Karnataka).


JAG VIDHYA: CRISIL Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Jag Vidhya
and Sons Resorts and Hotels Llp (JVS) continue to be 'CRISIL D
Issuer Not Cooperating'.

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

   Proposed Long Term     1          CRISIL D (Issuer Not
   Bank Loan Facility                Cooperating)

   Term Loan             12.5        CRISIL D (Issuer Not
                                     Cooperating)

CRISIL Ratings has been consistently following up with JVS for
obtaining information through letter and email dated December 12,
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 JVS, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on JVS
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
JVS continues to be 'CRISIL D Issuer Not Cooperating'.

JVS, established in January 2014, is promoted and managed by Mr
Babjyot Singh Khanduja and his brother Mr Gurpreet Singh Khanduja.
In February 2014, the firm acquired a hotel property in Nagpur,
Maharashtra, rebranded it as Heritage Embassy, and commenced
operations in August 14. A three-star property, the hotel provides
boarding and lodging facilities, and has a restaurant-cum-bar, a
banquet hall, and an open air lawn.


JAI GOKUL: Insolvency Resolution Process Case Summary
-----------------------------------------------------
Debtor: Jai Gokul Towers Private Limited
9 Ezra Street Top Floor- Room No. 47,
        Kolkata, Kolkata, West Bengal, India, 700001

Insolvency Commencement Date: January 1, 2024

Estimated date of closure of
insolvency resolution process: June 29, 2024

Court: National Company Law Tribunal, Kolkata Bench

Insolvency
Professional: Mr. Seikh Abdul Salam
       64J Linton Street, P.S. Beniapukur,
              Kolkata West Bengal-700014
              Email: salam10695@gmail.com
              Email: cirp.jgtpl@gmail.com

Last date for
submission of claims: January 15, 2024


JEANS KNIT: ICRA Withdraws B+ Rating on INR54.57cr LT Loan
----------------------------------------------------------
ICRA has withdrawn the ratings assigned to the bank facilities of
Jeans Knit Private Limited at the request of the company and based
on the No Objection Mail/Closure Certificate received from the
bankers. However, ICRA does not have information to suggest that
the credit risk has changed since the time the rating was last
reviewed. The Key Rating Drivers, Liquidity Position, Rating
Sensitivities, Key Financial indicators have not been captured as
the rated instruments are being withdrawn.

                      Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long Term-         54.57       [ICRA]B+ (Stable) ISSUER NOT
   Fund Based-                    COOPERATING; Rating continues
   Cash Credit                    to remain under 'Issuer Not
                                  Cooperating' category

   Short Term-        60.00       [ICRA]A4 ISSUER NOT
   Fund Based-                    COOPERATING; Rating continues
   Cash Credit                    to remain under 'Issuer Not
                                  Cooperating' category

   Short Term-        15.43       [ICRA]A4 ISSUER NOT
   Unallocated                    COOPERATING; Rating continues
                                  to remain under 'Issuer Not
                                  Cooperating' category

Incorporated in 2004, JKPL is a part of FFI Global Group,
Bengaluru. The company manufactures and exports denim garments,
along with sportswear and winterwear. It operates out of its
manufacturing facilities in Bengaluru (Karnataka) and Chennai
(Tamil Nadu). Besides garment manufacturing, the company has
in-house knitting capacities for manufacturing knitted fabric
utilised for captive consumption. JKPL caters to the premium denim
segment across all the customer segments (men, women and kids) and
exports its products to renowned brands in Europe and the US. While
the company also markets garments under its own brand, Free Soul,
the proportion of these sales remains low. JKPL's Italy-based
subsidiary, FFI Global S.R.L, in which it owns a 51.5% stake, acts
as a marketing arm and most of JKPL's sales (~80%) to end customers
are routed through it.


KALWAKURTHY MUNICIPALITY: ICRA Keeps B+ Issuer Rating in Not Coop
-----------------------------------------------------------------
ICRA has kept the long-term rating for the Issuer Rating of
Kalwakurthy Municipality in the 'Issuer Not Cooperating' category.
The rating is denoted as "[ICRA]B+(Stable); ISSUER NOT
COOPERATING".

                      Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Issuer Rating         -        [ICRA]B+ (Stable); ISSUER NOT
                                  COOPERATING; Rating Continues
                                  to remain under issuer not
                                  cooperating category

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

The KKM, being an ULB, provides civic services to the Kalwakurthy
town. The town is located in Nagarkurnool district of Telangana and
is at a distance of around 80 km from the state capital, Hyderabad.
The major economic activity in the region is agriculture, which
primarily includes rice, fruits and vegetables. According to Census
2011, Kalwakurthy covers an area of 9.00 sq. km. and has a
population base of 28,060 of which 65% is accounted by slum
dwellers. The ULB is governed by the provisions of the Telangana
State Municipalities Act, (TSM Act) 1965. The major functions of
the KKM involve water supply, solid waste management, repair and
maintenance of roads, street lighting and amenities such as
shopping stalls, community hall, playgrounds, parks/gardens, among
other civic amenities. The council of the KKM, comprising 20 Ward
Councillors, is headed by a Chairperson. The executive wing is
headed by a Municipal Commissioner, who is appointed by the GoTS
and is supported by the head of various departments.


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

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Bank Guarantee        2.5         CRISIL D (Issuer Not
                                     Cooperating)

   Cash Credit           5.24        CRISIL D (Issuer Not
                                     Cooperating)

   Proposed Long Term    2.26        CRISIL D (Issuer Not
   Bank Loan Facility                Cooperating)

CRISIL Ratings has been consistently following up with KGPS for
obtaining information through letter and email dated December 12,
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 KGPS, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on KGPS
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
KGPS continues to be 'CRISIL D/CRISIL D Issuer Not Cooperating'.

Gujarat based, KGPS undertakes mechanical fabrication work for
tanks, structures, and piping, and material handling for industries
such as petroleum and chemicals, cement, and fast moving consumer
goods (FMCG). KGPS is promoted by Mr Subramanian Pachat and Mr
Santhosh Pachat.


KND ENGINEERING: Liquidation Process Case Summary
-------------------------------------------------
Debtor: KND Engineering Technologies Limited
7 A Hospital Street,
        Kolkata 700072, West Bengal

Liquidation Commencement Date: December 6, 2023
                             
Court: National Company Law Tribunal, Kolkata Bench

Liquidator: Mamta Binani
     2nd Floor, Nicco House,
            2 Hare Street, Church Lane Entry,
            Kolkata 700001, West Bengal
            Mobile Number: 983109955
            Email ID: mamtabinani@gmail.com
            Email: liquidatorkndengineering@gmail.com

Last date for
submission of claims: January 5, 2024

M/S SAR ISPAT: Insolvency Resolution Process Case Summary
---------------------------------------------------------
Debtor: M/s Sar Ispat Private Limited
No. 770, TH Road,
        Chennai, Tamil Nadu, 6000081

Insolvency Commencement Date: January 5, 2024

Estimated date of closure of
insolvency resolution process: July 3, 2024

Court: National Company Law Tribunal, Chennai Bench

Insolvency
Professional: Mr. Piyush Kishanlal Jani
       Om Ashray, Behind Mazar, New Laxminagar,
              Ring Road, Gondia, Maharashtra, 441614
              Email: capiyushj@gmail.com
              Email: sarispat.cirp@gmail.com

Last date for
submission of claims: January 23, 2024


MADAN GOPAL: CRISIL Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Sri Madan
Gopal Bhikam Chand Marketing Private Limited (MGB) continue to be
'CRISIL D/CRISIL D Issuer Not Cooperating'.

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

   Foreign Bill           6          CRISIL D (Issuer Not
   Purchase                          Cooperating)

   Packing Credit         4          CRISIL D (Issuer Not
                                     Cooperating)

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

MGB, incorporated in 2006, is promoted by Mr. Rajesh Mall and is
based in Jaipur. It trades in and exports agricultural products,
such as spices, animal feeds, and herbs. It also trades in lac,
used in bangles and paints, in the domestic market. Its directors
are Mr. Rajesh Mall and Mrs. Kusum Mall.


MADURAI TUTICORIN: ICRA Keeps D Debt Rating in Not Cooperating
--------------------------------------------------------------
ICRA has kept the Long-term and short-term ratings of Madurai
Tuticorin Expressways Limited in the 'Issuer Not Cooperating'
category. The rating is denoted as "[ICRA]D; ISSUER NOT
COOPERATING".

                    Amount
   Facilities     (INR crore)   Ratings
   ----------     -----------   -------
   Long-term–       433.26      [ICRA]D; ISSUER NOT COOPERATING;
   Fund based                   Rating Continues to remain under
   Term Loan                    'Issuer Not Cooperating'
                                Category

ICRA has been trying to seek information from the entity so as to
monitor its performance. Despite repeated requests by ICRA, the
entity's management has remained non-cooperative. The current
rating action has been taken by ICRA basis best available/dated/
limited information on the issuers' performance. In the absence of
requisite information and in line with the aforesaid policy of
ICRA, the rating has been continued on "Issuer Not Cooperating"
category. The rating is based on the best available information.

MTEL is a special purpose vehicle (SPV) promoted by Madhucon
Projects Limited, Madhucon Granites Ltd and SREI Infrastructure
Finance. MTEL has been formed to improve and widen a 128.15 km
stretch on National Highway (NH) -45B on BOT basis. The stretch
extends between Km 138/800 and 264/500, connecting Madurai and
Tuticorin in Tamil Nadu and is a key arterial route connecting
Tuticorin to Madurai and the rest of India. The project has been
awarded by the National Highways Authority of India (NHAI, rated
[ICRA]AAA (Stable)) on a BOT (toll) basis, with a concession period
of 20 years starting July 2006. The scheduled commercial operations
date (COD) of the project was January 2010. However, after a delay
of more than 16 months, the tolling had started in July 2011.
However, the concession agreement (CA) was terminated by the NHAI
in March 2023 due to non-adherence to CA in respect of road
maintenance, failure to complete punch-list items etc.


MARKS ENTERPRISES: CRISIL Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Marks
Enterprises Private Limited (MEPL) continue to be 'CRISIL D/CRISIL
D Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit           0.25        CRISIL D (Issuer Not
                                     Cooperating)

   Cash Credit           1.75        CRISIL D (Issuer Not
                                     Cooperating)

   Letter of Credit      7           CRISIL D (Issuer Not
                                     Cooperating)

   Letter of Credit      0.75        CRISIL D (Issuer Not
                                     Cooperating)

CRISIL Ratings has been consistently following up with MEPL for
obtaining information through letter and email dated December 12,
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 MEPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on MEPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
MEPL continues to be 'CRISIL D/CRISIL D Issuer Not Cooperating'.

MEPL, incorporated in 2011 and promoted by Mr Somnath Harjai,
trades in yarn and metal (such as aluminium scrap, ingots, and
billets).


MEERA AND COMPANY: ICRA Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------------
ICRA has kept the Long-Term and Short-term ratings of Meera and
Company Limited in the 'Issuer Not Cooperating' category. The
rating is denoted as "[ICRA]D/[ICRA]D; ISSUER NOT COOPERATING".

                    Amount
   Facilities     (INR crore)   Ratings
   ----------     -----------   -------
   Long-term–         9.50      [ICRA]D; ISSUER NOT COOPERATING;
   Fund based                   Rating Continues to remain under
   Cash Credit                  'Issuer Not Cooperating'
                                Category

   Short-term         0.10      [ICRA]D; ISSUER NOT COOPERATING;
   Non-fund based               Rating continues to remain under
   Others                       'Issuer Not Cooperating'
                                Category
  
As part of its process and in accordance with its rating agreement
with Meera and Company Limited, ICRA has been trying to seek
information from the entity so as to monitor its performance.
Further, ICRA has been sending repeated reminders to the entity for
payment of surveillance fee that became due. Despite multiple
requests by ICRA, the entity's management has remained
non-cooperative. In the absence of requisite information and in
line with the aforesaid policy of ICRA, the rating has been
continued to the "Issuer Not Cooperating" category. The rating is
based on the best available information.

MACL manufactures Diesel Generating Sets for various applications.
Till 2010 the company was operating as an OEM1 for DG sets for
Mahindra and Leyland. However, in 2010 the company has set up its
own engine manufacturing unit and is selling the DG sets under the
brand name of 'Meeraco'. The company is fully owned by Mr Rajen
Gupta and his family members and has a presence mainly in Punjab.
MACL has two manufacturing unit located in Jammu and Ludhiana.


MUDHAI DAIRY: Liquidation Process Case Summary
----------------------------------------------
Debtor: Mudhai Dairy Private Limited

Registered Office:
        Gat No. 544, Narayanwadi,
Chandoli Road At Post Narayanwadi,
Taluka Karad Satara MH 415539 India

Liquidation Commencement Date: December 8, 2023
                             
Court: National Company Law Tribunal, Mumbai Bench

Liquidator:  DINESH GOPAL MUNDADA
      Address: 403, Fortune House,
             Baner-Pashan Link Road,
             Baner, Pune-411045
      Email : mundada2007@gmail.com
      Email : cirp.mudhaidairy@gmail.com
      Mobile No: +919833866332

Last date for
submission of claims: January 7, 2024

NYLES SALES: Liquidation Process Case Summary
---------------------------------------------
Debtor: Nyles Sales & Infraprojects Private Limited
Plot No. 23/2, G-block, Bhagawan Market Sambaji Nagar,
Chinchwad Pune, Pune MH 411019 India

Liquidation Commencement Date: November 23, 2023
                             
Court: National Company Law Tribunal, Mumbai Bench

Liquidator:  Mr. Sandeep Bishan Swaroop Goel
      1604, verona, Hiranandani Gardens,
             Powai, Mumbai Suburban,
             Maharashtra, 400076
             Email: goelsandeep60@yahoo.com
             Email: nylesalesip@gmail.com

Last date for
submission of claims: January 12, 2024


PARTE CASTERS: Liquidation Process Case Summary
-----------------------------------------------
Debtor: Parte Casters Private Limited
C/o Hrudaynath Shamrao Parte M-11,
        Addl Midc, Kodoli, Beside Kishor Company,
        Satara Maharashtra-415004

Liquidation Commencement Date: January 2, 2024

Court: National Company Law Tribunal, Mumbai Bench

Liquidator: Mr. Girish Siriram Juneja
     22 Dignity Apartments, Bon Bon Lane
            7 Bungalows, Versova, Andheri (West)
            Mumbai-400053
            Email: junejagirish31@gmail.com

            C/o M/s Waterfall Insolvency Professionals
            Private Limited
            1221 Maker Chamber V,
            Nariman Point, Mumbai 400021
            Email: liquidator.partecasters@gmail.com

Last date for
submission of claims: February 8, 2024


PCL OIL: Insolvency Resolution Process Case Summary
---------------------------------------------------
Debtor: PCL Oil and Solvents Limited

Regd Add:
        M-105, Connaught Circus,
        New Delhi-110001

        Corporate Office:
        703, 7th floor, DLF Tower-B,
        District Centre,
        Jasola, New Delhi-110044

        Factory Premises:
        56, Dunethe Industrial Zone,
        Kunta Road, Bhenslore,
        Daman, Dadra and Nagar Haveli
        and Daman and Diu-396210

Insolvency Commencement Date: December 4, 2023

Estimated date of closure of
insolvency resolution process: June 5, 2024 (180 Days)

Court: National Company Law Tribunal, New Delhi Bench

Insolvency
Professional: Mr. Anil Kumar Mittal
       5/99, Sector-2, Rajender Nagar,
              Sahibabad, Distt. Ghaziabad,
              Uttar Pradesh-201005
              Email: mittal.ubi@gmail.com

              C/o Resurgent Resolution Professionals LLP (IPE)
              905, 09th Floor, Tower C, The Close South,
              Sector 50, Gurugram, Haryana 122018
              Email: cirp.pcloil@gmail.com

Last date for
submission of claims: December 22, 2023

PERIWINKLE HERBALS: Liquidation Process Case Summary
----------------------------------------------------
Debtor: Periwinkle Herbals Private Limited
3D & C, 3rd Floor, Gopala Tower,
        Rajendra Place, New Delhi-110 008

Liquidation Commencement Date: December 22, 2023
                             
Court: National Company Law Tribunal, New Delhi Bench-III

Liquidator:  Satish Joshi
      F-207, Aditya Trade Tower, Plot No. 4,
             Local Shopping Center, Pocket O&P,
             Dilshad Garden, Delhi-110 095
             Email: recourse2018@gmail.com
             Email: cirp.periwinkle@gmail.com

Last date for
submission of claims: January 21, 2024


PIYUSH INFRATECH: CRISIL Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Piyush
Infratech Private Limited (PIPL) continue to be 'CRISIL D/CRISIL D
Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Bank Guarantee         20         CRISIL D (Issuer Not
                                     Cooperating)

   Bank Guarantee         10         CRISIL D (Issuer Not
                                     Cooperating)

   Cash Credit            13.45      CRISIL D (Issuer Not
                                     Cooperating)

   Cash Credit             6.55      CRISIL D (Issuer Not
                                     Cooperating)

   Proposed Bank           0.5       CRISIL D (Issuer Not
   Guarantee                         Cooperating)

   Proposed Short Term     9.5       CRISIL D (Issuer Not
   Bank Loan Facility                Cooperating)

CRISIL Ratings has been consistently following up with PIPL for
obtaining information through letter and email dated December 12,
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 PIPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on PIPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
PIPL continues to be 'CRISIL D/CRISIL D Issuer Not Cooperating'.

PIPL was formed as a partnership between Mr Pralhad Panhale and Mr
Piyush Panhale in 1998 and was reconstituted as a private limited
company in June 2013. The Aurangabad (Maharashtra)-based company
undertakes irrigation projects, comprising barrages, earthen
concrete dams, and canals. It also undertakes civil construction
work for the Indian Railways. Apart from this, PIPL has two
windmills with a combined capacity of 1.25 megawatts.


PONNU FOOD: ICRA Lowers Rating on INR8.90cr Long Term Loan to D
---------------------------------------------------------------
ICRA has downgraded the ratings on certain bank facilities of Ponnu
Food Products, as:

                    Amount
   Facilities     (INR crore)   Ratings
   ----------     -----------   -------
   Long Term-         8.90      [ICRA]D; ISSUER NOT COOPERATING;
   Fund Based-                  Rating downgraded from
   Cash Credit                  [ICRA]B(Stable) ISSUER NOT
                                COOPERATING and continues to
                                remain under 'Issuer Not
                                Cooperating' category

   Long Term-         0.10      [ICRA]D; ISSUER NOT COOPERATING;
   Unallocated                  Rating downgraded from
                                [ICRA]B(Stable) ISSUER NOT
                                COOPERATING and continues to
                                remain under 'Issuer Not
                                Cooperating' category

Rationale

Material event
The rating downgrade reflects Delay in Debt Repayment as mentioned
in the publicly available sources.

Impact of material event
The rating is based on limited information on the entity's
performance since the time it was last rated in November 2022. The
lenders, investors and other market participants are thus advised
to exercise appropriate caution while using this rating as the
rating may not adequately reflect the credit risk profile of the
entity, despite the downgrade".

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

Ponnu Food Products was formerly established as a proprietary
concern by Ms Suja Shajilal in August 1999 at Aylara in Kollam
District of Kerala which was later converted into a partnership
firm in December 2012. The firm is engaged in the business of
manufacturing, milling, grading and packaging of various cooking
ingredients and spices.


R.H. SORTEX: ICRA Keeps D Ratings in Not Cooperating Category
-------------------------------------------------------------
ICRA has kept the long-term ratings for the bank facilities of R.H.
Sortex Rice Mills Private Limited in the 'Issuer Not Cooperating'
category. The ratings are denoted as "[ICRA]D; ISSUER NOT
COOPERATING".

                    Amount
   Facilities     (INR crore)   Ratings
   ----------     -----------   -------
   Long-term–         2.12      [ICRA]D; ISSUER NOT COOPERATING;
   Fund based                   Rating Continues to remain under
   Term Loan                    'Issuer Not Cooperating'
                                Category

   Long-term–         3.50      [ICRA]D; ISSUER NOT COOPERATING;
   Fund based                   Rating Continues to remain under
   Cash Credit                  'Issuer Not Cooperating'
                                Category

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

RHS was established in 2011 as a private limited company. The
company is primarily involved in the milling of rice with an
installed capacity of 8 tonne per hour at Gorakhpur, Uttar Pradesh.
The company is professionally managed by Mr. Sukhdev Jaiswal.


R.S.H. AGRO: Liquidation Process Case Summary
---------------------------------------------
Debtor: R.S.H Agro Products Limited

Regd Office:
        Village Ambher,
        12th Mile Jorabat,
        Guwahati, Pin: 781023, Assam

        Principal Office:
        1st Floor, Rajdeep Complex,
        F.A. Road Kumarpara,
Guwahati, Pin: 781009, Assam

Liquidation Commencement Date: December 18, 2023
                             
Court: National Company Law Tribunal, Guwahati Bench

Liquidator:  Sudha Sarma
      Sudha and Associates
             185, MRD Road, Bamunimaidam,
             Guwahati-781021, Assam
             Email: sudha.sarma@yahoo.com
             Email: liquidator.rshagro@gmail.com

Last date for
submission of claims: January 26, 2024

RAM KRISHNA: CRISIL Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Ram Krishna
Tea Factory - Uttar Dinajpur (RKTF) continue to be 'CRISIL D/CRISIL
D Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Bank Guarantee        0.18        CRISIL D (Issuer Not
                                     Cooperating)

   Cash Credit           2.30        CRISIL D (Issuer Not
                                     Cooperating)

   Proposed Long Term    0.32        CRISIL D (Issuer Not
   Bank Loan Facility                Cooperating)

   Term Loan             2.25        CRISIL D (Issuer Not
                                     Cooperating)

CRISIL Ratings has been consistently following up with RKTF for
obtaining information through letter and email dated December 12,
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 RKTF, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on RKTF
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
RKTF continues to be 'CRISIL D/CRISIL D Issuer Not Cooperating'.

Incorporated in September, 2014 in Sonarpur Hat, RKTF is engaged in
manufacturing of CTC tea. The firm has its own processing unit with
total manufacturing capacity of 8.5 lakh kg per annum. It is
promoted by Srimati Krishna Bhagat, Mr. Sushil Bhagat, Mr. Babanlal
Bhagat, Mr. Lalan Bhagat, Mr. Panchami Bhagat and Mr. Manoj
Bhagat.


RANCHI EXPRESSWAYS: Insolvency Resolution Process Case Summary
--------------------------------------------------------------
Debtor: Ranchi Expressways Limited
Madhucon House, Plot No. 1129/A Road No. 36,
        Hi-tech City Road, Jubilee Hills,
        Hyderabad, Telangana 500033

Insolvency Commencement Date: December 22, 2023

Estimated date of closure of
insolvency resolution process: June 20, 2024

Court: National Company Law Tribunal, Hyderabad Bench

Insolvency
Professional: Mr. Sanjay Kumar Mishra
       Dreams Complex, 4C-1605, LBS Marg,
              Bhandup West, Mumbai 400 078
              Email: ipsanjaymishra@rediffmail.com

              Grant Thornton, 16th Floor,
              Tower III One International Centre,
              S B Marg, Prabhadevi West, Mumbai 400 013
              Email: cirp.rel@gmail.com
              Email: team.rel@in.gt.com

Last date for
submission of claims: January 11, 2024


SATYA MEGHA: CRISIL Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Satya Megha
Industries (SMI) continue to be 'CRISIL D/CRISIL D Issuer Not
Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit            8          CRISIL D (Issuer Not
                                     Cooperating)

   Cash Term Loan         9.18       CRISIL D (Issuer Not
                                     Cooperating)
   Funded Interest
   Term Loan              2.98       CRISIL D (Issuer Not
                                     Cooperating)

   Proposed Short Term    2.86       CRISIL D (Issuer Not
   Bank Loan Facility                Cooperating)

   Working Capital       14.18       CRISIL D (Issuer Not
   Term Loan                         Cooperating)

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

SMI was set up as a partnership firm in Assam in August 2009 by Mr
Ratan Sharma, Mr Purushottam Murarka, and Mr Mangilal Jalan. The
firm started operations in August 2011, by manufacturing steel
billets. Partners have around two decades of experience of
manufacturing and trading in steel products, through other group
companies.


SHADNAGAR MUNICIPALITY: ICRA Keeps B+ Issuer Rating in Not Coop.
----------------------------------------------------------------
ICRA has kept the long-term rating for the Issuer Rating of
Shadnagar Municipality in the 'Issuer Not Cooperating' category.
The rating is denoted as "[ICRA]B+(Stable); ISSUER NOT
COOPERATING".

                      Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Issuer Rating         -        [ICRA]B+ (Stable); ISSUER NOT
                                  COOPERATING; Rating Continues
                                  to remain under issuer not
                                  cooperating category

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

The SNM, being an ULB, provides civic services to the Shadnagar
town, which is located in Rangareddy district of Telangana, around
55 km from the state capital, Hyderabad. The major economic
activity in the region is agriculture. According to Census 2011,
Shadnagar covers an area of 40 sq km and has a population of
54,432, of which 53% are slum dwellers. The ULB is governed by the
provisions of the Telangana State Municipalities Act, (TSM Act)
1965. The major functions of the SNM include water supply, solid
waste management, repair and maintenance of roads, street lighting
and amenities like shopping stalls, community hall, playgrounds,
parks/gardens. The council of the municipality comprises 23 Ward
Councillors headed by a Chairperson. The executive wing is headed
by a Municipal Commissioner, who is appointed by the GoT and is
supported by the heads of various departments.


SHARDA AUTO: Voluntary Liquidation Process Case Summary
-------------------------------------------------------
Debtor: Sharda Auto Solutions Private Limited
D-188, Okhla Industrial Area,
Phase-1, New Delhi-110020

Liquidation Commencement Date: December 11,  2023
                             
Court: National Company Law Tribunal, New Delhi Bench

Liquidator:  Atul Tandon
     66, Shreshtha Vihar Delhi-110092
            Email: atultandon2002@gmail.com
            Ph No: 9971221905

Last date for
submission of claims: January 10, 2024

SIDDHARTH NATURAL: Liquidation Process Case Summary
---------------------------------------------------
Debtor: Siddharth Natural Food Resources Private Limited
        Plot No. 83, Kundaim Industrial Estate,
        North Goa, Kundaim, Goa, India, 403115

Liquidation Commencement Date: January 5, 2024

Court: National Company Law Tribunal, Mumbai Bench

Liquidator: Hari Kishan Bhoklay
     905 E Raheja Residency
            Off General A. K. Vaidya Marg Malad
            East Mumbai, Mumbai Suburban,
            Maharashtra, 400097
            Email: bhoklay.hk@hotmail.com

            Kanchansobha Debt Resolution Advisors Pvt Ltd
            Unit #207, Kshitij, Near Azad Nagar Metro Station,
            Veera Desai Road, Andheri West, Mumbai - 400053
            Email: liq.sidnatural@gmail.com

Last date for
submission of claims: February 4, 2024


SND LIMITED: Liquidation Process Case Summary
---------------------------------------------
Debtor: SND Limited
513/A, 5TH Floor, Kohinoor City,
        Kirol Road L.B.S. Marg,
        Kurla(w), Mumbai, Maharashtra,
        India, 400070

Liquidation Commencement Date: December 6, 2023
                             
Court: National Company Law Tribunal, Mumbai Bench

Liquidator:  Mrudula Brodie
      Office No. A-403, Silver Estate Apt,
             Raghukul Creation, Manish Nagar,
             Nagpur-440015
             Email: camrudulkejdiwal@gmail.com
             Email: cirp.snd@gmail.com

Last date for
submission of claims: January 6, 2024

SPASHT MARKETING: Insolvency Resolution Process Case Summary
------------------------------------------------------------
Debtor: M/s Spasht Marketing Private Limited
235/2A, AJC Bose Road, 3rd Floor, Kolkata,
West Bengal, India, 700020

Insolvency Commencement Date: January 1, 2024

Estimated date of closure of
insolvency resolution process: June 28, 2024 (180 Days)

Court: National Company Law Tribunal, Kolkata Bench

Insolvency
Professional: Anal Basu
       27, Haladhar Bardhan Lane,
              Kolkata-700012, West Bengal
       Email: basu_anal@rediffmail.com
       Email: spashtmarketingcirp0124@gmail.com

Last date for
submission of claims: January 15, 2024


SQ INFRASTRUCTURE: Insolvency Resolution Process Case Summary
-------------------------------------------------------------
Debtor: SQ Infrastructure Private Limited
5 Floor-1, Plot No.7, Sharda Sadan,
        Swami Gyanjivandas Marg,
        Dadar Rly. Stn Dadar (East) Mumbai City,
        Mumbai Maharashtra India-400014

Insolvency Commencement Date: December 13, 2023

Estimated date of closure of
insolvency resolution process: June 14, 2024 (180 Days)

Court: National Company Law Tribunal, Mumbai Bench

Insolvency
Professional: Abhijit Gokhale
       A/1903, 19TH Floor N.L Aryavarta, NL Complex
              Dahisar East.  Op Anant Nagar, Mumbai-400068
              Email: abhijitgokhale@gmail.com

              Orion Resolution and Turnaround Private Limited
              811, Meadows Sahar Plaza Sub Plot A
              Bldg No. 6 AK Road Next to Kohinoor Continental
              Mumbai 400069
              Email: cirp.sqinfrastructure@gmail.com

Last date for
submission of claims: January 1, 2024

STAR REALCON: CRISIL Keeps D Debt Ratings in Not Cooperating
------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Star Realcon
Private Limited (SRPL) continue to be 'CRISIL D Issuer Not
Cooperating'.

                        Amount
   Facilities         (INR Crore)    Ratings
   ----------         -----------    -------
   Proposed Long Term     0.5        CRISIL D (Issuer Not
   Bank Loan Facility                Cooperating)

   Secured Overdraft      8.5        CRISIL D (Issuer Not
   Facility                          Cooperating)

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

SRPL was established in 2006 by Mr Nitin Kumar Gupta and his son,
Mr Goldy Gupta. The Delhi based company undertakes civil
construction activities and real estate development projects in
Delhi, Ghaziabad, Chennai, and Rajasthan.


SUSEE PREMIUM: CRISIL Keeps D Debt Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Susee Premium
Automobiles Private Limited (SPAPL) continue to be 'CRISIL D Issuer
Not Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit           4.75        CRISIL D (Issuer Not
                                     Cooperating)

   Proposed Long Term    0.25        CRISIL D (Issuer Not
   Bank Loan Facility                Cooperating)

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

Established in 1998, SPAPL is an authorised automobile dealer for
Ford. The firm operates with one showroom in Trichy. Mr J Rajiv
Subramanian and Mr S Jeyabalan are the promoters.


TILAK EXPORTS: CRISIL Keeps D Debt Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Tilak Exports
(TE) continue to be 'CRISIL D/CRISIL D Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Bill Discounting       3          CRISIL D (Issuer Not
                                     Cooperating)

   Letter of Credit       2          CRISIL D (Issuer Not
                                     Cooperating)

   Packing Credit         7          CRISIL D (Issuer Not
                                     Cooperating)

   Proposed Long Term     0.15       CRISIL D (Issuer Not
   Bank Loan Facility                Cooperating)

   Term Loan              3.85       CRISIL D (Issuer Not
                                     Cooperating)

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

TE was set up as a partnership firm by Ms Manju Farsaiya in 1988,
the firm manufactures and exports ladies garments. The
manufacturing facility is located at Noida (Uttar Pradesh).


TRANSPARENT ENERGY: Liquidation Process Case Summary
----------------------------------------------------
Debtor: Transparent Energy Systems Private Limited
Pushpa Heights, 1st Floor, Bibwewadi Corner,
        Pune- Satara Road, Pune -411037

Liquidation Commencement Date: January 4, 2024

Court: National Company Law Tribunal Mumbai Bench

Liquidator: Ram Ratan Kanoongo
     708, Raheja Centre, Nariman Point,
            Mumbai-400021, Maharahstra
     Email: rrkanoongo@gmail.com

            C/o Headway Resolution and Insolvency
            Services Pvt. Ltd.
            708, 7th, Rajeha Centre, Nariman Point
            Mumbai 400021, Maharashtra
            Email: liqtespl@gmail.com

Last date for
submission of claims: February 3, 2024


TRICHY THANJAVUR: ICRA Keeps D Debt Rating in Not Cooperating
-------------------------------------------------------------
ICRA has kept the Long-term and short-term ratings of Trichy
Thanjavur Expressways Limited in the 'Issuer Not Cooperating'
category. The rating is denoted as "[ICRA]D; ISSUER NOT
COOPERATING".

                    Amount
   Facilities     (INR crore)   Ratings
   ----------     -----------   -------
   Long-term–       162.07      [ICRA]D; ISSUER NOT COOPERATING;
   Fund based                   Rating Continues to remain under
   Term Loan                    'Issuer Not Cooperating'
                                Category

ICRA has been trying to seek information from the entity so as to
monitor its performance. Despite repeated requests by ICRA, the
entity's management has remained non-cooperative. The current
rating action has been taken by ICRA basis best available/dated/
limited information on the issuers' performance. In the absence of
requisite information and in line with the aforesaid policy of
ICRA, the rating has been continued on "Issuer Not Cooperating"
category. The rating is based on the best available information.

TTEL is a special purpose vehicle (SPV) promoted by Madhucon
Projects Ltd (MPL) for strengthening and widening of an existing
55.75 km long stretch between Trichy and Thanjavur on National
Highway (NH) -67. The project stretch connects Thanjavur, a
prominent tourist city to Trichy and other places in the western
part of South India. The project has been awarded by the National
Highway Authority of India (NHAI, rated [ICRA]AAA (Stable)) on a
BOT (toll) basis, with a concession period of 20 years starting
June 2006. The scheduled commercial operations date (COD) of the
project was June 2009. However, the company achieved the COD in May
2011 after a delay of more than 22 months. However, the concession
agreement (CA) was terminated by the NHAI in March 2023 due to
non-adherence to CA in respect of road maintenance, failure to
complete punch-list items etc.


TROPICAL COATINGS: CRISIL Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Tropical
Coatings International Private Limited (TCIPL) continue to be
'CRISIL D/CRISIL D Issuer Not Cooperating'.

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

   Cash Credit            1.57       CRISIL D (Issuer Not
                                     Cooperating)

   Letter of Credit       0.36       CRISIL D (Issuer Not
                                     Cooperating)

   Term Loan              6.2        CRISIL D (Issuer Not
                                     Cooperating)

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

Established in 2012, TCIPL manufactures waterproofing membranes and
allied products at Vishakapatnam. Operations are managed by Mr
Ravindranath.


UDAY AUTOLINK: CRISIL Keeps D Debt Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Uday Autolink
Private Limited (UAPL) continue to be 'CRISIL D Issuer Not
Cooperating'.

                         Amount
   Facilities         (INR Crore)     Ratings
   ----------         -----------     -------
   Drop Line Overdraft     8          CRISIL D (Issuer Not
   Facility                           Cooperating)

   Electronic Dealer       6          CRISIL D (Issuer Not
   Financing Scheme                   Cooperating)
   (e-DFS)                 
                                     
   Term Loan              24.8        CRISIL D (Issuer Not
                                      Cooperating)

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

UAPL set up in 2012, is an authorised dealer for Maruti Suzuki
India Ltd (MSIL). UAPL operates a 50,000-square-foot sales,
services and spares (3S) showroom in eastern Ahmedabad. The
operations are managed by the promoters, Mr. Uday Bhatt, his
brother, Mr. Nilesh Bhatt, and son, Mr. Hemant Bhatt.


UNAKOTI NURSING: Insolvency Resolution Process Case Summary
-----------------------------------------------------------
Debtor: Unakoti Nursing Care Private Limited
Opposite of ITI, Central Road Kailashahar,
Unakoti Tripura, North Tripura, Kailashahar,
        Tripura, India 799277

Insolvency Commencement Date: December 11, 2023

Estimated date of closure of
insolvency resolution process: June 7, 2024

Court: National Company Law Tribunal, Guwahati Bench

Insolvency
Professional: Amit Pareek
       4th Floor, Ram Prasad Complex,
       Chatribari, Guwahati-781001
              Email: amitpareek99@yahoo.com
              Email: unakotiirp@gmail.com

Last date for
submission of claims: December 25, 2023


VAISHNAVI FOOD: ICRA Keeps B- Debt Rating in Not Cooperating
------------------------------------------------------------
ICRA has kept the long-term and short-term ratings for the bank
facilities of Vaishnavi Food Products in the 'Issuer Not
Cooperating' category. The ratings are denoted as "[ICRA]B-(Stable)
ISSUER NOT COOPERATING".

                      Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long Term-          6.00       [ICRA]B- (Stable) ISSUER NOT
   Fund Based-                    COOPERATING; Rating continues
   Cash Credit                    to remain under 'Issuer Not
                                  Cooperating' category

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

Founded in 2004 as a partnership firm, BD Steels is into the
trading of iron and steel products of JSW and SAIL. In 2008, the
firm was reconstituted as a private limited company and named B D
Steels Private Limited (BDSPL). The company trades mainly in flat
steel products namely cold rolled close annealed (CRCA), galvanized
plain (GP), hot rolled (HR), cold rolled (CR) sheets/ coils. The
company has its registered office in Secunderabad and a warehouse
facility in Balanagar, Hyderabad. Managing Director of the company
Mr. Jagdish Sontalia is having more than three decades in trading
of iron and steel products.


WANAPARTHY MUNICIPALITY: ICRA Keeps B+ Issuer Rating in Not Coop.
-----------------------------------------------------------------
ICRA has kept the long-term rating for the Issuer Rating of
Wanaparthy Municipality in the 'Issuer Not Cooperating' category.
The rating is denoted as "[ICRA]B+(Stable); ISSUER NOT
COOPERATING".

                      Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Issuer Rating         -        [ICRA]B+ (Stable); ISSUER NOT
                                  COOPERATING; Rating Continues
                                  to remain under issuer not
                                  cooperating category

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

The WPM, being an ULB, provides civic services to the Wanaparthy
town. The town is the headquarter of the recentlyformed Wanaparthy
district of Telangana and is located at a distance of around 150 km
from the state capital, Hyderabad. The major economic activity in
the region is agriculture, which primarily includes sugar, rice,
fruits and vegetables. According to Census 2011, Wanaparthy covers
an area of 27.34 sq km and has a population of 61,170, of which 48%
are slum dwellers. The ULB is governed by the provisions of the
Telangana State Municipalities Act, (TSM Act) 1965. The major
functions of the WPM include water supply, solid waste management,
repair and maintenance of roads, street lighting and amenities like
shopping stalls, community hall, playgrounds, parks/gardens. The
council of the WPM comprises 26 Ward Councillors headed by a
Chairperson. The executive wing is headed by a Municipal
Commissioner, who is appointed by the GoTS and is supported by the
head of various departments.




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

WIJAYA KARYA: Inks Deal to Restructure US$1.3 Billion of Debt
-------------------------------------------------------------
Bloomberg News reports that state builder PT Wijaya Karya clinched
an agreement with some of Indonesia's biggest banks to restructure
IDR20.58 trillion (US$1.31 billion) of debt, after the government's
infrastructure push saddled it with an unmanageable pile of
liabilities.

Bloomberg relates that the state-owned construction company said it
signed the deal with 11 institutions, including PT Bank Mandiri, PT
Bank Negara Indonesia, PT Bank Rakyat Indonesia, PT Bank Tabungan
Negara, PT Bank Syariah Indonesia and PT Bank Panin.

Asia's real estate and building sector has emerged as a hotspot for
distress, driven by factors including weak property sales and
rising refinancing costs, the report states. In addition to the
string of high-profile developer defaults in China, companies from
Vietnam to South Korea have missed debt payments, highlighting the
breadth of housing woes.

According to Bloomberg, Indonesia's major government-owned
construction companies have seen their debt loads balloon as a
result of the aggressive drive to build infrastructure under the
presidency of Joko Widodo. Another state builder PT Waskita Karya
expects to finalize its own debt restructuring deal this month.

Under the revised terms for its bank debt, Wijaya Karya will make
payments due in 2025, 2029 and 2031, according to a filing on Jan.
25. The company also has nearly 12 trillion rupiah of bonds
outstanding, Bloomberg-compiled data show.

The transaction reflects lenders' confidence that Wijaya Karya is
"capable of recovering and are willing to take part in this
movement," Bloomberg quotes President Director Agung Budi Waskito
as saying in the statement on Jan. 24.

Bloomberg adds that the company has switched 93% of its projects to
a payment mechanism based on monthly progress, a huge increase from
the 40% in 2016, it said. It has also sped up the collection of
receivables.

State-owned Wijaya Karya is Indonesia's largest construction
company. Its business includes construction of buildings, bridges
and toll roads.




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

KEISEI ELECTRIC: Egan-Jones Lowers Senior Unsecured Ratings to BB-
------------------------------------------------------------------
Egan-Jones Ratings Company, on December 26, 2023, downgraded the
foreign currency and local currency senior unsecured ratings on
debt issued by Keisei Electric Railway Co., Ltd. to BB- from B+.
EJR also withdraws the rating on commercial paper issued by the
Company.

Headquartered in Ichikawa, Chiba, Japan, Keisei Electric Railway
Co., Ltd. provides passenger rail and bus transportation services
in the Metropolitan Tokyo and Chiba prefecture areas.


KOBE STEEL: Egan-Jones Lowers Senior Unsecured Ratings to BB-
-------------------------------------------------------------
Egan-Jones Ratings Company, on December 26, 2023, downgraded the
foreign currency and local currency senior unsecured ratings on
debt issued by Kobe Steel, Ltd. to BB- from B+. EJR also withdraws
the rating on commercial paper issued by the Company.

Headquartered in Kobe, Hyogo, Japan, Kobe Steel, Ltd. is a supplier
of aluminum and copper product including core products.



TOKYU CORP: Egan-Jones Retains BB- Senior Unsecured Ratings
-----------------------------------------------------------
Egan-Jones Ratings Company, on December 26, 2023, maintained its
'BB-' foreign currency and local currency senior unsecured ratings
on debt issued by Tokyu Corporation. EJR also withdraws the rating
on commercial paper issued by the Company.

Headquartered in Shibuya City, Tokyo, Japan, Tokyu Corporation
provides railway services.


TOYOBO CO: Egan-Jones Retains BB+ Senior Unsecured Ratings
----------------------------------------------------------
Egan-Jones Ratings Company, on December 26, 2023, maintained its
'BB+' foreign currency and local currency senior unsecured ratings
on debt issued by Toyobo Co Ltd.

Headquartered in Osaka, Japan, Toyobo Co Ltd. manufactures and
sells natural and synthetic fibers.




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

EDEN NAILS: Court to Hear Wind-Up Petition on March 13
------------------------------------------------------
A petition to wind up the operations of Eden Nails Spa & Beauty
Limited will be heard before the High Court at Auckland on March
13, 2024, at 10:45 a.m.

Renate Christina Friedlander filed the petition against the company
on Dec. 22, 2023.

The Petitioner's solicitor is:

          Oscar Joseph Ward
          Urlich Milne Lawyers Limited
          3 Owens Road, Epsom
          Auckland 1023


JOHNSTON'S DIRECT: Creditors' Proofs of Debt Due on March 15
------------------------------------------------------------
Creditors of Johnston's Direct Logistics Limited are required to
file their proofs of debt by March 15, 2024, to be included in the
company's dividend distribution.

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

The company's liquidators are:

          Derek Ah Sam
          Paul Vlasic
          Rodgers Reidy (NZ) Limited
          PO Box 45220, Te Atatu Peninsula
          Auckland 0651


PLDL LIMITED: Creditors' Proofs of Debt Due on March 8
------------------------------------------------------
Creditors of PLDL Limited are required to file their proofs of debt
by March 8, 2024, to be included in the company's dividend
distribution.

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

The company's liquidators are:

          Tony Leonard Maginness
          Jared Waiata Booth
          Baker Tilly Staples Rodway Auckland Limited
          PO Box 3899
          Auckland 1140


STRUCTURAL SUPPORT: Court to Hear Wind-Up Petition on Feb. 2
------------------------------------------------------------
A petition to wind up the operations of Structural Support and
Panel New Zealand Limited will be heard before the High Court at
Auckland on Feb. 2, 2024, at 11:45 a.m.

Safesmart Rentals Limited filed the petition against the company on
Dec. 14, 2023.

The Petitioner's solicitor is:

          Ayleath Veronica Foote
          Duncan Cotterill
          Level 2, Duncan Cotterill Plaza
          148 Victoria Street
          Christchurch 8013


THEM.D LIMITED: Court to Hear Wind-Up Petition on Feb. 7
--------------------------------------------------------
A petition to wind up the operations of Them.D Limited will be
heard before the High Court at Rotorua on Feb. 7, 2024, at 10:00
a.m.

Attorney-General filed the petition against the company on Oct. 31,
2023.

The Petitioner's solicitor is:

          Nick Malarao
          Meredith Connell
          Level 7, 8 Hardinge Street
          Auckland




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

AINQA CAPITAL: Creditors' Proofs of Debt Due on Feb. 29
-------------------------------------------------------
Creditors of Ainqa Capital VCC are required to file their proofs of
debt by Feb. 29, 2024, to be included in the company's dividend
distribution.

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

The company's liquidator is:

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


BULL WILL: Court to Hear Wind-Up Petition on Feb. 9
---------------------------------------------------
A petition to wind up the operations of Bull Will Trading (S) Pte
Ltd will be heard before the High Court of Singapore on Feb. 9,
2024, at 10:00 a.m.

Australasian Sands International Pty Ltd filed the petition against
the company on Jan. 16, 2024.

The Petitioner's solicitors are:

          Rajah & Tann Singapore LLP
          9 Straits View
          #06-07 Marina One West Tower
          Singapore 018937


CRG CONTRACTORS: Court to Hear Wind-Up Petition on Feb. 9
---------------------------------------------------------
A petition to wind up the operations of CRG Contractors Pte Ltd
will be heard before the High Court of Singapore on Feb. 9, 2024,
at 10:00 a.m.

Australasian Sands International Pty Ltd filed the petition against
the company on Jan. 16, 2024.

The Petitioner's solicitors are:

          Rajah & Tann Singapore LLP
          9 Straits View
          #06-07 Marina One West Tower
          Singapore 018937


LATIN LEAP: Creditors' Proofs of Debt Due on Feb. 29
----------------------------------------------------
Creditors of Latin Leap VCC are required to file their proofs of
debt by Feb. 29, 2024, to be included in the company's dividend
distribution.

The company commenced wind-up proceedings on Jan. 23, 2024.

The company's liquidator is:

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


LIPPO MALLS: Moody's Lowers CFR to Caa3, Outlook Remains Negative
-----------------------------------------------------------------
Moody's Investors Service has downgraded Lippo Malls Indonesia
Retail Trust's (LMIRT) corporate family rating to Caa3 from Caa1.

At the same time, Moody's has downgraded the backed senior
unsecured rating on the bonds issued by LMIRT Capital Pte. Ltd., a
wholly-owned subsidiary of LMIRT, to Ca from Caa1. The bonds are
guaranteed by the trustee of LMIRT.

Moody's has maintained the negative outlook on all ratings.

On January 25, LMIRT announced the result of tender offers of its
outstanding 7.25% senior notes due 2024 and 7.50% senior notes due
2026. Under the terms of the transaction, the trust has bought back
$49.8 million of its 2024 notes and $28.4 million of its 2026 notes
at a discount to par. Following the transaction, $138.4 million of
the 2024 notes and $114.7 million of the 2026 notes will remain
outstanding. The tender offer was funded with the remaining $90
million of its 10-year secured bank loan of IDR2.5 trillion ($160
million) that the trust obtained late last year.

"Moody's view this transaction as a distressed exchange, which is a
form of default under Moody's definition. Given the looming
maturity in June 2024, the transaction was clearly intended to
partly help the trust avoid a default," says Rachel Chua, a Moody's
Vice President and Senior Analyst.

RATINGS RATIONALE

The downgrade to Caa3 reflects Moody's view that LMIRT's
refinancing risk remains imminent even after the tender offer,
given that $138.4 million of its US dollar bond will come due in
June 2024. There are no committed funding plans in place.

Even if the trust manages to obtain financing for the 2024 bonds,
which will likely be secured in nature, it is unclear how it will
manage its 2026 maturities, given that its three largest assets are
already pledged.

LMIRT's credit metrics will likely remain under pressure over the
next couple of years, partially driven by its weakened occupancy
rates. Even the trust strives for its portfolio occupancy to
recover to the 80% range, Moody's believes the recovery will be
slow and gradual. Its portfolio occupancy was 76.8% as of the end
of September 2023.

Over the next two years, LMIRT's interest cover, as measured by
adjusted EBITDA/interest, will remain weak at 2.2x.

The agency forecasts that LMIRT's adjusted leverage, as measured by
adjusted debt/EBITDA, will be around 7.5x over the same period.

The Caa3 CFR reflects the trust's weak capital structure, which is
burdened by its large borrowing base, weak financial management and
the continued uncertainty surrounding its pace of recovery from the
pandemic in an environment of inflation and slower growth.

The Ca ratings on the notes issued by LMIRT Capital Pte. Ltd.
reflect legal subordination risk given that Moody's expects that
secured debt will likely account for the majority of the trust's
borrowings going forward.

LMIRT's liquidity is weak. The trust had cash and cash equivalents
of SGD99 million as of September 30, 2023, which together with its
annual operating cash flows of around SGD40 million, will not
sufficiently address its repayment of its remaining US dollar bond
and loan repayments in 2024. The trust will have to rely on
external funding to address its cash flow requirements.

The negative outlook reflects the trust's persistently weak
liquidity, funding requirements for the remaining stub of its 2024
US dollar bonds as well as its ongoing operational challenges.

FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS

Moody's is unlikely to upgrade LMIRT's ratings or revise its rating
outlook to stable prior to the company substantially improving its
liquidity profile. Any potential rating upgrade will depend on the
company meeting its refinancing needs over at least the upcoming
12-18 months as well as establishing a sustainable capital
structure.

Moody's could downgrade LMIRT's ratings further if the risk of
default increases materially higher than indicated by the current
ratings.

The principal methodology used in these ratings was REITs and Other
Commercial Real Estate Firms published in September 2022.

Lippo Malls Indonesia Retail Trust (LMIRT) is a real estate
investment trust that has been listed on the Singapore Stock
Exchange since November 2007. As of September 30, 2023, it had a
portfolio of 22 retail malls and seven retail spaces across major
cities in Indonesia, with a total appraised value of around SGD1.7
billion.

SHANGHAI CHONG: Commences Wind-Up Proceedings
---------------------------------------------
Members of Shanghai Chong Kee Furniture & Construction Pte Ltd, on
Jan. 18, 2024, passed a resolution to voluntarily wind up the
company's operations.

The company's liquidators are:

          Lin Yueh Hung
          Yap Hui Li
          8 Wilkie Road
          #03-08 Wilkie Edge
          Singapore 228095


SINGAPORE AIRLINES: Egan-Jones Retains BB- Sr. Unsecured Ratings
----------------------------------------------------------------
Egan-Jones Ratings Company, on December 26, 2023, maintained its
'BB-' foreign currency and local currency senior unsecured ratings
on debt issued by Singapore Airlines Limited. EJR also withdraws
the rating on commercial paper issued by the Company.

Headquartered in Singapore, Singapore Airlines Limited provides air
transportation, engineering, pilot training, air charter, and tour
wholesaling services.



                           *********


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

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

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

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