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

                     A S I A   P A C I F I C

          Thursday, February 8, 2024, Vol. 27, No. 29

                           Headlines



A U S T R A L I A

ALL THINGS: Second Creditors' Meeting Set for Feb. 13
BRITE ADVISORS: Federal Court Enters Wind Up Orders
ECO WRAP: Second Creditors' Meeting Set for Feb. 13
ENGINEROOM.IO PTY: Second Creditors' Meeting Set for Feb. 13
FP TURBO 2023-1: Moody's Upgrades Rating on Class F Notes to B1

GKIII HOSPITALITY: Collapses Into Liquidation by Court Order
JINGLE PROPERTY: First Creditors' Meeting Set for Feb. 14
SYDNEY PACIFIC: Second Creditors' Meeting Set for Feb. 16


C H I N A

CHINA EVERGRANDE: Liquidators to Rely on China Connections
GUANGZHOU R&F: Offloads Unit With Debts of USD800 Mil. to CC Land


I N D I A

AAA ROLLER: CARE Keeps B Debt Rating in Not Cooperating Category
ABLE & WEAL: Ind-Ra Corrects September 15, 2023 Rating Release
AMMA WOODS: CRISIL Keeps D Debt Ratings in Not Cooperating
ANSAL HOUSING: Ind-Ra Keeps D Rating in NonCooperating
AVANTIKA CONTRACTORS: Ind-Ra Affirms BB Rating, Outlook Stable

AYKA PHARMA: Ind-Ra Assigns BB- Rating, Outlook Positive
BALAVIGNA WEAVING: Ind-Ra Affirms BB Rating, Outlook Positive
BYJU'S: NCLT Seeks Response on Surfer Tech's Insolvency Plea
GRANDCITY HOSPITALITY: CRISIL Keeps D Ratings in Not Cooperating
HAMSA MINERALS: ICRA Keeps D Debt Ratings in Not Cooperating

INDO DUTCH: ICRA Keeps B- Debt Ratings in Not Cooperating
KAMACHI INDUSTRIES: Jaicorp Vice Chair Jain Emerges Highest Bidder
MEGHRAJ INT'L: CARE Keeps B- Debt Rating in Not Cooperating
MVP GROUP: ICRA Keeps D Debt Rating in Not Cooperating Category
NEED LIVELIHOOD: CARE Lowers Rating on INR10.91cr LT Loan to B-

NISHANTH POULTRY: CRISIL Keeps D Debt Ratings in Not Cooperating
NISHI FOREX: CRISIL Keeps D Debt Ratings in Not Cooperating
PRINT SOLUTIONS: ICRA Keeps B+ Debt Rating in Not Cooperating
PROTHOM INDUSTRIES: ICRA Keeps D Debt Rating in Not Cooperating
PUNJAB SPINTEX: CRISIL Keeps D Debt Ratings in Not Cooperating

RADIANT SOLAR: ICRA Keeps D Debt Ratings in Not Cooperating
RASHMI HOUSING: ICRA Keeps D Debt Rating in Not Cooperating
RATHI GRAPHIC: ICRA Keeps D Debt Ratings in Not Cooperating
RELIANCE COMMERCIAL: CARE Keeps D Debt Ratings in Not Cooperating
SAFESPACE WAREHOUSING: CARE Keeps B- Rating in Not Cooperating

SHAH PAPERPLAST: CRISIL Moves D Debt Ratings to Not Cooperating
SHRIRAM FINANCE: Fitch Rates USD750M Sr. Secured Bonds 'BB'
SPICA PROJECTS: ICRA Keeps B+ Debt Ratings in Not Cooperating
SWASTIK TRADERS: ICRA Keeps B+ Debt Ratings in Not Cooperating
TK TOLL: ICRA Keeps D Debt Rating in Not Cooperating Category

UNNAT FEEDS: CARE Keeps B- Rating in Not Cooperating Category
VIKAS COT: CRISIL Keeps D Debt Rating in Not Cooperating Category
VIKRAM TRADERS: CARE Keeps B- Rating in Not Cooperating Category
VNR EXPORTS: CRISIL Keeps D Debt Ratings in Not Cooperating
YRR TEX: CARE Keeps B+ Debt Rating in Not Cooperating Category

ZINZUWADIA BROTHERS: ICRA Keeps B+ Debt Rating in Not Cooperating


M A L A Y S I A

1MDB: Jailed Malaysian Ex-PM Mulls New Request for Full Pardon


N E W   Z E A L A N D

BANZPAY TECHNOLOGY: Fitch Puts 'BB-' LongTerm IDR on Watch Negative
FEATHER'S CAFE: Creditors' Proofs of Debt Due on Feb. 29
HIIT FIT: Court to Hear Wind-Up Petition on Feb. 20
JS & MC: Court to Hear Wind-Up Petition on Feb. 20
S & S PRASAD: Creditors' Proofs of Debt Due on March 8

TCC QUEEN: Creditors' Proofs of Debt Due on March 4


P H I L I P P I N E S

RURAL BANK OF SAN LORENZO: Depositors' Claims Deadline Set Feb. 19


S I N G A P O R E

BOLDTEK HOLDINGS: Court to Hear Wind-Up Petition on Feb. 23
GF INTER: Court Enters Wind-Up Order
MANDARA ENTERPRISES: Creditors' Proofs of Debt Due on March 7
RICO 60: Court Enters Wind-Up Order
YANG KEE: Court Enters Wind-Up Order


                           - - - - -


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

ALL THINGS: Second Creditors' Meeting Set for Feb. 13
-----------------------------------------------------
A second meeting of creditors in the proceedings of All Things
Social Pty Ltd has been set for Feb. 13, 2024 at 11:00 a.m. via
virtual meeting 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. 12, 2024 at 9:00 a.m.

Ernie Chou and Trent McMillen of MaC Insolvency were appointed as
administrators of the company on Jan. 8, 2024.


BRITE ADVISORS: Federal Court Enters Wind Up Orders
---------------------------------------------------
The Federal Court has ordered Brite Advisors Pty Ltd be wound up on
just and equitable grounds following an application by Australian
Securities & Investments Commission (ASIC).

At a hearing on Feb. 6, 2024, the Court appointed Linda Smith and
Robert Kirman of McGrath Nicol as liquidators to Brite and as
receivers and managers over the property, assets and undertakings
held by Brite on trust for others.

The appointment of Ms. Smith and Mr. Kirman as liquidators follows
their previous court appointments to Brite as investigative
accountants on Nov. 9, 2023 and as receivers and managers on Dec.
13, 2023.

At the February 6 hearing, the Court was directed to key findings
outlined in a report Ms. Smith and Mr. Kirman lodged with the Court
on Jan. 24, 2024 (January report). Those key findings included that
Brite was likely insolvent from at least Oct. 27, 2023. ASIC
commenced proceedings against Brite to secure interim asset
preservation orders in October 2023.

The January report followed a report Ms. Smith and Mr. Kirman filed
with the Court on Dec. 8, 2023. The December 2023 report identified
a USD69 million variance between the amount Brite told its clients
and their beneficiaries that it held on their behalf, and the
amount identified by the investigative accountants as being held by
Brite in its financial institutions' accounts. Brite had reported
holding USD682 million while the investigative accountants were
only able to identify USD612.9 million.

The Court has continued the asset preservation orders obtained by
ASIC in October 2023. The orders were amended so that they do not
prevent the liquidators and receivers and managers from carrying
out their court appointed functions.

ASIC provides regular updates on this matter on its Brite Advisors
Key Matters page.

ASIC's investigation is ongoing. The ASIC investigation team can be
contacted by email at Brite.Investigation@asic.gov.au.

Anyone wishing to contact the liquidators and receivers can do so
by email at briteadvisors@mcgrathnicol.com.


ECO WRAP: Second Creditors' Meeting Set for Feb. 13
---------------------------------------------------
A second meeting of creditors in the proceedings of Eco Wrap & Pack
Holdings Pty Ltd has been set for Feb. 13, 2024 at 12:00 p.m. via
virtual meeting 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. 12, 2024 at 4:00 p.m.

Stephen Dixon and Ahmed Bise of Hamilton Murphy Advisory were
appointed as administrators of the company on Jan. 8, 2024.


ENGINEROOM.IO PTY: Second Creditors' Meeting Set for Feb. 13
------------------------------------------------------------
A second meeting of creditors in the proceedings of Engineroom.IO
Pty Ltd has been set for Feb. 13, 2024 at 10:30 a.m. via virtual
meeting 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. 12, 2024 at 5:00 p.m.

Graeme Beattie of Worrells was appointed as administrator of the
company on Jan. 8, 2024.


FP TURBO 2023-1: Moody's Upgrades Rating on Class F Notes to B1
---------------------------------------------------------------
Moody's Investors Service has upgraded the ratings on five classes
of notes issued by FP Turbo Series 2023-1 Trust.

The affected ratings are as follows:

Issuer: FP Turbo Series 2023-1 Trust

Class B Notes, Upgraded to Aa1 (sf); previously on Mar 15, 2023
Definitive Rating Assigned Aa2 (sf)

Class C Notes, Upgraded to Aa3 (sf); previously on Mar 15, 2023
Definitive Rating Assigned A2 (sf)

Class D Notes, Upgraded to A2 (sf); previously on Mar 15, 2023
Definitive Rating Assigned Baa2 (sf)

Class E Notes, Upgraded to Ba1 (sf); previously on Mar 15, 2023
Definitive Rating Assigned Ba2 (sf)

Class F Notes, Upgraded to B1 (sf); previously on Mar 15, 2023
Definitive Rating Assigned B2 (sf)

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

RATINGS RATIONALE

The rating actions reflect the positive impact of an increase in
note subordination available for the affected notes and the good
performance of the underlying collateral pool to date. They also
reflect the correction of errors in Moody's prior analysis.

In the prior rating action, Moody's analysis did not account for
decreases to note margins made at closing, which changes had a
positive impact on the Class F Notes. The one notch upgrade to the
rating of the Class F Notes rectifies this error.

Moody's prior rating analysis also misclassified recoveries as
interest proceeds instead of principal proceeds. The correction of
this error had a limited positive impact that contributed to the
upgrade on the Class D Notes.

No action was taken on the remaining rated class in the deal as
credit enhancement for this class remains commensurate with the
current rating.

Following the January 2024 payment date, note subordination
available for the Class B, Class C, Class D, Class E and Class F
Notes has increased to 20.7%, 15.9%, 13.8%, 9.0% and 6.7%,
respectively, from 15.5%, 11.9%, 10.3%, 6.7% and 5% at closing.

As of December 2023, 1.4% of the outstanding pool was 30-plus day
delinquent, and 0.7% was 90-plus day delinquent. The portfolio has
incurred 0.01% (as of original balance) of losses to date, which
have been covered by excess spread.

Based on the current portfolio characteristics and historical
performance data, Moody's has updated the haircuts to the residual
value cash flow: Aa1 haircut of 28.4%, Aa3 haircut of 25.7%, A2
haircut of 22.6%, Ba1 haircut of 16%, and B1 haircut of 9.8%.

The transaction is an Australian cash securitisation of operating,
novated and finance leases extended to Australian government and
statutory corporations, corporates, small and medium-sized
businesses and their employees. The leases are secured by passenger
cars, commercial vehicles and equipment.

The principal methodology used in these ratings was "Moody's Global
Approach to Rating Auto Loan- and Lease-Backed ABS" published in
November 2023.

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

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

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

GKIII HOSPITALITY: Collapses Into Liquidation by Court Order
------------------------------------------------------------
News.com.au reports that a Sydney nightclub has collapsed after
racking up more than AUD700,000 in debt.

News.com.au can reveal that GKIII Hospitality Group Pty Ltd went
into liquidation by order of the NSW Supreme Court.

The CBD-based restaurant and nightclub traded under the name The
Carter Sydney.

According to its still-active website, The Carter Sydney sits at a
three-storey heritage listed venue offering a range of street food
and cocktails "inspired by New York's signature architecture and
food".

A review of the business called it a "nightclub, restaurant and bar
dedicated to Bey(once) and Jay (Z)".

Ozem Kassem of insolvency firm KPT Restructuring was appointed as
the liquidator, news.com.au discloses.

The business appears to have been in trouble some time, appointing
restructuring practitioners last year to turn its fortunes around.

A spokesperson for KPT Restructuring told news.com.au that it
appears the restructure failed, with creditors still out of
pocket.

The firm is now trying to determine if it racked up more debts
since then.

Documents lodged with the corporate regulator and obtained by
news.com.au reveal that The Carter Sydney had a number of creditors
while it was going through its restructure last year.

It's believed these figures are still current.

The Australian Taxation Office is owed just shy of AUD600,000. Of
that, AUD85,000 is owed due to a superannuation guarantee penalty,
indicating some staff might be owed money.

Indeed, APRA, the superannuation regulator, is owed a further
AUD8,000, news.com.au discloses.

Behind the tax department, credit card company American Express is
the second largest creditor, owed AUD73,000.

A DJ service and the Workers Compensation fund are also creditors.

News.com.au relates that a spokesperson for the liquidator said it
was too early to know how much was owed and how many staff were
impacted.

They did note, however, that the liquidator had attended The Carter
Sydney's premises on Feb. 6.

They were surprised to find no alcohol or food at the venue, which
would be "expected for the type of business that it was", according
to the spokesperson.

GKIII Hospitality Group has been a registered business since 2015.


JINGLE PROPERTY: First Creditors' Meeting Set for Feb. 14
---------------------------------------------------------
A first meeting of the creditors in the proceedings of Jingle
Property Pty Ltd will be held on Feb. 14, 2024 at 3:00 p.m. by
virtual meeting technology.

Simon Cathro and Henry Kazar of Cathro & Partners were appointed as
administrators of the company on Feb. 2, 2024.


SYDNEY PACIFIC: Second Creditors' Meeting Set for Feb. 16
---------------------------------------------------------
A second meeting of creditors in the proceedings of Sydney Pacific
Group Pty Ltd has been set for Feb. 16, 2024 at 11:00 a.m.
virtually via Microsoft Teams and at the offices of Emerson Lewis
Lawyers Suite at 10.01, Level 10, 6 O'Connell Street in Sydney.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by Feb. 15, 2024 at 5:00 p.m.

Olga Litosh of Quartz Advisory was appointed as administrator of
the company on Jan. 12, 2024.




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

CHINA EVERGRANDE: Liquidators to Rely on China Connections
----------------------------------------------------------
Reuters reports that restructuring experts from Alvarez & Marsal
will rely on China connections and a track record of complicated
corporate overhauls as they try to engineer an outcome for property
giant Evergrande that will involve creditors, authorities and home
buyers.

Tiffany Wong and Eddie Middleton, both managing directors at A&M,
were appointed by a Hong Kong court last month after a liquidation
petition was approved following about 18 months of talks with China
Evergrande Group's offshore creditors, according to Reuters.

Evergrande, founded in 1996 by Hui Ka Yan, grew to become the
poster child of China's property boom in the first two decades of
the 2000s. But the company, with total liabilities of $300 billion,
defaulted on its offshore debt in 2021, and Hui is under
investigation for suspected crimes.

Reuters says Evergrande's future now sits with Wong and Middleton,
who first worked together at KPMG, as they try to either
restructure its offshore debt or embark on a more complicated
liquidation, a process which is expected to see the involvement of
various Chinese authorities.

Beijing has been scrambling to contain the fallout from the debt
crisis in the property sector, which accounts for roughly a quarter
of the economy, and has made completion of unfinished homes a
priority due to worries about social unrest.

Managing the Evergrande overhaul is especially crucial given its
scale of operations and debt, Reuters states. Some international
distressed debt investors estimate it could take up to 15 years to
resolve its complex situation, set to be one of the largest
liquidation exercises globally.

According to Reuters, Beijing has been scrambling to contain the
fallout from the debt crisis in the property sector, which accounts
for roughly a quarter of the economy, and has made completion of
unfinished homes a priority due to worries about social unrest.

Managing the Evergrande overhaul is especially crucial given its
scale of operations and debt, Reuters says. Some international
distressed debt investors estimate it could take up to 15 years to
resolve its complex situation, set to be one of the largest
liquidation exercises globally.

Mr. Middleton spent 15 years at KPMG up until 2017, then shifted to
Houlihan Lokey's Asia Financial Restructuring Group for
two-and-a-half years before joining A&M in July 2020.

During his time in Hong Kong, Mr. Middleton has served as lead
liquidator of Lehman Brothers' Asia operations and joint liquidator
of Oasis Hong Kong Airlines.

Ms. Wong was at KPMG China for nine years until 2019 when she
joined A&M, according to her LinkedIn profile, which shows she
studied at Queensland University of Technology in Australia. She
first studied business management and psychology during college
time in Australia, and later took up accounting.

In an interview with Hong Kong Economic Journal last September, Ms.
Wong said it took a "strong heart" to deal with her job as a
liquidator.

"You will be facing a lot of negative emotions doing this job.
Almost no one you meet will be happy . . . so you need to know how
to take care of your own emotions, while having a sense of
responsibility," Reuters quotes Ms. Wong as saying in the
interview.

"(In most cases), we try to save a company, rather than winding it
up," she added.

Reuters relates that Ms. Wong oversaw the complicated restructuring
of China's Luckin Coffee which concluded in 2022, after $460
million worth of convertible notes were successfully restructured
after the company paid a $180 million penalty to settle accounting
fraud charges.

Ms. Wong and Mr. Middleton's Evergrande appointment by the Hong
Kong court came after the top four accounting firms were considered
mostly to have had a conflict of interest that would rule them out
of being Evergrande's liquidators, according to two legal sources,
Reuters relays.

PwC, for instance, served as Evergrande's long-term auditor,
Deloitte carried out a liquidation analysis and KPMG was involved
in the developer's initial restructuring proposal, according to
sources and regulatory filings.

That left EY, but lawyers for the ad hoc offshore bondholders'
group argued against their appointment in court, PwC, in a
statement to Reuters, said its last audited report for Evergrande
was for the financial year to December 31, 2020 and "we have
resigned since then".

EY, Deloitte and KPMG did not respond to Reuters' requests for
comment.

The ad hoc group pushed for Middleton and Wong to be granted the
mandate as independent liquidators based on their extensive
experience in sorting similar cases, according to the court hearing
last month.

"Our priority is to see as much of the business as possible
retained, restructured, and remain operational. We will pursue a
structured approach to preserve and return value to the creditors
and other stakeholders", Ms. Wong said after the hearing.

                       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.

On Jan. 29, 2024, a Hong Kong court ordered the liquidation of
China Evergrande Group.  The court appointed Alvarez & Marsal as
provisional liquidators.

GUANGZHOU R&F: Offloads Unit With Debts of USD800 Mil. to CC Land
-----------------------------------------------------------------
Yicai Global reports that Guangzhou R&F Properties has sold its
heavily indebted unit that is developing a prime real estate
project in central London to CC Land Holdings, the Chinese partner
in this project, for the symbolic price of HKD1 (USD0.13),
relieving the struggling Chinese developer of USD800 million in
debts.

R&F will transfer its entire stake in and all the debts of its
subsidiary responsible for the development of One Nine Elms to
London One, a company owned by CC Land Chairman Cheung Chung Kiu,
the Guangzhou-based firm said in a filing yesterday.

The unit is developing a number of landmark projects in the UK
capital including River Tower and City Tower, which comprise 437
luxury apartments and a hotel, and will wrap up work on these
projects in April.

R&F and CC Land bought two projects, One Nine Elms and Thames City,
from cash-strapped developer Wanda Group in 2018. But, facing a
liquidity crunch, R&F sold its 50 percent stake in Thames City to
Hong Kong-based CC Land in April 2022 for HKD2.7 billion (USD345
million).

R&F is steadily resolving its debt issues. In November last year,
the firm succeeded in rolling over eight of its onshore bonds worth
CNY13.5 billion (USD1.9 billion). And in July 2022 it extended the
maturity on all 10 of its US dollar bonds by three to four years
and finished restructuring over USD4.9 billion of senior notes.

                         About Guangzhou R&F

Guangzhou R&F Properties Co., Ltd. operates real estate businesses.
The Company provides housing renovation, housing loans, real estate
brokerage, property management, and other services. Guangzhou R&F
Properties also operates hotel management.

As recently reported in the Troubled Company Reporter-Asia Pacific,
Fitch Ratings has affirmed the Long-Term Foreign-Currency Issuer
Default Ratings (IDR) on Guangzhou R&F Properties Co. Ltd. and its
subsidiary, R&F Properties (HK) Company Limited (RFHK), at 'RD'
(Restricted Default). It has also affirmed RFHK's senior unsecured
rating and the rating on the RFHK-guaranteed notes issued by Easy
Tactic Limited at 'C', with the Recovery Ratings of 'RR5'.

At the same time, Fitch has chosen to withdraw the ratings on
Guangzhou R&F and RFHK for commercial reasons.




=========
I N D I A
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AAA ROLLER: CARE Keeps B Debt Rating in Not Cooperating Category
----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of AAA Roller
Flour Mills Private Limited (ARFMPL) continues to remain in the
'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      19.32       CARE B; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category  

Rationale and key rating drivers

CARE Ratings Ltd. had, vide its press release dated December 15,
2022, placed the rating(s) of ARFMPL under the 'issuer
non-cooperating' category as ARFMPL had failed to provide
information for monitoring of the rating and had not paid the
surveillance fees for the rating exercise as agreed to in its
Rating Agreement. ARFMPL continues to be non-cooperative despite
repeated requests for submission of information through e-mails,
phone calls and a letter/email dated October 31, 2023, November 10,
2023, November 20, 2023.

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

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

Analytical approach: Standalone

Outlook: Stable

AAA Roller Flour Mills Private Limited (ARFMPL) was incorporated in
2011 by Mr. Vijay Gupta (Chairman and MD) and family and commenced
operations in May, 2013. It is engaged in the processing of wheat
to manufacture different forms of flour such as Maida, Rawa, Suji,
and wheat flour (atta) at its plant located at Pune, Maharashtra.


ABLE & WEAL: Ind-Ra Corrects September 15, 2023 Rating Release
--------------------------------------------------------------
India Ratings and Research (Ind-Ra) rectifies Able & Weal Private
Limited's (A&W) rating published on September 15, 2023 to include
instrument covenants. It covers the corrections published earlier.


The amended version is as follows:

India Ratings and Research (Ind-Ra) has taken the following rating
actions on Able & Weal Private Limited's (A&W) debt instruments:

-- INR300 mil. (reduced from INR1.20 bil.)Non-convertible
     debentures (NCDs)* affirmed with IND B-/Negative rating; and

-- Unsupported rating assigned with IND B-/Negative rating.

*Details in Annexure

The NCDs are backed by a pledge over the shares held by the
promoter group in unlisted securities and a charge over the
identified immovable properties as agreed with the lenders.

Analytical Approach: To arrive at the ratings, Ind-Ra has taken a
consolidated view A&W's group companies Akira Properties Private
Limited (Akira; IND B-/Negative), Siddharth Partners (SP), and
Aspireville Private Limited (Aspireville) on account of strong
operational and financial linkages among them, since all the
companies/firms operate in a similar line of business and have a
common management. All these entities together referred to as the
Family Office of Medlife International Private Limited's Promoters
(promoter group). The promoters hold majority of the group's
investments through a couple of trusts namely Prasid Uno Family
Trust, apart from the above entities.

The Negative Outlook reflects the stretched liquidity of the
promoter group with a likely markdown in the value of investments
and high repayments scheduled in the near term.

Key Rating Drivers

Liquidity Indicator - Adequate: The promoter group had cash
balances and fixed deposit investments of INR16.83 million at FYE23
(FY22: INR416.3 million). A&W, SP, Akira and Aspireville are the
key investment firms of the promoter group.

A&W and the other three entities in the group do not have any
working capital facilities. However, A&W has raised listed, secured
zero coupon NCDs worth INR300 million in September 2022 with a
tenor of three years and a bullet repayment at the end of tenure
along with a redemption premium.

Aspireville has also raised unlisted, unrated redeemable NCDs worth
INR1,000 million in December 2022 with a tenor of two years and
interest payable in every nine months till maturity. Akira has
raised unlisted, secured, rated, zero coupon rate NCDs worth
INR2,000 million in February 2023 with a tenor of two years to
repay the former zero-coupon debentures. These NCDs have a bullet
maturity repayment along with a redemption premium. Akira has also
raised unsecured loans from directors and Aspireville to the tune
of INR481 million at FYE23. The proceeds from the NCDs raised by
A&W, Akira and Aspireville have been invested in SP to repay the
existing loans and investments in new assets. SP has raised term
loans from non-banking financial institutions with annual debt
repayment of INR553 million in FY24 and INR1,017 million in FY25.
All the four entities in the group do not have any operational
revenue and debt servicing on these loans were supported by regular
infusions by partners and sale of investments. The debt repayments
will rely highly on refinancing or liquidation-based events such as
sale of securities in security market or through an offer for sale
in initial public offer/pre-initial public offer amid the limited
visibility on the revenue income.  FY23 numbers are provisional.

High Refinancing Risk: The promoter group has raised term loans and
NCDs which have significant repayments in the near term (FY24:
INR695 million, FY25: INR3,849 million) as against limited
visibility on the sources of repayments. The promoter group thus is
exposed to a high refinancing risk. The ratings continue to be
constrained by delays in the ability to raise funds during periods
of financial distress. Ind-Ra however takes comfort form regular
fund infusions from the promoters and sale of investments which
have been able to cover the obligations in the past.

No Operational Cashflows; Limited Income Sources: Akira, SP, A&W
and Aspireville do not have any operational cashflows and are
significantly reliant on the sale of investments/regular infusions
from the promoters/partners.

Illiquid Nature of Investments: Majority of the portfolio of the
promoter group is unlisted entities such as API Holdings Limited,
Entero Healthcare Solutions Pvt. Ltd. (IND BBB/Stable), AMPA
Orthodontics Pvt. Ltd., and ANI Technologies Limited which are in
growth phase and require regular funds. Also, promoter group has
only minority stakes in these entities, leaving low scope of
influencing dividend policy and limited headroom for dividend
upstreaming. Since these investments are unlisted in nature, Ind-Ra
expects promoter group to face delay and difficulty to monetize in
case of financial distress or market dislocations.

Successful Track Record of Promoters: A&W and Akira are promoted by
the family office of former Medlife promoters Tushar Kumar and
Prashant Singh. Both have more than a decade of experience in the
healthcare and pharma space and a successful track record of
creating and scaling up Medlife and monetizing their investments
through sales to API Holdings Limited. The promoters come from a
strong lineage from the founders of Alkem Laboratories Limited (IND
A1+).

Rating Sensitivities

Outlook Revision to Stable: Any improvement in the liquidity
position by way of timely tie-up of new debt or monetization of
investments and/or support from the promoters would result in an
Outlook revision to Stable.

Negative: Future developments that could lead to a negative rating
action:

-- A substantial markdown in the value of investments while the
promoter group's indebtedness remaining the same, and/or

-- any deterioration in liquidity by way of delays in the
monetization of investments, and/or

-- any delay in support from the promoters.

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.

AMMA WOODS: CRISIL Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Amma Woods
Private Limited (AWPL) continue to be 'CRISIL D/CRISIL D Issuer Not
Cooperating'.

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

   Cash Credit            5.5        CRISIL D (Issuer Not
                                     Cooperating)

   Letter of Credit      12.5        CRISIL D (Issuer Not
                                     Cooperating)

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

Incorporated in 2012, AWPL is a Kerala-based company that trades in
timber. The company is managed by the Kerala-based Keyes group
which has over 25 years of experience in the wood trading business.
The day-to-day operations are managed by Ms. K V Sulekha.


ANSAL HOUSING: Ind-Ra Keeps D Rating in NonCooperating
------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained Ansal Housing
Limited (Formerly Ansal Housing & Construction 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 actions are:

-- INR1.40 bil. Fixed Deposit maintained in non-cooperating
     category with IND D (ISSUER NOT COOPERATING) rating;

-- INR750 mil. Secured Overdraft Facilities maintained in non-
     cooperating category with IND D (ISSUER NOT COOPERATING)
     rating; and

-- INR716.3 mil. Non-fund-based Limits 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

Incorporated in 1983, AHL operates a real estate business with a
key focus on northern India. The company primarily operates in
Delhi National Capital Region, Mumbai, and Tier II and Tier III
towns.

AVANTIKA CONTRACTORS: Ind-Ra Affirms BB Rating, Outlook Stable
--------------------------------------------------------------
India Ratings and Research (Ind-Ra) has taken the following rating
actions on Sri Avantika Contractors (I) Limited's (SACIL) bank
facilities:

-- INR250 mil. Fund-based working capital limit affirmed; Outlook

     revised to Stable from Negative with IND BB/Stable/IND A4+
     rating; and

-- INR1.820 bil. Non-fund-based working capital limits affirmed
     with IND A4+ rating.

Analyst Approach:  The agency continues to take a standalone view
of SACIL to arrive at the ratings.

The Outlook revision reflects Ind-Ra's expectation of an
improvement in SACIL's construction segment, which contributed
about 84% of its revenue in FY23, in the near- to medium term on
account of its increased orderbook.

Key Rating Drivers

Strong Revenue Visibility; Diversified Orderbook:  As of October
2023, SACIL had an unexecuted order book of INR18,810 million
(2.26x of its FY23 revenue), scheduled to be executed and provides
a revenue visibility up to by FYE26. Furthermore, the company's
order book was diversified across geographies, with Rajasthan
accounting for 36.66% of the overall order book as of October 2023,
followed by Andhra Pradesh (20.69%), Manipur (12.86%), Kerala
(12.58%), and Maharashtra (4.23%). Additionally, SACIL only
executes projects for central and state government authorities. The
company has adequate bank guarantee limits to execute the orders.
However, although Ind-Ra expects the revenue to decrease in FY24,
on account of the closure of the liquor segment, which contributed
around 16.26% of the overall revenue in FY23, its construction
segment, which accounted for about 83% of its total revenue, would
grow in the near- to medium term, on account of an increase in its
orderbook.

Corporate Governance; Unsecured Loans and Liquor Licenses Limit
Rating Potential: The company procured liquor licenses in FY22 as a
part of Delhi Excise Policy 2021-22 through the unsecured loans
worth INR1,428.1 million in FY22 from Axis Clinicals Limited (debt
rated at 'INDBBB+'/Stable) and Auro Realty Private Limited (debt
rated at 'IND BBB+'/Stable). As per the news reports, the
enforcement directorate has alleged that SACIL and other entities
were used as a vehicle by the promoters of Axis Clinicals and Auro
Realty to hold the liquor licenses. However, the liquor licenses
were surrendered by the company in FY23 on account of poor
operational performance and the cancellation of the Delhi Excise
Policy 2021-22. SACIL has also filed a writ petition in Delhi High
Court against the excise department of New Delhi demanding
INR1,769.1 million towards the settlement of the license fees,
including the margin losses incurred on account of a delay in the
allotment of licenses. As per the audited financials, 70% of the
award amount i.e. INR1,238.4 million has been recognized as claims
receivable by the entity. Ind-Ra estimates corporate governance
being a key issue in the entity, which plays a rating constraint.

Project Execution from Highly Rated Player:  SACIL is executing a
project of Jangareddygudem Projects Private Limited, an SPV
promoted by Bekem Infra Projects Private Limited (Bekem) and SACL
in the ratio of 51:49, which had unexecuted orders worth was
INR2,744.9 million in hand as of October 2023. Jangareddygudem
project is a hybrid annuity model project, backed by National
Highway Authority of India ('IND AAA'/Stable) which is a strong
counterparty, thereby mitigating the risk of a delay in
recoverability of the annuity dues in the project.

Modest EBITDA Margins; Likely to Improve: SACIL's EBITDA margin
deteriorated and remained modest at 4.67% in FY23 (FY22: 8.67%), on
account of an increase in subcontracting expenses and the expenses
incurred in relation to the closure of the liquor business. The
return on capital employed was 5.8% in FY23 (FY22: 12.3%). Ind-Ra
expects the EBITDA margin and the return on capital employed to
improve in the near- to medium term, on account of growth in the
orderbook and increased profitability as the entity will solely
focus on the construction segment.

Moderate Credit Metrics: The gross interest coverage (operating
EBITDA/gross interest expenses) deteriorated to 2.82x in FY23
(FY22: 5.08x), due to a decrease in the absolute EBITDA to
INR374.70 million (INR454.70 million), coupled with a marginal
increase in its gross interest expense. The net financial leverage
(total adjusted net debt/operating EBITDAR) increased to 4.71x in
FY23 (FY22: 4.18x) due to a reduction in its absolute EBITDA.
Ind-Ra expects credit metrics to remain moderate on account of
increased operational performance and backed by higher utilization
of short-term debt for execution of the projects in the near to
medium term.  

Liquidity Indicator- Stretched: The company's average utilization
of the fund-based limits was more than 83.84% for the 12 months
ended October 2023, and likely to have remained at similar levels
in November 2023. SACIL has a consortium arrangement for the
fund-based limits totaling to INR216 million. The cash and cash
equivalents stood at INR79.2 million at FYE23 (FYE22: INR157.80
million). The cash flows from operations turned positive to
INR503.2 million in FY23 (FY22: negative INR1,195.60 million), due
to favorable changes in the working capital. The working capital
cycle reduced to 72 days in FY23 (FY22:  101), owing to significant
reductions in the inventory holding period to 28 days (53) and
debtor days to 56 (99). However, the payable period reduced to 12
days in FY23 (FY22: 51). Moreover, the company has planned equity
outflows for Jangareddygudem projects worth INR262.5 million and
Rajamahendravaram Greenfield Highway Pvt Ltd worth INR197.6 million
which is to be made by December 2024. It has debt obligations of
INR282.4 million in FY24 and INR218.4 million in FY25. Ind-Ra
expects liquidity to remain stretched in the near to medium term on
account of higher working capital requirements for the orderbook
execution.

Rating Sensitivities

Positive:  Favorable verdict of Delhi High Court against the excise
department and a recovery of the license fees along with the
maintenance of the credit metrics will be positive for the ratings.


Negative: Deterioration in liquidity and operating performance,
leading to the net leverage increasing above 5x, on a sustained
basis, would be negative for the ratings.

Company Profile

Established in 2005, Hyderabad-based SACIL is a civil contracting
company promoted by K Narendar Reddy. It executes irrigation
projects such as canals and dams, as well as airports, roads,
hydro-electric power projects, and group housing schemes across
India.

AYKA PHARMA: Ind-Ra Assigns BB- Rating, Outlook Positive
--------------------------------------------------------
India Ratings and Research (Ind-Ra) has rated Ayka Pharma's (AP)
bank facilities as follows:

-- INR62.50 mil. Fund-based working capital limits assigned with
     BB-/Positive/IND A4+ rating; and

-- INR112.50 mil. Term loan due on September 30, 2030 assigned
     with IND BB-/Positive rating.

ANALYTICAL APPROACH: Ind-Ra has taken a standalone view of AP while
assigning the ratings.

The Positive Outlook reflects AP's planned capacity expansion to
108 million pouches per annum from 60 million pouches per annum
from March 2024, providing near-to-medium-term revenue visibility.

Key Rating Drivers

The ratings reflect AP's small scale of operations and limited
operational track record as FY22 was the first full year of
operations. The revenue surged to  INR228.53 million in FY23
(FY22:INR108.41 million; FY21: INR3.90 million), mainly due to
execution of a higher number of orders. Till  8MFY24, the firm
booked revenue of INR140 million. Ind-Ra expects the revenue to
increase further in FY24 on the back of a likely increase in
capacity utilization, resulting from increase in demand for its
products.

Liquidity Indicator - Stretched: The firm's planned capex of INR190
million in FY24 is being funded by a term loan of INR127 million,
promoter's equity of INR14 million and unsecured loans of INR40
million. The average maximum utilization of the fund-based limits
stood at 81.49% during the 12 months ended November 2023. AP does
not have any capital market exposure and relies on a single bank to
meet its funding requirements. It has repayment obligations of
INR15.82 million in FY24 and INR27.74 million in FY25, which are
likely to be met through internal accruals. The cash flow from
operations turned negative to INR14 million in FY23 (FY22: INR15.53
million) due to an increase in working capital requirements. This,
along with capex of INR48.18 million in FY23 (FY22: INR12.10
million), caused the free cash flow to turn negative to INR62.18
million (INR3.44 million). The company's net working capital cycle
shortened to 30 days in FY23 (FY22: 92 days) due to a decrease in
the inventory holding period to 77 days (218 days). The cash and
cash equivalents stood at INR0.45 million at FYE23 (FYE22: INR0.23
million).

The ratings also factors in AP's  modest credit metrics as
reflected by gross interest coverage (operating EBITDA/gross
interest expenses) of 2.88x in FY23 (FY22: 2.89x) and net leverage
(adjusted net debt/operating EBITDAR) of 4.11x (5.14x). The
interest coverage remained almost stable in FY23 as an increase in
the EBITDA to INR32.34 million (FY22: INR13.40 million) was offset
by an increase in the interest expenses to INR11.23million (INR4.64
million). However, the net leverage improved due to the increase in
EBITDA, partially offset by an increase in the total debt to
INR115.56 million at FYE23 (FYE22: INR61.85  million). However,
Ind-Ra expects the credit metrics to deteriorate  in FY24 owing to
the planned debt-funded capex.

The ratings also reflect AP's modest EBITDA margin of 14.15%  in
FY23 (FY22: 12.36%) with a return on capital employed of  9.6%
(negative 0.2%). In FY23, the EBITDA margin improved due to better
absorption of fixed cost led by an increase in the scale of
operations. In 1HFY24, the company reported EBITDA of INR23.91
million with margin of 23%. However, in FY24, Ind-Ra expects the
EBITDA margin to remain in line with FY23 levels because of no
major change in cost structure of the business and similar line of
operations.

However, the ratings are supported by the promoters' more than a
decade-long experience in the pharmaceutical industry, leading to
established relationships with customers and suppliers.

Rating Sensitivities

Positive: Successful completion of the ongoing capex, leading to a
substantial increase in the scale of operations, along with an
improvement in  the credit metrics and liquidity position, all on a
sustained basis, could lead to a positive rating action.

Negative: Any time and cost overrun in the ongoing capex, and
inability to increase the scale of operations leading to
deterioration in the overall credit metrics and/or pressure on the
liquidity position, all on a sustained basis, could lead to an
Outlook revision to Stable.

Company Profile

Established in 2020, AP produces  flavored oral rehydration
solution in tetra pack pouches at its factory located at Indore,
Madhya Pradesh with a capacity of 108 million pouches per annum.

BALAVIGNA WEAVING: Ind-Ra Affirms BB Rating, Outlook Positive
-------------------------------------------------------------
India Ratings and Research (Ind-Ra) has taken the following rating
actions on Balavigna Weaving Mills Private Limited's (BWMPL) debt
facilities:

-- INR290 mil. (reduced from INR293 mil.) Fund-based working
     capital limits affirmed; Outlook revised to Positive from
     Stable with IND BB/Positive/IND A4+ ratings;

-- INR184.4 mil. Term loan due on March 2030 affirmed; Outlook
     revised to Positive from Stable with IND BB/ Positive rating;

     and

-- INR10 mil. Fund-based working capital limits assigned with IND

     BB/ Positive/IND A4+ rating.

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

The Positive Outlook reflects the improvement in BWMPL's revenue in
FY23 and the likelihood of continued growth in the scale of
operations in FY24.

Key Rating Drivers

BWMPL's revenue grew to INR1,549.33 million in FY23 (FY22:
INR1,282.04 million) due to increased focus on export orders,
coupled with an increase in demand in the apparel retail industry
and increased sales realizations. The scale of operations continued
to be medium. In 8MFY24, the company booked revenue of INR124
million. As of December 2023, it had an export order book of INR65
million, to be executed by end-March 2024 with regular domestic
orders. Ind-Ra expects the revenue to improve further in FY24 on
the back of higher capacity utilization, increased customer focus
via marketing initiatives and improved quality of cloth.

The ratings factor in the company's average EBITDA margin of 7.67%
in FY23 (FY22: 8.56%) with a return on capital employed of 12.1%
(11.5%). Despite the revenue increase, the EBITDA margin declined
due to an increase in the cost of raw material (cotton), which was
partially passed on to customers. Ind-Ra expects the EBITDA margin
to remain at similar levels in FY24 due to continued high input
costs.

The ratings also reflect BWMPL's continued modest credit metrics.
The interest coverage (operating EBITDA/gross interest expenses)
improved to 1.66x in FY23 (FY22: 1.51x) on account of an increase
in the absolute EBITDA to INR118.91 million (INR109.79 million).
However, the net leverage (total adjusted net debt/operating
EBITDAR) remained stable at 5.09x in FY23 (FY22: 5.09x) as the
increase in EBITDA was offset by an increase in the debt level to
INR605.5 million (INR559.22 million). In FY24, Ind-Ra expects the
credit metrics to improve due to the scheduled repayment of term
loans and a likely increase in absolute EBITDA.

Liquidity Indicator - Stretched: BWMPL's average maximum
utilization of the fund-based limits was 93.9% during the 12 months
ended December 2023. The cash flow from operations remained
negative, and deteriorated further to INR43.02 million in FY23
(FY22: negative INR14 million) due to unfavorable changes in
working capital. This coupled with maintenance capex of INR24.01
million in FY23 (FY22: INR12.57 million) caused the free cash flow
to deteriorate further to negative INR67.03 million (FY22: negative
INR12.7 million). The company's net working capital cycle elongated
further to 118 days in FY23 (FY22: 108 days), owing to an increase
in the inventory holding period to 113 days (108 days) and
receivable period to 45 days (36 days), marginally offset by an
increase in the payable period to 41 days (36 days). It had low
cash and cash equivalents of INR0.63 million at FYE23 (FYE22:
INR0.66 million). Furthermore, BWMPL does not have any capital
market exposure and relies on banks and financial institutions to
meet its funding requirements. The company has scheduled debt
repayments of INR61.9 million and INR70.5 million in FY24 and FY25,
respectively.

However, the ratings are supported by the promoters' more than two
decades of experience in the textile industry, leading to
established relationships with its customers as well as suppliers.

Rating Sensitivities

Negative: A decline in the scale of operations, leading to
deterioration in the overall credit metrics, with the net leverage
remaining above 5x, and/or further pressure on the liquidity
position, could lead to the Outlook being revised back to Stable.

Positive: An increase in the scale of operations, along with an
improvement in the overall credit metrics, with the net leverage
falling below 5x, and the liquidity profile, all on a sustained
basis, could lead to a positive rating action.

Company Profile

Incorporated in 1995, BWMPL manufactures cotton, polyester, modal,
excel, cotton slub, organic cotton, lycra cotton/polyester fabrics.

BYJU'S: NCLT Seeks Response on Surfer Tech's Insolvency Plea
------------------------------------------------------------
Moneycontrol reports that the National Company Law Tribunal (NCLT)
on February 6 issued a notice in an insolvency plea filed by a
digital marketing firm called Surfer Technologies against ed-tech
giant Byju's. NCLT has asked Byju's to file a response to the plea
in two weeks, with the case now likely to come up for hearing on
March 5. This is the second plea against Byju's that the NCLT has
issued a notice in.

During the course of the hearing, Surfer argued that Byju's owes
them INR2.3 crore and all of them are admitted debts. According to
Surfer, they were generating leads for Byju's and passing them on;
these leads were overseen and then authorised by the ed-tech
company, Moneycontrol relays.

Surfer is the fourth entity to approach the NCLT against Byju's
after Board of Control for Cricket in India (BCCI), France-based
Teleperfomance Business Services company, and the lenders,
Moneycontrol notes. Surfer's plea was filed on January 9, while it
was registered on February 1. Surfer would fall under the category
of operational creditor as it is a service provider.

According to Moneycontrol, there are two kinds of creditors under
IBC: operational creditors (OCs), and financial creditors (FCs).
OCs are those who provide goods and services to a business but have
not been paid while FCs are those who lend money to the company.

While Byju's lenders are likely to be classified as FCs,
Teleperformance is likely to be classified as an OC, Moneycontrol
states.

In November 2023, NCLT issued a notice in a plea by BCCI against
Byju's, Moneycontrol recalls.  The cricket board claimed that
Byju's had defaulted on a payment of INR158 crore. "It is stated
that the General notice was issued to BYJU's vide email dated
06.01.2023 and the default amount of INR158 crore excluding TDS as
reflected," the NCLT order read.

Moneycontrol says Byju's previously had three significant branding
partnerships with the BCCI, ICC (International Cricket Council),
and FIFA (Federation Internationale de Football Association), all
of which were up for renewal in 2023. However, the company
confirmed in early 2023 that it would not renew any of them. It
remains unclear whether the filed suit is related to this matter or
another issue.

                            About Byju's

Based in Bengaluru, Karnataka, India, Byju's operates an online
learning platform intended to deliver engaging and accessible
education. The company's platform makes use of original content,
watch-and-learn videos, animations, and interactive simulations
that make learning contextual, visual, and practical, enabling
students to receive a personalized educational experience.

As reported in the Troubled Company Reporter-Asia Pacific on Nov.
23, 2023, the Enforcement Directorate, India's federal financial
crime-fighting agency, has issued a show-cause notice to education
tech company Byju's for alleged violations of foreign exchange
rules, the agency said in a statement on Nov. 11.

Reuters said the agency alleged violations by the company worth
over INR93 billion ($1.12 billion) under the Foreign Exchange
Management Act (FEMA), and has sent notices to founder Byju
Raveendran and parent company Think & Learn Pvt Ltd. Byju's
violated FEMA norms by not submitting documents of imports against
advance remittances made outside India, and failing to realize
proceeds of exports, the Enforcement Directorate said. The company
also delayed filing of documents against the foreign investment
received and failed to allot shares against these, it added.

The TCR-AP, citing Moneycontrol, reported on Jan. 26, 2024, that
foreign lenders, who collectively extended more than 85% of Byju's
$1.2 billion term loan, have filed an insolvency petition against
the online tutor in India, people directly aware of the development
said.

Moneycontrol related that the bankruptcy petition was filed in
January 2024 in the Bengaluru bench of the National Company Law
Tribunal (NCLT), the people said, requesting anonymity.

As reported in the Troubled Company Reporter-Asia Pacific on Feb.
5, 2024, a U.S. unit of Byju's has filed for Chapter 11 bankruptcy
proceedings in the U.S. court of Delaware, listing liabilities in
the range of $1 billion to $10 billion.

Byju's Alpha unit listed its assets in the range of $500 million to
$1 billion, according to a court filing, which showed estimated
creditors in the range of 100 to 199, according to Reuters.

GRANDCITY HOSPITALITY: CRISIL Keeps D Ratings in Not Cooperating
----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Grandcity
Hospitality Private Limited (GCH) continue to be 'CRISIL D Issuer
Not Cooperating'.

                          Amount
   Facilities          (INR Crore)     Ratings
   ----------          -----------     -------
   Proposed Long Term       2.7        CRISIL D (Issuer Not
   Bank Loan Facility                  Cooperating)

   Term Loan               12.3        CRISIL D (Issuer Not
                                       Cooperating)

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

Grand City Hospitality Private Limited (GCH) was incorporated in
2011. The company has recently established a 51 room four star
hotel in Lucknow (UP) for which it has a marketing and management
tie up with Lemon tree. The hotel operations have commenced from
29th January 2019 onwards. The firm is being managed by Mr. Praveen
Kumar and Mr. Paramjeet Singh.


HAMSA MINERALS: ICRA Keeps D Debt Ratings in Not Cooperating
------------------------------------------------------------
ICRA has kept the Long-term and Short-term ratings for the bank
facilities of Hamsa Minerals & Exports 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–         3.50       [ICRA]D; ISSUER NOT
COOPERATING;
   Fund based                    Rating Continues to remain under
   Cash Credit                   'Issuer Not Cooperating'
                                 Category

   BLR-Long Term-     3.35       [ICRA]D; ISSUER NOT COOPERATING;
   Fund Based-                   Rating Continues to remain under
   Term Loan                     'Issuer Not Cooperating'
                                 Category

   Short-term–       10.00       [ICRA]D; ISSUER NOT
COOPERATING;
   Fund based                    Rating Continues to remain under
   Cash Credit                   'Issuer Not Cooperating'
                                 Category

   Long-term/         2.35       [ICRA]D/[ICRA]D; ISSUER NOT
   Short Term                    COOPERATING; Rating Continues to
   Unallocated                   remain under 'Issuer Not
                                 Cooperating' Category

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

Incorporated in 2004, Hamsa Minerals & Exports is a partnership
firm engaged in granite quarrying and exporting dressed granite
blocks to countries such as China, Hong Kong, Taiwan and
Switzerland. Initially, the firm was into iron ore exports business
and subsequently got 100 per cent EOU (Export Oriented Unit)
certificate from Vishakhapatnam SEZ to export squared and dressed
granite blocks.

INDO DUTCH: ICRA Keeps B- Debt Ratings in Not Cooperating
---------------------------------------------------------
ICRA has kept the Long-Term rating of Indo Dutch Carpet Mfg. Pvt.
Ltd. in the 'Issuer Not Cooperating' category. The rating is
denoted as "[ICRA]B- (Stable); ISSUER NOT COOPERATING".

                      Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long Term-          1.50       [ICRA]B- (Stable) ISSUER NOT
   Fund Based-                    COOPERATING; Rating continues
   Cash Credit                    to remain under 'Issuer Not
                                  Cooperating' category

   Long Term-          8.50       [ICRA]B- (Stable) ISSUER NOT
   Fund Based-                    COOPERATING; Rating continues
   Term Loan                      to remain under 'Issuer Not
                                  Cooperating' category

As part of its process and in accordance with its rating agreement
with Indo Dutch Carpet Mfg. Pvt. Ltd., 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.

Please refer to the following link for the previous detailed
rationale that captures Key rating drivers and their description,
Liquidity position, Rating sensitivities: Click here ICRA is unable
to provide the latest information because of non-cooperation by the
entity.

Incorporated in 2006, as PCP Infrastructure Pvt Ltd, the company
changed its name to Indo Dutch Carpet Mfg Pvt Ltd in 2008. The
manufacturing facilities of the company are located at Pathredi and
Khuskhera at Bhiwadi district, Rajasthan. The commercial production
from Pathredi and and Khuskhera facilities started from December
2010 and July 2011 respectively.


KAMACHI INDUSTRIES: Jaicorp Vice Chair Jain Emerges Highest Bidder
------------------------------------------------------------------
The Economic Times of India reports that Jaicorp's vice chairman
Virendra Jain and his son Ankit Jain have emerged the highest
bidders for Kamachi Industries, a sick unit being liquidated after
a failed insolvency resolution process, sources aware of the matter
told ET.

The father-son duo offered to acquire the company as a going
concern.

Their bid of INR487 crore has been made under a National Company
Law Tribunal (NCLT)-monitored process initiated by State Bank of
India in February 2020, ET relates.

Kamachi Industries defaulted on INR2,200 crore of loans granted by
a consortium of five public sector banks.

Virendra Jain and Ankit Jain did not respond to ET's queries.
Kamachi Industries' resolution professional Suresh Kumar Mahalingam
declined to comment.

For the Jains' bid to succeed and eventually result in the
acquisition of the company, they would have to make certain
milestone-linked payments over the next 30 days and also get an
approval from NCLT, the sources cited earlier said.

ET relates that Virendra Jain has also bid for Rolta India, a
defence-focused software company undergoing insolvency proceedings,
ET had reported on December 8.

Kamachi Industries makes thermo-mechanically-treated (TMT) bars
used in the construction industry.  The company has a sponge iron
division, a rolling mill division and a steel melting division,
making it a fully integrated facility. It also has a captive power
plant.


MEGHRAJ INT'L: CARE Keeps B- Debt Rating in Not Cooperating
-----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Meghraj
International (MI) continues to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       6.15       CARE B-; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category  

Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated January 13,
2023, placed the rating(s) of MI under the 'issuer non-cooperating'
category as MI had failed to provide information for monitoring of
the rating and had not paid the surveillance fees for the rating
exercise as agreed to in its Rating Agreement. MI continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
November 29, 2023, December 9, 2023, December 19, 2023.

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

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

Meghraj International (MGI) is a partnership firm established in
June, 2009 by Mr Ramesh Jindal and Mr Ashish Jindal, sharing profit
and loss equally. The firm is engaged in manufacturing of guar gum
and guar meal at its manufacturing facility located at Hisar,
Haryana.

MVP GROUP: ICRA Keeps D Debt Rating in Not Cooperating Category
---------------------------------------------------------------
ICRA has kept the Long-Term rating of MVP Group International Inc
in the 'Issuer Not Cooperating' category. The rating is denoted as
"[ICRA]D; ISSUER NOT COOPERATING".

                    Amount
   Facilities     (INR crore)   Ratings
   ----------     -----------   -------
   Long-term–        641.60     [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 MVP Group International Inc, 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.

MVP Group International, Inc. (MVP) is involved in the
manufacturing, import and distribution of scented candles. They
sell primarily to large, national retailers like Wal-Mart1, Dollar
General2 etc., and also (to a lesser extent) to small, local
retailers. The Company sells mostly to retailers throughout the
United States. MVP sells scented candles under two broad
categories, private label candles (85% of the annual sales) and
branded candles (15% of the annual sales). In addition, the Company
does contract manufacturing of candles for other national brand
owners. In FY18, the company has spun off its contract.


NEED LIVELIHOOD: CARE Lowers Rating on INR10.91cr LT Loan to B-
---------------------------------------------------------------
CARE Ratings has revised the ratings on certain bank facilities of
Need Livelihood Microfinance Private Limited (NLMPL), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      10.91       CARE B-; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category and
                                   revised from CARE B; Stable

Rationale and key rating drivers

CARE Ratings Limited (CARE Ratings), vide its press release dated
March 6, 2019, placed the rating of NLMPL under the 'Issuer not
cooperating' category as the company had failed to provide the
requisite information required for monitoring the rating as agreed
to in its rating agreement. NLMPL continues to be noncooperative
despite repeated requests for submitting information through emails
on October 9, 2023, September 29, 2023, and
September 19, 2023.

In line with the extant Securities and Exchange Board of India
(SEBI) guidelines, CARE Ratings has reviewed the rating based on
the best available information, which, however, in CARE Ratings'
opinion is not sufficient to arrive at a fair rating. The rating of
bank facilities of NLMPL are denoted as 'CARE B-; Stable; Issuer
not cooperating'.

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

In view of the non-availability of other information and the lack
of management cooperation, CARE Ratings has downgraded the rating
for bank facilities of NLMPL with stable outlook.

Analytical approach: Standalone

Outlook: Stable

Detailed description of the key rating drivers

At the time of the last rating on November 3, 2022, the rating
strengths and weaknesses (updated for the information available
from Registrar of Companies (ROC) were as follows:

Key weaknesses

* Small scale of operations with high concentration: NLMPL's
operations remain small with a loan portfolio of INR10.52 crore as
on March 31, 2023. The company's operations are currently
restricted in four states with the loan portfolio concentrated in
Uttar Pradesh and Bihar, accounting for 99.6% of the loan book as
on December 2017 (as per last available data).

* Moderate resource base: The company's major source of external
funding has been term loans (short/long-term) from banks and
financial institutions (FIs). Total borrowings of the company were
down by 78% to INR0.49 crore as on March 31, 2023.

* Moderate income and profitability: The earnings profile was
relatively moderate in FY23, marked by a total income of INR1.95
crore (PY: INR1.14 crore) and loss reported of INR0.23 crore (PY:
INR7.13 crore for FY22). The return on total assets (RoTA) reduced
to negative to 1.43% in FY23.

Key strengths

* Experienced promoters and management team: NLMPL is promoted by
Anil Singh, who is also a member of its governing board. He holds
9.44% shares of the company as on March 31, 2023. Singh has vast
experience and is largely involved in policy-making and approvals
along with other operational areas of the company. The promoters
are well supported by other professionals having rich experience in
their fields. The majority of 70.47% shares are held by NEED
Financial Inclusion Trust as on March 31, 2023.

NLMPL is a private limited company incorporated on November 16,
2015, under the Companies Act 2013. It is headquartered in Lucknow,
Uttar Pradesh. NLMPL is registered with the Reserve Bank of India
(RBI) as a non-banking financial company (NBFC) since February 02,
2017. The microfinance business of Network of Entrepreneurship and
Economic Development (NEED) was transferred and consolidated under
NLMPL in 2016-17. Of the total loan portfolio of INR19.71 crore of
NEED MFI, a loan portfolio of INR15.12 crore was transferred to
NLMPL by March 31, 2017, and the remaining portfolio of INR4.59
crore was transferred in April 2017. NEED is a not-for-profit
entity registered under the Society Act 1860 of the Society of
Registrar. Its microfinance operations
were initiated in 2005.


NISHANTH POULTRY: CRISIL Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Nishanth
Poultry Breeding Farm (NPBF) continue to be 'CRISIL D Issuer Not
Cooperating'.

                           Amount
   Facilities          (INR Crore)     Ratings
   ----------          -----------     -------
   Proposed Long Term      2.35        CRISIL D (Issuer Not
   Bank Loan Facility                  Cooperating)

   Term Loan               6.2         CRISIL D (Issuer Not
                                       Cooperating)

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

NPBF was established in 2016 in Secunderabad and is promoted by Mr
Busani Srinivas and Ms Busani Nandini. It is engaged in the poultry
farming and hatchery business. The firm plans to set up a breeding
farm in Hyderabad.


NISHI FOREX: CRISIL Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Nishi Forex
And Leisure Private Limited (NFLPL) continue to be 'CRISIL D Issuer
Not Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit            28         CRISIL D (Issuer Not
                                     Cooperating)

   Long Term Loan          5         CRISIL D (Issuer Not
                                     Cooperating)

   Proposed Term Loan      7         CRISIL D (Issuer Not
                                     Cooperating)

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

Incorporated in 2014, NFLPL is travel Solution Company offering
services like corporate travel management, forex, air ticketing,
travel and tour packages. NFLPL is promoted and actively managed by
Mr K. Rama Chandra and Mr Arjun Ananta. The company started its
operations in Bangalore and now has branch offices in Telangana,
Tamil Nadu, Delhi, Kerala and Andhra Pradesh. NFL had received FMC
license from Reserve Bank of India (RBI) in December 2014 and also
received an Authorised Dealer (AD II) license in May 2018.


PRINT SOLUTIONS: ICRA Keeps B+ Debt Rating in Not Cooperating
-------------------------------------------------------------
ICRA has kept the Long-Term rating for the Bank facilities of Print
Solutions Private Limited in the 'Issuer Not Cooperating' category.
The rating is denoted as "[ICRA]B+(Stable) ; ISSUER NOT
COOPERATING".

                      Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long Term-         19.00       [ICRA]B+ (Stable) ISSUER NOT
   Fund Based-                    COOPERATING; Rating continues
   Term Loan                      to remain under 'Issuer Not
                                  Cooperating' category

As part of its process and in accordance with its rating agreement
with Print Solutions 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.

PSPL was promoted by Mr. Dushyant Pahare and was later acquired by
its current owners, Mr. Gurjeet Singh Chhabra and family. The
company is a part of the Century 21 Group, which is involved in
real estate development in Indore and other parts of India. It has
leased out the land and the building constructed on it to Malwa
Hospitalities Pvt. Ltd, which has in turn developed a 181-room
hotel – Effotel Hotel – on the same.


PROTHOM INDUSTRIES: ICRA Keeps D Debt Rating in Not Cooperating
---------------------------------------------------------------
ICRA has kept the Debenture Programme of Prothom Industries India
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-         15.00      [ICRA]D; ISSUER NOT COOPERATING;
   Non-convertible               Rating continues to remain under
   Debentures (NCD)              'Issuer Not Cooperating'
                                 category

As part of its process and in accordance with its rating agreement
with Prothom Industries India 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.

Prothom Industries (India) Private Limited ("PIPL") is a contract
manufacturer of toys for the global toy industry. Its plant is
situated at Dighi (Pune) and was commissioned in October 2014. The
company primarily engages into assembling of toys at its plant,
while activities such as moldings and painting are outsourced to
vendors certified by the customers.

Hasbro Inc. is the single customer that the company currently
caters to and is one of the world's largest toy manufacturers.

The company primarily manufactures toys for Hasbro's Nerf range.
Few of the toys manufactured by PIPL for Hasbro are Strongarm,
Hungry Hippos, Scatter blast, etc. The company started with
manufacturing 2 products for Hasbro, and currently manufactures
around 8 products for the client, with another 7-8 products in
pipeline. True point, Bottle Blitz, Pocket strike are few of the
products that the company would soon be engaged in manufacturing
of.


PUNJAB SPINTEX: CRISIL Keeps D Debt Ratings in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Punjab
Spintex Limited (PSL) continue to be 'CRISIL D/CRISIL D Issuer Not
Cooperating'.

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

   Cash Credit           25          CRISIL D (Issuer Not
                                     Cooperating)

   Corporate Loan         5          CRISIL D (Issuer Not
                                     Cooperating)

   Inventory Funding     10          CRISIL D (Issuer Not
   Facility                          Cooperating)

   Standby Line           2.5        CRISIL D (Issuer Not
   of Credit                         Cooperating)

   Term Loan              5          CRISIL D (Issuer Not
                                     Cooperating)

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

Incorporated in December 2006 and promoted by Mr. Suresh Kumar and
three of his business associates, PSL gins cotton and manufactures
cotton yarn (in counts of 20s-30s). Operations began in December
2007.


RADIANT SOLAR: ICRA Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------
ICRA has kept the long-term and short-term ratings of Radiant Solar
Private 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–         3.00      [ICRA]D; ISSUER NOT COOPERATING;
   Fund based                   Rating Continues to remain under
   Cash Credit                  'Issuer Not Cooperating'
                                Category

   Long-term–         1.40      [ICRA]D; ISSUER NOT COOPERATING;
   Fund based                   Rating Continues to remain under
   Term Loan                    'Issuer Not Cooperating'
                                Category

   Long-term/         2.35      [ICRA]D/[ICRA]D; ISSUER NOT
   Short Term                   COOPERATING; Rating Continues to
   Unallocated                  remain under 'Issuer Not
                                Cooperating' Category

   Short term–        2.25      [ICRA]D; ISSUER NOT COOPERATING;
   Non fund based               Rating Continues to remain under
                                'Issuer Not Cooperating'
                                Category

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

Incorporated in 2007, Radiant Solar Private Limited (RSPL) is a
system integrator and also a manufacturer of photovoltaic multi
crystalline silicon modules (panels) for residential, commercial
and utility scale power generation. The company was originally
founded in 2007 in United States of America as a system integrator
and subsequently shifted its operation to India in 2009. In FY2014,
RSPL has completed the construction of manufacturing facility for
SPV modules production unit at Fab city, Hyderabad with an
installed annual capacity of 20 MW per annum.


RASHMI HOUSING: ICRA Keeps D Debt Rating in Not Cooperating
-----------------------------------------------------------
ICRA has kept the Long-Term rating for the Bank facilities of
Rashmi Housing 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–        65.00      [ICRA]D; ISSUER NOT COOPERATING;
   Fund based                   Rating Continues to remain under
   Term Loan                    'Issuer Not Cooperating'
                                Category

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

Incorporated in 2003, Rashmi Housing Pvt. Ltd. is the flagship
company of the Rashmi Group—promoted and managed by the Bosmiya
family—engaged in real estate development since 1999. The Group
is mainly focused on the development of affordable residential
projects under the brand name, 'Ghar Ho To Aisa', mainly along the
western suburbs of Mumbai.


RATHI GRAPHIC: ICRA Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------
ICRA has kept the Long-Term and Short-Term rating for the Bank
facilities of Rathi Graphic Technologies Limited in the 'Issuer Not
Cooperating' category. The rating are denoted as "[ICRA]D;ISSUER
NOT COOPERATING/[ICRA]D;ISSUER NOT COOPERATING".

                      Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Short-term         4.00      [ICRA]D; ISSUER NOT COOPERATING;
   Non-fund based               Rating continues to remain under
   Others                       'Issuer Not Cooperating'
                                Category

   Long-term–         6.50      [ICRA]D; ISSUER NOT COOPERATING;
   Fund based                   Rating Continues to remain under
   Cash Credit                  'Issuer Not Cooperating'
                                Category

   Long Term-         0.82      [ICRA]D; ISSUER NOT COOPERATING;
   Unallocated                  Rating Continues to remain under
                                'Issuer Not Cooperating'
                                Category

   Long-term–         0.49      [ICRA]D; ISSUER NOT COOPERATING;
   Fund based                   Rating Continues to remain under
   Term Loan                    'Issuer Not Cooperating'
                                Category

   Short-term–        1.00      [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 Rathi Graphic Technologies 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.

Rathi Graphic Technologies Limited is a public limited company
engaged in the manufacturing of toners for photocopiers, laser
printers, and multi-function printers. The company was incorporated
in December 1991 by Mr. Raj Kumar Rathi. The manufacturing facility
is located at Bhiwadi, Rajasthan and the company sells its product
under the brand name 'Rathi Toner'. In addition to Rathi Graphic,
the promoters have also promoted RGTL Industries Ltd, engaged in
manufacturing of TMT bars.


RELIANCE COMMERCIAL: CARE Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Reliance
Commercial Finance Limited (RCFL) continue to remain in the 'Issuer
Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank     6,982.18     CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

   Long-Term            600.00     CARE D; ISSUER NOT COOPERATING
   Instruments                     Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

   Market Linked         38.00     CARE PP-MLD D; ISSUER NOT
   Debentures                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category

   Non-Convertible    1,000.00     CARE D; ISSUER NOT COOPERATING
   Debentures                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

   Non-Convertible      200.00     CARE D; ISSUER NOT COOPERATING
   Debentures                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

   Non-Convertible      200.00     CARE D; ISSUER NOT COOPERATING
   Debentures                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

   Tier II Bonds         81.00     CARE D; ISSUER NOT COOPERATING
                                   Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Rationale and key rating drivers

CARE Ratings Limited has been seeking information from RCFL to
monitor the rating(s) vide e-mail communications/letters dated
January 25, 2024, January 23, 2024 and January 16, 2024 and
numerous phone calls. However, despite repeated requests, the
company has not provided the requisite information for monitoring
the ratings.

In line with the extant SEBI guidelines, CARE has reviewed the
rating on the basis of the best available information which
however, in CARE's opinion is not sufficient to arrive at a fair
rating. Further, RCFL has not paid the surveillance fees for the
rating exercise as agreed to in its Rating Agreement. The rating on
Reliance Commercial Finance Limited's long-term debt Programme and
instruments continues to be denoted as CARE D/CARE PP-MLD D; ISSUER
NOT COOPERATING.

Analytical approach: Standalone

Outlook: Not applicable

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

Detailed description of the key rating drivers:

At the time of the last rating on March 2, 2023, continuous delay
in servicing of debt obligations on account of stretched liquidity
and delay in asset monetization.

Key weaknesses

* Ongoing delays: As per financials as on December 31, 2023,
Implementation of Resolution plan has been completed in respect of
all the borrowers, However, charges created on assets of the
company under Section 82 of Companies Act 2013 are yet to be
satisfied in most of the cases.

The commercial finance business of RCL has been demerged into its
wholly owned subsidiary viz. RCFL w.e.f. April 1, 2016. RCFL is
involved in financing of SME loans, structured finance,
construction equipment loans, loan against property, MFI loans,
infrastructure finance, construction finance, commercial vehicles
and supply chain finance.


SAFESPACE WAREHOUSING: CARE Keeps B- Rating in Not Cooperating
--------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Safespace
Warehousing (India) Private Limited (SWPL) continues to remain in
the 'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       6.89       CARE B-; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category  

Rationale and key rating drivers

CARE Ratings Ltd. had, vide its press release dated December 2,
2022, placed the rating(s) of SWPL under the 'issuer
non-cooperating' category as SWPL had failed to provide information
for monitoring of the rating and had not paid the surveillance fees
for the rating exercise as agreed to in its Rating Agreement. SWPL
continues to be non-cooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated October 28, 2023, November 7, 2023, January 23,
2024.

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

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

Indore (Madhya Pradesh) based Safespace Warehousing (India) Private
Limited (SWPL) was incorporated in July 2012 as a private limited
company by Mr.Rahul Parashar and Mr.Dharm Veer Singh. SWPL is
operating a warehouse for providing services to reputed clients
like LG Electronics India Limited, Asian Paints Limited, Mount
Everest Breweries Limited, The Divisional Flying Squad, Life Care
Logistics Private Limited etc. The company operates with storage
space of around 3.06 Hectare (7.56 Acres).


SHAH PAPERPLAST: CRISIL Moves D Debt Ratings to Not Cooperating
---------------------------------------------------------------
CRISIL Ratings has migrated the rating on bank facilities of Shah
Paperplast Industries Limited (SPIL) to 'CRISIL D/CRISIL D Issuer
not cooperating'.

                       Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit            2         CRISIL D (ISSUER NOT
                                    COOPERATING; Rating Migrated)

   Inland/Import          1.5       CRISIL D (ISSUER NOT
   Letter of Credit                 COOPERATING; Rating Migrated)

   Packing Credit in      5.5       CRISIL D (ISSUER NOT
   Foreign Currency                 COOPERATING; Rating Migrated)

   Proposed Long Term     0.09      CRISIL D (ISSUER NOT
   Bank Loan Facility               COOPERATING; Rating Migrated)

   Term Loan              2.67      CRISIL D (ISSUER NOT
                                    COOPERATING; Rating Migrated)

CRISIL Ratings has been consistently following up with SPIL for
obtaining information through letter and email dated December 28,
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 SPIL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on SPIL
is consistent with 'Assessing Information Adequacy Risk'.
Therefore, on account of inadequate information and lack of
management cooperation, CRISIL Ratings has migrated the rating on
bank facilities of SPIL to 'CRISIL D/CRISIL D Issuer not
cooperating'.

SPIL was set up as a partnership firm in 2006 and reconstituted as
a private limited company with the current name in 2008. Mr Nilesh
Shah and his father, Mr C C Shah, are the promoters. SPIL is an
export-oriented unit and manufactures plastic and paper products.
The manufacturing facility is in Nadiad (Gujarat).


SHRIRAM FINANCE: Fitch Rates USD750M Sr. Secured Bonds 'BB'
------------------------------------------------------------
Fitch Ratings has assigned India-based Shriram Finance Limited's
(SFL, BB/Stable) USD750 million 6.625% senior secured bonds due
2027 a final rating of 'BB'.

This follows the receipt of final documentation conforming to
information previously received. The final rating is in line with
the expected rating assigned on 15 January 2024.

The bonds carry a fixed-rate coupon payable semi-annually and are
secured by a fixed charge over specified accounts receivable, in
line with SFL's domestic secured bonds. They are also subject to
maintenance covenants that require SFL to meet regulatory capital
requirements at all times, maintain a net stage 3 asset ratio equal
to or less than 7%, and ensure its security coverage ratio is equal
to or greater than 1x at all times.

The bonds are issued in the international market under the Reserve
Bank of India's external commercial borrowings framework, and the
proceeds of the issuance are to be used in accordance with SFL's
Social Finance Framework. They are issued under SFL's USD3.5
billion global medium term-note programme.

KEY RATING DRIVERS

SFL's bonds are rated at the same level as its Long-Term
Foreign-Currency Issuer Default Rating (IDR) of 'BB', in accordance
with Fitch's rating criteria.

Most of SFL's debt is secured and Fitch believes that non-payment
of the company's senior secured debt would best reflect uncured
failure of the entity. SFL can issue unsecured debt in the overseas
market, but such debt is likely to constitute a small portion of
its funding and thus cannot be viewed as its primary financial
obligation.

For more information on the key rating drivers and rating
sensitivities on the company, please see Fitch Affirms Shriram
Finance at 'BB'; Outlook Stable, published on 4 September 2023.

RATING SENSITIVITIES

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

Any negative action on SFL's Long-Term Foreign-Currency IDR would
drive similar action on the bond rating.

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

An upgrade of SFL's Long-Term Foreign-Currency IDR would result in
corresponding action on the bond rating.

Date of Relevant Committee

01 September 2023

ESG CONSIDERATIONS

SFL has an ESG Relevance Score of '3' for Customer Welfare,
compared with the standard score of '2' for the finance and leasing
sector. This reflects its retail-focused operations, which exposes
it to risks around practices of fair lending, pricing transparency
and repossession, foreclosure and collection. Aggressive practices
in these areas may subject the company to legal, regulatory and
reputational risk that may negatively affect its credit profile.
The relevance score of '3' for this factor reflects Fitch's view
that these risks are adequately managed and have a low impact on
SFL's credit profile at present.

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

   Entity/Debt             Rating          Prior
   -----------             ------          -----
Shriram Finance
Limited

   senior secured      LT BB  New Rating   BB(EXP)

SPICA PROJECTS: ICRA Keeps B+ Debt Ratings in Not Cooperating
-------------------------------------------------------------
ICRA has kept the Long-Term and Short-Term ratings of Spica
Projects And Infrastructures Pvt. Ltd. in the 'Issuer Not
Cooperating' category. The ratings are denoted as [ICRA]B+
(Stable)/[ICRA]A4; ISSUER NOT COOPERATING".

                      Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long Term-          4.87       [ICRA]B+ (Stable) ISSUER NOT
   Fund Based-                    COOPERATING; Rating continues
   Cash Credit                    to remain under 'Issuer Not
                                  Cooperating' category

   Long Term-          0.57       [ICRA]B+ (Stable) ISSUER NOT
   Fund Based-                    COOPERATING; Rating continues
   Term Loan                      to remain under 'Issuer Not
                                  Cooperating' category

   Long Term/         28.85       [ICRA]B+(Stable)/[ICRA]A4;
   Short Term-                    ISSUER NOT COOPERATING;
   Non-Fund Based                 Rating Continues to remain
   Others                         under issuer not cooperating
                                  category

As part of its process and in accordance with its rating agreement
with Spica Projects And Infrastructures Pvt. Ltd., 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.

In 1997, the company's promoters formed a partnership firm in the
name of M/s Santosh Kumar Singh (SKS) for civil construction
business. In 2012, SKS was converted into a private limited company
and its name was changed to Spica Projects And Infrastructures Pvt.
Ltd. (SPIPL). SPIPL is involved in road construction business in
Jharkhand and is empanelled as a Class-I contractor with the Public
Works Department (PWD) of the state.


SWASTIK TRADERS: ICRA Keeps B+ Debt Ratings in Not Cooperating
--------------------------------------------------------------
ICRA has kept the long-term of Swastik Traders in the 'Issuer Not
Cooperating' category. The rating is denoted as [ICRA]B+(Stable);
ISSUER NOT COOPERATING".

                      Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long Term-          3.00       [ICRA]B+ (Stable) ISSUER NOT
   Fund Based-                    COOPERATING; Rating continues
   Cash Credit                    to remain under 'Issuer Not
                                  Cooperating' category

   Long Term-          3.00       [ICRA]B+ (Stable) ISSUER NOT
   Non Fund Based                 COOPERATING; Rating continues
   Others                         to remain under 'Issuer Not
                                  Cooperating' category

As part of its process and in accordance with its rating agreement
with Swastik Traders, 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.

Swastik Traders was established as a proprietorship firm in 1986.
The firm is engaged in construction and maintenance of roads. The
firm majorly executes contracts from Madhya Pradesh Rural Road
Development Authority (MPRRDA) under Pradhan Mantri Gram Sadak
Yojna (PMGSY) along with smaller contracts for private players. The
company is registered as class A contractor which enables it to bid
for contracts of any value across state. Swastik Traders is managed
by Narendra Modi who has over 3 decades of experience in
construction.


TK TOLL: ICRA Keeps D Debt Rating in Not Cooperating Category
-------------------------------------------------------------
ICRA has kept the long-term of TK Toll Road 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–       370.95      [ICRA]D; ISSUER NOT COOPERATING;
   Fund based                   Rating Continues to remain under
   Term Loan                    'Issuer Not Cooperating'
                                Category

As part of its process and in accordance with its rating agreement
with TK Toll Road 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.

TK Toll Road Private Limited (TKTRPL) was incorporated in March
2007 as a wholly owned subsidiary of R-Infra, to implement the
project for strengthening and widening the existing two-lane
stretch of NH-67 from Trichy to Karur in Tamil Nadu to a fourlane
one. The project was awarded by the National Highways Authority of
India (NHAI) on a BOT basis with a concession period of 30 years
commencing from January 15, 2008. The project became operational
and started tolling on 75% of the total stretch, i.e., ~63 km from
February 2014.


UNNAT FEEDS: CARE Keeps B- Rating in Not Cooperating Category
-------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Unnat Feeds
Private Limited (UFPL) continues to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      11.81       CARE B-; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category  

Rationale and key rating drivers

CARE Ratings Ltd. had, vide its press release dated December 12,
2022, placed the rating(s) of UFPL under the 'issuer
non-cooperating' category as UFPL had failed to provide information
for monitoring of the rating and had not paid the surveillance fees
for the rating exercise as agreed to in its Rating Agreement. UFPL
continues to be noncooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated October 28, 2023, November 17, 2023, January 23,
2024.

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

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

Incorporated in August-2009, Unnat Feeds Private Limited (UFPL) is
promoted by Mr. Ranpal Dhanda, Mr Mahipal Singh Dhanda, Mr Harpal
Singh Dhanda and Mr Tara Chand. The company is engaged in the
manufacturing of nutritionally balanced formulation of animal feed
for different phases of growth and reproduction of better-quality
chicken, at its plant located at Panipat, Haryana.


VIKAS COT: CRISIL Keeps D Debt Rating in Not Cooperating Category
-----------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Vikas Cot
Fiber Private Limited (VCF) continues to be 'CRISIL D Issuer Not
Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit             21        CRISIL D (Issuer Not
                                     Cooperating)

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

Incorporated in 2008 by Mr Mohanlal Khandelwal, VCF, based out of
Sendhwa in Madhya Pradesh, is primarily involved in ginning and
pressing of raw cotton and sells raw cotton bales and cotton seeds.
It has also started exports of soya bean seeds and yellow corn in
fiscal 2016.


VIKRAM TRADERS: CARE Keeps B- Rating in Not Cooperating Category
----------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Vikram
Traders (VT) continue to remain in the 'Issuer Not Cooperating'
category.

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

Rationale and key rating drivers

CARE Ratings Ltd. had, vide its press release dated January 9,
2023, placed the rating(s) of VT under the 'issuer non-cooperating'
category as VT had failed to provide information for monitoring of
the rating and had not paid the surveillance fees for the rating
exercise as agreed to in its Rating Agreement. VT continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
November 25, 2023, December 5, 2023, December 15, 2023.

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

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

Analytical approach: Standalone

Outlook: Stable

Bangalore based, Vikram Traders (VT) was established in the year
1984 by Mr. Mangilal Gupta along with six other partners. However,
in the year 2013, the firm was reconstituted with three new
partners' viz. Mr. Meetesh Bhandari, Mr. Vikram Bhandari and Mr.
Sumeet Bhandari sharing profits and losses equally. The firm is
engaged in trading of fabrics with major product being rolled denim
fabric. The firm sells its products to various wholesalers located
in Bangalore and Maharashtra region. Its major customers included
Unitex Apparels Private Limited, Prateek Apparels Private Limited
and Famous Fashion. The fabric is mainly procured from the
suppliers based out in Maharashtra and Rajasthan like Raymond Uco
Denim Pvt Ltd, RSWM Limited, and Century Denim.


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

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Bill Discounting       5          CRISIL D (Issuer Not
                                     Cooperating)

   Cash Credit            3          CRISIL D (Issuer Not
                                     Cooperating)

   Packing Credit        11          CRISIL D (Issuer Not
                                     Cooperating)

   Packing Credit         5          CRISIL D (Issuer Not
                                     Cooperating)

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

Established as a partnership firm in 2004, VNR processes rough
diamonds into polished diamonds. Mr Vinu K Kakadiya, Mr Pravin B
Alagiya, Mr Ramesh M Asodariya, Mr Kalpesh Kakadiya and Mr Mahendra
Kakadiya are partners in the firm. Its processing unit is in Surat,
Gujarat.


YRR TEX: CARE Keeps B+ Debt Rating in Not Cooperating Category
--------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of YRR TEX
FAB Private Limited (Formerly Yash Knitwear) continue to remain in
the 'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      11.35       CARE B+; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category  

Rationale and key rating drivers

CARE Ratings Ltd. has been seeking information from YRR TEX FAB to
monitor the rating vide e-mail communications dated June 23, 2023,
November 22, 2023, December 5, 2023, December 23, 2023, January 11,
2024, among others and numerous phone calls. However, despite
repeated requests, the firm has not provided the requisite
information for monitoring the rating.

In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating. The rating on YRR TEX FAB Private Limited
bank facilities will now be denoted as CARE B+; ISSUER NOT
COOPERATING.

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

The rating to the bank facility of YRR Texfab Private Limited
(YTPL) continue to factor in modest scale of operation; albeit
growth witnessed in FY23, relatively low profit margins, highly
working capital-intensive nature of operations, moderately
leveraged capital structure; albeit moderation witnessed as on
March 31, 20232, weak debt coverage indicator, stretched liquidity
position. The rating further continues to be constrained by
presence in to highly fragmented and competitive nature of
industry.

The rating, however, continues to derive strength from long track
record of the company with highly experienced promoter in the
textile industry.

Analytical approach: Standalone

Outlook: Stable

Detailed description of the key rating drivers:

At the time of last rating on February 3, 2023, the following were
the rating strengths and weaknesses (updated for the information
available from Registrar of Companies):

Key weaknesses

* Modest scale of operations; albeit growth in ToI in FY23: During
FY23, the ToI of the company has grown by 61% to INR67.98 crore
(vis-à-vis INR42.30 crore in FY22) Despite the above
growth, the scale of operations continues to remain modest.
Relatively low profit margins, with PBILDT margin declining to
5.13% in FY23: During FY22, the PBILDT margin of YRR has declined
by 237 bps to 5.13% (vis-à-vis 7.51% in FY22) on account of
increase in cost of grey cloth (from INR31.49 crore in FY22 to
INR5.419 crore in FY23) along with increase in employee cost (from
INR2.90 crore in FY22 to INR3.43 crore in FY23). Furthermore, the
PAT margin declined by 26.1 bps to 0.86% in FY23 ((vis-à-vis 1.12%
in FY22) owing to increase in depreciation along with increased
interest expenses.

* Moderately leveraged capital structure; albeit weak debt coverage
indicators: As on March 31, 2023, the overall gearing deteriorated
to 1.20 times (vis-à-vis 1.08 times as on March 31, 2022)
primarily on account of higher unsecured loan from directors which
has been treated as quasi equity. However, TD/GCA has improved to
21.47 times in FY23 (vis-à-vis 23.50 times in FY22) on account of
higher level of GCA. Furthermore, interest coverage has
remained moderated from 1.41 times in FY22 to 1.48 times in FY23)
due to increase in PBILDT.

* High working capital-intensive nature of operations; albeit
improvement in FY23: The operating cycle of the company has
improved from 253 days in FY22 to 168 days in FY23, primarily on
account of improvement in average inventory period along with
average collection period. However, the operations of YRR continue
to remain working capital intensive in nature with majority of
funds being blocked in debtors due to liberal credit period given
to its customers. The collection period improved to to 195 days in
FY23 (vis-à-vis 299 days in FY22) due to faster churning of
cashflow from debtors. Despite improvement, the collection days
remain stretched. The inventory period though improved but remained
high at 85 days in FY23 (vis-à-vis 139 days in FY22) due to faster
inventory turnaround during the year. Also, creditor's period has
improved to 112 days in FY23 (visà-vis 185 days in FY22).

* Customer and supplier concentration risk: The customer profile of
the company remained concentrated as it supplies to various
manufacturers and traders across local market. The top 5 customers
accounted for 63.79% of total sales in FY22(vis-à-vis 62.73% of
total sales in FY21). Furthermore, the company purchases from local
suppliers wherein top 5 suppliers contribute 80.47% of total
purchases in FY22 (vis-à-vis 71.39% of total purchases in FY21),
thus exposing it to high customer concentration risk.

Key strengths

* Long track record of the company with experienced promoter: The
company has established long standing track record of operations
through 20 years of existence in the textile trading industry. The
promoter of the firm i.e. Mr. Praful Kumar Somaiya holds
significant experience of around five decades in the textile
industry and he his assisted by his two sons namely Mr. Yash
Somaiya and Mr. Viral Somaiya. The extensive experience of the
promoter enables the firm to establish strong marketing connects
and business excellence for YRR Texfab Private Limited (formerly
Yash Knitwear).

Established in April 2002, YRR Texfab Private Limited (YTPL) is
engaged in the trading of finished fabrics viz. cotton, polyester,
linen, etc. YTPL purchases fabrics from local manufacturers, as per
designs provided/pre-approved by customer and then subsequently
sells to customers in the domestic market to the manufacturers of
men's wear and children's wear. YTPL has its
warehousing facility located in Bhiwandi, Thane for meeting its
storage requirements of 36,000 sq. ft. and the administrative
office located at Lower Parel (Mumbai).

ZINZUWADIA BROTHERS: ICRA Keeps B+ Debt Rating in Not Cooperating
-----------------------------------------------------------------
ICRA has kept the Long-Term ratings for the Bank facilities of
Zinzuwadia Brothers Jewellers in the 'Issuer Not Cooperating'
category. The rating is denoted as "[ICRA]B+(Stable); ISSUER NOT
COOPERATING".

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

As part of its process and in accordance with its rating agreement
with Zinzuwadia Brothers Jewellers, 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.

Zinzuwadia Brothers Jewellers (ZBJ) was established in 1969, as a
wholesaler and trader of gold, silver jewellery with operations
based in Ahmedabad. The firm entered the retail jewellery business
in 1993 with first retail store in C G Road, Ahmedabad and
continued trading operations as well as through a sister concern
called Zinzuwadia & Co. The firm is a part of the Zinzuwadia group
which consists of 6 showrooms in Ahmedabad. However, the trading
operations were discontinued from 2013 following the separation of
the sister concern and the firm is currently engaged only in retail
sale of gold, silver and diamond jewellery. The firm currently
operates out of its 2100 sq. ft. showroom in C.G. Road with
workforce 20 trained personnel.




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

1MDB: Jailed Malaysian Ex-PM Mulls New Request for Full Pardon
--------------------------------------------------------------
Reuters reports that jailed former Malaysia Prime Minister Najib
Razak is considering filing a new petition for a full pardon, his
lawyer said on Feb. 7, less than a week after a special panel
agreed to halve his jail sentence.

Reuters relates that Najib, who was sentenced to 12 years in prison
after being convicted in a case linked to the 1MDB scandal, had
applied for clemency previously but the pardons board, which is
chaired by Malaysia's king, opted last week to reduce his
sentence.

According to Reuters, Najib's lawyer Shafee Abdullah said a new
request was being considered as his client had not received a fair
trial. Najib has consistently denied wrongdoing.

The lawyer also raised questions over the pardons process led by
Al-Sultan Abdullah Ahmad Shah, who ended his five-year reign as
king on Jan. 30, shortly after issuing the sentence reduction for
Najib.

"I don't think the Pardons Board operated the way the constitution
expects them to operate," Reuters quotes Shafee as saying.

Representatives for Malaysia's law ministry and the federal
territories minister, who was part of the pardons board, did not
immediately respond to requests for comment.

According to Reuters, the board said in a statement last week Najib
is expected to be released in August 2028, six years after he began
serving his sentence. It also reduced fines imposed on the
ex-premier.

The sentence reduction sparked uproar in Malaysia, with critics of
current Prime Minister Anwar Ibrahim saying the decision risked
undermining anti-corruption efforts.

Najib was found guilty in 2020 of criminal breach of trust and
abuse of power for illegally receiving funds misappropriated from a
unit of state fund 1Malaysia Development Berhad (1MDB). The verdict
was upheld by Malaysia's top court in 2022.

About $4.5 billion was allegedly stolen from 1MDB, with around $1
billion flowing into the accounts of Najib, Malaysian and U.S.
investigators have said.

                             About 1MDB

Kuala Lumpur-based 1Malaysia Development Bhd (1MDB) is an insolvent
Malaysian strategic development company, wholly owned by the
Malaysian Minister of Finance.  1MDB was established in 2009 to
foster long-term economic development for the country by forging
global partnerships, particularly in energy, real estate, tourism,
and agribusiness.

The Company was founded shortly after Dato Sri Najib Razak became
Prime Minister of Malaysia in July 2009.  Najib said the
establishment of 1MDB into a federal entity was to benefit a
majority of Malaysians.

1MDB is said to have raised billions of dollars in bonds, for
investment projects and joint ventures, between 2009 and 2013.
Among those projects are the Tun Razak Exchange, Tun Razak
Exchange's sister project Bandar Malaysia, and the acquisition of
three independent power producers.

The Company came into heavy scrutiny in 2015 for suspicious money
transactions and evidence pointing to money laundering, fraud and
theft.  The corruption scandal in 1MDB has implicated high-level
officials, including Prime Minister Najib Razak, as wells as banks
and financial institutions around the world.  

In 2016, the U.S. Department of Justice filed a lawsuit, alleging
that at least US$3.5 billion has been stolen from 1MDB.  In
September 2020, the alleged amount stolen had been raised to US$4.5
billion and a Malaysian government report listed 1MDB's outstanding
debts to be US$7.8 billion.

Malaysia has been filing lawsuits over the years in an effort to
recover the missing billions of dollars.  Among others, in May
2021, Malaysia filed 22 civil suits against entities and people
involved in the corruption scandal, including units of Deutsche
Bank and JP Morgan.

Malaysia said in September 2020 it has so far recovered about
US$3.24 billion in assets linked to the 1MDB matter.  This amount
includes about US$600 million cash and assets returned by U.S.
authorities; about US$2.5 billion paid by Goldman Sachs as
settlement; as well as US$780 million in settlement amounts from
Malaysian banking group AmBank and audit firm Deloitte.



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

BANZPAY TECHNOLOGY: Fitch Puts 'BB-' LongTerm IDR on Watch Negative
-------------------------------------------------------------------
Fitch Ratings has placed Banzpay Technology Limited's Long- and
Short-Term Issuer Default Ratings (IDRs) and Shareholder Support
Rating (SSR) on Rating Watch Negative (RWN). The ratings have not
been affirmed as part of this rating action.

KEY RATING DRIVERS

Shareholder Support: Banzpay's ratings are driven by shareholder
support. The RWN follows a downgrade of Banzpay's 50% owner, Unity
Credit Union (UCU, B/Negative), and changes in Banzpay's business
model that mean there is a reasonable prospect that the company's
IDRs could become driven by its Standalone Credit Profile, which
has yet to be reliably assessed. Under the current shareholder
rating approach, Banzpay's ratings would likely be downgraded by
several notches following a weakening in the parent's ability and
possibly propensity to support.

The other 50% owner, Booster Financial Services Limited, has also
shown some willingness to provide support, but Fitch cannot
reliably assess its ability or propensity to support Banzpay at
this time.

Evolving Business Model: The RWN reflects the likelihood of
Banzpay's ratings being downgraded following the completion of a
standalone credit assessment and an updated assessment of potential
shareholder support. The business model is undergoing significant
structural change, which may result in the Non-Bank Financial
Institutions Rating Criteria no longer being the most appropriate
criteria under which to rate Banzpay.

The Rating Watch period will be used to complete a standalone
assessment of Banzpay's credit profile under the relevant criteria
and, if required, an assessment of shareholder support. Fitch
expects to resolve the RWN once this assessment is complete.

Core Banking Operator: UCU relies on Banzpay to operate its core
banking system and cards services. The core banking system is
integral for UCU's operation and creates an incentive for the
entity to support Banzpay, if needed.

RATING SENSITIVITIES

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

The RWN will be resolved once the standalone credit assessment and
support prospects have been assessed. This could result in
Banzpay's Long-Term IDR and SSR being downgraded, possibly by
several notches. The SSR could also be withdrawn if it is not
relevant under the applicable rating criteria applied at the time
of the assessment.

A downgrade of Banzpay's Short-Term IDR would require its Long-Term
IDR to be downgraded to 'CCC+'.

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

Positive rating action is unlikely. Fitch may affirm the ratings if
its support assessment, including the standalone assessment of
Banzpay's parent, Booster Financial Services, supports that
action.

An upgrade of the Short-Term IDR would require UCU's Long-Term IDR
to be upgraded by at least three notches, which is improbable.

PUBLIC RATINGS WITH CREDIT LINKAGE TO OTHER RATINGS

Banzpay's ratings prior to the RWN were linked to those of its
parent, UCU.

ESG CONSIDERATIONS

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

   Entity/Debt                        Rating                Prior
   -----------                        ------                -----
Banzpay
Technology
Limited           LT IDR              BB- Rating Watch On   BB-
                  ST IDR              B   Rating Watch On   B
                  Shareholder Support bb- Rating Watch On   bb-

FEATHER'S CAFE: Creditors' Proofs of Debt Due on Feb. 29
--------------------------------------------------------
Creditors of Feather's Cafe Limited, FMC Building Limited, Main
Wainui Limited, P & C Porutu Limited, County Heights Limited And
Hein Painting and Decoration Limited 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 Feb. 1, 2024.

The company's liquidators are:

          Heath Gair
          Palliser Insolvency
          PO Box 57124
          Mana
          Porirua 5247


HIIT FIT: Court to Hear Wind-Up Petition on Feb. 20
---------------------------------------------------
A petition to wind up the operations of Hiit Fit Limited will be
heard before the High Court at Wellington on Feb. 20, 2024, at
10:00 a.m.

APRA New Zealand Limited filed the petition against the company on
Nov. 13, 2023.

The Petitioner's solicitor is:

          Tim Mullins
          LeeSalmonLong
          Level 34, Vero Centre
          48 Shortland Street
          Auckland 1010


JS & MC: Court to Hear Wind-Up Petition on Feb. 20
--------------------------------------------------
A petition to wind up the operations of JS & MC Consulting Limited
will be heard before the High Court at Wellington on Feb. 20, 2024,
at 10:00 a.m.

APRA New Zealand Limited filed the petition against the company on
Nov. 13, 2023.

The Petitioner's solicitor is:

          Tim Mullins
          LeeSalmonLong
          Level 34, Vero Centre
          48 Shortland Street
          Auckland 1010


S & S PRASAD: Creditors' Proofs of Debt Due on March 8
------------------------------------------------------
Creditors of S & S Prasad 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:

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


TCC QUEEN: Creditors' Proofs of Debt Due on March 4
---------------------------------------------------
Creditors of TCC Queen St Limited are required to file their proofs
of debt by March 4, 2024, to be included in the company's dividend
distribution.

The company commenced wind-up proceedings on Jan. 26, 2024.

The company's liquidator is:

          Digby John Noyce
          RES Corporate Services Limited
          PO Box 301890
          Albany
          Auckland 0752




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

RURAL BANK OF SAN LORENZO: Depositors' Claims Deadline Set Feb. 19
------------------------------------------------------------------
The Philippine Deposit Insurance Corporation (PDIC) announced that
depositors of the closed Rural Bank of San Lorenzo Ruiz (Siniloan),
Inc. have until Feb. 19, 2024 to file their deposit insurance
claims.

Based on the latest PDIC data, deposit insurance claims for 4
deposit accounts with aggregate insured deposits amounting to
PHP109,504.06 have yet to be filed by depositors. Data also showed
that as of Dec. 31, 2023, PDIC had paid depositors of the closed
Rural Bank of San Lorenzo Ruiz (Siniloan), Inc. the total amount of
PHP16.7 million, corresponding to 95% of the bank's total insured
deposits amounting to PHP17.5 million.

Depositors are advised to file their claims either online via
e-mail at pad@pdic.gov.ph or through postal mail or courier
addressed to the PDIC Public Assistance Department, Ground Floor,
PDIC Chino Bldg., 2228 Chino Roces Avenue, Makati City 1231.

Claims may also be filed personally at the PDIC Public Assistance
Center (PAC) located at the 3rd Floor, SSS Bldg., 6782 Ayala Avenue
corner V.A. Rufino St., Makati City, from Monday to Friday, 8:00 AM
to 5:00 PM. For visits to the PAC, clients are highly encouraged to
request for an appointment by calling the Public Assistance Hotline
during office hours at (02) 8841-4141 (for clients within Metro
Manila), or the Toll-Free number 1-800-1-888-7342 or
1-800-1-888-PDIC during office hours (for clients outside Metro
Manila). Clients may also send an e-mail to pad@pdic.gov.ph, or
send a private message at PDIC's official Facebook page,
www.facebook.com/OfficialPDIC.

When filing claims through e-mail, scanned copies or photo images
of the signed and accomplished Claim Form, evidence of deposit
(i.e., first page of the savings passbook with account name/number
and last page with account balance, or the front and back portion
of the certificate of time deposit, etc.), and one valid
photo-bearing ID with the depositor's signature should be attached
to the e-mail.

For claims filed personally or via postal mail or courier service,
depositors are advised to submit the accomplished, signed and
notarized Claim Form, original Savings Passbook and/or Certificate
of Time Deposit and photocopy of one (1) valid photo-bearing ID
with depositor's signature.

The depositors are further advised that additional documents and/or
original copy of documents submitted via e-mail may be required by
PDIC, as necessary, in the course of evaluation and processing of
claims.

The Claim Form can be downloaded from the PDIC website at
http://www.pdic.gov.ph/files/New_PDIC_Claim_Form.pdf.The Claim
Form is free and there is no fee for filing deposit insurance
claims.

Depositors who are below 18 years old should mail or submit either
a photocopy of their Birth Certificate issued by the Philippine
Statistics Authority (PSA) or a duly certified copy issued by the
Local Civil Registrar. Representatives of claimants are required to
mail or submit an original copy of a notarized Special Power of
Attorney of the depositor or parent of a minor depositor. The
Special Power of Attorney template may be downloaded from the
PDIC website at http://www.pdic.gov.ph/files/spa_claims.pdf.

Under the PDIC Charter, depositors are given two years from bank
takeover to file deposit insurance claims with the PDIC. Rural Bank
of San Lorenzo Ruiz (Siniloan), Inc. was taken over by the PDIC on
Feb. 18, 2022 after it was ordered closed by the Monetary Board of
the Bangko Sentral ng Pilipinas on Feb. 17, 2022.

Depositors who have outstanding loans or payables to the bank will
be referred to the duly designated Loans Officer prior to the
settlement of their deposit insurance claims.

For more information, depositors may call the PDIC Public
Assistance Hotline at (02) 8841- 4141, or the Toll-free hotline
1-800-1-888-PDIC or 1-800-1-888-7342 during office hours.

Depositors may also send an e-mail to the PDIC Public Assistance
Department at pad@pdic.gov.ph or private message at the official
PDIC Facebook page, www.facebook.com/OfficialPDIC.




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

BOLDTEK HOLDINGS: Court to Hear Wind-Up Petition on Feb. 23
-----------------------------------------------------------
A petition to wind up the operations of Boldtek Holdings Limited
will be heard before the High Court of Singapore on Feb. 23, 2024,
at 10:00 a.m.

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

The Petitioner's solicitors are:

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



GF INTER: Court Enters Wind-Up Order
------------------------------------
The High Court of Singapore entered an order on Jan. 26, 2024, to
wind up the operations of GF Inter Supply Pte. Ltd.

Geng Chao filed the petition against the company.

The company's liquidator is:

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


MANDARA ENTERPRISES: Creditors' Proofs of Debt Due on March 7
-------------------------------------------------------------
Creditors of Mandara Enterprises Singapore Pte. Ltd. are required
to file their proofs of debt by March 7, 2024, to be included in
the company's dividend distribution.

The company commenced wind-up proceedings on Jan. 31, 2024.

The company's liquidator is:

          Cheong Beng Sheng, Dean
          c/o Guardian Advisory
          531A Upper Cross Street
          #03-118 Hong Lim Complex
          Singapore 051531


RICO 60: Court Enters Wind-Up Order
-----------------------------------
The High Court of Singapore entered an order on Feb. 2, 2024, to
wind up the operations of Rico 60 Auto Services Pte. Ltd.

Maybank Singapore Limited filed the petition against the company.

The company's liquidator is:

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


YANG KEE: Court Enters Wind-Up Order
------------------------------------
The High Court of Singapore entered an order on Jan. 31, 2024, to
wind up the operations of Yang Kee Chemical Logistics Pte. Ltd.

The company's liquidators are:

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



                           *********


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
to be reliable, but is not guaranteed.

TCR-AP subscription rate is US$775 for 6 months delivered via e-
mail.  Additional e-mail subscriptions for members of the same
firm for the term of the initial subscription or balance
thereof are US$25 each.  For subscription information, contact
Peter Chapman at 215-945-7000.



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