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

                     A S I A   P A C I F I C

          Wednesday, February 14, 2024, Vol. 27, No. 33

                           Headlines



A U S T R A L I A

GRAND SEAL: First Creditors' Meeting Set for Feb. 21
JBT CORP: First Creditors' Meeting Set for Feb. 20
MELBOURNE REBELS: Says Rugby Australia Owes Club AUD8 Million
PERTH GLORY: Receivers Widen Control of Ex-Owner's Okewood Empire
SPROUT SYSTEMS: First Creditors' Meeting Set for Feb. 19

SURFERS PARADISE: Court Enters Wind-Up Order
WOTBOX PTY: First Creditors' Meeting Set for Feb. 20


C H I N A

CHINA RENAISSANCE: A Third of Staff Resigns, Lose Jobs
FOSUN INTERNATIONAL: To Revive Sale of Hong Kong's Peak Re


I N D I A

AADAR INFRACON: CRISIL Reaffirms B Rating on INR7.25cr Cash Loan
ANMOL FERRO: CRISIL Lowers Rating on INR5.04cr Cash Loan to D
ASA BHANU: ICRA Lowers Rating on INR8cr LT Loan to B+
AYUSH TEXLENE: ICRA Withdraws B- Rating on INR5cr LT Loan
BAFNA MOTORS: ICRA Lowers Rating on INR23.50cr Cash Loan to D

BEHL MOTORS: CARE Lowers Rating on INR9cr LT Loan to B-
BHAGHYAJYOTHI AGRO: CRISIL Lowers Rating on INR9cr Loan to D
BRAVO AGENCIES: CARE Keeps D Debt Ratings in Not Cooperating
CHUR TEXTILES: Insolvency Resolution Process Case Summary
CONCEPT BIKES: CRISIL Lowers Long/Short Term Debt Ratings to D

ERODE SRI: CRISIL Lowers Rating on INR7.5cr Cash Loan to D
G.T. CINEMAS: CARE Assigns D Rating to INR113.49cr LT Loan
GOVIND AGRO: CRISIL Lowers Rating on INR25cr Cash Loan to D
HITECH PRINT: CRISIL Withdraws D Rating on INR1.21cr Term Loan
INDIAN SUGAR: NCLT Approves Shri Dutt's Acquisition Bid

KERAMIKA INDIANA: ICRA Withdraws B Rating on INR7.90cr Term Loan
LAKSHMI VENKATA: CRISIL Lowers Rating on INR7.4cr LT Loan to D
MAK CONSTRUCTIONS: CRISIL Lowers Long/Short Term Rating to D
MURARI OIL: ICRA Keeps D Debt Rating in Not Cooperating Category
OM BESCO: CRISIL Withdraws Rating on INR15cr Cash Loan

PANCARD CLUBS: NCLT Dismisses Ashdan's Plea vs. Resolution Plan
PAYTM: Faces Serious Risk of Customer Exodus, Says Macquarie
PIYUSH INFRATECH: ICRA Keeps D Debt Ratings in Not Cooperating
RAJ AGRO: ICRA Keeps B Debt Ratings in Not Cooperating Category
RELIABLE POLYESTER: CARE Keeps D Debt Rating in Not Cooperating

S KUMAR: CRISIL Lowers Long/Short Term Debt Ratings to D
SACHDEVA RICE: CRISIL Lowers Rating on INR10cr Cash Loan to D
SARBAMANGALA AGRO: ICRA Keeps D Debt Ratings in Not Cooperating
SHIVA SPECIALITY: CARE Keeps D Debt Ratings in Not Cooperating
SHREE BASAVESHWARA: Insolvency Resolution Process Case Summary

SIISA: CRISIL Lowers Rating on INR15CR New Term Loan to D
SKYCOMM ELECTRONICS: CRISIL Lowers Rating on INR10cr Loan to D
SRINIVASA STEEL: CARE Keeps D Debt Rating in Not Cooperating
STEEL & METALS: ICRA Keeps B+ Debt Ratings in Not Cooperating
TEJA SEA: CARE Keeps D Debt Ratings in Not Cooperating Category

TEZALPATTY TEA: CARE Keeps D Debt Rating in Not Cooperating
THEOS IMAGING: CARE Keeps D Debt Rating in Not Cooperating
TREES OF LIFE: Insolvency Resolution Process Case Summary
UNIWORLD SUGARS: CARE Keeps D Debt Rating in Not Cooperating
YUVARAJ CABLE: CARE Keeps C Debt Rating in Not Cooperating



N E W   Z E A L A N D

COWABUNGA BREWERIES: Goes Into Liquidation
JB LOGGING: Thomas Lee Rodewald Appointed as Receiver
KHAOS CARTEL: Liquidation Management Appointed as Administrator
NZ RAPID: Creditors' Proofs of Debt Due on March 7
PLUNGE POOL: Creditors' Proofs of Debt Due on March 6

WAIHEKE DIVE: Creditors' Proofs of Debt Due on March 6


S I N G A P O R E

DETEC SECURITY: Commences Wind-Up Proceedings
EMBRIO ENTERPRISES: Commences Wind-Up Proceedings
HATTEN LAND: Q2 Loss Widens to MYR20.7 Million on Lower Revenue
INVITAE (SINGAPORE): Creditors' Proofs of Debt Due on March 11
PRESIDENT SHIPYARD: Creditors' Proofs of Debt Due on March 11

REPUTATION ADMINISTRATION: Court Enters Wind-Up Order
THORNE HEALTHTECH: Creditors' Proofs of Debt Due on March 8

                           - - - - -


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

GRAND SEAL: First Creditors' Meeting Set for Feb. 21
----------------------------------------------------
A first meeting of the creditors in the proceedings of Grand Seal
Pty Ltd will be held on Feb. 21, 2024, at 3:00 p.m. via
teleconference only.

Stephen Dixon of Hamilton Murphy Advisory was appointed as
administrator of the company on Feb. 9, 2024.


JBT CORP: First Creditors' Meeting Set for Feb. 20
--------------------------------------------------
A first meeting of the creditors in the proceedings of JBT Corp Pty
Ltd will be held on Feb. 20, 2024, at 10:00 a.m. at the offices of
Cor Cordis, Mezzanine Level, 28 The Esplanade, in Perth, WA, and
via virtual meeting technology.

Jeremy Joseph Nipps and Thomas Birch of Cor Cordis were appointed
as administrators of the company on Feb. 8, 2024.


MELBOURNE REBELS: Says Rugby Australia Owes Club AUD8 Million
-------------------------------------------------------------
Herald Sun reports that the Melbourne Rebels said Rugby Australia
owes them over AUD8 million in an extraordinary report. ASIC
documents also state RA needs to inject more money for the Rebels
to survive this season.

The Australian Financial Review reported late in January that the
chairman of the Melbourne Rebels, Paul Docherty, has stepped down
from the embattled Super Rugby club, with Rugby Australia forced to
step in and take over the running of the franchise after it fell
into administration.

Rugby Australia confirmed on Jan. 30 that the rugby union club had
entered voluntary administration, one month after The Australian
Financial Review revealed it was struggling to pay its tax bills
and stadium fees. PwC has been appointed administrator, while Rugby
Australia is taking advice from Deloitte.

According to AFR, the club is the latest in a string of companies
linked to Mr. Docherty, a Melbourne businessman who runs BRC
Capital, to have collapsed.

AFR relates that Rebels chief executive Baden Stephenson confirmed
Mr. Docherty was no longer the chairman of the club.

"With the organisation going into administration, Rugby Australia
are currently working on the structure moving forward, which is yet
to be determined," AFR quotes Mr. Docherty as saying.

Rugby Australia chief executive Phil Waugh said the Rebels would
compete in the Super Rugby season, which begins this month.

"As custodians of the game, we are determined to ensure that Rugby
Australia is making responsible decisions for a sustainable and
successful future. We will work with the Rebels and the relevant
stakeholders to that end," AFR quotes Mr. Waugh as saying.

AFR relates that Mr. Stephenson said the decision to enter
voluntary administration was made after the completion of an
external report by Wexted. He said the impact of the COVID-19
pandemic and reduced funding payments made it difficult for the
club to continue to operate.

"On Monday evening [the board] made the decision which they felt
was in the best interests of the club and its future," he said.

"I am confident that we can navigate through this period in
consultation with RA and that there will be a strong future of
professional rugby in Melbourne beyond 2024."

Mr Stephenson said he was unsure how much it would cost Rugby
Australia to run the Rebels for the season.

The Melbourne Rebels board has eight directors: Georgia Widdup, the
daughter of former Qantas chairman Leigh Clifford; Tim North KC;
Treasury Wine Estates board member Lyndsey Cattermole, Gary Gray,
Owain Stone, Neil Hay and Dominic Shipperley, a former player, AFR
discloses. Mr Shipperley has been removed as a director on the
Rebels website.

According to AFR, Mr. Waugh said Rugby Australia would work with
the Victorian government to secure a future for the Rebels, but
Premier Jacinta Allan said it was too soon to say whether it would
salvage the club.

Ms. Allan said the government would continue to work with all
sporting codes, but would not be drawn specifically on the future
of the Rebels.

"Melbourne and Victoria is the sporting capital of Australia," she
said. "I've seen there's been matters with Rugby Australia. There
will be further discussions."

Martin Ford and Stephen Longley of PricewaterhouseCoopers were
appointed as administrators of Melbourne Rebels Rugby Union Pty Ltd
on Jan. 29, 2024.


PERTH GLORY: Receivers Widen Control of Ex-Owner's Okewood Empire
-----------------------------------------------------------------
The West Australian reports that the battle over Tony Sage's
Okewood corporate empire has taken another dramatic turn, with the
receivers running Perth Glory seizing control of more of the
businessman's assets.

Mr. Sage owned the team for 16 years but the A-League sent the
Glory under in July last year, with debts of as much as AUD40
million.

As reported in the Troubled Company Reporter-Asia Pacific on Aug.
3, 2023, Perth Glory have been placed into receivership because of
financial difficulties, ending businessman Tony Sage's 15-year sole
ownership of the club, governing body Australian Professional
Leagues (APL) said on July 22, 2023, Reuters said.

According to Reuters, APL said advisory firm KordaMentha has been
appointed to oversee the transition of the club's license to new
owners, adding that it expected the process to be concluded "within
the next 10 weeks".

Mr. Sage has ceased his ownership of the club with immediate
effect, APL said.

SPROUT SYSTEMS: First Creditors' Meeting Set for Feb. 19
--------------------------------------------------------
A first meeting of the creditors in the proceedings of Sprout
Systems Pty Ltd will be held on Feb. 19, 2024, at 10:00 a.m. via
videoconference only.

Roberto Crispino of Hall Chadwick was appointed as administrator of
the company on Feb. 7, 2024.


SURFERS PARADISE: Court Enters Wind-Up Order
--------------------------------------------
The Federal Court of Queensland entered an order on Feb. 9, 2024,
to wind up the operations of Surfers Paradise Holdings Pty Ltd.

The company's liquidator is:

          Matthew John Bookless
          SV Partners
          Level 3, 12 Short Street
          Southport, QLD 4215



WOTBOX PTY: First Creditors' Meeting Set for Feb. 20
----------------------------------------------------
A first meeting of the creditors in the proceedings of Wotbox Pty
Ltd will be held on Feb. 20, 2024, at 10:00 a.m. via virtual
meeting only.

Cameron Gray and Anthony Elkerton of DW Advisory were appointed as
administrators of the company on Feb. 8, 2024.




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

CHINA RENAISSANCE: A Third of Staff Resigns, Lose Jobs
------------------------------------------------------
The Standard reports that a third of China Renaissance's staff in
Hong Kong have either resigned or lost their jobs and a Hong
Kong-based financial group with a Middle East backer is looking to
take over what remains of the boutique investment bank, a year
after former chief executive Bao Fan disappeared from public view.
Including mainland China, about 100 staffers were said to have left
the firm in the past year, involving investment banking, private
equity and wealth management teams, The Standard relates.

A couple of small Chinese brokerages have also shown interest in
the firm but talks with prospective buyers have been difficult
because Mr. Bao's detention has prevented the firm from making
decisions on significant matters, sources said.

That hurdle may now be cleared after China Renaissance announced
last week that Mr. Bao resigned as chairman and chief executive
effective February 2, citing "health reasons and to spend more time
on his family affairs," The Standard adds.

China Renaissance provides a full range of trusted services,
including investment management, private placement, M&A advisory,
equity underwriting, sales & trading, research and wealth
management.

FOSUN INTERNATIONAL: To Revive Sale of Hong Kong's Peak Re
----------------------------------------------------------
Bloomberg News reports that Fosun International has revived a plan
to sell Hong Kong-based Peak Reinsurance after failing in a
previous attempt, according to insiders.

Bloomberg relates that BNP Paribas is helping the Chinese
conglomerate find a buyer for its majority stake in the business,
the people said, asking not to be identified because the matter is
private.

Fosun is potentially seeking a valuation of HK$7.8 billion for the
company known as Peak Re.

A formal sale process is under way and marketing materials have
been sent to prospective bidders, including private equity firms
and Asia-based financial services companies, according to
Bloomberg.

Considerations are preliminary, no final decisions have been made
and Fosun could still decide against a sale, they said.

Fosun had previously considered options including a sale of Peak Re
as part of its efforts to pay down debt in 2022, Bloomberg says.

Founded in 2012, Peak Re focuses on insurance, including property
and casualty, and life and health, its website shows. It has more
than 580 clients across 60 markets in Asia Pacific, Europe, the
Middle East, Africa and the Americas.

US-based Prudential Financial owns a 13 percent stake in the
reinsurer, while Fosun holds the rest, Bloomberg discloses citing
Peak Re's latest annual report.

As reported last week, other potential divestments from Fosun
include its minority stake in Belgium's largest insurer Ageas, adds
Bloomberg.

                     About Fosun International

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

As recently reported in the Troubled Company Reporter-Asia Pacific,
S&P Global Ratings revised its rating outlook to stable from
negative on Fosun International Ltd. At the same time, S&P affirmed
its long-term issuer and issue credit ratings on Fosun at 'BB-'.

The stable rating outlook reflects S&P's expectation of moderating
refinancing risk and further deleveraging via asset recycling over
the next 12-18 months.  



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

AADAR INFRACON: CRISIL Reaffirms B Rating on INR7.25cr Cash Loan
----------------------------------------------------------------
CRISIL Ratings has reaffirmed its 'CRISIL B/Stable/CRISIL A4'
ratings on the bank facilities of Aadar Infracon (AI).

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit            7.25       CRISIL B/Stable (Reaffirmed)


   Short Term             0.75       CRISIL A4 (Reaffirmed)
   Bank Facility          

The ratings continue to reflect AI's modest scale and working
capital intensive operations, weak financial profile and
susceptibility to tender-based business. These weaknesses are
partially offset by the extensive industry experience of the
partners and the moderate order book providing revenue visibility.

Analytical Approach

CRISIL Ratings has taken a standalone approach for rating the bank
facilities of AI. Unsecured loans have been treated as neither debt
nor equity to the extent of Rs.74.22 lakh because the amount will
be remained in business for medium to long term.

Key Rating Drivers & Detailed Description

Weaknesses:

* Susceptibility to tender-based operations: Revenue and
profitability entirely depend on the ability to win tenders. Also,
entities in this segment face intense competition, thus requiring
to bid aggressively to get contracts, which restricts the operating
margin to a modest level. Also, given the cyclicality inherent in
the construction industry, the ability to maintain profitability
margin through operating efficiency becomes critical.

* Weak financial profile:  Gearing and total outside liabilities to
adjusted tangible networth ratios were high at 2.02 and 5.76 times,
respectively, as on March 31, 2023. Debt protection measures have
also been below average due to high gearing and low accrual from
operations. The interest coverage and net cash accrual to total
debt ratios were 2.47 times and 0.11 time, respectively, for fiscal
2023. Debt protection measures are expected to remain at similar
level with significant borrowings.

Strength:

* Extensive industry experience of the promoters: The partners'
experience of over a decade in the civil construction industry,
their understanding of the dynamics of the market and established
relationships with suppliers and customers should continue to
support the business.

Liquidity: Stretched

Bank limit utilisation is moderate at around 91 percent for the
past 6 months ended November 2023.Cash accrual are expected to be
over INR1 crore which are sufficient against term debt obligation
of INR0.24 crore over the medium term. In addition, it will be act
as cushion to the liquidity of the company.

Current ratio is healthy at 1.14 times on March 31, 2023. The
promoters are likely to extend support in the form of equity and
unsecured loans to meet its working capital requirements and
repayment obligations.

Outlook: Stable

CRISIL Ratings believes AI will continue to benefit from the
extensive experience of its partners, and established relationships
with clients.

Rating Sensitivity factors

Upward factors

* Sustained increase in profitability, leading to higher cash
accrual.
* Improvement in working capital cycle, with GCAs of 150 days.

Downward factors

* Decline in scale of operations leading to fall in revenue by 20%
and profitability margin below 7%.
* Increase in working capital requirements weakening the liquidity
and financial risk profiles.

Established in 2013 in Gujarat, AI is owned and managed by Dhruv
Jagdishbhai Patel, Jagdishbhai Patel, Rajendrakumar Patel and
Vilesh Patel. AI is engaged in civil construction works, such as
construction of building, roads and bridges, canal work and
allied.


ANMOL FERRO: CRISIL Lowers Rating on INR5.04cr Cash Loan to D
-------------------------------------------------------------
CRISIL Ratings has revised the rating on bank facilities of Anmol
Ferro Impex Private Limited (AFIPL) downgraded to 'CRISIL D Issuer
Not Cooperating' from 'CRISIL B/stable Issuer Not Cooperating'
owing to delay in debt servicing.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit/          5.04        CRISIL D (ISSUER NOT
   Overdraft                         COOPERATING; Downgraded from
   facility                          'CRISIL B/Stable ISSUER NOT  

                                     COOPERATING')

   Proposed              4.96        CRISIL D (ISSUER NOT
   Overdraft                         COOPERATING; Downgraded from
   Facility                          'CRISIL B/Stable ISSUER NOT  

                                     COOPERATING')

CRISIL Ratings has been consistently following up with AFIPL for
obtaining information through letter and email dated September 11,
2023 and February 2, 2024 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale:

Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of AFIPL, which restricts CRISIL
Ratings' ability to take a forward-looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on AFIPL
is consistent with 'Assessing Information Adequacy Risk'.

Anmol Ferro Impex Private Limited (AFIPL) is engaged in trading of
various ferrous and non-ferrous metals, marbles, granites, fabric,
pulses dry fruits, electricals and electronics, handicraft etc. The
company was established in 2007 and is promoted by Mr Sanjay Sharma
and Ms Poonam Sharma.


ASA BHANU: ICRA Lowers Rating on INR8cr LT Loan to B+
-----------------------------------------------------
ICRA has downgraded the ratings on certain bank facilities of Asa
Bhanu Technical Services Limited (ABTSL), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long Term-          8.00        [ICRA]B+ (Stable) ISSUER NOT
   Fund-based-                     COOPERATING; Rating downgraded
   Limits                          from [ICRA]BB (Stable) and
                                   moved to 'Issuer Not
                                   Cooperating' Category

   Short-term–        17.00        [ICRA]A4 ISSUER NOT
   Non-fund                        COOPERATING; Rating downgraded
   based limits                    from [ICRA]A4+ and moved to
                                   'Issuer Not Cooperating'
                                   Category

Rationale

The rating downgrade is because of lack of adequate information
regarding ABTSL performance and hence the uncertainty around its
credit risk. ICRA assesses whether the information available about
the entity is commensurate with its rating and reviews the same as
per its "Policy in respect of non-cooperation by a rated entity"
available at www.icra.in. The lenders, investors and other market
participants are thus advised to exercise appropriate caution while
using this rating as the rating may not adequately reflect the
credit risk profile of the entity, despite the downgrade.

As part of its process and in accordance with its rating agreement
with Asa Bhanu Technical Services Limited, ICRA has been trying to
seek information from the entity so as to monitor its performance,
but despite repeated 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, a rating view has
been taken on the entity based on the best available information.

Incorporated in 1995, Asa Bhanu Technical Services Limited (ABTSL)
provides planning, project management, system conceptualisation,
design, erection, testing and commissioning in the fields of
transmission and distribution including detailed design of GIS
substations of up to 500 KV, and EPC of AIS substations. Further,
the company is involved in maintenance of rolling stock of metro
rail systems, project management, testing and commissioning of
signaling for mass rapid transit systems (MRTS) through its
transportation engineering department. The corporate office is in
Hyderabad, India and also has offices in Bangalore, New Delhi,
Ahmedabad and Amagasaki, Japan.


AYUSH TEXLENE: ICRA Withdraws B- Rating on INR5cr LT Loan
---------------------------------------------------------
ICRA has withdrawn the ratings assigned to the bank facilities of
Ayush Texlene Limited at the request of the company and based on
the No Objection Certificate/Closure Certificate received from the
bankers. However, ICRA does not have information to suggest that
the credit risk has changed since the time the rating was last
reviewed. The Key Rating Drivers, Liquidity Position, Rating
Sensitivities, have not been captured as the rated instruments are
being withdrawn.  

                      Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long Term-          5.00       [ICRA]B- (Stable) ISSUER NOT
   Fund Based-                    COOPERATING; Withdrawn
   Cash Credit                    

Incorporated in year 2001, Ayush Texlene Limited is engaged into
trading of textile yarns and fabrics. The company has its office
and warehouse facility located in Surat. Mr. Rakesh Agarwal and Mr.
Pramod Agarwal are the directors and the key management personnel
of the company. Babita Synthetics Private Limited and Textrend
Lifestyle Private Limited are the group companies of ATL and are
engaged in almost same line of business in the textile industry.


BAFNA MOTORS: ICRA Lowers Rating on INR23.50cr Cash Loan to D
-------------------------------------------------------------
ICRA has revised the ratings on certain bank facilities of Bafna
Motors Pune Pvt Ltd (BMPPL), as:

                     Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Long-term–        23.50       [ICRA]D; ISSUER NOT
COOPERATING;
   Fund based                    Rating downgraded from
   Cash Credit                   [ICRA]B+ (Stable) and continues
                                 to remain under 'Issuer Not
                                 Cooperating' category

Rationale

Material event
The rating of BMPPL is downgrade reflects Delay in Debt Repayment
as mentioned in the Publicly available sources.

Impact of material event
The rating is based on limited information on the entity's
performance since the time it was last rated April 2023. The
lenders, investors and other market participants are thus advised
to exercise appropriate caution while using this rating as the
rating may not adequately reflect the credit risk profile of the
entity, despite the downgrade.

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

Incorporated in August 2017, BMPPL is an authorized dealer of Tata
Motors Limited for its PVs (cars) as well as for the spare parts
and servicing of its PVs. The company commenced operations from
January 2018, taking over the fixed assets (showrooms and
workshops) of Pandit Auto wheels Pvt. Ltd. At present, it operates
four showrooms and three workshops in Pune. BMPPL is a part of the
Bafna Group promoted by Mr. M. C. Bafna and his two sons, Mr.
Sumati Prasad Bafna, and Mr. Sanjeev Bafna. Besides its car
dealership business, the company is also involved in the servicing
of vehicles, selling of Tata Motors' genuine spare parts and
accessories.


BEHL MOTORS: CARE Lowers Rating on INR9cr LT Loan to B-
-------------------------------------------------------
CARE Ratings has revised the ratings on certain bank facilities of
Behl Motors Private Limited (BMPL), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       9.00       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 Ltd. had, vide its press release dated December 16,
2022, placed the rating(s) of BMPL under the 'issuer
non-cooperating' category as BMPL 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. BMPL
continues to be noncooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated November 1, 2023, November 11, 2023, November
21, 2023.

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

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

The rating assigned to the bank facilities of BMPL has been revised
on account of non-availability of requisite information. The rating
revision also factors in the continued operating losses for the two
years ended March 31, 2023.

The entity was originally established as a partnership firm by the
name Behl Motors (BM) in 1986. BM was an authorized automobile
dealer of Eicher Motors Limited. It was subsequently converted into
a private limited company in 2008 and the name was changed to Behl
Motors Private Limited (BMPL). BMPL has Mr. Somnath Behl, Mr.
Suresh Kumar Behl, Mr. Sanjay Behl and Mr. Deepak Pal Dhawan as its
directors. Presently, BMPL is an authorized automobile dealer of
Tata Motors Limited for commercial vehicles (heavy, medium and
light weight) like trucks, buses and dippers (four wheelers). The
company currently operates 3S facility (sales, spares and service)
in 2 showrooms and only sales in 4 showrooms in Himachal Pradesh.
The company procures vehicles and spare parts from Tata Motors
Limited on advance payment basis.


BHAGHYAJYOTHI AGRO: CRISIL Lowers Rating on INR9cr Loan to D
------------------------------------------------------------
CRISIL Ratings has revised the rating on bank facilities of Sree
Bhaghyajyothi Agro Foods (SBAF) have been downgraded to 'CRISIL D
Issuer Not Cooperating' from 'CRISIL B+/Stable Issuer Not
Cooperating' due to delays in servicing debt obligation

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit            9          CRISIL D (ISSUER NOT
                                     COOPERATING; Downgraded from
                                     'CRISIL B+/Stable ISSUER NOT
                                     COOPERATING')

   Key Cash Credit        4.5        CRISIL D (ISSUER NOT
                                     COOPERATING; Downgraded from
                                     'CRISIL B+/Stable ISSUER NOT
                                     COOPERATING')

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

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of SBAF, which restricts CRISIL
Ratings ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on SBAF
is consistent with Assessing Information Adequacy Risk.

SBAF, set up in 2011, processes paddy into rice, rice bran, and
husk, and has capacity of 3.5 tonne per hour. The firm was set up
by Mr Sharanaiya Swami and his mother Ms Gangamma.


BRAVO AGENCIES: CARE Keeps D Debt Ratings in Not Cooperating
------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Bravo
Agencies Private Limited (BAPL) continue to remain in the 'Issuer
Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       7.50       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

   Short Term Bank      7.50       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Rationale and key rating drivers

CARE Ratings Ltd. had, vide its press release dated December 12,
2022, placed the rating(s) of BAPL under the 'issuer
non-cooperating' category as BAPL 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. BAPL
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 7, 2023, November 17,
2023.

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

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

Delhi-based BAPL was incorporated in April 1995. The company is
currently promoted by Mr Balwant Jain and Mr Pawan Mittal. BAPL is
engaged trading of flat rolled steels like cold rolled steel, hot
rolled steel, electrical steel, tin mill products, etc. The
warehouses are located at Mundka, Delhi. The company procures steel
from various mills throughout the country. The company
undertakes only domestic sales wherein it sells the product to
various other equipment manufacturers and traders of steel.


CHUR TEXTILES: Insolvency Resolution Process Case Summary
---------------------------------------------------------
Debtor: Chur Textiles Limited
Survey No: 7/2, Grd, 1st Floor, 2nd Flr,
        Sarawali Midc, Kalyan-Bhiwandi Rd, Thane,
        Thane, Maharashtra, India, 421302

Insolvency Commencement Date: January 5, 2024

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

Court: National Company Law Tribunal, Mumbai Bench-IV

Insolvency
Professional: Rakesh Bothra
              119-A, 1st Floor, Vinay Bhavya Complex,
              159, CST Road, Kalina, Santacruz East,
              City - Mumbai, Maharashtra -400098
              Email: ip.rakeshbothra@gmail.com
              Email: cirp.chur@gmail.com
  
Last date for
submission of claims: January 24, 2024



CONCEPT BIKES: CRISIL Lowers Long/Short Term Debt Ratings to D
--------------------------------------------------------------
CRISIL Ratings has downgraded its ratings on the bank facilities of
Concept Bikes (CONBIK) to 'CRISIL D/CRISIL D Issuer Not
Cooperating' from 'CRISIL B/Stable/CRISIL A4 Issuer Not
Cooperating' owing to the delay in debt servicing.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Long Term Rating        -         CRISIL D (ISSUER NOT
                                     COOPERATING; Downgraded from
                                     'CRISIL B/Stable ISSUER NOT
                                     COOPERATING')

   Short Term Rating        -        CRISIL D (ISSUER NOT
                                     COOPERATING; Downgraded from
                                     'CRISIL A4 ISSUER NOT
                                     COOPERATING')

CRISIL Ratings has been consistently following up with CONBIK for
obtaining information through letters and emails dated 2, February
2024, 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 CONBIK, which restricts CRISIL
Ratings' ability to take a forward-looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on
CONBIK is consistent with 'Assessing Information Adequacy Risk'.

CONBIK (a part of the Concept group of companies) is a proprietary
concern set up by Mr Firozkhan Abdullatheef in September 2013.The
firm is an authorised dealer for two wheelers (Royal Enfield) with
four showrooms in Thiruvananthapuram.


ERODE SRI: CRISIL Lowers Rating on INR7.5cr Cash Loan to D
----------------------------------------------------------
CRISIL Ratings has revised the ratings on long term bank facilities
of  Erode Sri Palani Murugan Spinning Mills Private Limited
(ESPMSMPL) downgraded to 'CRISIL D Issuer Not Cooperating' from
'CRISIL B/stable Issuer Not Cooperating' owing to delay in debt
servicing

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit            7.5        CRISIL D (ISSUER NOT
                                     COOPERATING; Downgraded from
                                     'CRISIL B/Stable ISSUER NOT
                                     COOPERATING')

   Long Term Loan         6.5        CRISIL D (ISSUER NOT
                                     COOPERATING; Downgraded from
                                     'CRISIL B/Stable ISSUER NOT
                                     COOPERATING')

CRISIL Ratings has been consistently following up with ESPMSMPL 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 ESPMSMPL, which restricts CRISIL
Ratings ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on
ESPMSMPL is consistent with Assessing Information Adequacy Risk.

Incorporated in 1989 and promoted by Mr M Ramakrishna Prasad,
ESPMSMPL manufactures Viscose yarn is based in Erode (Tamil Nadu).

Status of non cooperation with previous CRA:

ESPMSMPL has not cooperated with Brickwork Ratings India Private
Limited and Credit Analysis & Research Ltd which led to its
classification as 'issuer not cooperative' vide release dated 7th
Jan 2021 and 10th Jan 2020 and by Brickworks and CARE respectively.
Reason provided is non-furnishing of information for monitoring of
ratings.


G.T. CINEMAS: CARE Assigns D Rating to INR113.49cr LT Loan
----------------------------------------------------------
CARE Ratings has assigned the ratings on certain bank facilities of
G.T. Cinemas Private Limited (GTPL), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      113.49      CARE D; Assigned
   Facilities                      

Rationale and key rating drivers

The ratings assigned to the bank facilities of GTPL factors in the
delays in meeting debt obligations on due dates as per the bank
statements submitted by the company as the rentals being earned by
GTPL are insufficient to repay the EMIs.

Rating sensitivities: Factors likely to lead to rating actions

Positive factors

* Delay free track record of operations for a continuous period of
more than three months and complete repayment of all
statutory dues.

Negative factors

* Not Applicable
Analytical approach: Standalone

Outlook: Not Applicable

Detailed description of the key rating drivers:

Key weaknesses

* Delays in debt servicing: As per the bank statements submitted by
the company, it has been observed that the company has not been
able to generate sufficient rental income to cover the entire EMI
cost. This short fall of rental income has resulted in building up
of overdue EMI payment. Company has been witnessing decline in
footfall due to presence of several other competing malls in nearby
areas.

Key strengths

* Long standing experience of the promoters: The promoters, Mr.
Thimmaiah Anand and Mr.Thimmaiah Ramachandra, have more than three
decades of experience in commercial real estate development. They
are experienced in developing commercial real estate and have
school, college and convention centre. Some of the prominent
commercial establishments developed by them in Bangalore are
Prasanna Theatre, G.T.Industrial Enterprises, Gangamma Thimmaiah
Convention and Prasanna Enterprises. The company has benefitted
from the experience of the promoters during Covid-19 and has been
operating mall since inception.

Liquidity: Poor

Company is not generating enough rental income to fulfil the
monthly debt obligations because of which there is an overdue of
EMI. Further due to shortage of funds, company is not able to clear
its statutory dues. Moving forward also, shortfall of rental income
is envisaged owing to decline in footfall, which will continue to
put pressure on the liquidity of the company.

GTPL was incorporated on 04 May 2005 by 4 brothers namely Thimmaiah
Anand, Thimmaiah Ramachandra, Thimmaiah Gangadhar and Thimmaiah
Manjunath. The company has set up a mall cum shopping complex at
Magadi road, Bengaluru called GT World Mall. The mall is
operational since 2017.

GOVIND AGRO: CRISIL Lowers Rating on INR25cr Cash Loan to D
-----------------------------------------------------------
CRISIL Ratings has downgraded its rating on the bank facilities of
Govind Agro Foods (GAF) to 'CRISIL D Issuer Not Cooperating' from
'CRISIL B/Stable Issuer not cooperating' as the entity has delayed
servicing its debt obligation, as per publicly available
information.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit            25         CRISIL D (ISSUER NOT
                                     COOPERATING; Downgraded from
                                     'CRISIL B/Stable ISSUER NOT  

                                     COOPERATING')

   Cash Credit             5         CRISIL D (ISSUER NOT
                                     COOPERATING; Downgraded from
                                     'CRISIL B/Stable ISSUER NOT  

                                     COOPERATING')

CRISIL Ratings has been consistently following up with GAF for
obtaining information through letters and emails dated August 25,
2023, among others, apart from telephonic communication. However,
the issuer has remained non-cooperative.

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 has been
arrived at without any interaction with the management and is based
on best available, limited or dated information regarding the
company. Such non-cooperation by a rated entity may be a result of
weakening of its credit risk profile. Ratings with the 'issuer not
cooperating' suffix lack a forward-looking component.

Detailed Rationale

Despite repeated attempts to engage with the management of GAF,
CRISIL Ratings did not receive any information on the financial
performance or strategic intent of the entity. This restricts the
ability of CRISIL Ratings to take a forward-looking view on the
credit quality of the company. The rating action on GAF is
consistent with the criteria detailed in 'Assessing information
adequacy risk'.

Set up in July 2009 as a partnership firm by Mr Subhash Chand and
his son, Mr Neeraj Kumar, GAF processes basmati rice and sells to
domestic players, which export it to the Middle East.


HITECH PRINT: CRISIL Withdraws D Rating on INR1.21cr Term Loan
--------------------------------------------------------------
Due to inadequate information, CRISIL Ratings, in line with SEBI
guidelines, had migrated the rating of Hitech Print Systems Limited
(HPSL) to 'CRISIL D/Issuer Not Cooperating'. However, the
management has subsequently started sharing requisite information,
necessary for carrying out comprehensive review of the rating.

CRISIL Ratings has withdrawn its rating on bank facility of HPSL
following a request from the company and on receipt of a 'no dues
certificate' from the banker. Consequently, CRISIL Ratings is
migrating the ratings on bank facilities of HPSL from 'CRISIL
D/Issuer Not Cooperating to 'CRISIL D'. The rating action is in
line with CRISIL Ratings' policy on withdrawal of bank loan
ratings.

                     Amount
   Facilities     (INR Crore)     Ratings
   ----------     -----------     -------
   Term Loan          1.21        CRISIL D (Migrated from
                                  'CRISIL D ISSUER NOT
                                  COOPERATING'; Rating Withdrawn)

HPSL was set up in 1986 as a wholly-owned subsidiary of Anjani
Projects and Construction Ltd (APL), promoted by Mr KV Vishnu Raju
and his family members. The Hyderabad-based company offers printing
solutions to a wide range of companies across industries. It is
approved by the Indian Banks' Association, and is also a member of
Print Services and Distribution Association


INDIAN SUGAR: NCLT Approves Shri Dutt's Acquisition Bid
-------------------------------------------------------
The Economic Times reports that the bankruptcy court has approved a
proposal from a consortium comprising Shri Dutt India Pvt Ltd and
Shri Dutt Biofuels Pvt Ltd to acquire Indian Sugar Manufacturing
Company Ltd.

ET relates that the consortium has offered to pay INR175 crore to
acquire the company which has total admitted liabilities of INR523
crore. All the lenders of Indian Sugar Manufacturing had earlier
approved the proposal.

"The resolution plan annexed to the application is hereby
approved," a division bench of Justice VG Bisht and technical
member Prabhat Kumar said in its order on February 6.

"It shall be binding on the corporate debtor, its employees,
members, creditors, including the central government, any state
government or any local authority to whom a debt in respect of the
payment of dues arising under any law for the time being in force
is due," it said.

Financial creditor Saisidha Sugar Equipments & Engineering Company
had last year moved the National Company Law Tribunal, the
dedicated bankruptcy court, to initiate a corporate insolvency
resolution process (CIRP) against the company after it defaulted on
dues of over INR71 crore, ET recalls.

Its primary lenders include the Sugar Development Fund represented
by IFCI Ltd, State Bank of India, Thane District Central
Co-operative Bank and Karnataka State Co-operative Apex Bank.

ET says the resolution plan envisages to pay 100% dues to the
bankrupt company's employees and workmen.

Shri Dutt Biofuels is also one of the financial creditors of the
company, holding about 17.86% voting share in its committee of
creditors.

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

KERAMIKA INDIANA: ICRA Withdraws B Rating on INR7.90cr Term Loan
----------------------------------------------------------------
ICRA has withdrawn the ratings assigned to the bank facilities of
Keramika Indiana (KI) at the request of the company and based on
the No Objection Certificate received from the banker, and in
accordance with ICRA's policy on rating withdrawal. ICRA does not
have information to suggest that the credit risk has changed since
the time the rating was last reviewed.

                     Amount
   Facilities     (INR crore)   Ratings
   ----------     -----------   -------
   Long Term–         2.50      [ICRA]B(Stable); withdrawn  
   Fund based
   Cash Credit        

   Long Term–         7.90      [ICRA]B(Stable); withdrawn
   Fund based
   Term Loan          

   Short Term–        0.65      [ICRA]A4; withdrawn
   Non-Fund based     

   Unallocated        0.95      [ICRA]B(Stable); withdrawn
   Limits             

Established in 2019, Keramika Indiana (KI) is involved in
manufacturing backsplash porcelain/ mosaic tiles at Morbi (Gujarat)
with an installed capacity of 18,900 MTPA.KI has started its
commercial operations in November 2020.The main promoters, Mr.
Mayur Dadhaniya, Mr. Kuldip Padsumbiya, Mr. Ashok Adroja and Mr.
Hemant Dadhaniya, have extensive experience of more than a decade
in the ceramic industry through their association with other
companies in the ceramic industry such as Starco Ceramic and Range
Ceramic Pvt. Ltd.


LAKSHMI VENKATA: CRISIL Lowers Rating on INR7.4cr LT Loan to D
--------------------------------------------------------------
CRISIL Ratings has downgraded its rating on the bank facilities of
Lakshmi Venkata Ramana Publishers (LVRP) to 'CRISIL D Issuer Not
Cooperating' from 'CRISIL B/Stable Issuer Not Cooperating' based on
publicly available information.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit            1          CRISIL D (ISSUER NOT
                                     COOPERATING; Downgraded from
                                     'CRISIL B/Stable ISSUER NOT  

                                     COOPERATING')

   Long Term Loan         7.4        CRISIL D (ISSUER NOT
                                     COOPERATING; Downgraded from
                                     'CRISIL B/Stable ISSUER NOT  

                                     COOPERATING')

   Proposed Long Term     1.6        CRISIL D (ISSUER NOT
   Bank Loan Facility                COOPERATING; Downgraded from
                                     'CRISIL B/Stable ISSUER NOT  

                                     COOPERATING')

CRISIL Ratings has been consistently following up with LVRP for
obtaining information through letters and emails dated November 24,
2022 and January 16, 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 LVRP, which restricts CRISIL
Ratings' ability to take a forward-looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on LVRP
is consistent with 'Assessing Information Adequacy Risk'.

Established in 2015 as a partnership firm,  LVRP is engaged in
offset printing and book manufacturing business. Based in
Vijaywada, Andhra Pradesh, the firm is promoted by Mr.P Srinivasa
Rao.


MAK CONSTRUCTIONS: CRISIL Lowers Long/Short Term Rating to D
------------------------------------------------------------
CRISIL Ratings has downgraded its rating on the bank facilities MAK
Constructions (MAK) to 'CRISIL D/CRISIL D Issuer Not Cooperating'
from 'CRISIL B/Stable/CRISIL A4 Issuer Not Cooperating' due to
delays in servicing debt obligation.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Long Term Rating       -          CRISIL D (ISSUER NOT
                                     COOPERATING; Downgraded from
                                     'CRISIL B+/Stable ISSUER NOT
                                     COOPERATING')

   Short Term Rating      -          CRISIL D (ISSUER NOT
                                     COOPERATING; Downgraded from
                                     'CRISIL A4 ISSUER NOT
                                     COOPERATING')

CRISIL Ratings has been consistently following up with MAK for
obtaining information through letters and emails dated December 24,
2022, February 17, 2023 and January 31, 2024 among others, apart
from telephonic communication. However, the issuer has remained non
cooperative.

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of MAK, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on MAK
is consistent with 'Assessing Information Adequacy Risk'

MAK was established in 2001 as a partnership firm. It undertakes
infrastructure projects and is primarily focussed on the laying and
maintanance of roads and bridges in and around Madurai,Tamil Nadu

Status of non cooperation with previous CRA:

MAK has not cooperated with ICRA limited, which published their
ratings as 'issuer not co-operating' through release dated 24th
April 2019. The reason provided by them was non-furnishing of
information by MAK for monitoring the ratings.


MURARI OIL: ICRA Keeps D Debt Rating in Not Cooperating Category
----------------------------------------------------------------
ICRA has kept the Long-Term rating for the Bank facilities of Sri
Murari Oil Industries Private Limited (SMOIPL) in the 'Issuer Not
Cooperating' category. The rating is denoted as "[ICRA]D ; ISSUER
NOT COOPERATING".

                     Amount
   Facilities     (INR crore)   Ratings
   ----------     -----------   -------
   Long-term–         6.00      [ICRA]D; ISSUER NOT COOPERATING;
   Fund based                   Rating Continues to remain under
   Cash Credit                  'Issuer Not Cooperating'
                                Category

   Long-term–        10.00      [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 SMOIPL, 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 2014, SMOIPL is involved in de-linting and crushing
of cottonseeds to produce cottonseed oil, de oiled cake and cotton
linters along with hull and liquid soap as by-products since
November 2016. The plant is located in Ballari, Karnataka. Four
promoters, namely, Mr. Vijay Bhaskar Reddy, Mr. Murahari Reddy, Mr.
Ananda Mohan Rao and Mr. V Chandrashekar manage the operations of
the company. The promoters have rich experience in the businesses
such as cotton ginning, edible oil extraction, manufacturing of
Equipments for oil extraction and trading of agriculture
products.affordable residential projects under the brand name,
'Ghar Ho To Aisa', mainly along the western suburbs of Mumbai.


OM BESCO: CRISIL Withdraws Rating on INR15cr Cash Loan
------------------------------------------------------
CRISIL Ratings has withdrawn its rating on the bank facilities of
Om Besco Rail Products Limited (OBRPL) on the request of the
company and there being no debt outstanding with the banks. The
rating action is in line with CRISIL Ratings' policy on withdrawal
of its ratings on bank loans.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit            15         CRISIL D/Issuer Not
                                     Cooperating (Withdrawn)

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

OBRPL, is a Kolkata based company, is involved in manufacture alloy
steel casting products for use in railway freight wagons. The
company has manufacturing facility based in Kolkata.

Status of non cooperation with previous CRA:

OBRPL has not cooperated with Credit Analysis and Research Ltd
(CARE) which has classified it as non-cooperative vide release
dated December 1, 2017. The reason provided by CARE is
non-furnishing of information for monitoring of ratings


PANCARD CLUBS: NCLT Dismisses Ashdan's Plea vs. Resolution Plan
---------------------------------------------------------------
The Economic Times reports that the National Company Law Tribunal
(NCLT) has dismissed a petition filed by Ashdan Properties against
Chemhub Tradelink's committee of creditors-approved resolution plan
for Pancard Clubs. Ashdan was one of the three bidders interested
in acquiring the bankrupt Pancard, which develops and operates
hotels and resorts, the report says.

Pancard Clubs has more than 1.5 million timeshare subscribers, who
are classified as financial creditors. In its ruling, dismissing
Ashdan's appeal, the court said around 23% of the financial
creditors participated in the voting process, with a clear majority
of 19.38% voting in favour of the resolution plan proposed by
Chemhub Tradelink, ET relates.

According to ET, the tribunal recommended that the Insolvency &
Bankruptcy Board of India (IBBI) use Pancard as a case study to
form guidelines for instances where a single insolvency
professional acts as the authorised representative of a large
number of financial creditors.

ET notes that the NCLT admitted Pancard for the corporate
insolvency resolution process on Sept. 9, 2022, and appointed
Rajesh Sureshchandra Sheth as the resolution professional (RP) and
Vitthal Dahake as the authorised representative of financial
investors.

After the voting took place and Chemhub's plan was approved by the
CoC, Ashdan approached the court, ET relates. The NCLT asked the
CoC to hold another round of voting in which the creditors again
voted in favour of Chemhub.

Pancard Clubs Limited owns and operates a chain of hotels. The
Company engages in development and maintenance of recreation clubs,
resorts, and hotels, as well as offers holiday packages, booking,
and other related services.  

PAYTM: Faces Serious Risk of Customer Exodus, Says Macquarie
------------------------------------------------------------
Bloomberg News reports that Paytm is potentially fighting for its
survival after the central bank ordered halting much of its
business activities, according to Macquarie Group Ltd. Shares
tumbled to a fresh low.

After the recent Reserve Bank of India (RBI) curbs, "Paytm faces a
serious risk of customer exodus which significantly jeopardises its
monetisation and business model," Macquarie analysts Suresh
Ganapathy and Punit Bahlani, wrote in a note, Bloomberg relays.
They downgraded their rating on One 97 Communications Ltd, the
parent of Paytm, to underperform from neutral, and slashed the
price target to 275 rupees from 650.

Bloomberg relates that Paytm, the poster boy of India's fintech
sector, has been in the eye of a regulatory storm after the RBI
found persistent non-compliance at Paytm Payments Bank and
prohibited the unit from taking on new customers and fresh deposits
after Feb. 29.

Bloomberg says the regulatory action has sharply hit Paytm's
shares, which have erased about US$3 billion of market value since
the curbs were announced after the close of trading hours on Jan.
31.

                            About Paytm

One97 Communications Limited (BSE:PAYTM) -- https://www.paytm.com/
-- provides payment, commerce and cloud, and financial services to
consumers and merchants in India. The company provides payment and
financial services, which primarily includes payment facilitator
services, facilitation of consumer and merchant lending to
consumers and merchants, wealth management, etc. It also offers
commerce and cloud services, including aggregator for digital
products; ticketing services for travel and entertainment; and
providing voice and messaging platforms to the telecom operators,
enterprise customers, and other businesses, etc. In addition, the
company provides consumers a range of instruments, both third party
like cards, net banking, and Paytm payment instruments, such as
wallet, Paytm postpaid to make online payments using the Paytm app;
and make online payments on third party apps and in-store payments
through QR codes and devices. Further, it offers mobile banking,
lending, insurance, and wealth management for consumers and
merchants; merchant services including ability to sell tickets to
customers; advertising; and loyalty solutions, such as deals and
gift vouchers.


PIYUSH INFRATECH: ICRA Keeps D Debt Ratings in Not Cooperating
--------------------------------------------------------------
ICRA has retained the rating for the bank facilities of Piyush
Infratech Private Limited (PIPL) 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–        16.50      [ICRA]D; ISSUER NOT COOPERATING;
   Fund based                   Rating Continues to remain under
   Cash Credit                  'Issuer Not Cooperating'
                                Category

   Long-term/        20.00      [ICRA]D/[ICRA]D; ISSUER NOT
   Short Term                   COOPERATING; Rating Continues to
   Non Fund Based               remain under 'Issuer Not
                                Cooperating' Category

As part of its process and in accordance with its rating agreement
with PIPL, ICRA has been trying to seek information from the entity
to monitor its performance and has also been consistently following
up with PIPL to obtain the monthly Non Default Statement. However,
the entity's management has remained non-cooperative. Further, ICRA
has been sending repeated reminders to the entity for the payment
of the surveillance fee that has been due. Despite multiple
requests by ICRA, the entity's management has remained
non-cooperative. In the absence of the requisite information and in
line with ICRA's policy in respect of non-cooperation by the rated
entity, the rating continues to be in Issuer Not Cooperating'
category. The rating is based on the best available information.
  
Incorporated in June 2013, Piyush Infratech Private Limited (PIPL)
is a construction company based out of Aurangabad, Maharashtra. It
was previously a partnership firm named Piyush Enterprises, started
by the managing director, Mr. Pralhad Panhale, and subsequently
converted into a private company in 2013. PIPL is a part of the
Piyush Group and had initially commenced operations with
small-sized projects related to infrastructures such as earthen
dams and Kolhapuri-type weirs (K T weirs), among others. It has
subsequently undertaken larger projects, including barrages,
bridges, railway overbridges and lift irrigation schemes among
others.


RAJ AGRO: ICRA Keeps B Debt Ratings in Not Cooperating Category
---------------------------------------------------------------
ICRA has kept the Long-term rating of Raj Agro (RA) in the 'Issuer
Not Cooperating' category. The rating is denoted as "[ICRA]B
(Stable); ISSUER NOT COOPERATING".

                      Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long Term-          2.11       [ICRA]B (Stable) ISSUER NOT
   Fund Based-                    COOPERATING; Rating continues
   Term Loan                      to remain under 'Issuer Not
                                  Cooperating' category

   Long Term-          3.75       [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 RA, 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.

Raj Agro (RA) is engaged in the business of milling and sorting of
Non-Basmati Rice. The company started established in the year 2009.
The installed capacity of the unit is 8 tons/hour which is located
at Sarriya District Gorakhpur (U.P.). The Company mainly exports to
Nepal. The day-to-dayoperations of the firm is managed by Mr.
Ranjan Gupta.


RELIABLE POLYESTER: CARE Keeps D Debt Rating in Not Cooperating
---------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Reliable
Polyester Private Limited (RPPL) continues to remain in the 'Issuer
Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       5.50       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Rationale and key rating drivers

CARE Ratings Ltd. had, vide its press release dated December 27,
2022, placed the rating(s) of RPPL under the 'issuer
non-cooperating' category as RPPL 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. RPPL
continues to be non-cooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated November 12, 2023, November 22, 2023, December
2, 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).

Surat-based (Gujarat) RPPL, a family run business was incorporated
in May 1988, by Mr. Radha Mohan Mittal which is now managed by Mr.
Ruchir Radha Mohan Mittal and Mrs. Esha Ruchir Mittal. The company
is engaged into the manufacturing of greige (unprocessed) polyester
fabrics from polyester yarn (primarily Air Textured Yarn (ATY)),
prior to which it discontinued the operations of manufacturing
polyester yarn. RPPL operates from its sole manufacturing facility
located in Surat (Gujarat) with 135 shuttle-less water jet looms.


S KUMAR: CRISIL Lowers Long/Short Term Debt Ratings to D
--------------------------------------------------------
CRISIL Ratings has downgraded its ratings on the bank facilities of
S Kumar Engineering Industries (SKEI) to 'CRISIL D/CRISIL D Issuer
Not Cooperating' from 'CRISIL B/Stable/CRISIL A4 Issuer Not
Cooperating' owing to the delay in debt servicing.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Long Term Rating        -         CRISIL D (ISSUER NOT
                                     COOPERATING; Downgraded from
                                     'CRISIL B/Stable ISSUER NOT
                                     COOPERATING')

   Short Term Rating        -        CRISIL D (ISSUER NOT
                                     COOPERATING; Downgraded from
                                     'CRISIL A4 ISSUER NOT
                                     COOPERATING')

CRISIL Ratings has been consistently following up with SKEI for
obtaining information through letters and emails dated February 25,
2023, April 29, 2023 and February 1, 2024 among others, apart from
telephonic communication. However, the issuer has remained non
cooperative.

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of SKEI, which restricts CRISIL
Ratings' ability to take a forward-looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on SKEI
is consistent with 'Assessing Information Adequacy Risk'.

SKEI, established in 2008, is a partnership firm of Mr. P Senthil
Kumar and his brother Mr. P Saravana Kumar. The firm fabricates
steel structural products and manufactures boiler components such
as valves, controllers, pressure gauges, coils, springs, and ducts.
Its manufacturing facility is in Trichy (Tamil Nadu).


SACHDEVA RICE: CRISIL Lowers Rating on INR10cr Cash Loan to D
-------------------------------------------------------------
CRISIL Ratings has downgraded its rating on the long-term bank
facilities of Sachdeva Rice and General Mills (SRGM) to 'CRISIL D
Issuer Not Cooperating' from 'CRISIL B-/Stable Issuer Not
Cooperating' as the entity has delayed servicing its debt, as per
publicly available information.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit            10         CRISIL D (ISSUER NOT
                                     COOPERATING; Downgraded from
                                     'CRISIL B-/Stable ISSUER NOT
                                     COOPERATING')

   Warehouse Receipts      8         CRISIL D (ISSUER NOT
                                     COOPERATING; Downgraded from
                                     'CRISIL B-/Stable ISSUER NOT
                                     COOPERATING')

CRISIL Ratings has been consistently following up with SRGM for
obtaining information through letter and email dated August 25,
2023, among others, apart from telephonic communication. However,
the issuer has remained non cooperative.

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 firm. 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 has not received any information on either the financial
performance or strategic intent of SRGM, which restricts the
ability of CRISIL Ratings to take a forward looking view on the
entity's credit quality. CRISIL Ratings believes that rating action
on SRGM is consistent with 'Assessing information adequacy risk'.

SRGM was set up in 2008 by Mr Sachit Sachdeva and his family. It is
a partnership firm based in Fazilka, Punjab. The firm processes
paddy into basmati rice and has processing capacity of 6 tonne per
hour.


SARBAMANGALA AGRO: ICRA Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------------
ICRA has kept the Long-Term and short-term rating of Sarbamangala
Agro Products Pvt Ltd in the 'Issuer Not Cooperating' category. The
rating is denoted as "[ICRA]D/[ICRA]D; ISSUER NOT COOPERATING".

                    Amount
   Facilities     (INR crore)   Ratings
   ----------     -----------   -------
   Short-term         0.18      [ICRA]D; ISSUER NOT COOPERATING;
   Non-fund based               Rating continues to remain under
   Others                       'Issuer Not Cooperating'
                                Category

   Long-term–         3.80      [ICRA]D; ISSUER NOT COOPERATING;
   Fund based                   Rating Continues to remain under
   Cash Credit                  'Issuer Not Cooperating'
                                Category

   Long-term–         1.90      [ICRA]D; ISSUER NOT COOPERATING;
   Fund based                   Rating Continues to remain under
   Term Loan                    'Issuer Not Cooperating'
                                Category

   Long Term-         0.12      [ICRA]D; ISSUER NOT COOPERATING;
   Unallocated                  Rating Continues to remain under
                                'Issuer Not Cooperating'
                                Category

As part of its process and in accordance with its rating agreement
with Sarbamangala Agro Products 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.

Incorporated in 2009, Sarbamangala Agro Products Private Limited is
primarily involved in milling of non basmati rice with an annual
paddy milling capacity of 18,000 MT. The manufacturing unit of the
company is located at Salar in the Murshidabad district of West
Bengal and has commenced operations from FY 12. The promoter of the
company, Mr. Sudip Roy was previously engaged in the trading of
paddy.


SHIVA SPECIALITY: CARE Keeps D Debt Ratings in Not Cooperating
--------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Shiva
Speciality Yarns Limited (SSYL) continue to remain in the 'Issuer
Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      69.89       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

   Short Term Bank      1.00       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Rationale and key rating drivers

CARE Ratings Ltd. had, vide its press release dated December 15,
2022, placed the rating(s) of SSYL under the 'issuer
non-cooperating' category as SSYL 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. SSYL
continues to be noncooperative 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).

Shiva Speciality Yarns Limited (SSYL), formerly known as Punjab
Cotspin Limited, was incorporated in 2005. The company was promoted
by the Singla family of Ludhiana and was engaged in the
manufacturing of cotton yarn at its production facilities in
Bhatinda, Punjab. It was subsequently acquired by the 'Shiva' Group
in November, 2007. The product profile was changed to include
synthetic yarns. Currently, SSYL manufactures mainly dyed polyester
spun yarn, blended spun yarn and knitted cloth. It also engages in
trading of polyester fibres.


SHREE BASAVESHWARA: Insolvency Resolution Process Case Summary
--------------------------------------------------------------
Debtor: Shree Basaveshwara Sugars Limited
No. 6, Mallikarjun Badavane, Managuli Road,
        Ganesh Nagar, Bijapur, Karnataka, India, 586109

Insolvency Commencement Date: January 10, 2024

Estimated date of closure of
insolvency resolution process: July 8, 2024

Court: National Company Law Tribunal, Bengaluru Bench

Insolvency
Professional: Kanekal Chandrasekhar
       No 6, "Shree" 9th Cross, Bhuvaneshwari Nagar
              Hebbalkempapura, H.A. Farm Post, Bengaluru-560024
              Email: kanekal.chandru@gmail.com
              Email: sbsugars.ibc@gmail.com
   
Last date for
submission of claims: January 24, 2024


SIISA: CRISIL Lowers Rating on INR15CR New Term Loan to D
---------------------------------------------------------
CRISIL Ratings has downgraded its rating on the long-term bank
facilities of SIISA (SIISA; part of the SIISA group) to 'CRISIL D
Issuer Not Cooperating' from 'CRISIL B+/Stable Issuer Not
Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Proposed Term Loan      15        CRISIL D (ISSUER NOT
                                     COOPERATING; Downgraded from
                                     'CRISIL B+/Stable ISSUER NOT
                                     COOPERATING)

CRISIL Ratings has been consistently following up with SIISA for
obtaining information through letters and emails dated October 10,
2023, February 1, 2024 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed rationale

Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of SIISA, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on SIISA
is consistent with 'Assessing Information Adequacy Risk'.

The rating action is based on delay in servicing debt obligations
by SIISA which came to CRISIL ratings' notice through  public
information.

Established in March 2005 as a partnership firm by Mr Vasaram
Choudhary and his family members, SIISA operates a retail showroom
in Pune.


SKYCOMM ELECTRONICS: CRISIL Lowers Rating on INR10cr Loan to D
--------------------------------------------------------------
CRISIL Ratings has downgraded its rating on the bank facilities of
Skycomm Electronics (India) Private Limited (SEIPL) to 'CRISIL D
Issuer Not Cooperating' from 'CRISIL B/Stable Issuer Not
Cooperating' based on publicly available information.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit             10        CRISIL D (ISSUER NOT
                                     COOPERATING; Downgraded from
                                     'CRISIL B/Stable ISSUER NOT
                                     COOPERATING')

CRISIL Ratings has been consistently following up with SEIPL for
obtaining information through letters and emails dated December 30,
2022 and February 17, 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 SEIPL, which restricts CRISIL
Ratings' ability to take a forward-looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on SEIPL
is consistent with 'Assessing Information Adequacy Risk'.

SEIPL, incorporated in 2012, is an authorised distributor of
Samsung's electronic appliances (except mobiles and light-emitting
diodes) in Andhra Pradesh and Telangana; it is also an authorised
dealer for Godrej's washing machines and refrigerators in
Hyderabad.


SRINIVASA STEEL: CARE Keeps D Debt Rating in Not Cooperating
------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Srinivasa
Steel Products (SSP) continue to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       9.25       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Rationale and key rating drivers

CARE Ratings Ltd. had, vide its press release dated January 4,
2023, placed the rating(s) of SSP under the 'issuer
non-cooperating' category as SSP 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. SSP
continues to be non-cooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated November 20, 2023, November 30, 2023, December
10, 2023.

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

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

SSP was established in the year 2007 by Mr S Ashokumar (Managing
Partner), Mr Bharat Kumar among other partners. SSP is engaged in
the manufacturing of hot rolled steel stripes, Electric Resistance
Welded (ERW) pipes and other steel Structural products. SSP is
specialized in manufacturing of iron and steel structural products
which are used in furniture, Racks and hoardings, etc. SSP sells
ERW pipes and structural products to distributors across India. Raw
material comprises steel and iron which are procured from local
suppliers and hot rolled steel stripes manufactured are used in
Manufacturing of ERW pipes and structural product.


STEEL & METALS: ICRA Keeps B+ Debt Ratings in Not Cooperating
-------------------------------------------------------------
ICRA has kept the Long-term and Short-term rating of Steel & Metals
in the 'Issuer Not Cooperating' category. The rating is denoted as
"[ICRA]B+(Stable)/[ICRA]A4; ISSUER NOT COOPERATING".

                     Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Short Term-        0.90       [ICRA]A4 ISSUER NOT
   Non Fund Based                COOPERATING; Rating continues
   Others                        to remain under 'Issuer Not
                                 Cooperating' category

   Long Term/         4.60       [ICRA]B+ (Stable)/[ICRA]A4;
   Short Term-                   ISSUER NOT COOPERATING;
   Unallocated                   Rating Continues to remain
                                 under issuer not cooperating
                                 category

   Long Term-         5.50       [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 Steel & Metals, 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.

Steel & Metals was set up as a partnership firm in 1979 by Mr.
Bihari Lal Ajitsaria and Mr. Arun Kumar Ajitsaria, and is engaged
in the trading of aluminium products and steel sheets. At present,
SM has two warehousing facilities in West Bengal.


TEJA SEA: CARE Keeps D Debt Ratings in Not Cooperating Category
---------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Teja Sea
Foods (TSF) continue to remain in the 'Issuer Not Cooperating'
category.

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

   Short Term Bank      3.00       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Rationale and key rating drivers

CARE Ratings Ltd. had, vide its press release dated January 20,
2023, placed the rating(s) of TSF under the 'issuer
non-cooperating' category as TSF 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. TSF
continues to be non-cooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated December 6, 2023, December 26, 2023, January 24,
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).

Andhra Pradesh based, Teja Sea Foods (TSF) was established as a
proprietary firm in the year 2011 and promoted by Mr. Velaga
Subbarao. Initially, the firm was engaged in only trading of sea
food like fish and prawn. Later on, from June 2017 onwards, the
firm started processing of sea food and expanded its geographical
reach from domestic market to international market (Vietnam and
China). Sea foods are procured from local markets Machilipatnam,
Visakhapatnam, Kakinada and surrounding coastal areas in Andhra
Pradesh. The clientele of the firm includes Huy Tuanjoint stock
company, Dai Thien Ha Joint Stock Company, Thanh Dat Joint Stock
Company, and Vilcom General Import Export Join Stock Company.


TEZALPATTY TEA: CARE Keeps D Debt Rating in Not Cooperating
-----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Tezalpatty
Tea Private Limited (TTPL) continues to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       6.35       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Rationale and key rating drivers

CARE Ratings Ltd. had, vide its press release dated December 1,
2022, placed the rating(s) of TTPL under the 'issuer
non-cooperating' category as TTPL 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. TTPL
continues to be non-cooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated October 17, 2023, October 27, 2023, November 6,
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).

Tezalpatty Tea Private Limited (TTPL) was established in 1994 by
Mrs. Rumena Rehman, Mr. Nilufar Rehman and Mr. Atikur Rehman. The
company is engaged in the processing of black tea and has an
installed capacity of 10 lakh kg per annum. The manufacturing
facility is located at Guwahati, Assam.


THEOS IMAGING: CARE Keeps D Debt Rating in Not Cooperating
----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Theos
Imaging and Diagnostics LLP (TIDL) continues to remain in the
'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       15.00      CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Rationale and key rating drivers

CARE Ratings Ltd. had, vide its press release dated December 20,
2022, placed the rating(s) of TIDL under the 'issuer
non-cooperating' category as TIDL 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. TIDL
continues to be noncooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated November 5, 2023, November 15, 2023, November
25, 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).

Theos Imaging and Diagnostic LLP (TIDL) was established in the year
2016 as Limited Liability Partnership by Dr. Bobby Jose, Mr. Manoj
Kumar and Mrs. Rosemary Manjooram. The firm has proposed to set-up
an imaging and diagnostic center in the compound of super
speciality 700 bedded Chazhikattu Hospital Private Limited (CHPL),
at Thodupuzha, Idukky district, Kerala with the most advanced MRI
scan, CT scan, Cath lab, Ultra sound scan, Mammography and EEG
equipment under an arrangement with the hospital to provide imaging
& diagnostic services as part of the hospital as well as on
reference by other doctors.

TREES OF LIFE: Insolvency Resolution Process Case Summary
---------------------------------------------------------
Debtor: Trees of Life Pvt. Ltd
Office No. 304, 3rd floor, Quantum Tower,
        Rambaug, S.V. Road, Malad (West), Mumbai-400064
  
Insolvency Commencement Date: December 21, 2023

Estimated date of closure of
insolvency resolution process: July 8, 2024

Court: National Company Law Tribunal, Mumbai Bench

Insolvency
Professional: Pourina Jayant Tungatkar
       4A, Shree Ganesh Complex, S. No. 86/1B/2B
              Gandhibhavan Road, Kothrud, Pune-411038
              Email: tungatkarpournima@gmail.com

              Jayant Bunglow Plot No. 28,
              Vidnyan Nagar Co-op, Soc., S. No. 17/1
              Bavdhan Kurd, Pune-411021  
              Email: cirp.tol24@gmail.com

Last date for
submission of claims: January 24, 2024



UNIWORLD SUGARS: CARE Keeps D Debt Rating in Not Cooperating
------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Uniworld
Sugars Private Limited (USPL) continues to remain in the 'Issuer
Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      60.00       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Rationale and key rating drivers

CARE Ratings Ltd. had, vide its press release dated December 21,
2022, placed the rating(s) of USPL under the 'issuer
non-cooperating' category as USPL 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. USPL
continues to be noncooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated November 6, 2023, November 16, 2023, November
26, 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).

USPL is an equal joint venture between ED & F Man Sugar Netherlands
BV (EDF), one of the largest commodity traders in the world markets
and Simbhaoli Sugars Limited (SSL), having one of the largest sugar
refineries in India. USPL is engaged in refinery operations which
processes raw sugar into white refined sugar though ION exchange
process and sells its product under the brand name "Tiger". SSL and
EDF formed a joint venture to set up a manufacturing facility at
the port of Kandla, Gujarat.


YUVARAJ CABLE: CARE Keeps C Debt Rating in Not Cooperating
----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Yuvaraj
Cable Networks (YCN) continues to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       5.87       CARE C; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Rationale and key rating drivers

CARE Ratings Ltd. had, vide its press release dated December 6,
2022, placed the rating(s) of YCN under the 'issuer
non-cooperating' category as YCN 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. YCN
continues to be non-cooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated October 22, 2023, November 1, 2023, November 11,
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).

Yuvaraj Cable Networks (YCN) was established in the year 1999 and
promoted by Mr D Ramachandra Rao, his family members and friends.
The firm is engaged in the business of providing television
services through installation of set top boxes (local cable
network) in and around Kovvur, Andhra Pradesh. The firm provides
television services to six circles (covering 80 villages) in A.P.
namely Kovvur, Chagallu, Tallapudi, Gopalapuram, Polarvarm and
Devarapalli.




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

COWABUNGA BREWERIES: Goes Into Liquidation
------------------------------------------
The Shout NZ reports that Auckland-based craft brewery, Cowabunga
Breweries Limited, is the latest in a line of Kiwi craft breweries
to call in liquidators.

Cowabunga, formerly in Morningside, went into a joint venture with
Batsmen Brewing at the end of last year, sharing a brew space and
taproom, according to Michael Donaldson's Friday Night Beers
report, The Shout relays.

But Mr. Donaldson said no sooner had The Tapping Room been set up,
Cowabunga decided to close up and leave it to Batsmen founders,
Suemalo Faga and Wayne Sao, to continue with their Samoa-inspired
venture.

Liquidator Damien Grant told the New Zealand Herald the company
should have succeeded.

"How can you not want to drink a beer called Cowabunga? I mean,
Bart Simpson, c'mon," The Shout quotes Mr. Grant as saying.

"This is an orderly wind-up. They had a crack at creating a craft
brewery. It's a crowded market. They were unable to make a go of
it. We've been asked to look after this. From our investigations,
we are confident that no creditors will lose any money."

Cowabunga's owner Stuart Nichol is said to be leaving the craft
beer scene and returning to teaching.


JB LOGGING: Thomas Lee Rodewald Appointed as Receiver
-----------------------------------------------------
Thomas Lee Rodewald of Rodewald Consulting on Feb. 7, 2024, were
appointed as receiver and manager of JB Logging Limited.

The receiver may be reached at:

          Rodewald Consulting Limited
          Level 1, The Hub
          525 Cameron Road
          PO Box 15543
          Tauranga 3110


KHAOS CARTEL: Liquidation Management Appointed as Administrator
---------------------------------------------------------------
Mohammed Tazleen Nasib Jan on Jan. 31, 2024, were appointed as
administrators of Khaos Cartel Howick Limited.

The administrators may be reached at:

          Liquidation Management Limited
          PO Box 50683
          Porirua 5240


NZ RAPID: Creditors' Proofs of Debt Due on March 7
--------------------------------------------------
Creditors of NZ Rapid Tests Limited are required to file their
proofs of debt by March 7, 2023, to be included in the company's
dividend distribution.

The High Court at Auckland appointed Rhys Cain and Larissa Logan of
EY as liquidators on Feb. 7, 2024.


PLUNGE POOL: Creditors' Proofs of Debt Due on March 6
-----------------------------------------------------
Creditors of Plunge Pool Installations Limited are required to file
their proofs of debt by March 6, 2024, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on Feb. 7, 2024.

The company's liquidators are:

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


WAIHEKE DIVE: Creditors' Proofs of Debt Due on March 6
------------------------------------------------------
Creditors of Waiheke Dive and Snorkel Limited are required to file
their proofs of debt by March 6, 2024, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on Feb. 7, 2024.

The company's liquidators are:

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




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

DETEC SECURITY: Commences Wind-Up Proceedings
---------------------------------------------
Members of Detec Security Services Pte Ltd and All Elite Security
Pte. Ltd. on Feb. 6, 2024, passed a resolution to voluntarily wind
up the company's operations.

The company's liquidators are:

          Ong Shyue Wen
          Saw Meng Tee
          EA Consulting Pte Ltd
          (a subsidiary of EisnerAmper PAC)
          1 North Bridge Road
          #23-05 High Street Centre
          Singapore 179094


EMBRIO ENTERPRISES: Commences Wind-Up Proceedings
-------------------------------------------------
Members of Embrio Enterprises Pte. Ltd. and Embrio Consulting Pte.
Ltd. on Feb. 2, 2024, passed a resolution to voluntarily wind up
the company's operations.

The company's liquidators are:

          Ong Shyue Wen
          Saw Meng Tee
          EA Consulting Pte Ltd
          (a subsidiary of EisnerAmper PAC)
          1 North Bridge Road
          #23-05 High Street Centre
          Singapore 179094


HATTEN LAND: Q2 Loss Widens to MYR20.7 Million on Lower Revenue
---------------------------------------------------------------
The Business Times reports that Hatten Land on Feb. 12 reported a
net loss of MYR20.7 million (SGD5.8 million) for its second fiscal
quarter ended December 2023, significantly deeper than the loss of
MYR4.3 million it recorded in the year-ago period.

On a per-share basis, this translated to a loss of MYR0.0111
compared with MYR0.0023 in the comparable year-ago period, the
group said in a bourse filing. No dividend was declared for the
quarter under review.

BT relates that the weaker bottom line showing in Q2 was chiefly
due to a 21.3 per cent decline in revenue to MYR3.8 million from
MYR4.9 million. Hatten Land said its sales and marketing strategy
is continuing in line with the progress of securing anchor tenants
for its malls, which would potentially increase the value and
attract more attention to its unsold properties.

For the six-month period ended December 2023, Hatten Land's net
loss swelled to MYR31.7 million from MYR21 million, BT discloses.
Revenue for the half-year period was down 6.4 per cent to MYR14.2
million.

According to BT, Hatten Land said that as at end-December last
year, its total loans and borrowings amounted to MYR393.8 million -
of which MYR391.8 million were classified as current liabilities
and exceeded the group's cash and bank balances of MYR3 million.

The company's liabilities of about MYR1.1 billion also exceeded its
current assets that totalled just MYR876.8 million, BT adds.

However, the company said it was still presenting a net asset
position of MYR43.7 million as at end-December last year.

BT relates that Hatten Land said its directors believe the group
can continue operating on a going-concern basis as the Malaysian
property market is showing signs of gradual improvement and there
is optimism for the recovery of its hospitality and
property-related activities in Melaka. The company said it holds a
"steadfast focus" on its core property development business.

Hatten Land said the total market value of its development
properties crossed MYR1.1 billion as at end-June 2023, of which
MYR663 million constitutes unsold completed properties that it
intends to sell gradually.

BT adds that the company said it continues to work with its
creditors to extend or restructure payment plans that include
payment structure as well as contra payments with its property
units. It is also working with its banks for the roll-over and
extension of the repayment obligations, which aligns with the
company's requirements for the current business climate, and
channels its cash flow for operational purposes.

Hatten Land has also begun the strategic restructuring of its
subsidiary GMSB, in a bid to rejig its legacy contractual
obligation to achieve a more sustainable capital structure. This
will in turn reduce the pressure on the company's cash outflows in
the future, BT relays.

One of the executive directors, who is also a controlling
shareholder of Hatten Land, has undertaken to provide necessary
financial support in the form of debt, equity, or a combination of
both, in the event that is required by the group to sustain its
operations.

In its outlook statement, Hatten Land said Melaka's slower pace of
recovery - when compared to major urban cities such as Kuala Lumpur
and Johor Bahru - is further compounded by the growing competition
in the region, BT relays.

BT adds that a majority of the group's unsold completed properties
are commercial spaces that have been non-operational since the
pandemic and the introduction of government control measures. In
response, Hatten Land is focusing on "transforming these spaces
into versatile and attractive areas". It has established
partnerships in various sectors and is consistently pursuing
fundraising activities.

                          About Hatten Land

Hatten Land Limited (SGX:PH0)-- https://hattenland.com.sg/ --
operates as a property developer. The Company develops malls,
hotels, and residential properties. Hatten Land serves customers in
Singapore and Malaysia.


INVITAE (SINGAPORE): Creditors' Proofs of Debt Due on March 11
--------------------------------------------------------------
Creditors of Invitae (Singapore) Pte. Ltd. are required to file
their proofs of debt by March 11, 2024, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on Feb. 2, 2024.

The company's liquidators are:

          Victor Goh
          Khor Boon Hong
          Marie Lee
          C/o Baker Tilly
          600 North Bridge Road
          #05-01 Parkview Square
          Singapore 188778


PRESIDENT SHIPYARD: Creditors' Proofs of Debt Due on March 11
-------------------------------------------------------------
Creditors of President Shipyard Pte. Ltd. are required to file
their proofs of debt by March 11, 2024, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on Feb. 2, 2024.

The company's liquidators are:

          Victor Goh
          Khor Boon Hong
          Marie Lee
          C/o Baker Tilly
          600 North Bridge Road
          #05-01 Parkview Square
          Singapore 188778


REPUTATION ADMINISTRATION: Court Enters Wind-Up Order
-----------------------------------------------------
The High Court of Singapore entered an order on Jan. 18, 2024, to
wind up the operations of Reputation Administration Service Pte.
Ltd.

Spamhaus Technology Ltd filed the petition against the company.

The company's liquidators are:

          Don Ho Mun-Tuke
          Ho Chjuen Meng
          David Donald
          c/o Avery Corporate Advisory
          63 Market Street #05-01A
          Bank of Singapore Centre
          Singapore 048942


THORNE HEALTHTECH: Creditors' Proofs of Debt Due on March 8
-----------------------------------------------------------
Creditors of Thorne Healthtech Asia Pte. Ltd. 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. 31, 2024.

The company's liquidator is:

          Junichi Naganawa
          18 Robinson Road
          #20-02 18 Robinson
          Singapore 048547



                           *********


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,
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Information contained herein is obtained from sources believed
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