---

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

                     A S I A   P A C I F I C

          Monday, February 19, 2024, Vol. 27, No. 36

                           Headlines



A U S T R A L I A

ANGLE ASSET 2023-1: Moody's Upgrades Rating on Class F Notes to B1
BIG SHED: First Creditors' Meeting Set for Feb. 23
CATCH.COM.AU: Posts AUD41 Million Loss for First Half of FY24
EUROFLEX AUSTRALIA: First Creditors' Meeting Set for Feb. 22
IMPEL NEUROPHARMA: Seeks to Hire Brandon Smith as Secretary

INNER WEST: First Creditors' Meeting Set for Feb. 22
NIQUE PTY: Fashion Brand Enters Voluntary Administration
OLYMPUS 2024-1: S&P Assigns Prelim 'B+' Rating to Class F Notes
ORDE 2024-1: Moody's Assigns (P)B2 Rating to AUD12MM F Notes
RESPONSIBLE ENTITY: First Creditors' Meeting Set for Feb. 21

TRANSCEND PLUMBING: First Creditors' Meeting Set for Feb. 26
[*] AUSTRALIA: Company Collapses Surpass Pre-Covid Levels


C H I N A

CHINA EVERGRANDE: Liquidators Prepare to Sue PwC Over Audits
FARMMI INC: Secures Forbearance Agreement With Streeterville
GUANGYANG ANTAI: Fitch Affirms 'B' LongTerm IDR, Outlook Stable
QINGDAO HAIFA: Fitch Lowers 'BB+' LongTerm IDR, Outlook Stable
WINTRIX DC: Fitch Lowers LongTerm IDR to 'BB', Outlook Stable



I N D I A

ADINO TELECOM: ICRA Keeps B+ Debt Ratings in Not Cooperating
AMBUJA PIPES: ICRA Lowers Rating on INR11cr Cash Loan to D
ANNAPURNA KALPANA: CARE Keeps C Debt Rating in Not Cooperating
ANNAPURNA SARASWATHI: CARE Keeps C Debt Rating in Not Cooperating
AZURE POWER: Fitch Affirms 'B' USD Bond Rating, Outlook Stable

BHARAT EXPORT: ICRA Keeps D Debt Rating in Not Cooperating
COOKPAD INDIA: Voluntary Liquidation Process Case Summary
GO FIRST: SpiceJet Promoter and Busy Bee Jointly Submit Bid
GOKUL POWER: Voluntary Liquidation Process Case Summary
INFRASTRUCTURE LEASING: CARE Reaffirms D Rating on INR9,641cr NCDs

JEEVISHA FOODS: ICRA Keeps B+ Debt Ratings in Not Cooperating
KPM WAREHOUSING: CARE Keeps C Debt Rating in Not Cooperating
MAHAVIR METAL: Voluntary Liquidation Process Case Summary
MANIKANTA COTTON: ICRA Keeps B+ Debt Ratings in Not Cooperating
NAVAMI PLAZA: CARE Keeps B- Debt Rating in Not Cooperating

OSR UP: CARE Keeps C Debt Rating in Not Cooperating Category
P.M. AGRO: CARE Keeps D Debt Rating in Not Cooperating Category
QUIPH MEDIA: Voluntary Liquidation Process Case Summary
RAM RAYON: ICRA Keeps D Debt Ratings in Not Cooperating Category
RELIANCE COMMUNICATIONS: CARE Keeps D Ratings in Not Cooperating

ROYALLINE RESOURCES: CARE Cuts Rating on INR130cr LT/ST Loan to C
RSG DEVELOPERS: ICRA Keeps B Debt Ratings in Not Cooperating
S.S. ENTERPRISES: ICRA Lowers Rating on INR4.0cr Term Loan to D
SAGAR FOODS: ICRA Keeps B Debt Ratings in Not Cooperating
SANCHEM FABRICS: ICRA Keeps B+ Debt Ratings in Not Cooperating

SASIDHAR POULTRIES: ICRA Keeps C+ Debt Ratings in Not Cooperating
SHANTHA TRUST: ICRA Keeps D Ratings in Not Cooperating Category
SHIVSHAKTI REALHOME: ICRA Keeps B+ Ratings in Not Cooperating
SHRINIWAS BOARD: ICRA Keeps B+ Debt Ratings in Not Cooperating
SIDDHIVINAYAK REALHOMES: CARE Keeps D Rating in Not Cooperating

SUVIDHA MERCHANTS: Voluntary Liquidation Process Case Summary
TRENDSMITH (INDIA): Voluntary Liquidation Process Case Summary
V-RESOLVE INSURANCE: Voluntary Liquidation Process Case Summary
ZILLION INFRAPROJECTS: ICRA Keeps D Ratings in Not Cooperating


M A L A Y S I A

1MDB: Linked Firms Put Into Chapter 15 as Liquidators Seek Assets


M O N G O L I A

MONGOLIA: Fitch Affirms 'B' Foreign Currency IDR, Outlook Stable


N E W   Z E A L A N D

AKUHATA LIMITED: Creditors' Proofs of Debt Due on March 9
JAK&CO LIMITED: Creditors' Proofs of Debt Due on March 8
KBT CONTRACTING: BDO Tauranga Appointed as Liquidators
NKA SERVICES: Court to Hear Wind-Up Petition on Feb. 23
RADAR CONTRACTING: Court to Hear Wind-Up Petition on Feb. 26



S I N G A P O R E

GM INCORPORATION: Court to Hear Wind-Up Petition on March 1
INFINITY INCORPORATION: Court Enters Wind-Up Order
KKP TECHNOLOGY: Court Enters Wind-Up Order
NO SIGNBOARD: CEO's Stake in Gazelle Hints Conflict-of-Interest
SG ENGINEERING: Court to Hear Wind-Up Petition on March 1

TAY WASTE: Court to Hear Wind-Up Petition on Feb. 23
ZICO HOLDINGS: Expects to Post 'Substantial Net Loss' for FY2023

                           - - - - -


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

ANGLE ASSET 2023-1: Moody's Upgrades Rating on Class F Notes to B1
------------------------------------------------------------------
Moody's Investors Service has upgraded the ratings on ten classes
of notes from two Angle Asset Finance transactions.

The affected ratings are as follows:

Issuer: Angle Asset Finance Trust 2022-1

Class B Notes, Upgraded to Aaa (sf); previously on May 4, 2023
Upgraded to Aa1 (sf)

Class C Notes, Upgraded to Aa1 (sf); previously on May 4, 2023
Upgraded to Aa3 (sf)

Class D Notes, Upgraded to Aa3 (sf); previously on May 4, 2023
Upgraded to A3 (sf)

Class E Notes, Upgraded to A2 (sf); previously on May 4, 2023
Upgraded to Baa3 (sf)

Class F Notes, Upgraded to Baa1 (sf); previously on May 4, 2023
Upgraded to Ba3 (sf)

Issuer: Angle Asset Finance - Radian Trust 2023-1

Class B Notes, Upgraded to Aa1 (sf); previously on Mar 23, 2023
Definitive Rating Assigned Aa2 (sf)

Class C Notes, Upgraded to A1 (sf); previously on Mar 23, 2023
Definitive Rating Assigned A2 (sf)

Class D Notes, Upgraded to Baa1 (sf); previously on Mar 23, 2023
Definitive Rating Assigned Baa2 (sf)

Class E Notes, Upgraded to Ba1 (sf); previously on Mar 23, 2023
Definitive Rating Assigned Ba2 (sf)

Class F Notes, Upgraded to B1 (sf); previously on Mar 23, 2023
Definitive Rating Assigned B2 (sf)

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

RATINGS RATIONALE

The upgrades for Angle Asset Finance Trust 2022-1 were prompted by
an increase in credit enhancement available for the affected notes
and the good collateral performance to date.

The upgrades for Angle Asset Finance - Radian Trust 2023-1 were
prompted by an increase in credit enhancement available for the
affected notes, while the collateral performance to date is in line
with expectations.

No action was taken on the remaining rated classes in the deals as
credit enhancements for these classes remain commensurate with the
current ratings.

Angle Asset Finance Trust 2022-1

Following the January 2024 payment date, the credit enhancement
available for the Class B, Class C, Class D, Class E and Class F
Notes has increased to 29.8%, 25.3%, 21.5%, 17.6%, and 15.1%,
respectively, from 25.3%, 20.5%, 16.5%, 12.4% and 9.7% at the time
of the last rating action for these notes in May 2023.

As of end-December, 1.8% of the outstanding pool was 30-plus day
delinquent, and 0.9% was 90- plus day delinquent. The portfolio has
incurred net losses of 0.8% (as a percentage of the original pool
balance) to date, all of which have been covered by excess spread.

Based on the observed performance to date and loan attributes,
Moody's has updated its mean loss assumption, inclusive of residual
value risk, to 2.9% as a percentage of the original pool balance
(equivalent to 5.0% as a percentage of current pool balance) from
4.5% at the time of the last rating action in May 2023. Moody's has
maintained the Aaa portfolio credit enhancement at 26%.

Angle Asset Finance - Radian Trust 2023-1

Following the January 2024 payment date, the credit enhancement
available for the Class B, Class C, Class D, Class E and Class F
Notes has increased to 19.6%, 15.3%, 11.6%, 6.8%, and 5.5%,
respectively, from 14.4%, 11.2%, 8.5%, 5.0% and 4.0% as at
closing.

As of end-December, 2.2% of the outstanding pool was 30-plus day
delinquent, and 0.6% was 90- plus day delinquent. The portfolio has
incurred net losses of 0.8% (as a percentage of the original pool
balance) to date, all of which have been covered by excess spread.

Based on the observed performance to date and loan attributes,
Moody's has maintained its mean default assumption at 4.6% as a
percentage of the original pool balance (equivalent to 5.2% as a
percentage of current pool balance). On the other hand, Moody's has
revised the Aaa portfolio credit enhancement to 26% from 24% at
closing. This adjustment follows the increase in maximum loan
amounts under the 'no financials' product, in particular for
passenger cars and tertiary assets for the period from September
2022 to May 2023, and benchmarking with other SME auto and
equipment receivable portfolios in the market.

The transactions are securitisations of auto and equipment loans
and operating leases by Angle Asset Finance, an Australian non-bank
asset finance provider. The obligors in the pool are primarily
small-to-medium enterprises domiciled in Australia. The underlying
assets backing the receivables include, among others, vehicles,
wheeled equipment, photocopiers, printers and telephony.

The principal methodology used in these ratings was "Equipment
Lease and Loan Securitizations Methodology" published in September
2023.

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

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

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

BIG SHED: First Creditors' Meeting Set for Feb. 23
--------------------------------------------------
A first meeting of the creditors in the proceedings of Big Shed
Brewing Concern Pty Ltd will be held on Feb. 23, 2024 at 11:00 a.m.
via Microsoft Teams.

Mark Lieberenz and Anthony Phillips of Heard Phillips Lieberenz
were appointed as administrators of the company on Feb. 13, 2024.


CATCH.COM.AU: Posts AUD41 Million Loss for First Half of FY24
-------------------------------------------------------------
News.com.au reports that a popular Aussie eCommerce retailer is
bleeding money left, right and centre as the economic downturn
brings more pain.

Online marketplace Catch.com.au has just reported a whopping AUD41
million loss for the past six months, news.com.au discloses.

Of that, around AUD4 million was spent on a restructuring effort on
the flailing brand.

That follows on from other losses Catch has racked up in the past
few years, also numbering in the multiple millions of dollars.

According to the report, Wesfarmers leapt at the opportunity to
snatch up Catch in 2019, spending AUD230 million on the
acquisition.

But it's since become a black sheep of the Wesfarmers family,
incurring losses that Wesfarmers CEO has previously dubbed
"unacceptable".

The loss figure is an improvement from previous years.

In the first half of the last calendar year, Catch racked up AUD48
million in losses, and before that, the number was even higher, at
AUD75 million, news.com.au notes.

News.com.au says Catch is working hard to turn things around,
focusing on reducing its range of stock, which consists of 28,000
products.

It has also tried to improve its delivery time and streamline
efficiency among customer service representatives.

Catch's poor track record has previously been blamed on a slowdown
in the e-commerce industry after the Covid-19 pandemic peaked.

Wesfarmers boss Rob Scott told stockholders last year that if
Catch's fortunes didn't change fast, they might have to cut back on
investing in the business, news.com.au recalls.

"We clearly over-invested," news.com.au quotes Mr. Scott as saying.
"It's not good enough, it's unacceptable, we're not satisfied with
this at all. You can expect that we are taking very serious action
to improve the financial performance."

Catch is expected to return a loss for the full financial year, but
with a smaller amount than previous years, news.com.au adds.


EUROFLEX AUSTRALIA: First Creditors' Meeting Set for Feb. 22
------------------------------------------------------------
A first meeting of the creditors in the proceedings of Euroflex
Australia Pty Ltd will be held on Feb. 22, 2024 at 3:00 p.m. at
Level 8, 80 Clarence Street in Sydney and via virtual meeting
technology.

Clifford John Sanderson of Dissolve was appointed as administrator
of the company on Feb. 12, 2024.


IMPEL NEUROPHARMA: Seeks to Hire Brandon Smith as Secretary
-----------------------------------------------------------
Impel Pharmaceuticals Inc. and Impel NeuroPharma Australia Pty.
Ltd. seek approval from the U.S. Bankruptcy Court for the Northern
District of Texas to employ Brandon Smith, chief restructuring
officer and partner of Teneo Capital LLC, as their secretary.

As secretary, Mr. Smith shall report directly to the Debtors' board
of directors and consult with and obtain input from their
management team. Mr. Smith, as secretary, shall keep the board
fully apprised of his findings, plans, and activities.

Mr. Smith disclosed in a court filing that the firm is a
"disinterested person" as the term is defined in Section 101(14) of
the Bankruptcy Code.

Mr. Smith can be reached at:

     Brandon D. Smith
     Teneo Capital LLC
     280 Park Avenue, 4th Floor
     New York City, NY 10017
     Telephone: (212) 886-1600

                  About Impel Pharmaceuticals

Impel Pharmaceuticals Inc. is a commercial-stage pharmaceutical
company developing transformative therapies for people suffering
from diseases with high unmet medical needs. Impel offers
development opportunities that pair its proprietary POD technology
with well-established therapeutics. In September 2021, Impel
received U.S. FDA approval for its first product, Trudhesa nasal
spray, which is approved in the U.S. for the acute treatment of
migraine with or without aura in adults. On the Web:
https://impelpharma.com/

Impel Pharmaceuticals Inc. sought relief under Chapter 11 of the
U.S. Bankruptcy Code (Bankr. N.D. Texas Lead Case No. 23-80016) on
Dec. 20, 2023.

In the petition filed by its chief restructuring officer, Brandon
D. Smith, Impel Pharmaceuticals disclosed total assets of
$35,073,000 and total debt of $126,978,000 as of Sept. 30, 2023.

The case is overseen by the Honorable Bankruptcy Judge Stacey G.
Jernigan.

Impel is being advised by Moelis & Company LLC as its investment
banker; Teneo Capital LLC as its financial advisor; and Sidley
Austin, LLP and Fenwick & West, LLP as legal counsel. Omni Agent
Solutions is the claims agent.

INNER WEST: First Creditors' Meeting Set for Feb. 22
----------------------------------------------------
A first meeting of the creditors in the proceedings of Inner West
Investments Pty Ltd will be held on Feb. 22, 2024 at 3:00 p.m. at
the offices of Mackay Goodwin at Suite 1202, Level 12, 20 Bridge
Street in Sydney and via virtual meeting technology.

Domenico Alessandro Calabretta and Mitchell Ball of Mackay Goodwin
were appointed as administrators of the company on Feb. 12, 2024.


NIQUE PTY: Fashion Brand Enters Voluntary Administration
--------------------------------------------------------
SmartCompany reports that Australian fashion label Nique has
entered voluntary administration, becoming the latest high-street
brand to falter in a tumultuous economic environment.

The 26-year-old label, best known for its minimal black and white
designs and earth-tone apparel, on Feb. 14 appointed Justin Howlett
of SMB Advisory as administrator, SmartCompany discloses.

SmartCompany says Nique has since ceased trading, while Mr. Howlett
pursues urgent expressions of interest for all, or part, of the
business.

"The business fell on hard times during the COVID lockdown period
and despite robust restructuring initiatives over recent years, the
well-documented difficulties across the retail sector appear to be
the key contributing factor to the company's demise," Mr. Howlett
said in a statement provided to SmartCompany.

At least 15 staff will be affected by the administration, with many
being casual employees.

"In what is an extremely difficult time for all management, staff
and suppliers - we are currently exploring all options available to
maximise the value of the business, stock and IP given the
perceived value of the well-established and leading brand name,"
Mr. Howlett said.

Creditors, including gift voucher holders, are invited to contact
SMB Advisory with further questions, SmartCompany adds.

Founded in Melbourne, the label boasted eight bricks-and-mortar
outlets across its hometown and Sydney in 2019. However, the label
consolidated its retail footprint through the COVID-19 pandemic and
operated three stores at the time of its administration: Fitzroy,
Melbourne, and Newtown and Paddington, Sydney.

Nique also operates an e-commerce site, giving consumers nationwide
the chance to wear its forward-thinking designs.

Beyond its traditional men's and women's lines, Nique has
championed specifically gender-neutral designs since 2019 through
its Genderu capsule collection.

Nique also launched an upcycling program, asking customers to
return their well-loved wardrobe items to the store for repurposing
and resale.


OLYMPUS 2024-1: S&P Assigns Prelim 'B+' Rating to Class F Notes
---------------------------------------------------------------
S&P Global Ratings assigned its preliminary ratings to seven
classes of prime residential mortgage-backed securities (RMBS) to
be issued by Perpetual Corporate Trust Ltd. as trustee of Olympus
2024-1 Trust.

Olympus 2024-1 Trust is a securitization of prime residential
mortgages originated by Athena Mortgage Pty Ltd. This is the second
standalone RMBS transaction rated by S&P Global Ratings consisting
fully of loans originated by Athena.

The preliminary ratings S&P has assigned to the floating-rate RMBS
reflect the following factors.

The credit risk of the underlying collateral portfolio and the
credit support provided to each class of notes are commensurate
with the ratings assigned. Note subordination and excess spread
provide credit support. S&P's assessment of credit risk considers
Athena's underwriting standards and approval process. Its
assessment also takes into account Athena's servicing and
underwriting standards.

The rated notes can meet timely payment of interest and ultimate
payment of principal under the rating stresses. Key rating factors
are the level of subordination provided, the provision of a
liquidity facility, the principal draw function, and the provision
of an extraordinary expense reserve. S&P's analysis is on the basis
that the rated notes are fully redeemed via the principal waterfall
mechanism under the transaction documents by their legal final
maturity date, and it assumes the notes are not called at or beyond
the call-option date.

S&P's ratings also consider the counterparty exposure to National
Australia Bank Ltd. as bank account provider and liquidity facility
provider. The transaction documents for the facilities include
downgrade language consistent with S&P Global Ratings' counterparty
criteria.

S&P has also factored into its ratings the legal structure of the
trust, which is established as a special-purpose entity and meets
its criteria for insolvency remoteness.

  Preliminary Ratings Assigned

  Olympus 2024-1 Trust

  Class A1, A$360.00 million: AAA (sf)
  Class A2, A$24.00 million: AAA (sf)
  Class B, A$5.80 million: AA (sf)
  Class C, A$4.00 million: A (sf)
  Class D, A$2.00 million: BBB (sf)
  Class E, A$2.00 million: BB (sf)
  Class F, A$0.60 million: B+
  Class G1, A$0.80 million: Not rated
  Class G2, A$0.80 million: Not rated


ORDE 2024-1: Moody's Assigns (P)B2 Rating to AUD12MM F Notes
------------------------------------------------------------
Moody's Investors Service has assigned provisional ratings to notes
to be issued by BNY Trust Company of Australia Ltd as trustee of
ORDE Series 2024-1 Trust.

Issuer: ORDE Series 2024-1 Trust

AUD600.00 million Class A1 Notes, Assigned (P)Aaa (sf)

AUD246.00 million Class A2 Notes, Assigned (P)Aaa (sf)

AUD96.00 million Class B Notes, Assigned (P)Aa2 (sf)

AUD5.00 million Class C Notes, Assigned (P)A2 (sf)

AUD23.00 million Class D Notes, Assigned (P)Baa2 (sf)

AUD9.00 million Class E Notes, Assigned (P)Ba2 (sf)

AUD12.00 million Class F Notes, Assigned (P)B2 (sf)

The AUD3.60 million Class G1 Notes and AUD5.40 million Class G2
Notes are not rated by Moody's.

The transaction is a securitisation of Australian residential
mortgage loans originated by ORDE Mortgage Custodian Pty Ltd
(unrated) and serviced by ORDE Financial Pty Ltd (unrated).

RATINGS RATIONALE

The provisional ratings takes into account, among other factors:

-- Evaluation of the underlying receivables and their expected
performance;

-- Evaluation of the capital structure and credit enhancement
provided to the notes;

-- The availability of excess spread over the life of the
transaction; and

-- The liquidity facility in the amount of 1.5% of the notes
balance subject.

According to Moody's, the transaction benefits from various credit
strengths such as relatively high subordination to the senior
notes. However, Moody's notes that the transaction features some
credit weaknesses such as a high exposure to self-employed
borrowers of 78.8%, and a relatively high weighted average
scheduled LTV of 70.8%.

Moody's MILAN stressed loss for the collateral pool - representing
the loss that Moody's expects the portfolio to suffer in the event
of a severe recession scenario - is 10.3%. Moody's expected loss
for this transaction is 1.3%. These assumptions also reflect
Moody's assessment of the historical performance of ORDE's
portfolio in terms of delinquencies and defaults evidenced, and
benchmarking with comparable RMBS transactions in the Australian
market.

The key transactional features are as follows:

-- Principal collections will be distributed on a sequential basis
at first. Starting from the second anniversary of the closing date,
all notes (excluding the Class G1 and G2 Notes) may participate in
proportional principal collections distribution, subject to the
step down criteria being met. The step down criteria include, among
others, no charge-offs on any of the notes and Class A notes
subordination of at least double closing subordination percentage.
The Class G notes' share of principal will be allocated pro rata
and pari passu to the Class A1 to Class F Notes.

The key portfolio features are as follows:

-- The portfolio has a relatively moderate weighted-average
scheduled loan-to-value (LTV) ratio of 70.8%, with 0.5% of the
loans with a scheduled LTV ratio above 80%.

-- The portfolio has a weighted-average seasoning of 10.4 months,
with 36.2% of loans originated in the last six months.

-- Investment and interest-only (IO) loans represent 47.1% and
24.3% of the pool, respectively.

-- 73.6% of loans were extended on an alternative documentation
(alt doc) basis.

Methodology Underlying the Rating Action:

The principal methodology used in these ratings was "Residential
Mortgage-Backed Securitizations methodology" published in October
2023.

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

Levels of credit protection that are greater than necessary to
protect investors against current expectations of loss could lead
to an upgrade of the ratings. Moody's current expectations of loss
could be better than its original expectations because of fewer
defaults by underlying obligors or higher recoveries on defaulted
loans. The Australian job market and the housing market are primary
drivers of performance.

A factor that could lead to a downgrade of the notes is
worse-than-expected collateral performance. Other reasons for
performance worse than Moody's expects include poor servicing,
error on the part of transaction parties, a deterioration in credit
quality of transaction counterparties, fraud and lack of
transactional governance.

RESPONSIBLE ENTITY: First Creditors' Meeting Set for Feb. 21
------------------------------------------------------------
A first meeting of the creditors in the proceedings of Responsible
Entity Services Australia Pty Ltd will be held on Feb. 21, 2024 at
11:00 a.m. at the offices of Cor Cordis at Level 29, 360 Collins
Street in Melbourne and via Microsoft Teams video conference.

Barry Wight and Rachel Burdett of Cor Cordis were appointed as
administrators of the company on Feb. 12, 2024.


TRANSCEND PLUMBING: First Creditors' Meeting Set for Feb. 26
------------------------------------------------------------
A first meeting of the creditors in the proceedings of Transcend
Plumbing & Gasfitting Pty Ltd will be held on Feb. 26, 2024 at
10:30 a.m. virtually via Zoom.

Matthew Jess of Worrells was appointed as administrator of the
company on Feb. 14, 2024.


[*] AUSTRALIA: Company Collapses Surpass Pre-Covid Levels
---------------------------------------------------------
News.com.au reports that the number of company collapses has surged
by 44% as the bloodbath continues with construction industry
insolvencies leading the way.

New data from credit agency Equifax released to news.com.au last
week painted a sobering picture of the reality of Australia's
flailing business landscape.

Equifax's Quarterly Commercial Insights found that business
insolvencies have risen to a five-year high, long surpassing
pre-Covid volumes.

And in a concerning discovery, in December, insolvencies jumped by
44% compared to the same period the year before, according to the
analysis.

"Total insolvencies in 2023 consistently surpassed pre-Covid
volumes, due to challenging market conditions seen throughout
2023," news.com.au quotes Equifax's General Manager of Commercial
and Property Services, Scott Mason, as saying.

"This trend continued through to the end of the year, with December
having the highest monthly insolvency volumes in the past five
years."

In a surprise to no-one, the construction industry received the
title that nobody wants - the worst hit industry, news.com.au
says.

Australia's embattled building sector recorded a "record high"
level of insolvency, up 28% in the last three months of 2023 as
opposed to the like period the previous 12 months.

The same data found that overall business credit applications
reduced by 0.9%, while business loan applications decreased by
4.1%, in a sign of a weakening economy.

Average days beyond terms for payment across the market increased
to 6.5 days in the most recent quarter.

That's up 44%, or two days, compared to the same quarter in 2022.

"The construction industry continues to outpace the market, paying
their dues on average 10 days beyond terms," the analysis also
noted.

It comes as news.com.au previously reported that 8,471 businesses
went bust in 2023.

Of that, a staggering 2,349 construction firms collapsed in the
past year - with fears more may fall soon.

News.com.au says mass collapses of construction companies are
usually the first signs of a struggling economy caught in the
throes of inflation, as they run on tight margins and rely on
supply chain prices staying the same.

Last year, news.com.au has reported on dozens of major builders
that have collapsed including one week in July where a new builder
went into external administration every day.

CreditorWatch previously warned that business failures are likely
to continue to rise over the next 12 months, from the current rate
of 4.5% to 5.8%.

Liquidator Nicholas Crouch, from insolvency firm Crouch Amirbeaggi,
previously told news.com.au that he was "not surprised" that
insolvencies in the construction sector had leapt over the past two
years.

He said the hundreds of billions in Covid-19 stimulus pumped into
the economy by the Australian government helped prop up struggling
businesses and resulted in long delays between an insolvent event
and liquidators being called in, as business owners tried to hang
on.




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

CHINA EVERGRANDE: Liquidators Prepare to Sue PwC Over Audits
------------------------------------------------------------
Reuters, citing The Financial Times, reports that the liquidators
of property developer China Evergrande are preparing for a
potential lawsuit against its auditor PricewaterhouseCoopers
(PwC).

Reuters relates that the talks were at an early stage, the FT cited
people with knowledge of the conversations as saying, adding that
their existence did not indicate Evergrande's liquidators had
unearthed any evidence of wrongdoing by PwC, nor that a lawsuit was
certain to take place.

                      About China Evergrande

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

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

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

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

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

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

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

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

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

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

FARMMI INC: Secures Forbearance Agreement With Streeterville
------------------------------------------------------------
Farmmi, Inc. disclosed in a Form 6-K Report filed with the U.S.
Securities and Exchange Commission that on January 12, 2024, the
Company and Streeterville Capital, LLC entered into a Forbearance
Agreement under which Streeterville agreed to withdraw the December
Redemption Notice and not to seek to enforce any remedies under the
Note with respect to the December Redemption Notice.

As previously reported, on September 26, 2022, Farmmi, Inc., issued
to Streeterville a Convertible Promissory Note dated September 26,
2022 in the original principal amount of $6,440,000 pursuant to a
Securities Purchase Agreement dated September 26, 2022 between
Streeterville and the Company (the "Purchase Agreement," and
together with the Note and all other documents entered into in
conjunction therewith, the "Transaction Documents"). Under the
Note, Streeterville has the right to redeem the Note six months
after the Purchase Price Date, and redemptions may be satisfied in
cash, Ordinary Shares or a combination of cash and Ordinary Shares
at the Company's election. On November 13, 2023, the Company and
Streeterville entered into an Amendment to Convertible Promissory
Note extending the term of the Note from twelve months to 24 months
from the Purchase Price Date, or until September 28, 2024. On
December 26, 2023, Streeterville delivered a Redemption Notice (the
"December Redemption Notice") that has not been redeemed by the
Company.

In exchange for the forbearance, the Company agreed to pay
Streeterville a forbearance fee equal to 10% of the outstanding
balance of the Note. Following the application of the Forbearance
Fee, the total remaining outstanding balance on the Note was
$6,955,830.92 as of the date of the Forbearance Agreement. The
parties agreed that the Note, as amended, shall remain in full
force and effect and, except with respect to the December
Redemption Notice, the Forbearance Agreement shall not operate as a
waiver of or an amendment to Streeterville's rights or remedies
under the Note or the Transaction Documents.

A full-text copy of the Forbearance Agreement is available at
http://tinyurl.com/2r4s7mh8

                     About Farmmi, Inc.

Lishui, China-based Farmmi Inc., Established in 1998, is an
agricultural products supplier, processor and retailer of edible
mushrooms like Shiitake and Mu Er, as well as other agricultural
products. Farmmi sells its products both online and offline.


GUANGYANG ANTAI: Fitch Affirms 'B' LongTerm IDR, Outlook Stable
---------------------------------------------------------------
Fitch Ratings has affirmed China-based Guangyang Antai Holdings
Limited's Long-Term Foreign-Currency Issuer Default Rating at 'B'.
The Outlook is Stable.

Guangyang Antai's ratings are constrained by its large external
guarantees, limited funding channels and geographic concentration,
and supported by its strong market position in its core stainless
steel products, diverse product offering and sound financial
metrics.

The Stable Outlook reflects its expectation that the company's
market-leading steel product offerings will allow it to maintain a
financial profile at a level that is commensurate with its rating.

KEY RATING DRIVERS

Large External Guarantees, Counterparty Restructuring: Guangyang
Antai's external guarantees amounted to CNY2.5 billion at end-9M23,
compared with interest-bearing debt of CNY4 billion, a significant
decrease from its CNY3.5 billion in guarantees in 2017. Fitch
expects total guarantees to fall to below CNY2 billion by end-2025,
in line with company guidance. The external guarantees are included
in Fitch's total debt and leverage ratio calculations.

Guangyang Antai provides just under CNY600 million in guarantees to
Zhongrong Xinda Group Co Ltd, which was under court-mandated
restructuring at end-2023 after falling into financial distress.
The amount under direct guarantee will not be called upon during
the restructuring process, according to the company.

Temporary Leverage Spike: Fitch expects the company's margins to
improve yoy in 2023, with EBITDA net leverage dropping to below
3.5x, from 4.1x in 2022. This was backed by steady demand growth in
2023 from infrastructure and manufacturing, a better product mix
and normalising raw material costs. Fitch believes margins will
further improve in 2024-2026 and result in leverage trending down
to below 3.0x in 2025, due to the lower raw material costs and
increasing volumes of higher value-added products.

Upgrades to Enhance Product Mix: Guangyang Antai is upgrading its
production facilities for carbon and stainless steel to enhance its
technological capabilities and improve cost and energy efficiency.
The upgrades will not add to its capacity when completed, but they
will enable the company to produce more higher-end products. The
company estimates the total cost of the upgrades at CNY2 billion,
to be funded by project loans, government subsidies and cash, and
expects them to be completed in 2025. Fitch estimates that these
projects will not have a negative impact on the financial profile.

Debt Maturity Profile to Improve: Guangyang Antai's dependence on
bank credit facilities for liquidity constrains its rating, as this
leaves the company vulnerable to changing credit-market conditions.
Fitch expects short-term debt to increase to over 70% of total debt
at end-2023, from under 60% at end-2022, in line with the average
of around 70% between 2017 and 2021. Fitch expects the debt
maturity profile to improve in 2024 as it takes out longer-term
project loans to finance the facility upgrades.

Market Leader in Core Products: The company has maintained its
strong market position in the stainless steel industry, with a
70%-80% market share in Shandong province and 20%-30% market share
in 400-series stainless steel products nationally in 2023. Fitch
expects its core stainless-steel product revenue to see
mid-single-digit growth, partially offsetting a slowdown in carbon
steel sales in 2023, and for the 2023 steel processing gross margin
to improve from 2022 levels.

Small Scale, Limited Diversification: Guangyang Antai's business
profile is constrained by its small EBITDA size and limited
operational diversification. Fitch expects the company's EBITDA to
average CNY1.5 billion (USD0.2 billion) in 2023-2026, far below
that of most rated basic material peers. Guangyang Antai is a
single-plant producer that operates mainly in Shandong.

DERIVATION SUMMARY

Guangyang Antai's ratings are supported by its strong industry
position among Chinese stainless-steel producers, diversified
product offering in both stainless and carbon steel, and
sustainable financial metrics. The ratings are constrained by risks
associated with its trading business, substantial external
guarantees - some of which are to high-risk counterparties - and
limited funding sources.

Guangyang Antai has significantly higher revenue than West China
Cement Limited (WCC, BB-/Negative). However, WCC has a much wider
EBITDA margin, lower leverage and more diversified funding
channels. Guangyang Antai has a slightly higher EBITDA net leverage
compared with JSW Steel Limited (BB/Stable), in addition to a much
smaller scale and lower margins.

Guangyang Antai has a weaker business profile than aluminium
producer China Hongqiao Group Limited (BB+/Stable). Hongqiao's
scale is significantly larger, with much higher margin. In
addition, Hongqiao has a lower EBITA net leverage and more
diversified funding channels.

KEY ASSUMPTIONS

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

- Steelmaking gross margin to remain at around 5% on average
between 2023 and 2026

- Capex to rise to over CNY1 billion per year in 2024 and 2025 on
significant facility upgrades, then decrease to around 1% of
revenue from 2026

- No dividend pay-outs in the near term

- CNY300 million reduction in external guarantees per year in 2024
and 2025

RATING SENSITIVITIES

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

- More diversified funding sources to reduce reliance on
cross-guarantee debt and exposure to external guarantees

- Total net debt with equity credit/operating EBITDA below 2.5x for
a sustained period

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

- Continued deterioration in liquidity, in particular weakening
access to bank financing due to external guarantees

- Total net debt with equity credit/operating EBITDA above 4.0x for
a sustained period

LIQUIDITY AND DEBT STRUCTURE

Significant Guarantees, Concentrated Funding Sources: Guangyang
Antai had total interest-bearing debt of around CNY4 billion at
end-3Q23, of which CNY3 billion was short-term debt. Total external
guarantees amounted to CNY2.5 billion. The company had CNY1.9
billion in readily available cash and CNY1.7 billion in unused
facilities. These are uncommitted facilities, but Fitch believes
they are adequate as committed facilities are uncommon in China.

The company's debt structure is mostly short term and its only
funding channel is bank loans, as it has no immediate access to
bond and equity markets. Credit facilities are assessed and rolled
over annually. Total facility limits have been consistent in the
past few years. Therefore, Fitch expects its current facilities to
roll over to cover upcoming maturities.

ISSUER PROFILE

Guangyang Antai and its subsidiaries produce stainless steel and
carbon steel, trade iron-ore fines and steel products, and provide
financial leases, which are used to service upstream and downstream
customers. Guangyang Antai has 1.8 million tonnes of
stainless-steel and 4.2 million tonnes of carbon- steel production
capacity. It is one of China's top-10 stainless-steel producers and
the largest 400-series producer.

ESG CONSIDERATIONS

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

   Entity/Debt             Rating         Prior
   -----------             ------         -----
Guangyang Antai
Holdings Limited     LT IDR B  Affirmed   B

QINGDAO HAIFA: Fitch Lowers 'BB+' LongTerm IDR, Outlook Stable
--------------------------------------------------------------
Fitch Ratings has downgraded China-based Qingdao Haifa State-owned
Capital Investment And Operation Group Co., Ltd's (Haifa Group)
Long-Term Foreign- and Local-Currency Issuer Default Ratings (IDRs)
to 'BB+' from 'BBB-'. The Outlook is Stable. The ratings have also
been removed from Under Criteria Observation (UCO).

The rating action follows a review of the ratings after the
publication of Fitch's updated Government-Related Entities (GRE)
Rating Criteria on 12 January 2024. The downgrade of the IDRs is a
result of notching matrix change in the new criteria, with the GRE
assessment score and Standalone Credit Profile (SCP) unchanged. The
rating action does not indicate a change in the company's
underlying credit profile.

KEY RATING DRIVERS

Support Score Assessment 'Strong expectations'

The support score is a combination of assessments of the sponsor's
responsibility and incentive to support the entity. Fitch has
strong expectation that Qingdao municipality will support Haifa
Group when needed. The Qingdao government is deemed to have a
responsibility to support the company in view of its very strong
decision-making power and oversight over the company, and the
precedents of strong support. Fitch views Qingdao government to
have incentive to support Haifa Group, as a default of the company
could impair the access to capital of other GREs in the region.

Responsibility to Support

Decision Making and Oversight 'Very Strong'

Haifa Group is 100% held by Qingdao State-owned Assets Supervision
and Administration Commission (SASAC). The Qingdao municipal
government is the key decision maker for Haifa Group, including in
board appointments, approval of major events such as M&A,
disposals, strategic development, long-term plans, annual budgets,
major capex and funding plans. The company needs to report its
financial performance, maturing debt profile and repayment plan,
and investment progress to the government on a regular basis.

Precedents of Support 'Strong'

The Qingdao government has provided meaningful financial support to
the company in the past, mainly via regular financial grants and
project payments, as well as large, albeit less regular, capital
injections and equity endowments.

In 2020, Haifa Group received a cash injection of CNY5.1 billion.
In 2021, the government transferred 100% of shares in Aucma Group
to Haifa Group. The company received subsidies of CNY12 million in
2019, CNY25 million in 2020, CNY109 million in 2021 and CNY173
million in 2022, equivalent to 4%, 1%, 16% and 32%, respectively,
of its profit after tax. In 2022, Haifa Group continued to receive
contracted payments and capital injections from the government. In
addition, the company received proceeds from the government's
special bonds to support its public-driven investments.

Incentives to Support

Preservation of Government Policy Role 'N/A'

Haifa Group is a high-profile GRE in Qingdao and is mandated to
provide public services in the West Coast New Area, including
infrastructure construction, social housing and primary land
development. However, as its public services are concentrated in
the new area, and there are other GREs in the same area supervised
by the district government, a default by the company would be less
likely to impair the continued provision of public services in the
long term, as other GREs that can step in as substitutes to
continue provision of services, if needed.

Contagion Risk 'Strong'

The public perceives Haifa Group as a high-profile and important
GRE under Qingdao municipality, due to the company's functional
status and its status as the second-largest GRE by assets that is
supervised by Qingdao SASAC. Haifa Group is a frequent issuer in
the onshore bond market, with bonds accounting for 27% of total
debt at end-2022. By end-2023, Haifa Group had CNY17.9 billion of
outstanding onshore and offshore bonds. Fitch believes a default by
Haifa Group would impair the credibility of the Qingdao government
and disrupt access to financing for the city's other GREs.

Standalone Credit Profile

Fitch assesses the SCP of Haifa Group at 'b', with 'Midrange' risk
profile, 'b' financial profile, and middle-positioning with among
peers with the same SCP.

Risk Profile: 'Midrange'

Fitch assesses Haifa Group's risk profile at 'Midrange', reflecting
the combination of assessments: 'Midrange' revenue risk, 'Midrange'
expenditure risk and 'Midrange' liabilities and liquidity risk.

Revenue Risk: 'Midrange'

The company's core policy business is to promote urban and economic
development in West Coast New Area, where demand for its public
services is likely to mirror Qingdao's economic activity. The
company's trading business, which accounts for most of its revenue,
has low customer concentration because it is carried out
nationwide. However, the trading business may fluctuate with wider
economic trends. The company's gross profit margin was around 4% in
2021 and 2022, and its EBITDA increased to CNY2,002 million in 2022
from CNY297 million in 2018.

Expenditure Risk: 'Midrange'

Haifa Group has well-identified cost drivers. Over 90% of its
operating expenditure comprises goods, services and maintenance
costs. It is able to either pass on costs to end-buyers in its
commercially driven business, or receive subsidies to cover
operational loss on public mandates. Haifa Group delivers public
infrastructure and services with a good record in obtaining
adequate supply of labor and raw materials. In addition, the
company maintains good, long-term relationships with a number of
banks and has access to different sources of funding to support its
business development.

Liabilities and Liquidity Risk: 'Midrange'

The company has good access to bond markets as well as sound
relationships with banks. By June 2023, it had total unused credit
lines of CNY41 billion and non-restricted cash of CNY6.5 billion,
which fully covered debt maturing within one year. There is
negligible exposure to foreign-exchange risk as all debt is
denominated in yuan. The majority of its debt bear fixed interest
rates, limiting exposure to interest-rate changes. Its exposure to
off-balance-sheet risks is considered manageable, given the
guarantee amount was equivalent to 6% of its equity at end 2022.

Financial Profile 'b'

The financial profile assessment reflects Haifa Group's high
leverage (net debt/Fitch-calculated EBITDA) of around 26x in 2027
in Fitch's rating case, which is positioned in the middle among
peers with 'b' SCP.

Derivation Summary

Haifa Group is rated under Fitch's Government-Related Entities
Rating Criteria, reflecting its assessments of the Qingdao
municipal government's decision-making, oversight and support
precedents to the company as well as government's incentives to
support. Fitch has strong expectations that the Qingdao government
will step in to support Haifa Group, if needed. The ratings also
take into consideration the SCP assessment of 'b' under its Public
Sector, Revenue-Supported Entities Rating Criteria.

Issuer Profile

Haifa Group is responsible for urban and rural construction,
industry-city integration development, modern industrial park
investment and operation, equity investment and capital operation
in Qingdao, in eastern Shandong province. It is one of the city's
state-owned asset investment and operation companies.

RATING SENSITIVITIES

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

- A lowering of Fitch's credit view of the Qingdao municipality's
ability to provide support or other legitimate resources allowed
under China's policies and regulations;

- A significant weakening of the contagion risk from a default, or
deterioration in its assessment of the government's precedents of
support, or a dilution of the government's shareholding or weaker
oversight.

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

- Improvement in Fitch's internal assessment of the Qingdao
municipality's ability to provide support or other legitimate
resources allowed under China's policies and regulations;

- A significant strengthening of contagion risk from a default, or
enhancement of Haifa Group's preservation of government policy
role, or stronger precedents of support;

- Significant improvement in Haifa Group's SCP.

ESG Considerations

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

   Entity/Debt                  Rating            Prior
   -----------                  ------            -----
Qingdao Haifa
State-owned Capital
Investment And
Operation Group
Co., Ltd               LT IDR    BB+  Downgrade   BBB-
                       LC LT IDR BB+  Downgrade   BBB-

WINTRIX DC: Fitch Lowers LongTerm IDR to 'BB', Outlook Stable
-------------------------------------------------------------
Fitch Ratings has downgraded the Long-Term Foreign- and
Local-Currency Issuer Default Ratings (IDRs) of China-based
carrier-neutral data centre operator WinTriX DC Group (previously
Chindata Group Holdings Limited) to 'BB' from 'BBB-', and removed
the ratings from Rating Watch Negative (RWN). The Outlook is
Stable.

The downgrade reflects its expectation that WinTriX will face
significantly higher business risks as it changes its strategy to
focus on overseas investment. This led us to tighten its EBITDA net
leverage downgrade sensitivity for the 'BBB-' rating to 4.0x and
calibrate the 'BB+/BB' threshold at 5.0x. Fitch expects that
post-privatisation, EBITDA net leverage will be sustained above
5.0x in the medium term, leading to a two-notch downgrade.

Fitch placed WinTriX's ratings on RWN on 27 June 2023, following an
announcement that the company's controlling shareholder, Bain
Capital Entities, had proposed a privatisation of WinTriX. The RWN
reflected the risk that the transaction could raise WinTriX's
business and/or financial risk.

KEY RATING DRIVERS

Significantly Higher Business Risks: Fitch expects WinTriX to face
significantly higher business risks following the privatisation,
given the new management strategy and a slower Chinese economy. The
additional business risks arise from more ambitious expansion in
new geographies, potentially higher upfront capex with lower levels
of contract commitments, greater competition and lack of
first-mover advantage in new geographies and, in China, slower
hyperscale data centre demand and higher competition.

Higher Capex Risk: Fitch believes that the company will face heavy
future investment requirements (2023 capex: around CNY9 billion;
2022 capex: CNY4.7 billion) to build its overseas business. In
particular, its land cost is significantly higher in new
geographies than in China, exposing the company to higher capex
risk because it has to purchase land before signing contracts with
tenants.

Lower Competitive Advantage Overseas: Fitch believes WinTriX will
have few of its competitive advantages in China when it expands
overseas. In China, WinTriX's competitive advantages come from:
ownership of an extensive land bank that was acquired cheaply,
first-mover advantage as a pioneer hyperscale data centre operator,
and competitive operating costs due to its locations in lower-tier
Chinese cities. The company believes that its proprietary
electrical modules will give it a power efficiency advantage over
its competitors in overseas markets.

Deteriorating EBITDA Net Leverage: Fitch expects WinTriX's EBITDA
net leverage to worsen to 5.5x- 5.9x in 2024-2025 (2023 estimate:
4.6x; 2022: 2.3x), much higher than its downgrade trigger of 5.0x
for 'BB+' ratings. Fitch believes that an additional net
privatisation loan of around USD850 million residing at WinTriX,
mainly debt-funded capex and a lower EBITDA margin will increase
leverage.

Expansion-Driven Capex: Fitch expects annual capex of CNY3
billion-5 billion in the medium term. Capex was exceptionally high
at CNY9 billion in 2023, mainly on upfront investments in new
geographies as WinTriX aims to expand in South-East Asia, while
capex in China is likely to be lower. Fitch expects the company to
fund the majority of capex with secured project financing, which
uses data centres as pledges, because of the limited operating cash
flow generation.

Lower EBITDA Margin: Fitch expects WinTriX's EBITDA margin to fall
gradually to around 45% by 2026, from high levels of 49%-52% in
2022-2023, given the margin dilution from electricity price hike in
Shanxi Province in China and higher operating costs in new
geographies. The company announced in December 2023 that
electricity prices in Shanxi, where some of its hyperscale data
centres are located, will rise by 60% yoy effective from 1 January
2024. The price hike will affect the company's EBITDA margin by
4%-5% annually. According to the management, the price hike is
restricted to Shanxi Province.

Recurring Revenue; Long-Term Contracts: WinTriX's ratings reflect
the resilience of the business model for data centres in operation.
Customers must pay the majority of revenue over the contract life
if they choose to terminate contracts early, based on the current
contracts. It provides mission-critical infrastructure, with
average lease tenors of over eight years. WinTriX 's in-service
data-centre capacity was 94% contracted at end-June 2023. However,
Fitch is likely to reassess WinTriX's business risk profile if the
new contracts signed in new geographies are less robust than
existing contracts.

Strong Asset Ownership: WinTriX owns around 94% of the capacity of
its hyperscale, high-specification, carrier-neutral data centres.
Ownership provides good access to secured capital. However, Fitch
believes that institutional appetite for providing debt capital to
data centres is weaker than for general commercial property.

Smaller Scale: WinTriX has smaller scale than global data-centre
leaders, such as Digital Realty Trust, Inc. (BBB/Stable) and
Equinix, Inc. (BBB+/Stable). It is also less geographically
diversified than Fitch-rated investment-grade data-centre peers, as
most of its centres are in China. However, the company intends to
enter other Asian emerging markets. Around 35% of its
under-construction capacity was in Malaysia at end-June 2023.

Data Limitations; Customer Concentration: ByteDance Ltd., the main
tenant that accounted for 86% of WinTriX's total revenue in 2022,
is a private company for which Fitch does not have detailed
financial information. Still, Fitch believes the risk of ByteDance
defaulting on its obligations to WinTriX is limited because
ByteDance is a successful, fast-growing company with strong brands,
a diverse product portfolio and solid market positions. Its large,
loyal and monetisable user base also rivals that of many
established peers. WinTriX's data-centre services are essential to
ByteDance's operations.

Fitch also expects demand for data-centre capacity to continue
rising in Asian emerging markets, providing both growth and
substitution opportunities should demand from current customers
ease.

Variable Interest Equity Structure: Fitch expects WinTriX's
relationships with the Chinese government and regulatory
authorities to remain healthy. However, any change could affect its
credit strength, as it does not have equity control over its
onshore operating companies. These include Sitan (Beijing) Data
Science and Technology Co., Ltd. and other consolidated affiliated
Chinese entities with which WinTriX has only contractual
relationships due to foreign-ownership restrictions in China's
value-added telecom businesses.

DERIVATION SUMMARY

WinTriX has a two-notch weaker credit profile than Global Switch
Holdings Limited (BBB/Stable). Both companies have a smaller EBITDA
scale than established US peers as well as concentrated
high-specification data centres in strategic locations near
business and communication hubs with reliable power supply.

However, Global Switch has a stronger business risk profile due to
its longer operating record, better access to capital and greater
geographical diversification, with 13 data-centre assets across
seven European and Asia-Pacific countries. This is partially offset
by WinTriX's longer average lease tenor of over eight years,
compared with Global Switch's five to six years. WinTriX has a
worse financial risk profile than Global Switch: Fitch forecasts
Global Switch's 2024-2025 EBITDA net leverage at 4.8x-5.0x,
compared with WinTriX's 5.5x-5.9x.

WinTriX warrants ratings two notches lower than Digital Realty
Trust and three notches lower than Equinix. Both Digital Realty and
Equinix benefit from an established and diversified global
operating platform, deeper capital access and more mature liability
profiles. A globalised footprint adds to customer retention, as
customers can use a single company for data needs across
countries.

However, Digital Realty and Equinix have shorter average lease
tenors of four to five years and two to four years, respectively.
WinTriX has a slightly better financial risk profile than Digital
Realty, as Fitch has a higher forecast for the latter's 2024-2025
EBITDA net leverage of 5.8x-6.0x. However, WinTriX has a worse
financial risk profile than Equinix, given Fitch has a lower
forecast for Equinix's 2024-2025 EBITDA net leverage of 3.4x.

WinTriX merits a one-notch lower rating than Indonesia's
second-largest independent tower company, PT Tower Bersama
Infrastructure Tbk (TBI, BBB-/AA+(idn)/Stable). Fitch believes
WinTriX's contracts are less robust than those for TBI, given most
of WinTriX 's contracts are fixed-price without escalation clauses,
while TBI benefits from an escalation clause that mitigates
inflation risk. TBI's credit strengths are partially offset by a
shorter average contract tenor of around five years. WinTriX 's
financial risk profile is worse than TBI's, given Fitch forecasts
TBI's 2024-2025 EBITDA net leverage at 4.8x-4.9x.

KEY ASSUMPTIONS

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

- Revenue to rise by 19%-36% in 2024-2025 (2023 estimate: 27%);

- Fitch-defined EBITDA margin of 46%-47% in 2024-2025 (2023
estimate: 52%);

- Capex of CNY4 billion-4.6 billion in 2024-2025 (2023 estimate:
CNY9 billion);

- No dividend payment over the medium term.

RATING SENSITIVITIES

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

- EBITDA net leverage remains below 5.0x on a sustained basis,
combined with a longer track record of profitable overseas growth
and no material increase in domestic business risks;

- Improved access to capital comparable with rated peers.

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

- Debt-funded M&A, capex, underperformance in overseas expansion,
or large shareholder returns that raises EBITDA net leverage above
6.0x for a sustained period;

- EBITDA interest cover below 2.5x on a sustained basis (2023
estimate: 3.4x);

- Sustained adverse increase in in business risks;

- Significant deterioration in access to capital;

- Aggressive committed development capex beyond the current
pipeline, which is not pre-let or covered by existing liquidity.

LIQUIDITY AND DEBT STRUCTURE

Reliance on External Financing: WinTriX's readily available cash of
CNY4.9 billion at end-1H23 barely covered short-term debt, the
current portion of long-term debt of CNY1.3 billion and Fitch's
forecast of a free cash flow deficit of around CNY3 billion-4
billion in the next 12 months. Fitch does not have access to
quarterly reports after 1H23 due to privatisation. However, Fitch
believes the company's solid relationships with local banks and
strong asset ownership can support sustained funding for its
data-centre expansion.

ISSUER PROFILE

WinTriX is a leading Chinese carrier-neutral hyperscale data-centre
service operator, with data-centre operations in India and
Malaysia. It has high customer concentration, as its largest
customer is ByteDance, which accounted for 86% of 2022 revenue.

ByteDance - WinTriX's principal tenant - is a large, rapidly
expanding business with valuable brands and a substantial active
consumer base. However, it is a private company for which Fitch
does not have detailed financial information. Fitch has information
on key numbers from a 2020 income statement and data for monthly
and daily active users.

Fitch believes the risk of ByteDance defaulting on its obligations
to WinTriX is captured in the 'BB+'/Stable ratings, despite the
lack of access to detailed financial information. This is because
ByteDance is a successful and fast-growing company with a strong
brand, product portfolio and market positions, and a large
monetisable user base rivalling that of many established peers.
ByteDance is also reliant on WinTriX's data centre capacity, making
it essential to ByteDance's operations.

Following the privatisation, there are two holding companies above
WinTriX, BCPE Chivalry Topco Limited (Topco), which is majority
owned by Bain Capital, and BCPE Chivalry Bidco Limited (Parentco),
through which Topco fully controls WinTriX. Both Topco and Parentco
are private companies and Fitch does not have access to their
financial statements. Fitch has relied on WinTriX's management's
assertion both Topco and Parentco are intermediate holding
companies, with no financial instruments which are not common
equity and no other businesses other than WinTrix.

ESG CONSIDERATIONS


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

   Entity/Debt                Rating           Prior
   -----------                ------           -----
WinTriX DC Group     LT IDR    BB  Downgrade   BBB-
                     LC LT IDR BB  Downgrade   BBB-



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

ADINO TELECOM: ICRA Keeps B+ Debt Ratings in Not Cooperating
------------------------------------------------------------
ICRA has kept the long-term and Short term ratings of Adino Telecom
Limited (ATL) in the 'Issuer Not Cooperating' category. The rating
is denoted as [ICRA]B+(Stable); ISSUER NOT COOPERATING/[ICRA]A4;
ISSUER NOT COOPERATING".

                      Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Short Term-         1.00       [ICRA]A4 ISSUER NOT
   Non Fund Based                 COOPERATING; Rating continues
   Others                         to remain under 'Issuer Not
                                  Cooperating' category

   Long Term/          3.00       [ICRA]B+(Stable)/[ICRA]A4;
   Short Term-                    ISSUER NOT COOPERATING;
   Unallocated                    Rating Continues to remain
                                  under issuer not cooperating
                                  category

   Long Term/          4.00       [ICRA]B+(Stable)/[ICRA]A4;
   Short Term-                    ISSUER NOT COOPERATING;
   Non-Fund Based                 Rating Continues to remain
   Others                         under issuer not cooperating
                                  category

   Long Term-          4.00       [ICRA]B+ (Stable) ISSUER NOT
   Fund Based-                    COOPERATING; Rating continues
   Cash Credit                    to remain under 'Issuer Not
                                  Cooperating' category

As part of its process and in accordance with its rating agreement
with ATL, 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 the year 1992, Adino Telecom Ltd (ATL) is engaged
in various business verticals such as wireless integration business
for 'last mile' connectivity, sale & installation of Closed Circuit
Television (CCTV) systems, execution of DIAL 100 projects for
police force and networking solutions for various clients. The
company is mainly promoted by Mr. Vijay Mansukhani and other family
members, who have a long track record in wireless integrations
service & networking solutions business.


AMBUJA PIPES: ICRA Lowers Rating on INR11cr Cash Loan to D
----------------------------------------------------------
ICRA has downgraded the ratings on certain bank facilities of
Ambuja Pipes Private Limited (APPL), as:

                    Amount
   Facilities     (INR crore)   Ratings
   ----------     -----------   -------
   Short-term         9.25      [ICRA]D; ISSUER NOT COOPERATING;
   Non-fund based               Rating downgraded from [ICRA]A4
   Others                       'Issuer Not Cooperating' and
                                Continues to remain under 'Issuer
                                Not Cooperating' category

   Long-term–         3.75      [ICRA]D; ISSUER NOT COOPERATING;
   Fund based                   Rating downgraded from
   Term Loan                    [ICRA]B(Stable) ISSUER NOT
                                COOPERATING and Continues to
                                remain under 'Issuer Not
                                Cooperating' category

   Long-term–        11.00      [ICRA]D; ISSUER NOT COOPERATING;
   Fund based                   Rating downgraded from
   Cash Credit                  [ICRA]B(Stable) ISSUER NOT
                                COOPERATING and Continues to
                                remain under 'Issuer Not
                                Cooperating' category

Rationale

The rating downgrade reflects Delay in Debt Repayment as mentioned
in publicly available sources. The rating is based on limited
information on the entity's performance since the time it was last
rated on December 22, 2022. The lenders, investors and other market
participants are thus advised to exercise appropriate caution while
using this rating as the rating may not adequately reflect the
credit risk profile of the entity, despite the downgrade.

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

APPL was incorporated in 1999 and manufactures Electric Resistance
Welded (ERW) pipes and Galvanized Iron (G.I.)/Steel tubes and pipes
at its facility in Jaipur, Rajasthan. The facility has an annual
capacity of 21,000 Metric Tonnes. (MT) of ERW pipes and 6000 MT of
GI pipes. In addition, the company also manufactures Pressed Steel
Radiators and trades in Hot Rolled (HR) coils. The company sells
its products to both government and private sector clients. The
company's government clients include Gujarat Water Supply and
Sewerage Board and the Public Health Engineering Department,
Rajasthan, mainly for the drinking water department.


ANNAPURNA KALPANA: CARE Keeps C Debt Rating in Not Cooperating
--------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Annapurna
Kalpana Warehousing Enterprises (AKWE) continues to remain in the
'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      11.17       CARE C; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category  

Rationale and key rating drivers

CARE Ratings Ltd. had, vide its press release dated January 12,
2023, placed the rating(s) of AKWE under the 'issuer
non-cooperating' category as AKWE 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. AKWE
continues to be non-cooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated November 28, 2023, December 08, 2023, December
18, 2023.

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

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

Hyderabad based, Annapurna Kalpana Warehousing Enterprises (AKWE)
was established as a partnership firm in January 2013 by Mrs.
Kalpana Prasad and Mrs. Sarala Devi. Mr. Vamsidhar Maddipatla, the
managing director of OSR Infra Private Limited (associate concern)
is the chief executive of AKWE and handles the overall operations
of the firm. The firm is engaged in providing ware house on lease
rental to Food Corporation of India (FCI) and other local traders.
Mr. Vamsidhar Maddipatla and family runs seven other entities
namely OSR Infra Private Limited, OSR MP Warehousing Enterprises,
OSR UP Warehousing Enterprises, Annapurna Saraswathi Warehousing
Enterprises, KPM Warehousing Enterprises and VK Warehousing
Enterprises which is in the same line of business and have
operational linkages. The property of AKWE, located at West
Godavari district, Andhra Pradesh, which is built on a total land
area xof 454,766 square feet comprises of five godowns, with an
aggregate storage capacity of 30,000 MT (Metric Tons) for
agricultural products and consumer goods. The total project cost
for the construction of five godown is INR12.47 crore which is
funded through bank term loan of INR8.84 crore and promoters fund
of INR3.63 crore. Apart from the five godowns, the firm is
constructing a railway siding at West Godavari district. Estimated
total project cost for the construction of railway siding is
INR3.10 crore which is funded through bank term loan of INR2.33
crore and promoter fund of INR0.77 crore. The firm started the
project work in November 2015 and is expecting to start the
commercial operations from December 2018. As on September 19, 2018
the firm has incurred INR15.15 crore towards purchase of land,
civil works and preliminary expenses which was funded in the form
of term loan of INR10.85 crore and promoters fund of INR4.30 crore.


ANNAPURNA SARASWATHI: CARE Keeps C Debt Rating in Not Cooperating
-----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Annapurna
Saraswathi Warehousing Enterprises (ASWE) continues to remain in
the 'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      11.17       CARE C; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category  

Rationale and key rating drivers

CARE Ratings Ltd. had, vide its press release dated January 12,
2023, placed the rating(s) of ASWE under the 'issuer
non-cooperating' category as ASWE 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. ASWE
continues to be non-cooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated November 28, 2023, December 8, 2023, December
18, 2023.

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

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

Hyderabad based, Annapurna Saraswathi Warehousing Enterprises
(ASWE) was established as a partnership firm in January 2013 by
Mrs. Kalpana Prasad and Mrs. Sarala Devi. Mr. Vamsidhar Maddipatla,
the managing director of OSR Infra Private Limited (associate
concern) is the chief executive of ASWE and handles the overall
operations of the firm. The firm is engaged in providing ware house
on lease rental to Food Corporation of India (FCI) and other local
traders. Mr. Vamsidhar Maddipatla and family runs seven other
entities namely OSR Infra Private Limited, OSR MP Warehousing
Enterprises, OSR UP Warehousing Enterprises, Annapurna Kalpana
Warehousing Enterprises, KPM Warehousing Enterprises and VK
Warehousing Enterprises which is in the same line of business and
have operational linkages.



AZURE POWER: Fitch Affirms 'B' USD Bond Rating, Outlook Stable
--------------------------------------------------------------
Fitch Ratings has affirmed Azure Power Solar Energy Private
Limited's (Azure RG2) and Azure Power Energy Ltd's (Azure RG3) US
dollar bonds at 'B'. The Outlook is Stable. Fitch has removed all
the ratings from Rating Watch Negative.

RATING RATIONALE

The affirmation reflects Fitch's view that the group has
demonstrated improvement in its financial disclosure following the
release of parent company Azure Power Global Limited's (APGL) and
both restricted groups' (RGs) audited financial statements for the
financial year ended March 2022 (FY22), which are broadly in line
with previously disclosed unaudited financial statements. The
current rating has considered the risks associated with the
delisting of APGL, corporate governance weaknesses and the multiple
changes in board memberships and key management, which includes the
chair of the audit and risk committee.

The Stable Outlook reflects the RGs' reduced downside risks,
particularly the uncertainty over their financial flexibility and
refinancing risk. This is supported by approval obtained from
bondholders in its consent solicitation initiated in November 2023.
The company in the consent solicitation seeks to repurchase in
aggregate USD40 million and USD12 million in Azure RG2 and Azure
RG3 notes, respectively, at their face value by March 2024, and
USD8 million in Azure RG3 notes by August 2024. This makes up about
11% of Azure RG2's bonds due December 2024 and about 5% of Azure
RG3's bonds due August 2026.

In addition, the consent solicitation includes confirmation from
bondholders that there is no event of default under the reporting
covenant following AGPL's delisting, and provides a committed
timeline to release its FY23 and 1HFY24 financial statements.

In the FY22 audited statements of both RGs, the auditors provided a
qualified opinion on the basis of identified design deficiencies in
some of the key controls at the group level, in which the RGs
function within a shared control environment. Management has put in
place remedial measures to strengthen the internal control
framework. However, Fitch expects these corporate governance
weaknesses to persist in the near term as these measures require
time to take effect. Nevertheless, Fitch does not expect these
weaknesses to materially affect future operational and financial
performance disclosures. Any delays in financial disclosures beyond
the committed timelines or any event that could indicate heightened
refinancing risk will trigger a review of the credit profiles.

KEY RATING DRIVERS

ESG - Management Strategy: APGL's material internal control
weaknesses and compliance framework issues have resulted in
management's failure to anticipate and manage timely regulatory
financial disclosures, resulting in a trading suspension on the New
York Stock Exchange. Timely submission of the group's and Azure
RGs' financial reports is a key covenant, according to the US
dollar notes' indenture. There has also been multiple key
management and board member turnover at the group level.

RATING SENSITIVITIES

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

- Continued material weaknesses in corporate governance;

- Unable to refinance Azure RG2's US dollar notes maturing in
December 2024 well ahead of maturity.

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

- Sustained effective governance record, which includes stability
in board membership and key management team and strengthened
internal control framework.

ESG CONSIDERATIONS

Azure RG2 has an ESG Relevance Score of '5' for Management Strategy
due to identified internal control and compliance framework
deficiencies which has resulted in management's failure to
anticipate and manage timely regulatory financial disclosures,
which has a negative impact on the credit profile. This is highly
relevant to the rating, which has led to multiple notches of
downgrade. All ratings are removed from RWN.

Azure RG3 has an ESG Relevance Score of '5' for Management Strategy
due to identified internal control and compliance framework
deficiencies which has resulted in management's failure to
anticipate and manage timely regulatory financial disclosures,
which has a negative impact on the credit profile. This is highly
relevant to the rating, which has led to multiple notches of
downgrade. All ratings are removed from RWN.

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

   Entity/Debt                Rating          Prior
   -----------                ------          -----
Azure Power
Energy Ltd

    Azure Power
    Energy Ltd/Project
    Revenues - First
    Lien/1 LT              LT B  Affirmed     B

Azure Power Solar
Energy Private
Limited

   Azure Power Solar
   Energy Private
   Limited/Project
   Revenues - First
   Lien/1 LT               LT B  Affirmed     B

BHARAT EXPORT: ICRA Keeps D Debt Rating in Not Cooperating
----------------------------------------------------------
ICRA has kept the short-term rating of Bharat Export Overseas in
the 'Issuer Not Cooperating' category. The rating is denoted as
"[ICRA]D; ISSUER NOT COOPERATING".

                    Amount
   Facilities     (INR crore)   Ratings
   ----------     -----------   -------
   Long-term–        13.00      [ICRA]D; ISSUER NOT COOPERATING;
   Fund based                   Rating Continues to remain under
   Cash Credit                  'Issuer Not Cooperating'
                                Category

As part of its process and in accordance with its rating agreement
with Bharat Export Overseas, 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 1985, Bharat Export Overseas is a partnership firm
promoted by Mr. Gurprit Sawhney and Ms. Preeti Singh. The firm is
engaged in manufacturing and export of garments for women. BEO has
three manufacturing facilities located in Gurgaon, Haryana with
total annual manufacturing capacity of 6 lakh pieces. The firm
primarily exports to U.K and Germany.


COOKPAD INDIA: Voluntary Liquidation Process Case Summary
---------------------------------------------------------
Debtor:     COOKPAD INDIA TECHNOLOGIES PRIVATE LIMITED
            WeWork Galaxy, 43, Residency Road
            Shanthala Nagar, Ashok Nagar
            Bangalore, Bangalore
            Karnataka, India  560025

Liquidation Commencement Date:   December 21, 2023

Court:   National Company Law Tribunal, Bengaluru Bench

Liquidator:                Syam Prabhad TP
                           414, 9th Main Road
                           HRBR Layout, 1st Block
                           HRBR Layout, Kalyan Nagar,
                           Bangalore, Karnataka 560043
                           E-mail: citplliquidator@gmail.com
                           Contact: +91 9886912155

Last date for
submission of claims:      January 20, 2024

GO FIRST: SpiceJet Promoter and Busy Bee Jointly Submit Bid
-----------------------------------------------------------
Business Standard reports that SpiceJet promoter Ajay Singh and
Busy Bee Airways Private Ltd (BBAPL) have jointly submitted a bid
for insolvent airline Go First, which ceased to fly in May last
year.  Moreover, Sharjah-based aviation services company Sky One
announced submitting a bid for the airline.

BBAPL, an East Delhi-based company, has Paul Gomes and Pran
Sathiadasan as 50-50 shareholders, according to the latest
documents filed with the Ministry of Corporate Affairs in November
2023, which have been reviewed by Business Standard.

Currently, Sathiadasan is also director of commercial operations,
South East Asia, Flydubai, an airline operated by the United Arab
Emirates government.

According to documents, BBAPL reported no income in 2021-22, but
its income rose to INR96,300 in 2022-23, Business Standard
discloses. It recorded a net loss of INR6,800 in 2021-22, but
turned a profit of INR80,906 in 2022-23.

BBAPL has not submitted any documents to the Ministry of Corporate
Affairs regarding changes in ownership in 2023 or 2024. BBAPL did
not immediately respond to queries emailed by Business Standard
regarding the bid.

According to Business Standard, Ajay Singh, chairman and managing
director of SpiceJet, said in a statement he believed Go First held
immense potential and could be revitalised to work in close synergy
with SpiceJet, benefiting both carriers.

Apart from coveted slots at domestic and international airports,
international traffic rights, and an order for over 100 Airbus Neo
planes, GoFirst is a trusted and valued brand among flyers, he
said.

While SpiceJet has recently raised certain funds, the airline has
been facing a cash crunch for several quarters, Business Standard
says. It is also dealing with multiple court cases regarding money
owed to former owner Kalanithi Maran, financial services firm
Credit Suisse, aircraft lessors, and engine lessors. Earlier this
month, SpiceJet said it was laying off a certain percentage of
employees to save up to INR100 crore per year, Business Standard
relates.

Business Standard adds Jaideep Mirchandani, chairman, Sky One,
said: "We have submitted the bid for Go First and look forward to
the next stage, which is due diligence. Given our vast aviation
experience across the globe, we are confident about the
acquisition. Indian aviation is on the cusp of unprecedented growth
and we are glad to play a part in it."

On January 11, SpiceJet's shareholders gave their approval to raise
INR2,241.5 crore through equity and warrants - INR1,591.5 crore by
issuing equity to 58 entities and INR650 crore through warrants on
a preferential basis to five other entities, Business Standard
recalls. On January 26, the first tranche of INR744 crore (of the
INR2,241.5 crore) was infused into the airline.

The 63 entities include financial institutions, foreign
institutional investors, high-net-worth individuals, and private
investors such as the Elara India Opportunities Fund and Aries
Opportunities Fund, Business Standard notes.

After Go First airline stopped operating flights on May 3, its
lessors had put in applications with the Directorate General of
Civil Aviation to repossess more than 40 of the airline's 54
planes. However, the National Company Law Tribunal on May 10 last
year put a moratorium on all Go First's assets, debarring the
lessors from taking their planes back. Multiple lessors of Go First
have filed an appeal in the higher tribunal and courts to repossess
the planes.

The resolution professional had last year called for bids, recalls
Business Standard. Naveen Jindal-led Jindal Power had in October
2023 submitted an expression of interest. However, Jindal did not
submit a financial bid after due diligence.

                           About Go First

Go First, formerly known as GoAir, was an Indian ultra-low-cost
airline based in Mumbai, Maharashtra.  Go First was incorporated in
April 2004 as GoAir and commenced flight operations in November the
following year. Its inaugural flight was from Mumbai to Ahmedabad.
The airline is owned by the Wadia Group.

Go First filed an application for voluntary insolvency resolution
proceedings before National Company Law Tribunal (NCLT) on May 2,
2023.

The company said the filing with the NCLT comes after Pratt &
Whitney, the exclusive engine supplier for the airline's Airbus
A320neo aircraft fleet, refused to comply with an order to release
engines to the airline that would have allowed it return to full
operations.

Go First owes INR6,521 crore to its financial creditors, Bank of
Baroda, IDBI Bank, and Deutsche Bank. The airline has a total
liability of about INR11,463 crore to banks, other creditors,
vendors, and others.

On May 10, 2023, the NCLT accepted Go First's voluntary insolvency
petition.  The NCLT bench appointed Abhilash Lal as the interim
resolution professional to look after the affairs of Go First and
also suspended its board as part of the insolvency resolution
process.

GOKUL POWER: Voluntary Liquidation Process Case Summary
-------------------------------------------------------
Debtor:   GOKUL POWER AND ISPAT PRIVATE LIMITED
          House No. 9, VIP Estate, Near VIP Club
          Khamardih, Raipur
          Chhattisgarh
          India 492002
                   
Liquidation Commencement Date:   January 8, 2024

Court: National Company Law Tribunal, Cuttack Bench

Liquidator:                Mr. Deepak Kumar Jain
                           Purnima, D-356/5 Tagore Nagar
                           Raipur, Chhattisgarh - 492001
                           E-mail: deepak1760@yahoo.com
                           Mobile: +91 9826250720

Last date for
submission of claims:      February 8, 2024


INFRASTRUCTURE LEASING: CARE Reaffirms D Rating on INR9,641cr NCDs
------------------------------------------------------------------
CARE Ratings has reaffirmed ratings on certain bank facilities of
Infrastructure Leasing & Financial Services Limited (IL&FS), as:

                          Amount
   Facilities          (INR crore)    Ratings
   ----------          -----------    -------
   Long Term Bank         400.00      CARE D; Reaffirmed
   Facilities            

   Long-term/
   Short-term
   bank facilities         200.00     CARE D/CARE D Reaffirmed

   Redeemable
   preference shares     1,500.00     CARE D Reaffirmed

   Subordinate debt          6.85     CARE D Reaffirmed

   Non-convertible
   debentures             9,641.94    CARE D Reaffirmed

   Commercial paper       2,500.00    CARE D Reaffirmed

Rationale and key rating drivers

The reaffirmation of the ratings of various debt instruments and
bank facilities of IL&FS is on account of continued instances of
irregularities in servicing of debt by the company. Based on the
petition filed by the Union of India, the National Company Law
Tribunal (NCLT) vide its order dated October 1, 2018 suspended the
erstwhile Board and appointed the New Board proposed by the Union
of India which took charge of the company from October 04, 2018.
Furthermore, vide the order passed by the NCLT on October 9, 2018,
the newly constituted Board of IL&FS was empowered to replace the
directors of subsidiary companies of IL&FS, including IL&FS
Financial Services Limited (IFIN). The new Board of IL&FS has been
working on the Resolution Plan of the IL&FS Group.

The new Board of Directors of the Company, as part of the
resolution process, has submitted several progress reports to the
NCLT, including a framework for a resolution plan and process,
steps undertaken for monetisation of assets, appointment of
consultants, and classification of group entities based on their
abilities to meet various financial and operational obligations,
measures for cost optimisation and protocol for making payments
beyond certain limits.

The company has been making some recoveries and the funds are used
for making payments mostly to meet operational expenses to ensure
the going concern status of the company, and no money has been
distributed to the creditors yet. The funds are maintained in FD &
T-Bills under lien/favour of creditors to be distributed as per
NCLT/NCLAT directive, under group resolution.

Rating sensitivities: Factors likely to lead to rating actions

Positive factors- Factors that could lead to positive rating
action/upgrade:

* Timely servicing of debt for a period of three consecutive
months.

Negative factors- Factors that could lead to negative rating
action/downgrade:

* Not applicable

Liquidity: Poor

The liquidity profile of the company is severely constrained
leading to the company continuing to default on its debt
obligations.

IL&FS is an infrastructure development and finance company promoted
by the Central Bank of India (CBI), Housing Development Finance
Corporation (HDFC), and Unit Trust of India (UTI). IL&FS was
established with twin mandates of providing financial services and
to develop infrastructure projects under a commercial format. The
shareholding of the company is held by Life Insurance Corporation
of India (LIC) - 25.34%, Orix Corporation, Japan - 11.86%, IL&FS
Employee Welfare Trust - 12.00%, Abu Dhabi Investment Authority
(ADIA) - 12.56%, 24R Advisory Services Pvt Ltd - 11.68%, HDFC Ltd -
9.02%, CBI - 7.67%, and State Bank of India (SBI) - 6.42%. IL&FS
published its financial results for FY19 (refers to the period from
April 1 to March 31) where it reported net loss of INR22,401 crore
(standalone) (under Ind AS). The recasting of financials from FY14
to FY18 following order from NCLT is in progress for IL&FS, IFIN
and IL&FS Transportation Network Limited (ITNL) is in progress.


JEEVISHA FOODS: ICRA Keeps B+ Debt Ratings in Not Cooperating
-------------------------------------------------------------
ICRA has kept the Long-term rating of Jeevisha Foods Pvt. Ltd. in
the 'Issuer Not Cooperating' category. The rating is denoted as
"[ICRA]B+(Stable); ISSUER NOT COOPERATING".

                      Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long Term-          5.50       [ICRA]B+ (Stable) ISSUER NOT
   Fund Based-                    COOPERATING; Rating continues
   Term Loan                      to remain under 'Issuer Not
                                  Cooperating' category

   Long Term-          4.80       [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 Jeevisha Foods 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.

Jeevisha Foods Private Limited was incorporated in 2013 and is
engaged in milling of basmati rice. The manufacturing unit of the
firm is based in Kaithal (Haryana) with a milling capacity of 8
tonnes per hour (TPH) and has sortex machinery with a capacity of 8
TPH. The operations of the firm are actively managed by Mr. Nikhil
Chhabra.


KPM WAREHOUSING: CARE Keeps C Debt Rating in Not Cooperating
------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of KPM
Warehousing Enterprises (KWE) continues to remain in the 'Issuer
Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       13.20      CARE C; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category  

Rationale and key rating drivers

CARE Ratings Ltd. had, vide its press release dated January 12,
2023, placed the rating(s) of KWE under the 'issuer
non-cooperating' category as KWE 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. KWE
continues to be noncooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated November 28, 2023, December 8, 2023, December
18, 2023.

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

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

Hyderabad based, KPM Warehousing Enterprises (KWE) was established
as a partnership firm in August 2013 by Mrs. Kalpana Prasad and
Mrs. Saraswathi Gali. Mr. Vamsidhar Maddipatla, the managing
director of OSR Infra Private Limited (associate concern) is the
chief executive of KPMWE and handles the overall operations of the
firm. The firm is engaged in providing ware house on lease rental
to Food Corporation of India (FCI) and other local traders. Mr.
Vamsidhar Maddipatla and family runs seven other entities namely
OSR Infra Private Limited, OSR MP Warehousing Enterprises, OSR UP
Warehousing Enterprises, Annapurna Saraswathi Warehousing
Enterprises, Annapurna Kalpana Warehousing Enterprises and VK
Warehousing Enterprises which is in the same line of business and
have operational linkages. The property of KWE, located at Dindigal
district, Tamil Nadu, which is built on a total land area of
481,773 square feet comprises of five godowns, with an aggregate
storage capacity of 30,000 MT (Metric Tons) for agricultural
products and consumer goods. The total project cost for the
construction of five godowns is INR14.39 crore which is funded
through bank term loan of INR10.06 crore and promoter fund of
INR4.33 crore. Apart from the five godowns, the firm is
constructing a railway siding at Dindigal district.

Estimated total project cost for the construction of railway siding
is INR3.94 crore which is funded through bank term loan of INR2.96
crore and promoter fund of INR0.98 crore. The firm started the
project work in September 2015 and is expecting to start the
commercial operations from December 2018. As on September 19, 2018,
the firm has incurred INR17.86 crore towards purchase of land,
civil works and preliminary expenses which was funded in the form
of term loan of INR12.66 crore and promoter's fund of INR5.20
crore.


MAHAVIR METAL: Voluntary Liquidation Process Case Summary
---------------------------------------------------------
Debtor:     MAHAVIR METAL WORKS PRIVATE LTD
            B-101, Floor-10, Plot-85, B, Maker Tower
            G D Somani Marg, World Trade Centre
            Cuffe Parade
            Mumbai City, Mumbai
            Maharashtra, India, 400005

Liquidation Commencement Date:     January 6, 2024

Court:   National Company Law Tribunal, Mumbai Bench

Interim Resolution
Professional:             Mr. Hitesh Kothari
                          1A, Satya Apartment
                          Opp.  Kandivali MTNL Building
                          S. V, Road, Kandivali (W)
                          Mumbai - 400067
                          E-mai: hiteshkotharics@gmail.com

Last date for
submission of claims:     February 5, 2024


MANIKANTA COTTON: ICRA Keeps B+ Debt Ratings in Not Cooperating
---------------------------------------------------------------
ICRA has kept the Long-term rating of Manikanta Cotton Agro
Industries (MCAI) in the 'Issuer Not Cooperating' category. The
rating is denoted as "[ICRA]B+(Stable); ISSUER NOT COOPERATING".

                      Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long Term-          4.66       [ICRA]B+ (Stable) ISSUER NOT
   Unallocated                    COOPERATING; Rating continues
                                  to remain under 'Issuer Not
                                  Cooperating' category

   Long Term-          0.84       [ICRA]B+ (Stable) ISSUER NOT
   Fund Based-                    COOPERATING; Rating continues
   Term Loan                      to remain under 'Issuer Not
                                  Cooperating' category

   Long Term-         10.50       [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 MCAI, 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.

MCAI was set up as a partnership firm in 2013 by Mr. D. MallaReddy
and Mr. P. Ravinder Reddy and six other partners, with ginning
activity as its main operations. MCAI is a TMC unit, involved in
extraction of cotton lint and cotton seeds from kapas. The firm has
its production facility located at Muthannapeta village, Karimnagar
district, Telangana. At present, it is operating 36 gins and one
pressing unit with a production capacity of 86,400 bales per annum.
The managing partners, Mr. D. Malla Reddy and Mr. P. Ravinder Reddy
also serve as managing partners of othertextile units namely M/s
Saritha Cotton Industries operating with 24 gins, four oil
expellers and one pressing machine and M/s Sri Balaji Cotton
Industries operating with 40 gins and one pressing unit.


NAVAMI PLAZA: CARE Keeps B- Debt Rating in Not Cooperating
----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Navami
Plaza Private Limited (NPPL) continues to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      10.00       CARE B-; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category  

Rationale and key rating drivers

CARE Ratings Ltd. had, vide its press release dated December 28,
2022, placed the rating(s) of NPPL under the 'issuer
non-cooperating' category as NPPL 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. NPPL
continues to be noncooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated November 13, 2023, November 23, 2023, December
3, 2023.

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

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

The ratings assigned to the bank facilities of NPPL have been
revised on account of non-availability of requisite information.

Navami Plaza Private Limited (NPPL) was established in the year
1991. NPPL was promoted by Mr. Nanda Kumar N Kudva along with his
wife Mrs. Rashmi N Kudva at Modibidri (Karnataka). Mr. Nanda Kumar
has started a lodging business in 1991 with the name Navami
Shopping Plaza Private Limited, later in November 1992 the company
name changed to current nomenclature Navami Plaza Private Limited.
In 2012 the company expands its business operations and started
Navmi Walk In Mart and Navmi Lifestyle which are into retail
trading of food and grocery and garments business respectively.
Currently, the Company is engaged in Retail Trading of food and
grocery (fresh fruits & vegetables, groceries, personal care, home
care, general merchandise and a basic range of apparels, besides a
large range of products across fruit & vegetables, groceries, FMCG
products, retailing of textiles and readymade garments (Sarees,
suiting & shirting, dress material, handlooms, men's, ladies and
kids wear) and providing rooms on rental basis under the name
Navami Lodging & Comfort.

OSR UP: CARE Keeps C Debt Rating in Not Cooperating Category
------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of OSR UP
Warehousing Enterprises (OUWE) continues to remain in the 'Issuer
Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      18.28       CARE C; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category  

Rationale and key rating drivers

CARE Ratings Ltd. had, vide its press release dated January 12,
2023, placed the rating(s) of OUWE under the 'issuer
non-cooperating' category as OUWE 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. OUWE
continues to be noncooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated November 28, 2023, December 8, 2023, December
18, 2023.

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

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

Hyderabad based, OSR UP Warehousing Enterprises (OUWE) was
established as a partnership firm in January 2013 by Mrs.
Saraswathi Gali and Mrs. Sarala Devi. Mr. Vamsidhar Maddipatla, the
managing director of OSR Infra Private Limited (associate concern)
is the chief executive of OUWE and handles the overall operations
of the firm. The firm is engaged in providing ware house on lease
rental to Food Corporation of India (FCI) and other local traders.
Mr. Vamsidhar Maddipatla and family runs seven other entities
namely OSR Infra Private Limited, OSR MP Warehousing Enterprises,
Annapurna Saraswathi Warehousing Enterprises, Annapurna Kalpana
Warehousing Enterprises, KPM Warehousing Enterprises and VK
Warehousing Enterprises which is in the same line of business and
have operational linkages. The property of OUWE, located at Auraiya
district, Uttar Pradesh, which is built on a total land area of
689,119 square feet comprises of nine godowns (total area of
271,634 sq. ft.), with an aggregate storage capacity of 54,000 MT
(Metric Tons) for agricultural products and consumer goods.

The total project cost for the construction of nine godown was
INR26.75 crore which was funded through bank term loan of INR18.28
crore and promoters fund of INR8.47 crore. The firm started the
project work in May 2015 and is expecting to start the commercial
operations from December 2018. As on September 19, 2018, the firm
has incurred the entire cost i.e the project has been completed
100%.


P.M. AGRO: CARE Keeps D Debt Rating in Not Cooperating Category
---------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of P.M. Agro
Products Private Limited (PAPPL) continues to remain in the 'Issuer
Not Cooperating' category.

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

Rationale and key rating drivers

CARE Ratings Ltd. had, vide its press release dated December 26,
2022, placed the rating(s) of PAPPL under the 'issuer
non-cooperating' category as PAPPL 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. PAPPL continues to be non-cooperative despite
repeated requests for submission of information through e-mails,
phone calls and a letter/email dated November 11, 2023, November
21, 2023, December 1, 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).

PAPPL was incorporated as a private limited company in 2010 to take
over the proprietorship business of M/s P.M Dal Udyog (PDU). PAPPL
is engaged in processing and trading of Arhar Dal (Toor dal) and
trading of dal chuni (used as cattle feed) and sells its product
under the brand name Baba Gold, Rasoi Gold, Son Pari and Ganga
Yamuna.


QUIPH MEDIA: Voluntary Liquidation Process Case Summary
-------------------------------------------------------
Debtor:            QUIPH MEDIA PRIVATE LIMITED
                   B/701, Dhaivat Tower
                   Kalpnagri B.R. Road,
                   Mulund (West)
                   Mumbai City MH 400080

Liquidation Commencement Date:  January 12, 2024

Court: National Company Law Tribunal, Mumbai Bench

Liquidator:                Venkataraman Jayagopal
                           E-003, Victoria Haven
                           Patel Ram Reddy Road
                           Domlur 1st Stage
                           Bangalore - 560071
                           E-mail: quiphmedia.vl@gmail.com
                           E-mail: gopal_venus@hotmail.com
                           Phone No.: 9341240595

Last date for
submission of claims:     February 12, 2024

RAM RAYON: ICRA Keeps D Debt Ratings in Not Cooperating Category
----------------------------------------------------------------
ICRA has kept the Long-term ratings for the bank facilities of
Shree Ram Rayon - Surat in the 'Issuer Not Cooperating' category.
The rating is denoted as "[ICRA]D; ISSUER NOT COOPERATING".

                    Amount
   Facilities     (INR crore)   Ratings
   ----------     -----------   -------
   Long-term–         4.46      [ICRA]D; ISSUER NOT COOPERATING;
   Fund based                   Rating Continues to remain under
   Cash Credit                  'Issuer Not Cooperating'
                                Category

   Long-term–         5.44      [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 Shree Ram Rayon - Surat, 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.

Established in July 2014 and promoted by Patodia family, Shree Ram
Rayon (SRR or the firm) is a family managed partnership firm
engaged in the sizing and warping of yarn made out of FDY (Fully
Drawn Yarn). Based out of Surat, SRR has a manufacturing facility
located in Kamrej with an installed capacity to manufacture 5,000
MTPA of sized yarn.

The key partners of SRR are Mr. Pravin Patodiya, Mr. Rasik Patodiya
and Mr. Ajit Patodiya who collectively look after the overall
functions of business. Mr. Rasik Patodiya is a B-tech in textile
technology. All the three managing partners have experience of over
two decades in the textile industry especially in the field of
textile chemicals and are actively engaged in textile chemical
consulting activities for textile players. The firm has also been
able to capitalize on a ready customer and supplier contacts
through presence in this industry. The firm's sister concern; Shree
Ram Bearings and Chemicals is engaged in the manufacture of textile
chemicals which finds use in the sizing process.


RELIANCE COMMUNICATIONS: CARE Keeps D Ratings in Not Cooperating
----------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Reliance
Communications Limited (RComm) continue to remain in the 'Issuer
Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank     9,322.00     CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

   Short Term Bank    8,034.00     CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

   Non-convertible      750.00     CARE D; ISSUER NOT COOPERATING
   debentures                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

   Short-term         2,880.00     CARE D; ISSUER NOT COOPERATING
   Instruments                     Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Rationale and key rating drivers

CARE Ratings Limited (CARE Ratings) had, vide its press release
dated November 28, 2018, placed the ratings of RComm under the
'Issuer non-cooperating' category, as RComm failed to pay the
surveillance fees for the rating exercise as agreed to in its
Rating Agreement. RComm continues to be non-cooperative despite
repeated requests through e-mails, phone calls and has not provided
the requisite information for monitoring the ratings. In line with
the extant Securities and Exchange Board of India (SEBI)
guidelines, CARE Ratings has reviewed the rating based on best
available information which, however, in CARE Ratings' 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).

Rating sensitivities: Not applicable

Analytical approach: Consolidated

Considering the strong operational and financial linkage with the
subsidiaries, the consolidated financials of RComm are considered
for analysis purpose.

Outlook: Not applicable

Detailed description of the key rating drivers

At the time of last rating on February 27, 2023, the following were
the rating strengths and weaknesses:

Key weakness

* Delay in servicing of debt obligation: RComm had delayed
servicing its debt obligations due to severe deterioration in the
financial and liquidity profile of the company, coupled with high
debt service obligations.

Liquidity: Poor

Liquidity position of the company is under stress due to weak cash
accruals vis-à-vis large debt obligations.

Founded by late Dhirubhai H. Ambani, RComm is the flagship company
of the Reliance Group, led by Anil Dhirubhai Ambani. RComm is one
of India's integrated telecommunications service providers. The
services it provides include GSM (Voice; 2G, 3G, 4G), fixed line
broadband and voice, and Direct-To-Home (DTH), depending upon its
areas of operation in India. The company had to shut down its
business operations as a result of its high debt burden and a
failed merger with Aircel. RComm is currently under corporate
insolvency resolution process (CIRP) pursuant to the provisions of
the Insolvency and Bankruptcy Code, 2016.


ROYALLINE RESOURCES: CARE Cuts Rating on INR130cr LT/ST Loan to C
-----------------------------------------------------------------
CARE Ratings has revised the ratings on certain bank facilities of
Royalline Resources Limited (RRL), as:

                     Amount
   Facilities     (INR crore)   Ratings
   ----------     -----------   -------
   Long Term/        130.00     CARE C; Stable/CARE A4; ISSUER NOT
   Short Term                   COOPERATING; Rating continues to
   Bank Facilities              remain under ISSUER NOT
                                COOPERATING category and Revised
                                from CARE B-; Stable/CARE A4

Rationale and key rating drivers

CARE Ratings Ltd. had, vide its press release dated December 23,
2022, placed the rating(s) of RRL under the 'issuer
non-cooperating' category as RRL 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. RRL
continues to be non-cooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated November 8, 2023, November 18, 2023, November
28, 2023.

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

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

The ratings have been revised on account of non-availability of
requisite information. Further, the revision considers the decline
in scale of operations during FY23 as compared to FY22.

Analytical approach: Standalone

Outlook: Stable

Incorporated as Sacvinam Exports Private Limited in 1994, Royalline
Resources Limited (RRL) is engaged mainly in the export of iron ore
fines and mill scales along with trading of imported steam coal,
sugar, soya bean, cashew nuts and other agro commodities. RRL has
facilities (warehousing) of exports from all the major ports from
India viz Vizag, Haldia, Paradip, Chennai and Kandla. RRL is a part
of the Radiant Group of companies. The Radiant group is
headquartered in Singapore and presence in 5 continents and 11
countries. Royalline Resources Limited is the flagship company of
the group.


RSG DEVELOPERS: ICRA Keeps B Debt Ratings in Not Cooperating
------------------------------------------------------------
ICRA has kept the long-term ratings of RSG Developers Private
Limited (RSG) in the 'Issuer Not Cooperating' category. The rating
is denoted as [ICRA]B (Stable); ISSUER NOT COOPERATING".

                      Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long Term-          5.50       [ICRA]B (Stable) ISSUER NOT
   Fund Based-                    COOPERATING; Rating continues
   Cash Credit                    to remain under 'Issuer Not
                                  Cooperating' category

   Long Term-          2.00       [ICRA]B (Stable) ISSUER NOT
   Fund Based-                    COOPERATING; Rating continues
   Term Loan                      to remain under 'Issuer Not
                                  Cooperating' category

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

RSG Developers Private Limited (RSG) was founded in 2004 by Mr.
Rajeev Sharma. The company is based out of Noida (Uttar Pradesh)
and is initially involved in civil construction business of
multiple roads and building construction projects for public sector
clients. However, currently the company is engaged into
construction of residential and commercial projects for private
sector client. Apart from construction the company also undertakes
operations and maintenance projects.


S.S. ENTERPRISES: ICRA Lowers Rating on INR4.0cr Term Loan to D
---------------------------------------------------------------
ICRA has revised the ratings on certain bank facilities of S.S.
Enterprises Electricals, as:

                     Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Short-term         1.00       [ICRA]D; ISSUER NOT COOPERATING;
   Non-fund based                Rating downgraded from [ICRA]A4;
   Others                        'Issuer Not Cooperating'
                                 Category and continues to remain
                                 under 'Issuer Not Cooperating'
                                 category

   Long-term–         4.0        [ICRA]D; ISSUER NOT
COOPERATING;
   Fund based                    Rating downgraded from
   Term Loan                     [ICRA]B+ (Stable) and continues
                                 to remain under 'Issuer Not
                                 Cooperating' category

Rationale

Material event
The rating of S.S. Enterprises Electricals is downgraded as the
accounts of the entity have been declared as NPA (Non-Performing
Asset) mentioned in the Feedback received from the bank.

Impact of material event
The rating is based on limited information on the entity's
performance since the time it was last rated January 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 S.S. Enterprises Electricals, 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.

S.S. Enterprises Electricals was established in 2006 as a
proprietorship firm. The firm is engaged in providing electrical
services such as design and execution of electrical projects of
voltage class up to 33 KV. The entity's operations are managed by
Mr. Selvaraju, the Chief Executive Officer of the firm, who has an
extensive experience of over thirty-five years in the business.
Prior to establishing SSEE, he was associated for nearly two
decades with Shanthi Enterprises Electricals Private Limited, a
Chennai-based entity which is engaged in providing electrical
contract services. The firm's proprietor, Mrs. Amutha Selvaraju
(w/o Mr. Selvaraju), takes care of the firm's administration.


SAGAR FOODS: ICRA Keeps B Debt Ratings in Not Cooperating
---------------------------------------------------------
ICRA has kept the Long-term and Short-term ratings for the bank
facilities of Sagar Foods (SF) 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-        14.00       [ICRA]A4 ISSUER NOT
   Fund Based-                    COOPERATING; Rating continues
   Cash Credit                    to remain under 'Issuer Not
                                  Cooperating' category

   Long Term/          1.38       [ICRA]B(Stable)/[ICRA]A4;
   Short Term-                    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 SF, 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.

Established in 1992, Sagar Foods (SF) is engaged in the business of
processing and export of frozen seafood including cuttlefish,
shrimp and squids to the European countries. The firm's processing
plant has an EU approval under 'PPa' category for export of seafood
items. The firm is predominantly an export-oriented player with
more than 95% of its revenue derived from the overseas market.


SANCHEM FABRICS: ICRA Keeps B+ Debt Ratings in Not Cooperating
--------------------------------------------------------------
ICRA has kept the Long-term and Short-term ratings for the bank
facilities of Sanchem Fabrics Limited in the 'Issuer Not
Cooperating' category. The rating is denoted as
"[ICRA]B+(Stable)/[ICRA]A4; ISSUER NOT COOPERATING".

                      Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long Term-          4.00       [ICRA]B+ (Stable) ISSUER NOT
   Fund Based-                    COOPERATING; Rating continues
   Cash Credit                    to remain under 'Issuer Not
                                  Cooperating' category

   Long Term-          7.70       [ICRA]B+ (Stable) ISSUER NOT
   Fund Based-                    COOPERATING; Rating continues
   Term Loan                      to remain under 'Issuer Not
                                  Cooperating' category

   Short Term-         0.30       [ICRA]A4 ISSUER NOT
   Non Fund Based                 COOPERATING; Rating continues
   Others                         to remain under 'Issuer Not
                                  Cooperating' category

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

Sanchem Color Limited was incorporated in 1999 by members of
Agarwal family and was later named as Sanchem Fabrics Limited (SFL)
in 2011. The company is engaged in the trading of textile chemicals
manufacturing of greige fabric for shirting, suiting and bed sheet.
The manufacturing plant of the company located at Piplaj, Ahmedabad
and is equipped with ~26 looms having an installed capacity to
manufacture ~3,00,000 metres of fabric per month.


SASIDHAR POULTRIES: ICRA Keeps C+ Debt Ratings in Not Cooperating
-----------------------------------------------------------------
ICRA has kept the Long-term rating for the bank facilities of
Sasidhar Poultries Private Limited in the 'Issuer Not Cooperating'
category. The rating is denoted as "[ICRA]C+; ISSUER NOT
COOPERATING".

                    Amount
   Facilities    (INR crore)    Ratings
   ----------    -----------    -------
   Long-term–        5.00       [ICRA]C+; ISSUER NOT
COOPERATING;
   Fund based                   Rating Continues to remain under
   Cash Credit                  'Issuer Not Cooperating'
                                Category

   Long-term–        6.32       [ICRA]C+; ISSUER NOT
COOPERATING;
   Fund based                   Rating Continues to remain under
   Term Loan                    'Issuer Not Cooperating'
                                Category

   Long Term-        3.68       [ICRA]C+; 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 Sasidhar Poultries Private Limited, ICRA has been trying to
seek information from the entity so as to monitor its performance.
Further, ICRA has been sending repeated reminders to the entity for
payment of surveillance fee that became due. Despite multiple
requests by ICRA, the entity's management has remained
non-cooperative. In the absence of requisite information and in
line with the aforesaid policy of ICRA, the rating has been
continued to the "Issuer Not Cooperating" category. The rating is
based on the best available information.

Sasidhar Poultries Private Limited was incorporated by Mr. B. Sesha
Rao in the year 2002. In the year 2002, the company started
constructing the shed and it was completed in 2005. So, the
commercial operations started in 2005. The company is located in
the owned premises. The total company is spread over an area of 42
acres with built up area of 35 acres approximately. The company has
1 chick shed with capacity of 80000 chicks, 2 chick grower sheds
with capacity of 40000 chicks each, 7 layer bird shed with capacity
of 40000 birds each and 4 layer sheds with capacity of 20000 each.


SHANTHA TRUST: ICRA Keeps D Ratings in Not Cooperating Category
---------------------------------------------------------------
ICRA has kept the Long-term ratings for the bank facilities of
Shantha Trust in the 'Issuer Not Cooperating' category. The rating
is denoted as "[ICRA]D; ISSUER NOT COOPERATING".

                     Amount
   Facilities     (INR crore)   Ratings
   ----------     -----------   -------
   Long-term–         1.00      [ICRA]D; ISSUER NOT COOPERATING;
   Fund based                   Rating Continues to remain under
   Cash Credit                  'Issuer Not Cooperating'
                                Category


   Long-term–         7.00      [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 Shantha Trust, 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.

Shantha Trust was registered in November 2011 with four trustees
and is promoted by Mr. S. Senthilkumar. The Trust took over the
operations of E.S. College of Nursing ("ESCON"/"the College") from
Shantha Medical Foundation (SMF, a group entity), during 2013-14.
ESCON started the operations in the year 2008. SMF presently takes
care of the operations of ES Hospitals. In the current year
2016-17, the Trust has started the operations of E.S. Arts &
Science College ("ESASC") from the current academic year 2016-17.
ESCON presently offers courses in six specializations - Bachelor of
Science in Nursing (B.Sc (N)), Diploma in General Nursing and
Midwifery (DGNM), Post Basic Bachelor of Science in Nursing
(P.B.B.Sc (N)), Diploma in Medical Laboratory Technology (DMLT),
Auxiliary Nursing and mid-wifery (ANM) and Master of Science in
Nursing (M. Sc (N)). The College is recognized by Indian Nursing
Council (INC) and Tamil Nadu Nurses and Midwives Council (TNC) and
is affiliated to The Tamil Nadu Dr. M.G.R. Medical University.
ESASC offers five Under-Graduate (UG) courses namely Bachelor of
Science in Maths, Bachelor of Science in Computer Science, Bachelor
of Science in Physics, Bachelor of Arts in English and Bachelor of
Commerce. The sanctioned strength for each course is 50 students.


SHIVSHAKTI REALHOME: ICRA Keeps B+ Ratings in Not Cooperating
-------------------------------------------------------------
ICRA has kept the long-term ratings of Shivshakti RealHome Private
Limited (SRPL) in the 'Issuer Not Cooperating' category. The rating
is denoted as [ICRA]B+(Stable); ISSUER NOT COOPERATING".

                      Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long Term-          0.11       [ICRA]B+ (Stable) ISSUER NOT
   Fund Based-                    COOPERATING; Rating continues
   Cash Credit                    to remain under 'Issuer Not
                                  Cooperating' category

   Long Term-         44.89       [ICRA]B+ (Stable) ISSUER NOT
   Unallocated                    COOPERATING; Rating continues
                                  to remain under 'Issuer Not
                                  Cooperating' category

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

Based in Jaipur, Shivshakti RealHome Pvt Ltd (SRPL) was
incorporated in 2010 by Mr. Sanjeev Sanghi and is involved in the
business of construction and real estate. The company is closely
held by promoters with Mr. Sanjeev Sanghi and his brother Mr.Rajeev
Sanghi serving as the directors of the company. The promoters
previously worked in the field of real estate as
consultants before starting SRPL. The company is presently
undertaking six projects –4 in Jaipur; 1 each in Bhiwadi and
Neemrana. Besides this, the company has a healthy land bank which
provides scope for future development.



SHRINIWAS BOARD: ICRA Keeps B+ Debt Ratings in Not Cooperating
--------------------------------------------------------------
ICRA has kept the long-term and Short term ratings of Shriniwas
Board & Paper Private Limited (SBPPL) in the 'Issuer Not
Cooperating' category. The rating is denoted as [ICRA]B+(Stable);
ISSUER NOT COOPERATING/[ICRA]A4; ISSUER NOT COOPERATING".

                      Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long Term/          2.00       [ICRA]B+(Stable)/[ICRA]A4;
   Short Term-                    ISSUER NOT COOPERATING;
   Non-Fund Based                 Rating Continues to remain
   Others                         under issuer not cooperating
                                  category

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

   Long Term-          5.00       [ICRA]B+ (Stable) ISSUER NOT
   Fund Based-                    COOPERATING; Rating continues
   Cash Credit                    to remain under 'Issuer Not
                                  Cooperating' category

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

Shriniwas Board & Papers Private Limited (SBPPL) is engaged in the
manufacturing of kraft paper in its manufacturing unit located in
Dewas, Madhya Pradesh. It commenced manufacturing of kraft paper in
the year 1996. The company manufactures kraft paper with 100-180
gsm and burst factor of 12-20 bf. The company has increased its
plant capacity to 16,000MTPA in the month of March 2016 from its
earlier capacity of 9,750MTPA. The additional capacity has
effectively commenced operations from April'2016 i.e. FY2017.


SIDDHIVINAYAK REALHOMES: CARE Keeps D Rating in Not Cooperating
---------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Shree
Siddhivinayak Realhomes Private Limited (SSRPL) continues to remain
in the 'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Non-convertible     395.00      CARE D; Issuer not cooperating
   debentures                      Rating continues to remain
                                   under 'Issuer not cooperating'
                                   category

Rationale and key rating drivers

CARE Ratings Limited (CARE Ratings) had, vide its press release
dated February 24, 2020, placed the rating of SSRPL under the
'issuer non-cooperating' category as SSRPL had failed to provide
information for monitoring the rating as agreed to in its rating
agreement. SSRPL continues to be non-cooperative despite repeated
requests for submission of information through e-mails and phone
calls.

In line with the extant Securities and Exchange Board of India
(SEBI) guidelines, CARE Ratings has reviewed the rating based on
best available information, which, however, in CARE Ratings'
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.

Rating sensitivities: Not applicable

Analytical approach: Combined

SSRPL has invested in real estate projects in other group companies
- Shree Siddhivinayak Infrastructure & Realty (SSIR) and
Ruparel Infra & Realty Private Limited (RIRPL). SSRPL holds 98.98%
stake in RIRPL and 99% in SSIR.

Detailed description of the key rating drivers

At the time of the last rating on February 13, 2023, following were
the rating weaknesses:

Key weaknesses

* Ongoing delays in debt servicing: The rating has been reaffirmed
due to ongoing delays in the company's debt servicing.

Incorporated in November 2016, SSRPL is part of the Ruparel group,
which has invested in real estate projects in SSIR and RIRPL. The
company has no projects. As on December 2019, it had six
residential and commercial projects - Elara, Skygreens, Palacio
(executed in SSIR), Optima-Phase I & II, and West Park (executed in
RIRPL) under the slum rehabilitation authority (SRA) scheme at
Kandivali, Mumbai. As on December 2019, the Real Estate Regulatory
Authority (RERA) registered projects had a total saleable area of
10.68 lakh sq ft (lsf) and non-registered RERA projects had a
saleable area of 52.70 lsf with a total cost of INR3,999.93 crore
and a revenue potential of INR9,573 crore. The Ruparel group is a
Mumbai-based real estate developer. The group has completed five
projects with a total built-up area of 3.63 lsf, and as on December
2019, had multiple ongoing projects located across prime locations
in Mumbai.


SUVIDHA MERCHANTS: Voluntary Liquidation Process Case Summary
-------------------------------------------------------------
Debtor:    Suvidha Merchants Private Limited
           77 Shankar Vihar
           Vikas Marg
           Delhi 110092 IND

Liquidation Commencement Date:   January 12, 2024

Court:   National Company Law Tribunal, New Delhi Bench

Liquidator:                Anil Kumar Mittal
                           House No. 212/2, Street No. 4
                           Padam Nagar, Kishan Ganj
                           Delhi - 110007
                           E-mail: fcs.akmittal@gmail.com
                           E-mail: alsuvidha.vl@gmail.com
                           Mobile: +91-9810056386            
                                                   
Last date for
submission of claims:      February 11, 2024


TRENDSMITH (INDIA): Voluntary Liquidation Process Case Summary
--------------------------------------------------------------
Debtor:  Trendsmith (India) Limited
         62/64, Zaveri House, 1st Floor
         Opp. Dharam Palace
         Hughes Road
         Mumbai City, Maharashtra
         India 40007


Liquidation Commencement Date:  January 19, 2024

Court: National Company Law Tribunal, Mumbai Bench

Liquidator:        CS Mandar Wagh
                   Flat no. C-1302, Grandstand Trinity
                   Service Road from Vedbhavan to Warje
                   Pune, Bangalore Highway
                   Near Chandani Chawk
                   Pune 411038

                   Anand Chaitanya Corporate Legal Advisors LLP
                   505, 4th Floor, Venture
                   Above McDonald's Paud Road
                   Bhusari Colony, Pune 411 038
                   E-mail: mandar.wagh@anandchaitanya.com
                   Contact: 9822844488

Last date for
submission of claims:    February 18, 2024

V-RESOLVE INSURANCE: Voluntary Liquidation Process Case Summary
---------------------------------------------------------------
Debtor:    V-Resolve Insurance Broking LLP
           310 Star Tower, Sector-30
           Gurugram - 122001
           Haryana, India

Liquidation Commencement Date:     January 15, 2024

Court:   National Company Law Tribunal, New Delhi Bench

Liquidator:                   Damodar Prasad Gupta  
                              First Floor, 14 Rani Jharsi Road
                              Near Jhardewalan Temple
                              New Delhi - 110056
                              E-mail: sgadel@gmail.com
                              Telephone: +91 93122 07601
Last date for
submission of claims:         February 14, 2024


ZILLION INFRAPROJECTS: ICRA Keeps D Ratings in Not Cooperating
--------------------------------------------------------------
ICRA has kept the long-term ratings of Zillion Infraprojects
Private Limited (ZIPL) (Formerly known as Durha Constructions
Private Limited) in the 'Issuer Not Cooperating' category. The
rating is denoted as [ICRA]D; ISSUER NOT COOPERATING".

                      Amount
   Facilities      (INR crore)   Ratings
   ----------      -----------   -------
   Long-term          250.00     [ICRA]D; ISSUER NOT COOPERATING;
   Non-fund based                Rating continues to remain under
   Others                        'Issuer Not Cooperating'
                                 Category

   Long-term–          80.00     [ICRA]D; ISSUER NOT
COOPERATING;
   Fund based                    Rating Continues to remain under
   Cash Credit                   'Issuer Not Cooperating'
                                 Category

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

Zillion Infraprojects Private Limited (ZIPL), formerly known as
Durha Constructions Private Limited, has been involved in
infrastructure business since 1977. ZIPL was incorporated in 1977
by Mr. C S Saxena. Mr. Saxena is an M.Sc. and has done an Advance
Course in Non-destructive Testing. He started his career in Bhabha
Atomic Research Centre. He was later joined by his younger brother,
Mr. Anant Saxena, who is a bachelor in technology from IT BHU. Over
the years, the company has grown from a labor contractor and
provider of nondestructive technology (NDT) services to erection,
procurement and commissioning (EPC) contractor. The main activities
of the company are site fabrication, installation of steel
structures, equipments and piping, all type of civil works,
pipelines, and electrical installations. In December 2010, Sintex
Industries Limited (SIL), through its group company Sintex Infra
Projects Ltd (SIPL), acquired a 30% stake in the company for INR42
crore.




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

1MDB: Linked Firms Put Into Chapter 15 as Liquidators Seek Assets
-----------------------------------------------------------------
Bloomberg News reports that liquidators of companies linked to the
1Malaysia Development Bhd scandal have filed for Chapter 15 under
the US bankruptcy code, as they look to recover assets.

According to Bloomberg, a petition listing 1MDB Energy Holdings
Ltd, Platinum Global Luxury Services Ltd, Aabar International
Investments PJS Ltd, Blackrock Commodities (Global) Ltd, and Alsen
Chance Holdings Ltd - all registered in the British Virgin Islands
- was submitted in the Southern District of Florida court, dated
Feb. 15.

Bloomberg, citing documents, relates that liquidators said the
companies were subject to proceedings in the British Virgin Islands
and made the US petition because they hope to obtain information on
the misappropriation of funds.

Malaysia's 1MDB investment fund became the centre of a
multibillion-dollar scandal that has spawned investigations around
the world into deal-making, election spending and political
patronage under former prime minister Datuk Seri Najib Razak.

The filing said all five firms in question "acted as conduit for
funds" from 1MDB to other entities and individuals, Bloomberg
adds.

                             About 1MDB

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

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

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

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

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

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

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



===============
M O N G O L I A
===============

MONGOLIA: Fitch Affirms 'B' Foreign Currency IDR, Outlook Stable
----------------------------------------------------------------
Fitch Ratings has affirmed Mongolia's Long-Term Foreign-Currency
Issuer Default Rating (IDR) at 'B' with a Stable Outlook.

KEY RATING DRIVERS

Strong Growth, External Vulnerabilities: Mongolia's ratings are
underpinned by favourable medium-term growth prospects and high per
capita income relative to 'B' rated peers. The ratings are
constrained by the country's high reliance on external funding and
commodity exports to China amid high external debt, modest
foreign-exchange (FX) reserves and a record of procyclical economic
policy. Mongolia scores well on World Bank Governance Indicators
(WBGIs) relative to 'B' peers, but has suffered from political
volatility around issues of resource nationalism.

Structural Improvements; Short-term Risks: Development of the
mining sector has significantly expanded Mongolia's economy over
the past decade, raising GDP per capita and supporting a decline in
public and external debt burdens. Nevertheless, it has also
contributed to high volatility in key credit metrics, and the
durability of these improvements will be tested again as Mongolia
enters a parliamentary election year with record-high mining
exports and expansionary fiscal policy.

Mining-led Growth: Preliminary estimates point to GDP growth of
nearly 7% in 2023, from 5% in 2022, driven mainly by a surge in
mining activity. Growth will likely slow to 4% in 2024 as exports
stabilise, despite a pick-up in domestic demand. Higher coal
exports reflected more efficient customs clearance on the
Mongolia-China border, as well as improving transport links. The
strategic Oyu Tolgoi copper mine's underground phase started
production in March 2023, although volumes will only rise
significantly from 2025. Other mining and infrastructure projects
could support medium-term growth.

Temporary Current Account Surplus: Mongolia's current account (CA)
swung to a surplus of about 1% of GDP (USD200 million) in 2023,
from a deficit of over 13% in 2022, on strong mining exports and
subdued domestic private investment. Fitch expects exports to
weaken and domestic demand to accelerate in 2024-2025, returning
the CA to a deficit of an average of 6% of GDP (over USD1 billion)
in 2024-2025, although this will likely be covered by inflows of
FDI. External surpluses bolstered FX reserves to USD5 billion at
end-2023, from just over USD3 billion at end-2022.

External Finance Risks Remain: Net external debt, at about 150% of
GDP at end-2023, will be around 7x the 'B' median, although over
30% of this is FDI, and over 20% is the government's bilateral and
multilateral loans on concessional terms, both of which Fitch
expects will continue to be stable sources of funding. Foreign
reserve coverage ratios, albeit improved, remain weak given
Mongolia's dependence on external funding and narrow economic base.
Reserves net of a swap of around USD1.5 billion with the People's
Bank of China and FX liabilities to domestic banks are
significantly lower.

Manageable Maturity Schedule: Just over USD500 million in
government external debt is due in 2024, including USD170 million
in Eurobonds maturing in March, following a tender offer for these
bonds as part of a USD350 million issuance in November 2023. The
Development Bank of Mongolia (DBM) repaid its December and October
maturities without recourse to the government. Government external
debt maturities in 2025 are nearly USD400 million, all relating to
bilateral and multilateral borrowings

Fiscal Surpluses Will Not Last: The general government surplus
reached about 3% of estimated GDP in 2023, from nearly 1% in 2022,
as booming revenue outpaced spending. Fitch forecasts overall
fiscal deficits of 2% of GDP in 2024 and 1% in 2025, reflecting
lower commodity price assumptions compared with a broadly balanced
2024 budget target, which assumes 14% growth in revenue and 22%
growth in expenditure relative to 2023 results (41% and 34% growth
compared with the original 2023 budget).

Underlying Fiscal Stance Expansionary: Fitch expects the
non-mineral primary deficit to widen to over 15% of non-mining
gross value added in 2024, from 12% in 2022-2023, but still below
the historical high of 21% in 2020. In its view, the expansionary
2024 budget reflects both the approach of legislative elections in
June 2024 and a pro-cyclical response to higher commodity export
revenue in 2023, with the fiscal stability law providing only a
weak anchor for fiscal policy, despite recent amendments.

Commodity Dependence, Vulnerabilities: The outlook for external
finances is highly sensitive to commodity revenue, which accounts
for 90% of total external receipts and 30% of government revenue.
For example, a 10% shortfall in coal volume relative to its
baseline would imply a 4% of GDP hit to the CA deficit in 2024 and
a nearly 1% of GDP hit to the fiscal deficit, all else being
equal.

Lower Government Debt; Contingent Liabilities Significant:
Government debt including guarantees declined to 49% of estimated
GDP by end-2023, from 58% in 2022, on strong nominal growth and a
fiscal surplus. Fitch expects the partial reversal of these factors
to push debt to 53% of GDP in 2024, after which debt could resume a
gradual downward trend broadly in line with the 'B' median.
Potential contingent liabilities include unguaranteed state-owned
enterprise debt of about 11% of GDP and the Bank of Mongolia's
(BOM) negative equity position of about 7% of GDP.

Inflation Peaking; Monetary Stance Unchanged: Fitch expects
headline inflation to average 8% in 2024 and 7% in 2025, coming
within the BOM's 4%-8% target range, from over 10% in 2023.
Normalisation of trade with China and lower global commodity prices
have reduced inflationary pressures. Domestically driven inflation
remains contained so far, but expansionary fiscal policy poses a
risk. The BOM has held its policy rate at 13% since December 2022,
after cumulative rate hikes of 700bp.

Banking System Stable: Non-performing loans have edged down to less
than 8% of total loans, although underlying asset quality issues
may be masked by high nominal growth, with credit to the private
sector expanding by about 20% in 2023, driven by consumer lending.
All five of Mongolia's domestic systemically important banks have
conducted initial public offerings as part of an effort to reduce
shareholder concentration, in line with BOM requirements, and the
BOM is strengthening the regulatory framework.

ESG - Governance: Mongolia has an ESG Relevance Score of '5[+]' for
Political Stability and Rights and '5' for the Rule of Law,
Institutional and Regulatory Quality and Control of Corruption.
Theses scores reflect the high weight that the WBGIs have in its
proprietary Sovereign Rating Model. Mongolia has a medium WBGI
ranking at the 46th percentile.

RATING SENSITIVITIES

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

- External Finances: Materialisation of significant external
stress, potentially undermining external financing flows and
leading to a decline in foreign reserves, for example as a result
of a commodity shock amid expansionary domestic economic policies.

- Public Finances: Significant increase in the budget deficit or
the government debt/GDP ratio.

- Structural Features: Political instability and/or major policy
shifts sufficient to significantly disrupt strategic mining
projects or FDI inflows.

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

- External Finances: Further reduction in external financing risks,
for example through continued accumulation of foreign-currency
reserves, accompanied by prudent external debt management.

- Macroeconomic and Structural: Sustained strong economic growth
without the emergence of imbalances, supported by a business
environment conducive to robust FDI inflows; and/or a reduced risk
of political volatility around issues of resource nationalism.

- Public Finances: Implementation of prudent fiscal policies
consistent with reductions in the government debt/GDP ratio.

SOVEREIGN RATING MODEL (SRM) AND QUALITATIVE OVERLAY (QO)

Fitch's proprietary SRM assigns Mongolia a score equivalent to a
rating of 'B+' on the Long-Term Foreign-Currency (LT FC) IDR
scale.

Fitch's sovereign rating committee adjusted the output from the SRM
score to arrive at the final LT FC IDR by applying its QO, relative
to SRM data and output, as follows:

- Structural: -1 notch, to reflect the lingering risk of political
volatility around issues of resource nationalism, which could have
a negative impact on foreign investment and mining sector exports
and which Fitch believes are not fully reflected in Mongolia's
scores on WBGIs.

- Macro: +1 notch, to reflect Mongolia's strong medium-term growth
prospects.

- External Finances: -1 notch, to reflect Mongolia's vulnerability
to external shocks, given its dependence on commodity exports to
China, particularly coal, as well its high external financing needs
and debt in the context of modest FX reserves.

Fitch's SRM is the agency's proprietary multiple regression rating
model that employs 18 variables based on three-year centred
averages, including one year of forecasts, to produce a score
equivalent to a LT FC IDR. Fitch's QO is a forward-looking
qualitative framework designed to allow for adjustment to the SRM
output to assign the final rating, reflecting factors within its
criteria that are not fully quantifiable and/or not fully reflected
in the SRM.

COUNTRY CEILING

The Country Ceiling for Mongolia is 'B+', 1 notch above the LT FC
IDR. This reflects moderate constraints and incentives, relative to
the IDR, against capital or exchange controls being imposed that
would prevent or significantly impede the private sector from
converting local currency into foreign currency and transferring
the proceeds to non-resident creditors to service debt payments.

Fitch's Country Ceiling Model produced a starting point uplift of
+1 notch above the IDR. Fitch's rating committee did not apply a
qualitative adjustment to the model result.

ESG CONSIDERATIONS

Mongolia has an ESG Relevance Score of '5[+]' for Political
Stability and Rights, as WBGIs have the highest weight in Fitch's
SRM and are therefore highly relevant to the rating and a key
rating driver with a high weight. As Mongolia has a percentile rank
above 50 for the governance indicator, this has a positive impact
on the credit profile.

Mongolia has an ESG Relevance Score of '5' for Rule of Law,
Institutional & Regulatory Quality and Control of Corruption, as
WBGIs have the highest weight in Fitch's SRM and are therefore
highly relevant to the rating and are a key rating driver with a
high weight. As Mongolia has a percentile rank below 50 for the
respective governance indicators, this has a negative impact on the
credit profile.

Mongolia has an ESG Relevance Score of '4[+]' for Human Rights and
Political Freedoms, as the Voice and Accountability pillar of the
WBGIs is relevant to the rating and a rating driver. As Mongolia
has a percentile rank above 50 for the governance indicator, this
has a positive impact on the credit profile.

Mongolia has an ESG Relevance Score of '4[+]' for Creditor Rights,
as willingness to service and repay debt is relevant to the rating
and is a rating driver for Mongolia, as for all sovereigns. As
Mongolia has a record of more than 20 years without a restructuring
of public debt and captured in its SRM variable, this has a
positive impact on the credit profile.

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

   Entity/Debt                  Rating          Prior
   -----------                  ------          -----
Mongolia          LT IDR          B  Affirmed   B
                  ST IDR          B  Affirmed   B
                  LC LT IDR       B  Affirmed   B
                  LC ST IDR       B  Affirmed   B
                  Country Ceiling B+ Affirmed   B+
   
   senior
   unsecured      LT              B  Affirmed   B



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

AKUHATA LIMITED: Creditors' Proofs of Debt Due on March 9
---------------------------------------------------------
Creditors of Akuhata Limited are required to file their proofs of
debt by March 9, 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:

          Trevor Edwin Laing
          Emma Margaret Laing
          Laing Insolvency Specialists Limited
          PO Box 2468
          Dunedin 9044


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

The company commenced wind-up proceedings on Feb. 9, 2024.

The company's liquidators are:

          John Marshall Scutter
          Fervor Limited
          Level 1, 17–19 Seaview Road
          Paraparaumu Beach


KBT CONTRACTING: BDO Tauranga Appointed as Liquidators
------------------------------------------------------
Paul Thomas Manning and Thomas Lee Rodewald of BDO Tauranga Limited
on Feb. 12, 2024, were appointed as liquidators of KBT Contracting
Limited.

The liquidators may be reached at:

          BDO Tauranga Limited
          Level 1, The Hub
          525 Cameron Road
          PO Box 15660
          Tauranga 3144


NKA SERVICES: Court to Hear Wind-Up Petition on Feb. 23
-------------------------------------------------------
A petition to wind up the operations of NKA Services Limited will
be heard before the High Court at Auckland on Feb. 23, 2024, at
10:00 a.m.

The Commissioner of Inland Revenue filed the petition against the
company on Nov. 17, 2023.

The Petitioner's solicitor is:

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


RADAR CONTRACTING: Court to Hear Wind-Up Petition on Feb. 26
------------------------------------------------------------
A petition to wind up the operations of Radar Contracting Limited
will be heard before the High Court at Greymouth on Feb. 26, 2024,
at 11:00 a.m.

The Commissioner of Inland Revenue filed the petition against the
company on Oct. 11, 2023.

The Petitioner's solicitor is:

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




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

GM INCORPORATION: Court to Hear Wind-Up Petition on March 1
-----------------------------------------------------------
A petition to wind up the operations of GM Incorporation Pte Ltd
will be heard before the High Court of Singapore on March 1, 2024,
at 10:00 a.m.

Maybank Singapore Limited filed the petition against the company on
Feb. 7, 2024.

The Petitioner's solicitors are:

          Adsan Law LLC
          300 Beach Road
          #26-00 The Concourse
          Singapore 199555


INFINITY INCORPORATION: Court Enters Wind-Up Order
--------------------------------------------------
The High Court of Singapore entered an order on Feb. 9, 2024, to
wind up the operations of Infinity Incorporation Pte. Ltd.

Maybank Singapore Limited filed the petition against the company on
Jan. 16, 2024.

The company's liquidator is:

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


KKP TECHNOLOGY: Court Enters Wind-Up Order
------------------------------------------
The High Court of Singapore entered an order on Feb. 9, 2024, to
wind up the operations of KKP Technology Pte. Ltd.

Maybank Singapore Limited filed the petition against the company on
Jan. 16, 2024.

The company's liquidator is:

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


NO SIGNBOARD: CEO's Stake in Gazelle Hints Conflict-of-Interest
---------------------------------------------------------------
The Business Times reports that No Signboard could run the risk of
a potential conflict of interest, as interim chief executive Lim
Teck-Ean is also a substantial shareholder in white knight investor
Gazelle Ventures, a source with knowledge of the restaurant
operator's corporate affairs told The Business Times.

BT relates that Gazelle Ventures has offered investments into No
Signboard, as well as support for its acquisitions and the stock's
resumption of trading.

                          About No Signboard

No Signboard Holdings Ltd., an investment holding company, manages
and operates food and beverage outlets in Singapore. The company
operates a chain of seafood restaurants under the No Signboard
Seafood brand that serve various seafood cuisine prepared in
Chinese and Singapore styles. It owns and operates three
restaurants, as well as operates one restaurant under a franchise
agreement. The company also produces, promotes, and distributes
beer under the Draft Denmark brand; and distributes various third
party brands of beer, as well as operates as an OEM beer supplier
for third party brands. In addition, it produces and distributes
ready meals through a network of vending machines. Further, the
company engages in leasing financial intangible assets, such as
patents, trademarks, brand names, etc.

As reported in the Troubled Company Reporter-Asia Pacific on Jan.
23, 2024, No Signboard said in its annual report release on Jan. 19
that the company's auditor, PKF-CAP, flagged uncertainty over the
company's ability to continue as a going concern.

According to The Business Times, the auditor noted that the company
posted a net loss of SGD4.7 million for the financial year ended
Sept. 30, 2022, with net cash outflow from operating activities of
SGD982,000.

In addition, it noted that the company's current liabilities
exceeded current assets by SGD6.6 million, while total liabilities
exceeded total assets by SGD7.1 million as at Sept. 30, 2022.

The net current liabilities included bank borrowings of SGD2.1
million that were reclassified from non-current to current as the
company defaulted on monthly repayments due to insufficient funds.

SG ENGINEERING: Court to Hear Wind-Up Petition on March 1
---------------------------------------------------------
A petition to wind up the operations of SG Engineering & Inspection
Pte Ltd will be heard before the High Court of Singapore on March
1, 2024, at 10:00 a.m.

Maybank Singapore Limited filed the petition against the company on
Feb. 7, 2024.

The Petitioner's solicitors are:

          Adsan Law LLC
          300 Beach Road
          #26-00 The Concourse
          Singapore 199555


TAY WASTE: Court to Hear Wind-Up Petition on Feb. 23
----------------------------------------------------
A petition to wind up the operations of Tay Waste Recycling Pte Ltd
will be heard before the High Court of Singapore on Feb. 23, 2024,
at 10:00 a.m.

The Petitioner's solicitors are:

          Aquinas Law Alliance LLP
          16 Raffles Quay
          #17-03, Hong Leong Building
          Singapore 048581


ZICO HOLDINGS: Expects to Post 'Substantial Net Loss' for FY2023
----------------------------------------------------------------
The Business Times reports that Zico Holdings said that it expects
to report "a substantial net loss" for its financial year ended
Dec. 31, 2023.

In a profit guidance update released on Feb. 16, the
Catalist-listed company said reasons for the expected losses
include a provision for loss allowance related to its investment in
the Philippines, BT relates.

Other factors include slower corporate finance and consultancy
activities in Singapore and Malaysia due to softer market
conditions amid economic uncertainty and elevated interest rates.

Substantial termination of the group's business in Myanmar due to
political instability also contributed to the results, BT relays.

Its final set of results will be released on or before Feb. 29.

ZICO Holdings Inc. (SGX: 40W) -- https://www.zicoholdings.com/ --
an investment holding company, provides multidisciplinary
professional services in Malaysia, Singapore, Indonesia, Hong Kong,
Thailand, the United Kingdom, the United States, and the United
Arab Emirates. The company operates through two segments, Advisory
and Transactional Services; and Management, Support Services and
Licensing Services. The Advisory and Transactional Services segment
offers legal, Shariah advisory, trust, incorporation and corporate
secretarial, investor, intellectual property, wealth planning and
multi-asset management, corporate finance advisory, insourcing and
consultancy, legacy management, business and governmental issues
advisory, and immigration services.


                           *********


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

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

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

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding,
electronic re-mailing and photocopying) is strictly prohibited
without prior written permission of the publishers.
Information contained herein is obtained from sources believed
to be reliable, but is not guaranteed.

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



                *** End of Transmission ***