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

                     A S I A   P A C I F I C

          Friday, February 23, 2024, Vol. 27, No. 40

                           Headlines



A U S T R A L I A

AONE REDS: First Creditors' Meeting Set for Feb. 29
CIVIL OPS: First Creditors' Meeting Set for Feb. 28
EVM NICKEL: First Creditors' Meeting Set for Feb. 29
HOSPITALITY PLACEMENTS: First Creditors' Meeting Set for Feb. 28
MARAWAR WA: Michael Read Bids to Revive Collapsed Contractor

ONZUL PTY: Second Creditors' Meeting Set for Feb. 27
PORT PHILLIP: Second Creditors' Meeting Set for Feb. 29
SEAFARMS GROUP: Court Rules Prawn Farm Insolvent, Taps Liquidators
TRITON BOND 2024-1: S&P Assigns B (sf) Rating on Class F Notes


C H I N A

DATASEA INC: Recurring Losses Raise Going Concern Doubt
R&F PROPERTIES: Condemned for Not Disclosing Fin'l. Reports on Time
XJ INT'L: Urged to Repay Bondholders Early as Default Fears Mount


I N D I A

ALDER BIOCHEM: CRISIL Keeps C Debt Ratings in Not Cooperating
BYJU'S: Shareholder Decisions Will Not Apply Before March 13
CAPRICORN FOOD: CRISIL Keeps D Debt Ratings in Not Cooperating
ELPRO INTERNATIONAL: CRISIL Withdraws B Rating on INR66cr Loan
EMS AND EXPORTS: CRISIL Keeps C Debt Rating in Not Cooperating

FAUNA CARE: Voluntary Liquidation Process Case Summary
FEEDBACK INFRA: Insolvency Resolution Process Case Summary
G. T. HOMES: CRISIL Keeps D Debt Rating in Not Cooperating
GAJANAND SPINTEX: CRISIL Keeps B Debt Ratings in Not Cooperating
GR PROJECTS: CRISIL Keeps D Debt Rating in Not Cooperating

GREEN TEAK: CRISIL Keeps D Debt Ratings in Not Cooperating
GVR KHANDAPHOD: CRISIL Keeps D Debt Ratings in Not Cooperating
HAPPY ACOUSTICS: CRISIL Keeps D Debt Ratings in Not Cooperating
KUSHAL POLYSACKS: CRISIL Withdraws B+ Rating on INR10cr Cash Loan
MAHARASHTRA ENG'G: CRISIL Keeps D Debt Ratings in Not Cooperating

MOHANA COTTON: CRISIL Keeps D Debt Ratings in Not Cooperating
NATIONAL AUTO: CRISIL Keeps D Debt Ratings in Not Cooperating
NRTU FOUNDATION: Voluntary Liquidation Process Case Summary
POWER WELFARE: CRISIL Keeps D Debt Rating in Not Cooperating
RAJESH CITYSPACES: Insolvency Resolution Process Case Summary

REAL AGROTECH: CRISIL Keeps D Debt Ratings in Not Cooperating
SARBAMANGALA AGRO: CRISIL Lowers LT/ST Debt Ratings to D
TAQUITO LEASE: Insolvency Resolution Process Case Summary
THAMPURAN CASHEWS: CRISIL Keeps D Debt Ratings in Not Cooperating
TUSHAR FABRICS: CRISIL Keeps D Debt Ratings in Not Cooperating

VAMA WOVENFAB: CRISIL Keeps D Debt Ratings in Not Cooperating
VEEKAY POLYCOATS: CRISIL Assigns B+ Rating to INR50cr LT Loan
VENKATESHWARA ENTERPRISES: CRISIL Keeps D Rating in Not Coop.
VIBRANT FASHIONS: CRISIL Keeps D Debt Ratings in Not Cooperating
VIN SEMICONDUCTORS: CRISIL Keeps D Ratings in Not Cooperating

VISUAL AND ACOUSTICS: CRISIL Keeps D Ratings in Not Cooperating
[*] INDIA: Large Stressed Cos. Fetch Higher Recovery Rate Via IBC


J A P A N

BIGMOTOR CO: Itochu Plans to Acquire Scandal-Hit Used Car Dealer


N E W   Z E A L A N D

7 CHILLIES: Creditors' Proofs of Debt Due on March 14
FIRST INSURANCE: Fitch Affirms 'BB' IFS Rating, Outlook Stable
MCTOM BUILDER: Court to Hear Wind-Up Petition on March 1
NEST FEST: Creditors' Proofs of Debt Due on March 15
S&Y SAINI: Creditors' Proofs of Debt Due on March 20

SMALL TOWN: Court to Hear Wind-Up Petition on Feb. 29
WAREHOUSE GROUP: Sells Struggling Sports Brand Torpedo7 for NZD1


S I N G A P O R E

DEWI SRI: Creditors' Meetings Set for Feb. 27
QUADRON COMMUNICATIONS: Creditors' Meeting Set for March 7
THREE ARROWS: Liquidators to Pay Out Interim Dividend by March 31

                           - - - - -


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

AONE REDS: First Creditors' Meeting Set for Feb. 29
---------------------------------------------------
A first meeting of the creditors in the proceedings of Aone Reds
Pty Ltd will be held on Feb. 29, 2024 at 10:00 a.m. online via
Microsoft Teams.

Joshua Philip Taylor of Taylor Insolvency was appointed as
administrator of the company on Feb. 19, 2024.



CIVIL OPS: First Creditors' Meeting Set for Feb. 28
---------------------------------------------------
A first meeting of the creditors in the proceedings of Civil Ops
Pty Ltd will be held on Feb. 28, 2024 at 10:00 a.m. via
videoconference only.

Richard Albarran and Brent Trevor-Alex Kijurina of Hall Chadwick
were appointed as administrators of the company on Feb. 16, 2024.


EVM NICKEL: First Creditors' Meeting Set for Feb. 29
----------------------------------------------------
A first meeting of the creditors in the proceedings of EVM Nickel
Pty Limited will be held on Feb. 29, 2024 at 10:30 a.m. at the
offices of Cor Cordis at Mezzanine Level, 28 The Esplanade in Perth
and via virtual meeting technology.

Thomas Birch of Cor Cordis was appointed as administrator of the
company on Feb. 19, 2024.


HOSPITALITY PLACEMENTS: First Creditors' Meeting Set for Feb. 28
----------------------------------------------------------------
A first meeting of the creditors in the proceedings of Hospitality
Placements Pty Ltd will be held on Feb. 28, 2024 at 10:30 a.m. via
teleconference.

Steven Arthur Gladman and Richard Albarran of Hall Chadwick were
appointed as administrators of the company on Feb. 19, 2024.


MARAWAR WA: Michael Read Bids to Revive Collapsed Contractor
------------------------------------------------------------
The West Australian reports that construction executive Michael
Read has lodged a bid to revive collapsed Indigenous contractor
Marawar.

The company was owned in a 50-50 venture between entrepreneur Gerry
Matera and local property business Match, but was put in the hands
of Hamilton Murphy Advisory's Brett Orzel and Stephen Dixon as
administrators earlier this month.

Messrs. Orzel and Dixon Murphy Advisory were appointed as
administrators of the company on Feb. 2, 2024.

Marawar WA Pty Ltd is a construction and maintenance service
business.


ONZUL PTY: Second Creditors' Meeting Set for Feb. 27
----------------------------------------------------
A second meeting of creditors in the proceedings of Onzul Pty Ltd
has been set for Feb. 27, 2024 at 10:30 a.m. at 52/41-49 Norcal
Road in Nunawading.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by Feb. 26, 2024 at 5:00 p.m.

Peter Goodin of Magnetic Insolvency was appointed as administrator
of the company on Feb. 26, 2024.


PORT PHILLIP: Second Creditors' Meeting Set for Feb. 29
-------------------------------------------------------
A second meeting of creditors in the proceedings of Port Phillip
Building Services Pty Ltd has been set for Feb. 29, 2024 at 10:30
a.m. at 52/41-49 Norcal Road in Nunawading.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by Feb. 28, 2024 at 5:00 p.m.

Peter Goodin of Magnetic Insolvency was appointed as administrator
of the company on Feb. 26, 2024.



SEAFARMS GROUP: Court Rules Prawn Farm Insolvent, Taps Liquidators
------------------------------------------------------------------
ABC News reports that renewed plans to build one of the world's
largest prawn farms on a remote Northern Territory cattle station
look to have been derailed by a Federal Court ruling.

Seafarms, the embattled parent company of the ambitious AUD2
billion Project Sea Dragon, appeared in Federal Court amidst a
payment dispute with Canstruct, the contractor that managed works
on the prawn grow-out facility at Legune station, north of
Kununurra, the report says.

Project Sea Dragon entered voluntary administration in February
2023 after an order from the Royal Institution of Chartered
Surveyors to pay the contractor AUD13.9 million of unpaid fees.

A month later, Seafarms announced the project had entered into a
Deed of Company Arrangement, a move that would limit the amount it
would pay Canstruct to about 10 per cent of the amount it sought.

According to the ABC, the court judgment on Feb. 22 ordered to
terminate the arrangement, reasoning it was used to allow Project
Sea Dragon to avoid its liability to Canstruct in breach of the
Corporations Act.

It also ordered the project to be wound up in insolvency with Korda
Mentha to act as liquidators.

The ABC says the orders are under an interim stay period in which
Project Sea Dragon is able to appeal, an option the ABC understands
the company plans to take.

Millions of dollars of government money has been put into
supporting the project, particularly on surrounding roads, the
report notes.

The federal government contributed AUD63 million on nearby road
infrastructure, while the NT government spent AUD56 million and the
WA government allocated AUD15 million.

Seafarms announced in an ASX letter on March 24 last year the Deed
of Company Arrangement allowed the company to return the project to
its directors and that operations should return to normal as the
board sought further funding, the ABC recalls.

However, the Federal Court's ruling to terminate arrangement was
based on the reasoning Project Sea Dragon should not have been
publicly trading.

Seafarms Group Limited was placed in a trading halt on Feb. 21.

"The conclusion has been reached above that Project Sea Dragon has
been insolvent since, at least, June 2020," the judgement reads.
"Further, as Project Sea Dragon was and is insolvent, it ought now
be wound up in insolvency."

The ABC relates that the ruling said Canstruct was entitled to the
AUD13.9 million it was seeking from Project Sea Dragon.

Seafarms has been contacted for comment.

In a statement, Canstruct chief executive Damien Cavanagh said the
Federal Court's decision affirmed his company's position that the
Deed of Company Arrangement was unfairly prejudicial or unfairly
discriminatory against Canstruct, the ABC adds.


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

The ratings reflect:

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

-- S&P's view that the credit support is sufficient to withstand
the stresses it applies. This credit support comprises mortgage
lenders insurance covering 12.8% of the loans in the portfolio as
well as note subordination for all rated notes.

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

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

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

  Ratings Assigned

  Triton Bond Trust 2024-1 Series 1

  Class A1-MM, A$196.00 million: AAA (sf)
  Class A1-AU, A$854.00 million: AAA (sf)
  Class A1-AU-G, A$140.00 million: AAA (sf)
  Class A2, A$112.00 million: AAA (sf)
  Class AB, A$40.60 million: AAA (sf)
  Class B, A$20.30 million: AA (sf)
  Class C, A$16.38 million: A (sf)
  Class D, A$8.82 million: BBB (sf)
  Class E, A$5.88 million: BB (sf)
  Class F, A$2.10 million: B (sf)
  Class G, A$3.92 million: Not rated




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

DATASEA INC: Recurring Losses Raise Going Concern Doubt
-------------------------------------------------------
Datasea Inc. disclosed in a Form 10-Q Report filed with the U.S.
Securities and Exchange Commission for the quarterly period ended
December 31, 2023, that substantial doubt exists about the
Company's ability to continue as a going concern.

According to the Company, for the three months ended December 31,
2023 and 2022, the Company had a net loss of approximately $1.83
million and $1.29 million, respectively. For the six months ended
December 31, 2023 and 2022, the Company had a net loss of
approximately $1.86 million and $2.63 million, respectively. The
Company had an accumulated deficit of approximately $29.92 million
as of December 31, 2023, and negative cash flow from operating
activities of approximately $5.63 million and $1.77 million for the
six months ended December 31, 2023 and 2022, respectively.

The historical operating results including recurring losses from
operations raise substantial doubt about the Company's ability to
continue as a going concern.

As of December 31, 2023, the Company had $4.9 million in total
assets, $2.4 million in total liabilities, and $2.5 in total
equity.

If deemed necessary, management could seek to raise additional
funds by way of admitting strategic investors, or private or public
offerings, or by seeking to obtain loans from banks or others, to
support the Company's research and development ("R&D"),
procurement, marketing and daily operation. While management of the
Company believes in the viability of its strategy to generate
sufficient revenues and its ability to raise additional funds on
reasonable terms and conditions, there can be no assurances to that
effect. The ability of the Company to continue as a going concern
depends upon the Company's ability to further implement its
business plan and generate sufficient revenue and its ability to
raise additional funds by way of a public or private offering.
There is no assurance that the Company will be able to obtain funds
on commercially acceptable terms, if at all. There is also no
assurance that the amount of funds the Company might raise will
enable the Company to complete its initiatives or attain profitable
operations. If the Company is unable to raise additional funding to
meet its working capital needs in the future, it may be forced to
delay, reduce or cease its operations.

A full-text copy of the Form 10-Q is available at:

https://www.sec.gov/ixviewer/ix.html?doc=/Archives/edgar/data/1631282/000121390024012887/f10q1223_datasea.htm

                    About Datasea Inc.

Datasea Inc. is a global technology company incorporated in Nevada
USA on September 26, 2014, with subsidiaries and operating entities
located in Delaware and China, that provides intelligent acoustics
(including ultrasound, infrasound, directional sound, and Schumann
resonance), 5G messaging and other products and services to various
corporate and individual customers. The acoustic business offers a
wide range of cutting-edge precision manufacturing products
including high-quality sound air disinfection solutions, sound
sleep-aid devices, as well as skin repair and beauty solutions. Its
products find extensive applications across various industries and
sectors, including acoustic industrial, acoustic agriculture,
acoustic medical aesthetics, acoustic medical health, acoustic
Internet of Things. Datasea is not a Chinese operating company, but
a Nevada-based holding company.


R&F PROPERTIES: Condemned for Not Disclosing Fin'l. Reports on Time
-------------------------------------------------------------------
Yicai Global reports that R&F Properties became this year's latest
Chinese property developer to have been publicly criticized by
stock exchanges for having failed to disclose their financial
reports.

Yicai relates that the Shanghai Stock Exchange on Feb. 21 released
a public notice condemning R&F for failing to disclose earnings
reports on time twice, affecting the reasonable expectation of bond
holders to obtain important information about the company’s
operating performance in the period.

The Guangzhou-based developer released its financial statement for
the first half of 2022 on Sept. 30, 2022, one month after the
deadline.

According to that report, R&F achieved a revenue of CNY17.8 billion
(USD2.5 billion) in the six months ended June 30, 2022, down 55
percent from a year earlier. In the period, the firm turned a
profit of CNY3.1 billion (USD431.1 million) into a loss of CNY6.9
billion, Yicai discloses.

Before that, R&F failed to disclose its 2021 annual report on time,
claiming the delay was due to the impact of the Covid-19 pandemic.
The firm had already received a disciplinary action for that last
April, recalls Yicai.

Since the beginning of this year, Chinese stock exchanges have
called out several Chinese real estate companies, including China
Evergrande Group, Kaisa Group Holding, and China Aoyuan Group, for
having failed to publish their earnings report on time in the past,
according to Yicai.

Since the second half of 2021, many real estate companies have
experienced delays in releasing their financial statements due to
various factors, including liquidity crises, impacts from Covid-19,
and changes in auditors, Yicai notes.

                        About Guangzhou R&F

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

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

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


XJ INT'L: Urged to Repay Bondholders Early as Default Fears Mount
-----------------------------------------------------------------
Caixin Global reports that some global investors are urging XJ
International Holdings Co. Ltd. to redeem half of its $350 million
in bonds before maturity, as the creditors fear the Hong
Kong-listed firm may intentionally default on repayments.

Caixin relates that the bonds are due in 2026, but the creditors
asked for the early redemption to be completed by March 2 in a
letter sent to the Chinese company last month by their legal
adviser, Chicago-headquartered global law firm Kirkland & Ellis
LLP.

The creditors are a group of large international investors who
collectively hold no less than $154 million, or about 50%, of the
bonds' outstanding principal amount, according to the letter seen
by Caixin. Under "the terms and conditions of the Bonds," each
bondholder may require the issuer to fulfill its "Put Option
Obligation" to redeem all or part of their holdings at 103.04% by
March 2, the letter said.

XJ International Holdings Co., Ltd., an investment holding company,
engages in the provision of higher education and secondary
vocational education services in China and Malaysia. The company
provides technician education and training, self-study examination,
adult education, technical management and consultancy, and other
training services, as well as sells textbooks and dormitory
bedding. It owns and operates schools, including colleges and
universities, junior colleges, and technician colleges. The company
was formerly known as Hope Education Group Co., Ltd. and changed
its name to XJ International Holdings Co., Ltd. in January 2024. XJ
International Holdings Co., Ltd. is a subsidiary of Hope Education
Investment Limited.




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

ALDER BIOCHEM: CRISIL Keeps C Debt Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Alder Biochem
Private Limited (ABPL) continue to be 'CRISIL C Issuer Not
Cooperating'.

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

   Long Term Loan         4.82       CRISIL C (Issuer Not
                                     Cooperating)

   Long Term Loan        22.07       CRISIL C (Issuer Not
                                     Cooperating)

   Working Capital        1.65       CRISIL C (Issuer Not
   Term Loan                         Cooperating)

   Working Capital        0.46       CRISIL C (Issuer Not
   Term Loan                         Cooperating)

CRISIL Ratings has been consistently following up with ABPL for
obtaining information through letter and email dated December 28,
2023 among others, apart from telephonic communication. However,
the issuer has remained non cooperative and the ratings on bank
facilities of ABPL continues to be 'CRISIL C Issuer Not
Cooperating'.

The entity did not provide the No Default Statements (NDS) for the
last three months. Therefore, the issuer is being classified as
'non cooperative' in line with Clause 11. 3 of SEBI Master circular
dated July 3, 2023.

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

Detailed Rationale

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

Incorporated in 2016 by Mr. Rajneesh Singhal, ABPL started
commercial operations in April 2022. The company manufactures soft
gelatin capsules and has capacity of 5 crore capsules per month at
its unit in Dehradun, Uttarakhand.


BYJU'S: Shareholder Decisions Will Not Apply Before March 13
------------------------------------------------------------
Reuters reports that an Indian court said on Feb. 21 that any
resolution passed by shareholders in Byju's will not apply until
the next hearing, giving the once valuable education firm breathing
space as some investors seek to oust its former billionaire CEO.

India's Karnataka state high court did not stop the Extraordinary
General Meeting (EGM) planned for Feb. 23, but said any decisions
it takes will not be applicable until the next hearing on March 13,
according to a court order seen by Reuters.

Reuters relates that Byju's has suffered setbacks since early 2023,
including its auditor resigning, lenders beginning bankruptcy
proceedings against a Byju's holding company and a U.S. lawsuit
disputing the terms and repayment of a loan.

Its shareholders include top global investors such as General
Atlantic, Peak XV Partners - formerly known as Sequoia Capital
India - and Chan Zuckerberg Initiative. They did not immediately
respond to a request for comment.

Shareholders, including tech investor Prosus have called for the
removal of the company's founder and CEO Byju Raveendran and a
reconstitution of the board, according to Reuters.

Byju's, controlled by Raveendran, was valued at $22 billion in
2022. It is now considering a rights issue at a valuation of $200
million, a 99% discount to that valuation.

Members representing Peak XV, Prosus and Chan Zuckerberg Initiative
stepped down from the Byju's board last year.

                            About Byju's

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

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

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

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

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

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

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

CAPRICORN FOOD: CRISIL Keeps D Debt Ratings in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Capricorn
Food Products India Limited (CFPIL) continue to be 'CRISIL D/CRISIL
D Issuer Not Cooperating'.

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

   Short Term Rating      -          CRISIL D (Issuer Not
                                     Cooperating)

CRISIL Ratings has been consistently following up with CFPIL for
obtaining information through letter and email dated January 5,
2024 among others, apart from telephonic communication. However,
the issuer has remained non cooperative.

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

Detailed Rationale

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

For arriving at the ratings, CRISIL Ratings has combined the
business and financial risk profiles of CFP and its fully owned
subsidiaries, Gonglu Agro Pvt Ltd (GAPL) and Fresco Juices Pvt Ltd
(FJPL) because all these three companies, collectively referred to
as the CFP group, are in similar lines of business and have
significant fungible funds.

CFP, Established in 1998, CFP processes fruits and vegetables. Its
operations are managed by Mr. Rahoul Jain and Mrs Shuchi Jain.

GAPL also processes fruits and vegetables. Its manufacturing
facility is in Nasik, Maharashtra.


ELPRO INTERNATIONAL: CRISIL Withdraws B Rating on INR66cr Loan
--------------------------------------------------------------
Due to inadequate information and in line with the Securities
Exchange Board of India guidelines, CRISIL Ratings had migrated the
rating of Elpro International Limited (EIL) to 'CRISIL
B/Stable/Issuer Not Cooperating'. However, the management has
subsequently started sharing requisite information, necessary for
carrying out comprehensive review of the rating. CRISIL Ratings has
withdrawn its rating on the bank facility of EIL following a
request from the company and on receipt of no dues certificate from
the banker. Consequently, CRISIL Ratings is migrating the rating on
the bank facilities of EIL to 'CRISIL B/Stable' from 'CRISIL
B/Stable/Issuer Not Cooperating. The rating action is in line with
CRISIL Ratings policy on withdrawal of bank loan ratings.

                     Amount
   Facilities     (INR Crore)     Ratings
   ----------     -----------     -------
   Term Loan           30         CRISIL B/Stable (Migrated from
                                  'CRISIL B/Stable ISSUER NOT
                                  COOPERATING; Rating Withdrawn)

   Term Loan           66         CRISIL B/Stable (Migrated from
                                  'CRISIL B/Stable ISSUER NOT
                                  COOPERATING; Rating Withdrawn)

Analytical Approach

For arriving at its rating, CRISIL Ratings has considered the
consolidated financials of EIL along with its wholly owned
subsidiary Elpro Estates Ltd (EEL) since both companies are into
similar business activities and EEL is now merged with EIL.

Incorporated in July 1962 as a public limited company, EIL
manufactures surge arresters and undertakes real estate
development. Its facilities are in Pune (Maharashtra) and Hyderabad
(Telengana). Mr. Rajendra Kumar Dabriwala and Mr. Surbhit Dabriwala
are the key promoters.


EMS AND EXPORTS: CRISIL Keeps C Debt Rating in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of EMS and
Exports (EMS; a part of the Five Core group) continue to be 'CRISIL
C/CRISIL A4 Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Bill Discounting       20         CRISIL A4 (Issuer Not
                                     Cooperating)

   Bill Discounting        5         CRISIL A4 (Issuer Not
                                     Cooperating)

   Bill Discounting       12         CRISIL A4 (Issuer Not
                                     Cooperating)

   Cash Credit             2         CRISIL C (Issuer Not
                                     Cooperating)

   Packing Credit in      16         CRISIL A4 (Issuer Not
   Foreign Currency                  Cooperating)

CRISIL Ratings has been consistently following up with EMS for
obtaining information through letter and email dated January 5,
2024 among others, apart from telephonic communication. However,
the issuer has remained non cooperative.

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

Detailed Rationale

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

For arriving at the ratings, CRISIL Ratings has combined the
business and financial risk profiles of Five Core Electronics Ltd
(FCEL), EMS, Indian Acoustics Pvt Ltd (IAPL), Visual and Acoustics
Corporation LLP (Visual), Digi Export Ventures Pvt Ltd (Digi),
Happy Acoustics Pvt Ltd (Happy), 5 Core Acoustics Pvt Ltd (5Core),
and Neha Exports (Neha). This is because all these entities,
collectively referred to as the Five Core group, have common
management, brand, customers, suppliers, and strong operational
synergies. Furthermore, 5Core is a wholly owned subsidiary of
FCEL.

                          About the Group

FCEL is a part of the Five Core group that manufactures electronic
equipment, including public address systems, speakers, amplifiers,
microphones, woofers; and electrical accessories under the 5 Core
brand. The group exports products to 56 countries. Mr. Amarjit
Kalra and his family manage the operations. Incorporated in 2002,
FCEL is listed on the National Stock Exchange Emerge platform since
May 2018 and has manufacturing units in Delhi and Bhiwadi
(Rajasthan).

Set up in 2008 as a partnership firm, EMS has a facility in
Kashipur (Uttarakhand). Visual is a limited liability partnership
firm set up in 2008, with a unit in Mundka (Delhi). Neha is a
proprietorship firm set up in 2009 and has a unit at Daruhera
(Gurugram).

Set up in 2010, 2011, and 2012, IAPL, Digi, and Happy are
private-limited companies with units in Noida, Bhiwadi, and Delhi,
respectively. 5Core was set up in 2012 and has a unit in Bhiwadi.


FAUNA CARE: Voluntary Liquidation Process Case Summary
------------------------------------------------------
Debtor:  FAUNA CARE FOUNDATION
         Flat No 1102, Tower-E Godrej
         Forntier, Sec-80, Gurgaon,
         Haryana, 122004

Liquidation Commencement Date:  January 15, 2024

Court:   National Company Law Tribunal, New Delhi Bench

Liquidator:              Sumit Sharma
                         C-3/69 A, Keshav
                         Puram, Delhi-110035
                         E-mail: vliq.faunacare@gmail.com
                         Tel: +91 7738336596

Last date for
submission of claims:    February 13, 2024


FEEDBACK INFRA: Insolvency Resolution Process Case Summary
----------------------------------------------------------
Debtor: Feedback Infra Private Limited

Registered Office:
        311, 3rd floor, Vardhaman Plaza, Pocket 7,
        Plot No.6, Sector 12, Dwarka, New Delhi,
        Delhi, India, 110078

        Corporate Office:
Plot No. 77A, Sector - 18,
        Shaheed Ripon Katiyal Marg (IFFCO Road),
        Gurugram, Haryana, India, 122015

Insolvency Commencement Date: January 11, 2024

Estimated date of closure of
insolvency resolution process: July 13, 2024 (180 Days)

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

Insolvency
Professional: Mr. Rajneesh Kumar Agrawal
       C-60, 3rd floor, C-Block Community Centre,
              Janak Cinema Complex,
              Janak Puri, New Delhi-110058
              E-mail: ca@arkadvisors.in
              E-mail: feedbackinfra.cirp@gmail.com

Last date for
submission of claims: January 29, 2024


G. T. HOMES: CRISIL Keeps D Debt Rating in Not Cooperating
----------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of G. T. Homes
(GTH) continues to be 'CRISIL D Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Term Loan              23         CRISIL D (Issuer Not
                                     Cooperating)

CRISIL Ratings has been consistently following up with GTH for
obtaining information through letter and email dated January 5,
2024 among others, apart from telephonic communication. However,
the issuer has remained non cooperative.

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

Detailed Rationale

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

GTH, established in 2003 as a partnership firm, executes real
estate projects; it is owned and managed by Mr. Gajendra Singh
Rajpal and his nephew, Mr. Gurjeet Singh Rajpal. The firm is
currently executing two residential real estate projects in Raipur
and Naya Raipur (both in Chhattisgarh).


GAJANAND SPINTEX: CRISIL Keeps B Debt Ratings in Not Cooperating
----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Gajanand
Spintex India Private Limited (GSIPL) continue to be 'CRISIL
B/Stable Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit             4         CRISIL B/Stable (Issuer Not
                                     Cooperating)

   Rupee Term Loan         4.5       CRISIL B/Stable (Issuer Not
                                     Cooperating)

CRISIL Ratings has been consistently following up with GSIPL for
obtaining information through letter and email dated January 5,
2024 among others, apart from telephonic communication. However,
the issuer has remained non cooperative.

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

Detailed Rationale

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

Incorporated in 2014, GSIPL is based in Mehsana, Gujarat. The
company manufactures cotton yarn. It is promoted by Mr. Ashok
Patel, Mr. Bharat Patel, Mr. Sanjay Patel and Mr. Vijay Patel.
GSIPL has set up a spinning mill of 11,520 spindles with complete
system LMW. The company's manufacturing facility in Mehsana has
installed capacity to produce 7,200 kilogram of yarn per day.


GR PROJECTS: CRISIL Keeps D Debt Rating in Not Cooperating
----------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of GR Projects -
Chennai (GR) continues to be 'CRISIL D Issuer Not Cooperating'.

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

CRISIL Ratings has been consistently following up with GR for
obtaining information through letter and email dated January 5,
2024 among others, apart from telephonic communication. However,
the issuer has remained non cooperative.

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

Detailed Rationale

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

GR was established as a proprietary firm by Mr. Viswanathan in
October 2017. The firm undertakes civil construction works in Tamil
Nadu.


GREEN TEAK: CRISIL Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Green Teak
(India) Private Limited (GTPL) continue to be 'CRISIL D/CRISIL D
Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Bank Guarantee          2         CRISIL D (Issuer Not
                                     Cooperating)

   Cash Credit             4.75      CRISIL D (Issuer Not
                                     Cooperating)

   Proposed Term Loan      0.78      CRISIL D (Issuer Not
                                     Cooperating)

   SME Gold Card           0.47      CRISIL D (Issuer Not
                                     Cooperating)

CRISIL Ratings has been consistently following up with GTPL for
obtaining information through letter and email dated January 5,
2024 among others, apart from telephonic communication. However,
the issuer has remained non cooperative.

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

Detailed Rationale

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

Incorporated in 1990 and promoted by Mr. Sumer Chand Jain, GTPL
manufactures wooden doors (flush, wire ness doors) and trades in
timber. The company's manufacturing facility is in Jaipur.


GVR KHANDAPHOD: CRISIL Keeps D Debt Ratings in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of GVR
Khandaphod Bijwad Road Project Private Limited (GVR-KBPL) continue
to be 'CRISIL D Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Long Term Loan        148         CRISIL D (Issuer Not
                                     Cooperating)

   Long Term Loan         52         CRISIL D (Issuer Not
                                     Cooperating)

CRISIL Ratings has been consistently following up with GVR-KBPL for
obtaining information through letter and email dated January 5,
2024 among others, apart from telephonic communication. However,
the issuer has remained non cooperative.

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

Detailed Rationale

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

Established in 2011, GVR-KBPL is a special purpose vehicle promoted
by GVR Infra Projects Ltd to design, develop, construct, operate,
and maintain the 136-kilometre stretch of road between
Khandaphod-Nachalbhor and BijwadKushmaniya-Haran-Deepgaon. The
project has been awarded by MPRDC on an annuity basis.


HAPPY ACOUSTICS: CRISIL Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Happy
Acoustics Private Limited (HAPL; part of the Five Core group)
continue to be 'CRISIL D/CRISIL D Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Bill Discounting       11         CRISIL D (Issuer Not
                                     Cooperating)

   Bill Discounting        5         CRISIL D (Issuer Not
                                     Cooperating)

   Bill Discounting       19         CRISIL D (Issuer Not
                                     Cooperating)

   Bill Discounting        4         CRISIL D (Issuer Not
                                     Cooperating)

   Cash Credit             1.5       CRISIL D (Issuer Not
                                     Cooperating)

   Packing Credit          5         CRISIL D (Issuer Not
                                     Cooperating)

   Packing Credit          6.5       CRISIL D (Issuer Not
   in Foreign Currency               Cooperating)

CRISIL Ratings has been consistently following up with HAPL for
obtaining information through letter and email dated January 5,
2024 among others, apart from telephonic communication. However,
the issuer has remained non cooperative.

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

Detailed Rationale

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

For arriving at the ratings, CRISIL Ratings has combined the
business and financial risk profiles of Five Core Electronics Ltd
(FCEL), EMS & Exports (EMS), Indian Acoustics Pvt Ltd (IAPL),
Visual and Acoustics Corp LLP, Digi Export Ventures Pvt Ltd (Digi),
HAPL, 5 Core Acoustics Pvt Ltd (5Core), and Neha Exports (Neha).
This is because all these entities, collectively referred to as the
Five Core group, have a common management, brand, customers,
suppliers, and strong operational synergies. Furthermore, 5Core is
a wholly-owned subsidiary of FCEL.

                          About the Group

FCEL is a part of the Five Core group that manufactures electronic
equipment, including public address systems, speakers, amplifiers,
microphones, woofers; and electrical accessories under the 5 Core
brand. The group exports products to 56 countries. Mr. Amarjit
Kalra and his family manage the operations.

Incorporated in 2002, FCEL is listed on the NSE Emerge platform
since May 2018, and has manufacturing units in Delhi and Bhiwadi,
Rajasthan.

Set up in 2008 as a partnership firm, EMS has a facility in
Kashipur, Uttarakhand. Visual is a limited liability partnership
firm set up in 2008, with a unit in Mundka, Delhi. Neha was set up
as a proprietorship firm in 2009, and has a unit at Daruhera,
Gurugram.

Set up in 2010, 2011, and 2012, IAPL, Digi, and HAPL are private
limited companies with units in Noida, Bhiwadi, and Delhi,
respectively. 5Core, set up in 2012, has a unit in Bhiwadi.


KUSHAL POLYSACKS: CRISIL Withdraws B+ Rating on INR10cr Cash Loan
-----------------------------------------------------------------
CRISIL Ratings has withdrawn its ratings on the bank facilities of
Kushal Polysacks Private Limited (KPPL) on the request of the
company and receipt of a no objection certificate from its bank.
The rating action is in line with CRISIL Ratings' policy on
withdrawal of its ratings on bank loans.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit            10         CRISIL B+/Stable/Issuer Not
                                     Cooperating (Withdrawn)

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

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

Detailed Rationale

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

Incorporated in 1996, KPPL is IOCL's DCA for polymers in eastern
India. The company deals in polypropylene, polyvinyl chloride, and
polyethylene; it also executes dredging business.


MAHARASHTRA ENG'G: CRISIL Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Maharashtra
Engineering (ME) continue to be 'CRISIL D Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit            4.5        CRISIL D (Issuer Not
                                     Cooperating)

   Term Loan              2.8        CRISIL D (Issuer Not
                                     Cooperating)

   Working Capital        2.7        CRISIL D (Issuer Not
   Demand Loan                       Cooperating)

   Working Capital        3.0        CRISIL D (Issuer Not
   Demand Loan                       Cooperating)

CRISIL Ratings has been consistently following up with ME for
obtaining information through letter and email dated January 5,
2024 among others, apart from telephonic communication. However,
the issuer has remained non cooperative.

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

Detailed Rationale

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

For arriving at the rating, CRISIL Ratings had earlier combined the
business and financial risk profiles of AAPL, ME, and Axleo
Industries, as the three entities were managed by the same
promoters, had common suppliers and customers, and had considerable
cash flow fungibility. While the shareholding in the entities
remains the same, they now have limited cash flow fungibility.
Hence, CRISIL has now considered each entity's standalone business
and financial risk profiles for arriving at the rating.

ME manufactures tractor components, primary for Mahindra and
Mahindra Ltd. The firm was established in by Mr. R S Kamble in
Mumbai.


MOHANA COTTON: CRISIL Keeps D Debt Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Mohana Cotton
Ginning Private Limited (MCG) continue to be 'CRISIL D Issuer Not
Cooperating'.

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

   Cash Credit             5         CRISIL D (Issuer Not
                                     Cooperating)

   Term Loan               6.5       CRISIL D (Issuer Not
                                     Cooperating)

CRISIL Ratings has been consistently following up with MCG for
obtaining information through letter and email dated January 5,
2024 among others, apart from telephonic communication. However,
the issuer has remained non cooperative.

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

Detailed Rationale

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

MCG was set up by Mr. A Subramanyam and his friends and relatives
in Guntur, Andhra Pradesh, in 2010. The company gins and presses
raw cotton, and trades in cotton lint.


NATIONAL AUTO: CRISIL Keeps D Debt Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of National Auto
Wheels Private Limited (NAWPL) continue to be 'CRISIL D Issuer Not
Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Electronic Dealer       5         CRISIL D (Issuer Not
   Financing Scheme                  Cooperating)   
   (e-DFS)                 
                                     
   Proposed Long Term      7.5       CRISIL D (Issuer Not
   Bank Loan Facility                Cooperating)

CRISIL Ratings has been consistently following up with NAWPL for
obtaining information through letter and email dated January 5,
2024 among others, apart from telephonic communication. However,
the issuer has remained non cooperative.

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

Detailed Rationale

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

Incorporated in March 2011 by the Nagpal family members, NAWPL is
an authorised dealer for passenger cars of Tata Motors Ltd in Pune,
Maharashtra. The company also offers accessories and spare parts,
service and car finance at its showroom.


NRTU FOUNDATION: Voluntary Liquidation Process Case Summary
-----------------------------------------------------------
Debtor:    NRTU Foundation
           Room No. 366 Rail Bhawan
           1 Raisina Road, Central Delhi
           New Delhi, Delhi
           India 110001

Liquidation Commencement Date:  January 17, 2024

Court:  National Company Law Tribunal, New Delhi Bench

Liquidator:              Deepak Kumar Goyal
                         Flat No. 101, Shridher Apartment 884/6
                         Ward No. 6, Mehrauli, New Delhi - 110030
                         E-mail: ca.deepak_mba@gmail.com
                         Contact No: 9990045308

                         C/o: 701 Vikrant Tower
                         Tower No. 4, Rajendra Place
                         New Delhi - 110008
                         E-mail: liq.nrtu@gmail.com

Last date for
submission of claims:    February 15, 2024


POWER WELFARE: CRISIL Keeps D Debt Rating in Not Cooperating
------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Power Welfare
Society (PWS) continues to be 'CRISIL D Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Long Term Loan          30        CRISIL D (Issuer Not
                                     Cooperating)

CRISIL Ratings has been consistently following up with PWS for
obtaining information through letter and email dated January 5,
2024 among others, apart from telephonic communication. However,
the issuer has remained non cooperative.

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

Detailed Rationale

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

PWS was set up in 2005 as a non-profit organisation under the
Andhra Pradesh Societies Act, 2001, to build an 853flat residential
complex for its members, at Gachibowli in Hyderabad.


RAJESH CITYSPACES: Insolvency Resolution Process Case Summary
-------------------------------------------------------------
Debtor: Rajesh Cityspaces Private Limited
139, Seksaria Chambers,
        2nd Floor, Nagindas Master Road,
        Fort, Mumbai-400001

Insolvency Commencement Date: January 15, 2024

Estimated date of closure of
insolvency resolution process: July 13, 2024 (180 Days)

Court: National Company Law Tribunal, Ahmedabad Bench

Insolvency
Professional: Mr. Ajit Gyanchand Jain
       204, Wall Street-1, Near Gujarat College,
              Ellisbridge, Ahmedabad-380006
              E-mail: ajit@vcanca.com
              E-mail: cirp.rajeshcity@gmail.com

Last date for
submission of claims: January 29, 2024



REAL AGROTECH: CRISIL Keeps D Debt Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Real Agrotech
Industries (RAI) continue to be 'CRISIL D Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit            4          CRISIL D (Issuer Not
                                     Cooperating)

   Long Term Loan         1.33       CRISIL D (Issuer Not
                                     Cooperating)

CRISIL Ratings has been consistently following up with RAI for
obtaining information through letter and email dated January 5,
2024 among others, apart from telephonic communication. However,
the issuer has remained non cooperative.

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

Detailed Rationale

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

RAI is a partnership firm set up in 2013 by the Patel family of
Bavla, Gujarat. The firm processes non-basmati rice and trades in
basmati rice.


SARBAMANGALA AGRO: CRISIL Lowers LT/ST Debt Ratings to D
--------------------------------------------------------
CRISIL Ratings has downgraded its ratings on the bank facilities of
Sarbamangala Agro Products Private Limited (SAPPL) to 'CRISIL
D/CRISIL D Issuer Not Cooperating' from 'CRISIL B/Stable/CRISIL A4
Issuer Not Cooperating' as there have been delay in repayments of
interest and debt obligations.

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

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

CRISIL Ratings has been consistently following up with SAPPL for
obtaining information through letter and email dated December 12,
2023 among others, apart from telephonic communication. However,
the issuer has remained non cooperative.

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

Detailed Rationale

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

Based on the last available information, CRISIL Ratings has
downgraded its ratings on the bank facilities of SAPPL to 'CRISIL
D/CRISIL D Issuer Not Cooperating' from 'CRISIL B/Stable/CRISIL A4
Issuer Not Cooperating' as there have been delay in repayments of
interest and debt obligations.

SAPPL, which was incorporated in 2009, is owned and managed by Mr.
Sudip K Roy, Mr. Prasantha Dutta, Mr. Tapas Ghosh, Ms Anjana Ghosh
and Ms Mamta Ghosh. The company operates a rice mill at Murshidabad
(West Bengal).

Status of non cooperation with previous CRA:

SAPPL has not cooperated with ICRA Ltd (ICRA) which has classified
the company as non-cooperative through a release dated Feb 01,
2018. The reason provided by ICRA is non-furnishing of information
for monitoring of ratings.


TAQUITO LEASE: Insolvency Resolution Process Case Summary
---------------------------------------------------------
Debtor: Taquito Lease Operators Private Limited
Shop No. 56, 01st Floor, Krisha Arcade, building No. 11,
        Yashwant Shrusti Khaira, Boisar, Tal. & Dist. Palghar
        Boisar Palghar, Thane, Maharashtra - 401501

Insolvency Commencement Date: November 10, 2023

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

Court: National Company Law Tribunal, Mumbai Bench

Insolvency
Professional: Ms. Prajakta Menezes
       106, 1st Floor, Kanakia Atrium 2,
              Cross Road 'A', Chakala MIDC,
              Andheri (East), Mumbai - 400093
              E-mail: prajakta@prmlegal.in
              E-mail: irp.taquitolease@gmail.com
  
Last date for
submission of claims: November 24, 2023


THAMPURAN CASHEWS: CRISIL Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Thampuran
Cashews (TC) continue to be 'CRISIL D/CRISIL D Issuer Not
Cooperating'.

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

   Packing Credit           5        CRISIL D (Issuer Not
   in Foreign Currency               Cooperating)

CRISIL Ratings has been consistently following up with TC for
obtaining information through letter and email dated January 5,
2024 among others, apart from telephonic communication. However,
the issuer has remained non cooperative.

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

Detailed Rationale

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

Set up as a proprietorship concern in 2007 by Mr. Pepsin Raj, TC
processes raw cashew nuts. The firm is based in Kollam (Kerala).


TUSHAR FABRICS: CRISIL Keeps D Debt Ratings in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Tushar
Fabrics continue to be 'CRISIL D/CRISIL D Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit           4.5         CRISIL D (Issuer Not
                                     Cooperating)

   Letter of Credit      1           CRISIL D (Issuer Not
                                     Cooperating)

   Term Loan             0.62        CRISIL D (Issuer Not
                                     Cooperating)

CRISIL Ratings has been consistently following up with Tushar
Fabrics for obtaining information through letter and email dated
January 5, 2024 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

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

Detailed Rationale

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

Tushar Fabrics, formed in 2005 by Mr. Jatinbhai Madrasi and Ms
Vandanaben Madrasi, weaves and knits grey fabric out of viscose and
cotton yarn at its facility at Surat (Gujarat). The fabric is sold
in the domestic market, and is primarily used for women's dress
material.


VAMA WOVENFAB: CRISIL Keeps D Debt Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Vama Wovenfab
Private Limited (VWPL) continue to be 'CRISIL D Issuer Not
Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit           6.50        CRISIL D (Issuer Not
                                     Cooperating)

   Long Term Loan       10.57        CRISIL D (Issuer Not
                                     Cooperating)

CRISIL Ratings has been consistently following up with VWPL for
obtaining information through letter and email dated January 5,
2024 among others, apart from telephonic communication. However,
the issuer has remained non cooperative.

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

Detailed Rationale

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

VWPL is a Daman, based company engaged in manufacturing of woven
fabric, the company is managed by Mr. Vaibhav Gupta and Mr. Suresh
Gupta.


VEEKAY POLYCOATS: CRISIL Assigns B+ Rating to INR50cr LT Loan
-------------------------------------------------------------
CRISIL Ratings has assigned its 'CRISIL B+/Stable' rating to the
long-term bank facility of Veekay Polycoats Ltd (VPL).

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Long Term Loan         50         CRISIL B+/Stable (Assigned)

The rating reflects the company's exposure to risks related to its
initial stage of operations and its ongoing capital expenditure
(capex), and its expected modest profitability. These weaknesses
are partially offset by the extensive entrepreneurial experience of
the new management and adoption of the latest machinery.

Key Rating Drivers & Detailed Description

Weaknesses:

* Initial stage of operations: The company was under the National
Company Law Tribunal (NCLT) process since 2019, and has had
negligible operations since then. The new management took over in
January 2023 and the company was in capex mode in fiscal 2024.
Fiscal 2025 will be its first full year of operations. Production
has begun under the new management led by Mr. Sanjay Agarwal and
his family members. The company is likely to clock revenue of
INR40-45 crore in fiscal 2024 and gradually scale up from fiscal
2025. Successful ramping up of operations and building
relationships with customers will remain monitorable over the
medium term.

* Exposure to risks related to ongoing capex: The total project
cost is ~INR112.9 crore, of which, ~INR74.5 crore has been spent on
acquisition of the company from NCLT and ~INR40 crore is for
modernising the unit. The upgraded unit is scheduled to commence
operations by March 2024. VPL will face intense competition as the
polymer industry is highly fragmented because of low entry barriers
with small capital and technological requirements, resulting in
moderate demand risk. Timely completion of capex and successful
stabilisation of operations at the upgraded unit will remain key
rating sensitivity factors.         

* Expected modest profitability due to competitive bidding and low
capacity utilisation: As normalisation of operations may take some
time, capacity utilisation will remain low over the medium term.
Also, as the company gains market share, competition from large
established players may put pressure on the profit margin.

Strengths:

* Extensive entrepreneurial experience of the new management: The
new management is led by Mr. Sanjay Agarwal, who has experience of
two decades in zinc manufacturing and is handling two units, Suraj
Udyog (Haryana) and Suraj Udyog (Gujarat). The experience of the
promoter in running businesses will help VPL ramp up operations
over the medium term. Moreover, he is supported by a team of
qualified and experienced professionals, which should help the
company withstand competition and quickly ramp up operations.
* Adoption of the latest machinery in steady industry: VPL is
undertaking capex for modernising its plant with the latest
equipment and technology. The company is also setting up solar
panels in the plant. Theis will support the business risk profile
of the company over the medium term.

Liquidity: Stretched

Cash accrual is expected at INR6-7 crore against term debt
obligation of INR5.5-6.0 crore over the medium term, and will
cushion liquidity. The company has been sanctioned a cash credit
limit of INR60 crore, which is expected to be disbursed in the
coming months. This will enhance liquidity. The promoter is likely
to extend support in the form of equity and unsecured loans to meet
working capital requirement and debt obligation.

Outlook: Stable

CRISIL Ratings believes VPL will continue to benefit from the
extensive experience of its promoter and established relationships
with clients.

Rating Sensitivity Factors

Upward factors

* Stabilisation of operations and significant revenue and
profitability leading to net cash accrual of more than INR6 crore.
* Improvement in the financial risk profile.

Downward factors

* Low revenue or operating margin below 4% in the initial phase of
operations.
* Steep increase in working capital requirement weakening the
liquidity and financial risk profile.

Incorporated in 1992, VPL manufactures polyvinyl chloride (PVC)
coated fabrics, PVC flooring and PVC films and allied products. VPL
has three plants, one each at Narsingpur Industrial area in Madhya
Pradesh, Binola Industrial Area in Gurugram, and RIICO Industrial
Area at Bhiwadi in Rajasthan.

The NCLT order dated January 25, 2023, accepted the resolution plan
submitted by the applicant, Rare Asset Reconstruction Ltd
(investors) for the revival of VPL. The new management, led by Mr.
Sanjay Agarwal and his family, has initiated modernisation of the
company's plant.


VENKATESHWARA ENTERPRISES: CRISIL Keeps D Rating in Not Coop.
-------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Sree
Venkateshwara Enterprises (SVE) continue to be 'CRISIL D/CRISIL D
Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Long Term Rating       -          CRISIL D (ISSUER NOT
                                     COOPERATING)

   Short Term Rating      -          CRISIL D (ISSUER NOT
                                     COOPERATING)

CRISIL Ratings has been consistently following up with SVE for
obtaining information through letter and email dated January 5,
2024 among others, apart from telephonic communication. However,
the issuer has remained non cooperative.

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

Detailed Rationale

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

SLA was established in 1993, as a partnership firm by Mrs. T Jaypal
and her sister, Mrs. Selva Sundari. The firm is the exclusive
distributor of ITC Ltd.'s cigarettes and fast-moving consumer goods
in Tiruvallur, and also trades in pulses, particularly urad dal.
SVE, set up in 2010, is the exclusive distributor of ITC's
cigarettes and fast-moving consumer goods in the Kanchipuram
district of Tamil Nadu. The firm also trades in pulses,
particularly urad dal. Operations are managed by Mr. Raj Kumar and
his brother, Mr. Ramesh Kumar.


VIBRANT FASHIONS: CRISIL Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Vibrant
Fashions Private Limited (VFPL) continue to be 'CRISIL D/CRISIL D
Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit            1          CRISIL D (Issuer Not
                                     Cooperating)

   Packing Credit         9          CRISIL D (Issuer Not
                                     Cooperating)

CRISIL Ratings has been consistently following up with VFPL for
obtaining information through letter and email dated January 5,
2024 among others, apart from telephonic communication. However,
the issuer has remained non cooperative.

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

Detailed Rationale

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

Incorporated in 2011, VFPL is engaged into trading of fabric,
garments, footwear and cloth piece. The day to day operations are
managed by Mr. Desai.


VIN SEMICONDUCTORS: CRISIL Keeps D Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Vin
Semiconductors Private Limited (VSPL) continue to be 'CRISIL
D/CRISIL D Issuer Not Cooperating'.

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

   Cash Credit            10         CRISIL D (Issuer Not
                                     Cooperating)

   Letter of Credit        4.75      CRISIL D (Issuer Not
                                     Cooperating)

   Proposed Long Term      1.03      CRISIL D (Issuer Not
   Bank Loan Facility                Cooperating)

CRISIL Ratings has been consistently following up with VSPL for
obtaining information through letter and email dated January 5,
2024 among others, apart from telephonic communication. However,
the issuer has remained non cooperative.

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

Detailed Rationale

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

VSPL, established in 2009, manufactures LED signage, lights, and
displays. Its facility is located in Bhiwandi, Maharashtra. VSPL is
promoted by Mr. Subash Pawar.


VISUAL AND ACOUSTICS: CRISIL Keeps D Ratings in Not Cooperating
---------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Visual and
Acoustics Corporation LLP (Visual) continue to be 'CRISIL D/CRISIL
D Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Bill Discounting       15         CRISIL D (Issuer Not
                                     Cooperating)

   Bill Discounting        6         CRISIL D (Issuer Not
                                     Cooperating)

   Cash Credit             2         CRISIL D (Issuer Not
                                     Cooperating)

   Packing Credit          6         CRISIL D (Issuer Not
                                     Cooperating)

   Packing Credit          8         CRISIL D (Issuer Not
   in Foreign Currency               Cooperating)

CRISIL Ratings has been consistently following up with Visual for
obtaining information through letter and email dated January 5,
2024 among others, apart from telephonic communication. However,
the issuer has remained non cooperative.

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

Detailed Rationale

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

For arriving at the ratings, CRISIL Ratings has combined the
business and financial risk profiles of Five Core Electronics Ltd
(FCEL), EMS & Exports (EMS), Indian Acoustics Pvt Ltd (IAPL),
Visual, Digi Export Ventures Pvt Ltd (Digi), Happy Acoustics Pvt
Ltd (Happy), 5 Core Acoustics Pvt Ltd (5Core), and Neha Exports
(Neha). This is because all these entities, collectively referred
to as the Five Core group, have a common management, brand,
customers, suppliers, and strong operational synergies.
Furthermore, 5Core is a wholly-owned subsidiary of FCEL.

FCEL is a part of the Five Core group that manufactures electronic
equipment, including public address systems, speakers, amplifiers,
microphones, woofers; and electrical accessories under the 5 Core
brand. The group exports products to 56 countries. Mr. Amarjit
Kalra and his family manage the operations.

Incorporated in 2002, FCEL is listed on the NSE Emerge platform
since May 2018, and has manufacturing units in Delhi and Bhiwadi,
Rajasthan.

Set up in 2008 as a partnership firm, EMS has a facility in
Kashipur, Uttarakhand. Visual is a limited liability partnership
firm set up in 2008, with a unit in Mundka, Delhi. Neha was set up
as a proprietorship firm in 2009, and has a unit at Daruhera,
Gurugram.

Set up in 2010, 2011, and 2012, IAPL, Digi, and Happy are private
limited companies with units in Noida, Bhiwadi, and Delhi,
respectively. 5Core, set up in 2012, has a unit in Bhiwadi.


[*] INDIA: Large Stressed Cos. Fetch Higher Recovery Rate Via IBC
-----------------------------------------------------------------
The Economic Times reports that lenders to large stressed firms,
with a default of at least INR1,000 crore each, have taken smaller
haircuts under the Insolvency and Bankruptcy Code (IBC) than those
with exposure to smaller firms, showed the data sourced from the
bankruptcy regulator.

Creditors recovered 32.9% of their admitted claims from 138 large
stressed firms until December 2023 since the IBC came into being in
late 2016, ET discloses citing the Insolvency and Bankruptcy Board
of India data. However, the recovery from all the 891 bankrupt
companies that saw resolution until December 2023 stood at 31.9%,
indicating that lenders to smaller firms had to take larger
haircuts.

ET relates that most of the larger firms are "asset-heavy", which
pushes up the recovery rate, according to experts. However, they
said, what influences the recovery rate the most is when the IBC is
invoked to rescue the bankrupt firm - the longer the delay, the
lower the chances of a good recovery.




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

BIGMOTOR CO: Itochu Plans to Acquire Scandal-Hit Used Car Dealer
----------------------------------------------------------------
Japan Today reports that Japanese trading house Itochu Corp plans
to acquire used car dealership Bigmotor Co mired in an insurance
fraud scandal, sources with knowledge of the matter said on Feb.
21.

According to Japan Today, Itochu plans to take over Bigmotor's used
car sales business in the hope of bolstering Itochu's existing
automobile division.

The trading house is the biggest shareholder in Tokyo Century Corp,
which runs rental car services. It also counts Yanase & Co, an
importer of luxury cars, as a subsidiary.

Japan Today relates that Itochu also plans to ensure that the
founding family members of Bigmotor will not be involved in the
business operations.

Bigmotor has been facing challenges in restructuring its business
amid a significant decline in sales, Japan Today says. The downturn
follows revelations that the company charged excessive repair fees
by intentionally damaging customers' cars and made fraudulent
insurance claims.

Itochu, its subsidiary Itochu Enex Co and investment fund J-Will
Partners Co have been assessing Bigmotor's assets since November
after winning exclusive negotiation rights.

They were planning to make a final decision by this spring, adds
Japan Today.

Bigmotor Co. Ltd. operates as a car dealer. The Company offers used
vehicle assessment, purchase, and selling services. Big Motor also
sells new automobiles.




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

7 CHILLIES: Creditors' Proofs of Debt Due on March 14
-----------------------------------------------------
Creditors of 7 Chillies Limited are required to file their proofs
of debt by March 14, 2024, to be included in the company's dividend
distribution.

The company commenced wind-up proceedings on Feb. 15, 2024.

The company's liquidators are:

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


FIRST INSURANCE: Fitch Affirms 'BB' IFS Rating, Outlook Stable
--------------------------------------------------------------
Fitch Ratings has affirmed New Zealand-based First Insurance
Limited's (FIL) Insurer Financial Strength (IFS) Rating at 'BB'
(Moderately Weak). The Outlook is Stable.

The rating reflects FIL's 'Least Favourable' company profile,
'Good' capitalisation and leverage, and continued weak financial
performance and earnings.

KEY RATING DRIVERS

Modest Scale: Fitch ranks FIL's company profile as 'Least
Favourable' against other insurers in New Zealand, reflecting a
'Least Favourable' business profile and 'Moderate/Favourable'
corporate governance. The ranking takes into consideration a modest
market presence, falling premiums, limited product offering and
dependence on the parent's member base to sell products. FIL had
gross premiums of NZD1.6 million in the financial year ended June
2023 (FY23) and total assets of NZD6.7 million. Therefore, Fitch
scores the business profile at 'bb-' under its credit-factor
scoring guidelines.

Operational Synergies with Parent: The rating incorporates
operational benefits from being fully owned by FCU, one of New
Zealand's largest credit unions. FIL began operations in June 2018
and underwrites loan protection insurance (LPI) and funeral
insurance for FCU's members. FIL's products are distributed by FCU
and it has no direct employees - FCU performs all services for a
fee.

Stable Capital Metrics: Fitch expects FIL to be capitalised
adequately, considering management's intention to maintain a buffer
of NZD1 million above the minimum regulatory requirement of NZD5
million. FIL's Fitch Prism Model score was 'Extremely Strong' in
FY23, while its regulatory solvency ratio was 123% at FYE23, a
similar level to FYE22. However, Fitch thinks FIL's low absolute
capital level leaves it susceptible to external shocks and remote
operational risks. Such factors weigh heavily on its rating
assessment of small insurers, such as FIL.

Weak and Volatile Earnings: FIL's financial performance and
earnings have been weak in recent years. The insurer recorded a
modest profit of NZD2,259 in FY23, following similar result in FY22
(NZD3,383). Return on equity averaged -0.1% over FY21-FY23.
Earnings rebounded in 1HFY24 on higher investment returns, with a
net profit of NZD127,379, based on unaudited financials.

Falling business volume is a key threat to FIL's profitability and
is exacerbated by its small scale and fixed cost base. However,
higher investment income should reduce earnings pressure, as FIL
renews its short-term deposits alongside rising interest rates.
Investment income rose to NZD174,854 in 1HFY24, from NZD88,731 in
1HFY23.

Top Line Pressure: Gross premiums contracted by 6% yoy in FY23,
after dropping by 8% in FY22 and 12% in FY21 on falling loan
protection insurance (LPI) volume. Fitch expects LPI volume to be
affected by inflationary pressure and high borrowing costs faced by
customers. It has also been affected by tighter regulation of
consumer lending and the competition traditional consumer-lending
products are facing from buy-now-pay-later offerings. FIL revisited
its funeral insurance product to improve customer value to tackle
regulatory recommendations following an industry-wide review of
conduct and culture.

LPI volumes are correlated with personal lending at FIL's parent,
First Credit Union (FCU, Long-Term Issuer Default Rating (IDR):
BB/Stable). FIL will have access to the members of Steelsands
Credit Union (SCU) and Fisher and Paykel Credit Union (FPCU)
following their merger with FCU. However, Fitch does not expect
this channel to be a material contributor to FIL's earnings due to
SCU's and FPCU's small member base.

Low Investment Risk: FIL's investment risk is low. The insurer's
investments mirror those of FCU's liquidity portfolio - term
deposits with New Zealand-registered banks. All investments are in
the form of high-quality short-term deposits and cash.

RATING SENSITIVITIES

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

- Financial performance significantly below expectations for a
sustained period;

- A reduction in FIL's operational synergies with FCU; for example,
the franchise may be damaged in the event that FIL becomes less
important to FCU and access to its distribution channels is
restricted;

- Regulatory solvency ratio falling below 115% without management
plans to rectify this.

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

- Financial performance improving for a sustained period;

- Improvements in the business profile, which will be evident from
greater operational scale, a stronger business franchise and more
diverse distribution channels, while maintaining strong financial
performance and capitalisation metrics.

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
   -----------             ------          -----
First Insurance
Limited              LT IFS BB  Affirmed   BB

MCTOM BUILDER: Court to Hear Wind-Up Petition on March 1
--------------------------------------------------------
A petition to wind up the operations of MCTOM Builder Limited will
be heard before the High Court at Auckland on March 1, 2024, at
10:45 a.m.

The Commissioner of Inland Revenue filed the petition against the
company on Nov. 30, 2023.

The Petitioner's solicitor is:

          Hosanna Tanielu
          Inland Revenue, Legal Services
          5 Osterley Way
          Manukau City
          Auckland 2104


NEST FEST: Creditors' Proofs of Debt Due on March 15
----------------------------------------------------
Creditors of Nest Fest Limited are required to file their proofs of
debt by March 15, 2024, to be included in the company's dividend
distribution.

The company commenced wind-up proceedings on Feb. 16, 2024.

The company's liquidators are:

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


S&Y SAINI: Creditors' Proofs of Debt Due on March 20
----------------------------------------------------
Creditors of S&Y Saini Constructions Limited are required to file
their proofs of debt by March 20, 2024, to be included in the
company's dividend distribution.

The High Court at Hamilton appointed Iain Bruce Shephard and
Jessica Jane Kellow of BDO Wellington as liquidators on Feb. 12,
2024.


SMALL TOWN: Court to Hear Wind-Up Petition on Feb. 29
-----------------------------------------------------
A petition to wind up the operations of Small Town Media Limited
will be heard before the High Court at Christchurch on Feb. 29,
2024, at 10:00 a.m.

OBD Limited filed the petition against the company on Dec. 6,
2023.

The Petitioner's solicitor is:

          S. M. Bhanabhai
          Dyer Whitechurch, Lawyers
          Level 12, 300 Queen Street
          Auckland CBD 1141


WAREHOUSE GROUP: Sells Struggling Sports Brand Torpedo7 for NZD1
----------------------------------------------------------------
Radio New Zealand reports that the Warehouse Group has sold its
struggling outdoor brand Torpedo7 for NZD1.

RNZ relates that the retail giant said the brand would be taken
over by retail and hospitality investors Tahua Partners, with the
majority of the permanent Torpedo7 team to be offered employment by
Tahua.

The Warehouse Group is the country's biggest retail company, owning
well-known brands including its red sheds, stationary and Noel
Leeming.

According to RNZ, the company said the sale of Torpedo7 would
result in a non-cash, pre-tax accounting write-down ranging between
NZD55 million and NZD65 million in its half-year results, subject
to audit and final review.

Tahua's owners include former Breakers owners Paul and Liz
Blackwell.

Torpedo7 has struggled in recent months, with sales down more than
25 percent in the first quarter, RNZ says.

RNZ relates that the Warehouse Group chief executive Nick Grayston
said Torpedo7 only represented 5 percent of its group sales.

"The tough reality is that our attention and resources are better
spent strengthening our core The Warehouse, Warehouse Stationery
and Noel Leeming retail brands," RNZ quotes Mr. Grayston as
saying.

"While this sale will impact our FY24 half year result
significantly, we expect that the net cash impact (post tax) of the
sale will be close to zero."

Mr. Grayston said Torpedo7 faced ongoing challenges to its
performance, RNZ relays.

"Lower consumer demand post-Covid, driven in part by a global
decline in the bike market, has impacted sales and profitability.
We've decided it's time to draw a line under it and we have found
an owner who can focus more attention to its turnaround," he said.

Tahua Partners said it was "delighted" to add Torpedo7 to its
business.

The Auckland-based company operated a diverse portfolio of retail
and hospitality brands, including Starbucks, Hannah's Shoes, Burger
King and Number One shoes.

"As a 100 percent Kiwi owned and operated business with a passion
for retail and hospitality, we believe Torpedo7 complements our
family of well-loved global and local brands," a spokesperson
said.

The sale is expected to be completed by the end of March 2024, adds
RNZ.




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

DEWI SRI: Creditors' Meetings Set for Feb. 27
---------------------------------------------
Dewi Sri Maritime Pte Ltd, Gandari Navigation Pte Ltd, and
Rasawulan Maritime Pte. Ltd. will hold a meeting for its creditors
on Feb. 27, 2024, at 2:00 p.m., 2:30 p.m., and 3:00 p.m.,
respectively, via electronic means.

Agenda of the meeting includes:

   a. to receive a statement of the Company's affairs together
      with a list of creditors and the estimated amounts of their
      claims;

   b. to appoint Liquidators;

   c. to appoint a Committee of Inspection if deemed necessary;
      and

   d. Any other business.


QUADRON COMMUNICATIONS: Creditors' Meeting Set for March 7
----------------------------------------------------------
Quadron Communications (Singapore) Pte Ltd will hold a meeting for
its creditors on March 7, 2024, at 11:00 a.m. via Zoom.

Agenda of the meeting includes:

   a. to lay before the creditors a full statement of the affairs
      of the Company, showing the assets and liabilities of the
      Company;

   b. to consider and if though fit, to appoint a Committee of
      Inspection; and

   c. to consider any other matters which may properly be brought
      before the meeting that is relevant to the liquidation of
      the Company.




THREE ARROWS: Liquidators to Pay Out Interim Dividend by March 31
-----------------------------------------------------------------
The Business Times reports that the liquidators of Three Arrows
Capital have announced they intend to distribute an interim
dividend on or around March 31, 2024.

In a Feb. 12 notice published in The Business Times on Feb. 22,
joint liquidator Russell Crumpler of Teneo said creditors who do
not submit a claim by March 14 may not benefit from any
distribution made.

Claims by Three Arrows' creditors into the crypto hedge fund's
liquidation currently stand at over US$3 billion, BT notes.

Three Arrows was put under liquidation on June 27, 2022, by a
British Virgin Islands (BVI) court. The Singapore High Court
recognised the liquidation proceedings as a foreign main proceeding
upon the liquidators' application in July 2022.

As at Dec. 18, 2023, an estimated US$1.1 billion worth of assets
belonging to Three Arrows' founders - Zhu Su and Kyle Davies - and
their relevant family members had been issued a worldwide freezing
order by the court in the BVI.

                     About Three Arrows Capital

Three Arrows Capital Ltd. was an investment firm engaged in
short-term opportunities trading, and is heavily invested in
cryptocurrency, funded through borrowings.  As of April 2022, the
Debtor was reported to have over $3 billion of assets under its
management.

Three Arrows Capital Ltd. was incorporated as a business company
under the laws of the British Virgin Islands.  Its sole shareholder
owning all of its "management shares" is Three Arrows Capital Pte.
Ltd., which previously operated as a regulated fund manager in
Singapore until 2021, when it shifted its domicile to the BVI, as
part of a global corporate plan to relocate operations to Dubai.  

The Debtor borrowed digital and fiat currency from multiple lenders
to fund its cryptocurrency investments.  After cryptocurrency lost
99% of its value, and then prices of other cryptocurrencies had
rapid declines, the Debtor reportedly defaulted on its
obligations.

On June 24, 2022, one of the Debtor's many creditors -- DRB Panama
Inc. -- filed an application to appoint joint provisional
liquidators -- and thereafter, full Liquidators -- in the Eastern
Caribbean Supreme Court in the High Court of Justice (Commercial
Division) located in BVI. The application was assigned claim number
VIHCOM2022/0117.

Subsequently, on June 27, 2022, the Debtor filed its own
application for the appointment of joint liquidators before the BVI
Commercial Court.

On June 29, 2022, the Honorable Mr. Justice Jack of the BVI
Commercial Court appointed Russell Crumpler and Christopher Farmer
of Teneo (BVI) Limited as joint liquidators of Three Arrows Capital
Ltd.


                           *********


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

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

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

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